MIRA INFORM REPORT

Report No. :	502753
Report Date :	13.04.2018

IDENTIFICATION DETAILS

Name :	TALLERES ALEGRIA SA
Registered Office :	C/ Peña Santa, 7 - Pol. Ind. De Silvota - Llanera - 33192 - Asturias
Country :	Spain
Financials (as on) :	2016
Date of Incorporation :	15.10.1973
Legal Form :	Public Company
Line of Business :	Manufacture of Railway Locomotives and Rolling Stock
No. of Employees :	Not Available

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 :	Good
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:	TALLERES ALEGRIA SA
NIF / Fiscal code:	A33608563
Trade Name	TALLERES ALEGRIA
Status:	ACTIVE
Incorporation Date:	15/10/1973
Register Data	Register Section 8 Sheet 2844
Last Publication in BORME:	25/07/2017 [Miscellaneous Concepts]
Last Published Account Deposit:	2016
Share Capital:	700.000
Localization:	C/ PEÑA SANTA, 7 - POL. IND. DE SILVOTA - LLANERA - 33192 - ASTURIAS
Telephone - Fax - Email - Website:	Telephone. 985263295 Email. talegria@talegria.com Website. www.talegria.com
Number of Branches	1
Activity:
NACE:	3020 - Manufacture of railway locomotives and rolling stock
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	37 for a total cost of 56.350.874,78
Subsidies:	22 for a total cost of 1819339.6600000003
Quality Certificate:	No
Defaults, Legal Claims and Insolvency Proceedings :

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Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---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Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners

Shares:	26
Other Links:	2
No. of Active Corporate Bodies:

Ratios

2016

2015

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
TALLERES ALEGRIA SA NIF A-33.608.563

Identification
Social Denomination:	TALLERES ALEGRIA SA
Trade Name:	TALLERES ALEGRIA
NIF / Fiscal code:	A33608563
Corporate Status:	ACTIVE
Start of activity:	1967
Registered Office:	C/ PEÑA SANTA, 7 - POL. IND. DE SILVOTA
Locality:	LLANERA
Province:	ASTURIAS
Postal Code:	33192
Telephone:	985263295
Fax:	985266011
Website:	www.talegria.com
Email:	talegria@talegria.com

Branch Offices

Address	Postal Code	City	Province
CALLE PEÑA SANTA 7 P I SILVOTA	33690	LLANERA	ASTURIAS

Activity
NACE:	3020
CNAE Obtaining Source:	3020
Additional Information:	Plant, warehouse and offices located on
Additional Address:	en calle Peña Santa 7 del Polígono Industrial de Silvota en Llanera, 33192, Asturias.
Import / export:	IMPORTS / EXPORTS

Chronological Summary
	Year	Act
	1990	Accounts deposit (year 1989)
	1991	Accounts deposit (year 1990)
	1992	Accounts deposit (year 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Statutory Modifications (1)
	1993	Accounts deposit (year 1992) Appointments/ Re-elections (1)
	1994	Accounts deposit (year 1993)
	1995	Accounts deposit (year 1994)
	1996	Accounts deposit (year 1995) Appointments/ Re-elections (2)
	1997	Accounts deposit (year 1996)
	1998	Accounts deposit (year 1997) Appointments/ Re-elections (1)
	1999	Accounts deposit (year 1998) Appointments/ Re-elections (1)
	2000	Accounts deposit (year 1999) Appointments/ Re-elections (1) Increase of Capital (1) Statutory Modifications (1)
	2001	Accounts deposit (year 2000) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2002	Accounts deposit (year 2001) Appointments/ Re-elections (1)
	2003	Accounts deposit (year 2002) Appointments/ Re-elections (1)
	2004	Accounts deposit (year 2003) Appointments/ Re-elections (1) Other Concepts/ Events (1)
	2005	Accounts deposit (year 2004) Appointments/ Re-elections (1)
	2006	Accounts deposit (year 2005) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2007	Accounts deposit (year 2006) Appointments/ Re-elections (1)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (2)
	2010	Accounts deposit (year 2009) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	2011	Board Meeting (1)
	2012	Accounts deposit (year 2010, 2011) Appointments/ Re-elections (2) Board Meeting (1)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (1) Board Meeting (1) Other Concepts/ Events (2)
	2014	Accounts deposit (year 2013)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2016	Accounts deposit (year 2015 consolidated, 2015) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (2)
	2017	Accounts deposit (year 2016 consolidated, 2016) Other Concepts/ Events (1)

Breakdown of Owners' Equity
Registered Capital:	700.000
Paid up capital:	700.000

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
20/10/2000	Increase of Capital	399.500	399.500	700.000	700.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	ALEGRIA RODRIGUEZ JOSE CARLOS	13/08/2015	16
VICE CHAIRMAN	ALEGRIA DIAZ ALFREDO	13/08/2015	8
MEMBER OF THE BOARD	ALEGRIA CERRA BIENVENIDO	13/08/2015	10
	ALEGRIA DIAZ ALFREDO	13/08/2015	8
	ALEGRIA RODRIGUEZ JOSE CARLOS	13/08/2015	16
	ALEGRIA DIAZ JOSE CARLOS	13/08/2015	2
	BLANCO ALEGRIA JAVIER	13/08/2015	6
	DE LA FUENTE ALEGRIA ANGEL	13/08/2015	11
	DE LA FUENTE MORENO RAMON	13/08/2015	2
	MULLER ALEGRIA JUAN MANUEL	13/08/2015	2
	DE VIDAL GARCIA EDUARDO	13/08/2015	2
JOINT CHIEF EXECUTIVE OFFICER	BLANCO ALEGRIA JAVIER	13/08/2015	6
	ALEGRIA DIAZ ALFREDO	13/08/2015	8
PROXY	ALEGRIA DIAZ ALFREDO	22/10/2012	8
	GARCIA MESA RICARDO	09/03/2009	1
	MUÑIZ ARTIME MARTIN	22/05/2008	1
SECRETARY	BLANCO ALEGRIA JAVIER	13/08/2015	6
ACCOUNTS' AUDITOR / HOLDER	CENTIUM AUDITORES SOCIEDAD LIMITADA	10/02/2016	2
CONSOLIDATED ACCOUNTS' AUDITOR	CENTIUM AUDITORES SOCIEDAD LIMITADA	10/02/2016	2

