MIRA INFORM REPORT

Report No. :	505804
Report Date :	28.04.2018

IDENTIFICATION DETAILS

Name :	FINANCIERA MADERERA SA
Registered Office :	Ctra. Nacional 550 - Km. 57 Aptdo. 127 - Santiago De Compostela - 15890 - La Coruña
Country :	Spain
Financials (as on) :	2016
Date of Incorporation :	12.06.1946
Legal Form :	Public Company
Line of Business :	Subject is engaged in the manufacture of wood panels, chipboard, SuperPan boards, MDF boards, boards covered with melamine, boards covered with wood veneer, laminate floors, furniture components
No. of Employees :	2230

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 :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

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:	FINANCIERA MADERERA SA
NIF / Fiscal code:	A15005499
Status:	ACTIVE WITH PARTIAL DIVISION OF CAPITAL
Incorporation Date:	12/06/1946
Register Data	Register Section 8 Sheet 3085
Last Publication in BORME:	14/11/2017 [Revocations]
Last Published Account Deposit:	2016
Share Capital:	7.378.438,62
Localization:	CTRA. NACIONAL 550 - KM. 57 APTDO. 127 - SANTIAGO DE COMPOSTELA - 15890 - LA CORUÑA
Telephone - Fax - Email - Website:	Telephone. 981 050 000 Email. finsa@finsa.es Website. www.finsa.es
Number of Branches	17
Activity:
NACE:	1621 - Manufacture of veneer sheets and wood-based panels
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	1 for a total cost of 123.855,60
Subsidies:	50 for a total cost of 64444779
Quality Certificate:	No
Payment Behaviour:	No Complaints
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:

MOSTOLES INDUSTRIAL SA	12 %
ACCIONES PROPIAS DE FINANCIERA MADERERA, S.A.	0.98 %
FINCORPORATIVA SL	86.32 %
Shares:	28
Other Links:	23
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios

2015

2014

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The subject was incorporated several years ago. Thus, it has lot of expertise in the sector. There are positive comments about the subject in the consulted sources. Finsa leads the transformation of wood panels in Spain and it is also on the top positions in Europe.
Interviewed Person:

Enquiry Details
Business address regime:	Owned

Identification
Social Denomination:	FINANCIERA MADERERA SA
NIF / Fiscal code:	A15005499
Corporate Status:	ACTIVE WITH PARTIAL DIVISION OF CAPITAL
Start of activity:	1931
Registered Office:	CTRA. NACIONAL 550 - KM. 57 APTDO. 127
Locality:	SANTIAGO DE COMPOSTELA
Province:	LA CORUÑA
Postal Code:	15890
Telephone:	981 050 000
Fax:	981 050 700
Website:	www.finsa.es
Email:	finsa@finsa.es
Interviewed Person:	Company staff

Branch Offices

Address	Postal Code	City	Province
CALLE DRACMA 34	03114	ALICANTE/ALACANT	ALICANTE
CALLE FERRALLA 4	08755	CASTELLBISBAL	BARCELONA
LUGAR PARAISO	15917	PADRON	LA CORUÑA
CALLE NAVAS DE TOLOSA 10 E E	23003	JAEN	JAEN
AVENIDA BURGOS 118 BJ	26007	LOGROÑO	LA RIOJA
AVENIDA REY JUAN CARLOS I 40 3 C	26005	LOGROÑO	LA RIOJA
CALLE EMPRESARIAL DE BEGONTE	27373	BEGONTE	LUGO
CALLE MAUDES 21	28003	MADRID	MADRID
CALLE PONZANO 93 1 B	28003	MADRID	MADRID
RUA DON RICARDO MARTIN ESPERANZA	32901	SAN CIBRAO DAS VIÑAS	ORENSE
RUA PEIRAO FERRAZO (DE)	36611	VILAGARCIA DE AROUSA	PONTEVEDRA
CALLE FERRAZO	36611	VILAGARCIA DE AROUSA	PONTEVEDRA
AVENIDA AERONAUTICA (LA) 10 ED HELIOS 3 6	41020	SEVILLA	SEVILLA
CONJUNTO EDIFICIO HERCULES 2	41006	SEVILLA	SEVILLA
. PARTIDA DE HAZAS S/N	44370	CELLA	TERUEL
BARRIO ESTACION	44370	CELLA	TERUEL
CALLE NOU	46469	BENIPARRELL	VALENCIA

Activity
NACE:	1621
CNAE Obtaining Source:	1621
Corporate Purpose:	THE SUBJECT IS ENGAGED IN THE PURCHASE-SALE AND RENTAL OF PROPERTIES AS WELL AS ITS PROMOTION AND CONSTRUCTION, DESIGN AND CONSTRUCTION OF MACHINERY AND INDUSTRIAL PREMISES. THE ADQUISITION, SUBSCRIPTION, THE HOLDING OF MOVABLE ASSETS. PRODUCTION AND MARKETING OF WOODS.
Additional Information:	It is engaged in the manufacture of wood panels, chipboard, SuperPan boards, MDF boards, boards covered with melamine, boards covered with wood veneer, laminate floors, furniture components. Iniciated in 1931. It is part of the Finsa Group. Its commercial scope is international.
Additional Address:	Registered office, Factory, offices, warehouse, shed, owned and located in: CTRA. NACIONAL 550 - KM. 57 APTDO. 127 15890 SANTIAGO DE COMPOSTELA ( LA CORUÑA ) It has manufacture plants in: - Padrón . La Coruña - San Cibrao das Viñas , Orense - Rábade, Lugo - Cella . Teruel
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2018	2230

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

Chronological Summary
	Year	Act
	1990	Accounts deposit (year 1989)
	1991	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Correction (2)
	1992	Accounts deposit (year 1990) Adaptation to Law (1) Appointments/ Re-elections (2) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Dividends Payment (1) Other Concepts/ Events (1) Statutory Modifications (1)
	1993	Accounts deposit (year 1991 consolidated, 1991) Appointments/ Re-elections (1)
	1994	Accounts deposit (year 1992 consolidated, 1992) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1995	Accounts deposit (year 1993 consolidated, 1994 consolidated, 1993, 1994)
	1996	Accounts deposit (year 1995 consolidated, 1995) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	1997	Accounts deposit (year 1996 consolidated, 1996) Appointments/ Re-elections (1) Board Meeting (1)
	1998	Accounts deposit (year 1997 consolidated, 1997) Appointments/ Re-elections (2) Board Meeting (1)
	1999	Accounts deposit (year 1998 consolidated, 1998) Board Meeting (1)
	2000	Accounts deposit (year 1999 consolidated, 1999) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2001	Accounts deposit (year 2000 consolidated, 2000) Appointments/ Re-elections (3) Board Meeting (1) Capital Reduction (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	2002	Accounts deposit (year 2001 consolidated, 2001) Appointments/ Re-elections (8) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2003	Accounts deposit (year 2002 consolidated, 2002) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2004	Accounts deposit (year 2003 consolidated, 2003) Appointments/ Re-elections (1) Board Meeting (1)
	2005	Accounts deposit (year 2004 consolidated, 2004) Appointments/ Re-elections (4) Board Meeting (1)
	2006	Accounts deposit (year 2005 consolidated, 2005) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2007	Accounts deposit (year 2006 consolidated, 2006) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2008	Accounts deposit (year 2007 consolidated, 2007) Appointments/ Re-elections (7) Capital Reduction (3) Cessations/ Resignations/ Reversals (6) Increase of Capital (1) Other Concepts/ Events (1) Partial split (5) Statutory Modifications (4)
	2009	Accounts deposit (year 2008 consolidated, 2008) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (3) Change of Social Purpose (1) Correction (2) Other Concepts/ Events (1) Statutory Modifications (1) Take-over Merger (8)
	2010	Accounts deposit (year 2009 consolidated, 2009) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3)
	2011	Accounts deposit (year 2010 consolidated, 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2012	Accounts deposit (year 2011 consolidated, 2011) Appointments/ Re-elections (2) Take-over Merger (2)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3) Take-over Merger (2)
	2014	Accounts deposit (year 2013 consolidated, 2013) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (1)
	2016	Accounts deposit (year 2015 consolidated, 2015) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Statutory Modifications (1)
	2017	Accounts deposit (year 2016 consolidated, 2016) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	COMPRA-VENTA Y ARRENDAMIENTO DE INMUEBLES ASI COMO SU PROMOCION Y CONSTRUCCION. DISEÑO Y CONSTRUCCION DE MAQUINARIA E INSTALACIONES INDUSTRIALES. ADQUISICION, SUSCRIPCION, TENENCIA DE VALORES MOBILIARIOS.		04/03/1992

Breakdown of Owners' Equity
Registered Capital:	7.378.438,62
Paid up capital:	7.378.438,62

Shareholders

--

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
10/02/1992	Capital call payment	---	563.449	---	---
10/02/1992	Capital Reduction	-3.606.073	-563.449	7.212.145	7.212.145
07/08/2001	Capital Reduction	-12.145	-12.145	7.200.000	7.200.000
07/04/2008	Capital Reduction	-155.586	-155.586	7.044.414	7.044.414
17/06/2008	Capital Reduction	-418.878	-418.878	6.625.536	6.625.536
30/07/2008	Capital Reduction	-132.511	-132.511	6.493.025	6.493.025
22/11/2008	Increase of Capital	885.413	885.413	7.378.439	7.378.439

