MIRA INFORM REPORT

Report No. :	340536
Report Date :	15.09.2015

IDENTIFICATION DETAILS

Name :	SFERA JOVEN SA
Registered Office :	CL. Hermosilla, 112 - Madrid - 28009 - Madrid
Country :	Spain
Financials (as on) :	2014
Date of Incorporation :	22.06.2001
Legal Form :	Public Company
Line of Business :	Subject is engaged in retail sale of clothing in specialised stores
No. of Employee :	1900 (2014)

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 :	Good
Payment Behaviour :	Regular
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 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:	SFERA JOVEN SA
NIF / Fiscal code:	A83036137
Trade Name	SFERA
Status:	ACTIVE
Incorporation Date:	22/06/2001
Register Data	Register Section 8 Sheet 284400
Last Publication in BORME:	11/09/2015 [Appointments]
Last Published Account Deposit:	2014
Share Capital:	100.000.000
Localization:	CL. HERMOSILLA, 112 - MADRID - 28009 - MADRID
Telephone - Fax - Email - Website:	Telephone. 917 748 200 Email. sfera@elcorteingles.es Website. www.sfera.com
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
Scoring and Risk:
Payment Behaviour:	According to the agreed terms
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:

EL CORTE INGLES SA	100 %
Shares:	2
Other Links:	3
No. of Active Corporate Bodies:	JOINT MANAGER 4

Ratios	2014	2013	Change
Nº of employees:	1900

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources NO, Guarantees YES
INVESTIGATION SUMMARY
It is a company that was established in 2001. It is dedicated to the retail sale of clothing. It is integrated in the group of companies the head the corporation EL CORTE INGLÉS, S.A. Its activities are carried out nationally as well as internationally. There are no charges against it in consulted references. In light of the above, we consider that it is possible to maintain risk relations with it, according to its size.
Interviewed Person:

Identification
Social Denomination:	SFERA JOVEN SA
Trade Name:	SFERA
NIF / Fiscal code:	A83036137
Corporate Status:	ACTIVE
Start of activity:	2001
Registered Office:	CL. HERMOSILLA, 112
Locality:	MADRID
Province:	MADRID
Postal Code:	28009
Telephone:	917 748 200
Fax:	917 748 311
Website:	www.sfera.com
Email:	sfera@elcorteingles.es
Interviewed Person:	La presente información ha sido obtenida a través de fuentes indirectas, ante la negativa por parte de los responsables de la titular de prestar cualquier tipo de colaboración para la confección del presente trabajo.

Activity
NACE:	4771
Legal Form:	THE COMMERCIALIZATION, IMPORTATION, EXPORTATION AND RETAIL SALE OR WHOLESALE TRADE OF CLOTHES FOR MEN.
Additional Information:	WHOLESALE TRADE OF CLOTHES.
Additional Address:	registered office in CL. HERMOSILLA, 112 28009 MADRID
Franchise:	No
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	1900

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

Chronological Summary
	Year	Act
	2001	Appointments/ Re-elections (2) Company Formation (1)
	2002	Appointments/ Re-elections (1)
	2003	Accounts deposit (year 2001, 2003) Appointments/ Re-elections (9) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	2004	Accounts deposit (year 2004) Appointments/ Re-elections (2)
	2005	Accounts deposit (year 2005) Appointments/ Re-elections (7) Other Concepts/ Events (3)
	2006	Accounts deposit (year 2006) Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	2007	Accounts deposit (year 2007) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (1)
	2008	Accounts deposit (year 2008) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	2009	Accounts deposit (year 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (4) Declaration of Sole Propietorship (1)
	2010	Accounts deposit (year 2010) Appointments/ Re-elections (11) Increase of Capital (1)
	2011	Appointments/ Re-elections (10) Cessations/ Resignations/ Reversals (4) Statutory Modifications (1)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (10) Cessations/ Resignations/ Reversals (2)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (4)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity
Registered Capital:	100.000.000
Paid up capital:	100.000.000

