S O C I E D A D E J E M P L O S L

C O M PA N Y R E P O R T

+34 902 599 222

Paseo de la Castellana 95

Pl 16 28046 Madrid

wwwinfoempresacom

3

4

5

6

7

9

10

11

12

15

19

28

1 - EXECUTIVE SUMMARY

2 - COMPANY INFORMATION

3 - CREDIT REVIEW AND RISK ANALYSIS

4 - ACTIVITY

5 - COMMERCIAL INFORMATION

6 - DIRECTORS

7 - DOMAINS

8 - LEGAL INCIDENTS AND BANKRUPTCY

9 - FINANCIAL STATEMENTS - INFOEMPRESA FORMAT

10 - ECONOMIC AND FINANCIAL COMMITTEE

11 - ANNUAL ACCOUNTS - BUSINESS REGISTER FORMAT

12 - ASNEF EMPRESAS

T A B L E O F C O N T E N T S

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 02

ENABLE WAT CHS O C I E DAD E J E M P LO S L +

E X E C U T I V E S U MMA R Y

G E N E R A L D E T A I L S

Company name SOCIEDAD EJEMPLO SL

Commercial status Active

NIF (Spanish Tax ID Number) B000000000

Registered office PASEO DE LA CASTELLANA NUMERO 95

(MADRID)

Telephone +34 910000000

Website Not informed

Legal form Limited Liability Company (SL)

Date of Establishment 18022009

Sector Other services related to information

technologies and computer science

Borme acts See complete list

N O F I N A N C I A L

B O R R O W I N G C A P A C I T Y

C O M M E R C I A L C R E D I T R E V I E W

HIG H

RISK

OPERATE

WITH CAUTION

MODERATE

RISK

GOOD

CREDIT

QUALITY

EXCELLENT

CREDIT

QUALITY

WE RECOMMEND THAT YOU DO NOT SUPPORT CREDIT

OPERATIONS

The

default risk is

VERY HIGH

The

bankruptcy risk is

VERY HIGH

E c o n o m i c a n d fi n a n c i a l s t r u c t u r e

Assets

Liabilities

Equity

134 M682 M

-548 M

8034F I N A N C I A L I N D E P E N D E N C E

C H A N G E ( 2 0 1 4 - 2 0 1 3 )

euro-2049 M

Assets

euro225 M

Liabilities

euro-2275 M

Net income

2582R E C E I V A B L E S

C O L L E C T I O N

D A Y S

411P A Y M E N T D A Y S

R E C E I V A B L E S C O L L E C T I O N P E R I O D

30DAYS

60DAYS

90DAYS

+120DAYS

P A Y M E N T P E R I O D

T U R N O V E R

euro795559

E B I T D A

euro-13342236-167709

E B I T D A M A R G I N

E B I T

euro-13993888-175900

G R O S S P R O F I T A B I L I T Y

N E T P R O F I T

euro-22745499-285906

N E T P R O F I T A B I L I T Y

G e n d e r a n d n u m b e r o f e m p l o y e e s

3 2 T O T A L = 5

40

60

A v e r a g e i n v e s t m e n t i n p e r s o n n e l

( P E R S O N N E L E X P E N S E N O O F E M P L O Y E E S )

= euro569168 OF TOTAL EXPENSES

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 03

3

4

5

6

7

9

10

11

12

15

19

28

1 - EXECUTIVE SUMMARY

2 - COMPANY INFORMATION

3 - CREDIT REVIEW AND RISK ANALYSIS

4 - ACTIVITY

5 - COMMERCIAL INFORMATION

6 - DIRECTORS

7 - DOMAINS

8 - LEGAL INCIDENTS AND BANKRUPTCY

9 - FINANCIAL STATEMENTS - INFOEMPRESA FORMAT

10 - ECONOMIC AND FINANCIAL COMMITTEE

11 - ANNUAL ACCOUNTS - BUSINESS REGISTER FORMAT

12 - ASNEF EMPRESAS

T A B L E O F C O N T E N T S

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 02

ENABLE WAT CHS O C I E DAD E J E M P LO S L +

E X E C U T I V E S U MMA R Y

G E N E R A L D E T A I L S

Company name SOCIEDAD EJEMPLO SL

Commercial status Active

NIF (Spanish Tax ID Number) B000000000

Registered office PASEO DE LA CASTELLANA NUMERO 95

(MADRID)

Telephone +34 910000000

Website Not informed

Legal form Limited Liability Company (SL)

Date of Establishment 18022009

Sector Other services related to information

technologies and computer science

Borme acts See complete list

N O F I N A N C I A L

B O R R O W I N G C A P A C I T Y

C O M M E R C I A L C R E D I T R E V I E W

HIG H

RISK

OPERATE

WITH CAUTION

MODERATE

RISK

GOOD

CREDIT

QUALITY

EXCELLENT

CREDIT

QUALITY

WE RECOMMEND THAT YOU DO NOT SUPPORT CREDIT

OPERATIONS

The

default risk is

VERY HIGH

The

bankruptcy risk is

VERY HIGH

E c o n o m i c a n d fi n a n c i a l s t r u c t u r e

Assets

Liabilities

Equity

134 M682 M

-548 M

8034F I N A N C I A L I N D E P E N D E N C E

C H A N G E ( 2 0 1 4 - 2 0 1 3 )

euro-2049 M

Assets

euro225 M

Liabilities

euro-2275 M

Net income

2582R E C E I V A B L E S

C O L L E C T I O N

D A Y S

411P A Y M E N T D A Y S

R E C E I V A B L E S C O L L E C T I O N P E R I O D

30DAYS

60DAYS

90DAYS

+120DAYS

P A Y M E N T P E R I O D

T U R N O V E R

euro795559

E B I T D A

euro-13342236-167709

E B I T D A M A R G I N

E B I T

euro-13993888-175900

G R O S S P R O F I T A B I L I T Y

N E T P R O F I T

euro-22745499-285906

N E T P R O F I T A B I L I T Y

G e n d e r a n d n u m b e r o f e m p l o y e e s

3 2 T O T A L = 5

40

60

A v e r a g e i n v e s t m e n t i n p e r s o n n e l

( P E R S O N N E L E X P E N S E N O O F E M P L O Y E E S )

= euro569168 OF TOTAL EXPENSES

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 03

ENABLE WAT CHS O C I E DAD E J E M P LO S L +

E X E C U T I V E S U MMA R Y

G E N E R A L D E T A I L S

Company name SOCIEDAD EJEMPLO SL

Commercial status Active

NIF (Spanish Tax ID Number) B000000000

Registered office PASEO DE LA CASTELLANA NUMERO 95

(MADRID)

Telephone +34 910000000

Website Not informed

Legal form Limited Liability Company (SL)

Date of Establishment 18022009

Sector Other services related to information

technologies and computer science

Borme acts See complete list

N O F I N A N C I A L

B O R R O W I N G C A P A C I T Y

C O M M E R C I A L C R E D I T R E V I E W

HIG H

RISK

OPERATE

WITH CAUTION

MODERATE

RISK

GOOD

CREDIT

QUALITY

EXCELLENT

CREDIT

QUALITY

WE RECOMMEND THAT YOU DO NOT SUPPORT CREDIT

OPERATIONS

The

default risk is

VERY HIGH

The

bankruptcy risk is

VERY HIGH

E c o n o m i c a n d fi n a n c i a l s t r u c t u r e

Assets

Liabilities

Equity

134 M682 M

-548 M

8034F I N A N C I A L I N D E P E N D E N C E

C H A N G E ( 2 0 1 4 - 2 0 1 3 )

euro-2049 M

Assets

euro225 M

Liabilities

euro-2275 M

Net income

2582R E C E I V A B L E S

C O L L E C T I O N

D A Y S

411P A Y M E N T D A Y S

R E C E I V A B L E S C O L L E C T I O N P E R I O D

30DAYS

60DAYS

90DAYS

+120DAYS

P A Y M E N T P E R I O D

T U R N O V E R

euro795559

E B I T D A

euro-13342236-167709

E B I T D A M A R G I N

E B I T

euro-13993888-175900

G R O S S P R O F I T A B I L I T Y

N E T P R O F I T

euro-22745499-285906

N E T P R O F I T A B I L I T Y

G e n d e r a n d n u m b e r o f e m p l o y e e s

3 2 T O T A L = 5

40

60

A v e r a g e i n v e s t m e n t i n p e r s o n n e l

( P E R S O N N E L E X P E N S E N O O F E M P L O Y E E S )

= euro569168 OF TOTAL EXPENSES

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 03

Company name SOCIEDAD EJEMPLO SL

Previous company names Not informed

Legal form Limited Liability Company (SL)

Commercial status Active

NIF (Spanish Tax ID Number) B000000000

Registered office PASEO DE LA CASTELLANA NUMERO 95 (MADRID)

Telephone +34 910000000

Website Not informed

Date of incorporation and years of service 18022009

Annual accounts submitted 2011 2012 2014

Date of financial year end 3112

Share capital euro4000879

Number of Employees Between 1 and 9 employees

Turnover Less than 2 million euros

C O M PAN Y I N F O R M AT I O N

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 04

C R E D I T R E VI E W AN D R I S K AN ALY S I S

You will be able to see our credit review here In order to facilitate decision-making we present it from two perspectives on the one hand we show you

the maximum borrowing capacity the company has access to without entering a default risk area and on the other hand we show you the maximum

commercial credit the company can be granted

Credit review

HIG H

RISK

OPERATE

WITH CAUTION

MODERATE

RISK

G OOD

CREDIT

QUALITY

EXCELLENT

CREDIT

QUALITY

High risk

Bad credit ratingCompany with limited coverage to settle debts much

caution required request up-to-date economic and financial information

for more in-depth analysis

Maximum recommended

commercial credit

euro000

Maximum borrowing capacity

euro000

Methodology

For estimation and calculation we use information and ratios from the

companys accounting reports The model combines economic and

financial elements with estimations of the companys cash generation

capacity and debt coverage

Default Risk

Methodology

We use a model which combines a series of economic and financial

ratios obtained from the companys accounting reports The model is

based on a weighting of ratios of creditworthiness financial structuring

profitability and management of money supply and determines the risk

that the company will default on its obligations

The default risk is

VERY HIGH

Bankruptcy Risk

The bankrupcy risk is

VERY HIGH

Methodology

We use a combination of models for calculation based on economic and

financial ratios obtained from the companys accounting reports The

definitive weighted model determines the financial health of the company

and allows possible difficulties in the next 12 months for the same to be

detected

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 05

CNAE (Spanish National Classification of Economic Activities

Code)

6209 - Other services related to information technologies and computer science

SIC Not informed

Corporate purpose LA CREACION Y DISTRIBUCION DE CONTENIDOS PARA RED TELEFONICA YO INTERNET

Previous corporate purposes Ampliacion del objeto social (2014-12-04) LA CREACION Y DISTRIBUCION DE CONTENIDOS

PARA RED TELEFONICA YO INTERNET

Constitucioacuten (2009-02-18) ACTIVIDAD INMOBILIARIA EN GENERAL COMPRA VENTA

TENENCIA CONSTRUCCION PROMOCION ADMINISTRACION EXPLOTACION Y

ARRENDAMIENTO DE TODA CLASE DE BIENES INMUEBLES SUSCRIPCION DE VALORES

SALVO INSTITUCIONES INVERSION COLECTIVA ETC

AC T I VI T Y

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 06

Commercial Registry Commercial Registry of Madrid

Registry details T 30621 F 189 S 8 H M 495132 IA 26 (200115)

Date of Establishment 18022009

Latest BORME actions Peacuterdida del caracter de unipersonalidad

Corporate purpose LA CREACION Y DISTRIBUCION DE CONTENIDOS PARA RED TELEFONICA YO INTERNET

C O M M E R C I AL I N F O R M AT I O N

Degree of Importance High Average Normal

Latest act ions of the BORME (Spanish Official Gazette of the Companies Registry)

A M N

Loss of Sole Proprietorship (1)

Re-elections (1)

2 0 1 5 M

N

Appointments (1)

Statutory modifications (2)

Other items (1)

Merger through acquisition (1)

Dismissals (1)

2 0 1 4 M

M

N

A

M

Change of legal address (1) 2 0 1 3 M

Statutory modifications (2)

Appointments (4)

Capital increase (1)

2 0 1 2 M

M

A

Filing of Accounts (1)

Revocations (1)

2 0 1 0 A

M

Revocations (1)

Appointments (1)

Payment of Dividends (1)

Statutory modifications (1)

Incorporation (1)

2 0 0 9 M

M

N

M

N

SEE PREVIOUS YEARS Previous

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 07

C R E D I T R E VI E W AN D R I S K AN ALY S I S

You will be able to see our credit review here In order to facilitate decision-making we present it from two perspectives on the one hand we show you

the maximum borrowing capacity the company has access to without entering a default risk area and on the other hand we show you the maximum

commercial credit the company can be granted

Credit review

HIG H

RISK

OPERATE

WITH CAUTION

MODERATE

RISK

G OOD

CREDIT

QUALITY

EXCELLENT

CREDIT

QUALITY

High risk

Bad credit ratingCompany with limited coverage to settle debts much

caution required request up-to-date economic and financial information

for more in-depth analysis

Maximum recommended

commercial credit

euro000

Maximum borrowing capacity

euro000

Methodology

For estimation and calculation we use information and ratios from the

companys accounting reports The model combines economic and

financial elements with estimations of the companys cash generation

capacity and debt coverage

Default Risk

Methodology

We use a model which combines a series of economic and financial

ratios obtained from the companys accounting reports The model is

based on a weighting of ratios of creditworthiness financial structuring

profitability and management of money supply and determines the risk

that the company will default on its obligations

The default risk is

VERY HIGH

Bankruptcy Risk

The bankrupcy risk is

VERY HIGH

Methodology

We use a combination of models for calculation based on economic and

financial ratios obtained from the companys accounting reports The

definitive weighted model determines the financial health of the company

and allows possible difficulties in the next 12 months for the same to be

detected

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 05

CNAE (Spanish National Classification of Economic Activities

Code)

6209 - Other services related to information technologies and computer science

SIC Not informed

Corporate purpose LA CREACION Y DISTRIBUCION DE CONTENIDOS PARA RED TELEFONICA YO INTERNET

Previous corporate purposes Ampliacion del objeto social (2014-12-04) LA CREACION Y DISTRIBUCION DE CONTENIDOS

PARA RED TELEFONICA YO INTERNET

Constitucioacuten (2009-02-18) ACTIVIDAD INMOBILIARIA EN GENERAL COMPRA VENTA

TENENCIA CONSTRUCCION PROMOCION ADMINISTRACION EXPLOTACION Y

ARRENDAMIENTO DE TODA CLASE DE BIENES INMUEBLES SUSCRIPCION DE VALORES

SALVO INSTITUCIONES INVERSION COLECTIVA ETC

AC T I VI T Y

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 06

Commercial Registry Commercial Registry of Madrid

Registry details T 30621 F 189 S 8 H M 495132 IA 26 (200115)

Date of Establishment 18022009

Latest BORME actions Peacuterdida del caracter de unipersonalidad

Corporate purpose LA CREACION Y DISTRIBUCION DE CONTENIDOS PARA RED TELEFONICA YO INTERNET

C O M M E R C I AL I N F O R M AT I O N

Degree of Importance High Average Normal

Latest act ions of the BORME (Spanish Official Gazette of the Companies Registry)

A M N

Loss of Sole Proprietorship (1)

Re-elections (1)

2 0 1 5 M

N

Appointments (1)

Statutory modifications (2)

Other items (1)

Merger through acquisition (1)

Dismissals (1)

2 0 1 4 M

M

N

A

M

Change of legal address (1) 2 0 1 3 M

Statutory modifications (2)

Appointments (4)

Capital increase (1)

2 0 1 2 M

M

A

Filing of Accounts (1)

Revocations (1)

2 0 1 0 A

M

Revocations (1)

Appointments (1)

Payment of Dividends (1)

Statutory modifications (1)

Incorporation (1)

2 0 0 9 M

M

N

M

N

SEE PREVIOUS YEARS Previous

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 07

CNAE (Spanish National Classification of Economic Activities

Code)

6209 - Other services related to information technologies and computer science

SIC Not informed

Corporate purpose LA CREACION Y DISTRIBUCION DE CONTENIDOS PARA RED TELEFONICA YO INTERNET

Previous corporate purposes Ampliacion del objeto social (2014-12-04) LA CREACION Y DISTRIBUCION DE CONTENIDOS

PARA RED TELEFONICA YO INTERNET

Constitucioacuten (2009-02-18) ACTIVIDAD INMOBILIARIA EN GENERAL COMPRA VENTA

TENENCIA CONSTRUCCION PROMOCION ADMINISTRACION EXPLOTACION Y

ARRENDAMIENTO DE TODA CLASE DE BIENES INMUEBLES SUSCRIPCION DE VALORES

SALVO INSTITUCIONES INVERSION COLECTIVA ETC

AC T I VI T Y

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 06

Commercial Registry Commercial Registry of Madrid

Registry details T 30621 F 189 S 8 H M 495132 IA 26 (200115)

Date of Establishment 18022009

Latest BORME actions Peacuterdida del caracter de unipersonalidad

Corporate purpose LA CREACION Y DISTRIBUCION DE CONTENIDOS PARA RED TELEFONICA YO INTERNET

C O M M E R C I AL I N F O R M AT I O N

Degree of Importance High Average Normal

Latest act ions of the BORME (Spanish Official Gazette of the Companies Registry)

A M N

Loss of Sole Proprietorship (1)

Re-elections (1)

2 0 1 5 M

N

Appointments (1)

Statutory modifications (2)

Other items (1)

Merger through acquisition (1)

Dismissals (1)

2 0 1 4 M

M

N

A

M

Change of legal address (1) 2 0 1 3 M

Statutory modifications (2)

Appointments (4)

Capital increase (1)

2 0 1 2 M

M

A

Filing of Accounts (1)

Revocations (1)

2 0 1 0 A

M

Revocations (1)

Appointments (1)

Payment of Dividends (1)

Statutory modifications (1)

Incorporation (1)

2 0 0 9 M

M

N

M

N

SEE PREVIOUS YEARS Previous

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 07

Commercial Registry Commercial Registry of Madrid

Registry details T 30621 F 189 S 8 H M 495132 IA 26 (200115)

Date of Establishment 18022009

Latest BORME actions Peacuterdida del caracter de unipersonalidad

Corporate purpose LA CREACION Y DISTRIBUCION DE CONTENIDOS PARA RED TELEFONICA YO INTERNET

C O M M E R C I AL I N F O R M AT I O N

Degree of Importance High Average Normal

Latest act ions of the BORME (Spanish Official Gazette of the Companies Registry)

A M N

Loss of Sole Proprietorship (1)

Re-elections (1)

2 0 1 5 M

N

Appointments (1)

Statutory modifications (2)

Other items (1)

Merger through acquisition (1)

Dismissals (1)

2 0 1 4 M

M

N

A

M

Change of legal address (1) 2 0 1 3 M

Statutory modifications (2)

Appointments (4)

Capital increase (1)

2 0 1 2 M

M

A

Filing of Accounts (1)

Revocations (1)

2 0 1 0 A

M

Revocations (1)

Appointments (1)

Payment of Dividends (1)

Statutory modifications (1)

Incorporation (1)

2 0 0 9 M

M

N

M

N

SEE PREVIOUS YEARS Previous

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 07

Action type Registration type Date

Loss of Sole Proprietorship Peacuterdida del caracter de unipersonalidad 28012015

Statutory modifications Modificados los artiacuteculos 8 y 10 de los Estatutos Sociales 04122014

Statutory modifications Modificado el artiacuteculo 12 de los Estatutos Sociales 04122014

Merger through acquisition Sociedades absorbidas SOCIEDAD EJEMPLO SL 14102014

Change of legal address PASEO DE LA CASTELLANA NUMERO 95 (MADRID) 15012013

Statutory modifications MODIFICADO EL ART ICULO 12 DE LOS ESTATUTOS SOCIALES 19072012

Statutory modifications 1 ADAPTACION DE LOS ESTATUTOS SOCIALES A LA LEY DE SOCIEDADES DE CAPITAL 30012012

Statutory modifications ARTICULO 5 MODIFICACION DEL NUMERO Y VALOR NOMINAL DE LAS PARTICIPACIONES

SOCIALES

01102009

Incorporation Objeto social ACT IVIDAD INMOBILIARIA EN GENERAL COMPRA VENTA TENENCIA

CONSTRUCCION PROMOCION ADMINISTRACION EXPLOTACION Y ARRENDAMIENTO DE

TODA CLASE DE BIENES INMUEBLES SUSCRIPCION DE VALORES SALVO INST ITUCIONES

INVERSION COLECTIVA ETC Domicilio ARIBAU 127 PRINCIPAL 1

18022009

Associates

M

M

M

A

M

M

M

M

N

Action type Registration type Date

Capital increase Suscrito 120000000 Euros Desembolsado 280087900 Euros Resultante Suscrito

400087900 Euros Resultante Desembolsado 280087900 Euros

24012012

Payment of Dividends Desembolsado 32304350 Euros 01102009

Share capital

A

N

Action type Registration type Date

Re-elections Adm Solid DIRECTIVO 2 12012015

Appointments Adm Solid DIRECTIVO 9 04122014

Dismissals Adm Solid DIRECTIVO 2 26052014

Appointments Apoderado DIRECTIVO 13 07032012

Appointments Adm Solid DIRECTIVO 3 26012012

Appointments Apoderado DIRECTIVO 12 20012012

Appointments Auditor DIRECTIVO 8 10012012

Revocations APODERADO DIRECTIVO 6 26032010

Revocations RRM DIRECTIVO 4 01102009

Appointments ADMSOLIDAR DIRECTIVO 1 01102009

Corporate bodies

N

M

M

M

M

M

M

M

M

M

Action type Registration type Date

Filing of Accounts 2009 27092010

Activity

A

Action type Registration type Date

Other items LA CREACION Y DISTRIBUCION DE CONTENIDOS PARA RED TELEFONICA YO INTERNET 04122014

Others

N

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 08

D I R E C TO R S

Current posit ions

Registered Name Position Appointment Date

DIRECTIVO 8 Auditor 10012012

DIRECTIVO 10 Auditor 10012012

DIRECTIVO 10 Apoderado 07032012

DIRECTIVO 10 Administrador solidario 04122014

DIRECTIVO 13 Apoderado 07032012

DIRECTIVO 15 Auditor 23032012

DIRECTIVO 16 Socio uacutenico 20032013

Directors resigned

Registered Name Position Appointment Date Cessation Date

DIRECTIVO 1 Administrador solidario 01102009 13102010

DIRECTIVO 2 Administrador solidario 26052014 26062014

DIRECTIVO 3 Administrador solidario 26012012 26092012

DIRECTIVO 4 Apoderado 20072010 20092010

DIRECTIVO 5 Apoderado 28072010 28122010

DIRECTIVO 6 Apoderado 26032010 28092011

DIRECTIVO 7 Apoderado 28042011 28072011

DIRECTIVO 7 Administrador solidario 01102009 06052011

DIRECTIVO 9 Administrador solidario 04122014 26012015

DIRECTIVO 14 Administrador solidario 26012012 28112014

DIRECTIVO 17 Administrador solidario 26052013 26052014

See in Map of Directors

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 09

D I R E C TO R S

Current posit ions

Registered Name Position Appointment Date

DIRECTIVO 8 Auditor 10012012

DIRECTIVO 10 Auditor 10012012

DIRECTIVO 10 Apoderado 07032012

DIRECTIVO 10 Administrador solidario 04122014

DIRECTIVO 13 Apoderado 07032012

DIRECTIVO 15 Auditor 23032012

DIRECTIVO 16 Socio uacutenico 20032013

Directors resigned

Registered Name Position Appointment Date Cessation Date

DIRECTIVO 1 Administrador solidario 01102009 13102010

DIRECTIVO 2 Administrador solidario 26052014 26062014

DIRECTIVO 3 Administrador solidario 26012012 26092012

DIRECTIVO 4 Apoderado 20072010 20092010

DIRECTIVO 5 Apoderado 28072010 28122010

DIRECTIVO 6 Apoderado 26032010 28092011

DIRECTIVO 7 Apoderado 28042011 28072011

DIRECTIVO 7 Administrador solidario 01102009 06052011

DIRECTIVO 9 Administrador solidario 04122014 26012015

DIRECTIVO 14 Administrador solidario 26012012 28112014

DIRECTIVO 17 Administrador solidario 26052013 26052014

See in Map of Directors

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 09

Total of registered domains 1

Domains sociedadejemplocom

Date of latest database update 12102015

D O M AI N S

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 10

LE GAL I N C I D E N T S AN D B AN K R U P TC Y

D O WN LO A D TH E O F F I C I A L P D F

Debtor Identity document

ORGANIZACION COSTES Y GEST ION SLPU B000000000

Section 1 - Insolvency edicts

Section II - Publicity through public registries

Resolution date Resolution type Debtor Procedure

24072014 Nombramiento de Administrador concursal MACU 3000 SOCIEDAD LIMITADA 2292014

24112015 Nombramiento de Administrador concursal VALERO LLANAS E HIJOS SA 3492015

Section III - Out-of-court agreements

The following information has been found on legal incidents and bankruptcy for SOCIEDAD EJEMPLO SL

Summary of publicat ions

There is no information on for ORGANIZACION COSTES Y GEST ION SLPU

There is no information on for ORGANIZACION COSTES Y GEST ION SLPU

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 11

LE GAL I N C I D E N T S AN D B AN K R U P TC Y

D O WN LO A D TH E O F F I C I A L P D F

Debtor Identity document

ORGANIZACION COSTES Y GEST ION SLPU B000000000

Section 1 - Insolvency edicts

Section II - Publicity through public registries

Resolution date Resolution type Debtor Procedure

24072014 Nombramiento de Administrador concursal MACU 3000 SOCIEDAD LIMITADA 2292014

24112015 Nombramiento de Administrador concursal VALERO LLANAS E HIJOS SA 3492015

Section III - Out-of-court agreements

The following information has been found on legal incidents and bankruptcy for SOCIEDAD EJEMPLO SL

Summary of publicat ions

There is no information on for ORGANIZACION COSTES Y GEST ION SLPU

There is no information on for ORGANIZACION COSTES Y GEST ION SLPU

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 11

F I N AN C I AL S TAT E M E N T S - I N F O E M P R E S A F O R M AT

Balance(in Euros)

Financial years

References 2011 2012 2013 2014

AVAILABLE a 1174722 1144661

Accounts Receivable b 19419485 9127868

Stocks c 37652046 43152565

Other short-term assets d 3811334 1776914

Current assets e=a+b+c+d 62057587 55202008

Financial assets f 33519211 28214577

Property Plant and Equipment g 3087909 2963630

Real estate (fixed) assets h 2880283 2662563

Fixed intangible assets i 1019 152

Other long-term assets j 53038018 45047979

Non-current assets k=f+g+h+i+j 92526440 78888901

Short-term Accounts Payable l 20206091 19560636

Other short-term Provisions and Liabilities m 11843712 19644769

Current T rade Operations Liabilities n=l+m 32049803 39205405

Long-term Accounts Payable o 0 0

Other long-term Provisions and Liabilities p 867168 1627539

Non-current T rade Operations Liabilities q=o+p 867168 1627539

NET ASSETS TO BE FINANCED r=e+k+n+q 121667056 93257965

Short-term debts with Credit Institutions s 17 329826 16903735

Long-term debts with Credit Institutions t 53229588 46565260

Financing with Credit Institutions u=s+t 70559414 63468995

Other short-term debts v 41261 41277

Other long-term Debts w 2899680 2891851

Short-term debts with group companies and sister companies x 164908873 146843513

Long-term debts with group companies and sister companies y 408500000 428000000

Financing with Group Companies and Others z=v+w+x+y 576349814 577776641

Capital aa 12972585 12972585

Premium on issued shares ab 0 0

Reserves ac 60621791 60621791

Results of previous financial years ad -547910239 -598836548

Year-end results ae -50926309 -22745499

Other items af 0 0

Equity capital ag=aa+ab+ac+a

d+ae+af

-525242172 -547987671

TOTAL FUNDS ah=u+z+ag 121667056 93257965

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 12

Income statement(in Euros)

Financial years

References 2011 2012 2013 2014

Revenue a 12612113 795559

Direct costs b -51944620 -10919852

GROSS MARGIN c=a+b -39332507 -10124293

Other operating expenses and income d 392359 269787

Operating margin e=c+d -38940148 -9854506

Personnel expenses f -842161 -284582

Other operating expenses g -13293870 -3203148

Overheads h=f+g -14136031 -3487730

EBITDA i=c+e+h -53076179 -13342236

Amortisations and provisions j -181977 -128514

Other results k 1468967 -523138

EBIT l=i+j+k -51789189 -13993888

Financial result m -2460634 -3875197

EBT n=l+m -54249823 -17869085

Corporate income tax o 3323514 -4876414

Other results of discontinued operations p 0 0

Year-end results q=n+o+p -50926309 -22745499

Cash flow(in Euros)

Financial years

FREE CASH FLOW References 2011 2012 2013 2014

Result before tax a -54249823 -17869085

Taxes and others b 11708578 -1322329

Amortisations and other adjustments c 49845883 15719519

Gross cash flow d=a+b+c 7304638 -3471895

Change in working capital e -14001266 471718

CAPEX f 44653 -86

FREE CASH FLOW g=d+e+f -6651975 -3000263

FINANCING CASH FLOW References 2011 2012 2013 2014

Change in equity instruments a 0 0

Payment of dividends and other instruments b 0 0

Investor financing c=a+b 0 0

Change in financial debt with third parties and companies in the

group

d 6651975 3000263

FINANCING CASH FLOW e=a+b+d 6651975 3000263

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 13

Composit ion of Net Worth(in Euros)

