MIRA INFORM REPORT

Report No. :	487913
Report Date :	29.01.2018

IDENTIFICATION DETAILS

Name :	ABASIC SL
Registered Office :	Pas. Del Mare Nostrum, 15. - Barcelona - 08039 - Barcelona
Country :	Spain
Financials (as on) :	2016
Date of Incorporation :	01.01.2003
Legal Form :	Private company
Line of Business :	Wholesale of textiles
No. of Employees :	929

RATING & COMMENTS

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

MIRA’s Rating :

A+

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

Status :	Excellent
Payment Behaviour :	Slow
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
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:	ABASIC SL
NIF / Fiscal code:	B63054068
Trade Name	ABASIC SL
Status:	ACTIVE
Incorporation Date:	01/01/2003
Register Data	Register Section 8 Sheet 259066
Last Publication in BORME:	09/01/2018 [Appointments]
Last Published Account Deposit:	2016
Share Capital:	20.588.406
Localization:	PAS. DEL MARE NOSTRUM, 15. - BARCELONA - 08039 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 902 138 138 Email. desigual@desigual.com Website. www.desigual.com
Number of Branches	1
Activity:
NACE:	4641 - Wholesale of textiles
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	1 for a total cost of 26422
Quality Certificate:	No
Payment Behaviour:	According to the agreed terms
Prospects:	Consolidation
Industry situation:	Maturity
Defaults, Legal Claims and Insolvency Proceedings :

	Number	Amount (€)	Most Recent Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments	Unpublished	---	---
Defaults on debt with Financial Institutions and Large Companies	1	1.763,31	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)	1	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	1	0	---

Partners:

LA VIDA ES CHULA SL	89.1 %
LE GENDRE HOLDING 29 SOCIETE PAR ACTIONS SIMPLIFIEE	10 %
Shares:	32
Other Links:	19
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios	2016	2015	Change
Nº of employees:	929

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
It was incorporated in January 2003 with a Sharehodler Equity that amounted to Euro 20,588,406 Whole trade of clothes and complements for women, men and children.
Interviewed Person:

Enquiry Details

Identification
Social Denomination:	ABASIC SL
Trade Name:	ABASIC SL
NIF / Fiscal code:	B63054068
Corporate Status:	ACTIVE
Registered Office:	PAS. DEL MARE NOSTRUM, 15.
Locality:	BARCELONA
Province:	BARCELONA
Postal Code:	08039
Telephone:	902 138 138
Fax:	933 021 907
Website:	www.desigual.com
Email:	desigual@desigual.com
Interviewed Person:	Administration (succint)

Branch Offices

Address	Postal Code	City	Province
CALLE MARE DE DEU DEL REMEI 15	08004	BARCELONA	BARCELONA

Activity
NACE:	4641
Corporate Purpose:	The subject is engaged in the wholesale and retail sale of all sorts of clothing and complements.
Additional Information:	Whole trade of clothes, accessories and complements for men, women and children. Brand: Desigual
Additional Address:	The Registered Office, offices and premises are 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	929

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
	2003	Accounts deposit (year 2002) Appointments/ Re-elections (1) Company Formation (1) Declaration of Sole Propietorship (1) Increase of Capital (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (2)
	2004	Accounts deposit (year 2003)
	2005	Accounts deposit (year 2004) Appointments/ Re-elections (4) Increase of Capital (1)
	2006	Accounts deposit (year 2005) Appointments/ Re-elections (1)
	2007	Accounts deposit (year 2006) Appointments/ Re-elections (1)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (1)
	2010	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Declaration of Sole Propietorship (1) Increase of Capital (1) Other Concepts/ Events (1) Statutory Modifications (1)
	2011	Accounts deposit (year 2009, 2010) Appointments/ Re-elections (3) Increase of Capital (1)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Change of Social address (1)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Change of Social Purpose (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Take-over Merger (3)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (2)
	2015	Accounts deposit (year 2014 consolidated, 2014) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2016	Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (2) Partial split (1)
	2017	Accounts deposit (year 2015 consolidated, 2015, 2016) Appointments/ Re-elections (11) Cessations/ Resignations/ Reversals (2) Correction (2)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	LA VENTA AL POR MAYOR O AL DETALLE DE TODO TIPO DE ARTÍCULOS DE CONFECCION, GEÑEROS DE PUNTO Y COMPLEMENTOS VARIOSLA FABRICACION DE ARTÍCULOS DE CONFECCION, GENEROS DE PUNTO Y COMPLEMENTOS VARIOS.ETC	Company Formation	18/02/2003

Breakdown of Owners' Equity
Registered Capital:	20.588.406
Paid up capital:	20.588.406

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
22/01/2003	Company Formation	30.000	30.000	30.000	30.000
04/06/2003	Increase of Capital	1.114.980	1.114.980	1.144.980	1.144.980
09/02/2005	Increase of Capital	1.802.010	1.802.010	2.946.990	2.946.990
03/02/2010	Increase of Capital	7.458.882	7.458.882	10.405.872	10.405.872
08/08/2011	Increase of Capital	8.123.693	8.123.693	18.529.565	18.529.565
25/08/2014	Increase of Capital	2.058.841	2.058.841	20.588.406	20.588.406

Founding Partners

Partner Name	NIF	% Shareholding stake
LA VIDA ES CHULA SL	B65937070	89

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	LA VIDA ES CHULA SL	03/05/2013	3
MEMBER OF THE BOARD	SOLON INVERSIONES SL	25/01/2017	1
	PIERRE MARIE JEAN LOUIS CUILLERET	25/08/2014	2
	VIRGINIE MORGON	25/08/2014	1
	FRANS ALEXIS HUMBERT HECTOR TIELEMAN	25/08/2014	1
	MARCELLO VITTORIO BOTTOLI	25/08/2014	1
	LA VIDA ES CHULA SL	03/05/2013	3
JOINT ATTORNEY	CALABIA GIBERT MARCOS	18/09/2017	1
	AULADELLA MESTRE JAUME	18/09/2017	1
	BERNI CLOS CARLOS	18/09/2017	1
	JOFRE TOVAR KATHERINE	18/09/2017	1
	GARCIA CAELLAS DANIEL	18/09/2017	1
	CALIXTO DE LAS HERAS NOEMI	18/09/2017	2
	MORENO LOPEZ EDUARDO	09/12/2016	1
	DE MORA NARVAEZ JUAN MARIA	09/12/2016	1
JOINT ATTORNEY/COMBINED PROXY	MEIRE HERNANDEZ DAVID	17/08/2017	1
	BONET MASDEU MONTSERRAT	14/11/2013	1
CHIEF EXECUTIVE OFFICER	LA VIDA ES CHULA SL	03/07/2015	3
NON CONSELLOR SECRETARY	RAMIREZ MARTINELL JORGE	25/08/2014	4
NON CONSELLOR ASSISTANT SECRETARY	TRUJILLO PARRA CRISTINA	25/08/2014	3
REPRESENTATIVE	HERNANDEZ GONZALEZ BERNARDO	25/01/2017	1
	THOMAS ANDREAS MEYER	03/05/2013	2
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	28/12/2017	6
CONSOLIDATED ACCOUNTS' AUDITOR	DELOITTE SL	28/12/2017	6

