P & L ACCOUNT

12/31/2009 12/31/2008 12/31/2007 12/31/2006 12/31/2005

th EUR th EUR th EUR th EUR th EUR
IFRS IFRS IFRS IFRS IFRS
    Operating Revenue/Turnover 1,857,129 928,839 988,960 875,239 920,349
        Sales (NET) 1,845,655 921,829 968,455 864,554 911,056
    Costs of Goods Sold 959,652 469,456 478,317 438,284 455,921
    Gross Profit 897,477 459,383 510,643 436,955 464,428
    Other Operating Expenses 816,396 412,845 439,838 379,592 411,103
    Operating P/L [=EBIT] 81,081 46,538 70,805 57,363 53,325
        Financial Revenue 4,422 7,042 6,455 7,541 3,545
        Financial Expenses 66,502 27,323 28,637 10,890 15,829
    Financial P/L -62,080 -20,281 -22,182 -3,349 -12,284
    P/L before Tax & Extr. Items 19,001 26,257 48,623 54,014 41,041
    Taxation 2,293 12,848 15,468 22,480 15,405
    P/L after Tax 16,708 13,409 33,155 31,534 25,636
    Extr. and Other P/L -2,743 -19,258 -1,002 -1,441 -283
    P/L for Period [= Net Income] 13,965 -5,849 32,153 30,093 25,353

Memo lines

        Export Turnover n.a. n.a. n.a. n.a. n.a.

        Material Costs n.a. n.a. n.a. n.a. n.a.
        Costs of Employees 351,117 155,328 161,262 141,386 147,777
        Depreciation 56,877 27,851 31,942 28,971 29,586
        Interest Paid 38,518 23,021 24,632 23,773 19,595
        Research & Development n.a. n.a. n.a. n.a. n.a.
expenses

        Cash Flow 70,842 22,002 64,095 59,064 54,939

        Added Value 458,184 187,503 234,521 201,743 206,906
        EBITDA 137,958 74,389 102,747 86,334 82,911
NT
12/31/2004 12/31/2003 12/31/2002 12/31/2001 12/31/2000
th EUR th EUR th EUR th EUR th EUR
IFRS Local GAAP Local GAAP Local GAAP Local GAAP
991,861 1,085,397 1,412,624 1,520,247 1,286,569 12/31/2009 12/31/2008
982,728 1,076,860 1,410,918 1,512,658 1,270,998 100.00% 100.00%
512,309 572,137 846,570 990,536 817,646 52.00% 50.93%
479,552 513,260 566,054 529,711 468,923 48.63% 49.83%
431,164 452,769 519,083 478,452 428,230 44.23% 44.79%
48,388 60,491 46,971 51,259 40,693 4.39% 5.05%
4,607 3,618 3,107 1,420 1,597 0.24% 0.76%
-4,703 44,402 47,172 23,664 6,533 3.60% 2.96%
9,310 -40,784 -44,065 -22,244 -4,936 -3.36% -2.20%
57,698 19,707 2,906 29,015 35,757 1.03% 2.85%
17,451 6,787 -24,449 -1,369 2,006 0.12% 1.39%
40,247 12,920 27,355 30,384 33,751 0.91% 1.45%
-592 -896 -4,887 -4,660 -3,125 -0.15% -2.09%
39,655 12,024 22,468 25,724 30,626 0.76% -0.63%

n.a. n.a. n.a. n.a. n.a.

n.a. n.a. n.a. n.a. n.a.
162,261 164,211 199,381 207,156 175,040
39,396 43,192 47,625 53,783 45,687
16,911 21,137 23,785 27,098 19,462
n.a. n.a. n.a. n.a. n.a.