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
04/07/2001	Company Formation	60.200	60.200	60.200	60.200
07/03/2003	Increase of Capital	29.939.800	29.939.800	30.000.000	30.000.000
04/12/2006	Increase of Capital	10.000.000	10.000.000	40.000.000	40.000.000
06/03/2008	Increase of Capital	30.000.000	30.000.000	70.000.000	70.000.000
22/02/2010	Increase of Capital	30.000.000	30.000.000	100.000.000	100.000.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	EL CORTE INGLES SA	29/06/2009	1
JOINT MANAGER	LASAGA MUNARRIZ FLORENCIO	17/10/2011	5
	MARTINEZ ECHAVARRIA ANSELMO CARLOS	17/10/2011	7
	HERMOSO ARMADA JUAN	17/10/2011	7
	GIMENO ALVAREZ DIMAS RODRIGO	17/10/2011	1
JOINT ATTORNEY	MARTIN PEREZ MARIA DEL CARMEN	20/12/2005	1
	RASINES PARDO IGNACIO JOSE	20/12/2005	1
	CAMPOS BARRETO MARIA SORAYA	20/12/2005	1
	RUPEREZ DE BLAS JESUS MIGUEL	20/12/2005	1
	SANTIAGO GARCIA PEDRO MANUEL	20/12/2005	1
	DIAZ DIAZ LAURA MARIA	20/12/2005	1
	TRUJILLO MARTIN FRANCISCO JOSE	20/12/2005	1
	ANTUNEZ CARRASCO FRANCISCO JOSE	01/07/2005	2
	DEL NOGAL ROPERO JOSE LEOPOLDO	01/07/2005	1
	HERMOSO ARMADA JUAN	01/07/2005	7
	SORIANO ATENCIA FAUSTINO JOSE	01/07/2005	3
PROXY	GARCIA POVEDA FERNANDEZ AGUSTIN	04/09/2015	1
	FERNANDEZ DE LLANO OSCAR	04/09/2015	2
	BERMEJO DIAZ-CONCHA JULIO	13/04/2015	1
	ORTEGA RODRIGUEZ JOSE MIGUEL	16/03/2015	1
	ESTEBAN FLORES JAVIER	24/11/2014	1
	BALLESTER PEREZ GINES	15/01/2014	1
	RODRIGUEZ GONZALEZ ALFREDO	01/06/2012	2
	CUBERTORET ESCRIBANO ALICIA	01/06/2012	2
	CORTINA DE LA HERRAN MARIA GLORIA	01/06/2012	2
	LEON NUÑO MIGUEL	01/06/2012	2
	ALONSO RODRIGUEZ ELADIO	24/11/2011	1
	LAVIN MARTIN MANUEL	20/09/2011	1
	ROCHO FERNANDEZ SAMUEL	16/08/2011	1
	GALDOS SORIANO JAVIER	16/08/2011	1
	FERNANDEZ CERNUDA HIDALGO JUAN CARLOS	14/03/2011	1
	SANCHEZ ALONSO ENRIQUE	31/01/2011	1
	GONZALEZ MOLINA PATRICIA	19/01/2011	1
	LUENGO ESTEBAN MARIANO	10/11/2010	2
	VEREDA DOMINGUEZ JOSE LUIS	19/07/2010	1
	TEJEDOR ATANCE ANTONIO	22/06/2010	1
	DE SIMON REDONDO CARLOS FRANCISCO	07/05/2010	1
	ABAD SILVESTRE JOSE MIGUEL	12/04/2010	1
	CID AVILA JUAN ANTONIO	05/04/2010	1
	PEÑA CALVO LUIS MIGUEL	03/02/2010	1
	CUNS TOME JUAN JOSE	20/02/2009	1
	GRANADO HERNANDEZ IGNACIO	30/09/2008	1
	BARRIO CALLE RAFAEL	21/07/2008	2
	MUÑOZ MORALES VICENTE	24/01/2008	3
	PERAL JIMENEZ SANTIAGO	21/12/2007	1
	LERA PAMIES PAULINO	01/10/2007	1
	BILBAO HERRAN SANTIAGO	01/10/2007	1
	BOUCA FERREIRA JOSE MANUEL	19/09/2006	1
	BARATA CATARINO TAVARES JOSE LUCIANO	19/09/2006	1
	VACA CABRERA JUAN ANGEL	08/09/2006	1
	PAREJO REBOLLO VALENTIN	27/10/2005	1
	CABRERA DE LA CRUZ RICARDO	06/10/2003	1
	ARRANZ VEGA TOMAS	08/04/2003	1
	SERRANO RODRIGUEZ ANTONIO GERMAN	11/02/2003	1
	AGUADO APARICIO ANGEL	11/02/2003	1
	DIAZ SANTANA LUIS JESUS	10/02/2003	1
	MUÑOZ DELGADO MIGUEL	04/07/2002	1
REPRESENTATIVE	SORIANO ATENCIA FAUSTINO JOSE	19/07/2005	3
	HERMOSO ARMADA JUAN	19/07/2005	7
	ANTUNEZ CARRASCO FRANCISCO JOSE	19/07/2005	2
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	13/10/2014	7