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ADELL DOMINGO MANEL	CHIEF EXECUTIVE OFFICER	22/11/2012	3
	VICE CHAIRMAN	03/05/2013
	MEMBER OF THE BOARD	03/05/2013
BERTRAN SESE GLORIA	JOINT ATTORNEY/COMBINED PROXY	17/08/2017	1
CABANES MASO ANA	PROXY	29/01/2013	1
CALIXTO DE LAS HERAS NOEMI	JOINT ATTORNEY/COMBINED PROXY	18/09/2017	2
CASTRESANA HUGAS FRANCISCO DE BORJA	JOINT ATTORNEY	17/08/2017	1
CHRISTIAN MEYER	MEMBER OF THE BOARD	05/07/2012	3
	PROXY	31/07/2008
	PROXY	05/07/2012
DANIEL VICTOR MEYER	SINGLE PARTNER	04/06/2003	2
	SINGLE ADMINISTRATOR	17/01/2008
DELOITTE SL	CONSOLIDATED ACCOUNTS' AUDITOR	28/12/2017	6
	ACCOUNTS' AUDITOR / HOLDER	28/12/2017
	ACCOUNTS' AUDITOR / HOLDER	22/12/2014
	CONSOLIDATED ACCOUNTS' AUDITOR	22/12/2014
FERRAN LARRAZ FRANCISCO JAVIER	MEMBER OF THE BOARD	06/02/2017	1
GASSO AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	05/11/2009	2
	ACCOUNTS' AUDITOR / HOLDER	13/12/2011
GOMARIZ OROZCO CELSO	MEMBER OF THE BOARD	25/08/2014	1
JADRAQUE SANTOS MANUEL	PROXY	29/01/2013	6
	MEMBER OF THE BOARD	03/07/2015
	PROXY	03/07/2015
	CHIEF EXECUTIVE OFFICER	03/07/2015
	PROXY	16/03/2005
	PROXY	31/07/2008
NTS IT'S NOT THE SAME BV	MEMBER OF THE BOARD	03/05/2013	3
	PRESIDENT	03/05/2013
	SINGLE PARTNER	18/12/2013
OBIOLS FERRE MARIA	PROXY	09/12/2016	3
	PROXY	02/09/2011
	PROXY	29/01/2013
OJINAGA CEBRIAN ALBERTO	JOINT ATTORNEY/COMBINED PROXY	17/08/2017	2
	JOINT ATTORNEY/COMBINED PROXY	17/08/2017
OLONDRIZ PLANELL GUILLERMO A	PROXY	16/03/2005	2
	PROXY	29/01/2013
PIERRE MARIE JEAN LOUIS CUILLERET	JOINT ATTORNEY/COMBINED PROXY	17/08/2017	2
PLANA ALMUNI JORGE	PROXY	17/08/2017	5
	PROXY	09/12/2016
	PROXY	15/07/2010
	PROXY	19/05/2011
	PROXY	02/09/2011
RAMIREZ MARTINELL JORGE	MEMBER OF THE BOARD	25/08/2014	4
	NON CONSELLOR SECRETARY	05/07/2012
	SECRETARY	25/08/2014
THOMAS ANDREAS MEYER	REPRESENTATIVE	03/05/2013	2
TORRALBA HEREDIA MARIA	PROXY	03/07/2015	1
TRUJILLO PARRA CRISTINA	JOINT ATTORNEY/COMBINED PROXY	17/08/2017	3
	JOINT ATTORNEY/COMBINED PROXY	17/08/2017

Executive board

Post	NIF	Name
MANAGING DIRECTOR		MANUEL JADRAQUE
PRESIDENTE	B65937070	LA VIDA ES CHULA SL
CONSEJERO	B95392858	SOLON INVERSIONES SL
CONSEJERO		PIERRE MARIA JUAN LOUIS CUILLERET

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	1	0	13/02/2013	26/01/2018
Status: Friendly		---
Status: Pre-Litigation		---
Status: Litigation		1	1763.31	13/02/2013	13/02/2013
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		1	---	09/05/2016	09/05/2016
Notices of defaults and enforcement		1	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		1	---	08/04/2016	08/04/2016

> Details

IMPAGOS EN ENTIDADES FINANCIERAS Y GRANDES EMPRESAS  

Section comprising a list of the instances of default recorded in the ASNEF Industrial file under the name of .

List of current instances of default for each of the transactions in progress

Type of creditor	Product	Value of transactions (€)	Status	No. of defaults	Default balance (€)	Date of first default	Date of last default
INDUSTRIA	Otros	1763.31	Judicial	---	1763.31	13/02/13	13/02/13
				1.763,31

Change in values of defaults and settled debts

Change in values of defaults and settled debts

Legal Notice:

This data has been obtained from consultation of the ASNEF Industrial register. It may only be used for the purposes of awarding credit, monitoring credit and managing loans. This data may not be reused or included in any database, and may not be ceded

> Basis for scoring 

Positive Factors

Adverse Factors

The continuous monitoring of payment behavior in credit bureaus of ABASIC SL indicates that it has recovered stability . 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. ABASIC SL 's borrowing cost is appropriate according to its volume of external financing sources. Significant operating income. The Company has the necessary return on the investments for its main activity in comparison with its assets. This return is higher than that of the financial year 2015 which means that the company's financial situation has improved.

Probability of default

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

> Latest Scoring Changes:

Sector in which comparison is carried out: 464 Wholesale of household goods
Relative Position: Credit quality is superior to that of other companies in the same sector.

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

The 99.00% of the companies of the sector ABASIC SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0,155%.