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALEGRIA CERRA BIENVENIDO	MEMBER OF THE BOARD	15/11/1996	10
	MEMBER OF THE BOARD	30/10/2001
	MEMBER OF THE BOARD	11/08/2006
	MEMBER OF THE BOARD	30/09/2010
	MEMBER OF THE BOARD	13/08/2015
	JOINT CHIEF EXECUTIVE OFFICER	30/10/2001
	JOINT CHIEF EXECUTIVE OFFICER	11/08/2006
	JOINT CHIEF EXECUTIVE OFFICER	31/03/2008
	CHIEF EXECUTIVE OFFICER	15/11/1996
ALEGRIA DIAZ ALFREDO	MEMBER OF THE BOARD	01/06/2012	8
	MEMBER OF THE BOARD	13/08/2015
	JOINT CHIEF EXECUTIVE OFFICER	13/08/2015
	VICE CHAIRMAN	13/08/2015
ALEGRIA DIAZ JOSE CARLOS	MEMBER OF THE BOARD	13/08/2015	2
ALEGRIA RODRIGUEZ JOSE CARLOS	MEMBER OF THE BOARD	15/11/1996	16
	MEMBER OF THE BOARD	30/10/2001
	MEMBER OF THE BOARD	11/08/2006
	MEMBER OF THE BOARD	30/09/2010
	MEMBER OF THE BOARD	13/08/2015
	JOINT CHIEF EXECUTIVE OFFICER	30/10/2001
	JOINT CHIEF EXECUTIVE OFFICER	11/08/2006
	JOINT CHIEF EXECUTIVE OFFICER	31/03/2008
	CHIEF EXECUTIVE OFFICER	15/11/1996
	PRESIDENT	15/11/1996
	PRESIDENT	30/10/2001
	PRESIDENT	11/08/2006
	PRESIDENT	30/09/2010
	PRESIDENT	13/08/2015
BLANCO ALEGRIA JAVIER	MEMBER OF THE BOARD	13/08/2015	6
	JOINT CHIEF EXECUTIVE OFFICER	13/08/2015
	SECRETARY	13/08/2015
DE LA FUENTE ALEGRIA ANGEL	MEMBER OF THE BOARD	30/10/2001	11
	MEMBER OF THE BOARD	11/08/2006
	MEMBER OF THE BOARD	30/09/2010
	MEMBER OF THE BOARD	13/08/2015
	JOINT CHIEF EXECUTIVE OFFICER	30/10/2001
	JOINT CHIEF EXECUTIVE OFFICER	11/08/2006
	JOINT CHIEF EXECUTIVE OFFICER	31/03/2008
	SECRETARY	30/10/2001
	SECRETARY	11/08/2006
	SECRETARY	30/09/2010
DE LA FUENTE MORENO RAMON	MEMBER OF THE BOARD	13/08/2015	2
DE VIDAL GARCIA EDUARDO	MEMBER OF THE BOARD	13/08/2015	2
FERREIRO & ASOCIADOS AUDITORES DE CUENTAS SL	ACCOUNTS' AUDITOR / HOLDER	01/08/2013	2
	ACCOUNTS' AUDITOR / HOLDER	10/02/2016
FERREIRO QUIDIELLO CIA	ACCOUNTS' AUDITOR / HOLDER	10/06/1996	2
	ACCOUNTS' AUDITOR / HOLDER	30/09/1998
FERREIRO QUIDIELLO Y CIA AUDITORES ASOCIADOS CENSO	ACCOUNTS' AUDITOR / HOLDER	27/07/1999	5
	ACCOUNTS' AUDITOR / HOLDER	29/08/2000
	ACCOUNTS' AUDITOR / HOLDER	22/07/2004
	ACCOUNTS' AUDITOR / HOLDER	23/08/2005
	ACCOUNTS' AUDITOR / HOLDER	09/08/2010
FERREIRO QUIDIELLO Y CIA AUDITORES ASOCIADOS SRC	ACCOUNTS' AUDITOR / HOLDER	27/07/1999	5
	ACCOUNTS' AUDITOR / HOLDER	29/08/2000
	ACCOUNTS' AUDITOR / HOLDER	10/08/2001
	ACCOUNTS' AUDITOR / HOLDER	08/08/2002
	ACCOUNTS' AUDITOR / HOLDER	24/07/2003
FERREIRO QUIDIELLO Y CIA AUDITORES CENSORES JURADO	ACCOUNTS' AUDITOR / HOLDER	11/08/2006	4
	ACCOUNTS' AUDITOR / HOLDER	07/09/2007
	ACCOUNTS' AUDITOR / HOLDER	21/08/2008
	ACCOUNTS' AUDITOR / HOLDER	14/08/2009
FUENTE ALEGRIA ANGEL	MEMBER OF THE BOARD	15/11/1996	4
	MEMBER OF THE BOARD	30/10/2001
	CHIEF EXECUTIVE OFFICER	15/11/1996
	SECRETARY	15/11/1996
MULLER ALEGRIA JUAN MANUEL	MEMBER OF THE BOARD	13/08/2015	2

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	---

Probability of default

> Estimated Probability of Default for the next 12 months:  0.386 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 302 Manufacture of railway locomotives and rolling stock
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 TALLERES ALEGRIA 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 0,386%.

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

PARTICIPATES IN:	26 Entities
IS RELATED WITH:	2 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
PARTICIPATES IN	RAILFORJA ASTURIANA SA	ASTURIAS	100
	FERROVIAS ASTUR SA	ASTURIAS	100
	INVATRA ALCAZAR SOCIEDAD LIMITADA	CIUDAD REAL	100
	AJA ADMINISTRACION Y GESTION SL	ALAVA	33
	SUMINISTROS FERROVIARIOS 2006		25
	UNION TEMPORAL DE EMPRESAS SUMINISTROS ALTA VELOCIDAD 2010-2012		25
	UNION TEMPORAL DE EMPRESAS AJA BARCELONA FIGUERAS ALTA VELOCIDAD		33.33
	UNION TEMPORAL DE EMPRESAS AJA BASES CONVENCIONALES TRES HILOS		33.33
	BRT ALEGRIA INDUSTRIA FERROVIARIA LTDA (BRASIL)		95
	KZN BIEZANOW TALEGRIA SP ZOO (POLONIA)		50
	GAMPATI RV TALLERES ALEGRIA TRACK PVT, SOCIEDAD ANONIMA, (INDIA)		50
	UNION TEMPORAL DE EMPRESAS 2 OBRECON		50
	UNION TEMPORAL DE EMPRESAS AJA 2A		50
	UNION TEMPORAL DE EMPRESAS AJA BARCELONA FIGUERAS CONVENCIONALES		33.33
	UNION TEMPORAL DE EMPRESAS AJA TERCER HILO PUERTO DE BARCELONA		33.33
	UNION TEMPORAL DE EMPRESAS AJA VALLADOLID NORTE CONVENCIONALES		33.33
	UNION TEMPORAL DE EMPRESAS BRETELLE PCA CATALUNYA		50
	UNION TEMPORAL DE EMPRESAS CONTRATO PROGRAMA 2010		25
	UNION TEMPORAL DE EMPRESAS FABRIDES ANTEQUER GRANADA F1		25
	UNION TEMPORAL DE EMPRESAS FABRIDES CUADRUPLICACION		25
	UNION TEMPORAL DE EMPRESAS FABRIDES DESVIOS MIXTOS CORREDOR DEL MEDITERRANEO		25
	UNION TEMPORAL DE EMPRESAS FABRIDES HARAMAIN		25
	UNION TEMPORAL DE EMPRESAS FABRIDES MONFORTE DEL CID MALAGA F1		25
	UNION TEMPORAL DE EMPRESAS FABRIDES OLMEDO ZAMORA PEDRALBA FASE I		25
	UNION TEMPORAL DE EMPRESAS FABRIDES VALLADOLID PALENCIA LEON AV F1		25
	UNION TEMPORAL DE EMPRESAS VENTA DE BAÑOS BURGOS AV F1		25

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	FERROVIAS ASTUR SA	ASTURIAS
	RAILFORJA ASTURIANA SA	ASTURIAS

Turnover
Total Sales	40.699.325,40

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
2016	Consolidadas	August  2017
2016	Normales	August  2017
2015	Consolidadas	August  2016
2015	Normales	December  2016
2014	Consolidadas	No publicado en BORME
2014	Normales	September  2015
2013	Normales	September  2014
2012	Normales	September  2013
2011	Normales	September  2012
2010	Normales	February  2012
2009	Normales	August  2010
2008	Normales	September  2009
2007	Normales	September  2008
2006	Normales	August  2007
2005	Normales	August  2006
2004	Normales	August  2005
2003	Normales	August  2004
2002	Normales	July  2003
2001	Normales	August  2002
2000	Normales	August  2001
1999	Normales	August  2000
1998	Normales	August  1999
1997	Normales	August  1998
1996	Normales	July  1997
1995	Normales	July  1996
1994	Normales	August  1995
1993	Normales	July  1994
1992	Normales	August  1993
1991	Normales	July  1992
1990	Normales	August  1991
1989	Normales	June  1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2016

