MIRA INFORM REPORT

Report No. :	344574
Report Date :	12.10.2015

IDENTIFICATION DETAILS

Name :	ERCROS SA
Registered Office :	Av. Diagonal, 595 10ª - Barcelona - 08014 – Barcelona
Country :	Spain
Financials (as on) :	31.12.2014
Date of Incorporation :	01.07.1904
Legal Form :	Public Company
Line of Business :	Manufacture of other inorganic basic chemicals.
No. of Employee :	1363 (2013)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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	A2	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 global financial 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 and investment. 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:	ERCROS SA
NIF / Fiscal code:	A08000630
Status:	ACTIVE
Incorporation Date:	01/07/1904
Register Data	Register Section 8 Sheet 4704
Last Publication in BORME:	31/03/2015 [Revocations]
Last Published Account Deposit:	2013
Share Capital:	34.225.941,30
Localization:	AV. DIAGONAL, 595 10ª - BARCELONA - 08014 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 934 393 009 Email. ercros@ercros.es Website. www.ercros.es
Activity:
NACE:	2013 - Manufacture of other inorganic basic chemicals
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	6 for a total cost of NaN
Subsidies:	6 for a total cost of 10357000
Quality Certificate:	No
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)	1	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners:

ANTONIO ZABALZA MARTI	0.04 %
LAUREANO ROLDAN AGUILAR
Shares:	26
Other Links:	17
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios	2013	2012	Change
Nº of employees:	1363

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
We have a firm founded in 1904, dedicated to the production of basic chemicals and plastics. It operates nationally and internationally and its shares are quoted on the stock exchange. In the sources nothing appears against it, although in recent accounts listed in the commercial register (31-12-2013), we can see that closed its fiscal year with a loss of 56.58 million Euro / s., although they remained positive own funds in 165 480 000 Euro / s. This accounting framework is not at all unusual in companies of this magnitude does not necessarily reflect a bad performance of the company. In light of the above, we believe that there is possibility to continue operations relating to risk commensurate with its size, but it would recommended the regularly following of their evolution.
Interviewed Person:

Enquiry Details

IDENTIFICATION
Social Denomination:	ERCROS SA
NIF / Fiscal code:	A08000630
Corporate Status:	ACTIVE
Start of activity:	1989
Registered Office:	AV. DIAGONAL, 595 10ª
Locality:	BARCELONA
Province:	BARCELONA
Postal Code:	08014
Telephone:	934 393 009
Fax:	934 308 073
Website:	www.ercros.es
Email:	ercros@ercros.es
Interviewed Person:	This information has been obtained through indirect sources because of the company negation to provide any collaboration to this work.

BRANCH OFFICES

ACTIVITY
NACE:	2013
CNAE Obtaining Source:	2013
Legal Form:	Manfacturing and sale of general chemicals and plastics.
Additional Information:	Manfacturing and sale of general chemicals and plastics.
Additional Address:	The head quarter is in the head address.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2013	1363

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
	1990	Adaptation to Law (1) Appointments/ Re-elections (11) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)
	1991	Accounts deposit (year 1989, 1991) Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (2) Increase of Capital (1) Statutory Modifications (1)
	1992	Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (7) Correction (3) Other Concepts/ Events (6) Statutory Modifications (1) Temporary Receivership (1)
	1993	Accounts deposit (year 1991 consolidated, 1992 consolidated, 1992) Capital Reduction (1) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1)
	1994	Accounts deposit (year 1993 consolidated, 1993) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3) Correction (2) Increase of Capital (1) Other Concepts/ Events (11) Statutory Modifications (1) Temporary Receivership (2)
	1995	Accounts deposit (year 1994 consolidated, 1994) Appointments/ Re-elections (3) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Correction (1) Other Concepts/ Events (5)
	1996	Accounts deposit (year 1995 consolidated, 1995) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3) Increase of Capital (1) Other Concepts/ Events (8)
	1997	Accounts deposit (year 1996 consolidated, 1996) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Other Concepts/ Events (9) Statutory Modifications (1) Temporary Receivership (1)
	1998	Accounts deposit (year 1997 consolidated, 1997) Appointments/ Re-elections (4) Board Meeting (1) Cessations/ Resignations/ Reversals (3)
	1999	Accounts deposit (year 1998 consolidated, 1998) Appointments/ Re-elections (2) Board Meeting (2) Cessations/ Resignations/ Reversals (3) Increase of Capital (2) Other Concepts/ Events (4)
	2000	Accounts deposit (year 1999 consolidated, 1999) Appointments/ Re-elections (2) Board Meeting (1) Increase of Capital (2) Other Concepts/ Events (6) Statutory Modifications (1)
	2001	Accounts deposit (year 2000 consolidated, 2000) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2002	Accounts deposit (year 2001 consolidated, 2001) Appointments/ Re-elections (2) Board Meeting (1)
	2003	Accounts deposit (year 2002 consolidated, 2002) Appointments/ Re-elections (1) Board Meeting (1)
	2004	Accounts deposit (year 2003 consolidated, 2003) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1)
	2005	Accounts deposit (year 2004 consolidated, 2004) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (2) Correction (1) Increase of Capital (2) Other Concepts/ Events (5) Statutory Modifications (2)
	2006	Accounts deposit (year 2005 consolidated) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Other Concepts/ Events (5) Statutory Modifications (2)
	2007	Accounts deposit (year 2006 consolidated, 2005, 2006) Appointments/ Re-elections (1) Board Meeting (1) Increase of Capital (2) Other Concepts/ Events (4) Statutory Modifications (2)
	2008	Accounts deposit (year 2007 consolidated, 2007) Appointments/ Re-elections (1) Board Meeting (1) Other Concepts/ Events (1) Statutory Modifications (2)
	2009	Accounts deposit (year 2008 consolidated, 2008) Appointments/ Re-elections (1) Board Meeting (1) Capital Reduction (3) Other Concepts/ Events (10) Statutory Modifications (2)
	2010	Accounts deposit (year 2009 consolidated, 2009) Appointments/ Re-elections (25) Board Meeting (1) Capital Reduction (3) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (2) Correction (2) Other Concepts/ Events (5) Take-over Merger (3)
	2011	Accounts deposit (year 2010 consolidated, 2010) Appointments/ Re-elections (2) Board Meeting (1) Other Concepts/ Events (2) Statutory Modifications (1)
	2012	Accounts deposit (year 2011 consolidated) Appointments/ Re-elections (6) Board Meeting (1) Cessations/ Resignations/ Reversals (5) Increase of Capital (1) Other Concepts/ Events (5) Statutory Modifications (1) Temporary Receivership Cancellation (1)
	2013	Accounts deposit (year 2012 consolidated, 2011, 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Increase of Capital (5) Other Concepts/ Events (17) Statutory Modifications (1)
	2014	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3) Increase of Capital (4) Other Concepts/ Events (20) Statutory Modifications (1)
	2015	Accounts deposit (year 2013 consolidated, 2013) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Increase of Capital (1) Other Concepts/ Events (4)

Breakdown of Owners' Equity
Registered Capital:	34.225.941,30
Paid up capital:	34.225.941,30

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
19/02/1991	Increase of Capital	83.361.286	83.361.286	250.083.859	250.083.859
22/12/1993	Capital Reduction	-200.067.087	-200.067.087	50.016.772	50.016.772
27/05/1994	Increase of Capital	882.539	882.539	50.899.311	50.899.311
16/02/1995	Capital Reduction	-20.359.724	-20.359.724	30.539.586	30.539.586
12/03/1996	Increase of Capital	20.843.503	20.843.503	51.383.090	51.383.090
14/01/1997	Increase of Capital	3.723.885	3.723.885	55.106.975	55.106.975
12/06/1999	Increase of Capital	25.391.158	25.391.158	80.405.333	80.405.333
03/05/2000	Increase of Capital	3.800.805	3.800.805	84.206.138	84.206.138
21/07/2005	Increase of Capital	126.309.207	126.309.207	210.515.344	210.515.344
22/05/2006	Increase of Capital	48.229.710	48.229.710	258.745.054	258.745.054
06/07/2007	Increase of Capital	103.498.021	103.498.021	362.243.076	362.243.076
16/06/2009	Capital Reduction	-201.246.180	-201.246.180	160.996.896	160.996.896
26/05/2010	Capital Reduction	-130.809.978	-130.809.978	30.186.918	30.186.918
17/10/2012	Increase of Capital	263.477	263.477	30.450.395	30.450.395
28/01/2013	Increase of Capital	355.137	355.137	30.805.532	30.805.532
07/06/2013	Increase of Capital	297.765	297.765	31.103.297	31.103.297
01/10/2013	Increase of Capital	282.353	282.353	31.385.649	31.385.649
07/11/2013	Increase of Capital	362.903	362.903	31.748.552	31.748.552
24/12/2013	Increase of Capital	362.172	362.172	32.110.724	32.110.724
17/02/2014	Increase of Capital	584.793	584.793	32.695.517	32.695.517
30/04/2014	Increase of Capital	292.395	292.395	32.987.912	32.987.912
04/07/2014	Increase of Capital	326.796	326.796	33.314.708	33.314.708
13/10/2014	Increase of Capital	370.370	370.370	33.685.077	33.685.077
20/01/2015	Increase of Capital	540.864	540.864	34.225.941	34.225.941

