MIRA INFORM REPORT

Report No. :	494968
Report Date :	10.03.2018

IDENTIFICATION DETAILS

Name :	GUASCOR POWER SA
Registered Office :	Barrio De Oikia, 44 - Zumaia - 20750 - Guipuzcoa
Country :	Spain
Financials (as on) :	2016
Date of Incorporation :	25.07.1967
Legal Form :	Public Company
Line of Business :	Subject manufactures engines, generators and electrical transformers. Diesel fuel generators, gas generators, emergency generators.
No. of Employees :	160 (2016)

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	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

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

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

SPAIN - ECONOMIC OVERVIEW

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

Until 2014, contraction in bank lending, fiscal austerity, and high unemployment constrained domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 16.4% in 2017. High unemployment strained Spain's public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

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

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

Source : CIA

EXECUTIVE SUMMARY

Name:	GUASCOR POWER SA
NIF / Fiscal code:	A48042709
Trade Name	GUASCOR POWWER SA
Status:	ACTIVE
Incorporation Date:	25/07/1967
Register Data	Register Section 8 Sheet 3957
Last Publication in BORME:	04/07/2017 [Revocations]
Last Published Account Deposit:	2016
Share Capital:	5.580.886
Localization:	BARRIO DE OIKIA, 44 - ZUMAIA - 20750 - GUIPUZCOA
Telephone - Fax - Email - Website:	Telephone. 943 865 200 Email. guascor@guascor.com Website. www.guascor.com
Number of Branches	3
Activity:
NACE:	2811 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	6 for a total cost of 1.011.650,27
Subsidies:	5 for a total cost of 1718000
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	Unpublished	---	---
Defaults on debt with Financial Institutions and Large Companies	None	---	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)	None	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners:

GRUPO GUASCOR SL	100 %
Shares:	12
Other Links:	4
No. of Active Corporate Bodies:

Ratios	2016	2015	Change
Nº of employees:	160

Guarantees
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The subject was incorporated in July 1967; the Shareholder Equity that amounts to Euro 5,580,886 The subject manufactures engines, generators and electrical transformers.
Interviewed Person:

Enquiry Details

Identification

Social Denomination:	GUASCOR POWER SA
Trade Name:	GUASCOR POWWER SA
NIF / Fiscal code:	A48042709
Corporate Status:	ACTIVE
Registered Office:	BARRIO DE OIKIA, 44
Locality:	ZUMAIA
Province:	GUIPUZCOA
Postal Code:	20750
Telephone:	943 865 200
Fax:	943 865 210
Website:	www.guascor.com
Email:	guascor@guascor.com
Interviewed Person:	Administration (succint)

Branch Offices

Address	Postal Code	City	Province
BARRIO SANTIAGO 1	20750	ZUMAIA	GUIPUZCOA
CALLE JOSE MARAÑON 9	28010	MADRID	MADRID
AVENIDA CARDENAL HERRERA ORIA 63 4	28034	MADRID	MADRID

Activity

NACE:	2811
Corporate Purpose:	Design and manufacture of alternative engines.
Additional Information:	The subject manufactures engines, generators and electrical transformers. Diesel fuel generators, gas generators, emergency generators, etc., according to the customer's specifications.
Additional Address:	The Registered Office, offices and premises in general are located at the heading address.
Franchise:	No
Import / export:	SI EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2016	160

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

Chronological Summary

Year	Act
1990	Accounts deposit (year 1989) Appointments/ Re-elections (2)
1991	Accounts deposit (year 1990) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (1)
1992	Accounts deposit (year 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Change of Social address (1) Increase of Capital (1) Other Concepts/ Events (1)
1993	Accounts deposit (year 1992 consolidated, 1992) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3) Temporary Receivership (1)
1994	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1) Temporary Receivership (1)
1995	Accounts deposit (year 1993 consolidated, 1994 consolidated, 1993, 1994) Appointments/ Re-elections (4) Temporary Receivership (1)
1996	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1)
1997	Accounts deposit (year 1995 consolidated, 1995) Increase of Capital (1)
1998	Accounts deposit (year 1996 consolidated, 1996) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2000	Accounts deposit (year 1997 consolidated, 1998 consolidated, 1997, 1998) Appointments/ Re-elections (2)
2001	Accounts deposit (year 1999) Appointments/ Re-elections (5)
2002	Accounts deposit (year 2000)
2003	Accounts deposit (year 2001) Appointments/ Re-elections (2)
2004	Accounts deposit (year 2002) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)
2005	Accounts deposit (year 2003) Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (3) Declaration of Sole Propietorship (1) Increase of Capital (1) Other Concepts/ Events (2)
2006	Accounts deposit (year 2004) Appointments/ Re-elections (6)
2007	Accounts deposit (year 2005) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3) Other Concepts/ Events (1) Temporary Receivership Cancellation (1)
2008	Accounts deposit (year 2006) Appointments/ Re-elections (3) Change of Social Denomination (1)
2009	Accounts deposit (year 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2010	Accounts deposit (year 2008) Appointments/ Re-elections (7)
2011	Accounts deposit (year 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (3) Other Concepts/ Events (1) Statutory Modifications (1)
2012	Accounts deposit (year 2010) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)
2013	Accounts deposit (year 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2014	Accounts deposit (year 2012, 2013) Appointments/ Re-elections (1)
2015	Accounts deposit (year 2014) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
2016	Accounts deposit (year 2015) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Other Concepts/ Events (1) Statutory Modifications (1)
2017	Accounts deposit (year 2016) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity
Registered Capital:	5.580.886
Paid up capital:	5.580.886

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
14/02/1992	Increase of Capital	270.455	270.455	3.065.162	3.065.162
17/07/1997	Increase of Capital	1.202.024	1.202.024	4.267.186	4.267.186
16/03/2005	Increase of Capital	1.313.786	1.313.786	5.580.886	5.580.886

Founding Partners

Partner Name	NIF	% Shareholding stake
GRUPO GUASCOR SL		100

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	GRUPO GUASCOR SL	25/02/2005	3
PRESIDENT	IGARTUA ARANZABAL MIGUEL	20/04/2016	4
MEMBER OF THE BOARD	ABRISKETA BENITO IÑIGO	22/06/2016	4
	ORTEGA LOPEZ DE SANTA MARIA FERNANDO	22/06/2016	3
	IGARTUA ARANZABAL MIGUEL	20/04/2016	4
JOINT ATTORNEY	PEREZ AGUILERA ALBERTO	23/04/2015	1
	GUEZURAGA CASTAÑEDA MARTA	23/04/2015	1
	ROSSI CHRISTOPHER	16/05/2012	5
	WHITLEY JASON KEITH	16/05/2012	4
	ROSSI MARCO	16/05/2012	3
	BILBAO MORAN JOSE MARIA	16/05/2012	2
	JAÑEZ ESCALADA ANGEL	15/07/1994	2
JOINT ATTORNEY/COMBINED PROXY	RODRIGUEZ REYES MARIA DOLORES	14/09/2016	1
	FERNANDEZ GODOY AURORA	14/09/2016	1
	ABRISKETA BENITO IÑIGO	14/09/2016	4
	BLIM STEPHANIE	14/09/2016	1
	CAMPUZANO RECIO NURIA	14/09/2016	1
	IGARTUA ARANZABAL MIGUEL	14/09/2016	4
	BUDACH DIRK	14/09/2016	1
	RODRIGO MARTIN FERNANDO CARLOS	14/09/2016	4
PROXY	REKALDE ARRIOLA MIKEL	12/12/2012	1
	RUIZ DE ZARATE ARRIZABALAGA MIKEL	12/12/2008	1
SECRETARY	ORTEGA LOPEZ DE SANTA MARIA FERNANDO	22/06/2016	3
REPRESENTATIVE	OSCAR GONZALO CUBERO ALONSO	28/06/2007	1
ACCOUNTS' AUDITOR / HOLDER	ERNST & YOUNG SL	02/12/2015	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ABRISKETA BENITO IÑIGO	PROXY	20/04/2016	4
	PROXY	14/09/2016
ALDAMA ELORZA IÑAKI	PROXY	15/03/2007	1
ANDRADA LABRADOR ANTONIO	PROXY	26/12/1994	1
ARAGON CAMPO	CONTROLLER	04/12/2007	1
ARBELL APARICIO FRANCISCO	MEMBER OF THE BOARD	12/06/1991	1
ARCOCHA GOMEZ JUAN DE DIOS	PROXY	31/03/2010	4
	PROXY	03/08/2011
	JOINT ATTORNEY	14/09/2016
	JOINT ATTORNEY/COMBINED PROXY	16/05/2012
ARREGUI CIARSOLO JUAN LUIS	JOINT MANAGER	09/11/2001	2
	JOINT MANAGER	25/02/2005
ARREGUI RUIZ MIGUEL	JOINT ADMINISTRATOR	25/02/2005	1
ARREGUI RUIZ MIGUEL JAVIER	JOINT ATTORNEY/COMBINED PROXY	14/09/2016	1
ARTHUR ANDERSEN Y CIA S COM	ACCOUNTS' AUDITOR / HOLDER	18/10/2000	1
AZCARRAGA RODERO GOTZON	PROXY	03/08/2011	1
BAYO GARCIA JULIO	PROXY	26/12/1994	1
BILBAO MORAN JOSE MARIA	PROXY	03/08/2011	2
CAIXA BARCELONA	CONTROLLER	04/12/2007	1