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALONSO GARCIA FERNANDO	PROXY	28/08/2014	1
ALVAREZ ALVAREZ CESAR	MEMBER OF THE BOARD	10/10/2006	4
	MEMBER OF THE BOARD	17/10/2011
	JOINT CHIEF EXECUTIVE OFFICER	10/10/2006
	JOINT CHIEF EXECUTIVE OFFICER	17/10/2011
ALVAREZ ALVAREZ ISIDORO	MEMBER OF THE BOARD	10/10/2006	6
	MEMBER OF THE BOARD	17/10/2011
	JOINT CHIEF EXECUTIVE OFFICER	10/10/2006
	JOINT CHIEF EXECUTIVE OFFICER	17/10/2011
	PRESIDENT	10/10/2006
	PRESIDENT	17/10/2011
ARROYO GUARDEÑO EDUARDO	PROXY	08/11/2011	1
BARRIO CALLE RAFAEL	PROXY	21/07/2008	2
CORTINA DE LA HERRAN MARIA GLORIA	PROXY	01/06/2012	2
CUBERTORET ESCRIBANO ALICIA	PROXY	01/06/2012	2
DELGADO GONZALEZ JOSE	PROXY	06/02/2015	1
DELOITTE & TOUCHE ESPAÑA SL	ACCOUNTS' AUDITOR / HOLDER	24/10/2006	1
DELOITTE S L	ACCOUNTS' AUDITOR / HOLDER	24/10/2006	4
	ACCOUNTS' AUDITOR / HOLDER	08/10/2007
	ACCOUNTS' AUDITOR / HOLDER	14/11/2008
	ACCOUNTS' AUDITOR / HOLDER	03/12/2009
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	27/10/2010	7
	ACCOUNTS' AUDITOR / HOLDER	15/11/2011
	ACCOUNTS' AUDITOR / HOLDER	24/10/2012
	ACCOUNTS' AUDITOR / HOLDER	03/12/2009
	ACCOUNTS' AUDITOR / HOLDER	27/12/2013
	ACCOUNTS' AUDITOR / HOLDER	13/10/2014
FERNANDEZ DE LLANO OSCAR	PROXY	04/09/2015	2
FERNANDEZ MARAÑON MIGUEL ANGEL	PROXY	12/01/2011	1
GARCIA GARCIA JESUS	PROXY	03/06/2009	1
GOMEZ CARRERO VICENTE	PROXY	28/08/2014	1
GOMEZ PASTRANA MORALES MANUEL	JOINT CHIEF EXECUTIVE OFFICER	10/10/2006	4
	MEMBER OF THE BOARD	10/10/2006
	MEMBER OF THE BOARD	08/03/2011
	JOINT CHIEF EXECUTIVE OFFICER	08/03/2011
GONZALEZ FERNANDEZ DAVID	JOINT CHIEF EXECUTIVE OFFICER	10/10/2006	4
	MEMBER OF THE BOARD	10/10/2006
	MEMBER OF THE BOARD	10/02/2009
	JOINT CHIEF EXECUTIVE OFFICER	10/02/2009
HERMOSO ARMADA JUAN	JOINT CHIEF EXECUTIVE OFFICER	10/10/2006	7
	MEMBER OF THE BOARD	10/10/2006
	MEMBER OF THE BOARD	17/10/2011
	JOINT CHIEF EXECUTIVE OFFICER	17/10/2011
LASAGA MUNARRIZ FLORENCIO	MEMBER OF THE BOARD	10/10/2006	5
	MEMBER OF THE BOARD	17/10/2011
	JOINT CHIEF EXECUTIVE OFFICER	10/10/2006
	JOINT CHIEF EXECUTIVE OFFICER	17/10/2011
LEON NUÑO MIGUEL	PROXY	01/06/2012	2
LUENGO ESTEBAN MARIANO	PROXY	10/11/2010	2
LUQUE GARCIA JOSE	PROXY	26/09/2012	1
MARTIN EGAÑA JAVIER	PROXY	29/10/2007	3
	PROXY	29/10/2007
	PROXY	02/04/2008
MARTINEZ BARCENAS JOSE LUIS	PROXY	26/09/2012	1
MARTINEZ ECHAVARRIA ANSELMO CARLOS	MEMBER OF THE BOARD	10/10/2006	7
	MEMBER OF THE BOARD	17/10/2011
	JOINT CHIEF EXECUTIVE OFFICER	10/10/2006
	JOINT CHIEF EXECUTIVE OFFICER	17/10/2011
	SECRETARY	10/10/2006
	SECRETARY	17/10/2011
MUÑOZ MORALES VICENTE	PROXY	24/01/2008	3
	PROXY	06/04/2006
OSUNA PINEDA RAMON	PROXY	27/01/2009	1
PEREZ VENTURA JOSE ILDEFONSO	PROXY	21/07/2008	3
	PROXY	16/04/2013
	PROXY	16/04/2013
RODRIGUEZ GONZALEZ ALFREDO	PROXY	01/06/2012	2
ROMAN DE LA TORRE ANTONIO ANGEL	PROXY	08/03/2013	1
ROMAN DE LA TORRE ANTONIO MIGUEL	PROXY	08/03/2013	1
SANTISIMOSANCRAMENTO VEGA JOSE MIGUEL	PROXY	27/01/2009	1
SORIANO ATENCIA FAUSTINO JOSE	JOINT ATTORNEY	01/07/2005	3
SUAREZ GONZALEZ VICTOR DAVID	PROXY	23/09/2003	1

Executive board

Post	NIF	Name
ADMINISTRATOR		ANSELMO CARLOS MARTINEZ ECHAVARRIA
ADMINISTRATOR		DIMAS RODRIGO GIMENO ALVAREZ
ADMINISTRATOR		FLORENCIO LASAGA MUNARRIZ
ADMINISTRATOR		JUAN HERMOSO ARMADA

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	---

 > Details

> 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. SFERA JOVEN SA '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. It presents a efficient productivity. EBITDA shows adequate company costs management as income exceed operating expenses.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.155 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 477 Retail sale of other goods in specialised stores
Relative Position: Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 99.00% of the companies of the sector SFERA JOVEN SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.155%.

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

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:	3 Entities
PARTICIPATES IN:	2 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	EL CORTE INGLES SA	MADRID	100
PARTICIPATES IN	MODA JOVEN SFERA MEXICO, SOCIEDAD ANONIMA, DE CV (MEXICO)		51
	OPERADORA SFERA MEXICO, SOCIEDAD ANONIMA, DE CV (MEXICO)		51

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	SEINVE SA	MADRID
	LONGSHORE SL	MADRID
	PERFUMES Y COSMETICOS GRAN VIA SL	MADRID

Turnover
Total Sales 2014	250.992.615

The sales data is from the latest available financial statements. 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	January  2015
2013	Normales	February  2014
2012	Normales	January  2013
2011	Normales	March  2012
2010	Normales	October  2010
2009	Normales	November  2009
2008	Normales	October  2008
2007	Normales	November  2007
2006	Normales	October  2006
2005	Normales	November  2005
2004	Normales	November  2004
2003	Normales	December  2003
2002	Normales	No publicado en BORME
2001	Normales	December  2002