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

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	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	1 Incidence the amount of which has not been 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	1 Incidence the amount of which has not been published

Incidences Detailed

Incidences with the Local Administration

 PROCESSED BY THE LOCAL GOVERNMENT DE TERRASSA (BARCELONA) - Date 09/05/2016

Last Published Stage:	EXECUTION NOTIFICATION
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	B.O.E. Nº132, 2016 SUPLEMENTO 1 PAGINA 6585

Guarantees

References

Link List

PARTICIPATES IN:	32 Entities
SHAREHOLDERS:	2 Entities
ABSORBS TO:	1 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	2 Entities
IS RELATED WITH:	16 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	LA VIDA ES CHULA SL	BARCELONA	89.1
	LE GENDRE HOLDING 29 SOCIETE PAR ACTIONS SIMPLIFIEE		10
PARTICIPATES IN	SEPALEMEME SL	BARCELONA	100
	NTS IT'S NOT THE SAME CANARY ISLANDS SL	SANTA CRUZ DE TENERIFE	100
	GOOD EFFORT SL	BARCELONA	100
	DESIGUAL SL	BARCELONA	100
	INTS FRANCE SARL		100
	NTS BELGIUM SPRL		100
	INTS ITALIA, S.L.		100
	INTS GERMANY, S.A.		100
	INTS HK, SOCIEDAD ANONIMA, (HONG KONG)		100
	INTS IT'S NOT THE SAME AUSTRIA, S.A.		100
	INTS IT'S NOT THE SAME CANADA, SOCIEDAD ANONIMA, (CANADA)		100
	INTS PORTUGAL UNIPESSOAL LDA (PORTUGAL)		100
	INTS LUXEMBOURG		100
	INTS IT S NOT THE SAME HOLLAND BV (HOLANDA)		100
	INTS IT S NOT THE SAME JAPAN KK
	INTS IT S NOT THE SAME SW (SUECIA)		100
	INTS UK, SOCIEDAD ANONIMA, (REINO UNIDO)		100
	NTS IT IS NOT THE SAME SINGAPORE PTS, S.A.
	IT S NOT THE SAME DENMARK APS (DINAMARCA)		100
	INTS IT S NOT THE SAME POLAND SP ZOO (POLONIA)		100
	NTS W USA (ESTADOS UNIDOS)		100
	INTS (SHANGAI) GARMENTS & ACCESORIES TRADING CO LT
	INTS IT S NOT THE SAME CHINA (CHINA)
	INTS IT'S NOT THE SAME TAIWAN, S.A.
	INTS (SHANGHAI) GARMENTS & ACCESSORIES TRADING CO, S.A.
	INTS IT'S NOT THE SAME SINGAPORE PTE, S.A.
	NTS W USA LLC		100
	INTS TAIWAN, S.A.
	INTS IT'S NOT THE SAME GERMANY, SOCIEDAD ANONIMA, (ALEMANIA)		100
	INTS IT'S NOT THE SAME, SOCIEDAD ANONIMA, (SUIZA)		100
	INTS IT S NOT THE SAME SWEDEN AB (SUECIA)		100
	IT'S NOT THE SAME CANADA, S.A.		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	NOVA BOCANA BUSINESS SA	BARCELONA
	INTS NINGBO G & A BRANCH 3 (CHINA)
	ITNS NOT THE SAME BRASIL
	ITS NOT THE SAME MEXICO EXPORT
	ITS NOT THE SAME MEXICO TRADE
	INTS CHINA
	INTS IRELAND, S.A.
	INTS IT S NOT THE SAME BRAZIL
	INTS IT S NOT THE SAME CHINA (CHINA)
	INTS SHANGHAI
	INTS SUECIA
	INTS SWEDEN
	INTS NINGBO G & A BRANCH 2 (CHINA)
	IT S NOT SAME DENMARK APS
	SOLON INVERSIONES SOCIEDAD LIMITADA	MADRID
IS RELATED WITH	PERFUMES Y DISEÑO HOLDING SL	MADRID
ABSORBS TO	MAGIC STORIES SL	BARCELONA
HAS IN ITS ADMINISTRATION BOARD TO	LA VIDA ES CHULA SL	BARCELONA
	SOLON INVERSIONES SOCIEDAD LIMITADA	MADRID

Turnover
Total Sales 2016	467.206.474

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

Estimated Balance

High-level company which maintains a stable Turnover, with a net result that amounts to 8 figures. The 2016 Balance Sheet shows a solid financial status, as evidenced by the Liquidity Ratio (3,1/1), the Treasury Ratio (2,7/1) and the Total Solvency Ratio (2,9/1).

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2016	Normales	December  2017
2015	Consolidadas	May  2017
2015	Normales	January  2017
2014	Consolidadas	November  2015
2014	Normales	November  2015
2013	Consolidadas	No publicado en BORME
2013	Normales	November  2014
2012	Normales	October  2013
2011	Normales	November  2012
2010	Normales	October  2011
2009	Normales	December  2010
2008	Normales	November  2009
2007	Normales	July  2008
2006	Normales	September  2007
2005	Normales	August  2006
2004	Normales	October  2005
2003	Normales	April  2004
2002	Normales	September  2003

