MIRA INFORM REPORT

Report No. :	342962
Report Date :	01.10.2015

IDENTIFICATION DETAILS

Name :	PRIMARK TIENDAS SL
Registered Office :	Crta Torrejon De Ardoz A Ajalvir , Cc Parque Corredor, Local M-28/4 - Torrejon De Ardoz - 28850 - Madrid
Country :	Spain
Financials (as on) :	31.08.2014
Date of Incorporation :	20.01.2004
Legal Form :	Private Company
Line of Business :	Retail sale of clothing in specialised stores.
No. of Employee :	4100

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Spain	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SPAIN ECONOMIC OVERVIEW

After experiencing a prolonged recession in the wake of the globalFINANCIAL crisis that began in 2008, in 2014 Spain marked the first full year of positive economic growth in seven years, largely due to increased private consumption. At the onset of the global financial crisis Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption andINVESTMENT. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 23.7% in 2014. High unemployment strained Spain's public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to just under 7% of GDP in 2013-14, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to more than 97% in 2014.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained in 2014. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

The government's efforts to implement labor, pension, health, tax, and education reforms - aimed at supporting investor sentiment - have become overshadowed by political activity in 2015 in anticipation of the national parliamentary elections in November. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of the elections and leaves untouched the country’s value-added tax (VAT) regime, which continues to generate significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and despite the recent uptic in economic activity, inflation has dropped sharply, from 1.5% in 2013 to nearly flat in 2014.

Source : CIA

EXECUTIVE SUMMARY

Name:	PRIMARK TIENDAS SL
NIF / Fiscal code:	B83875427
Status:	ACTIVE
Incorporation Date:	20/01/2004
Register Data	Register Section 8 Sheet 345932
Last Publication in BORME:	20/04/2015 [Appointments]
Last Published Account Deposit:	2014
Share Capital:	3.006
Localization:	CRTA TORREJON DE ARDOZ A AJALVIR , CC PARQUE CORREDOR, LOCAL M-28/4 - TORREJON DE ARDOZ - 28850 - MADRID
Telephone - Fax - Email - Website:	Telephone. 916 482 194 Email. jmoraleda@primark.es Website. www.primark.es
Number of Branches	9
Activity:
NACE:	4771 - Retail sale of clothing in specialised stores
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	0 for a total cost of 0
Quality Certificate:	No
Payment Behaviour:	Currently fulfilled
Prospects:	Consolidation
Industry situation:	Maturity
Defaults, Legal Claims and Insolvency Proceedings :

		Number	Amount (€)	Most Recent Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---
Defaults on debt with Financial Institutions and Large Companies		None	---	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)		None	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

ABF OVERSEAS LIMITED SUCURSAL EN ESPAÑA	100 %
Shares:	0
Other Links:	5
No. of Active Corporate Bodies:

Ratios

2014

2013

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The company, engaged in clothing and accessories sale, was incorporated in 2004. Its tuenover increased 36,08 % in 2014 vs the previous year. It meets payment commitments on a normal basis.

Enquiry Details
Business address regime:	Alquiler

Identification
Social Denomination:	PRIMARK TIENDAS SL
NIF / Fiscal code:	B83875427
Corporate Status:	ACTIVE
Start of activity:	2004
Registered Office:	CRTA TORREJON DE ARDOZ A AJALVIR , CC PARQUE CORREDOR, LOCAL M-28/4
Locality:	TORREJON DE ARDOZ
Province:	MADRID
Postal Code:	28850
Telephone:	916 482 194
Website:	www.primark.es
Email:	jmoraleda@primark.es

BRANCH OFFICES

Address	Postal Code	City	Province
CALLE JOSE GARCIA SELLES 2	03015	ALICANTE/ALACANT	ALICANTE
AVENI DIAGONAL 3	08019	BARCELONA	BARCELONA
AVENI VIRGEN DE LA PALMA	11203	ALGECIRAS	CADIZ
AVENI DEL ARCANGEL S/N	14010	CORDOBA	CORDOBA
CARRE BAÑOS DE ARTEIJO 43	15008	CORUÑA (A)	LA CORUÑA
AVENI GRAN BRETAÑA S/N	28916	LEGANES	MADRID
AVENI AURORA 25	29002	MALAGA	MALAGA
CALLE ARTURO ALVAREZ BUYLLA 5	33005	OVIEDO	ASTURIAS
AVENI BALLONTI S/N	48920	PORTUGALETE	VIZCAYA

Activity
NACE:	4771
Legal Form:	FABRICACION, IMPORTACION Y DISTRIBUCION DE MANUFACTURAS TEXTILES DE TODO TIPO, PAÑERIA EN GENERAL, PELETERIA, MERCERIA, SASTRERIA, CONFECCION DE VESTIDOS, CAMISERIA. SOMBRERERIA, GUANTES, ETC
Additional Information:	The company exploits a store chain, specialized in clothing, footwear and accessories. It''s integrated in the irish chain called PRIMARK. The head office is in Dublin (Ireland) and belongs to the group Associated British Foods. There is 41 shops in Spain. In 2015, the company is opening a 15.000m2 shop in Gran Vía, Madrid, which will be the biggest of the world.
Additional Address:	Registered office and offices CRTA TORREJON DE ARDOZ A AJALVIR , CC PARQUE CORREDOR, LOCAL M-28/4 28850 TORREJON DE ARDOZ ( MADRID )
Import / export:	IMPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2015	4100

The data of employees is from the latest available financial statements in axesor. Failing that, are estimates data calculated by statistical methods

