MIRA INFORM REPORT

Report No. :	493548
Report Date :	13.04.2018

IDENTIFICATION DETAILS

Name :	QUALICAPS EUROPE SA
Registered Office :	Av/ Monte De Valdelatas, 4. - Alcobendas - 28108 - Madrid
Country :	Spain
Financials (as on) :	2017
Date of Incorporation :	10.09.1992
Legal Form :	Public Company
Line of Business :	The subject is engaged in the manufacture and marketing of any kinds of machinery pods, pods filling and other equipment’s and machinery related with them
No. of Employees :	290 [2017]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent
Payment Behaviour :	Slow
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Spain	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SPAIN - ECONOMIC OVERVIEW

After a prolonged recession that began in 2008 in the wake of the global financial crisis, Spain marked the fourth full year of positive economic growth in 2017, with economic activity surpassing its pre-crisis peak, largely because of increased private consumption. The financial crisis of 2008 broke 16 consecutive years of economic growth for Spain, leading to an economic contraction that lasted until late 2013. In that year, the government successfully shored up its struggling banking sector - heavily exposed to the collapse of Spain’s real estate boom - with the help of an EU-funded restructuring and recapitalization program.

Until 2014, contraction in bank lending, fiscal austerity, and high unemployment constrained 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 16.4% in 2017. 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 about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

Strong export growth helped bring Spain's current account into surplus in 2013 for the first time since 1986 and sustain Spain’s economic growth. Increasing labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have improved Spain’s export competitiveness and generated foreign investor interest in the economy, restoring FDI flows.

In 2017, the Spanish Government’s minority status constrained its ability to implement controversial labor, pension, health care, tax, and education reforms. The European Commission expects the government to meet its 2017 budget deficit target and anticipates that expected economic growth in 2018 will help the government meet its deficit target. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and increased economic activity has generated a modest level of inflation, at 2% in 2017.

Source : CIA

EXECUTIVE SUMMARY

Name:	QUALICAPS EUROPE SA
NIF / Fiscal code:	A80412836
Status:	ACTIVE
Incorporation Date:	10/09/1992
Register Data	Register Section 8 Sheet 72110
Last Publication in BORME:	02/08/2017 [Reelections]
Last Published Account Deposit:	2017
Share Capital:	15.626.314,71
Localization:	Av/ Monte De Valdelatas, 4. - Alcobendas - 28108 - Madrid
Telephone - Fax - Email - Website:	Telephone. 916 630 800 Email. info@qualicaps.com Website. www.qualicaps.com
Activity:
NACE:	2110 - Manufacture of basic pharmaceutical products
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	2 for a total cost of 126179
Main products / services:	Pharmaceutical Grade CapsulesNutraceutical capsulesPharmaceutical processing equipment
Quality Certificate:	No
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

QUALICAPS CO, SOCIEDAD ANONIMA, (JAPON)	100 %
Shares:	1
Other Links:	1
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios

2016

2015

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The Company was incorporated in 1992, engaged in the manufacture and sale of Hard gelatine capsules intended for the pharmaceutical industry. It belongs to the Japanese Multinational with the same name There are no bad comments against it in the consulted sources. According to all this information, commercial relations can be envisaged in normal credit operations.
Interviewed Person:

Identification
Social Denomination:	QUALICAPS EUROPE SA
NIF / Fiscal code:	A80412836
Corporate Status:	ACTIVE
Start of activity:	1992
Registered Office:	AV/ MONTE DE VALDELATAS, 4.
Locality:	ALCOBENDAS
Province:	MADRID
Postal Code:	28108
Telephone:	916 630 800
Fax:	916 630 830
Website:	www.qualicaps.com
Email:	info@qualicaps.com
Interviewed Person:	Information obtained through indirect sources, as people responsible for the company refused to provide information.

Activity
NACE:	2110
Corporate Purpose:	THE SUBJECT IS ENGAGED IN THE MANUFACTURE AND MARKETING OF ANY KINDS OF MACHINERY PODS, PODS FILLING AND OTHER EQUIPMENTS AND MACHINERY RELATED WITH THEM
Additional Information:	Manufacture and sale of Hard gelatine capsules intended for the pharmaceutical industry.
Additional Address:	Registered office, offices and other premises located at the heading address.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Main products / services

Product	% Over Sales
Pharmaceutical Grade Capsules
Nutraceutical capsules
Pharmaceutical processing equipment

Number of Employees

Year	No. of employees	Established	Incidentals
2017	290

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
	1992	Appointments/ Re-elections (2) Company Formation (1) Correction (1) Other Concepts/ Events (1)
	1993	Accounts deposit (year 1992) Appointments/ Re-elections (3) Increase of Capital (1)
	1994	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1)
	1995	Accounts deposit (year 1994) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	1996	Accounts deposit (year 1995) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	1997	Accounts deposit (year 1996) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Correction (2) Other Concepts/ Events (1)
	1998	Accounts deposit (year 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Correction (1) Other Concepts/ Events (1)
	1999	Accounts deposit (year 1998)
	2000	Accounts deposit (year 1999) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1)
	2001	Accounts deposit (year 2000) Appointments/ Re-elections (1) Statutory Modifications (1)
	2002	Accounts deposit (year 2001) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2003	Accounts deposit (year 2002) Appointments/ Re-elections (9) Cessations/ Resignations/ Reversals (3)
	2004	Accounts deposit (year 2003) Appointments/ Re-elections (1)
	2005	Accounts deposit (year 2004) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (4) Change of Social Denomination (1)
	2006	Accounts deposit (year 2005) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	2007	Accounts deposit (year 2006) Declaration of Sole Propietorship (1)
	2008	Accounts deposit (year 2007)
	2009	Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (3) Correction (1)
	2010	Accounts deposit (year 2008) Appointments/ Re-elections (1)
	2011	Accounts deposit (year 2008 consolidated, 2009) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2012	Accounts deposit (year 2009 consolidated, 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
	2013	Accounts deposit (year 2010 consolidated, 2011 consolidated, 2012 consolidated, 2011) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (6)
	2014	Accounts deposit (year 2012) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1)
	2015	Accounts deposit (year 2013) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	2016	Accounts deposit (year 2014, 2015) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2)
	2017	Accounts deposit (year 2016) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1)
	2018	Accounts deposit (year 2017)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	FABRICACION Y COMERCIALIZACION DE CAPSULAS DE GELATINA DURA.	Company Formation	21/12/1992