Financial years

References 2011 2012 2013 2014

Capital a 12972585 12972585

Premium on issued shares b 0 0

Reserves c 60621791 60621791

Results of previous financial years d -547910239 -598836548

Year-end results e -50926309 -22745499

Other items f 0 0

Equity capital g=a+b+c+d+e+f -525242172 -547987671

Graphic showing the composit ion of Equity

Capital

Premium on issued shares

Reserves

Results of previous financial years

Year-end results

Other items

Equity capital

2013 2014

-800000000

-600000000

-400000000

-200000000

0

200000000

Profit and loss statement in percentages(in )

Financial years

References 2011 2012 2013 2014

Revenue aa 10000 10000

Direct costs ba -41186 -137260

GROSS MARGIN ca -31186 -127260

Other operating expenses and income da 311 3391

Operating margin ea -30875 -123869

Personnel expenses fa -668 -3577

Other operating expenses ga -10541 -40263

Overheads ha -11208 -43840

EBITDA ia -42083 -167709

Amortisations and provisions ja -144 -1615

Other results ka 1165 -6576

EBIT la -41063 -175900

Financial result ma -1951 -48710

EBT na -43014 -224610

Corporate income tax oa 2635 -61295

Other results of discontinued operations pa 000 000

Year-end results qa -40379 -285906

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 14

E C O N O M I C AN D F I N AN C I AL C O M M I T T E E

Economic and Financial Committee

Financial years

Growth indicators 2011 2012 2013 2014

Change in Revenues -9559 -9369

Total Number of Employees 500 500

Change () -7500 000

Cash Flow Indicators 2011 2012 2013 2014

Gross cash flow euro7304638 euro-3471895

on Revenues 5792 -43641

Change in working capital euro-14001266 euro471718

on Revenues -11101 5929

CAPEX euro44653 euro-86

on Revenues 035 -001

FREE CASH FLOW euro-6651975 euro-3000263

on Revenues -5274 -37713

Financial Structure Indicators 2011 2012 2013 2014

Working Capital Ratio 040 041

Financial Autonomy Ratio 077 080

Debt Ratio 129 124

Long-term Debt Ratio 089 087

Short-term Debt Ratio 041 037

Cost Ratio of Third Party Financing (Financial Debt) 333 681

Third-party Financing Cost ROE 034 164

Solvency Indicators 2011 2012 2013 2014

Ratio of Immediate Availability 001 001

Cash Ratio 010 005

Solvency Ratio 029 027

Guarantee Ratio 023 020

Asset Management Indicators 2011 2012 2013 2014

Average Receivables Collection Period 43992 258222

Average Payment Period 12589 41068

Stock Turnover 57551 139863

Profitability Indicators 2011 2012 2013 2014

Economic Profitability (ROI) -3350 -1044

Financial Profitability (ROE) 970 415

Results Indicators 2011 2012 2013 2014

Gross Margin Ratio -21915 -122532

EBITDA Ratio -42083 -167709

EBIT Ratio -41063 -175900

EBT Ratio -43014 -224610

Financial Year Result Ratio -40379 -285906

Cost Indicators 2011 2012 2013 2014

Sales - Direct Cost 31915 132532

Sales - Overheads 11208 43840

Working Capital 2011 2012 2013 2014

Working Capital euro-152272176 euro-147791922

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 15

Optimal Precaution NegativeFinancial Structure Indicators

Working Capital Ratio (Rt_Cir)

120 0 0 10 0 0 0

Ind icates the capacity o f a companys as s et to be converted

into availab le funds Repres ents the weighting o f current

as s ets relative to to tal as s ets

G reen Rt_Cir gt = 0 50 Yel low Rt_Cir gt = 0 30 Y lt 0 50 Red Rt_Cir

lt 0 30

041Variation

2014 - 2013

001

Financial Autonomy Ratio (Rt_Aut)

20 0 0 0 (310 0 0 +320 0 0 )

Ind icates the companys autonomy with res pect to third

parties s howing the percentage o f own (company) res ources

emp loyed by the company relative to to tal current liab ilities

o r third party res ources

G reen Rt_Aut gt = 0 70 Yel low Rt_Aut gt 0 40 Y lt 0 70 Red Rt_Aut

lt = 0 40

080Variation

2014 - 2013

003

Debt Ratio (Rt_End)

(310 0 0 +320 0 0 ) 20 0 0 0

Ind icates the companys leverage s howing the percentage o f

third party res ources emp loyed by the company fo r financing

relative to own res ources

G reen Rt_End = 1 50 Red Rt_End gt = 250

124Variation

2014 - 2013

005

Long-term Debt Ratio (Rt_Endlp)

310 0 0 20 0 0 0

Ind icates the weighting o f long -term external financing

relative to own res ources

G reen Rt_End =1 0 0 Yel low Rt_End gt 1 50 Y Rt_Endlp Rt_End gt

0 50 Y 1 50 Y Rt_Endlp Rt_End lt =0 50

087Variation

2014 - 2013

001

Short-term Debt Ratio (Rt_Endcp)

320 0 0 20 0 0 0

Ind icates the weighting o f s ho rt-term external financing

relative to own res ources

G reen Rt_End 1 50 Y Rt_Endcp Rt_End gt 0 5 Y 1 50 Y Rt_Endcp

Rt_End gt = 0 8

037Variation

2014 - 2013

004

Cost Ratio of Third Party Financing (Financial

Debt) (Rt_Cfex)

(4150 0 ( (3120 0 de n + 3230 0 de n + 3120 0 de n_1 + 3230 0 de n_1 )

2)) 10 0

Ind icates the percentage rep res ented by the companys cos t

o f financing with external deb t

G reen Rt_Cfex Rt_Ref =0 Yel low Rt_Cfex Rt_Ref gt 0 50 Y = 1

681 Variation

2014 - 2013

003 pp

Third-party Financing Cost ROE (Rt_Cfexref)

Rt_Cfex Rt_Ref

Ind icates the weighting o f Financial Debt fund ing cos ts

relative to s hareho lder p ro fitab ility

G reen Rt_Cfexref =0 Yel low Rt_Cfexref gt = 0 50 Y =1

164Variation

2014 - 2013

130

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 16

Optimal Precaution NegativeSolvency Indicators

Ratio of Immediate Availability (Rt_Diin)

(1250 0 +1270 0 ) 320 0 0

Ind icates the companys capacity to s ettle its s ho rt-term

debts in cas h availab le in the bank accounts and in cas h

reg is ters

G reen Rt_Di in gt = 0 15 Yel low Rt_Di in gt 0 0 5 Y lt 0 15 Red Rt_Di in

lt = 0 0 5

001Variation

2014 - 2013

000

Cash Ratio (Rt_Tes)

(1250 0 +1270 0 +1230 0 ) 320 0 0

Ind icates the companys s hort-term degree o f l iquid ity fo r

s ettling its debts

G reen Rt_Tes gt = 0 75 Yel low Rt_Tes gt 0 50 Y lt 0 75 Red Rt_Tes

lt = 0 50

005Variation

2014 - 2013

005

Solvency Ratio (Rt_Sol)

120 0 0 320 0 0

Ind icates the relations hip between current as s ets and liquid

liab ilities

G reen Rt_Sol gt = 1 5 Yel low Rt_Sol gt 1 Y lt 1 5 Red Rt_Sol lt = 1

027Variation

2014 - 2013

002

Guarantee Ratio (Rt_Gar)

10 0 0 0 (310 0 0 +320 0 0 )

Ind icates the to tal capacity o f a company to s ettle the

payment o f all its debts

G reen Rt_G a r gt = 1 5 Yel low Rt_G a r gt 1 Y lt 1 5 Red Rt_G a r lt = 1

020Variation

2014 - 2013

003

Optimal Precaution NegativeAsset Management Indicators

Average Receivables Collection Period

(Rt_Cobro)

Norma l Account Type ( ( (12310 + 12320 + 12330 ) 1 21 ) (40 10 0 +

40 50 0 )) 36 5 Abbrevia ted SME or Mixed Account Type ( ( (12380 +

1239 0 ) 1 21 ) (40 10 0 + 40 50 0 )) 36 5

The average receivab les co llection period is the number o f

days in which the company charges its c lients

G reen Rt_Cobro =6 5 Y 9 5

258222Variation

2014 - 2013

2142

Average Payment Period (Rt_Pago)

Norma l Account Type ( ( (32510 + 32520 + 32530 ) 1 21 ) (40 40 0 +

40 710 + 40 740 )) 36 5 Abbrevia ted SME or Mixed Account Type

( (3250 0 1 21 ) (40 40 0 + 40 70 0 )) 36 5

The average payment period is the number o f days in which

the company s ettles its trade ob ligations

G reen Rt_Pa go =6 5 Y 9 5

41068Variation

2014 - 2013

285

Stock Turnover (Rt_Exist)

( ( (1220 0 de n + 1220 0 de n_1 ) 2) 40 40 0 de n ) 36 5

Ind icates the number o f days needed to s ell s tocks

G reen Rt_Exist =6 0 Y 9 0

139863Variation

2014 - 2013

823

Optimal Precaution NegativeProfitability Indicators

Economic Profitability (ROI) (Rt_Roa)

(49 10 0 10 0 0 0 ) 10 0

Ind icates the p ro fitab ility o f the companys inves tment

meaning the p ro fitab ility o f the as s et befo re company taxes

and financial res ults

G reen Rt_Roa gt = 10 Yel low Rt_Roa gt 0 Y lt 10 Red Rt_Roa

lt = 0

-1044 Variation

2014 - 2013

023 pp

Financial Profitability (ROE) (Rt_Ref)

(49 50 0 20 0 0 0 ) 10 0

Meas ures the return on inves tment made by s hareho lders

G reen Rt_Ref gt = 10 Yel low Rt_Ref gt 0 Y lt 10 Red Rt_Ref lt =

0

415 Variation

2014 - 2013

006 pp

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 17

Optimal Precaution NegativeResults Indicators

Gross Margin Ratio (Rt_Mabr)

( (40 10 0 - 40 40 0 ) 40 10 0 ) 10 0

Deducting the d irect cos ts o f generating s ales - i e the cos t

o f merchand is e s o ld o r p rovis ions tells you the return on

s ales

G reen Rt_Ma br gt = 40 Yel low Rt_Ma br gt =20 Y lt 40 Red

Rt_Ma br lt 20

-1225 Variation

2014 - 2013

1006 pp

EBITDA Ratio (Rt_Ebitda)

( (49 10 0 + 40 80 0 ) 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBITDA (earnings

befo re interes t taxes depreciation and amortis ation) relative

to the companys revenues

G reen Rt_Ebi tda gt = 10 Yel low Rt_Ebi tda gt 0 Y lt 10 Red

Rt_Ebi tda lt =0

-1677 Variation

2014 - 2013

1256 pp

EBIT Ratio (Rt_Ebit)

(49 10 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBIT (earnings

befo re interes t amp taxes ) relative to the companys revenues

G reen Rt_Ebi t gt = 8 Yel low Rt_Ebi t gt 0 Y lt 5 Red Rt_Ebi t

lt =0

-1759 Variation

2014 - 2013

1348 pp

EBT Ratio (Rt_Ebt)

(49 30 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBT (earnings

befo re taxes ) relative to the companys revenues

G reen Rt_Ebt gt = 5 Yel low Rt_Ebt gt 0 Y lt 8 Red Rt_Ebt lt =0

-2246 Variation

2014 - 2013

1816 pp

Financial Year Result Ratio (Rt_Rneta)

(49 50 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by the financial year net

p ro fit relative to the companys revenues To tal p ro fitab ility

ob tained fo r each currency unit s o ld

G reen Rt_Nneta gt 0 Red Rt_Nneta lt =0

-2859 Variation

2014 - 2013

2455 pp

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 18

AN N UAL AC C O U N T S - B U S I N E S S R E GI S T E R F O R M AT

Balance(in Euros)

Financial years

Key 2011 2012 2013 2014

a) NON-CURRENT ASSETS 11000 9252644000 7888890100

I Fixed intangible assets 11100 101900 15200

1 Development 11110 000 000

2 Concessions 11120 000 000

3 Patents licences trademarks and similar 11130 000 000

4 Goodwill 11140 000 000

5 IT applications 11150 101900 15200

6 Investigation 11160 000 000

7 Intellectual property 11180 000 000

8 Rights relating to the emission of greenhouse gases 11190 000 000

9 Other fixed intangible assets 11170 000 000

II Property Plant and Equipment 11200 308790900 296363000

1 Land and structures 11210 000 000

2 Technical facilities and other (tangible) fixed assets 11220 100606600 88178700

3 In-progress fixed assets and advance payments 11230 208184300 208184300

III Investment Property 11300 288028300 266256300

1 Land 11310 253883200 253883200

2 Structures 11320 34145100 12373100

IV Long-term investments in group companies and sister

companies

11400 3333590100 2803860500

1 Equity instruments 11410 2016884300 2016884300

2 Credits to companies 11420 1316705800 786976200

2 Credits to companies 11430 000 000

4 Derivatives 11440 000 000

5 Other financial assets 11450 000 000

6 Other investments 11460 000 000

V Long-term financial investments 11500 18331000 17597200

1 Equity instruments 11510 131500 131500

2 Credits to third parties 11520 000 000

2 Credits to companies 11530 000 000

4 Derivatives 11540 000 000

5 Other financial assets 11550 18199500 17465700

6 Other investments 11560 000 000

VI Deferred tax assets 11600 5303801800 4504797900

VII Non-current trade debts 11700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 19

Financial years

Key 2011 2012 2013 2014

B) CURRENT ASSETS 12000 6205758700 5520200800

I Non-current assets maintained for sale 12100 000 000

II Stocks 12200 3765204600 4315256500

1 Commercial stocks 12210 000 000

2 Raw materials and other provisions 12220 1016357100 1607654500

3 Semi-finished products 12230 000 000

a) Long term production cycle 12231 000 000

b) Short term production cycle 12232 000 000

4 Finished products 12240 1532426200 1494815100

a) Long term production cycle 12241 1532426200 1494815100

b) Short term production cycle 12242 000 000

5 Sub-products waste and recovered materials 12250 000 000

6 Advance payments to providers 12260 1216421300 1212786900

III T rade debtors and other accounts receivable 12300 1941948500 912786800

1 Client receivables for service provisions and sales 12310 976116700 7566300

a) Client receivables for long-term service provisions

and sales

12311 000 000

b) Client receivables for short-term service

provisions and sales

12312 976116700 7566300

2 Clients group companies and sister companies 12320 204266100 205849500

3 Miscellaneous debtors 12330 716132800 698547000

4 Staff 12340 1153200 000

5Current tax assets 12350 000 000

6 Other credits with Public Administration bodies 12360 44279700 824000

7 Called-up share capital 12370 000 000

IV Short-term investments in group companies and sister

companies

12400 381133400 177691400

1 Equity instruments 12410 000 000

2 Credits to companies 12420 000 000

2 Credits to companies 12430 000 000

4 Derivatives 12440 000 000

5 Other financial assets 12450 381133400 177691400

6 Other investments 12460 000 000

V Short-term financial investments 12500 91823800 87421100

1 Equity instruments 12510 000 000

2 Credits to companies 12520 3304400 2774900

2 Credits to companies 12530 305000 305000

4 Derivatives 12540 000 000

5 Other financial assets 12550 88214400 84341200

6 Other investments 12560 000 000

VI Short-term accruals 12600 000 000

VII Cash and other equivalent liquid assets 12700 25648400 27045000

1 T reasury 12710 25648400 27045000

2 Other equivalent liquid assets 12720 000 000

TOTAL ASSETS (A + B) 10000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 20

Financial years

Key 2011 2012 2013 2014

A) EQUITY 20000 -52524217200 -54798767100

A-1) Equity capital 21000 -52524217200 -54798767100

I Capital 21100 1297258500 1297258500

1 Authorised capital 21110 1297258500 1297258500

2 (Uncalled share capital) 21120 000 000

II Premium on issued shares 21200 000 000

IIIReserves 21300 6062179100 6062179100

1 Legal and statutory reserves 21310 259451700 259451700

2 Other reserves 21320 5802727400 5802727400

3 Revaluation reserve 21330 000 000

IV (Companys equity shares and interests) 21400 000 000

V Results of previous financial years 21500 -54791023900 -59883654800

1 Carryover 21510 000 000

2 (Negative results of previous financial years) 21520 -54791023900 -59883654800

VI Other member contributions 21600 000 000

VII Financial year profit amp loss 21700 -5092630900 -2274549900

VIII (Interim dividend) 21800 000 000

IX Other equity instruments 21900 000 000

A-2) Adjustments for changes in value 22000 000 000

I Available-for-sale financial assets 22100 000 000

II Hedging transactions 22200 000 000

III Non-current assets and related liabilities maintained for

sale

22300 000 000

IV T ranslation difference 22400 000 000

V Others 22500 000 000

A3) Grants donations and legacies received 23000 000 000

B) NON-CURRENT LIABILIT IES 31000 46549643600 47908465000

I Long-term provisions 31100 75132300 75132300

1 Long-term staff benefit obligations 31110 000 000

2 Environmental actions 31120 000 000

3 Provisions for restructuring 31130 000 000

4 Other provisions 31140 75132300 75132300

II Long-term debts 31200 5612926800 4945711100

1 Obligations and other negotiable securities 31210 000 000

2 Debts with credit institutions 31220 5322958800 4656526000

3 Financial lease creditors 31230 000 000

4 Derivatives 31240 000 000

5 Other financial liabilities 31250 289968000 289185100

III Long-term debts with group companies and sister

companies

31300 40850000000 42800000000

IV Deferred tax liabilities 31400 11584500 87621600

V Long-term accruals 31500 000 000

VI Non-current trade creditors 31600 000 000

VII Long-term debt with special characteristics 31700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 21

Financial years

Key 2011 2012 2013 2014

C) CURRENT LIABILIT IES 32000 21432976300 20299393000

I Liabilities associated with non-current assets maintained for

sale

32100 000 000

II Short-term provisions 32200 1184371200 1964476900

1 Provisions for rights relating to the emission of

greenhouse gases

32210 000 000

2 Other provisions 32220 1184371200 1964476900

III Short-term debts 32300 17 37108700 1694501200

1 Obligations and other negotiable securities 32310 000 000

2 Debts with credit institutions 32320 17 32982600 1690373500

3 Financial lease creditors 32330 000 000

4 Derivatives 32340 000 000

5 Other financial liabilities 32350 4126100 4127700

IV Short-term debts with group companies and sister

companies

32400 16490887300 14684351300

V T rade creditors and other accounts payable 32500 2020609100 1956063600

1 Providers 32510 1573868600 1464849400

a) Long-term providers 32511 000 000

b) Short-term providers 32512 1573868600 1464849400

2 Providers group companies and sister companies 32520 116553500 78369000

3 Miscellaneous creditors 32530 59204100 60136000

4 Personnel (remunerations pending payment) 32540 1017300 000

5 Current tax liabilities 32550 000 000

6 Other debts with Public Administration bodies 32560 182162900 275878200

7 Advance payments from clients 32570 87802700 76831000

VI Short-term accruals 32600 000 000

VII Short-term debt with special characteristics 32700 000 000

TOTAL EQUITY AND LIABILIT IES (A + B + C) 30000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 22

Income statement(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Net turnover 40100 1261211300 79555900

a) Sales 40110 1230715400 61382900

b) Service provisions 40120 30495900 18173000

c) Financial revenues from holding companies 40130 000 000

2 Change in stocks of finished and semi-finished products 40200 -1169328600 -37611100

3 Capital asset betterments and improvements4 40300 000 000

4Provisions 40400 -4025133400 -1054374100

a) Consumption of merchandise 40410 000 000

b) Consumption of raw materials and other consumables 40420 -1327808600 000

c) Work carried out by other companies 40430 -17488500 -30451500

d) Deterioration in merchandise raw materials and other

provisions

40440 -2679836300 -1023922600

5 Other operating expenses 40500 39235900 26978700

a) Casual income and other current operating income 40510 39235900 26978700

b) Operating grants incorporated into the financial year profit

amp loss

40520 000 000

6 Personnel expenses 40600 -84216100 -28458200

a) Wages salaries and similar expenses 40610 -72780100 -22841400

b) Social security contributions 40620 -11436000 -5616800

c) Provisions 40630 000 000

7 Other operating expenses 40700 -1329387000 -320314800

a) Outsourcing 40710 -167392300 -123318300

b) Fees 40720 -33987800 -39586900

c) Losses deterioration and change in provisions for trade

operations

40730 -1128006900 -157409600

d) Other current operating expenses 40740 000 000

e) Expenses relating to the emission of greenhouse

gases

40750 000 000

8 Depreciation of fixed assets 40800 -18197700 -12851400

9 Allocation of non-financial asset grants and others 40900 000 000

10 Provision excesses 41000 000 000

11 Deterioration and result for transfers of fixed assets 41100 -45795000 300

a) Deterioration and losses 41110 -54236000 000

b) Results for transfers and others 41120 8441000 300

c) Deterioration and results for transfers of holding company

fixed assets

41130 000 000

12 Negative difference in business combinations 41200 000 000

13 Other results 41300 192691700 -52314100

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 23

Financial years

Key 2011 2012 2013 2014

A1) OPERATING PROFIT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11

+ 12 + 13)

49100 -5178918900 -1399388800

14 Financial revenues 41400 24914900 26494500

a) Of shareholdings in equity instruments 41410 4200 1400

a 1) In group companies and sister companies 41411 000 000

a 2) In third parties 41412 4200 1400

b) Of negotiable securities and other financial instruments 41420 24910700 26493100

b 1) Of group companies and sister companies 41421 24575700 22972200

b 2) Of third parties 41422 335000 3520900

c) Allocation of financial grants donations and legacies 41430 000 000

15 Financial expenses 41500 -270227700 -476090600

a) For debts with group companies and associated

companies

41510 -270227700 -471686500

b) For debts with third parties 41520 000 -4404100

c) For updating provisions 41530 000 000

16 Change in fair value of financial instruments 41600 000 000

a) T rading portfolio and others 41610 000 000

b) Allocation to financial year profit amp loss account on

available-for-sale financial assets

41620 000 000

17 Exchange differences 41700 -7 50600 -1101100

18 Deterioration and result for transfers of financial instruments 41800 000 63177500

a) Deteriorations and losses 41810 000 000

b) Results for transfers and others 41820 000 63177500

19 Other financial expenses and revenues 42100 000 000

a) Capitalisation of financial assets 42110 000 000

b) Financial revenues from creditors agreements 42120 000 000

c) Other revenues and expenses 42130 000 000

A2) FINANCIAL RESULT (14 + 15 + 16 + 17 18 + 19) 49200 -246063400 -387519700

A3) PRE-TAX RESULT (A1 + A2) 49300 -5424982300 -1786908500

20 Tax on profits 41900 332351400 -487641400

A4) FINANCIAL YEAR PROFIT amp LOSS FROM CONTINUING

OPERATIONS (A3 + 20)

49400 -5092630900 -2274549900

21 Financial year result from discontinued operations after tax 42000 000 000

A5) FINANCIAL YEAR RESULT (A4 + 21) 49500 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 24

Changes in Equity(in Euros)

Financial years

Key 2011 2012 2013 2014

A) RESULT OF THE PROFIT AND LOSS ACCOUNT 59100 -5092630900 -2274549900

I For valuation of financial instruments 50010 000 000

1 Available-for-sale financial assets 50011 000 000

2 Other revenuesexpenses 50012 000 000

II For cash flow hedges (coverage) 50020 000 000

III Grants donations and legacies received 50030 000 000

IV For actuarial profits and losses and other adjustments 50040 000 000

V For non-current assets and related liabilities maintained

for sale

50050 000 000

VI Conversion Differences 50060 000 000

VII Tax effect 50070 000 000

B) Total revenues and expenses allocated directly in equity (I + II

+ III + IV +V+VI+VII)

59200 000 000

VIII For valuation of financial instruments 50080 000 000

1 Available-for-sale financial assets 50081 000 000

2 Other revenuesexpenses 50082 000 000

IX For cash flow hedges (coverage) 50090 000 000

X Grants donations and legacies received 50100 000 000

XI For non-current assets and related liabilities maintained

for sale

50110 000 000

XII T ranslation differences 50120 000 000

XIII Tax effect 50130 000 000

C) Total transfers to the profit and loss account (VIII + IX + X + XI+

XII+ XIII)

59300 000 000

TOTAL RECOGNISED EXPENDITURE AND REVENUES (A + B + C) 59400 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 25

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

Income statement(in Euros)

Financial years

References 2011 2012 2013 2014

Revenue a 12612113 795559

Direct costs b -51944620 -10919852

GROSS MARGIN c=a+b -39332507 -10124293

Other operating expenses and income d 392359 269787

Operating margin e=c+d -38940148 -9854506

Personnel expenses f -842161 -284582

Other operating expenses g -13293870 -3203148

Overheads h=f+g -14136031 -3487730

EBITDA i=c+e+h -53076179 -13342236

Amortisations and provisions j -181977 -128514

Other results k 1468967 -523138

EBIT l=i+j+k -51789189 -13993888

Financial result m -2460634 -3875197

EBT n=l+m -54249823 -17869085

Corporate income tax o 3323514 -4876414

Other results of discontinued operations p 0 0

Year-end results q=n+o+p -50926309 -22745499

Cash flow(in Euros)

Financial years

FREE CASH FLOW References 2011 2012 2013 2014

Result before tax a -54249823 -17869085

Taxes and others b 11708578 -1322329

Amortisations and other adjustments c 49845883 15719519

Gross cash flow d=a+b+c 7304638 -3471895

Change in working capital e -14001266 471718

CAPEX f 44653 -86

FREE CASH FLOW g=d+e+f -6651975 -3000263

FINANCING CASH FLOW References 2011 2012 2013 2014

Change in equity instruments a 0 0

Payment of dividends and other instruments b 0 0

Investor financing c=a+b 0 0

Change in financial debt with third parties and companies in the

group

d 6651975 3000263

FINANCING CASH FLOW e=a+b+d 6651975 3000263

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 13

Composit ion of Net Worth(in Euros)

Financial years

References 2011 2012 2013 2014

Capital a 12972585 12972585

Premium on issued shares b 0 0

Reserves c 60621791 60621791

Results of previous financial years d -547910239 -598836548

Year-end results e -50926309 -22745499

Other items f 0 0

Equity capital g=a+b+c+d+e+f -525242172 -547987671

Graphic showing the composit ion of Equity

Capital

Premium on issued shares

Reserves

Results of previous financial years

Year-end results

Other items

Equity capital

2013 2014

-800000000

-600000000

-400000000

-200000000

0

200000000

Profit and loss statement in percentages(in )

Financial years

References 2011 2012 2013 2014

Revenue aa 10000 10000

Direct costs ba -41186 -137260

GROSS MARGIN ca -31186 -127260

Other operating expenses and income da 311 3391

Operating margin ea -30875 -123869

Personnel expenses fa -668 -3577

Other operating expenses ga -10541 -40263

Overheads ha -11208 -43840

EBITDA ia -42083 -167709

Amortisations and provisions ja -144 -1615

Other results ka 1165 -6576

EBIT la -41063 -175900

Financial result ma -1951 -48710

EBT na -43014 -224610

Corporate income tax oa 2635 -61295

Other results of discontinued operations pa 000 000

Year-end results qa -40379 -285906

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 14

E C O N O M I C AN D F I N AN C I AL C O M M I T T E E

Economic and Financial Committee

Financial years

Growth indicators 2011 2012 2013 2014

Change in Revenues -9559 -9369

Total Number of Employees 500 500

Change () -7500 000

Cash Flow Indicators 2011 2012 2013 2014

Gross cash flow euro7304638 euro-3471895

on Revenues 5792 -43641

Change in working capital euro-14001266 euro471718

on Revenues -11101 5929

CAPEX euro44653 euro-86

on Revenues 035 -001

FREE CASH FLOW euro-6651975 euro-3000263

on Revenues -5274 -37713

Financial Structure Indicators 2011 2012 2013 2014

Working Capital Ratio 040 041

Financial Autonomy Ratio 077 080

Debt Ratio 129 124

Long-term Debt Ratio 089 087

Short-term Debt Ratio 041 037

Cost Ratio of Third Party Financing (Financial Debt) 333 681

Third-party Financing Cost ROE 034 164

Solvency Indicators 2011 2012 2013 2014

Ratio of Immediate Availability 001 001

Cash Ratio 010 005

Solvency Ratio 029 027

Guarantee Ratio 023 020

Asset Management Indicators 2011 2012 2013 2014

Average Receivables Collection Period 43992 258222

Average Payment Period 12589 41068

Stock Turnover 57551 139863

Profitability Indicators 2011 2012 2013 2014

Economic Profitability (ROI) -3350 -1044

Financial Profitability (ROE) 970 415

Results Indicators 2011 2012 2013 2014

Gross Margin Ratio -21915 -122532

EBITDA Ratio -42083 -167709

EBIT Ratio -41063 -175900

EBT Ratio -43014 -224610

Financial Year Result Ratio -40379 -285906

Cost Indicators 2011 2012 2013 2014

Sales - Direct Cost 31915 132532

Sales - Overheads 11208 43840

Working Capital 2011 2012 2013 2014

Working Capital euro-152272176 euro-147791922

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 15

Optimal Precaution NegativeFinancial Structure Indicators

Working Capital Ratio (Rt_Cir)

