Folleto

GRUPOPIKOLIN S.L.
(Incorporated in Spain in accordance with the Spanish Capital Companies Act)
20,000,000 EUROS Bonos Simples GRUPOPIKOLIN MAYO 2015 Serie 1
EUR 20,000,000 Senior unsecured notes 5% Interest maturing in 2025
INFORMATION MEMORANDUM (DOCUMENTO INFORMATIVO DE INCORPORACIÓN) ON
THE EVENTUAL ADMISSION (INCORPORACIÓN) OF MEDIUM- AND LONG-TERM
SECURITIES ON THE ALTERNATIVE FIXED-INCOME MARKET (“MARF”)
GRUPOPIKOLIN, S.L. (“Pikolin”, the “Issuer” or the “Group”) a limited liability company (Sociedad Limitada)
organised under the laws of Spain, registered in the Zaragoza Companies Register in Volume 2929, section 47, sheet
Z33424, with tax identification number B-50966654 will request the admission of the Notes (incorporación de
valores) issued on the Alternative Fixed-Income Market (“MARF”) under the provisions of this Information
Memorandum (Documento Informativo de Incorporación).
The terms and conditions of the Notes provide early repayment options for the Issuer in accordance with the
provisions of title VIII of the Information Memorandum. The Notes entail certain obligations for the Issuer
(covenants), as detailed in title VIII of the Information Memorandum.
Admission (incorporación) to MARF has been requested. MARF is a multilateral trading system and is not a
regulated market in accordance with the provisions of Directive 2004/39/EC. There is no guarantee that the price of
the Notes in MARF will be maintained. There is no assurance that the Notes will be widely distributed and actively
traded on the market because at this time there is no active trading market, which is currently under development. Nor
is it possible to ensure the development or liquidity of the trading markets for the Issue.
The Notes will be represented by book entries in Iberclear, according to the provisions of title VIII of the Information
Memorandum.
An investment in the Notes involves certain risks.
Read section III of the Information Memorandum on Risk Factors.
This Information Memorandum (Documento Informativo de Incorporación) is not a prospectus (folleto
informativo) and has not been registered with the National Securities Market Commission (CNMV). The
offering of the securities does not constitute a public offering in accordance with the provisions of Article 30bis
of the Law 24/1988 on Securities Market (“SML”) and therefore there is no obligation to approve, register and
publish a prospectus (folleto informativo) with CNMV. This Issue is intended exclusively for professional and
qualified investors in accordance with the provisions of Article 78bis 2 of the SML and Article 39 of Royal
Decree 1310/2005 of 4 November, which partially develops Law 24/1988, of 28 July, on the Securities Market,
with regard to the admission of securities to trading on official secondary markets, public offerings or
subscription and the prospectus required for this purpose (“Royal Decree 1310/2005”).
No action has been taken in any jurisdiction to permit a public offering of the Notes or the possession or
distribution of the Information Memorandum or any other offering material in any country or jurisdiction
where such action is required for said purpose.
This Information Memorandum includes the information required by Circular 3/2014 of MARF. The
Governing Body of MARF has not made any verification or check with respect this Information
Memorandum nor over the rest of the documentation and information contributed by the Issuer in compliance
with said Circular 3/2014.
GLOBAL COORDINATOR
Nmas1 Corporate Finance, S.A.U.
BOOKRUNNER
Nmas1 SYZ VALORES, Agencia de Valores, S.A.
The date of this Information Memorandum (Documento Informativo de Incorporación) is 27 May 2015
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CONTENTS
I.
IMPORTANT INFORMATION
6
II.
SUMMARY
8
1
Overview of the Business of the Issuer
8
2
History
8
3
Relevant aspects of recent activity
9
4
Organizational Structure
9
5
Strategy
10
6
Information on the Issue
11
7
Financial information
12
III. RISK FACTORS
15
1
Risk relating to the Issuer
16
2
Risks relating to Business and Industry
18
3
Risks Relating to the Notes
19
IV.
DECLARATION OF LIABILITY
21
1
Person responsible for the information contained in the Information
Memorandum
21
Statement of the person responsible for the content of the
Information Memorandum
21
V.
FUNCTIONS OF THE REGISTERED ADVISOR OF MARF
21
VI.
INDEPENDENT AUDITORS
24
1
Name and address of the auditors of the Issuer for the period
covered by the historical financial information (together with their
membership in a professional body)
24
If auditors have resigned, been removed from their duties or have
not been re-appointed during the period covered by the historical
financial information, indicate the details if material
25
2
2
VII. INFORMATION ON THE ISSUER
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25
1
History and performance of the Issuer
25
1.1
Origin and identification data
25
1.2
Milestones of the Issuer
25
1.3
Current situation and performance of the Issuer
27
2
Main Shareholders
27
3
Organizational Structure
27
4
Corporate purpose:
28
5
Administrative and management bodies
28
5.1
Board of Directors
28
5.2
Senior Management
29
Industry and Activity
30
6.1
Industry introduction
30
6.2
Mattress sector by country
31
6.3
Trends in the industry
35
6.4
Business Units
35
6.5
International expansion
40
6.6
Key strengths of the Group
41
6.7
Contracts and strategic partnerships
43
6.8
Subsidiaries and associates
43
6.9
Declaration on the absence of significant changes in the prospects of the
Issuer
44
Information on significant changes in the prospects of the Issuer
44
6
6.10
7
Reasons for the Issue and use of proceeds
44
8
Financial information
44
8.1
Audited historical financial information
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44
8.2
Financial Statements of the Issuer
45
8.3
Audit of historical annual financial information
47
8.4
Age of the most recent financial information
48
8.5
Judicial, administrative and arbitration proceedings
48
8.6
Significant changes in the financial or trading position of the Issuer
48
VIII. DESCRIPTION OF THE NOTES
49
1
Form, Denomination, Price and Status
49
2
Register, Title and Transfers
50
3
Definitions
51
4
Covenants
57
4.1
Limitation on Indebtedness
57
4.2
Negative Pledge
58
4.3
Limitations on Distributions
58
4.4
Limitation on Sales of Assets and mandatory tender offer for the Notes
58
4.5
Limitation on Investments
59
4.6
Information and Reports
59
4.7
Modification of certain covenants when the Issuer reaches investment
grade
60
5
Change of Control
60
6
Interest
60
7
Redemption and Purchase
61
8
Payments
62
9
Taxation
63
10
Events of Default
63
11
Prescription
65
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12
Paying Agent
65
13
Syndicate of Noteholders, Modification and Waiver
66
14
Further Issues
75
15
Notices
75
16
Governing Law and Jurisdiction
75
IX.
ADMISSION OF THE SECURITIES
75
1
Request for admission (incorporación) of the securities to the
Alternative Fixed Income Market. Deadline for admission
(incorporación) to trading.
75
Costs of all legal, financial, and audit services and other costs to the
Issuer and placement costs and, if necessary, underwriting costs,
originated by the Issue, placement and admission (incorporación)
76
THIRD PARTY INFORMATION, STATEMENT BY EXPERTS
AND DECLARATIONS OF INTEREST
77
REFERENCES
77
2
X.
XI.
ANNEX 1 2014 CONSOLIDATED AUDITED ANNUAL ACCOUNTS
78
ANNEX 2 2013 CONSOLIDATED AUDITED ANNUAL ACCOUNTS
79
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I.
IMPORTANT INFORMATION
Neither the Issuer nor the Placement Entities have authorized anyone to provide information to
potential investors different from the information contained in this Information Memorandum
and other publicly available information. Potential investors should not base their investment
decision on information other than that contained in this Information Memorandum and
alternative sources of public information.
The Placement Entities assume no liability for the content of the Information Memorandum.
The Placement Entities have signed a contract with the Issuer but neither the Placement Entities
nor any other entity has made any commitment to underwrite the issue, without prejudice to the
ability of the Placement Entities to acquire part of the Notes on their own behalf.
This Information Memorandum is not a prospectus (folleto informativo) and has not been
registered with the National Securities Market Commission (CNMV). The offering of the
securities does not constitute a public offering in accordance with the provisions of Article
30bis of the Law 24/1988 on Securities Market (“SML”), and therefore there is no obligation to
approve, register and publish a prospectus (folleto informativo) with CNMV.
Admission (incorporación) to MARF will be requested. MARF is a multilateral trading system
and is not a regulated market in accordance with the provisions of Directive 2004/39/EC. This
Information Memorandum includes the information required by Circular 3/2014 of MARF. The
Governing Body of MARF has not made any verification or check with respect this Information
Memorandum nor over the rest of the documentation and information contributed by the Issuer
in compliance with said Circular 3/2014. There is no guarantee that the price of the Notes in
MARF will be maintained. There is no assurance that the Notes will be widely distributed and
actively traded on the market because at this time there is no active trading market, which is
currently under development. Nor is it possible to ensure the development or liquidity of the
trading markets for the Issue.
The Notes will be represented by book entries in Iberclear, according to the provisions of
section VIII of the Information Memorandum.
SELLING RESTRICTIONS
No action has been taken in any jurisdiction to permit a public offering of the Notes or the
possession or distribution of the Information Memorandum or any other offering material in any
country or jurisdiction where such action is required for said purpose.
In particular:
European Union
This private placement is only directed to qualified investors according to the provisions in
Article 2.1.e) of Directive 2003/71/EC. Therefore, neither the Issue nor this Information
Memorandum have been registered with any competent authority of any Member State.
Spain
This Information Memorandum has not been registered with the National Securities Market
Commission in Spain (“Comisión Nacional del Mercado de Valores” or “CNMV”). The Issue of
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the securities does not constitute a public offering in accordance with the provisions of Article
30bis of the Law 24/1988 on Securities Market (“SML”). This Issue is intended exclusively for
professional and qualified investors in accordance with the provisions of Article 78bis 2 of the
SML and Article 39 of Royal Decree 1310/2005 of 4 November, which partially develops Law
24/1988, of 28 July, on the Securities Market, with regard to the admission of securities to
trading on official secondary markets, public offerings or subscription and the prospectus
required for this purpose (“Royal Decree 1310/2005”).
Portugal
Neither the Issue nor this Information Memorandum have been registered with the Portuguese
Securities Market Commission (Comissão do Mercado de Valores Mobiliários) and no action
has been undertaken that would be considered as a public offer of the Notes in Portugal.
According to the above, the Notes may not be offered, sold or distributed in Portugal except in
accordance with the provisions of Articles 109, 110 and 111 of the Portuguese Securities Code
(Código dos Valores Mobiliários).
Andorra
No action has been undertaken that may require the registration of this Information
Memorandum with any authority of the Principality of Andorra.
Switzerland
This document does not constitute an offer to sell or the solicitation of an offer to buy the Notes
in Switzerland. The Notes shall not be subject to public offering or advertised, directly or
indirectly, in Switzerland and will not be listed on SIX, the Swiss Exchange or any other Swiss
market. Neither this document nor the Issue or marketing materials of the Notes constitute a
prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations
nor a listing prospectus according to the Admission rules of the SIX Swiss Exchange or any
other Swiss market.
United States
This document must not be distributed, directly or indirectly, in (or sent to) the United States of
America (according to definitions of the “Securities Act” of 1933 of the United States of
America (the “U.S. Securities Act”). This document is not an offer to sell securities or the
solicitation of an offer to buy any securities or any offer of securities in any jurisdiction in
which such offer or sale is considered contrary to law. The Notes have not (nor will) be
registered in the United States for the purposes of the U.S. Securities Act and may not be
offered or sold in the United States without registration or an exemption application for
registration under the U.S. Securities Act. There will not be a public offering of the notes in the
United States or in any other jurisdiction.
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II. SUMMARY
1
Overview of the Business of the Issuer
Grupopikolin, S.L. (hereinafter, “Pikolin”, the “Group” or the “Issuer” and, jointly with
the companies that are part of its corporate group for the purposes of commercial law,
“Grupo Pikolin” or the “Group” – for further information please see section 4 below –)
is the second largest bedding group in Europe, being the leader in the Iberian and French
markets, with wide footprint all over Asia and Middle East as detailed herein. Founded in
1948, the Group produces and sells high quality bedding products, including mattresses,
bases, pillows and bedding accessories. Vertically integrated, with ten production plants
(8 in Europe and 2 in Southeast Asia) it commercializes its products through independent
distributors and bedding specialists. Grupo Pikolin is the market leader in Spain, with
27% market share and in France with 28% market share.
Grupo Pikolin’s successful track record throughout its 67 years in the market has turned
the Group into one of the leading players in the industry. Starting from a leading position
in Iberia (Spain and Portugal), Grupo Pikolin decided to expand operations into the
French market in 2001, to get a leadership position in South Europe. Through the
acquisition of the French COFEL S.A.S., in 2009, Grupo Pikolin became the second
largest player in the European market. The Group has a portfolio of very well-known
trademarks that provide them with a wide range of products, with brands that are leader in
each of the markets that Grupo Pikolin operates.
2
History
Pikolin is a Group governed by the Capital Companies Act (Ley de Sociedades de
Capital) and it’s implementing regulations, with corporate address at Carretera de
Logroño, K.M 6.5, 50011, at Zaragoza. The Alfonso Soláns Serrano Company was
incorporated in 1948 and the brand Pikolin started operating in 1959. Currently Grupo
Pikolin is fully owned by the founder family, Family Soláns.
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The Group started as a small mattress factory in 1948, making metal beds in a small
factory in Zaragoza. In 1959 de Group grows and moves to larger premises and the
Pikolin brand is created, with a commercial network of 18 branches. In 1973 the Group
built the current factory in Zaragoza, one of the largest in the world. 1999 saw the start of
the internalization process of Grupo Pikolin, with the agreement to distribute SERTA
brand for the European market. With the acquisition in 2009 of COFEL S.A.S. (largest
manufacturer of sleep products in France), the Group became the second largest player in
the European market. In 2011, with the acquisition of the Dunlopillo brand, the Group
started its diversification into Southeast Asia.
The main milestones achieved along the 67 years of history of the Issuer are as follows:
3
Relevant aspects of recent activity
As of March 2015, Grupo Pikolin has 10 factories, operating in 65 countries with over
2.307 employees. The Group distributes all its products via a logistic park installed in
Zaragoza, an outsourced company in France, and additionally exports from Malaysia to
all Asia and Africa. Commercializes its products through franchised shops and
independent distributors and franchised bedding specialists.
For the year ended December 31st, 2014, Grupo Pikolin had sales of €352 million and
EBITDA of €14.28 million. France represented 59% of the Group’s total sales, Iberia
(Spain and Portugal) representing 32% and Asia 9% of total sales, as of December 2014.
Grupo Pikolin has already started a new phase of corporate growth that will be addressed
through a process of organic growth based on expansion into LATAM and further
penetration into the Asian market. This growth process will be supported by structural
changes, the construction of new factories, innovation and various projects that will
increase EBITDA in the 2015-2019 period. The Group will also consolidate the
leadership position in Spain and France.
4
Organizational Structure
Grupopikolin, SL is the parent company of the three main hubs: Pikolin S.L., COFEL
S.A.S and Dunlopillo Holdings B.H.D.; and the other brands and business lines.
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At the date of this Information Memorandum Grupopikolin’s structure has the following
organizational chart:
5
Strategy
The strategy of Grupo Pikolin has always been to be the market leader in each of the
markets in which they operate. The Group is market leader in Iberia and France, with a
wide footprint all over Asia and Middle East.
Grupo Pikolin has achieved this leadership position by owning a portfolio of brands
leader in each of the markets that they operate. The Group has invested more than €17
million in R&D since 2006, giving Grupo Pikolin a competitive advantage over their
competitors, also serving as an entry barrier for newcomers.
With a leadership position in Iberia (Spain and Portugal), Grupo Pikolin decided to
expand operations into the French market (2001), to get a leadership position in South
Europe. With the full acquisition of COFEL S.A.S. in 2004, Pikolin became the second
largest player in Europe, with a leading position in France and Iberia.
In 2011 Grupo Pikolin decided to continue with their internationalization and
diversification process, by acquiring the mattress producing company Dunlopillo, giving
the Group direct access to more than 15 Southeast Asian Countries.
In 2012 the Group decided to acquire Industrias Hidraulicas Pardo, to consolidate its
leadership position in the hospital and geriatric sleep market. During 2012 the Group also
entered into a Joint Venture with the leading manufacturer in the Italian bedding market
(B&T).
The main international growth pillars for Grupo Pikolin are:
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
Asia: The Asian market represents a big growth potential opportuinity for the
Group, already operating through their leading brand Dunlopillo in main
countries (China, Malaysia, Vietnam, South Korea, among others), with
industrial facilities in Vietnam and China.

South America: Already started operations in Brazil, where Pikolin’s brand
image and European technologies are highly appreciated. The Group has also
established partnerships in Ecuador and Central America.

Hospitals and Geriatrics market: this market is expected to have double digit
growth worldwide , where Grupo Pikolin wants to become a global player.
Grupo Pikolin will continue investing in R&D as a differentiation asset vs. competitors,
to maintain a leadership position in each of the markets that the Group operates. New
“state of the art” factories in Spain and France will give extra capacity and more
efficiency into the production cycle of Grupo Pikolin.
6
Information on the Issue
This summary of the Issue contains basic information and does not purport to be
complete and may be subject to limitations and exceptions that are detailed later in this
Information Memorandum. All information concerning the Issue is in the section
“Information relating to the securities”.
Issuer
Grupopikolin, S.L.
Debt issued
EUR 20,000,000 in nominal value. 200 Notes with a face
value of EUR 100,000 each grouped in a single class and
series.
Name of the issue
Bonos Simples GRUPOPIKOLIN MAYO 2015 Serie 1
Pricing date
20 May 2015
Issue/Closing date
27 May 2015
Maturity date
27 May 2025
Economic rights for the holder
The interest rate shall be 5% per annum payable annually on
the face value of the Notes at any time. The interest will
accrue daily on the Actual/Actual ICMA basis, unadjusted and
will be payable in arrears as of the Closing Date.
Order of priority
For the purposes of priority in the event of insolvency of the
Issuer, the Notes are located:
(i)
be general senior obligations of the Issuer;
(ii)
rank pari passu in right of payment with any
existing and future obligations of the Issuer that are
not subordinated in right of payment to the Notes.
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(iii) rank senior in right of payment to any existing and
to any future obligations of the Issuer that are
subordinated in right of payment to the Notes.
7
Credit Rating of the Issuer
On 20 April 2015 the agency AXESOR assigned the Issuer a
credit rating of BB with a stable outlook.
Issue guarantees
The principal and interest are guaranteed by the total net worth
of Grupo Pikolin
Obligations of the Issuer
Standard incurrence base covenants with limitation on:
Indebtness
Negative Pledge
Distributions
Sale of Assets
Investments
See “Description of the Notes” in section VIII.
Paying Agent
BNP Security Services
Commissioner
Bond Holders
Applicable law
Spanish Law
Risk Factors
Investing in the Notes involves risks and investors should read
the “Risk Factors” section of this document for a detailed
description of the risks associated with this operation that
should be considered before investing. See “Risk Factors” in
section III.
Use of the proceeds
The main purpose of the proceeds from this bond issue is the
refinancing of part of the debt held by Grupo Pikolin,
strengthening its financial position, extend maturities and
having a new market available to accompany the future
growth of the Group.
Financial information
A summary of the information contained in the audited consolidated annual accounts of
Grupo Pikolin as of and for each of the years ended December 31, 2014 and 2013
included in this Information Memorandum (“Consolidated Financial Statements”) and
the unaudited consolidated interim financial statements as of March 31, 2015 (“Interim
Consolidated Financial Statements”), both prepared in accordance with prevailing
commercial legislation and the provisions of the General Accounting Plan approved by
Royal Decree 1514/2007 and the amendments made by Royal Decree 1159/2010 (all
together, “Spanish GAAP”), is included in this section.
In addition to the financial information presented herein and prepared under Spanish
GAAP, Grupo Pikolin has included herein financial measures which have been extracted
from its accounting records and other management sources. Grupo Pikolin has presented
those non-GAAP measures, which are unaudited, because Grupo Pikolin believes that
may contribute to a fuller understanding of the Group’s results of operations by providing
additional information on what Grupo Pikolin considers to be some of the drivers of the
Grupo Pikolin’s financial performance. These non-GAAP measures are not defined under
Spanish GAAP and may be presented on a different basis than the financial information
- 12 -
included in the Standalone Financial Statements or in the Interim Financial Statements.
Accordingly, they may differ significantly from similarly titled information reported by
other companies, and may not be comparable. Investors are cautioned not to place undue
reliance on those non-GAAP measures, which should be considered supplemental to, and
not substitute for, the financial information prepared in accordance with Spanish GAAP
included elsewhere in this document.
Certain data contained in this Information Memorandum, including financial information,
have been subject to rounding adjustments. Accordingly, in certain instances, the sum of
the numbers in a column or a row in tables may not conform exactly to the total figure
given for that column or row or the sum of certain numbers presented as a percentage
may not conform to the total percentage given.
- 13 -
Audited Consolidated Main Financials for the years ended December 31, 2014 and
2013 and Unaudited Consolidated Main Financials for the three months ended
March 31, 2015 (in millions of Euro)
BALANCE SHEET
ASSETS (Eur m)
2013A
2014A 1Q 2015*
A) NON-CURRENT ASSETS
Intangible assets
Property, plant and equipment
Investment property
Non-current investments in group companies and associates
Non-current financial assets
Deferred tax assets
Non-current trade debtors
280,23
47,58
38,41
1,42
0,73
146,31
40,28
5,51
269,92
49,27
40,70
1,08
1,08
135,82
37,96
4,01
268,04
49,38
39,88
1,07
1,11
135,82
36,78
4,01
B) CURRENT ASSETS
Inventories
Trade and other receivables
Current investments in group companies and associates
Current financial assets
Current prepayment and accrued income
Cash and cash equivalents
142,74
41,84
76,39
0,00
2,52
0,50
21,49
134,75
40,67
81,58
0,00
5,80
0,58
6,12
150,68
44,12
94,27
0,00
4,89
0,62
6,78
TOTAL ASSETS (A+B)
422,97
404,67
418,73
EQUITY AND LIABILITIES (Eur m)
2013A
2014A 1Q 2015*
A) EQUITY
Shareholders' equity
Valuation adjustment
Grants, donations and bequests received
External shareholders
241,87
242,81
(1,90)
0,29
0,67
238,30
239,26
(2,03)
0,41
0,67
244,09
243,04
(0,02)
0,41
0,66
B) NON-CURRENT LIABILITIES
Non-current provisions
Non-current payables
Non-current payables to Group companies and associates
Deferred tax liabilities
Long-term time period adjustements
Acreedores comerciales no corrientes
84,65
8,09
76,18
0,00
0,26
0,00
0,12
56,50
8,63
47,54
0,00
0,33
0,00
0,00
56,40
8,76
47,32
0,00
0,33
0,00
0,00
C) CURRENT LIABILITIES
Short-term provisions
Current payables
Trade and other payables
Short-term time-period adjustments
96,45
0,62
26,40
69,31
0,12
109,88
0,00
38,97
70,89
0,02
118,23
0,00
34,14
84,09
0,00
422,97
404,67
418,73
TOTAL EQUITY AND LIABILITIES (A+B+C)
*Unaudited Consolidated Selected Financials as of M arch 31, 2015
- 14 -
PROFIT AND LOSS ACCOUNT (Eur m)
2013A
A) CONTINUING OPERATIONS
Turnover
Change in stock in progress and finished goods
Work carried out by the company on property
Materials and other suppliers
Other operating income
Staff costs
Other operating expenses
Amortisation charge
Non financial assets grants and others
Excessive provisions
Impairment and gains on disposal of non-current assets
Negative consolidation difference
Other profit and loss
A.1) PROFIT FROM OPERATIONS
Finance Income
Finance costs
Change of fair value of financial securities
Exchange differences
Impairment ans gains or losses on disposals of financial instruments
A.2) FINANCIAL PROFIT
A.3) PROFIT BEFORE TAX
A.4) PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS
A.5) PROFIT FOR THE YEAR
2014A 1Q 2015*
336,72 351,99
(3,47)
0,35
0,00
0,28
(149,64) (158,75)
6,66
6,11
(97,04) (89,23)
(94,17) (98,96)
(6,66)
(7,27)
0,02
0,14
0,03
0,00
(2,24)
0,31
0,00
0,00
(0,13)
(0,03)
(9,92)
4,97
4,73
2,91
(5,72)
(6,25)
0,28
(0,04)
0,40
(0,22)
(2,49)
0,22
(2,79)
(3,38)
(12,59)
1,69
(8,39)
(2,36)
(8,39)
(2,36)
99,21
0,31
(0,03)
(43,62)
1,53
(23,23)
(25,92)
(1,64)
0,00
(0,12)
0,13
0,00
0,08
6,70
0,65
(1,09)
0,04
(0,02)
(0,07)
(0,48)
6,24
4,26
4,26
*Unaudited Consol idated Selected Fi nanci als as of M arch 31, 2015
CASH FLOW STATEMENTS (Eur m)
A) EBITDA
B) CASH FLOW FROM OPERATING ACTIVITIES
C) CASH FLOW FROM INVESTING ACTIVITIES
D) CASH FLOW FROM FINANCING ACTIVITIES
E) NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS
FCF
2013A
2014A 1Q 2015*
(3,11)
7,68
19,36
(19,43)
8,01
1,79
14,29
4,78
(4,00)
(15,92)
(15,37)
(6,13)
2013A
(3,11)
0,24
(1,28)
9,64
2,19
7,68
5,89
1,79
2014A 1Q 2015*
14,29
8,01
0,51
(0,76)
(4,13)
(0,44)
(5,08)
(1,06)
(0,82)
4,78
5,74
10,91
0,93
(6,13)
4,82
8,01
5,74
(0,02)
(5,05)
0,66
4,82
*Unaudited Consol idated Selected Fi nanci als as of M arch 31, 2015
FREE CASH FLOW STATEMENTS
EBITDA
Taxes paid
Interest paid/received
Changes in Working Capital
Other operating cash flow (adjustments)
Operating Cash Flow
Capex/divestment
FCF
*Unaudited Consol idated Selected Fi nanci als as of M arch 31, 2015
III. RISK FACTORS
The following are the risks to which Pikolin is exposed, including those arising from the
business areas in which it operates as well as those specifically related to its business. The
materialization of any of these risks could have a negative effect on its business, financial
condition and results of operations of Pikolin, and therefore the nominal and/or interest
that investors receive for the Notes.
- 15 -
Prospective investors should carefully consider the risks described below in conjunction
with other information contained in this document. In addition, these risks are not the only
ones to which the Issuer could be exposed; it may be the case that risks which are currently
unknown or not considered relevant at this time could materialize in the future.
1
Risk relating to the Issuer

Pikolin may have a material adverse effect on the fluctuation on interest rates.
However, the Company has a low risk of interest rate, although much of the group's
borrowings are indexed to a variable rate and the Group has not hired any hedging
instrument for the interest rate, the current and foreseeable development of the
exchange mitigates this risk to the extent that remain in an appropriate range. The
proposed €30 million bond financing, structured through two bonds (€10 million
maturing in 2022 and €20 million maturing in 2025) will refinance part of Pikolin´s
debt with a fixed coupon, reducing considerably the fluctuation on the interest rates.

Pikolin may have credit risk exposure. However, Pikolin has a low credit risk, due
to the fact that the group's main clients are reputable companies with guaranteed
solvency, situation that greatly reduces the probability of default. Besides what
mentioned before, the Group has hired insurance credit guarantees operations for
c.90% of the billed volume. At the same time, in markets such as France, the law
affects especially to this aspect, continuously ensuring compliance with the
maximum period of collection.

Any failure to raise sufficient capital for its business and operations in a timely
manner may adversely affect Pikolin’s financial condition and results of operations.
Pikolin’s capital expenditure is made both on a regular basis for maintenance
purposes and, from time to time, to acquire a new business line or start operating in
a new country.
Pikolin invests in areas such as R&D, refurbishment, maintenance, upgrading and
expansion of manufacturing facilities and upgrading efficiency of its processes,
using the cash generated from its operations and financing activities. However,
there can be no assurance that these sources of funding will be sufficient to continue
to adequately meet Pikolin’s business needs, particularly with regard to its growth
and expansion plans.
The availability of external funding is subject to various factors beyond Pikolin’s
control, including prevailing capital market conditions, credit availability, interest
rates and its business performance. Pikolin’s inability to arrange additional
financing in a timely manner and on satisfactory terms could result in a material and
adverse effect on its business, results of operations and expansion plans.
The Company has had weak liquidity levels in recent years which arise from a loss
of operating profitability due to the fall in business and the Company's
deleveraging, which has consumed most liquid assets since 2011. Pikolin is
currently building a new comfortable cash cushion, as it has been the policy in the
past.
- 16 -

Exchange rate fluctuations may have a material adverse effect on its business,
financial condition and results of operations. Pikolin's reporting currency is the
euro. However, some contracts entered into by the company are determined in other
currencies or in euros but allowing the customer to pay in its local currency, using
market exchange rates in effect at the time of payment (therefore Pikolin bears the
exchange rate risk between invoicing and payment). Approximately 9% of Pikolin
exports were generated outside of the European Union as of Dec. 31st 2014. As a
multinational Group, Pikolin conducts business in a wide variety of currencies and
is therefore subject to market risk for changes in foreign exchange rates. Pikolin
uses foreign exchange forward contracts to manage a portion of the exposure to the
risk of the eventual net cash inflows and outflows resulting from foreign currency
denominated transactions between their subsidiaries and their customers and
suppliers, as well as among certain subsidiaries. Pikolin follows a conservative
interest hedging policy, having contracted low-risk hedging products considered
“plain vanilla”.

Pikolin operating results are increasingly subject to fluctuations, including as a
result of seasonality, which could make sequential quarter to quarter comparisons
an unreliable indication of their performance. A significant portion of our growth in
net sales is attributable to growth in sales in the Retail channel. Sales of bedding
and other products to furniture and bedding stores are subject to seasonality
inherent in the bedding industry, with sales expected to be generally higher in the
third and fourth quarters.

The Company interest or the interest of the controlling shareholders may differ
from the interest of the Bondholders: The Company is controlled by Mr. Alfonso
Soláns who owns 98% of the share capital of the Company.

Pikolin will need to attract, recruit or retain qualified employees in the different
jurisdictions in which it operates and to manage successfully the relationship with
its employees. Otherwise, its operations and ability to manage the day-to-day
aspects of its business will be adversely affected. Pikolin also believes its success
depends to a significant degree on the continued contribution of its executive
officers and key employees, both individually and as a group. The loss of one or
more members of its management team, as they have many years of experience in
its business and industry, would be difficult to replace without adversely affecting
its business.