Chronological Summary
	Year	Act
	2004	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Change of Social Purpose (1) Company Formation (1) Declaration of Sole Propietorship (2) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Statutory Modifications (1)
	2005	Accounts deposit (year 2004, 2005) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Statutory Modifications (2)
	2006	Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Change of Social address (1)
	2007	Accounts deposit (year 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (7) Statutory Modifications (1)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Other Concepts/ Events (1) Statutory Modifications (1)
	2010	Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Statutory Modifications (1)
	2011	Accounts deposit (year 2010) Appointments/ Re-elections (10) Cessations/ Resignations/ Reversals (4) Correction (1) Other Concepts/ Events (2) Statutory Modifications (1)
	2012	Accounts deposit (year 2009, 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (2)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (3)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	LA COMPRA. VENTA. ALQUILER, PARCELACION Y URBANIZACION DE SOLARES, TERRENOS Y FINCAS DE CUALQUIER NATURALEZA, PUDIENDO PROCEDER A LA EDIFICACION DE LOS MISMOS YA SU ENAJENACION, INTEGRAMENTE, EN FORMA PARCIAL O EN REGIMEN DE PROPIEDAD HORIZONTAL	Company Formation	23/02/2004

Breakdown of Owners' Equity
Registered Capital:	3.006
Paid up capital:	3.006

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
10/02/2004	Company Formation	3.006	3.006	3.006	3.006

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	ABF OVERSEAS LIMITED	23/01/2012	2
PRESIDENT	MULLEN STEPHEN JUDE	25/03/2015	4
MEMBER OF THE BOARD	MORALEDA MENENDEZ JOSE LUIS	25/03/2015	3
	MULLEN STEPHEN JUDE	25/03/2015	4
	SANTOS CARRASCOSA FELIX	11/08/2010	2
	PRIOR PATRICK BRENDAN	14/12/2004	7
COMBINED PROXY	MORALEDA MENENDEZ JOSE LUIS	22/01/2013	3
	O'DONOGHUE BREEGE	22/01/2013	4
	CONNOLLY EAMON	22/01/2013	5
	MARCHANT PAUL	22/01/2013	4
	MANSFIELD BERNARD	22/01/2013	4
	WALSH PAUL	22/01/2013	4
	O'HARE JOAN	22/01/2013	4
	SHIELDS AIDAN HUGH	22/01/2013	3
	ANDERTON NIALL ANTHONY	22/01/2013	2
	LYTTLE JOHN	22/01/2013	2
	MCGOLDRICK ROSARIE MARTHA	22/01/2013	2
	MCVANN ELLIOT	22/01/2013	2
	MASON SALLY CRYSTAL	22/01/2013	2
	WALSH NICOLA MARY	22/01/2013	2
	DALY PAULA	22/01/2013	1
	HAVARD AMANDA	22/01/2013	1
	KELLY JEAN	22/01/2013	1
	MEEHAN JOE	12/05/2006	1
	MANSFIELD BEN	12/05/2006	1
JOINT ATTORNEY	GOMEZ PRIETO PABLO	30/03/2015	1
	WILSON MARK THOMAS	30/03/2015	1
	MALDONADO MARCHENA OSCAR JOSE	30/03/2015	1
	POSADAS RODRIGUEZ JESUS	19/08/2014	1
	SAEZ CALVO LARA	14/07/2014	1
	TORRECILLA CAÑO OSCAR	14/07/2014	1
	GRAHAM INESE	17/01/2013	1
	ESTEBAN NOVILLO ANGEL LUIS	17/01/2013	1
	MONTES RODRIGUEZ ROCIO DEL MAR	17/01/2013	1
	SANTOS URIARTE SERGIO	17/01/2013	1
	FERNANDEZ FERNANDEZ MARIA	17/01/2013	1
	HERRERA FERNANDEZ MIGUEL	17/01/2013	1
	MEDINA SUAREZ MAYTE ISABEL	26/12/2011	1
	PIQUERAS CORAZON JUAN CARLOS	21/11/2011	1
	DIAZ MORO JESUS	23/02/2009	1
	PARRELL SOLA CARLOS	23/02/2009	1
	MOLINA ALVAREZ LEONARDO	23/02/2009	1
	LOPEZ ACOSTA MIGUEL	21/11/2008	1
	MEAGER THOMAS DAVID	21/11/2008	1
	UNDABARRENA ALLICA JAVIER	07/04/2008	1
	DOMINGUEZ SANCHEZ MARTA	07/04/2008	1
PROXY	CASTAÑERAS GAYO MARIA ROSARIO	01/04/2015	1
	SANTOS LORENZO SALOME	31/03/2015	1
	SANTOS CARRASCOSA FELIX	31/03/2015	2
	PEREZ RUFIAN AMALIA	31/03/2015	1
	CORBALAN PORTILLO JUAN	31/03/2015	1
	MARTINEZ CANTOS FERNANDO	31/03/2015	1
	MULLEN STEPHEN JUDE	17/03/2015	4
	DE LAS HERAS DORADO ESTHER	03/12/2013	1
	DE CAMPOS TARONCHER MARIA LUISA	03/12/2013	1
	GONZALEZ SAEZ IVAN	03/12/2013	1
	PARRAGA JUESAS MARINA	03/12/2013	1
	CALLES CASTILLA JAVIER	03/12/2013	1
	ARTILES DELGADO MARIA DESIREE	03/12/2013	1
	NOGAL RUANO LETICIA	03/12/2013	1
	DILLON RACHEL TERESA	15/03/2012	1
	LIAÑO FERNANDEZ ROBERTO	15/03/2012	1
	TLALKA TOMASZ EDWARD	15/03/2012	1
	VILLAROEL FERNANDEZ IVAN	15/03/2012	1
	RODERO CEPERO JUANA DEL PILAR	26/12/2011	1
	LOPEZ ANGULO IVAN	08/06/2011	1
	ROMAN ESTEBAN PEDRO LUIS	08/06/2011	1
	MARTEL MARTEL MARCO JESUS	08/06/2011	1
	RODRIGUEZ IGLESIAS ROBERTO	08/06/2011	1
	ORIVE AGRAS MONICA	24/09/2010	1
	RIERA ORDOÑEZ JUAN CARLOS	16/12/2009	1
	FERNANDEZ MORENO CRISTINA	16/12/2009	1
	MACPHERSON RAIT LINDSEY CLAIRE	16/12/2009	1
	O'DONOGUE O'DEA BREEGE	26/09/2008	1
	MCLAREN KATRINA	25/01/2008	1
	MC MAHON KENNETH MICHAEL	07/09/2006	1
	LYTOLLIS ANGELA LENA	07/09/2006	1
NON CONSELLOR SECRETARY	SANTOS LORENZO MARIA SALOME	14/07/2014	1
ACCOUNTS' AUDITOR / HOLDER	KPMG AUDITORES SL	28/11/2013	3