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 28/02/2014

>  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. Where the provisions of the Act did not establish relevant equivalence criteria. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	119.241.139,00	114.536.107,00	114.513.050,00	120.484.384,00	131.554.986,00
I. Intangible fixed assets : 11100	70.100,00	72.922,00	101.686,00	314.471,00	441.638,00
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	34.748,00	16.330,00	23.364,00	21.525,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	24.352,00	48.326,00	67.656,00	104.746,00	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	11.000,00	8.266,00	10.666,00	188.200,00	0,00
II. Tangible fixed assets : 11200	98.163.802,00	95.943.402,00	96.544.585,00	100.501.393,00	111.684.050,00
1. Land and buildings: 11210	8.832.593,00	8.831.970,00	8.800.849,00	8.794.983,00	0,00
2. Technical installations and other tangible fixed assets: 11220	86.980.471,00	84.007.203,00	85.966.712,00	90.605.498,00	0,00
3. Tangible asset in progress and advances: 11230	2.350.738,00	3.104.229,00	1.777.024,00	1.100.912,00	0,00
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	15.158.279,00	14.037.664,00	12.379.518,00	12.573.838,00	12.276.337,00
1. Equity instruments: 11410	15.158.279,00	14.037.664,00	12.379.518,00	12.573.838,00	0,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	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	3.811.042,00	3.690.608,00	4.758.903,00	5.657.462,00	6.611.161,00
1. Equity instruments: 11510	0,00	0,00	0,00	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	3.811.042,00	3.690.608,00	4.758.903,00	5.657.462,00	6.611.161,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	2.037.916,00	791.511,00	728.358,00	1.437.220,00	541.800,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	52.332.909,00	51.608.588,00	54.686.981,00	45.287.661,00	47.323.406,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	40.834.018,00	46.125.218,00	45.995.322,00	37.847.405,00	27.813.851,00
1. Commercial: 12210	40.834.018,00	46.125.218,00	45.995.322,00	37.847.405,00	27.813.851,00
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	4.170.509,00	2.155.755,00	2.280.473,00	3.739.579,00	3.737.076,00
1. Trade debtors / accounts receivable: 12310	0,00	0,00	0,00	0,00	5.210,00
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	2.812.899,00	2.089.790,00	2.246.249,00	2.014.503,00	1.187.315,00
3. Other accounts receivable: 12330	1.118.055,00	27.372,00	1.029,00	1.696.908,00	2.526.660,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	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	239.555,00	38.593,00	33.195,00	28.168,00	17.891,00
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	5.197.307,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	5.197.307,00	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	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	1.328,00	95.905,00	2.477.703,00	1.203,00	1.135.714,00
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	94.702,00	2.476.500,00	0,00	1.124.988,00
5. Other financial assets : 12550	1.328,00	1.203,00	1.203,00	1.203,00	10.726,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	118.443,00	124.330,00	163.973,00	907.081,00	398.975,00
VII. Cash and other equivalent liquid assets : 12700	2.011.304,00	3.107.380,00	3.769.510,00	2.792.393,00	14.237.790,00
1. Treasury: 12710	2.011.304,00	3.107.380,00	3.769.510,00	2.792.393,00	0,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	171.574.048,00	166.144.695,00	169.200.031,00	165.772.045,00	178.878.392,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	130.494.051,00	120.375.201,00	114.568.805,00	109.563.619,00	114.910.080,00
A-1) Shareholders' equity: 21000	131.704.079,00	120.736.772,00	113.270.556,00	111.652.930,00	114.171.220,00
I. Capital: 21100	100.000.000,00	100.000.000,00	100.000.000,00	100.000.000,00	100.000.000,00
1. Registered capital : 21110	100.000.000,00	100.000.000,00	100.000.000,00	100.000.000,00	100.000.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	54.075.750,00	54.075.750,00	54.075.750,00	54.075.750,00	54.075.750,00
III. Reserves: 21300	-4.688.539,00	894.739,00	732.977,00	732.977,00	732.977,00
1. Legal and statutory: 21310	2.165.034,00	1.418.412,00	1.256.650,00	1.256.650,00	1.256.650,00
2. Other reserves: 21320	-6.853.573,00	-523.673,00	-523.673,00	-523.673,00	-523.673,00
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	-34.980.339,00	-41.699.933,00	-43.155.797,00	-40.637.507,00	-24.773.641,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	-34.980.339,00	-41.699.933,00	-43.155.797,00	-40.637.507,00	-24.773.641,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	17.297.207,00	7.466.216,00	1.617.626,00	-2.518.290,00	-15.863.866,00
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	-1.210.028,00	-361.571,00	1.298.249,00	-2.089.311,00	738.860,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	-1.210.028,00	-361.571,00	1.298.249,00	-2.089.311,00	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	0,00	0,00	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	93.091,00	121.502,00	920.425,00	50.314,00	379.075,00
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	24.000,00	24.000,00	108.384,00	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	108.384,00	0,00	0,00
5. Other financial liabilities : 31250	24.000,00	24.000,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	69.091,00	69.091,00	69.091,00	50.314,00	62.421,00
IV. Liabilities for deferred tax: 31400	0,00	28.411,00	742.950,00	0,00	316.654,00