Pikolin could be unable to procure adequate insurance, or at terms which are not
cost-effective. Pikolin purchases and maintains the product liability insurance
coverage it believes to be consistent with industry practice and sufficient to insure
Pikolin against the immediate financial risk of successful claims based on product
liability. Its ability to insure its businesses, facilities and assets is an important
feature of its ability to manage risk.
Accidents, natural disasters, terrorism, power loss or other catastrophes may also
result in significant property damage, disruption of operations, personal injury or
fatalities and reputational damage. In the event of uninsured loss or a loss in excess
of the insured limits, Pikolin could suffer damage to its reputation and/or lose all or
- 17 -
a part of its manufacturing capacity, as well as future net turnover expected from
the relevant facilities. Any material loss not fully covered by insurance could
adversely affect its business, financial condition and results of operations.
2
Risks relating to Business and Industry

Pikolin has exclusive exposure to the bedding industry. This level of exposure to a
mature market could weaken the Company's competitive positioning. However,
Pikolin's mapping comprises of a broad spectrum of brands, offering a full product
mix within the bedding sector and covering all segments. Furthermore, the
positioning obtained by the Group's brands, leaders in their core markets, , are
valued positively, in a sector whose performance is deemed to be ‘brand
conscious’, representing the main entry barrier in the sector. The high sensitivity to
the cycle arising from its business concentration is mitigated with the acquisition in
2012 of ‘Industrias Pardo’, a company engaging in the manufacture and sale of
bed products, but exclusively aimed at hospital and geriatric segments (care beds
and adapted furniture).

The bedding industry, part of the consumer industry, is highly correlated to the
economic cycle and the GDP growth. As a mitigating, Pikolin is geographically
diversified, with the French market demonstrating to be a more stable market during
the recent crisis. The Asian market has strong room to growth, due to the expected
GDP growth in these countries for the forthcoming years.

Pikolin obtains a significant portion of its sales from a limited number of
distributors. With regard to marketing, the Pikolin Group sells its products via its
own stores, independent distributors and via its own specialist chains under a
franchise. Exposure to its main customers shows different nuances between the
Iberian market and France. Accordingly, the Top 10 customers in Iberia represent a
lower weight with respect to total turnover in that region (47%), in comparison with
France (65%), where its two main customers jointly accumulate 46% of billings (vs
24% in Iberia). These exposure levels, which are high in France, however relate to
the breakdown of the distribution of products in the bedding industry in that region.
Such market is concentrated (which is the main reason why retail is not developed
under a specialist business via franchises, such as Spain or Asia), while in Spain it
is far more fragmented. However, such exposure is positively assessed to the extent
that it represents a synergic relationship for both parties, in which the reduced
average collection period with customers in France stands out in comparison with
data obtained in Iberia.

Volatility in the prices of key raw materials could have an effect on the operating
margins of Pikolin. The company´s main raw materials are petroleum based and
steel products, and a variation in energy prices could affect the price of
polyurethane foam, polyethylene foam and steel innerspring component parts. In
addition to production costs’ sensitivity, a variation in energy prices could also
affect the company’s distribution costs. As a mitigant, the sharp decline in energy
prices starting in 2014 are positively affecting Pikolin’s margins.
- 18 -

Pikolin’s success depends upon its ability to design, manufacture and market new
products that satisfy evolving market demand. The company primarily designs,
manufactures, markets mattresses and is expanding to the geriatric business through
the recently acquired Industrias Pardo. The Company’s competitors may introduce
new products and technologies that are more efficient or affordable than Pikolin’s
or that render its existing or new products obsolete or uncompetitive. Pikolin may
be unable to develop and manufacture new products and technologies in a timely
and profitable manner, to obtain the necessary certificates or patents to achieve
market acceptance, or may otherwise be unable to deliver new products and
technologies. Failure to keep pace with technological advances in the market could
have a material adverse effect on its ability to compete effectively in its industry
and on its business, financial condition and results of operations. The company has
a good track record in the ability to continuously improve their products to offer
new and enhanced consumer benefits, by strongly and continuously investing in
R&D.
Pikolin may fail to adequately protect its intellectual property. Pikolin’s ability to
compete effectively partly depends on the maintenance and protection of its
intellectual property, including the know-how required for its day-to-day operations
in relation to its products and services. Pikolin holds certain trademarks and patents
that enable it to protect a portion of its intellectual property. Pikolin’s pending or
future applications for trademarks, patents or other intellectual property rights may
not be approved or, if allowed, not sufficient. Conversely, third parties may claim
that the intellectual property rights asserted by Pikolin breach their rights. In either
case, litigation may result in costs and could affect its business, financial condition
and results of operations.

3
Pikolin’s activities could expose it to potentially warranty, product liability,
accident or other claims and cause the Company to be a party to litigation. The
Company normally offers general limited warranties to its customers for many of its
products, and so could be subject to warranty or contractual claims in the event any
of its products and services not complying with contractual specifications. This type
of claim could result in product recalls, customers seeking monetary damages and
damage to Pikolin’s reputation. There can be no assurance that Pikolin will not have
to pay penalties in the future as a result of an increase in failures attributable to
Pikolin, which could have a material adverse effect on its business, financial
condition and results of operations.
Risks Relating to the Notes
a) Pikolin may not be able to obtain the funds required to repurchase Notes upon a
change of control.
The Terms and Conditions of the Notes contain provisions relating to certain events
constituting a “Change of Control” of Pikolin. Upon the occurrence of a Change of
Control, Pikolin will be required to offer to repurchase all outstanding Notes at a price
equal to 101% of their principal amount thereof, plus accrued and unpaid interest and
additional amounts, if any, to the date of repurchase. If a Change of Control were to
occur, Pikolin cannot assure you that it would have sufficient funds available at such
- 19 -
time to pay the repurchase price of the outstanding Notes. A Change of Control may
result in a prepayment event or an event of default under, and the acceleration of other
indebtedness. The repurchase of the Notes pursuant to such an offer could cause a
default under such indebtedness, even if the Change of Control itself does not.
Sufficient funds may not be available when necessary to make any required
repurchases. In addition, Pikolin expects that it would require third-party financing to
make an offer to repurchase the Notes upon a Change of Control. Pikolin cannot assure
you that it would be able to obtain such financing. Any failure by the Issuer to offer to
purchase the Notes would constitute a default under the Terms and Conditions of the
Notes.
The Change of Control provision contained in the Terms and Conditions of the Notes
may not necessarily afford protection in the event of certain important corporate events,
including a reorganization, restructuring, merger or other similar transaction involving
Pikolin that may adversely affect the holders of the Notes, because such corporate
events may not involve a shift in voting power or beneficial ownership or, even if they
do, may not constitute a “Change of Control” as defined in the Terms and Conditions of
the Notes.
b) There may not be an active trading market for the Notes, in which case the ability to
sell the Notes may be limited.
Pikolin cannot assure the holders of the Notes as to the liquidity of any market in the
Notes, their ability to sell the Notes or the prices at which would be able to sell their
Notes. Future trading prices for the Notes will depend on many factors, including,
among other things, prevailing interest rates, Pikolin operating results and the market
for similar securities.
Although an application will be made for the Notes to be listed on the Spanish Mercado
Alternativo de Renta Fija (MARF), Pikolin cannot assure that the Notes will be or will
remain listed. Although no assurance is made as to the liquidity of the Notes as a result
of the admission (incorporación) to MARF market, the failure to be approved for
admission (incorporación) or the exclusion (whether or not for an alternative admission
to listing on another stock exchange) of the Notes from the MARF market may have a
material effect on a holder’s ability to resell the Notes, as applicable, in the secondary
market.
c) Credit ratings may not reflect all risks, are not recommendations to buy or hold
securities and may be subject to revision, suspension or withdrawal at any time.
AXESOR, the agency assigned the Issuer a credit rating of BB, with a stable outlook.
The rating of the rating agency is a way to measure risk. In the market, investors
demand higher returns on higher risk and should assess the likelihood of a downward
variation in the credit quality of the Issuer or the securities (if any is assigned), which
could lead to a loss of liquidity in the securities purchased in the market and a loss in
value.
The risk of changes in the credit rating of Pikolin by the Rating Agency is that it can be
revised upward or downward, suspended or even withdrawn by the rating agency. The
downward revision, suspension or withdrawal of the credit rating by the rating agencies
- 20 -
could alter the price of the securities for the perception of the markets and hinder
Pikolin’s access to debt markets and impact on its ability to achieve financing.
d) The Bond Syndicate assemblies may decide otherwise than individual Noteholders.
The Terms and Conditions of the Bonds include clauses regarding the bond syndicate
assemblies which may take place to solve matters regarding the interests of
Noteholders. Those clauses establish specific majorities which will be binding to all
Noteholders, including those which have not come nor voted in the assembly, or have
voted against the majority, thus being bound by decisions taken in a validly convened
and held assembly. Therefore, it is possible that the Bond Syndicate takes a decision
with which an individual bondholder is not in agreement, but to which all Noteholders
are bound.
IV. DECLARATION OF LIABILITY
1
2
Person responsible for the information contained in the Information Memorandum
(a)
Mr. Luis Barcelona Escartín, in the name and on behalf of GRUPOPIKOLIN, S.L.
(herein, interchangeably, “Grupo Pikolin”, the “Group” or the “Issuer”), acting
as attorney by virtue of an special power of attorner granted before the Notary of
Zaragoza Mr. José María Navarro Viñuales on May 14, 2015 under number 1018
of its record, is responsible for the entire contents of this Information
Memorandum (documento informativo de incorporación), which conforms to
Circular 3/2014 of October 29, on admission (incorporación) and removal of
securities on the Alternative Fixed-Income Market (hereinafter, the “Information
Memorandum”).
(b)
Mr. Luis Barcelona Escartín, is expressly authorized to grant such public or private
documents as may be necessary for the proper processing of this securities Issue by
virtue of the agreements adopted by the Board of Directors at its meeting of 4 May
2015.
Statement of the person responsible for the content of the Information
Memorandum
Mr. Luis Barcelona Escartín, in the name and on behalf of Pikolin hereby declares that,
after acting with reasonable care to ensure that the information contained in this
Information Memorandum is, to his knowledge, in full accordance with the facts and
contains no omissions likely to affect its content.
V. FUNCTIONS OF THE REGISTERED ADVISOR OF MARF
(a) Nmás1 Corporate Finance, S.A.U. is a company incorporated before the
Notary of Madrid, Mr. Luis Rueda Esteban, on 21/02/2001 under number
781 in the official records thereof, registered in the Madrid Companies
Register in Volume 16.273, Folio 80, Sheet M-276.256, Inscription 1ª and
the Register of Registered Advisers pursuant to the market Circular 6/2013,
- 21 -
issued on 21 November 2013 (hereinafter, “N+1” or the “Registered
Advisor”).
N+1 is designated as the Registered Advisor of the Issuer and therefore has
acquired the compromise of cooperate with the Pikolin on (i) the admission
(incorporación) of the securities issued, (ii) compliance with any obligations
and responsibilities that apply to the Issuer for its participation in the
multilateral trading system, Alternative Fixed-Income Market MARF, or the
Market), (iii) the preparation and presentation of financial and business
information required thereby and (iv) review of the information to ensure
that it complies with applicable standards. Thus, N+1 will collaborate with
the Issuer to enable it to comply with its obligations and responsibilities to
be assumed by incorporating the issue on the Alternative Fixed Income
Market "MARF" for its acronym in Spanish), acting as specialised
interlocutor between both, the Market and the company, and as a means to
facilitate its insertion and development in the new trading regime of their
securities trading.
N+1 shall provide the MARF with the periodic reports required by it and the
MARF, in turn, may seek any information deemed necessary in connection
with the Registered Adviser's role (and obligations as Registered Adviser)
MARF may take any measures in order to check the information that has
been provided.
The Issuer must have, at all times, a designated Registered Adviser listed in
the "Registered Advisors Market Registry".
(b) As Registered Advisor, N+1, with respect to the admission (incorporación) of the
securities to trading at MARF:
a. Has confirmed that the Issuer complies with requirements of the MARF
regulations required for the admission (incorporación) of the securities to
trading;
b. Has assisted the Issuer in the preparation of the Information
Memorandum (Documento Informativo de Incorporación) and reviewed
all information furnished to the market in connection with the application
for admission (incorporación) of the securities on MARF, and also that
the information contributed by the Issuer, to the best of his knowledge,
complies with the requirements of the applicable laws and contains no
omission likely to confuse potential investors;
c. Once the securities are admitted, N+1, will:
- 22 -
(c)
(d)
(i)
review the information that the Issuer prepares for sending to MARF
periodically or on an ad hoc basis, and verify that the content meets
the requirements and time limits provided in the rules;
(ii)
advise the Issuer on the events that might affect the performance of
the obligations it has assumed to admit the securities to trading on
MARF and on the best way to treat such events to avoid breaching
those obligations;
(iii)
inform the MARF of the facts that would constitute a breach by the
Issuer of its obligations in the event of a potential material breach by
the Issuer which had not been cured by its advice, and
(iv)
manage, attend and answer queries and requests for information that
the MARF may request in relation to the situation of the Issuer, the
evolution of its activity, the level of performance of its obligations
and such other market data deemed relevant.
To this effect, the Registered Advisor shall perform the following actions:
(i)
Maintain regular and necessary contact with the Issuer and analyse
exceptional situations that may occur in the evolution of the market
price, trading volume and other relevant circumstances in the trading
of the securities of the Issuer;
(ii)
Signing such statements, in general, as may be required under the
regulations as a result of the admission (incorporación) on the
MARF and in relation to the information required from companies
listed on said market, and
(iii)
Forward to the MARF, as soon as possible, the information received
in response to inquiries and requests for information that the latter
may issue.
The breach by the Registered Advisor, of the requirements that are demanded of
it, as well as the tasks to be carried out, may lead to the adoption, by the
applicable organs of MARF, of any of the following actions:
- 23 -
(i)
(ii)
(iii)
written warning leading to the adoption, by the Registered Advisor,
of corrective action of non-compliant actions. This action may be
taken by the Managing Director or the Market Supervision
Committee;
a suspension of the Registered Adviser by MARF which would
result in a ban on the Registered Adviser being appointed in such
role by new issuers . This action does not affect previous
appointments, therefore they may continue to act as Registered
Adviser regarding such issuers; and/or
exclusion of the entity out of the Registered Advisors Registry.
Actions (ii) and (iii) must be agreed upon by the Board of Directors following a
report of Securities Incorporation Commission and after hearing the person
concerned. Such actions shall be communicated to the CNMV on the same day
of its adoption, and published on MARF's website.”
VI. INDEPENDENT AUDITORS
1
Name and address of the auditors of the Issuer for the period covered by the
historical financial information (together with their membership in a professional
body)
CGM AUDITORES with registered office in Plaza Salamero, 14, 1º and registered in
R.O.A.C. (Registro Oficial de Auditores de Cuentas) with number 45, has audited the
consolidated annual accounts of Grupopikolin, S.L. corresponding to the financial years
ended December 31, 2014 and 2013.
Grupopikolin S.L is the holding company that consolidates different brands and
geographies, the auditors of the Group’s three Hubs are: The Auditor of Grupopikolin
S.L. is CGM Auditores, the auditors of COFEL S.A.S. are Deloitte & Associés and
Laurent Nadjar & Associés, and the auditor of Dunlopillo Holdings B.H.D. is
PricewaterhouseCoopers.
Grupopikolin S.L. – CGM Auditores:
Address:
CGM Auditores
Plaza Salamero, 14, 1º
50004 Zaragoza
Tel 976 237 663
[email protected]
- 24 -
2
If auditors have resigned, been removed from their duties or have not been reappointed during the period covered by the historical financial information, indicate
the details if material
The Company's auditors have not resigned or been removed from their duties during the
financial years 2014 and 2013.
The General Shareholder Meeting of the Issuer held on 20 October 2012 appointed CGM
AUDITORES as independent auditors for the years 2012, 2013 and 2014 for the
standalone annual accounts of Pikolin and the consolidated annual accounts Pikolin
Group.
VII. INFORMATION ON THE ISSUER
1
1.1
History and performance of the Issuer
Origin and identification data
GRUPOPIKOLIN, S.L. (“Grupo Pikolin”) is a Group governed by the Capital
Companies Act (Ley de Sociedades de Capital) and it’s implementing regulations, with
corporate address at Zaragoza, at Carretera de Logroño Km 6,5. The Pikolin brand was
created in in 1959.
Grupopikolin, S.L. is registered in the Zaragoza Companies Register in Volume 2929,
folio 47, and sheet Z33424, with tax identification number B-50966654.
The share capital stock of Grupo Pikolin is represented by 5,803,708,000 participations
with a par value of €0.01 each, meaning a nominal value of €58,037,080. The
participations are fully subscribed and paid in at the Issue Date.
1.2
Milestones of the Issuer
Pikolin began as a small mattress factory in 1948, and is now the leading manufacturer of
sleep products in Spain. The main milestones achieved along the years of history of the
Issuer are as follows:
1948
- 25 -
The Alfonso Soláns Serrano Company, which has seven employees, starts to make metal
beds in a small factory in Zaragoza
1959
The Pikolin brand is created and its commercial network with 18 branches.
1973
Pikolin celebrates its 25th anniversary with the inauguration of its current factory, one the
largest in the world. Its commercial network grows and reaches 35 branch offices.
1985
Creation of BEDS, the largest sleep store franchise which currently has more than 154
stores in Spain.
1995
Pikolin is awarded registered company certification (ISO 9002) by AENOR.
1999
The Group reached a distribution agreement for the SERTA brand for the European
market. SERTA is the top bedding company in the U.S.
2004
Grupo Pikolin bought the SEMA brand, the oldest bedding brand in Spain, created in
1939.
2006
Grupo Pikolin began to control SMATTEX, S.A., the company that manufactures
Dunlopillo and Mediterráneo sleep products in Spain and Portugal.
2009
Grupo Pikolin completely took over COFEL S.A.S., the largest French manufacturer of
sleep products, thus strengthening its leadership position in the European Bedding market
and went on to control the Bultex, Epeda and Merinos brands, French market leaders.
With this milestone, Pikolin became the second leading bedding manufacturer group in
Europe.
2011
In 2011 purchase of the mattress producing company Dunlopillo Holdings B.H.D.,
belonging to the SimeDarby Group headquartered in Malaysia, and with business
operations in more than 15 Southeast Asian countries
During 2011, Grupo Pikolin also inaugurated the PLAZA Logistics Centre. Pikolin's new
logistics centre is the largest and most modern sleep products logistics centre in Europe. It
- 26 -
occupies 32,000 m2, and uses the most innovative and advanced technological resources
available. It has 21 loading and unloading bays, and there is the option to build a railway
spur. It has storage capacity of 50,000 m3, and generates traffic of 22,000 lorries a year.
2012
Acquisition of Industrias Hidráulicas Pardo, thus consolidating its leadership position in
the hospital and geriatric sleep market. The Group also entered into a joint venture with
the leading manufacturer in the Italian market: B&T
2015
Grupo Pikolin started the construction of its new “state of the art” factory in Spain, with a
total industrial site of 116.000 m2
1.3
Current situation and performance of the Issuer
Market leader in France and Iberia, Grupo Pikolin develops, produces and sells high
quality mattresses, foundations and pillows.
With a turnover more than €350 million, Pikolin is the market leader in Spain, France and
Portugal, with wide footprint all over Asia and Middle East.
The Group currently has 10 production plants, eight in Europe and two in Southeast Asia
with over 2,307 employees, and a portfolio of very well-known trademarks that provide
them with a wide range of products.
Grupo Pikolin is vertically integrated and commercializes its products through franchised
and independent distributors.
2
Main Shareholders
The main shareholder is Mr. Alfonso Soláns, with 98% of Grupopikolin, SL’s shares. His
sons, Mr. Álvaro Soláns and Mr. Borja Soláns, own the other 2%.
3
Organizational Structure
Grupopikolin S.L. is the parent company of four subsidiaries: COFEL S.A.S., Pikolin
S.L., Dunlopillo Holdings B.H.D. and Industrias Pardo
- 27 -
4
Corporate purpose:
In accordance with article 2 of Grupopikolin’s bylaws, the corporate purpose of
GRUPOPIKOLIN, SL and SUBSIDIARY COMPANIES is to perform the following
business activities: The manufacture, marketing, purchase and sale of mattresses, spring
mattresses, beds and pillows, whatever their components or raw materials; The
acquisition, promotion, operation and disposal of property; The acquisition, possession,
use, management, and administration of securities; The investment in assets and finances;
The promotion, development and participation in other companies and legal trading
businesses.
5
5.1
Administrative and management bodies
Board of Directors
The administration of Pikolin is entrusted to a Board of Directors whose composition,
as of the date of preparation of this Information Memorandum (Documento Informativo
de Incorporación), is as follows:
Name
Mr. Alfonso Soláns
Mr. Álvaro Soláns
Mr. Borja Soláns
Mr. José Antonio González
Mr. Enrique Ocejo

Position
Chairman
Vice-President
Vice-President
CEO Grupopikolin, S.L.
Board’s Secretary
Mr. Alfonso Soláns: Chairman of the Board of Directors
- 28 -
The Chairman of Grupo Pikolin is the only son of the founder Mr. Alfonso
Soláns Serrano. Mr. Alfonso Soláns has transformed the small factory of iron
beds and a mattress in what it is today, an international Group with over 2307
employees.

Mr. Borja Soláns: Vice-President and Vocal of the Board of Directors
Mr. Borja Soláns, third generation of the Group and eldest son of Mr. Alfonso
Soláns, is leading the expansion in Asia from Kuala Lumpur, where he lives at
the moment.

Mr. Álvaro Soláns: Vice-President and Vocal of the Board of Directors
Mr. Álvaro Soláns, third generation of the Group and youngest son of Mr.
Alfonso Soláns, is leading the South European operations.
5.2
Senior Management
The Senior Management structure of Grupo Pikolin, as of the date of preparation of this
Information Memorandum (Documento Informativo de Incorporación), is as follows:



Mr. José Antonio González: CEO Grupo Pikolin
-
Joined Pikolin in 1990 as a Product Manager, developing his career
within the group in different positions. In 2005 he took the lead of the
French subsidiary, COFEL S.A.S., as General Manager, and finally in
2012 he promoted to CEO of Grupo Pikolin. Currently he counts with
more than 25 years of experience in the bedding sector.
-
Degree in Law by the University of Zaragoza and MBA by ESADE
Business School.
Mr. Luis Barcelona: CFO Grupo Pikolin
-
Joined Pikolin in 2003 as a CFO of Grupo Pikolin and General Manager
of Grupo Iberebro. Before he worked over 13 years in the banking
industry as Manager of Retail Banking for Spain and Portugal in
Deutsche Bank.
-
Currently he counts with more than 12 years of experience in the bedding
sector. Degree in Law by the University of Zaragoza and MBA by
Fundación Universidad Empresa.
Mr. José Maria Cerezo: Director of Administration and Financing of Grupo
Pikolin
-
Joined Pikolin in 1989 as Assistant to the Head of Economic
Management, dedicating his career to the financial management of Grupo
- 29 -
Pikolin. Currently he counts with more than 26 years of experience in the
bedding sector. Perito Mercantil by the Escuela Universitaria de Ciencias
Empresariales d Zaragoza, postgraduate of Economic and Financial
Management of International Business and MBA by the European
School of Business
6
6.1
Industry and Activity
Industry introduction
Based on the ISPA’s 2014 (International Sleeping Products Association) Mattress Industry
Report, the total mattress consumption amongst the 35 major countries reached $23,3 billion in
2013.
Mattress units shipped increased by 2.8% in 2014. International trade of mattresses has grown
significantly, reaching $3,3bn in 2013. Mattresses were manufactured and sold within the local
and neighbouring markets. Progress in vacuum of mattresses and in transport logistics has
improved the international trading of this product.
According to ISPA, mattress sales growth will accelerate to 6% in 2015 and 6,2% in 2016.
US is the leader in mattress consumption, followed by China, Brazil, Germany, Canada and
France. Over the last decade, most important growth rates were registered by Asian countries.
Some Central and Eastern countries including Russia, Poland and Romania, are still small
mattress consuming markets, with significant growth potential. The following charts shows the
evolution of the mattress consumption in the 10 major markets during 2004-2014 period.
- 30 -
France is the sixth largest mattress consumer in the world, with expected market growth for the
2015-2019 period of between 6 and 12%. The Spanish mattress market has suffered during the
crisis, with 1,7m mattresses sold during 2014 vs. 3,5m sold in 2007. Spanish market grew 9% in
2014 and is expected to grow 47% over the next 5 years (to 2,5m units p.a.), according to the
Company.
Asian markets are expected to grow at two digits per year. Spain is expected to grow 47%
over the next 5 years.
6.2
Mattress sector by country
Grupo Pikolin is the second largest player in the European market. France and Spain are the
main markets for the Group. Asia is a market for the future growth of Grupo Pikolin. The sector
trends and the Group’s penetration in each of this markets are as follows:
France
France is the sixth largest mattress consumer in the world. Bedding market is estimated in 3,8
million mattresses and 2,3m bases in 2014.
On the French market there are currently about 800 bedding specialists, mostly franchises that
represent about 21% of the bedding market in France. Over the last year (2014) this channel
witnessed an increase in sales and store openings.. It is estimated that sales throughout the
specialist mattress channel will continue to grow over the comming years.
Highly concentrated market, with COFEL (Pikolin France) and Cauval, representing more than
50% of the market COFEL (Pikolin France) is the market leader with 29% market share.
- 31 -
According to ISPA, mattress sales growth will accelerate to 6% in 2015 and 6.2% in 2016.
Bedding brands are a key decision factor in consumer’s decision, with 3 of the main Pikolin
brands positioned within the top 4, as can be seen in the following chart.
The French market is dominated by Foam mattresses in volume and spring mattresses in
value
Source: EBIA 2014 (European Bedding Industry Association)
- 32 -
Spain
Economic crisis affected very strongly the Spanish market, with 1.7m mattresses sold in
2014 vs. 3.5m sold in 2007. A stable
market can be forecasted in 2.5m
mattresses
Spanish market grew 9% in 2014 and is
expected to grow ca. 47% over the next 5
years (to 2,5m units p. a.), according to
company estimates.
Pikolin is leader in Spain and Portugal, with a share of 27% in the Spanish market and
is the leader in spontaneous suggested awareness, with a record “top of mind” of 46%.
Furniture shops are leader in mattress selling, followed by bedding specialists and hyper
markets
In Spain mattress production was traditionally concentrated in the innerspring segment.
Yet, over the last 10 years the innerspring mattress production decreased in favour of
- 33 -
foam mattress production. Innerspring mattress production contracted from 90% in
1997 to 50% in 2012.
The Spanish distribution system has been in constant evolution over recent years. On
the one hand, there has been growth in the number of mergers and acquisitions among
local distributors (this has brought about a gradual process of concentration in
commercial activities) and on the other hand, some international retailers (especially
franchise operators) entered the Spanish market through important Spanish partners.
This process led to a progressive reduction in the number of operators in favour of an
increase in the average market share.
Asia (China & Malaysia)
China’s mattress production capacity has been increasing very rapidly in recent years
due to the fast growth of the domestic property market and the expansion of exports.
Until 2012 Chinese mattress production continued to increase by double digit growth
rates and in 2013 growth was of 7% in CNY. China is since 2011 on number one
position in terms of mattress production.
Considering the enormous capacity of the local market, mattress consumption continued
to increase in 2013 by 8% in CNY, ranking China is the world’s second largest mattress
consumer.
In China production is largely specialised in mattresses made up of spring and foam;
indeed almost half of the total volume produced is related to this material. Another
important material utilized by Chinese manufacturers is spring and latex.
Malaysia is on twenty-fourth position in terms of mattress production. Production
remained stable in Malaysian Ringgit in 2013. Export activity among Malaysian
manufacturers is important accounting for roughly 61% of production. The population
has been growing in recent years and the urban population recently reached 70% of the
total. All these seemto be good premises for a growing domestic market. Apparent
consumption of mattresses in Malaysia grew by 10% in Malaysian Ringgit in 2013. It is
estimated that consumption will remain positive in 2014 and 2015 thanks to Malaysia’s
growing population, resulting in increased demand for quality mattresses.
- 34 -
6.3
Trends in the industry
According to the World Mattress Industry (CSIL), over the last decade, most important
growth rates were registered by Asian countries including China and Indonesia. Also
some Central and Eastern European countries including Russia, Poland and Romania,
still comparatively small mattress consuming markets, registered significant growth
rates.
International trade of mattresses is another important trend in the industry, with USD
3.3 billion mark. The ratio of exports over production in the mattress segment amounts
currently to around 15% (8% in 2000).
Reasons behind the growth in trade of mattresses:

Opening of the different mattress markets as well as the increasing role of
emerging markets, not only in terms of productive location for mattress plants
but also in terms of mattress consumption.

Another reason is that, until recently, mattresses were manufactured and sold
within the local or neighbouring markets, being too bulky to be transported
economically for long distances. Progress in vacuum packing of mattresses
and in transport logistics has been changing the economics of mattress trade,
and imports and exports are becoming more substantial.
Top mattress exporting countries are China and Poland, followed by Denmark, Belgium
and Italy.
6.4
Business Units
Grupo Pikolin is a vertically integrated Group that manufactures, distributes and
commercializes all of its products:

Manufacturing: Group manufactures all of its products in 10 production
facilities located in Spain, France, China and Malaysia.
- 35 -

Distribution: Distributes all its products via a logistics park installed in Plaza
Zaragoza, an outsourced company in France, and additionally exports from
Malaysia to all Asia and Africa

Commercialization: Commercializes all its products through its franchised
shops, independent distributors and a franchised bedding specialist chain.
6.4.1 Manufacturing
Grupo Pikolin has 10 production facilities distributed between Europe and
Asia
a. Spain: Group’s headquarters located in Zaragoza. The Group has three
factories in Spain, with a total surface of 210,000 m2
b. France: The Group has five factories in France, with a total surface of
120,000 m2
- 36 -
c. Asia: The Group has two production facilities in Vietnam and China,
with total surface of 17,600 m2
6.4.2 Distribution
- 37 -
Grupo Pikolin distributes all its products via a logistics park installed in Plaza Zaragoza,
an outsourced company in France, and additionally exports from Malaysia to all Asia
and Africa.
6.4.3
Commercialization
The Group commercializes all its products through franchised shops and independent
distributors:



6.5
In Iberia, Grupo Pikolin has a network of franchised stores through BEDS
stores, the leading bedding specialist network in Spain. BEDS is the second
largest bedding specialist actor in IBERIA, following by EL CORTE INGLES.
BEDS commercializes middle and high range bedding products, including
mattresses, bases, pillows and complements.
In France, the distribution market is highly concentrated in a few bedding
specialists
In Asia, the Group has a wide chain of Dunlopillo stores in 5 countries
Products & trademarks
Grupo Pikolin has a portfolio of very well-known trademarks that provide them with a
wide range of products. The following table, has a detailed description on the different
brands, market position and country of operation
- 38 -
Grupo Pikolin produces all bedding product ranges incorporating all existing
technologies. The group produces mattresses, bases, pillows and bedding accessories.
There are four product divisions within Grupo Pikolin:
- 39 -

Mattresses division, representing ca.75% of the Group’s sales. Grupo Pikolin
sells three categories of mattresses; spring, spring & foam and foam& latex

Bed bases division, representing ca. 19% of the Group’s sales. The Group sells
slated and divan bases and bed frames.

Hospital & nursing homes division, representing ca. 2% of the Group’s sales.