CANCIO MARTINES DOMINGO	MEMBER OF THE BOARD	15/07/1994	1
CANCIO MARTINEZ DOMINGO	MEMBER OF THE BOARD	15/07/1994	3
	PROXY	16/02/2011
	MEMBER	15/07/1994
CARNEY JR RAYMOND LAWRENCE	MEMBER OF THE BOARD	22/06/2016	2
	VICE CHAIRMAN	22/06/2016
CASALS OVALLE LUIS GABRIEL	VICE SECRETARY	20/04/2016	1
COLOMBO MAURIZIO	PROXY	16/02/2011	1
CUBERO ALONSO OSCAR GONZALO	PROXY	16/02/2011	3
	JOINT ATTORNEY	01/07/2006
	JOINT ATTORNEY	05/11/2009
DELAY MARTIN MERCEDES	PROXY	26/12/1994	1
ECENARRO AGUEDA RAMON	PROXY	15/02/2005	1
ECENARRO AGUEDA RAMON MIGUEL	PROXY	05/07/2000	2
	PROXY	15/02/2005
FACTOREX SA	MEMBER	13/07/1993	1
FERNANDEZ DE VELASCO MUÑOZ CESAR JESUS	PROXY	16/02/2011	1
FERNANDEZ MONGE GONZALEZ AUDICANA FERNANDO	PROXY	16/09/1996	1
FRANCES RANERO JOSE LUIS	MEMBER	15/07/1994	1
FRANCO RUIZ JOSE MANUEL	JOINT ADMINISTRATOR	25/02/2005	4
	PROXY	15/07/1994
	PROXY	26/12/1994
	PROXY	15/02/2005
GARCIA GALARDI MARIA NORA	JOINT ATTORNEY/COMBINED PROXY	16/05/2012	4
	PROXY	03/08/2011
	JOINT ATTORNEY	14/09/2016
	JOINT ATTORNEY/COMBINED PROXY	28/06/2017
GARCIA MORIS JOSE LUIS	PROXY	16/02/2011	1
GIL ARRANZ ENRIQUE	PROXY	15/02/2005	1
GOICOECHEA SANZ RAMON	PROXY	03/08/2011	1
GONZALEZ GARCIA JOSE ANTONIO	PROXY	16/03/2004	1
GRAJALES JIMENEZ JOSEBA MIKEL	JOINT MANAGER	09/11/2001	3
	JOINT MANAGER	25/02/2005
	PROXY	14/09/2016
GRIJELMO MINTEGUI JUAN CARLOS	SINGLE ADMINISTRATOR	15/07/1994	2
	SINGLE ADMINISTRATOR	16/09/1996
GRUPO GUASCOR SL	SINGLE ADMINISTRATOR	28/07/2010	3
	SINGLE ADMINISTRATOR	02/08/2011
GUTIERREZ ARANA ANA MARIA	MEMBER OF THE BOARD	15/07/1994	2
	PROXY	26/12/1994
GUTIERREZ ARANA IGNACIO	MEMBER OF THE BOARD	11/01/1993	4
	MEMBER OF THE BOARD	15/07/1994
	PROXY	26/12/1994
	MEMBER	15/07/1994
GUTIERREZ ARANA JAVIER	MEMBER OF THE BOARD	15/07/1994	2
	PROXY	26/12/1994
GUTIERREZ ARANA JOSE MARIA	MEMBER OF THE BOARD	15/07/1994	2
	PROXY	26/12/1994
GUTIERREZ ASCUNCE JOSE MARIA	MEMBER OF THE BOARD	15/07/1994	2
	PROXY	26/12/1994
IGARTUA ARANZABAL MIGUEL	JOINT ATTORNEY/COMBINED PROXY	14/09/2016	4
ITURRIOZ AZURMENDI JOSE MARIA	PROXY	15/02/2005	3
	COMBINED PROXY	16/09/1996
	JOINT ATTORNEY/COMBINED PROXY	16/02/2011
JAÑEZ ESCALADA ANGEL	JOINT ATTORNEY/COMBINED PROXY	15/02/2005	2
JOSEBA ORMAZABAL PEÑA GARICANO	REPRESENTATIVE	23/09/2005	1
JULIAN PEREZ JAVIER	PROXY	08/03/2001	4
	PROXY	16/02/2011
	PROXY	14/09/2016
	REPRESENTATIVE	28/06/2007
LOPEZ DE SUSO SALAZAR JESUS	PROXY	03/08/2011	3
	JOINT ATTORNEY	11/09/2013
	JOINT ATTORNEY/COMBINED PROXY	16/05/2012
LOPEZ ORTIZ MARIA	PROXY	16/02/2011	1
MADARIAGA BILBAO DAVID	PROXY	16/02/2011	1
MAFUZ GUMIEL ROSA MARIA	VICE SECRETARY	20/04/2016	1
MAI MARK FRANCIS	JOINT ATTORNEY/COMBINED PROXY	16/05/2012	4
	JOINT ATTORNEY	14/09/2016
	MEMBER OF THE BOARD	20/04/2016
	SECRETARY	20/04/2016
MARTINEZ MORENO GABRIEL	MEMBER OF THE BOARD	29/10/1993	2
	PROXY	26/12/1994
NEGOCIOS BONAFE SA	MEMBER OF THE BOARD	15/07/1994	1
ORMAZABAL PEÑAGARICANO JOSEBA	PROXY	16/02/2011	1
ORTEGA LOPEZ DE SANTA MARIA FERNANDO	SECRETARY	22/06/2016	3
OTAÑO IBARROLA HILARIO	CONTROLLER	04/12/2007	1
PAITUVI PERAL MARTIN	PROXY	15/02/2005	1
PEREZ DE ALBENIZ SAENZ JAVIER	PROXY	03/08/2011	2
	PROXY	01/07/2006
PRADO CABALLERO JOSE MIGUEL	MEMBER OF THE BOARD	11/01/1993	2
	MEMBER OF THE BOARD	15/07/1994
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	15/07/2003	9
	ACCOUNTS' AUDITOR / HOLDER	26/04/2005
	ACCOUNTS' AUDITOR / HOLDER	07/06/2005
	ACCOUNTS' AUDITOR / HOLDER	30/01/2006
	ACCOUNTS' AUDITOR / HOLDER	28/06/2007
	ACCOUNTS' AUDITOR / HOLDER	29/12/2008
	ACCOUNTS' AUDITOR / HOLDER	26/01/2010
	ACCOUNTS' AUDITOR / HOLDER	30/12/2010
	ACCOUNTS' AUDITOR / HOLDER	22/02/2013
PRICEWATERHOUSECOOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	26/12/2013	3
	ACCOUNTS' AUDITOR / HOLDER	02/02/2015
	ACCOUNTS' AUDITOR / HOLDER	02/12/2015
PUEYO FUENTE JAVIER	PROXY	22/04/1998	1
PUEYO PUENTE JAVIER	PROXY	16/09/1996	2
	PROXY	14/09/2016
RANEDO FERNANDEZ ENRIQUE	JOINT ATTORNEY	03/08/2011	1
RODRIGO MARTIN FERNANDO CARLOS	PROXY	14/09/2016	4
	PROXY	17/09/2007
	PROXY	03/08/2011
ROSSI CHRISTOPHER	CHIEF EXECUTIVE OFFICER	16/05/2012	5
	JOINT ATTORNEY/COMBINED PROXY	16/05/2012
	PRESIDENT	20/04/2016
	MEMBER OF THE BOARD	20/04/2016
ROSSI MARCO	MEMBER OF THE BOARD	20/04/2016	3
	CHIEF EXECUTIVE OFFICER	20/04/2016
RUIZ DE ZARATE AGUIRREZABALAGA MIKEL	MEMBER OF THE BOARD	16/05/2012	3
	PROXY	03/08/2011
	JOINT ATTORNEY/COMBINED PROXY	16/05/2012
SAENZ APOCADA VICTOR	JOINT ATTORNEY/COMBINED PROXY	15/02/2005	1
SAEZ DE VICUÑA ORTUETA IRUNE	PROXY	03/08/2011	1
SALCEDO GENER JAVIER	PROXY	26/12/1994	1
SALTARELLI ROBERT JOHN	MEMBER OF THE BOARD	22/06/2016	1
SANCHES PEREIRA JOAQUIM AUGUSTO	PROXY	03/08/2011	1
SOLER MARTINEZ ANGEL	PROXY	26/12/1994	1
TRUEBA GUTIERREZ JOSE EUGENIO	MEMBER OF THE BOARD	31/01/1992	1
URQUIJO LOSADA LUIS	MEMBER OF THE BOARD	11/01/1993	1
URRI ALFARO JOSE	PROXY	26/12/1994	1
VELEZ SANCHEZ FRANCISCO JAVIER	PROXY	15/02/2005	1
WHITLEY JASON KEITH	JOINT ATTORNEY/COMBINED PROXY	16/05/2012	4
	MEMBER OF THE BOARD	20/04/2016
	VICE CHAIRMAN	20/04/2016