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	218.882.849,00	232.909.884,00	187.703.100,00	150.156.256,00	198.693.160,00
I. Intangible fixed assets : 11100	13.145.690,00	14.591.593,00	16.103.583,00	14.944.834,00	15.770.790,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	5.001.169,00	5.166.596,00	5.349.506,00	5.532.416,00	5.715.327,00
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	8.144.521,00	9.424.997,00	10.754.077,00	9.412.418,00	10.055.463,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	90.706.547,00	101.617.076,00	89.367.133,00	74.181.539,00	68.332.826,00
1. Land and buildings: 11210	50.520.333,00	52.034.425,00	40.266.196,00	41.357.635,00	34.094.774,00
2. Technical installations and other tangible fixed assets: 11220	40.037.592,00	46.258.139,00	31.821.850,00	31.896.797,00	33.085.144,00
3. Tangible asset in progress and advances: 11230	148.622,00	3.324.512,00	17.279.087,00	927.107,00	1.152.908,00
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	85.678.495,00	90.061.507,00	66.574.213,00	45.560.987,00	105.574.100,00
1. Equity instruments: 11410	55.439.914,00	55.406.379,00	33.946.813,00	24.646.332,00	19.767.176,00
2. Credits to businesses: 11420	30.238.581,00	34.655.128,00	32.627.400,00	20.914.655,00	85.806.924,00
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	149.384,00	256.016,00	161.935,00	126.945,00	129.888,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	149.384,00	256.016,00	161.935,00	126.945,00	129.888,00
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	29.202.733,00	26.383.692,00	15.496.236,00	15.341.951,00	8.885.556,00
B) CURRENT ASSETS: 12000	593.318.654,00	449.289.547,00	420.584.281,00	270.933.499,00	186.117.917,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	92.013.630,00	78.398.657,00	81.243.010,00	76.443.245,00	62.362.734,00
1. Commercial: 12210	91.906.376,00	77.570.322,00	79.873.099,00	74.631.100,00	60.097.596,00
2. Primary material and other supplies: 12220	107.254,00	828.335,00	1.369.911,00	1.812.145,00	2.265.138,00
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	107.254,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	108.650.426,00	59.881.376,00	104.509.282,00	95.623.793,00	77.851.904,00
1. Trade debtors / accounts receivable: 12310	33.342.458,00	38.808.445,00	52.830.440,00	46.716.474,00	34.164.317,00
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	33.342.458,00	38.808.445,00	52.830.440,00	46.716.474,00	0,00
2. Customers, Group companies and associates : 12320	74.418.604,00	20.557.375,00	51.035.376,00	32.398.573,00	27.902.384,00
3. Other accounts receivable: 12330	838.150,00	465.173,00	471.012,00	6.948.456,00	232.936,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	0,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	51.214,00	50.383,00	172.454,00	9.560.290,00	15.552.267,00
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	12.107.350,00	16.551.696,00	10.424.700,00	60.830,00	8.031.424,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	12.107.350,00	16.551.696,00	10.424.700,00	60.830,00	8.031.424,00
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	16.808.641,00	28.171.313,00	24.143.269,00	769.799,00	225.547,00
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	16.654.116,00	17.521.134,00	23.245.762,00	0,00	0,00
5. Other financial assets : 12550	154.525,00	10.650.179,00	897.507,00	769.799,00	225.547,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	1.236.275,00	1.124.179,00	763.736,00	575.750,00	657.002,00
VII. Cash and other equivalent liquid assets : 12700	362.502.332,00	265.162.326,00	199.500.284,00	97.460.082,00	36.989.306,00
1. Treasury: 12710	83.447.229,00	35.162.326,00	199.500.284,00	97.460.082,00	36.989.306,00
2. Other equivalent liquid assets: 12720	279.055.103,00	230.000.000,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	812.201.503,00	682.199.431,00	608.287.381,00	421.089.755,00	384.811.077,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2016	2015	2014	2013	2012
A) NET WORTH: 20000	531.766.040,00	449.730.265,00	425.395.495,00	82.770.759,00	181.942.574,00
A-1) Shareholders' equity: 21000	519.275.453,00	441.459.739,00	408.658.546,00	87.222.994,00	182.786.761,00
I. Capital: 21100	20.588.406,00	20.588.406,00	20.588.406,00	18.529.565,00	18.529.565,00
1. Registered capital : 21110	20.588.406,00	20.588.406,00	20.588.406,00	18.529.565,00	18.529.565,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	282.941.159,00	282.941.159,00	282.941.159,00	0,00	0,00
III. Reserves: 21300	131.406.145,00	105.128.981,00	5.693.429,00	5.343.475,00	80.621.946,00
1. Legal and statutory: 21310	4.117.681,00	4.117.681,00	3.705.913,00	3.705.912,00	3.705.912,00
2. Other reserves: 21320	127.288.464,00	101.011.300,00	1.987.516,00	1.637.563,00	76.916.034,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
2. Capitalisation Reserves: 21350	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	84.339.743,00	32.801.193,00	206.435.552,00	63.349.954,00	83.635.250,00
VIII. (Interim dividend): 21800	0,00	0,00	-107.000.000,00	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	12.490.587,00	8.270.526,00	16.736.949,00	-4.452.235,00	-844.187,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	12.490.587,00	8.270.526,00	16.736.949,00	-4.452.235,00	-844.187,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	93.895.375,00	64.698.314,00	29.597.205,00	102.198.591,00	13.328.207,00
I. Long-term provisions: 31100	18.277.310,00	13.387.131,00	2.760.053,00	3.984.563,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	2.760.053,00	3.984.563,00	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	18.277.310,00	13.387.131,00	0,00	0,00	0,00
II Long-term creditors: 31200	0,00	0,00	0,00	69.631.741,00	2.926.417,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	69.631.741,00	2.734.521,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	191.896,00
III. Long-term debts with Group companies and associates: 31300	63.082.150,00	39.309.556,00	10.514.891,00	16.278.608,00	838.631,00
IV. Liabilities for deferred tax: 31400	12.535.915,00	12.001.627,00	16.322.261,00	12.303.679,00	9.563.159,00
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	186.540.088,00	167.770.852,00	153.294.681,00	236.120.405,00	189.540.296,00