Pillows & other division, representing ca. 4% of the Group’s sales.
The group as always invested in new technologies to produce high quality products.
Many of these technologies have been “in house” developed. The Group has also
developed a number of exclusive patents that provides, to its products a better comfort
and help to differentiate from its competitors.
6.5
International expansion
Starting from a leading position in Iberia, Grupo Pikolin decided to expand operations
into the French market in 2001, to get a leadership position in South Europe. Through
the acquisition of the French COFEL S.A.S. in 2009, Grupo Pikolin became the second
largest player in the European market.
Being market leader in Spain, Portugal and France, the Group decided in 2011 to
expand into the Asian market with the acquisition of Dunlopillo Holdings, with
Headquarters in Malaysia and with business operations in more than 15 southeast Asian
countries.
In 2012 Pikolin entered into a joint venture with the leading manufacturer in the Italian
market, B&T.
- 40 -
In 2014 Grupo Pikolin generated most of the sales in France (61%), Iberia (30%) and
with growing presence in Asia (9%). Regarding to the sales distribution of the different
products, Grupo Pikolin has a very diversified portfolio of products, which comprises
from four different types of matresses that represent 72% of the sales, in terms of units,
and 26% of bedding accessorizes.
6.6
Key strengths of the Group
The key strengths of Grupo Pikolin can be summarized as follows:
1. Undisputed market leader in France and Iberia, being #1 in brand awareness in
both markets
Grupo Pikolin is the market leader in the bedding industry in France and Iberia. The
French market is extremely concentrated with Grupo Pikolin and its main competitor
(Cauval) representing 53% of the market in terms of sales. (Source: IPSOS 2013)
Grupo Pikolin is also the #1 in brand awareness in Spain and France (in France, brand is
a key decision factor in consumers decision). (Source: IPSOS 2013)
2. Vertical integration gives Grupo Pikolin control over production and prices
Pikolin is a vertically integrated player, controlling the production, distribution and
commercialization of its products. The group operates with 10 factories; 5 in France, 3
in Spain and 2 in Asia. The Group has a modern and efficient logistic platforms that
have wan the 2014 Pilot Prize (Regional level) and 2014 CEL Prize (Spanish level).
Finally, the Group commercializes its products through franchised shops.
Vertical integration gives Pikolin the ability to adapt to changing market conditions and
economic cycles, through the implementation of cost control and efficiency measures. It
has also a very good feeling of the market and can anticipate consumer trends and
cycles and adapt production accordingly
3. Geographical diversification
- 41 -
Grupo Pikolin is geographically diversified with most of their sales coming from the
European market. France and Spain are the core markets for the Group although with
growing importance of international sales and diversification into the Asian market.
France is the 6th largest mattress consumer country, where Grupo Pikolin is market
leader. Through geographical diversification and increase of international sales, the
Group has being able to manage their business through periods of uncertainty and has
become a more efficient and stronger player.
4. Consolidated player with more than 67 years of experience
Grupo Pikolin is the second largest bedding group in Europe. Founded in 1948, the
Group has managed both through acquisitions and organic growth, to consolidate the
European market and become a key player.
History and brand awareness gives Grupo Pikolin a leading position in the French and
Iberian markets and consumers identify Pikolin with “high quality product”.
5. World mattress market with strong growth perspectives
According to ISPA (International Sleep Products Association), total mattress
consumption amongst the 35 major countries reached $23,3 billion in 2013. US is the
leader in mattress consumption, followed by China, Brazil, Germany, Canada and
France.
Also international trade of mattresses has grown significantly, reaching $3,3bn in 2013.
Mattresses were manufactured and sold within the local and neighboring markets.
Progress in vacuum of mattresses and in transport logistics has improved the
international trading of this product.
France is the sixth largest mattress consumer in the world, with expected market growth
for the 2015-2019 period of between 6 and 12%. The Spanish mattress market has
suffered during the crisis, with 1,7m mattresses sold during 2014 vs. 3,5m sold in 2007.
Spanish market grew 9% in 2014 and is expected to grow strongly the next 5 years (to
2,5m units p.a.)
6. Exclusive patented brands and technologies as a competitive advantage vs.
competitors
Pikolin has invested more than €6m in R&D over the past two years. The Group has a
good track record in the ability to continuously improve their products to offer new and
enhanced consumer benefits and better quality products.
Pikolin counts with patented brands and technologies that set them apart from
competitors and serve as a barrier of entrance to new competitors.
- 42 -
6.7
Contracts and strategic partnerships
Grupo Pikolin has several strategic partnerships in countries where the Group does not
have a consolidated position at the moment, such as a Joint Venture with B&T in Italy
to produce and distribute the brand Literie; and a contract with local producer in Brazil,
who produces Pikolin’s mattresses with the specifications from the Group.
Regarding distribution agreements, Grupo Pikolin has the rights for Serta in Europe
since 1999. The brand Serta is owned by SertaSimmons, a leading bedding group in the
U.S.
6.8
Subsidiaries and associates
Pikolin participates in the following subsidiaries and associates:
Name of Company / Domicile
PIKOLIN, S.L.
Autovía de Logroño, Km. 6,5 - Zaragoza
CONFORDES, S.L.
C/ Coso, 55 - Zaragoza
ESPAÑOLA DEL DESCANSO, S.L. (ESPADESA)
Autovía de Logroño, Km. 6,5 - Zaragoza
SEIVIRIBER, S.A.
Autovía de Logroño, Km. 6,5 - Zaragoza
PIKOLIN LUSITANA, LTDA
Zona Industrial Vila Amelia. Palmela - Lisbon (Portugal)
COMPAÑÍA EUROPEA DE ARTICULOS
DEL DESCANSO, S.L. (CEADESA)
Autovía de Logroño, Km. 6,5 - Zaragoza
ESPAÇO DESCANSO UNIPESSOAL, LTDA
Rodrigo de Beires, 57. Aldeia de Paio Pires (Portugal)
SMATTEX, S.L.
P.I. Les Vinyes, parcelas 2 & 3. Miramar (Valencia)
SAS COFEL (COMPAGNIE FINANCIERE
EUROPEENNE LITERIE)
27 Rue du Coronel Pierre Avia, Paris (France)
COPIREL SAS (COMPAGNIE PIKOLIN
RECTICEL LITERIE)
27 Rue du Coronel Pierre Avia, Paris (France)
ESPACIO DESCANSO SPAIN, S.L.
Autovía de Logroño, Km. 6,5 - Zaragoza
INDUSTRIAS HIDRÁULICAS PARDO, S.L.
Autovía de Logroño, Km. 5.800 - Zaragoza
ASTABURUAGA HEALTHCARE, S.L.U.
Autovía de Logroño, Km. 5.800 - Zaragoza
DUNLOPILLO (HOLDINGS) SDN BHD
SubangJaya Selangor - Malaysia
DUNLOPILLO (MALAYSIA) SDN BHD
Malaysia
DUNLOPILLO (SINGAPORE) PTE LTD
Singapore
DUNLOPILLO (VIETNAM) LTD
Vietnam
DUNLOPILLO (SHENZHEN) LTD
Shenzhen, Province of Canton- People’s Republic of China
DUNLOPILLO (HONG KONG) LTD
Hong Kong
DUNLOPILLO (MIDDLE EAST) LTD
United Arab Emirates
PIKOLIN BRAZIL
Brazil
Direct share Indirect share Carrying Value
Activity
99,99%
127.575.647 Manufacture and sale of mattresses,
bed bases, beds, furniture, and others
99,99%
4.278.426 Manufacture and sale of mattresses,
bed bases, beds, furniture, and others
99,99%
890.066 Marketing and distribution through
furniture franchises in general
99,93%
95.168 Security and surveillance services
99,19%
(1)
855.377
99,50%
4.013.671
100,00%
150.000
85,01%
5.502.417
Marketing of mattresses
and bed bases
Marketing of items for
rest/sleep.
Marketing of mattresses and bedsteads
Manufacture and sale of mattresses,
bed bases, beds, furniture, and others
Holding of securities
99,99%
(1)
66.432.584
99,99%
(2)
48.197.404
Manufacture and sale of mattresses,
bed bases, beds, furniture, and others
99,90%
9.990
Marketing of products for decoration
furnishing and rest/sleep.
100,00%
755
100,00%
(3)
100,00%
3.600
17.602.204
100,00%
(4)
100,00%
(4)
100,00%
(5)
100,00%
(4)
100,00%
(4)
100,00%
(4)
100,00%
1) Share through PIKOLIN, S.A.
2) Share through SAS COFEL, and in turn through PIKOLIN, S.A.
3) Share through Industrias Hidraulicas Pardo, S.A.
4) Share through Dunlopillo (Holdings) Sdn Bhd.
5) Share through Dunlopillo (Singapore) Pte Ltd.
- 43 -
Manufacture and marketing of beds,
furniture and
mechanical and hydraulic accessories for
health and hospital use.
Manufacture and marketing of beds,
furniture and
Holding of securities
Marketing of items for sleep/rest
Marketing of items for sleep/rest
Manufacture and marketing of items for
sleep/rest
Manufacture and marketing of items for
sleep/rest
Marketing of items for sleep/rest
Marketing of items for sleep/rest
Manufacture and marketing of items for
sleep/rest
6.9
Declaration on the absence of significant changes in the prospects of the Issuer
Since the publication of the latest audited annual accounts as of and for the year ended
December 31, 2014 and until the date of this Information Memorandum, there has been
no material adverse change in the outlook for Pikolin.
6.10
Information on significant changes in the prospects of the Issuer
At the date of this Information Memorandum (Documento Informativo de
Incorporación), Pikolin is not aware of trend, uncertainty, demand, commitment or any
adverse event which could reasonably have a material effect on the prospects for the
financial year 2015.
7
Reasons for the Issue and use of proceeds
The funds raised with the issuance of the Notes along with the cash in hand from the
Group’s operations will be used for the refinancing of debt held by Pikolin and
strengthening its financial position.
8
8.1
Financial information
Audited historical financial information
This section includes Selected Statements of Financial Position of the Grupo Pikolin as of
December 31, 2014 and 2013, the Income Statement, Balance Sheet, and Cash Flow
Statement of Grupo Pikolin the years ended December 31, 2014 and 2013, which have
been extracted from the audited consolidated annual accounts of the Group as of and for
the year ended December 31, 2014 and as of and for the year ended December 31, 2013,
included in “Annex 1” and “Annex 2” in this Information Memorandum (Documento
Informativo de Incorporación).
In addition, this section also includes Selected Statements of Financial Position of the
Group as of March 31, 2015, the Income Statement, Balance Sheet, and Cash Flow
Statement of the Issuer for the three months ended March 31, 2015, which has been
extracted from the unaudited consolidated interim financial statements of the Group as of
March 31, 2015 and for the three months ended March 31, 2015.
The consolidated annual accounts as of December 31, 2014 and for the year then ended,
the consolidated annual accounts as of December 31, 2013 and for the year then ended
and the unaudited interim financial statements as of March 31, 2015 have been prepared
from the accounting records of the Group and are presented in accordance with the
commercial legislation and the established rules in the General Accounting Plan approved
by Royal Decree 1514/2007 and the amendments made to it by RD 1159/2010.
- 44 -
8.2
Financial Statements of the Issuer
Audited Consolidated Selected Financials as of December 31, 2014 and 2013 and
Unaudited Consolidated Main Financials as of March 31, 2015 (in thousands of
Euros)
BALANCE SHEET
ASSETS (Eur m)
2013A
2014A 1Q 2015*
A) NON-CURRENT ASSETS
Intangible assets
Property, plant and equipment
Investment property
Non-current investments in group companies and associates
Non-current financial assets
Deferred tax assets
Non-current trade debtors
280,23
47,58
38,41
1,42
0,73
146,31
40,28
5,51
269,92
49,27
40,70
1,08
1,08
135,82
37,96
4,01
268,04
49,38
39,88
1,07
1,11
135,82
36,78
4,01
B) CURRENT ASSETS
Inventories
Trade and other receivables
Current investments in group companies and associates
Current financial assets
Current prepayment and accrued income
Cash and cash equivalents
142,74
41,84
76,39
0,00
2,52
0,50
21,49
134,75
40,67
81,58
0,00
5,80
0,58
6,12
150,68
44,12
94,27
0,00
4,89
0,62
6,78
TOTAL ASSETS (A+B)
422,97
404,67
418,73
EQUITY AND LIABILITIES (Eur m)
2013A
2014A 1Q 2015*
A) EQUITY
Shareholders' equity
Valuation adjustment
Grants, donations and bequests received
External shareholders
241,87
242,81
(1,90)
0,29
0,67
238,30
239,26
(2,03)
0,41
0,67
244,09
243,04
(0,02)
0,41
0,66
B) NON-CURRENT LIABILITIES
Non-current provisions
Non-current payables
Non-current payables to Group companies and associates
Deferred tax liabilities
Long-term time period adjustements
Acreedores comerciales no corrientes
84,65
8,09
76,18
0,00
0,26
0,00
0,12
56,50
8,63
47,54
0,00
0,33
0,00
0,00
56,40
8,76
47,32
0,00
0,33
0,00
0,00
C) CURRENT LIABILITIES
Short-term provisions
Current payables
Trade and other payables
Short-term time-period adjustments
96,45
0,62
26,40
69,31
0,12
109,88
0,00
38,97
70,89
0,02
118,23
0,00
34,14
84,09
0,00
422,97
404,67
418,73
TOTAL EQUITY AND LIABILITIES (A+B+C)
*Unaudited Consolidated Selected Financials as of M arch 31, 2015
- 45 -
PROFIT AND LOSS ACCOUNT (Eur m)
2013A
A) CONTINUING OPERATIONS
Turnover
Change in stock in progress and finished goods
Work carried out by the company on property
Materials and other suppliers
Other operating income
Staff costs
Other operating expenses
Amortisation charge
Non financial assets grants and others
Excessive provisions
Impairment and gains on disposal of non-current assets
Negative consolidation difference
Other profit and loss
A.1) PROFIT FROM OPERATIONS
Finance Income
Finance costs
Change of fair value of financial securities
Exchange differences
Impairment ans gains or losses on disposals of financial instruments
A.2) FINANCIAL PROFIT
A.3) PROFIT BEFORE TAX
A.4) PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS
A.5) PROFIT FOR THE YEAR
2014A 1Q 2015*
336,72 351,99
(3,47)
0,35
0,00
0,28
(149,64) (158,75)
6,66
6,11
(97,04) (89,23)
(94,17) (98,96)
(6,66)
(7,27)
0,02
0,14
0,03
0,00
(2,24)
0,31
0,00
0,00
(0,13)
(0,03)
(9,92)
4,97
4,73
2,91
(5,72)
(6,25)
0,28
(0,04)
0,40
(0,22)
(2,49)
0,22
(2,79)
(3,38)
(12,59)
1,69
(8,39)
(2,36)
(8,39)
(2,36)
99,21
0,31
(0,03)
(43,62)
1,53
(23,23)
(25,92)
(1,64)
0,00
(0,12)
0,13
0,00
0,08
6,70
0,65
(1,09)
0,04
(0,02)
(0,07)
(0,48)
6,24
4,26
4,26
*Unaudited Consol idated Selected Fi nanci als as of M arch 31, 2015
CASH FLOW STATEMENTS (Eur m)
A) EBITDA
B) CASH FLOW FROM OPERATING ACTIVITIES
C) CASH FLOW FROM INVESTING ACTIVITIES
D) CASH FLOW FROM FINANCING ACTIVITIES
E) NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS
FCF
2013A
2014A 1Q 2015*
(3,11)
7,68
19,36
(19,43)
8,01
1,79
14,29
4,78
(4,00)
(15,92)
(15,37)
(6,13)
2013A
(3,11)
0,24
(1,28)
9,64
2,19
7,68
5,89
1,79
2014A 1Q 2015*
14,29
8,01
0,51
(0,76)
(4,13)
(0,44)
(5,08)
(1,06)
(0,82)
4,78
5,74
10,91
0,93
(6,13)
4,82
8,01
5,74
(0,02)
(5,05)
0,66
4,82
*Unaudited Consol idated Selected Fi nanci als as of M arch 31, 2015
FREE CASH FLOW STATEMENTS
EBITDA
Taxes paid
Interest paid/received
Changes in Working Capital
Other operating cash flow (adjustments)
Operating Cash Flow
Capex/divestment
FCF
*Unaudited Consol idated Selected Fi nanci als as of M arch 31, 2015
Key movements between March 31, 2015 and December 31, 2014 include:
-
There hasn’t been any event affecting the component auditors regarding the
closing 2014 Audit.
- 46 -
Key movements between December 31, 2014 and December 31, 2013 include:
8.3
-
Intangible assets: primarily related to investments in software in France.
-
Tangible assets: tangible asset in progress due to the construction of a new
factory of located in France.
-
Long-term financial investments: amortization of loans with related parties (14,2M€) and new lending (+ 4.5M€).
-
Deferred tax assets: accounting change in tax rates (-4,6M€) and activation of
credits (+ 2.2M€).
-
Short-term financial investments: mainly financial assets due in 2015, which
were classified as long term in the previous year.
-
Cash and cash equivalents: decrease due to punctually at the end of last year
the Company received a loan (12M€), and in that time he had not invested or
placed.
-
Reserves: decreased mainly due to the negative result of the previous year
2013.
-
Long-term debt: repayment of debt with financial institutions (-19M€) and
reclassification to short term (-7,5M€).
-
Current liabilities: new loans with financial institutions (7.5M€) and increased
use of discounting (+ 1.7M€).
-
And income statement: purchases, sales and other operating expenses
increased in line with increased sales for the year. But personnel costs are
significantly reduced by the effect of the downsizing plan (ERE) in the year
2013 that is no longer produced in 2014. There is also a drop in financial
income due to lower investments in the balance over the previous year.
Audit of historical annual financial information
8.4.1. Statement that historical financial information has been audited. If audit
reports on the historical financial information have been refused by the
auditors or if they contain qualifications or disclaimers, such qualifications
or disclaimers must be reproduced in full, explaining the reasons.
The historical standalone and consolidated financial information corresponding
to the years 2014 and 2013 has been audited by CGM Auditores, S.L. and the
audit reports thereon contained no qualification.
8.4.2. Indication of other information in the Information Memorandum
(Documento Informativo de Incorporación) which has been audited by the
auditors.
- 47 -
In addition to the consolidated financial statements audited by CGM Auditores,
S.L., the Information Memorandum also includes unaudited consolidated
financial statements as at March 31, 2015.
8.4.3. Where financial data in the Information Memorandum (Documento
Informativo de Incorporación) is not extracted from the audited Financial
Statements of the Issuer, you must declare the source of the data and state
that the data is unaudited.
The financial information in the Information Memorandum (Documento
Informativo de Incorporación) for the years ended December 31, 2014 and
2013 has been extracted from the Consolidared Financial Statements of Pikolin
Group except where otherwise stated or except for information extracted from
management information of Pikolin Group which has not been subject to audit
on a separate basis.
The financial information as of March 31, 2015 and for the three months then
ended has been extracted from the unaudited Consolidated Interim Financial
Statements of Pikolin Group.
8.4
Age of the most recent financial information
The most recent financial information contained in this Information Memorandum
(Documento Informativo de Incorporación) refers to the audited financial information as
of and for the year ended December 31, 2014 and the unaudited financial information as
of March 31, 2015.
8.5
Judicial, administrative and arbitration proceedings
Historically Grupo Pikolin has been involved in a low number of disputes. From time to
time, nonetheless, Grupo Pikolin is involved in civil and administrative legal proceedings.
It is Grupo Pikolin’s policy to evaluate the risks involved in relation to potential and
actual litigation and to reflect such risks in its financial statements through provisions that
it deems appropriate, based on its assessment of the risk of litigation. Grupo Pikolin
considers such reserves to be appropriate (see “Risk Factors”).
As at the date of this document, Grupo Pikolin is not involved in any material civil or
administrative legal proceedings
8.6
Significant changes in the financial or trading position of the Issuer
From December 31, 2014 until the date of this Information Memorandum (Documento
Informativo de Incorporación), there has been no significant change in the financial or
trading position of Pikolin.
- 48 -
VIII. DESCRIPTION OF THE NOTES
The following, save for the paragraph in italics, are the terms and conditions of the
Notes.
The notes issued have EUR 20,000,000 in nominal value, with a face value of EUR
100,000 each grouped in a single class and series, and pay an interest rate of 5% per cent
annually on the face value of the Notes. Notes due 27 May 2025 (the "Notes", which
expression shall, unless otherwise indicated, include any further notes issued pursuant to
Condition 14 (Further issues) and consolidated and forming a single series with the
Notes) of GRUPOPIKOLIN, S.L. (the "Issuer") was (save in respect of any such further
notes to be issued pursuant to Condition 14 (Further Issues)) authorised by a resolution of
the Board of Directors of the Issuer passed on 4 May 2015. The Notes have the benefit of
an agency agreement dated 20 May 2015 (as amended or supplemented from time to
time, the "Agency Agreement") between the Issuer and BNP Security Services as paying
agent (the "Paying Agent", which expression includes any paying agent appointed from
time to time in connection with the Notes). The Issuer will appoint, in the private issuance
document (“documento privado de emisión”) of the Notes, Bondholders, S.L. as
commissioner (the “Commissioner”, which expression shall include any successor as
commissioner).
1
Form, Denomination, Price and Status
(a)
Form and denomination: The Notes are in uncertificated, dematerialised bookentry form (anotaciones en cuenta), each Note with a nominal value of EUR
100,000 (the "Authorised Denomination").
(b)
Status of the Notes: The Notes constitute direct, unconditional, unsubordinated and
unsecured obligations of the Issuer and upon the insolvency of the Issuer will rank
pari passu among themselves and at least pari passu with all present and future
unsecured and unsubordinated indebtedness of the Issuer (unless the Notes qualify
as subordinated claims pursuant to article 92 of Law 22/2003 (Ley Concursal) of 9
July 2003, as amended (the "Insolvency Law") or equivalent legal provisions
which replace it in the future, and save for such obligations that may be preferred
by provisions of law that are mandatory and of general application).
In the event of insolvency (concurso) of the Issuer, claims relating to the Notes
(which are not subordinated pursuant to article 92 of the Insolvency Law) will be
ordinary credits (créditos ordinarios) as defined in the Insolvency Law. Ordinary
credits rank below credits against the insolvency estate (créditos contra la masa)
and credits with privilege (créditos privilegiados). Ordinary credits rank above
subordinated credits and the rights of shareholders. Pursuant to article 59 of the
Insolvency Law, the accrual of interest shall be suspended as from the date of
declaration of the insolvency of the Issuer. Accrued and unpaid interests due in
respect of the Notes at the commencement of an insolvency proceeding (concurso)
of the Issuer will qualify as subordinated credits.
(c)
Price of the Notes: 100.
- 49 -
2
(d)
ISIN Code: The Spanish National Numbering Agency (Agencia Nacional de
Codificación de Valores) has assigned the following ISIN to identify the Notes:
ES0205072004.
(e)
Name of the issue: Bonos Simples GRUPOPIKOLIN MAYO 2015 Serie 1.
Register, Title and Transfers
(a)
Registration: The Notes will be registered with the Spanish Sociedad de Gestión
de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A.
Unipersonal, with its registered address at Plaza de la Lealtad, 1, Madrid
("Iberclear") as managing entity of the central registry of the Spanish clearing and
settlement system (the "Spanish Central Registry") that records all aggregate
securities balances for each of its participating entities (entidades participantes)
(the “Iberclear Members”). Each Noteholder's (as defined below) title to the
corresponding principal amount of the Notes is set out in the registries maintained
by the respective Iberclear Member or the Spanish Central Registry itself if the
holder is an Iberclear Member. [Holders of Notes who do not have, directly or
indirectly through their custodians, a participating account with Iberclear may
participate in the Notes through bridge accounts maintained by each of Euroclear
Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme,
Luxembourg ("Clearstream, Luxembourg") with Iberclear.]
(b)
Title: In accordance with Article 15 of Royal Decree Law 116/1992 of 14 February
on representation of securities through book entries and clearing and settlement of
securities transactions (Real Decreto 116/1992, de 14 de febrero, sobre
representación de valores por medio de anotaciones en cuenta y compensación y
liquidación de operaciones bursátiles) ("RD 116/1992"), each person shown in the
registries maintained by the respective Iberclear Members or the Spanish Central
Registry itself if the holder is an Iberclear Member, as being a holder of Notes shall
be considered the holder of the principal amount of the Notes recorded therein.
In these Conditions, the "Holder" of a Note means the person in whose name such
Note is for the time being registered in the Spanish Central Registry managed by
Iberclear or, as the case may be, the relevant Iberclear Member accounting book
and "Noteholder" shall be construed accordingly. One or more certificates (each,
a "Certificate") attesting to the relevant Holder's holding of the Notes in the
relevant registry will be delivered by the relevant Iberclear Member or, where the
Holder is itself an Iberclear Member, by Iberclear (in each case, in accordance with
the requirements of Spanish law and the relevant Iberclear Member's or, as the case
may be, Iberclear's procedures) to such Holder upon such Holder's request.
(c)
Transfers: The Notes are issued without any restrictions on their transferability. In
accordance with Article 12 of RD 116/1992, title to securities represented through
book entries (as is the case with regard to the Notes) may pass through book
transfer. Consequently, the Notes may be transferred and title to the Notes may
pass (subject to Spanish law and to compliance with all applicable rules,
restrictions and requirements of Iberclear or, as the case may be, the relevant
Iberclear Member) upon registration in the relevant registry of each Iberclear
- 50 -
Member and/or the Spanish Central Registry itself, as applicable. Each Holder will
be treated (except as otherwise required by Spanish law) as the legitimate owner of
the relevant Notes for all purposes (whether or not it is overdue and regardless of
any notice of ownership, trust or any interest or annotation of, or the theft or loss
of, the Certificate issued in respect of it) and no person will be liable for so treating
the Holder.
3
Definitions
In these Conditions:
“Acceptable Auditing Firms” means any of [PricewaterhouseCoopers, Ernst and Young,
Deloitte or KPMG].
“Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such
specified Person.
"Asset Sale" means the sale, lease, conveyance or other disposition of any assets by the
Issuer or any of its Subsidiaries; provided that the sale, lease, conveyance or other
disposition of all or substantially all of the assets of the Issuer taken as a whole will be
governed by the provisions of Condition 6 (Change of Control) and not by the provisions
described under Condition 4.4 (Covenants - Limitation on Sales of Assets).
“Auditor” means the 2013 and 2014 auditor of the Issuer, CGM Auditores, S.L., which
can only be replaced, as the case may be, by any other Acceptable Auditing Firm.
“Calculation Date” means, unless otherwise established under the Conditions,
(i)
for the purposes of calculating the Indebtedness Ratio to incur in any additional
Indebtedness, the date on which the agreement or agreements documenting such
additional Indebtedness are executed;
(ii)
for the purposes of calculating the Indebtedness Ratio to make any Permitted
Distribution, the date on which such Distribution is agreed by the Issuer’s relevant
corporate body;
(iii)
for the purposes of calculating the Indebtedness Ratio to make any Asset Sale, the
date after the agreement or agreements documenting such Asset Sale are executed;
and
(iv)
for the purposes of calculating the Indebtedness Ratio to make any Permitted
Investment, the date on which the agreement or agreements documenting such
Investment are executed.
"Cash" means cash in hand (or in transit or in tills or payments by cheques or debit cards
or credit cards (in each case, net of charge backs) which are not yet received in cleared
funds) and credit balances or amounts on deposit with a bank which are freely
- 51 -
transferable and freely convertible and accessible by a member of the Group within 90
days.
"Cash Equivalents" means:
(a)
direct obligations (or certificates representing an interest in such obligations) issued
by, or unconditionally guaranteed by, the government of a member state of the
European Union, the United States of America, Switzerland or Canada (including,
in each case, any agency or instrumentality thereof), as the case may be, the
payment of which is backed by the full faith and credit of the relevant member
state of the European Union or the United States of America, Switzerland or
Canada, as the case may be, and which are not callable or redeemable at the
Issuer's option;
(b)
overnight bank deposits, time deposit accounts, certificates of deposit, bankers'
acceptances and money market deposits (and similar instruments) with maturities
of 12 months or less from the date of acquisition issued by a bank or trust company
which is organised under, or authorised to operate as a bank or trust company
under, the laws of a member state of the European Union or of the United States of
America or any state thereof, Switzerland or Canada; provided that such bank or
trust company has capital, surplus and undivided profits aggregating in excess of
EUR 500,000,000 (or the foreign currency equivalent thereof as of the date of such
investment) and whose long-term debt is rated Baa2 or higher by Moody's
Investors Service, Inc. ("Moody's"), BBB or higher by Standard & Poor's Ratings
Group ("S&P"), BBB or higher by Fitch Ratings Limited ("Fitch") or BBB by
DBRS Ratings Limited ("DBRS") (or the equivalent rating category of another
internationally recognised rating agency);
(c)
repurchase obligations with a term of no greater than 30 days or such shorter period
until the immediately following Interest Payment Date or the Maturity Date, for
underlying securities of the types described in paragraphs (a) and (b) above entered
into with any financial institution meeting the qualifications specified in paragraph
(b) above;
(d)
commercial paper having one of the two highest ratings obtainable from Moody's,
S&P, Fitch or DBRS, and, in each case, maturing within one year after the date of
acquisition; and
(e)