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2016 2015 2014 2013 2012  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	2016	2015	2014	2013	2012
A) NON-CURRENT ASSETS: 11000	16.339.873,00	16.696.236,00	11.624.021,00	10.879.866,00	10.967.699,00
I. Intangible fixed assets : 11100	3.105,00	8.851,00	15.281,00	25.324,00	33.590,00
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	3.105,00	8.851,00	15.281,00	25.324,00	33.590,00
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	3.527.799,00	3.721.908,00	3.937.975,00	4.248.046,00	4.144.526,00
1. Land and buildings: 11210	2.800.632,00	2.891.965,00	2.983.218,00	3.074.704,00	3.166.214,00
2. Technical installations and other tangible fixed assets: 11220	241.016,00	350.370,00	475.185,00	693.771,00	829.837,00
3. Tangible asset in progress and advances: 11230	486.151,00	479.572,00	479.572,00	479.572,00	148.475,00
III. Real estate investment: 11300	1.497.105,00	1.545.586,00	1.594.067,00	1.642.548,00	1.691.028,00
1. Land: 11310	1.080.979,00	1.080.979,00	1.080.979,00	1.080.979,00	1.080.979,00
2. Buildings: 11320	416.127,00	464.607,00	513.088,00	561.569,00	610.050,00
IV. Long-term investments in Group companies and associates : 11400	10.150.798,00	10.162.597,00	5.930.751,00	4.913.408,00	5.048.812,00
1. Equity instruments: 11410	8.050.798,00	7.362.597,00	4.430.751,00	3.913.408,00	5.048.812,00
2. Credits to businesses: 11420	2.100.000,00	2.800.000,00	1.500.000,00	1.000.000,00	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	1.136.342,00	1.047.695,00	50.597,00	50.540,00	49.742,00
1. Equity instruments: 11510	1.086.046,00	997.399,00	301,00	301,00	301,00
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	50.296,00	50.296,00	50.296,00	50.239,00	49.441,00
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	24.723,00	209.599,00	95.349,00	0,00	0,00
B) CURRENT ASSETS: 12000	36.246.940,00	39.460.657,00	37.946.102,00	29.272.258,00	29.376.598,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	7.914.597,00	6.861.153,00	6.296.414,00	5.371.115,00	2.424.634,00
1. Commercial: 12210	0,00	0,00	0,00	1.527,00	9.313,00
2. Primary material and other supplies: 12220	7.496.146,00	6.403.373,00	5.444.934,00	3.429.406,00	1.578.588,00
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	7.496.146,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	418.451,00	289.964,00	725.480,00	1.814.183,00	836.733,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	418.451,00	289.964,00	725.480,00	1.814.183,00	836.733,00
4. Finished goods: 12240	0,00	167.815,00	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	167.815,00	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	126.000,00	126.000,00	0,00
III. Trade debtors and others receivable accounts: 12300	10.766.021,00	15.349.670,00	9.913.685,00	4.936.454,00	6.316.063,00
1. Trade debtors / accounts receivable: 12310	8.220.336,00	5.152.474,00	6.459.101,00	4.306.321,00	5.412.021,00
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	8.220.336,00	5.152.474,00	6.459.101,00	4.306.321,00	5.412.021,00
2. Customers, Group companies and associates : 12320	2.403.640,00	9.667.268,00	3.376.906,00	625.414,00	900.993,00
3. Other accounts receivable: 12330	70.050,00	67.436,00	47.458,00	683,00	976,00
4. Personnel: 12340	592,00	0,00	283,00	0,00	500,00
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	71.402,00	462.493,00	29.935,00	4.035,00	1.573,00
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	5.173,00	0,00	84.076,00	73.551,00	76.956,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	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	5.173,00	0,00	84.076,00	73.551,00	76.956,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	13.054.870,00	14.054.257,00	21.037.175,00	18.510.589,00	19.951.171,00
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	400.000,00
3. Debt securities: 12530	5.991.629,00	0,00	0,00	0,00	3.540.000,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	7.063.242,00	14.054.257,00	21.037.175,00	18.510.589,00	16.011.171,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	0,00	0,00	0,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	4.506.279,00	3.195.577,00	614.752,00	380.549,00	607.773,00
1. Treasury: 12710	4.506.279,00	3.195.577,00	614.752,00	380.549,00	607.773,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	52.586.813,00	56.156.893,00	49.570.123,00	40.152.124,00	40.344.296,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2016	2015	2014	2013	2012
A) NET WORTH: 20000	37.856.669,00	31.640.135,00	28.486.680,00	25.668.070,00	25.484.446,00
A-1) Shareholders' equity: 21000	37.839.666,00	31.611.659,00	28.447.133,00	25.612.707,00	25.412.456,00
I. Capital: 21100	700.000,00	700.000,00	700.000,00	700.000,00	700.000,00
1. Registered capital : 21110	700.000,00	700.000,00	700.000,00	700.000,00	700.000,00
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	29.677.909,00	26.592.133,00	23.832.707,00	23.738.849,00	21.604.991,00
1. Legal and statutory: 21310	140.000,00	140.000,00	140.000,00	140.000,00	140.000,00
2. Other reserves: 21320	29.537.909,00	26.452.133,00	23.692.707,00	23.598.849,00	21.464.991,00
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	7.881.757,00	4.739.526,00	4.334.426,00	1.593.858,00	3.527.465,00
VIII. (Interim dividend): 21800	-420.000,00	-420.000,00	-420.000,00	-420.000,00	-420.000,00
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	17.003,00	28.476,00	39.546,00	55.363,00	71.990,00
B) NON-CURRENT LIABILITIES: 31000	8.356.022,00	12.069.029,00	11.676.241,00	11.077.913,00	12.158.697,00
I. Long-term provisions: 31100	8.168.172,00	11.814.649,00	11.341.672,00	10.649.486,00	11.636.412,00
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	8.168.172,00	11.814.649,00	11.341.672,00	10.649.486,00	11.636.412,00
II Long-term creditors: 31200	187.850,00	254.380,00	334.569,00	428.427,00	522.285,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	187.850,00	254.380,00	334.569,00	428.427,00	522.285,00
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	0,00	0,00	0,00	0,00	0,00
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	6.374.122,00	12.447.730,00	9.407.203,00	3.406.141,00	2.701.153,00
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	120.197,00	80.189,00	177.550,00	93.858,00	93.858,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	53.667,00	0,00	83.692,00	0,00	0,00
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	66.530,00	80.189,00	93.858,00	93.858,00	93.858,00
IV. Short-term debts with Group companies and associates: 32400	197.613,00	184.493,00	19.896,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	6.056.312,00	12.183.047,00	9.209.756,00	3.312.283,00	2.607.295,00
1. Suppliers: 32510	2.997.557,00	4.746.738,00	4.502.899,00	1.292.369,00	1.162.624,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	2.997.557,00	4.746.738,00	4.502.899,00	1.292.369,00	1.162.624,00
2. Suppliers, Group companies and associates: 32520	2.288.493,00	5.015.004,00	2.908.873,00	1.165.506,00	613.224,00
3. Other creditors: 32530	218,00	287.794,00	0,00	0,00	2.711,00
4. Personnel (remuneration due): 32540	208.828,00	163.385,00	0,00	122.744,00	114.147,00
5. Liabilities for current tax: 32550	193.358,00	1.414.817,00	1.286.346,00	473.455,00	436.424,00
6. Other accounts payable to Public Administrations.: 32560	367.858,00	555.310,00	442.109,00	258.209,00	278.166,00
7. Advances from clients: 32570	0,00	0,00	69.530,00	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	52.586.813,00	56.156.893,00	49.570.123,00	40.152.124,00	40.344.296,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2016	2015	2014	2013	2012
1. Net turnover: 40100	40.699.325,00	34.548.421,00	26.702.171,00	12.943.592,00	26.992.740,00
a) Sales: 40110	40.699.325,00	34.541.830,00	26.640.739,00	12.943.592,00	26.992.740,00
b) Rendering of services: 40120	0,00	6.591,00	61.433,00	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	128.487,00	-435.516,00	-1.088.703,00	977.449,00	-200.343,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-25.551.368,00	-19.907.090,00	-12.838.346,00	-6.676.793,00	-10.239.663,00
a) Stock consumption: 40410	-7.681.416,00	-7.648.637,00	-4.530.468,00	-1.454.297,00	-4.663.643,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-14.919.478,00	-10.985.053,00	-5.865.430,00	-4.273.409,00	-4.970.035,00
c) Works carried out by other companies: 40430	-2.950.474,00	-1.273.400,00	-2.442.448,00	-949.087,00	-605.985,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	122.269,00	86.060,00	71.742,00	66.852,00	71.342,00
a) Auxiliary income and other from current management: 40510	122.269,00	86.060,00	71.742,00	66.852,00	71.342,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-5.024.092,00	-4.521.865,00	-4.002.267,00	-2.358.906,00	-4.204.558,00
a) Wages, salaries et al.: 40610	-3.877.077,00	-3.492.773,00	-3.098.242,00	-2.589.789,00	-3.203.431,00
b) Social security costs: 40620	-1.147.015,00	-1.029.092,00	-904.025,00	-756.043,00	-1.001.127,00
c) Provisions : 40630	0,00	0,00	0,00	986.926,00	0,00
7. Other operating costs: 40700	-3.094.768,00	-2.659.786,00	-2.882.540,00	-1.141.523,00	-4.202.160,00
a) External services: 40710	-3.027.467,00	-1.895.474,00	-2.123.405,00	-1.073.049,00	-1.484.255,00
b) Taxes: 40720	-65.390,00	-65.825,00	-66.949,00	-68.474,00	-104.652,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-1.910,00	-225.511,00	0,00	0,00	-2.613.254,00
d) Other current management expenditure : 40740	0,00	-472.977,00	-692.186,00	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	-299.699,00	-308.345,00	-412.839,00	-507.737,00	-495.880,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	11.473,00	13.559,00	17.817,00	29.323,00	19.307,00
10. Excess provisions : 41000	1.849.634,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	837,00	-72,00	1,00	-2.679,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	837,00	-72,00	1,00	-2.679,00	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	7.820,00	696,00	6.727,00	17.784,00	-1.454.995,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	8.849.918,00	6.816.062,00	5.573.762,00	3.347.361,00	6.285.790,00
14. Financial income : 41400	104.923,00	197.011,00	412.697,00	331.957,00	839.756,00
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	104.923,00	197.011,00	412.697,00	331.957,00	839.756,00
b 1) From Group companies and associates : 41421	83.636,00	196.637,00	412.214,00	331.870,00	390.650,00
b 2) From third parties : 41422	21.287,00	374,00	482,00	87,00	449.106,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-14.389,00	-8.324,00	-6.461,00	-12.460,00	-4.589,00
a) Amounts owed to Group companies and associates : 41510	-14.313,00	-6.635,00	-1.747,00	0,00	0,00
b) For debts with third parties : 41520	-76,00	-1.689,00	-4.713,00	-12.460,00	-4.589,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	0,00	0,00	92,00	0,00	3.722,00
18. Impairment and result for transfers of financial instruments: 41800	682.094,00	379.627,00	517.343,00	-1.251.268,00	-970.492,00
a) Impairment and losses : 41810	705.712,00	378.422,00	517.343,00	-1.251.268,00	-970.492,00
b) Results for transfers and other : 41820	-23.618,00	1.204,00	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	772.628,00	568.313,00	923.672,00	-931.771,00	-131.603,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	9.622.546,00	7.384.375,00	6.497.433,00	2.415.590,00	6.154.187,00
20. Income taxes: 41900	-1.740.788,00	-2.644.849,00	-2.163.007,00	-821.732,00	-2.626.722,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	7.881.757,00	4.739.526,00	4.334.426,00	1.593.858,00	3.527.465,00
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	7.881.757,00	4.739.526,00	4.334.426,00	1.593.858,00	3.527.465,00