Executive board

Post	NIF	Name
PRESIDENTE/CONSEJERO		DAN MAC GRAIL
CONSEJERO		IÑIGO ABRISKETA BENITO
CONSEJERO		MIGUEL IGARTUA ARANZABAL

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

 Chronological summary

		Number of Publications	Amount (€)	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---	---
Request/Declaration		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
Status: Friendly		---
Status: Pre-Litigation		---
Status: Litigation		---

Status: Non-performing	---
Status: insolvency proceedings, bankruptcy and suspension of payments	---
Other status	---
Legal and Administrative Proceedings	Unpublished	---
Notices of defaults and enforcement	---	---	---
Seizures	---	---	---
Auctions	---	---	---
Declarations of insolvency and bad debt	---	---	---
Proceedings heard by the Civil Court	Unpublished	---
Proceedings heard by the Labour Court	Unpublished	---

> Details

> Basis for scoring

Positive Factors

Adverse Factors

No irregular payment performance has been detected based on information obtained from credit bureaus. Adequate level of financial autonomy. The financial autonomy of the entity represents the 32.25%. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets. Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved. Debts assumed by the company based on the volume of its own resources have decreased in the previous financial year. GUASCOR POWER SA has received several grants within the last twelve months. As a prerequisite to obtaining a grant, it has had to prove its financial and technical solvency as stated by the laws in force.

The current debt represents a 64.88 % of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. It does not have any economic profitability.. It has no return from the necessary investments in the development of its main activity in comparison with its assets. It does not have any financial profitability.. GUASCOR POWER SAIt does not obtain any financial return as a consequence of an investment in its own resources which, a priori, might deteriorate its financial and economic situation. GUASCOR POWER SA presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale. Reduced cash level and other liquid assets equivalent in relation to the volume of operations held. In principle, a decrease in this ratio would indicate a worsening in the Company's financial situation.

The activity consideration has changed due to the information contained in the last revisions.

Probability of default

> Estimated Probability of Default for the next 12 months:  2.635 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 281 Manufacture of general - purpose machinery
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 better position with regard to the probability of non-compliance.

The 52.00% of the companies of the sector GUASCOR POWER SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 2,635%.

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	Not published
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	Not published
	Proceedings by the old Civil Procedural Law 1.881	Not published
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Proceedings before the Industrial Tribunal	Not published

Guarantees

References

Suppliers

Name	NIF	Telephone
WOOERD WARD

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:	1 Entities
IS RELATED WITH:	3 Entities
PARTICIPATES IN:	12 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	GRUPO GUASCOR SL	ALAVA	100
PARTICIPATES IN	GUASCOR POWER INVESTIGACION Y DESARROLLO SA	ALAVA	100
	MICROENERGIA 21 SA EN LIQUIDACION	GUIPUZCOA	100
	GUASCOR MAROC, SOCIEDAD ANONIMA, (MARRUECOS)		100
	GUASCOR ARGENTINA, SOCIEDAD ANONIMA, (ARGENTINA)		48.75
	EMPRESA NACIONAL MAQUINAS ELECTRICAS, SOCIEDAD ANONIMA, (VENEZUELA)		40
	ENGINES RENTAL, SOCIEDAD ANONIMA, (URUGUAY)		99
	GUASCOR INC (ESTADOS UNIDOS)		100
	ARTADI, SOCIEDAD ANONIMA, (ARGENTINA)		100
	GUASCOR VENEZUELA, SOCIEDAD ANONIMA, (VENEZUELA)		95
	GUASCOR-ISOLUX AIE	ALAVA	60
	GECAR (CUBA)		30
	CUASCOR ISOLUX, AGRUPACION INTERES ECONOMICO, (ESPAÑA)		60

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	GUASCOR-BORJA AIE	GUIPUZCOA
	SIEMENS HOLDING SL	MADRID
	SIEMENS AG (ALEMANIA)
BELONGS TO THE ADMINISTRATION BOARD OF	INGENIERIA Y BIOGAS SL	ASTURIAS

Turnover
Total Sales 2016	40.262.000

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

Estimated Balance

Medium/high-level company, whose Turnover for the 2016 fiscal year decreased by 47%, ending the year with losses. The balance sheet shows a very tight financial status, as evidenced by the Liquidity Ratio (1,1/1), the Treasury Ratio (0,8/1) and the Total Solvency Ratio (1,471).