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	FINCORPORATIVA SL	05/08/2013	5
VICE CHAIRMAN	GARCIA BALIÑA SANTIAGO	03/08/2007	10
MEMBER OF THE BOARD	NIETO FERNANDEZ FRANCISCO JOSE	14/11/2016	1
	SOLER PADROS JUAN	31/07/2015	3
	MARTINEZ GARCIA ANTONIA JOSEFA	31/07/2015	1
	GARCIA MUELA MANUEL JAIME	31/07/2015	3
	MARTINEZ ECHAVARRIA ANSELMO CARLOS	19/11/2013	2
	CARBALLO GARCIA JOSE	05/08/2013	17
	GARCIA VALIÑO SANTIAGO VICTOR	05/08/2013	3
	FINCORPORATIVA SL	05/08/2013	5
	GARCIA BALIÑA SANTIAGO	03/08/2007	10
	GARCIA NIMO MANUEL	05/07/2001	2
COMBINED PROXY	REGO MACIA ADRIANO	22/10/2012	1
	LIÑARES NOUCHE ANTONIO	22/10/2012	1
JOINT ATTORNEY	NOYA MIRAMONTES DANIEL	24/05/2010	1
	MACHADO DOMINGUEZ GONZALO	24/05/2010	1
	SINCO SALVANY JAIME	06/06/2002	1
	PINEL BEBETA JULIO	06/06/2002	1
	BLANCO SEOANE SERGIO	23/03/2001	1
JOINT ATTORNEY/COMBINED PROXY	FINCORPORATIVA SL	14/11/2016	5
	BLANCO SEOANE SERGIO MANUEL	22/01/2015	1
	MERA IGLESIAS XOSE MANUEL	21/12/2011	1
	VILAS RODRIGUEZ CRISTINA	11/05/2011	1
	MONTES LEMA DOLORES	11/05/2011	1
	VIZOSO RUA PRIMITIVO	11/05/2011	1
	MIGUEZ VIQUEIRA ALEJANDRO	11/05/2011	1
	VISO RODRIGUEZ GERMAN	24/05/2010	2
	ROMERO SUAREZ VIRGILIO	24/05/2010	1
	ROCA LOPEZ FRANCISCO J	24/05/2010	2
	PRADO NIETO MARIA LUISA	07/04/2008	1
PROXY	SANCHEZ EXPOSITO JOSE MANUEL	06/03/2017	1
	ROJO NEVADO EDUARDO	13/10/2016	1
	MOURE RUA JUAN CARLOS	22/01/2015	1
	SEGADE CASTRO FERNANDO	12/02/2014	1
	VIAÑO ILLODO JOSE	07/11/2013	1
	MARTINEZ BELLO JESUS	12/05/2009	1
	RIAL OLIVEIRA ENRIQUE	28/05/2008	1
	LOPEZ DELGADO DANIEL	06/06/2002	1
	SANCHEZ RUIZ JOSE LUIS	06/06/2002	1
	GARCIA GESTO MARIA PILAR	17/02/1992	1
CHIEF EXECUTIVE OFFICER	GARCIA BALIÑA SANTIAGO	03/08/2007	10
SECRETARY	CARBALLO GARCIA JOSE	05/08/2013	17
MEMBER	ALLER RODRIGUEZ DOMINGO	07/08/1996	1
ACCOUNTS' AUDITOR / HOLDER	PRICEWATERHOUSECOOPERS AUDITORES SL	21/09/2017	9
CONSOLIDATED ACCOUNTS' AUDITOR	PRICEWATERHOUSECOOPERS AUDITORES SL	21/09/2017	9

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALLER RODRIGUEZ DOMINGO ENRIQUE	MEMBER OF THE BOARD	07/08/1996	9
	MEMBER OF THE BOARD	05/07/2001
	MEMBER OF THE BOARD	15/11/2002
	MEMBER OF THE BOARD	03/08/2007
	MEMBER OF THE BOARD	04/06/2008
	MEMBER OF THE BOARD	05/08/2013
	MEMBER OF THE BOARD	31/07/2015
	MEMBER	10/02/1992
	VICE CHAIRMAN	13/04/2009
BALTAR TOJO FRANCISCO JAVIER	PROXY	06/04/2006	1
CARBALLO GARCIA JOSE	MEMBER OF THE BOARD	07/08/1996	17
	MEMBER OF THE BOARD	05/07/2001
	MEMBER OF THE BOARD	15/11/2002
	MEMBER OF THE BOARD	15/11/2002
	MEMBER OF THE BOARD	04/06/2008
	MEMBER OF THE BOARD	05/08/2013
	CHIEF EXECUTIVE OFFICER	06/03/2013
	CHIEF EXECUTIVE OFFICER	05/08/2013
	SECRETARY	07/08/1996
	SECRETARY	05/07/2001
	SECRETARY	15/11/2002
	SECRETARY	03/08/2007
	SECRETARY	04/06/2008
	SECRETARY	05/08/2013
	MEMBER	10/02/1992
CARBALLO URSA DAVID	PROXY	12/05/2009	1
CEDO RIGALT LUIS	MEMBER OF THE BOARD	23/03/2001	1
DOCAL LABAEN JOSE RAMON	MEMBER OF THE BOARD	03/08/2007	3
	MEMBER OF THE BOARD	04/06/2008
	MEMBER OF THE BOARD	19/11/2013
FERREIRA JORGE ANTONIO	PROXY	06/03/2013	1
FINCORPORATIVA SL	MEMBER OF THE BOARD	05/08/2013	5
	PRESIDENT	05/08/2013
GARCIA BALIÑA MANUEL	MEMBER OF THE BOARD	10/02/1992	12
	MEMBER OF THE BOARD	05/07/2001
	MEMBER OF THE BOARD	15/11/2002
	MEMBER OF THE BOARD	03/08/2007
	MEMBER OF THE BOARD	10/03/2008
	PROXY	10/03/2008
	SECRETARY	09/05/1991
	PRESIDENT	07/08/1996
	PRESIDENT	05/07/2001
	PRESIDENT	15/11/2002
	PRESIDENT	03/08/2007
	PRESIDENT	10/03/2008
GARCIA BALIÑA SANTIAGO	MEMBER OF THE BOARD	15/11/2002	10
	MEMBER OF THE BOARD	15/11/2002
	CHIEF EXECUTIVE OFFICER	03/08/2007
	VICE CHAIRMAN	10/02/1992
	VICE CHAIRMAN	07/08/1996
	VICE CHAIRMAN	15/11/2002
	VICE CHAIRMAN	03/08/2007
GARCIA BALIÑA SANTIAGO VICTOR	MEMBER OF THE BOARD	05/07/2001	7
	MEMBER OF THE BOARD	04/06/2008
	MEMBER OF THE BOARD	31/03/2009
	CHIEF EXECUTIVE OFFICER	04/06/2008
	PRESIDENT	31/03/2009
	VICE CHAIRMAN	05/07/2001
	VICE CHAIRMAN	04/06/2008
GARCIA CAMBON MANUEL	PRESIDENT	09/05/1991	1
GARCIA MAYO MANUEL	MEMBER OF THE BOARD	24/12/1994	3
	MEMBER	10/02/1992
	VICE CHAIRMAN	24/12/1994
GARCIA MUELA MANUEL JAIME	JOINT ATTORNEY/COMBINED PROXY	22/07/2010	3
	MEMBER OF THE BOARD	02/08/2010
GARCIA NIMO LOURDES	MEMBER OF THE BOARD	05/07/2001	1
GARCIA NIMO MANUEL	MEMBER OF THE BOARD	05/07/2001	2
GARCIA NIMO MANUELA	MEMBER OF THE BOARD	07/08/1996	3
	MEMBER OF THE BOARD	15/11/2002
	MEMBER	10/02/1992
GARCIA NIMO MARIA DOLORES	MEMBER OF THE BOARD	07/08/1996	4
	MEMBER OF THE BOARD	05/07/2001
	MEMBER OF THE BOARD	15/11/2002
	MEMBER	10/02/1992
GARCIA NIMO MARIA LOURDES	MEMBER OF THE BOARD	07/08/1996	2
	MEMBER OF THE BOARD	15/11/2002
GARCIA PAZOS MANUEL ANGEL	MEMBER OF THE BOARD	15/11/2002	2
	MEMBER OF THE BOARD	05/07/2001
GARCIA VALIÑO SANTIAGO VICTOR	MEMBER OF THE BOARD	05/08/2013	3
	JOINT ATTORNEY/COMBINED PROXY	14/11/2016
GARCIA VILLAR BLANCA	MEMBER OF THE BOARD	07/05/2003	1
GARI ALBI JORGE	PROXY	06/03/2013	1
GOMEZ AMOZA JESUS	JOINT ATTORNEY/COMBINED PROXY	24/05/2010	1
GRAN NEGREIRA XXI SL	MEMBER OF THE BOARD	03/08/2007	2
	MEMBER OF THE BOARD	04/06/2008
HOMBRE LAGO MANUEL	PROXY	07/04/2008	1
J SANTACANA AND CIA SRC	ACCOUNTS' AUDITOR / HOLDER	10/02/1993	1
J SANTACANA CIA SRC	ACCOUNTS' AUDITOR / HOLDER	07/08/1996	1
LOIS LORENZO RAMON	PROXY	12/02/2014	1
LUGILDE GONZALEZ ANGEL	PROXY	20/07/2011	1
MARTINEZ ANTELO MANUEL	MEMBER OF THE BOARD	24/12/1994	2
	MEMBER	10/02/1992
MARTINEZ ECHAVARRIA ANSELMO CARLOS	MEMBER OF THE BOARD	19/11/2013	2
MARTINEZ ULECIA ANA	JOINT ATTORNEY	12/02/2014	1
MERA FRANQUEIRA MANUEL	PROXY	02/11/2017	1
MOORE STEPHENS & SANTACANA AUDITORES CONSULTORES S	ACCOUNTS' AUDITOR / HOLDER	01/08/2005	2
	CONSOLIDATED ACCOUNTS' AUDITOR	01/08/2005
NIMO ANDRADE DOLORES	MEMBER OF THE BOARD	07/08/1996	4
	MEMBER OF THE BOARD	05/07/2001
	MEMBER OF THE BOARD	15/11/2002
	MEMBER	10/02/1992
PAZOS IGLESIAS MARIA	MEMBER OF THE BOARD	07/08/1996	2
	MEMBER OF THE BOARD	05/01/2000
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	01/08/2005	10
	ACCOUNTS' AUDITOR / HOLDER	15/12/2008
	ACCOUNTS' AUDITOR / HOLDER	08/01/2010
	ACCOUNTS' AUDITOR / HOLDER	19/09/2012
	ACCOUNTS' AUDITOR / HOLDER	11/10/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	15/12/2008
	CONSOLIDATED ACCOUNTS' AUDITOR	08/01/2010
	CONSOLIDATED ACCOUNTS' AUDITOR	19/09/2012
	CONSOLIDATED ACCOUNTS' AUDITOR	11/10/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	02/10/2014
PRICEWATERHOUSECOOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	02/10/2014	9
	CONSOLIDATED ACCOUNTS' AUDITOR	02/10/2014
	CONSOLIDATED ACCOUNTS' AUDITOR	26/10/2015
	ACCOUNTS' AUDITOR / HOLDER	26/10/2015
	ACCOUNTS' AUDITOR / HOLDER	03/08/2016
	CONSOLIDATED ACCOUNTS' AUDITOR	03/08/2016
	ACCOUNTS' AUDITOR / HOLDER	21/09/2017
PRICEWATERHOUSECOOPERS ES SL	CONSOLIDATED ACCOUNTS' AUDITOR	21/09/2017	2
	CONSOLIDATED ACCOUNTS' AUDITOR	03/08/2016
RAMOS GARCIA JOSE	MEMBER OF THE BOARD	05/07/2001	2
	MEMBER OF THE BOARD	15/11/2002
RAMOS GARCIA JOSE MARIA	MEMBER OF THE BOARD	07/08/1996	6
	MEMBER OF THE BOARD	03/08/2007
	MEMBER OF THE BOARD	04/06/2008
	MEMBER OF THE BOARD	08/10/2008
	PROXY	07/04/2008
	MEMBER	10/02/1992
ROCA LOPEZ FRANCISCO J	JOINT ATTORNEY/COMBINED PROXY	24/05/2010	2
RODRIGUEZ GARCIA FRANCISCO	PROXY	13/10/2016	1
RODRIGUEZ- PONGA SALAMANCA ESTANISLAO	MEMBER OF THE BOARD	14/11/2016	2
	MEMBER OF THE BOARD	19/11/2013
RUIZ RENOVALES JOSE MARIA	JOINT ATTORNEY	06/03/2017	1
SANTACANA AND CIA SRC	ACCOUNTS' AUDITOR / HOLDER	10/02/1992	1
SANTACANA AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	06/03/1998	11
	ACCOUNTS' AUDITOR / HOLDER	21/07/2000
	ACCOUNTS' AUDITOR / HOLDER	09/07/2001
	ACCOUNTS' AUDITOR / HOLDER	23/07/2002
	ACCOUNTS' AUDITOR / HOLDER	14/07/2003
	ACCOUNTS' AUDITOR / HOLDER	14/07/2004
	CONSOLIDATED ACCOUNTS' AUDITOR	21/07/2000
	CONSOLIDATED ACCOUNTS' AUDITOR	09/07/2001
	CONSOLIDATED ACCOUNTS' AUDITOR	23/07/2002
	CONSOLIDATED ACCOUNTS' AUDITOR	14/07/2003
	CONSOLIDATED ACCOUNTS' AUDITOR	14/07/2004
SANTOS ESTEBAN JUAN IGNACIO	PROXY	12/02/2014	2
	JOINT ATTORNEY	08/10/2008
SANTOS VILARIÑO EMILIO	PROXY	20/07/2011	1
SOLER PADROS JUAN	MEMBER OF THE BOARD	31/07/2015	3
	JOINT ATTORNEY/COMBINED PROXY	06/03/2013
TREBOLLE FERNANDEZ JAIME	MEMBER OF THE BOARD	19/11/2013	1
VARELA NOYA MERCEDES	PROXY	06/04/2006	1
VILLAR FERNANDEZ CRISTINA	MEMBER OF THE BOARD	10/02/1992	3
	MEMBER OF THE BOARD	07/08/1996
	MEMBER OF THE BOARD	03/07/2003
VILLAR FERNANDEZ MARIA CRISTINA	MEMBER OF THE BOARD	05/07/2001	4
	MEMBER OF THE BOARD	15/11/2002
	MEMBER OF THE BOARD	03/08/2007
	MEMBER OF THE BOARD	04/06/2008
VISO RODRIGUEZ GERMAN	JOINT ATTORNEY/COMBINED PROXY	24/05/2010	2