Breakdown of Owners' Equity
Registered Capital:	15.626.314,71
Paid up capital:	15.626.314,71

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
25/11/1992	Company Formation	3.005.061	3.005.061	3.005.061	3.005.061
22/04/1993	Increase of Capital	9.015.182	9.015.182	12.020.242	12.020.242
20/11/1995	Increase of Capital	3.606.073	3.606.073	15.626.315	15.626.315

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	QUALICAPS CO LTD	25/01/2007	1
PRESIDENT	SKARNVAD LARS GRAHAM	13/12/2016	3
MEMBER OF THE BOARD	TAMURA TAKANORI	26/07/2017	2
	AHUMADA CIRO	26/07/2017	9
	SKARNVAD LARS GRAHAM	13/12/2016	3
COMBINED PROXY	AHUMADA CIRO	09/12/2013	9
JOINT ATTORNEY/COMBINED PROXY	SKARNVAD LARS GRAHAM	13/12/2016	3
PROXY	FREIRE ROMERO IGNACIO	16/03/2017	1
	JUSUE GORTAZAR TRISTAN IÑIGO	16/03/2017	1
	SANCHEZ-VILAR BURDIEL OSCAR	16/03/2017	6
	LOPEZ RAVANALS JORDI	17/12/2014	1
CHIEF EXECUTIVE OFFICER	AHUMADA CIRO	26/07/2017	9
NON CONSELLOR SECRETARY	SANCHEZ VILAR BURDIEL OSCAR	17/11/2009	1
ACCOUNTS' AUDITOR / HOLDER	ERNST & YOUNG SL	16/01/2017	9
CONSOLIDATED ACCOUNTS' AUDITOR	ERNST & YOUNG SL	16/01/2017	9

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AHUMADA CIRO	MEMBER OF THE BOARD	05/08/2015	9
	MEMBER OF THE BOARD	26/07/2017
	PROXY	09/12/2013
	CHIEF EXECUTIVE OFFICER	26/07/2017
	PRESIDENT	05/08/2015
	PRESIDENT	13/12/2016
ARREYTUNANDIA LIPPERHEIDE ADRIANA	PROXY	03/11/1998	1
BABA SHOHEI	MEMBER OF THE BOARD	08/07/1997	2
	MEMBER OF THE BOARD	22/03/2000
BARQUIN CORRAL FERNANDO	PROXY	22/11/2000	1
BERMEJO BUENO JUAN FRANCISCO	PROXY	10/02/2005	3
	PROXY	17/12/2014
	JOINT ATTORNEY	17/12/2014
BOOTH BRIAN	MEMBER OF THE BOARD	24/12/1996	2
	PRESIDENT	24/12/1996
BROADSTREET GLEN	MEMBER OF THE BOARD	14/06/2011	2
	MEMBER OF THE BOARD	05/07/2011
BRUST BERND	MEMBER OF THE BOARD	25/10/2013	1
CASANUEVA NARDIZ RAFAEL	PROXY	10/02/2005	4
	COMBINED PROXY	09/06/2009
	COMBINED PROXY	12/11/2012
	NON CONSELLOR SECRETARY	17/11/2009
DATE YOJI	MEMBER OF THE BOARD	05/08/2015	1
ERNST & YOUNG SL	ACCOUNTS' AUDITOR / HOLDER	12/06/2003	9
	ACCOUNTS' AUDITOR / HOLDER	10/11/2003
	ACCOUNTS' AUDITOR / HOLDER	04/08/2004
	ACCOUNTS' AUDITOR / HOLDER	27/09/2005
	ACCOUNTS' AUDITOR / HOLDER	08/08/2006
	ACCOUNTS' AUDITOR / HOLDER	16/01/2017
	CONSOLIDATED ACCOUNTS' AUDITOR	16/01/2017
ERNST AND YOUNG SA	ACCOUNTS' AUDITOR / HOLDER	12/06/2003	1
FERNANDEZ GALLEGO ANTONIO	JOINT ATTORNEY	13/12/2016	4
	COMBINED PROXY	13/12/2016
	COMBINED PROXY	16/03/2017
	COMBINED PROXY	16/03/2017
FERNANDEZ GIL MANUEL	JOINT ATTORNEY	12/11/2012	1
FUJII MIZUKI	MEMBER OF THE BOARD	05/08/2015	1
GARCIA SAGRADO FEDERICO FIDEL	COMBINED PROXY	13/12/2016	3
	COMBINED PROXY	16/03/2017
	COMBINED PROXY	16/03/2017
GARCIA SILVA ANGEL	MEMBER OF THE BOARD	08/07/1997	11
	MEMBER OF THE BOARD	12/06/2003
	MEMBER OF THE BOARD	24/05/2005
	PROXY	03/08/1993
	PROXY	08/03/1996
	PROXY	12/06/2003
	PROXY	24/05/2005
	PROXY	12/11/2012
	NON CONSELLOR SECRETARY	24/12/1996
	PRESIDENT	12/06/2003
	PRESIDENT	24/05/2005
HARRIS RYAN	MEMBER OF THE BOARD	21/12/2006	3
	MEMBER OF THE BOARD	09/06/2009
	MEMBER OF THE BOARD	09/06/2009
HIRACHI TOMIYASU	MEMBER OF THE BOARD	29/11/2005	1
HOWE KEITH BRIAN	MEMBER OF THE BOARD	25/10/2013	1
HUGILL HERBERT L	MEMBER OF THE BOARD	09/06/2009	2
	MEMBER OF THE BOARD	17/11/2009
KAWAHARA HIROSHI	MEMBER OF THE BOARD	09/06/2009	2
	MEMBER OF THE BOARD	09/06/2009
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	10/06/2009	5
	ACCOUNTS' AUDITOR / HOLDER	28/02/2012
	ACCOUNTS' AUDITOR / HOLDER	22/11/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	14/12/2009
	CONSOLIDATED ACCOUNTS' AUDITOR	22/11/2013
MAEDA TAKASHI	MEMBER OF THE BOARD	12/08/2003	1
MARTIN-PORTUGUES CAMACHO RAFAEL	COMBINED PROXY	13/12/2016	2
	COMBINED PROXY	16/03/2017
MARTINEZ SIERRA CARLOS	MEMBER OF THE BOARD	21/12/2006	21
	MEMBER OF THE BOARD	09/06/2009
	MEMBER OF THE BOARD	14/06/2011
	MEMBER OF THE BOARD	25/10/2013
	MEMBER OF THE BOARD	09/12/2013
	PROXY	21/10/1994
	PROXY	19/02/1997
	PROXY	05/11/1998
	PROXY	22/11/2000
	PROXY	02/11/2001
	PROXY	17/10/2003
	PROXY	10/02/2005
	PROXY	09/12/2013
	COMBINED PROXY	24/05/2005
	COMBINED PROXY	09/06/2009
	COMBINED PROXY	09/12/2013
	NON CONSELLOR SECRETARY	24/05/2005
	PRESIDENT	21/12/2006
	PRESIDENT	09/06/2009
	PRESIDENT	25/10/2013
	PRESIDENT	09/12/2013
MARUOKA REI	MEMBER OF THE BOARD	13/12/2016	1
MINO YASUHIRO	MEMBER OF THE BOARD	22/03/2000	1
MIYAMOTO KIYOSHI	MEMBER OF THE BOARD	29/08/2002	1
MORI MASAHARU	MEMBER OF THE BOARD	24/05/2005	1
OHNO TAMOTSU	MEMBER OF THE BOARD	25/11/1992	5
	MEMBER OF THE BOARD	08/07/1997
	MEMBER OF THE BOARD	08/10/2003
	SOLE CHIEF EXECUTIVE OFFICER	08/07/1997
	VICE CHAIRMAN	08/07/1997
REQUEJO GABAS ENRIQUE	PROXY	17/10/2003	6
	PROXY	10/02/2005
	PROXY	13/12/2016
	COMBINED PROXY	09/06/2009
	COMBINED PROXY	18/07/2013
	COMBINED PROXY	09/12/2013
SAKAIRI MASATOMO	MEMBER OF THE BOARD	19/09/2006	1
SANCHEZ-VILAR BURDIEL OSCAR	JOINT ATTORNEY	16/03/2017	6
	COMBINED PROXY	09/12/2013
	COMBINED PROXY	13/12/2016
	COMBINED PROXY	13/12/2016
	COMBINED PROXY	16/03/2017
SARNO MICHAEL SALVATORE	MEMBER OF THE BOARD	14/06/2011	2
	MEMBER OF THE BOARD	07/08/2012
SCHOLLET FRANK	MEMBER OF THE BOARD	17/11/1995	2
	PRESIDENT	17/11/1995
TAKEDA REIJI	MEMBER OF THE BOARD	24/05/2005	2
	MEMBER OF THE BOARD	29/11/2005
TAMURA TAKANORI	MEMBER OF THE BOARD	26/07/2017	2
TOMIOKA TAKAOMI	MEMBER OF THE BOARD	21/12/2006	4
	MEMBER OF THE BOARD	09/06/2009
	MEMBER OF THE BOARD	14/06/2011
	MEMBER OF THE BOARD	16/05/2013
TRENADO VALLES JUAN	PROXY	19/12/1994	1
WISE STEPHEN H	MEMBER OF THE BOARD	14/06/2011	2
	MEMBER OF THE BOARD	16/05/2013
YAKONISHI KELSO	PROXY	22/11/2000	1
YOKONISHI KEISO	PROXY	03/11/1998	1