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AB MAURI SPANISH HOLDINGS SL	SINGLE PARTNER	07/05/2010	1
ABF COLON PARK SLU	SINGLE PARTNER	23/01/2012	1
ABF OVERSEAS LIMITED	SINGLE PARTNER	01/02/2005	2
ANDERTON NIALL ANTHONY	PROXY	22/01/2013	2
CARRIGAN MICHAEL	JOINT ATTORNEY	30/03/2015	1
CONDE MUÑOZ ELENA JESUS	NON CONSELLOR SECRETARY	16/03/2009	1
CONNOLLY EAMON	COMBINED PROXY	06/08/2009	5
	PROXY	22/01/2013
	PROXY	23/03/2011
	PROXY	23/03/2011
CREPIN OLIVIER CHRISTOPHE JACQUES	PROXY	30/03/2015	1
DE LA CRUZ NEIRA VICTOR	JOINT ATTORNEY	22/01/2013	1
DE LA MORA PIÑEYRO LORENZO	NON CONSELLOR ASSISTANT SECRETARY	28/02/2007	1
DIAZ MIELENHAUSEN TOMAS PABLO	SECRETARY	14/07/2014	1
DOMINGUEZ GAVIRA JOSE JULIO	VICE SECRETARY	11/01/2011	1
DURAN DOMINGUEZ JULIA	VICE SECRETARY	05/05/2006	1
ENNIS HOLLIE	PROXY	30/03/2015	1
FERNANDEZ HUERTA MARIA	PROXY	30/03/2015	1
GARCIA MANSO ZURITA JOSE LUIS	NON CONSELLOR SECRETARY	28/02/2007	1
GONZALEZ RUBIO ENRIQUE	PROXY	08/06/2011	2
	PROXY	07/10/2011
GROSS GASSET ALVARO	NON CONSELLOR ASSISTANT SECRETARY	14/07/2014	1
HALFORD SEAMUS MICHAEL	COMBINED PROXY	06/08/2009	5
	MEMBER OF THE BOARD	11/08/2010
	PROXY	23/03/2011
	PROXY	23/03/2011
	COMBINED PROXY	23/03/2011
JIMENEZ LATORRE JOSE	MEMBER OF THE BOARD	07/10/2011	1
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	24/05/2011	3
	ACCOUNTS' AUDITOR / HOLDER	28/11/2013
LARA FERNANDEZ LUIS	SINGLE ADMINISTRATOR	14/12/2004	1
LYTTLE JOHN	PROXY	22/01/2013	2
MANSFIELD BERNARD	PROXY	23/03/2011	4
	PROXY	22/01/2013
	PROXY	23/03/2011
MARCHANT PAUL	PROXY	23/03/2011	4
	PROXY	23/03/2011
	PROXY	22/01/2013
MARTINEZ DE LARRAMENDI ALONSO JOSE LUIS	MEMBER OF THE BOARD	25/03/2015	3
	PROXY	25/03/2015
	PRESIDENT	25/03/2015
MARTINEZ DE LARRAMENDI JOSE LUIS	PROXY	25/03/2015	1
MASON SALLY CRYSTAL	PROXY	22/01/2013	2
MCGOLDRICK ROSARIE MARTHA	PROXY	22/01/2013	2
MCVANN ELLIOT	PROXY	22/01/2013	2
MEDITERRANEAN TRUST SL	SINGLE PARTNER	14/12/2004	1
MEEHAN JOSEPH	PROXY	23/03/2011	1
MORALEDA MENENDEZ JOSE LUIS	JOINT ATTORNEY	22/01/2013	3
MULLEN STEPHEN JUDE	PROXY	17/03/2015	4
O'DONOGHUE BREEG	PROXY	22/01/2013	1
O'DONOGHUE BREEGE	COMBINED PROXY	23/03/2011	4
	PROXY	23/03/2011
	COMBINED PROXY	06/08/2009
O'HARE JOAN	PROXY	23/03/2011	4
	PROXY	23/03/2011
	PROXY	22/01/2013
PRIOR PATRICK BRENDAN	COMBINED PROXY	20/02/2008	7
	PROXY	21/11/2008
	PROXY	06/08/2009
	PRESIDENT	07/10/2011
	PROXY	23/03/2011
	COMBINED PROXY	23/03/2011
PUIG SABANES PILAR	PROXY	07/06/2010	1
RIPOLLES AGUILAR MARIA DOLORES	JOINT ATTORNEY	15/07/2014	1
RODRIGUEZ DUCAL MARIA AMALIA	PROXY	11/06/2012	1
ROIG GARCIA BERNALT FEDERICO	NON CONSELLOR SECRETARY	05/05/2006	1
RYAN ARTHUR ST JOHN	PRESIDENT	27/12/2007	5
	MEMBER OF THE BOARD	11/08/2010
	COMBINED PROXY	06/08/2009
	COMBINED PROXY	23/03/2011
	PROXY	23/03/2011
SHIELDS AIDAN HUGH	PROXY	23/03/2011	3
	PROXY	22/01/2013
TESTA CANDALES MIGUEL	JOINT ATTORNEY	30/03/2015	1
TIRADO JIMENEZ JOSE	PROXY	22/01/2013	1
WALSH BRIAN JOSEPH	PROXY	07/10/2011	1
WALSH NICOLA MARY	PROXY	22/01/2013	2
WALSH PAUL	PROXY	22/01/2013	4
	PROXY	23/03/2011
	PROXY	23/03/2011