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	ZABALZA MARTI ANTONIO	05/05/2010	10
MEMBER OF THE BOARD	FERNANDEZ GOULA PFAFF LUIS	05/05/2010	1
	ZABALZA MARTI ANTONIO	05/05/2010	10
	BLANCO BALIN RAMON	05/05/2010	4
	ROLDAN AGUILAR LAUREANO	05/05/2010	4
	SANCHEZ MORRONDO EDUARDO	05/05/2010	2
	HORTALA ARAU JOAN	22/09/2006	2
	RECIO ARIAS JOSE AURELIANO	04/08/1992	5
CHIEF EXECUTIVE OFFICER	ZABALZA MARTI ANTONIO	05/05/2010	10
NON CONSELLOR SECRETARY	MAYANS SINTES SANTIAGO	03/02/2004	2
MEMBER OF THE EXECUTIVE COMM.	RECIO ARIAS JOSE AURELIANO	04/08/1992	5
MANAGING ENTITY	SERVICIO COMPENSACION LIQUIDACION VALORES SA	04/01/1997	1
ACCOUNTS' AUDITOR / HOLDER	ERNST & YOUNG SL	28/10/2014	8
CONSOLIDATED ACCOUNTS' AUDITOR	ERNST & YOUNG SL	28/10/2014	8
COMMISSIONER	BIENES BONET PEDRO	29/05/1996	2

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALONSO BOTIN RAFAEL	MEMBER OF THE BOARD	04/08/1992	1
ALVAREZ MARGARIDE JOSE LUIS	MEMBER OF THE BOARD	04/08/1992	1
BANCO EXTERIOR DE ESPAÑA	COMMISSIONER	10/12/2012	1
BANCO EXTERIOR DE ESPAÑA SA	CONTROLLER	25/02/1994	1
BASAGOITI GARCIA TUÑON ANTONIO	MEMBER OF THE BOARD	11/06/1992	1
BDO AUDIBERIA AUDITORES SL	CONSOLIDATED ACCOUNTS' AUDITOR	02/10/2002	2
	ACCOUNTS' AUDITOR / HOLDER	17/07/2003
BLANCO BALIN RAMON	MEMBER OF THE BOARD	03/06/2005	4
	MEMBER OF THE BOARD	05/05/2010
	MEMBER OF THE BOARD	24/01/2000
BORES MONTAL JUAN ANTONIO	MEMBER OF THE BOARD	04/08/2004	5
	SECRETARY	27/01/1998
BOTIN SANZ DE SAUTUOLA Y LOPEZ EMILIO	MEMBER OF THE BOARD	09/12/1991	1
BRUCE AMAGER DAWSON	MEMBER OF THE BOARD	11/06/1992	1
CABESTANY ILLANA JOSE LUIS	MEMBER OF THE BOARD	05/05/2010	1
CANALEJO LARRAINZAR MIGUEL ANGEL	MEMBER OF THE BOARD	04/08/1992	1
CATA VIRGILI JOSE MARIA	MEMBER OF THE BOARD	09/12/1991	1
CATALANA D'INICIATIVES SCR SA	MEMBER OF THE BOARD	03/06/2005	1
CHAPAPRIETA ORNSTEIN JOAQUIN	MEMBER OF THE BOARD	11/06/1992	1
DE JUAN LOPEZ RAFAEL	MEMBER OF THE BOARD	18/07/1990	2
DE LA RIVA GARRIGA FRANCISCO	MEMBER OF THE BOARD	14/01/1997	3
	VICE CHAIRMAN	14/01/1997
	MEMBER OF THE BOARD	26/08/1994
DE LA ROSA MARTI JAVIER	MEMBER OF THE BOARD	13/10/1992	2
DE MIR FAURA NARCISO	MEMBER OF THE BOARD	09/12/1991	7
	VICE CHAIRMAN	17/02/1992
	MEMBER OF THE EXECUTIVE COMM.	11/06/1992
	CHIEF EXECUTIVE OFFICER	04/08/1992
	PRESIDENT OF THE EXECUTIVE COMM.	04/08/1992
	PRESIDENT	04/08/1992
	MEMBER OF THE BOARD	13/10/1992
DEL VALLE PEREZ JOSE LUIS	MEMBER OF THE BOARD	11/06/1992	4
	MEMBER OF THE BOARD	13/10/1992
	MEMBER OF THE EXECUTIVE COMM.	13/10/1992
DELGADO GARRIGA JUAN ANTONIO	MEMBER OF THE BOARD	11/06/1992	3
	MEMBER OF THE BOARD	13/10/1992
ERCROS SA	COMMISSIONER	10/12/2012	1
ERNST & YOUNG SL	CONSOLIDATED ACCOUNTS' AUDITOR	21/11/2012	8
	ACCOUNTS' AUDITOR / HOLDER	21/11/2012
	ACCOUNTS' AUDITOR / HOLDER	20/12/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	20/12/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	28/10/2014
	ACCOUNTS' AUDITOR / HOLDER	28/10/2014
ERNST AND YOUNG SL	CONSOLIDATED ACCOUNTS' AUDITOR	04/08/2006	12
	ACCOUNTS' AUDITOR / HOLDER	04/08/2006
	ACCOUNTS' AUDITOR / HOLDER	27/11/2007
	CONSOLIDATED ACCOUNTS' AUDITOR	27/11/2007
	CONSOLIDATED ACCOUNTS' AUDITOR	29/10/2008
	ACCOUNTS' AUDITOR / HOLDER	29/10/2008
	ACCOUNTS' AUDITOR / HOLDER	16/06/2009
	CONSOLIDATED ACCOUNTS' AUDITOR	16/06/2009
	CONSOLIDATED ACCOUNTS' AUDITOR	11/10/2010
	ACCOUNTS' AUDITOR / HOLDER	11/10/2010
	ACCOUNTS' AUDITOR / HOLDER	14/10/2011
	CONSOLIDATED ACCOUNTS' AUDITOR	14/10/2011
FARRES COSTAFREDA RAMON	CONTROLLER	25/02/1994	1
FIGUERAS BASSOLS JOSE MARIA	MEMBER OF THE BOARD	15/07/1992	1
GUASCH MOLINS MANUEL	MEMBER OF THE BOARD	13/10/1992	2
HACIENDA PUBLICA	COMMISSIONER	10/12/2012	1
HORTALA ARAU JOAN	MEMBER OF THE BOARD	22/09/2006	2
KPMG PEAT MARWICK SA Y CIA AUDITORES SRC	ACCOUNTS' AUDITOR / HOLDER	16/02/1995	3
	CONSOLIDATED ACCOUNTS' AUDITOR	16/02/1995
	ACCOUNTS' AUDITOR / HOLDER	27/11/1992
LORENTE MONES FRANCISCO	COMMISSIONER	10/12/2012	2
	CONTROLLER	25/02/1994
LOSTE PAÑO RAFAEL	MEMBER OF THE BOARD	18/08/1998	3
	MEMBER OF THE BOARD	04/08/2004
MARTINEZ GARRIDO JUAN ANTONIO	MEMBER OF THE BOARD	09/02/1994	4
	VICE CHAIRMAN	09/02/1994
MARTINEZ LAGE SANTIAGO	MEMBER OF THE BOARD	04/08/1992	1
MUÑIZ ALVAREZ JOSE	MEMBER OF THE BOARD	01/08/1996	2
NUÑEZ Y LASSO DE LA VEGA JORGE	MEMBER OF THE BOARD	13/10/1992	2
	MEMBER OF THE BOARD	11/06/1992
ORDOÑEZ SAINZ MELCHOR	MEMBER OF THE BOARD	13/10/1992	2
OSORIO NAVARRO Y COMPAÑIA SRC	ACCOUNTS' AUDITOR / HOLDER	02/10/2002	2
	CONSOLIDATED ACCOUNTS' AUDITOR	02/10/2002
PERA MADRAZO JAVIER	NON CONSELLOR SECRETARY	03/02/2004	1
PIQUE CAMPS JOSE	PRESIDENT	12/06/1996	2
PIQUE CAMPS JOSEP	MEMBER OF THE BOARD	12/06/1996	5
	CHIEF EXECUTIVE OFFICER	13/10/1992
	CHIEF EXECUTIVE OFFICER	12/06/1996
	MEMBER OF THE EXECUTIVE COMM.	13/10/1992
PUENTES LOPEZ FRANCISCO	MEMBER OF THE BOARD	14/01/1997	1
PUJOL BATLLE ISABEL	NON CONSELLOR ASSISTANT SECRETARY	24/03/2015	1
RAVENTOS TORRAS FRANCESC	REPRESENTATIVE	03/06/2005	1
RECIO ARIAS JOSE AURELIANO	CHIEF EXECUTIVE OFFICER	13/10/1992	5
	PRESIDENT OF THE EXECUTIVE COMM.	13/10/1992

