MIRA INFORM REPORT

Report No. :	492067
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	PAPRESA SA
Registered Office :	Avda. Martires De La Libertad, 6 - Errenteria - 20100 - Guipuzcoa
Country :	Spain
Financials (as on) :	2016
Date of Incorporation :	08.09.1993
Legal Form :	Public Company
Line of Business :	Manufacture of paper and paperboard
No. of Employees :	220 (2016)

RATING & COMMENTS

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

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate
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 experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2017 Spain marked the fourth full year of positive economic growth in ten years, largely due to increased private consumption. At the onset of the financial crisis, Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In that year, the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program for its financial sector.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 17% in 2017. High unemployment has 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.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained through 2016. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

Political gridlock after the national elections in December 2015 and June 2016 and ensuing government formation process constrained the caretaker government’s ability to implement needed labor, pension, health care, tax, and education reforms— in 2016. The European Commission criticized Spain’s 2016 budget for easing austerity measures and for its alleged overly optimistic growth and deficit projections. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and with the recent uptick in economic activity, inflation has reappeared, at 2% per year.

Source : CIA

EXECUTIVE SUMMARY

Name:	PAPRESA SA
NIF / Fiscal code:	A48565469
Status:	ACTIVE
Incorporation Date:	08/09/1993
Register Data	Register Section 8 Sheet 8537
Last Publication in BORME:	25/05/2017 [Board Meeting]
Last Published Account Deposit:	2016
Share Capital:	21.991.176,27
Localization:	AVDA. MARTIRES DE LA LIBERTAD, 6 - ERRENTERIA - 20100 - GUIPUZCOA
Telephone - Fax - Email - Website:	Telephone. 943 344 342 Email. comercial@papresa.es Website. www.papresa.es
Activity:
NACE:	1712 - Manufacture of paper and paperboard
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	7 for a total cost of 11.328.220,00
Subsidies:	3 for a total cost of 1183863
Quality Certificate:	No
Payment Behaviour:	Slow
Prospects:	Consolidation
Industry situation:	Maturity
Defaults, Legal Claims and Insolvency Proceedings :

	Number	Amount (€)	Most Recent Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments	1	---	---
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	1	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners:

GRUPO INDUSTRIAL DIVERSIFICADO SL	97.5 %
Shares:	0
Other Links:	5
No. of Active Corporate Bodies:

Ratios	2016	2015	Change
Nº of employees:	220

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The Company was incorporated in 1993, engaged in the manufacture and sale of paper. Its commercial scope is national and international. There are no bad comments in the consulted sources, but considering the last accounts in the Trade Register for the period ending (31-12-2016), we recommend being cautious and monitor its commercial evolution.
Interviewed Person:

Enquiry Details

Identification
Social Denomination:	PAPRESA SA
NIF / Fiscal code:	A48565469
Corporate Status:	ACTIVE
Start of activity:	1994
Registered Office:	AVDA. MARTIRES DE LA LIBERTAD, 6
Locality:	ERRENTERIA
Province:	GUIPUZCOA
Postal Code:	20100
Telephone:	943 344 342
Fax:	943 344 251
Website:	www.papresa.es
Email:	comercial@papresa.es
Interviewed Person:	Information obtained through indirect sources, as people responsible for the company refused to provide information.

Branch Offices

Activity
NACE:	1712
Corporate Purpose:	THE SUBJECT IS ENGAGED IN THE EXPLOITATION OF PAPER FACTORIES.
Additional Information:	Paper manufacture
Additional Address:	Registered office, offices and premises located at the heading address.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2016	220

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

Chronological Summary
	Year	Act
	1993	Appointments/ Re-elections (6) Company Formation (1)
	1994	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Increase of Capital (1)
	1995	Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1)
	1996	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Company Transformation (1) Other Concepts/ Events (1)
	1997	Accounts deposit (year 1995) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (2) Statutory Modifications (1)
	1998	Accounts deposit (year 1996, 1997) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (2)
	1999	Accounts deposit (year 1998) Appointments/ Re-elections (2) Board Meeting (2) Capital Reduction (2) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (2)
	2000	Accounts deposit (year 1999) Appointments/ Re-elections (1) Board Meeting (1) Other Concepts/ Events (1)
	2001	Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2002	Accounts deposit (year 2000) Appointments/ Re-elections (1) Board Meeting (1) Other Concepts/ Events (1)
	2003	Accounts deposit (year 2001) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)
	2004	Accounts deposit (year 2002, 2003) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)
	2005	Accounts deposit (year 2004) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)
	2006	Board Meeting (1)
	2007	Accounts deposit (year 2005, 2006) Appointments/ Re-elections (4) Board Meeting (3) Capital Reduction (2) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Other Concepts/ Events (3) Statutory Modifications (1)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (4) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (2) Statutory Modifications (1)
	2009	Accounts deposit (year 2008)
	2010	Accounts deposit (year 2009)
	2011	Take-over Merger (1)
	2012	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1) Take-over Merger (2)
	2014	Accounts deposit (year 2010, 2011, 2012, 2013) Appointments/ Re-elections (2) Board Meeting (1)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (4) Board Meeting (2) Capital Reduction (2) Cessations/ Resignations/ Reversals (3) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Statutory Modifications (1)
	2016	Accounts deposit (year 2015) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (3)
	2017	Accounts deposit (year 2016) Board Meeting (1)

Breakdown of Owners' Equity
Registered Capital:	21.991.176,27
Paid up capital:	21.991.176,27

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
20/12/1993	Company Formation	6.010	6.010	6.010	6.010
13/01/1994	Increase of Capital	121.158.030	121.158.030	121.164.040	121.164.040
23/11/1999	Capital Reduction	-25.002.104	-25.002.104	96.161.937	96.161.937
21/12/2007	Capital Reduction	-870.188	-870.188	95.289.812	95.289.812
30/09/2015	Capital Reduction	-73.298.636	-73.298.636	21.991.176	21.991.176