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

Information corresponding to the fiscal year 2016 2015 2014 2013 2012  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 2016 2015 2014 2013 2012 is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2016	2015	2014	2013	2012
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	16.315.150,00	16.486.637,00	11.528.671,00	10.879.866,00	10.967.699,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	3.105,00	8.851,00	15.281,00	25.324,00	33.590,00
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:	3.105,00	8.851,00	15.281,00	25.324,00	33.590,00
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:	5.024.904,00	5.267.494,00	5.532.042,00	5.890.594,00	5.835.555,00
1. Land and construction:	4.297.738,00	4.437.552,00	4.577.285,00	4.717.251,00	4.857.243,00
2. Technical installations and machinery:	214.960,00	312.493,00	423.815,00	618.770,00	740.127,00
3. Other installations, tools and furniture:	18.002,00	26.170,00	35.493,00	51.820,00	61.983,00
4. Payments on account and tangible fixed assets under construction:	486.151,00	479.572,00	479.572,00	479.572,00	148.475,00
5. Other tangible assets:	8.053,00	11.707,00	15.877,00	23.181,00	27.727,00
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:	11.287.141,00	11.210.293,00	5.981.348,00	4.963.948,00	5.098.554,00
1. Equity investments in group companies:	8.022.705,00	7.336.905,00	4.415.290,00	3.899.752,00	5.031.194,00
2. Receivables from group companies:	2.100.000,00	2.800.000,00	1.500.000,00	1.000.000,00	0,00
3. Equity investment in associated companies:	28.094,00	25.692,00	15.461,00	13.656,00	17.618,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	1.086.046,00	997.399,00	301,00	301,00	301,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	50.296,00	50.296,00	50.296,00	50.239,00	49.441,00
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:	36.271.664,00	39.670.256,00	38.041.451,00	29.272.258,00	29.376.598,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	7.914.597,00	6.861.153,00	6.296.414,00	5.371.115,00	2.424.634,00
1. Goods for resale:	0,00	0,00	0,00	1.527,00	9.313,00
2. Raw materials and other consumables:	7.496.146,00	6.403.373,00	5.444.934,00	3.429.406,00	1.578.588,00
3. Goods in process and semifinished ones:	418.451,00	289.964,00	725.480,00	1.814.183,00	836.733,00
4. Finished products:	0,00	167.815,00	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	126.000,00	126.000,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	10.790.744,00	15.559.269,00	10.009.034,00	4.936.454,00	6.316.063,00
1. Trade debtors / accounts receivable:	8.220.336,00	5.152.474,00	6.459.101,00	4.306.321,00	5.412.021,00
2. Accounts receivable, Group companies:	1.726,00	6.941,00	2.424,00	449,00	647,00
3. Accounts receivable, associated companies:	2.401.915,00	9.660.327,00	3.374.482,00	624.965,00	900.346,00
4. Other debtors:	70.050,00	67.436,00	47.458,00	683,00	976,00
5. Staff:	592,00	0,00	283,00	0,00	500,00
6. Public bodies:	96.126,00	672.092,00	125.285,00	4.035,00	1.573,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	13.060.043,00	14.054.257,00	21.121.251,00	18.584.140,00	20.028.127,00
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:	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:	5.991.629,00	0,00	0,00	0,00	3.540.000,00
6. Other receivables:	5.173,00	0,00	84.076,00	73.551,00	476.956,00
7. Shor term guarantees and deposits:	7.063.242,00	14.054.257,00	21.037.175,00	18.510.589,00	16.011.171,00
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:	4.506.279,00	3.195.577,00	614.752,00	380.549,00	607.773,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	52.586.813,00	56.156.893,00	49.570.123,00	40.152.124,00	40.344.296,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2016	2015	2014	2013	2012
A) EQUITY:	37.844.767,00	31.620.202,00	28.458.997,00	25.629.316,00	25.434.053,00
I. Subscribed capital:	700.000,00	700.000,00	700.000,00	700.000,00	700.000,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	29.683.010,00	26.600.676,00	23.844.571,00	23.755.458,00	21.626.588,00
1. Legal reserve:	140.000,00	140.000,00	140.000,00	140.000,00	140.000,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	29.542.993,00	26.460.661,00	23.704.557,00	23.615.444,00	21.486.576,00
6. Differences due to capital adjustment to euros:	17,00	15,00	14,00	13,00	12,00
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:	7.881.757,00	4.739.526,00	4.334.426,00	1.593.858,00	3.527.465,00
VII. Interim dividend paid:	-420.000,00	-420.000,00	-420.000,00	-420.000,00	-420.000,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	11.902,00	19.933,00	27.682,00	38.754,00	50.393,00
1. Capital grants:	11.902,00	19.933,00	27.682,00	38.754,00	50.393,00
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:	8.168.172,00	11.814.649,00	11.341.672,00	10.649.486,00	11.636.412,00
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:	8.168.172,00	11.814.649,00	11.341.672,00	10.649.486,00	11.636.412,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	187.850,00	254.380,00	334.569,00	428.427,00	522.285,00
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:	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:	187.850,00	254.380,00	334.569,00	428.427,00	522.285,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	187.850,00	254.380,00	334.569,00	428.427,00	522.285,00
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	0,00	0,00	0,00	0,00
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:	6.374.122,00	12.447.730,00	9.407.203,00	3.406.141,00	2.701.153,00
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:	53.667,00	0,00	83.692,00	0,00	0,00
1. Loans and other liabilities:	53.667,00	0,00	83.692,00	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:	2.486.106,00	5.199.497,00	2.928.769,00	1.165.506,00	613.224,00
1. Amounts owed to group companies:	2.486.106,00	5.199.497,00	2.928.769,00	1.165.506,00	613.224,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	2.997.775,00	5.034.532,00	4.572.429,00	1.292.369,00	1.165.335,00
1. Advanced payments from customers:	0,00	0,00	69.530,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	2.997.775,00	5.034.532,00	4.502.899,00	1.292.369,00	1.165.335,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	836.574,00	2.213.701,00	1.822.313,00	948.266,00	922.594,00
1. Public bodies:	561.216,00	1.970.127,00	1.728.455,00	731.664,00	714.589,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	66.530,00	80.189,00	93.858,00	93.858,00	93.858,00
4. Wages and salaries payable:	208.828,00	163.385,00	0,00	122.744,00	114.147,00
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):	52.586.813,00	56.156.893,00	49.570.123,00	40.152.124,00	40.344.296,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2016	2015	2014	2013	2012
A) CHARGES (A.1 to A.15):	35.043.010,00	30.107.425,00	22.876.820,00	12.773.098,00	24.399.402,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	435.516,00	1.088.703,00	0,00	200.343,00
A.2. Supplies:	25.551.368,00	19.907.090,00	12.838.346,00	6.676.793,00	10.239.663,00
a) Stock consumption:	7.681.416,00	7.648.637,00	4.530.468,00	1.454.297,00	4.663.643,00
b) Consumption of raw materials and miscellaneous consumable ones:	14.919.478,00	10.985.053,00	5.865.430,00	4.273.409,00	4.970.035,00
c) Miscellaneous external expenditure:	2.950.474,00	1.273.400,00	2.442.448,00	949.087,00	605.985,00
A.3. Staff costs:	5.024.092,00	4.521.865,00	4.002.267,00	2.358.906,00	4.204.558,00
a) Wages, salaries et al.:	3.877.077,00	3.492.773,00	3.098.242,00	1.602.863,00	3.203.431,00
b) Social security costs:	1.147.015,00	1.029.092,00	904.025,00	756.043,00	1.001.127,00
A.4. Depreciation expense:	299.699,00	308.345,00	412.839,00	507.737,00	495.880,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	1.910,00	225.511,00	0,00	0,00	2.613.254,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	1.910,00	225.511,00	0,00	0,00	2.613.254,00
A.6. Other operating charges:	3.092.858,00	2.434.276,00	2.882.540,00	1.141.523,00	1.588.907,00
a) External services:	3.027.467,00	1.895.474,00	2.123.405,00	1.073.049,00	1.484.255,00
b) Taxes:	65.390,00	65.825,00	66.949,00	68.474,00	104.652,00