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	26.237.604,00	25.478.536,00	3.425.072,00	2.591.157,00	1.709.189,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	26.237.604,00	25.478.536,00	3.425.072,00	2.591.157,00	0,00
III. Short-term creditors : 32300	210.906,00	383.861,00	916.478,00	27.244.132,00	5.192.407,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	40.906,00	52.128,00	128.708,00	20.258.340,00	762.180,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	997.357,00
4. Derivatives : 32340	0,00	0,00	0,00	6.360.335,00	1.205.981,00
5. Other financial liabilities : 32350	170.000,00	331.733,00	787.770,00	625.457,00	2.226.889,00
IV. Short-term debts with Group companies and associates: 32400	20.596,00	39.027,00	16.094.979,00	74.191.364,00	77.536.769,00
V. Trade creditors and other accounts payable: 32500	160.070.982,00	141.869.428,00	132.858.152,00	132.089.376,00	105.081.787,00
1. Suppliers: 32510	124.439.366,00	126.361.134,00	116.027.183,00	118.561.942,00	96.837.083,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	124.439.366,00	126.361.134,00	116.027.183,00	118.561.942,00	0,00
2. Suppliers, Group companies and associates: 32520	29.651.389,00	6.066.773,00	2.382.084,00	3.373.240,00	2.075.995,00
3. Other creditors: 32530	0,00	0,00	0,00	0,00	0,00
4. Personnel (remuneration due): 32540	833.328,00	1.011.523,00	974.759,00	727.967,00	762.698,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	3.787.641,00	3.982.743,00	7.663.601,00	5.418.999,00	2.456.030,00
7. Advances from clients: 32570	1.359.258,00	4.447.255,00	5.810.525,00	4.007.228,00	2.949.981,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	4.376,00	20.144,00
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	812.201.503,00	682.199.431,00	608.287.381,00	421.089.755,00	384.811.077,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2016	2015	2014	2013	2012
1. Net turnover: 40100	467.206.474,00	483.353.782,00	529.093.393,00	452.087.225,00	375.186.409,00
a) Sales: 40110	467.206.474,00	483.353.782,00	529.093.393,00	452.087.225,00	375.186.409,00
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	0,00	0,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-256.633.927,00	-240.670.833,00	-250.705.322,00	-208.814.801,00	-178.830.496,00
a) Stock consumption: 40410	-243.246.242,00	-215.028.761,00	-229.399.143,00	-191.635.409,00	-167.451.003,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-10.575.498,00	-8.389.927,00	-18.052.955,00	-15.752.872,00	-7.284.493,00
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	-2.812.187,00	-17.252.145,00	-3.253.224,00	-1.426.520,00	-4.095.000,00
5. Other operating income: 40500	66.424.965,00	77.890.110,00	84.975.566,00	58.490.138,00	43.738.806,00
a) Auxiliary income and other from current management: 40510	66.398.543,00	77.890.110,00	84.969.396,00	58.436.712,00	43.727.785,00
b) Operation subsidies included in the Period's result: 40520	26.422,00	0,00	6.170,00	53.426,00	11.021,00
6. Personnel costs: 40600	-45.177.654,00	-54.418.769,00	-51.743.784,00	-47.939.996,00	-42.103.338,00
a) Wages, salaries et al.: 40610	-34.280.991,00	-41.890.129,00	-38.965.517,00	-36.988.751,00	-32.369.853,00
b) Social security costs: 40620	-10.896.663,00	-12.528.640,00	-12.778.267,00	-10.951.245,00	-9.733.485,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-149.532.838,00	-199.479.835,00	-158.713.988,00	-132.070.845,00	-120.689.928,00
a) External services: 40710	-149.669.391,00	-196.266.740,00	-154.120.677,00	-127.005.284,00	-116.653.792,00
b) Taxes: 40720	-302.143,00	-621.108,00	-498.501,00	-420.090,00	-68.743,00
c) Losses, impairments and variation in provisions from trade operations : 40730	438.696,00	-2.591.987,00	-4.094.810,00	-4.645.471,00	-3.967.393,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-18.174.838,00	-17.729.533,00	-14.655.106,00	-13.134.933,00	-10.749.740,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	-2.653.602,00	-2.283.506,00	-561.019,00	-2.793.604,00	-2.669.835,00
a) Impairment and losses : 41110	0,00	-32.861,00	-12.212,00	-71.965,00	0,00
b) Results for transfers and other : 41120	-2.653.602,00	-2.250.645,00	-548.807,00	-2.721.639,00	-2.669.835,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	61.458.580,00	46.661.416,00	137.689.740,00	105.823.184,00	63.881.878,00
14. Financial income : 41400	37.451.899,00	3.225.202,00	123.474.665,00	1.721.612,00	44.880.808,00
a) Of shares in equity instruments : 41410	34.500.000,00	0,00	121.099.579,00	0,00	43.000.000,00
a 1) In Group companies and associates: 41411	34.500.000,00	0,00	121.099.579,00	0,00	43.000.000,00
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	2.951.899,00	3.225.202,00	2.375.086,00	1.721.612,00	1.880.808,00
b 1) From Group companies and associates : 41421	1.400.143,00	1.671.067,00	951.144,00	1.237.219,00	1.290.242,00
b 2) From third parties : 41422	1.551.756,00	1.554.135,00	1.423.942,00	484.393,00	590.566,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-2.139.709,00	-1.530.455,00	-7.805.221,00	-8.853.061,00	-4.398.449,00
a) Amounts owed to Group companies and associates : 41510	-1.907.422,00	-893.543,00	-2.159.734,00	-2.094.800,00	-3.894.703,00
b) For debts with third parties : 41520	-232.287,00	-636.912,00	-5.645.487,00	-6.758.261,00	-503.746,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	-166.377,00	-358.429,00	5.427.029,00
a) Trading book and other : 41610	0,00	0,00	-166.377,00	-358.429,00	5.427.029,00
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	591.976,00	2.369.266,00	-3.064.675,00	1.957.587,00	-2.185.407,00
18. Impairment and result for transfers of financial instruments: 41800	553.288,00	-10.326.188,00	-5.581.188,00	-8.008.555,00	-6.798.363,00
a) Impairment and losses : 41810	553.288,00	-10.326.188,00	-5.581.188,00	-8.008.555,00	-6.798.363,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	36.457.454,00	-6.262.175,00	106.857.204,00	-13.540.846,00	36.925.618,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	97.916.034,00	40.399.241,00	244.546.944,00	92.282.338,00	100.807.496,00
20. Income taxes: 41900	-13.576.291,00	-7.598.048,00	-38.111.392,00	-28.932.384,00	-17.172.246,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	84.339.743,00	32.801.193,00	206.435.552,00	63.349.954,00	83.635.250,00
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	84.339.743,00	32.801.193,00	206.435.552,00	63.349.954,00	83.635.250,00