Executive board

Post	NIF	Name
MANAGING DIRECTOR		VIRGILIO ROMERO SUAREZ

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

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

> Details

> Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. At domestic level, it is one of the companies with high turnover volume. Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure. FINANCIERA MADERERA SA 's borrowing cost is appropriate according to its volume of external financing sources.

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	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

Guarantees

References

Link List

PARTICIPATES IN:	28 Entities
SHAREHOLDERS:	3 Entities
ABSORBS TO:	10 Entities
BELONGS TO THE ADMINISTRATION BOARD OF:	1 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS RELATED WITH:	10 Entities
SE ESCINDE PARCIALMENTE EN:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	MOSTOLES INDUSTRIAL SA	MADRID	12
	ACCIONES PROPIAS DE FINANCIERA MADERERA, S.A.		0.98
	FINCORPORATIVA SL	LA CORUÑA	86.32
PARTICIPATES IN	COGENERACION DEL NOROESTE SL	LA CORUÑA	60
	FORESA INDUSTRIAS QUIMICAS DEL NOROESTE SA	PONTEVEDRA	98
	DECOTEC PRINTING SA.	BARCELONA	100
	PROTECCION E INTEGRIDAD SOCIEDAD ANONIMA	LA CORUÑA	74
	BRESFOR LDA (PORTUGAL)
	FINSA FOREST PRODUCTS, SOCIEDAD ANONIMA, (IRLANDA)		99.99
	FINSA BV (HOLANDA)		100
	LUSO OREMBER LDA (PORTUGAL)		100
	BRESFOR INDUSTRIA DO FORMOL, SOCIEDAD ANONIMA, (PORTUGAL)
	FINSA HOLDING FRANCE SAS (FRANCIA)		65
	FINSA POLSKA SP ZOO (POLONIA)		100
	LUSO FINSA LDA (PORTUGAL)		100
	ECAR EOLICA SL	LUGO	100
	FINSA FRANCE SAS (FRANCIA)
	FINSA ITALIA, SOCIEDAD LIMITADA, (ITALIA)		100
	FORESA FRANCE SAS (FRANCIA)
	ENERCAIMA-PRODUCAO DE ENERGIA, SOCIEDAD ANONIMA, (PORTUGAL)
	FINSA TRADING MIDDLE EAST (EMIRATOS ARABES UNIDOS)		100
	FINSA UK, SOCIEDAD ANONIMA, (REINO UNIDO)		100
	FINSA WOOD (IRLANDA)		100
	FINSA HOME, SOCIEDAD ANONIMA, (REINO UNIDO)		100
	FINSA WOOD PRODUCTS (IRLANDA)		100
	LUSOFINSA IND E COMERCIO DE MADEIRAS (PORTUGAL)		100
	FINSAHOME, SOCIEDAD ANONIMA, (INGLATERRA)		100
	FINSA LATINOAMERICA (PANAMA)		100
	PROTEAK UNO SAB DE CV (MEXICO)		5.17
	NORFIN LOGISTICS SA	LA CORUÑA	100
	NOVALLKHEM SL	LA CORUÑA	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	COMEFOR, SOCIEDAD ANONIMA, DE CV
	PRO MDF SAPI DE CV
	ANDRES FAUS SOCIEDAD ANONIMA	VALENCIA
	PROMOCION DE INSTALACIONES DEPORTIVAS SOTOSIERRA SA EN LIQUIDACION	MADRID
	GARCIA REBOREDO HERMANOS SL	PONTEVEDRA
	FENOSA WIND SL	LA CORUÑA
	OREMBER SOCIEDAD ANONIMA	ORENSE
	GARCIA REBOREDO HNOS SLR
IS RELATED WITH	TECNYDIS INSTALACIONES SA	TOLEDO
	CINALUX SA	MADRID
ABSORBS TO	COMPRAS Y REPRESENTACIONES DE MADERAS SA	LA CORUÑA
	DESARROLLO MOBILIARIO SL	LA CORUÑA
	FORESTAL DEL TAMBRE SL	LA CORUÑA
	UMAFINSA SA	LA CORUÑA
	MANUFACTURAS FORESTALES HISPANOAMERICANAS SA	LA CORUÑA
	FIBRAS DEL NOROESTE SA	LUGO
	AGLOMERADOS ECAR SA	LUGO
	OREMBER SOCIEDAD ANONIMA	ORENSE
	UTISA TABLEROS DEL MEDITERRANEO SL	TERUEL
	INDUSTRIA DE MADERAS AGLOMERADAS SOCIEDAD ANONIMA	VIZCAYA
SE ESCINDE PARCIALMENTE EN	FINPATRIMONIAL S.L.	LA CORUÑA
HAS IN ITS ADMINISTRATION BOARD TO	FINCORPORATIVA SL	LA CORUÑA
BELONGS TO THE ADMINISTRATION BOARD OF	FORESA INDUSTRIAS QUIMICAS DEL NOROESTE SA	PONTEVEDRA