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2016	Normales	April  2017
2015	Normales	September  2016
2014	Normales	September  2015
2013	Normales	September  2014
2012	Normales	March  2014
2011	Normales	June  2013
2010	Normales	May  2012
2009	Normales	January  2011
2008	Normales	February  2010
2007	Normales	January  2009
2006	Normales	February  2008
2005	Normales	July  2007
2004	Normales	December  2005
2003	Normales	April  2005
2002	Normales	March  2004
2001	Normales	January  2003
2000	Normales	February  2002
1999	Normales	January  2001
1998	Consolidadas	May  2000
1998	Normales	May  2000
1997	Consolidadas	March  2000
1997	Normales	March  2000
1996	Consolidadas	April  1998
1996	Normales	April  1998
1995	Consolidadas	August  1997
1995	Normales	August  1997
1994	Consolidadas	October  1995
1994	Normales	October  1995
1993	Consolidadas	December  1994
1993	Normales	December  1994
1992	Consolidadas	July  1993
1992	Normales	July  1993
1991	Normales	July  1992
1990	Normales	July  1991
1989	Normales	July  1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 30/09/2016

>  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	29.252.000,00	28.750.000,00	24.668.000,00	22.547.000,00	20.309.000,00
I. Intangible fixed assets : 11100	18.172.000,00	16.221.000,00	13.695.000,00	12.127.000,00	10.969.000,00
1. Development: 11110	18.142.000,00	16.137.000,00	13.491.000,00	11.859.000,00	10.479.000,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	1.000,00	11.000,00	11.000,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	20.000,00	74.000,00	193.000,00	247.000,00	469.000,00
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	10.000,00	10.000,00	10.000,00	10.000,00	10.000,00
II. Tangible fixed assets : 11200	4.764.000,00	4.714.000,00	3.853.000,00	3.138.000,00	3.445.000,00
1. Land and buildings: 11210	611.000,00	631.000,00	623.000,00	648.000,00	672.000,00
2. Technical installations and other tangible fixed assets: 11220	2.713.000,00	2.115.000,00	2.249.000,00	2.110.000,00	2.763.000,00
3. Tangible asset in progress and advances: 11230	1.440.000,00	1.968.000,00	981.000,00	380.000,00	10.000,00
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	4.980.000,00	6.477.000,00	5.779.000,00	5.917.000,00	3.846.000,00
1. Equity instruments: 11410	2.163.000,00	3.660.000,00	2.962.000,00	2.664.000,00	454.000,00
2. Credits to businesses: 11420	2.817.000,00	2.817.000,00	2.817.000,00	3.253.000,00	3.392.000,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	46.000,00	48.000,00	51.000,00	75.000,00	759.000,00
1. Equity instruments: 11510	44.000,00	44.000,00	44.000,00	57.000,00	100.000,00
2. Credits to third parties : 11520	2.000,00	2.000,00	2.000,00	2.000,00	2.000,00
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	2.000,00	5.000,00	16.000,00	657.000,00
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	1.290.000,00	1.290.000,00	1.290.000,00	1.290.000,00	1.290.000,00
B) CURRENT ASSETS: 12000	90.008.000,00	113.330.000,00	112.734.000,00	125.372.000,00	131.419.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	22.084.000,00	21.472.000,00	20.510.000,00	21.830.000,00	29.787.000,00
1. Commercial: 12210	1.093.000,00	1.728.000,00	1.335.000,00	163.000,00	1.721.000,00
2. Primary material and other supplies: 12220	12.529.000,00	13.274.000,00	12.830.000,00	11.549.000,00	12.883.000,00
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	0,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	421.000,00	445.000,00	893.000,00	697.000,00	1.098.000,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	421.000,00	445.000,00	893.000,00	697.000,00	1.098.000,00
4. Finished goods: 12240	7.829.000,00	6.019.000,00	5.385.000,00	9.415.000,00	13.782.000,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	7.829.000,00	6.019.000,00	5.385.000,00	9.415.000,00	13.782.000,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	212.000,00	6.000,00	67.000,00	6.000,00	303.000,00
III. Trade debtors and others receivable accounts: 12300	17.475.000,00	31.797.000,00	27.328.000,00	31.156.000,00	25.371.000,00
1. Trade debtors / accounts receivable: 12310	7.143.000,00	16.769.000,00	11.756.000,00	11.204.000,00	2.553.000,00
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	7.143.000,00	16.769.000,00	11.756.000,00	11.204.000,00	2.553.000,00
2. Customers, Group companies and associates : 12320	8.598.000,00	10.493.000,00	13.564.000,00	17.468.000,00	19.945.000,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	0,00	0,00
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	26.000,00	12.000,00
6. Other debtors, including tax and social security: 12360	1.734.000,00	4.535.000,00	2.008.000,00	2.458.000,00	2.861.000,00
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	49.345.000,00	58.113.000,00	64.298.000,00	63.873.000,00	72.542.000,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	49.345.000,00	58.113.000,00	64.298.000,00	63.873.000,00	72.542.000,00
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	76.000,00	76.000,00	76.000,00	76.000,00	76.000,00
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	76.000,00	76.000,00	76.000,00	76.000,00	76.000,00
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	1.028.000,00	1.872.000,00	522.000,00	8.437.000,00	3.643.000,00
1. Treasury: 12710	1.028.000,00	1.872.000,00	522.000,00	8.437.000,00	3.643.000,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	119.260.000,00	142.080.000,00	137.402.000,00	147.919.000,00	151.728.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2016	2015	2014	2013	2012
A) NET WORTH: 20000	38.996.000,00	41.290.000,00	50.698.000,00	46.373.000,00	36.765.000,00
A-1) Shareholders' equity: 21000	38.467.000,00	40.811.000,00	50.212.000,00	46.223.000,00	36.555.000,00
I. Capital: 21100	5.581.000,00	5.581.000,00	5.581.000,00	5.581.000,00	5.581.000,00
1. Registered capital : 21110	5.581.000,00	5.581.000,00	5.581.000,00	5.581.000,00	5.581.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	3.744.000,00	3.744.000,00	3.744.000,00	3.744.000,00	3.744.000,00
III. Reserves: 21300	31.486.000,00	30.439.000,00	37.676.000,00	27.230.000,00	25.978.000,00
1. Legal and statutory: 21310	1.116.000,00	1.116.000,00	1.116.000,00	1.116.000,00	1.116.000,00
2. Other reserves: 21320	30.370.000,00	29.323.000,00	36.560.000,00	26.114.000,00	24.862.000,00
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	-2.344.000,00	1.047.000,00	3.211.000,00	9.668.000,00	1.252.000,00
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	529.000,00	479.000,00	486.000,00	150.000,00	210.000,00
B) NON-CURRENT LIABILITIES: 31000	2.884.000,00	2.978.000,00	3.132.000,00	2.857.000,00	5.154.000,00
I. Long-term provisions: 31100	1.433.000,00	1.430.000,00	1.570.000,00	1.412.000,00	2.016.000,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	1.433.000,00	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	1.430.000,00	1.570.000,00	1.412.000,00	2.016.000,00