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	DE SANTIAGO MARTIN FERNANDO	06/05/2016	4
MEMBER OF THE BOARD	VIDAL-QUADRAS DE CARALT ALEJO	06/05/2016	1
	MARAVER BASELGA TOMAS	14/01/2015	4
	MARQUET IMAZ MARIA LOURDES	14/01/2015	8
	ARGOTE ZURIARRAIN JOSE-MARIA	14/01/2015	1
COMBINED PROXY	GARCIA DIEGO ALONSO LAURA	21/01/2016	1
	ARRUABARRENA GAZTELUMENDI JOSE MARIA	21/01/2016	3
PROXY	DE SANTIAGO MARTIN FERNANDO	06/05/2016	4
	MARQUET IMAZ MARIA LOURDES	21/01/2016	8
	ARGOTE ZURIARRAIN JOSE MARIA	19/02/2008	12
SECRETARY	GONZALEZ-LINARES FERNANDEZ ANA	06/05/2016	1
VICE SECRETARY	BUIGUES SANTAMARIA JOSE FERNANDO	06/05/2016	1
REPRESENTATIVE	BERAMENDI BRIT MARTIN	13/11/2007	1
	LLABORI ZEARRA JON ANDER	29/07/2005	1
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	24/12/2015	3

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALBA FERRE LUIS MARIO	NON CONSELLOR SECRETARY	16/07/2008	1
ALDASORO ITURBE AMAIA	REPRESENTATIVE	31/12/1999	2
	REPRESENTATIVE	29/07/2005
ALFONSO GALLARDO PAPELERA SL	SINGLE ADMINISTRATOR	26/10/2012	2
	SINGLE PARTNER	28/08/2015
ARAMBARRI ZUBIZARRETA FEDERICO	MEMBER OF THE BOARD	16/07/2008	1
ARGOTE ZURIARRAIN JOSE MARIA	SINGLE ADMINISTRATOR	16/01/1995	12
	SINGLE ADMINISTRATOR	21/10/1997
	MEMBER OF THE BOARD	16/10/2003
	MEMBER OF THE BOARD	09/01/2008
	MEMBER OF THE BOARD	16/07/2008
	COMBINED PROXY	04/03/1994
	COMBINED PROXY	13/01/1998
	CHIEF EXECUTIVE OFFICER	16/10/2003
	CHIEF EXECUTIVE OFFICER	09/01/2008
	PRESIDENT	16/10/2003
	PRESIDENT	09/01/2008
ARRUABARRENA GAZTELUMENDI JOSE MARIA	COMBINED PROXY	19/02/2008	3
	COMBINED PROXY	21/01/2016
ASTIBIA OYARZABAL KOLDO AITOR	REPRESENTATIVE	16/10/2004	1
AYESTARAN CEBERIO JOSE MARTIN	COMBINED PROXY	19/02/2008	2
	COMBINED PROXY	13/01/1998
BROWN MARK ALISTAIR PORTERFIELD	PRESIDENT	03/08/2015	2
	MEMBER OF THE BOARD	03/08/2015
DE SANTIAGO MARTIN FERNANDO	MEMBER OF THE BOARD	03/08/2015	4
	SECRETARY	06/05/2016
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	16/06/2014	3
	ACCOUNTS' AUDITOR / HOLDER	16/06/2014
EGURCEGUI SAENZ DE URTURI ANGEL	COMBINED PROXY	19/02/2008	1
ERNST & YOUNG SL	ACCOUNTS' AUDITOR / HOLDER	16/10/2003	7
	ACCOUNTS' AUDITOR / HOLDER	20/09/2004
	ACCOUNTS' AUDITOR / HOLDER	12/08/2005
	ACCOUNTS' AUDITOR / HOLDER	21/02/2007
	ACCOUNTS' AUDITOR / HOLDER	05/09/2007
	ACCOUNTS' AUDITOR / HOLDER	09/01/2008
	ACCOUNTS' AUDITOR / HOLDER	24/12/2015
ERNST AND YOUNG SA	ACCOUNTS' AUDITOR / HOLDER	15/10/1998	2
	ACCOUNTS' AUDITOR / HOLDER	23/11/1999
ERNST YOUNG SL	ACCOUNTS' AUDITOR / HOLDER	23/11/1999	4
	ACCOUNTS' AUDITOR / HOLDER	20/09/2000
	ACCOUNTS' AUDITOR / HOLDER	22/09/2001
	ACCOUNTS' AUDITOR / HOLDER	01/07/2002
EXCMA DIPUTACION FORAL DE GIPUZKOA	MEMBER OF THE BOARD	16/10/2003	2
	MEMBER OF THE BOARD	09/01/2008
FERNANDEZ SEBAL FELIPE	SINGLE ADMINISTRATOR	31/05/1994	1
GALLARDO DIAZ ALFONSO	MEMBER OF THE BOARD	16/07/2008	3
	JOINT CHIEF EXECUTIVE OFFICER	16/07/2008
	PRESIDENT	16/07/2008
GARANTIAS RENTERIA SL	MEMBER OF THE BOARD	09/01/2008	2
	MEMBER OF THE BOARD	16/10/2003
GRUPO ALFONSO GALLARDO SL	SINGLE ADMINISTRATOR	14/01/2015	1
GUTIERREZ PARAMIO MACARIO	PROXY	19/02/2008	2
	JOINT ATTORNEY	23/08/1999
HERMOSILLA FERNANDEZ JUAN MANUEL	COMBINED PROXY	13/01/1998	1
LA PAPELERA ESPAÑOLA SA	SINGLE PARTNER	26/03/1996	1
MARAVER BASELGA TOMAS	PROXY	06/05/2016	4
	SECRETARY	03/08/2015
	PRESIDENT	06/05/2016
MARITORENA MENDIBERRI PABLO	PROXY	13/01/1998	2
	COMBINED PROXY	13/01/1998
MARQUET IMAZ MARIA LOURDES	MEMBER OF THE BOARD	16/10/2003	8
	MEMBER OF THE BOARD	09/01/2008
	MEMBER OF THE BOARD	16/07/2008
	COMBINED PROXY	09/07/2007
	COMBINED PROXY	19/02/2008
	COMBINED PROXY	21/01/2016
MECANICA DE LA PEÑA SA	MEMBER OF THE BOARD	22/09/2001	1
ORTUZAR ORTEGA JOSE MARIA	JOINT ATTORNEY	23/08/1999	1
PALAY ARTIGAS PEDRO	MEMBER OF THE BOARD	16/10/2003	2
	MEMBER OF THE BOARD	09/01/2008
PAPELERA RENTERIA SL	SINGLE PARTNER	21/10/1997	2
	SINGLE PARTNER	09/01/2008
PAPELERA UNO SL	SINGLE ADMINISTRATOR	18/12/1995	1
PLANILLO GARCIA LUIS ALBERTO	PROXY	20/12/1993	2
	PROXY	13/01/1998
PUGA VILLAVERDE FRANCISCO JAVIER	MEMBER OF THE BOARD	09/01/2008	1
PUGA VILLAVERDE JAVIER	MEMBER OF THE BOARD	16/07/2008	1
PULA VILLAVERDE JAVIER	MEMBER OF THE BOARD	16/10/2003	1
RECALDE GOICOECHEA JULIO	MEMBER OF THE BOARD	16/10/2003	2
	MEMBER OF THE BOARD	09/01/2008
RIKA OLIDEN IGNACIO	REPRESENTATIVE	13/11/2007	1
SILLERO ALGAR JUAN LUIS	MEMBER OF THE BOARD	16/07/2008	2
	JOINT CHIEF EXECUTIVE OFFICER	16/07/2008
TARRON IGLESIAS ADELA	SECRETARY	16/10/2003	2
	SECRETARY	09/01/2008
URRESOLA GIMENEZ JOSE ANTONIO	REPRESENTATIVE	18/12/1995	1
VILLACHICA IZUEL MARIANO JULIO	PROXY	13/01/1998	1