holdings in money market funds at least 95 per cent. of the assets of which
constitute Cash Equivalents of the kinds described in paragraphs (a) through (d) of
this definition.
A "Change of Control" shall occur in respect of the Issuer if (i) one or more persons,
acting individually or in concert, acquire Control, directly or indirectly, of the Issuer; or
(ii) the Controlling Shareholders or, as the case may be, in concert with any other Person
or Persons lose Control, directly or indirectly, of the Issuer; (iii) the Issuer consolidates
with or merges into another person and where the Issuer is not the continuing entity.
- 52 -
"Control" means, in respect of any Person, (a) the acquisition or control of more than 50
per cent. of the Voting Rights; or (b) the right to appoint and/or remove all or a majority
of the board of directors (or equivalent body) of such Person whether obtained directly or
indirectly, and whether obtained by ownership of share capital, the possession of voting
rights, contract or otherwise (and “Controlled” shall be construed accordingly).
"Controlling Shareholders" means Mr. Alfonso Soláns or Mr Borja Soláns or Mr.
Álvaro Soláns, or any combination of the abovemenitioned. For the avoid of doubt any
transfer between any of the Controlling Shareholders will not imply a Change of Control.
“Distribution” means the payment of any dividend, the redemption or repurchase of any
of the Issuer’s shares, the repayment of any Indebtedness granted, the Controlling
Shareholder or any of its Affiliates or otherwise subordinated or any other cash
distribution to the Controlling Shareholder or any of its Affiliates.
"EBITDA" means the results of the commercial activity of the Group (calculated in
accordance with relevant Spanish GAAP) accrued during the Testing Period ending on
the relevant Calculation Date and:
(a)
after deducting all those cash flows generated by any asset owned by the Issuer or
any of its Subsidiaries which, upon the Calculation Date, the Issuer is aware of its
disposal; and
(b)
after deducting or adding back, as applicable, any other non-cash and non-recurring
gains, losses or charges of the Group for such relevant period,
and so that no amount shall be included or excluded more than once.
"Euro Equivalent" means, with respect to any monetary amount in a currency other than
euro, at any time of determination thereof, the amount of euro obtained by converting
such currency other than euro involved in such computation into euro at the spot rate for
the purchase of euro with the applicable currency other than euro as published in the
Financial Times in the "Currency Rates" section (or, if the Financial Times is no longer
published, or if such information is no longer available in the Financial Times, such
source as may be selected in good faith by the Issuer) on the date of such determination.
"Group" means the Issuer and its Subsidiaries.
"Indebtedness" means any indebtedness of any Person for money borrowed or raised or
backed by a Permitted Security Interest if and to the extent that such indebtedness would
appear as a liability on the balance sheet of the debtor prepared in accordance with
Spanish GAAP which accrues any interest, commission, fees, discounts, prepayment fees,
premiums or charges and other finance payments, but excluding:
(a)
any undrawn commitments;
(b)
any profit participating loan provided that the payment of interest and principal and
its maturity date is after the Maturity Date;
- 53 -
(c)
indebtedness owed by one member of the Group to another member of the Group
provided that the payment of interest and principal and their maturity date is after
the Maturity Date;
(d)
any Indebtedness incurred by the Issuer’s Subsidiaries, provided that the recourse
of such Indebtedness is restricted to the relevant Subsidiary; and
(e)
any indebtedness incurred by the Issuer or by the Issuer’s Subsidiaries incurred
pursuant to the factoring of receivables arising in the ordinary course of business
pursuant to customary arrangements; provided, that either (a) no portion of such
indebtedness has, directly or indirectly, contingent or otherwise, recourse to any
property or assets of the Issuer or the Issuer’s Subsidiaries (other than the
receivables that are the subject of the factoring), or (b) if such indebtedness has
recourse to any property or assets of the Issuer or the Issuer’s Subsidiaries, only the
portion of such indebtedness up to an amount equal to 7% of the consolidated sales
turnover according to the last available audited consolidated accounts of the Issuer.
"Indebtedness Ratio" means, as at any Calculation Date, the ratio of (x) the Net
Financial Debt for the relevant Testing Period preceding such Calculation Date of
determination to (y) the EBITDA accrued during the relevant Testing Period. In the event
that the Issuer incurs, assumes, guarantees, repays, repurchases, redeems, or otherwise
discharges any Indebtedness subsequent to the commencement of the period for which
the calculation of the Indebtedness Ratio is made, then the Indebtedness Ratio will be
calculated giving pro forma effect (as determined in good faith by a responsible
accounting or financial officer of the Issuer) to such incurrence, assumption, guarantee,
repayment, repurchase, redemption or other discharge of Indebtedness, and the use of the
proceeds therefrom, as if the same had occurred at the beginning of the applicable Testing
Period.
"Investment" means, with respect to any Person, all direct or indirect investments by
such Person in other Persons (including Subsidiaries) in the forms of loans (including
guarantees or other obligations), advances or capital contributions (excluding
commission, travel and similar advances to officers and employees made in the ordinary
course of business), purchases or other acquisitions for consideration of Indebtedness,
Equity Interests or other securities, together with all items that are or would be classified
as investments on a balance sheet prepared in accordance with Spanish GAAP.
"MARF" means the Spanish Alternative Fixed-Income Market (Mercado Alternativo de
Renta Fija).
"Maturity Date" means 27 May, 2025.
"Net Financial Debt" means, at the relevant Calculation Date, the aggregate amount of
all obligations of the Issuer and its Subsidiaries for or in respect of Indebtedness but
deducting the aggregate amount of available Cash and Cash Equivalents held by the
Issuer, so that no amount shall be included or excluded more than once.
“Net Income” means, at the relevant Calculation Date, the Issuer’s income after
deducting all expenses, depreciation and taxes.
- 54 -
"Permitted Business" means (a) any businesses, services or activities engaged in by the
Issuer or any of its Subsidiaries on the Issue Date (each a "Permitted Activity"); and (b)
any businesses, services and activities engaged in by the Issuer or any of its Subsidiaries
that are related, complementary, incidental, ancillary or similar to any Permitted Activity
or are extensions or developments of any Permitted Activity.
“Permitted Distribution” means:
(a)
any Distribution made by the Issuer using cash flow generated by the Issuer or the
Issuer’s Subsidiaries provided that:
(i)
the relevant Distribution is made for an amount up to 60 per cent. of the
Issuer’s Net Income for the relevant Testing Period
(ii)
the relevant Distribution is made when no Event of Default is continuing
or would occur immediately after the making of the Distribution; and
(iii) before and after the relevant Distribution is made the Indebtedness Ratio
is below 4.00 to 1.0;
(b)
a Distribution made to the Controlling Shareholders at any time within the period
starting on the Issue Date and ending on the date falling twelve (12) months after
the Issue Date for an amount equal to any prepayment of any debt of any other
subsidiary of the Controlling Shareholders which is not a Subsidiary of the Issuer
provided that, after such Distribution the ratio between equity and total assets
according to the last available stand-alone annual audited accounts of the Issuer is,
at least, 45%.
“Permitted Investment” means:
(a)
(b)
in the event that the Indebtedness Ratio is below 4.00 to 1.0, any Investment made
utilising cash flow generated by the Issuer provided that:
(i)
the relevant Investment is made when no Event of Default is continuing
or would occur immediately after the making of the Distribution; and
(ii)
the Investment is made in a Permitted Business or in assets or companies
required for the development of the ordinary business of the Group.
in the event that the Indebtedness Ratio is higher than 4.00 to 1.0 any Investment
made utilising cash flow generated by the Issuer provided that:
(iii) the relevant Investment is made when no Event of Default is continuing
or would occur immediately after the making of the Distribution; and
(iv) the Investment is made in a Permitted Business or in assets or companies
required for the development of the ordinary business of the Group.
"Permitted Security Interest" means:
- 55 -
(a)
any netting or set-off arrangement entered into by any member of the Group in the
ordinary course of its financing arrangements for the purposes of netting debit and
credit balances;
(b)
any Security Interest arising by operation of law or in the ordinary course of
business of the Issuer;
(c)
any Security Interest over creditor rights;
(d)
any Security Interest in existence on the Issue Date to the extent that it secures
Indebtedness outstanding on such date;
(e)
any Security Interest over or affecting any asset existing at the time it was acquired
by a member of the Group after the Issue Date, provided that it is discharged in the
one hundred and eighty (180) days following the completion of the relevant
acquisition;
(f)
any Security Interest over or affecting any asset of any company existing at the
time it becomes a member of the Group after the Issue Date, provided that it is
discharged in the one hundred and eighty (180) days following the completion of
the relevant acquisition;
(g)
any Security Interest for tax being challenged diligently and in good faith, taking
into account applicable time and grace periods for any such challenge;
(h)
any Security Interest created by or resulting from any litigation or legal proceeding;
and
(i)
any Security Interest which replaces any other Security Interest permitted under
paragraphs (a) to (i) above inclusive and which secures an amount not exceeding
the maximum principal amount secured by such permitted Security Interest,
provided that (i) the obligation secured by such Security Interest has been incurred by any
member of the Group and (ii) the total obligations secured by all the Security Interest at
any time do not represent more than the total amount of EBITDA for the latest 12 month
period.
"Person" means any individual, company, corporation, firm, partnership, joint venture,
association, organisation, state or agency of a state or other entity, whether or not having
separate legal personality.
"Put Period" means in connection with any Change of Control the immediately
succeeding 90 day period after the date on which a Put Notice has been published in
accordance with Condition 15 (Notices).
"Security Interest" means any mortgage, charge, pledge, lien, right in rem, guarantee or
other security interest including, without limitation, anything analogous to any of the
foregoing under the laws of any jurisdiction.
- 56 -
"Subsidiary" means, in relation to any Person (the "first Person") at any particular time,
any other Person (the "second Person") controlled by that first Person where control is
determined by:
(a)
holding the majority of the Voting Rights;
(b)
having the power to appoint or dismiss the majority of the members of the
governing body;
(c)
being able to dispose, by virtue of agreements entered into with third parties, of the
majority of the Voting Rights; and
(d)
having employed its votes to appoint the majority of the members of the governing
body who hold office at the moment when the consolidated accounts must be
drawn up and during the two business years immediately preceding.
Additionally, the Voting Rights of the controlling company shall be added to those it
holds through other dependent companies, or through Persons acting in its own name, but
on account of the controlling company, or other dependent ones, or those with which it
has made arrangements through any other Person.
"Testing Period" means, with respect to any Calculation Date, except as otherwise
determined in the conditions of the Notes, the twelve (12) last months used for the
calculation to be made at such Calculation Date.
"Voting Rights" means the right generally to vote at a general meeting of shareholders
(irrespective of whether or not, at the time, stock of any other class or classes shall have,
or might have, voting rights by reason of the happening of any contingency).
4
Covenants
4.1
Limitation on Indebtedness
So long as any Note remains outstanding, the Issuer shall not, after the Issue Date, incur
any additional Indebtedness, if on the Calculation Date corresponding to such additional
Indebtedness:
(a)
the Indebtedness Ratio exceeds 4.00 to 1.0
determined on a pro forma basis, assuming for these purposes that (a) such additional
Indebtedness had been incurred, and the Debt Service for a full 12 month period thereof
charged, on the first day of the applicable Testing Period and (b) exclusively for the
calculation in connection with any Indebtedness incurred to finance the acquisition of any
company and/or fixed asset, the EBITDA generated by such investment during the last
twelve months, prior to the acquisition, shall be taken into account as if generated during
the applicable Testing Period.
For purposes of determining compliance with any euro-denominated restriction on the
incurrence of Indebtedness, the Euro Equivalent of the principal amount of Indebtedness
- 57 -
denominated in another currency will be calculated based on the most recently published
annual financial statements to the extent shown therein or otherwise, based on the
relevant currency exchange rate in effect on the date such Indebtedness was incurred, in
the case of term Indebtedness, or first committed, in the case of Indebtedness incurred
under a revolving credit facility; provided that, if and for so long as any such
Indebtedness is subject to an agreement intended to protect against fluctuations in
currency exchange rates with respect to the currency in which such Indebtedness is
denominated covering principal and interest on such Indebtedness, the amount of such
Indebtedness, if denominated other than in euro, will be the amount of the principal
payment required to be made under such currency agreement and, otherwise, the Euro
Equivalent of such amount plus the Euro Equivalent of any premium which is at such
time due and payable but is not covered by such currency agreement.
4.2
Negative Pledge
So long as any Note remains outstanding the Issuer shall not create or permit to subsist
any Security Interest upon the whole or any part of its present or future undertaking,
assets or revenues (including uncalled capital) unless such Security Interest is a Permitted
Security Interest, to secure any Indebtedness or to secure any guarantee of any such
Indebtedness.
For the avoidance of doubt financial leases and any other Indebtedness incurred in
connection to a certain asset which recourse is limited to the financed asset will be
excluded from the negative pledge obligation established herein.
4.3
Limitations on Distributions
The Issuer shall not pay, make or declare any Distribution of any financial year which is
not a Permitted Distribution until the date on which the aggregate amount available for
Distribution to its shareholders in respect of that financial year has been determined (the
"Dividend Determination Date") and then only in an amount not exceeding 50 per cent.
of the aggregate amount available for distribution.
4.4
Limitation on Sales of Assets and mandatory tender offer for the Notes
The Issuer will not consummate an Asset Sale unless (i) such Asset Sale is made on an
arm’s length basis, and (ii) at least, 60 per cent. of the price is paid in Cash or Cash
Equivalent on the date of execution of the Asset Sale.
The Issuer undertakes to apply towards reinvestment in the Issuer’s ordinary business any
proceeds obtained from an Asset Sale within the 360 days following the completion of
such Asset Sale. Should the Issuer not reinvest the net proceeds (that is, deducting from
such proceeds any taxes and expenses related to such Asset Sale) from the Asset Sale
within the aforesaid time period the proceeds not reinvested shall be considered as
“Excess Proceeds”. If, at any time during any given financial year, the amount of Excess
Proceeds arising from a single or a series of Asset Sales is above EUR 10,000,000, the
Issuer shall launch, within a three month period from the date on which the Excess
Proceeds are higher than EUR 10,000,000, a tender offer directed to all Noteholders for
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purchase on a pro rata basis at a price equal to 101 per cent. of the principal amount and
for a minimum amount equal to the Excess Proceeds.
4.5
Limitation on Investments
The Issuer will not, and will not cause or permit any of its Subsidiaries to make any
Investment which is not a Permitted Investment.
4.6
Information and Reports
So long as the Notes are outstanding, the Issuer shall provide the Commissioner (which
information shall be available to Noteholders at the specified office of the
Commissioner):
(a)
as soon as the same become available, but in any event within 150 days after the
end of each of its financial years, a copy of its audited consolidated financial
statements for that financial year, starting with its financial year ending 31
December 2015;
(b)
as soon as the same become available, but in any event within 75 days after of the
first half-year in each financial year, a copy of its consolidated (i) balance sheet,
(ii) profit and losses and (iii) cash flow statements for that financial half-year,
starting with the half-year ending 31 December 2015; and
(c)
promptly after the occurrence of a material acquisition, disposition, restructuring of
the Issuer and its Subsidiaries taken as a whole or change in auditors or any other
material event of the Issuer and its Subsidiaries taken as a whole, a copy of each
notice provided to the MARF in accordance with applicable regulation containing a
description of such event.
All financial statements and financial information shall be prepared in accordance with
Spanish GAAP. Each set of financial statements delivered by the Issuer pursuant to this
Condition 4.6 shall be certified by a director of the Issuer as fairly representing its
consolidated financial condition and operations as at the end of and for the period in
relation to which those financial statements were drawn up.
For clarification purposes, the Commissioner assumes no responsibility for the
authenticity,
accuracy
or
correctness
of the information, reports
or certifications provided by the Issuer.
All annual financial statements shall be audited by any of the Acceptable Auditing Firms.
4.7
Modification of certain covenants when the Issuer reaches investment grade
If, on any date following the Issue Date, (1) the Issuer is rated by at least two of the
following rating agencies and at least two of such ratings are at least “BBB-” or
equivalent: Moody’s, S&P, Fitch, DBRS, AXESOR or SCOPE (or the equivalent rating
category of another internationally recognised rating agency), and (2) no Event of Default
shall have occurred and be continuing, then, beginning on that day:
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(a) the Indebtedness Ratio applicable for the obligations set out in Conditions 4.1 to 4.5
above, and Permitted Indebtedness, Permitted Investments, Permitted Distributions
and Put Period definitions shall be considered in the value of “4.50 to 1.00” (instead
of the current 4.00 to 1.00); and
(b) the relevant Distribution under the Permitted Distribution definition can be for an
amount up to 100 per cent. of the Issuer’s net income (instead of the current 50 per
cent.),
all until the day (if any) on which the Issuer are no longer rated as specified above by at
least two of such rating agencies.
5
Change of Control
If a Change of Control occurs, each Noteholder shall have the option, to require the Issuer
to redeem or, at the Issuer's option, purchase (or procure the purchase of) in whole or in
part its Notes at a price equal to 101 per cent. of their principal amount plus accrued and
unpaid interest up to (but excluding) the date for such redemption or purchase (the "Put
Option").
If a Change of Control occurs, then the Issuer shall, without undue delay, after becoming
aware thereof, give notice of the Change of Control (a "Put Event Notice") to the
Noteholders in accordance with Condition 15 (Notices) specifying the nature of the
Change of Control.
To exercise the Put Option, a Noteholder must within the Put Period block such Note(s)
or instruct the Spanish Central Registry or its Iberclear Member to block such Note(s) and
deposit a duly signed and completed notice of exercise in the then current form obtainable
from the Paying Agent (a "Put Notice") in which the Noteholder must specify a bank
account to which payment is to be made under this Condition 5 at the specified office of
the Paying Agent, during normal business hours on any business day in the city of the
specified office of the Paying Agent.
The Issuer shall redeem or, at its option, purchase (or procure the purchase of), the
relevant Note(s) on the date (the "Put Date") seven days after the expiration of the Put
Period unless such Notes are previously redeemed or purchased and cancelled. A Put
Notice, once given, shall be irrevocable.
6
Interest
The Notes bear interest from and including 27 May 2015 (the "Issue Date") at the rate of
5 per cent. per annum, (the "Rate of Interest") payable annually in arrears on 27 May in
each year (each, an "Interest Payment Date"), commencing with the Interest Payment
Date falling on 27 May 2016 and ending on the Maturity Date in respect of the period
from (and including) the preceding Interest Payment Date (or, if none, the Issue Date) to
(but excluding) the next succeeding Interest Payment Date (each an “Interest Period”),
and subject as provided in Condition 8 (Payments).
Each Note will cease to bear interest where such Note is being redeemed or repaid
pursuant to Condition 7 (Redemption and Purchase) or Condition 10 (Events of Default),
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from the due date for redemption thereof unless, upon due presentation thereof, payment
of the principal amount of the Notes is improperly withheld or refused, in which event
interest will continue to accrue at such rate (both before and after judgment) until
whichever is the earlier of (i) the day on which all sums due in respect of such Note up to
that day are received by or on behalf of the relevant Holder, and (ii) the day 7 (seven)
days after the Paying Agent has notified Noteholders of receipt of all sums due in respect
of all the Notes up to that seventh day (except to the extent that there is failure in the
subsequent payment to the relevant Holders under these Conditions).
The amount of interest payable on each Interest Payment Date shall be EUR 5,000 in
respect of each Authorised Denomination.
If interest is to be calculated in respect of a period which is equal to or shorter than an
Interest Period, it shall be calculated by applying the Rate of Interest to the Authorised
Denomination, multiplying the product by the relevant Day Count Fraction and rounding
the resulting figure to the nearest cent (half a cent being rounded upwards) where:
“Day Count Fraction” means in respect of any period the number of days in the relevant
period, from and including the date from which interest begins to accrue to but excluding
the date on which it falls due, divided by the number of days in the Regular Period in
which the relevant period falls; and
“Regular Period” means each period from (and including the Issue Date or any Interest
Payment Date to (but excluding) the next Interest Payment Date.
Therefore, in accordance with the abovementioned, the interest of the Notes will accrue
daily in accordance with the Actual/Actual ICMA basis unadjusted standard.
7
Redemption and Purchase
(a)
Final Redemption: Unless previously purchased and cancelled or redeemed as
herein provided, the Notes will be redeemed at their principal amount on the
Maturity Date. The Notes may not be redeemed at the option of the Issuer other
than in accordance with this Condition 7.
(b)
No other redemption: The Issuer shall not be entitled to redeem the Notes
otherwise than as provided in paragraph (a) (Final redemption) of this Condition 7,
except in accordance with Condition 7 (c) below.
(c)
Purchase: Subject to compliance with applicable laws and regulations, each of the
Issuer or any of its Subsidiaries, may at any time purchase Notes in the following
conditions:
(a) through a tender offer directed to all Noteholders at any price, or
(b) in the open market at any price.
Such Notes may be held, re-sold or reissued or, at the option of the relevant
purchaser, cancelled and while held by or on behalf of the Issuer or any such
Subsidiary, shall not entitle the holder to vote at any meetings of the Syndicate of
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Noteholders and shall not be deemed to be outstanding for the purposes of
calculating quorums at meetings of the Syndicate of Noteholders or for the
purposes of Condition 13 (Syndicate of Noteholders).
8
(d)
Cancellation: All Notes so redeemed shall be cancelled and may not be reissued or
resold. Notes purchased by the Issuer or any of its Subsidiaries may, at the option
of the relevant purchaser, be cancelled.
(e)
Notice of Redemption: All Notes in respect of which any notice of redemption is
given under this Condition shall be redeemed on the date specified in such notice in
accordance with this Condition.
Payments
(a)
Principal and Interest: Payments of principal and interest shall be made by transfer
to a euro account (or other account to which euro may be credited or transferred) of
the relevant Noteholder maintained by or on behalf of it with a bank that processes
payments in a city in which banks have access to the TARGET2 system, details of
which appear in the records of Iberclear or, as the case may be, the relevant
Iberclear Member at close of business on the day immediately preceding the
relevant Interest Payment Date or the Maturity Date, as applicable, on which the
payment of interest or principal, as the case may be, falls due. Noteholders must
rely on the procedures of Iberclear or, as the case may be, the relevant Iberclear
Member to receive payments in respect of the relevant Notes. None of the Issuer
or the Paying Agent will have any responsibility or liability for the records relating
to payments made in respect of the Notes.
(b)
Payments subject to fiscal laws: All payments in respect of the Notes are subject in
all cases to any applicable fiscal or other laws, regulations and directives in the
place of payment, but without prejudice to the provisions of Condition 9
(Taxation). No commissions or expenses shall be charged to the Noteholders in
respect of such payments.
(c)
Payments on business days: Where payment is to be made by transfer to a euro
account (or other account to which euro may be credited or transferred), payment
instructions (for value the due date, or, if the due date is not a business day, for
value the next succeeding business day) will be initiated on the due date for
payment. A Holder of a Note shall not be entitled to any interest or other payment
in respect of any delay in payment resulting from the due date for a payment not
being a business day. In this paragraph "business day" means a day (other than a
Saturday or Sunday) which is a TARGET Settlement Day.
(d)
Interpretation: In these Conditions:
"TARGET2" means the Trans-European Automated Real-Time Gross Settlement
Express Transfer payment system which utilises a single shared platform and
which was launched on 19 November 2007;
and
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"TARGET Settlement Day" means any day on which TARGET2 is open for the
settlement of payments in euro.
9
Taxation
All payments of principal and interest in respect of the Notes by or on behalf of the
Issuer, shall be made free and clear of, and without withholding or deduction for or on
account of, any present or future taxes, duties, assessments or governmental charges of
whatever nature imposed, levied, collected, withheld or assessed by or on behalf of the
Kingdom of Spain or any political subdivision thereof or any authority therein or thereof
having power to tax, unless the withholding or deduction of such taxes, duties,
assessments or governmental charges is required by law. If any such withholding or
deduction is so required, the relevant payment of principal or, as the case may be, interest
in respect of the Notes, shall be made subject to and after any such withholding or
deduction and no additional amounts shall be payable by the Issuer, in respect of any such
withholding or deduction.
10
Events of Default
If any of the following events (each an “Event of Default”) occurs and is continuing:
(a)
Non-payment: default is made in the payment on the due date of principal or
interest in respect of any of the Notes and such failure continues for a period of 7
(seven) days in the case of principal (other than on the Maturity Date) and 14
(fourteen) days in the case of interest; or
(b)
Breach of other obligations: the Issuer defaults in the performance or observance
of any of its other obligations under or in respect of the Notes, and such default
remains unremedied for 30 days after written notice thereof, addressed to the Issuer
by any Noteholder, has been delivered to the Issuer; or
(c)
Cross-default of Issuer or Subsidiary:
(i)
any such present or future indebtedness of the Issuer or any Subsidiaries is
not paid when due or, as the case may be, within any applicable grace
period; or
(ii)
any such indebtedness becomes (or becomes capable of being declared)
due and payable prior to its stated maturity otherwise than (A) at the option
of the Issuer or (as the case may be) the Subsidiary or (B) at the option of
the creditor of such Indebtedness in circumstances where no event of
default (howsoever described) has occurred; or
(iii)
the Issuer or any Subsidiary fails to pay when due any amount payable by
it under any present or future guarantee for, or indemnity in respect of, any