c) Other operating expenses:	0,00	472.977,00	692.186,00	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):	8.829.788,00	6.801.879,00	5.549.217,00	3.302.934,00	7.721.477,00
A.7. Financial and similar charges:	38.007,00	8.324,00	6.461,00	12.460,00	4.589,00
a) Due to liabilities with companies of the group:	14.313,00	6.635,00	1.747,00	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.:	76,00	1.689,00	4.713,00	12.460,00	4.589,00
d) Losses from financial investments:	23.618,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	0,00	0,00	0,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	66.915,00	189.891,00	406.328,00	319.497,00	838.889,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	8.896.704,00	6.991.770,00	5.955.546,00	3.622.431,00	8.560.366,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	-705.712,00	-378.422,00	-517.343,00	1.251.268,00	970.492,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	72,00	0,00	2.679,00	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	1.454.995,00
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):	725.842,00	392.606,00	541.887,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	9.622.546,00	7.384.375,00	6.497.433,00	2.415.590,00	6.154.187,00
A.15. Corporation tax:	1.740.788,00	2.644.849,00	2.163.007,00	821.732,00	2.626.722,00
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):	7.881.757,00	4.739.526,00	4.334.426,00	1.593.858,00	3.527.465,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2016	2015	2014	2013	2012
B) INCOME ( B.1 to B.13):	42.924.768,00	34.846.951,00	27.211.246,00	14.366.956,00	27.926.867,00
B.1. Net total sales:	40.699.325,00	34.548.421,00	26.702.171,00	12.943.592,00	26.992.740,00
a) Sales:	40.699.325,00	34.541.830,00	26.640.739,00	12.943.592,00	26.992.740,00
b) Rendering of services:	0,00	6.591,00	61.433,00	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:	128.487,00	0,00	0,00	977.449,00	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:	1.971.903,00	86.060,00	71.742,00	66.852,00	71.342,00
a) Auxiliary income and other from current management:	122.269,00	86.060,00	71.742,00	66.852,00	71.342,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	1.849.634,00	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:	83.636,00	196.637,00	412.214,00	331.870,00	390.650,00
a) From companies of the group:	1.155,00	2.716,00	5.693,00	4.583,00	5.395,00
b) From associated companies:	82.481,00	193.922,00	406.522,00	327.287,00	385.255,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	21.287,00	1.578,00	482,00	87,00	449.106,00
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:	21.287,00	374,00	482,00	87,00	449.106,00
d) Profit on financial investment:	0,00	1.204,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	92,00	0,00	3.722,00
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:	837,00	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:	11.473,00	13.559,00	17.817,00	29.323,00	19.307,00
B.12. Extraordinary income:	7.820,00	696,00	6.727,00	17.784,00	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	1.206.841,00	2.406.179,00
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	2016	2015	2014	2013	2012
1. Fiscal year result before taxes.: 61100	9.622.546,00	7.384.375,00	6.497.433,00	2.415.590,00	6.154.187,00
2. Results adjustments.: 61200	-2.338.178,00	321.261,00	163.629,00	423.260,00	3.221.429,00
a) Fixed Assets Amortization (+).: 61201	299.699,00	306.304,00	412.839,00	507.737,00	495.880,00
b) Obsolescence Allowances (+/-). : 61202	-705.712,00	-381.846,00	-517.343,00	1.251.268,00	0,00
c) Variation in Provision (+/-). : 61203	-1.849.634,00	472.977,00	692.186,00	-986.926,00	2.613.254,00
d) Allocation of grants (-).: 61204	-11.473,00	-13.559,00	-17.817,00	-29.323,00	-19.307,00
e) Results on disposal of fixed assets (+/-). : 61205	163,00	72,00	0,00	0,00	0,00
f) Results on disposal of financial instruments (+/-).: 61206	19.313,00	0,00	0,00	0,00	970.492,00
g) Financial income (-).: 61207	-104.923,00	-197.011,00	-412.697,00	-331.957,00	-839.756,00
h) Financial Expenses (+). : 61208	14.389,00	8.324,00	6.461,00	12.460,00	4.589,00
i) Exchange differences (+/-). : 61209	0,00	0,00	0,00	0,00	-3.722,00
k) Other income and expense (-/+). : 61211	0,00	126.000,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	-3.018.523,00	-3.444.013,00	-894.067,00	-951.463,00	6.102.841,00
a) Stock (+/-).: 61301	-1.053.445,00	-690.738,00	-925.299,00	-2.946.481,00	760.054,00
d) Debtors and other accounts receivable (+/-). : 61302	4.583.649,00	-5.435.985,00	-4.977.231,00	1.379.610,00	7.792.335,00
c) Other current assets (+/-). : 61303	184.876,00	-114.250,00	-10.525,00	3.406,00	0,00
d) Creditors and other accounts payable (+/-). : 61304	-4.936.761,00	2.794.472,00	4.953.896,00	679.316,00	-2.449.548,00
e) Other current liabilities (+/-).: 61305	0,00	0,00	160.441,00	-67.313,00	0,00
f) Other non-current assets and liabilities (+/-).: 61306	-1.796.843,00	2.488,00	-95.349,00	0,00	0,00
4. Cash Flows from Other Operating Activities: 61400	-2.840.230,00	-2.277.344,00	-973.635,00	-465.203,00	-2.631.097,00
a) Interest payments (-). : 61401	-14.389,00	-8.324,00	-6.461,00	-12.460,00	-4.375,00
c) Interest collection (+). : 61403	104.923,00	197.011,00	412.697,00	331.957,00	0,00
d) Income tax payment collection (payments) (+/-).: 61404	-2.930.763,00	-2.466.030,00	-1.379.871,00	-784.701,00	-2.626.722,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	1.425.615,00	1.984.280,00	4.793.359,00	1.422.184,00	12.847.360,00
6. Payments for investment (-).: 62100	-140.173,00	-4.882.495,00	-3.050.990,00	-4.030.975,00	-59.941.786,00
a) Companies of the group and affiliates. : 62101	0,00	-3.850.000,00	-480.104,00	-1.115.864,00	-8.961.791,00
b) Intangible fixed assets. : 62102	-1.724,00	0,00	-8.205,00	-12.118,00	-262.549,00
c) Fixed assets. : 62103	-49.802,00	-35.396,00	-36.039,00	-402.776,00	-12.659.533,00
d) Real estate investment. : 62104	0,00	0,00	0,00	0,00	-1.888.992,00
e) Other financial assets. : 62105	-88.647,00	-997.099,00	-2.526.586,00	-2.499.419,00	-2.857.922,00
h) Other assets. : 62108	0,00	0,00	-57,00	-798,00	-33.311.000,00
7. Divestment payment collection (+). : 62200	1.692.412,00	7.066.994,00	0,00	3.962.729,00	29.879.279,00
a) Companies of the group and affiliates. : 62201	693.025,00	84.076,00	0,00	0,00	95.339,00
c) Fixed assets. : 62203	0,00	0,00	0,00	22.729,00	4.761,00
e) Other financial assets. : 62205	999.387,00	6.982.918,00	0,00	3.940.000,00	8.180,00
h) Other assets. : 62208	0,00	0,00	0,00	0,00	29.771.000,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	1.552.239,00	2.184.498,00	-3.050.990,00	-68.245,00	-30.062.507,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	2.000,00	12.696,00	-19.307,00
e) Grants, donations and bequests received (+). : 63105	0,00	0,00	2.000,00	12.696,00	-19.307,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-13.402,00	-12.953,00	-10.166,00	-93.858,00	1.061.472,00
a) Issuance : 63201	13.119,00	164.597,00	0,00	0,00	1.424.091,00
2. Debts incurred with credit institutions (+). : 63203	0,00	0,00	0,00	0,00	616.143,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	0,00	0,00	4.089,00
5. Other debts (+). : 63206	13.119,00	164.597,00	0,00	0,00	803.859,00
b) Repayment and amortization of : 63207	-26.522,00	-177.550,00	-10.166,00	-93.858,00	-362.619,00
2. Debts incurred with credit institutions (-).: 63209	53.667,00	-83.692,00	0,00	0,00	-93.858,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-80.189,00	-93.858,00	0,00	0,00	-81.045,00
5. Other debts (-). : 63212	0,00	0,00	-10.166,00	-93.858,00	-187.716,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-1.653.750,00	-1.575.000,00	-1.500.000,00	-1.500.000,00	-1.080.000,00
a) Dividends (-).: 63301	-1.653.750,00	-1.575.000,00	-1.500.000,00	-1.500.000,00	-1.080.000,00
12. Cash Flows from Financing Activities (9+10+11): 63400	-1.667.152,00	-1.587.953,00	-1.508.166,00	-1.581.162,00	-37.836,00
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	1.310.702,00	2.580.825,00	234.203,00	-227.224,00	-17.252.982,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	3.195.577,00	614.752,00	380.549,00	607.773,00	705.010,00
Cash or equivalent assets as of end of the fiscal year.: 65200	4.506.279,00	3.195.577,00	614.752,00	380.549,00	607.267,00