	PRESIDENT	13/10/1992
ROLDAN AGUILAR LAUREANO	MEMBER OF THE BOARD	04/08/2004	4
	MEMBER OF THE BOARD	18/08/1998
	MEMBER OF THE BOARD	05/05/2010
SALSAS SAPERA FRANCISCO	MEMBER OF THE BOARD	04/07/1992	1
SAMARANCH TORELLO JUAN ANTONIO	MEMBER OF THE BOARD	09/12/1991	1
SANCHEZ JUNCO MAS JOSE FERNANDO	MEMBER OF THE BOARD	03/10/1990	2
	MEMBER OF THE BOARD	13/10/1992
SANCHEZ MORRONDO EDUARDO	MEMBER OF THE BOARD	05/05/2010	2
SEGURIDAD SOCIAL	COMMISSIONER	10/12/2012	1
USUNARIZ BALANZATEGUI UBALDO	MEMBER OF THE BOARD	05/07/1999	8
	VICE CHAIRMAN	05/07/1999
	MEMBER OF THE BOARD	12/06/1996
	VICE CHAIRMAN	03/06/2005
	MEMBER OF THE BOARD	03/06/2005
VEGA DE SEOANE AZPILICUETA JAVIER	CHIEF EXECUTIVE OFFICER	17/02/1992	3
	PRESIDENT	17/02/1992
	MEMBER OF THE BOARD	11/06/1992
ZABALZA MARTI ANTONIO	CHIEF EXECUTIVE OFFICER	05/05/2010	10
	PRESIDENT	05/05/2010
	MEMBER OF THE BOARD	05/05/2010
	CHIEF EXECUTIVE OFFICER	18/08/1998
	MEMBER OF THE BOARD	18/08/1998
	CHIEF EXECUTIVE OFFICER	04/08/2004
	MEMBER OF THE BOARD	04/08/2004

Executive board

Post	NIF	Name
ADMINISTRATIVE MANAGER		JOSE ROVIRA
FINANCIAL DIRECTOR		PEDRO RODRIGUEZ
HUMAN RESOURCES MANAGER		JOAQUIN SANMARTIN

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		1	---	01/09/2011	01/09/2011
Notices of defaults and enforcement		1	---		---
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 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. Adequate level of financial autonomy. The financial autonomy of the entity represents the 31.60 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets. ERCROS SA 's borrowing cost is appropriate according to its volume of external financing sources. Adequate long-term solvency. The real assets of the company are found in favourable levels, which in principle, provide enough guarantees through real goods against third parties when returning its long-term obligations.

The development of the debt structure during the last two years indicates an increase of the debt with credit institutions and trade creditors in respect to all liabilities. The higher the level of debt, the greater the dependence on suppliers' capital and the more compromised will be its financial situation. It has no return from its main operating activity.This might deteriorate its financial situation. Moreover, this productivity has decreased in comparison with the previous financial year. ERCROS SA 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient. Reduced level of liquidity. The company shows not enough capacity to meet its obligations with a maturity of less than one year with the available liquid assets.

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	1 Incidence for a total cost of 0,00 E
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

Incidences Detailed

Incidences with the Local Administration

PROCESSED BY THE LOCAL GOVERNMENT DE SEVILLA - Date 01/09/2011

Last Published Stage:	SEIZURE
Record Number:	200900036105
Amount of the incidence:	0,00 E
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	B.O.P. SEVILLA Nº51, 2011 SUPLEMENTO 1 PAGINA 68 B.O.P. SEVILLA Nº42, 2011 PAGINA 66 B.O.P. SEVILLA Nº18, 2010 SUPLEMENTO 1 PAGINA 287

Link List

PARTICIPATES IN:	26 Entities
SHAREHOLDERS:	2 Entities
ABSORBS TO:	3 Entities
BELONGS TO THE ADMINISTRATION BOARD OF:	6 Entities
IS RELATED WITH:	8 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	ANTONIO ZABALZA MARTI		0.04
	LAUREANO ROLDAN AGUILAR
	ELECTROQUIMICA ONUBENSE SL	HUELVA	100
PARTICIPATES IN	ERFEI AGRUPACION DE INTERES ECONOMICO	TARRAGONA	10
	UFEFYS SL EN LIQUIDACION	MADRID	60
	INMOBILIARIA UNION INDUSTRIAL SA	BARCELONA	100
	CONSTRUCTORA DE EQUIPOS ELECTRICOS SOCIEDAD ANONIMA	VIZCAYA	0.15
	AGUAS INDUSTRIALES DE TARRAGONA SA	TARRAGONA	21.14
	ASOCIACION FLIX COQUISA SL.	BARCELONA	50
	TORTOSA ENERGIA SA	TARRAGONA	1
	GADES, SOCIEDAD ANONIMA, (REINO UNIDO)		100
	MARCOATING SL	BARCELONA	100
	SALINAS DE NAVARRA SA	NAVARRA	24
	ERCEKOL AGRUPACION DE INTERES ECONOMICO	TARRAGONA	45.31
	ERCROS GRAN BRETAÑA, S.A.		100
	ERCROS FRANCE, SOCIEDAD ANONIMA, (FRANCIA)		100
	CONSORCIO AGUAS DE TARRAGONA		2.96
	MAS ENERGIA PARA GRANDES CONSUMIDORES SL	TOLEDO	6.54
	SERVICIOS INMOBILIARIOS Y TURISTICOS SL	MADRID
	CORPORACION TURISTICO INMOBILIARIA SA	MADRID
	ERCROS ITALIA, SOCIEDAD LIMITADA, (ITALIA)		100
	FUNDACION LABORAL ESCODE	HUELVA	3.25
	ERCROS PORTUGAL, SOCIEDAD ANONIMA, (PORTUGAL)		100
	CONSTRUCTORA DE EQUIPOS ELECTRICOS, S.A.		0.15
	ECROS ITALIA		100
	ERKROS FRANCE		100
	ERKROS GRAN BRETAÑA		100
	ERKROS PORTUGAL		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	L CORPORACION TURISTICA CORPOTUR SL	MADRID
	YA GLOBAL DUTCH BV
	YORKVILLE ADVISORS LLC
	INMOBILIARIA INDUSTRIAL Y URBANA SA	BARCELONA
	CORPORACION TURISTICA INMOBILIARIA SAU
	SERITUR
IS RELATED WITH	COGEN ENERGIA ESPAÑA SL	MADRID
	GRIÑO ECOLOGIC SA	LLEIDA
ABSORBS TO	AGROCROS SA	BARCELONA
	ARAGONESAS INDUSTRIAS Y ENERGIA SA	BARCELONA
	ERCROS INDUSTRIAL SA	BARCELONA
	SALINAS DE NAVARRA SA	NAVARRA
	CICLOPLAST SA	MADRID
	SOCIEDAD ESPAÑOLA DE MATERIALES PLASTICOS SEMAP SA	MADRID
	ELECTROQUIMICA ONUBENSE SL	HUELVA
BELONGS TO THE ADMINISTRATION BOARD OF	AGUAS INDUSTRIALES DE TARRAGONA SA	TARRAGONA
	ASOCIACION FLIX COQUISA SL.	BARCELONA

Turnover
Total Sales 2013	596.680.000

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

Estimated Balance

The last deposit accounts on the trade register, is the closure of its accounting to 31-12-2013 exercise and it shows that closed with losses of 6.58 million Euro / s According to that, this time we cannot include in this paragraph the figures because of we do not know the financial evolution of the last year, we cannot know how this situation has changed.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2014	Normales	No publicado en BORME
2013	Consolidadas	January  2015
2013	Normales	January  2015
2012	Consolidadas	December  2013
2012	Normales	December  2013
2011	Consolidadas	December  2012
2011	Normales	January  2013
2010	Consolidadas	August  2011
2010	Normales	August  2011
2009	Consolidadas	June  2010
2009	Normales	June  2010
2008	Consolidadas	May  2009
2008	Normales	June  2009
2007	Consolidadas	July  2008
2007	Normales	July  2008
2006	Consolidadas	October  2007
2006	Normales	October  2007
2005	Consolidadas	June  2006
2005	Normales	July  2007
2004	Consolidadas	June  2005
2004	Normales	June  2005
2003	Consolidadas	October  2004
2003	Normales	October  2004
2002	Consolidadas	June  2003
2002	Normales	June  2003
2001	Consolidadas	July  2002
2001	Normales	July  2002
2000	Consolidadas	September  2001
2000	Normales	September  2001
1999	Consolidadas	July  2000
1999	Normales	July  2000
1998	Consolidadas	July  1999
1998	Normales	October  1999
1997	Consolidadas	August  1998
1997	Normales	August  1998
1996	Consolidadas	August  1997
1996	Normales	August  1997
1995	Consolidadas	September  1996
1995	Normales	September  1996
1994	Consolidadas	September  1995
1994	Normales	September  1995
1993	Consolidadas	September  1994
1993	Normales	November  1994
1992	Consolidadas	August  1993
1992	Normales	August  1993
1991	Consolidadas	January  1993
1991	Normales	September  1991
1991	Normales	January  1993
1989	Normales	October  1990