120 0 0 10 0 0 0

Ind icates the capacity o f a companys as s et to be converted

into availab le funds Repres ents the weighting o f current

as s ets relative to to tal as s ets

G reen Rt_Cir gt = 0 50 Yel low Rt_Cir gt = 0 30 Y lt 0 50 Red Rt_Cir

lt 0 30

041Variation

2014 - 2013

001

Financial Autonomy Ratio (Rt_Aut)

20 0 0 0 (310 0 0 +320 0 0 )

Ind icates the companys autonomy with res pect to third

parties s howing the percentage o f own (company) res ources

emp loyed by the company relative to to tal current liab ilities

o r third party res ources

G reen Rt_Aut gt = 0 70 Yel low Rt_Aut gt 0 40 Y lt 0 70 Red Rt_Aut

lt = 0 40

080Variation

2014 - 2013

003

Debt Ratio (Rt_End)

(310 0 0 +320 0 0 ) 20 0 0 0

Ind icates the companys leverage s howing the percentage o f

third party res ources emp loyed by the company fo r financing

relative to own res ources

G reen Rt_End = 1 50 Red Rt_End gt = 250

124Variation

2014 - 2013

005

Long-term Debt Ratio (Rt_Endlp)

310 0 0 20 0 0 0

Ind icates the weighting o f long -term external financing

relative to own res ources

G reen Rt_End =1 0 0 Yel low Rt_End gt 1 50 Y Rt_Endlp Rt_End gt

0 50 Y 1 50 Y Rt_Endlp Rt_End lt =0 50

087Variation

2014 - 2013

001

Short-term Debt Ratio (Rt_Endcp)

320 0 0 20 0 0 0

Ind icates the weighting o f s ho rt-term external financing

relative to own res ources

G reen Rt_End 1 50 Y Rt_Endcp Rt_End gt 0 5 Y 1 50 Y Rt_Endcp

Rt_End gt = 0 8

037Variation

2014 - 2013

004

Cost Ratio of Third Party Financing (Financial

Debt) (Rt_Cfex)

(4150 0 ( (3120 0 de n + 3230 0 de n + 3120 0 de n_1 + 3230 0 de n_1 )

2)) 10 0

Ind icates the percentage rep res ented by the companys cos t

o f financing with external deb t

G reen Rt_Cfex Rt_Ref =0 Yel low Rt_Cfex Rt_Ref gt 0 50 Y = 1

681 Variation

2014 - 2013

003 pp

Third-party Financing Cost ROE (Rt_Cfexref)

Rt_Cfex Rt_Ref

Ind icates the weighting o f Financial Debt fund ing cos ts

relative to s hareho lder p ro fitab ility

G reen Rt_Cfexref =0 Yel low Rt_Cfexref gt = 0 50 Y =1

164Variation

2014 - 2013

130

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 16

Optimal Precaution NegativeSolvency Indicators

Ratio of Immediate Availability (Rt_Diin)

(1250 0 +1270 0 ) 320 0 0

Ind icates the companys capacity to s ettle its s ho rt-term

debts in cas h availab le in the bank accounts and in cas h

reg is ters

G reen Rt_Di in gt = 0 15 Yel low Rt_Di in gt 0 0 5 Y lt 0 15 Red Rt_Di in

lt = 0 0 5

001Variation

2014 - 2013

000

Cash Ratio (Rt_Tes)

(1250 0 +1270 0 +1230 0 ) 320 0 0

Ind icates the companys s hort-term degree o f l iquid ity fo r

s ettling its debts

G reen Rt_Tes gt = 0 75 Yel low Rt_Tes gt 0 50 Y lt 0 75 Red Rt_Tes

lt = 0 50

005Variation

2014 - 2013

005

Solvency Ratio (Rt_Sol)

120 0 0 320 0 0

Ind icates the relations hip between current as s ets and liquid

liab ilities

G reen Rt_Sol gt = 1 5 Yel low Rt_Sol gt 1 Y lt 1 5 Red Rt_Sol lt = 1

027Variation

2014 - 2013

002

Guarantee Ratio (Rt_Gar)

10 0 0 0 (310 0 0 +320 0 0 )

Ind icates the to tal capacity o f a company to s ettle the

payment o f all its debts

G reen Rt_G a r gt = 1 5 Yel low Rt_G a r gt 1 Y lt 1 5 Red Rt_G a r lt = 1

020Variation

2014 - 2013

003

Optimal Precaution NegativeAsset Management Indicators

Average Receivables Collection Period

(Rt_Cobro)

Norma l Account Type ( ( (12310 + 12320 + 12330 ) 1 21 ) (40 10 0 +

40 50 0 )) 36 5 Abbrevia ted SME or Mixed Account Type ( ( (12380 +

1239 0 ) 1 21 ) (40 10 0 + 40 50 0 )) 36 5

The average receivab les co llection period is the number o f

days in which the company charges its c lients

G reen Rt_Cobro =6 5 Y 9 5

258222Variation

2014 - 2013

2142

Average Payment Period (Rt_Pago)

Norma l Account Type ( ( (32510 + 32520 + 32530 ) 1 21 ) (40 40 0 +

40 710 + 40 740 )) 36 5 Abbrevia ted SME or Mixed Account Type

( (3250 0 1 21 ) (40 40 0 + 40 70 0 )) 36 5

The average payment period is the number o f days in which

the company s ettles its trade ob ligations

G reen Rt_Pa go =6 5 Y 9 5

41068Variation

2014 - 2013

285

Stock Turnover (Rt_Exist)

( ( (1220 0 de n + 1220 0 de n_1 ) 2) 40 40 0 de n ) 36 5

Ind icates the number o f days needed to s ell s tocks

G reen Rt_Exist =6 0 Y 9 0

139863Variation

2014 - 2013

823

Optimal Precaution NegativeProfitability Indicators

Economic Profitability (ROI) (Rt_Roa)

(49 10 0 10 0 0 0 ) 10 0

Ind icates the p ro fitab ility o f the companys inves tment

meaning the p ro fitab ility o f the as s et befo re company taxes

and financial res ults

G reen Rt_Roa gt = 10 Yel low Rt_Roa gt 0 Y lt 10 Red Rt_Roa

lt = 0

-1044 Variation

2014 - 2013

023 pp

Financial Profitability (ROE) (Rt_Ref)

(49 50 0 20 0 0 0 ) 10 0

Meas ures the return on inves tment made by s hareho lders

G reen Rt_Ref gt = 10 Yel low Rt_Ref gt 0 Y lt 10 Red Rt_Ref lt =

0

415 Variation

2014 - 2013

006 pp

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 17

Optimal Precaution NegativeResults Indicators

Gross Margin Ratio (Rt_Mabr)

( (40 10 0 - 40 40 0 ) 40 10 0 ) 10 0

Deducting the d irect cos ts o f generating s ales - i e the cos t

o f merchand is e s o ld o r p rovis ions tells you the return on

s ales

G reen Rt_Ma br gt = 40 Yel low Rt_Ma br gt =20 Y lt 40 Red

Rt_Ma br lt 20

-1225 Variation

2014 - 2013

1006 pp

EBITDA Ratio (Rt_Ebitda)

( (49 10 0 + 40 80 0 ) 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBITDA (earnings

befo re interes t taxes depreciation and amortis ation) relative

to the companys revenues

G reen Rt_Ebi tda gt = 10 Yel low Rt_Ebi tda gt 0 Y lt 10 Red

Rt_Ebi tda lt =0

-1677 Variation

2014 - 2013

1256 pp

EBIT Ratio (Rt_Ebit)

(49 10 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBIT (earnings

befo re interes t amp taxes ) relative to the companys revenues

G reen Rt_Ebi t gt = 8 Yel low Rt_Ebi t gt 0 Y lt 5 Red Rt_Ebi t

lt =0

-1759 Variation

2014 - 2013

1348 pp

EBT Ratio (Rt_Ebt)

(49 30 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBT (earnings

befo re taxes ) relative to the companys revenues

G reen Rt_Ebt gt = 5 Yel low Rt_Ebt gt 0 Y lt 8 Red Rt_Ebt lt =0

-2246 Variation

2014 - 2013

1816 pp

Financial Year Result Ratio (Rt_Rneta)

(49 50 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by the financial year net

p ro fit relative to the companys revenues To tal p ro fitab ility

ob tained fo r each currency unit s o ld

G reen Rt_Nneta gt 0 Red Rt_Nneta lt =0

-2859 Variation

2014 - 2013

2455 pp

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 18

AN N UAL AC C O U N T S - B U S I N E S S R E GI S T E R F O R M AT

Balance(in Euros)

Financial years

Key 2011 2012 2013 2014

a) NON-CURRENT ASSETS 11000 9252644000 7888890100

I Fixed intangible assets 11100 101900 15200

1 Development 11110 000 000

2 Concessions 11120 000 000

3 Patents licences trademarks and similar 11130 000 000

4 Goodwill 11140 000 000

5 IT applications 11150 101900 15200

6 Investigation 11160 000 000

7 Intellectual property 11180 000 000

8 Rights relating to the emission of greenhouse gases 11190 000 000

9 Other fixed intangible assets 11170 000 000

II Property Plant and Equipment 11200 308790900 296363000

1 Land and structures 11210 000 000

2 Technical facilities and other (tangible) fixed assets 11220 100606600 88178700

3 In-progress fixed assets and advance payments 11230 208184300 208184300

III Investment Property 11300 288028300 266256300

1 Land 11310 253883200 253883200

2 Structures 11320 34145100 12373100

IV Long-term investments in group companies and sister

companies

11400 3333590100 2803860500

1 Equity instruments 11410 2016884300 2016884300

2 Credits to companies 11420 1316705800 786976200

2 Credits to companies 11430 000 000

4 Derivatives 11440 000 000

5 Other financial assets 11450 000 000

6 Other investments 11460 000 000

V Long-term financial investments 11500 18331000 17597200

1 Equity instruments 11510 131500 131500

2 Credits to third parties 11520 000 000

2 Credits to companies 11530 000 000

4 Derivatives 11540 000 000

5 Other financial assets 11550 18199500 17465700

6 Other investments 11560 000 000

VI Deferred tax assets 11600 5303801800 4504797900

VII Non-current trade debts 11700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 19

Financial years

Key 2011 2012 2013 2014

B) CURRENT ASSETS 12000 6205758700 5520200800

I Non-current assets maintained for sale 12100 000 000

II Stocks 12200 3765204600 4315256500

1 Commercial stocks 12210 000 000

2 Raw materials and other provisions 12220 1016357100 1607654500

3 Semi-finished products 12230 000 000

a) Long term production cycle 12231 000 000

b) Short term production cycle 12232 000 000

4 Finished products 12240 1532426200 1494815100

a) Long term production cycle 12241 1532426200 1494815100

b) Short term production cycle 12242 000 000

5 Sub-products waste and recovered materials 12250 000 000

6 Advance payments to providers 12260 1216421300 1212786900

III T rade debtors and other accounts receivable 12300 1941948500 912786800

1 Client receivables for service provisions and sales 12310 976116700 7566300

a) Client receivables for long-term service provisions

and sales

12311 000 000

b) Client receivables for short-term service

provisions and sales

12312 976116700 7566300

2 Clients group companies and sister companies 12320 204266100 205849500

3 Miscellaneous debtors 12330 716132800 698547000

4 Staff 12340 1153200 000

5Current tax assets 12350 000 000

6 Other credits with Public Administration bodies 12360 44279700 824000

7 Called-up share capital 12370 000 000

IV Short-term investments in group companies and sister

companies

12400 381133400 177691400

1 Equity instruments 12410 000 000

2 Credits to companies 12420 000 000

2 Credits to companies 12430 000 000

4 Derivatives 12440 000 000

5 Other financial assets 12450 381133400 177691400

6 Other investments 12460 000 000

V Short-term financial investments 12500 91823800 87421100

1 Equity instruments 12510 000 000

2 Credits to companies 12520 3304400 2774900

2 Credits to companies 12530 305000 305000

4 Derivatives 12540 000 000

5 Other financial assets 12550 88214400 84341200

6 Other investments 12560 000 000

VI Short-term accruals 12600 000 000

VII Cash and other equivalent liquid assets 12700 25648400 27045000

1 T reasury 12710 25648400 27045000

2 Other equivalent liquid assets 12720 000 000

TOTAL ASSETS (A + B) 10000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 20

Financial years

Key 2011 2012 2013 2014

A) EQUITY 20000 -52524217200 -54798767100

A-1) Equity capital 21000 -52524217200 -54798767100

I Capital 21100 1297258500 1297258500

1 Authorised capital 21110 1297258500 1297258500

2 (Uncalled share capital) 21120 000 000

II Premium on issued shares 21200 000 000

IIIReserves 21300 6062179100 6062179100

1 Legal and statutory reserves 21310 259451700 259451700

2 Other reserves 21320 5802727400 5802727400

3 Revaluation reserve 21330 000 000

IV (Companys equity shares and interests) 21400 000 000

V Results of previous financial years 21500 -54791023900 -59883654800

1 Carryover 21510 000 000

2 (Negative results of previous financial years) 21520 -54791023900 -59883654800

VI Other member contributions 21600 000 000

VII Financial year profit amp loss 21700 -5092630900 -2274549900

VIII (Interim dividend) 21800 000 000

IX Other equity instruments 21900 000 000

A-2) Adjustments for changes in value 22000 000 000

I Available-for-sale financial assets 22100 000 000

II Hedging transactions 22200 000 000

III Non-current assets and related liabilities maintained for

sale

22300 000 000

IV T ranslation difference 22400 000 000

V Others 22500 000 000

A3) Grants donations and legacies received 23000 000 000

B) NON-CURRENT LIABILIT IES 31000 46549643600 47908465000

I Long-term provisions 31100 75132300 75132300

1 Long-term staff benefit obligations 31110 000 000

2 Environmental actions 31120 000 000

3 Provisions for restructuring 31130 000 000

4 Other provisions 31140 75132300 75132300

II Long-term debts 31200 5612926800 4945711100

1 Obligations and other negotiable securities 31210 000 000

2 Debts with credit institutions 31220 5322958800 4656526000

3 Financial lease creditors 31230 000 000

4 Derivatives 31240 000 000

5 Other financial liabilities 31250 289968000 289185100

III Long-term debts with group companies and sister

companies

31300 40850000000 42800000000

IV Deferred tax liabilities 31400 11584500 87621600

V Long-term accruals 31500 000 000

VI Non-current trade creditors 31600 000 000

VII Long-term debt with special characteristics 31700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 21

Financial years

Key 2011 2012 2013 2014

C) CURRENT LIABILIT IES 32000 21432976300 20299393000

I Liabilities associated with non-current assets maintained for

sale

32100 000 000

II Short-term provisions 32200 1184371200 1964476900

1 Provisions for rights relating to the emission of

greenhouse gases

32210 000 000

2 Other provisions 32220 1184371200 1964476900

III Short-term debts 32300 17 37108700 1694501200

1 Obligations and other negotiable securities 32310 000 000

2 Debts with credit institutions 32320 17 32982600 1690373500

3 Financial lease creditors 32330 000 000

4 Derivatives 32340 000 000

5 Other financial liabilities 32350 4126100 4127700

IV Short-term debts with group companies and sister

companies

32400 16490887300 14684351300

V T rade creditors and other accounts payable 32500 2020609100 1956063600

1 Providers 32510 1573868600 1464849400

a) Long-term providers 32511 000 000

b) Short-term providers 32512 1573868600 1464849400

2 Providers group companies and sister companies 32520 116553500 78369000

3 Miscellaneous creditors 32530 59204100 60136000

4 Personnel (remunerations pending payment) 32540 1017300 000

5 Current tax liabilities 32550 000 000

6 Other debts with Public Administration bodies 32560 182162900 275878200

7 Advance payments from clients 32570 87802700 76831000

VI Short-term accruals 32600 000 000

VII Short-term debt with special characteristics 32700 000 000

TOTAL EQUITY AND LIABILIT IES (A + B + C) 30000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 22

Income statement(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Net turnover 40100 1261211300 79555900

a) Sales 40110 1230715400 61382900

b) Service provisions 40120 30495900 18173000

c) Financial revenues from holding companies 40130 000 000

2 Change in stocks of finished and semi-finished products 40200 -1169328600 -37611100

3 Capital asset betterments and improvements4 40300 000 000

4Provisions 40400 -4025133400 -1054374100

a) Consumption of merchandise 40410 000 000

b) Consumption of raw materials and other consumables 40420 -1327808600 000

c) Work carried out by other companies 40430 -17488500 -30451500

d) Deterioration in merchandise raw materials and other

provisions

40440 -2679836300 -1023922600

5 Other operating expenses 40500 39235900 26978700

a) Casual income and other current operating income 40510 39235900 26978700

b) Operating grants incorporated into the financial year profit

amp loss

40520 000 000

6 Personnel expenses 40600 -84216100 -28458200

a) Wages salaries and similar expenses 40610 -72780100 -22841400

b) Social security contributions 40620 -11436000 -5616800

c) Provisions 40630 000 000

7 Other operating expenses 40700 -1329387000 -320314800

a) Outsourcing 40710 -167392300 -123318300

b) Fees 40720 -33987800 -39586900

c) Losses deterioration and change in provisions for trade

operations

40730 -1128006900 -157409600

d) Other current operating expenses 40740 000 000

e) Expenses relating to the emission of greenhouse

gases

40750 000 000

8 Depreciation of fixed assets 40800 -18197700 -12851400

9 Allocation of non-financial asset grants and others 40900 000 000

10 Provision excesses 41000 000 000

11 Deterioration and result for transfers of fixed assets 41100 -45795000 300

a) Deterioration and losses 41110 -54236000 000

b) Results for transfers and others 41120 8441000 300

c) Deterioration and results for transfers of holding company

fixed assets

41130 000 000

12 Negative difference in business combinations 41200 000 000

13 Other results 41300 192691700 -52314100

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 23

Financial years

Key 2011 2012 2013 2014

A1) OPERATING PROFIT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11

+ 12 + 13)

49100 -5178918900 -1399388800

14 Financial revenues 41400 24914900 26494500

a) Of shareholdings in equity instruments 41410 4200 1400

a 1) In group companies and sister companies 41411 000 000

a 2) In third parties 41412 4200 1400

b) Of negotiable securities and other financial instruments 41420 24910700 26493100

b 1) Of group companies and sister companies 41421 24575700 22972200

b 2) Of third parties 41422 335000 3520900

c) Allocation of financial grants donations and legacies 41430 000 000

15 Financial expenses 41500 -270227700 -476090600

a) For debts with group companies and associated

companies

41510 -270227700 -471686500

b) For debts with third parties 41520 000 -4404100

c) For updating provisions 41530 000 000

16 Change in fair value of financial instruments 41600 000 000

a) T rading portfolio and others 41610 000 000

b) Allocation to financial year profit amp loss account on

available-for-sale financial assets

41620 000 000

17 Exchange differences 41700 -7 50600 -1101100

18 Deterioration and result for transfers of financial instruments 41800 000 63177500

a) Deteriorations and losses 41810 000 000

b) Results for transfers and others 41820 000 63177500

19 Other financial expenses and revenues 42100 000 000

a) Capitalisation of financial assets 42110 000 000

b) Financial revenues from creditors agreements 42120 000 000

c) Other revenues and expenses 42130 000 000

A2) FINANCIAL RESULT (14 + 15 + 16 + 17 18 + 19) 49200 -246063400 -387519700

A3) PRE-TAX RESULT (A1 + A2) 49300 -5424982300 -1786908500

20 Tax on profits 41900 332351400 -487641400

A4) FINANCIAL YEAR PROFIT amp LOSS FROM CONTINUING

OPERATIONS (A3 + 20)

49400 -5092630900 -2274549900

21 Financial year result from discontinued operations after tax 42000 000 000

A5) FINANCIAL YEAR RESULT (A4 + 21) 49500 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 24

Changes in Equity(in Euros)

Financial years

Key 2011 2012 2013 2014

A) RESULT OF THE PROFIT AND LOSS ACCOUNT 59100 -5092630900 -2274549900

I For valuation of financial instruments 50010 000 000

1 Available-for-sale financial assets 50011 000 000

2 Other revenuesexpenses 50012 000 000

II For cash flow hedges (coverage) 50020 000 000

III Grants donations and legacies received 50030 000 000

IV For actuarial profits and losses and other adjustments 50040 000 000

V For non-current assets and related liabilities maintained

for sale

50050 000 000

VI Conversion Differences 50060 000 000

VII Tax effect 50070 000 000

B) Total revenues and expenses allocated directly in equity (I + II

+ III + IV +V+VI+VII)

59200 000 000

VIII For valuation of financial instruments 50080 000 000

1 Available-for-sale financial assets 50081 000 000

2 Other revenuesexpenses 50082 000 000

IX For cash flow hedges (coverage) 50090 000 000

X Grants donations and legacies received 50100 000 000

XI For non-current assets and related liabilities maintained

for sale

50110 000 000

XII T ranslation differences 50120 000 000

XIII Tax effect 50130 000 000

C) Total transfers to the profit and loss account (VIII + IX + X + XI+

XII+ XIII)

59300 000 000

TOTAL RECOGNISED EXPENDITURE AND REVENUES (A + B + C) 59400 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 25

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

Composit ion of Net Worth(in Euros)

Financial years

References 2011 2012 2013 2014

Capital a 12972585 12972585

Premium on issued shares b 0 0

Reserves c 60621791 60621791

Results of previous financial years d -547910239 -598836548

Year-end results e -50926309 -22745499

Other items f 0 0

Equity capital g=a+b+c+d+e+f -525242172 -547987671

Graphic showing the composit ion of Equity

Capital

Premium on issued shares

Reserves

Results of previous financial years

Year-end results

Other items

Equity capital

2013 2014

-800000000

-600000000

-400000000

-200000000

0

200000000

Profit and loss statement in percentages(in )

Financial years

References 2011 2012 2013 2014

Revenue aa 10000 10000

Direct costs ba -41186 -137260

GROSS MARGIN ca -31186 -127260

Other operating expenses and income da 311 3391

Operating margin ea -30875 -123869

Personnel expenses fa -668 -3577

Other operating expenses ga -10541 -40263

Overheads ha -11208 -43840

EBITDA ia -42083 -167709

Amortisations and provisions ja -144 -1615

Other results ka 1165 -6576

EBIT la -41063 -175900

Financial result ma -1951 -48710

EBT na -43014 -224610

Corporate income tax oa 2635 -61295

Other results of discontinued operations pa 000 000

Year-end results qa -40379 -285906

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 14

E C O N O M I C AN D F I N AN C I AL C O M M I T T E E

Economic and Financial Committee

Financial years

Growth indicators 2011 2012 2013 2014

Change in Revenues -9559 -9369

Total Number of Employees 500 500

Change () -7500 000

Cash Flow Indicators 2011 2012 2013 2014

Gross cash flow euro7304638 euro-3471895

on Revenues 5792 -43641

Change in working capital euro-14001266 euro471718

on Revenues -11101 5929

CAPEX euro44653 euro-86

on Revenues 035 -001

FREE CASH FLOW euro-6651975 euro-3000263

on Revenues -5274 -37713

Financial Structure Indicators 2011 2012 2013 2014

Working Capital Ratio 040 041

Financial Autonomy Ratio 077 080

Debt Ratio 129 124

Long-term Debt Ratio 089 087

Short-term Debt Ratio 041 037

Cost Ratio of Third Party Financing (Financial Debt) 333 681

Third-party Financing Cost ROE 034 164

Solvency Indicators 2011 2012 2013 2014

Ratio of Immediate Availability 001 001

Cash Ratio 010 005

Solvency Ratio 029 027

Guarantee Ratio 023 020

Asset Management Indicators 2011 2012 2013 2014

Average Receivables Collection Period 43992 258222

Average Payment Period 12589 41068

Stock Turnover 57551 139863

Profitability Indicators 2011 2012 2013 2014

Economic Profitability (ROI) -3350 -1044

Financial Profitability (ROE) 970 415

Results Indicators 2011 2012 2013 2014

Gross Margin Ratio -21915 -122532

EBITDA Ratio -42083 -167709

EBIT Ratio -41063 -175900

EBT Ratio -43014 -224610

Financial Year Result Ratio -40379 -285906

Cost Indicators 2011 2012 2013 2014

Sales - Direct Cost 31915 132532

Sales - Overheads 11208 43840

Working Capital 2011 2012 2013 2014

Working Capital euro-152272176 euro-147791922

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 15

Optimal Precaution NegativeFinancial Structure Indicators

Working Capital Ratio (Rt_Cir)

120 0 0 10 0 0 0

Ind icates the capacity o f a companys as s et to be converted

into availab le funds Repres ents the weighting o f current

as s ets relative to to tal as s ets

G reen Rt_Cir gt = 0 50 Yel low Rt_Cir gt = 0 30 Y lt 0 50 Red Rt_Cir

lt 0 30

041Variation

2014 - 2013

001

Financial Autonomy Ratio (Rt_Aut)

20 0 0 0 (310 0 0 +320 0 0 )

Ind icates the companys autonomy with res pect to third

parties s howing the percentage o f own (company) res ources

emp loyed by the company relative to to tal current liab ilities

o r third party res ources

G reen Rt_Aut gt = 0 70 Yel low Rt_Aut gt 0 40 Y lt 0 70 Red Rt_Aut

lt = 0 40

080Variation

2014 - 2013

003

Debt Ratio (Rt_End)

(310 0 0 +320 0 0 ) 20 0 0 0

Ind icates the companys leverage s howing the percentage o f

third party res ources emp loyed by the company fo r financing

relative to own res ources

G reen Rt_End = 1 50 Red Rt_End gt = 250

124Variation

2014 - 2013

005

Long-term Debt Ratio (Rt_Endlp)

310 0 0 20 0 0 0

Ind icates the weighting o f long -term external financing

relative to own res ources

G reen Rt_End =1 0 0 Yel low Rt_End gt 1 50 Y Rt_Endlp Rt_End gt

0 50 Y 1 50 Y Rt_Endlp Rt_End lt =0 50

087Variation

2014 - 2013

001

Short-term Debt Ratio (Rt_Endcp)

320 0 0 20 0 0 0

Ind icates the weighting o f s ho rt-term external financing

relative to own res ources

G reen Rt_End 1 50 Y Rt_Endcp Rt_End gt 0 5 Y 1 50 Y Rt_Endcp

Rt_End gt = 0 8

037Variation

2014 - 2013

004

Cost Ratio of Third Party Financing (Financial

Debt) (Rt_Cfex)

(4150 0 ( (3120 0 de n + 3230 0 de n + 3120 0 de n_1 + 3230 0 de n_1 )

2)) 10 0

Ind icates the percentage rep res ented by the companys cos t

o f financing with external deb t

G reen Rt_Cfex Rt_Ref =0 Yel low Rt_Cfex Rt_Ref gt 0 50 Y = 1

681 Variation

2014 - 2013

003 pp

Third-party Financing Cost ROE (Rt_Cfexref)

Rt_Cfex Rt_Ref

Ind icates the weighting o f Financial Debt fund ing cos ts

relative to s hareho lder p ro fitab ility

G reen Rt_Cfexref =0 Yel low Rt_Cfexref gt = 0 50 Y =1

164Variation

2014 - 2013

130

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 16

Optimal Precaution NegativeSolvency Indicators

Ratio of Immediate Availability (Rt_Diin)

(1250 0 +1270 0 ) 320 0 0

Ind icates the companys capacity to s ettle its s ho rt-term

debts in cas h availab le in the bank accounts and in cas h

reg is ters

G reen Rt_Di in gt = 0 15 Yel low Rt_Di in gt 0 0 5 Y lt 0 15 Red Rt_Di in

lt = 0 0 5

001Variation

2014 - 2013

000

Cash Ratio (Rt_Tes)

(1250 0 +1270 0 +1230 0 ) 320 0 0

Ind icates the companys s hort-term degree o f l iquid ity fo r

s ettling its debts

G reen Rt_Tes gt = 0 75 Yel low Rt_Tes gt 0 50 Y lt 0 75 Red Rt_Tes

lt = 0 50

005Variation

2014 - 2013

005

Solvency Ratio (Rt_Sol)

120 0 0 320 0 0

Ind icates the relations hip between current as s ets and liquid

liab ilities

G reen Rt_Sol gt = 1 5 Yel low Rt_Sol gt 1 Y lt 1 5 Red Rt_Sol lt = 1

027Variation

2014 - 2013

002

Guarantee Ratio (Rt_Gar)

10 0 0 0 (310 0 0 +320 0 0 )

Ind icates the to tal capacity o f a company to s ettle the

payment o f all its debts

G reen Rt_G a r gt = 1 5 Yel low Rt_G a r gt 1 Y lt 1 5 Red Rt_G a r lt = 1

020Variation

2014 - 2013

003

Optimal Precaution NegativeAsset Management Indicators

Average Receivables Collection Period

(Rt_Cobro)

Norma l Account Type ( ( (12310 + 12320 + 12330 ) 1 21 ) (40 10 0 +

40 50 0 )) 36 5 Abbrevia ted SME or Mixed Account Type ( ( (12380 +

1239 0 ) 1 21 ) (40 10 0 + 40 50 0 )) 36 5

The average receivab les co llection period is the number o f

days in which the company charges its c lients

G reen Rt_Cobro =6 5 Y 9 5

258222Variation

2014 - 2013

2142

Average Payment Period (Rt_Pago)

Norma l Account Type ( ( (32510 + 32520 + 32530 ) 1 21 ) (40 40 0 +

40 710 + 40 740 )) 36 5 Abbrevia ted SME or Mixed Account Type

( (3250 0 1 21 ) (40 40 0 + 40 70 0 )) 36 5

The average payment period is the number o f days in which

the company s ettles its trade ob ligations

G reen Rt_Pa go =6 5 Y 9 5

41068Variation

2014 - 2013

285

Stock Turnover (Rt_Exist)