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		JOSE LUIS MARTINEZ LARRAMENDI ALONSO
MANAGING DIRECTOR		JOSE LUIS MARTINEZ LARREMEDI

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

Chronological summary

		Number of Publications	Amount (_)	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---	---
Request/Declaration		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
Status: Friendly		---
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		Unpublished	---
Notices of defaults and enforcement		---	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

> Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. It is one of the major domestic companies in terms of sales volume. PRIMARK TIENDAS SL 's borrowing cost is appropriate according to its volume of external financing sources. Significant operating income. The Company has the necessary return on the investments for its main activity in comparison with its assets. This return is higher than that of the financial year 2013 which means that the company's financial situation has improved.

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	No se han publicado
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Proceedings before the Industrial Tribunal	No se han publicado

Link List

IS RELATED WITH:	5 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	ABF OVERSEAS LIMITED SUCURSAL EN ESPAÑA	MADRID	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	PRIMARK IRELAND
	ABF COLON PARK SL	CORDOBA
	AB AZUCARERA IBERIA SL	MADRID
IS RELATED WITH	NUEVA COMERCIAL AZUCARERA SA	MADRID
	LONGSHORE SL	MADRID

Turnover
Total Sales 2014	971.895.671

The sales data is from the latest available financial statements in axesor. Failing that, are estimates data calculated by statistical methods.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2014	Normales	April  2015
2013	Normales	January  2014
2012	Normales	February  2013
2011	Normales	December  2012
2010	Normales	December  2011
2009	Normales	January  2012
2008	Normales	September  2009
2008	Normales	June  2010
2007	Normales	September  2008
2006	Normales	March  2007
2005	Normales	October  2005
2005	Normales	March  2006
2004	Normales	October  2005