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		1	---	---	---
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		1	---	20/03/2014	20/03/2014
Proceedings heard by the Labour Court		Unpublished	---

> Details

> Basis for scoring

Positive Factors

Adverse Factors

The company has negative equity from accumulated losses from previous years. It becomes necessary to implement corporate actions in order to restore the equity balance through new member's shares or generation of profit. PAPRESA SA 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient. The Cash Turnover and Ordinary Investments volume for the compliance of the short-term payment obligations is reduced. In the previous 3 financial years, the company presented modified audit reports.

Probability of default

> Estimated Probability of Default for the next 12 months:  9.400 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

171 Manufacture of pulp, paper and paperboard

Relative Position:

Credit quality is inferior 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 worse position with regard to the probability of non-compliance.

The 13.00% of the companies of the sector PAPRESA SA belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 9,400%.

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

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	1 Incidence the amount of which has not been 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	1 Incidence for a total cost of 20.771,00 E
	Proceedings by the old Civil Procedural Law 1.881	Not published
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Proceedings before the Industrial Tribunal	Not published

Incidences Detailed

Procedures by the Civil Procedural Law 1/2000

 IN THE SOCIAL COURT Nº 2 DE DONOSTIA-SAN SEBASTIAN (GUIPUZCOA) - Date 20/03/2014

Last Published Stage:	SENTENCE
Record Number:	342/2013
Amount of the incidence:	20.771,08 E
Requested by:	GRUPO ALFONSO GALLARDO PAPELERA, SLU Y ANGEL MARIA
Published domicile:	SAN SEBASTIAN (GUIPUZCOA)
Source:	B.O.P. GUIPUZCOA Nº62, 2014 PAGINA 76

Legal Proceedings (Bankruptcy Law 22/2003)

 BEFORE THE MERCANTILE COURT Nº 1 DE BADAJOZ - Date 07/01/2015

Last Published Stage:	HOMOLOGATION OF REFINANCING AGREEMENT
Record Number:	683/2014
Published domicile:	SAN SEBASTIAN (GUIPUZCOA)
Source:	B.O.E. Nº156, 2015 PAGINA 29170

Guarantees

References

Link List

ABSORBS TO:	1 Entities
IS ABSORBED BY:	1 Entities
IS RELATED WITH:	3 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	GRUPO INDUSTRIAL DIVERSIFICADO SL	BADAJOZ	97.5

> Other relationships

Relationship	Entity	Province	Shareholding stake
	MARCELIANO MARTIN SA	MADRID
IS RELATED WITH	SOCIEDAD DE CAPITAL DESARROLLO DE EUSKADI SOCADE SA	VIZCAYA
	LAMINADOS TARRAGONA SA	BADAJOZ
ABSORBS TO	ALFONSO GALLARDO PAPELERA SL	GUIPUZCOA
IS ABSORBED BY	ALFONSO GALLARDO PAPELERA SL	GUIPUZCOA

Turnover
Total Sales 2016	135.201.413

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

Estimated Balance

According to the last figures of the Mercantile Registry ending on (31-12-2016), although the financial year closed with a result of 4.551.805 Euro/s, it had losses in previous financial years amounted of -55.141.381 Euro/s, leaving its own funds negative in -42.886.299 Euro/s Since we don't have the accounts for the last financial period, and not knowing their accounting developments in this last year, we cannot include these figures in the report.