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	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,03 %	0,01 %	0,07 %	0,06 %	-56,89 %	-81,66 %
Net Financial Debt:	-2,37	2,31	-2,38	2,84	0,38	-18,48
Cash Flow Yield:	0,02 %	0,01 %	0,05 %	0,03 %	-45,76 %	-81,35 %
EBITDA over Sales:	17,89 %	11,95 %	20,58 %	10,43 %	-13,09 %	14,55 %

Profitability	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	31,31 %	8,84 %	22,06 %	6,94 %	41,92 %	27,40 %
Total economic profitability:	18,33 %	4,94 %	13,16 %	3,19 %	39,21 %	54,90 %
Financial profitability:	20,83 %	7,32 %	14,99 %	4,14 %	38,93 %	76,75 %
Margin:	21,66 %	7,83 %	19,68 %	6,34 %	10,07 %	23,62 %
Mark-up:	23,55 %	7,07 %	21,32 %	3,79 %	10,48 %	86,66 %

Solvency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,71	0,16	0,26	0,14	175,38	15,38
Acid Test:	4,44	0,89	2,62	0,87	69,72	3,05
Working Capital / Investment:	0,57	0,03	0,48	0,03	18,09	2,15
Solvency:	5,69	1,21	3,19	1,19	78,56	1,40

Indebtedness	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,14	1,24	0,29	1,31	-51,22	-4,83
Borrowing Composition:	0,03	1,05	0,02	1,04	44,21	0,68
Repayment Ability:	0,90	9,29	1,79	11,04	-49,54	-15,85
Warranty:	8,01	1,82	4,42	1,78	81,27	2,01
Generated resources / Total creditors:	1,14	0,09	0,37	0,08	210,97	19,51

Efficiency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,45	1,90	2,57	1,80	-4,80	5,94
Turnover of Collection Rights :	3,79	5,09	2,26	5,22	68,04	-2,60
Turnover of Payment Entitlements:	4,75	3,54	1,82	3,69	161,55	-4,23
Stock rotation:	4,28	8,07	4,06	7,79	5,41	3,67
Assets turnover:	1,45	1,13	1,12	1,09	28,94	3,06
Borrowing Cost:	0,22	2,35	0,07	2,45	234,61	-4,22

> Trend of indicators under the General Accounting Plan of 2007 (2016, 2015, 2014, 2013, 2012)

Cash Flow	2016	2015	2014	2013	2012
Cash Flow over Sales:	0,03 %	0,07 %	0,01 %	-0,02 %	0,00 %
Net Financial Debt:	-2,37	-2,38	-3,55	-4,82	-2,43
Cash Flow Yield:	0,02 %	0,05 %	0,00 %	-0,01 %	0,00 %
EBITDA over Sales:	17,89 %	20,58 %	22,33 %	29,44 %	30,44 %

Profitability	2016	2015	2014	2013	2012
Operating economic profitability:	31,31 %	22,06 %	24,78 %	20,05 %	50,87 %
Total economic profitability:	18,33 %	13,16 %	13,12 %	6,05 %	15,27 %
Financial profitability:	20,83 %	14,99 %	15,24 %	6,22 %	13,88 %
Margin:	21,66 %	19,68 %	20,79 %	25,59 %	28,60 %
Mark-up:	23,55 %	21,32 %	24,24 %	18,43 %	28,12 %

Solvency	2016	2015	2014	2013	2012
Liquidity:	0,71	0,26	0,07	0,11	0,23
Acid Test:	4,44	2,62	3,36	7,02	9,98
Working Capital / Investment:	0,57	0,48	0,58	0,64	0,66
Solvency:	5,69	3,19	4,04	8,59	10,88

Indebtedness	2016	2015	2014	2013	2012
Indebtedness level:	0,14	0,29	0,24	0,11	0,09
Borrowing Composition:	0,03	0,02	0,04	0,13	0,19
Repayment Ability:	0,90	1,79	1,63	1,01	0,39
Warranty:	8,01	4,42	5,09	10,47	12,52
Generated resources / Total creditors:	1,14	0,37	0,43	0,87	1,55

Efficiency	2016	2015	2014	2013	2012
Productivity:	2,45	2,57	2,49	2,62	2,95
Turnover of Collection Rights :	3,79	2,26	2,70	2,64	4,28
Turnover of Payment Entitlements:	4,75	1,82	1,59	2,66	5,46
Stock rotation:	4,28	4,06	3,37	1,81	7,98
Assets turnover:	1,45	1,12	1,19	0,78	1,78
Borrowing Cost:	0,22	0,07	0,07	0,32	0,14

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

News

Lne.es	08/07/2016
Duro afirma que se alió con más fabricantes ferroviarios para satisfacer al Adif
Companies related
AMURRIO FERROCARRIL Y EQUIPOS SA
DURO FELGUERA RAIL SA

Public Tenders and Works Won

Organisation that calls the tender:

MANDO DE APOYO LOGISTICO MALOG

Objective of Tender:

MANTENIMIENTO DE VAGONES PLATAFORMA DE FERROCARRIL DEL E T

Date Awarded:

12/02/2018

Cost:

250.188,23 EURO.

Organisation that calls the tender:

FERROCARRILES DE LA GENERALIDAD DE CATALUÑA

Objective of Tender:

Subministrament de tres nous vagons plataforma polivalents per a la línia Llobregat Anoia dels FGC (Ref. PO23/17)

Date Awarded:

05/12/2017

Cost:

586.850,00 EURO.