Turnover
Total Sales 2017	645.000.000

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

Estimated Balance

Its turnover increased by 3.43% in 2016,compared to the previous year, although the result of the year was a 0.74% lower than in 2015.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2016	Consolidadas	July  2017
2016	Normales	June  2017
2015	Consolidadas	July  2016
2015	Normales	July  2016
2014	Consolidadas	No publicado en BORME
2014	Normales	August  2015
2013	Consolidadas	September  2014
2013	Normales	July  2014
2012	Consolidadas	No publicado en BORME
2012	Normales	July  2013
2011	Consolidadas	July  2012
2011	Normales	July  2012
2010	Consolidadas	July  2011
2010	Normales	July  2011
2009	Consolidadas	July  2010
2009	Normales	July  2010
2008	Consolidadas	June  2009
2008	Normales	June  2009
2007	Consolidadas	June  2008
2007	Normales	June  2008
2006	Consolidadas	August  2007
2006	Normales	August  2007
2005	Consolidadas	July  2006
2005	Normales	July  2006
2004	Consolidadas	July  2005
2004	Normales	July  2004
2003	Consolidadas	July  2004
2003	Normales	July  2004
2002	Consolidadas	July  2003
2002	Normales	July  2003
2001	Consolidadas	July  2002
2001	Normales	July  2002
2000	Consolidadas	July  2001
2000	Normales	July  2001
1999	Consolidadas	June  2000
1999	Normales	June  2000
1998	Consolidadas	June  1999
1998	Normales	June  1999
1997	Consolidadas	July  1998
1997	Normales	July  1998
1996	Consolidadas	July  1997
1996	Normales	July  1997
1995	Consolidadas	September  1996
1995	Normales	July  1996
1994	Consolidadas	July  1995
1994	Normales	July  1995
1993	Consolidadas	December  1994
1993	Normales	December  1994
1992	Consolidadas	December  1993
1992	Normales	December  1993
1991	Consolidadas	December  1992
1991	Normales	December  1992
1990	Normales	December  1991
1989	Normales	August  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, created 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	295.132.564,00	293.989.969,00	284.460.756,00	285.684.040,00	306.622.690,00
I. Intangible fixed assets : 11100	1.776.386,00	3.238.846,00	3.416.986,00	3.987.190,00	6.239.823,00
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	1.699.886,00	1.499.222,00	1.606.436,00	1.976.989,00	2.946.839,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	1.810.550,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	1.739.624,00	0,00	2.009.144,00	0,00
9. Other intangible fixed assets. : 11170	76.500,00	0,00	0,00	1.057,00	3.292.984,00
II. Tangible fixed assets : 11200	174.679.987,00	156.101.938,00	146.796.639,00	160.763.534,00	169.511.468,00
1. Land and buildings: 11210	89.059.908,00	90.879.278,00	93.378.619,00	101.628.616,00	95.449.177,00
2. Technical installations and other tangible fixed assets: 11220	63.243.536,00	54.133.382,00	45.419.996,00	52.970.368,00	61.157.382,00
3. Tangible asset in progress and advances: 11230	22.376.543,00	11.089.278,00	7.998.024,00	6.164.550,00	12.904.909,00
III. Real estate investment: 11300	67.603,00	68.461,00	69.609,00	71.047,00	0,00
1. Land: 11310	27.783,00	27.783,00	0,00	0,00	0,00
2. Buildings: 11320	39.820,00	40.678,00	69.609,00	71.047,00	0,00
IV. Long-term investments in Group companies and associates : 11400	98.243.229,00	100.965.026,00	87.886.737,00	73.554.313,00	81.750.096,00
1. Equity instruments: 11410	94.243.229,00	95.965.026,00	81.886.737,00	73.519.313,00	81.735.096,00
2. Credits to businesses: 11420	4.000.000,00	5.000.000,00	6.000.000,00	35.000,00	15.000,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	793.562,00	1.243.200,00	5.517.230,00	5.376.198,00	5.219.991,00
1. Equity instruments: 11510	581.109,00	572.030,00	627.228,00	606.942,00	606.942,00
2. Credits to third parties : 11520	0,00	0,00	4.716.906,00	4.628.531,00	4.545.155,00
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	212.453,00	671.170,00	173.096,00	140.725,00	67.894,00
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	19.571.797,00	32.372.498,00	40.773.555,00	41.931.758,00	43.901.312,00
B) CURRENT ASSETS: 12000	375.093.896,00	321.512.163,00	286.729.606,00	301.052.578,00	322.232.902,00
I. Non-current assets held for sale : 12100	71.346,00	7.043.191,00	7.043.191,00	0,00	0,00
II. Stocks: 12200	65.165.331,00	61.533.784,00	59.124.326,00	65.552.687,00	62.745.262,00
1. Commercial: 12210	468.967,00	314.850,00	515.657,00	10.273.765,00	10.086.118,00
2. Primary material and other supplies: 12220	38.568.317,00	36.453.205,00	35.658.829,00	32.729.398,00	32.356.891,00
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	38.568.317,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	26.050.257,00	24.541.624,00	22.835.177,00	22.357.862,00	19.689.968,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	26.050.257,00	24.541.624,00	22.835.177,00	22.357.862,00	19.689.968,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	77.790,00	224.105,00	114.663,00	191.662,00	612.285,00
III. Trade debtors and others receivable accounts: 12300	92.758.445,00	84.343.123,00	75.468.734,00	74.504.511,00	78.730.717,00
1. Trade debtors / accounts receivable: 12310	62.055.196,00	54.188.494,00	46.187.177,00	45.982.872,00	51.758.464,00
a) Long-term receivables from sales and services supplied : 12311	737.815,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	61.317.381,00	54.188.494,00	46.187.177,00	45.982.872,00	51.758.464,00
2. Customers, Group companies and associates : 12320	24.454.773,00	24.330.236,00	26.016.788,00	22.653.396,00	23.460.009,00
3. Other accounts receivable: 12330	1.987.870,00	1.677.804,00	-855.770,00	3.363.689,00	3.348.045,00
4. Personnel: 12340	12.864,00	1.984,00	13.343,00	33.977,00	17.610,00
5. Assets for deferred tax: 12350	0,00	0,00	108.162,00	0,00	82.297,00
6. Other debtors, including tax and social security: 12360	4.247.742,00	4.144.605,00	3.999.034,00	2.470.577,00	64.292,00
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	9.629.408,00	11.655.915,00	9.067.309,00	20.084.460,00	6.496.223,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	9.629.408,00	11.655.915,00	9.067.309,00	20.084.460,00	6.496.223,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	104.108.519,00	136.607.475,00	107.661.246,00	133.517.030,00	126.844.345,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	99,00	248,00	373,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	2.028.254,00	69.532,00	74.237,00	2.769,00	145.647,00
5. Other financial assets : 12550	102.080.265,00	136.537.943,00	107.586.910,00	133.514.013,00	126.698.325,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	514.222,00	724.797,00	549.264,00	795.984,00	843.754,00
VII. Cash and other equivalent liquid assets : 12700	102.846.625,00	19.603.878,00	27.815.536,00	6.597.906,00	46.572.601,00
1. Treasury: 12710	99.876.778,00	16.776.799,00	13.697.402,00	1.272.677,00	1.082.606,00
2. Other equivalent liquid assets: 12720	2.969.847,00	2.827.079,00	14.118.134,00	5.325.229,00	45.489.995,00
TOTAL ASSETS (A + B) : 10000	670.226.460,00	615.502.132,00	571.190.362,00	586.736.618,00	628.855.592,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2016	2015	2014	2013	2012
A) NET WORTH: 20000	421.598.976,00	389.644.816,00	355.273.629,00	319.671.226,00	319.067.948,00
A-1) Shareholders' equity: 21000	414.240.076,00	383.002.260,00	346.502.338,00	309.851.427,00	306.779.579,00
I. Capital: 21100	7.378.439,00	7.378.439,00	7.378.439,00	7.378.439,00	7.378.439,00
1. Registered capital : 21110	7.378.439,00	7.378.439,00	7.378.439,00	7.378.439,00	7.378.439,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	71.211.868,00	71.211.868,00	71.211.868,00	71.211.868,00	71.211.868,00
III. Reserves: 21300	300.598.535,00	269.062.376,00	258.338.940,00	258.338.940,00	256.463.323,00
1. Legal and statutory: 21310	2.584.352,00	2.584.352,00	2.584.352,00	2.584.352,00	2.584.352,00
2. Other reserves: 21320	292.439.041,00	263.996.967,00	253.273.531,00	253.273.531,00	253.878.971,00
3. Revaluation reserves: 21330	2.481.057,00	2.481.057,00	2.481.057,00	2.481.057,00	0,00
2. Capitalisation Reserves: 21350	3.094.085,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	-4.900.825,00	-4.900.825,00	-4.250.345,00	-4.250.345,00	-3.323.959,00
V. Results from previous periods: 21500	0,00	0,00	-22.827.475,00	-24.950.092,00	-11.580.420,00
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	-22.827.475,00	-24.950.092,00	-11.580.420,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	39.952.059,00	40.250.402,00	36.650.911,00	2.122.617,00	-13.369.672,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	794.581,00	-917.457,00	-117.333,00	-286.569,00	42.010,00
I. Financial assets held for sale: 22100	1.409,00	-5.400,00	34.559,00	19.399,00	19.399,00
II. Hedge operations: 22200	793.172,00	-912.057,00	-151.892,00	-305.968,00	22.611,00
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	6.564.319,00	7.560.013,00	8.888.624,00	10.106.368,00	12.246.359,00
B) NON-CURRENT LIABILITIES: 31000	116.340.700,00	110.132.217,00	125.804.258,00	140.532.454,00	148.525.591,00
I. Long-term provisions: 31100	670.423,00	577.185,00	5.432.377,00	8.681.129,00	6.320.494,00
1. Long-term employee benefits liability: 31110	191.090,00	97.852,00	49.248,00	39.894,00	166.683,00
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	479.333,00	479.333,00	5.383.129,00	8.641.235,00	6.153.811,00
II Long-term creditors: 31200	92.496.459,00	84.047.032,00	86.740.952,00	38.163.781,00	52.791.375,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	69.675.000,00	82.300.000,00	84.931.192,00	35.129.060,00	42.341.012,00
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	1.217.244,00	3.019.443,00
5. Other financial liabilities : 31250	22.821.459,00	1.747.032,00	1.809.760,00	1.817.477,00	7.430.920,00
III. Long-term debts with Group companies and associates: 31300	18.291.126,00	20.691.126,00	28.091.126,00	88.206.126,00	81.306.126,00
IV. Liabilities for deferred tax: 31400	4.882.692,00	4.816.874,00	5.539.803,00	5.481.418,00	8.107.596,00
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	132.286.784,00	115.725.099,00	90.112.475,00	126.532.938,00	161.262.053,00
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	7.215.844,00	5.064.880,00	8.399.535,00	5.521.449,00	2.849.589,00
1. Provisions from greenhouse gas emission allowance: 32210	656.684,00	438.486,00	585.764,00	915.444,00	0,00
2. Other provisions: 32220	6.559.160,00	4.626.394,00	7.813.771,00	4.606.005,00	0,00
III. Short-term creditors : 32300	19.053.492,00	7.916.125,00	6.583.357,00	42.684.589,00	83.889.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	14.203.864,00	3.561.496,00	4.878.266,00	42.040.886,00	79.262.274,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	1.766.213,00
4. Derivatives : 32340	970.691,00	1.664.049,00	1.464.612,00	451.567,00	10.619,00
5. Other financial liabilities : 32350	3.878.937,00	2.690.580,00	240.479,00	192.136,00	2.849.894,00
IV. Short-term debts with Group companies and associates: 32400	31.643.523,00	23.158.936,00	9.339.255,00	11.477.917,00	6.955.088,00
V. Trade creditors and other accounts payable: 32500	73.005.050,00	78.304.621,00	63.341.507,00	65.639.053,00	65.282.929,00
1. Suppliers: 32510	27.971.078,00	26.920.452,00	24.303.211,00	23.825.235,00	22.182.340,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	27.971.078,00	26.920.452,00	24.303.211,00	23.825.235,00	22.182.340,00
2. Suppliers, Group companies and associates: 32520	22.028.497,00	25.054.210,00	21.736.708,00	22.979.536,00	20.782.891,00
3. Other creditors: 32530	10.139.756,00	9.358.754,00	9.616.164,00	11.628.997,00	13.684.748,00
4. Personnel (remuneration due): 32540	6.525.444,00	5.240.089,00	3.253.210,00	2.983.681,00	2.859.514,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	4.331.251,00	4.088.621,00	3.810.782,00	3.593.745,00	4.158.073,00
7. Advances from clients: 32570	2.009.024,00	7.642.495,00	621.432,00	627.859,00	1.615.363,00
VI. Short-term accruals: 32600	1.368.875,00	1.280.537,00	2.448.821,00	1.209.930,00	2.285.447,00
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	670.226.460,00	615.502.132,00	571.190.362,00	586.736.618,00	628.855.592,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2016	2015	2014	2013	2012
1. Net turnover: 40100	592.093.194,00	572.467.040,00	536.966.236,00	512.703.203,00	536.922.150,00
a) Sales: 40110	582.732.762,00	564.766.321,00	531.092.159,00	507.908.812,00	533.939.328,00
b) Rendering of services: 40120	9.360.432,00	7.700.719,00	5.874.077,00	4.794.391,00	2.982.822,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	1.508.633,00	1.706.447,00	477.314,00	2.653.140,00	-6.588.867,00
3. Works carried out by the company for its assets: 40300	2.755.603,00	1.977.873,00	5.807.655,00	851.075,00	429.531,00
4. Supplies : 40400	-313.492.980,00	-316.623.999,00	-298.661.302,00	-287.739.080,00	-289.691.329,00
a) Stock consumption: 40410	-41.884.134,00	-48.111.590,00	-43.711.072,00	-64.326.070,00	-64.060.625,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-261.685.155,00	-258.873.281,00	-249.996.628,00	-215.938.114,00	-222.269.814,00
c) Works carried out by other companies: 40430	-10.767.569,00	-10.809.675,00	-7.925.493,00	-6.303.947,00	-4.654.151,00
d) Impairment of stock, primary material and other supplies: 40440	843.878,00	1.170.547,00	2.971.891,00	-1.170.949,00	1.293.261,00
5. Other operating income: 40500	16.696.047,00	16.442.767,00	19.389.026,00	20.957.285,00	20.077.480,00
a) Auxiliary income and other from current management: 40510	16.475.339,00	16.159.306,00	19.056.323,00	20.751.109,00	19.824.144,00
b) Operation subsidies included in the Period's result: 40520	220.708,00	283.461,00	332.703,00	206.176,00	253.336,00
6. Personnel costs: 40600	-87.524.991,00	-83.337.942,00	-78.524.263,00	-75.338.035,00	-88.948.108,00
a) Wages, salaries et al.: 40610	-62.635.682,00	-60.533.163,00	-57.092.556,00	-55.914.409,00	-67.922.304,00
b) Social security costs: 40620	-24.889.309,00	-22.804.779,00	-21.431.707,00	-19.423.626,00	-21.025.804,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-136.028.314,00	-136.611.535,00	-138.955.525,00	-143.986.575,00	-148.391.273,00
a) External services: 40710	-133.274.423,00	-133.086.607,00	-135.096.818,00	-135.247.961,00	-135.669.667,00
b) Taxes: 40720	-2.348.270,00	-2.471.533,00	-2.951.512,00	-3.617.793,00	-1.559.620,00
c) Losses, impairments and variation in provisions from trade operations : 40730	250.905,00	-614.909,00	-321.025,00	-4.274.194,00	-9.476.824,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	-1.685.162,00
e) Expenses due to greenhouse gas emissions: 40750	-656.526,00	-438.486,00	-586.170,00	-846.627,00	0,00
8. Amortisation of fixed assets: 40800	-17.371.244,00	-17.110.210,00	-19.401.270,00	-26.142.410,00	-29.767.649,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	2.800.869,00	2.787.147,00	3.475.283,00	5.639.612,00	4.857.257,00
10. Excess provisions : 41000	7.300,00	117.700,00	200.639,00	0,00	51.209,00
11. Impairment and result of transfers of fixed assets: 41100	-687.008,00	2.431.828,00	3.410.465,00	-11.167.330,00	-24.032.905,00
a) Impairment and losses : 41110	-542.501,00	1.427.693,00	-3.123.438,00	-9.939.053,00	-25.131.562,00
b) Results for transfers and other : 41120	-144.507,00	1.004.135,00	6.533.903,00	-1.228.277,00	1.098.657,00
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	-1.081.482,00	2.053.836,00	-141.292,00	-1.288.686,00	-4.227.267,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	59.675.627,00	46.300.952,00	34.042.966,00	-2.857.801,00	-29.309.771,00
14. Financial income : 41400	1.514.517,00	8.468.016,00	9.633.279,00	10.747.183,00	23.835.410,00
a) Of shares in equity instruments : 41410	91.528,00	6.778.602,00	5.350.617,00	4.295.228,00	17.266.722,00
a 1) In Group companies and associates: 41411	87.000,00	6.769.614,00	5.327.565,00	4.268.792,00	17.259.884,00
a 2) In third parties: 41412	4.528,00	8.988,00	23.052,00	26.436,00	6.838,00
b) From negotiable securities and other financial instruments : 41420	1.404.009,00	1.649.300,00	4.252.662,00	6.406.643,00	6.499.318,00
b 1) From Group companies and associates : 41421	520.012,00	236.448,00	479.467,00	857.936,00	1.837.943,00
b 2) From third parties : 41422	883.997,00	1.412.852,00	3.773.195,00	5.548.707,00	4.661.375,00
c) Allocation of financial subsidies, donations and legacies : 41430	18.980,00	40.114,00	30.000,00	45.312,00	69.370,00
15. Financial expenditure: 41500	-3.675.735,00	-4.651.608,00	-5.834.868,00	-7.537.171,00	-7.393.427,00
a) Amounts owed to Group companies and associates : 41510	-1.698.303,00	-1.391.909,00	-3.433.270,00	-3.940.106,00	-3.460.633,00
b) For debts with third parties : 41520	-1.977.432,00	-3.259.699,00	-2.401.598,00	-3.597.065,00	-3.932.794,00
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	204.495,00	-1.204.135,00	38.700,00	-2.413.690,00
a) Trading book and other : 41610	0,00	204.495,00	-1.204.135,00	38.700,00	-2.413.690,00
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	-2.207.333,00	70.993,00	1.286.586,00	293.741,00	2.211.889,00
18. Impairment and result for transfers of financial instruments: 41800	-1.864.278,00	1.820.978,00	1.966.111,00	32.510,00	-3.910.262,00
a) Impairment and losses : 41810	-1.864.278,00	1.820.978,00	1.921.017,00	32.510,00	-3.964.310,00
b) Results for transfers and other : 41820	0,00	0,00	45.094,00	0,00	54.048,00
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	-6.232.829,00	5.912.874,00	5.846.973,00	3.574.963,00	12.329.920,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	53.442.798,00	52.213.826,00	39.889.939,00	717.162,00	-16.979.851,00
20. Income taxes: 41900	-13.490.739,00	-11.963.424,00	-3.239.028,00	1.405.455,00	3.610.179,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	39.952.059,00	40.250.402,00	36.650.911,00	2.122.617,00	-13.369.672,00
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	39.952.059,00	40.250.402,00	36.650.911,00	2.122.617,00	-13.369.672,00