Financial Accounts and Balance Sheets

Financial Years Presented

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

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. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2016	2015	2014	2013	2012
A) NON-CURRENT ASSETS: 11000	63.412.225,00	66.671.999,00	111.634.760,00	114.413.385,00	99.041.325,00
I. Intangible fixed assets : 11100	1.106.356,00	1.808.818,00	1.579.621,00	2.161.276,00	2.442.267,00
1. Development: 11110	43.984,00	58.646,00	63.933,00	0,00	0,00
2. Concessions: 11120	64.929,00	64.929,00	64.929,00	64.929,00	64.929,00
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	74.315,00	96.905,00	35.000,00	53.345,00	177.426,00
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	630.775,00	433.240,00	0,00	0,00
9. Other intangible fixed assets. : 11170	923.128,00	957.563,00	982.518,00	2.043.002,00	2.199.912,00
II. Tangible fixed assets : 11200	38.560.688,00	39.219.138,00	40.378.803,00	41.806.230,00	43.657.514,00
1. Land and buildings: 11210	30.418.570,00	31.483.761,00	32.548.952,00	33.614.143,00	34.679.334,00
2. Technical installations and other tangible fixed assets: 11220	8.142.118,00	7.735.377,00	7.829.851,00	7.437.764,00	8.275.503,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	754.324,00	702.677,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	0,00	0,00	43.912.193,00	43.684.772,00	42.682.106,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	0,00	0,00	43.912.193,00	43.684.772,00	42.682.106,00
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	63.092,00	174.906,00	259.058,00	259.062,00	1.013.406,00
1. Equity instruments: 11510	63.092,00	174.906,00	245.653,00	245.656,00	1.000.000,00
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	0,00	0,00	13.406,00	13.406,00	13.406,00
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	23.682.089,00	25.469.137,00	25.505.085,00	26.502.044,00	9.246.033,00
B) CURRENT ASSETS: 12000	33.668.005,00	34.748.663,00	34.277.224,00	25.672.411,00	36.510.439,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	6.727.316,00	5.804.352,00	6.188.717,00	5.369.685,00	5.359.201,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	5.812.485,00	4.740.274,00	4.413.707,00	4.411.567,00	4.433.733,00
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	5.812.485,00	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	914.831,00	1.064.078,00	1.775.010,00	958.117,00	925.468,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	914.831,00	1.064.078,00	1.775.010,00	958.117,00	925.468,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	22.024.405,00	25.988.173,00	26.669.589,00	17.507.690,00	29.135.837,00
1. Trade debtors / accounts receivable: 12310	21.710.098,00	25.641.975,00	26.357.719,00	16.838.023,00	28.385.023,00
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	21.710.098,00	25.641.975,00	26.357.719,00	16.838.023,00	28.385.023,00
2. Customers, Group companies and associates : 12320	0,00	0,00	0,00	0,00	238.551,00
3. Other accounts receivable: 12330	2.364,00	34.255,00	0,00	0,00	0,00
4. Personnel: 12340	0,00	0,00	0,00	1.136,00	0,00
5. Assets for deferred tax: 12350	3.480,00	3.480,00	3.407,00	3.404,00	3.403,00
6. Other debtors, including tax and social security: 12360	308.463,00	308.463,00	308.463,00	665.127,00	508.860,00
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	64.109,00	64.109,00	64.110,00	455.437,00	136.091,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	64.109,00	64.109,00	64.110,00	455.437,00	136.091,00
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	200.000,00	200.000,00	400.000,00	0,00	0,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	200.000,00	200.000,00	400.000,00	0,00	0,00
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	4.652.175,00	2.692.029,00	954.809,00	2.339.599,00	1.879.310,00
1. Treasury: 12710	4.652.175,00	2.692.029,00	954.809,00	2.339.599,00	1.879.310,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	97.080.230,00	101.420.662,00	145.911.984,00	140.085.796,00	135.551.764,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2016	2015	2014	2013	2012
A) NET WORTH: 20000	-42.886.299,00	-47.531.515,00	-46.105.761,00	-50.709.514,00	-55.557.063,00
A-1) Shareholders' equity: 21000	-43.433.869,00	-47.985.674,00	-46.417.694,00	-51.018.384,00	-55.896.351,00
I. Capital: 21100	21.991.176,00	21.991.176,00	95.289.812,00	95.289.812,00	95.289.812,00
1. Registered capital : 21110	21.991.176,00	21.991.176,00	95.289.812,00	95.289.812,00	95.289.812,00
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	-14.835.469,00	-14.835.469,00	-88.134.106,00	-88.134.106,00	-88.134.105,00
1. Legal and statutory: 21310	12.984.303,00	12.984.303,00	19.058.564,00	19.058.564,00	19.058.564,00
2. Other reserves: 21320	-27.819.772,00	-27.819.772,00	-107.192.669,00	-107.192.669,00	-107.192.669,00
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	-55.141.381,00	-53.573.401,00	-58.174.090,00	-63.052.058,00	-68.639.095,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	-55.141.381,00	-53.573.401,00	-58.174.090,00	-63.052.058,00	-68.639.095,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	4.551.805,00	-1.567.980,00	4.600.689,00	4.877.968,00	5.587.037,00
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	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	547.570,00	454.159,00	311.933,00	308.870,00	339.288,00
B) NON-CURRENT LIABILITIES: 31000	82.592.515,00	83.257.879,00	134.656.062,00	127.294.303,00	113.491.358,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	31.561.814,00	32.456.992,00	39.534.755,00	32.174.187,00	18.359.412,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	9.763.123,00	13.026.245,00	15.789.368,00	14.999.500,00	14.999.500,00
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	21.798.691,00	19.430.747,00	23.745.386,00	17.174.687,00	3.359.912,00