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	40.986.906,00	45.647.992,00	53.710.801,00	56.158.112,00	63.589.237,00
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	0,00	0,00	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	10.940.068,00	7.759.081,00	6.108.974,00	11.131.328,00	8.089.357,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	781.898,00	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	2.104.447,00	539.189,00	513.476,00	2.984.731,00	0,00
5. Other financial liabilities : 32350	8.053.723,00	7.219.892,00	5.595.498,00	8.146.597,00	8.089.357,00
IV. Short-term debts with Group companies and associates: 32400	175.519,00	12.273.832,00	24.584.143,00	17.234.066,00	34.664.447,00
V. Trade creditors and other accounts payable: 32500	29.871.319,00	25.615.079,00	23.017.684,00	27.792.718,00	20.835.433,00
1. Suppliers: 32510	27.168.146,00	22.073.278,00	20.352.424,00	23.348.475,00	16.709.609,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	27.168.146,00	22.073.278,00	20.352.424,00	23.348.475,00	0,00
2. Suppliers, Group companies and associates: 32520	315.443,00	516.374,00	258.863,00	294.635,00	286.884,00
3. Other creditors: 32530	146.315,00	764.235,00	122.977,00	1.950.935,00	1.591.343,00
4. Personnel (remuneration due): 32540	378.702,00	615.324,00	733.072,00	699.483,00	839.643,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	1.862.713,00	1.645.868,00	1.550.348,00	1.499.190,00	1.407.954,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
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	171.574.048,00	166.144.695,00	169.200.031,00	165.772.045,00	178.878.392,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	250.992.615,00	214.088.407,00	191.432.575,00	184.077.993,00	181.056.421,00
a) Sales: 40110	250.367.702,00	213.511.981,00	190.979.567,00	184.517.631,00	180.829.529,00
b) Rendering of services: 40120	624.913,00	576.426,00	453.008,00	-439.638,00	226.892,00
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	0,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-130.669.045,00	-110.508.949,00	-98.685.937,00	-93.996.802,00	-98.327.980,00
a) Stock consumption: 40410	-127.841.967,00	-108.195.590,00	-95.810.345,00	-91.294.454,00	-96.368.312,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-3.389.407,00	-2.495.913,00	-2.656.439,00	-2.412.169,00	-2.261.262,00
c) Works carried out by other companies: 40430	-58.702,00	-54.529,00	-75.264,00	-95.985,00	-177.985,00
d) Impairment of stock, primary material and other supplies: 40440	621.031,00	237.083,00	-143.889,00	-194.194,00	479.579,00
5. Other operating income: 40500	4.414.105,00	3.573.304,00	1.926.003,00	6.997.275,00	1.877.514,00
a) Auxiliary income and other from current management: 40510	4.386.984,00	3.560.520,00	1.922.728,00	6.951.814,00	1.864.024,00
b) Operation subsidies included in the Period's result: 40520	27.121,00	12.784,00	3.275,00	45.461,00	13.490,00
6. Personnel costs: 40600	-50.963.993,00	-46.433.321,00	-45.378.548,00	-45.198.940,00	-39.606.044,00
a) Wages, salaries et al.: 40610	-39.599.082,00	-36.143.335,00	-35.294.334,00	-35.023.277,00	-30.442.741,00
b) Social security costs: 40620	-11.364.911,00	-10.289.986,00	-10.084.214,00	-10.175.663,00	-9.163.303,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-41.901.253,00	-42.282.083,00	-40.829.676,00	-47.393.734,00	-61.120.886,00
a) External services: 40710	-39.177.945,00	-37.435.170,00	-39.081.278,00	-45.985.582,00	0,00
b) Taxes: 40720	-200.860,00	-207.670,00	-313.249,00	-270.743,00	0,00
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	-2.522.448,00	-4.639.243,00	-1.435.149,00	-1.137.409,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-9.527.835,00	-8.925.978,00	-9.006.742,00	-9.066.505,00	-9.975.383,00
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	458.426,00	-586.675,00	3.574.491,00	1.467.020,00	1.001.673,00
a) Impairment and losses : 41110	458.426,00	906.811,00	-7.406.243,00	7.857.049,00	0,00
b) Results for transfers and other : 41120	0,00	-1.493.486,00	10.980.734,00	-6.390.029,00	0,00
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	22.803.020,00	8.924.705,00	3.032.166,00	-3.113.693,00	-25.094.685,00
14. Financial income : 41400	1.537,00	692,00	8.450,00	9.083,00	4.060,00
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	1.537,00	692,00	8.450,00	9.083,00	0,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	1.537,00	692,00	8.450,00	9.083,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-4.177,00	-2.276,00	-774,00	-716,00	-1.042,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-4.177,00	-2.276,00	-774,00	-716,00	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	-530.621,00
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	-58.375,00	461.309,00	-749.417,00	-835.761,00	1.892.511,00
18. Impairment and result for transfers of financial instruments: 41800	1.120.615,00	716.132,00	-415.458,00	297.501,00	462.437,00
a) Impairment and losses : 41810	-1.310.300,00	716.132,00	-415.458,00	297.501,00	0,00
b) Results for transfers and other : 41820	2.430.915,00	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	1.059.600,00	1.175.857,00	-1.157.199,00	-529.893,00	1.827.345,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	23.862.620,00	10.100.562,00	1.874.967,00	-3.643.586,00	-23.267.340,00
20. Income taxes: 41900	-6.565.413,00	-2.634.346,00	-257.341,00	1.125.296,00	7.403.474,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	17.297.207,00	7.466.216,00	1.617.626,00	-2.518.290,00	-15.863.866,00
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	17.297.207,00	7.466.216,00	1.617.626,00	-2.518.290,00	-15.863.866,00