Executive board

Post	NIF	Name
COMPUTER SCIENCE DIRECTOR		JOSE ANGEL PEREZ

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

TREND OF SCORING

> Latest Scoring Changes :

Scoring	Evolution	Date	Event
	Neutral	07/03/18	Updating of financial statements.
	Neutral	19/12/17	Updating of information related to subsidies or other public aid.
	Positive	15/02/17	Business investigation carried out by Axesor.
	Negative	21/12/16	Updating of relevant commercial information.

The information contained in the latest annual statements has led to a Scoring review for the company.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.176 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 211 Manufacture of basic pharmaceutical products
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 QUALICAPS EUROPE 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 0,176%.

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.

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	Not published
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	Not published
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	Not published
	Incidences with the Social Security	Not published
	Incidences with the Autonomous Administration	Not published
	Incidences with the Local Administration	Not published
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	Not published
	Proceedings by the old Civil Procedural Law 1.881	Not published
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Proceedings before the Industrial Tribunal	Not published

Link List

IS RELATED WITH:	1 Entities
PARTICIPATES IN:	1 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	QUALICAPS CO, SOCIEDAD ANONIMA, (JAPON)		100
PARTICIPATES IN	QUALICAPS ROMANIA, SOCIEDAD LIMITADA, (RUMANIA)		99.99

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	SC TECHNOPHARM EQUIPMENT AND SERVICE, S.L.

Turnover
Total Sales 2017	80.613.605

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2017	Normales	March  2018
2016	Normales	February  2017
2015	Normales	January  2016
2014	Normales	January  2016
2013	Normales	January  2015
2012	Consolidadas	December  2013
2012	Normales	April  2014
2011	Consolidadas	May  2013
2011	Normales	January  2013
2010	Consolidadas	May  2013
2010	Normales	January  2012
2009	Consolidadas	December  2012
2009	Normales	February  2011
2008	Consolidadas	July  2011
2008	Normales	March  2010
2007	Normales	September  2008
2006	Normales	November  2007
2005	Normales	October  2006
2004	Normales	July  2005
2003	Normales	August  2004
2002	Normales	October  2003
2001	Normales	September  2002
2000	Normales	July  2001
1999	Normales	May  2000
1998	Normales	September  1999
1997	Normales	August  1998
1996	Normales	September  1997
1995	Normales	July  1996
1994	Normales	September  1995
1992	Normales	August  1993