( ( (1220 0 de n + 1220 0 de n_1 ) 2) 40 40 0 de n ) 36 5

Ind icates the number o f days needed to s ell s tocks

G reen Rt_Exist =6 0 Y 9 0

139863Variation

2014 - 2013

823

Optimal Precaution NegativeProfitability Indicators

Economic Profitability (ROI) (Rt_Roa)

(49 10 0 10 0 0 0 ) 10 0

Ind icates the p ro fitab ility o f the companys inves tment

meaning the p ro fitab ility o f the as s et befo re company taxes

and financial res ults

G reen Rt_Roa gt = 10 Yel low Rt_Roa gt 0 Y lt 10 Red Rt_Roa

lt = 0

-1044 Variation

2014 - 2013

023 pp

Financial Profitability (ROE) (Rt_Ref)

(49 50 0 20 0 0 0 ) 10 0

Meas ures the return on inves tment made by s hareho lders

G reen Rt_Ref gt = 10 Yel low Rt_Ref gt 0 Y lt 10 Red Rt_Ref lt =

0

415 Variation

2014 - 2013

006 pp

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 17

Optimal Precaution NegativeResults Indicators

Gross Margin Ratio (Rt_Mabr)

( (40 10 0 - 40 40 0 ) 40 10 0 ) 10 0

Deducting the d irect cos ts o f generating s ales - i e the cos t

o f merchand is e s o ld o r p rovis ions tells you the return on

s ales

G reen Rt_Ma br gt = 40 Yel low Rt_Ma br gt =20 Y lt 40 Red

Rt_Ma br lt 20

-1225 Variation

2014 - 2013

1006 pp

EBITDA Ratio (Rt_Ebitda)

( (49 10 0 + 40 80 0 ) 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBITDA (earnings

befo re interes t taxes depreciation and amortis ation) relative

to the companys revenues

G reen Rt_Ebi tda gt = 10 Yel low Rt_Ebi tda gt 0 Y lt 10 Red

Rt_Ebi tda lt =0

-1677 Variation

2014 - 2013

1256 pp

EBIT Ratio (Rt_Ebit)

(49 10 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBIT (earnings

befo re interes t amp taxes ) relative to the companys revenues

G reen Rt_Ebi t gt = 8 Yel low Rt_Ebi t gt 0 Y lt 5 Red Rt_Ebi t

lt =0

-1759 Variation

2014 - 2013

1348 pp

EBT Ratio (Rt_Ebt)

(49 30 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBT (earnings

befo re taxes ) relative to the companys revenues

G reen Rt_Ebt gt = 5 Yel low Rt_Ebt gt 0 Y lt 8 Red Rt_Ebt lt =0

-2246 Variation

2014 - 2013

1816 pp

Financial Year Result Ratio (Rt_Rneta)

(49 50 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by the financial year net

p ro fit relative to the companys revenues To tal p ro fitab ility

ob tained fo r each currency unit s o ld

G reen Rt_Nneta gt 0 Red Rt_Nneta lt =0

-2859 Variation

2014 - 2013

2455 pp

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 18

AN N UAL AC C O U N T S - B U S I N E S S R E GI S T E R F O R M AT

Balance(in Euros)

Financial years

Key 2011 2012 2013 2014

a) NON-CURRENT ASSETS 11000 9252644000 7888890100

I Fixed intangible assets 11100 101900 15200

1 Development 11110 000 000

2 Concessions 11120 000 000

3 Patents licences trademarks and similar 11130 000 000

4 Goodwill 11140 000 000

5 IT applications 11150 101900 15200

6 Investigation 11160 000 000

7 Intellectual property 11180 000 000

8 Rights relating to the emission of greenhouse gases 11190 000 000

9 Other fixed intangible assets 11170 000 000

II Property Plant and Equipment 11200 308790900 296363000

1 Land and structures 11210 000 000

2 Technical facilities and other (tangible) fixed assets 11220 100606600 88178700

3 In-progress fixed assets and advance payments 11230 208184300 208184300

III Investment Property 11300 288028300 266256300

1 Land 11310 253883200 253883200

2 Structures 11320 34145100 12373100

IV Long-term investments in group companies and sister

companies

11400 3333590100 2803860500

1 Equity instruments 11410 2016884300 2016884300

2 Credits to companies 11420 1316705800 786976200

2 Credits to companies 11430 000 000

4 Derivatives 11440 000 000

5 Other financial assets 11450 000 000

6 Other investments 11460 000 000

V Long-term financial investments 11500 18331000 17597200

1 Equity instruments 11510 131500 131500

2 Credits to third parties 11520 000 000

2 Credits to companies 11530 000 000

4 Derivatives 11540 000 000

5 Other financial assets 11550 18199500 17465700

6 Other investments 11560 000 000

VI Deferred tax assets 11600 5303801800 4504797900

VII Non-current trade debts 11700 000 000

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W W W I N F O E M P R E S A C O M 19

Financial years

Key 2011 2012 2013 2014

B) CURRENT ASSETS 12000 6205758700 5520200800

I Non-current assets maintained for sale 12100 000 000

II Stocks 12200 3765204600 4315256500

1 Commercial stocks 12210 000 000

2 Raw materials and other provisions 12220 1016357100 1607654500

3 Semi-finished products 12230 000 000

a) Long term production cycle 12231 000 000

b) Short term production cycle 12232 000 000

4 Finished products 12240 1532426200 1494815100

a) Long term production cycle 12241 1532426200 1494815100

b) Short term production cycle 12242 000 000

5 Sub-products waste and recovered materials 12250 000 000

6 Advance payments to providers 12260 1216421300 1212786900

III T rade debtors and other accounts receivable 12300 1941948500 912786800

1 Client receivables for service provisions and sales 12310 976116700 7566300

a) Client receivables for long-term service provisions

and sales

12311 000 000

b) Client receivables for short-term service

provisions and sales

12312 976116700 7566300

2 Clients group companies and sister companies 12320 204266100 205849500

3 Miscellaneous debtors 12330 716132800 698547000

4 Staff 12340 1153200 000

5Current tax assets 12350 000 000

6 Other credits with Public Administration bodies 12360 44279700 824000

7 Called-up share capital 12370 000 000

IV Short-term investments in group companies and sister

companies

12400 381133400 177691400

1 Equity instruments 12410 000 000

2 Credits to companies 12420 000 000

2 Credits to companies 12430 000 000

4 Derivatives 12440 000 000

5 Other financial assets 12450 381133400 177691400

6 Other investments 12460 000 000

V Short-term financial investments 12500 91823800 87421100

1 Equity instruments 12510 000 000

2 Credits to companies 12520 3304400 2774900

2 Credits to companies 12530 305000 305000

4 Derivatives 12540 000 000

5 Other financial assets 12550 88214400 84341200

6 Other investments 12560 000 000

VI Short-term accruals 12600 000 000

VII Cash and other equivalent liquid assets 12700 25648400 27045000

1 T reasury 12710 25648400 27045000

2 Other equivalent liquid assets 12720 000 000

TOTAL ASSETS (A + B) 10000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 20

Financial years

Key 2011 2012 2013 2014

A) EQUITY 20000 -52524217200 -54798767100

A-1) Equity capital 21000 -52524217200 -54798767100

I Capital 21100 1297258500 1297258500

1 Authorised capital 21110 1297258500 1297258500

2 (Uncalled share capital) 21120 000 000

II Premium on issued shares 21200 000 000

IIIReserves 21300 6062179100 6062179100

1 Legal and statutory reserves 21310 259451700 259451700

2 Other reserves 21320 5802727400 5802727400

3 Revaluation reserve 21330 000 000

IV (Companys equity shares and interests) 21400 000 000

V Results of previous financial years 21500 -54791023900 -59883654800

1 Carryover 21510 000 000

2 (Negative results of previous financial years) 21520 -54791023900 -59883654800

VI Other member contributions 21600 000 000

VII Financial year profit amp loss 21700 -5092630900 -2274549900

VIII (Interim dividend) 21800 000 000

IX Other equity instruments 21900 000 000

A-2) Adjustments for changes in value 22000 000 000

I Available-for-sale financial assets 22100 000 000

II Hedging transactions 22200 000 000

III Non-current assets and related liabilities maintained for

sale

22300 000 000

IV T ranslation difference 22400 000 000

V Others 22500 000 000

A3) Grants donations and legacies received 23000 000 000

B) NON-CURRENT LIABILIT IES 31000 46549643600 47908465000

I Long-term provisions 31100 75132300 75132300

1 Long-term staff benefit obligations 31110 000 000

2 Environmental actions 31120 000 000

3 Provisions for restructuring 31130 000 000

4 Other provisions 31140 75132300 75132300

II Long-term debts 31200 5612926800 4945711100

1 Obligations and other negotiable securities 31210 000 000

2 Debts with credit institutions 31220 5322958800 4656526000

3 Financial lease creditors 31230 000 000

4 Derivatives 31240 000 000

5 Other financial liabilities 31250 289968000 289185100

III Long-term debts with group companies and sister

companies

31300 40850000000 42800000000

IV Deferred tax liabilities 31400 11584500 87621600

V Long-term accruals 31500 000 000

VI Non-current trade creditors 31600 000 000

VII Long-term debt with special characteristics 31700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 21

Financial years

Key 2011 2012 2013 2014

C) CURRENT LIABILIT IES 32000 21432976300 20299393000

I Liabilities associated with non-current assets maintained for

sale

32100 000 000

II Short-term provisions 32200 1184371200 1964476900

1 Provisions for rights relating to the emission of

greenhouse gases

32210 000 000

2 Other provisions 32220 1184371200 1964476900

III Short-term debts 32300 17 37108700 1694501200

1 Obligations and other negotiable securities 32310 000 000

2 Debts with credit institutions 32320 17 32982600 1690373500

3 Financial lease creditors 32330 000 000

4 Derivatives 32340 000 000

5 Other financial liabilities 32350 4126100 4127700

IV Short-term debts with group companies and sister

companies

32400 16490887300 14684351300

V T rade creditors and other accounts payable 32500 2020609100 1956063600

1 Providers 32510 1573868600 1464849400

a) Long-term providers 32511 000 000

b) Short-term providers 32512 1573868600 1464849400

2 Providers group companies and sister companies 32520 116553500 78369000

3 Miscellaneous creditors 32530 59204100 60136000

4 Personnel (remunerations pending payment) 32540 1017300 000

5 Current tax liabilities 32550 000 000

6 Other debts with Public Administration bodies 32560 182162900 275878200

7 Advance payments from clients 32570 87802700 76831000

VI Short-term accruals 32600 000 000

VII Short-term debt with special characteristics 32700 000 000

TOTAL EQUITY AND LIABILIT IES (A + B + C) 30000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 22

Income statement(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Net turnover 40100 1261211300 79555900

a) Sales 40110 1230715400 61382900

b) Service provisions 40120 30495900 18173000

c) Financial revenues from holding companies 40130 000 000

2 Change in stocks of finished and semi-finished products 40200 -1169328600 -37611100

3 Capital asset betterments and improvements4 40300 000 000

4Provisions 40400 -4025133400 -1054374100

a) Consumption of merchandise 40410 000 000

b) Consumption of raw materials and other consumables 40420 -1327808600 000

c) Work carried out by other companies 40430 -17488500 -30451500

d) Deterioration in merchandise raw materials and other

provisions

40440 -2679836300 -1023922600

5 Other operating expenses 40500 39235900 26978700

a) Casual income and other current operating income 40510 39235900 26978700

b) Operating grants incorporated into the financial year profit

amp loss

40520 000 000

6 Personnel expenses 40600 -84216100 -28458200

a) Wages salaries and similar expenses 40610 -72780100 -22841400

b) Social security contributions 40620 -11436000 -5616800

c) Provisions 40630 000 000

7 Other operating expenses 40700 -1329387000 -320314800

a) Outsourcing 40710 -167392300 -123318300

b) Fees 40720 -33987800 -39586900

c) Losses deterioration and change in provisions for trade

operations

40730 -1128006900 -157409600

d) Other current operating expenses 40740 000 000

e) Expenses relating to the emission of greenhouse

gases

40750 000 000

8 Depreciation of fixed assets 40800 -18197700 -12851400

9 Allocation of non-financial asset grants and others 40900 000 000

10 Provision excesses 41000 000 000

11 Deterioration and result for transfers of fixed assets 41100 -45795000 300

a) Deterioration and losses 41110 -54236000 000

b) Results for transfers and others 41120 8441000 300

c) Deterioration and results for transfers of holding company

fixed assets

41130 000 000

12 Negative difference in business combinations 41200 000 000

13 Other results 41300 192691700 -52314100

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 23

Financial years

Key 2011 2012 2013 2014

A1) OPERATING PROFIT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11

+ 12 + 13)

49100 -5178918900 -1399388800

14 Financial revenues 41400 24914900 26494500

a) Of shareholdings in equity instruments 41410 4200 1400

a 1) In group companies and sister companies 41411 000 000

a 2) In third parties 41412 4200 1400

b) Of negotiable securities and other financial instruments 41420 24910700 26493100

b 1) Of group companies and sister companies 41421 24575700 22972200

b 2) Of third parties 41422 335000 3520900

c) Allocation of financial grants donations and legacies 41430 000 000

15 Financial expenses 41500 -270227700 -476090600

a) For debts with group companies and associated

companies

41510 -270227700 -471686500

b) For debts with third parties 41520 000 -4404100

c) For updating provisions 41530 000 000

16 Change in fair value of financial instruments 41600 000 000

a) T rading portfolio and others 41610 000 000

b) Allocation to financial year profit amp loss account on

available-for-sale financial assets

41620 000 000

17 Exchange differences 41700 -7 50600 -1101100

18 Deterioration and result for transfers of financial instruments 41800 000 63177500

a) Deteriorations and losses 41810 000 000

b) Results for transfers and others 41820 000 63177500

19 Other financial expenses and revenues 42100 000 000

a) Capitalisation of financial assets 42110 000 000

b) Financial revenues from creditors agreements 42120 000 000

c) Other revenues and expenses 42130 000 000

A2) FINANCIAL RESULT (14 + 15 + 16 + 17 18 + 19) 49200 -246063400 -387519700

A3) PRE-TAX RESULT (A1 + A2) 49300 -5424982300 -1786908500

20 Tax on profits 41900 332351400 -487641400

A4) FINANCIAL YEAR PROFIT amp LOSS FROM CONTINUING

OPERATIONS (A3 + 20)

49400 -5092630900 -2274549900

21 Financial year result from discontinued operations after tax 42000 000 000

A5) FINANCIAL YEAR RESULT (A4 + 21) 49500 -5092630900 -2274549900

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W W W I N F O E M P R E S A C O M 24

Changes in Equity(in Euros)

Financial years

Key 2011 2012 2013 2014

A) RESULT OF THE PROFIT AND LOSS ACCOUNT 59100 -5092630900 -2274549900

I For valuation of financial instruments 50010 000 000

1 Available-for-sale financial assets 50011 000 000

2 Other revenuesexpenses 50012 000 000

II For cash flow hedges (coverage) 50020 000 000

III Grants donations and legacies received 50030 000 000

IV For actuarial profits and losses and other adjustments 50040 000 000

V For non-current assets and related liabilities maintained

for sale

50050 000 000

VI Conversion Differences 50060 000 000

VII Tax effect 50070 000 000

B) Total revenues and expenses allocated directly in equity (I + II

+ III + IV +V+VI+VII)

59200 000 000

VIII For valuation of financial instruments 50080 000 000

1 Available-for-sale financial assets 50081 000 000

2 Other revenuesexpenses 50082 000 000

IX For cash flow hedges (coverage) 50090 000 000

X Grants donations and legacies received 50100 000 000

XI For non-current assets and related liabilities maintained

for sale

50110 000 000

XII T ranslation differences 50120 000 000

XIII Tax effect 50130 000 000

C) Total transfers to the profit and loss account (VIII + IX + X + XI+

XII+ XIII)

59300 000 000

TOTAL RECOGNISED EXPENDITURE AND REVENUES (A + B + C) 59400 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 25

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

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W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

E C O N O M I C AN D F I N AN C I AL C O M M I T T E E

Economic and Financial Committee

Financial years

Growth indicators 2011 2012 2013 2014

Change in Revenues -9559 -9369

Total Number of Employees 500 500

Change () -7500 000

Cash Flow Indicators 2011 2012 2013 2014

Gross cash flow euro7304638 euro-3471895

on Revenues 5792 -43641

Change in working capital euro-14001266 euro471718

on Revenues -11101 5929

CAPEX euro44653 euro-86

on Revenues 035 -001

FREE CASH FLOW euro-6651975 euro-3000263

on Revenues -5274 -37713

Financial Structure Indicators 2011 2012 2013 2014

Working Capital Ratio 040 041

Financial Autonomy Ratio 077 080

Debt Ratio 129 124

Long-term Debt Ratio 089 087

Short-term Debt Ratio 041 037

Cost Ratio of Third Party Financing (Financial Debt) 333 681

Third-party Financing Cost ROE 034 164

Solvency Indicators 2011 2012 2013 2014

Ratio of Immediate Availability 001 001

Cash Ratio 010 005

Solvency Ratio 029 027

Guarantee Ratio 023 020

Asset Management Indicators 2011 2012 2013 2014

Average Receivables Collection Period 43992 258222

Average Payment Period 12589 41068

Stock Turnover 57551 139863

Profitability Indicators 2011 2012 2013 2014

Economic Profitability (ROI) -3350 -1044

Financial Profitability (ROE) 970 415

Results Indicators 2011 2012 2013 2014

Gross Margin Ratio -21915 -122532

EBITDA Ratio -42083 -167709

EBIT Ratio -41063 -175900

EBT Ratio -43014 -224610

Financial Year Result Ratio -40379 -285906

Cost Indicators 2011 2012 2013 2014

Sales - Direct Cost 31915 132532

Sales - Overheads 11208 43840

Working Capital 2011 2012 2013 2014

Working Capital euro-152272176 euro-147791922

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 15

Optimal Precaution NegativeFinancial Structure Indicators

Working Capital Ratio (Rt_Cir)

120 0 0 10 0 0 0

Ind icates the capacity o f a companys as s et to be converted

into availab le funds Repres ents the weighting o f current

as s ets relative to to tal as s ets

G reen Rt_Cir gt = 0 50 Yel low Rt_Cir gt = 0 30 Y lt 0 50 Red Rt_Cir

lt 0 30

041Variation

2014 - 2013

001

Financial Autonomy Ratio (Rt_Aut)

20 0 0 0 (310 0 0 +320 0 0 )

Ind icates the companys autonomy with res pect to third

parties s howing the percentage o f own (company) res ources

emp loyed by the company relative to to tal current liab ilities

o r third party res ources

G reen Rt_Aut gt = 0 70 Yel low Rt_Aut gt 0 40 Y lt 0 70 Red Rt_Aut

lt = 0 40

080Variation

2014 - 2013

003

Debt Ratio (Rt_End)

(310 0 0 +320 0 0 ) 20 0 0 0

Ind icates the companys leverage s howing the percentage o f

third party res ources emp loyed by the company fo r financing

relative to own res ources

G reen Rt_End = 1 50 Red Rt_End gt = 250

124Variation

2014 - 2013

005

Long-term Debt Ratio (Rt_Endlp)

310 0 0 20 0 0 0

Ind icates the weighting o f long -term external financing

relative to own res ources

G reen Rt_End =1 0 0 Yel low Rt_End gt 1 50 Y Rt_Endlp Rt_End gt

0 50 Y 1 50 Y Rt_Endlp Rt_End lt =0 50

087Variation

2014 - 2013

001

Short-term Debt Ratio (Rt_Endcp)

320 0 0 20 0 0 0

Ind icates the weighting o f s ho rt-term external financing

relative to own res ources

G reen Rt_End 1 50 Y Rt_Endcp Rt_End gt 0 5 Y 1 50 Y Rt_Endcp

Rt_End gt = 0 8

037Variation

2014 - 2013

004

Cost Ratio of Third Party Financing (Financial

Debt) (Rt_Cfex)

(4150 0 ( (3120 0 de n + 3230 0 de n + 3120 0 de n_1 + 3230 0 de n_1 )

2)) 10 0

Ind icates the percentage rep res ented by the companys cos t

o f financing with external deb t

G reen Rt_Cfex Rt_Ref =0 Yel low Rt_Cfex Rt_Ref gt 0 50 Y = 1

681 Variation

2014 - 2013

003 pp

Third-party Financing Cost ROE (Rt_Cfexref)

Rt_Cfex Rt_Ref

Ind icates the weighting o f Financial Debt fund ing cos ts

relative to s hareho lder p ro fitab ility

G reen Rt_Cfexref =0 Yel low Rt_Cfexref gt = 0 50 Y =1

164Variation

2014 - 2013

130

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 16

Optimal Precaution NegativeSolvency Indicators

Ratio of Immediate Availability (Rt_Diin)

(1250 0 +1270 0 ) 320 0 0

Ind icates the companys capacity to s ettle its s ho rt-term

debts in cas h availab le in the bank accounts and in cas h

reg is ters

G reen Rt_Di in gt = 0 15 Yel low Rt_Di in gt 0 0 5 Y lt 0 15 Red Rt_Di in

lt = 0 0 5

001Variation

2014 - 2013

000

Cash Ratio (Rt_Tes)

(1250 0 +1270 0 +1230 0 ) 320 0 0

Ind icates the companys s hort-term degree o f l iquid ity fo r

s ettling its debts

G reen Rt_Tes gt = 0 75 Yel low Rt_Tes gt 0 50 Y lt 0 75 Red Rt_Tes

lt = 0 50

005Variation

2014 - 2013

005

Solvency Ratio (Rt_Sol)

120 0 0 320 0 0

Ind icates the relations hip between current as s ets and liquid

liab ilities

G reen Rt_Sol gt = 1 5 Yel low Rt_Sol gt 1 Y lt 1 5 Red Rt_Sol lt = 1

027Variation

2014 - 2013

002

Guarantee Ratio (Rt_Gar)

10 0 0 0 (310 0 0 +320 0 0 )

Ind icates the to tal capacity o f a company to s ettle the

payment o f all its debts

G reen Rt_G a r gt = 1 5 Yel low Rt_G a r gt 1 Y lt 1 5 Red Rt_G a r lt = 1

020Variation

2014 - 2013

003

Optimal Precaution NegativeAsset Management Indicators

Average Receivables Collection Period

(Rt_Cobro)

Norma l Account Type ( ( (12310 + 12320 + 12330 ) 1 21 ) (40 10 0 +

40 50 0 )) 36 5 Abbrevia ted SME or Mixed Account Type ( ( (12380 +

1239 0 ) 1 21 ) (40 10 0 + 40 50 0 )) 36 5

The average receivab les co llection period is the number o f

days in which the company charges its c lients

G reen Rt_Cobro =6 5 Y 9 5

258222Variation

2014 - 2013

2142

Average Payment Period (Rt_Pago)

Norma l Account Type ( ( (32510 + 32520 + 32530 ) 1 21 ) (40 40 0 +

40 710 + 40 740 )) 36 5 Abbrevia ted SME or Mixed Account Type

( (3250 0 1 21 ) (40 40 0 + 40 70 0 )) 36 5

The average payment period is the number o f days in which

the company s ettles its trade ob ligations

G reen Rt_Pa go =6 5 Y 9 5

41068Variation

2014 - 2013

285

Stock Turnover (Rt_Exist)

( ( (1220 0 de n + 1220 0 de n_1 ) 2) 40 40 0 de n ) 36 5

Ind icates the number o f days needed to s ell s tocks

G reen Rt_Exist =6 0 Y 9 0

139863Variation

2014 - 2013

823

Optimal Precaution NegativeProfitability Indicators

Economic Profitability (ROI) (Rt_Roa)

(49 10 0 10 0 0 0 ) 10 0

Ind icates the p ro fitab ility o f the companys inves tment

meaning the p ro fitab ility o f the as s et befo re company taxes

and financial res ults

G reen Rt_Roa gt = 10 Yel low Rt_Roa gt 0 Y lt 10 Red Rt_Roa

lt = 0

-1044 Variation

2014 - 2013

023 pp

Financial Profitability (ROE) (Rt_Ref)

(49 50 0 20 0 0 0 ) 10 0

Meas ures the return on inves tment made by s hareho lders

G reen Rt_Ref gt = 10 Yel low Rt_Ref gt 0 Y lt 10 Red Rt_Ref lt =

0

415 Variation

2014 - 2013

006 pp

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 17

Optimal Precaution NegativeResults Indicators

Gross Margin Ratio (Rt_Mabr)

( (40 10 0 - 40 40 0 ) 40 10 0 ) 10 0

Deducting the d irect cos ts o f generating s ales - i e the cos t

o f merchand is e s o ld o r p rovis ions tells you the return on

s ales

G reen Rt_Ma br gt = 40 Yel low Rt_Ma br gt =20 Y lt 40 Red

Rt_Ma br lt 20

-1225 Variation

2014 - 2013

1006 pp

EBITDA Ratio (Rt_Ebitda)

( (49 10 0 + 40 80 0 ) 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBITDA (earnings

befo re interes t taxes depreciation and amortis ation) relative

to the companys revenues

G reen Rt_Ebi tda gt = 10 Yel low Rt_Ebi tda gt 0 Y lt 10 Red

Rt_Ebi tda lt =0

-1677 Variation

2014 - 2013

1256 pp

EBIT Ratio (Rt_Ebit)

(49 10 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBIT (earnings

befo re interes t amp taxes ) relative to the companys revenues

G reen Rt_Ebi t gt = 8 Yel low Rt_Ebi t gt 0 Y lt 5 Red Rt_Ebi t

lt =0

-1759 Variation

2014 - 2013

1348 pp

EBT Ratio (Rt_Ebt)

(49 30 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBT (earnings

befo re taxes ) relative to the companys revenues

G reen Rt_Ebt gt = 5 Yel low Rt_Ebt gt 0 Y lt 8 Red Rt_Ebt lt =0

-2246 Variation

2014 - 2013

1816 pp

Financial Year Result Ratio (Rt_Rneta)

(49 50 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by the financial year net

p ro fit relative to the companys revenues To tal p ro fitab ility

ob tained fo r each currency unit s o ld

G reen Rt_Nneta gt 0 Red Rt_Nneta lt =0

-2859 Variation

2014 - 2013

2455 pp

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 18

AN N UAL AC C O U N T S - B U S I N E S S R E GI S T E R F O R M AT

Balance(in Euros)

Financial years

Key 2011 2012 2013 2014

a) NON-CURRENT ASSETS 11000 9252644000 7888890100

I Fixed intangible assets 11100 101900 15200

1 Development 11110 000 000

2 Concessions 11120 000 000

3 Patents licences trademarks and similar 11130 000 000

4 Goodwill 11140 000 000

5 IT applications 11150 101900 15200

6 Investigation 11160 000 000

7 Intellectual property 11180 000 000

8 Rights relating to the emission of greenhouse gases 11190 000 000

9 Other fixed intangible assets 11170 000 000

II Property Plant and Equipment 11200 308790900 296363000

1 Land and structures 11210 000 000

2 Technical facilities and other (tangible) fixed assets 11220 100606600 88178700

3 In-progress fixed assets and advance payments 11230 208184300 208184300

III Investment Property 11300 288028300 266256300

1 Land 11310 253883200 253883200

2 Structures 11320 34145100 12373100

IV Long-term investments in group companies and sister

companies

11400 3333590100 2803860500

1 Equity instruments 11410 2016884300 2016884300

2 Credits to companies 11420 1316705800 786976200

2 Credits to companies 11430 000 000

4 Derivatives 11440 000 000

5 Other financial assets 11450 000 000

6 Other investments 11460 000 000

V Long-term financial investments 11500 18331000 17597200

1 Equity instruments 11510 131500 131500

2 Credits to third parties 11520 000 000

2 Credits to companies 11530 000 000

4 Derivatives 11540 000 000

5 Other financial assets 11550 18199500 17465700

6 Other investments 11560 000 000

VI Deferred tax assets 11600 5303801800 4504797900

VII Non-current trade debts 11700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 19

Financial years

Key 2011 2012 2013 2014

B) CURRENT ASSETS 12000 6205758700 5520200800

I Non-current assets maintained for sale 12100 000 000

II Stocks 12200 3765204600 4315256500

1 Commercial stocks 12210 000 000

2 Raw materials and other provisions 12220 1016357100 1607654500

3 Semi-finished products 12230 000 000

a) Long term production cycle 12231 000 000

b) Short term production cycle 12232 000 000

4 Finished products 12240 1532426200 1494815100

a) Long term production cycle 12241 1532426200 1494815100

b) Short term production cycle 12242 000 000

5 Sub-products waste and recovered materials 12250 000 000

6 Advance payments to providers 12260 1216421300 1212786900

III T rade debtors and other accounts receivable 12300 1941948500 912786800

1 Client receivables for service provisions and sales 12310 976116700 7566300

a) Client receivables for long-term service provisions

and sales

12311 000 000

b) Client receivables for short-term service

provisions and sales

12312 976116700 7566300

2 Clients group companies and sister companies 12320 204266100 205849500

3 Miscellaneous debtors 12330 716132800 698547000

4 Staff 12340 1153200 000

5Current tax assets 12350 000 000

6 Other credits with Public Administration bodies 12360 44279700 824000

7 Called-up share capital 12370 000 000

IV Short-term investments in group companies and sister

companies

12400 381133400 177691400

1 Equity instruments 12410 000 000

2 Credits to companies 12420 000 000

2 Credits to companies 12430 000 000

4 Derivatives 12440 000 000

5 Other financial assets 12450 381133400 177691400

6 Other investments 12460 000 000

V Short-term financial investments 12500 91823800 87421100

1 Equity instruments 12510 000 000

2 Credits to companies 12520 3304400 2774900

2 Credits to companies 12530 305000 305000

4 Derivatives 12540 000 000

5 Other financial assets 12550 88214400 84341200

6 Other investments 12560 000 000

VI Short-term accruals 12600 000 000

VII Cash and other equivalent liquid assets 12700 25648400 27045000

1 T reasury 12710 25648400 27045000

2 Other equivalent liquid assets 12720 000 000

TOTAL ASSETS (A + B) 10000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 20