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 31/12/2014

>  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	288.380.000,00	305.700.000,00	326.080.000,00	329.630.000,00	346.990.000,00
I. Intangible fixed assets : 11100	5.550.000,00	4.820.000,00	4.500.000,00	5.260.000,00	8.100.000,00
1. Development: 11110	80.000,00	80.000,00	80.000,00	80.000,00	80.000,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	1.440.000,00	1.500.000,00	1.500.000,00	1.520.000,00	1.600.000,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	2.530.000,00	1.370.000,00	1.810.000,00	1.960.000,00	2.350.000,00
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	1.500.000,00	1.870.000,00	1.110.000,00	1.700.000,00	4.070.000,00
II. Tangible fixed assets : 11200	241.740.000,00	260.410.000,00	271.920.000,00	274.490.000,00	295.520.000,00
1. Land and buildings: 11210	132.110.000,00	142.850.000,00	147.800.000,00	152.570.000,00	159.710.000,00
2. Technical installations and other tangible fixed assets: 11220	101.450.000,00	108.960.000,00	114.820.000,00	110.560.000,00	124.730.000,00
3. Tangible asset in progress and advances: 11230	8.180.000,00	8.600.000,00	9.300.000,00	11.360.000,00	11.080.000,00
III. Real estate investment: 11300	30.920.000,00	27.980.000,00	27.950.000,00	27.950.000,00	21.290.000,00
1. Land: 11310	30.920.000,00	27.980.000,00	27.950.000,00	27.950.000,00	20.740.000,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	550.000,00
IV. Long-term investments in Group companies and associates : 11400	6.210.000,00	6.210.000,00	6.210.000,00	6.270.000,00	6.270.000,00
1. Equity instruments: 11410	5.920.000,00	5.920.000,00	5.920.000,00	5.980.000,00	5.980.000,00
2. Credits to businesses: 11420	290.000,00	290.000,00	290.000,00	290.000,00	290.000,00
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	3.060.000,00	3.020.000,00	12.160.000,00	12.280.000,00	12.370.000,00
1. Equity instruments: 11510	260.000,00	280.000,00	240.000,00	240.000,00	240.000,00
2. Credits to third parties : 11520	80.000,00	80.000,00	8.080.000,00	8.340.000,00	9.960.000,00
3. Debt securities: 11530	300.000,00	300.000,00	300.000,00	210.000,00	50.000,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	2.420.000,00	2.360.000,00	3.540.000,00	3.490.000,00	2.120.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	900.000,00	3.260.000,00	3.340.000,00	3.380.000,00	3.440.000,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	225.750.000,00	250.410.000,00	273.310.000,00	265.270.000,00	289.710.000,00
I. Non-current assets held for sale : 12100	1.800.000,00	0,00	1.970.000,00	0,00	0,00
II. Stocks: 12200	55.530.000,00	60.510.000,00	75.430.000,00	70.810.000,00	62.360.000,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	21.150.000,00	24.400.000,00	29.070.000,00	33.320.000,00	27.510.000,00
3. Work in progress: 12230	5.650.000,00	5.890.000,00	5.710.000,00	5.650.000,00	5.850.000,00
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	5.650.000,00	5.850.000,00
4. Finished goods: 12240	28.730.000,00	30.220.000,00	40.650.000,00	31.840.000,00	29.000.000,00
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	40.650.000,00	31.840.000,00	29.000.000,00
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	121.750.000,00	146.340.000,00	157.220.000,00	159.550.000,00	155.610.000,00
1. Trade debtors / accounts receivable: 12310	103.370.000,00	112.390.000,00	128.840.000,00	132.220.000,00	131.140.000,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	132.220.000,00	131.140.000,00
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	2.000.000,00	2.280.000,00	3.090.000,00	4.600.000,00	4.680.000,00
3. Other accounts receivable: 12330	9.460.000,00	29.260.000,00	17.760.000,00	16.590.000,00	17.210.000,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	10.000,00
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	6.920.000,00	2.410.000,00	7.530.000,00	6.140.000,00	2.570.000,00
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	150.000,00	640.000,00	2.970.000,00	1.420.000,00	20.880.000,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	1.230.000,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	150.000,00	640.000,00	2.970.000,00	1.420.000,00	19.650.000,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	27.210.000,00	27.150.000,00	25.140.000,00	26.610.000,00	43.800.000,00
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	300.000,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	27.210.000,00	27.150.000,00	25.140.000,00	26.310.000,00	43.800.000,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	400.000,00	370.000,00	310.000,00	630.000,00	610.000,00
VII. Cash and other equivalent liquid assets : 12700	18.910.000,00	15.400.000,00	10.270.000,00	6.250.000,00	6.450.000,00
1. Treasury: 12710	0,00	15.400.000,00	10.270.000,00	6.250.000,00	0,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	6.450.000,00
TOTAL ASSETS (A + B) : 10000	514.130.000,00	556.110.000,00	599.390.000,00	594.900.000,00	636.700.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	165.540.000,00	170.050.000,00	171.910.000,00	185.540.000,00	191.980.000,00
A-1) Shareholders' equity: 21000	162.480.000,00	166.790.000,00	168.660.000,00	182.520.000,00	190.330.000,00
I. Capital: 21100	33.680.000,00	32.110.000,00	30.450.000,00	30.190.000,00	30.190.000,00
1. Registered capital : 21110	33.680.000,00	32.110.000,00	30.450.000,00	30.190.000,00	30.190.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	2.070.000,00	1.040.000,00	150.000,00	0,00	0,00
III. Reserves: 21300	133.310.000,00	137.700.000,00	151.050.000,00	155.870.000,00	170.140.000,00
1. Legal and statutory: 21310	15.450.000,00	15.450.000,00	15.450.000,00	15.450.000,00	15.450.000,00
2. Other reserves: 21320	117.860.000,00	122.250.000,00	135.600.000,00	140.420.000,00	154.690.000,00
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	-6.580.000,00	-4.060.000,00	-12.990.000,00	-3.540.000,00	-10.000.000,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	90.000,00	210.000,00	10.000,00	-80.000,00	-230.000,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	90.000,00	210.000,00	10.000,00	-80.000,00	-230.000,00
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	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	2.970.000,00	3.050.000,00	3.240.000,00	3.100.000,00	1.880.000,00
B) NON-CURRENT LIABILITIES: 31000	97.440.000,00	120.850.000,00	124.210.000,00	138.340.000,00	137.920.000,00
I. Long-term provisions: 31100	25.840.000,00	27.480.000,00	30.260.000,00	34.920.000,00	52.000.000,00
1. Long-term employee benefits liability: 31110	1.080.000,00	1.320.000,00	1.490.000,00	1.280.000,00	1.400.000,00
2. Environmental actions: 31120	23.010.000,00	23.380.000,00	24.560.000,00	22.670.000,00	24.950.000,00
3. Restructuring provisions: 31130	0,00	840.000,00	2.790.000,00	4.820.000,00	8.430.000,00
4. Other provisions: 31140	1.750.000,00	1.940.000,00	1.420.000,00	6.150.000,00	17.220.000,00
II Long-term creditors: 31200	42.970.000,00	56.920.000,00	56.570.000,00	64.800.000,00	49.530.000,00
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	3.460.000,00	7.610.000,00	730.000,00
3. Creditors from financial leasing: 31230	0,00	0,00	60.000,00	500.000,00	1.040.000,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	42.970.000,00	56.920.000,00	53.050.000,00	56.690.000,00	47.760.000,00
III. Long-term debts with Group companies and associates: 31300	2.240.000,00	2.240.000,00	2.240.000,00	2.240.000,00	750.000,00
IV. Liabilities for deferred tax: 31400	26.390.000,00	34.210.000,00	35.140.000,00	36.380.000,00	35.640.000,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
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	251.150.000,00	265.210.000,00	303.270.000,00	271.020.000,00	306.800.000,00
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	4.840.000,00	2.160.000,00	1.040.000,00	2.360.000,00	3.310.000,00
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	104.190.000,00	111.190.000,00	113.670.000,00	102.250.000,00	154.160.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	81.640.000,00	85.290.000,00	90.900.000,00	79.350.000,00	36.750.000,00
3. Creditors from financial leasing: 32330	0,00	70.000,00	430.000,00	670.000,00	1.060.000,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	22.550.000,00	25.830.000,00	22.340.000,00	22.230.000,00	116.350.000,00
IV. Short-term debts with Group companies and associates: 32400	2.270.000,00	2.240.000,00	2.240.000,00	2.610.000,00	2.660.000,00
V. Trade creditors and other accounts payable: 32500	139.850.000,00	149.620.000,00	186.320.000,00	163.800.000,00	146.670.000,00
1. Suppliers: 32510	96.630.000,00	96.580.000,00	130.420.000,00	112.490.000,00	93.230.000,00
a) Long-term debts : 32511	0,00	0,00	130.420.000,00	112.490.000,00	93.230.000,00
b) Short-term debts : 32512	0,00	0,00	0,00	0,00	0,00
2. Suppliers, Group companies and associates: 32520	1.360.000,00	2.120.000,00	4.930.000,00	3.140.000,00	1.900.000,00
3. Other creditors: 32530	30.880.000,00	37.610.000,00	37.200.000,00	34.670.000,00	35.150.000,00
4. Personnel (remuneration due): 32540	3.650.000,00	4.500.000,00	3.740.000,00	4.480.000,00	8.650.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	6.980.000,00	8.120.000,00	8.700.000,00	8.110.000,00	5.410.000,00
7. Advances from clients: 32570	350.000,00	690.000,00	1.330.000,00	910.000,00	2.330.000,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
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	514.130.000,00	556.110.000,00	599.390.000,00	594.900.000,00	636.700.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	596.680.000,00	618.000.000,00	667.550.000,00	673.230.000,00	592.860.000,00
a) Sales: 40110	556.490.000,00	582.020.000,00	628.950.000,00	634.850.000,00	557.360.000,00
b) Rendering of services: 40120	40.190.000,00	35.980.000,00	38.600.000,00	38.380.000,00	35.500.000,00
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	-1.730.000,00	-13.390.000,00	7.950.000,00	5.000.000,00	-9.760.000,00
3. Works carried out by the company for its assets: 40300	20.000,00	70.000,00	140.000,00	10.000,00	70.000,00
4. Supplies : 40400	-303.280.000,00	-310.930.000,00	-357.290.000,00	-363.610.000,00	-287.540.000,00
a) Stock consumption: 40410	-20.950.000,00	-33.360.000,00	-43.120.000,00	-40.970.000,00	-31.570.000,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-272.070.000,00	-265.610.000,00	-300.990.000,00	-309.700.000,00	-242.490.000,00
c) Works carried out by other companies: 40430	-10.390.000,00	-11.860.000,00	-13.010.000,00	-12.670.000,00	-13.300.000,00
d) Impairment of stock, primary material and other supplies: 40440	130.000,00	-100.000,00	-170.000,00	-270.000,00	-180.000,00
5. Other operating income: 40500	1.470.000,00	2.240.000,00	1.560.000,00	1.250.000,00	1.420.000,00
a) Auxiliary income and other from current management: 40510	1.290.000,00	1.840.000,00	1.370.000,00	870.000,00	1.390.000,00
b) Operation subsidies included in the Period's result: 40520	180.000,00	400.000,00	190.000,00	380.000,00	30.000,00
6. Personnel costs: 40600	-78.470.000,00	-78.690.000,00	-83.120.000,00	-82.750.000,00	-85.540.000,00
a) Wages, salaries et al.: 40610	-58.300.000,00	-58.040.000,00	-62.240.000,00	-62.520.000,00	-64.610.000,00
b) Social security costs: 40620	-20.170.000,00	-20.510.000,00	-20.730.000,00	-20.090.000,00	-20.800.000,00
c) Provisions : 40630	0,00	-140.000,00	-150.000,00	-140.000,00	-130.000,00
7. Other operating costs: 40700	-197.420.000,00	-193.040.000,00	-226.840.000,00	-217.970.000,00	-208.200.000,00
a) External services: 40710	-190.330.000,00	-185.530.000,00	-215.730.000,00	-208.450.000,00	-199.100.000,00
b) Taxes: 40720	-5.560.000,00	-5.030.000,00	-6.250.000,00	-6.100.000,00	-6.180.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-100.000,00	-670.000,00	-3.820.000,00	-1.090.000,00	-140.000,00
d) Other current management expenditure : 40740	-1.430.000,00	-1.810.000,00	-1.040.000,00	-2.330.000,00	-2.780.000,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-18.890.000,00	-19.310.000,00	-18.180.000,00	-18.000.000,00	-19.290.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	1.410.000,00	1.790.000,00	1.550.000,00	1.390.000,00	2.780.000,00
10. Excess provisions : 41000	340.000,00	1.850.000,00	7.420.000,00	2.570.000,00	30.000,00
11. Impairment and result of transfers of fixed assets: 41100	-700.000,00	1.420.000,00	1.120.000,00	5.470.000,00	3.100.000,00
a) Impairment and losses : 41110	-660.000,00	0,00	0,00	-150.000,00	0,00
b) Results for transfers and other : 41120	-40.000,00	1.420.000,00	1.120.000,00	5.620.000,00	3.100.000,00
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	-4.980.000,00	-1.790.000,00	-5.200.000,00	1.510.000,00	-270.000,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	-5.550.000,00	8.220.000,00	-3.340.000,00	8.100.000,00	-10.340.000,00
14. Financial income : 41400	870.000,00	1.540.000,00	640.000,00	270.000,00	440.000,00
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	870.000,00	1.540.000,00	640.000,00	270.000,00	440.000,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	100.000,00	100.000,00
b 2) From third parties : 41422	870.000,00	1.540.000,00	640.000,00	170.000,00	340.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-9.920.000,00	-11.340.000,00	-11.410.000,00	-11.280.000,00	-5.730.000,00
a) Amounts owed to Group companies and associates : 41510	-70.000,00	-70.000,00	-130.000,00	-20.000,00	-50.000,00
b) For debts with third parties : 41520	-9.850.000,00	-11.270.000,00	-11.280.000,00	-11.260.000,00	-5.680.000,00
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	1.350.000,00	-270.000,00	-500.000,00	0,00	230.000,00
18. Impairment and result for transfers of financial instruments: 41800	350.000,00	410.000,00	590.000,00	-950.000,00	5.400.000,00
a) Impairment and losses : 41810	0,00	0,00	0,00	-950.000,00	5.400.000,00
b) Results for transfers and other : 41820	350.000,00	410.000,00	590.000,00	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	-7.350.000,00	-9.660.000,00	-10.680.000,00	-11.960.000,00	340.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	-12.900.000,00	-1.440.000,00	-14.020.000,00	-3.860.000,00	-10.000.000,00
20. Income taxes: 41900	5.510.000,00	810.000,00	1.030.000,00	320.000,00	0,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	-7.390.000,00	-630.000,00	-12.990.000,00	-3.540.000,00	-10.000.000,00
21. Result of the year coming from interrupted operations : 42000	810.000,00	-3.430.000,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	-6.580.000,00	-4.060.000,00	-12.990.000,00	-3.540.000,00	-10.000.000,00