II Long-term creditors: 31200	0,00	116.000,00	129.000,00	141.000,00	1.811.000,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	116.000,00	129.000,00	141.000,00	1.811.000,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	1.451.000,00	1.432.000,00	1.433.000,00	1.304.000,00	1.327.000,00
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	77.380.000,00	97.812.000,00	83.572.000,00	98.689.000,00	109.809.000,00
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	204.000,00	435.000,00	370.000,00	634.000,00	1.960.000,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	204.000,00	435.000,00	370.000,00	634.000,00	0,00
III. Short-term creditors : 32300	0,00	23.000,00	23.000,00	57.000,00	1.124.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	0,00	0,00	0,00	0,00	4.000,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	770.000,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	23.000,00	23.000,00	57.000,00	350.000,00
IV. Short-term debts with Group companies and associates: 32400	54.035.000,00	57.038.000,00	56.326.000,00	57.053.000,00	55.235.000,00
V. Trade creditors and other accounts payable: 32500	23.141.000,00	40.316.000,00	26.853.000,00	40.945.000,00	51.490.000,00
1. Suppliers: 32510	7.405.000,00	10.669.000,00	8.059.000,00	15.148.000,00	21.095.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	7.405.000,00	10.669.000,00	8.059.000,00	15.148.000,00	21.095.000,00
2. Suppliers, Group companies and associates: 32520	9.984.000,00	22.426.000,00	12.784.000,00	19.143.000,00	25.502.000,00
3. Other creditors: 32530	2.352.000,00	2.891.000,00	2.262.000,00	891.000,00	609.000,00
4. Personnel (remuneration due): 32540	1.037.000,00	852.000,00	868.000,00	690.000,00	766.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	303.000,00	803.000,00	452.000,00	435.000,00	468.000,00
7. Advances from clients: 32570	2.060.000,00	2.675.000,00	2.428.000,00	4.638.000,00	3.050.000,00
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	119.260.000,00	142.080.000,00	137.402.000,00	147.919.000,00	151.728.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2016	2015	2014	2013	2012
1. Net turnover: 40100	40.262.000,00	75.608.000,00	57.943.000,00	76.374.000,00	72.755.000,00
a) Sales: 40110	39.478.000,00	74.988.000,00	56.613.000,00	75.775.000,00	72.115.000,00
b) Rendering of services: 40120	784.000,00	620.000,00	1.330.000,00	599.000,00	640.000,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	1.792.000,00	187.000,00	-2.729.000,00	-4.768.000,00	6.379.000,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	37.000,00	702.000,00	0,00
4. Supplies : 40400	-24.981.000,00	-44.081.000,00	-31.037.000,00	-39.432.000,00	-48.248.000,00
a) Stock consumption: 40410	-20.541.000,00	-36.854.000,00	-24.287.000,00	-32.438.000,00	-36.179.000,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	0,00	0,00
c) Works carried out by other companies: 40430	-4.453.000,00	-7.171.000,00	-7.014.000,00	-7.360.000,00	-10.020.000,00
d) Impairment of stock, primary material and other supplies: 40440	13.000,00	-56.000,00	264.000,00	366.000,00	-2.049.000,00
5. Other operating income: 40500	502.000,00	897.000,00	1.148.000,00	1.768.000,00	1.701.000,00
a) Auxiliary income and other from current management: 40510	487.000,00	854.000,00	1.221.000,00	1.476.000,00	1.556.000,00
b) Operation subsidies included in the Period's result: 40520	15.000,00	43.000,00	-73.000,00	292.000,00	145.000,00
6. Personnel costs: 40600	-7.898.000,00	-10.257.000,00	-10.017.000,00	-10.053.000,00	-11.612.000,00
a) Wages, salaries et al.: 40610	-6.118.000,00	-7.842.000,00	-7.639.000,00	-7.922.000,00	-9.133.000,00
b) Social security costs: 40620	-1.780.000,00	-2.415.000,00	-2.378.000,00	-2.131.000,00	-2.479.000,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-9.976.000,00	-20.001.000,00	-9.897.000,00	-8.132.000,00	-12.380.000,00
a) External services: 40710	-8.722.000,00	-13.996.000,00	-11.775.000,00	-11.048.000,00	-14.002.000,00
b) Taxes: 40720	-9.000,00	-12.000,00	-18.000,00	-20.000,00	-29.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-1.242.000,00	-5.916.000,00	1.941.000,00	2.936.000,00	1.652.000,00
d) Other current management expenditure : 40740	-3.000,00	-77.000,00	-45.000,00	0,00	-1.000,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-709.000,00	-1.559.000,00	-2.534.000,00	-3.617.000,00	-3.993.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	31.000,00	9.000,00	133.000,00	83.000,00	199.000,00
10. Excess provisions : 41000	0,00	0,00	0,00	527.000,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	274.000,00	-1.000,00	754.000,00	-6.000,00	-343.000,00
a) Impairment and losses : 41110	0,00	0,00	0,00	-6.000,00	-343.000,00
b) Results for transfers and other : 41120	274.000,00	-1.000,00	754.000,00	0,00	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	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	-703.000,00	802.000,00	3.801.000,00	13.446.000,00	4.458.000,00
14. Financial income : 41400	59.000,00	47.000,00	80.000,00	1.083.000,00	98.000,00
a) Of shares in equity instruments : 41410	59.000,00	47.000,00	0,00	155.000,00	0,00
a 1) In Group companies and associates: 41411	59.000,00	47.000,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	155.000,00	0,00
b) From negotiable securities and other financial instruments : 41420	0,00	0,00	80.000,00	928.000,00	98.000,00
b 1) From Group companies and associates : 41421	0,00	0,00	30.000,00	925.000,00	6.000,00
b 2) From third parties : 41422	0,00	0,00	50.000,00	3.000,00	92.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-51.000,00	-35.000,00	-32.000,00	-650.000,00	-289.000,00
a) Amounts owed to Group companies and associates : 41510	-2.000,00	-5.000,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-49.000,00	-30.000,00	-32.000,00	-650.000,00	-289.000,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	-957.000,00	-2.044.000,00
a) Trading book and other : 41610	0,00	0,00	0,00	-957.000,00	-2.044.000,00
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	-152.000,00	708.000,00	757.000,00	-362.000,00	90.000,00
18. Impairment and result for transfers of financial instruments: 41800	-1.497.000,00	0,00	-435.000,00	0,00	0,00
a) Impairment and losses : 41810	-1.497.000,00	0,00	-435.000,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-1.641.000,00	720.000,00	370.000,00	-886.000,00	-2.145.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	-2.344.000,00	1.522.000,00	4.171.000,00	12.560.000,00	2.313.000,00
20. Income taxes: 41900	0,00	-475.000,00	-960.000,00	-2.892.000,00	-1.061.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	-2.344.000,00	1.047.000,00	3.211.000,00	9.668.000,00	1.252.000,00
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	-2.344.000,00	1.047.000,00	3.211.000,00	9.668.000,00	1.252.000,00