> 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. Where the provisions of the Act did not establish relevant equivalence criteria. 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:	117.203.223,00	113.744.596,00	113.784.692,00	119.047.164,00	131.013.186,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	70.100,00	72.922,00	101.686,00	314.471,00	441.638,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	34.748,00	16.330,00	23.364,00	21.525,00	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:	24.352,00	48.326,00	67.656,00	104.746,00	441.638,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	11.000,00	8.266,00	10.666,00	188.200,00	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:	98.163.802,00	95.943.402,00	96.544.585,00	100.501.393,00	111.684.050,00
1. Land and construction:	8.832.593,00	8.831.970,00	8.800.849,00	8.794.983,00	0,00
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:	2.350.738,00	3.104.229,00	1.777.024,00	1.100.912,00	0,00
5. Other tangible assets:	86.980.471,00	84.007.203,00	85.966.712,00	90.605.498,00	111.684.050,00
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:	18.969.321,00	17.728.272,00	17.138.421,00	18.231.300,00	18.887.498,00
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	0,00
3. Equity investment in associated companies:	15.158.279,00	14.037.664,00	12.379.518,00	12.573.838,00	12.276.337,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	3.811.042,00	3.690.608,00	4.758.903,00	5.657.462,00	6.611.161,00
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:	54.370.825,00	52.305.397,00	52.938.839,00	46.724.881,00	46.740.218,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	40.834.018,00	46.125.218,00	45.995.322,00	37.847.405,00	27.813.851,00
1. Goods for resale:	40.834.018,00	46.125.218,00	45.995.322,00	37.847.405,00	27.813.851,00
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:	6.208.425,00	2.947.266,00	3.008.831,00	5.176.799,00	4.278.876,00
1. Trade debtors / accounts receivable:	0,00	0,00	0,00	0,00	5.210,00
2. Accounts receivable, Group companies:	2.812.899,00	2.089.790,00	2.246.249,00	2.014.503,00	1.187.315,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	1.118.055,00	27.372,00	1.029,00	1.696.908,00	2.526.660,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	2.277.471,00	830.104,00	761.553,00	1.465.388,00	559.691,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	5.198.635,00	1.203,00	1.203,00	1.203,00	10.726,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	5.197.307,00	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	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	1.328,00	1.203,00	1.203,00	1.203,00	10.726,00
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:	2.011.304,00	3.107.380,00	3.769.510,00	2.792.393,00	14.237.790,00
VII. Prepayments and accrued income:	118.443,00	124.330,00	163.973,00	907.081,00	398.975,00
GENERAL TOTAL (A + B + C + D):	171.574.048,00	166.049.993,00	166.723.531,00	165.772.045,00	177.753.404,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	132.598.498,00	120.819.688,00	112.714.165,00	112.548.350,00	113.046.232,00
I. Subscribed capital:	100.000.000,00	100.000.000,00	100.000.000,00	100.000.000,00	100.000.000,00
II. Share premium:	54.075.750,00	54.075.750,00	54.075.750,00	54.075.750,00	54.075.750,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	-3.794.120,00	977.655,00	176.586,00	1.628.397,00	-392.011,00
1. Legal reserve:	2.165.034,00	1.418.412,00	1.256.650,00	1.256.650,00	1.256.650,00
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:	-5.959.154,00	-440.757,00	-1.080.064,00	371.747,00	-1.648.661,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	-34.980.339,00	-41.699.933,00	-43.155.797,00	-40.637.507,00	-24.773.641,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-34.980.339,00	-41.699.933,00	-43.155.797,00	-40.637.507,00	-24.773.641,00
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:	17.297.207,00	7.466.216,00	1.617.626,00	-2.518.290,00	-15.863.866,00
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:	93.091,00	121.502,00	812.041,00	50.314,00	379.075,00
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	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:	69.091,00	69.091,00	69.091,00	50.314,00	62.421,00
1. Amounts owed to group companies:	69.091,00	69.091,00	69.091,00	50.314,00	62.421,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	24.000,00	52.411,00	742.950,00	0,00	316.654,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	24.000,00	24.000,00	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:	0,00	28.411,00	742.950,00	0,00	316.654,00
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:	38.882.459,00	45.108.803,00	53.197.325,00	53.173.381,00	63.589.237,00
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:	781.898,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	781.898,00	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:	490.962,00	12.790.206,00	24.843.006,00	17.528.701,00	34.951.331,00
1. Amounts owed to group companies:	490.962,00	12.790.206,00	24.843.006,00	17.528.701,00	34.951.331,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	27.314.461,00	22.837.513,00	20.475.401,00	25.299.410,00	18.300.952,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	27.314.461,00	22.837.513,00	20.475.401,00	25.299.410,00	18.300.952,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	10.295.138,00	9.481.084,00	7.878.918,00	10.345.270,00	10.336.954,00
1. Public bodies:	1.862.713,00	1.645.868,00	1.550.348,00	1.499.190,00	1.407.954,00
2. Bills of exchange payable:	5.582.006,00	5.004.081,00	3.878.219,00	5.646.376,00	5.606.704,00
3. Miscellaneous debts:	2.471.717,00	2.215.811,00	1.717.279,00	2.500.221,00	2.482.653,00
4. Wages and salaries payable:	378.702,00	615.324,00	733.072,00	699.483,00	839.643,00
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:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	171.574.048,00	166.049.993,00	166.723.531,00	165.772.045,00	177.014.544,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	240.541.965,00	210.657.496,00	202.730.136,00	193.602.641,00	202.158.482,00
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:	131.290.076,00	110.746.032,00	98.542.048,00	93.802.608,00	98.807.559,00
a) Stock consumption:	127.841.967,00	108.195.590,00	95.810.345,00	91.294.454,00	96.368.312,00
b) Consumption of raw materials and miscellaneous consumable ones:	3.389.407,00	2.495.913,00	2.656.439,00	2.412.169,00	2.261.262,00
c) Miscellaneous external expenditure:	58.702,00	54.529,00	75.264,00	95.985,00	177.985,00
A.3. Staff costs:	50.963.993,00	46.433.321,00	45.378.548,00	45.198.940,00	39.606.044,00
a) Wages, salaries et al.:	39.599.082,00	36.143.335,00	35.294.334,00	35.023.277,00	30.442.741,00
b) Social security costs:	11.364.911,00	10.289.986,00	10.084.214,00	10.175.663,00	9.163.303,00
A.4. Depreciation expense:	9.527.835,00	8.925.978,00	9.006.742,00	9.066.505,00	9.975.383,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-621.031,00	-237.083,00	143.889,00	194.194,00	-479.579,00
a) Stock provision variation:	-621.031,00	-237.083,00	143.889,00	194.194,00	-479.579,00
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:	41.901.253,00	42.282.083,00	40.829.676,00	47.393.734,00	61.120.886,00
a) External services:	39.177.945,00	37.435.170,00	39.081.278,00	45.985.582,00	0,00
b) Taxes:	200.860,00	207.670,00	313.249,00	270.743,00	0,00
c) Other operating expenses:	2.522.448,00	4.639.243,00	1.435.149,00	1.137.409,00	61.120.886,00
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):	22.344.594,00	9.511.380,00	0,00	0,00	0,00
A.7. Financial and similar charges:	4.177,00	2.276,00	774,00	716,00	1.042,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	4.177,00	2.276,00	774,00	716,00	1.042,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	1.120,00	-1.388,00	15.157,00	-297.501,00	530.621,00
A.9. Exchange losses:	58.375,00	0,00	749.417,00	835.761,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	2.368.780,00	461.113,00	0,00	0,00	1.827.345,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	24.713.374,00	9.972.493,00	0,00	0,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	850.754,00	-1.621.555,00	7.806.544,00	-7.857.049,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	1.493.486,00	0,00	6.390.029,00	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):	0,00	128.069,00	3.174.190,00	1.467.020,00	1.001.673,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	23.862.620,00	10.100.562,00	1.874.967,00	0,00	0,00
A.15. Corporation tax:	6.565.413,00	2.634.346,00	257.341,00	-1.125.296,00	-7.403.474,00
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):	17.297.207,00	7.466.216,00	1.617.626,00	0,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	257.839.172,00	218.123.712,00	204.347.762,00	191.084.351,00	186.294.616,00
B.1. Net total sales:	250.992.615,00	214.088.407,00	191.432.575,00	184.077.993,00	181.056.421,00
a) Sales:	250.367.702,00	213.511.981,00	190.979.567,00	184.517.631,00	180.829.529,00
b) Rendering of services:	624.913,00	576.426,00	453.008,00	-439.638,00	226.892,00
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	0,00
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:	4.414.105,00	3.573.304,00	1.926.003,00	6.997.275,00	1.877.514,00
a) Auxiliary income and other from current management:	4.386.984,00	3.560.520,00	1.922.728,00	6.951.814,00	1.864.024,00
b) Grants:	27.121,00	12.784,00	3.275,00	45.461,00	13.490,00
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	542.325,00	4.580.713,00	26.096.358,00
B.5. Income from equity investment:	0,00	0,00	0,00	0,00	4.060,00
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:	2.432.452,00	692,00	8.450,00	9.083,00	462.437,00
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) Miscellaneous interests:	1.537,00	692,00	8.450,00	9.083,00	0,00
d) Profit on financial investment:	2.430.915,00	0,00	0,00	0,00	462.437,00
B.8. Exchange positive differences:	0,00	461.309,00	0,00	0,00	1.892.511,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	0,00	756.898,00	529.893,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	1.299.223,00	5.110.606,00	24.269.013,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	10.980.734,00	0,00	1.001.673,00
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):	850.754,00	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	3.643.586,00	23.267.340,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	2.518.290,00	15.863.866,00