> 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:	289.280.000,00	302.440.000,00	324.710.000,00	326.250.000,00	343.550.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	5.550.000,00	4.820.000,00	4.500.000,00	5.260.000,00	8.100.000,00
1. Research and development costs:	80.000,00	80.000,00	80.000,00	80.000,00	80.000,00
2. Concessions, patents, licences, trademarks et al.:	1.440.000,00	1.500.000,00	1.500.000,00	1.520.000,00	1.600.000,00
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:	2.530.000,00	1.370.000,00	1.810.000,00	1.960.000,00	2.350.000,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	1.500.000,00	1.870.000,00	1.110.000,00	1.700.000,00	4.070.000,00
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:	274.460.000,00	288.390.000,00	301.840.000,00	302.440.000,00	316.810.000,00
1. Land and construction:	164.830.000,00	170.830.000,00	177.720.000,00	180.520.000,00	181.000.000,00
2. Technical installations and machinery:	0,00	0,00	0,00	0,00	0,00
3. Other installations, tools and furniture:	0,00	0,00	0,00	0,00	0,00
4. Payments on account and tangible fixed assets under construction:	8.180.000,00	8.600.000,00	9.300.000,00	11.360.000,00	11.080.000,00
5. Other tangible assets:	101.450.000,00	108.960.000,00	114.820.000,00	110.560.000,00	124.730.000,00
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:	9.270.000,00	9.230.000,00	18.370.000,00	18.550.000,00	18.640.000,00
1. Equity investments in group companies:	5.920.000,00	5.920.000,00	5.920.000,00	5.980.000,00	5.980.000,00
2. Receivables from group companies:	290.000,00	290.000,00	290.000,00	290.000,00	290.000,00
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:	560.000,00	580.000,00	540.000,00	450.000,00	290.000,00
6. Other receivables:	80.000,00	80.000,00	8.080.000,00	8.340.000,00	9.960.000,00
7. Long term guarantees and deposits:	2.420.000,00	2.360.000,00	3.540.000,00	3.490.000,00	2.120.000,00
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:	224.850.000,00	253.670.000,00	274.680.000,00	268.650.000,00	293.150.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	55.530.000,00	60.510.000,00	75.430.000,00	70.810.000,00	62.360.000,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	21.150.000,00	24.400.000,00	29.070.000,00	33.320.000,00	27.510.000,00
3. Goods in process and semifinished ones:	5.650.000,00	5.890.000,00	5.710.000,00	5.650.000,00	5.850.000,00
4. Finished products:	28.730.000,00	30.220.000,00	40.650.000,00	31.840.000,00	29.000.000,00
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:	122.650.000,00	149.600.000,00	160.560.000,00	162.930.000,00	159.050.000,00
1. Trade debtors / accounts receivable:	103.370.000,00	112.390.000,00	128.840.000,00	132.220.000,00	131.140.000,00
2. Accounts receivable, Group companies:	2.000.000,00	2.280.000,00	3.090.000,00	4.600.000,00	4.680.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	9.460.000,00	29.260.000,00	17.760.000,00	16.590.000,00	17.210.000,00
5. Staff:	0,00	0,00	0,00	0,00	10.000,00
6. Public bodies:	7.820.000,00	5.670.000,00	10.870.000,00	9.520.000,00	6.010.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	27.360.000,00	27.790.000,00	28.110.000,00	28.030.000,00	71.130.000,00
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	0,00	0,00	1.230.000,00
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	0,00	0,00	300.000,00	6.450.000,00
6. Other receivables:	150.000,00	640.000,00	2.970.000,00	1.420.000,00	19.650.000,00
7. Shor term guarantees and deposits:	27.210.000,00	27.150.000,00	25.140.000,00	26.310.000,00	43.800.000,00
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:	18.910.000,00	15.400.000,00	10.270.000,00	6.250.000,00	0,00
VII. Prepayments and accrued income:	400.000,00	370.000,00	310.000,00	630.000,00	610.000,00
GENERAL TOTAL (A + B + C + D):	514.130.000,00	556.110.000,00	599.390.000,00	594.900.000,00	636.700.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	186.471.000,00	192.135.000,00	196.992.000,00	210.860.000,00	224.044.000,00
I. Subscribed capital:	33.680.000,00	32.110.000,00	30.450.000,00	30.190.000,00	30.190.000,00
II. Share premium:	2.070.000,00	1.040.000,00	150.000,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	157.301.000,00	163.045.000,00	179.382.000,00	184.210.000,00	203.854.000,00
1. Legal reserve:	15.450.000,00	15.450.000,00	15.450.000,00	15.450.000,00	15.450.000,00
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:	141.851.000,00	147.595.000,00	163.932.000,00	168.760.000,00	188.404.000,00
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:	-6.580.000,00	-4.060.000,00	-12.990.000,00	-3.540.000,00	-10.000.000,00
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:	2.079.000,00	2.135.000,00	2.268.000,00	2.170.000,00	1.316.000,00
1. Capital grants:	2.079.000,00	2.135.000,00	2.268.000,00	2.170.000,00	1.316.000,00
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:	2.830.000,00	3.260.000,00	2.910.000,00	7.430.000,00	18.620.000,00
1. Provisions for pension fund and other similar obligations:	1.080.000,00	1.320.000,00	1.490.000,00	1.280.000,00	1.400.000,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	1.750.000,00	1.940.000,00	1.420.000,00	6.150.000,00	17.220.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	71.600.000,00	93.370.000,00	93.950.000,00	103.420.000,00	85.920.000,00
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
II. Amounts owed to credit institutions:	0,00	0,00	3.520.000,00	8.110.000,00	1.770.000,00
1. Loans and other liabilities:	0,00	0,00	3.460.000,00	7.610.000,00	730.000,00
2. Long-term liabilities from capital leases:	0,00	0,00	60.000,00	500.000,00	1.040.000,00
III. Debts with companies of the group and affiliated ones:	2.240.000,00	2.240.000,00	2.240.000,00	2.240.000,00	750.000,00
1. Amounts owed to group companies:	2.240.000,00	2.240.000,00	2.240.000,00	2.240.000,00	750.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	69.360.000,00	91.130.000,00	88.190.000,00	93.070.000,00	83.400.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	42.970.000,00	56.920.000,00	53.050.000,00	56.690.000,00	47.760.000,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	26.390.000,00	34.210.000,00	35.140.000,00	36.380.000,00	35.640.000,00
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:	246.310.000,00	263.050.000,00	302.230.000,00	268.660.000,00	303.490.000,00
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:	81.640.000,00	85.360.000,00	91.330.000,00	80.020.000,00	37.810.000,00
1. Loans and other liabilities:	81.640.000,00	85.290.000,00	90.900.000,00	79.350.000,00	36.750.000,00
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	70.000,00	430.000,00	670.000,00	1.060.000,00
III. Short-term amounts owed to group and associated companies:	3.630.000,00	4.360.000,00	7.170.000,00	5.750.000,00	4.560.000,00
1. Amounts owed to group companies:	3.630.000,00	4.360.000,00	7.170.000,00	5.750.000,00	4.560.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	127.860.000,00	134.880.000,00	168.950.000,00	148.070.000,00	130.710.000,00
1. Advanced payments from customers:	350.000,00	690.000,00	1.330.000,00	910.000,00	2.330.000,00
2. Amounts owed for purchases of goods or services:	127.510.000,00	134.190.000,00	167.620.000,00	147.160.000,00	128.380.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	33.180.000,00	38.450.000,00	34.780.000,00	34.820.000,00	130.410.000,00
1. Public bodies:	6.980.000,00	8.120.000,00	8.700.000,00	8.110.000,00	5.410.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	22.550.000,00	25.830.000,00	22.340.000,00	22.230.000,00	116.350.000,00
4. Wages and salaries payable:	3.650.000,00	4.500.000,00	3.740.000,00	4.480.000,00	8.650.000,00
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:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	4.840.000,00	2.160.000,00	1.040.000,00	2.360.000,00	3.310.000,00
GENERAL TOTAL (A + B + C + D + E + F):	514.130.000,00	556.110.000,00	599.390.000,00	594.900.000,00	636.700.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	609.880.000,00	631.380.000,00	701.510.000,00	694.390.000,00	610.930.000,00