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 31/03/2017

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

Information corresponding to the fiscal year 2017 2016 2015 2014 2013  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2017 2016 2015 2014 2013  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, such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2017	2016	2015	2014	2013
A) NON-CURRENT ASSETS: 11000	51.040.542,00	47.525.810,00	37.928.368,00	35.827.172,00	33.151.482,00
I. Intangible fixed assets : 11100	228.962,00	163.447,00	44.722,00	23.515,00	0,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	228.962,00	163.447,00	44.722,00	23.515,00	0,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	32.772.685,00	28.169.239,00	24.419.190,00	22.333.716,00	19.816.776,00
1. Land and buildings: 11210	8.321.856,00	8.554.834,00	7.367.074,00	7.443.635,00	7.854.439,00
2. Technical installations and other tangible fixed assets: 11220	21.824.750,00	16.114.449,00	9.469.841,00	9.664.247,00	10.281.418,00
3. Tangible asset in progress and advances: 11230	2.626.079,00	3.499.956,00	7.582.275,00	5.225.834,00	1.680.919,00
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	17.817.871,00	18.942.871,00	13.192.871,00	13.192.871,00	13.192.871,00
1. Equity instruments: 11410	13.192.871,00	13.192.871,00	13.192.871,00	13.192.871,00	13.192.871,00
2. Credits to businesses: 11420	4.625.000,00	5.750.000,00	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	18.759,00	18.904,00	13.796,00	12.671,00	12.556,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	210,00	210,00	210,00	210,00	210,00
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	18.549,00	18.694,00	13.586,00	12.461,00	12.346,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	202.265,00	231.349,00	257.789,00	264.399,00	129.279,00
B) CURRENT ASSETS: 12000	32.649.195,00	28.117.334,00	39.845.330,00	36.183.254,00	43.859.011,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	8.555.463,00	9.456.690,00	8.140.138,00	7.857.662,00	5.351.534,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	3.073.012,00	4.082.072,00	4.527.770,00	4.494.635,00	2.850.553,00
a) Long-term primary material and other supplies: 12221	0,00	0,00	0,00	0,00	0,00
b) Short-term primary material and other supplies: 12222	3.073.012,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	893.521,00	537.983,00	526.723,00	459.795,00	120.815,00
a) Of long-term production cycle : 12231	893.521,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	526.723,00	459.795,00	120.815,00
4. Finished goods: 12240	4.588.930,00	4.836.635,00	3.085.645,00	2.903.232,00	2.380.166,00
a) Of long-term production cycle : 12241	4.588.930,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	3.085.645,00	2.903.232,00	2.380.166,00
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	12.106.215,00	9.044.813,00	14.222.575,00	10.649.981,00	9.901.253,00
1. Trade debtors / accounts receivable: 12310	10.837.577,00	7.921.836,00	12.770.962,00	9.470.212,00	8.647.453,00
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	10.837.577,00	7.921.836,00	12.770.962,00	9.470.212,00	8.647.453,00
2. Customers, Group companies and associates : 12320	894.282,00	394.488,00	603.933,00	209.612,00	267.666,00
3. Other accounts receivable: 12330	55.387,00	82.257,00	84.250,00	78.027,00	75.639,00
4. Personnel: 12340	22.647,00	31.318,00	18.288,00	9.533,00	13.786,00
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	296.322,00	614.914,00	745.142,00	882.597,00	896.709,00
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	9.121.960,00	5.452.057,00	3.607.455,00	3.227.734,00	3.031.950,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	5.905.158,00	5.452.057,00	3.607.455,00	3.227.734,00	3.031.950,00
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	3.216.802,00	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	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	82.946,00	155.351,00	75.705,00	49.938,00	95.884,00
VII. Cash and other equivalent liquid assets : 12700	2.782.611,00	4.008.423,00	13.799.457,00	14.397.939,00	25.478.390,00
1. Treasury: 12710	2.782.611,00	4.008.423,00	13.799.457,00	14.397.939,00	25.478.390,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	83.689.737,00	75.643.144,00	77.773.698,00	72.010.426,00	77.010.493,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2017	2016	2015	2014	2013
A) NET WORTH: 20000	65.952.214,00	62.183.479,00	55.839.281,00	58.724.426,00	64.987.928,00
A-1) Shareholders' equity: 21000	65.831.431,00	62.039.546,00	55.745.463,00	58.676.557,00	64.926.824,00
I. Capital: 21100	15.626.000,00	15.626.000,00	15.626.000,00	15.626.000,00	15.626.000,00
1. Registered capital : 21110	15.626.000,00	15.626.000,00	15.626.000,00	15.626.000,00	15.626.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	46.413.546,00	37.890.463,00	37.998.557,00	38.770.824,00	40.324.213,00
1. Legal and statutory: 21310	3.125.200,00	3.125.200,00	3.125.200,00	3.125.200,00	3.125.200,00
2. Other reserves: 21320	43.288.346,00	34.765.263,00	34.873.357,00	35.645.624,00	37.199.013,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
2. Capitalisation Reserves: 21350	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	10.688.885,00	8.523.083,00	2.120.906,00	9.375.733,00	8.976.611,00
VIII. (Interim dividend): 21800	-6.897.000,00	0,00	0,00	-5.096.000,00	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	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	120.783,00	143.933,00	93.818,00	47.869,00	61.104,00