III. Long-term debts with Group companies and associates: 31300	50.817.757,00	50.624.270,00	95.000.000,00	95.000.000,00	95.000.000,00
IV. Liabilities for deferred tax: 31400	212.944,00	176.617,00	121.307,00	120.116,00	131.946,00
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	57.374.014,00	65.694.298,00	57.361.683,00	63.501.006,00	77.617.469,00
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	21.336.431,00	29.739.848,00	27.198.874,00	25.939.830,00	43.033.770,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	16.541.358,00	23.146.123,00	23.190.266,00	24.728.856,00	42.757.725,00
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	4.795.073,00	6.593.725,00	4.008.607,00	1.210.975,00	276.045,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	900,00	89.752,00
V. Trade creditors and other accounts payable: 32500	36.037.583,00	35.954.450,00	30.162.810,00	37.560.276,00	34.493.947,00
1. Suppliers: 32510	31.039.667,00	29.912.675,00	26.993.773,00	32.797.888,00	31.207.537,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	31.039.667,00	29.912.675,00	26.993.773,00	32.797.888,00	31.207.537,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	1.099.744,00	875.225,00
3. Other creditors: 32530	3.343.544,00	2.571.348,00	1.881.109,00	573.578,00	0,00
4. Personnel (remuneration due): 32540	1.048.229,00	1.059.284,00	1.018.809,00	1.289.485,00	1.245.243,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	606.143,00	2.411.143,00	269.119,00	1.799.581,00	1.035.343,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	130.599,00
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	97.080.230,00	101.420.662,00	145.911.984,00	140.085.796,00	135.551.764,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2016	2015	2014	2013	2012
1. Net turnover: 40100	135.201.413,00	122.929.426,00	127.717.667,00	132.501.518,00	146.902.281,00
a) Sales: 40110	135.201.413,00	122.929.426,00	127.717.667,00	132.501.518,00	146.902.281,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	-149.247,00	-710.932,00	816.893,00	32.650,00	-253.903,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-69.521.463,00	-61.437.274,00	-62.529.692,00	-68.115.084,00	-68.380.717,00
a) Stock consumption: 40410	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-69.521.463,00	-61.437.274,00	-62.529.692,00	-68.115.084,00	-68.380.717,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	462.637,00	123.916,00	407.037,00	1.036.482,00	1.013.421,00
a) Auxiliary income and other from current management: 40510	419.480,00	115.187,00	371.815,00	959.932,00	919.613,00
b) Operation subsidies included in the Period's result: 40520	43.157,00	8.729,00	35.222,00	76.550,00	93.808,00
6. Personnel costs: 40600	-13.826.483,00	-13.448.431,00	-13.611.869,00	-14.485.545,00	-14.507.268,00
a) Wages, salaries et al.: 40610	-10.725.316,00	-10.452.049,00	-10.679.446,00	-11.422.197,00	-11.511.561,00
b) Social security costs: 40620	-3.101.167,00	-2.996.382,00	-2.932.424,00	-3.063.348,00	-2.995.707,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-40.432.083,00	-43.688.183,00	-42.385.076,00	-47.340.973,00	-48.150.157,00
a) External services: 40710	-39.411.145,00	-42.956.780,00	-41.865.459,00	-44.926.938,00	-47.063.643,00
b) Taxes: 40720	-301.261,00	-322.670,00	-298.437,00	-799.238,00	-297.070,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-301.281,00	90.004,00	46.200,00	-1.096.879,00	-217.342,00
d) Other current management expenditure : 40740	-418.396,00	-498.737,00	-267.381,00	-517.918,00	-572.102,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-3.051.933,00	-3.743.682,00	-3.661.355,00	-3.827.199,00	-7.006.142,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	128.384,00	210.000,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	30.313,00	13.313,00	280.390,00	17.570,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	30.313,00	13.313,00	280.390,00	17.570,00	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	577.924,00	461.974,00	-218.627,00	37.886,00	-34.056,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	9.291.078,00	628.511,00	7.025.368,00	-142.696,00	9.583.459,00
14. Financial income : 41400	34.563,00	519.304,00	1.222.555,00	1.239.239,00	1.355.462,00
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	34.563,00	519.304,00	1.222.555,00	1.239.239,00	1.355.462,00
b 1) From Group companies and associates : 41421	0,00	463.537,00	1.013.593,00	1.013.120,00	1.164.090,00
b 2) From third parties : 41422	34.563,00	55.767,00	208.962,00	226.119,00	191.372,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-2.387.425,00	-2.609.371,00	-2.771.795,00	-6.052.256,00	-4.274.045,00
a) Amounts owed to Group companies and associates : 41510	-193.487,00	0,00	0,00	0,00	-108,00
b) For debts with third parties : 41520	-2.193.938,00	-2.609.371,00	-2.771.795,00	-6.052.256,00	-3.444.025,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	-829.912,00
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	-487.549,00	271,00	121.521,00	-105.279,00	34.535,00
18. Impairment and result for transfers of financial instruments: 41800	-111.814,00	-70.747,00	0,00	-754.344,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	-111.814,00	-70.747,00	0,00	-754.344,00	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	-2.952.225,00	-2.160.543,00	-1.427.719,00	-5.672.639,00	-2.884.048,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	6.338.853,00	-1.532.032,00	5.597.648,00	-5.815.335,00	6.699.411,00
20. Income taxes: 41900	-1.787.048,00	-35.948,00	-996.959,00	10.693.303,00	-1.112.374,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	4.551.805,00	-1.567.980,00	4.600.689,00	4.877.968,00	5.587.037,00
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	4.551.805,00	-1.567.980,00	4.600.689,00	4.877.968,00	5.587.037,00