A.1. Stock reduction of both manufactured goods and the ones in process:	1.730.000,00	13.390.000,00	0,00	0,00	9.760.000,00
A.2. Supplies:	303.410.000,00	310.830.000,00	357.120.000,00	363.340.000,00	287.360.000,00
a) Stock consumption:	20.950.000,00	33.360.000,00	43.120.000,00	40.970.000,00	31.570.000,00
b) Consumption of raw materials and miscellaneous consumable ones:	272.070.000,00	265.610.000,00	300.990.000,00	309.700.000,00	242.490.000,00
c) Miscellaneous external expenditure:	10.390.000,00	11.860.000,00	13.010.000,00	12.670.000,00	13.300.000,00
A.3. Staff costs:	78.470.000,00	78.690.000,00	83.120.000,00	82.750.000,00	85.540.000,00
a) Wages, salaries et al.:	58.300.000,00	58.180.000,00	62.390.000,00	62.660.000,00	64.740.000,00
b) Social security costs:	20.170.000,00	20.510.000,00	20.730.000,00	20.090.000,00	20.800.000,00
A.4. Depreciation expense:	18.890.000,00	19.310.000,00	18.180.000,00	18.000.000,00	19.290.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-30.000,00	770.000,00	3.990.000,00	1.360.000,00	320.000,00
a) Stock provision variation:	-130.000,00	100.000,00	170.000,00	270.000,00	180.000,00
b) Variation in provision and bad debt losses:	100.000,00	670.000,00	3.820.000,00	1.090.000,00	140.000,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	197.320.000,00	192.370.000,00	223.020.000,00	216.880.000,00	208.060.000,00
a) External services:	190.330.000,00	185.530.000,00	215.730.000,00	208.450.000,00	199.100.000,00
b) Taxes:	5.560.000,00	5.030.000,00	6.250.000,00	6.100.000,00	6.180.000,00
c) Other operating expenses:	1.430.000,00	1.810.000,00	1.040.000,00	2.330.000,00	2.780.000,00
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):	0,00	6.800.000,00	0,00	0,00	0,00
A.7. Financial and similar charges:	9.920.000,00	11.340.000,00	11.410.000,00	11.280.000,00	5.730.000,00
a) Due to liabilities with companies of the group:	70.000,00	70.000,00	130.000,00	20.000,00	50.000,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	9.850.000,00	11.270.000,00	11.280.000,00	11.260.000,00	5.680.000,00
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	950.000,00	-5.400.000,00
A.9. Exchange losses:	0,00	270.000,00	500.000,00	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	340.000,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	0,00	0,00	0,00	0,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	660.000,00	0,00	0,00	150.000,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	40.000,00	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:	4.980.000,00	5.220.000,00	5.200.000,00	0,00	270.000,00
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):	0,00	0,00	0,00	8.370.000,00	5.610.000,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	0,00	0,00	0,00	0,00	0,00
A.15. Corporation tax:	-5.510.000,00	-810.000,00	-1.030.000,00	-320.000,00	0,00
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):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	602.490.000,00	627.320.000,00	688.520.000,00	690.850.000,00	600.930.000,00
B.1. Net total sales:	596.680.000,00	618.000.000,00	667.550.000,00	673.230.000,00	592.860.000,00
a) Sales:	556.490.000,00	582.020.000,00	628.950.000,00	634.850.000,00	557.360.000,00
b) Rendering of services:	40.190.000,00	35.980.000,00	38.600.000,00	38.380.000,00	35.500.000,00
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	7.950.000,00	5.000.000,00	0,00
B.3. Works performed by the company for fixed assets:	20.000,00	70.000,00	140.000,00	10.000,00	70.000,00
B.4. Miscellaneous operating income:	1.810.000,00	4.090.000,00	8.980.000,00	3.820.000,00	1.450.000,00
a) Auxiliary income and other from current management:	1.290.000,00	1.840.000,00	1.370.000,00	870.000,00	1.390.000,00
b) Grants:	180.000,00	400.000,00	190.000,00	380.000,00	30.000,00
c) Liabilities and charges provisions surplus:	340.000,00	1.850.000,00	7.420.000,00	2.570.000,00	30.000,00
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):	1.280.000,00	0,00	810.000,00	270.000,00	15.950.000,00
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:	1.220.000,00	1.950.000,00	1.230.000,00	270.000,00	440.000,00
a) From companies of the group:	0,00	0,00	0,00	100.000,00	100.000,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	870.000,00	1.540.000,00	640.000,00	170.000,00	340.000,00
d) Profit on financial investment:	350.000,00	410.000,00	590.000,00	0,00	0,00
B.8. Exchange positive differences:	1.350.000,00	0,00	0,00	0,00	230.000,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	7.350.000,00	9.660.000,00	10.680.000,00	11.960.000,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	8.630.000,00	2.860.000,00	11.490.000,00	12.230.000,00	15.610.000,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	1.420.000,00	1.120.000,00	5.620.000,00	3.100.000,00
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:	1.410.000,00	1.790.000,00	1.550.000,00	1.390.000,00	2.780.000,00
B.12. Extraordinary income:	0,00	0,00	0,00	1.510.000,00	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):	4.270.000,00	2.010.000,00	2.530.000,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	12.900.000,00	4.870.000,00	14.020.000,00	3.860.000,00	10.000.000,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	7.390.000,00	4.060.000,00	12.990.000,00	3.540.000,00	10.000.000,00