B) NON-CURRENT LIABILITIES: 31000	1.853.600,00	2.446.180,00	2.760.458,00	2.555.359,00	2.899.398,00
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	688.711,00	774.332,00	587.148,00	312.182,00	152.945,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	688.711,00	774.332,00	587.148,00	312.182,00	152.945,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	1.164.889,00	1.671.848,00	2.173.310,00	2.243.177,00	2.746.453,00
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	15.883.923,00	11.013.485,00	19.173.959,00	10.730.641,00	9.123.167,00
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	267.789,00	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	267.789,00	0,00	0,00
III. Short-term creditors : 32300	109.766,00	90.405,00	111.214,00	46.217,00	26.084,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	98.328,00	73.931,00	53.723,00	31.974,00	15.143,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	11.438,00	16.474,00	57.491,00	14.243,00	10.941,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	15.774.157,00	10.923.080,00	18.794.956,00	10.684.424,00	9.097.083,00
1. Suppliers: 32510	2.592.894,00	1.497.671,00	2.360.357,00	2.157.461,00	1.916.654,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	2.592.894,00	1.497.671,00	2.360.357,00	2.157.461,00	1.916.654,00
2. Suppliers, Group companies and associates: 32520	5.743.839,00	3.704.552,00	9.633.825,00	3.101.163,00	3.814.749,00
3. Other creditors: 32530	2.888.196,00	2.475.227,00	2.911.971,00	3.434.271,00	1.396.772,00
4. Personnel (remuneration due): 32540	1.625.803,00	1.451.848,00	1.393.896,00	902.078,00	671.593,00
5. Liabilities for current tax: 32550	1.661.727,00	1.313.893,00	1.476.213,00	562.634,00	771.539,00
6. Other accounts payable to Public Administrations.: 32560	1.261.698,00	479.889,00	936.600,00	526.817,00	525.776,00
7. Advances from clients: 32570	0,00	0,00	82.094,00	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	83.689.737,00	75.643.144,00	77.773.698,00	72.010.426,00	77.010.493,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2017	2016	2015	2014	2013
1. Net turnover: 40100	80.613.605,00	70.768.092,00	22.087.657,00	64.280.841,00	66.997.214,00
a) Sales: 40110	80.613.605,00	70.768.092,00	22.087.657,00	64.280.841,00	66.997.214,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	107.834,00	1.800.268,00	497.386,00	768.887,00	-1.852.233,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-33.076.467,00	-29.761.578,00	-12.383.093,00	-25.466.991,00	-26.325.305,00
a) Stock consumption: 40410	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-33.076.467,00	-29.723.560,00	-12.135.048,00	-25.560.150,00	-26.930.205,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	-38.018,00	-248.045,00	93.159,00	604.900,00
5. Other operating income: 40500	0,00	1.302,00	0,00	36.134,00	34.561,00
a) Auxiliary income and other from current management: 40510	0,00	0,00	0,00	0,00	0,00
b) Operation subsidies included in the Period's result: 40520	0,00	1.302,00	0,00	36.134,00	34.561,00
6. Personnel costs: 40600	-15.018.646,00	-13.954.554,00	-3.332.729,00	-12.748.032,00	-12.254.511,00
a) Wages, salaries et al.: 40610	-11.022.089,00	-10.537.416,00	-2.591.394,00	-9.538.488,00	-9.201.809,00
b) Social security costs: 40620	-3.996.557,00	-3.417.138,00	-741.335,00	-3.209.544,00	-3.052.702,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-15.427.355,00	-14.227.800,00	-3.690.012,00	-11.979.338,00	-12.507.945,00
a) External services: 40710	-15.302.268,00	-14.108.122,00	-3.382.341,00	-11.854.809,00	-12.364.911,00
b) Taxes: 40720	-125.087,00	-119.678,00	-39.882,00	-124.529,00	-139.692,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	0,00	-267.789,00	0,00	-3.342,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	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	-3.803.807,00	-2.894.670,00	-598.573,00	-2.322.022,00	-2.264.245,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	32.361,00	39.863,00	0,00	18.907,00	17.782,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	0,00	-2.482,00	1,00	-293,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	-2.482,00	1,00	-293,00	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	-5.418,00	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	13.422.107,00	11.768.441,00	2.580.637,00	12.588.093,00	11.845.318,00
14. Financial income : 41400	300.191,00	304.729,00	76.124,00	371.762,00	447.317,00
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	300.191,00	304.729,00	76.124,00	371.762,00	447.317,00
b 1) From Group companies and associates : 41421	296.268,00	296.118,00	75.779,00	294.393,00	377.659,00
b 2) From third parties : 41422	3.923,00	8.611,00	345,00	77.369,00	69.658,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-28.069,00	-44.296,00	-7.940,00	-36.645,00	-73.686,00
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	-28.069,00	-44.296,00	-7.940,00	-36.645,00	-73.686,00
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	190.078,00	-231.536,00	296.882,00	357.575,00	2.178,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	462.200,00	28.897,00	365.066,00	692.692,00	375.809,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	13.884.307,00	11.797.338,00	2.945.703,00	13.280.785,00	12.221.127,00
20. Income taxes: 41900	-3.195.422,00	-3.274.255,00	-824.797,00	-3.905.052,00	-3.244.516,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	10.688.885,00	8.523.083,00	2.120.906,00	9.375.733,00	8.976.611,00
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	10.688.885,00	8.523.083,00	2.120.906,00	9.375.733,00	8.976.611,00