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/08/2014

>  Normal format Balance in accordance with the New Accounting Plan 2007

Information corresponding to the fiscal year 2014 2013 2012 2011 2010  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2014 2013 2012 2011 2010  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	172.287.952,00	151.152.748,00	159.331.671,00	96.186.144,00	76.590.382,00
I. Intangible fixed assets : 11100	0,00	0,00	0,00	0,00	0,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	0,00	0,00	0,00	0,00	0,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	165.985.598,00	146.474.863,00	144.019.358,00	92.019.392,00	72.843.027,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	152.183.563,00	132.389.083,00	111.622.194,00	84.317.132,00	66.068.334,00
3. Tangible asset in progress and advances: 11230	13.802.035,00	14.085.780,00	32.397.164,00	7.702.260,00	6.774.693,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	0,00	0,00	11.090.682,00	758.285,00	0,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	0,00	0,00	11.090.682,00	758.285,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	6.302.354,00	4.677.885,00	4.221.631,00	3.408.467,00	2.707.046,00
1. Equity instruments: 11510	0,00	4.677.885,00	4.221.631,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	6.302.354,00	0,00	0,00	0,00	2.707.046,00
6. Other investments: 11560	0,00	0,00	0,00	3.408.467,00	0,00
VI. Assets for deferred tax : 11600	0,00	0,00	0,00	0,00	1.040.309,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	273.995.661,00	168.289.752,00	118.618.630,00	79.437.660,00	29.796.616,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	150.842.835,00	127.321.588,00	89.472.663,00	73.802.210,00	27.190.406,00
1. Commercial: 12210	150.842.835,00	127.321.588,00	89.472.663,00	73.802.210,00	27.190.406,00
2. Primary material and other supplies: 12220	0,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	15.837.979,00	10.440.713,00	6.563.438,00	3.132.704,00	2.155.005,00
1. Trade debtors / accounts receivable: 12310	0,00	0,00	0,00	0,00	0,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	0,00	0,00	0,00	0,00	0,00
2. Customers, Group companies and associates : 12320	0,00	0,00	0,00	0,00	0,00
3. Other accounts receivable: 12330	272.942,00	3.173.101,00	874.927,00	409.818,00	667.933,00
4. Personnel: 12340	47.720,00	34.311,00	30.750,00	66.278,00	0,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	15.517.317,00	7.233.301,00	5.657.761,00	2.656.608,00	1.487.072,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	97.386.130,00	22.557.943,00	18.114.155,00	1.589.539,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	90.365.381,00	0,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	7.020.749,00	258.192,00	3.064.157,00	497.000,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	22.299.751,00	15.049.998,00	1.092.539,00	0,00
V. Short-term financial investments : 12500	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	663.824,00	434.823,00	375.224,00	294.147,00	451.205,00
VII. Cash and other equivalent liquid assets : 12700	9.264.893,00	7.534.685,00	4.093.150,00	619.060,00	0,00
1. Treasury: 12710	9.264.893,00	0,00	0,00	0,00	0,00
2. Other equivalent liquid assets: 12720	0,00	7.534.685,00	4.093.150,00	619.060,00	0,00
TOTAL ASSETS (A + B) : 10000	446.283.613,00	319.442.500,00	277.950.301,00	175.623.804,00	106.386.998,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	68.491.865,00	23.637.242,00	29.864.677,00	14.310.895,00	8.870.925,00
A-1) Shareholders' equity: 21000	62.630.504,00	23.637.242,00	28.875.938,00	14.188.895,00	8.870.925,00
I. Capital: 21100	3.006,00	3.006,00	3.006,00	3.006,00	3.006,00
1. Registered capital : 21110	3.006,00	3.006,00	3.006,00	3.006,00	3.006,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	24.719.158,00	13.872.932,00	14.185.889,00	8.867.919,00	2.534.782,00
1. Legal and statutory: 21310	601,00	601,00	601,00	601,00	601,00
2. Other reserves: 21320	24.718.557,00	13.872.331,00	14.185.288,00	8.867.318,00	2.534.181,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	37.908.340,00	10.846.226,00	14.687.043,00	5.317.970,00	6.333.137,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	-1.084.922,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	5.861.361,00	0,00	988.739,00	122.000,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	5.861.361,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	988.739,00	122.000,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	196.759.522,00	172.683.378,00	63.364.282,00	39.749.572,00	14.152.774,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	0,00	0,00	0,00	0,00	0,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	164.644.257,00	137.999.498,00	28.916.987,00	28.916.987,00	3.000.000,00
IV. Liabilities for deferred tax: 31400	12.256.843,00	16.117.172,00	20.107.808,00	3.020.143,00	3.441.766,00
V. Long-term accruals: 31500	19.858.422,00	18.566.708,00	14.339.487,00	7.812.442,00	7.711.008,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	181.032.226,00	123.121.880,00	184.721.342,00	121.563.337,00	83.363.299,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	7.716.331,00	10.606.066,00	0,00	0,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	7.513.121,00	1.674.051,00	1.375.423,00	375.000,00	420.726,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	7.090,00	0,00	1.375.423,00	375.000,00	0,00
5. Other financial liabilities : 32350	7.506.031,00	1.674.051,00	0,00	0,00	420.726,00
IV. Short-term debts with Group companies and associates: 32400	7.846.527,00	16.807.374,00	110.693.643,00	64.884.022,00	29.900.816,00
V. Trade creditors and other accounts payable: 32500	161.566.261,00	94.674.927,00	60.269.610,00	54.543.680,00	51.559.131,00
1. Suppliers: 32510	66.938.192,00	43.418.387,00	32.570.523,00	26.081.499,00	0,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	66.938.192,00	43.418.387,00	32.570.523,00	26.081.499,00	0,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	33.472.166,00
3. Other creditors: 32530	83.199.984,00	42.544.780,00	20.821.136,00	23.792.165,00	12.441.265,00
4. Personnel (remuneration due): 32540	8.812.329,00	6.027.283,00	4.596.652,00	2.914.659,00	3.877.589,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	2.615.756,00	2.684.477,00	2.281.299,00	1.755.357,00	1.768.111,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	4.106.317,00	2.249.197,00	1.776.600,00	1.760.635,00	1.482.626,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	446.283.613,00	319.442.500,00	277.950.301,00	175.623.804,00	106.386.998,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	971.895.671,00	714.196.698,00	509.830.433,00	353.282.318,00	241.706.187,00
a) Sales: 40110	971.895.671,00	714.196.698,00	509.830.433,00	353.282.318,00	241.706.187,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	0,00	0,00	0,00	17.427.273,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-616.180.226,00	-454.757.182,00	-319.523.031,00	-232.867.487,00	-156.558.542,00
a) Stock consumption: 40410	-616.180.226,00	-454.757.182,00	-319.523.031,00	-232.867.487,00	-156.558.542,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	0,00	0,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	274.792,00	204.909,00	58.921,00	13.605,00	185.574,00
a) Auxiliary income and other from current management: 40510	274.792,00	204.909,00	58.921,00	13.605,00	185.574,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-96.874.734,00	-78.229.213,00	-56.755.585,00	-44.212.626,00	-33.512.322,00
a) Wages, salaries et al.: 40610	-74.720.739,00	-60.070.335,00	-44.214.684,00	-34.184.761,00	-26.431.940,00
b) Social security costs: 40620	-22.153.995,00	-18.158.878,00	-12.540.901,00	-10.027.865,00	-7.080.382,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-177.715.040,00	-132.836.977,00	-98.654.504,00	-56.550.640,00	-52.331.736,00
a) External services: 40710	-176.599.601,00	-132.585.528,00	-98.552.704,00	-55.961.733,00	-52.264.259,00
b) Taxes: 40720	-825.074,00	-157.060,00	-89.298,00	-425.383,00	46.577,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	0,00	0,00	0,00	0,00
d) Other current management expenditure : 40740	-290.365,00	-94.389,00	-12.502,00	-163.524,00	-114.054,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-23.484.672,00	-25.914.251,00	-15.210.799,00	-11.456.152,00	-7.332.944,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	453,00	6.338,00	1.407,00	2.870,00	971,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	453,00	6.338,00	1.407,00	2.870,00	971,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	57.916.244,00	22.670.322,00	19.746.842,00	8.211.888,00	9.584.461,00
14. Financial income : 41400	80.735,00	38.122,00	56.869,00	9.376,00	9.829,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	80.735,00	38.122,00	56.869,00	9.376,00	9.829,00
b 1) From Group companies and associates : 41421	80.294,00	38.122,00	56.869,00	9.376,00	0,00
b 2) From third parties : 41422	441,00	0,00	0,00	0,00	9.829,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-5.667.701,00	-6.903.395,00	-881.705,00	-541.251,00	-598.437,00
a) Amounts owed to Group companies and associates : 41510	-5.667.701,00	-6.903.395,00	-881.705,00	-541.251,00	-598.437,00
b) For debts with third parties : 41520	0,00	0,00	0,00	0,00	0,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	0,00	0,00	0,00	0,00	0,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-5.586.966,00	-6.865.273,00	-824.836,00	-531.875,00	-588.608,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	52.329.278,00	15.805.049,00	18.922.006,00	7.680.013,00	8.995.853,00
20. Income taxes: 41900	-14.420.938,00	-4.958.823,00	-4.234.963,00	-2.362.043,00	-2.662.716,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	37.908.340,00	10.846.226,00	14.687.043,00	5.317.970,00	6.333.137,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	37.908.340,00	10.846.226,00	14.687.043,00	5.317.970,00	6.333.137,00