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	-12.090.000,00	-4.870.000,00	-14.020.000,00	-3.860.000,00	-10.000.000,00
2. Results adjustments.: 61200	27.150.000,00	23.700.000,00	24.490.000,00	26.180.000,00	10.670.000,00
a) Fixed Assets Amortization (+).: 61201	18.890.000,00	19.310.000,00	18.180.000,00	18.000.000,00	19.290.000,00
b) Obsolescence Allowances (+/-). : 61202	430.000,00	770.000,00	3.990.000,00	4.830.000,00	-3.360.000,00
c) Variation in Provision (+/-). : 61203	2.850.000,00	-1.660.000,00	-5.980.000,00	-1.690.000,00	-900.000,00
d) Allocation of grants (-).: 61204	-1.490.000,00	-2.070.000,00	-1.680.000,00	-1.390.000,00	-2.780.000,00
e) Results on disposal of fixed assets (+/-). : 61205	40.000,00	-1.700.000,00	-1.120.000,00	-5.650.000,00	-3.100.000,00
f) Results on disposal of financial instruments (+/-).: 61206	-1.240.000,00	-1.100.000,00	0,00	0,00	-5.400.000,00
g) Financial income (-).: 61207	-870.000,00	-1.540.000,00	-640.000,00	-270.000,00	-440.000,00
h) Financial Expenses (+). : 61208	9.920.000,00	11.340.000,00	11.410.000,00	11.280.000,00	5.730.000,00
i) Exchange differences (+/-). : 61209	-1.350.000,00	270.000,00	500.000,00	0,00	-230.000,00
k) Other income and expense (-/+). : 61211	-30.000,00	80.000,00	-170.000,00	1.070.000,00	1.860.000,00
3. Changes in current capital equity.: 61300	19.590.000,00	13.040.000,00	16.940.000,00	-1.340.000,00	-550.000,00
a) Stock (+/-).: 61301	5.210.000,00	14.860.000,00	-5.390.000,00	-10.810.000,00	12.010.000,00
d) Debtors and other accounts receivable (+/-). : 61302	24.790.000,00	17.730.000,00	-1.490.000,00	-5.030.000,00	31.840.000,00
c) Other current assets (+/-). : 61303	-1.720.000,00	1.190.000,00	450.000,00	-450.000,00	-19.340.000,00
d) Creditors and other accounts payable (+/-). : 61304	-10.240.000,00	-20.070.000,00	25.020.000,00	13.940.000,00	-22.080.000,00
e) Other current liabilities (+/-).: 61305	30.000,00	0,00	-370.000,00	750.000,00	-2.980.000,00
f) Other non-current assets and liabilities (+/-).: 61306	1.520.000,00	-670.000,00	-1.280.000,00	260.000,00	0,00
4. Other cash flows for operating activities.: 61400	-6.780.000,00	-7.500.000,00	-8.260.000,00	-7.290.000,00	-3.080.000,00
a) Interest payments (-). : 61401	-7.150.000,00	-8.110.000,00	-8.590.000,00	-7.460.000,00	-3.960.000,00
b) Dividend payment collection (+). : 61402	74.000,00	0,00	0,00	0,00	0,00
c) Interest collection (+). : 61403	590.000,00	610.000,00	520.000,00	120.000,00	770.000,00
d) Income tax payment collection (payments) (+/-).: 61404	-290.000,00	0,00	0,00	0,00	0,00
e) Other payments (payment collection) (-/+) : 61405	0,00	0,00	-190.000,00	50.000,00	110.000,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	27.870.000,00	24.370.000,00	19.150.000,00	13.690.000,00	-2.960.000,00
6. Payments for investment (-).: 62100	-6.190.000,00	-4.350.000,00	-16.150.000,00	-8.080.000,00	-20.280.000,00
a) Companies of the group and affiliates. : 62101	0,00	0,00	0,00	0,00	-12.190.000,00
b) Intangible fixed assets. : 62102	-1.570.000,00	-130.000,00	-280.000,00	-230.000,00	0,00
c) Fixed assets. : 62103	-4.620.000,00	-4.220.000,00	-15.770.000,00	-7.640.000,00	-8.090.000,00
e) Other financial assets. : 62105	0,00	0,00	-100.000,00	-210.000,00	0,00
7. Divestment payment collection (+). : 62200	3.580.000,00	2.680.000,00	1.060.000,00	6.170.000,00	15.390.000,00
a) Companies of the group and affiliates. : 62201	0,00	0,00	0,00	0,00	2.840.000,00
b) Intangible fixed assets. : 62202	10.000,00	300.000,00	1.060.000,00	4.350.000,00	1.010.000,00
c) Fixed assets. : 62203	0,00	0,00	0,00	1.820.000,00	2.090.000,00
f) Non-current assets kept for sale. : 62206	0,00	2.380.000,00	0,00	0,00	9.230.000,00
h) Other assets. : 62208	3.570.000,00	0,00	0,00	0,00	220.000,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-2.610.000,00	-1.670.000,00	-15.090.000,00	-1.910.000,00	-4.890.000,00
9. Payment collection and payments for equity instruments. : 63100	2.250.000,00	2.500.000,00	-270.000,00	3.310.000,00	1.180.000,00
a) Issuance of equity instruments (+). : 63101	2.250.000,00	2.500.000,00	-270.000,00	0,00	0,00
e) Grants, donations and bequests received (+). : 63105	0,00	0,00	0,00	3.310.000,00	1.180.000,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-23.660.000,00	-19.770.000,00	830.000,00	-14.700.000,00	810.000,00
a) Issuance : 63201	6.590.000,00	4.120.000,00	13.370.000,00	92.750.000,00	6.410.000,00
2. Debts incurred with credit institutions (+). : 63203	6.590.000,00	2.810.000,00	10.000.000,00	65.300.000,00	1.470.000,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	0,00	9.770.000,00	0,00
5. Other debts (+). : 63206	0,00	1.310.000,00	3.370.000,00	17.680.000,00	4.940.000,00
b) Repayment and amortization of : 63207	-30.250.000,00	-23.890.000,00	-12.540.000,00	-107.450.000,00	-5.600.000,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	-2.630.000,00	-36.860.000,00	0,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	0,00	-50.000,00	-4.110.000,00
5. Other debts (-). : 63212	-30.250.000,00	-23.890.000,00	-9.910.000,00	-70.540.000,00	-1.490.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-340.000,00	-300.000,00	-600.000,00	-590.000,00	-600.000,00
b) Remuneration from other assets instruments (-).: 63302	0,00	0,00	-600.000,00	-590.000,00	-600.000,00
12. Cash flows for financing activities (9+10+11).: 63400	-21.750.000,00	-17.570.000,00	-40.000,00	-11.980.000,00	1.390.000,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	0,00	0,00	0,00	0,00	12.810.000,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	3.510.000,00	5.130.000,00	4.020.000,00	-200.000,00	6.350.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	15.400.000,00	10.270.000,00	6.250.000,00	6.450.000,00	100.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	18.910.000,00	15.400.000,00	10.270.000,00	6.250.000,00	6.450.000,00