> 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. 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:	39.730.136,00	40.572.087,00	85.696.435,00	87.911.341,00	89.795.293,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	1.106.356,00	1.178.043,00	1.146.381,00	2.161.276,00	2.442.267,00
1. Research and development costs:	43.984,00	58.646,00	63.933,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	64.929,00	64.929,00	64.929,00	64.929,00	64.929,00
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:	74.315,00	96.905,00	35.000,00	53.345,00	177.426,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	923.128,00	957.563,00	982.518,00	2.043.002,00	2.199.912,00
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:	38.560.688,00	39.219.138,00	40.378.803,00	41.806.230,00	43.657.514,00
1. Land and construction:	30.418.570,00	31.483.761,00	32.548.952,00	33.614.143,00	34.679.334,00
2. Technical installations and machinery:	8.055.884,00	7.653.451,00	7.746.924,00	7.358.990,00	8.187.857,00
3. Other installations, tools and furniture:	60.441,00	57.421,00	58.123,00	55.212,00	61.431,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	754.324,00	702.677,00
5. Other tangible assets:	25.793,00	24.504,00	24.804,00	23.562,00	26.215,00
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:	63.092,00	174.906,00	44.171.251,00	43.943.834,00	43.695.512,00
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	43.912.193,00	43.684.772,00	42.682.106,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	63.092,00	174.906,00	245.653,00	245.656,00	1.000.000,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	0,00	0,00	13.406,00	13.406,00	13.406,00
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:	57.350.094,00	60.217.800,00	59.782.309,00	52.174.455,00	45.756.472,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	6.727.316,00	5.804.352,00	6.188.717,00	5.369.685,00	5.359.201,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	5.812.485,00	4.740.274,00	4.413.707,00	4.411.567,00	4.433.733,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	914.831,00	1.064.078,00	1.775.010,00	958.117,00	925.468,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	45.706.494,00	51.457.310,00	52.174.674,00	44.009.734,00	38.381.870,00
1. Trade debtors / accounts receivable:	21.710.098,00	25.641.975,00	26.357.719,00	16.838.023,00	28.385.023,00
2. Accounts receivable, Group companies:	0,00	0,00	0,00	0,00	238.551,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	2.364,00	34.255,00	0,00	0,00	0,00
5. Staff:	0,00	0,00	0,00	1.136,00	0,00
6. Public bodies:	23.994.032,00	25.781.080,00	25.816.955,00	27.170.574,00	9.758.296,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	264.109,00	264.109,00	464.110,00	455.437,00	136.091,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	64.109,00	64.109,00	64.110,00	455.437,00	136.091,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	200.000,00	200.000,00	400.000,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	4.652.175,00	2.692.029,00	954.809,00	2.339.599,00	1.879.310,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	97.080.230,00	100.789.887,00	145.478.744,00	140.085.796,00	135.551.765,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2016	2015	2014	2013	2012
A) EQUITY:	-43.269.598,00	-47.849.426,00	-46.324.114,00	-50.925.723,00	-55.794.565,00
I. Subscribed capital:	21.991.176,00	21.991.176,00	95.289.812,00	95.289.812,00	95.289.812,00
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:	-14.671.198,00	-14.699.221,00	-88.040.526,00	-88.041.445,00	-88.032.319,00
1. Legal reserve:	12.984.303,00	12.984.303,00	19.058.564,00	19.058.564,00	19.058.564,00
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:	-27.655.501,00	-27.683.524,00	-107.099.089,00	-107.100.008,00	-107.090.883,00
6. Differences due to capital adjustment to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	-55.141.381,00	-53.573.401,00	-58.174.090,00	-63.052.058,00	-68.639.095,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-55.141.381,00	-53.573.401,00	-58.174.090,00	-63.052.058,00	-68.639.095,00
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:	4.551.805,00	-1.567.980,00	4.600.689,00	4.877.968,00	5.587.037,00
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:	383.299,00	317.911,00	218.353,00	216.209,00	237.502,00
1. Capital grants:	383.299,00	317.911,00	218.353,00	216.209,00	237.502,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	82.592.515,00	83.257.879,00	134.656.062,00	127.294.303,00	113.491.358,00
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:	9.763.123,00	13.026.245,00	15.789.368,00	14.999.500,00	14.999.500,00
1. Loans and other liabilities:	9.763.123,00	13.026.245,00	15.789.368,00	14.999.500,00	14.999.500,00
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:	50.817.757,00	50.624.270,00	95.000.000,00	95.000.000,00	95.000.000,00
1. Amounts owed to group companies:	50.817.757,00	50.624.270,00	95.000.000,00	95.000.000,00	95.000.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	22.011.635,00	19.607.364,00	23.866.694,00	17.294.803,00	3.491.858,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	21.798.691,00	19.430.747,00	23.745.386,00	17.174.687,00	3.359.912,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	212.944,00	176.617,00	121.307,00	120.116,00	131.946,00
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:	57.374.014,00	65.694.298,00	57.361.683,00	63.501.006,00	77.617.469,00
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:	16.541.358,00	23.146.123,00	23.190.266,00	24.728.856,00	42.757.725,00
1. Loans and other liabilities:	16.541.358,00	23.146.123,00	23.190.266,00	24.728.856,00	42.757.725,00
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:	0,00	0,00	0,00	1.100.644,00	964.977,00
1. Amounts owed to group companies:	0,00	0,00	0,00	1.100.644,00	964.977,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	34.383.211,00	32.484.023,00	28.874.882,00	33.371.466,00	31.338.136,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	130.599,00
2. Amounts owed for purchases of goods or services:	34.383.211,00	32.484.023,00	28.874.882,00	33.371.466,00	31.207.537,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	6.449.445,00	10.064.152,00	5.296.535,00	4.300.040,00	2.556.631,00
1. Public bodies:	606.143,00	2.411.143,00	269.119,00	1.799.581,00	1.035.343,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	4.795.073,00	6.593.725,00	4.008.607,00	1.210.975,00	276.045,00
4. Wages and salaries payable:	1.048.229,00	1.059.284,00	1.018.809,00	1.289.485,00	1.245.243,00
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):	97.080.230,00	101.420.662,00	145.911.984,00	140.085.796,00	135.551.764,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2016	2015	2014	2013	2012
A) CHARGES (A.1 to A.15):	131.755.045,00	125.744.568,00	126.175.373,00	129.987.376,00	143.718.662,00
A.1. Stock reduction of both manufactured goods and the ones in process:	149.247,00	710.932,00	0,00	0,00	253.903,00
A.2. Supplies:	69.521.463,00	61.437.274,00	62.529.692,00	68.115.084,00	68.380.717,00
a) Stock consumption:	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	69.521.463,00	61.437.274,00	62.529.692,00	68.115.084,00	68.380.717,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	13.826.483,00	13.448.431,00	13.611.869,00	14.485.545,00	14.507.268,00
a) Wages, salaries et al.:	10.725.316,00	10.452.049,00	10.679.446,00	11.422.197,00	11.511.561,00
b) Social security costs:	3.101.167,00	2.996.382,00	2.932.424,00	3.063.348,00	2.995.707,00
A.4. Depreciation expense:	3.051.933,00	3.743.682,00	3.661.355,00	3.827.199,00	7.006.142,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	301.281,00	-90.004,00	-46.200,00	1.096.879,00	217.342,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	301.281,00	-90.004,00	-46.200,00	1.096.879,00	217.342,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	40.130.802,00	43.778.187,00	42.431.276,00	46.244.094,00	47.932.815,00