> 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:	27.962.000,00	27.460.000,00	23.378.000,00	21.257.000,00	19.019.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	18.172.000,00	16.221.000,00	13.695.000,00	12.127.000,00	10.969.000,00
1. Research and development costs:	18.142.000,00	16.137.000,00	13.491.000,00	11.859.000,00	10.479.000,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	1.000,00	11.000,00	11.000,00
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:	20.000,00	74.000,00	193.000,00	247.000,00	469.000,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	10.000,00	10.000,00	10.000,00	10.000,00	10.000,00
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:	4.764.000,00	4.714.000,00	3.853.000,00	3.138.000,00	3.445.000,00
1. Land and construction:	611.000,00	631.000,00	623.000,00	648.000,00	672.000,00
2. Technical installations and machinery:	371.355,00	289.501,00	307.843,00	288.816,00	378.199,00
3. Other installations, tools and furniture:	2.177.137,00	1.697.252,00	1.804.784,00	1.693.239,00	2.217.261,00
4. Payments on account and tangible fixed assets under construction:	1.440.000,00	1.968.000,00	981.000,00	380.000,00	10.000,00
5. Other tangible assets:	164.509,00	128.248,00	136.373,00	127.944,00	167.540,00
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:	5.026.000,00	6.525.000,00	5.830.000,00	5.992.000,00	4.605.000,00
1. Equity investments in group companies:	2.146.293,00	3.631.730,00	2.939.121,00	2.643.423,00	450.493,00
2. Receivables from group companies:	2.817.000,00	2.817.000,00	2.817.000,00	3.253.000,00	3.392.000,00
3. Equity investment in associated companies:	16.707,00	28.270,00	22.879,00	20.577,00	3.507,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	44.000,00	44.000,00	44.000,00	57.000,00	100.000,00
6. Other receivables:	2.000,00	2.000,00	2.000,00	2.000,00	2.000,00
7. Long term guarantees and deposits:	0,00	2.000,00	5.000,00	16.000,00	657.000,00
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:	91.298.000,00	114.620.000,00	114.024.000,00	126.662.000,00	132.709.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	22.084.000,00	21.472.000,00	20.510.000,00	21.830.000,00	29.787.000,00
1. Goods for resale:	1.093.000,00	1.728.000,00	1.335.000,00	163.000,00	1.721.000,00
2. Raw materials and other consumables:	12.529.000,00	13.274.000,00	12.830.000,00	11.549.000,00	12.883.000,00
3. Goods in process and semifinished ones:	421.000,00	445.000,00	893.000,00	697.000,00	1.098.000,00
4. Finished products:	7.829.000,00	6.019.000,00	5.385.000,00	9.415.000,00	13.782.000,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	212.000,00	6.000,00	67.000,00	6.000,00	303.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	18.765.000,00	33.087.000,00	28.618.000,00	32.446.000,00	26.661.000,00
1. Trade debtors / accounts receivable:	7.143.000,00	16.769.000,00	11.756.000,00	11.204.000,00	2.553.000,00
2. Accounts receivable, Group companies:	8.560.564,00	10.447.313,00	13.504.942,00	17.391.944,00	19.858.159,00
3. Accounts receivable, associated companies:	37.436,00	45.687,00	59.058,00	76.056,00	86.841,00
4. Other debtors:	0,00	0,00	0,00	0,00	0,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	3.024.000,00	5.825.000,00	3.298.000,00	3.774.000,00	4.163.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	49.421.000,00	58.189.000,00	64.374.000,00	63.949.000,00	72.618.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	49.345.000,00	58.113.000,00	64.298.000,00	63.873.000,00	72.542.000,00
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:	76.000,00	76.000,00	76.000,00	76.000,00	76.000,00
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:	1.028.000,00	1.872.000,00	522.000,00	8.437.000,00	3.643.000,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	119.260.000,00	142.080.000,00	137.402.000,00	147.919.000,00	151.728.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2016	2015	2014	2013	2012
A) EQUITY:	40.058.700,00	40.954.700,00	50.357.800,00	46.268.000,00	36.618.000,00
I. Subscribed capital:	5.581.000,00	5.581.000,00	5.581.000,00	5.581.000,00	5.581.000,00
II. Share premium:	3.744.000,00	3.744.000,00	3.744.000,00	3.744.000,00	3.744.000,00
III. Revaluation reserves:	3.238.546,00	3.142.221,00	3.933.354,00	2.814.349,00	2.686.209,00
IV. Reserves:	29.839.154,00	27.440.479,00	33.888.446,00	24.460.651,00	23.354.791,00
1. Legal reserve:	1.116.000,00	1.116.000,00	1.116.000,00	1.116.000,00	1.116.000,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	28.723.154,00	26.324.479,00	32.772.446,00	23.344.651,00	22.238.791,00
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:	-2.344.000,00	1.047.000,00	3.211.000,00	9.668.000,00	1.252.000,00
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:	370.300,00	335.300,00	340.200,00	105.000,00	147.000,00
1. Capital grants:	370.300,00	335.300,00	340.200,00	105.000,00	147.000,00
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	1.430.000,00	1.570.000,00	1.412.000,00	2.016.000,00
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	1.430.000,00	1.570.000,00	1.412.000,00	2.016.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	1.451.000,00	1.548.000,00	1.562.000,00	1.445.000,00	3.138.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	1.451.000,00	1.548.000,00	1.562.000,00	1.445.000,00	3.138.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	116.000,00	129.000,00	141.000,00	1.811.000,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	1.451.000,00	1.432.000,00	1.433.000,00	1.304.000,00	1.327.000,00
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:	77.176.035,00	97.377.075,00	83.202.064,00	98.055.109,00	107.849.338,00
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:	0,00	0,00	0,00	0,00	774.000,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	4.000,00
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	770.000,00
III. Short-term amounts owed to group and associated companies:	64.019.000,00	79.464.000,00	69.110.000,00	76.196.000,00	80.737.000,00
1. Amounts owed to group companies:	49.171.790,00	61.034.804,00	53.082.092,00	58.524.715,00	62.012.572,00
2. Amounts owed to associated companies:	14.847.210,00	18.429.196,00	16.027.908,00	17.671.285,00	18.724.428,00
IV. Trade creditors:	11.817.000,00	16.235.000,00	12.749.000,00	20.677.000,00	24.754.000,00
1. Advanced payments from customers:	2.060.000,00	2.675.000,00	2.428.000,00	4.638.000,00	3.050.000,00
2. Amounts owed for purchases of goods or services:	9.757.000,00	13.560.000,00	10.321.000,00	16.039.000,00	21.704.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.340.000,00	1.678.000,00	1.343.000,00	1.182.000,00	1.584.000,00
1. Public bodies:	303.000,00	803.000,00	452.000,00	435.000,00	468.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	22.840,00	22.840,00	56.604,00	347.569,00
4. Wages and salaries payable:	1.037.000,00	852.000,00	868.000,00	690.000,00	766.000,00
5. Guarantees and deposits received at short term:	0,00	160,00	160,00	396,00	2.431,00
VI. Provisions:	35,00	75,00	64,00	109,00	338,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	203.965,00	434.925,00	369.936,00	633.891,00	1.959.662,00
GENERAL TOTAL (A + B + C + D + E + F):	119.260.000,00	142.080.000,00	137.402.000,00	147.919.000,00	151.728.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2016	2015	2014	2013	2012
A) CHARGES (A.1 to A.15):	45.264.000,00	76.409.000,00	57.641.000,00	70.869.000,00	79.970.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	2.729.000,00	4.768.000,00	0,00
A.2. Supplies:	24.994.000,00	44.025.000,00	31.301.000,00	39.798.000,00	46.199.000,00
a) Stock consumption:	20.541.000,00	36.854.000,00	24.287.000,00	32.438.000,00	36.179.000,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	4.453.000,00	7.171.000,00	7.014.000,00	7.360.000,00	10.020.000,00
A.3. Staff costs:	7.898.000,00	10.257.000,00	10.017.000,00	10.053.000,00	11.612.000,00
a) Wages, salaries et al.:	6.118.000,00	7.842.000,00	7.639.000,00	7.922.000,00	9.133.000,00
b) Social security costs:	1.780.000,00	2.415.000,00	2.378.000,00	2.131.000,00	2.479.000,00
A.4. Depreciation expense:	709.000,00	1.559.000,00	2.534.000,00	3.617.000,00	3.993.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	1.229.000,00	5.972.000,00	-2.205.000,00	-3.302.000,00	397.000,00
a) Stock provision variation:	-13.000,00	56.000,00	-264.000,00	-366.000,00	2.049.000,00
b) Variation in provision and bad debt losses:	261.892,00	1.247.464,00	-409.285,00	-619.093,00	-348.345,00
c) Variation of other trade provisions:	980.108,00	4.668.536,00	-1.531.715,00	-2.316.907,00	-1.303.655,00