Financial years

Key 2011 2012 2013 2014

A) EQUITY 20000 -52524217200 -54798767100

A-1) Equity capital 21000 -52524217200 -54798767100

I Capital 21100 1297258500 1297258500

1 Authorised capital 21110 1297258500 1297258500

2 (Uncalled share capital) 21120 000 000

II Premium on issued shares 21200 000 000

IIIReserves 21300 6062179100 6062179100

1 Legal and statutory reserves 21310 259451700 259451700

2 Other reserves 21320 5802727400 5802727400

3 Revaluation reserve 21330 000 000

IV (Companys equity shares and interests) 21400 000 000

V Results of previous financial years 21500 -54791023900 -59883654800

1 Carryover 21510 000 000

2 (Negative results of previous financial years) 21520 -54791023900 -59883654800

VI Other member contributions 21600 000 000

VII Financial year profit amp loss 21700 -5092630900 -2274549900

VIII (Interim dividend) 21800 000 000

IX Other equity instruments 21900 000 000

A-2) Adjustments for changes in value 22000 000 000

I Available-for-sale financial assets 22100 000 000

II Hedging transactions 22200 000 000

III Non-current assets and related liabilities maintained for

sale

22300 000 000

IV T ranslation difference 22400 000 000

V Others 22500 000 000

A3) Grants donations and legacies received 23000 000 000

B) NON-CURRENT LIABILIT IES 31000 46549643600 47908465000

I Long-term provisions 31100 75132300 75132300

1 Long-term staff benefit obligations 31110 000 000

2 Environmental actions 31120 000 000

3 Provisions for restructuring 31130 000 000

4 Other provisions 31140 75132300 75132300

II Long-term debts 31200 5612926800 4945711100

1 Obligations and other negotiable securities 31210 000 000

2 Debts with credit institutions 31220 5322958800 4656526000

3 Financial lease creditors 31230 000 000

4 Derivatives 31240 000 000

5 Other financial liabilities 31250 289968000 289185100

III Long-term debts with group companies and sister

companies

31300 40850000000 42800000000

IV Deferred tax liabilities 31400 11584500 87621600

V Long-term accruals 31500 000 000

VI Non-current trade creditors 31600 000 000

VII Long-term debt with special characteristics 31700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 21

Financial years

Key 2011 2012 2013 2014

C) CURRENT LIABILIT IES 32000 21432976300 20299393000

I Liabilities associated with non-current assets maintained for

sale

32100 000 000

II Short-term provisions 32200 1184371200 1964476900

1 Provisions for rights relating to the emission of

greenhouse gases

32210 000 000

2 Other provisions 32220 1184371200 1964476900

III Short-term debts 32300 17 37108700 1694501200

1 Obligations and other negotiable securities 32310 000 000

2 Debts with credit institutions 32320 17 32982600 1690373500

3 Financial lease creditors 32330 000 000

4 Derivatives 32340 000 000

5 Other financial liabilities 32350 4126100 4127700

IV Short-term debts with group companies and sister

companies

32400 16490887300 14684351300

V T rade creditors and other accounts payable 32500 2020609100 1956063600

1 Providers 32510 1573868600 1464849400

a) Long-term providers 32511 000 000

b) Short-term providers 32512 1573868600 1464849400

2 Providers group companies and sister companies 32520 116553500 78369000

3 Miscellaneous creditors 32530 59204100 60136000

4 Personnel (remunerations pending payment) 32540 1017300 000

5 Current tax liabilities 32550 000 000

6 Other debts with Public Administration bodies 32560 182162900 275878200

7 Advance payments from clients 32570 87802700 76831000

VI Short-term accruals 32600 000 000

VII Short-term debt with special characteristics 32700 000 000

TOTAL EQUITY AND LIABILIT IES (A + B + C) 30000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 22

Income statement(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Net turnover 40100 1261211300 79555900

a) Sales 40110 1230715400 61382900

b) Service provisions 40120 30495900 18173000

c) Financial revenues from holding companies 40130 000 000

2 Change in stocks of finished and semi-finished products 40200 -1169328600 -37611100

3 Capital asset betterments and improvements4 40300 000 000

4Provisions 40400 -4025133400 -1054374100

a) Consumption of merchandise 40410 000 000

b) Consumption of raw materials and other consumables 40420 -1327808600 000

c) Work carried out by other companies 40430 -17488500 -30451500

d) Deterioration in merchandise raw materials and other

provisions

40440 -2679836300 -1023922600

5 Other operating expenses 40500 39235900 26978700

a) Casual income and other current operating income 40510 39235900 26978700

b) Operating grants incorporated into the financial year profit

amp loss

40520 000 000

6 Personnel expenses 40600 -84216100 -28458200

a) Wages salaries and similar expenses 40610 -72780100 -22841400

b) Social security contributions 40620 -11436000 -5616800

c) Provisions 40630 000 000

7 Other operating expenses 40700 -1329387000 -320314800

a) Outsourcing 40710 -167392300 -123318300

b) Fees 40720 -33987800 -39586900

c) Losses deterioration and change in provisions for trade

operations

40730 -1128006900 -157409600

d) Other current operating expenses 40740 000 000

e) Expenses relating to the emission of greenhouse

gases

40750 000 000

8 Depreciation of fixed assets 40800 -18197700 -12851400

9 Allocation of non-financial asset grants and others 40900 000 000

10 Provision excesses 41000 000 000

11 Deterioration and result for transfers of fixed assets 41100 -45795000 300

a) Deterioration and losses 41110 -54236000 000

b) Results for transfers and others 41120 8441000 300

c) Deterioration and results for transfers of holding company

fixed assets

41130 000 000

12 Negative difference in business combinations 41200 000 000

13 Other results 41300 192691700 -52314100

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 23

Financial years

Key 2011 2012 2013 2014

A1) OPERATING PROFIT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11

+ 12 + 13)

49100 -5178918900 -1399388800

14 Financial revenues 41400 24914900 26494500

a) Of shareholdings in equity instruments 41410 4200 1400

a 1) In group companies and sister companies 41411 000 000

a 2) In third parties 41412 4200 1400

b) Of negotiable securities and other financial instruments 41420 24910700 26493100

b 1) Of group companies and sister companies 41421 24575700 22972200

b 2) Of third parties 41422 335000 3520900

c) Allocation of financial grants donations and legacies 41430 000 000

15 Financial expenses 41500 -270227700 -476090600

a) For debts with group companies and associated

companies

41510 -270227700 -471686500

b) For debts with third parties 41520 000 -4404100

c) For updating provisions 41530 000 000

16 Change in fair value of financial instruments 41600 000 000

a) T rading portfolio and others 41610 000 000

b) Allocation to financial year profit amp loss account on

available-for-sale financial assets

41620 000 000

17 Exchange differences 41700 -7 50600 -1101100

18 Deterioration and result for transfers of financial instruments 41800 000 63177500

a) Deteriorations and losses 41810 000 000

b) Results for transfers and others 41820 000 63177500

19 Other financial expenses and revenues 42100 000 000

a) Capitalisation of financial assets 42110 000 000

b) Financial revenues from creditors agreements 42120 000 000

c) Other revenues and expenses 42130 000 000

A2) FINANCIAL RESULT (14 + 15 + 16 + 17 18 + 19) 49200 -246063400 -387519700

A3) PRE-TAX RESULT (A1 + A2) 49300 -5424982300 -1786908500

20 Tax on profits 41900 332351400 -487641400

A4) FINANCIAL YEAR PROFIT amp LOSS FROM CONTINUING

OPERATIONS (A3 + 20)

49400 -5092630900 -2274549900

21 Financial year result from discontinued operations after tax 42000 000 000

A5) FINANCIAL YEAR RESULT (A4 + 21) 49500 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 24

Changes in Equity(in Euros)

Financial years

Key 2011 2012 2013 2014

A) RESULT OF THE PROFIT AND LOSS ACCOUNT 59100 -5092630900 -2274549900

I For valuation of financial instruments 50010 000 000

1 Available-for-sale financial assets 50011 000 000

2 Other revenuesexpenses 50012 000 000

II For cash flow hedges (coverage) 50020 000 000

III Grants donations and legacies received 50030 000 000

IV For actuarial profits and losses and other adjustments 50040 000 000

V For non-current assets and related liabilities maintained

for sale

50050 000 000

VI Conversion Differences 50060 000 000

VII Tax effect 50070 000 000

B) Total revenues and expenses allocated directly in equity (I + II

+ III + IV +V+VI+VII)

59200 000 000

VIII For valuation of financial instruments 50080 000 000

1 Available-for-sale financial assets 50081 000 000

2 Other revenuesexpenses 50082 000 000

IX For cash flow hedges (coverage) 50090 000 000

X Grants donations and legacies received 50100 000 000

XI For non-current assets and related liabilities maintained

for sale

50110 000 000

XII T ranslation differences 50120 000 000

XIII Tax effect 50130 000 000

C) Total transfers to the profit and loss account (VIII + IX + X + XI+

XII+ XIII)

59300 000 000

TOTAL RECOGNISED EXPENDITURE AND REVENUES (A + B + C) 59400 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 25

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

Optimal Precaution NegativeFinancial Structure Indicators

Working Capital Ratio (Rt_Cir)

120 0 0 10 0 0 0

Ind icates the capacity o f a companys as s et to be converted

into availab le funds Repres ents the weighting o f current

as s ets relative to to tal as s ets

G reen Rt_Cir gt = 0 50 Yel low Rt_Cir gt = 0 30 Y lt 0 50 Red Rt_Cir

lt 0 30

041Variation

2014 - 2013

001

Financial Autonomy Ratio (Rt_Aut)

20 0 0 0 (310 0 0 +320 0 0 )

Ind icates the companys autonomy with res pect to third

parties s howing the percentage o f own (company) res ources

emp loyed by the company relative to to tal current liab ilities

o r third party res ources

G reen Rt_Aut gt = 0 70 Yel low Rt_Aut gt 0 40 Y lt 0 70 Red Rt_Aut

lt = 0 40

080Variation

2014 - 2013

003

Debt Ratio (Rt_End)

(310 0 0 +320 0 0 ) 20 0 0 0

Ind icates the companys leverage s howing the percentage o f

third party res ources emp loyed by the company fo r financing

relative to own res ources

G reen Rt_End = 1 50 Red Rt_End gt = 250

124Variation

2014 - 2013

005

Long-term Debt Ratio (Rt_Endlp)

310 0 0 20 0 0 0

Ind icates the weighting o f long -term external financing

relative to own res ources

G reen Rt_End =1 0 0 Yel low Rt_End gt 1 50 Y Rt_Endlp Rt_End gt

0 50 Y 1 50 Y Rt_Endlp Rt_End lt =0 50

087Variation

2014 - 2013

001

Short-term Debt Ratio (Rt_Endcp)

320 0 0 20 0 0 0

Ind icates the weighting o f s ho rt-term external financing

relative to own res ources

G reen Rt_End 1 50 Y Rt_Endcp Rt_End gt 0 5 Y 1 50 Y Rt_Endcp

Rt_End gt = 0 8

037Variation

2014 - 2013

004

Cost Ratio of Third Party Financing (Financial

Debt) (Rt_Cfex)

(4150 0 ( (3120 0 de n + 3230 0 de n + 3120 0 de n_1 + 3230 0 de n_1 )

2)) 10 0

Ind icates the percentage rep res ented by the companys cos t

o f financing with external deb t

G reen Rt_Cfex Rt_Ref =0 Yel low Rt_Cfex Rt_Ref gt 0 50 Y = 1

681 Variation

2014 - 2013

003 pp

Third-party Financing Cost ROE (Rt_Cfexref)

Rt_Cfex Rt_Ref

Ind icates the weighting o f Financial Debt fund ing cos ts

relative to s hareho lder p ro fitab ility

G reen Rt_Cfexref =0 Yel low Rt_Cfexref gt = 0 50 Y =1

164Variation

2014 - 2013

130

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 16

Optimal Precaution NegativeSolvency Indicators

Ratio of Immediate Availability (Rt_Diin)

(1250 0 +1270 0 ) 320 0 0

Ind icates the companys capacity to s ettle its s ho rt-term

debts in cas h availab le in the bank accounts and in cas h

reg is ters

G reen Rt_Di in gt = 0 15 Yel low Rt_Di in gt 0 0 5 Y lt 0 15 Red Rt_Di in

lt = 0 0 5

001Variation

2014 - 2013

000

Cash Ratio (Rt_Tes)

(1250 0 +1270 0 +1230 0 ) 320 0 0

Ind icates the companys s hort-term degree o f l iquid ity fo r

s ettling its debts

G reen Rt_Tes gt = 0 75 Yel low Rt_Tes gt 0 50 Y lt 0 75 Red Rt_Tes

lt = 0 50

005Variation

2014 - 2013

005

Solvency Ratio (Rt_Sol)

120 0 0 320 0 0

Ind icates the relations hip between current as s ets and liquid

liab ilities

G reen Rt_Sol gt = 1 5 Yel low Rt_Sol gt 1 Y lt 1 5 Red Rt_Sol lt = 1

027Variation

2014 - 2013

002

Guarantee Ratio (Rt_Gar)

10 0 0 0 (310 0 0 +320 0 0 )

Ind icates the to tal capacity o f a company to s ettle the

payment o f all its debts

G reen Rt_G a r gt = 1 5 Yel low Rt_G a r gt 1 Y lt 1 5 Red Rt_G a r lt = 1

020Variation

2014 - 2013

003

Optimal Precaution NegativeAsset Management Indicators

Average Receivables Collection Period

(Rt_Cobro)

Norma l Account Type ( ( (12310 + 12320 + 12330 ) 1 21 ) (40 10 0 +

40 50 0 )) 36 5 Abbrevia ted SME or Mixed Account Type ( ( (12380 +

1239 0 ) 1 21 ) (40 10 0 + 40 50 0 )) 36 5

The average receivab les co llection period is the number o f

days in which the company charges its c lients

G reen Rt_Cobro =6 5 Y 9 5

258222Variation

2014 - 2013

2142

Average Payment Period (Rt_Pago)

Norma l Account Type ( ( (32510 + 32520 + 32530 ) 1 21 ) (40 40 0 +

40 710 + 40 740 )) 36 5 Abbrevia ted SME or Mixed Account Type

( (3250 0 1 21 ) (40 40 0 + 40 70 0 )) 36 5

The average payment period is the number o f days in which

the company s ettles its trade ob ligations

G reen Rt_Pa go =6 5 Y 9 5

41068Variation

2014 - 2013

285

Stock Turnover (Rt_Exist)

( ( (1220 0 de n + 1220 0 de n_1 ) 2) 40 40 0 de n ) 36 5

Ind icates the number o f days needed to s ell s tocks

G reen Rt_Exist =6 0 Y 9 0

139863Variation

2014 - 2013

823

Optimal Precaution NegativeProfitability Indicators

Economic Profitability (ROI) (Rt_Roa)

(49 10 0 10 0 0 0 ) 10 0

Ind icates the p ro fitab ility o f the companys inves tment

meaning the p ro fitab ility o f the as s et befo re company taxes

and financial res ults

G reen Rt_Roa gt = 10 Yel low Rt_Roa gt 0 Y lt 10 Red Rt_Roa

lt = 0

-1044 Variation

2014 - 2013

023 pp

Financial Profitability (ROE) (Rt_Ref)

(49 50 0 20 0 0 0 ) 10 0

Meas ures the return on inves tment made by s hareho lders

G reen Rt_Ref gt = 10 Yel low Rt_Ref gt 0 Y lt 10 Red Rt_Ref lt =

0

415 Variation

2014 - 2013

006 pp

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 17

Optimal Precaution NegativeResults Indicators

Gross Margin Ratio (Rt_Mabr)

( (40 10 0 - 40 40 0 ) 40 10 0 ) 10 0

Deducting the d irect cos ts o f generating s ales - i e the cos t

o f merchand is e s o ld o r p rovis ions tells you the return on

s ales

G reen Rt_Ma br gt = 40 Yel low Rt_Ma br gt =20 Y lt 40 Red

Rt_Ma br lt 20

-1225 Variation

2014 - 2013

1006 pp

EBITDA Ratio (Rt_Ebitda)

( (49 10 0 + 40 80 0 ) 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBITDA (earnings

befo re interes t taxes depreciation and amortis ation) relative

to the companys revenues

G reen Rt_Ebi tda gt = 10 Yel low Rt_Ebi tda gt 0 Y lt 10 Red

Rt_Ebi tda lt =0

-1677 Variation

2014 - 2013

1256 pp

EBIT Ratio (Rt_Ebit)

(49 10 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBIT (earnings

befo re interes t amp taxes ) relative to the companys revenues

G reen Rt_Ebi t gt = 8 Yel low Rt_Ebi t gt 0 Y lt 5 Red Rt_Ebi t

lt =0

-1759 Variation

2014 - 2013

1348 pp

EBT Ratio (Rt_Ebt)

(49 30 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBT (earnings

befo re taxes ) relative to the companys revenues

G reen Rt_Ebt gt = 5 Yel low Rt_Ebt gt 0 Y lt 8 Red Rt_Ebt lt =0

-2246 Variation

2014 - 2013

1816 pp

Financial Year Result Ratio (Rt_Rneta)

(49 50 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by the financial year net

p ro fit relative to the companys revenues To tal p ro fitab ility

ob tained fo r each currency unit s o ld

G reen Rt_Nneta gt 0 Red Rt_Nneta lt =0

-2859 Variation

2014 - 2013

2455 pp

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 18

AN N UAL AC C O U N T S - B U S I N E S S R E GI S T E R F O R M AT

Balance(in Euros)

Financial years

Key 2011 2012 2013 2014

a) NON-CURRENT ASSETS 11000 9252644000 7888890100

I Fixed intangible assets 11100 101900 15200

1 Development 11110 000 000

2 Concessions 11120 000 000

3 Patents licences trademarks and similar 11130 000 000

4 Goodwill 11140 000 000

5 IT applications 11150 101900 15200

6 Investigation 11160 000 000

7 Intellectual property 11180 000 000

8 Rights relating to the emission of greenhouse gases 11190 000 000

9 Other fixed intangible assets 11170 000 000

II Property Plant and Equipment 11200 308790900 296363000

1 Land and structures 11210 000 000

2 Technical facilities and other (tangible) fixed assets 11220 100606600 88178700

3 In-progress fixed assets and advance payments 11230 208184300 208184300

III Investment Property 11300 288028300 266256300

1 Land 11310 253883200 253883200

2 Structures 11320 34145100 12373100

IV Long-term investments in group companies and sister

companies

11400 3333590100 2803860500

1 Equity instruments 11410 2016884300 2016884300

2 Credits to companies 11420 1316705800 786976200

2 Credits to companies 11430 000 000

4 Derivatives 11440 000 000

5 Other financial assets 11450 000 000

6 Other investments 11460 000 000

V Long-term financial investments 11500 18331000 17597200

1 Equity instruments 11510 131500 131500

2 Credits to third parties 11520 000 000

2 Credits to companies 11530 000 000

4 Derivatives 11540 000 000

5 Other financial assets 11550 18199500 17465700

6 Other investments 11560 000 000

VI Deferred tax assets 11600 5303801800 4504797900

VII Non-current trade debts 11700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 19

Financial years

Key 2011 2012 2013 2014

B) CURRENT ASSETS 12000 6205758700 5520200800

I Non-current assets maintained for sale 12100 000 000

II Stocks 12200 3765204600 4315256500

1 Commercial stocks 12210 000 000

2 Raw materials and other provisions 12220 1016357100 1607654500

3 Semi-finished products 12230 000 000

a) Long term production cycle 12231 000 000

b) Short term production cycle 12232 000 000

4 Finished products 12240 1532426200 1494815100

a) Long term production cycle 12241 1532426200 1494815100

b) Short term production cycle 12242 000 000

5 Sub-products waste and recovered materials 12250 000 000

6 Advance payments to providers 12260 1216421300 1212786900

III T rade debtors and other accounts receivable 12300 1941948500 912786800

1 Client receivables for service provisions and sales 12310 976116700 7566300

a) Client receivables for long-term service provisions

and sales

12311 000 000

b) Client receivables for short-term service

provisions and sales

12312 976116700 7566300

2 Clients group companies and sister companies 12320 204266100 205849500

3 Miscellaneous debtors 12330 716132800 698547000

4 Staff 12340 1153200 000

5Current tax assets 12350 000 000

6 Other credits with Public Administration bodies 12360 44279700 824000

7 Called-up share capital 12370 000 000

IV Short-term investments in group companies and sister

companies

12400 381133400 177691400

1 Equity instruments 12410 000 000

2 Credits to companies 12420 000 000

2 Credits to companies 12430 000 000

4 Derivatives 12440 000 000

5 Other financial assets 12450 381133400 177691400

6 Other investments 12460 000 000

V Short-term financial investments 12500 91823800 87421100

1 Equity instruments 12510 000 000

2 Credits to companies 12520 3304400 2774900

2 Credits to companies 12530 305000 305000

4 Derivatives 12540 000 000

5 Other financial assets 12550 88214400 84341200

6 Other investments 12560 000 000

VI Short-term accruals 12600 000 000

VII Cash and other equivalent liquid assets 12700 25648400 27045000

1 T reasury 12710 25648400 27045000

2 Other equivalent liquid assets 12720 000 000

TOTAL ASSETS (A + B) 10000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 20

Financial years

Key 2011 2012 2013 2014

A) EQUITY 20000 -52524217200 -54798767100

A-1) Equity capital 21000 -52524217200 -54798767100

I Capital 21100 1297258500 1297258500

1 Authorised capital 21110 1297258500 1297258500

2 (Uncalled share capital) 21120 000 000

II Premium on issued shares 21200 000 000

IIIReserves 21300 6062179100 6062179100

1 Legal and statutory reserves 21310 259451700 259451700

2 Other reserves 21320 5802727400 5802727400

3 Revaluation reserve 21330 000 000

IV (Companys equity shares and interests) 21400 000 000

V Results of previous financial years 21500 -54791023900 -59883654800

1 Carryover 21510 000 000

2 (Negative results of previous financial years) 21520 -54791023900 -59883654800

VI Other member contributions 21600 000 000

VII Financial year profit amp loss 21700 -5092630900 -2274549900

VIII (Interim dividend) 21800 000 000

IX Other equity instruments 21900 000 000

A-2) Adjustments for changes in value 22000 000 000

I Available-for-sale financial assets 22100 000 000

II Hedging transactions 22200 000 000

III Non-current assets and related liabilities maintained for

sale

22300 000 000

IV T ranslation difference 22400 000 000

V Others 22500 000 000

A3) Grants donations and legacies received 23000 000 000

B) NON-CURRENT LIABILIT IES 31000 46549643600 47908465000

I Long-term provisions 31100 75132300 75132300

1 Long-term staff benefit obligations 31110 000 000

2 Environmental actions 31120 000 000

3 Provisions for restructuring 31130 000 000

4 Other provisions 31140 75132300 75132300

II Long-term debts 31200 5612926800 4945711100

1 Obligations and other negotiable securities 31210 000 000

2 Debts with credit institutions 31220 5322958800 4656526000

3 Financial lease creditors 31230 000 000

4 Derivatives 31240 000 000

5 Other financial liabilities 31250 289968000 289185100

III Long-term debts with group companies and sister

companies

31300 40850000000 42800000000

IV Deferred tax liabilities 31400 11584500 87621600

V Long-term accruals 31500 000 000

VI Non-current trade creditors 31600 000 000

VII Long-term debt with special characteristics 31700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 21

Financial years

Key 2011 2012 2013 2014

C) CURRENT LIABILIT IES 32000 21432976300 20299393000

I Liabilities associated with non-current assets maintained for

sale

32100 000 000

II Short-term provisions 32200 1184371200 1964476900

1 Provisions for rights relating to the emission of

greenhouse gases

32210 000 000

2 Other provisions 32220 1184371200 1964476900

III Short-term debts 32300 17 37108700 1694501200

1 Obligations and other negotiable securities 32310 000 000

2 Debts with credit institutions 32320 17 32982600 1690373500

3 Financial lease creditors 32330 000 000

4 Derivatives 32340 000 000

5 Other financial liabilities 32350 4126100 4127700

IV Short-term debts with group companies and sister

companies

32400 16490887300 14684351300

V T rade creditors and other accounts payable 32500 2020609100 1956063600

1 Providers 32510 1573868600 1464849400

a) Long-term providers 32511 000 000

b) Short-term providers 32512 1573868600 1464849400

2 Providers group companies and sister companies 32520 116553500 78369000

3 Miscellaneous creditors 32530 59204100 60136000

4 Personnel (remunerations pending payment) 32540 1017300 000

5 Current tax liabilities 32550 000 000

6 Other debts with Public Administration bodies 32560 182162900 275878200

7 Advance payments from clients 32570 87802700 76831000

VI Short-term accruals 32600 000 000

VII Short-term debt with special characteristics 32700 000 000

TOTAL EQUITY AND LIABILIT IES (A + B + C) 30000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 22

Income statement(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Net turnover 40100 1261211300 79555900

a) Sales 40110 1230715400 61382900

b) Service provisions 40120 30495900 18173000

c) Financial revenues from holding companies 40130 000 000

2 Change in stocks of finished and semi-finished products 40200 -1169328600 -37611100

3 Capital asset betterments and improvements4 40300 000 000

4Provisions 40400 -4025133400 -1054374100

a) Consumption of merchandise 40410 000 000

b) Consumption of raw materials and other consumables 40420 -1327808600 000

c) Work carried out by other companies 40430 -17488500 -30451500

d) Deterioration in merchandise raw materials and other

provisions

40440 -2679836300 -1023922600

5 Other operating expenses 40500 39235900 26978700

a) Casual income and other current operating income 40510 39235900 26978700

b) Operating grants incorporated into the financial year profit

amp loss

40520 000 000

6 Personnel expenses 40600 -84216100 -28458200

a) Wages salaries and similar expenses 40610 -72780100 -22841400

b) Social security contributions 40620 -11436000 -5616800

c) Provisions 40630 000 000

7 Other operating expenses 40700 -1329387000 -320314800

a) Outsourcing 40710 -167392300 -123318300

b) Fees 40720 -33987800 -39586900

c) Losses deterioration and change in provisions for trade

operations

40730 -1128006900 -157409600

d) Other current operating expenses 40740 000 000

e) Expenses relating to the emission of greenhouse

gases

40750 000 000

8 Depreciation of fixed assets 40800 -18197700 -12851400

9 Allocation of non-financial asset grants and others 40900 000 000

10 Provision excesses 41000 000 000

11 Deterioration and result for transfers of fixed assets 41100 -45795000 300

a) Deterioration and losses 41110 -54236000 000

b) Results for transfers and others 41120 8441000 300

c) Deterioration and results for transfers of holding company

fixed assets

41130 000 000

12 Negative difference in business combinations 41200 000 000

13 Other results 41300 192691700 -52314100

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 23

Financial years

Key 2011 2012 2013 2014

A1) OPERATING PROFIT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11

+ 12 + 13)

49100 -5178918900 -1399388800

14 Financial revenues 41400 24914900 26494500

a) Of shareholdings in equity instruments 41410 4200 1400

a 1) In group companies and sister companies 41411 000 000

a 2) In third parties 41412 4200 1400

b) Of negotiable securities and other financial instruments 41420 24910700 26493100

b 1) Of group companies and sister companies 41421 24575700 22972200

b 2) Of third parties 41422 335000 3520900

c) Allocation of financial grants donations and legacies 41430 000 000

15 Financial expenses 41500 -270227700 -476090600

a) For debts with group companies and associated

companies

41510 -270227700 -471686500

b) For debts with third parties 41520 000 -4404100

c) For updating provisions 41530 000 000

16 Change in fair value of financial instruments 41600 000 000

a) T rading portfolio and others 41610 000 000

b) Allocation to financial year profit amp loss account on

available-for-sale financial assets

41620 000 000

17 Exchange differences 41700 -7 50600 -1101100

18 Deterioration and result for transfers of financial instruments 41800 000 63177500

a) Deteriorations and losses 41810 000 000

b) Results for transfers and others 41820 000 63177500

19 Other financial expenses and revenues 42100 000 000

a) Capitalisation of financial assets 42110 000 000

b) Financial revenues from creditors agreements 42120 000 000

c) Other revenues and expenses 42130 000 000

A2) FINANCIAL RESULT (14 + 15 + 16 + 17 18 + 19) 49200 -246063400 -387519700

A3) PRE-TAX RESULT (A1 + A2) 49300 -5424982300 -1786908500

20 Tax on profits 41900 332351400 -487641400

A4) FINANCIAL YEAR PROFIT amp LOSS FROM CONTINUING

OPERATIONS (A3 + 20)

49400 -5092630900 -2274549900

21 Financial year result from discontinued operations after tax 42000 000 000

A5) FINANCIAL YEAR RESULT (A4 + 21) 49500 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 24

Changes in Equity(in Euros)