a) External services:	39.411.145,00	42.956.780,00	41.865.459,00	44.926.938,00	47.063.643,00
b) Taxes:	301.261,00	322.670,00	298.437,00	799.238,00	297.070,00
c) Other operating expenses:	418.396,00	498.737,00	267.381,00	517.918,00	572.102,00
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):	8.682.841,00	153.224,00	6.963.605,00	0,00	9.617.515,00
A.7. Financial and similar charges:	2.499.239,00	2.680.118,00	2.771.795,00	6.806.599,00	4.274.045,00
a) Due to liabilities with companies of the group:	193.487,00	0,00	0,00	0,00	108,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	2.193.938,00	2.609.371,00	2.771.795,00	6.052.256,00	4.273.937,00
d) Losses from financial investments:	111.814,00	70.747,00	0,00	754.344,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	487.549,00	0,00	0,00	105.279,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	5.730.616,00	0,00	5.535.885,00	0,00	6.733.467,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	218.627,00	0,00	34.056,00
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):	608.237,00	475.287,00	61.763,00	55.456,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	6.338.853,00	0,00	5.597.648,00	0,00	6.699.411,00
A.15. Corporation tax:	1.787.048,00	35.948,00	996.959,00	-10.693.303,00	1.112.374,00
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):	4.551.805,00	0,00	4.600.689,00	4.877.968,00	5.587.037,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2016	2015	2014	2013	2012
B) INCOME ( B.1 to B.13):	136.306.850,00	124.176.588,00	130.776.063,00	134.865.344,00	149.305.699,00
B.1. Net total sales:	135.201.413,00	122.929.426,00	127.717.667,00	132.501.518,00	146.902.281,00
a) Sales:	140.429.181,00	127.682.679,00	132.656.064,00	137.624.890,00	152.582.481,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	-5.227.768,00	-4.753.253,00	-4.938.397,00	-5.123.372,00	-5.680.200,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	816.893,00	32.650,00	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:	462.637,00	252.300,00	617.037,00	1.036.482,00	1.013.421,00
a) Auxiliary income and other from current management:	419.480,00	115.187,00	371.815,00	959.932,00	919.613,00
b) Grants:	43.157,00	8.729,00	35.222,00	76.550,00	93.808,00
c) Liabilities and charges provisions surplus:	0,00	128.384,00	210.000,00	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	198.152,00	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:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	34.563,00	519.304,00	1.222.555,00	1.239.239,00	1.355.462,00
a) From companies of the group:	0,00	463.537,00	1.013.593,00	1.013.120,00	1.164.090,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	34.563,00	55.767,00	208.962,00	226.119,00	191.372,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	271,00	121.521,00	0,00	34.535,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	2.952.225,00	2.160.543,00	1.427.719,00	5.672.639,00	2.884.048,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	2.007.319,00	0,00	5.870.791,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	30.313,00	13.313,00	280.390,00	17.570,00	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:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	577.924,00	461.974,00	0,00	37.886,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	0,00	0,00	34.056,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	1.532.032,00	0,00	5.815.335,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	1.567.980,00	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	6.338.853,00	-1.532.032,00	5.597.648,00	-5.815.336,00	6.699.411,00
2. Results adjustments.: 61200	5.628.498,00	5.672.798,00	3.429.507,00	8.297.771,00	11.066.790,00
a) Fixed Assets Amortization (+).: 61201	3.051.933,00	3.743.682,00	3.661.355,00	3.827.199,00	7.006.142,00
c) Variation in Provision (+/-). : 61203	548.746,00	408.732,00	210.000,00	0,00	-829.912,00
d) Allocation of grants (-).: 61204	-406.544,00	-498.736,00	3.063,00	-76.550,00	-93.808,00
e) Results on disposal of fixed assets (+/-). : 61205	-30.313,00	-13.313,00	-280.390,00	-17.571,00	0,00
g) Financial income (-).: 61207	-34.563,00	-647.685,00	-1.222.555,00	-1.239.239,00	-1.355.462,00
h) Financial Expenses (+). : 61208	2.387.425,00	2.609.371,00	2.771.795,00	6.052.256,00	4.274.045,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	111.814,00	70.747,00	0,00	754.344,00	0,00
k) Other income and expense (-/+). : 61211	0,00	0,00	-1.713.761,00	-1.002.667,00	2.065.785,00
3. Changes in current capital equity.: 61300	-3.810.111,00	4.106.828,00	-13.977.941,00	12.836.168,00	3.648.223,00
a) Stock (+/-).: 61301	-162.450,00	384.364,00	-819.032,00	-10.484,00	447.298,00
d) Debtors and other accounts receivable (+/-). : 61302	-3.283.197,00	-2.114.312,00	-9.521.463,00	11.787.816,00	3.323.110,00
c) Other current assets (+/-). : 61303	0,00	0,00	360.066,00	-159.670,00	405.207,00
d) Creditors and other accounts payable (+/-). : 61304	-364.464,00	5.836.776,00	-5.867.004,00	2.302.091,00	-558.671,00
e) Other current liabilities (+/-).: 61305	0,00	0,00	1.530.462,00	-764.238,00	-23.250,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	0,00	339.030,00	-319.346,00	54.529,00
4. Cash Flows from Other Operating Activities: 61400	-1.893.737,00	-2.237.294,00	-636.842,00	-3.742.302,00	-5.629.507,00
a) Interest payments (-). : 61401	-1.928.298,00	-2.306.467,00	-1.859.397,00	-3.968.421,00	-4.274.045,00
c) Interest collection (+). : 61403	34.561,00	55.767,00	1.222.555,00	226.119,00	-1.355.462,00
e) Other payments (payment collection) (-/+) : 61405	0,00	13.406,00	0,00	0,00	0,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	6.263.503,00	6.010.300,00	-5.587.628,00	11.576.302,00	15.784.917,00
6. Payments for investment (-).: 62100	-1.908.634,00	-3.006.652,00	-2.279.515,00	-1.881.699,00	-1.922.997,00
b) Intangible fixed assets. : 62102	-14.761,00	-88.779,00	-63.933,00	0,00	0,00
c) Fixed assets. : 62103	-1.893.873,00	-2.917.873,00	-2.215.582,00	-1.881.699,00	-1.922.997,00
7. Divestment payment collection (+). : 62200	64.748,00	238.268,00	824.280,00	162.096,00	1.120.000,00
b) Intangible fixed assets. : 62202	64.748,00	38.268,00	824.280,00	132.233,00	0,00
c) Fixed assets. : 62203	0,00	0,00	0,00	29.863,00	0,00
e) Other financial assets. : 62205	0,00	200.000,00	0,00	0,00	1.120.000,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	-1.843.886,00	-2.768.384,00	-1.455.235,00	-1.719.603,00	-802.997,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-2.459.471,00	-1.473.446,00	5.658.071,00	-9.396.229,00	-13.130.751,00
a) Issuance : 63201	3.414.141,00	2.082.397,00	0,00	0,00	0,00
5. Other debts (+). : 63206	3.414.141,00	2.082.397,00	0,00	0,00	0,00
b) Repayment and amortization of : 63207	-5.873.612,00	-3.555.843,00	5.658.071,00	-9.396.229,00	-13.130.751,00
2. Debts incurred with credit institutions (-).: 63209	-2.763.123,00	0,00	5.821.979,00	-2.189.312,00	-9.686.618,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	-163.908,00	-7.206.917,00	-3.444.133,00
5. Other debts (-). : 63212	-3.110.489,00	-3.555.843,00	0,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	-31.249,00	0,00	0,00	0,00
a) Dividends (-).: 63301	0,00	-31.249,00	0,00	0,00	0,00
12. Cash Flows from Financing Activities (9+10+11): 63400	-2.459.471,00	-1.504.695,00	5.658.071,00	-9.396.229,00	-13.130.751,00
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	1.960.146,00	1.737.221,00	-1.384.792,00	460.469,00	1.851.169,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	2.692.029,00	954.808,00	2.339.599,00	1.879.130,00	27.961,00
Cash or equivalent assets as of end of the fiscal year.: 65200	4.652.175,00	2.692.029,00	954.808,00	2.339.599,00	1.879.130,00