> 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, Axesor 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:	189.680.116,00	206.526.192,00	172.206.864,00	134.814.305,00	189.807.604,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	13.145.690,00	14.591.593,00	16.103.583,00	14.944.834,00	15.770.790,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	5.001.169,00	5.166.596,00	5.349.506,00	5.532.416,00	5.715.327,00
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:	8.144.521,00	9.424.997,00	10.754.077,00	9.412.418,00	10.055.463,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	90.706.547,00	101.617.076,00	89.367.133,00	74.181.539,00	68.332.826,00
1. Land and construction:	50.520.333,00	52.034.425,00	40.266.196,00	41.357.635,00	34.094.774,00
2. Technical installations and machinery:	125.822,00	145.370,00	100.003,00	100.239,00	103.973,00
3. Other installations, tools and furniture:	27.830.711,00	32.154.704,00	22.119.830,00	22.171.927,00	22.997.964,00
4. Payments on account and tangible fixed assets under construction:	148.622,00	3.324.512,00	17.279.087,00	927.107,00	1.152.908,00
5. Other tangible assets:	12.081.059,00	13.958.065,00	9.602.017,00	9.624.632,00	9.983.207,00
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:	85.827.879,00	90.317.523,00	66.736.148,00	45.687.932,00	105.703.988,00
1. Equity investments in group companies:	55.439.914,00	55.406.379,00	33.946.813,00	24.646.332,00	19.767.176,00
2. Receivables from group companies:	30.238.581,00	34.655.128,00	32.627.400,00	20.914.655,00	85.806.924,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	149.384,00	256.016,00	161.935,00	126.945,00	129.888,00
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:	605.867.271,00	458.152.105,00	412.834.755,00	286.275.450,00	195.003.473,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	92.013.630,00	78.398.657,00	81.243.010,00	76.443.245,00	62.362.734,00
1. Goods for resale:	91.906.376,00	77.570.322,00	79.873.099,00	74.631.100,00	60.097.596,00
2. Raw materials and other consumables:	107.254,00	828.335,00	1.369.911,00	1.812.145,00	2.265.138,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	137.853.159,00	86.265.068,00	120.005.518,00	110.965.744,00	86.737.460,00
1. Trade debtors / accounts receivable:	33.342.458,00	38.808.445,00	52.830.440,00	46.716.474,00	34.164.317,00
2. Accounts receivable, Group companies:	74.418.604,00	20.557.375,00	51.035.376,00	32.398.573,00	27.902.384,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	838.150,00	465.173,00	471.012,00	6.948.456,00	232.936,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	29.253.947,00	26.434.075,00	15.668.690,00	24.902.241,00	24.437.823,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	291.316.978,00	257.201.875,00	11.322.207,00	830.629,00	8.256.971,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	12.107.350,00	16.551.696,00	10.424.700,00	60.830,00	8.031.424,00
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:	279.055.103,00	230.000.000,00	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:	154.525,00	10.650.179,00	897.507,00	769.799,00	225.547,00
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:	83.447.229,00	35.162.326,00	199.500.284,00	97.460.082,00	36.989.306,00
VII. Prepayments and accrued income:	1.236.275,00	1.124.179,00	763.736,00	575.750,00	657.002,00
GENERAL TOTAL (A + B + C + D):	795.547.387,00	664.678.297,00	585.041.619,00	421.089.755,00	384.811.077,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2016	2015	2014	2013	2012
A) EQUITY:	515.111.924,00	432.209.131,00	402.149.733,00	89.131.094,00	183.148.555,00
I. Subscribed capital:	20.588.406,00	20.588.406,00	20.588.406,00	18.529.565,00	18.529.565,00
II. Share premium:	282.941.159,00	282.941.159,00	282.941.159,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	127.242.616,00	95.878.373,00	-815.384,00	7.251.575,00	80.983.740,00
1. Legal reserve:	4.117.681,00	4.117.681,00	3.705.913,00	3.705.912,00	3.705.912,00
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:	123.124.935,00	91.760.692,00	-4.521.297,00	3.545.663,00	77.277.828,00
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	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	84.339.743,00	32.801.193,00	206.435.552,00	63.349.954,00	83.635.250,00
VII. Interim dividend paid:	0,00	0,00	-107.000.000,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	18.277.310,00	13.387.131,00	2.760.053,00	3.984.563,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	2.760.053,00	3.984.563,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	18.277.310,00	13.387.131,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	75.618.065,00	51.311.183,00	26.837.152,00	98.214.028,00	13.328.207,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	69.631.741,00	2.734.521,00
1. Loans and other liabilities:	0,00	0,00	0,00	69.631.741,00	2.734.521,00
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:	63.082.150,00	39.309.556,00	10.514.891,00	16.278.608,00	838.631,00
1. Amounts owed to group companies:	63.082.150,00	39.309.556,00	10.514.891,00	16.278.608,00	838.631,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	12.535.915,00	12.001.627,00	16.322.261,00	12.303.679,00	9.755.055,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	191.896,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	12.535.915,00	12.001.627,00	16.322.261,00	12.303.679,00	9.563.159,00
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:	160.302.484,00	142.292.316,00	149.869.609,00	227.168.913,00	186.625.126,00
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:	40.906,00	52.128,00	128.708,00	20.258.340,00	1.759.537,00
1. Loans and other liabilities:	40.906,00	52.128,00	128.708,00	20.258.340,00	762.180,00
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	997.357,00
III. Short-term amounts owed to group and associated companies:	29.671.985,00	6.105.800,00	18.477.063,00	77.564.604,00	79.612.764,00
1. Amounts owed to group companies:	29.671.985,00	6.105.800,00	18.477.063,00	77.564.604,00	79.612.764,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	125.798.624,00	130.808.389,00	121.837.708,00	122.569.170,00	99.787.064,00
1. Advanced payments from customers:	1.359.258,00	4.447.255,00	5.810.525,00	4.007.228,00	2.949.981,00
2. Amounts owed for purchases of goods or services:	124.439.366,00	126.361.134,00	116.027.183,00	118.561.942,00	96.837.083,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	4.790.969,00	5.325.999,00	9.426.130,00	6.772.423,00	5.445.617,00
1. Public bodies:	3.787.641,00	3.982.743,00	7.663.601,00	5.418.999,00	2.456.030,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	170.000,00	331.733,00	787.770,00	625.457,00	2.226.889,00
4. Wages and salaries payable:	833.328,00	1.011.523,00	974.759,00	727.967,00	762.698,00
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	4.376,00	20.144,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	26.237.604,00	25.478.536,00	3.425.072,00	2.591.157,00	1.709.189,00
GENERAL TOTAL (A + B + C + D + E + F):	795.547.387,00	664.678.297,00	585.041.619,00	421.089.755,00	384.811.077,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2016	2015	2014	2013	2012
A) CHARGES (A.1 to A.15):	487.335.571,00	534.037.167,00	531.108.072,00	450.906.608,00	385.597.802,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	0,00
A.2. Supplies:	253.821.740,00	223.418.688,00	247.452.098,00	207.388.281,00	174.735.496,00
a) Stock consumption:	243.246.242,00	215.028.761,00	229.399.143,00	191.635.409,00	167.451.003,00
b) Consumption of raw materials and miscellaneous consumable ones:	10.575.498,00	8.389.927,00	18.052.955,00	15.752.872,00	7.284.493,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	45.177.654,00	54.418.769,00	51.743.784,00	47.939.996,00	42.103.338,00
a) Wages, salaries et al.:	34.280.991,00	41.890.129,00	38.965.517,00	36.988.751,00	32.369.853,00
b) Social security costs:	10.896.663,00	12.528.640,00	12.778.267,00	10.951.245,00	9.733.485,00
A.4. Depreciation expense:	18.174.838,00	17.729.533,00	14.655.106,00	13.134.933,00	10.749.740,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	2.373.491,00	19.844.132,00	7.348.034,00	6.071.991,00	8.062.393,00
a) Stock provision variation:	2.812.187,00	17.252.145,00	3.253.224,00	1.426.520,00	4.095.000,00
b) Variation in provision and bad debt losses:	-438.696,00	2.591.987,00	4.094.810,00	4.645.471,00	3.967.393,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	149.971.534,00	196.887.848,00	154.619.178,00	127.425.374,00	116.722.535,00
a) External services:	149.669.391,00	196.266.740,00	154.120.677,00	127.005.284,00	116.653.792,00
b) Taxes:	302.143,00	621.108,00	498.501,00	420.090,00	68.743,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	64.112.182,00	48.944.922,00	138.250.759,00	108.616.788,00	66.551.713,00
A.7. Financial and similar charges:	2.139.709,00	1.530.455,00	7.805.221,00	8.853.061,00	4.398.449,00
a) Due to liabilities with companies of the group:	1.907.422,00	893.543,00	2.159.734,00	2.094.800,00	3.894.703,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	232.287,00	636.912,00	5.645.487,00	6.758.261,00	503.746,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	-545.806,00	10.218.966,00	5.699.970,00	8.366.984,00	6.798.363,00
A.9. Exchange losses:	0,00	0,00	3.064.675,00	0,00	2.185.407,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	36.449.972,00	0,00	106.904.799,00	0,00	36.925.618,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	100.562.154,00	42.789.969,00	245.155.558,00	95.075.942,00	103.477.331,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	-7.482,00	140.083,00	59.807,00	71.965,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	2.653.602,00	2.250.645,00	548.807,00	2.721.639,00	2.669.835,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	0,00	0,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	97.916.034,00	40.399.241,00	244.546.944,00	92.282.338,00	100.807.496,00
A.15. Corporation tax:	13.576.291,00	7.598.048,00	38.111.392,00	28.932.384,00	17.172.246,00
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):	84.339.743,00	32.801.193,00	206.435.552,00	63.349.954,00	83.635.250,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2016	2015	2014	2013	2012
B) INCOME ( B.1 to B.13):	571.675.314,00	566.838.360,00	737.543.624,00	514.256.562,00	469.233.052,00
B.1. Net total sales:	467.206.474,00	483.353.782,00	529.093.393,00	452.087.225,00	375.186.409,00
a) Sales:	467.206.474,00	483.353.782,00	529.093.393,00	452.087.225,00	375.186.409,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	0,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	66.424.965,00	77.890.110,00	84.975.566,00	58.490.138,00	43.738.806,00
a) Auxiliary income and other from current management:	66.398.543,00	77.890.110,00	84.969.396,00	58.436.712,00	43.727.785,00
b) Grants:	26.422,00	0,00	6.170,00	53.426,00	11.021,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	34.500.000,00	0,00	121.099.579,00	0,00	43.000.000,00
a) In companies of the group:	34.500.000,00	0,00	121.099.579,00	0,00	43.000.000,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	2.951.899,00	3.225.202,00	2.375.086,00	1.721.612,00	7.307.837,00
a) From companies of the group:	1.400.143,00	1.671.067,00	951.144,00	1.237.219,00	1.290.242,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	1.551.756,00	1.554.135,00	1.423.942,00	484.393,00	590.566,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	5.427.029,00
B.8. Exchange positive differences:	591.976,00	2.369.266,00	0,00	1.957.587,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	6.154.953,00	0,00	13.540.846,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	2.646.120,00	2.390.728,00	608.614,00	2.793.604,00	2.669.835,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