A.6. Other operating charges:	8.734.000,00	14.085.000,00	11.838.000,00	11.068.000,00	14.032.000,00
a) External services:	8.722.000,00	13.996.000,00	11.775.000,00	11.048.000,00	14.002.000,00
b) Taxes:	9.000,00	12.000,00	18.000,00	20.000,00	29.000,00
c) Other operating expenses:	3.000,00	77.000,00	45.000,00	0,00	1.000,00
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):	0,00	794.000,00	2.914.000,00	13.369.000,00	4.602.000,00
A.7. Financial and similar charges:	51.000,00	35.000,00	32.000,00	650.000,00	289.000,00
a) Due to liabilities with companies of the group:	2.000,00	5.000,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	49.000,00	30.000,00	32.000,00	650.000,00	289.000,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	1.497.000,00	0,00	432.290,00	957.000,00	2.044.000,00
A.9. Exchange losses:	152.000,00	0,00	0,00	362.000,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	720.000,00	372.710,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	0,00	1.514.000,00	3.286.710,00	12.483.000,00	2.457.000,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	2.710,00	6.000,00	343.000,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	1.000,00	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	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):	305.000,00	8.000,00	884.290,00	77.000,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	0,00	1.522.000,00	4.171.000,00	12.560.000,00	2.313.000,00
A.15. Corporation tax:	0,00	475.000,00	960.000,00	2.892.000,00	1.061.000,00
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):	0,00	1.047.000,00	3.211.000,00	9.668.000,00	1.252.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2016	2015	2014	2013	2012
B) INCOME ( B.1 to B.13):	42.920.000,00	77.456.000,00	60.852.000,00	80.537.000,00	81.222.000,00
B.1. Net total sales:	40.262.000,00	75.608.000,00	57.943.000,00	76.374.000,00	72.755.000,00
a) Sales:	39.567.966,00	75.158.890,00	56.742.015,00	75.947.684,00	72.279.343,00
b) Rendering of services:	784.000,00	620.000,00	1.330.000,00	599.000,00	640.000,00
Returns and Rappel on sales:	-89.966,00	-170.890,00	-129.015,00	-172.684,00	-164.343,00
B.2. Stock increase of manufactured goods and products in process:	1.792.000,00	187.000,00	0,00	0,00	6.379.000,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	37.000,00	702.000,00	0,00
B.4. Miscellaneous operating income:	502.000,00	897.000,00	1.148.000,00	2.295.000,00	1.701.000,00
a) Auxiliary income and other from current management:	487.000,00	854.000,00	1.221.000,00	1.476.000,00	1.556.000,00
b) Grants:	15.000,00	43.000,00	-73.000,00	292.000,00	145.000,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	527.000,00	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):	1.008.000,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	59.000,00	47.000,00	0,00	155.000,00	0,00
a) In companies of the group:	59.000,00	47.000,00	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	155.000,00	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:	0,00	0,00	80.000,00	928.000,00	98.000,00
a) From companies of the group:	0,00	0,00	30.000,00	925.000,00	6.000,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	0,00	0,00	50.000,00	3.000,00	92.000,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	708.000,00	757.000,00	0,00	90.000,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	1.641.000,00	0,00	0,00	886.000,00	2.145.000,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	2.649.000,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	274.000,00	0,00	754.000,00	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:	31.000,00	9.000,00	133.000,00	83.000,00	199.000,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	0,00	0,00	144.000,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	2.344.000,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	2.344.000,00	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	-2.344.000,00	1.522.000,00	4.171.000,00	12.560.000,00	2.313.000,00
2. Results adjustments.: 61200	3.287.000,00	6.773.000,00	-1.506.000,00	-185.000,00	6.357.000,00
a) Fixed Assets Amortization (+).: 61201	709.000,00	1.559.000,00	2.534.000,00	3.617.000,00	3.993.000,00
b) Obsolescence Allowances (+/-). : 61202	1.469.000,00	6.017.000,00	-2.941.000,00	-2.681.000,00	3.355.000,00
c) Variation in Provision (+/-). : 61203	-227.000,00	-75.000,00	158.000,00	-1.930.000,00	-3.280.000,00
d) Allocation of grants (-).: 61204	-31.000,00	-9.000,00	-133.000,00	-83.000,00	-199.000,00
e) Results on disposal of fixed assets (+/-). : 61205	-274.000,00	1.000,00	-754.000,00	6.000,00	343.000,00
g) Financial income (-).: 61207	-59.000,00	-47.000,00	-80.000,00	-1.083.000,00	-98.000,00
h) Financial Expenses (+). : 61208	51.000,00	35.000,00	32.000,00	650.000,00	289.000,00
i) Exchange differences (+/-). : 61209	152.000,00	-708.000,00	-757.000,00	362.000,00	-90.000,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	1.497.000,00	0,00	435.000,00	957.000,00	2.044.000,00
3. Changes in current capital equity.: 61300	-4.960.000,00	2.015.000,00	-6.401.000,00	-7.071.000,00	5.812.000,00
a) Stock (+/-).: 61301	-419.000,00	-1.018.000,00	2.320.000,00	8.321.000,00	-9.302.000,00
d) Debtors and other accounts receivable (+/-). : 61302	12.634.000,00	-10.430.000,00	5.371.000,00	-4.505.000,00	14.728.000,00
c) Other current assets (+/-). : 61303	0,00	0,00	0,00	-15.000,00	-52.000,00
d) Creditors and other accounts payable (+/-). : 61304	-17.175.000,00	13.463.000,00	-14.092.000,00	-10.872.000,00	438.000,00
4. Cash Flows from Other Operating Activities: 61400	8.000,00	12.000,00	48.000,00	-293.000,00	-203.000,00
a) Interest payments (-). : 61401	-51.000,00	-35.000,00	-32.000,00	-650.000,00	-289.000,00
b) Dividend payment collection (+). : 61402	59.000,00	47.000,00	0,00	0,00	0,00
c) Interest collection (+). : 61403	0,00	0,00	0,00	0,00	98.000,00
d) Income tax payment collection (payments) (+/-).: 61404	0,00	0,00	80.000,00	357.000,00	-12.000,00
5. Cash Flows from Operating Activities (1 + 2 + 3 + 4) : 61500	-4.009.000,00	10.322.000,00	-3.688.000,00	5.011.000,00	14.279.000,00
6. Payments for investment (-).: 62100	-2.705.000,00	-10.014.000,00	-5.242.000,00	-4.468.000,00	-15.504.000,00
a) Companies of the group and affiliates. : 62101	0,00	-4.961.000,00	-423.000,00	0,00	-9.665.000,00
b) Intangible fixed assets. : 62102	-2.253.000,00	-3.597.000,00	-3.644.000,00	-3.997.000,00	-4.157.000,00
c) Fixed assets. : 62103	-452.000,00	-1.456.000,00	-1.175.000,00	-471.000,00	-1.682.000,00
7. Divestment payment collection (+). : 62200	9.063.000,00	110.000,00	1.190.000,00	9.863.000,00	228.000,00
a) Companies of the group and affiliates. : 62201	8.789.000,00	0,00	0,00	8.822.000,00	218.000,00
b) Intangible fixed assets. : 62202	0,00	22.000,00	0,00	0,00	0,00
c) Fixed assets. : 62203	274.000,00	85.000,00	754.000,00	0,00	0,00
d) Real estate investment. : 62204	0,00	0,00	436.000,00	0,00	0,00
e) Other financial assets. : 62205	0,00	3.000,00	0,00	1.041.000,00	10.000,00
8. Cash Flow from Investing Activities (6+7) less Amortization: 62300	6.358.000,00	-9.904.000,00	-4.052.000,00	5.395.000,00	-15.276.000,00
9. Payment collection and payments for equity instruments. : 63100	101.000,00	0,00	598.000,00	0,00	53.000,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	0,00	53.000,00
e) Grants, donations and bequests received (+). : 63105	101.000,00	0,00	598.000,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-3.142.000,00	224.000,00	-773.000,00	-5.612.000,00	3.592.000,00
a) Issuance : 63201	0,00	237.000,00	-727.000,00	-2.895.000,00	5.599.000,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	237.000,00	-727.000,00	-2.895.000,00	5.599.000,00
b) Repayment and amortization of : 63207	-3.142.000,00	-13.000,00	-46.000,00	-2.717.000,00	-2.007.000,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	0,00	-770.000,00	-1.875.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-3.003.000,00	0,00	0,00	0,00	0,00
5. Other debts (-). : 63212	-139.000,00	-13.000,00	-46.000,00	-1.947.000,00	-132.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash Flows from Financing Activities (9+10+11): 63400	-3.041.000,00	224.000,00	-175.000,00	-5.612.000,00	3.645.000,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-152.000,00	708.000,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-844.000,00	1.350.000,00	-7.915.000,00	4.794.000,00	2.648.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	1.872.000,00	522.000,00	8.437.000,00	3.643.000,00	995.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	1.028.000,00	1.872.000,00	522.000,00	8.437.000,00	3.643.000,00