Organisation that calls the tender:

METRO DE MADRID SA

Objective of Tender:

SUMINISTRO, DISEÑO Y FABRICACION DE UNA DIAGONAL ENTRE LAS ESTACIONES DE METRO DE SAN FERNANDO Y LA RAMBLA, EN LA LINEA 7 DE METRO DE MADRID

Date Awarded:

12/09/2017

Cost:

205.821,00 EURO.

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

REFUERZO PUENTE METALICO SOBRE EL RIO COLLE EN LA LOSILLA, P K 33 100 LINEA 790 ARANGUREN LA ASUNCION UNIVERSIDAD DE ADIF RAM TERMINO MUNICIPAL DE VEGAQUEMADA LEON

Date Awarded:

11/09/2017

Cost:

171.941,00 EURO.

Organisation that calls the tender:

MANDO DE APOYO LOGISTICO MALOG

Objective of Tender:

MANTENIMIENTO DE VAGONES PLATAFORMA DE FERROCARRIL DEL ET

Date Awarded:

26/06/2017

Cost:

212.000,00 EURO.

Organisation that calls the tender:

FERROCARRILES DE LA GENERALIDAD DE CATALUÑA

Objective of Tender:

SUBMINISTRAMENT D UNA TRAVESSIA D UNIO DOBLE TUD TIPUS TUDM 54 60 1 6 PER A L ESTACIO DE MARTORELL CENTRAL DE LA LINIA LLOBREGAT ANOIA DELS FERROCARRILS DE LA GENERALITAT DE CATALUNYA

Date Awarded:

13/02/2017

Cost:

140.904,50 EURO.

Organisation that calls the tender:

FERROCARRILES DE LA GENERALIDAD DE CATALUÑA

Objective of Tender:

Subministrament de 3 desviaments (núm. 2 de l'estació d'igualada, núm. 1 de l'estació de Vallbona i núm. 13 de l'estació de Sant Boi) per a la línia Llobregat ¿ Anoia dels Ferrocarrils de la Generalitat de Catalunya (Ref. PO25/16)

Date Awarded:

07/11/2016

Cost:

Número de lot: 1 Import: 62.799,00 euros amb IVA Número de lot: 2 Import: 138.424,00 euros amb IVA

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

MANTENIMIENTO DE 25 VEHICULOS DE MAQUINARIA DE VIA RECONSTRUIDOS

Date Awarded:

07/10/2016

Cost:

1.803.769,00 EURO.

Organisation that calls the tender:

MANDO DE APOYO LOGISTICO MALOG

Objective of Tender:

MANTENIMIENTO DE VAGONES PLATAFORMA DEL ET

Date Awarded:

31/08/2016

Cost:

821.388,22 EURO.

Organisation that calls the tender:

FERROCARRILES DE LA GENERALIDAD DE CATALUÑA

Objective of Tender:

SUBMINISTRAMENT D UN DESVIAMENT TIPUS DSIL C R 54 100 2 1 5 CC S PER ACCES A LA NOVA VIA 0 DE L ESTACIO DE SARRIA DELS FERROCARRILS DE LA GENERALITAT DE CATALUNYA

Date Awarded:

22/03/2016

Cost:

107.085,00 EURO.

Organisation that calls the tender:

RED NACIONAL DE LOS FERROCARRILES ESPAÑOLES RENFE

Objective of Tender:

SERVICIO DE INTERVENCIONES TIPO R Y RS SOBRE VAGONES DE RENFE MERCANCIAS

Date Awarded:

22/01/2016

Cost:

450.352,00 EURO.

Organisation that calls the tender:

ADIF ALTA VELOCIDAD

Objective of Tender:

SUMINISTRO Y TRANSPORTE DE APARATOS DE VIA FERROVIARIOS DESTINADOS A LA CONSTRUCCION DE LINEAS DE ALTA VELOCIDAD PERTENECIENTES A LA RED FERROVIARA DE INTERES GENERAL GESTIONADAS POR ADIF ALTA VELOCIDAD

Date Awarded:

30/10/2015

Cost:

2.668.522,51 EURO.

Organisation that calls the tender:

ADIF ALTA VELOCIDAD

Objective of Tender:

SUMINISTRO Y TRANSPORTE DE APARATOS DE VIA FERROVIARIOS DESTINADOS A LA CONSTRUCCION DE LINEAS DE ALTA VELOCIDAD PERTENECIENTES A LA RED FERROVIARA DE INTERES GENERAL GESTIONADAS POR ADIF ALTA VELOCIDAD

Date Awarded:

30/10/2015

Cost:

3.228.912,24 EURO.

Organisation that calls the tender:

ADIF ALTA VELOCIDAD

Objective of Tender:

SUMINISTRO Y TRANSPORTE DE APARATOS DE DILATACION PARA EL TRAMO VENTA DE BAÑOS BURGOS DEL CORREDOR NORTE NOROESTE DE ALTA VELOCIDAD FASE I

Date Awarded:

15/12/2014

Cost:

846.154,63 EURO.

Organisation that calls the tender:

ADIF ALTA VELOCIDAD

Objective of Tender:

SUMINISTRO Y TRANSPORTE DE APARATOS DE DILATACION PARA EL TRAMO VENTA DE BAÑOS BURGOS DEL CORREDOR NORTE NOROESTE DE ALTA VELOCIDAD FASE I

Date Awarded:

15/12/2014

Cost:

1.023.847,10 EURO.

Organisation that calls the tender:

ADIF ALTA VELOCIDAD

Objective of Tender:

SUMINSITRO Y TRANSPORTE DE APARATOS DE DILATACION PARA LAS LINEAS DE ALTA VELOCIDAD ANTEQUERA GRANADA, MONFORTE DEL CID MURCIA Y MADRID EXTREMADURA FASE I

Date Awarded:

31/10/2014

Cost:

5.301.976,67 EURO.

Organisation that calls the tender:

AUTORIDAD PORTUARIA DE GIJON

Objective of Tender:

Reparación del puente del ferrocarril de Aboño.

Date Awarded:

20/05/2014

Cost:

562.209,52 EURO.

Organisation that calls the tender:

AUTORIDAD PORTUARIA DE GIJON

Objective of Tender:

REPARACION DEL PUENTE DE FERROCARRIL DE ABOÑO

Date Awarded:

20/05/2014

Cost:

592.422,59 EURO.

Organisation that calls the tender:

ADIF ALTA VELOCIDAD

Objective of Tender:

SUMINISTRO Y TRANSPORTE DE APARATOS DE DILATACION PARA EL TRAMO VALLADOLID PALENCIA LEON DEL CORREDOR NORTE NOROESTE DE ALTA VELOCIDAD FASE 1

Date Awarded:

28/04/2014

Cost:

2.847.213,46 EURO.

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

REVISION DE LOS VAGONES PLATAFORMA PROPIEDAD DE ADIF

Date Awarded:

12/12/2013

Cost:

206.855,05 EURO.

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

SUMINISTRO DE MATERIAL PARA 1 DSH C1 54 318 0,09 CR D TC PARA SU MONTAJE EN EL CTV DE VALLADOLID

Date Awarded:

12/11/2013

Cost:

85.700,00 EURO.

Organisation that calls the tender:

RENFE OPERADORA

Objective of Tender:

SUMINISTRO E INSTALACION DE ELEMENTOS DE SEGURIDAD EN 100 VAGONES MA7

Date Awarded:

23/10/2013

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

REHABILITACION DE 11 VAGONETAS DE LA SERIE 021 MACOSA

Date Awarded:

07/10/2013

Cost:

1.584.000,00 EURO.

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

SUMINISTRO DE JUNTAS AISLANTES ENCOLADAS DESTINO VALLADOLID

Date Awarded:

28/05/2013

Cost:

30.600,00 EURO.

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

JUNTAS AISLANTES ENCOLADAS DESTINO VALLADOLID

Date Awarded:

13/11/2012

Cost:

24.980,00 EURO.

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

SUMINISTRO Y TRANSPORTE DE APARATOS DE DILATACION DESTINADOS A LA CONSTRUCCION DE LINEAS DE ALTA VELOCIDAD

Date Awarded:

16/10/2012

Cost:

2.164.514,68 EURO.