moneys borrowed or raised
provided that the aggregate amount of the indebtedness, guarantees or indemnities
in respect of which one or more of the events mentioned above in this paragraph
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(c) have occurred, individually or in the aggregate equals or exceeds EUR
10,000,000 (or its equivalent in any other currency or currencies); or
(d)
Unsatisfied judgment: a distress, attachment, execution or other legal process is
levied, enforced or sued out on or against any part of the property, assets or
revenues of the Issuer or any Subsidiary and is not discharged or stayed within 30
(thirty) days provided that individually or in aggregate the amount of property,
assets and/ or revenues involved in any such distress, attachment, execution or
legal process equals or exceeds EUR 10,000,000 (or its equivalent in any other
currency or currencies); or
(e)
Security enforced: any mortgage, charge, pledge, lien or other encumbrance,
present or future, created or assumed by the Issuer or any Subsidiary in respect of
an obligation the principal amount of which equals or exceeds EUR 10,000,000 or
its equivalent is enforced (including by the taking of possession or the appointment
of a receiver, administrative receiver, administrator manager or other similar
person); or
(f)
Insolvency, etc.: the Issuer or any Subsidiary is insolvent or bankrupt (concurso) or
unable to pay its debts, or is declared insolvent or bankrupt or a voluntary request
has been submitted to a relevant court for the declaration of insolvency or
bankruptcy, stops, suspends or threatens to stop or suspend payment of all or a
material part of its debts, proposes or makes any agreement for the deferral,
rescheduling or other readjustment of all of its debts, proposes or makes a general
assignment or an arrangement or composition with or for the benefit of the relevant
creditors in respect of any of such debts or a moratorium is agreed or declared or
comes into effect in respect of or affecting all or any part of the debts of the Issuer
or any Subsidiary; or
(g)
Winding up, etc.: an order is made or an effective resolution passed for the
winding-up (liquidación) or dissolution (disolución) of the Issuer or any
Subsidiary, or the Issuer or any Subsidiary ceases or threatens to cease to carry on
all or substantially all of its business or operations, except for the purpose of and
followed by a reconstruction, amalgamation, reorganisation, merger or
consolidation (i) on terms approved by a resolution of the Syndicate of
Noteholders; or (ii) in the case of a Subsidiary, whereby the undertaking and assets
of the Subsidiary are transferred to or otherwise vested in the Issuer or another of
its Subsidiaries; or
(h)
Failure to take action, etc.: any action, condition or thing (including the obtaining
or effecting of any necessary consent, approval, authorisation, exemption, filing,
licence, order, recording or registration) at any time required to be taken, fulfilled
or done in order (i) to enable the Issuer lawfully to enter into, exercise its rights and
perform and comply with its obligations under the Notes; (ii) to ensure that those
obligations are legal, valid, binding and enforceable; and (iii) to make the Notes
admissible in evidence in the courts of the Kingdom of Spain is not taken, fulfilled
or done; or
- 64 -
(i)
Analogous events: any event occurs which under the laws of any relevant
jurisdiction has a similar effect to any of the events referred to in any of the
foregoing paragraphs; or
(j)
Unlawfulness: it is or will become unlawful for the Issuer to perform or comply
with any of its obligations under or in respect of the Notes,
then any Note may, by notice in writing given to the Issuer by (i) the Commissioner
acting upon a resolution of the Syndicate of Noteholders, in respect of all Notes, or (ii)
unless there has been a resolution to the contrary by the Syndicate of Noteholders, any
Noteholder in respect of such Note, be declared immediately due and payable whereupon
it shall become immediately due and payable at its principal amount, together with
accrued interest, without further formality.
11
Prescription
Claims for principal and interest shall become void unless made within a period of 10
years (in the case of principal) and five years (in the case of interest) after the date on
which the payment in question first becomes due.
12
Paying Agent
In acting under the Agency Agreement and in connection with the Notes, the Paying
Agent acts solely as agent of the Issuer, and does not assume any obligations towards or
relationship of agency or trust for or with any of the Noteholders.
The initial Paying Agent and its initial specified office is BNP Paribas Securities
Services, Sucursal en España, C/Ribera del Loira 28. The Issuer reserves the right at any
time to vary or terminate the appointment of any Paying Agent and to appoint a successor
agent and additional or successor agents provided, however, that the Issuer shall at all
times maintain (a) an agent, and (b) so long as the Notes are listed on any multilateral
trading facility, secondary market, there will at all times be an Paying Agent with a
specified office in such place as may be required by the rules and regulations of the
relevant multilateral trading facility or secondary market.
Notice of any change in the Paying Agent or in its specified offices shall promptly be
given to the Noteholders.
13
Syndicate of Noteholders, Modification and Waiver
(a)
Syndicate of Noteholders: Noteholders shall meet in accordance with certain
regulations governing the Syndicate of Noteholders (the "Regulations"). The
Regulations contain the rules governing the Syndicate of Noteholders and the rules
governing its relationship with the Issuer.
Bondholders has been appointed as a Commissioner for the Syndicate of
Noteholders. Noteholders shall, by virtue of purchasing and/or holding Notes, be
deemed to have agreed to: (i) the appointment of the temporary Commissioner; and
(ii) become a member of the Syndicate of Noteholders.
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The Issuer may, with the consent of the Commissioner, but without the consent of
the Noteholders, amend these Conditions to correct a manifest or proven error or to
make amendments of a formal, minor or technical nature or to comply with
mandatory provisions of law.
In addition to the above, the Issuer and the Noteholders, the latter by means of a
resolution of the Syndicate of Noteholders, may agree any modification, whether
material or not, to these Conditions and any waiver of any breach or proposed
breach of these Conditions.
For the purposes of these Conditions:
(i)
"Commissioner" means the comisario as this term is defined under the
Spanish Corporations Law (Ley de Sociedades de Capital) of the Syndicate
of Noteholders; and
(ii)
"Syndicate of Noteholders" means the sindicato as this term is described
under the Spanish Corporations law (Ley de Sociedades de Capital).
In accordance with article 425 of the Spanish Corporations law (Ley de
Sociedades de Capital), a general meeting of the Syndicate of Noteholders shall be
quorate upon first being convened provided that Noteholders holding or
representing two-thirds of the Notes outstanding attend. If the necessary quorum is
not achieved at the first meeting, a second general meeting may be reconvened to
meet one month after the first general meeting and shall be quorate regardless of
the number of Noteholders who attend. A resolution shall be passed by holders
holding an absolute majority of the Notes present or duly represented at any
properly constituted meeting.
(b)
Notification to the Noteholders: Any modification, waiver or authorisation in
accordance with this Condition 13 shall be binding on the Noteholders and shall be
notified by the Issuer to the Noteholders as soon as practicable thereafter in
accordance with Condition 15 (Notices).
(c)
The text of the Regulations of the Syndicate of Noteholders of the May 2015 Serie
1 Issue of Ordinary Notes by GRUPOPIKOLIN, S.L. is as follows:
REGLAMENTO
REGULATIONS
A continuación se recoge el Reglamento
del Sindicato de Bonistas de la Emisión
de bonos de GRUPOPIKOLIN, S.L.,
denominada “EMISIÓN DE BONOS
SIMPLES DE GRUPOPIKOLIN MAYO
2015 SERIE 1 (la “Emisión”).
The Regulations that follow correspond to
the Syndicate of Noteholders of the Notes
which compose the “ISSUE OF NOTES OF
GRUPOPIKOLIN MAY 2015 SERIE 1” (the
“Issue”).
En caso de discrepancia la versión
española prevalecerá.
In the case of discrepancy, the Spanish
version shall prevail.
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TÍTULO I
TITLE I
CONSTITUCIÓN,
DENOMINACIÓN,
OBJETO, DOMICILIO Y DURACIÓN
DEL SINDICATO DE BONISTAS.
INCORPORATION, NAME, PURPOSE,
ADDRESS AND DURATION FOR THE
SYNDICATE OF NOTEHOLDERS.
ARTÍCULO 1°. – CONSTITUCIÓN
ARTICLE 1°. – INCORPORATION
Con sujeción a lo dispuesto en el Capítulo
IV del Título XI del Real Decreto
Legislativo 1/2010, de 2 de julio, por el
que se aprueba el texto refundido de la
Ley de Sociedades de Capital (la “Ley de
Sociedades de Capital”), una vez se
suscriban y desembolsen los Bonos,
quedará constituido un sindicato de los
titulares de los Bonos (los “Bonistas”)
que integran la “EMISIÓN DE BONOS
SIMPLES DE GRUPOPIKOLIN MAYO
2015 SERIE 1”.
In accordance with the provisions of Chapter
IV of Title XI of the Spanish Royal
Legislative Decree 1/2010, of 2 July 2010,
approving the Spanish Capital Companies
Act (“Real Decreto Legislativo 1/2010, de 2
de julio, que aprueba el texto refundido de la
Ley de Sociedades de Capital”) (the
“Spanish Capital Companies Act”), once the
Notes have been fully subscribed and paid,
there shall be incorporated a Syndicate of the
owners of the Notes (hereinafter, the
“Noteholders”) which compose the “ISSUE
OF NOTES OF GRUPOPIKOLIN MAY 2015
SERIE 1”.
Este Sindicato se regirá por el presente
Reglamento, por la Ley de Sociedades de
Capital, por las disposiciones de los
estatutos sociales de GRUPOPIKOLIN,
S.L. (la “Sociedad Emisora”) y demás
disposiciones legales vigentes.
This Syndicate shall be governed by these
Regulations, by the Spanish Capital
Companies Act, by the applicable provisions
of the articles of association of
GRUPOPIKOLIN, S.L. (the “Issuer”) and
other applicable legislation.
ARTÍCULO 2°. – DENOMINACIÓN
ARTICLE 2°. – NAME
El Sindicato se denominará “SINDICATO
DE BONISTAS DE LA EMISIÓN DE
EMISIÓN DE BONOS SIMPLES DE
GRUPOPIKOLIN MAYO 2015 SERIE 1”.
The Syndicate shall be named “SYNDICATE
OF NOTEHOLDERS OF THE ISSUE OF
ISSUE OF NOTES OF GRUPOPIKOLIN
MAY 2015 SERIE 1”.
ARTÍCULO 3°. – OBJETO
ARTICLE 3°. – PURPOSE
El Sindicato tendrá por objeto la
representación y defensa de los legítimos
intereses de los Bonistas frente a
GRUPOPIKOLIN, S.L., mediante el
ejercicio de los derechos que le reconocen
las Leyes por las que se rigen y el
This Syndicate is formed for the purpose of
representing and protecting the lawful
interest of the Noteholders before
GRUPOPIKOLIN, S.L., by means of the
exercise of the rights granted by the
applicable laws and the present Regulations,
- 67 -
presente Reglamento, para ejercerlos y
conservarlos de forma colectiva, y bajo la
representación que se determina en las
presentes normas.
to exercise and preserve them in a collective
way and under the representation determined
by these Regulations.
ARTÍCULO 4°. – DOMICILIO
ARTICLE 4°. – ADDRESS
El domicilio del Sindicato se fija en
Carretera de Logroño, K.M. 6,5 (Zaragoza).
The address of the Syndicate shall be located
at Carretera de Logroño, K.M. 6,5 (Zaragoza).
La Asamblea General de Bonistas podrá,
sin embargo, reunirse, cuando se
considere oportuno, en otro lugar de la
ciudad de Madrid, expresándose así en la
convocatoria.
However, the Noteholders General Meeting
is also authorised to hold a meeting, when
considered convenient, in any other place in
Madrid that is specified in the notice
convening the meeting.
ARTÍCULO 5°. – DURACIÓN
ARTICLE 5°. – DURATION
El Sindicato estará en vigor hasta que los
Bonistas se hayan reintegrado de cuantos
derechos derivados de los Bonos por
principal, intereses o cualquier otro
concepto les correspondan.
This Syndicate shall be in force until the
Noteholders have been reimbursed for any
rights deriving from the Notes they may hold
for the principal, interest or any other
concept.
TÍTULO II
TITLE II
RÉGIMEN DEL SINDICATO
SYNDICATE’S REGIME
ARTÍCULO 6°. – ÓRGANOS DEL
SINDICATO
ARTICLE
6°.
–
SYNDICATE
MANAGEMENT BODIES
El gobierno del Sindicato corresponderá:
The Management bodies of the Syndicate
are:
(a) A la Asamblea General de Bonistas
(la “Asamblea General”).
(b) Al Comisario de la Asamblea
General
de
Bonistas
(el
“Comisario”).
ARTÍCULO
JURÍDICA
7°.
–
NATURALEZA
La Asamblea General, debidamente
convocada y constituida, es el órgano de
expresión de la voluntad de los Bonistas,
con sujeción al presente Reglamento, y
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(a) The General Meeting of Noteholders
(the “General Meeting”).
(b) The Commissioner of the General
Meeting
of
Noteholders
(the
“Commissioner”).
ARTICLE 7°. – LEGAL NATURE
The General Meeting, duly called and
constituted, is the body of expression of the
Noteholders’ will, subject to the provisions
of these Regulations, and its resolutions are
sus acuerdos vinculan a todos los
Bonistas en la forma establecida por las
Leyes.
binding for all the Noteholders in the way
established by the Law.
ARTÍCULO 8°. – LEGITIMACIÓN
PARA CONVOCATORIA
ARTICLE
MEETINGS
La Asamblea General será convocada por
el Consejo de Administración de la
Sociedad Emisora o por el Comisario,
siempre que cualquiera de ellos lo estime
conveniente.
The General Meeting shall be convened by
the Board of Directors of the Issuer or by the
Commissioner, whenever they may deem it
convenient.
Sin perjuicio de lo anterior, el Comisario
deberá convocarla cuando lo soliciten
por escrito, y expresando el objeto de la
convocatoria,
los
Bonistas
que
representen, por lo menos, la vigésima
parte del importe total de la Emisión que
no esté amortizado. En este caso, la
Asamblea General deberá convocarse
para ser celebrada dentro de los cuarenta
y cinco (45) días siguientes a aquél en
que el Comisario hubiere recibido
solicitud válida al efecto.
Notwithstanding
the
above,
the
Commissioner shall convene a General
Meeting when Noteholders holding at least
the twentieth of the non-amortised entire
amount of the Issue, request it in writing. In
such case, the General Meeting shall be held
within forty five (45) days following the
receipt by the Commissioner of a valid
written notice for this purpose.
ARTÍCULO 9°.
CONVOCATORIA
DE
ARTICLE 9°. – PROCEDURE FOR
CONVENING MEETINGS
La convocatoria de la Asamblea General
se hará, por lo menos quince (15) días
antes de la fecha fijada para su
celebración, mediante (i) anuncio que se
publicará en el “Boletín Oficial del
Registro Mercantil” y, si se estima
conveniente, en uno o más periódicos de
mayor difusión nacional o internacional o
(ii) notificación a los Bonistas de
conformidad con los términos y
condiciones de los Bonos.
The General Meeting shall be convened at
least fifteen (15) days before the date set for
the meeting, by (i) notice published in the
Official Gazette of the Mercantile Registry
and, if considered convenient, in one or more
newspapers of significant national or
international circulation or (ii) notice to the
Noteholders in accordance with the terms
and conditions of the Notes.
ARTÍCULO 10°. – DERECHO DE
ASISTENCIA
ARTICLE 10°. – RIGHT TO ATTEND
MEETINGS
–
FORMA
- 69 -
8°.
–
CONVENING
Tendrán derecho de asistencia a la
Asamblea General los Bonistas que lo
sean, con cinco (5) días de antelación,
por lo menos, a aquél en que haya de
celebrarse la reunión.
Noteholders who have been so at least five
(5) days prior to the date on which the
meeting is scheduled, shall have the right to
attend the meeting.
Los Consejeros de la Sociedad Emisora y
el Agente (Agent) de la Emisión tendrán
derecho de asistencia a la Asamblea
General aunque no hubieren sido
convocados.
The members of the Board of Directors of
the Issuer and the Paying Agent under the
Issue shall have the right to attend the
meeting even if they have not been requested
to attend.
ARTÍCULO 11°. – DERECHO DE
REPRESENTACIÓN
ARTICLE 11°. –
REPRESENTED
Todo Bonista que tenga derecho de
asistencia a la Asamblea General podrá
hacerse representar por medio de otra
persona de acuerdo con lo previsto en el
artículo 424bis de la Ley de Sociedades
de Capital. La representación deberá
conferirse por escrito y con carácter
especial para cada Asamblea General.
All Noteholders having the right to attend the
meetings also have the right to be
represented by another person, in accordance
with article 424bis of Spanish Capital
Companies Act. Appointment of a proxy
must be in writing and only for each
particular meeting.
ARTÍCULO 12°. – QUÓRUM DE
ASISTENCIA Y ADOPCIÓN DE
ACUERDOS
ARTICLE 12°. – QUORUM FOR
MEETINGS
AND
TO
PASS
RESOLUTIONS
Cada Bono conferirá al Bonista un
derecho de voto proporcional al valor
nominal no amortizado de los Bonos de
que sea titular.
Each Note will confer the Noteholder a right
to vote in proportion to the non-amortized
nominal value of the Notes owned by such
Noteholder.
Los acuerdos se adoptarán por mayoría
absoluta de los votos emitidos.
The resolutions shall be approved by an
absolute majority of the votes issued.
Por excepción, las modificaciones del
plazo o de las condiciones de reembolso
del valor nominal de los Bonos requerirán
el voto favorable de las dos terceras
partes de las Bonos en circulación.
No obstante, la Asamblea General se
- 70 -
RIGHT
TO
BE
As an exception, the amendment of the term
or the reimbursement of the nominal value of
the Notes shall be approved by two thirds of
the outstanding Notes.
.
Nevertheless, the General Meeting shall be
entenderá
convocada
y
quedará
válidamente constituida para tratar de
cualquier asunto de la competencia del
Sindicato, siempre que estén presentes o
debidamente representados los Bonistas
titulares de todos los Bonos y los
asistentes acepten por unanimidad la
celebración de la Asamblea General.
Los acuerdos adoptados por la Asamblea
General vincularán a todos los Bonistas,
incluso a los no asistentes y a los
disidentes.
deemed validly constituted to transact any
business within the remit of the Syndicate if
Noteholders representing all the outstanding
Notes are present or duly represented, and
provided that they unanimously approve the
holding of such meeting.
The resolutions passed by the General
Meeting shall be enforced against any
Noteholder, even non assisting or nonapproving Noteholders.
ARTÍCULO 13°. – PRESIDENCIA DE
LA ASAMBLEA GENERAL
ARTICLE 13°. – PRESIDENT OF THE
GENERAL MEETING
La Asamblea General estará presidida
por el Comisario, quien dirigirá los
debates, dará por terminadas las
discusiones cuando lo estime conveniente
y dispondrá que los asuntos sean
sometidos a votación.
The Commissioner shall be the president of
the General Meeting, shall chair the
discussions, shall have the right to bring the
discussions to an end when he considers it
convenient and shall arrange for matters to
be put to the vote.
ARTÍCULO 14°.
ASISTENCIA
ARTICLE 14°. – ATTENDANCE LIST
–
LISTA
DE
El Comisario formará, antes de entrar a
discutir el orden del día, la lista de los
asistentes, expresando el carácter y
representación de cada uno y el número
de Bonos propios o ajenos con que
concurren.
Before discussing the agenda for the
meeting, the Commissioner shall form the
attendance list, stating the nature and
representation of each of the Noteholders
present and the number of Notes at the
meeting, both directly owned and/or
represented.
ARTÍCULO 15°. – FACULTADES DE
LA ASAMBLEA GENERAL
ARTICLE 15°. – POWER OF THE
GENERAL MEETING
La Asamblea General podrá acordar lo
necesario para la mejor defensa de los
legítimos intereses de los mismos frente a
The General Meeting may pass resolutions
necessary for the best protection of
Noteholders’ lawful interests before the
- 71 -
la Sociedad Emisora; modificar, de
acuerdo con la misma, los términos y
condiciones de los Bonos; destituir o
nombrar Comisario; ejercer, cuando
proceda,
las
acciones
judiciales
correspondientes y aprobar los gastos
ocasionados por la defensa de los
intereses de los Bonistas.
Issuer; to modify, in accordance with the
Issuer, the terms and conditions of the Notes;
to dismiss or appoint the Commissioner; to
exercise,
when
appropriate,
the
corresponding legal claims and to approve
the expenses caused by the defence of the
Noteholders’ interest.
ARTÍCULO 16°. – IMPUGNACIÓN DE
LOS ACUERDOS
ARTICLE 16°. – CHALLENGE OF
RESOLUTIONS
Los acuerdos de la Asamblea General
podrán ser impugnados por los Bonistas
conforme a lo dispuesto en el artículo 427
de la Ley de Sociedades de Capital.
The resolutions of the General Meeting may
be challenged by the Noteholders in
accordance with article 427 of the Spanish
Capital Companies Act.
ARTÍCULO 17°. – ACTAS
ARTICLE 17°. – MINUTES
El acta de la sesión podrá ser aprobada
por la propia Asamblea General, acto
seguido de haberse celebrado ésta, o, en
su defecto, dentro del plazo de quince (15)
días, por el Comisario y al menos un
Bonista designado al efecto por la
Asamblea General.
The minutes of the meeting may be approved
by the General Meeting, after the meeting
has been held or, if not, within a term of
fifteen (15) days by the Commissioner and at
least one Noteholder appointed for such
purpose by the General Meeting.
ARTÍCULO
18°.
CERTIFICACIONES
ARTICLE 18°. – CERTIFICATES
–
Las certificaciones de las actas de los
acuerdos de la Asamblea General serán
expedidas por el Comisario.
The certificates of the minutes of the
resolutions of the General Meeting shall be
issued by the Commissioner.
ARTÍCULO 19°. – EJERCICIO
INDIVIDUAL DE ACCIONES
ARTICLE
19°.
–
INDIVIDUAL
EXERCISE OF ACTIONS
Los Bonistas sólo podrán ejercitar
individualmente las acciones judiciales o
extrajudiciales que corresponda cuando
no contradigan los acuerdos adoptados
previamente por el Sindicato, dentro de su
competencia, y sean compatibles con las
facultades que al mismo se hubiesen
The Noteholders will only be entitled to
individually exercise judicial or extra judicial
claims if such claims do not contradict the
resolutions previously adopted by the
Syndicate, within its powers, and are
compatible with the faculties conferred upon
the Syndicate.
- 72 -
conferido.
ARTÍCULO 20°.
SINDICATO
–
GASTOS
DEL
ARTICLE 20°. – EXPENSES OF THE
SYNDICATE
Los gastos normales que ocasione el
sostenimiento del Sindicato correrán a
cargo de la Sociedad Emisora, no
pudiendo exceder en ningún caso del dos
por ciento (2%) de los intereses anuales
devengados por los Bonos.
The ordinary expenses resulting from the
maintenance of the Syndicate shall be for the
account of the Issuer, but they will not
exceed, in any year, an amount of two per
cent. (2%) of the annual interests accrued by
the Notes.
TITULO III
TITLE III
DEL COMISARIO
THE COMMISSIONER
ARTÍCULO 21°. – NATURALEZA
JURÍDICA DEL COMISARIO
ARTICLE 21°. – NATURE OF THE
COMMISSIONER
Incumbe al Comisario ostentar la
representación legal del Sindicato y
actuar de órgano de relación entre éste y
la Sociedad Emisora.
The Commissioner shall bear the legal
representation of the Syndicate and shall be
the body for liaison between the Syndicate
and the Issuer.
ARTÍCULO 22°. – NOMBRAMIENTO
Y DURACIÓN DEL CARGO
ARTICLE 22°. – APPOINTMENT AND
DURATION OF THE OFFICE
Sin perjuicio del nombramiento inicial del
Comisario provisional, que deberá ser
ratificado por la Asamblea General, esta
última tendrá facultad para nombrar al
Comisario y ejercerá su cargo en tanto no
sea destituido por la Asamblea General.
Notwithstanding the initial appointment of
the provisional Commissioner, which will
require the ratification of the General
Meeting, this latter shall have the power to
appoint the Commissioner and he shall
exercise his office as long as he is not
dismissed by the General Meeting.
ARTÍCULO 23°. – FACULTADES
ARTICLE 23°. – FACULTIES
Serán facultades del Comisario:
The Commissioner shall have the following
faculties:
1º Tutelar los intereses comunes de los
Bonistas.
1° To protect the common interest of the
Noteholders.
2° Convocar y presidir las Asambleas
Generales.
2° To call and act as president of the General
Meeting.
- 73 -
3° Informar a la Sociedad Emisora de los
acuerdos del Sindicato.
3° To inform the Issuer of the resolutions
passed by the Syndicate.
4° Vigilar el pago de los intereses y del
principal.
4° To control the payment of the principal
and the interest.
5° Llevar a cabo todas las actuaciones
que estén previstas realice o pueda llevar
a cabo el Comisario de acuerdo con los
términos y condiciones de los Bonos.
5° To carry out all those actions provided for
in the terms and conditions of the Notes to be
carried out or that may be carried out by the
Commissioner.
6° Ejecutar los acuerdos de la Asamblea
General.
6° To execute the resolutions of the General
Meeting.
7°
Ejercitar
las
acciones
correspondan al Sindicato.
que
7° To exercise the actions corresponding to
the Syndicate.
8° En general, las que le confiere la Ley y
el presente Reglamento.
8° In general, the ones granted to him by
Law and the present Regulations.
TITULO IV
TITLE IV
DISPOSICIONES ESPECIALES
SPECIAL DISPOSITIONS
ARTÍCULO
FUERO
24°.
–
SUMISIÓN
A
Para cuantas cuestiones se deriven de
este Reglamento, los Bonistas, por el solo
hecho de serlo, se someten, de forma
exclusiva, con renuncia expresa a
cualquier otro fuero que pudiera
corresponderles, a la jurisdicción de los
Juzgados y Tribunales de la ciudad de
Madrid.
14
ARTICLE 24°. – JURISDICTION
For any dispute arising from these
Regulations, the Noteholders, by the sole fact
of being so, shall submit to the exclusive
jurisdiction of the courts and tribunals of the
city of Madrid.
Further Issues
The Issuer may from time to time, without the consent of the Noteholders, create and
issue further notes having the same terms and conditions as the Notes in all respects (or in
all respects except for the first payment of interest) and also the same Syndicate of
Noteholders and Commissioner so as to be consolidated, and form a single series, with
the Notes.
- 74 -
15
16
Notices
(a)
Notice to Noteholders: So long as the Notes are admitted (incorporadas) on
MARF, notices to the Noteholders will be published in the Boletín de Cotización
de MARF (the official bulletin of MARF). Any such notice will be deemed to have
been given on the date of the first publication. In addition, so long as the Notes are
represented by book-entries in Iberclear, all notices to Noteholders shall be made
through Iberclear for on transmission to their respective accountholders.
(b)
Notice of a General Meeting of the Syndicate of Noteholders: Notice of a general
meeting of the Syndicate of Noteholders must be given in accordance with the
Regulations.
(c)
Notice to Commissioner: Copies of any notice given to any Noteholders will be
also given to the Commissioner of the Syndicate of Noteholders.
Governing Law and Jurisdiction
(a)
Governing law: The Notes and any non-contractual obligations arising out of or in
connection with the Notes are governed by Spanish law.
(b)
Spanish courts: The courts and tribunals of the city of Madrid have exclusive
jurisdiction to settle any dispute (a "Dispute") arising out of or in connection with
the Notes (including a dispute regarding any non-contractual obligation arising out
of or in connection with the Notes).
(c)
Appropriate forum: The Issuer agrees that the courts of the city of Madrid are the
most appropriate and convenient courts to settle any Dispute and, accordingly, that
it will not argue to the contrary.
IX. ADMISSION OF THE SECURITIES
1
Request for admission (incorporación) of the securities to the Alternative Fixed
Income Market. Deadline for admission (incorporación) to trading.
Admission (incorporación) will be requested for the securities described in this
Information Memorandum (Documento Informativo de Incorporación) on the
Multilateral Trading System known as Alternative Fixed Income Market (Mercado
Alternativo de Renta Fija or MARF). Said listing will take place within thirty (30) days
following the Closing Date.
MARF adopts the legal structure of a multilateral trading facility (MTF), under the terms
provided for in Articles 118 et seq. of the Securities Market Act, constituting an
alternative, unofficial, market for the trading of fixed-income securities.
The reasons that have led to Pikolin to request the admission (incorporación) of the
securities on MARF are: (i) diversify sources of external financing through access to
capital markets, (ii) raise funds to strengthen the financial ability to obtain financing at
longer maturities, (iii) benefit from the flexibility of requirements concerning official
- 75 -
markets, with lower costs and (iv) provide the Issue with liquidity through a multilateral
trading system.
This Information Memorandum (Documento Informativo de Incorporación) includes the
information required in Circular 3/2014 of MARF of October 29, on the admission
(incorporación) and exclusion of securities on the Alternative Fixed Income Market and
the procedures for the admission (incorporación) and exclusion of securities on MARF
under its regulations and other regulations.
Neither the Governing Body of MARF, the National Securities Market Commission
(Comisión Nacional del Mercado de Valores or CNMV) nor the Placement Entities have
approved or made any verification or test in relation to the contents of the Information
Memorandum (Documento Informativo de Incorporación), the financial statements of the
Issuer, the rating report or the risk of the issuance required under Circular 3/2014. The
intervention of the Governing Body of MARF does not mean a statement,
acknowledgement or confirmation about the completeness, understanding and
consistency of the information included into the documentation contributed by the Issuer.
It is recommended that the investor fully and carefully read the Information
Memorandum (Documento Informativo de Incorporación) presented prior to any
investment decision.
The Issuer expressly declares that it is aware and knows the requirements and conditions
necessary for admission (incorporación) and exclusion of securities in MARF, under
current legislation and the requirements of its governing bodies and expressly agrees to
comply therewith.
The Issuer expressly declares that it has met the requirements for registration and
settlement of transaction in Iberclear. Operations settlement will be made through
Iberclear.
2
Costs of all legal, financial, and audit services and other costs to the Issuer and
placement costs and, if necessary, underwriting costs, originated by the Issue,