79,051 55,216 70,093 79,507 76,313

240,772 233,777 317,708 315,130 268,809
87,784 103,683 94,596 105,042 86,380
 ANALISIS VERTICAL
12/31/2007 12/31/2006 12/31/2005 12/31/2004 12/31/2003 12/31/2002 12/31/2001 12/31/2000
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
49.39% 50.69% 50.04% 52.13% 53.13% 60.00% 65.48% 64.33%
52.73% 50.54% 50.98% 48.80% 47.66% 40.12% 35.02% 36.89%
45.42% 43.91% 45.12% 43.87% 42.05% 36.79% 31.63% 33.69%
7.31% 6.63% 5.85% 4.92% 5.62% 3.33% 3.39% 3.20%
0.67% 0.87% 0.39% 0.47% 0.34% 0.22% 0.09% 0.13%
2.96% 1.26% 1.74% -0.48% 4.12% 3.34% 1.56% 0.51%
-2.29% -0.39% -1.35% 0.95% -3.79% -3.12% -1.47% -0.39%
5.02% 6.25% 4.50% 5.87% 1.83% 0.21% 1.92% 2.81%
1.60% 2.60% 1.69% 1.78% 0.63% -1.73% -0.09% 0.16%
3.42% 3.65% 2.81% 4.10% 1.20% 1.94% 2.01% 2.66%
-0.10% -0.17% -0.03% -0.06% -0.08% -0.35% -0.31% -0.25%
3.32% 3.48% 2.78% 4.04% 1.12% 1.59% 1.70% 2.41%
 ANALISIS HORIZONTAL
12/31/2009 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004 12/31/2003
100.22% -4.81% 12.02% -5.10% -7.29% -8.74% -23.68%
104.42% -1.85% 9.13% -3.87% -11.01% -10.46% -32.42%
95.37% -10.04% 16.86% -5.92% -3.15% -6.57% -9.33%
97.75% -6.14% 15.87% -7.66% -4.65% -4.77% -12.78%
74.23% -34.27% 23.43% 7.57% 10.20% -20.01% 28.78%
-37.21% 9.09% -14.40% 112.72% -23.05% 27.34% 16.45%
143.39% -4.59% 162.97% -31.20% -436.57% -110.59% -5.87%
206.10% -8.57% 562.35% -72.74% -231.94% -122.83% -7.45%
-27.63% -46.00% -9.98% 31.61% -28.87% 192.78% 578.15%
-82.15% -16.94% -31.19% 45.93% -11.72% 157.12% -127.76%
24.60% -59.56% 5.14% 23.01% -36.30% 211.51% -52.77%
-85.76% 1821.96% -30.46% 409.19% -52.20% -33.93% -81.67%
-338.76% -118.19% 6.85% 18.70% -36.07% 229.80% -46.48%
12/31/2002 12/31/2001 12/31/2009 12/31/2008 12/31/2007 12/31/2006 12/31/2005
-6.73% 19.01%
-14.53% 21.14%
6.86% 12.96%
8.49% 11.73%
-8.37% 25.97%
118.80% -11.08%
99.34% 262.22%
98.10% 350.65%
-89.98% -18.86%
1685.90% -168.25%
-9.97% -9.98%
4.87% 49.12%
-12.66% -16.01%
12/31/2004 12/31/2003 12/31/2002 12/31/2001 12/31/2001
 BALANCE SHEET
12/31/2009 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
12 months 12 months 12 months 12 months 12 months 12 months
Unaudited Unqual Unqual Unqual Unqual Unqual
th EUR th EUR th EUR th EUR th EUR th EUR
IFRS IFRS IFRS IFRS IFRS IFRS
AR AR AR AR AR AR

    Fixed Assets 1,243,371 1,250,140 504,365 594,340 510,209 494,164

        Intangible Fixed Assets 602,575 571,524 146,640 148,005 151,674 152,035
        Tangible Fixed Assets 566,241 609,770 329,127 333,549 270,052 247,661
        Other Fixed Assets 74,555 68,846 28,598 112,786 88,483 94,468
    Current Assets 670,877 711,201 542,648 513,320 546,495 525,037
        Stocks 273,900 318,698 209,364 202,556 220,628 228,889
        Debtors 180,453 187,147 69,398 64,322 64,609 39,561
        Other Current Assets 216,524 205,356 263,886 246,442 261,258 256,587
            Cash & Cash Equivalent 160,159 120,958 224,467 208,944 214,470 205,884
    Total Assets 1,914,248 1,961,341 1,047,013 1,107,660 1,056,704 1,019,201

    Shareholders Funds 616,017 608,293 314,049 286,002 299,512 322,940

        Capital 102,221 102,221 52,644 52,644 52,644 52,644
        Other Shareholders Funds 513,796 506,072 261,405 233,358 246,868 270,296

    Non Current Liabilities 764,573 655,800 386,261 430,037 421,437 381,704

        Long Term Debt 555,897 447,868 308,374 331,004 338,807 302,394
        Other Non-Current Liabilities 208,676 207,932 77,887 99,033 82,630 79,310
            Provisions 51,312 39,115 13,576 32,677 22,516 21,424