> 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, created 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:	280.532.938,00	271.821.863,00	253.170.187,00	245.993.483,00	266.045.337,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	1.776.386,00	1.499.222,00	1.606.436,00	1.978.046,00	6.239.823,00
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:	1.699.886,00	1.499.222,00	1.606.436,00	1.976.989,00	2.946.839,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	76.500,00	0,00	0,00	1.057,00	3.292.984,00
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:	174.818.936,00	163.213.590,00	153.909.439,00	160.834.581,00	169.511.468,00
1. Land and construction:	89.198.857,00	97.990.930,00	100.491.419,00	101.699.663,00	95.449.177,00
2. Technical installations and machinery:	61.093.410,00	52.292.979,00	43.875.827,00	51.169.505,00	59.078.180,00
3. Other installations, tools and furniture:	534.430,00	457.446,00	383.815,00	447.618,00	516.801,00
4. Payments on account and tangible fixed assets under construction:	22.376.543,00	11.089.278,00	7.998.024,00	6.164.550,00	12.904.909,00
5. Other tangible assets:	1.615.696,00	1.382.957,00	1.160.354,00	1.353.245,00	1.562.400,00
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:	99.036.791,00	102.208.226,00	93.403.967,00	78.930.511,00	86.970.087,00
1. Equity investments in group companies:	60.306.633,00	61.408.418,00	52.399.662,00	47.045.313,00	52.302.626,00
2. Receivables from group companies:	3.995.303,00	4.994.129,00	5.992.954,00	34.959,00	14.982,00
3. Equity investment in associated companies:	33.936.596,00	34.556.608,00	29.487.075,00	26.474.000,00	29.432.470,00
4. Credits to associated companies:	4.697,00	5.871,00	7.046,00	41,00	18,00
5. Long-term securities portfolio:	581.109,00	572.030,00	627.228,00	606.942,00	606.942,00
6. Other receivables:	0,00	0,00	4.716.906,00	4.628.531,00	4.545.155,00
7. Long term guarantees and deposits:	212.453,00	671.170,00	173.096,00	140.725,00	67.894,00
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:	4.900.825,00	4.900.825,00	4.250.345,00	4.250.345,00	3.323.959,00
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:	392.566.093,00	346.771.938,00	320.385.733,00	342.981.567,00	365.988.567,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	65.165.331,00	61.533.784,00	59.124.326,00	65.552.687,00	62.745.262,00
1. Goods for resale:	468.967,00	314.850,00	515.657,00	10.273.765,00	10.086.118,00
2. Raw materials and other consumables:	38.568.317,00	36.453.205,00	35.658.829,00	32.729.398,00	32.356.891,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	26.050.257,00	24.541.624,00	22.835.177,00	22.357.862,00	19.689.968,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	77.790,00	224.105,00	114.663,00	191.662,00	612.285,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	112.330.242,00	116.715.621,00	116.242.289,00	116.436.269,00	122.632.029,00
1. Trade debtors / accounts receivable:	62.055.196,00	54.188.494,00	46.187.177,00	45.982.872,00	51.758.464,00
2. Accounts receivable, Group companies:	23.058.059,00	22.940.635,00	24.530.861,00	21.359.567,00	22.120.111,00
3. Accounts receivable, associated companies:	1.396.714,00	1.389.601,00	1.485.927,00	1.293.829,00	1.339.898,00
4. Other debtors:	1.987.870,00	1.677.804,00	-855.770,00	3.363.689,00	3.348.045,00
5. Staff:	12.864,00	1.984,00	13.343,00	33.977,00	17.610,00
6. Public bodies:	23.819.539,00	36.517.103,00	44.880.751,00	44.402.335,00	44.047.901,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	114.679.520,00	151.020.937,00	130.772.452,00	158.923.950,00	178.684.916,00
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:	9.629.408,00	11.655.915,00	9.067.309,00	20.084.460,00	6.496.223,00
5. Short term securities portfolio:	2.969.847,00	2.827.079,00	14.118.134,00	5.325.229,00	45.489.995,00
6. Other receivables:	0,00	0,00	99,00	248,00	373,00
7. Shor term guarantees and deposits:	102.080.265,00	136.537.943,00	107.586.910,00	133.514.013,00	126.698.325,00
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:	99.876.778,00	16.776.799,00	13.697.402,00	1.272.677,00	1.082.606,00
VII. Prepayments and accrued income:	514.222,00	724.797,00	549.264,00	795.984,00	843.754,00
GENERAL TOTAL (A + B + C + D):	673.099.031,00	618.593.801,00	573.555.920,00	588.975.050,00	632.033.904,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2016	2015	2014	2013	2012
A) EQUITY:	415.272.073,00	388.367.092,00	352.211.255,00	316.032.098,00	316.703.871,00
I. Subscribed capital:	7.378.439,00	7.378.439,00	7.378.439,00	7.378.439,00	7.378.439,00
II. Share premium:	71.211.868,00	71.211.868,00	71.211.868,00	71.211.868,00	71.211.868,00
III. Revaluation reserves:	6.214.256,00	5.672.451,00	5.526.689,00	5.622.950,00	5.782.926,00
IV. Reserves:	290.515.451,00	263.853.932,00	254.270.823,00	254.646.317,00	257.280.730,00
1. Legal reserve:	2.584.352,00	2.584.352,00	2.584.352,00	2.584.352,00	2.584.352,00
2. Reserves for own shares:	11.239.946,00	10.259.964,00	9.996.318,00	10.170.429,00	10.459.783,00
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:	276.691.153,00	251.009.616,00	241.690.153,00	241.891.536,00	244.236.595,00
6. Differences due to capital adjustment to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	-22.827.475,00	-24.950.092,00	-11.580.420,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	-22.827.475,00	-24.950.092,00	-11.580.420,00
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:	39.952.059,00	40.250.402,00	36.650.911,00	2.122.617,00	-13.369.672,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	4.595.023,00	5.292.009,00	6.222.037,00	7.074.458,00	8.572.451,00
1. Capital grants:	4.595.023,00	5.292.009,00	6.222.037,00	7.074.458,00	8.572.451,00
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:	670.423,00	577.185,00	5.432.377,00	8.681.129,00	6.320.494,00
1. Provisions for pension fund and other similar obligations:	191.090,00	97.852,00	49.248,00	39.894,00	166.683,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	479.333,00	479.333,00	5.383.129,00	8.641.235,00	6.153.811,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	115.670.277,00	109.555.032,00	120.371.881,00	130.634.081,00	139.185.654,00
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:	69.675.000,00	82.300.000,00	84.931.192,00	35.129.060,00	42.341.012,00
1. Loans and other liabilities:	69.675.000,00	82.300.000,00	84.931.192,00	35.129.060,00	42.341.012,00
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:	18.291.126,00	20.691.126,00	28.091.126,00	88.206.126,00	81.306.126,00
1. Amounts owed to group companies:	18.291.126,00	20.691.126,00	28.091.126,00	88.206.126,00	81.306.126,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	27.704.151,00	6.563.906,00	7.349.563,00	7.298.895,00	15.538.516,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	22.821.459,00	1.747.032,00	1.809.760,00	1.817.477,00	7.430.920,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	4.882.692,00	4.816.874,00	5.539.803,00	5.481.418,00	8.107.596,00
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:	125.172.760,00	109.748.977,00	81.496.774,00	121.380.590,00	158.825.387,00
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:	14.203.864,00	3.561.496,00	4.878.266,00	42.040.886,00	81.028.487,00
1. Loans and other liabilities:	14.203.864,00	3.561.496,00	4.878.266,00	42.040.886,00	79.262.274,00
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	1.766.213,00
III. Short-term amounts owed to group and associated companies:	53.672.020,00	48.213.146,00	31.075.963,00	34.457.453,00	27.737.979,00
1. Amounts owed to group companies:	47.921.476,00	43.047.478,00	27.746.412,00	30.765.602,00	24.766.068,00
2. Amounts owed to associated companies:	5.750.544,00	5.165.668,00	3.329.551,00	3.691.851,00	2.971.911,00
IV. Trade creditors:	40.119.858,00	43.921.701,00	34.540.807,00	36.082.091,00	37.482.451,00
1. Advanced payments from customers:	2.009.024,00	7.642.495,00	621.432,00	627.859,00	1.615.363,00
2. Amounts owed for purchases of goods or services:	38.110.834,00	36.279.206,00	33.919.375,00	35.454.232,00	35.867.088,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	14.735.632,00	12.019.290,00	7.304.471,00	6.769.562,00	9.867.481,00
1. Public bodies:	4.331.251,00	4.088.621,00	3.810.782,00	3.593.745,00	4.158.073,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	3.878.937,00	2.690.580,00	240.479,00	192.136,00	2.849.894,00
4. Wages and salaries payable:	6.525.444,00	5.240.089,00	3.253.210,00	2.983.681,00	2.859.514,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	1.072.511,00	752.807,00	1.248.446,00	820.668,00	423.542,00
VII. Prepayments and accrued income:	1.368.875,00	1.280.537,00	2.448.821,00	1.209.930,00	2.285.447,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	6.143.333,00	4.312.073,00	7.151.089,00	4.700.781,00	2.426.047,00
GENERAL TOTAL (A + B + C + D + E + F):	667.523.889,00	617.852.368,00	572.885.413,00	588.503.137,00	632.033.904,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2016	2015	2014	2013	2012
A) CHARGES (A.1 to A.15):	576.767.578,00	566.611.561,00	546.577.934,00	550.914.695,00	602.907.303,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	6.588.867,00
A.2. Supplies:	314.336.858,00	317.794.546,00	301.633.193,00	286.568.131,00	290.984.590,00
a) Stock consumption:	41.884.134,00	48.111.590,00	43.711.072,00	64.326.070,00	64.060.625,00
b) Consumption of raw materials and miscellaneous consumable ones:	261.685.155,00	258.873.281,00	249.996.628,00	215.938.114,00	222.269.814,00
c) Miscellaneous external expenditure:	10.767.569,00	10.809.675,00	7.925.493,00	6.303.947,00	4.654.151,00
A.3. Staff costs:	87.524.991,00	83.337.942,00	78.524.263,00	75.338.035,00	88.948.108,00
a) Wages, salaries et al.:	62.635.682,00	60.533.163,00	57.092.556,00	55.914.409,00	67.922.304,00
b) Social security costs:	24.889.309,00	22.804.779,00	21.431.707,00	19.423.626,00	21.025.804,00
A.4. Depreciation expense:	17.361.227,00	17.100.343,00	19.390.082,00	26.127.335,00	29.750.483,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-1.094.783,00	-555.638,00	-2.650.866,00	5.445.143,00	8.183.563,00
a) Stock provision variation:	-843.878,00	-1.170.547,00	-2.971.891,00	1.170.949,00	-1.293.261,00
b) Variation in provision and bad debt losses:	-250.905,00	614.909,00	321.025,00	4.274.194,00	9.476.824,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	135.632.710,00	135.568.007,00	138.059.518,00	138.880.829,00	138.931.615,00
a) External services:	133.274.423,00	133.086.607,00	135.096.818,00	135.247.961,00	135.669.667,00
b) Taxes:	2.348.270,00	2.471.533,00	2.951.512,00	3.617.793,00	1.559.620,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	1.685.162,00
d) Allocation to revision fund:	10.017,00	9.867,00	11.188,00	15.075,00	17.166,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	59.299.774,00	39.466.627,00	27.884.680,00	4.805.230,00	0,00
A.7. Financial and similar charges:	3.675.815,00	4.651.468,00	5.835.053,00	7.536.217,00	8.318.421,00
a) Due to liabilities with companies of the group:	1.698.303,00	1.391.909,00	3.433.270,00	3.940.106,00	3.460.633,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	1.977.432,00	3.259.699,00	2.401.598,00	3.597.065,00	3.932.794,00
d) Losses from financial investments:	80,00	-140,00	185,00	-954,00	924.994,00
A.8. Changes in financial investment provisions:	523.085,00	-911.522,00	1.204.643,00	-2.622,00	2.541.079,00
A.9. Exchange losses:	2.207.333,00	0,00	0,00	0,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	4.963.444,00	3.895.263,00	3.500.717,00	15.172.477,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	54.389.078,00	44.430.071,00	31.779.943,00	8.305.947,00	9.265.621,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	1.883.614,00	-2.337.009,00	1.201.728,00	9.910.119,00	28.043.489,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	144.507,00	0,00	0,00	1.228.277,00	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:	1.081.482,00	0,00	141.292,00	1.288.686,00	4.227.267,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	8.222.241,00	8.696.166,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	54.099.324,00	52.652.312,00	40.476.109,00	1.563.789,00	0,00
A.15. Corporation tax:	13.490.739,00	11.963.424,00	3.239.028,00	-1.405.455,00	-3.610.179,00
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):	40.608.585,00	40.688.888,00	37.237.081,00	2.969.244,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2016	2015	2014	2013	2012
B) INCOME ( B.1 to B.13):	617.376.163,00	607.300.449,00	583.815.015,00	553.883.939,00	589.537.631,00
B.1. Net total sales:	592.093.194,00	572.467.040,00	536.966.236,00	512.703.203,00	536.922.150,00
a) Sales:	589.457.274,00	571.283.507,00	537.220.758,00	513.769.884,00	540.100.782,00
b) Rendering of services:	9.360.432,00	7.700.719,00	5.874.077,00	4.794.391,00	2.982.822,00
Returns and Rappel on sales:	-6.724.512,00	-6.517.186,00	-6.128.599,00	-5.861.072,00	-6.161.454,00
B.2. Stock increase of manufactured goods and products in process:	1.508.633,00	1.706.447,00	477.314,00	2.653.140,00	0,00
B.3. Works performed by the company for fixed assets:	2.755.603,00	1.977.873,00	5.807.655,00	851.075,00	429.531,00
B.4. Miscellaneous operating income:	16.703.347,00	16.560.467,00	19.589.665,00	20.957.285,00	20.128.689,00
a) Auxiliary income and other from current management:	16.475.339,00	16.159.306,00	19.056.323,00	20.751.109,00	19.824.144,00
b) Grants:	220.708,00	283.461,00	332.703,00	206.176,00	253.336,00
c) Liabilities and charges provisions surplus:	7.300,00	117.700,00	200.639,00	0,00	51.209,00
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	5.906.856,00
B.5. Income from equity investment:	91.528,00	6.778.602,00	5.350.617,00	4.295.228,00	17.266.722,00
a) In companies of the group:	87.000,00	6.769.614,00	5.327.565,00	4.268.792,00	17.259.884,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	4.528,00	8.988,00	23.052,00	26.436,00	6.838,00
B.6. Income from other marketable securities and long-term receivables:	439.146,00	509.517,00	1.311.563,00	1.978.173,00	2.023.202,00
a) From companies of the group:	168.203,00	76.482,00	155.089,00	277.509,00	594.502,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	270.943,00	433.035,00	1.156.475,00	1.700.664,00	1.428.699,00
B.7. Miscellaneous interests or similar income:	964.863,00	1.344.278,00	2.986.193,00	4.467.170,00	4.530.164,00
a) From companies of the group:	270.828,00	123.145,00	249.712,00	446.822,00	957.220,00
b) From associated companies:	80.981,00	36.822,00	74.667,00	133.605,00	286.220,00
c) Miscellaneous interests:	613.054,00	979.817,00	2.616.720,00	3.848.043,00	3.232.676,00
d) Profit on financial investment:	0,00	204.495,00	45.094,00	38.700,00	54.048,00
B.8. Exchange positive differences:	0,00	70.993,00	1.286.586,00	293.741,00	2.211.889,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	4.910.696,00	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	1.004.135,00	6.533.903,00	0,00	1.098.657,00
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:	2.819.849,00	2.827.261,00	3.505.283,00	5.684.924,00	4.926.627,00
B.12. Extraordinary income:	0,00	2.053.836,00	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):	289.754,00	0,00	0,00	6.742.158,00	26.245.472,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	16.979.851,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	13.369.672,00