Net Rights Granted	2016	2015	2014	2013	2012
1. Fiscal year result before taxes.: 61100	97.916.034,00	40.399.241,00	244.546.944,00	92.282.338,00	100.807.496,00
2. Results adjustments.: 61200	-7.704.135,00	80.238.326,00	-84.671.428,00	40.407.905,00	-15.443.650,00
a) Fixed Assets Amortization (+).: 61201	18.174.838,00	17.729.533,00	14.655.106,00	13.134.933,00	10.749.740,00
b) Obsolescence Allowances (+/-). : 61202	0,00	0,00	6.969.651,00	10.730.194,00	0,00
c) Variation in Provision (+/-). : 61203	7.924.889,00	53.957.852,00	0,00	11.010.487,00	14.860.756,00
e) Results on disposal of fixed assets (+/-). : 61205	2.653.592,00	2.250.645,00	561.019,00	0,00	2.669.835,00
f) Results on disposal of financial instruments (+/-).: 61206	-553.288,00	10.326.188,00	5.581.188,00	0,00	0,00
g) Financial income (-).: 61207	-2.951.899,00	-3.225.202,00	-2.375.086,00	-1.721.612,00	-1.880.808,00
h) Financial Expenses (+). : 61208	2.139.709,00	1.568.576,00	7.805.221,00	8.853.061,00	4.398.449,00
i) Exchange differences (+/-). : 61209	-591.976,00	-2.369.266,00	3.064.675,00	-1.957.587,00	2.185.407,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	0,00	0,00	166.377,00	358.429,00	-5.427.029,00
k) Other income and expense (-/+). : 61211	-34.500.000,00	0,00	-121.099.579,00	0,00	-43.000.000,00
3. Changes in current capital equity.: 61300	-45.161.503,00	37.603.163,00	-23.063.496,00	-10.091.219,00	16.308.965,00
a) Stock (+/-).: 61301	-16.427.160,00	-14.407.792,00	-8.052.989,00	-15.507.031,00	3.739.451,00
d) Debtors and other accounts receivable (+/-). : 61302	-47.581.008,00	43.197.787,00	-22.368.135,00	-28.409.337,00	9.641.183,00
c) Other current assets (+/-). : 61303	292.561,00	-238.372,00	9.199.850,00	6.073.229,00	-15.311.464,00
d) Creditors and other accounts payable (+/-). : 61304	21.983.618,00	14.058.904,00	-6.128.473,00	25.742.064,00	14.113.031,00
e) Other current liabilities (+/-).: 61305	-3.429.514,00	-5.007.364,00	4.286.251,00	2.009.856,00	-9.728.933,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	0,00	0,00	0,00	13.855.697,00
4. Cash Flows from Other Operating Activities: 61400	17.186.348,00	-34.568.729,00	78.142.560,00	-38.227.515,00	23.939.064,00
a) Interest payments (-). : 61401	-2.139.709,00	-1.568.576,00	-7.805.221,00	-8.853.061,00	-4.398.449,00
b) Dividend payment collection (+). : 61402	34.500.000,00	0,00	121.099.579,00	0,00	43.000.000,00
c) Interest collection (+). : 61403	2.951.899,00	3.225.202,00	2.375.086,00	1.721.612,00	1.880.808,00
d) Income tax payment collection (payments) (+/-).: 61404	-18.125.842,00	-36.225.355,00	-37.526.884,00	-31.096.066,00	-16.543.295,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	62.236.744,00	123.672.001,00	214.954.580,00	84.371.509,00	125.611.875,00
6. Payments for investment (-).: 62100	-9.007.963,00	-76.494.538,00	-68.611.470,00	-34.386.201,00	-100.278.874,00
a) Companies of the group and affiliates. : 62101	-535.955,00	-33.114.734,00	-36.958.284,00	-12.887.712,00	-51.577.537,00
b) Intangible fixed assets. : 62102	-3.677.245,00	-4.624.560,00	-6.437.100,00	-4.021.442,00	-5.743.902,00
c) Fixed assets. : 62103	-4.794.763,00	-26.126.432,00	-25.123.368,00	-16.929.852,00	-42.957.435,00
e) Other financial assets. : 62105	0,00	-12.628.812,00	-92.718,00	-547.195,00	0,00
7. Divestment payment collection (+). : 62200	14.910.900,00	3.374.934,00	0,00	72.862.863,00	38.045.813,00
a) Companies of the group and affiliates. : 62201	0,00	3.374.934,00	0,00	72.862.863,00	0,00
b) Intangible fixed assets. : 62202	0,00	0,00	0,00	0,00	7.526,00
c) Fixed assets. : 62203	0,00	0,00	0,00	0,00	12.792.475,00
e) Other financial assets. : 62205	14.910.900,00	0,00	0,00	0,00	25.245.812,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	5.902.937,00	-73.119.604,00	-68.611.470,00	38.476.662,00	-62.233.061,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	285.000.000,00	0,00	0,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	285.000.000,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	35.982.147,00	15.424.635,00	-158.840.791,00	88.384.978,00	-35.809.712,00
a) Issuance : 63201	0,00	15.957.252,00	0,00	89.574.231,00	0,00
2. Debts incurred with credit institutions (+). : 63203	0,00	0,00	0,00	86.393.380,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	15.957.252,00	0,00	3.180.851,00	0,00
b) Repayment and amortization of : 63207	35.982.147,00	-532.617,00	-158.840.791,00	-1.189.253,00	-35.809.712,00
2. Debts incurred with credit institutions (-).: 63209	-172.955,00	-532.617,00	-89.761.373,00	-1.189.253,00	-5.255.141,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	36.155.102,00	0,00	-69.079.418,00	0,00	-30.554.571,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-6.523.029,00	0,00	-170.000.000,00	-150.000.000,00	0,00
a) Dividends (-).: 63301	-6.523.029,00	0,00	-170.000.000,00	-150.000.000,00	0,00
12. Cash Flows from Financing Activities (9+10+11): 63400	29.459.118,00	15.424.635,00	-43.840.791,00	-61.615.022,00	-35.809.712,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-258.793,00	-314.990,00	-462.117,00	-762.373,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	97.340.006,00	65.662.042,00	102.040.202,00	60.470.776,00	27.569.102,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	265.162.326,00	199.500.284,00	97.460.082,00	36.989.306,00	9.420.204,00
Cash or equivalent assets as of end of the fiscal year.: 65200	362.502.332,00	265.162.326,00	199.500.284,00	97.460.082,00	36.989.306,00