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

Information corresponding to the fiscal year 2017 2016 2015 2014 2013  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, such criteria using its own methodology. To view details on the methodology 2017 2016 2015 2014 2013  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2017	2016	2015	2014	2013
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	50.838.277,00	47.294.461,00	37.670.579,00	35.562.773,00	33.022.203,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	228.962,00	163.447,00	44.722,00	23.515,00	0,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	228.962,00	163.447,00	44.722,00	23.515,00	0,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	32.772.685,00	28.169.239,00	24.419.190,00	22.333.716,00	19.816.776,00
1. Land and construction:	8.321.856,00	8.554.834,00	7.367.074,00	7.443.635,00	7.854.439,00
2. Technical installations and machinery:	13.186.963,00	9.736.682,00	5.721.873,00	5.839.337,00	6.212.244,00
3. Other installations, tools and furniture:	8.099.764,00	5.980.515,00	3.514.518,00	3.586.667,00	3.815.717,00
4. Payments on account and tangible fixed assets under construction:	2.626.079,00	3.499.956,00	7.582.275,00	5.225.834,00	1.680.919,00
5. Other tangible assets:	538.023,00	397.253,00	233.450,00	238.242,00	253.457,00
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:	17.836.630,00	18.961.775,00	13.206.667,00	13.205.542,00	13.205.427,00
1. Equity investments in group companies:	13.192.871,00	13.192.871,00	13.192.871,00	13.192.871,00	13.192.871,00
2. Receivables from group companies:	4.625.000,00	5.750.000,00	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. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	210,00	210,00	210,00	210,00	210,00
7. Long term guarantees and deposits:	18.549,00	18.694,00	13.586,00	12.461,00	12.346,00
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:	32.851.460,00	28.348.683,00	40.103.119,00	36.447.653,00	43.988.290,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	8.555.463,00	9.456.690,00	8.140.138,00	7.857.662,00	5.351.534,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	3.073.012,00	4.082.072,00	4.527.770,00	4.494.635,00	2.850.553,00
3. Goods in process and semifinished ones:	893.521,00	537.983,00	526.723,00	459.795,00	120.815,00
4. Finished products:	4.588.930,00	4.836.635,00	3.085.645,00	2.903.232,00	2.380.166,00
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:	12.308.480,00	9.276.162,00	14.480.364,00	10.914.380,00	10.030.532,00
1. Trade debtors / accounts receivable:	10.837.577,00	7.921.836,00	12.770.962,00	9.470.212,00	8.647.453,00
2. Accounts receivable, Group companies:	894.282,00	394.488,00	603.933,00	209.612,00	267.666,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	55.387,00	82.257,00	84.250,00	78.027,00	75.639,00
5. Staff:	22.647,00	31.318,00	18.288,00	9.533,00	13.786,00
6. Public bodies:	498.587,00	846.263,00	1.002.931,00	1.146.996,00	1.025.988,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	9.121.960,00	5.452.057,00	3.607.455,00	3.227.734,00	3.031.950,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	5.905.158,00	5.452.057,00	3.607.455,00	3.227.734,00	3.031.950,00
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:	3.216.802,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	2.782.611,00	4.008.423,00	13.799.457,00	14.397.939,00	25.478.390,00
VII. Prepayments and accrued income:	82.946,00	155.351,00	75.705,00	49.938,00	95.884,00
GENERAL TOTAL (A + B + C + D):	83.689.737,00	75.643.144,00	77.773.698,00	72.010.426,00	77.010.493,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2017	2016	2015	2014	2013
A) EQUITY:	65.867.666,00	62.082.726,00	55.773.608,00	58.690.918,00	64.945.155,00
I. Subscribed capital:	15.626.000,00	15.626.000,00	15.626.000,00	15.626.000,00	15.626.000,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	2.710.517,00	2.179.545,00	2.188.086,00	2.237.442,00	2.336.097,00
IV. Reserves:	43.739.264,00	35.754.098,00	35.838.616,00	36.547.743,00	38.006.447,00
1. Legal reserve:	3.125.200,00	3.125.200,00	3.125.200,00	3.125.200,00	3.125.200,00
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:	40.613.409,00	32.628.372,00	32.712.888,00	33.422.002,00	34.880.682,00
6. Differences due to capital adjustment to euros:	655,00	527,00	529,00	541,00	565,00
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:	10.688.885,00	8.523.083,00	2.120.906,00	9.375.733,00	8.976.611,00
VII. Interim dividend paid:	-6.897.000,00	0,00	0,00	-5.096.000,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	84.548,00	100.753,00	65.673,00	33.508,00	42.773,00
1. Capital grants:	84.548,00	100.753,00	65.673,00	33.508,00	42.773,00
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:	1.853.600,00	2.446.180,00	2.760.458,00	2.555.359,00	2.899.398,00
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:	688.711,00	774.332,00	587.148,00	312.182,00	152.945,00
1. Loans and other liabilities:	688.711,00	774.332,00	587.148,00	312.182,00	152.945,00
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:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	1.164.889,00	1.671.848,00	2.173.310,00	2.243.177,00	2.746.453,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	1.164.889,00	1.671.848,00	2.173.310,00	2.243.177,00	2.746.453,00
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:	15.883.923,00	11.013.485,00	18.906.170,00	10.730.641,00	9.123.167,00
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:	98.328,00	73.931,00	53.723,00	31.974,00	15.143,00
1. Loans and other liabilities:	98.328,00	73.931,00	53.723,00	31.974,00	15.143,00
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:	5.743.839,00	3.704.552,00	9.633.825,00	3.101.163,00	3.814.749,00
1. Amounts owed to group companies:	5.743.839,00	3.704.552,00	9.633.825,00	3.101.163,00	3.814.749,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	5.481.090,00	3.972.898,00	5.354.422,00	5.591.732,00	3.313.426,00
1. Advanced payments from customers:	0,00	0,00	82.094,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	5.481.090,00	3.972.898,00	5.272.328,00	5.591.732,00	3.313.426,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	4.560.666,00	3.262.104,00	3.864.200,00	2.005.772,00	1.979.849,00
1. Public bodies:	2.923.425,00	1.793.782,00	2.412.813,00	1.089.451,00	1.297.315,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	11.438,00	16.474,00	57.491,00	14.243,00	10.941,00
4. Wages and salaries payable:	1.625.803,00	1.451.848,00	1.393.896,00	902.078,00	671.593,00
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	267.789,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	83.689.737,00	75.643.144,00	77.773.698,00	72.010.426,00	77.010.493,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2017	2016	2015	2014	2013
A) CHARGES (A.1 to A.15):	70.555.184,00	64.391.171,00	20.837.144,00	56.458.373,00	58.522.441,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	1.852.233,00
A.2. Supplies:	33.076.467,00	29.723.560,00	12.135.048,00	25.560.150,00	26.930.205,00
a) Stock consumption:	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	33.076.467,00	29.723.560,00	12.135.048,00	25.560.150,00	26.930.205,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	15.018.646,00	13.954.554,00	3.332.729,00	12.748.032,00	12.254.511,00
a) Wages, salaries et al.:	11.022.089,00	10.537.416,00	2.591.394,00	9.538.488,00	9.201.809,00
b) Social security costs:	3.996.557,00	3.417.138,00	741.335,00	3.209.544,00	3.052.702,00
A.4. Depreciation expense:	3.803.807,00	2.894.670,00	598.573,00	2.322.022,00	2.264.245,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	38.018,00	515.834,00	-93.159,00	-601.558,00