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:	0,01 %	0,07 %	0,01 %	0,05 %	-29,13 %	40,32 %
EBITDA over Sales:	2,89 %	12,00 %	3,93 %	11,41 %	-26,27 %	5,18 %
Cash Flow Yield:	0,01 %	0,04 %	0,01 %	0,02 %	-25,99 %	65,71 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	-0,12 %	10,91 %	1,93 %	6,99 %	-106,19 %	56,00 %
Total economic profitability:	-0,58 %	4,63 %	1,78 %	3,83 %	-132,56 %	20,95 %
Financial profitability:	-4,05 %	6,87 %	-2,43 %	4,43 %	-66,37 %	54,99 %
Margin:	-0,10 %	7,57 %	1,61 %	6,78 %	-105,91 %	11,77 %
Mark-up:	-1,32 %	6,77 %	0,06 %	4,61 %	-2.446,63 %	46,71 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,08	0,20	0,06	0,13	31,14	53,17
Acid Test:	0,68	0,84	0,72	0,86	-5,32	-1,98
Working Capital / Investment:	-0,05	0,01	-0,03	0,05	-85,64	-86,52
Solvency:	0,91	1,17	0,96	1,18	-5,34	-0,30

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,66	1,43	1,81	1,38	-7,99	4,07
Borrowing Composition:	0,29	1,20	0,35	1,00	-18,10	20,60
Repayment Ability:	90,57	15,91	69,48	25,87	30,36	-38,50
Warranty:	1,62	1,70	1,56	1,74	3,65	-1,88
Generated resources / Total creditors:	0,04	0,09	0,04	0,08	-11,22	3,04

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,22	1,99	1,31	1,87	-6,74	6,36
Turnover of Collection Rights :	4,91	6,59	4,24	5,07	15,91	30,02
Turnover of Payment Entitlements:	3,57	3,73	3,28	3,67	8,82	1,76
Stock rotation:	10,80	11,56	10,17	7,32	6,21	57,92
Assets turnover:	1,25	1,44	1,19	1,03	4,83	39,57
Borrowing Cost:	3,12	3,14	3,18	2,85	-1,93	10,01

> 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:	0,01 %	0,01 %	0,01 %	0,00 %	0,01 %
EBITDA over Sales:	2,89 %	3,93 %	1,49 %	2,25 %	0,56 %
Cash Flow Yield:	0,01 %	0,01 %	0,01 %	0,00 %	0,01 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	-0,12 %	1,93 %	0,34 %	1,20 %	-1,82 %
Total economic profitability:	-0,58 %	1,78 %	-0,44 %	1,25 %	-0,67 %
Financial profitability:	-4,05 %	-2,43 %	-7,70 %	-1,94 %	-5,25 %
Margin:	-0,10 %	1,61 %	0,28 %	0,98 %	-1,69 %
Mark-up:	-1,32 %	0,06 %	-1,32 %	-0,80 %	-1,64 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,08	0,06	0,03	0,02	0,02
Acid Test:	0,68	0,72	0,65	0,72	0,75
Working Capital / Investment:	-0,05	-0,03	-0,05	-0,01	-0,03
Solvency:	0,91	0,96	0,91	1,00	0,97

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	1,66	1,81	1,96	1,69	1,59
Borrowing Composition:	0,29	0,35	0,31	0,38	0,28
Repayment Ability:	90,57	69,48	98,55	-1.860,40	61,32
Warranty:	1,62	1,56	1,51	1,60	1,64
Generated resources / Total creditors:	0,04	0,04	0,01	0,04	0,01

Efficiency	2014	2013	2012	2011	2010
Productivity:	1,22	1,31	1,12	1,18	1,04
Turnover of Collection Rights :	4,91	4,24	4,26	4,23	3,82
Turnover of Payment Entitlements:	3,57	3,28	3,18	3,58	3,31
Stock rotation:	10,80	10,17	8,98	9,57	9,79
Assets turnover:	1,25	1,19	1,21	1,23	1,07
Borrowing Cost:	3,12	3,18	2,88	3,03	1,47

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

Finanzas.com	06/05/2015
Economía/Empresas.- Ercros vuelve a beneficios en el primer trimestre tras 4 años en negativo, al ganar 400.000 euros
Companies related
Europa Press	27/02/2015
Ercros incrementa un 67,7% sus pérdidas en 2014
Companies related

Public Tenders and Works Won

Organisation that calls the tender:

CANAL DE ISABEL II GESTION SA

Objective of Tender:

Suministro de 240 toneladas anuales de clorito sódico en solución al 25% en cisternas para descarga por medios neumáticos o mecánicos.

Date Awarded:

01/04/2013

Cost:

514.800,00 EURO.

Organisation that calls the tender:

AIGUES TER LLOBREGAT

Objective of Tender:

Suministros de Hipoclorito Sódico necesario para el tratamiento de potabilización del agua en el ETAP del Llobregat de Aigües Ter Llobregat

Date Awarded:

09/03/2011

Cost:

192.000,00 EURO.

Organisation that calls the tender:

AIGUES TER LLOBREGAT

Objective of Tender:

Suministro de Acido Clorhídrico 35% (M/M) necesario para el tratamiento de potabilización del agua en el ETAP del Llobregat de Aigües Ter Llobregat.

Date Awarded:

28/02/2011

Cost:

218.000,00 EURO.

Organisation that calls the tender:

AYUNTAMIENTO DE ZARAGOZA

Objective of Tender:

SUMINISTRO DE HIPOCLORITO SODICO PARA LA PLANTA POTABILIZADORA

Date Awarded:

14/04/2010

Cost:

522.000,00 EURO.

Organisation that calls the tender:

AYUNTAMIENTO DE ZARAGOZA

Objective of Tender:

SUMINISTRO DE HIPOCLORITO SODICO PARA LA PLANTA POTABILIZADORA C BOLETIN O DIARIO OFICIAL Y FECHA DE PUBLICACION DEL ANUNCIO DE LICITACION N BOLETIN 184

Date Awarded:

21/09/2009

Cost:

450.000,00 EURO.

Organisation that calls the tender:

EMPRESA METROPOLITANA DE SANEJAMENT SA

Objective of Tender:

Suministro de hidróxido sódico (solución) para diferentes instalaciones de aguas residuales en el área metropolitana de Barcelona

Date Awarded:

02/07/2007

Cost:

Importe compartido entre distintos Contratistas

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	207.000,00
Notes	El importe reflejado es el imputado a resultados quedando un importe pendiente al cierre de 3.050.000 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	3.240.000,00

Entity	ORGANISMO NO ESPECIFICADO
Amount Granted	1.390.000,00
Notes	El importe corresponde al imputado a resultados del ejercicio.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	4.640.000,00
Notes	Importe correspondiente al adicionado durante el ejercicio.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	610.000,00
Notes	Importe correspondiente al adicionado durante el ejercicio.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	270.000,00
Notes	Importe correspondiente al adicionado durante el ejercicio.

Research Summary

We have a firm founded in 1904, dedicated to the production of basic chemicals and plastics. It operates nationally and internationally and its shares are quoted on the stock exchange. In the sources nothing appears against it, although in recent accounts listed in the commercial register (31-12-2013), we can see that closed its fiscal year with a loss of 56.58 million Euro / s., although they remained positive own funds in 165 480 000 Euro / s. This accounting framework is not at all unusual in companies of this magnitude does not necessarily reflect a bad performance of the company. In light of the above, we believe that there is possibility to continue operations relating to risk commensurate with its size, but it would recommended the regularly following of their evolution.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.78
UK Pound	1	Rs.99.54
Euro	1	Rs.73.08

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ASH

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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