Financial years

Key 2011 2012 2013 2014

A) RESULT OF THE PROFIT AND LOSS ACCOUNT 59100 -5092630900 -2274549900

I For valuation of financial instruments 50010 000 000

1 Available-for-sale financial assets 50011 000 000

2 Other revenuesexpenses 50012 000 000

II For cash flow hedges (coverage) 50020 000 000

III Grants donations and legacies received 50030 000 000

IV For actuarial profits and losses and other adjustments 50040 000 000

V For non-current assets and related liabilities maintained

for sale

50050 000 000

VI Conversion Differences 50060 000 000

VII Tax effect 50070 000 000

B) Total revenues and expenses allocated directly in equity (I + II

+ III + IV +V+VI+VII)

59200 000 000

VIII For valuation of financial instruments 50080 000 000

1 Available-for-sale financial assets 50081 000 000

2 Other revenuesexpenses 50082 000 000

IX For cash flow hedges (coverage) 50090 000 000

X Grants donations and legacies received 50100 000 000

XI For non-current assets and related liabilities maintained

for sale

50110 000 000

XII T ranslation differences 50120 000 000

XIII Tax effect 50130 000 000

C) Total transfers to the profit and loss account (VIII + IX + X + XI+

XII+ XIII)

59300 000 000

TOTAL RECOGNISED EXPENDITURE AND REVENUES (A + B + C) 59400 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 25

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

Optimal Precaution NegativeSolvency Indicators

Ratio of Immediate Availability (Rt_Diin)

(1250 0 +1270 0 ) 320 0 0

Ind icates the companys capacity to s ettle its s ho rt-term

debts in cas h availab le in the bank accounts and in cas h

reg is ters

G reen Rt_Di in gt = 0 15 Yel low Rt_Di in gt 0 0 5 Y lt 0 15 Red Rt_Di in

lt = 0 0 5

001Variation

2014 - 2013

000

Cash Ratio (Rt_Tes)

(1250 0 +1270 0 +1230 0 ) 320 0 0

Ind icates the companys s hort-term degree o f l iquid ity fo r

s ettling its debts

G reen Rt_Tes gt = 0 75 Yel low Rt_Tes gt 0 50 Y lt 0 75 Red Rt_Tes

lt = 0 50

005Variation

2014 - 2013

005

Solvency Ratio (Rt_Sol)

120 0 0 320 0 0

Ind icates the relations hip between current as s ets and liquid

liab ilities

G reen Rt_Sol gt = 1 5 Yel low Rt_Sol gt 1 Y lt 1 5 Red Rt_Sol lt = 1

027Variation

2014 - 2013

002

Guarantee Ratio (Rt_Gar)

10 0 0 0 (310 0 0 +320 0 0 )

Ind icates the to tal capacity o f a company to s ettle the

payment o f all its debts

G reen Rt_G a r gt = 1 5 Yel low Rt_G a r gt 1 Y lt 1 5 Red Rt_G a r lt = 1

020Variation

2014 - 2013

003

Optimal Precaution NegativeAsset Management Indicators

Average Receivables Collection Period

(Rt_Cobro)

Norma l Account Type ( ( (12310 + 12320 + 12330 ) 1 21 ) (40 10 0 +

40 50 0 )) 36 5 Abbrevia ted SME or Mixed Account Type ( ( (12380 +

1239 0 ) 1 21 ) (40 10 0 + 40 50 0 )) 36 5

The average receivab les co llection period is the number o f

days in which the company charges its c lients

G reen Rt_Cobro =6 5 Y 9 5

258222Variation

2014 - 2013

2142

Average Payment Period (Rt_Pago)

Norma l Account Type ( ( (32510 + 32520 + 32530 ) 1 21 ) (40 40 0 +

40 710 + 40 740 )) 36 5 Abbrevia ted SME or Mixed Account Type

( (3250 0 1 21 ) (40 40 0 + 40 70 0 )) 36 5

The average payment period is the number o f days in which

the company s ettles its trade ob ligations

G reen Rt_Pa go =6 5 Y 9 5

41068Variation

2014 - 2013

285

Stock Turnover (Rt_Exist)

( ( (1220 0 de n + 1220 0 de n_1 ) 2) 40 40 0 de n ) 36 5

Ind icates the number o f days needed to s ell s tocks

G reen Rt_Exist =6 0 Y 9 0

139863Variation

2014 - 2013

823

Optimal Precaution NegativeProfitability Indicators

Economic Profitability (ROI) (Rt_Roa)

(49 10 0 10 0 0 0 ) 10 0

Ind icates the p ro fitab ility o f the companys inves tment

meaning the p ro fitab ility o f the as s et befo re company taxes

and financial res ults

G reen Rt_Roa gt = 10 Yel low Rt_Roa gt 0 Y lt 10 Red Rt_Roa

lt = 0

-1044 Variation

2014 - 2013

023 pp

Financial Profitability (ROE) (Rt_Ref)

(49 50 0 20 0 0 0 ) 10 0

Meas ures the return on inves tment made by s hareho lders

G reen Rt_Ref gt = 10 Yel low Rt_Ref gt 0 Y lt 10 Red Rt_Ref lt =

0

415 Variation

2014 - 2013

006 pp

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 17

Optimal Precaution NegativeResults Indicators

Gross Margin Ratio (Rt_Mabr)

( (40 10 0 - 40 40 0 ) 40 10 0 ) 10 0

Deducting the d irect cos ts o f generating s ales - i e the cos t

o f merchand is e s o ld o r p rovis ions tells you the return on

s ales

G reen Rt_Ma br gt = 40 Yel low Rt_Ma br gt =20 Y lt 40 Red

Rt_Ma br lt 20

-1225 Variation

2014 - 2013

1006 pp

EBITDA Ratio (Rt_Ebitda)

( (49 10 0 + 40 80 0 ) 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBITDA (earnings

befo re interes t taxes depreciation and amortis ation) relative

to the companys revenues

G reen Rt_Ebi tda gt = 10 Yel low Rt_Ebi tda gt 0 Y lt 10 Red

Rt_Ebi tda lt =0

-1677 Variation

2014 - 2013

1256 pp

EBIT Ratio (Rt_Ebit)

(49 10 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBIT (earnings

befo re interes t amp taxes ) relative to the companys revenues

G reen Rt_Ebi t gt = 8 Yel low Rt_Ebi t gt 0 Y lt 5 Red Rt_Ebi t

lt =0

-1759 Variation

2014 - 2013

1348 pp

EBT Ratio (Rt_Ebt)

(49 30 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBT (earnings

befo re taxes ) relative to the companys revenues

G reen Rt_Ebt gt = 5 Yel low Rt_Ebt gt 0 Y lt 8 Red Rt_Ebt lt =0

-2246 Variation

2014 - 2013

1816 pp

Financial Year Result Ratio (Rt_Rneta)

(49 50 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by the financial year net

p ro fit relative to the companys revenues To tal p ro fitab ility

ob tained fo r each currency unit s o ld

G reen Rt_Nneta gt 0 Red Rt_Nneta lt =0

-2859 Variation

2014 - 2013

2455 pp

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 18

AN N UAL AC C O U N T S - B U S I N E S S R E GI S T E R F O R M AT

Balance(in Euros)

Financial years

Key 2011 2012 2013 2014

a) NON-CURRENT ASSETS 11000 9252644000 7888890100

I Fixed intangible assets 11100 101900 15200

1 Development 11110 000 000

2 Concessions 11120 000 000

3 Patents licences trademarks and similar 11130 000 000

4 Goodwill 11140 000 000

5 IT applications 11150 101900 15200

6 Investigation 11160 000 000

7 Intellectual property 11180 000 000

8 Rights relating to the emission of greenhouse gases 11190 000 000

9 Other fixed intangible assets 11170 000 000

II Property Plant and Equipment 11200 308790900 296363000

1 Land and structures 11210 000 000

2 Technical facilities and other (tangible) fixed assets 11220 100606600 88178700

3 In-progress fixed assets and advance payments 11230 208184300 208184300

III Investment Property 11300 288028300 266256300

1 Land 11310 253883200 253883200

2 Structures 11320 34145100 12373100

IV Long-term investments in group companies and sister

companies

11400 3333590100 2803860500

1 Equity instruments 11410 2016884300 2016884300

2 Credits to companies 11420 1316705800 786976200

2 Credits to companies 11430 000 000

4 Derivatives 11440 000 000

5 Other financial assets 11450 000 000

6 Other investments 11460 000 000

V Long-term financial investments 11500 18331000 17597200

1 Equity instruments 11510 131500 131500

2 Credits to third parties 11520 000 000

2 Credits to companies 11530 000 000

4 Derivatives 11540 000 000

5 Other financial assets 11550 18199500 17465700

6 Other investments 11560 000 000

VI Deferred tax assets 11600 5303801800 4504797900

VII Non-current trade debts 11700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 19

Financial years

Key 2011 2012 2013 2014

B) CURRENT ASSETS 12000 6205758700 5520200800

I Non-current assets maintained for sale 12100 000 000

II Stocks 12200 3765204600 4315256500

1 Commercial stocks 12210 000 000

2 Raw materials and other provisions 12220 1016357100 1607654500

3 Semi-finished products 12230 000 000

a) Long term production cycle 12231 000 000

b) Short term production cycle 12232 000 000

4 Finished products 12240 1532426200 1494815100

a) Long term production cycle 12241 1532426200 1494815100

b) Short term production cycle 12242 000 000

5 Sub-products waste and recovered materials 12250 000 000

6 Advance payments to providers 12260 1216421300 1212786900

III T rade debtors and other accounts receivable 12300 1941948500 912786800

1 Client receivables for service provisions and sales 12310 976116700 7566300

a) Client receivables for long-term service provisions

and sales

12311 000 000

b) Client receivables for short-term service

provisions and sales

12312 976116700 7566300

2 Clients group companies and sister companies 12320 204266100 205849500

3 Miscellaneous debtors 12330 716132800 698547000

4 Staff 12340 1153200 000

5Current tax assets 12350 000 000

6 Other credits with Public Administration bodies 12360 44279700 824000

7 Called-up share capital 12370 000 000

IV Short-term investments in group companies and sister

companies

12400 381133400 177691400

1 Equity instruments 12410 000 000

2 Credits to companies 12420 000 000

2 Credits to companies 12430 000 000

4 Derivatives 12440 000 000

5 Other financial assets 12450 381133400 177691400

6 Other investments 12460 000 000

V Short-term financial investments 12500 91823800 87421100

1 Equity instruments 12510 000 000

2 Credits to companies 12520 3304400 2774900

2 Credits to companies 12530 305000 305000

4 Derivatives 12540 000 000

5 Other financial assets 12550 88214400 84341200

6 Other investments 12560 000 000

VI Short-term accruals 12600 000 000

VII Cash and other equivalent liquid assets 12700 25648400 27045000

1 T reasury 12710 25648400 27045000

2 Other equivalent liquid assets 12720 000 000

TOTAL ASSETS (A + B) 10000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 20

Financial years

Key 2011 2012 2013 2014

A) EQUITY 20000 -52524217200 -54798767100

A-1) Equity capital 21000 -52524217200 -54798767100

I Capital 21100 1297258500 1297258500

1 Authorised capital 21110 1297258500 1297258500

2 (Uncalled share capital) 21120 000 000

II Premium on issued shares 21200 000 000

IIIReserves 21300 6062179100 6062179100

1 Legal and statutory reserves 21310 259451700 259451700

2 Other reserves 21320 5802727400 5802727400

3 Revaluation reserve 21330 000 000

IV (Companys equity shares and interests) 21400 000 000

V Results of previous financial years 21500 -54791023900 -59883654800

1 Carryover 21510 000 000

2 (Negative results of previous financial years) 21520 -54791023900 -59883654800

VI Other member contributions 21600 000 000

VII Financial year profit amp loss 21700 -5092630900 -2274549900

VIII (Interim dividend) 21800 000 000

IX Other equity instruments 21900 000 000

A-2) Adjustments for changes in value 22000 000 000

I Available-for-sale financial assets 22100 000 000

II Hedging transactions 22200 000 000

III Non-current assets and related liabilities maintained for

sale

22300 000 000

IV T ranslation difference 22400 000 000

V Others 22500 000 000

A3) Grants donations and legacies received 23000 000 000

B) NON-CURRENT LIABILIT IES 31000 46549643600 47908465000

I Long-term provisions 31100 75132300 75132300

1 Long-term staff benefit obligations 31110 000 000

2 Environmental actions 31120 000 000

3 Provisions for restructuring 31130 000 000

4 Other provisions 31140 75132300 75132300

II Long-term debts 31200 5612926800 4945711100

1 Obligations and other negotiable securities 31210 000 000

2 Debts with credit institutions 31220 5322958800 4656526000

3 Financial lease creditors 31230 000 000

4 Derivatives 31240 000 000

5 Other financial liabilities 31250 289968000 289185100

III Long-term debts with group companies and sister

companies

31300 40850000000 42800000000

IV Deferred tax liabilities 31400 11584500 87621600

V Long-term accruals 31500 000 000

VI Non-current trade creditors 31600 000 000

VII Long-term debt with special characteristics 31700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 21

Financial years

Key 2011 2012 2013 2014

C) CURRENT LIABILIT IES 32000 21432976300 20299393000

I Liabilities associated with non-current assets maintained for

sale

32100 000 000

II Short-term provisions 32200 1184371200 1964476900

1 Provisions for rights relating to the emission of

greenhouse gases

32210 000 000

2 Other provisions 32220 1184371200 1964476900

III Short-term debts 32300 17 37108700 1694501200

1 Obligations and other negotiable securities 32310 000 000

2 Debts with credit institutions 32320 17 32982600 1690373500

3 Financial lease creditors 32330 000 000

4 Derivatives 32340 000 000

5 Other financial liabilities 32350 4126100 4127700

IV Short-term debts with group companies and sister

companies

32400 16490887300 14684351300

V T rade creditors and other accounts payable 32500 2020609100 1956063600

1 Providers 32510 1573868600 1464849400

a) Long-term providers 32511 000 000

b) Short-term providers 32512 1573868600 1464849400

2 Providers group companies and sister companies 32520 116553500 78369000

3 Miscellaneous creditors 32530 59204100 60136000

4 Personnel (remunerations pending payment) 32540 1017300 000

5 Current tax liabilities 32550 000 000

6 Other debts with Public Administration bodies 32560 182162900 275878200

7 Advance payments from clients 32570 87802700 76831000

VI Short-term accruals 32600 000 000

VII Short-term debt with special characteristics 32700 000 000

TOTAL EQUITY AND LIABILIT IES (A + B + C) 30000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 22

Income statement(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Net turnover 40100 1261211300 79555900

a) Sales 40110 1230715400 61382900

b) Service provisions 40120 30495900 18173000

c) Financial revenues from holding companies 40130 000 000

2 Change in stocks of finished and semi-finished products 40200 -1169328600 -37611100

3 Capital asset betterments and improvements4 40300 000 000

4Provisions 40400 -4025133400 -1054374100

a) Consumption of merchandise 40410 000 000

b) Consumption of raw materials and other consumables 40420 -1327808600 000

c) Work carried out by other companies 40430 -17488500 -30451500

d) Deterioration in merchandise raw materials and other

provisions

40440 -2679836300 -1023922600

5 Other operating expenses 40500 39235900 26978700

a) Casual income and other current operating income 40510 39235900 26978700

b) Operating grants incorporated into the financial year profit

amp loss

40520 000 000

6 Personnel expenses 40600 -84216100 -28458200

a) Wages salaries and similar expenses 40610 -72780100 -22841400

b) Social security contributions 40620 -11436000 -5616800

c) Provisions 40630 000 000

7 Other operating expenses 40700 -1329387000 -320314800

a) Outsourcing 40710 -167392300 -123318300

b) Fees 40720 -33987800 -39586900

c) Losses deterioration and change in provisions for trade

operations

40730 -1128006900 -157409600

d) Other current operating expenses 40740 000 000

e) Expenses relating to the emission of greenhouse

gases

40750 000 000

8 Depreciation of fixed assets 40800 -18197700 -12851400

9 Allocation of non-financial asset grants and others 40900 000 000

10 Provision excesses 41000 000 000

11 Deterioration and result for transfers of fixed assets 41100 -45795000 300

a) Deterioration and losses 41110 -54236000 000

b) Results for transfers and others 41120 8441000 300

c) Deterioration and results for transfers of holding company

fixed assets

41130 000 000

12 Negative difference in business combinations 41200 000 000

13 Other results 41300 192691700 -52314100

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 23

Financial years

Key 2011 2012 2013 2014

A1) OPERATING PROFIT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11

+ 12 + 13)

49100 -5178918900 -1399388800

14 Financial revenues 41400 24914900 26494500

a) Of shareholdings in equity instruments 41410 4200 1400

a 1) In group companies and sister companies 41411 000 000

a 2) In third parties 41412 4200 1400

b) Of negotiable securities and other financial instruments 41420 24910700 26493100

b 1) Of group companies and sister companies 41421 24575700 22972200

b 2) Of third parties 41422 335000 3520900

c) Allocation of financial grants donations and legacies 41430 000 000

15 Financial expenses 41500 -270227700 -476090600

a) For debts with group companies and associated

companies

41510 -270227700 -471686500

b) For debts with third parties 41520 000 -4404100

c) For updating provisions 41530 000 000

16 Change in fair value of financial instruments 41600 000 000

a) T rading portfolio and others 41610 000 000

b) Allocation to financial year profit amp loss account on

available-for-sale financial assets

41620 000 000

17 Exchange differences 41700 -7 50600 -1101100

18 Deterioration and result for transfers of financial instruments 41800 000 63177500

a) Deteriorations and losses 41810 000 000

b) Results for transfers and others 41820 000 63177500

19 Other financial expenses and revenues 42100 000 000

a) Capitalisation of financial assets 42110 000 000

b) Financial revenues from creditors agreements 42120 000 000

c) Other revenues and expenses 42130 000 000

A2) FINANCIAL RESULT (14 + 15 + 16 + 17 18 + 19) 49200 -246063400 -387519700

A3) PRE-TAX RESULT (A1 + A2) 49300 -5424982300 -1786908500

20 Tax on profits 41900 332351400 -487641400

A4) FINANCIAL YEAR PROFIT amp LOSS FROM CONTINUING

OPERATIONS (A3 + 20)

49400 -5092630900 -2274549900

21 Financial year result from discontinued operations after tax 42000 000 000

A5) FINANCIAL YEAR RESULT (A4 + 21) 49500 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 24

Changes in Equity(in Euros)

Financial years

Key 2011 2012 2013 2014

A) RESULT OF THE PROFIT AND LOSS ACCOUNT 59100 -5092630900 -2274549900

I For valuation of financial instruments 50010 000 000

1 Available-for-sale financial assets 50011 000 000

2 Other revenuesexpenses 50012 000 000

II For cash flow hedges (coverage) 50020 000 000

III Grants donations and legacies received 50030 000 000

IV For actuarial profits and losses and other adjustments 50040 000 000

V For non-current assets and related liabilities maintained

for sale

50050 000 000

VI Conversion Differences 50060 000 000

VII Tax effect 50070 000 000

B) Total revenues and expenses allocated directly in equity (I + II

+ III + IV +V+VI+VII)

59200 000 000

VIII For valuation of financial instruments 50080 000 000

1 Available-for-sale financial assets 50081 000 000

2 Other revenuesexpenses 50082 000 000

IX For cash flow hedges (coverage) 50090 000 000

X Grants donations and legacies received 50100 000 000

XI For non-current assets and related liabilities maintained

for sale

50110 000 000

XII T ranslation differences 50120 000 000

XIII Tax effect 50130 000 000

C) Total transfers to the profit and loss account (VIII + IX + X + XI+

XII+ XIII)

59300 000 000

TOTAL RECOGNISED EXPENDITURE AND REVENUES (A + B + C) 59400 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 25

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

Optimal Precaution NegativeResults Indicators

Gross Margin Ratio (Rt_Mabr)

( (40 10 0 - 40 40 0 ) 40 10 0 ) 10 0

Deducting the d irect cos ts o f generating s ales - i e the cos t

o f merchand is e s o ld o r p rovis ions tells you the return on

s ales

G reen Rt_Ma br gt = 40 Yel low Rt_Ma br gt =20 Y lt 40 Red

Rt_Ma br lt 20

-1225 Variation

2014 - 2013

1006 pp

EBITDA Ratio (Rt_Ebitda)

( (49 10 0 + 40 80 0 ) 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBITDA (earnings

befo re interes t taxes depreciation and amortis ation) relative

to the companys revenues

G reen Rt_Ebi tda gt = 10 Yel low Rt_Ebi tda gt 0 Y lt 10 Red

Rt_Ebi tda lt =0

-1677 Variation

2014 - 2013

1256 pp

EBIT Ratio (Rt_Ebit)

(49 10 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBIT (earnings

befo re interes t amp taxes ) relative to the companys revenues

G reen Rt_Ebi t gt = 8 Yel low Rt_Ebi t gt 0 Y lt 5 Red Rt_Ebi t

lt =0

-1759 Variation

2014 - 2013

1348 pp

EBT Ratio (Rt_Ebt)

(49 30 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by EBT (earnings

befo re taxes ) relative to the companys revenues

G reen Rt_Ebt gt = 5 Yel low Rt_Ebt gt 0 Y lt 8 Red Rt_Ebt lt =0

-2246 Variation

2014 - 2013

1816 pp

Financial Year Result Ratio (Rt_Rneta)

(49 50 0 40 10 0 ) 10 0

Ind icates the percentage rep res ented by the financial year net

p ro fit relative to the companys revenues To tal p ro fitab ility

ob tained fo r each currency unit s o ld

G reen Rt_Nneta gt 0 Red Rt_Nneta lt =0

-2859 Variation

2014 - 2013

2455 pp

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 18

AN N UAL AC C O U N T S - B U S I N E S S R E GI S T E R F O R M AT

Balance(in Euros)

Financial years

Key 2011 2012 2013 2014

a) NON-CURRENT ASSETS 11000 9252644000 7888890100

I Fixed intangible assets 11100 101900 15200

1 Development 11110 000 000

2 Concessions 11120 000 000

3 Patents licences trademarks and similar 11130 000 000

4 Goodwill 11140 000 000

5 IT applications 11150 101900 15200

6 Investigation 11160 000 000

7 Intellectual property 11180 000 000

8 Rights relating to the emission of greenhouse gases 11190 000 000

9 Other fixed intangible assets 11170 000 000

II Property Plant and Equipment 11200 308790900 296363000

1 Land and structures 11210 000 000

2 Technical facilities and other (tangible) fixed assets 11220 100606600 88178700

3 In-progress fixed assets and advance payments 11230 208184300 208184300

III Investment Property 11300 288028300 266256300

1 Land 11310 253883200 253883200

2 Structures 11320 34145100 12373100

IV Long-term investments in group companies and sister

companies

11400 3333590100 2803860500

1 Equity instruments 11410 2016884300 2016884300

2 Credits to companies 11420 1316705800 786976200

2 Credits to companies 11430 000 000

4 Derivatives 11440 000 000

5 Other financial assets 11450 000 000

6 Other investments 11460 000 000

V Long-term financial investments 11500 18331000 17597200

1 Equity instruments 11510 131500 131500

2 Credits to third parties 11520 000 000

2 Credits to companies 11530 000 000

4 Derivatives 11540 000 000

5 Other financial assets 11550 18199500 17465700

6 Other investments 11560 000 000

VI Deferred tax assets 11600 5303801800 4504797900

VII Non-current trade debts 11700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 19

Financial years

Key 2011 2012 2013 2014

B) CURRENT ASSETS 12000 6205758700 5520200800

I Non-current assets maintained for sale 12100 000 000

II Stocks 12200 3765204600 4315256500

1 Commercial stocks 12210 000 000

2 Raw materials and other provisions 12220 1016357100 1607654500

3 Semi-finished products 12230 000 000

a) Long term production cycle 12231 000 000

b) Short term production cycle 12232 000 000

4 Finished products 12240 1532426200 1494815100

a) Long term production cycle 12241 1532426200 1494815100

b) Short term production cycle 12242 000 000

5 Sub-products waste and recovered materials 12250 000 000

6 Advance payments to providers 12260 1216421300 1212786900

III T rade debtors and other accounts receivable 12300 1941948500 912786800

1 Client receivables for service provisions and sales 12310 976116700 7566300

a) Client receivables for long-term service provisions

and sales

12311 000 000

b) Client receivables for short-term service

provisions and sales

12312 976116700 7566300

2 Clients group companies and sister companies 12320 204266100 205849500

3 Miscellaneous debtors 12330 716132800 698547000

4 Staff 12340 1153200 000

5Current tax assets 12350 000 000

6 Other credits with Public Administration bodies 12360 44279700 824000

7 Called-up share capital 12370 000 000

IV Short-term investments in group companies and sister

companies

12400 381133400 177691400

1 Equity instruments 12410 000 000

2 Credits to companies 12420 000 000

2 Credits to companies 12430 000 000

4 Derivatives 12440 000 000

5 Other financial assets 12450 381133400 177691400

6 Other investments 12460 000 000

V Short-term financial investments 12500 91823800 87421100

1 Equity instruments 12510 000 000

2 Credits to companies 12520 3304400 2774900

2 Credits to companies 12530 305000 305000

4 Derivatives 12540 000 000

5 Other financial assets 12550 88214400 84341200

6 Other investments 12560 000 000

VI Short-term accruals 12600 000 000

VII Cash and other equivalent liquid assets 12700 25648400 27045000

1 T reasury 12710 25648400 27045000

2 Other equivalent liquid assets 12720 000 000

TOTAL ASSETS (A + B) 10000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 20

Financial years

Key 2011 2012 2013 2014

A) EQUITY 20000 -52524217200 -54798767100

A-1) Equity capital 21000 -52524217200 -54798767100

I Capital 21100 1297258500 1297258500

1 Authorised capital 21110 1297258500 1297258500

2 (Uncalled share capital) 21120 000 000

II Premium on issued shares 21200 000 000

IIIReserves 21300 6062179100 6062179100

1 Legal and statutory reserves 21310 259451700 259451700

2 Other reserves 21320 5802727400 5802727400

3 Revaluation reserve 21330 000 000

IV (Companys equity shares and interests) 21400 000 000

V Results of previous financial years 21500 -54791023900 -59883654800

1 Carryover 21510 000 000

2 (Negative results of previous financial years) 21520 -54791023900 -59883654800

VI Other member contributions 21600 000 000

VII Financial year profit amp loss 21700 -5092630900 -2274549900

VIII (Interim dividend) 21800 000 000

IX Other equity instruments 21900 000 000

A-2) Adjustments for changes in value 22000 000 000

I Available-for-sale financial assets 22100 000 000

II Hedging transactions 22200 000 000

III Non-current assets and related liabilities maintained for

sale

22300 000 000

IV T ranslation difference 22400 000 000

V Others 22500 000 000

A3) Grants donations and legacies received 23000 000 000

B) NON-CURRENT LIABILIT IES 31000 46549643600 47908465000

I Long-term provisions 31100 75132300 75132300

1 Long-term staff benefit obligations 31110 000 000

2 Environmental actions 31120 000 000

3 Provisions for restructuring 31130 000 000

4 Other provisions 31140 75132300 75132300

II Long-term debts 31200 5612926800 4945711100

1 Obligations and other negotiable securities 31210 000 000

2 Debts with credit institutions 31220 5322958800 4656526000

3 Financial lease creditors 31230 000 000

4 Derivatives 31240 000 000

5 Other financial liabilities 31250 289968000 289185100

III Long-term debts with group companies and sister

companies

31300 40850000000 42800000000

IV Deferred tax liabilities 31400 11584500 87621600

V Long-term accruals 31500 000 000

VI Non-current trade creditors 31600 000 000

VII Long-term debt with special characteristics 31700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 21

Financial years

Key 2011 2012 2013 2014

C) CURRENT LIABILIT IES 32000 21432976300 20299393000

I Liabilities associated with non-current assets maintained for

sale

32100 000 000

II Short-term provisions 32200 1184371200 1964476900

1 Provisions for rights relating to the emission of

greenhouse gases

32210 000 000

2 Other provisions 32220 1184371200 1964476900

III Short-term debts 32300 17 37108700 1694501200

1 Obligations and other negotiable securities 32310 000 000

2 Debts with credit institutions 32320 17 32982600 1690373500

3 Financial lease creditors 32330 000 000

4 Derivatives 32340 000 000

5 Other financial liabilities 32350 4126100 4127700

IV Short-term debts with group companies and sister

companies

32400 16490887300 14684351300

V T rade creditors and other accounts payable 32500 2020609100 1956063600

1 Providers 32510 1573868600 1464849400

a) Long-term providers 32511 000 000

b) Short-term providers 32512 1573868600 1464849400

2 Providers group companies and sister companies 32520 116553500 78369000

3 Miscellaneous creditors 32530 59204100 60136000

4 Personnel (remunerations pending payment) 32540 1017300 000

5 Current tax liabilities 32550 000 000

6 Other debts with Public Administration bodies 32560 182162900 275878200

7 Advance payments from clients 32570 87802700 76831000

VI Short-term accruals 32600 000 000

VII Short-term debt with special characteristics 32700 000 000

TOTAL EQUITY AND LIABILIT IES (A + B + C) 30000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 22