placement and admission (incorporación)
Issuance and admission (incorporación) on the MARF costs of the Notes total EUR
360.000.
X. THIRD PARTY INFORMATION,
DECLARATIONS OF INTEREST
STATEMENT
BY
EXPERTS
AND
No statement or report attributed to a person as an expert is included in the Information
Memorandum (Documento Informativo de Incorporación). No statement or report
attributed to a third party is included in the Information Memorandum.
- 76 -
XI. REFERENCES
Pikolin declares that, if necessary, the following documents (or copies thereof) can be
inspected during the period of validity of the Information Memorandum (Documento
Informativo de Incorporación):
(a)
The Bylaws of the Issuer are available in the Mercantile Registry of Zaragoza.
(b)
All reports, letters, and other documents, historical financial information,
valuations and statements prepared by any expert at the Issuer's request, which are
included or referred to in the Information Memorandum (Documento Informativo
de Incorporación).
(c)
The historical financial information of the Issuer for each of the two financial years
preceding the publication of the Information Memorandum (Documento
Informativo de Incorporación) will be available in the Mercantile Registry of
Madrid.
As the person responsible for the Information Memorandum (Documento Informativo de
Incorporación)
__________________________________________
Signed: Mr. Luis Barcelona Escartín
GRUPOPIKOLIN, S.L.
- 77 -
ANNEX 1
2014 CONSOLIDATED AUDITED ANNUAL ACCOUNTS
GRUPOPIKOLIN,.S.L..Y.SOCIEDADES.DEPENDIENTES
Cuentas.Anuales..e.Informe.de.Gestión.Consolidados.2014
BALANCE.CONSOLIDADO.AL.CIERRE.DEL.EJERCICIO.2014
Importes.en.Euros
Notas
ACTIVO
Memoria
Ejercicio.2014
Ejercicio.2013
A).ACTIVO.NO.CORRIENTE...........................................................................................................................
"
269.922.691,61
49.269.118,74
12.402.950,38
36.866.168,36
280.233.149,35
I)
Inmovilizado,intangible,........................................................................................................
"
1.$ Fondo"de"comercio"de"consolidación………………………………………………………..………….
6
2.$ Otro"inmovilizado"intangible………………………………………………………………..…………..11
47.584.556,57
12.644.713,38
34.939.843,19
II)
Inmovilizado,material,................................................................................................... 9
40.699.847,93
1.$ Terrenos"y"construcciones"................................................................................................................
"
7.287.829,13
2.$ Instal."técnicas"y"otro"inmovilizado"material""................................................................................................................
"
28.958.677,80
3.$ Inmovilizado"en"curso"y"anticipos"..................................................................... "
4.453.341,00
III)
Inversiones,inmobiliarias,..............................................................................................................
10
1.075.561,99
1.415.833,88
IV)
Inversiones,en,empresas,del,grupo,y,asociadas,a,L/P,....................................................................
"
1.$ Participaciones"puestas"en"equivalencia"…………………………………..………………. 8
1.083.729,69
1.083.729,69
728.355,42
728.355,42
V)
Inversiones,financieras,a,L/P,.............................................................................................................
13
135.823.225,41
146.306.366,34
VI)
Activos,por,impuesto,diferido,...............................................................................................
16
VII)
Deudores,comerciales,no,corrientes,...............................................................................................
"
38.405.040,08
8.932.509,17
28.745.828,77
726.702,14
37.962.254,12
40.283.537,72
4.008.953,73
5.509.459,34
B).ACTIVO.CORRIENTE...................................................................................................................................
"
134.751.994,53
142.739.788,41
II)
Existencias,................................................................................................................. 14
40.666.074,12
III)
Deudores,comerciales,y,otras,cuentas,a,cobrar,.................................................................................................................
"
81.584.292,67
1.$ Clientes"por"ventas"y"prestaciones"de"servicios".........................................
"
73.126.169,66
2.$ Empresas"puestas"en"equivalencia……………...………………………………..……………… "
0,00
3.$ Activos"por"impuesto"corriente"..............................................................................................................
"
231.075,00
4.$ Otros"deudores…………………………………………….…………………..…………………………………
"
8.227.048,01
V)
Inversiones,Financieras,a,C/P,.................................................................................................................
"
5.804.569,71
VI)
Periodificaciones,a,C/P,.................................................................................................................
"
VII)
Efectivo,y,otros,activos,líquidos,equivalentes,.................................................................................................................
"
6.118.798,77
578.259,26
TOTAL.ACTIVO.(A+B)..................................................................................................................................
"
404.674.686,14
Zaragoza,"31"de"marzo"de"2015
41.836.689,20
76.390.667,58
67.880.647,98
1.504,26
1.483.850,08
7.024.665,26
2.524.061,86
499.830,55
21.488.539,22
422.972.937,76
Página"1
GRUPOPIKOLIN,.S.L..Y.SOCIEDADES.DEPENDIENTES
Cuentas.Anuales..e.Informe.de.Gestión.Consolidados.2014
BALANCE.CONSOLIDADO.AL.CIERRE.DEL.EJERCICIO.2014
Importes.en.Euros
PATRIMONIO+NETO+Y+PASIVO
Notas
Memoria
Ejercicio.2014
Ejercicio.2013
A).PATRIMONIO.NETO............................................................................................................ "
238.299.011,18
241.870.524,12
AV1).Fondos.Propios............................................................................................................ 13
239.258.714,44
242.814.668,46
I)
Capital,.................................................................................................................................
"
1.$ Capital"escriturado………………………………………………….…………………………………….. "
58.037.080,00
58.037.080,00
58.037.080,00
58.037.080,00
II)
Prima,de,emisión,............................................................................................................................
"
90.840.265,10
90.840.265,10
III)
Reservas…………………………….………………………………………….………………………………………………………..
"
92.755.010,23
102.339.709,01
VI)
Resultado,del,ejercicio,atribuido,a,la,sociedad,dominante…………………………………………………………….….
"
(2.373.640,89)
(8.402.385,65)
AV2).Ajustes.por.cambios.de.valor............................................................................................................
"
(2.033.765,39)
(1.899.577,13)
I)
II)
(2.208.826,82)
309.249,69
Diferencias,de,conversión,……………………………………………….…………………………………..……….……
"
(2.158.803,05)
Otros,ajustes,por,cambios,de,valor……………………………………………….…………………………………..……….……
13
125.037,66
AV3).Subvenciones,.donaciones.y.legados.recibidos............................................................................................................
20
407.742,56
285.610,20
AV4).Socios.externos............................................................................................................ 7
666.319,57
669.822,59
56.499.141,92
84.648.506,50
B).PASIVO.NO.CORRIENTE............................................................................................................
"
I)
Provisiones,a,L/P,..........................................................................................................18
8.629.078,71
8.086.336,16
II)
Deudas,a,L/P,..........................................................................................................
13
47.541.337,75
2.$ Deudas"con"entidades"de"crédito"................................................................................
"
30.866.615,86
4.$ Otros"pasivos"financieros"................................................................................ "
16.674.721,89
Pasivos,por,impuesto,diferido,..........................................................................................................
"
328.725,46
Acreedores,comerciales,no,corrientes,..........................................................................................................
"
0,00
76.183.737,86
58.351.394,11
17.832.343,75
256.432,48
122.000,00
C).PASIVO.CORRIENTE................................................................................................................................
"
109.876.533,04
96.453.907,14
IV)
VI)
II)
Provisiones,a,C/P,.......................................................................................................... "
0,00
621.893,57
III)
Deudas,a,C/P,.................................................................................................................13
2.$ Deudas"con"entidades"de"crédito"................................................................................
"
4.$ Otros"pasivos"financieros"................................................................................ "
38.965.853,39
37.505.083,31
1.460.770,08
26.402.096,00
24.516.830,77
1.885.265,23
V)
Acreedores,comerciales,y,otras,cuentas,a,pagar,.......................................................................................
"
70.888.721,49
1.$ Proveedores"..........................................................................................................
13
37.783.034,31
2.$ Proveedores,"empresas"puestas"en"equivalencia………………………………………………………...…
13$22
0,00
3.$ Pasivos"por"impuesto"corriente"..........................................................................................................
"
9.679,40
4.$ Otros"acreedores…………………………………………………………………………………..……………………………
"
33.096.007,78
69.305.234,63
36.978.335,35
177.003,82
754.186,57
31.395.708,89
VI)
Periodificaciones,a,C/P,...........................................................................................
"
21.958,16
TOTAL.PATRIMONIO.NETO.Y.PASIVO.(A+B+C)...........................................................................................................
"
404.674.686,14
Zaragoza,"31"de"marzo"de"2015
124.682,94
422.972.937,76
Página"2
GRUPOPIKOLIN,.S.L..Y.SOCIEDADES.DEPENDIENTES
Cuentas.Anuales..e.Informe.de.Gestión.Consolidados.2014
CUENTA.DE.PÉRDIDAS.Y.GANANCIAS.CONSOLIDADA.CORRESPONDIENTE
AL.EJERCICIO.TERMINADO.EL.31.DE.DICIEMBRE.DE.2014
Importes.en.Euros
Notas
Memoria
Ejercicio.2014
A)
Ejercicio.2013
OPERACIONES.CONTINUADAS
1.V
Importe,neto,de,la,cifra,de,negocios,..........................................................................................
24
351.994.810,17
336.718.196,88
a)"Ventas".........................................................................................................."" "
351.100.239,24
333.398.007,96
b)"Prestaciones"de"servicios"................................................................................"""
894.570,93
3.320.188,92
2.V
Var.,Exist.,prod.,terminados,y,en,curso,de,fabricación,....................................................................
"
352.247,57
(3.471.359,76)
3.V
Trabajos,realizados,por,la,empresa,para,su,activo,....................................................................
"
283.444,00
4.V
Aprovisionamientos,........................................................................................... "
(158.753.717,12)
a)"Consumo"de"mercaderías"................................................................................""
17
5.V
(14.027.660,97)
(6.199.804,47)
b)"Consumo"mat."primas"y"otras"mat."consumibles""................................................................................""
17
(140.339.296,19)
(143.146.691,90)
c)"Trabajos"realizados"para"otras"empresas"................................................................................""
"
(3.451.952,55)
(1.453.344,59)
d)"Det."de"mercaderías,"mat."primas"y"otros"aprovis."................................................................................""
"
(934.807,41)
1.159.596,49
Otros,ingresos,de,explotación,....................................................................
6.112.922,40
6.663.177,63
a)"Ingresos"accesorios"y"otros"de"gestión"corriente".....................................................................
"
6.003.173,15
6.532.303,03
,
b)"Subv."explotación"incorporadas"al"resultado"del"ej".........................................................................
"
109.749,25
6.V
7.V
0,00
(149.640.244,47)
130.874,60
Gastos,de,personal,......................................................................................................
,
(89.229.762,04)
(97.036.927,41)
a)"Sueldos,"salarios"y"asimilados".....................................................................................
"
(66.403.374,57)
(74.249.458,64)
b)"Cargas"sociales"............................................................................................ 17
(22.826.387,47)
(22.787.468,77)
Otros,gastos,de,explotación,..................................................................................,
(98.955.772,58)
(94.167.081,45)
(1.121.731,50)
(1.301.491,85)
b)"Otros"gastos"de"gestión"corriente"..........................................................................................................
"
(97.834.041,08)
(92.865.589,60)
a)"Pªs,"deterioro"y"variación"de"prov."por"operac."com……………………..…
"
8.V
Amortización,del,inmovilizado,..............................................................................,
9.V
Imputación,de,subv.,de,inmov,no,financiero,y,otras,................................................................
,
10.V Exceso,de,provisiones,..............................................................................................
,
(7.267.248,46)
(6.664.214,40)
142.481,96
23.647,41
0,00
30.507,38
11.V Deterioro,y,resultado,por,enajenación,del,inmovilizado,................................................................
9$11
312.850,83
(2.238.109,78)
a)"Deterioros"y"pérdidas"……………………………………………………………..……………………..…
,
0,00
(36.264,24)
b)"Resultados"por"enajenaciones"y"otras"....................................................................................
"
312.850,83
(2.201.845,54)
14.V Otros,resultados………………………………………………………………..…………………….
17
(26.353,88)
(134.860,53)
A.1) RESULTADO.DE.EXPLOTACIÓN..........................................................................................
"
4.965.902,85
(9.917.268,50)
2.912.332,05
4.731.159,14
15.V Ingresos,financieros,.....................................................................................................
,
a)"De"participaciones"en"instrumentos"de"patrimonio"............................................................................
"
466.983,58
b)"De"valores"negociables"y"otros"instrum."financieros"........................................................................................
"
2.445.348,47
16.V Gastos,financieros,.........................................................................................................
,
(6.245.252,63)
17.V Variación,de,valor,razonable,en,instrum.,financieros,...................................................................
,
(38.416,29)
a)"Cartera"de"negociación"y"otros"............................................................................
"
126.723,06
4.604.436,08
(5.715.272,42)
282.965,02
0,00
(72.024,85)
b)"Imputación"al"rdo"del"ej"por"activos"finan."disp."venta............................................................................
"
(38.416,29)
354.989,87
18.V Diferencias,de,cambio,.......................................................................................................
,
b)"Otras"diferencias"de"cambio"………………………………………………………………….……………….……
"
(221.125,20)
395.823,12
(221.125,20)
395.823,12
19.V Deterioro,y,rdo.,por,enajenación,de,instrum.,finan.,...................................................................
,
216.926,14
(2.485.631,50)
a)"Deterioros"y"pérdidas"................................................................................................................
"
15.686.536,55
(1.006.913,66)
b)"Resultados"por"enajenaciones"y"otras"............................................................................
"
(15.469.610,41)
A.2) RESULTADO.FINANCIERO......................................................................................................
,
(1.478.717,84)
(3.375.535,93)
(2.790.956,64)
20.V Participación,en,Bºs,(Pªs),de,soc.,puestas,en,equivalencia,……………………………………………………...……..
"
103.729,69
120.233,81
A.3) RESULTADO.ANTES.DE.IMPUESTOS................................................................................"
1.694.096,61
(12.587.991,33)
23.V Impuestos,sobre,beneficios,,.........................................................................................................
16
(4.051.174,60)
4.195.980,87
A.4) RDO..DEL.EJER..PROCEDENTE.DE.OP..CONTINUADAS..............................................................................................
"
(2.357.077,99)
(8.392.010,46)
A.5) RESULTADO.CONSOLIDADO.DEL.EJERCICIO..........................................................................................
"
(2.357.077,99)
Resultado"atribuido"a"la"sociedad"dominante………………………………………………………………………….……………………
"
(2.373.640,89)
(8.392.010,46)
(8.402.385,65)
Resultado"atribuido"a"socios"externos……………………………………………….……………………………
"
"
Zaragoza,"31"de"marzo"de"2015
16.562,90
10.375,19
Página"3
GRUPOPIKOLIN,#S.L.#Y#SOCIEDADES#DEPENDIENTES
Cuentas!Anuales!e!Informe!de!Gestión!Consolidados!del!ejercicio!2014
ESTADO#DE#CAMBIOS#EN#EL#PATRIMONIO#NETO#CONSOLIDADO
CORRESPONDIENTE#AL#EJERCICIO#TERMINADO#EL#31#DE#DICIEMBRE#DE#2014
A)###ESTADO#DE#INGRESOS#Y#GASTOS#RECONOCIDOS#CONSOLIDADO#CORRESPONDIENTE
#######AL#EJERCICIO#TERMINADO#EL#31#DE#DICIEMBRE#DE#2014
Notas
Ejercicio#2014
Ejercicio#2013
A)#Resultado#de#la#cuenta#de#pérdidas#y#ganancias#consolidada#............................................................................................................................
!
(2.357.077,99)
(8.392.010,46)
Ingresos#y#gastos#imputados#directamente#al#patrimonio#neto:
I.
III.
Por!valoración!de!instrumentos!financieros!.................................................................................................................................................
!
389.086,29
3.253.774,68
1.#Activos#financieros#disponibles#para#la#venta#....................................................................................................................................
#
389.086,29
3.253.774,68
#
Subvenciones,!donaciones!y!legados!recibidos!……………………………………………......................................................................................
!
66.061,63
150.996,36
V.
Diferencias!de!conversión………………………………………………………………
VII.
Efecto!impositivo!………………………………………………………………….....................................................................................................................
!
(150.793,91)
(1.017.702,52)
!
227.693,51
(2.235.594,35)
B)#Total#ingresos#y#gastos#imputados#directamente#en#el#patrimonio
#####neto#consolidado#(I+II+III+IV+V+VI+VII)#.............................................................................................................................................................
#
532.047,52
151.474,17
Transferencias#a#la#cuenta#de#pérdidas#y#ganancias:
VIII. Por!valoración!de!instrumentos!financieros!.................................................................................................................................................
!
(73.901,58)
(1.588.360,42)
1.#Activos#financieros#disponibles#para#la#venta#....................................................................................................................................
#
(73.901,58)
(1.588.360,42)
X.
Subvenciones,!donaciones!y!legados!............................................................................................................................................................
!
(141.571,68)
39.922,00
XIII. Efecto!impositivo.........................................................................................................................................................................
!
71.335,78
451.914,24
C)#Total#transferencias#a#la#cuenta#de#pérdidas#y#ganancias#
(VIII+IX+X+XI+XII+XIII)#...........................................................................................................................................................................................
#
(144.137,48)
(1.096.524,18)
TOTAL#DE#INGRESOS#Y#GASTOS#RECONOCIDOS#(A#+#B#+#C)#....................................................................................
#
(1.969.167,95)
Zaragoza,#31#de#marzo#de#2015
(9.337.060,47)
Página#4
Zaragoza,(31(de(marzo(de(2015
Página(5
58.037.080,00
90.840.265,10
0,00
92.755.010,24
(9.584.698,77)
1.012.239,68
(8.402.385,65)
(2.194.552,80)
0,00
102.339.709,01
102.339.709,01
8.900.606,19
17.308.214,92
1.585.734,35
(8.205.233,97)
(1.788.109,11)
(1.770,00)
(1.770,00)
0,00
93.440.872,82
93.440.872,82
(2.373.640,89)
8.402.385,65
8.402.385,65
(2.373.640,89)
(8.402.385,65)
(8.402.385,65)
8.205.233,97
8.205.233,97
0,00
(8.402.385,65)
(8.205.233,97)
(8.205.233,97)
(2.033.765,39)
(420.031,86)
(420.031,86)
285.843,60
(1.899.577,13)
(1.899.577,13)
1.131.700,56
1.131.700,56
0,00
(859.006,96)
(2.172.270,73)
(2.172.270,73)
407.742,56
0,00
122.132,36
285.610,20
285.610,20
(333.066,48)
(333.066,48)
0,00
(80.873,05)
699.549,73
699.549,73
(**) El(resultado(que(aparece(en(el(Estado(de(Ingresos(y(Gastos(reconocidos(incluye(el(atribuido(a(la(sociedad(dominante(más(el(atribuido(a(socios(externos.
(*) Recoge(los(movimientos(por(cambios(en(el(perímetro(derivados(del(cambio(de(criterio(en(el(método(de(consolidación(según(lo(mencionado(en(la(nota(2(de(la(memoria(y(por(la(imputación(a(socios(externos.
E. SALDO#FINAL#DEL#AÑO#2014#…….………………………………....……….……
III. Otras(variaciones(del(patrimonio(neto(……………...……….……………………….
0,00
2.C Distrib(dividendos(soc(consolid(a(soc(dominante(……...…………...…………………
3.C Aplicación(de(resultados(………………...…………………...…….………………………………
4.C Otras(variaciones(………………...…………………………...………….………………..………………
0,00
90.840.265,10
D. SALDO#AJUSTADO#INICIO#DEL#AÑO#2014#……………………..………
Total(ingresos(y(gastos(reconocidos((**)(…………….…….……………………..
90.840.265,10
C. SALDO#FINAL#DEL#AÑO#2013#…………..……………………………...………….…… 58.037.080,00
I.
0,00
III. Otras(variaciones(del(patrimonio(neto……...………………….…………….
0,00
1.C Movimientos(variaciones(perimetro(consolid((*)……………….....…………………
2.C Distrib(dividendos(soc(consolid(a(soc(dominante(………………....…………………
3.C Aplicación(de(resultados(…………………...………...…………..………
4.C Otras(variaciones(………………...…………………………...………..………………..………………
58.037.080,00
160.000,00
160.000,00
0,00
38.670,00
38.670,00
Total(ingresos(y(gastos(reconocidos((**)(…...………………….…..
II. Operaciones(con(socios(y(propietarios(……………………….…………….
1.C Aumentos(de(capital((+)(………………...…………………
I.
90.680.265,10
B. SALDO#AJUSTADO#INICIO#DEL#AÑO#2013#…..…………………..………
57.998.410,00
90.680.265,10
666.319,57
0,00
(3.503,02)
669.822,59
669.822,59
113.374,59
113.374,59
0,00
5.205,19
551.242,81
551.242,81
Resultado#del#
Reservas#y#Rdos#
Subvenciones#
ejercicio#atribuido#
Ajustes#por#
Prima#de#emisión
ejercicios#
donacione#y#
Socios#externos
a#la#Sociedad# cambios#de#valor
anteriores
legados#recibidos
dominante
A. SALDO#FINAL#DEL#AÑO#2012#……………...…………………………….………………………
57.998.410,00
Concepto
Capital#
Escriturado
B)#ESTADO#TOTAL#DE#CAMBIOS#EN#EL#PATRIMONIO#NETO#CONSOLIDADO#CORRESPONDIENTE#AL#EJERCICIO#TERMINADO#EL#31#DE#DICIEMBRE#DE#2014
ESTADO#DE#CAMBIOS#EN#EL#PATRIMONIO#NETO#CONSOLIDADO#CORRESPONDIENTE#AL#EJERCICIO#TERMINADO#EL#31#DE#DICIEMBRE#DE#2014
238.299.011,19
(1.602.344,98)
1.012.239,68
0,00
(2.614.584,66)
(1.969.167,95)
241.870.524,12
241.870.524,12
18.017.848,83
18.220.223,59
1.585.734,35
0,00
(1.788.109,11)
196.900,00
196.900,00
(9.337.060,47)
232.992.835,76
232.992.835,76
TOTAL
GRUPOPIKOLIN,#S.L.#Y#SOCIEDADES#DEPENDIENTES
Cuentas(Anuales(e(Informe(de(Gestión(Consolidados(del(ejercicio(2014
GRUPOPIKOLIN,,S.L.,Y,SOCIEDADES,DEPENDIENTES
Cuentas,Anuales,e,Informe,de,Gestión,Consolidados,del,ejercicio,2014
ESTADO,DE,FLUJOS,DE,EFECTIVO,CONSOLIDADO,CORRESPONDIENTE
,AL,EJERCICIO,TERMINADO,EL,31,DE,DICIEMBRE,DE,2014
Notas
Ejercicio,2014
Ejercicio,2013
A) FLUJOS,DE,EFECTIVO,DE,LAS,ACTIVIDADES,DE,EXPLOTACIÓN,……………………………...…………………..
!
4.776.067,01
7.684.365,59
!
1. Resultado!del!ejercicio!antes!de!impuestos..............................................................................................
!
1.694.096,61
(12.587.991,33)
!
2. Ajustes!del!resultado................................................................................................................................
!
11.777.665,80
12.049.786,11
a) Amortización!del!inmovilizado!(+)...............................................................................................
!
7.267.248,46
6.664.214,40
b) Correcciones!valorativas!por!deterioro!(+/G).......................................................................
!
2.056.538,91
602.588,50
c) Variación!provisiones!(+/G)..........................................................................................................................
!
(79.151,02)
942.398,59
d) Imputación!de!subvenciones!(G)............................................................................................
!
(142.481,96)
(23.647,71)
e) Resultados!por!bajas!y!enajenaciones!de!inversiones!(+/G).......................................................................
!
(312.850,83)
2.201.845,54
f) Resultados!por!bajas!y!enajenaciones!de!instrumentos!financieros!(+/G).......................................................................
!
(178.509,85)
1.123.727,97
g) Ingresos!financieros!(G)...............................................................................................................
!
(2.912.332,05)
(4.731.159,14)
h) Gastos!financieros!(+).................................................................................................................
!
6.245.252,63
5.715.272,42
i) Diferencias!de!cambio!(+).................................................................................................................
!
221.125,20
(395.823,12)
j) Variación!en!el!valor!razonable!en!instrumentos!financieros!(+/G).................................................................................................................
!
0,00
72.024,85
k) Otros!ingresos!y!gastos!(G/+)....................................................................................................
!
(283.444,00)
(1.422,38)
l) Participación!en!beneficios!o!pérdidas!de!soc.!puesta!en!equivalencia!(G/+)....................................................................................................
!
(103.729,69)
(120.233,81)
!
3. Cambios!en!el!capital!corriente.............................................................................................................
!
(5.076.577,55)
9.637.846,84
a) Existencias!(+/G)............................................................................................................................
!
588.055,24
4.093.336,17
b) Deudores!y!otras!cuentas!a!cobrar!(+/G)....................................................................................................
!
(7.568.131,67)
(3.681.472,61)
d) Acreedores!y!otras!cuentas!a!pagar!(+/G)....................................................................................................
!
2.298.285,87
7.408.086,93
e) Otros!pasivos!corrientes!(+/G)....................................................................................................
!
29.708,16
2.325.910,93
f) Otros!activos!y!pasivos!no!corrientes!(+/G)....................................................................................................
!
(424.495,15)
(508.014,58)
!
4. Otros!flujos!de!efectivo!de!las!actividades!de!explotación.......................................................................................
!
(3.619.117,85)
(1.415.276,03)
a) Pagos!de!intereses!(G)...............................................................................................................................
!
(6.427.828,21)
(5.522.067,20)
b) Cobro!de!dividendos!(+)…………………………………………………………………………………………….!
466.983,58
126.723,06
c) Cobros!de!intereses!(+).........................................................................................................................
!
2.389.759,97
4.119.872,61
d) Cobros!(pagos)!por!impuesto!sobre!beneficios(+/G)....................................................................................................
!
508.267,91
235.343,11
e) Otros!pagos!(cobros)!(+/G)....................................................................................................
!
(556.301,10)
(375.147,61)
!
5. Flujos!de!efectivo!de!las!actividades!de!explotación!(1+2+3+4)...............................................................................................
!
4.776.067,01
7.684.365,59
!
B) ,FLUJOS,DE,EFECTIVO,DE,LAS,ACTIVIDADES,DE,INVERSIÓN,………………………………………….…………………….
!
(4.002.126,97)
19.362.164,81
!
6. Pagos!por!inversiones!(G)...............................................................................................................
!
(12.682.348,02)
(30.084.046,19)
a) Empresas!del!grupo!y!asociadas....................................................................................................
!
(355.374,27)
(18.649.682,96)
b) Inmovilizado!intangible.............................................................................................................
!
(4.226.600,04)
0,00
c) Inmovilizado!material.......................................................................................................................
!
(8.100.373,71)
(8.157.090,78)
e) Otros!activos!financieros.........................................................................................................................
!
0,00
(3.277.272,45)
!
7. Cobros!por!desinversiones!(+)...............................................................................................................
!
8.680.221,05
49.446.211,00
b) Inmovilizado!intangible.............................................................................................................
!
1.389.867,48
2.262.123,76
c) Inmovilizado!material........................................................................................................................
!
87.720,49
0,00
e) Otros!activos!financieros..............................................................................................................
!
7.202.633,08
47.184.087,24
!
8. Flujos!de!efectivo!de!las!actividades!de!inversión!(7+6)..................................................................................................