a) Stock provision variation:	0,00	38.018,00	248.045,00	-93.159,00	-604.900,00
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	267.789,00	0,00	3.342,00
A.6. Other operating charges:	15.427.355,00	14.227.800,00	3.422.223,00	11.979.338,00	12.504.603,00
a) External services:	15.302.268,00	14.108.122,00	3.382.341,00	11.854.809,00	12.364.911,00
b) Taxes:	125.087,00	119.678,00	39.882,00	124.529,00	139.692,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
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):	13.395.164,00	11.731.060,00	2.580.636,00	12.569.479,00	11.827.536,00
A.7. Financial and similar charges:	28.069,00	44.296,00	7.940,00	36.645,00	73.686,00
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.:	28.069,00	44.296,00	7.940,00	36.645,00	73.686,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	231.536,00	0,00	0,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	462.200,00	28.897,00	365.066,00	692.692,00	375.809,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	13.857.364,00	11.759.957,00	2.945.702,00	13.262.171,00	12.203.345,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	2.482,00	0,00	293,00	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:	5.418,00	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):	26.943,00	37.381,00	1,00	18.614,00	17.782,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	13.884.307,00	11.797.338,00	2.945.703,00	13.280.785,00	12.221.127,00
A.15. Corporation tax:	3.195.422,00	3.274.255,00	824.797,00	3.905.052,00	3.244.516,00
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):	10.688.885,00	8.523.083,00	2.120.906,00	9.375.733,00	8.976.611,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2017	2016	2015	2014	2013
B) INCOME ( B.1 to B.13):	81.244.069,00	72.914.254,00	22.958.050,00	65.834.106,00	67.499.052,00
B.1. Net total sales:	80.613.605,00	70.768.092,00	22.087.657,00	64.280.841,00	66.997.214,00
a) Sales:	80.613.605,00	70.768.092,00	22.087.657,00	64.280.841,00	66.997.214,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	107.834,00	1.800.268,00	497.386,00	768.887,00	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:	0,00	1.302,00	0,00	36.134,00	34.561,00
a) Auxiliary income and other from current management:	0,00	0,00	0,00	0,00	0,00
b) Grants:	0,00	1.302,00	0,00	36.134,00	34.561,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	0,00	0,00	0,00	0,00	0,00
a) In companies of the group:	0,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	2.338,00	5.132,00	206,00	46.112,00	41.516,00
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:	2.338,00	5.132,00	206,00	46.112,00	41.516,00
B.7. Miscellaneous interests or similar income:	297.853,00	299.597,00	75.918,00	325.650,00	405.801,00
a) From companies of the group:	296.268,00	296.118,00	75.779,00	294.393,00	377.659,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	1.585,00	3.479,00	139,00	31.257,00	28.142,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	190.078,00	0,00	296.882,00	357.575,00	2.178,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	0,00	0,00	0,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	1,00	0,00	0,00
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:	32.361,00	39.863,00	0,00	18.907,00	17.782,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted	2017	2016	2015	2014	2013
1. Fiscal year result before taxes.: 61100	13.884.307,00	11.797.338,00	2.945.703,00	13.280.785,00	12.221.127,00
2. Results adjustments.: 61200	3.499.324,00	2.367.085,00	1.046.224,00	1.875.132,00	1.271.274,00
a) Fixed Assets Amortization (+).: 61201	3.803.807,00	2.894.670,00	598.573,00	2.322.022,00	2.264.245,00
b) Obsolescence Allowances (+/-). : 61202	0,00	38.018,00	248.045,00	-93.159,00	-604.900,00
c) Variation in Provision (+/-). : 61203	0,00	-267.789,00	267.789,00	0,00	3.342,00
d) Allocation of grants (-).: 61204	-32.361,00	-39.863,00	0,00	-18.907,00	-17.782,00
e) Results on disposal of fixed assets (+/-). : 61205	0,00	2.482,00	1,00	293,00	0,00
g) Financial income (-).: 61207	-300.191,00	-304.729,00	-76.124,00	-371.762,00	-447.317,00
h) Financial Expenses (+). : 61208	28.069,00	44.296,00	7.940,00	36.645,00	73.686,00
3. Changes in current capital equity.: 61300	2.415.473,00	-3.966.010,00	3.068.071,00	-1.528.410,00	2.005.768,00
a) Stock (+/-).: 61301	901.227,00	-1.354.570,00	-530.521,00	-2.412.969,00	2.054.290,00
d) Debtors and other accounts receivable (+/-). : 61302	-4.148.980,00	5.177.762,00	-3.572.594,00	-748.728,00	-567.513,00
c) Other current assets (+/-). : 61303	72.405,00	-79.646,00	-25.767,00	45.946,00	-32.491,00
d) Creditors and other accounts payable (+/-). : 61304	5.590.821,00	-7.709.556,00	7.196.953,00	1.587.341,00	551.482,00
4. Cash Flows from Other Operating Activities: 61400	-3.044.130,00	-3.650.788,00	79.091,00	-4.202.659,00	-3.884.791,00
a) Interest payments (-). : 61401	-28.069,00	-44.296,00	-7.940,00	-36.645,00	-73.686,00
b) Dividend payment collection (+). : 61402	300.191,00	0,00	0,00	0,00	0,00
c) Interest collection (+). : 61403	0,00	304.729,00	76.124,00	371.762,00	198.186,00
d) Income tax payment collection (payments) (+/-).: 61404	-3.316.252,00	-3.911.221,00	10.907,00	-4.537.776,00	-4.009.291,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	16.754.974,00	6.547.625,00	7.139.089,00	9.424.848,00	11.613.378,00
6. Payments for investment (-).: 62100	-12.689.570,00	-14.365.636,00	-3.086.342,00	-5.060.114,00	-2.682.401,00
a) Companies of the group and affiliates. : 62101	-4.216.802,00	-7.594.602,00	-379.721,00	-195.784,00	0,00
b) Intangible fixed assets. : 62102	-163.102,00	0,00	0,00	0,00	0,00
c) Fixed assets. : 62103	-8.309.666,00	-6.765.926,00	-2.705.496,00	-4.864.215,00	-2.682.170,00
e) Other financial assets. : 62105	0,00	-5.108,00	-1.125,00	-115,00	-231,00
7. Divestment payment collection (+). : 62200	1.672.044,00	0,00	243,00	1.445,00	6.161.162,00
a) Companies of the group and affiliates. : 62201	1.671.899,00	0,00	0,00	0,00	6.161.162,00
c) Fixed assets. : 62203	0,00	0,00	243,00	1.445,00	0,00
e) Other financial assets. : 62205	145,00	0,00	0,00	0,00	0,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	-11.017.526,00	-14.365.636,00	-3.086.099,00	-5.058.669,00	3.478.761,00
9. Payment collection and payments for equity instruments. : 63100	0,00	89.602,00	65.641,00	0,00	0,00
e) Grants, donations and bequests received (+). : 63105	0,00	89.602,00	65.641,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-66.260,00	166.375,00	334.887,00	179.370,00	13.402,00
a) Issuance : 63201	0,00	207.392,00	334.887,00	194.513,00	14.679,00
2. Debts incurred with credit institutions (+). : 63203	0,00	207.392,00	296.715,00	191.211,00	14.679,00
5. Other debts (+). : 63206	0,00	0,00	38.172,00	3.302,00	0,00
b) Repayment and amortization of : 63207	-66.260,00	-41.017,00	0,00	-15.143,00	-1.277,00
2. Debts incurred with credit institutions (-).: 63209	-61.224,00	0,00	0,00	0,00	0,00
5. Other debts (-). : 63212	-5.036,00	-41.017,00	0,00	-15.143,00	-1.277,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-6.897.000,00	-2.229.000,00	-5.052.000,00	-15.626.000,00	0,00
a) Dividends (-).: 63301	-6.897.000,00	-2.229.000,00	-5.052.000,00	-15.626.000,00	0,00
12. Cash Flows from Financing Activities (9+10+11): 63400	-6.963.260,00	-1.973.023,00	-4.651.472,00	-15.446.630,00	13.402,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-1.225.812,00	-9.791.034,00	-598.482,00	-11.228.666,00	15.105.541,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	4.008.423,00	13.799.457,00	14.397.939,00	25.478.390,00	10.372.849,00
Cash or equivalent assets as of end of the fiscal year.: 65200	2.782.611,00	4.008.423,00	13.799.457,00	14.249.724,00	25.478.390,00