Income statement(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Net turnover 40100 1261211300 79555900

a) Sales 40110 1230715400 61382900

b) Service provisions 40120 30495900 18173000

c) Financial revenues from holding companies 40130 000 000

2 Change in stocks of finished and semi-finished products 40200 -1169328600 -37611100

3 Capital asset betterments and improvements4 40300 000 000

4Provisions 40400 -4025133400 -1054374100

a) Consumption of merchandise 40410 000 000

b) Consumption of raw materials and other consumables 40420 -1327808600 000

c) Work carried out by other companies 40430 -17488500 -30451500

d) Deterioration in merchandise raw materials and other

provisions

40440 -2679836300 -1023922600

5 Other operating expenses 40500 39235900 26978700

a) Casual income and other current operating income 40510 39235900 26978700

b) Operating grants incorporated into the financial year profit

amp loss

40520 000 000

6 Personnel expenses 40600 -84216100 -28458200

a) Wages salaries and similar expenses 40610 -72780100 -22841400

b) Social security contributions 40620 -11436000 -5616800

c) Provisions 40630 000 000

7 Other operating expenses 40700 -1329387000 -320314800

a) Outsourcing 40710 -167392300 -123318300

b) Fees 40720 -33987800 -39586900

c) Losses deterioration and change in provisions for trade

operations

40730 -1128006900 -157409600

d) Other current operating expenses 40740 000 000

e) Expenses relating to the emission of greenhouse

gases

40750 000 000

8 Depreciation of fixed assets 40800 -18197700 -12851400

9 Allocation of non-financial asset grants and others 40900 000 000

10 Provision excesses 41000 000 000

11 Deterioration and result for transfers of fixed assets 41100 -45795000 300

a) Deterioration and losses 41110 -54236000 000

b) Results for transfers and others 41120 8441000 300

c) Deterioration and results for transfers of holding company

fixed assets

41130 000 000

12 Negative difference in business combinations 41200 000 000

13 Other results 41300 192691700 -52314100

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 23

Financial years

Key 2011 2012 2013 2014

A1) OPERATING PROFIT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11

+ 12 + 13)

49100 -5178918900 -1399388800

14 Financial revenues 41400 24914900 26494500

a) Of shareholdings in equity instruments 41410 4200 1400

a 1) In group companies and sister companies 41411 000 000

a 2) In third parties 41412 4200 1400

b) Of negotiable securities and other financial instruments 41420 24910700 26493100

b 1) Of group companies and sister companies 41421 24575700 22972200

b 2) Of third parties 41422 335000 3520900

c) Allocation of financial grants donations and legacies 41430 000 000

15 Financial expenses 41500 -270227700 -476090600

a) For debts with group companies and associated

companies

41510 -270227700 -471686500

b) For debts with third parties 41520 000 -4404100

c) For updating provisions 41530 000 000

16 Change in fair value of financial instruments 41600 000 000

a) T rading portfolio and others 41610 000 000

b) Allocation to financial year profit amp loss account on

available-for-sale financial assets

41620 000 000

17 Exchange differences 41700 -7 50600 -1101100

18 Deterioration and result for transfers of financial instruments 41800 000 63177500

a) Deteriorations and losses 41810 000 000

b) Results for transfers and others 41820 000 63177500

19 Other financial expenses and revenues 42100 000 000

a) Capitalisation of financial assets 42110 000 000

b) Financial revenues from creditors agreements 42120 000 000

c) Other revenues and expenses 42130 000 000

A2) FINANCIAL RESULT (14 + 15 + 16 + 17 18 + 19) 49200 -246063400 -387519700

A3) PRE-TAX RESULT (A1 + A2) 49300 -5424982300 -1786908500

20 Tax on profits 41900 332351400 -487641400

A4) FINANCIAL YEAR PROFIT amp LOSS FROM CONTINUING

OPERATIONS (A3 + 20)

49400 -5092630900 -2274549900

21 Financial year result from discontinued operations after tax 42000 000 000

A5) FINANCIAL YEAR RESULT (A4 + 21) 49500 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 24

Changes in Equity(in Euros)

Financial years

Key 2011 2012 2013 2014

A) RESULT OF THE PROFIT AND LOSS ACCOUNT 59100 -5092630900 -2274549900

I For valuation of financial instruments 50010 000 000

1 Available-for-sale financial assets 50011 000 000

2 Other revenuesexpenses 50012 000 000

II For cash flow hedges (coverage) 50020 000 000

III Grants donations and legacies received 50030 000 000

IV For actuarial profits and losses and other adjustments 50040 000 000

V For non-current assets and related liabilities maintained

for sale

50050 000 000

VI Conversion Differences 50060 000 000

VII Tax effect 50070 000 000

B) Total revenues and expenses allocated directly in equity (I + II

+ III + IV +V+VI+VII)

59200 000 000

VIII For valuation of financial instruments 50080 000 000

1 Available-for-sale financial assets 50081 000 000

2 Other revenuesexpenses 50082 000 000

IX For cash flow hedges (coverage) 50090 000 000

X Grants donations and legacies received 50100 000 000

XI For non-current assets and related liabilities maintained

for sale

50110 000 000

XII T ranslation differences 50120 000 000

XIII Tax effect 50130 000 000

C) Total transfers to the profit and loss account (VIII + IX + X + XI+

XII+ XIII)

59300 000 000

TOTAL RECOGNISED EXPENDITURE AND REVENUES (A + B + C) 59400 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 25

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

AN N UAL AC C O U N T S - B U S I N E S S R E GI S T E R F O R M AT

Balance(in Euros)

Financial years

Key 2011 2012 2013 2014

a) NON-CURRENT ASSETS 11000 9252644000 7888890100

I Fixed intangible assets 11100 101900 15200

1 Development 11110 000 000

2 Concessions 11120 000 000

3 Patents licences trademarks and similar 11130 000 000

4 Goodwill 11140 000 000

5 IT applications 11150 101900 15200

6 Investigation 11160 000 000

7 Intellectual property 11180 000 000

8 Rights relating to the emission of greenhouse gases 11190 000 000

9 Other fixed intangible assets 11170 000 000

II Property Plant and Equipment 11200 308790900 296363000

1 Land and structures 11210 000 000

2 Technical facilities and other (tangible) fixed assets 11220 100606600 88178700

3 In-progress fixed assets and advance payments 11230 208184300 208184300

III Investment Property 11300 288028300 266256300

1 Land 11310 253883200 253883200

2 Structures 11320 34145100 12373100

IV Long-term investments in group companies and sister

companies

11400 3333590100 2803860500

1 Equity instruments 11410 2016884300 2016884300

2 Credits to companies 11420 1316705800 786976200

2 Credits to companies 11430 000 000

4 Derivatives 11440 000 000

5 Other financial assets 11450 000 000

6 Other investments 11460 000 000

V Long-term financial investments 11500 18331000 17597200

1 Equity instruments 11510 131500 131500

2 Credits to third parties 11520 000 000

2 Credits to companies 11530 000 000

4 Derivatives 11540 000 000

5 Other financial assets 11550 18199500 17465700

6 Other investments 11560 000 000

VI Deferred tax assets 11600 5303801800 4504797900

VII Non-current trade debts 11700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 19

Financial years

Key 2011 2012 2013 2014

B) CURRENT ASSETS 12000 6205758700 5520200800

I Non-current assets maintained for sale 12100 000 000

II Stocks 12200 3765204600 4315256500

1 Commercial stocks 12210 000 000

2 Raw materials and other provisions 12220 1016357100 1607654500

3 Semi-finished products 12230 000 000

a) Long term production cycle 12231 000 000

b) Short term production cycle 12232 000 000

4 Finished products 12240 1532426200 1494815100

a) Long term production cycle 12241 1532426200 1494815100

b) Short term production cycle 12242 000 000

5 Sub-products waste and recovered materials 12250 000 000

6 Advance payments to providers 12260 1216421300 1212786900

III T rade debtors and other accounts receivable 12300 1941948500 912786800

1 Client receivables for service provisions and sales 12310 976116700 7566300

a) Client receivables for long-term service provisions

and sales

12311 000 000

b) Client receivables for short-term service

provisions and sales

12312 976116700 7566300

2 Clients group companies and sister companies 12320 204266100 205849500

3 Miscellaneous debtors 12330 716132800 698547000

4 Staff 12340 1153200 000

5Current tax assets 12350 000 000

6 Other credits with Public Administration bodies 12360 44279700 824000

7 Called-up share capital 12370 000 000

IV Short-term investments in group companies and sister

companies

12400 381133400 177691400

1 Equity instruments 12410 000 000

2 Credits to companies 12420 000 000

2 Credits to companies 12430 000 000

4 Derivatives 12440 000 000

5 Other financial assets 12450 381133400 177691400

6 Other investments 12460 000 000

V Short-term financial investments 12500 91823800 87421100

1 Equity instruments 12510 000 000

2 Credits to companies 12520 3304400 2774900

2 Credits to companies 12530 305000 305000

4 Derivatives 12540 000 000

5 Other financial assets 12550 88214400 84341200

6 Other investments 12560 000 000

VI Short-term accruals 12600 000 000

VII Cash and other equivalent liquid assets 12700 25648400 27045000

1 T reasury 12710 25648400 27045000

2 Other equivalent liquid assets 12720 000 000

TOTAL ASSETS (A + B) 10000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 20

Financial years

Key 2011 2012 2013 2014

A) EQUITY 20000 -52524217200 -54798767100

A-1) Equity capital 21000 -52524217200 -54798767100

I Capital 21100 1297258500 1297258500

1 Authorised capital 21110 1297258500 1297258500

2 (Uncalled share capital) 21120 000 000

II Premium on issued shares 21200 000 000

IIIReserves 21300 6062179100 6062179100

1 Legal and statutory reserves 21310 259451700 259451700

2 Other reserves 21320 5802727400 5802727400

3 Revaluation reserve 21330 000 000

IV (Companys equity shares and interests) 21400 000 000

V Results of previous financial years 21500 -54791023900 -59883654800

1 Carryover 21510 000 000

2 (Negative results of previous financial years) 21520 -54791023900 -59883654800

VI Other member contributions 21600 000 000

VII Financial year profit amp loss 21700 -5092630900 -2274549900

VIII (Interim dividend) 21800 000 000

IX Other equity instruments 21900 000 000

A-2) Adjustments for changes in value 22000 000 000

I Available-for-sale financial assets 22100 000 000

II Hedging transactions 22200 000 000

III Non-current assets and related liabilities maintained for

sale

22300 000 000

IV T ranslation difference 22400 000 000

V Others 22500 000 000

A3) Grants donations and legacies received 23000 000 000

B) NON-CURRENT LIABILIT IES 31000 46549643600 47908465000

I Long-term provisions 31100 75132300 75132300

1 Long-term staff benefit obligations 31110 000 000

2 Environmental actions 31120 000 000

3 Provisions for restructuring 31130 000 000

4 Other provisions 31140 75132300 75132300

II Long-term debts 31200 5612926800 4945711100

1 Obligations and other negotiable securities 31210 000 000

2 Debts with credit institutions 31220 5322958800 4656526000

3 Financial lease creditors 31230 000 000

4 Derivatives 31240 000 000

5 Other financial liabilities 31250 289968000 289185100

III Long-term debts with group companies and sister

companies

31300 40850000000 42800000000

IV Deferred tax liabilities 31400 11584500 87621600

V Long-term accruals 31500 000 000

VI Non-current trade creditors 31600 000 000

VII Long-term debt with special characteristics 31700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 21

Financial years

Key 2011 2012 2013 2014

C) CURRENT LIABILIT IES 32000 21432976300 20299393000

I Liabilities associated with non-current assets maintained for

sale

32100 000 000

II Short-term provisions 32200 1184371200 1964476900

1 Provisions for rights relating to the emission of

greenhouse gases

32210 000 000

2 Other provisions 32220 1184371200 1964476900

III Short-term debts 32300 17 37108700 1694501200

1 Obligations and other negotiable securities 32310 000 000

2 Debts with credit institutions 32320 17 32982600 1690373500

3 Financial lease creditors 32330 000 000

4 Derivatives 32340 000 000

5 Other financial liabilities 32350 4126100 4127700

IV Short-term debts with group companies and sister

companies

32400 16490887300 14684351300

V T rade creditors and other accounts payable 32500 2020609100 1956063600

1 Providers 32510 1573868600 1464849400

a) Long-term providers 32511 000 000

b) Short-term providers 32512 1573868600 1464849400

2 Providers group companies and sister companies 32520 116553500 78369000

3 Miscellaneous creditors 32530 59204100 60136000

4 Personnel (remunerations pending payment) 32540 1017300 000

5 Current tax liabilities 32550 000 000

6 Other debts with Public Administration bodies 32560 182162900 275878200

7 Advance payments from clients 32570 87802700 76831000

VI Short-term accruals 32600 000 000

VII Short-term debt with special characteristics 32700 000 000

TOTAL EQUITY AND LIABILIT IES (A + B + C) 30000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 22

Income statement(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Net turnover 40100 1261211300 79555900

a) Sales 40110 1230715400 61382900

b) Service provisions 40120 30495900 18173000

c) Financial revenues from holding companies 40130 000 000

2 Change in stocks of finished and semi-finished products 40200 -1169328600 -37611100

3 Capital asset betterments and improvements4 40300 000 000

4Provisions 40400 -4025133400 -1054374100

a) Consumption of merchandise 40410 000 000

b) Consumption of raw materials and other consumables 40420 -1327808600 000

c) Work carried out by other companies 40430 -17488500 -30451500

d) Deterioration in merchandise raw materials and other

provisions

40440 -2679836300 -1023922600

5 Other operating expenses 40500 39235900 26978700

a) Casual income and other current operating income 40510 39235900 26978700

b) Operating grants incorporated into the financial year profit

amp loss

40520 000 000

6 Personnel expenses 40600 -84216100 -28458200

a) Wages salaries and similar expenses 40610 -72780100 -22841400

b) Social security contributions 40620 -11436000 -5616800

c) Provisions 40630 000 000

7 Other operating expenses 40700 -1329387000 -320314800

a) Outsourcing 40710 -167392300 -123318300

b) Fees 40720 -33987800 -39586900

c) Losses deterioration and change in provisions for trade

operations

40730 -1128006900 -157409600

d) Other current operating expenses 40740 000 000

e) Expenses relating to the emission of greenhouse

gases

40750 000 000

8 Depreciation of fixed assets 40800 -18197700 -12851400

9 Allocation of non-financial asset grants and others 40900 000 000

10 Provision excesses 41000 000 000

11 Deterioration and result for transfers of fixed assets 41100 -45795000 300

a) Deterioration and losses 41110 -54236000 000

b) Results for transfers and others 41120 8441000 300

c) Deterioration and results for transfers of holding company

fixed assets

41130 000 000

12 Negative difference in business combinations 41200 000 000

13 Other results 41300 192691700 -52314100

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 23

Financial years

Key 2011 2012 2013 2014

A1) OPERATING PROFIT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11

+ 12 + 13)

49100 -5178918900 -1399388800

14 Financial revenues 41400 24914900 26494500

a) Of shareholdings in equity instruments 41410 4200 1400

a 1) In group companies and sister companies 41411 000 000

a 2) In third parties 41412 4200 1400

b) Of negotiable securities and other financial instruments 41420 24910700 26493100

b 1) Of group companies and sister companies 41421 24575700 22972200

b 2) Of third parties 41422 335000 3520900

c) Allocation of financial grants donations and legacies 41430 000 000

15 Financial expenses 41500 -270227700 -476090600

a) For debts with group companies and associated

companies

41510 -270227700 -471686500

b) For debts with third parties 41520 000 -4404100

c) For updating provisions 41530 000 000

16 Change in fair value of financial instruments 41600 000 000

a) T rading portfolio and others 41610 000 000

b) Allocation to financial year profit amp loss account on

available-for-sale financial assets

41620 000 000

17 Exchange differences 41700 -7 50600 -1101100

18 Deterioration and result for transfers of financial instruments 41800 000 63177500

a) Deteriorations and losses 41810 000 000

b) Results for transfers and others 41820 000 63177500

19 Other financial expenses and revenues 42100 000 000

a) Capitalisation of financial assets 42110 000 000

b) Financial revenues from creditors agreements 42120 000 000

c) Other revenues and expenses 42130 000 000

A2) FINANCIAL RESULT (14 + 15 + 16 + 17 18 + 19) 49200 -246063400 -387519700

A3) PRE-TAX RESULT (A1 + A2) 49300 -5424982300 -1786908500

20 Tax on profits 41900 332351400 -487641400

A4) FINANCIAL YEAR PROFIT amp LOSS FROM CONTINUING

OPERATIONS (A3 + 20)

49400 -5092630900 -2274549900

21 Financial year result from discontinued operations after tax 42000 000 000

A5) FINANCIAL YEAR RESULT (A4 + 21) 49500 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 24

Changes in Equity(in Euros)

Financial years

Key 2011 2012 2013 2014

A) RESULT OF THE PROFIT AND LOSS ACCOUNT 59100 -5092630900 -2274549900

I For valuation of financial instruments 50010 000 000

1 Available-for-sale financial assets 50011 000 000

2 Other revenuesexpenses 50012 000 000

II For cash flow hedges (coverage) 50020 000 000

III Grants donations and legacies received 50030 000 000

IV For actuarial profits and losses and other adjustments 50040 000 000

V For non-current assets and related liabilities maintained

for sale

50050 000 000

VI Conversion Differences 50060 000 000

VII Tax effect 50070 000 000

B) Total revenues and expenses allocated directly in equity (I + II

+ III + IV +V+VI+VII)

59200 000 000

VIII For valuation of financial instruments 50080 000 000

1 Available-for-sale financial assets 50081 000 000

2 Other revenuesexpenses 50082 000 000

IX For cash flow hedges (coverage) 50090 000 000

X Grants donations and legacies received 50100 000 000

XI For non-current assets and related liabilities maintained

for sale

50110 000 000

XII T ranslation differences 50120 000 000

XIII Tax effect 50130 000 000

C) Total transfers to the profit and loss account (VIII + IX + X + XI+

XII+ XIII)

59300 000 000

TOTAL RECOGNISED EXPENDITURE AND REVENUES (A + B + C) 59400 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 25

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

Financial years

Key 2011 2012 2013 2014

B) CURRENT ASSETS 12000 6205758700 5520200800

I Non-current assets maintained for sale 12100 000 000

II Stocks 12200 3765204600 4315256500

1 Commercial stocks 12210 000 000

2 Raw materials and other provisions 12220 1016357100 1607654500

3 Semi-finished products 12230 000 000

a) Long term production cycle 12231 000 000

b) Short term production cycle 12232 000 000

4 Finished products 12240 1532426200 1494815100

a) Long term production cycle 12241 1532426200 1494815100

b) Short term production cycle 12242 000 000

5 Sub-products waste and recovered materials 12250 000 000

6 Advance payments to providers 12260 1216421300 1212786900

III T rade debtors and other accounts receivable 12300 1941948500 912786800

1 Client receivables for service provisions and sales 12310 976116700 7566300

a) Client receivables for long-term service provisions

and sales

12311 000 000

b) Client receivables for short-term service

provisions and sales

12312 976116700 7566300

2 Clients group companies and sister companies 12320 204266100 205849500

3 Miscellaneous debtors 12330 716132800 698547000

4 Staff 12340 1153200 000

5Current tax assets 12350 000 000

6 Other credits with Public Administration bodies 12360 44279700 824000

7 Called-up share capital 12370 000 000

IV Short-term investments in group companies and sister

companies

12400 381133400 177691400

1 Equity instruments 12410 000 000

2 Credits to companies 12420 000 000

2 Credits to companies 12430 000 000

4 Derivatives 12440 000 000

5 Other financial assets 12450 381133400 177691400

6 Other investments 12460 000 000

V Short-term financial investments 12500 91823800 87421100

1 Equity instruments 12510 000 000

2 Credits to companies 12520 3304400 2774900

2 Credits to companies 12530 305000 305000

4 Derivatives 12540 000 000

5 Other financial assets 12550 88214400 84341200

6 Other investments 12560 000 000

VI Short-term accruals 12600 000 000

VII Cash and other equivalent liquid assets 12700 25648400 27045000

1 T reasury 12710 25648400 27045000

2 Other equivalent liquid assets 12720 000 000

TOTAL ASSETS (A + B) 10000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 20

Financial years

Key 2011 2012 2013 2014

A) EQUITY 20000 -52524217200 -54798767100

A-1) Equity capital 21000 -52524217200 -54798767100

I Capital 21100 1297258500 1297258500

1 Authorised capital 21110 1297258500 1297258500

2 (Uncalled share capital) 21120 000 000

II Premium on issued shares 21200 000 000

IIIReserves 21300 6062179100 6062179100

1 Legal and statutory reserves 21310 259451700 259451700

2 Other reserves 21320 5802727400 5802727400

3 Revaluation reserve 21330 000 000

IV (Companys equity shares and interests) 21400 000 000

V Results of previous financial years 21500 -54791023900 -59883654800

1 Carryover 21510 000 000

2 (Negative results of previous financial years) 21520 -54791023900 -59883654800

VI Other member contributions 21600 000 000

VII Financial year profit amp loss 21700 -5092630900 -2274549900

VIII (Interim dividend) 21800 000 000

IX Other equity instruments 21900 000 000

A-2) Adjustments for changes in value 22000 000 000

I Available-for-sale financial assets 22100 000 000

II Hedging transactions 22200 000 000

III Non-current assets and related liabilities maintained for

sale

22300 000 000

IV T ranslation difference 22400 000 000

V Others 22500 000 000

A3) Grants donations and legacies received 23000 000 000

B) NON-CURRENT LIABILIT IES 31000 46549643600 47908465000

I Long-term provisions 31100 75132300 75132300

1 Long-term staff benefit obligations 31110 000 000

2 Environmental actions 31120 000 000

3 Provisions for restructuring 31130 000 000

4 Other provisions 31140 75132300 75132300

II Long-term debts 31200 5612926800 4945711100

1 Obligations and other negotiable securities 31210 000 000

2 Debts with credit institutions 31220 5322958800 4656526000

3 Financial lease creditors 31230 000 000

4 Derivatives 31240 000 000

5 Other financial liabilities 31250 289968000 289185100

III Long-term debts with group companies and sister

companies

31300 40850000000 42800000000

IV Deferred tax liabilities 31400 11584500 87621600

V Long-term accruals 31500 000 000

VI Non-current trade creditors 31600 000 000

VII Long-term debt with special characteristics 31700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 21

Financial years

Key 2011 2012 2013 2014

C) CURRENT LIABILIT IES 32000 21432976300 20299393000

I Liabilities associated with non-current assets maintained for

sale

32100 000 000

II Short-term provisions 32200 1184371200 1964476900

1 Provisions for rights relating to the emission of

greenhouse gases

32210 000 000

2 Other provisions 32220 1184371200 1964476900

III Short-term debts 32300 17 37108700 1694501200

1 Obligations and other negotiable securities 32310 000 000

2 Debts with credit institutions 32320 17 32982600 1690373500

3 Financial lease creditors 32330 000 000

4 Derivatives 32340 000 000

5 Other financial liabilities 32350 4126100 4127700

IV Short-term debts with group companies and sister

companies

32400 16490887300 14684351300

V T rade creditors and other accounts payable 32500 2020609100 1956063600

1 Providers 32510 1573868600 1464849400

a) Long-term providers 32511 000 000

b) Short-term providers 32512 1573868600 1464849400

2 Providers group companies and sister companies 32520 116553500 78369000

3 Miscellaneous creditors 32530 59204100 60136000

4 Personnel (remunerations pending payment) 32540 1017300 000

5 Current tax liabilities 32550 000 000

6 Other debts with Public Administration bodies 32560 182162900 275878200

7 Advance payments from clients 32570 87802700 76831000

VI Short-term accruals 32600 000 000

VII Short-term debt with special characteristics 32700 000 000

TOTAL EQUITY AND LIABILIT IES (A + B + C) 30000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 22

Income statement(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Net turnover 40100 1261211300 79555900

a) Sales 40110 1230715400 61382900

b) Service provisions 40120 30495900 18173000

c) Financial revenues from holding companies 40130 000 000

2 Change in stocks of finished and semi-finished products 40200 -1169328600 -37611100

3 Capital asset betterments and improvements4 40300 000 000

4Provisions 40400 -4025133400 -1054374100

a) Consumption of merchandise 40410 000 000

b) Consumption of raw materials and other consumables 40420 -1327808600 000

c) Work carried out by other companies 40430 -17488500 -30451500

d) Deterioration in merchandise raw materials and other

provisions

40440 -2679836300 -1023922600

5 Other operating expenses 40500 39235900 26978700

a) Casual income and other current operating income 40510 39235900 26978700

b) Operating grants incorporated into the financial year profit

amp loss

40520 000 000

6 Personnel expenses 40600 -84216100 -28458200

a) Wages salaries and similar expenses 40610 -72780100 -22841400

b) Social security contributions 40620 -11436000 -5616800

c) Provisions 40630 000 000

7 Other operating expenses 40700 -1329387000 -320314800

a) Outsourcing 40710 -167392300 -123318300

b) Fees 40720 -33987800 -39586900

c) Losses deterioration and change in provisions for trade

operations

40730 -1128006900 -157409600

d) Other current operating expenses 40740 000 000

e) Expenses relating to the emission of greenhouse

gases

40750 000 000

8 Depreciation of fixed assets 40800 -18197700 -12851400

9 Allocation of non-financial asset grants and others 40900 000 000

10 Provision excesses 41000 000 000

11 Deterioration and result for transfers of fixed assets 41100 -45795000 300

a) Deterioration and losses 41110 -54236000 000

b) Results for transfers and others 41120 8441000 300

c) Deterioration and results for transfers of holding company

fixed assets

41130 000 000

12 Negative difference in business combinations 41200 000 000

13 Other results 41300 192691700 -52314100

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 23

Financial years

Key 2011 2012 2013 2014

A1) OPERATING PROFIT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11

+ 12 + 13)

49100 -5178918900 -1399388800

14 Financial revenues 41400 24914900 26494500

a) Of shareholdings in equity instruments 41410 4200 1400

a 1) In group companies and sister companies 41411 000 000

a 2) In third parties 41412 4200 1400

b) Of negotiable securities and other financial instruments 41420 24910700 26493100

b 1) Of group companies and sister companies 41421 24575700 22972200

b 2) Of third parties 41422 335000 3520900

c) Allocation of financial grants donations and legacies 41430 000 000

15 Financial expenses 41500 -270227700 -476090600

a) For debts with group companies and associated

companies

41510 -270227700 -471686500

b) For debts with third parties 41520 000 -4404100

c) For updating provisions 41530 000 000

16 Change in fair value of financial instruments 41600 000 000

a) T rading portfolio and others 41610 000 000

b) Allocation to financial year profit amp loss account on

available-for-sale financial assets

41620 000 000

17 Exchange differences 41700 -7 50600 -1101100

18 Deterioration and result for transfers of financial instruments 41800 000 63177500

a) Deteriorations and losses 41810 000 000

b) Results for transfers and others 41820 000 63177500

19 Other financial expenses and revenues 42100 000 000

a) Capitalisation of financial assets 42110 000 000

b) Financial revenues from creditors agreements 42120 000 000

c) Other revenues and expenses 42130 000 000

A2) FINANCIAL RESULT (14 + 15 + 16 + 17 18 + 19) 49200 -246063400 -387519700

A3) PRE-TAX RESULT (A1 + A2) 49300 -5424982300 -1786908500

20 Tax on profits 41900 332351400 -487641400

A4) FINANCIAL YEAR PROFIT amp LOSS FROM CONTINUING

OPERATIONS (A3 + 20)

49400 -5092630900 -2274549900

21 Financial year result from discontinued operations after tax 42000 000 000

A5) FINANCIAL YEAR RESULT (A4 + 21) 49500 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 24

Changes in Equity(in Euros)

Financial years

Key 2011 2012 2013 2014

A) RESULT OF THE PROFIT AND LOSS ACCOUNT 59100 -5092630900 -2274549900

I For valuation of financial instruments 50010 000 000

1 Available-for-sale financial assets 50011 000 000

2 Other revenuesexpenses 50012 000 000

II For cash flow hedges (coverage) 50020 000 000

III Grants donations and legacies received 50030 000 000

IV For actuarial profits and losses and other adjustments 50040 000 000

V For non-current assets and related liabilities maintained

for sale

50050 000 000

VI Conversion Differences 50060 000 000

VII Tax effect 50070 000 000

B) Total revenues and expenses allocated directly in equity (I + II

+ III + IV +V+VI+VII)

59200 000 000

VIII For valuation of financial instruments 50080 000 000

1 Available-for-sale financial assets 50081 000 000

2 Other revenuesexpenses 50082 000 000

IX For cash flow hedges (coverage) 50090 000 000

X Grants donations and legacies received 50100 000 000

XI For non-current assets and related liabilities maintained

for sale

50110 000 000

XII T ranslation differences 50120 000 000

XIII Tax effect 50130 000 000

C) Total transfers to the profit and loss account (VIII + IX + X + XI+

XII+ XIII)