    Current Liabilities 533,658 697,248 346,703 391,621 335,755 314,557

        Loans 0 4,250 536 51,784 1,217 1,953
        Creditors 405,656 410,504 269,090 232,629 263,636 257,805
        Other Current Liabilities 128,002 282,494 77,077 107,208 70,902 54,799

    Total Shareh. Funds & Liab. 1,914,248 1,961,341 1,047,013 1,107,660 1,056,704 1,019,201

Memo lines

    Working Capital 48,697 95,341 9,672 34,249 21,601 10,645

    Net Current Assets 137,219 13,953 195,945 121,699 210,740 210,480
    Enterprise Value 1,090,072 807,434 609,567 955,885 848,724 723,563

    Employees 9,326 5,187 5,198 5,687 5,712 6,327

AC 35% 36% 52% 46% 52% 52%
PC 28% 36% 33% 35% 32% 31%

AF 65% 64% 48% 54% 48% 48%

P LP 40% 33% 37% 39% 40% 37%
RP 32% 31% 30% 26% 28% 32%
 12/31/2003 12/31/2002 12/31/2001 12/31/2000
12 months 12 months 12 months 12 months
Unqual Unqual Unqual Qualif n.a.
th EUR th EUR th EUR th EUR
Local GAAP Local GAAP Local GAAP Local GAAP
AR AR AR ANALISIS HORIZONTAL
12/31/2009 12/31/2008 12/31/2007 12/31/2006
473,800 498,194 552,008 579,485 -0.54% 147.86% -15.14% 16.49%
184,830 190,777 200,752 204,110 5.43% 289.75% -0.92% -2.42%
222,258 284,464 333,152 341,563 -7.14% 85.27% -1.33% 23.51%
66,712 22,953 18,104 33,812 8.29% 140.74% -74.64% 27.47%
525,459 584,162 580,938 577,905 -5.67% 31.06% 5.71% -6.07%
222,309 234,904 261,087 251,573 -14.06% 52.22% 3.36% -8.19%
50,306 78,363 203,066 210,309 -3.58% 169.67% 7.89% -0.44%
252,844 270,895 116,785 116,023 5.44% -22.18% 7.08% -5.67%
143,595 169,845 20,195 52,157 32.41% -46.11% 7.43% -2.58%
999,259 1,082,356 1,132,946 1,157,390 -2.40% 87.33% -5.48% 4.82%

338,071 351,407 254,869 286,087 1.27% 93.69% 9.81% -4.51%

52,644 52,644 39,483 39,483 0.00% 94.17% 0.00% 0.00%
285,427 298,763 215,386 246,604 1.53% 93.60% 12.02% -5.47%

322,875 376,044 365,573 422,052 16.59% 69.78% -10.18% 2.04%

283,271 313,636 299,924 342,683 24.12% 45.24% -6.84% -2.30%
39,604 62,408 65,649 79,369 0.36% 166.97% -21.35% 19.85%
11,998 6,656 2,637 3,227 31.18% 188.12% -58.45% 45.13%

338,313 354,905 512,504 449,251 -23.46% 101.11% -11.47% 16.64%

0 0 0 0 -100.00% 692.91% -98.96% 4155.05%
180,945 262,907 286,608 294,488 -1.18% 52.55% 15.67% -11.76%
157,368 91,998 225,896 154,763 -54.69% 266.51% -28.11% 51.21%

999,259 1,082,356 1,132,946 1,157,390 -2.40% 87.33% -5.48% 4.82%

91,670 50,360 177,545 167,394

187,146 229,257 68,434 128,654
666,314 n.a. n.a. n.a.

7,551 8,691 9,280 8,964

53% 54% 51% 50%
34% 33% 45% 39%

47% 46% 49% 50%

32% 35% 32% 36%
34% 32% 22% 25%
ANALISIS HORIZONTAL
12/31/2005 12/31/2004 12/31/2003 12/31/2002 12/31/2001
3.25% 4.30% -4.90% -9.75% -4.74%
-0.24% -17.74% -3.12% -4.97% -1.65%
9.04% 11.43% -21.87% -14.61% -2.46%
-6.34% 41.61% 190.65% 26.78% -46.46%
4.09% -0.08% -10.05% 0.55% 0.52%
-3.61% 2.96% -5.36% -10.03% 3.78%
63.31% -21.36% -35.80% -61.41% -3.44%
1.82% 1.48% -6.66% 131.96% 0.66%
4.17% 43.38% -15.46% 741.03% -61.28%
3.68% 2.00% -7.68% -4.47% -2.11%