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

SUMINISTRO Y TRANSPORTE DE APARATOS DE DILATACION PARA EL TRAMO OLMEDO ZAMORA PEDRALBA DEL CORREODR NORTE NOROESTE DE ALTA VELOCIDAD

Date Awarded:

16/10/2012

Cost:

4.933.979,77 EURO.

Organisation that calls the tender:

RED NACIONAL DE LOS FERROCARRILES ESPAÑOLES RENFE

Objective of Tender:

MANTENIMIENTO PREVENTIVO Y CORRECTIVO DE TRENES CARRILEROS TIPO ALEGRIA

Date Awarded:

25/09/2012

Cost:

363.000,00 EURO.

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

SUMINISTRO Y TRANSPORTE DE APARATOS DE DILATACION PARA LA LINEA DE ALTA VELOCIDAD MADRID ZARAGOZA BARCELONA F

Date Awarded:

27/07/2011

Cost:

1.813.417,75 EURO.

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

SUMINISTRO DE JUNTAS AISLANTES ENCOLADAS DESTINO VALLADOLID

Date Awarded:

12/07/2011

Cost:

170.000,00 EURO.

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

SUMINISTRO Y TRANSPORTE DE APARATOS DE DILATACION PARA EL TRAMO OURENSE SANTIAGO DEL CORREDOR NORTE NOROESTE

Date Awarded:

28/06/2011

Cost:

1.650.989,45 EURO.

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

MODERNIZACION DEL PUENTE METALICO RIO SALADO P K 67 445 LINEA DE LINARES A ALMERIA

Date Awarded:

13/01/2011

Cost:

954.253,00 EURO.

Organisation that calls the tender:

RED NACIONAL DE LOS FERROCARRILES ESPAÑOLES RENFE

Objective of Tender:

ADQUISICION DE UTILLAJES E INGENIERIA PARA LA FABRICACION DE 200 VAGONES MC45 EN EL TALLER DE MALAGA

Date Awarded:

12/11/2010

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

MEJORAS DE VAGONETAS SERIE 021 MACOSA

Date Awarded:

25/11/2009

Cost:

283.984,83 EURO.

Organisation that calls the tender:

ADMINISTRADOR DE INFRAESTRUCTURAS FERROVIARIAS ADIF

Objective of Tender:

SUMINISTRO Y TRANSPORTE DE APARATOS DE DILATACIóN PARA EL NAF DE LEVANTE MADRID-CLAMANCHA-RGMURCIA. FASE II

Date Awarded:

31/10/2008

Cost:

10.952.697,75 EURO.

Organisation that calls the tender:

GESTOR DE INFRAESTRUCTURAS FERROVIARIAS GIF

Objective of Tender:

SUMINISTRO Y TRANSPORTE DE REPUESTOS DE APARATOS DE VIA DESVIOS DE ALTA VELOCIDAD, DESVIOS CONVENCIONALES Y APARATOS DE DILATACION PARA EL MANTENIMIENTO DE LA LINEA DE ALTA VELOCIDAD MADRID ZARAGOZA BARCEL O N A F R O N T E R A F R A N C E S A TRAMO MADRID LLEIDA

Date Awarded:

30/07/2004

Cost:

5.000.000,00 EURO.

Organisation that calls the tender:

GESTOR DE INFRAESTRUCTURAS FERROVIARIAS GIF

Objective of Tender:

SUMINISTRO Y TRANSPORTE DE REPUESTOS DE APARATOS DE VIA DESVIOS DE ALTA VELOCIDAD, DESVIOS CONVENCIONALES Y APARATOS DE DILATACION PARA EL MANTENIMIENTO DE LA LINEA DE ALTA VELOCIDAD MADRID, ZARAGOZA, BARCELONA, FRONTERA FRANCESA TRAMO MADRID LLEIDA

Date Awarded:

30/07/2004

Cost:

4.310.344,83 EURO.

Detail of Subsidies appearing in Balances Memories

Entity	PRINCIPADO DE ASTURIAS
Status	CONCEDIDA
Amount Granted	7.072,71
Notes	El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias. Subvención concedida el 22 de abril de 2010.

Entity	INSTITUTO PARA LA REESTRUCTURACION DE LA MIENRIA DEL CARBON Y DESARROLLO ALTERNATIVO
Status	CONCEDIDA
Amount Granted	3.705,28
Notes	El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias. Subvención concedida el 14 de diciembre de 2011.

Entity	MINISTERIO DE ECONOMIA
Status	CONCEDIDA
Amount Granted	694,82
Notes	El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 17.002,86 euros. Subvención concedida el 29 de diciembre de 2004.

Entity	INSTITUTO PARA LA REESTRUCTURACION DE LA MIENRIA DEL CARBON Y DESARROLLO ALTERNATIVO
Status	CONCEDIDA
Amount Granted	3.020,48
Notes	El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 3.705,28 euros.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	19.307,33
Notes	El importe reflejado es el imputado a resultados.

Entity	INSTITUTO DE DESARROLLO ECONOMICO DEL PRINCIPADO DE ASTURIAS
Status	CONCEDIDA
Amount Granted	21.296,56
Notes	Corresponde al saldo imputado a resultados.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Vagón portavehículos tecnológicamente avanzado.
Amount Granted	373.501,50

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	213.528,75
Notes	Tren carrilero con tecnología avanzada.

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Project	Desarrollo de sistema de gestión y fabricación de componentes tecnológicos.
Amount Granted	177.626,84

Entity	INSTITUTO DE DESARROLLO ECONOMICO DEL PRINCIPADO DE ASTURIAS
Status	CONCEDIDA
Project	Instalación para la fabricación de Bogies.
Amount Granted	55.762,20

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	51.810,02
Notes	Corresponde al saldo imputado a resultados.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Status	CONCEDIDA
Project	La subvención fue concedida para la adquisición de bienes de equipo.
Amount Granted	227.037,72
Notes	La subvención fue concedida el 29/12/2004. El saldo imputado a resultados durante el ejercicio asciende a 37195.10euros

Entity	PRINCIPADO DE ASTURIAS
Status	CONCEDIDA
Project	La subvención fue concedida para la adquisición de bienes de equipo e inmovilizado.
Amount Granted	41.479,34
Notes	La subvención fue concedida el 15 de febrero de 2001. El saldo imputado a resultados asciende a 4877.52 euros

Entity	PRINCIPADO DE ASTURIAS
Status	CONCEDIDA
Amount Granted	30.050,60

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Status	CONCEDIDA
Project	La subvención ha sido concedida para la adquisición de bienes de equipo.
Amount Granted	72.674,47
Notes	La subvención fue concedida el 28/12/1998. El saldo imputado a resultados durante el ejercicio asciende a 6.516,29 euros, no quedando saldo pendiente de imputación.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Status	CONCEDIDA
Project	La subvención ha sido concedida para la adquisición de bienes de equipo.
Amount Granted	151.766,07
Notes	La subvención fue concedida el 8 de julio de 1998 y el saldo imputado a resultados asciende a 16.087,59 euros.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Project	ADQUISICION DE BIENES DE EQUIPO
Amount Granted	151.766,07
Notes	SE HA IMPUTADO EN EL PRESENTE EJERCICIO, LA CANTIDAD DE 19.382,64 EUROS

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Project	ADQUISICION DE BIENES DE EQUIPO
Amount Granted	72.674,47
Notes	SE HA IMPUTADO EN EL PRESENTE EJERCICIO LA CANTIDAD DE 8.724,43 EUROS

Entity	PRINCIPADO DE ASTURIAS
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Project	ADQUISICION DE BIENES DE EQUIPO E INMOVILIZADO
Amount Granted	41.479,34
Notes	SE HA IMPUTADO EN EL PRESENTE EJERCICIO LA CANTIDAD DE 4.979,81 EUROS.

Entity	PRINCIPADO DE ASTURIAS
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Project	ADQUISICION DE BIENES DE EQUIPO
Amount Granted	30.050,61
Notes	SE HA IMPUTADO EN EL PRESENTE EJERCICIO LA CANTIDAD DE 3.607,52 EUROS

Entity	PRINCIPADO DE ASTURIAS
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Project	ADQUISICION DE BIENES DE EQUIPO
Amount Granted	72.674,47

Entity	PRINCIPADO DE ASTURIAS
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Project	APLICACIONES TECNOLOGICAS.
Amount Granted	360,01

Research Summary

TALLERES ALEGRIA SA NIF A-33.608.563

Sources

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

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 80.32

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.