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	53.442.798,00	52.213.826,00	39.889.939,00	717.162,00	-16.979.851,00
2. Results adjustments.: 61200	22.363.015,00	19.552.836,00	3.446.243,00	32.830.956,00	45.819.949,00
a) Fixed Assets Amortization (+).: 61201	17.371.244,00	17.110.210,00	19.401.270,00	26.142.410,00	29.767.649,00
b) Obsolescence Allowances (+/-). : 61202	1.411.153,00	-5.112.618,00	-1.755.180,00	14.369.599,00	33.233.269,00
c) Variation in Provision (+/-). : 61203	130.263,00	197.967,00	211.974,00	-99.178,00	-139.157,00
d) Allocation of grants (-).: 61204	-2.163.165,00	-2.388.774,00	-2.919.121,00	-4.838.297,00	-3.241.465,00
e) Results on disposal of fixed assets (+/-). : 61205	144.507,00	-1.004.135,00	-6.533.903,00	1.228.277,00	-1.098.657,00
f) Results on disposal of financial instruments (+/-).: 61206	0,00	-204.495,00	-45.094,00	-1.802.200,00	1.655.545,00
g) Financial income (-).: 61207	-1.495.537,00	8.427.902,00	-9.603.278,00	-10.701.872,00	-23.766.040,00
h) Financial Expenses (+). : 61208	3.675.735,00	4.651.608,00	5.834.868,00	7.537.171,00	7.393.427,00
i) Exchange differences (+/-). : 61209	2.207.333,00	-70.993,00	-1.286.586,00	-293.641,00	-2.211.889,00
k) Other income and expense (-/+). : 61211	1.081.482,00	-2.053.836,00	141.293,00	1.288.687,00	4.227.267,00
3. Changes in current capital equity.: 61300	-4.034.054,00	19.413.613,00	26.183.660,00	-68.128.633,00	-138.015.517,00
a) Stock (+/-).: 61301	-220.883,00	-1.213.442,00	9.506.346,00	-3.594.406,00	15.531.151,00
d) Debtors and other accounts receivable (+/-). : 61302	-8.933.551,00	-4.581.999,00	-1.286.258,00	11.495.535,00	34.932.087,00
c) Other current assets (+/-). : 61303	14.339,00	-175.533,00	26.100.054,00	-20.472.305,00	-85.599.122,00
d) Creditors and other accounts payable (+/-). : 61304	-4.078.832,00	13.269.401,00	-2.297.677,00	-18.371.771,00	-24.362.411,00
e) Other current liabilities (+/-).: 61305	9.184.873,00	12.115.186,00	-5.838.805,00	-37.185.686,00	-78.517.222,00
4. Cash Flows from Other Operating Activities: 61400	3.748.443,00	-16.588.861,00	1.099.528,00	5.840.969,00	16.538.947,00
a) Interest payments (-). : 61401	-2.356.737,00	-3.179.873,00	-5.803.175,00	-7.537.171,00	-7.207.810,00
b) Dividend payment collection (+). : 61402	91.528,00	-6.778.602,00	5.350.618,00	4.295.229,00	17.266.722,00
c) Interest collection (+). : 61403	818.121,00	-1.639.559,00	4.252.661,00	6.406.643,00	6.462.273,00
d) Income tax payment collection (payments) (+/-).: 61404	2.153.784,00	-5.497.871,00	-2.647.660,00	1.185.196,00	-1.429.449,00
e) Other payments (payment collection) (-/+) : 61405	3.041.747,00	507.044,00	-52.916,00	1.491.072,00	1.447.211,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	75.520.202,00	74.591.414,00	70.619.370,00	-28.739.546,00	-92.636.472,00
6. Payments for investment (-).: 62100	-163.623.165,00	-155.132.784,00	-15.908.909,00	-5.723.373,00	-11.876.712,00
a) Companies of the group and affiliates. : 62101	-347.592,00	-12.206.018,00	0,00	-266.640,00	-857.231,00
b) Intangible fixed assets. : 62102	-814.167,00	-558.494,00	-607.529,00	-380.127,00	-760.073,00
c) Fixed assets. : 62103	-36.002.593,00	-24.486.787,00	-15.092.409,00	-4.811.130,00	-5.614.192,00
d) Real estate investment. : 62104	0,00	0,00	0,00	-71.885,00	0,00
e) Other financial assets. : 62105	-126.458.813,00	-117.881.485,00	-208.971,00	-193.591,00	-4.534.818,00
f) Non-current assets kept for sale. : 62106	0,00	0,00	0,00	0,00	-110.398,00
7. Divestment payment collection (+). : 62200	167.746.499,00	91.862.834,00	7.979.011,00	1.323.246,00	19.301.410,00
a) Companies of the group and affiliates. : 62201	36.293,00	2.517.991,00	6.231.122,00	900.194,00	16.505.849,00
b) Intangible fixed assets. : 62202	0,00	0,00	584.359,00	41.302,00	778.359,00
c) Fixed assets. : 62203	596.025,00	547.027,00	1.075.308,00	349.345,00	1.943.567,00
e) Other financial assets. : 62205	160.675.909,00	88.797.816,00	88.222,00	32.405,00	73.635,00
f) Non-current assets kept for sale. : 62206	6.438.272,00	0,00	0,00	0,00	0,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	4.123.334,00	-63.269.950,00	-7.929.898,00	-4.400.127,00	7.424.698,00
9. Payment collection and payments for equity instruments. : 63100	114.152,00	-3.473.239,00	0,00	-926.386,00	-419.223,00
c) Acquisition of own equity instruments (-). : 63103	0,00	-650.480,00	0,00	-926.386,00	-419.223,00
e) Grants, donations and bequests received (+). : 63105	114.152,00	-2.822.759,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	13.111.247,00	-12.897.938,00	-42.758.428,00	-7.340.022,00	6.033.374,00
a) Issuance : 63201	21.353.969,00	46.034.767,00	123.265.000,00	101.010.281,00	60.337.078,00
2. Debts incurred with credit institutions (+). : 63203	0,00	0,00	84.500.000,00	13.000.000,00	5.000.000,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	45.950.000,00	38.685.000,00	87.900.000,00	55.266.126,00
5. Other debts (+). : 63206	21.353.969,00	84.767,00	80.000,00	110.281,00	70.952,00
b) Repayment and amortization of : 63207	-8.242.722,00	-58.932.705,00	-166.023.428,00	-108.350.303,00	-54.303.704,00
2. Debts incurred with credit institutions (-).: 63209	-3.951.675,00	-4.792.680,00	-67.058.608,00	-18.973.750,00	-19.995.793,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-2.400.000,00	-53.350.000,00	-98.800.000,00	-81.000.000,00	-33.960.000,00
5. Other debts (-). : 63212	-1.891.047,00	-790.025,00	-164.820,00	-8.376.553,00	-347.911,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-8.714.243,00	-3.100.000,00	0,00	0,00	0,00
a) Dividends (-).: 63301	-8.714.243,00	-3.100.000,00	0,00	0,00	0,00
12. Cash Flows from Financing Activities (9+10+11): 63400	4.511.156,00	-19.471.177,00	-42.758.428,00	-8.266.408,00	5.614.151,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-911.945,00	-61.944,00	1.286.586,00	293.641,00	2.125.896,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	83.242.747,00	-8.211.657,00	21.217.630,00	-41.112.440,00	-77.471.727,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	19.603.878,00	27.815.536,00	6.597.906,00	47.710.345,00	124.044.328,00
Cash or equivalent assets as of end of the fiscal year.: 65200	102.846.625,00	19.603.878,00	27.815.536,00	6.597.905,00	46.572.601,00