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	23.862.620,00	10.100.562,00	1.874.967,00	-3.643.586,00	-23.267.340,00
2. Results adjustments.: 61200	7.388.778,00	8.099.714,00	-3.497.702,00	-4.557.066,00	3.971.916,00
a) Fixed Assets Amortization (+).: 61201	9.527.835,00	8.925.978,00	9.006.742,00	9.066.505,00	9.975.383,00
b) Obsolescence Allowances (+/-). : 61202	-458.426,00	-906.811,00	0,00	0,00	0,00
c) Variation in Provision (+/-). : 61203	-621.031,00	-237.082,00	-9.337.735,00	-12.148.184,00	-5.529.397,00
e) Results on disposal of fixed assets (+/-). : 61205	0,00	1.493.486,00	-3.574.491,00	-1.467.020,00	-1.001.673,00
f) Results on disposal of financial instruments (+/-).: 61206	-1.120.615,00	-716.132,00	0,00	0,00	0,00
g) Financial income (-).: 61207	-1.537,00	-692,00	-8.450,00	-9.083,00	-4.060,00
h) Financial Expenses (+). : 61208	4.177,00	2.276,00	774,00	716,00	1.042,00
i) Exchange differences (+/-). : 61209	58.375,00	-461.309,00	0,00	0,00	0,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	0,00	0,00	415.458,00	0,00	530.621,00
3. Changes in current capital equity.: 61300	-5.199.147,00	4.517.336,00	-3.676.355,00	-21.211.452,00	-41.730.212,00
a) Stock (+/-).: 61301	-3.130.483,00	107.186,00	-8.289.112,00	-10.227.747,00	2.183.298,00
d) Debtors and other accounts receivable (+/-). : 61302	-6.326.264,00	125.544,00	-206.894,00	-2.503,00	1.936.979,00
c) Other current assets (+/-). : 61303	-148.196,00	39.643,00	743.108,00	-508.106,00	893.228,00
d) Creditors and other accounts payable (+/-). : 61304	4.405.796,00	4.220.963,00	4.076.543,00	-10.473.096,00	-46.743.717,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	24.000,00	0,00	0,00	0,00
4. Other cash flows for operating activities.: 61400	-2.640,00	-258.925,00	1.132.972,00	2.439.419,00	7.813.672,00
a) Interest payments (-). : 61401	-4.177,00	-2.276,00	-774,00	-716,00	-1.042,00
b) Dividend payment collection (+). : 61402	1.537,00	0,00	0,00	0,00	0,00
c) Interest collection (+). : 61403	0,00	692,00	8.450,00	9.083,00	4.060,00
d) Income tax payment collection (payments) (+/-).: 61404	0,00	-257.341,00	1.125.296,00	2.431.052,00	7.810.654,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	26.049.611,00	22.458.687,00	-4.166.118,00	-26.972.685,00	-53.211.964,00
6. Payments for investment (-).: 62100	-16.604.728,00	-9.000.215,00	-4.939.993,00	-6.177.131,00	-24.467.911,00
a) Companies of the group and affiliates. : 62101	-5.197.307,00	0,00	0,00	0,00	0,00
b) Intangible fixed assets. : 62102	-32.405,00	-13.815,00	-20.846,00	-22.754,00	-64.340,00
c) Fixed assets. : 62103	-11.254.582,00	-8.901.652,00	-4.758.879,00	-6.116.929,00	-24.292.674,00
e) Other financial assets. : 62105	-120.434,00	-84.748,00	-160.268,00	-37.448,00	-110.897,00
7. Divestment payment collection (+). : 62200	0,00	243.790,00	10.064.451,00	21.716.526,00	10.583.060,00
b) Intangible fixed assets. : 62202	0,00	0,00	0,00	3.498,00	467.107,00
c) Fixed assets. : 62203	0,00	32.761,00	9.370.761,00	20.721.881,00	9.209.973,00
e) Other financial assets. : 62205	0,00	211.029,00	693.690,00	991.147,00	905.980,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-16.604.728,00	-8.756.425,00	5.124.458,00	15.539.395,00	-13.884.851,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	75.000.000,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	0,00	75.000.000,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-10.482.584,00	-14.825.701,00	18.777,00	-12.107,00	56.421,00
a) Issuance : 63201	1.615.729,00	0,00	18.777,00	-12.107,00	56.421,00
2. Debts incurred with credit institutions (+). : 63203	781.898,00	0,00	0,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	18.777,00	-12.107,00	56.421,00
5. Other debts (+). : 63206	833.831,00	0,00	0,00	0,00	0,00
b) Repayment and amortization of : 63207	-12.098.313,00	-14.825.701,00	0,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-12.098.313,00	-14.825.701,00	0,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-10.482.584,00	-14.825.701,00	18.777,00	-12.107,00	75.056.421,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-58.375,00	461.309,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-1.096.076,00	-662.130,00	977.117,00	-11.445.397,00	7.959.606,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	3.107.380,00	3.769.510,00	2.792.393,00	14.237.790,00	6.278.184,00
Cash or equivalent assets as of end of the fiscal year.: 65200	2.011.304,00	3.107.380,00	3.769.510,00	2.792.393,00	14.237.790,00