59300 000 000

TOTAL RECOGNISED EXPENDITURE AND REVENUES (A + B + C) 59400 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 25

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

Financial years

Key 2011 2012 2013 2014

A) EQUITY 20000 -52524217200 -54798767100

A-1) Equity capital 21000 -52524217200 -54798767100

I Capital 21100 1297258500 1297258500

1 Authorised capital 21110 1297258500 1297258500

2 (Uncalled share capital) 21120 000 000

II Premium on issued shares 21200 000 000

IIIReserves 21300 6062179100 6062179100

1 Legal and statutory reserves 21310 259451700 259451700

2 Other reserves 21320 5802727400 5802727400

3 Revaluation reserve 21330 000 000

IV (Companys equity shares and interests) 21400 000 000

V Results of previous financial years 21500 -54791023900 -59883654800

1 Carryover 21510 000 000

2 (Negative results of previous financial years) 21520 -54791023900 -59883654800

VI Other member contributions 21600 000 000

VII Financial year profit amp loss 21700 -5092630900 -2274549900

VIII (Interim dividend) 21800 000 000

IX Other equity instruments 21900 000 000

A-2) Adjustments for changes in value 22000 000 000

I Available-for-sale financial assets 22100 000 000

II Hedging transactions 22200 000 000

III Non-current assets and related liabilities maintained for

sale

22300 000 000

IV T ranslation difference 22400 000 000

V Others 22500 000 000

A3) Grants donations and legacies received 23000 000 000

B) NON-CURRENT LIABILIT IES 31000 46549643600 47908465000

I Long-term provisions 31100 75132300 75132300

1 Long-term staff benefit obligations 31110 000 000

2 Environmental actions 31120 000 000

3 Provisions for restructuring 31130 000 000

4 Other provisions 31140 75132300 75132300

II Long-term debts 31200 5612926800 4945711100

1 Obligations and other negotiable securities 31210 000 000

2 Debts with credit institutions 31220 5322958800 4656526000

3 Financial lease creditors 31230 000 000

4 Derivatives 31240 000 000

5 Other financial liabilities 31250 289968000 289185100

III Long-term debts with group companies and sister

companies

31300 40850000000 42800000000

IV Deferred tax liabilities 31400 11584500 87621600

V Long-term accruals 31500 000 000

VI Non-current trade creditors 31600 000 000

VII Long-term debt with special characteristics 31700 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 21

Financial years

Key 2011 2012 2013 2014

C) CURRENT LIABILIT IES 32000 21432976300 20299393000

I Liabilities associated with non-current assets maintained for

sale

32100 000 000

II Short-term provisions 32200 1184371200 1964476900

1 Provisions for rights relating to the emission of

greenhouse gases

32210 000 000

2 Other provisions 32220 1184371200 1964476900

III Short-term debts 32300 17 37108700 1694501200

1 Obligations and other negotiable securities 32310 000 000

2 Debts with credit institutions 32320 17 32982600 1690373500

3 Financial lease creditors 32330 000 000

4 Derivatives 32340 000 000

5 Other financial liabilities 32350 4126100 4127700

IV Short-term debts with group companies and sister

companies

32400 16490887300 14684351300

V T rade creditors and other accounts payable 32500 2020609100 1956063600

1 Providers 32510 1573868600 1464849400

a) Long-term providers 32511 000 000

b) Short-term providers 32512 1573868600 1464849400

2 Providers group companies and sister companies 32520 116553500 78369000

3 Miscellaneous creditors 32530 59204100 60136000

4 Personnel (remunerations pending payment) 32540 1017300 000

5 Current tax liabilities 32550 000 000

6 Other debts with Public Administration bodies 32560 182162900 275878200

7 Advance payments from clients 32570 87802700 76831000

VI Short-term accruals 32600 000 000

VII Short-term debt with special characteristics 32700 000 000

TOTAL EQUITY AND LIABILIT IES (A + B + C) 30000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 22

Income statement(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Net turnover 40100 1261211300 79555900

a) Sales 40110 1230715400 61382900

b) Service provisions 40120 30495900 18173000

c) Financial revenues from holding companies 40130 000 000

2 Change in stocks of finished and semi-finished products 40200 -1169328600 -37611100

3 Capital asset betterments and improvements4 40300 000 000

4Provisions 40400 -4025133400 -1054374100

a) Consumption of merchandise 40410 000 000

b) Consumption of raw materials and other consumables 40420 -1327808600 000

c) Work carried out by other companies 40430 -17488500 -30451500

d) Deterioration in merchandise raw materials and other

provisions

40440 -2679836300 -1023922600

5 Other operating expenses 40500 39235900 26978700

a) Casual income and other current operating income 40510 39235900 26978700

b) Operating grants incorporated into the financial year profit

amp loss

40520 000 000

6 Personnel expenses 40600 -84216100 -28458200

a) Wages salaries and similar expenses 40610 -72780100 -22841400

b) Social security contributions 40620 -11436000 -5616800

c) Provisions 40630 000 000

7 Other operating expenses 40700 -1329387000 -320314800

a) Outsourcing 40710 -167392300 -123318300

b) Fees 40720 -33987800 -39586900

c) Losses deterioration and change in provisions for trade

operations

40730 -1128006900 -157409600

d) Other current operating expenses 40740 000 000

e) Expenses relating to the emission of greenhouse

gases

40750 000 000

8 Depreciation of fixed assets 40800 -18197700 -12851400

9 Allocation of non-financial asset grants and others 40900 000 000

10 Provision excesses 41000 000 000

11 Deterioration and result for transfers of fixed assets 41100 -45795000 300

a) Deterioration and losses 41110 -54236000 000

b) Results for transfers and others 41120 8441000 300

c) Deterioration and results for transfers of holding company

fixed assets

41130 000 000

12 Negative difference in business combinations 41200 000 000

13 Other results 41300 192691700 -52314100

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 23

Financial years

Key 2011 2012 2013 2014

A1) OPERATING PROFIT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11

+ 12 + 13)

49100 -5178918900 -1399388800

14 Financial revenues 41400 24914900 26494500

a) Of shareholdings in equity instruments 41410 4200 1400

a 1) In group companies and sister companies 41411 000 000

a 2) In third parties 41412 4200 1400

b) Of negotiable securities and other financial instruments 41420 24910700 26493100

b 1) Of group companies and sister companies 41421 24575700 22972200

b 2) Of third parties 41422 335000 3520900

c) Allocation of financial grants donations and legacies 41430 000 000

15 Financial expenses 41500 -270227700 -476090600

a) For debts with group companies and associated

companies

41510 -270227700 -471686500

b) For debts with third parties 41520 000 -4404100

c) For updating provisions 41530 000 000

16 Change in fair value of financial instruments 41600 000 000

a) T rading portfolio and others 41610 000 000

b) Allocation to financial year profit amp loss account on

available-for-sale financial assets

41620 000 000

17 Exchange differences 41700 -7 50600 -1101100

18 Deterioration and result for transfers of financial instruments 41800 000 63177500

a) Deteriorations and losses 41810 000 000

b) Results for transfers and others 41820 000 63177500

19 Other financial expenses and revenues 42100 000 000

a) Capitalisation of financial assets 42110 000 000

b) Financial revenues from creditors agreements 42120 000 000

c) Other revenues and expenses 42130 000 000

A2) FINANCIAL RESULT (14 + 15 + 16 + 17 18 + 19) 49200 -246063400 -387519700

A3) PRE-TAX RESULT (A1 + A2) 49300 -5424982300 -1786908500

20 Tax on profits 41900 332351400 -487641400

A4) FINANCIAL YEAR PROFIT amp LOSS FROM CONTINUING

OPERATIONS (A3 + 20)

49400 -5092630900 -2274549900

21 Financial year result from discontinued operations after tax 42000 000 000

A5) FINANCIAL YEAR RESULT (A4 + 21) 49500 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 24

Changes in Equity(in Euros)

Financial years

Key 2011 2012 2013 2014

A) RESULT OF THE PROFIT AND LOSS ACCOUNT 59100 -5092630900 -2274549900

I For valuation of financial instruments 50010 000 000

1 Available-for-sale financial assets 50011 000 000

2 Other revenuesexpenses 50012 000 000

II For cash flow hedges (coverage) 50020 000 000

III Grants donations and legacies received 50030 000 000

IV For actuarial profits and losses and other adjustments 50040 000 000

V For non-current assets and related liabilities maintained

for sale

50050 000 000

VI Conversion Differences 50060 000 000

VII Tax effect 50070 000 000

B) Total revenues and expenses allocated directly in equity (I + II

+ III + IV +V+VI+VII)

59200 000 000

VIII For valuation of financial instruments 50080 000 000

1 Available-for-sale financial assets 50081 000 000

2 Other revenuesexpenses 50082 000 000

IX For cash flow hedges (coverage) 50090 000 000

X Grants donations and legacies received 50100 000 000

XI For non-current assets and related liabilities maintained

for sale

50110 000 000

XII T ranslation differences 50120 000 000

XIII Tax effect 50130 000 000

C) Total transfers to the profit and loss account (VIII + IX + X + XI+

XII+ XIII)

59300 000 000

TOTAL RECOGNISED EXPENDITURE AND REVENUES (A + B + C) 59400 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 25

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

Financial years

Key 2011 2012 2013 2014

C) CURRENT LIABILIT IES 32000 21432976300 20299393000

I Liabilities associated with non-current assets maintained for

sale

32100 000 000

II Short-term provisions 32200 1184371200 1964476900

1 Provisions for rights relating to the emission of

greenhouse gases

32210 000 000

2 Other provisions 32220 1184371200 1964476900

III Short-term debts 32300 17 37108700 1694501200

1 Obligations and other negotiable securities 32310 000 000

2 Debts with credit institutions 32320 17 32982600 1690373500

3 Financial lease creditors 32330 000 000

4 Derivatives 32340 000 000

5 Other financial liabilities 32350 4126100 4127700

IV Short-term debts with group companies and sister

companies

32400 16490887300 14684351300

V T rade creditors and other accounts payable 32500 2020609100 1956063600

1 Providers 32510 1573868600 1464849400

a) Long-term providers 32511 000 000

b) Short-term providers 32512 1573868600 1464849400

2 Providers group companies and sister companies 32520 116553500 78369000

3 Miscellaneous creditors 32530 59204100 60136000

4 Personnel (remunerations pending payment) 32540 1017300 000

5 Current tax liabilities 32550 000 000

6 Other debts with Public Administration bodies 32560 182162900 275878200

7 Advance payments from clients 32570 87802700 76831000

VI Short-term accruals 32600 000 000

VII Short-term debt with special characteristics 32700 000 000

TOTAL EQUITY AND LIABILIT IES (A + B + C) 30000 15458402700 13409090900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 22

Income statement(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Net turnover 40100 1261211300 79555900

a) Sales 40110 1230715400 61382900

b) Service provisions 40120 30495900 18173000

c) Financial revenues from holding companies 40130 000 000

2 Change in stocks of finished and semi-finished products 40200 -1169328600 -37611100

3 Capital asset betterments and improvements4 40300 000 000

4Provisions 40400 -4025133400 -1054374100

a) Consumption of merchandise 40410 000 000

b) Consumption of raw materials and other consumables 40420 -1327808600 000

c) Work carried out by other companies 40430 -17488500 -30451500

d) Deterioration in merchandise raw materials and other

provisions

40440 -2679836300 -1023922600

5 Other operating expenses 40500 39235900 26978700

a) Casual income and other current operating income 40510 39235900 26978700

b) Operating grants incorporated into the financial year profit

amp loss

40520 000 000

6 Personnel expenses 40600 -84216100 -28458200

a) Wages salaries and similar expenses 40610 -72780100 -22841400

b) Social security contributions 40620 -11436000 -5616800

c) Provisions 40630 000 000

7 Other operating expenses 40700 -1329387000 -320314800

a) Outsourcing 40710 -167392300 -123318300

b) Fees 40720 -33987800 -39586900

c) Losses deterioration and change in provisions for trade

operations

40730 -1128006900 -157409600

d) Other current operating expenses 40740 000 000

e) Expenses relating to the emission of greenhouse

gases

40750 000 000

8 Depreciation of fixed assets 40800 -18197700 -12851400

9 Allocation of non-financial asset grants and others 40900 000 000

10 Provision excesses 41000 000 000

11 Deterioration and result for transfers of fixed assets 41100 -45795000 300

a) Deterioration and losses 41110 -54236000 000

b) Results for transfers and others 41120 8441000 300

c) Deterioration and results for transfers of holding company

fixed assets

41130 000 000

12 Negative difference in business combinations 41200 000 000

13 Other results 41300 192691700 -52314100

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 23

Financial years

Key 2011 2012 2013 2014

A1) OPERATING PROFIT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11

+ 12 + 13)

49100 -5178918900 -1399388800

14 Financial revenues 41400 24914900 26494500

a) Of shareholdings in equity instruments 41410 4200 1400

a 1) In group companies and sister companies 41411 000 000

a 2) In third parties 41412 4200 1400

b) Of negotiable securities and other financial instruments 41420 24910700 26493100

b 1) Of group companies and sister companies 41421 24575700 22972200

b 2) Of third parties 41422 335000 3520900

c) Allocation of financial grants donations and legacies 41430 000 000

15 Financial expenses 41500 -270227700 -476090600

a) For debts with group companies and associated

companies

41510 -270227700 -471686500

b) For debts with third parties 41520 000 -4404100

c) For updating provisions 41530 000 000

16 Change in fair value of financial instruments 41600 000 000

a) T rading portfolio and others 41610 000 000

b) Allocation to financial year profit amp loss account on

available-for-sale financial assets

41620 000 000

17 Exchange differences 41700 -7 50600 -1101100

18 Deterioration and result for transfers of financial instruments 41800 000 63177500

a) Deteriorations and losses 41810 000 000

b) Results for transfers and others 41820 000 63177500

19 Other financial expenses and revenues 42100 000 000

a) Capitalisation of financial assets 42110 000 000

b) Financial revenues from creditors agreements 42120 000 000

c) Other revenues and expenses 42130 000 000

A2) FINANCIAL RESULT (14 + 15 + 16 + 17 18 + 19) 49200 -246063400 -387519700

A3) PRE-TAX RESULT (A1 + A2) 49300 -5424982300 -1786908500

20 Tax on profits 41900 332351400 -487641400

A4) FINANCIAL YEAR PROFIT amp LOSS FROM CONTINUING

OPERATIONS (A3 + 20)

49400 -5092630900 -2274549900

21 Financial year result from discontinued operations after tax 42000 000 000

A5) FINANCIAL YEAR RESULT (A4 + 21) 49500 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 24

Changes in Equity(in Euros)

Financial years

Key 2011 2012 2013 2014

A) RESULT OF THE PROFIT AND LOSS ACCOUNT 59100 -5092630900 -2274549900

I For valuation of financial instruments 50010 000 000

1 Available-for-sale financial assets 50011 000 000

2 Other revenuesexpenses 50012 000 000

II For cash flow hedges (coverage) 50020 000 000

III Grants donations and legacies received 50030 000 000

IV For actuarial profits and losses and other adjustments 50040 000 000

V For non-current assets and related liabilities maintained

for sale

50050 000 000

VI Conversion Differences 50060 000 000

VII Tax effect 50070 000 000

B) Total revenues and expenses allocated directly in equity (I + II

+ III + IV +V+VI+VII)

59200 000 000

VIII For valuation of financial instruments 50080 000 000

1 Available-for-sale financial assets 50081 000 000

2 Other revenuesexpenses 50082 000 000

IX For cash flow hedges (coverage) 50090 000 000

X Grants donations and legacies received 50100 000 000

XI For non-current assets and related liabilities maintained

for sale

50110 000 000

XII T ranslation differences 50120 000 000

XIII Tax effect 50130 000 000

C) Total transfers to the profit and loss account (VIII + IX + X + XI+

XII+ XIII)

59300 000 000

TOTAL RECOGNISED EXPENDITURE AND REVENUES (A + B + C) 59400 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 25

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

Income statement(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Net turnover 40100 1261211300 79555900

a) Sales 40110 1230715400 61382900

b) Service provisions 40120 30495900 18173000

c) Financial revenues from holding companies 40130 000 000

2 Change in stocks of finished and semi-finished products 40200 -1169328600 -37611100

3 Capital asset betterments and improvements4 40300 000 000

4Provisions 40400 -4025133400 -1054374100

a) Consumption of merchandise 40410 000 000

b) Consumption of raw materials and other consumables 40420 -1327808600 000

c) Work carried out by other companies 40430 -17488500 -30451500

d) Deterioration in merchandise raw materials and other

provisions

40440 -2679836300 -1023922600

5 Other operating expenses 40500 39235900 26978700

a) Casual income and other current operating income 40510 39235900 26978700

b) Operating grants incorporated into the financial year profit

amp loss

40520 000 000

6 Personnel expenses 40600 -84216100 -28458200

a) Wages salaries and similar expenses 40610 -72780100 -22841400

b) Social security contributions 40620 -11436000 -5616800

c) Provisions 40630 000 000

7 Other operating expenses 40700 -1329387000 -320314800

a) Outsourcing 40710 -167392300 -123318300

b) Fees 40720 -33987800 -39586900

c) Losses deterioration and change in provisions for trade

operations

40730 -1128006900 -157409600

d) Other current operating expenses 40740 000 000

e) Expenses relating to the emission of greenhouse

gases

40750 000 000

8 Depreciation of fixed assets 40800 -18197700 -12851400

9 Allocation of non-financial asset grants and others 40900 000 000

10 Provision excesses 41000 000 000

11 Deterioration and result for transfers of fixed assets 41100 -45795000 300

a) Deterioration and losses 41110 -54236000 000

b) Results for transfers and others 41120 8441000 300

c) Deterioration and results for transfers of holding company

fixed assets

41130 000 000

12 Negative difference in business combinations 41200 000 000

13 Other results 41300 192691700 -52314100

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 23

Financial years

Key 2011 2012 2013 2014

A1) OPERATING PROFIT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11

+ 12 + 13)

49100 -5178918900 -1399388800

14 Financial revenues 41400 24914900 26494500

a) Of shareholdings in equity instruments 41410 4200 1400

a 1) In group companies and sister companies 41411 000 000

a 2) In third parties 41412 4200 1400

b) Of negotiable securities and other financial instruments 41420 24910700 26493100

b 1) Of group companies and sister companies 41421 24575700 22972200

b 2) Of third parties 41422 335000 3520900

c) Allocation of financial grants donations and legacies 41430 000 000

15 Financial expenses 41500 -270227700 -476090600

a) For debts with group companies and associated

companies

41510 -270227700 -471686500

b) For debts with third parties 41520 000 -4404100

c) For updating provisions 41530 000 000

16 Change in fair value of financial instruments 41600 000 000

a) T rading portfolio and others 41610 000 000

b) Allocation to financial year profit amp loss account on

available-for-sale financial assets

41620 000 000

17 Exchange differences 41700 -7 50600 -1101100

18 Deterioration and result for transfers of financial instruments 41800 000 63177500

a) Deteriorations and losses 41810 000 000

b) Results for transfers and others 41820 000 63177500

19 Other financial expenses and revenues 42100 000 000

a) Capitalisation of financial assets 42110 000 000

b) Financial revenues from creditors agreements 42120 000 000

c) Other revenues and expenses 42130 000 000

A2) FINANCIAL RESULT (14 + 15 + 16 + 17 18 + 19) 49200 -246063400 -387519700

A3) PRE-TAX RESULT (A1 + A2) 49300 -5424982300 -1786908500

20 Tax on profits 41900 332351400 -487641400

A4) FINANCIAL YEAR PROFIT amp LOSS FROM CONTINUING

OPERATIONS (A3 + 20)

49400 -5092630900 -2274549900

21 Financial year result from discontinued operations after tax 42000 000 000

A5) FINANCIAL YEAR RESULT (A4 + 21) 49500 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 24

Changes in Equity(in Euros)

Financial years

Key 2011 2012 2013 2014

A) RESULT OF THE PROFIT AND LOSS ACCOUNT 59100 -5092630900 -2274549900

I For valuation of financial instruments 50010 000 000

1 Available-for-sale financial assets 50011 000 000

2 Other revenuesexpenses 50012 000 000

II For cash flow hedges (coverage) 50020 000 000

III Grants donations and legacies received 50030 000 000

IV For actuarial profits and losses and other adjustments 50040 000 000

V For non-current assets and related liabilities maintained

for sale

50050 000 000

VI Conversion Differences 50060 000 000

VII Tax effect 50070 000 000

B) Total revenues and expenses allocated directly in equity (I + II

+ III + IV +V+VI+VII)

59200 000 000

VIII For valuation of financial instruments 50080 000 000

1 Available-for-sale financial assets 50081 000 000

2 Other revenuesexpenses 50082 000 000

IX For cash flow hedges (coverage) 50090 000 000

X Grants donations and legacies received 50100 000 000

XI For non-current assets and related liabilities maintained

for sale

50110 000 000

XII T ranslation differences 50120 000 000

XIII Tax effect 50130 000 000

C) Total transfers to the profit and loss account (VIII + IX + X + XI+

XII+ XIII)

59300 000 000

TOTAL RECOGNISED EXPENDITURE AND REVENUES (A + B + C) 59400 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 25

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

Financial years

Key 2011 2012 2013 2014

A1) OPERATING PROFIT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11

+ 12 + 13)

49100 -5178918900 -1399388800

14 Financial revenues 41400 24914900 26494500

a) Of shareholdings in equity instruments 41410 4200 1400

a 1) In group companies and sister companies 41411 000 000

a 2) In third parties 41412 4200 1400

b) Of negotiable securities and other financial instruments 41420 24910700 26493100

b 1) Of group companies and sister companies 41421 24575700 22972200

b 2) Of third parties 41422 335000 3520900

c) Allocation of financial grants donations and legacies 41430 000 000

15 Financial expenses 41500 -270227700 -476090600

a) For debts with group companies and associated

companies

41510 -270227700 -471686500

b) For debts with third parties 41520 000 -4404100

c) For updating provisions 41530 000 000

16 Change in fair value of financial instruments 41600 000 000

a) T rading portfolio and others 41610 000 000

b) Allocation to financial year profit amp loss account on

available-for-sale financial assets

41620 000 000

17 Exchange differences 41700 -7 50600 -1101100

18 Deterioration and result for transfers of financial instruments 41800 000 63177500

a) Deteriorations and losses 41810 000 000

b) Results for transfers and others 41820 000 63177500

19 Other financial expenses and revenues 42100 000 000

a) Capitalisation of financial assets 42110 000 000

b) Financial revenues from creditors agreements 42120 000 000

c) Other revenues and expenses 42130 000 000

A2) FINANCIAL RESULT (14 + 15 + 16 + 17 18 + 19) 49200 -246063400 -387519700

A3) PRE-TAX RESULT (A1 + A2) 49300 -5424982300 -1786908500

20 Tax on profits 41900 332351400 -487641400

A4) FINANCIAL YEAR PROFIT amp LOSS FROM CONTINUING

OPERATIONS (A3 + 20)

49400 -5092630900 -2274549900

21 Financial year result from discontinued operations after tax 42000 000 000

A5) FINANCIAL YEAR RESULT (A4 + 21) 49500 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 24

Changes in Equity(in Euros)

Financial years

Key 2011 2012 2013 2014

A) RESULT OF THE PROFIT AND LOSS ACCOUNT 59100 -5092630900 -2274549900

I For valuation of financial instruments 50010 000 000

1 Available-for-sale financial assets 50011 000 000

2 Other revenuesexpenses 50012 000 000

II For cash flow hedges (coverage) 50020 000 000

III Grants donations and legacies received 50030 000 000

IV For actuarial profits and losses and other adjustments 50040 000 000

V For non-current assets and related liabilities maintained

for sale

50050 000 000

VI Conversion Differences 50060 000 000

VII Tax effect 50070 000 000

B) Total revenues and expenses allocated directly in equity (I + II

+ III + IV +V+VI+VII)

59200 000 000

VIII For valuation of financial instruments 50080 000 000

1 Available-for-sale financial assets 50081 000 000

2 Other revenuesexpenses 50082 000 000

IX For cash flow hedges (coverage) 50090 000 000

X Grants donations and legacies received 50100 000 000

XI For non-current assets and related liabilities maintained

for sale

50110 000 000

XII T ranslation differences 50120 000 000

XIII Tax effect 50130 000 000

C) Total transfers to the profit and loss account (VIII + IX + X + XI+

XII+ XIII)

59300 000 000

TOTAL RECOGNISED EXPENDITURE AND REVENUES (A + B + C) 59400 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 25

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

Changes in Equity(in Euros)

Financial years

Key 2011 2012 2013 2014

A) RESULT OF THE PROFIT AND LOSS ACCOUNT 59100 -5092630900 -2274549900

I For valuation of financial instruments 50010 000 000

1 Available-for-sale financial assets 50011 000 000

2 Other revenuesexpenses 50012 000 000

II For cash flow hedges (coverage) 50020 000 000

III Grants donations and legacies received 50030 000 000

IV For actuarial profits and losses and other adjustments 50040 000 000

V For non-current assets and related liabilities maintained

for sale

50050 000 000

VI Conversion Differences 50060 000 000

VII Tax effect 50070 000 000

B) Total revenues and expenses allocated directly in equity (I + II

+ III + IV +V+VI+VII)

59200 000 000

VIII For valuation of financial instruments 50080 000 000

1 Available-for-sale financial assets 50081 000 000

2 Other revenuesexpenses 50082 000 000

IX For cash flow hedges (coverage) 50090 000 000

X Grants donations and legacies received 50100 000 000

XI For non-current assets and related liabilities maintained

for sale

50110 000 000

XII T ranslation differences 50120 000 000

XIII Tax effect 50130 000 000

C) Total transfers to the profit and loss account (VIII + IX + X + XI+

XII+ XIII)

59300 000 000

TOTAL RECOGNISED EXPENDITURE AND REVENUES (A + B + C) 59400 -5092630900 -2274549900

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 25

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

Cash Flows(in Euros)

Financial years

Key 2011 2012 2013 2014

1 Financial year result before tax 61100 -5424982300 -1786908500

2 Profit amp Loss adjustments 61200 4984588300 1571951900

a) Amortisation of fixed assets (+) 61201 18197700 12851400

b) Valuation adjustments due to deterioration (+) 61202 3792017100 1023922600

c) Change in provisions (+) 61203 1128006900 157409600

d) Allocation of grants () 61204 000 000

e) Results for derecognitions and transfers of fixed assets (+) 61205 -8441000 -300

f) Results for derecognitions and transfers of financial

instruments (+)

61206 000 -63177500

g) Financial revenues () 61207 -24914900 -26494500

h) Financial expenses (+) 61208 270227700 476090600

j) Change in fair value of financial instruments (+) 61210 000 000

k) Other revenues and expenses (+) 61211 -190505200 -8650000

3 Changes in current capital 61300 -1395076900 48568400

a) Stocks (+) 61301 204651700 62689600

b) Debtors and other accounts receivable (+) 61302 -1215763600 36637800

c) Other current assets (+) 61303 29929500 5136500

d) Creditors and other accounts payable (+) 61304 -413894500 -55895500

e) Other current liabilities (+) 61305 000 000

f) Other non-current assets and liabilities (+) 61306 000 000

4 Other cash flows from operating activities 61400 1170857800 -132232900

a) Interest payments () 61401 -270227700 -476090600

b) Receivables from dividends (+) 61402 000 000

c) Interest receivables (+) 61403 24914900 26494500

d) Tax on profit receivables (payments) (+) 61404 1416170600 317363200

e) Other payments (receivables) (+) 61405 000 000

5 Cash flows from operating activities (1 + 2 + 3 + 4) 61500 -664613100 -298621100

6 Payments for investments () 62100 -224200 -10000

a) Group companies and sister companies 62101 000 000

b) Fixed intangible assets 62102 000 000

c) (Tangible) fixed assets 62103 -224200 -10000

d) Real estate investments 62104 000 000

e) Other financial assets 62105 000 000

f) Non-current assets maintained for sale 62106 000 000

g) Business unit 62107 000 000

h) Other assets 62108 000 000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 26

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

Financial years

Key 2011 2012 2013 2014

7 Receivables from the sale of investments (+) 62200 4689500 1400

a) Group companies and sister companies 62201 000 000

b) Fixed intangible assets 62202 000 000

c) (Tangible) fixed assets 62203 1171100 1400

d) Real estate investments 62204 000 000

e) Other financial assets 62205 3518400 000

f) Non-current assets maintained for sale 62206 000 000

g) Business unit 62207 000 000

h) Other assets 62208 000 000

8 Cash flows from investment activities (6 + 7) 62300 4465300 -8600

9 Receivables and payments for equity instruments 63100 000 000

a) Issuance of equity instruments () 63101 000 000

b) Amortisation of equity instruments () 63102 000 000

c) Acquisition of own equity instruments () 63103 000 000

d) T ransfer of own equity instruments (+) 63104 000 000

e) Grants donations and legacies received (+) 63105 000 000

10 Receivables and payments for financial liability instruments 63200 665197500 300026300

a) Issuance 63201 10558799100 1950000000

1 Obligations and other negotiable securities (+) 63202 000 000

2 Debts with credit institutions (+) 63203 8799100 000

3 Debts with group companies and sister companies (+) 63204 10550000000 1950000000

4 Debts with special characteristics (+) 63205 000 000

5 Other debts (+) 63206 000 000

b) Repayment and amortisation of 63207 -9893601600 -1649973700

1 Obligations and other negotiable securities () 63208 000 000

3 Debts with group companies and sister companies () 63210 -9889617600 -1603328000

4 Debts with special characteristics () 63211 000 000

5 Other debts () 63212 -111200 -781300

11 Dividend payments and remunerations from other equity

instruments

63300 000 000

a) Dividends () 63301 000 000

b) Remuneration of other equity instruments () 63302 000 000

12 Cash flows from financing activities (9 + 10 + 11) 63400 665197500 300026300

D) Effect of changes in exchange types 64000 000 000

E) NET INCREASEDECREASE IN CASH OR EQUIVALENTS (5 + 8

+ 12 + D)

65000 5049700 1396600

Cash or equivalents at the start of the financial year 65100 30698100 25648400

Cash or equivalents at the end of the financial year 65200 25648400 27045000

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 27

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28

AS N E F E M P R E S AS

There are no defaults recorded in the ASNEF (Spanish National Association of Finance Companies) Empresas (Companies) file

RAI (Unpaid Receivables Registry)

File made up of information on defaults exclusively by legal persons that are

equal to or greater than euro300

The information in this file remains for 30 months

CH E CK D E F A U LTS A N D D E B TS ( R A I )

S O C I E D A D E J E M P L O S L | C O M P A N Y R E P O R T

W W W I N F O E M P R E S A C O M 28