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:	0,14 %	0,01 %	-0,01 %	0,06 %	1.080,14 %	-82,34 %
Net Financial Debt:	-1,26	2,32	-1,15	2,83	-9,45	-18,20
Cash Flow Yield:	0,12 %	0,01 %	-0,01 %	0,03 %	1.030,97 %	-82,02 %
EBITDA over Sales:	12,84 %	11,96 %	9,79 %	10,44 %	31,18 %	14,49 %

Profitability	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	13,28 %	8,86 %	12,12 %	6,95 %	9,57 %	27,61 %
Total economic profitability:	8,52 %	4,95 %	9,24 %	3,20 %	-7,76 %	54,82 %
Financial profitability:	9,64 %	7,35 %	10,51 %	4,15 %	-8,23 %	77,10 %
Margin:	9,94 %	7,84 %	7,49 %	6,35 %	32,67 %	23,52 %
Mark-up:	8,92 %	7,10 %	8,49 %	3,80 %	5,03 %	86,79 %

Solvency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,82	0,16	0,18	0,14	364,18	15,62
Acid Test:	2,47	0,90	2,28	0,87	8,52	3,32
Working Capital / Investment:	0,36	0,03	0,33	0,03	8,36	3,60
Solvency:	3,15	1,21	3,13	1,19	0,66	1,59

Indebtedness	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,57	1,24	0,56	1,30	1,45	-4,79
Borrowing Composition:	0,92	1,05	0,99	1,04	-6,58	1,15
Repayment Ability:	3,17	9,27	3,93	11,03	-19,43	-15,92
Warranty:	2,78	1,82	2,80	1,78	-0,39	2,00
Generated resources / Total creditors:	0,24	0,09	0,25	0,08	-1,84	20,02