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 %	0,02 %	0,00 %	0,01 %		57,31 %
EBITDA over Sales:	12,70 %	11,69 %	8,61 %	11,36 %	47,45 %	2,90 %
Cash Flow Yield:	-0,01 %	0,01 %	0,00 %	0,01 %		64,19 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	15,47 %	8,87 %	6,02 %	6,88 %	157,09 %	28,91 %
Total economic profitability:	13,91 %	4,81 %	6,08 %	3,74 %	128,76 %	28,51 %
Financial profitability:	13,13 %	6,63 %	6,18 %	4,21 %	112,38 %	57,60 %
Margin:	8,93 %	7,65 %	4,10 %	6,72 %	117,75 %	13,90 %
Mark-up:	9,34 %	6,85 %	4,64 %	4,46 %	101,34 %	53,39 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,05	0,16	0,07	0,13	-27,91	16,66
Acid Test:	0,28	0,93	0,12	0,87	136,51	7,06
Working Capital / Investment:	0,07	0,03	0,04	0,05	84,33	-41,33
Solvency:	1,33	1,23	1,15	1,18	15,56	4,00

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,31	1,27	0,38	1,38	-17,72	-7,97
Borrowing Composition:	0,00	1,23	0,00	1,00		22,71
Repayment Ability:	-37,48	54,68	-69,12	92,95	45,78	-41,17
Warranty:	4,18	1,79	3,63	1,73	15,06	3,53
Generated resources / Total creditors:	0,61	0,08	0,34	0,08	81,01	-2,35

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,63	1,96	1,40	1,85	16,34	5,55
Turnover of Collection Rights :	61,24	5,60	100,97	5,00	-39,35	12,08
Turnover of Payment Entitlements:	5,78	3,72	5,96	3,64	-3,15	2,22
Stock rotation:	5,71	9,88	4,51	7,31	26,48	35,27
Assets turnover:	1,73	1,16	1,47	1,02	18,07	13,18
Borrowing Cost:	0,01	2,95	0,00	2,86		3,12

> 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 %	-0,06 %	0,04 %
EBITDA over Sales:	12,70 %	8,61 %	4,42 %	2,44 %	-8,90 %
Cash Flow Yield:	-0,01 %	0,00 %	0,01 %	-0,07 %	0,04 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	15,47 %	6,02 %	2,03 %	-2,11 %	-15,80 %
Total economic profitability:	13,91 %	6,08 %	1,11 %	-2,20 %	-13,01 %
Financial profitability:	13,13 %	6,18 %	1,43 %	-2,26 %	-13,89 %
Margin:	8,93 %	4,10 %	1,57 %	-1,63 %	-13,72 %
Mark-up:	9,34 %	4,64 %	0,97 %	-1,91 %	-12,72 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,05	0,07	0,07	0,05	0,22
Acid Test:	0,28	0,12	0,16	0,12	0,30
Working Capital / Investment:	0,07	0,04	0,01	-0,07	-0,09
Solvency:	1,33	1,15	1,03	0,83	0,75

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	0,31	0,38	0,48	0,50	0,56
Borrowing Composition:	0,00	0,00	0,02	0,00	0,01
Repayment Ability:	-37,48	-69,12	55,91	-4,91	8,04
Warranty:	4,18	3,63	3,10	2,95	2,80
Generated resources / Total creditors:	0,61	0,34	0,20	0,11	-0,11

Efficiency	2014	2013	2012	2011	2010
Productivity:	1,63	1,40	1,19	1,10	0,59
Turnover of Collection Rights :	61,24	100,97	84,79	51,10	48,95
Turnover of Payment Entitlements:	5,78	5,96	6,06	5,09	7,65
Stock rotation:	5,71	4,51	4,22	5,17	7,52
Assets turnover:	1,73	1,47	1,29	1,30	1,15
Borrowing Cost:	0,01	0,00	0,00	0,00	0,00

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

It is a company that was established in 2001. It is dedicated to the retail sale of clothing. It is integrated in the group of companies the head the corporation EL CORTE INGLÉS, S.A. Its activities are carried out nationally as well as internationally. There are no charges against it in consulted references. In light of the above, we consider that it is possible to maintain risk relations with it, according to its size.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.37
UK Pound	1	Rs.102.54
Euro	1	Rs.75.32

INFORMATION DETAILS

Analysis Done by :	DIV
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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