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:	0,21 %	0,01 %	0,14 %	0,06 %	53,37 %	-83,58 %
Net Financial Debt:	-4,61	2,08	-4,39	2,84	-4,85	-26,98
Cash Flow Yield:	0,12 %	0,01 %	0,10 %	0,03 %	24,52 %	-83,07 %
EBITDA over Sales:	17,61 %	12,08 %	13,79 %	10,44 %	27,68 %	15,71 %

Profitability	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	8,81 %	8,95 %	8,53 %	6,93 %	3,33 %	29,11 %
Total economic profitability:	12,32 %	5,18 %	6,15 %	3,20 %	100,43 %	61,93 %
Financial profitability:	16,24 %	7,82 %	7,43 %	4,16 %	118,59 %	88,10 %
Margin:	11,52 %	7,84 %	8,31 %	6,34 %	38,53 %	23,70 %
Mark-up:	18,35 %	7,35 %	7,20 %	3,78 %	154,91 %	94,36 %

Solvency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	2,26	0,16	1,86	0,14	21,35	13,51
Acid Test:	3,12	0,89	2,60	0,87	20,04	2,66
Working Capital / Investment:	0,50	0,03	0,41	0,03	21,37	0,87
Solvency:	3,88	1,20	3,34	1,19	16,17	0,97

Indebtedness	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,44	1,21	0,43	1,31	3,11	-7,40
Borrowing Composition:	0,47	1,02	0,36	1,04	30,81	-1,72
Repayment Ability:	2,87	8,95	2,90	11,05	-1,26	-19,01
Warranty:	3,44	1,84	3,52	1,78	-2,30	3,50
Generated resources / Total creditors:	0,44	0,10	0,40	0,08	10,08	25,47

Efficiency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,82	1,92	2,23	1,80	26,79	6,76
Turnover of Collection Rights :	4,91	5,15	9,37	5,23	-47,60	-1,42
Turnover of Payment Entitlements:	2,54	3,54	3,10	3,69	-18,21	-4,10
Stock rotation:	5,10	8,16	6,53	7,79	-21,91	4,64
Assets turnover:	0,77	1,14	1,03	1,09	-25,41	4,37
Borrowing Cost:	0,91	2,35	0,79	2,45	14,73	-4,07

> 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:	0,21 %	0,14 %	0,19 %	0,13 %	0,07 %
Net Financial Debt:	-4,61	-4,39	-1,46	-0,01	-0,38
Cash Flow Yield:	0,12 %	0,10 %	0,17 %	0,14 %	0,07 %
EBITDA over Sales:	17,61 %	13,79 %	28,90 %	26,93 %	20,60 %

Profitability	2016	2015	2014	2013	2012
Operating economic profitability:	8,81 %	8,53 %	27,16 %	28,25 %	23,59 %
Total economic profitability:	12,32 %	6,15 %	41,49 %	24,02 %	27,34 %
Financial profitability:	16,24 %	7,43 %	50,52 %	72,63 %	45,76 %
Margin:	11,52 %	8,31 %	22,42 %	20,73 %	15,25 %
Mark-up:	18,35 %	7,20 %	39,82 %	18,07 %	24,06 %

Solvency	2016	2015	2014	2013	2012
Liquidity:	2,26	1,86	1,33	0,42	0,20
Acid Test:	3,12	2,60	2,26	0,83	0,66
Working Capital / Investment:	0,50	0,41	0,44	0,08	-0,01
Solvency:	3,88	3,34	2,91	1,23	1,04

Indebtedness	2016	2015	2014	2013	2012
Indebtedness level:	0,44	0,43	0,43	3,64	1,10
Borrowing Composition:	0,47	0,36	0,18	0,42	0,07
Repayment Ability:	2,87	2,90	1,16	2,72	2,60
Warranty:	3,44	3,52	3,44	1,27	1,91
Generated resources / Total creditors:	0,44	0,40	1,30	0,26	0,52

Efficiency	2016	2015	2014	2013	2012
Productivity:	2,82	2,23	3,96	3,54	2,84
Turnover of Collection Rights :	4,91	9,37	5,88	5,34	5,38
Turnover of Payment Entitlements:	2,54	3,10	3,08	2,58	2,85
Stock rotation:	5,10	6,53	5,86	5,26	5,65
Assets turnover:	0,77	1,03	1,21	1,36	1,55
Borrowing Cost:	0,91	0,79	4,42	2,67	2,19

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

ELPERIÓDICO.COM	27/07/2017
Desigual factura 378 millones el primer semestre, un 9,6% menos
Companies related
Diario de Sevilla	24/05/2017
Desigual, la última que alza la voz en contra de los retoques
Companies related

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	26.422,00

Research Summary

It was incorporated in January 2003 with a Sharehodler Equity that amounted to Euro 20,588,406 Whole trade of clothes and complements for women, men and children.

Answer to additional question

The subject is the parent company of all the companies within the group at the national level. The subject markets the products of the company ''''Desigual''''. The subject is 100% managed by the company ''La Vida es Chula SL.'', which is owned by Tomás Meyer, founder of Desigual. ''''Desigual'' has over 330 stores worldwide.

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 63.50
UK Pound	1	INR 90.92
Euro	1	INR 79.07
Euro	1	INR 78.92

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	KET

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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