!
(4.002.126,97)
19.362.164,81
Zaragoza,!31!de!marzo!de!2015
Página!6
GRUPOPIKOLIN,,S.L.,Y,SOCIEDADES,DEPENDIENTES
Cuentas,Anuales,e,Informe,de,Gestión,Consolidados,del,ejercicio,2014
ESTADO,DE,FLUJOS,DE,EFECTIVO,CONSOLIDADO,CORRESPONDIENTE
,AL,EJERCICIO,TERMINADO,EL,31,DE,DICIEMBRE,DE,2014
Notas
Ejercicio,2014
Ejercicio,2013
C) FLUJOS,DE,EFECTIVO,DE,LAS,ACTIVIDADES,DE,FINANCIACIÓN,………………………………………………………..
!
(15.922.555,29)
!
9. Cobros!y!pagos!por!instrumentos!de!patrimonio....................................................................................................
!
122.132,36
a) Emisión!de!instrumentos!de!patrimonio!(+)....................................................................................................
!
0,00
e) Subvenciones,!donaciones!y!legados!recibidos!(+)....................................................................................................
!
122.132,36
(19.432.869,92)
10. !Cobros!y!pagos!por!instrumentos!de!pasivo!financiero....................................................................................................
!
(16.044.687,65)
a) Emisión.......................................................................................................................................................
!
0,00
2. Deudas!con!entidades!de!crédito!(+)....................................................................................................
!
0,00
3. Deudas!con!empresas!del!grupo!y!asociadas!(+)....................................................................................................
!
0,00
4. Otras!deudas!(+).................................................................................................... !
0,00
b) Devolución!y!amortización!de...................................................................................................
!
(16.044.687,65)
2. Deudas!con!entidades!de!crédito!(G)....................................................................................................
!
(14.496.525,71)
3. Otras!deudas!(G)....................................................................................................
!
(1.548.161,94)
(19.632.892,44)
8.215.644,55
851.677,10
0,00
7.363.967,45
(27.848.536,99)
(12.566.435,98)
(15.282.101,01)
200.000,00
200.000,00
0,00
11. Pagos!por!dividendos!y!remuneraciones!de!otros!instrumentos!de!patrimonio..................................................................................................
!
0,00
22,52
1. Dividendos!(G)……………………………………………………………………………………………..
!
22,52
12. Flujos!de!efectivo!de!las!actividades!de!financiación!(9+10+11)..................................................................................................
!
(15.922.555,29)
(19.432.869,92)
!
D) EFECTO,DE,LAS,VARIACIONES,DE,LOS,TIPOS,DE,CAMBIO,.............................................................................................
!
(221.125,20)
395.823,12
!
E) AUMENTO/DISMINUCIÓN,NETA,DEL,EFECTIVO
!
O,EQUIVALENTES,(5+8+12+D).................................................................................................
!
(15.369.740,45)
8.009.483,60
Efectivo!o!equivalentes!al!comienzo!del!ejercicio................................................................................................
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21.488.539,22
Efectivo!o!equivalentes!al!final!del!ejercicio................................................................................................
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6.118.798,77
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!!
13.479.055,62
21.488.539,22
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Zaragoza,!31!de!marzo!de!2015
Página!7
GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
_____________________________________________________________________________________________________
MEMORIA'CONSOLIDADA'DEL'EJERCICIO'2014'
NOTA'1
1.1'
SOCIEDADES'DEL'GRUPO.'
Sociedad'dominante.'
GRUPOPIKOLIN,( S.L.,( se( constituyó( el( 24( de( abril( de( 2003.( Su( domicilio( social( se( encuentra( en(
Zaragoza,(autovía(de(Logroño(Km.(6,5,(su(código(de(identificación(fiscal(es(B50966654,(y(está(inscrita(en(el(
Registro( Mercantil( de( Zaragoza( Tomo( 2929,( folio( 47,( hoja( nº( ZV33424,( inscripción( 1ª( de( 14( de( mayo( de(
2003.(
El( objeto( social( de( GRUPOPIKOLIN,( S.L.( y( SOCIEDADES( DEPENDIENTES( es( la( fabricación,(
comercialización,( compra( y( venta( de( colchones,( somieres,( camas( y( almohadas,( sean( cuales( sean( sus(
componentes( o( materias( primas;( la( adquisición,( promoción,( explotación( y( enajenación( de( inmuebles;( la(
adquisición,(tenencia,(disfrute,(dirección,(gestión(y(administración(de(valores(mobiliarios;(las(inversiones(
financieras(y(mobiliarias;(la(promoción,(fomento(y(participación(en(otras(compañías(y(negocios(de(lícito(
comercio.(
Como( grupo( ejerce( su( actividad( en( los( territorios( dónde( la( ejercen( las( empresas( participadas,(
principalmente(en(el(mercado(nacional(y(en(aquellos(países(dónde(desarrollan(su(actividad(las(empresas(
participadas( no( españolas,( que( se( mencionan( en( el( perímetro( de( consolidación( incluido( en( esta( misma(
nota.(
Todas(las(sociedades(del(perímetro(cierran(sus(cuentas(anuales(individuales(el(31(de(diciembre(de(
2014,(a(excepción(de(Dunlopillo(Holdings(Sdn.(Bhd.((Malaysia),(y(sus(sociedades(dependientes,(que(cierra(
sus(cuentas(el(30(de(junio(de(2014,(y(constituyen(Grupo(de(Sociedades,(según(el(artículo(42(del(Código(de(
Comercio,( por( control( directo( e( indirecto( de( la( sociedad( dominante( en( las( sociedades( incluidas( en( la(
consolidación.(
GRUPOPIKOLIN,( S.L.( por( acuerdo( de( su( Junta( General( de( Socios( de( 7( de( noviembre( de( 2013,( se(
escindió( parcialmente,( sin( extinguirse,( y( segregó( en( dicho( ejercicio( 2013( una( parte( de( su( Patrimonio,(
constituyendo( una( unidad( económica,( autónoma( e( independiente,( como( son( 310( participaciones( en(
GrupoEbrosol,( S.L.U.,( que( quedaron( adjudicadas( a( la( Sociedad( de( nueva( creación( Nuevo( GrupoEbrosol,(
S.L.,(y(de(lo(que(se(informa(en(la(Nota(5(de(esta(memoria.(
Estas( cuentas( anuales( consolidadas,( están( elaboradas( a( partir( de( la( integración( global( de(
GRUPOPIKOLIN,( S.L.( como( sociedad( dominante,( y( sus( sociedades( dependientes,( participadas( directa( o(
indirectamente(por(ésta,(así(como(por(la(puesta(en(equivalencia(de(las(sociedades(multigrupo(y(asociadas(
participadas.(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
_____________________________________________________________________________________________________
1.2'
Sociedades'dependientes.'
La(identificación(de(las(sociedades(dependientes(incluidas(en(la(consolidación(son(las(siguientes:(
(
''
Nombre'sociedad'/'Domicilio'
PIKOLIN,'S.L.'
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
libros'
99,99%(
((
(
((
((
99,99%(
99,93%(
((
(
((
((
((
99,19%(
Zona(Industrial(Vila(Amelia.(Palmela(V(Lisboa((Portugal)(
((
(1)(
PIKOLIN'BRASIL'COMÉRCIO,'LTDA'
((
97,54%(
Valinhos,(Estado(de(Sao(Paolo.(Rua(Irio(Giardelli,(47'
((
(6)(
99,50%(
DEL'DESCANSO,'S.L.'(CEADESA)'
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
ESPAÇO'DESCANSO,'LTDA'
(((
((
SMATTEX,'S.L.'
(
SAS'COFEL'(COMPAGNIE'FINANCIERE'
((
(
99,99%(
EUROPEENNE'LITERIE)'
((
(1)(
((
COPIREL'SAS'(COMPAGNIE'PIKOLIN'
ESPACIO'DESCANSO'SPAIN,'S.L.'
((
((
RECTICEL'LITERIE)'
27(Rue(du(Coronel(Pierre(Avia,(Paris((Francia)(
(( (y(somiers(
((
descanso.(
((
((
148.500(( Comercialización(de(colchones(y(somiers(
((
((
((
(2)(
((
somiers,(camas,(muebles,(y(otras(
66.432.584(( Tenencia(de(valores(
((
99,99%(
((
((
((
5.502.417(( Fabricación(y(venta(de(colchones,((
((
27(Rue(du(Coronel(Pierre(Avia,(Paris((Francia)(
(y(somiers(
0(( Comercialización(de(colchones((
85,01%(
P.I.(Les(Vinyes,(parcelas(2(y(3.(Miramar((Valencia)(
((
4.013.671(( Comercialización(de(artículos(para(el(
(((
99,00%(
Rodrigo(de(Beires,(57.(Aldeia(de(Paio(Pires((Portugal)(
de(franquicias(de(muebles(en(general(
855.377(( Comercialización(de(colchones((
((
((
((
((
somiers,(camas,(muebles,(y(otras(
95.168(( Servicios(de(seguridad(y(vigilancia(
((
PIKOLIN'LUSITANA,'LTDA'
COMPAÑÍA'EUROPEA'DE'ARTICULOS'
somiers,(camas,(muebles,(y(otras(
890.066(( Comercialización(y(distribución(a(través((
(
((
Actividad'
4.278.426(( Fabricación(y(venta(de(colchones,((
((
((
''
127.575.647(( Fabricación(y(venta(de(colchones,((
(
((
SEIVIRIBER,'S.A.'
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
Valor'en'
99,99%(
ESPAÑOLA'DEL'DESCANSO,'S.L.'(ESPADESA)'
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
Partic.'
indirecta'
((
CONFORDES,'S.L.'
C/(Coso,(55(V(Zaragoza(
Partic.'
directa'
((
((
48.197.404(( Fabricación(y(venta(de(colchones,((
((
somiers,(camas,(muebles,(y(otras(
((
((
Comercialización(de(productos(de(
9.990(( decoración,(
((
amueblamiento(y(descanso.(
Fabricación(y(comercialización(de(camas,(
755(( muebles(y(accesorios(
mecánicos(e(hidraúlicos(de(uso(sanitario(y(
hospitalario.(
Comercialización(de(camas,(muebles(y(
3.600(( accesorios(de(
99,90%(
((
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
((
((
INDUSTRIAS'HIDRÁULICAS'PARDO,'S.L.'
100,00%(
((
Autovía(de(Logroño,(Km.(5,800(V(Zaragoza(
((
((
ASTABURUAGA'HEALTHCARE,'S.L.U.'
((
100,00%(
Autovía(de(Logroño,(Km.(5,800(V(Zaragoza(
((
(3)((
100,00%(
((
SubangJaya(Selangor(V(Malaysia(
((
((
((
DUNLOPILLO'(MALAYSIA)'SDN'BHD'
((
100,00%(
((
Malaysia(
((
(4)((
((
DUNLOPILLO'(SINGAPORE)'PTE'LTD'
((
100,00%(
((
Singapore(
((
(4)((
((
DUNLOPILLO'(VIETNAM)'LTD'
((
100,00%(
((
Vietnam(
((
(5)((
((
DUNLOPILLO'(SHENZHEN)'LTD'
((
100,00%(
((
((
Fabricación(y(comercialización(de(artículos(
del(descanso(
Shenzhen,(Provincia(de(Cantón(V(Republica(Popular(
((
(4)((
((
((
DUNLOPILLO'(HOLDINGS)'SDN'BHD'
((
(( (uso(sanitario(y(hospitalario.(
17.602.204(( Tenencia(de(valores(
((
Comercialización(de(artículos(del(
descanso(
((
Comercialización(de(artículos(del(
descanso(
((
Fabricación(y(comercialización(de(
artículos(del(descanso(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
_____________________________________________________________________________________________________
China(
Comercialización(de(artículos(del(
descanso(
DUNLOPILLO'(HONG'KONG)'LTD'
((
100,00%(
((
Hong(Kong(
((
(4)((
((
DUNLOPILLO'(MIDDLE'EAST)'LTD'
((
100,00%(
((
((
Comercialización(de(artículos(del(
descanso(
UnitedArabEmirates(
((
(4)((
((
((
((
((
(1)(Participación(a(través(de(PIKOLIN,(S.A.(
'' ((
(2)(Participación(a(través(de(SAS(COFEL,(que(a(su(vez(lo(es(a(través(de(PIKOLIN,(S.A.(
(3)(Participación(a(través(de(Industrias(Hidráulicas(
Pardo,(S.A.(
(4)(Participación(a(través(de(Dunlopillo((Holdings)(
' (
SdnBhd.(
(5)(Participación(a(través(de(Dunlopillo((Singapore)(
' (
PteLtd(
(6)(Participación(a(través(de(Pikolin(Lusitana(Ltda(
'' ((
((
(
((
(
((
(
((
((
Todas( las( Sociedades( del( perímetro( cierran( sus( cuentas( anuales( al( 31( de( diciembre( de( 2014,( a(
excepción(de(Dunlopillo((Holdings)(SdnBhd,(que(cierra(sus(cuentas(el(30(de(junio(de(2014,(por(lo(que(se(
han(integrando(los(estados(financieros(intermedios(cerrados(al(31(de(diciembre,( y(se( han(incluido( en(la(
consolidación(aplicando(el(método(de(integración(global.(El(supuesto(que(determina(la(configuración(de(
estas(sociedades(como(dependientes(es(la(disposición(de(la(mayoría(de(derechos(de(voto.(
Estas(cuentas(anuales(consolidadas(y(las(cuentas(anuales(individuales(del(ejercicio(2014(de(Pikolin,(
S.A.,( Confordes,( S.A.,( Española( del( Descanso,( S.A.,( Compañía( Europea( de( Artículos( del( Descanso,( S.A.,(
Ibernex( Ingeniería,( S.L.( y( Smattex,( S.A.,( son( auditadas( por( CGM( Auditores,( S.L.;( las( de( Pikolin( Lusitana,(
Ltda.(son(auditadas(por(L.(Graça(R.(Carvalho(&(M.(Borges,(Sroc(Lda((Portugal);(las(de(S.A.S.(COPIREL,(S.A.S.(
COFEL(y(las(cuentas(consolidadas(de(Grupo(COFEL,(por(Laurent(Nadjar(&(Associés((Francia)(y(Deloitte(&(
Associés((Francia)(como(coVauditores(del(Subgrupo(francés,(y(las(consolidadas(de(Dunlopillo(Holdings(Sdn(
Bhd(que(son(auditadas(por(PricewaterhouseCoopers((Malaysia).(
Se(ha(considerado(como(fecha(de(primera(consolidación(el(1(de(enero(de(2008,(excepto(para(las(
sociedades(que(entraron(en(el(perímetro(en(el(ejercicio(2009,(que(se(ha(considerado(1(de(enero(de(2009.(
En(el(caso(de(las(dos(sociedades(adquiridas(en(el(ejercicio(2012(la(fecha(de(primera(consolidación(fue(la(de(
10( de( enero( de( 2012( para( Dunlopillo( Holdings( Sdn.( Bhd.,( la( de( 4( de( octubre( de( 2012( para( Industrias(
Hidráulicas( Pardo,( S.A.,( y( la( de( 27( de( octubre( de( 2014( la( de( Pikolin( Brasil( Comércio,( Ltda.,( fecha( de( su(
constitución.(
NOTA'2
SOCIEDADES'ASOCIADAS'Y'MULTIGRUPO.'
Las(sociedades(asociadas(y(multigrupo(incluidas(en(la(consolidación(son(las(siguientes:(
(
''
Sociedad'/'Domicilio'
SPACIO'REPOS,'S.L.'
Gregorio(Marañón(9(V(Madrid(
(1)(Participación(a(través(de(PIKOLIN,(S.A.(
Partic.'
directa'
((
((
Partic.'
Valor'en'
indirecta'
libros'
50,00%(
2.000.000(€(
(1)((
((
'' ((
((
((
Actividad'
Fabricación(y(comercialización(de((
productos(textiles(
((
La( sociedad( multigrupo( se( ha( incluido( en( la( consolidación( por( el( procedimiento( de( puesta( en(
equivalencia,(por(entender(que(las(cuentas(anuales(muestran(de(forma(más(adecuada(la(imagen(fiel(de(la(
situación(del(Grupo,(al(concentrar(en(las(partidas(de(balance(y(pérdidas(y(ganancias(de(sociedades(puestas(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
_____________________________________________________________________________________________________
en(equivalencia(la(valoración(de(las(mismas,(uniformando(el(criterio(aplicado(para(todas(las(sociedades,(
tanto(multigrupo(como(asociadas,(en(las(que(el(Grupo(no(tiene(el(control(efectivo(de(las(mismas.(
El(supuesto(que(determina(la(configuración(de(las(sociedades(como(multigrupo,(es(la(existencia(de(
acuerdos(que(permiten(el(derecho(de(veto(en(la(toma(de(decisiones(sociales.(
La(gestión(conjunta(con(el(grupo(se(realiza(para(la(Sociedad(Spacio(Repos(S.L.(con(Madritex,(S.L.(
La( sociedad( se( ha( incluido( en( la( consolidación( por( el( procedimiento( de( puesta( en( equivalencia( y(
cierra(sus(cuentas(anuales(el(31(de(diciembre(2014.(
La(presentación(de(las(cuentas(anuales(se(efectúa(bajo(los(criterios(previstos(en(el(artículo(42(del(
Código(de(Comercio,(y(las(normas(13ª(y(15ª(de(elaboración(de(las(cuentas(anuales(de(la(tercera(parte(del(
Plan( General( de( Contabilidad,( respecto( a( las( relaciones( de( dominio( o( asociación( entre( sociedades.( La(
sociedad( dominante( GRUPOPIKOLIN,( S.L,.( con( domicilio( en( Zaragoza,( está( obligada( a( formular( cuentas(
anuales( consolidadas,( que( deposita( en( el( Registro( Mercantil( de( Zaragoza.( Las( cuentas( anuales(
consolidadas( del( Grupo( en( el( que( se( integra( la( Sociedad( dominante( y( sus( sociedades( dependientes,(
correspondientes(al(ejercicio(2013,(fueron(aprobadas(por(la(Junta(General(de(Socios(de( GRUPOPIKOLIN,(
S.L.(en(su(reunión(celebrada(el(30(de(junio(de(2014.(
La(moneda(funcional(con(la(que(opera(el(Grupo(es(euros.(
NOTA'3
3.1
BASES'DE'PRESENTACIÓN'DE'LAS'CUENTAS'ANUALES'CONSOLIDADAS.'
Imagen'fiel:'
Las( cuentas( anuales( consolidadas,( formadas( por( el( balance( consolidado,( la( cuenta( de( pérdidas( y(
ganancias( consolidada,( el( estado( de( cambios( en( el( patrimonio( neto( consolidado,( el( estado( de( flujos( de(
efectivo(consolidado(y(la(memoria(consolidada,(han(sido(elaboradas(a(partir(de(los(registros(contables(de(
la( Sociedad( dominante( y( de( cada( una( de( las( sociedades( que( integran( el( conjunto( consolidable,( y( se(
presentan( siguiendo( el( marco( normativo( de( información( financiera( que( le( resulta( de( aplicación,( y( en(
particular( con( los( principios( y( criterios( contables( contenidos( en( el( mismo,( de( forma( que( muestran( la(
imagen(fiel(del(patrimonio,(de(la(situación(financiera(y(de(los(resultados(del(grupo,(así(como(la(veracidad(
de(los(flujos(incorporados(en(el(estado(de(flujos(de(efectivo(consolidado.(
A(los(efectos(de(estas(cuentas(anuales(consolidadas,(el(marco(normativo(aplicado(se(establece(en:(
a) El( Real( Decreto( 1159/2010,( de( 17( de( septiembre,( por( el( que( se( aprueban( las( Normas( para( la(
Formulación(de(Cuentas(Anuales(Consolidadas(y(se(modifica(el(Plan(General(de(Contabilidad.(
b) El(Código(de(Comercio(y(la(restante(legislación(mercantil.(
c) El(Plan(General(de(Contabilidad(y(sus(adaptaciones(sectoriales.(
d) Las( normas( de( obligado( cumplimiento( aprobadas( por( el( Instituto( de( Contabilidad( y( Auditoría( de(
Cuentas(en(desarrollo(del(Plan(General(de(Contabilidad(y(sus(normas(complementarias.(
e) El(resto(de(la(normativa(contable(española(que(resulte(de(aplicación.(
No( existen( razones( excepcionales( por( las( que,( para( mostrar( la( imagen( fiel,( no( se( hayan( aplicado(
disposiciones(legales(en(materia(contable.(
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Las( cuentas( anuales( individuales( de( GRUPOPIKOLIN,( S.L.( y( de( las( Sociedades( dependientes,( así(
como( las( presentes( cuentas( anuales( consolidadas,( están( pendientes( de( aprobación( por( las( respectivas(
Juntas( Generales( de( Socios( y( Accionistas,( y( se( estima( que( no( se( producirán( cambios( sustanciales( en( su(
configuración.(
3.2
Aspectos'críticos'de'la'valoración'y'estimación'de'la'incertidumbre.'
El(Grupo(ha(elaborado(sus(estados(financieros(bajo(el(principio(de(empresa(en(funcionamiento,(sin(
que(exista(ningún(tipo(de(riesgo(importante(que(pueda(suponer(cambios(significativos(en(el(valor(de(los(
activos(o(pasivos(en(el(ejercicio(siguiente.(
En( la( elaboración( de( las( cuentas( anuales( consolidadas( adjuntas( se( han( utilizado( estimaciones(
realizadas( por( los( Administradores( de( la( Sociedad( dominante( para( cuantificar( algunos( de( los( activos,(
pasivos,(ingresos,(gastos(y(compromisos(que(figuran(registrados(en(ellas.(Básicamente,(estas(estimaciones(
se(refieren(a:(
-
Vida(útil(de(los(activos(materiales,(inversiones(inmobiliarias(e(intangibles((véase(NOTAS(9,(10(y(11).(
-
Valoración(del(deterioro(del(fondo(de(comercio((véase(NOTA(6).(
-
Cálculos(del(deterioro(de(los(activos(fijos((véase(NOTAS(9,(10(y(11).(
-
Cálculos(del(valor(razonable(de(determinados(instrumentos(financieros((véase(NOTA(13).(
-
Cálculos(de(provisiones(y(créditos(fiscales((véase(NOTA(16).(
Es(posible(que,(a(pesar(de(que(estas(estimaciones(se(realizaron(en(función(de(la(mejor(información(
disponible(a(la(fecha(de(formulación(de(estas(cuentas(anuales(sobre(los(hechos(analizados,(se(produzcan(
acontecimientos(en(el(futuro(que(obliguen(a(modificarlas(en(próximos(ejercicios,(lo(que(se(haría(de(forma(
prospectiva( reconociendo( los( efectos( del( cambio( de( estimación( en( las( correspondientes( cuentas( de(
pérdidas(y(ganancias(futuras.(
3.3
Agrupación'de'partidas.'
Algunas(partidas(del(balance(consolidado,(cuenta(de(pérdidas(y(ganancias(consolidada,(del(estado(
de(cambios(en(el(patrimonio(neto(consolidado(y(del(estado(de(flujos(de(efectivo(consolidado(se(presentan(
de(forma(agregada(para(facilitar(su(comprensión.(No(obstante,(en(la(medida(en(que(sea(significativa,(se(ha(
incluido(información(desagregada(en(su(correspondiente(nota(de(esta(memoria(de(las(cuentas(anuales.(
3.4
Clasificación'de'las'partidas'en'corrientes'y'no'corrientes.'
Para(la(clasificación(de(las(partidas(corrientes(se(ha(considerado(el(plazo(máximo(de(un(año(a(partir(
de(la(fecha(de(las(presentes(cuentas(anuales(consolidadas.(
3.5
Cambios'en'criterios'contables'y'errores.'
Se(ha(registrado(en(el(ejercicio,(un(error(contra(el(patrimonio(neto(por(un(deterioro(de(existencias(
de(una(empresa(del(Grupo((véase(Nota(14).(
En( el( ejercicio( 2013,( como( consecuencia( del( procedimiento( llevado( a( cabo( por( la( administración(
tributaria,( se( generó( un( cambio( de( estimación( contable,( por( ajustes( de( cambio( de( valor( de( los( activos(
fiscales(de(una(sociedad(del(grupo.(
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NOTA'4
NORMAS'DE'REGISTRO'Y'VALORACIÓN.'
Las( principales( normas( de( registro( y( valoración( utilizadas( para( la( formulación( de( las( cuentas(
anuales(consolidadas(son(las(siguientes:(
4.1
Homogeneización.'
4.1.1( Homogeneización(temporal.(
Las(cuentas(anuales(consolidadas(adjuntas(se(han(establecido(en(la(misma(fecha(y(periodo(que(las(
cuentas(anuales(de(la(sociedad(obligada(a(consolidar.(
Todas( las( sociedades( del( grupo( cierran( su( ejercicio( en( la( misma( fecha( que( las( cuentas( anuales(
consolidadas,(a(excepción(de(una(sociedad(y(sus(sociedades(dependientes,(que(cierran(su(ejercicio(el(30(
de( junio( de( cada( año,( por( lo( que( su( inclusión( en( estas( cuentas( anuales( consolidadas,( se( hace( mediante(
cuentas(intermedias(referidas(a(la(misma(fecha(y(periodo(a(que(se(refieran(las(cuentas(consolidadas.(
4.1.2( Homogeneización(valorativa.(
Los( elementos( del( activo( y( del( pasivo,( los( ingresos( y( gastos,( y( demás( partidas( de( las( cuentas(
anuales(de(las(sociedades(del(grupo,(están(valorados(siguiendo(métodos(uniformes(y(de(acuerdo(con(los(
principios( y( normas( de( valoración( establecidos( en( el( Código( de( Comercio,( texto( refundido( de( la( Ley( de(
Sociedades( de( Capital( y( Plan( General( de( Contabilidad( y( demás( legislación( que( sea( específicamente(
aplicable.(
En( el( caso( de( sociedades( extranjeras( incluidas( en( el( perímetro( de( consolidación,( preparan( sus(
cuentas( anuales( y( demás( registros( siguiendo( las( normas( contables( correspondientes,( en( función( de( la(
legislación( vigente( en( el( país( de( origen.( En( la( medida( en( que( dichos( criterios( de( contabilización( y(
valoración( sean( distintos( a( los( adoptados( por( el( grupo( en( la( elaboración( de( sus( cuentas( anuales(
consolidadas( se( ha( procedido( a( su( ajuste,( con( el( fin( de( presentar( las( cuentas( anuales( consolidadas( de(
acuerdo(con(normas(de(valoración(homogéneas.(
4.1.3( Homogeneización(por(las(operaciones(internas.(
Cuando(en(las(cuentas(anuales(de(las(sociedades(del(grupo(los(importes(de(las(partidas(derivadas(
de(operaciones(internas(no(sean(coincidentes,(o(exista(alguna(partida(pendiente(de(registrar,(se(realizan(
los(ajustes(que(procedan(para(practicar(las(correspondientes(eliminaciones.(
4.1.4( Homogeneización(para(realizar(la(agregación.(
Se(realizan(las(reclasificaciones(necesarias(en(la(estructura(de(las(cuentas(anuales(de(una(sociedad(
del(grupo(para(que(ésta(coincida(con(la(de(las(cuentas(anuales(consolidadas.(
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4.2
Fondo'de'comercio'de'consolidación'y'diferencia'negativa'de'consolidación.'
La( diferencia( de( primera( consolidación( se( calcula( como( diferencia( entre( el( valor( contable( de( la(
participación(en(el(capital(de(las(sociedades(dependientes(y(el(valor(de(la(parte(proporcional(de(los(fondos(
propios(consolidados(de(éstas(en(la(fecha(de(primera(consolidación.(
La(diferencia(positiva(de(consolidación(correspondiente(al(exceso(entre(el(coste(de(la(inversión(y(el(
valor(teórico(contable,(en(ejercicios(anteriores(a(2008,(y(el(valor(razonable(de(activos(y(pasivos(para(las(
adquisiciones( posteriores( a( 1( de( enero( de( 2008,( atribuible( a( la( sociedad( participada( en( la( fecha( de( la(
incorporación( al( Grupo,( se( imputa( directamente( y( en( la( medida( de( lo( posible( a( los( elementos(
patrimoniales(de(la(sociedad(dependiente,(sin(superar(el(valor(de(mercado(de(los(mismos.(En(caso(de(no(
ser(asignable(a(elementos(patrimoniales(se(considera(fondo(de(comercio(de(consolidación,(procediéndose(
anualmente(a(la(realización(del(correspondiente(test(de(deterioro.(
El( fondo( de( comercio( de( consolidación( al( 31( de( diciembre( de( 2014( y( 2013( (véase( Nota( 6),(
corresponde( a( las( sociedades( dependientes( y( multigrupo,( que( se( detallan( en( las( Nota( 1( y( 2( de( esta(
memoria.(
Si(la(diferencia(fuese(negativa,(se(realiza(una(reevaluación(de(la(valoración(de(los(activos,(pasivos(y(
pasivos( contingentes( adquiridos.( Si( tras( la( misma( la( diferencia( negativa( siguiera( existiendo,( esta( se(
registraría(como(un(beneficio(en(la(cuenta(de(resultados.(Respecto(a(las(sociedades(adquiridas(el(ejercicio(
anterior((véase(Nota(5)(se(reevaluaron(los(valores(razonables(de(sus(activos(y(pasivos(ajustándose,(en(su(
caso,(a(fecha(de(primera(consolidación.(Las(diferencias(negativas(de(consolidación,(en(ejercicios(anteriores(
a(2008,(se(han(registrado(como(reservas.(
4.3
Reservas'en'sociedades'consolidadas.'
Este( epígrafe( recoge( los( resultados( no( distribuidos( y( una( vez( deducido( el( fondo( de( comercio(
amortizado,(generados(por(las(sociedades(dependientes(entre(la(fecha(de(primera(consolidación(y(el(inicio(
del(ejercicio(presentado.(
4.4
Socios'externos.'
El(valor(de(la(participación(de(los(accionistas(minoritarios(en(el(patrimonio(neto(y(en(los(resultados(
del(ejercicio(de(las(sociedades(dependientes(se(presenta,(conjuntamente,(en(el(epígrafe(“Socios(externos”(
del(pasivo(del(balance(consolidado(y(su(detalle(en(la(Nota(7(de(esta(memoria.(
4.5
Saldos'y'transacciones'entre'sociedades'incluidas'en'el'perímetro'de'consolidación.'
Las(eliminaciones(de(créditos(y(débitos(recíprocos,(gastos(e(ingresos(recíprocos(y(resultados(por(
operaciones( internas( se( han( realizado( en( base( a( lo( establecido( a( este( respecto( en( el( Real( Decreto(
1159/2010,(de(17(de(septiembre.(
4.6
Inmovilizado'Intangible'(véase'NOTA'11).'
El(inmovilizado(intangible(se(valora(inicialmente(por(su(coste,(ya(sea(éste(el(precio(de(adquisición(
o(el(coste(de(producción,(incluyéndose(en(su(caso(los(gastos(adicionales(producidos(hasta(su(puesta(en(
condiciones(de(funcionamiento.(
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Después( del( reconocimiento( inicial,( el( inmovilizado( intangible( se( valora( por( su( coste,( menos( la(
amortización( acumulada( y,( en( su( caso,( el( importe( acumulado( de( las( correcciones( por( deterioro(
registradas.(
Para(cada(inmovilizado(intangible(se(analiza(y(determina(si(la(vida(útil(es(definida(o(indefinida.(No(
existe(ningún(inmovilizado(intangible(con(vida(útil(indefinida.(
Los(gastos(de(mantenimiento(o(reparación(que(no(mejoran(la(utilización(o(que(no(prolongan(la(
vida( útil( de( los( activos( se( cargan( en( la( cuenta( de( pérdidas( y( ganancias( en( el( momento( en( que( se(
producen.(
a) Investigación(y(desarrollo(
Con( criterio( general( el( grupo( registra( los( gastos( de( investigación( y( desarrollo( como( gastos( del(
ejercicio(en(que(se(realizan.(
No( obstante( en( determinados( casos,( el( grupo( opta( por( su( activación( como( inmovilizado(
intangible,(desde(el(momento(en(que(se(cumplen(las(siguientes(condiciones:(
−( Estar(específicamente(individualizados(por(proyectos,(y(su(coste(claramente(establecido(para(que(
pueda(ser(distribuido(en(el(tiempo.(
−( Tener(motivos(fundados(del(éxito(técnico(y(de(la((rentabilidad(económicoVcomercial(del(proyecto(o(
proyectos(de(que(se(trate.(
Aquellos( proyectos( en( que( existan( dudas( razonables( sobre( el( éxito( técnico( o( la( rentabilidad(
económicoVcomercial( de( los( mismos,( los( importes( registrados( en( el( activo,( se( imputan( directamente( a(
pérdidas(del(ejercicio.(
Los(proyectos(se(valoran(al(precio(de(adquisición(o(producción,(amortizándose(linealmente(en(un(
plazo(máximo(de(cinco(años,(con(cargo(a(los(resultados(del(ejercicio.(
b) Aplicaciones(informáticas.(
Las(aplicaciones(informáticas(de(terceros(se(registran(de(acuerdo(al(coste(de(adquisición.(
Los(programas(de(ordenador(que(cumplen(los(criterios(de(reconocimiento(se(activan(a(su(coste(de(
adquisición(o(elaboración.(
Los(costes(de(mantenimiento(de(las(aplicaciones(informáticas(se(imputan(a(resultados(del(ejercicio(
en(que(se(incurren.(
c) Propiedad(industrial.(
El(resto(de(intangibles(que(corresponden(a(costes(activados,(asociados(a(la(obtención(de(patentes,(
licencias,( marcas( y( desarrollo( de( nuevos( productos,( para( los( cuales( existen( motivos( fundados( de( que(
alcanzarán(una(rentabilidad(económicoVcomercial(satisfactoria.(
4.7
Inmovilizado'material'(véase'NOTA'9).'
Se(encuentra(valorado(por(su(coste,(ya(sea(éste(el(precio(de(adquisición(o(el(coste(de(producción,(
incrementado( en( su( caso( por( las( actualizaciones( practicadas,( según( lo( establecido( por( las( diversas(
disposiciones( legales,( siendo( la( última( la( correspondientes( a( la( realizada( al( 31( de( diciembre( de( 1996,(
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incluyéndose( los( gastos( adicionales( producidos( hasta( su( puesta( en( condiciones( de( funcionamiento,( y(
minorado(por(la(correspondiente(amortización(acumulada(y(las(pérdidas(por(deterioro(experimentadas.(
Los(impuestos(indirectos(que(gravan(los(elementos(del(inmovilizado(material(sólo(se(incluyen(en(el(
precio( de( adquisición( o( coste( de( producción,( cuando( no( son( recuperables( directamente( de( la( Hacienda(
Pública.(
Los( costes( de( ampliación,( modernización( o( mejoras( que( representan( un( aumento( de( la(
productividad,(capacidad(o(eficiencia,(o(un(alargamiento(de(la(vida(útil(de(los(bienes,(se(contabilizan(como(
un(mayor(coste(de(los(mismos.(Los(gastos(de(mantenimiento(o(reparación(que(no(mejoran(la(utilización(o(
que(no(prolongan(la(vida(útil(de(los(activos(se(cargan(en(la(cuenta(de(pérdidas(y(ganancias(en(el(ejercicio(
en(que(se(producen.(
Se(incluye(como(mayor(valor(del(inmovilizado(material,(la(estimación(inicial(del(valor(actual(de(las(
obligaciones( asumidas( derivadas( del( desmantelamiento( o( retiro( y( otras( asociadas( al( citado( activo,( tales(
como( los( costes( de( rehabilitación( del( lugar( sobre( el( que( se( asienta,( siempre( que( estas( obligaciones( den(
lugar(al(registro(de(provisiones.(
Los(trabajos(efectuados(por(el(Grupo(para(su(propio(inmovilizado(se(reflejan(en(base(al(precio(de(
coste(de(las(materias(primas(y(otras(materias(consumibles,(los(costes(directamente(imputables(a(dichos(
bienes,(así(como(una(proporción(razonable(de(los(costes(indirectos.(
Los(administradores(de(la(Sociedad(dominante(consideran(que(el(valor(contable(de(los(activos(no(
supera(el(valor(recuperable(de(los(mismos.(
Las(amortizaciones(se(establecen(de(manera(sistemática(y(racional(en(función(de(la(vida(útil(de(los(
bienes( y( de( su( valor( residual,( atendiendo( a( la( depreciación( que( normalmente( sufren( por( su(
funcionamiento,(uso(y(disfrute,(sin(perjuicio(de(considerar(también(la(obsolescencia(técnica(o(comercial(
que( pudiera( afectarlos.( En( su( caso,( cuando( las( sociedades( del( Grupo( obtienen( información( adicional( de(
carácter(técnico,(sobre(la(vida(útil(de(los(distintos(bienes(del(inmovilizado,(se(adaptan(los(periodos(de(los(
distintos( elementos,( de( acuerdo( a( su( uso( en( la( actividad( y( según( las( características( de( los( mismos.( Este(
cambio(supone(un(cambio(de(estimación(de(la(amortización(contable(con(incidencia(en(el(ejercicio.(En(el(