-7.25% -4.48% -3.80% 37.88% -10.91%

0.00% 0.00% 0.00% 33.33% 0.00%
-8.67% -5.30% -4.46% 38.71% -12.66%

10.41% 18.22% -14.14% 2.86% -13.38%

12.04% 6.75% -9.68% 4.57% -12.48%
4.19% 100.26% -36.54% -4.94% -17.29%
5.10% 78.56% 80.26% 152.41% -18.28%

6.74% -7.02% -4.68% -30.75% 14.08%

-37.69% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2.26% 42.48% -31.18% -8.27% -2.68%
29.39% -65.18% 71.06% -59.27% 45.96%

3.68% 2.00% -7.68% -4.47% -2.11%

 12/31/2009 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
Ratios de Liquidez
AC/PC 1.26 1.02 1.57 1.31 1.63 1.67
Prueba Acida 0.74 0.56 0.96 0.79 0.97 0.94
Ratio de Solvencia
FP/PT 0.47 0.45 0.43 0.35 0.40 0.46
AT/FP 3.11 3.22 3.33 3.87 3.53 3.16
(AT-FP)/AT 0.68 0.69 0.70 0.74 0.72 0.68
Ratios de Rentabilidad
ROE 0.027 0.022 0.106 0.110 0.086 0.125
Margen 0.9% 1.5% 3.4% 3.6% 2.8% 4.1%
Rotación 96.4% 47.0% 92.5% 78.1% 86.2% 96.4%
Apalancamiento 310.7% 322.4% 333.4% 387.3% 352.8% 315.6%
ROA 0.01 0.01 0.03 0.03 0.02 0.04
Margen 0.01 0.01 0.03 0.04 0.03 0.04
Rotación 0.96 0.47 0.92 0.78 0.86 0.96
Margen EBITDA 0.49 0.50 0.53 0.51 0.51 0.49
Margen EBIT 0.04 0.05 0.07 0.07 0.06 0.05

Rotación
Rotación Stock 104.18 247.79 159.76 168.69 176.63 163.07
Rotación clientes 35.69 74.10 26.16 27.16 25.88 14.69
Rotación Proveedores 154.29 319.17 205.34 193.73 211.06 183.68
14.43 -2.72 19.42 -2.11 8.55 5.91

FM 137,219 € 13,953 € 195,945 € 121,699 € 210,740 € 210,480 €

NOF -5,915 € 4,775 € 5,233 € 30,928 € 16,940 € 3,543 €
* Hay partidas con n.a
            Other Short Term 13,543 82,499 49,225 50,820 38,802 21,803
Debt

            Prepaid Expenses & 26,074 53,819 13,914 14,908 20,757 15,881

Advances
            Deferred Charges 0 0 0 0 0 0

            Income Tax Payable 42,983 52,745 9,821 11,324 16,774 14,754

            Social Expenditure 37,703 44,490 8,532 6,905 8,644 8,229

Payable
            Dividends Payable n.a. 47,150 n.a. n.a. n.a. n.a.
80,686 144,385 18,353 18,229 25,418 22,983
12/31/2003 12/31/2002 12/31/2001 12/31/2000

1.55 1.65 1.13 1.29

0.90 0.98 0.62 0.73

0.51 0.48 0.29 0.33

2.96 3.08 4.45 4.05
0.66 0.68 0.78 0.75

0.038 0.078 0.119 0.118

1.2% 1.9% 2.0% 2.7%
107.8% 130.4% 133.5% 109.8%
295.6% 308.0% 444.5% 404.6%
0.01 0.03 0.03 0.03
0.01 0.02 0.02 0.03
1.08 1.30 1.34 1.10
0.48 0.40 0.35 0.37
0.06 0.03 0.03 0.03

141.82 101.28 96.21 112.30

17.05 20.27 49.00 60.40
115.44 113.35 105.61 131.46
-43.44 -8.20 -39.60 -41.24

187,146 € 229,257 € 68,434 € 128,654 €

126,569 € 102,211 € 162,709 € 149,983 €
14,941 47,778 99,364 52,052

57,354 74,763 1,442 1,458

1,238 733 0 0

15,241 13,986 12,045 14,063

8,452 9,659 4,233 4,806

n.a. n.a. n.a. n.a.

23,693 23,645 16,278 18,869