> Normal Balance Sheet under the rules of the 1990 General Accounting Plan (repealed since 1st January of 2008)

Information corresponding to the fiscal year 2014 2013 2012 2011 2010  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. To view details on the methodology 2014 2013 2012 2011 2010  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2014	2013	2012	2011	2010
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	172.287.952,00	151.152.748,00	159.331.671,00	96.186.144,00	75.550.073,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	0,00	0,00	0,00	0,00	0,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	0,00	0,00	0,00	0,00	0,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	165.985.598,00	146.474.863,00	144.019.358,00	92.019.392,00	72.843.027,00
1. Land and construction:	0,00	0,00	0,00	0,00	0,00
2. Technical installations and machinery:	0,00	0,00	0,00	0,00	0,00
3. Other installations, tools and furniture:	71.177.853,00	61.919.766,00	52.206.874,00	39.436.009,00	30.900.855,00
4. Payments on account and tangible fixed assets under construction:	13.802.035,00	14.085.780,00	32.397.164,00	7.702.260,00	6.774.693,00
5. Other tangible assets:	81.005.710,00	70.469.317,00	59.415.320,00	44.881.123,00	35.167.479,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
IV. Financial investments:	6.302.354,00	4.677.885,00	15.312.313,00	4.166.752,00	2.707.046,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	11.090.682,00	758.285,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	4.677.885,00	4.221.631,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	3.408.467,00	0,00
7. Long term guarantees and deposits:	6.302.354,00	0,00	0,00	0,00	2.707.046,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	266.974.912,00	168.031.560,00	115.554.473,00	78.940.660,00	30.836.925,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	150.842.835,00	127.321.588,00	89.472.663,00	73.802.210,00	27.190.406,00
1. Goods for resale:	150.842.835,00	127.321.588,00	89.472.663,00	73.802.210,00	27.190.406,00
2. Raw materials and other consumables:	0,00	0,00	0,00	0,00	0,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	15.837.979,00	10.440.713,00	6.563.438,00	3.132.704,00	3.195.314,00
1. Trade debtors / accounts receivable:	0,00	0,00	0,00	0,00	0,00
2. Accounts receivable, Group companies:	0,00	0,00	0,00	0,00	0,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	272.942,00	3.173.101,00	874.927,00	409.818,00	667.933,00
5. Staff:	47.720,00	34.311,00	30.750,00	66.278,00	0,00
6. Public bodies:	15.517.317,00	7.233.301,00	5.657.761,00	2.656.608,00	2.527.381,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	90.365.381,00	29.834.436,00	19.143.148,00	1.711.599,00	0,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	90.365.381,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	7.534.685,00	4.093.150,00	619.060,00	0,00
6. Other receivables:	0,00	22.299.751,00	15.049.998,00	1.092.539,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	9.264.893,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	663.824,00	434.823,00	375.224,00	294.147,00	451.205,00
GENERAL TOTAL (A + B + C + D):	439.262.864,00	319.184.308,00	274.886.144,00	175.126.804,00	106.386.998,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	61.478.206,00	24.463.972,00	28.175.943,00	14.188.895,00	8.870.925,00
I. Subscribed capital:	3.006,00	3.006,00	3.006,00	3.006,00	3.006,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	23.566.860,00	13.614.740,00	13.485.894,00	8.867.919,00	2.534.782,00
1. Legal reserve:	601,00	601,00	601,00	601,00	601,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	23.566.259,00	13.614.139,00	13.485.293,00	8.867.318,00	2.534.181,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	37.908.340,00	10.846.226,00	14.687.043,00	5.317.970,00	6.333.137,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	176.901.100,00	153.031.748,00	49.024.795,00	31.937.130,00	6.441.766,00
I. Issued debentures and other marketable securities:	0,00	-1.084.922,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	-1.084.922,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	164.644.257,00	137.999.498,00	28.916.987,00	28.916.987,00	3.000.000,00
1. Amounts owed to group companies:	164.644.257,00	137.999.498,00	28.916.987,00	28.916.987,00	3.000.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	12.256.843,00	16.117.172,00	20.107.808,00	3.020.143,00	3.441.766,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	12.256.843,00	16.117.172,00	20.107.808,00	3.020.143,00	3.441.766,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	200.883.558,00	133.972.257,00	187.079.340,00	129.000.779,00	91.074.307,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	7.846.527,00	16.807.374,00	110.693.643,00	64.884.022,00	63.372.982,00
1. Amounts owed to group companies:	7.846.527,00	16.807.374,00	110.693.643,00	64.884.022,00	63.372.982,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	150.138.176,00	85.963.167,00	53.391.659,00	49.873.664,00	12.441.265,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	150.138.176,00	85.963.167,00	53.391.659,00	49.873.664,00	12.441.265,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	18.934.116,00	10.385.811,00	6.877.951,00	4.670.016,00	6.066.426,00
1. Public bodies:	2.615.756,00	2.684.477,00	2.281.299,00	1.755.357,00	1.768.111,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	7.506.031,00	1.674.051,00	0,00	0,00	420.726,00
4. Wages and salaries payable:	8.812.329,00	6.027.283,00	4.596.652,00	2.914.659,00	3.877.589,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	23.964.739,00	20.815.905,00	16.116.087,00	9.573.077,00	9.193.634,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	7.716.331,00	10.606.066,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	439.262.864,00	319.184.308,00	274.886.144,00	175.126.804,00	106.386.998,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	934.343.311,00	703.599.841,00	495.260.587,00	347.990.199,00	252.996.697,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	0,00
A.2. Supplies:	616.180.226,00	454.757.182,00	319.523.031,00	232.867.487,00	156.558.542,00
a) Stock consumption:	616.180.226,00	454.757.182,00	319.523.031,00	232.867.487,00	156.558.542,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	96.874.734,00	78.229.213,00	56.755.585,00	44.212.626,00	33.512.322,00
a) Wages, salaries et al.:	74.720.739,00	60.070.335,00	44.214.684,00	34.184.761,00	26.431.940,00
b) Social security costs:	22.153.995,00	18.158.878,00	12.540.901,00	10.027.865,00	7.080.382,00
A.4. Depreciation expense:	23.484.672,00	25.914.251,00	15.210.799,00	11.456.152,00	7.332.944,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	0,00	0,00	0,00	0,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	177.715.040,00	132.836.977,00	98.654.504,00	56.550.640,00	52.331.736,00
a) External services:	176.599.601,00	132.585.528,00	98.552.704,00	55.961.733,00	52.264.259,00
b) Taxes:	825.074,00	157.060,00	89.298,00	425.383,00	-46.577,00
c) Other operating expenses:	290.365,00	94.389,00	12.502,00	163.524,00	114.054,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	57.915.791,00	22.663.984,00	19.745.435,00	8.209.018,00	9.583.490,00
A.7. Financial and similar charges:	5.667.701,00	6.903.395,00	881.705,00	541.251,00	598.437,00
a) Due to liabilities with companies of the group:	5.667.701,00	6.903.395,00	881.705,00	541.251,00	598.437,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	0,00	0,00	0,00	0,00	0,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	0,00	0,00	0,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	52.328.825,00	15.798.711,00	18.920.599,00	7.677.143,00	8.994.882,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	453,00	6.338,00	1.407,00	2.870,00	971,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	52.329.278,00	15.805.049,00	18.922.006,00	7.680.013,00	8.995.853,00
A.15. Corporation tax:	14.420.938,00	4.958.823,00	4.234.963,00	2.362.043,00	2.662.716,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	37.908.340,00	10.846.226,00	14.687.043,00	5.317.970,00	6.333.137,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	972.251.651,00	714.446.067,00	509.947.630,00	353.308.169,00	259.329.834,00
B.1. Net total sales:	971.895.671,00	714.196.698,00	509.830.433,00	353.282.318,00	241.706.187,00
a) Sales:	971.895.671,00	714.196.698,00	509.830.433,00	353.282.318,00	241.706.187,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	0,00	0,00	17.427.273,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	274.792,00	204.909,00	58.921,00	13.605,00	185.574,00
a) Auxiliary income and other from current management:	274.792,00	204.909,00	58.921,00	13.605,00	185.574,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	0,00	0,00	0,00	0,00	0,00
a) In companies of the group:	0,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	80.735,00	38.122,00	56.869,00	9.376,00	9.829,00
a) From companies of the group:	80.294,00	38.122,00	56.869,00	9.376,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	441,00	0,00	0,00	0,00	9.829,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	0,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	5.586.966,00	6.865.273,00	824.836,00	531.875,00	588.608,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	453,00	6.338,00	1.407,00	2.870,00	971,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