Efficiency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,87	1,91	1,67	1,80	11,73	6,09
Turnover of Collection Rights :	6,59	5,10	7,01	5,22	-5,89	-2,39
Turnover of Payment Entitlements:	6,18	3,55	5,81	3,69	6,34	-3,90
Stock rotation:	8,48	8,12	8,97	7,79	-5,41	4,31
Assets turnover:	1,34	1,13	1,62	1,09	-17,41	3,31
Borrowing Cost:	1,53	2,32	2,11	2,45	-27,72	-5,13

> 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:	0,14 %	-0,01 %	0,04 %	-0,08 %	-0,14 %
Net Financial Debt:	-1,26	-1,15	-0,91	-1,97	-1,54
Cash Flow Yield:	0,12 %	-0,01 %	0,04 %	-0,07 %	-0,12 %
EBITDA over Sales:	12,84 %	9,79 %	8,66 %	5,87 %	4,43 %

Profitability	2016	2015	2014	2013	2012
Operating economic profitability:	13,28 %	12,12 %	9,47 %	-0,44 %	-6,14 %
Total economic profitability:	8,52 %	9,24 %	8,01 %	1,41 %	-1,52 %
Financial profitability:	9,64 %	10,51 %	10,58 %	0,69 %	-4,36 %
Margin:	9,94 %	7,49 %	6,08 %	-0,29 %	-4,50 %
Mark-up:	8,92 %	8,49 %	7,12 %	0,38 %	-2,29 %

Solvency	2016	2015	2014	2013	2012
Liquidity:	0,82	0,18	0,34	0,05	0,29
Acid Test:	2,47	2,28	2,69	1,94	1,63
Working Capital / Investment:	0,36	0,33	0,34	0,30	0,26
Solvency:	3,15	3,13	3,92	2,83	2,31

Indebtedness	2016	2015	2014	2013	2012
Indebtedness level:	0,57	0,56	0,56	0,77	0,92
Borrowing Composition:	0,92	0,99	1,47	1,09	0,90
Repayment Ability:	3,17	3,93	4,35	8,40	12,63
Warranty:	2,78	2,80	2,83	2,32	2,09
Generated resources / Total creditors:	0,24	0,25	0,25	0,12	0,06

Efficiency	2016	2015	2014	2013	2012
Productivity:	1,87	1,67	1,59	1,40	1,27
Turnover of Collection Rights :	6,59	7,01	7,45	7,17	7,08
Turnover of Payment Entitlements:	6,18	5,81	6,92	6,62	6,61
Stock rotation:	8,48	8,97	9,05	8,09	8,98
Assets turnover:	1,34	1,62	1,56	1,51	1,36
Borrowing Cost:	1,53	2,11	2,89	2,98	2,46

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

La Voz de Galicia	29/03/2018
Finsa aumenta su negocio un 9 % por el tirón de sus plantas de Santiago y Portugal
Companies related
ABC.ES	14/02/2018
Finsa y Nueva Pescanova confían en emprendedores para resolver nuevos retos
Companies related
NUEVA PESCANOVA SL

Public Tenders and Works Won

Organisation that calls the tender:

CONSORCIO PARA LA GESTION DE RESIDUOS SOLIDOS EN ASTURIAS

Objective of Tender:

Venta de astilla de madera procedente de la selección y posterior trituración de residuos voluminosos

Date Awarded:

11/07/2017

Cost:

123.855,60 EURO.

Detail of Subsidies appearing in Balances Memories

Entity	COMUNIDAD AUTONOMA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	47.504,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	INSTITUTO ENERGETICO DE GALICIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	21.818,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	MINISTERIO DE INDUSTRIA
Subsidy Concept	Subvención ce capital.
Status	CONCEDIDA
Amount Granted	18.980,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	UNION EUROPEA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	4.775,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	GOBIERNO DE ARAGON
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.750,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.089.399,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Project	Derechos de emisión
Amount Granted	585.915,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	XUNTA DE GALICIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	551.538,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	INCENTIVOS ECONOMICOS REGIONALES
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	316.225,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	COMUNIDAD AUTONOMA
Status	CONCEDIDA
Amount Granted	79.865,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	GOBIERNO DE ARAGON
Status	CONCEDIDA
Amount Granted	66.564,00

Entity	GOBIERNO DE ARAGON
Status	CONCEDIDA
Amount Granted	38.875,00

Entity	GOBIERNO DE ARAGON
Status	CONCEDIDA
Amount Granted	30.812,00

Entity	MINISTERIO DE INDUSTRIA
Subsidy Concept	Subvención ce capital.
Status	CONCEDIDA
Amount Granted	30.000,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	GOBIERNO DE ARAGON
Status	CONCEDIDA
Amount Granted	21.120,00

Entity	GOBIERNO VASCO
Status	CONCEDIDA
Amount Granted	6.579,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	ENTE VASCO DE LA ENERGIA
Status	CONCEDIDA
Amount Granted	5.143,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.962.683,00
Notes	Dicho importe corresponde al imputado a resultados. Otros derechos de emisión.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.470.782,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	JUNTA DE CASTILLA LA MANCHA.
Status	CONCEDIDA
Amount Granted	946.150,00
Notes	El inporte reflejado corresponde al saldo al cierre.

Entity	ORGANISMO NO ESPECIFICADO.
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	889.235,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	XUNTA DE GALICIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	843.034,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	COMUNIDAD AUTONOMA
Subsidy Concept	Subvención ce capital.
Status	CONCEDIDA
Amount Granted	125.209,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	MINISTERIO DE INDUSTRIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	69.370,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	INEGA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	21.818,00
Notes	Dicho importe corresponde al imputado a resultados.

Entity	XUNTA DE GALICIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.036.585,00
Notes	Dicho importe corresponde al traspasado a resultados del ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	834.599,00
Notes	Dicho importe corresponde al traspasado a resultados del ejercicio.

Entity	MINISTERIO DE INDUSTRIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	47.754,00
Notes	Dicho importe corresponde al traspasado a resultados del ejercicio.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.678.763,00
Notes	Dicho importe corresponde al traspasado a resultados del ejercicio, quedando a fecha de cierre pendiente de imputar 10.642.030 euros.

Entity	XUNTA DE GALICIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.346.389,00
Notes	Dicho importe corresponde al traspasado a resultados del ejercicio, quedando a fecha de cierre pendiente de imputar 5.781.883 euros.

Entity	MINISTERIO DE INDUSTRIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	28.206,00
Notes	Dicho importe corresponde al traspasado a resultados del ejercicio, quedando a fecha de cierre pendiente de imputar 61.246 euros.

Entity	XUNTA DE GALICIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	3.159.364,00
Notes	Dicho importe corresponde al traspasado a resultados del ejercicio, quedando a fecha de cierre pendiente de imputar 5.921.525 euros.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	2.779.641,00
Notes	Dicho importe corresponde al traspasado a resultados del ejercicio, quedando a fecha de cierre pendiente de imputar 12.321.188 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.094.747,00
Notes	Dicho importe corresponde al traspasado a resultados del ejercicio, quedando a fecha de cierre pendiente de imputar 692.236 euros.

Entity	MINISTERIO DE INDUSTRIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	57.978,00
Notes	Dicho importe corresponde al traspasado a resultados del ejercicio, quedando a fecha de cierre pendiente de imputar 89.452 euros.

Entity	INSTITUTO ENERXETICO DE GALICIA
Status	CONCEDIDA
Amount Granted	21.818,00
Notes	Dicho importe corresponde al traspasado a resultados del ejercicio, quedando a fecha de cierre pendiente de imputar 172.727 euros.

Entity	XUNTA DE GALICIA
Subsidy Concept	Subvencion de capital.
Status	CONCEDIDA
Amount Granted	2.409.455,00
Notes	El importe reflejado corresponde al imputado a resultados durante el ejercicio.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	830.487,00
Notes	El importe reflejado corresponde al imputado a resultados durante el ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	847.663,00
Notes	El importe reflejado corresponde al imputado a resultados durante el ejercicio.

Entity	XUNTA DE GALICIA
Subsidy Concept	Subvencion de capital.
Status	CONCEDIDA
Amount Granted	769.162,00
Notes	El importe reflejado corresponde al imputado a resultados durante el ejercicio.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	4.170.828,00
Notes	El importe corresponde al saldo pendiente de aplicación al cierre del ejercicio. Este año, la subvención ha tenido una amortización de 1.257.257 euros.

Entity	XUNTA DE GALICIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	2.048.655,00
Notes	El importe corresponde al saldo pendiente de aplicación al cierre del ejercicio. Este año, la subvención ha tenido una adición de 842.091 euros y una amortización de 706.707 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	173.182,00
Notes	Subvención sobre derechos de emisión. El importe corresponde al saldo pendiente de aplicación al cierre del ejercicio. Este año, la subvención ha tenido una adición de 2.382.117 euros y una amortización de 2.258.622 euros.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	16.029.379,00
Notes	SUBVENCION DEL AÑO 1998, DE DICHA SUBVENCION SE HAN COBRADO A 31/12/2004 12.350.954 EUROS

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	4.370.592,00
Notes	SUBVENCION DEL AÑO 1997, DE DICHA SUBVENCION DE HAN COBRADO A 31/12/2004 2.669.427 EUROS

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	1.680.615,00
Notes	SUBVENCION DEL AÑO 2004, DE DICHA SUBVENCION NO SE HA COBRADO NADA A 31/12/2004

Entity	XUNTA DE GALICIA
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	1.527.073,00
Notes	SUBVENCION DEL 2004 DE LA CUAL A 31/12/2004 NO SE HA COBRADO NADA

Entity	XUNTA DE GALICIA
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	1.442.296,00
Notes	SUBVENCION DEL AÑO 1997, DE DICHA SUBVENCION SE HAN COBRADO A 3/112/2004 804.390 EUROS

Entity	XUNTA DE GALICIA
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	978.280,00
Notes	SUBVENCION DEL AÑO 2001, DE DICHA SUBVENCION SE HAN COBRADO A 31/12/2004 429.521 EUROS

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	SUBVENCION DE CAPITAL
Status	CONCEDIDA
Amount Granted	5.836.125,00

Research Summary

The subject was incorporated several years ago. Thus, it has lot of expertise in the sector. There are positive comments about the subject in the consulted sources. Finsa leads the transformation of wood panels in Spain and it is also on the top positions in Europe.

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 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
Euro	1	INR 80.93

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	DNS

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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