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:	-0,02 %	0,08 %	0,02 %	0,06 %	-217,41 %	29,60 %
Net Financial Debt:	3,69	2,28	-0,77	2,84	580,27	-19,67
Cash Flow Yield:	-0,01 %	0,04 %	0,01 %	0,03 %	-174,48 %	35,73 %
EBITDA over Sales:	-0,74 %	11,83 %	3,11 %	10,43 %	-123,86 %	13,40 %

Profitability	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	-1,08 %	8,93 %	1,04 %	6,93 %	-204,63 %	28,87 %
Total economic profitability:	-1,92 %	5,06 %	1,10 %	3,19 %	-275,45 %	58,61 %
Financial profitability:	-6,09 %	7,56 %	2,57 %	4,14 %	-337,52 %	82,45 %
Margin:	-1,72 %	7,71 %	1,05 %	6,33 %	-264,51 %	21,81 %
Mark-up:	-5,75 %	7,10 %	1,99 %	3,78 %	-389,04 %	87,85 %

Solvency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,01	0,16	0,02	0,14	-30,71	16,71
Acid Test:	0,88	0,89	0,94	0,87	-6,70	2,54
Working Capital / Investment:	0,11	0,03	0,11	0,03	-3,05	0,17
Solvency:	1,18	1,20	1,18	1,19	0,50	1,20

Indebtedness	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,94	1,25	2,32	1,31	-16,01	-4,53
Borrowing Composition:	0,02	1,04	0,02	1,04	18,27	0,52
Repayment Ability:	-262,97	9,14	42,04	11,05	-725,48	-17,33
Warranty:	1,52	1,82	1,44	1,78	5,61	1,86
Generated resources / Total creditors:	0,00	0,09	0,03	0,08	-107,14	22,15

Efficiency	2016		2015		Variación 2016 - 2015
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	0,96	1,90	1,23	1,79	-21,74	5,70
Turnover of Collection Rights :	2,33	5,31	2,41	5,22	-3,05	1,72
Turnover of Payment Entitlements:	1,59	3,59	1,59	3,69	-0,38	-2,66
Stock rotation:	1,89	8,22	3,53	7,79	-46,36	5,62
Assets turnover:	0,63	1,16	0,99	1,09	-36,40	5,80
Borrowing Cost:	0,06	2,34	0,04	2,45	83,33	-4,44

> 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:	-0,02 %	0,02 %	-0,14 %	0,06 %	0,04 %
Net Financial Debt:	3,69	-0,77	-0,08	-0,51	-0,09
Cash Flow Yield:	-0,01 %	0,01 %	-0,06 %	0,03 %	0,02 %
EBITDA over Sales:	-0,74 %	3,11 %	9,40 %	21,55 %	11,81 %

Profitability	2016	2015	2014	2013	2012
Operating economic profitability:	-1,08 %	1,04 %	5,66 %	17,24 %	5,98 %
Total economic profitability:	-1,92 %	1,10 %	3,06 %	8,93 %	1,71 %
Financial profitability:	-6,09 %	2,57 %	6,39 %	20,92 %	3,42 %
Margin:	-1,72 %	1,05 %	6,43 %	17,05 %	5,99 %
Mark-up:	-5,75 %	1,99 %	7,05 %	15,93 %	3,11 %

Solvency	2016	2015	2014	2013	2012
Liquidity:	0,01	0,02	0,01	0,09	0,03
Acid Test:	0,88	0,94	1,11	1,06	0,94
Working Capital / Investment:	0,11	0,11	0,21	0,18	0,14
Solvency:	1,18	1,18	1,37	1,29	1,23

Indebtedness	2016	2015	2014	2013	2012
Indebtedness level:	1,94	2,32	1,62	2,08	2,86
Borrowing Composition:	0,02	0,02	0,02	0,01	0,03
Repayment Ability:	-262,97	42,04	15,56	6,05	12,91
Warranty:	1,52	1,44	1,62	1,49	1,37
Generated resources / Total creditors:	0,00	0,03	0,07	0,13	0,07

Efficiency	2016	2015	2014	2013	2012
Productivity:	0,96	1,23	1,54	2,64	1,74
Turnover of Collection Rights :	2,33	2,41	2,16	2,53	2,93
Turnover of Payment Entitlements:	1,59	1,59	1,42	1,05	1,30
Stock rotation:	1,89	3,53	2,74	3,02	2,35
Assets turnover:	0,63	0,99	0,88	1,01	1,00
Borrowing Cost:	0,06	0,04	0,04	0,65	0,26

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:

INSTITUTO ESPAÑOL DE OCEANOGRAFIA

Objective of Tender:

SERVICIO DE MANTENIMIENTO DE MOTORES DIESEL GUASCOR DE LOS BUQUES OCEANOGRAFICOS RAMON MARGALEF Y ANGELES ALVARIÑO

Date Awarded:

26/06/2013

Cost:

279.999,81 EURO.

Organisation that calls the tender:

INSTITUTO ESPAÑOL DE OCEANOGRAFIA

Objective of Tender:

SERVICIO DE MANTENIMIENTO DE MOTORES DIESEL GUASCOR DE LOS BUQUES OCEANOGRAFICOS RAMON MARGALEF Y ANGELES ALVARIÑO

Date Awarded:

26/06/2013

Cost:

279.999,81 EURO.

Organisation that calls the tender:

DIPUTACION PROVINCIAL DE JAEN

Objective of Tender:

Adquisición de un módulo de cogeneración para el aprovechamiento eléctrico del biogás procedente del vertedero del Guadiel (Linares).

Date Awarded:

07/05/2013

Cost:

335.170,00 EURO.

Organisation that calls the tender:

INSTITUTO ESPAÑOL DE OCEANOGRAFIA

Objective of Tender:

SERVICIO DE MANTENIMIENTO DE LOS MOTORES GUASCOR DEL BUQUE OCEANOGRAFICO RAMON MARGALEF

Date Awarded:

27/12/2012

Cost:

78.063,15 EURO.

Organisation that calls the tender:

INSTITUTO ESPAÑOL DE OCEANOGRAFIA

Objective of Tender:

SERVICIO DE MANTENIMIENTO DE MOTORES DE LOS GRUPOS ELECTROGENOS GUASCOR DEL BUQUE OCEANOGRAFICO RAMON MARGALEF

Date Awarded:

27/12/2012

Cost:

38.417,50 EURO.

Organisation that calls the tender:

INSTITUTO DE SISTEMAS FOTOVOLTAICOS DE CONCENTRACION SA

Objective of Tender:

Suministro de 27 plantas fotovoltaicas de concentración conectadas a la red eléctrica por un total de 2.7 MW nominales

Date Awarded:

31/10/2006

Cost:

Importe compartido entre distintos Contratistas

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	31.000,00
Notes	Importe corresponde a la transferencias a la cuenta de pérdidas y ganancias

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	315.000,00
Notes	El importe reflejado corresponde al saldo al cierre del ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.091.000,00

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	158.000,00

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	123.000,00

Research Summary

The subject was incorporated in July 1967; the Shareholder Equity that amounts to Euro 5,580,886 The subject manufactures engines, generators and electrical transformers.

Answer to additional question

In 2015, the so-called ''''''''Grupo Siemens'''''''' (from Germany) acquired the Guascor engines and generators to include them within the Dresser-Rand products, making a Euro 23 million investment on the subject. This new range of engines provides adavantages such as a bigger engine size and a special design to improve performance. A production of 40 units for the 2018 fiscal year has beene stimated. The above-mentioned engines wil be exported from the Zumaia manufacturing plant to the rest of the world.

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 65.07
UK Pound	1	INR 89.85
Euro	1	INR 81.06
EURO	1	INR 80.00

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	POJ

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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