	2014	2013	2012	2011	2010
1. Fiscal year result before taxes.: 61100	52.329.278,00	15.805.049,00	18.922.006,00	7.680.013,00	8.995.853,00
2. Results adjustments.: 61200	29.071.638,00	32.779.524,00	16.035.635,00	11.988.027,00	7.921.552,00
a) Fixed Assets Amortization (+).: 61201	23.484.672,00	25.914.251,00	15.210.799,00	11.456.152,00	7.332.944,00
g) Financial income (-).: 61207	-80.735,00	-38.122,00	-56.869,00	-9.376,00	-9.829,00
h) Financial Expenses (+). : 61208	5.667.701,00	6.903.395,00	881.705,00	541.251,00	598.437,00
3. Changes in current capital equity.: 61300	-38.984.986,00	-9.461.492,00	38.065.209,00	15.739.201,00	375.042,00
a) Stock (+/-).: 61301	-23.521.247,00	-37.848.925,00	-15.670.453,00	-46.611.804,00	-17.427.273,00
d) Debtors and other accounts receivable (+/-). : 61302	-5.397.266,00	-3.877.275,00	-3.430.734,00	-977.699,00	-2.090.145,00
c) Other current assets (+/-). : 61303	-68.294.631,00	-7.309.352,00	-14.038.536,00	-935.481,00	690.240,00
d) Creditors and other accounts payable (+/-). : 61304	66.891.334,00	34.405.317,00	10.137.200,00	2.984.549,00	18.184.065,00
e) Other current liabilities (+/-).: 61305	-18.150.784,00	-11.389.621,00	47.785.419,00	61.178.202,00	213.504,00
f) Other non-current assets and liabilities (+/-).: 61306	9.487.608,00	16.558.364,00	13.282.313,00	101.434,00	804.651,00
4. Other cash flows for operating activities.: 61400	-12.056.223,00	-5.192.975,00	-824.836,00	-3.033.517,00	-458.607,00
d) Income tax payment collection (payments) (+/-).: 61404	-12.056.223,00	-5.231.097,00	0,00	-2.501.642,00	0,00
e) Other payments (payment collection) (-/+) : 61405	0,00	38.122,00	-824.836,00	-531.875,00	-458.607,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	30.359.707,00	33.930.106,00	72.198.014,00	32.373.724,00	16.833.840,00
6. Payments for investment (-).: 62100	-44.830.176,00	-31.715.745,00	-68.023.929,00	-31.333.938,00	-23.506.277,00
c) Fixed assets. : 62103	-43.205.707,00	-28.369.756,00	-67.210.765,00	-30.632.517,00	-21.822.039,00
e) Other financial assets. : 62105	-1.624.469,00	-3.345.989,00	-813.164,00	-701.421,00	-1.684.238,00
7. Divestment payment collection (+). : 62200	0,00	0,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-44.830.176,00	-31.715.745,00	-68.023.929,00	-31.333.938,00	-23.506.277,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	17.683.912,00	15.196.242,00	0,00	-420.726,00	420.726,00
a) Issuance : 63201	26.644.759,00	109.082.511,00	0,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	26.644.759,00	109.082.511,00	0,00	0,00	0,00
b) Repayment and amortization of : 63207	-8.960.847,00	-93.886.269,00	0,00	-420.726,00	420.726,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-8.960.847,00	-93.886.269,00	0,00	0,00	0,00
5. Other debts (-). : 63212	0,00	0,00	0,00	-420.726,00	420.726,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	-15.000.000,00	0,00	0,00	0,00
a) Dividends (-).: 63301	0,00	-15.000.000,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	17.683.912,00	196.242,00	0,00	-420.726,00	420.726,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-1.483.235,00	1.030.932,00	-699.995,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	1.730.208,00	3.441.535,00	3.474.090,00	619.060,00	-6.251.711,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	7.534.685,00	4.093.150,00	619.060,00	0,00	6.251.711,00
Cash or equivalent assets as of end of the fiscal year.: 65200	9.264.893,00	7.534.685,00	4.093.150,00	619.060,00	0,00