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	2017		2016		Variación 2017 - 2016
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	-0,02 %	0,08 %	-0,14 %	0,01 %	89,01 %	582,35 %
Net Financial Debt:	-0,12	1,94	-0,21	2,32	46,33	-16,39
Cash Flow Yield:	-0,01 %	0,03 %	-0,13 %	0,01 %	88,68 %	351,86 %
EBITDA over Sales:	21,34 %	18,09 %	20,67 %	11,96 %	3,23 %	51,27 %

Profitability	2017		2016		Variación 2017 - 2016
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	23,67 %	18,28 %	22,97 %	8,84 %	3,03 %	106,83 %
Total economic profitability:	16,62 %	5,98 %	15,65 %	4,95 %	6,19 %	20,79 %
Financial profitability:	16,24 %	9,38 %	13,74 %	7,33 %	18,19 %	28,06 %
Margin:	16,66 %	14,89 %	16,63 %	7,84 %	0,16 %	89,95 %
Mark-up:	17,23 %	14,14 %	16,67 %	7,08 %	3,36 %	99,70 %

Solvency	2017		2016		Variación 2017 - 2016
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,18	0,15	0,36	0,16	-51,87	-4,79
Acid Test:	1,51	0,76	1,68	0,89	-10,03	-14,52
Working Capital / Investment:	0,20	-0,02	0,23	0,03	-11,40	-150,76
Solvency:	2,07	1,02	2,57	1,21	-19,65	-15,25

Indebtedness	2017		2016		Variación 2017 - 2016
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,27	1,20	0,22	1,24	24,25	-3,08
Borrowing Composition:	0,12	1,51	0,22	1,05	-47,46	44,46
Repayment Ability:	1,03	9,20	0,92	9,29	12,07	-1,02
Warranty:	4,72	1,83	5,62	1,82	-16,05	0,85
Generated resources / Total creditors:	0,82	0,11	0,85	0,09	-4,00	18,34

Efficiency	2017		2016		Variación 2017 - 2016
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,15	2,43	2,05	1,90	4,74	27,65
Turnover of Collection Rights :	6,66	6,12	7,82	5,09	-14,90	20,23
Turnover of Payment Entitlements:	3,08	3,15	4,19	3,54	-26,49	-10,78
Stock rotation:	7,86	9,30	6,24	8,08	25,85	15,11
Assets turnover:	1,42	1,23	1,38	1,13	2,86	8,89
Borrowing Cost:	0,16	2,58	0,33	2,35	-51,92	10,02

> Trend of indicators under the General Accounting Plan of 2007 (2017, 2016, 2015, 2014, 2013)

Cash Flow	2017	2016	2015	2014	2013
Cash Flow over Sales:	-0,02 %	-0,14 %	-0,03 %	-0,17 %	0,23 %
Net Financial Debt:	-0,12	-0,21	-4,12	-0,94	-1,80
Cash Flow Yield:	-0,01 %	-0,13 %	-0,01 %	-0,15 %	0,20 %
EBITDA over Sales:	21,34 %	20,67 %	14,39 %	23,17 %	21,03 %

Profitability	2017	2016	2015	2014	2013
Operating economic profitability:	23,67 %	22,97 %	4,23 %	22,65 %	19,49 %
Total economic profitability:	16,62 %	15,65 %	3,80 %	18,49 %	15,97 %
Financial profitability:	16,24 %	13,74 %	3,80 %	15,98 %	13,83 %
Margin:	16,66 %	16,63 %	11,68 %	19,57 %	17,67 %
Mark-up:	17,23 %	16,67 %	13,34 %	20,65 %	18,23 %

Solvency	2017	2016	2015	2014	2013
Liquidity:	0,18	0,36	0,73	1,34	2,79
Acid Test:	1,51	1,68	1,67	2,64	4,21
Working Capital / Investment:	0,20	0,23	0,27	0,35	0,45
Solvency:	2,07	2,57	2,12	3,40	4,82

Indebtedness	2017	2016	2015	2014	2013
Indebtedness level:	0,27	0,22	0,39	0,23	0,18
Borrowing Composition:	0,12	0,22	0,15	0,24	0,32
Repayment Ability:	1,03	0,92	6,82	0,89	0,85
Warranty:	4,72	5,62	3,59	5,42	6,41
Generated resources / Total creditors:	0,82	0,85	0,14	0,87	0,88

Efficiency	2017	2016	2015	2014	2013
Productivity:	2,15	2,05	1,95	2,17	2,15
Turnover of Collection Rights :	6,66	7,82	1,55	6,04	6,77
Turnover of Payment Entitlements:	3,08	4,19	0,88	3,58	4,07
Stock rotation:	7,86	6,24	2,40	6,59	10,32
Assets turnover:	1,42	1,38	0,36	1,16	1,10
Borrowing Cost:	0,16	0,33	0,04	0,28	0,61

COMPARATIVE SECTORIAL BALANCE

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

Net Rights Granted	Variación -
	Empresa	Sector

Net Rights Granted	Variación -
	Empresa	Sector

Net Rights Granted	Variación -
	Empresa	Sector

Public Tenders and Works Won

 No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	CENTRO DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	32.361,00
Notes	El importe es el transpasado a resultado

Entity	CENTRO PARA EL DESARROLLO TECNOLÓGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	93.818,00
Notes	Saldo al final del ejercicio

Research Summary

The Company was incorporated in 1992, engaged in the manufacture and sale of Hard gelatine capsules intended for the pharmaceutical industry. It belongs to the Japanese Multinational with the same name There are no bad comments against it in the consulted sources. According to all this information, commercial relations can be envisaged in normal credit operations.

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.35
UK Pound	1	INR 92.70
Euro	1	INR 80.80
Euro	1	INR 80.53

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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