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:	0,01 %	0,01 %	0,01 %	0,06 %	2,59 %	-84,75 %
Net Financial Debt:	4,09	2,05	15,74	2,84	-73,98	-27,70
Cash Flow Yield:	0,02 %	0,00 %	0,02 %	0,03 %	17,88 %	-84,25 %
EBITDA over Sales:	8,68 %	12,06 %	3,07 %	10,43 %	183,13 %	15,66 %

Profitability	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	9,01 %	8,96 %	0,16 %	6,93 %	5.360,63 %	29,32 %
Total economic profitability:	8,99 %	5,14 %	1,06 %	3,19 %	746,20 %	60,83 %
Financial profitability:	-10,48 %	7,73 %	-3,27 %	4,15 %	-220,72 %	86,23 %
Margin:	6,42 %	7,86 %	0,14 %	6,33 %	4.645,63 %	24,07 %
Mark-up:	4,25 %	7,27 %	-1,62 %	3,78 %	362,06 %	92,27 %

Solvency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,08	0,16	0,04	0,14	97,87	12,72
Acid Test:	0,47	0,89	0,44	0,87	6,58	2,24
Working Capital / Investment:	-0,24	0,03	-0,31	0,03	19,97	-0,11
Solvency:	1,00	1,20	0,92	1,19	9,05	1,02

Indebtedness	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	-3,26	1,21	-3,13	1,31	-4,15	-7,23
Borrowing Composition:	1,44	1,01	1,27	1,04	13,59	-3,11
Repayment Ability:	11,93	8,95	39,53	11,05	-69,82	-19,02
Warranty:	0,69	1,84	0,68	1,78	1,87	3,40
Generated resources / Total creditors:	0,06	0,10	0,02	0,08	265,50	26,16

Efficiency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,85	1,92	1,28	1,79	44,41	6,74
Turnover of Collection Rights :	6,16	5,12	4,73	5,22	30,09	-2,08
Turnover of Payment Entitlements:	3,05	3,54	2,90	3,69	4,92	-4,05
Stock rotation:	18,88	8,06	21,20	7,79	-10,95	3,42
Assets turnover:	1,40	1,14	1,22	1,09	15,07	4,23
Borrowing Cost:	1,71	2,34	1,75	2,45	-2,63	-4,43

> 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:	0,01 %	0,01 %	-0,01 %	0,00 %	0,01 %
Net Financial Debt:	4,09	15,74	6,28	15,37	3,58
Cash Flow Yield:	0,02 %	0,02 %	-0,01 %	0,00 %	0,01 %
EBITDA over Sales:	8,68 %	3,07 %	8,15 %	2,74 %	11,32 %

Profitability	2016	2015	2014	2013	2012
Operating economic profitability:	9,01 %	0,16 %	7,15 %	-0,19 %	10,49 %
Total economic profitability:	8,99 %	1,06 %	5,74 %	0,17 %	8,10 %
Financial profitability:	-10,48 %	-3,27 %	-9,91 %	-9,56 %	-10,00 %
Margin:	6,42 %	0,14 %	5,65 %	-0,14 %	6,50 %
Mark-up:	4,25 %	-1,62 %	4,54 %	-4,38 %	4,55 %

Solvency	2016	2015	2014	2013	2012
Liquidity:	0,08	0,04	0,02	0,04	0,02
Acid Test:	0,47	0,44	0,49	0,32	0,40
Working Capital / Investment:	-0,24	-0,31	-0,16	-0,27	-0,30
Solvency:	1,00	0,92	1,04	0,82	0,59

Indebtedness	2016	2015	2014	2013	2012
Indebtedness level:	-3,26	-3,13	-4,16	-3,76	-3,44
Borrowing Composition:	1,44	1,27	2,35	2,00	1,46
Repayment Ability:	11,93	39,53	18,44	52,57	11,50
Warranty:	0,69	0,68	0,76	0,73	0,71
Generated resources / Total creditors:	0,06	0,02	0,04	0,05	0,07

Efficiency	2016	2015	2014	2013	2012
Productivity:	1,85	1,28	1,77	1,25	2,15
Turnover of Collection Rights :	6,16	4,73	4,80	7,63	5,08
Turnover of Payment Entitlements:	3,05	2,90	3,51	3,07	3,37
Stock rotation:	18,88	21,20	19,61	24,91	25,81
Assets turnover:	1,40	1,22	1,27	1,40	1,61
Borrowing Cost:	1,71	1,75	1,44	3,17	2,24

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

 -----

Public Tenders and Works Won

Organisation that calls the tender:

MINISTERIO DE DEFENSA

Objective of Tender:

Adquisición de bobinas papel para la edición del Boletín Oficial de Defensa.

Date Awarded:

03/08/2007

Cost:

69.500,00 EURO.

Organisation that calls the tender:

BOLETIN OFICIAL DEL ESTADO BOE

Objective of Tender:

Suministro de papel prensa

Date Awarded:

21/05/2007

Cost:

1.820.000,00 EURO.

Organisation that calls the tender:

BOLETIN OFICIAL DEL ESTADO BOE

Objective of Tender:

Suministro de papel prensa

Date Awarded:

09/04/2007

Cost:

180.960,00 EURO.

Organisation that calls the tender:

BOLETIN OFICIAL DEL ESTADO BOE

Objective of Tender:

Suministro de papel prensa, en bobina, color blanco, para la impresión del diario «Boletín Oficial del Estado», durante los años 2007 y 2008

Date Awarded:

18/10/2006

Cost:

2.100.000,00 EURO.

Organisation that calls the tender:

BOLETIN OFICIAL DEL ESTADO BOE

Objective of Tender:

Un suministro de papel prensa, color salmón, para la impresión del Boletín Oficial del Registro Mercantil (BORME)

Date Awarded:

25/04/2005

Cost:

156.000,00 EURO.

Organisation that calls the tender:

BOLETIN OFICIAL DEL ESTADO BOE

Objective of Tender:

Suministro de papel prensa, en bobina, color blanco

Date Awarded:

13/01/2005

Cost:

3.500.880,00 EURO.

Organisation that calls the tender:

BOLETIN OFICIAL DEL ESTADO BOE

Objective of Tender:

UN SUMINISTRO DE PAPEL PRENSA, EN BOBINA, COLOR BLANCO, PARA LA IMPRESION DEL DIARIO BOLETIN OFICIAL DEL ESTADO DURANTE LOS AÑOS 2005 Y 2006

Date Awarded:

13/01/2005

Cost:

3.500.880,00 EURO.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	292.712,00
Notes	El importe corresponde al traspasado a resultados

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	372.901,00
Notes	El importe corresponde al imputado a resultados en este ejercicio, quedando un saldo pendiente al cierre de 308.870 euros.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	518.250,00
Notes	este importe corresponde a la cuenta de perdidas y ganancias

Research Summary

The Company was incorporated in 1993, engaged in the manufacture and sale of paper. Its commercial scope is national and international. There are no bad comments in the consulted sources, but considering the last accounts in the Trade Register for the period ending (31-12-2016), we recommend being cautious and monitor its commercial evolution.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.83
Euro	1	INR 79.76

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	TRU

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.