FINANCIAL DIAGNOSIS

 > Economic-Financial Comparative Analysis

 Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,00 %	0,05 %	0,00 %	0,01 %		257,97 %
EBITDA over Sales:	8,38 %	12,10 %	6,80 %	11,36 %	23,14 %	6,52 %
Cash Flow Yield:	0,00 %	0,02 %	0,01 %	0,01 %	-64,02 %	282,78 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	16,91 %	9,32 %	7,76 %	6,88 %	117,90 %	35,41 %
Total economic profitability:	13,00 %	5,43 %	7,11 %	3,78 %	82,81 %	43,67 %
Financial profitability:	60,53 %	8,37 %	45,89 %	4,27 %	31,91 %	96,21 %
Margin:	5,96 %	8,17 %	3,17 %	6,72 %	87,73 %	21,59 %
Mark-up:	5,38 %	7,85 %	2,21 %	4,52 %	143,30 %	73,60 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,05	0,15	0,06	0,13	-18,00	9,57
Acid Test:	0,61	0,89	0,30	0,87	101,53	2,08
Working Capital / Investment:	0,21	0,02	0,14	0,05	47,32	-53,19
Solvency:	1,36	1,19	1,26	1,18	8,58	1,15

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	6,03	1,32	12,19	1,39	-50,51	-4,76
Borrowing Composition:	0,88	1,19	1,15	1,01	-23,45	18,21
Repayment Ability:	218,35	23,96	83,71	93,57	160,84	-74,39
Warranty:	1,18	1,77	1,11	1,73	6,54	2,02
Generated resources / Total creditors:	0,16	0,09	0,13	0,08	27,35	5,96

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,84	2,00	1,62	1,85	13,53	7,89
Turnover of Collection Rights :	61,38	5,63	68,42	5,00	-10,29	12,67
Turnover of Payment Entitlements:	4,91	3,79	6,21	3,64	-20,83	4,24
Stock rotation:	6,06	9,17	5,43	7,35	11,56	24,78
Assets turnover:	2,84	1,14	2,44	1,02	16,07	11,37
Borrowing Cost:	1,50	2,92	2,40	2,88	-37,39	1,36

> Trend of indicators under the General Accounting Plan of 2007 (2014, 2013, 2012, 2011, 2010)

Cash Flow	2014	2013	2012	2011	2010
Cash Flow over Sales:	0,00 %	0,00 %	0,01 %	0,00 %	-0,03 %
EBITDA over Sales:	8,38 %	6,80 %	6,86 %	5,57 %	7,00 %
Cash Flow Yield:	0,00 %	0,01 %	0,01 %	0,00 %	-0,06 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	16,91 %	7,76 %	8,08 %	4,83 %	9,24 %
Total economic profitability:	13,00 %	7,11 %	7,12 %	4,68 %	9,02 %
Financial profitability:	60,53 %	45,89 %	50,86 %	37,48 %	71,39 %
Margin:	5,96 %	3,17 %	3,87 %	2,32 %	3,96 %
Mark-up:	5,38 %	2,21 %	3,71 %	2,17 %	3,72 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,05	0,06	0,02	0,00	0,00
Acid Test:	0,61	0,30	0,15	0,04	0,02
Working Capital / Investment:	0,21	0,14	-0,24	-0,24	-0,50
Solvency:	1,36	1,26	0,63	0,61	0,34

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	6,03	12,19	8,22	11,37	10,99
Borrowing Composition:	0,88	1,15	0,26	0,25	0,07
Repayment Ability:	218,35	83,71	68,36	260,58	-15,60
Warranty:	1,18	1,11	1,17	1,09	1,09
Generated resources / Total creditors:	0,16	0,13	0,13	0,10	0,14

Efficiency	2014	2013	2012	2011	2010
Productivity:	1,84	1,62	1,62	1,44	1,50
Turnover of Collection Rights :	61,38	68,42	77,69	112,78	112,25
Turnover of Payment Entitlements:	4,91	6,21	6,94	5,31	4,39
Stock rotation:	6,06	5,43	5,48	4,68	8,54
Assets turnover:	2,84	2,44	2,09	2,08	2,33
Borrowing Cost:	1,50	2,40	0,37	0,34	0,61

COMPARATIVE SECTORIAL BALANCE

Sector-based Comparison under the rules of the New General Accounting Plan.

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

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Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

The company, engaged in clothing and accessories sale, was incorporated in 2004. Its tuenover increased 36,08 % in 2014 vs the previous year. It meets payment commitments on a normal basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.74
UK Pound	1	Rs.99.53
Euro	1	Rs.73.79

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ANK

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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