ejercicio(anterior(supuso(un(importe(de(novecientos(sesenta(y(siete(miles(de(euros.(
Se( contabiliza( una( pérdida( por( deterioro( del( valor( de( un( elemento( del( inmovilizado( material(
cuando(su(valor(contable(supere(a(su(importe(recuperable,(entendido(éste(como(el(mayor(importe(entre(
su(valor(razonable(menos(los(costes(de(venta(y(su(valor(en(uso.(
Adicionalmente(se(aplican(las(siguientes(normas(particulares(sobre(el(inmovilizado(material:(
4.7.1 Terrenos(y(bienes(naturales:(
Se( incluyen( en( su( precio( de( adquisición( los( gastos( de( acondicionamiento,( como( cierres,(
movimiento( de( tierras,( obras( de( saneamiento( y( drenaje,( los( de( derribo( de( construcciones( cuando( sea(
necesario(para(poder(efectuar(obras(de(nueva(planta,(los(gastos(de(inspección(y(levantamiento(de(planos(
cuando( se( efectúen( con( carácter( previo( a( su( adquisición,( así( como,( en( su( caso,( la( estimación( inicial( del(
valor(actual(de(las(obligaciones(presentes(derivadas(de(los(costes(de(rehabilitación(del(solar.(
4.7.2 Utensilios(y(herramientas:(
Los( utensilios( y( herramientas( incorporados( a( elementos( mecánicos( se( valoran( y( amortizan(
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siguiendo(las(mismas(normas(que(las(aplicables(a(estos.(
Con(carácter(general,(aquellos(que(no(formen(parte(de(una(máquina(y(cuyo(periodo(de(utilización(
se( estime( inferior( a( un( año( se( registran( como( gasto( del( ejercicio.( Cuando( el( periodo( de( utilización( sea(
superior(a(un(año,(se(registran(como(inmovilizado(al(adquirirse,(procediendo(a(su(regularización(al(final(
del(ejercicio(en(función(del(inventario(físico(practicado,(con(baja(razonable(por(demérito.(
4.7.3 Inmovilizado(en(curso(y(anticipos:(
Se(incluyen(todos(los(pagos(a(cuenta(incurridos(en(las(compras(de(inmovilizado(antes(de(la(entrega(
efectiva(de(los(mismos(o(puesta(en(condiciones(de(uso.(
4.8
Inversiones'inmobiliarias'(véase'NOTA'10).'
El( Grupo( clasifica( como( inversiones( inmobiliarias( los( terrenos( y( construcciones( que( posee( para(
explotarlos(en(régimen(de(alquiler,(o(bien(para(obtener(plusvalías(en(su(venta,(como(consecuencia(de(los(
incrementos(que(se(produzcan(en(el(futuro(en(sus(correspondientes(precios(de(mercado.(
Para(la(valoración(de(las(inversiones(inmobiliarias(se(utiliza(los(criterios(del(inmovilizado(material(
para(los(terrenos(y(construcciones,(siendo(los(siguientes:(
-
Los( solares( sin( edificar( se( valoran( por( su( precio( de( adquisición( más( los( gastos( de(
acondicionamiento.(
-
Las( construcciones( se( valoran( por( su( precio( de( adquisición( o( coste( de( producción,( incluidas(
aquellas(instalaciones(y(elementos(que(tienen(carácter(de(permanencia(por(las(tasas(inherentes(a(
la(construcción(y(los(honorarios(facultativos(de(proyecto(y(dirección(de(obra(
4.9
Arrendamientos'y'otras'operaciones'de'naturaleza'similar'(véase'NOTA'12).'
Se(entiende(por(arrendamiento(cualquier(acuerdo(por(el(que(el(arrendador(cede(al(arrendatario,(a(
cambio(de(percibir(una(suma(única(de(dinero(o(una(serie(de(pagos(o(cuotas,(el(derecho(a(utilizar(un(activo(
durante(un(periodo(de(tiempo(determinado,(con(independencia(de(que(el(arrendador(quede(obligado(a(
prestar(servicios(en(relación(con(la(explotación(o(mantenimiento(de(dicho(activo.(
El(arrendamiento(operativo(es(aquél(que(otorga(el(derecho(a(usar(un(activo(durante(un(periodo(de(
tiempo,(a(cambio(de(percibir(un(importe(único(o(una(serie(de(pagos,(sin(que(se(trate(de(un(arrendamiento(
de(carácter(financiero.(
Los(arrendamientos(se(clasifican(como(arrendamientos(financieros(siempre(que(de(las(condiciones(
de( los( mismos( se( deduzca( que( se( transfieren( al( arrendatario( sustancialmente( los( riesgos( y( beneficios(
inherentes( a( la( propiedad( del( activo( objeto( del( contrato.( Los( demás( arrendamientos( se( clasifican( como(
arrendamientos(operativos.(
En( las( operaciones( de( arrendamiento( operativo,( la( propiedad( del( bien( arrendado( y(
sustancialmente(todos(los(riesgos(y(ventajas(que(recaen(sobre(el(bien,(permanecen(en(el(arrendador.(
Los( ingresos( y( gastos,( correspondientes( al( Grupo( que( actúa( como( arrendador( y( arrendatario,(
derivados( de( los( acuerdos( de( arrendamiento( operativo( serán( considerados,( respectivamente,( como(
ingresos(y(gastos(del(ejercicio(en(el(que(los(mismos(se(devenguen,(imputándose(a(la(cuenta(de(pérdidas(y(
ganancias.(
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4.10
Instrumentos'financieros'(véase'NOTA'13).'
El(Grupo(tiene(registrados(en(el(capítulo(de(instrumentos(financieros,(aquellos(contratos(que(dan(
lugar( a( un( activo( financiero( en( una( empresa( y,( simultáneamente,( a( un( pasivo( financiero( o( a( un(
instrumento( de( patrimonio( en( otra( empresa.( Se( consideran,( por( tanto( instrumentos( financieros( a( los(
efectos(de(estas(cuentas(anuales(consolidadas(los(siguientes:(
a)' Activos'financieros:'
-
Efectivo(y(otros(activos(líquidos(equivalentes.(
-
Créditos(por(operaciones(comerciales:(clientes(y(deudores(varios.(
-
Créditos( a( terceros:( tales( como( los( préstamos( y( créditos( financieros( concedidos,( incluidos( los(
surgidos(de(la(venta(de(activos(no(corrientes.(
V( Valores( representativos( de( deuda( de( otras( empresas( adquiridos:( tales( como( las( obligaciones,(
bonos(y(pagarés(
-
Instrumentos( de( patrimonio( de( otras( empresas( adquiridos:( acciones,( participaciones( en(
instituciones(de(inversión(colectiva(y(otros(instrumentos(de(patrimonio.(
-
Derivados( con( valoración( favorable( para( la( empresa:( entre( ellos,( futuros,( opciones,( permutas(
financieras(y(compraventa(de(moneda(extranjera(a(plazo,(y(
-
Otros( activos( financieros:( tales( como( depósitos( en( entidades( de( crédito,( anticipos( y( créditos( al(
personal,(fianzas(y(depósitos(constituidos.(
b)' Pasivos'financieros:'
-
Débitos(por(operaciones(comerciales:(proveedores(y(acreedores(varios.(
-
Deudas(con(entidades(de(crédito.(
-
Derivados( con( valoración( desfavorable( para( la( empresa:( entre( ellos,( futuros,( opciones,( permutas(
financieras(y(compraventa(de(moneda(extranjera(a(plazo.(
-
Otros( pasivos( financieros:( deudas( con( terceros,( tales( como( los( préstamos( y( créditos( financieros(
recibidos( de( personas( o( empresas( que( no( sean( entidades( de( crédito( incluidos( los( surgidos( en( la(
compra(de(activos(no(corrientes,(fianzas(y(depósitos(recibidos.(
c)' Instrumentos'de'patrimonio'propio:(todos(los(instrumentos(financieros(que(se(incluyen(dentro(de(los(
fondos(propios,(tal(como(las(participaciones(ordinarias(emitidas(de(la(dominante.(
4.10.1
Inversiones'financieras'a'largo'y'corto'plazo.'
V( Préstamos' y' cuentas' a' cobrar.( Se( incluyen( en( esta( categoría( los( créditos( por( operaciones(
comerciales( y( otros( sin( origen( comercial:( créditos( por( enajenación( de( inversiones,( intereses( a(
cobrar,(anticipos(al(personal(y(fianzas(constituidas.(
Se( valoran( inicialmente( por( su( valor( razonable( que,( salvo( evidencia( en( contrario,( será( el(
precio(de(la(transacción,(que(equivaldrá(al(valor(razonable(de(la(contraprestación(entregada(más(
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los(costes(de(transacción(que(les(sean(directamente(atribuibles.(
No( obstante( lo( anterior,( los( créditos( por( operaciones( comerciales( con( vencimiento( no(
superior(a(un(año(y(sin(un(tipo(de(interés(contractual,(así(como(las(fianzas(cuyo(importe(se(espera(
recibir(en(el(corto(plazo,(se(valoran(por(su(valor(nominal(cuando(el(efecto(de(no(actualizar(los(flujos(
de(efectivo(no(sea(significativo.(
La( valoración( posterior( de( estos( activos( se( realiza( a( coste( amortizado( y( los( intereses(
devengados(se(contabilizan(en(la(cuenta(de(pérdidas(y(ganancias,(aplicando(el(método(del(tipo(de(
interés( efectivo.( No( obstante,( los( activos( con( vencimiento( no( superior( a( un( año,( que( de( acuerdo(
con( lo( dispuesto( anteriormente( se( valoran( inicialmente( por( su( valor( nominal,( continúan(
valorándose(por(dicho(importe,(salvo(que(se(hubieran(deteriorado.(
Al(cierre(de(ejercicio,(se(efectúan(las(correcciones(valorativas(necesarias(si(existe(evidencia(
objetiva( y( razonable( de( que( el( valor( de( un( activo( se( ha( deteriorado.( Esta( evidencia( se( obtiene(
generalmente( por( el( retraso( continuado( en( los( cobros( o( por( el( conocimiento( de( la( posible(
insolvencia(del(deudor.(
Las( correcciones( valorativas( por( deterioro,( así( como( su( reversión( cuando( el( importe( de(
dicha( pérdida( disminuye,( se( reconocen( como( gasto( o( ingreso,( respectivamente,( en( la( cuenta( de(
pérdidas(y(ganancias.(
V( Inversiones' mantenidas' hasta' su' vencimiento.( se( incluyen( en( esta( categoría,( aquellos( valores(
representativos(de(deuda(con(una(fecha(de(vencimiento(fijado,(cobros(de(cuantía(determinada(o(
determinable,(que(se(negocien(en(un(mercado(activo(y(que(el(Grupo(tiene(intención(y(capacidad(de(
conservar(hasta(su(vencimiento.(
Se( registran( inicialmente( al( valor( de( la( contraprestación( entregada( más( los( costes( de( la(
transacción( que( sean( directamente( atribuibles( Estas( inversiones( se( valoran( posteriormente( a( su(
coste(amortizado(y(los(intereses(devengados(en(el(periodo(se(calculan(aplicando(el(método(del(tipo(
de(interés(efectivo.(
Las( correcciones( valorativas( por( deterioro( se( reconocen( en( la( cuenta( de( pérdidas( y(
ganancias(calculadas(en(función(de(la(diferencia(entre(su(valor(en(libros(y(el(valor(actual(al(cierre(
del(ejercicio(de(los(flujos(de(efectivo(futuros(que(se(estima(van(a(generar,(descontados(al(tipo(de(
interés(efectivo(calculado(en(el(momento(de(su(reconocimiento(inicial.(
V( Otros'activos'financieros'a'valor'razonable'con'cambios'en'la'cuenta'de'pérdidas'y'ganancias.'
Se( refieren( a( activos( financieros( híbridos.( Se( valoran( inicialmente( por( su( valor( razonable(
que,(salvo(evidencia(en(contrario,(es(el(precio(de(la(transacción,(que(equivaldrá(al(valor(razonable(
de(la(contraprestación(entregada.(Los(costes(de(la(transacción(que(le(son(directamente(atribuibles(
se(reconocen(en(la(cuenta(de(pérdidas(y(ganancias(del(ejercicio.(
La(valoración(posterior(se(realiza(a(valor(razonable,(sin(deducir(los(costes(de(transacción(en(
que(se(pudiera(incurrir(en(su(enajenación.(Los(cambios(que(se(producen(en(el(valor(razonable(se(
imputan( en( la( cuenta( de( pérdidas( y( ganancias( en( función( de( la( vida( pendiente( hasta( su(
vencimiento.(
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V( Activos'financieros'disponibles'para'la'venta:(son(el(resto(de(inversiones(que(no(entran(dentro(de(
las(categorías(anteriores,(viniendo(a(corresponder(casi(en(su(totalidad(a(inversiones(financieras(en(
capital,(con(una(inversión(inferior(al(20%.(
Se( valoran( inicialmente( por( su( valor( razonable( que,( salvo( evidencia( en( contrario,( será( el(
precio(de(la(transacción,(que(equivaldrá(al(valor(razonable(de(la(contraprestación(entregada(más(
los(costes(de(transacción(que(les(sean(directamente(atribuibles.(
Posteriormente(se(valoran(por(su(valor(razonable,(sin(deducir(los(costes(de(transacción(en(
que(se(pudiera(incurrir(en(su(enajenación.(Los(cambios(que(se(producen(en(el(valor(razonable(se(
registran(directamente(en(el(patrimonio(neto,(hasta(que(el(activo(financiero(causa(baja(del(Balance(
o( se( deteriora,( momento( en( que( el( importe( así( reconocido( se( imputa( a( la( cuenta( de( pérdidas( y(
ganancias.(
Al(menos(al(cierre(del(ejercicio,(se(efectúan(las(correcciones(valorativas(necesarias(siempre(
que(exista(evidencia(objetiva(de(que(el(valor(de(un(activo(financiero(disponible(para(la(venta(se(ha(
deteriorado( como( resultado( de( uno( o( más( eventos( que( hayan( ocurrido( después( de( su(
reconocimiento( inicial,( y( que( ocasionen( la( falta( de( recuperabilidad( del( valor( en( libros( del( activo,(
evidenciada(por(un(descenso(prolongado(o(significativo(de(su(valor(razonable.(
La(corrección(valorativa(por(deterioro(del(valor(de(estos(activos(financieros(se(calcula(como(
la(diferencia(entre(su(coste(o(coste(amortizado(menos,(en(su(caso,(cualquier(corrección(valorativa(
por(deterioro(previamente(reconocida(en(la(cuenta(de(pérdidas(y(ganancias(y(el(valor(razonable(en(
el(momento(en(que(se(efectúa(la(valoración.(
Las( pérdidas( acumuladas( reconocidas( en( el( patrimonio( neto( por( disminución( del( valor(
razonable,( siempre( que( exista( una( evidencia( objetiva( de( deterioro( en( el( valor( del( activo,( se(
registran(en(la(cuenta(de(pérdidas(y(ganancias.(
Si( en( ejercicios( posteriores( se( incrementase( el( valor( razonable,( la( corrección( valorativa(
reconocida( en( ejercicios( anteriores( revertirá( con( abono( a( la( cuenta( de( pérdidas( y( ganancias( del(
ejercicio.(No(obstante,(en(el(caso(de(que(se(incrementase(el(valor(razonable(correspondiente(a(un(
instrumento(de(patrimonio,(la(corrección(valorativa(reconocida(en(ejercicios(anteriores(no(revierte(
con( abono( a( la( cuenta( de( pérdidas( y( ganancias( y( se( registra( el( incremento( de( valor( razonable(
directamente(contra(patrimonio.(
4.10.2
Efectivo'y'otros'medios'líquidos'equivalentes.'
Bajo( este( epígrafe( del( balance( de( situación( adjunto( se( registra( el( efectivo( en( caja( y( bancos,(
depósitos(a(la(vista(y(otras(inversiones(a(corto(plazo(de(alta(liquidez(que(son(rápidamente(realizables(en(
caja(y(que(no(tienen(riesgo(de(cambios(en(su(valor.(
4.10.3
Otros'aspectos'en'relación'con'los'activos'financieros.'
Los( intereses( y( dividendos( de( activos( financieros( devengados( con( posterioridad( al( momento( de(
adquisición(se(reconocen(como(ingresos(en(la(cuenta(de(pérdidas(y(ganancias,(de(acuerdo(con(el(método(
del(tipo(de(interés(efectivo(para(los(intereses(y(en(el(momento(en(que(se(declara(el(derecho(a(percibirlo,(
para(los(dividendos.(
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En(la(valoración(inicial(de(los(activos(financieros(se(registran(de(forma(independiente,(atendiendo(a(
su(vencimiento,(el(importe(de(los(intereses(explícitos(devengados(y(no(vencidos(en(dicho(momento,(así(
como(el(importe(de(los(dividendos(acordados(en(el(momento(de(la(adquisición.(Se(entiende(por(intereses(
explícitos(aquellos(que(se(obtienen(de(aplicar(el(tipo(de(interés(contractual(del(instrumento(financiero.(
Los(activos(financieros(son(dados(de(baja(cuando(expiran(los(derechos(derivados(de(los(mismos,(o(
se( ha( cedido( su( titularidad,( una( vez( que( la( Sociedad( se( ha( desprendido( de( los( riesgos( y( beneficios(
significativos(inherentes(a(su(propiedad.(
4.10.4
Pasivos'financieros.'
V( Débitos'y'partidas'a'pagar:'Son(débitos(por(operaciones(comerciales(y(no(comerciales.(Se(valoran(
inicialmente( por( su( valor( razonable,( excepto( los( débitos( por( operaciones( comerciales( con(
vencimiento(no(superior(a(un(año(y(que(no(tengan(un(interés(contractual,(que(se(valoraran(por(su(
nominal(cuando(el(efecto(de(no(actualizar(los(flujos(de(efectivo(no(resulte(significativo.(
Los(pasivos(financieros(se(valoran(posteriormente(por(su(coste(amortizado.(No(obstante,(los(
débitos( que( de( acuerdo( con( lo( dispuesto( anteriormente( se( valoren( inicialmente( por( su( nominal,(
continúan(valorándose(por(dicho(importe.(
Los(intereses(devengados(se(contabilizan(en(la(cuenta(de(pérdidas(y(ganancias,(aplicando(el(
método(del(tipo(interés(efectivo.(
Las(deudas(con(terceros(se(clasifican(en(corto(y(largo(plazo(según(su(vencimiento(corriente(
sea(exigible(a(menos(o(más(de(un(año(desde(la(fecha(del(Balance.(Los(pasivos(financieros(se(dan(de(
baja(cuando(las(obligaciones(correspondientes(se(han(extinguido.(
4.10.5
Fianzas'entregadas'y'recibidas.'
Se(valoran(por(su(valor(razonable.(La(diferencia(entre(el(valor(razonable(y(el(importe(desembolsado(
se(imputa(a(pérdidas(y(ganancias(durante(el(periodo(que(se(preste(el(servicio.(
4.11
Existencias'(véase'NOTA'14).'
Las(existencias(se(valoran(a(su(precio(de(adquisición,(coste(de(producción(o(valor(neto(realizable,(el(
menor.(Se(aplica(para(su(valoración,(el(método(de(precio(medio(ponderado.(Los(descuentos(comerciales,(
las( rebajas( obtenidas,( otras( partidas( similares( y( los( intereses( incorporados( al( nominal( de( los( débitos,( se(
deducen(en(la(determinación(del(precio(de(adquisición.(
El(coste(de(producción(incluye(los(costes(de(materiales(directos(y,(en(su(caso,(los(costes(de(mano(
de(obra(directa(y(los(gastos(generales(de(fabricación.(
El( valor( neto( realizable( representa( la( estimación( del( precio( de( venta( deducidos( los( costes(
estimados( para( terminar( su( fabricación( y( los( costes( que( serán( incurridos( en( los( procesos( de(
comercialización,(venta(y(distribución.(
Cuando(el(valor(neto(realizable(de(las(existencias(sea(inferior(a(su(precio(de(adquisición(o(a(su(coste(
de(producción,(se(efectúan(las(oportunas(correcciones(valorativas(reconociéndolas(como(un(gasto(en(la(
cuenta(de(pérdidas(y(ganancias.(
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Dichas( correcciones( son( objeto( de( reversión( si( las( circunstancias( que( causaron( la( corrección( del(
valor( de( las( existencias( hubiesen( dejado( de( existir,( reconociéndose( como( un( ingreso( en( la( cuenta( de(
pérdidas(y(ganancias.(
En(el(caso(de(las(materias(primas(y(otras(materias(consumibles(en(el(proceso(de(producción,(no(se(
realiza(corrección(valorativa(cuando(se(espera(que(los(productos(terminados(a(los(que(se(incorporan(sean(
vendidos(por(encima(del(coste.(Cuando(proceda(realizar(la(corrección(valorativa(se(toma(como(medida(el(
precio(de(reposición.(
La(valoración(de(los(productos(obsoletos,(defectuosos(o(de(lento(movimiento,(se(ha(reducido(a(su(
posible( valor( de( realización,( registrándose( la( corrección( efectuada( en( la( cuenta( de( pérdidas( y( ganancias(
del(ejercicio.(
4.12
Transacciones'en'moneda'extranjera'(véase'NOTA'15).'
La(conversión(en(moneda(funcional(de(los(saldos(en(moneda(extranjera(se(realiza(aplicando(el(tipo(
de( cambio( vigente( en( el( momento( de( efectuar( la( correspondiente( operación,( valorándose( al( cierre( del(
ejercicio(de(acuerdo(con(el(tipo(de(cambio(vigente(en(ese(momento.(
Las( diferencias( de( cambio( que( se( producen( como( consecuencia( de( la( valoración( al( cierre( del(
ejercicio( de( los( débitos( y( créditos( en( moneda( extranjera( se( imputan( directamente( a( la( cuenta( de(
pérdidas(y(ganancias.(
4.13
Impuesto'sobre'beneficios'(véase'NOTA'16).'
El( gasto( por( impuesto( sobre( beneficios( se( determina( mediante( la( suma( del( gasto( por( impuesto(
corriente( y( el( impuesto( diferido.( El( gasto( por( impuesto( corriente( se( determina( aplicando( el( tipo( de(
gravamen( vigente( a( la( ganancia( fiscal,( y( minorando( el( resultado( así( obtenido( en( el( importe( de( las(
bonificaciones(y(deducciones(generales(y(aplicadas(en(el(ejercicio.(
Los(activos(y(pasivos(por(impuestos(diferidos,(proceden(de(las(diferencias(temporarias(definidas(
como(los(importes(que(se(prevén(pagaderos(o(recuperables(en(el(futuro(y(que(derivan(de(la(diferencia(
entre(el(valor(en(libros(de(los(activos(y(pasivos(y(su(base(fiscal.(Dichos(importes(se(registran(aplicando(a(
la(diferencia(temporaria(el(tipo(de(gravamen(al(que(se(espera(recuperarlos(o(liquidarlos.(
Los( activos( por( impuestos( diferidos( surgen,( igualmente,( como( consecuencia( de( las( bases(
imponibles(negativas(pendientes(de(compensar(y(de(los(créditos(por(deducciones(fiscales(generadas(y(
no(aplicadas.(
Se( reconoce( el( correspondiente( pasivo( por( impuestos( diferidos( para( todas( las( diferencias(
temporarias( imponibles,( salvo( que( la( diferencia( temporaria( se( derive( del( reconocimiento( inicial( de( un(
fondo(de(comercio(o(del(reconocimiento(inicial((salvo(en(una(combinación(de(negocios)(de(otros(activos(
y( pasivos( en( una( operación( que( en( el( momento( de( su( realización,( no( afecte( ni( al( resultado( fiscal( ni(
contable.(
Por( su( parte,( los( activos( por( impuestos( diferidos,( identificados( con( diferencias( temporarias(
deducibles,( solo( se( reconocen( en( el( caso( de( que( se( considere( probable( que( el( Grupo( va( a( tener( en( el(
futuro,( suficientes( ganancias( fiscales( contra( las( que( poder( hacerlos( efectivos( y( no( procedan( del(
reconocimiento( inicial( (salvo( en( una( combinación( de( negocios)( de( otros( activos( y( pasivos( en( una(
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operación(que(no(afecta(ni(al(resultado(fiscal(ni(al(resultado(contable.(El(resto(de(activos(por(impuestos(
diferidos((bases(imponibles(negativas(y(deducciones(pendientes(de(compensar)(solamente(se(reconocen(
en( el( caso( de( que( se( considere( probable( que( el( Grupo( vaya( a( tener( en( el( futuro( suficientes( ganancias(
fiscales(contra(las(que(poder(hacerlos(efectivos.(
Con(ocasión(de(cada(cierre(contable,(se(revisan(los(impuestos(diferidos(registrados((tanto(activos(
como( pasivos)( con( objeto( de( comprobar( que( se( mantienen( vigentes,( efectuándose( las( oportunas(
correcciones(a(los(mismos,(de(acuerdo(con(los(resultados(de(los(análisis(realizados.(
El(gasto(o(el(ingreso(por(impuesto(diferido(se(corresponde(con(el(reconocimiento(y(la(cancelación(
de(los(pasivos(y(activos(por(impuesto(diferido,(así(como,(en(su(caso,(por(el(reconocimiento(e(imputación(
a(la(cuenta(de(pérdidas(y(ganancias(del(ingreso(directamente(imputado(al(patrimonio(neto(que(pueda(
resultar(de(la(contabilización(de(aquellas(deducciones(y(otras(ventajas(fiscales(que(tengan(la(naturaleza(
económica(de(subvención(o(deducciones(por(fondo(de(comercio.(
4.14
Provisiones'y'contingencias'(véase'NOTA'18).'
Se( dotan( en( base( a( la( estimación( de( los( costes( a( incurrir( por( el( Grupo( para( hacer( frente( a(
determinadas(obligaciones(y(reclamaciones(que(pudieran(derivarse(de(su(actividad.(
4.15
Transacciones'entre'partes'vinculadas'(véase'NOTA'22).'
Las( operaciones( entre( partes( vinculadas,( con( independencia( del( grado( de( vinculación,( se(
contabilizan( de( acuerdo( con( las( normas( generales,( en( el( momento( inicial( por( su( valor( razonable.( Si( el(
precio(acordado(en(una(operación(difiere(de(su(valor(razonable,(la(diferencia(se(registra(atendiendo(a(la(
realidad(económica(de(la(operación.(
4.16
Ingresos'y'gastos'(véase'NOTA'17).'
Los( ingresos( y( gastos( se( imputan( en( función( del( criterio( del( devengo( con( independencia( del(
momento(en(que(se(produce(la(corriente(monetaria(o(financiera(derivada(de(ellos.(
No( obstante,( el( Grupo( únicamente( contabiliza( los( beneficios( realizados( a( la( fecha( de( cierre( del(
ejercicio,(en(tanto(que(los(riesgos(y(las(pérdidas(previsibles,(aun(siendo(eventuales,(se(contabilizan(tan(
pronto(son(conocidos.(
Los( ingresos( por( la( venta( de( bienes( o( servicios( se( reconocen( por( el( valor( razonable( de( la(
contrapartida(recibida(o(a(recibir(derivada(de(los(mismos.(Los(descuentos(por(pronto(pago,(por(volumen(
u(otro(tipo(de(descuentos,(así(como(los(intereses(incorporados(al(nominal(de(los(créditos,(se(registran(
como( una( minoración( de( los( mismos.( No( obstante( el( Grupo( incluye( los( intereses( incorporados( a( los(
créditos(comerciales(con(vencimiento(no(superior(a(un(año(que(no(tienen(un(tipo(de(interés(contractual,(
cuando(el(efecto(de(no(actualizar(los(flujos(de(efectivo(no(es(significativo.(
Los( descuentos( concedidos( a( clientes( se( reconocen( en( el( momento( en( que( es( probable( que( se(
van( a( cumplir( las( condiciones( que( determinan( su( concesión( como( una( reducción( de( los( ingresos( por(
ventas.(
Los( anticipos( a( cuenta( de( ventas( futuras( figuran( valorados( por( el( valor( recibido,( excepto( en( los(
casos(en(los(que(estos(anticipos(son(a(largo(plazo(y(el(efecto(de(su(actualización(es(significativo,(figuran(
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por(el(valor(actualizado(al(cierre(del(ejercicio.(
4.17
Elementos'patrimoniales'de'naturaleza'medioambiental'(véase'NOTA'19).'
Los( costes( incurridos,( en( su( caso,( en( sistemas,( equipos( e( instalaciones( cuyo( fin( sea( la(
minimización( del( impacto( medioambiental( en( el( desarrollo( de( la( actividad,( y/o( la( protección( y( mejora(
del(medio(ambiente(se(registran(como(inversiones(en(inmovilizado.(
El(resto(de(gastos(relacionados(con(el(medio(ambiente,(distintos(de(los(anteriores,(se(consideran(
gastos( del( ejercicio.( Para( el( cálculo( de( posibles( provisiones( medioambientales( que( pudieran( surgir( se(
dota(de(acuerdo(a(la(mejor(estimación(de(su(devengo(en(el(momento(que(se(conozcan,(y(en(el(supuesto(
de(que(las(pólizas(de(seguro(no(cubran(los(daños(causados.(
Los( Administradores( de( la( Sociedad( dominante( confirman( que( el( Sociedad( no( tiene(
responsabilidades,( gastos,( activos,( ni( provisiones( y( contingencias( de( naturaleza( medioambiental( que(
pudieran( ser( significativos( en( relación( con( el( patrimonio,( la( situación( financiera( y( los( resultados( del(
mismo.(
4.18
Criterios'empleados'para'el'registro'y'valoración'de'los'gastos'de'personal.'
Excepto( en( el( caso( de( causa( justificada,( las( sociedades( vienen( obligadas( a( indemnizar( a( sus(
empleados( cuando( cesan( en( sus( servicios.( Ante( la( ausencia( de( cualquier( necesidad( previsible( de(
terminación( anormal( del( empleo( y( dado( que( no( reciben( indemnizaciones( aquellos( empleados( que( se(
jubilan( o( cesan( voluntariamente( en( sus( servicios,( los( pagos( por( indemnizaciones,( cuando( surgen,( se(
cargan(a(gastos(en(el(momento(en(que(se(toma(la(decisión(de(efectuar(el(despido.(
4.19
Subvenciones,'donaciones'y'legados'(véase'NOTA'20).'
Las( subvenciones( de( capital( no( reintegrables( se( valoran( por( el( importe( concedido,(
reconociéndose(inicialmente(como(ingresos(directamente(imputados(al(patrimonio(neto(y(se(imputan(a(
resultados(en(proporción(a(la(depreciación(experimentada(durante(el(período(por(los(activos(financiados(
por( dichas( subvenciones,( salvo( que( se( trate( de( activos( no( depreciables( en( cuyo( caso( se( imputarán( al(
resultado( del( ejercicio( en( que( se( produzca( la( enajenación( o( baja( en( inventario( de( los( mismos.( En( el(
momento(de(su(reconocimiento,(el(efecto(impositivo(al(tipo(vigente(en(el(ejercicio,(se(reconoce(como(un(
pasivo(por(diferencias(temporarias(imponibles,(y(se(imputa(cada(ejercicio(en(proporción(al(importe(de(la(
subvención(transferido(al(resultado(del(ejercicio.(
Cuando( las( subvenciones( se( concedan( para( financiar( gastos( específicos( se( imputarán( como(
ingresos(en(el(ejercicio(en(que(se(devenguen(los(gastos(que(están(financiando.(
4.20
Conversión'de'estados'financieros'en'moneda'extranjera.'
La( conversión( de( los( estados( financieros( de( las( sociedades( con( moneda( funcional( distinta( del(
euro(se(realiza(de(la(manera(siguiente:(
Los( activos( y( pasivos( se( convierten( a( euros( aplicando( el( tipo( de( cambio( vigente( en( la( fecha( de(
cierre.(
Las(partidas(que(componen(el(patrimonio(neto(de(dichas(sociedades(se(convierten(a(euros(al(tipo(
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_____________________________________________________________________________________________________
de(cambio(histórico.(
Los(ingresos(y(gastos(se(convierten(a(euros(al(tipo(de(cambio(aplicable(a(la(fecha(en(las(que(se(
registraron(utilizando(tipos(de(cambio(medios(en(aquellas(circunstancias(en(las(que(la(aplicación(de(este(
criterio(simplificador(no(genere(diferencias(significativas.(
La( diferencia( que( se( pone( de( manifiesto( al( aplicar( dichos( tipos( de( cambio( se( incluye( en( el(
patrimonio(neto(consolidado,(dentro(del(epígrafe("Diferencias(de(conversión".(
NOTA'5
COMBINACIONES'DE'NEGOCIOS.'
En(este(ejercicio(2014(entra(en(el(perímetro(de(consolidación(con(fecha(27(de(octubre(de(2014,(
fecha(de(su(constitución,(la(sociedad(Pikolin(Brasil(Comércio(Ltda.,(con(el(fin(de(afianzar(y(ampliar(su(
presencia( en( el( mercado( internacional.( El( valor( razonable( de( la( contraprestación,( ha( consistido( en( el(
compromiso( de( transferencias( de( efectivo,( que( corresponde( al( importe( reconocido( en( libros( de( las(
participaciones(que(se(encuentran(al(cierre(del(ejercicio(pendientes(de(desembolso.((véase(NOTA1).(
En( el( ejercicio( 2013,( como( consecuencia( de( la( segregación( de( la( sociedad( GrupoEbrosol,S.L.( de(
GrupoPikolin,( S,L.,( salen( del( perímetro( de( consolidación( las( siguientes( sociedades( dependientes( y(
asociadas,(y(por(tanto(al(cierre(del(mismo(ya(no(se(incluyeron(en(las(cuentas(anuales(consolidadas(del(
Grupo:(
(
SOCIEDADES'DEL'GRUPO'
GRUPOEBROSOL,'S.L.'
Partic.'
directa'
Partic.'
indirecta'
100,00%(
((
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
((
((
EBROSOL'INVERSIONES,'S.L.'
((
100,00%(
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
((
(1)(
PRAINTER'MEDIA'S.L.'
((
87,00%(
Avda.(de(Brasil(nº(17(V(Madrid(
((
(2)(
IBERNEX'INGENIERIA'S.L'
((
90,00%(
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
((
(2)(
CONDOR'ENERGÍA'EÓLICA,'S.L.'
((
100,00%(
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
((
(2)(
Partic.'
directa'
Partic.'
indirecta'
((
50,00%(
Valor'en'libros'
Ejercicio'2012' Actividad'
3.100(( Adquisición,(tenencia(y(gestión(de(
((
valores(mobiliarios.(
3.100(( Adquisición,(tenencia(y(gestión(de(
((
valores(mobiliarios.(
443.620(( Gestión(y(explotación(de(productos(
((
publicitarios(
549.100(( Estudio,(desarrollo,(producción(y(comercialización(
((
((
de(sistemas(informáticos(y(comp(electrónicos.(
Promoción,(construcción,(gestión(y(
26.101(( comercialización(de(instalaciones(de(energía(
eléctrica,(térmica(y(mecánica.(
(1)(Participación(a(través(de(GRUPOEBROSOL,(S.L.((
(2)(Participación(a(través(de(EBROSOL(INVERSIONES,(S.L.((
(
(
SOCIEDADES'ASOCIADAS'
ALMAEBRO,'S.L.'
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
((
EDEREBRO,'S.L.'
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
50,00%(
((
50,00%(
(2)((
((
MONASTERIO'DE'BOLTAÑA,'S.L.'
C/(Afueras(s/n(V(Boltaña(
((
((
345'PLAZA'ESPAÑA,'S.A.'
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
(1)((
(2)((
((
((
Valor'en'libros'
Ejercicio'2012' Actividad'
4.501.656(( Promoción(inmobiliaria(
((
((
PRADOS'DE'ARA,'S.L.'
((
AvdaOrdesa(61(V(Ordesa(
((
(1)((
IBERDUAR,'S.L.'
((
50,00%(
Madre(Vedruna,(2(V(Zaragoza(
((
(1)((
explotación(de(Inmuebles(
8.003.010(( CompraVventa,(arrendamiento(de(fincas((
((
50,00%(
(1)((
((
580.569(( Construcción,(Arrendamiento(y(
rústicas(y(urbanas.(
6.815.940(( Hospedaje,(negocios(de(restauración,(ocio((
((
50,00%(
y(hosteleria(en(general(
1.241.966(( Hospedaje,(negocios(de(restauración,(ocio((
((
y(hosteleria(en(general(
2.550.382(( Promoción(inmobiliaria(
((
((
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PANGAEA'BIOTECH,'S.L.'
((
35,07%(
C/(Sabino(Arana(5V9(V(Barcelona(
((
(1)((
((
((
((
((
((
EL'TIRO'DE'MURCIA,'S.L.'
((
30,00%(
C/(Concha(Espina,(63(V(Madrid(
((
(1)((
(1)(Participación(a(través(de(EBROSOL(INVERSIONES,(S.L.(
(2)(Participación(a(través(de(GRUPOEBROSOL,(S.L.(
2.500.000(( Prestación(de(servicios(médicos(y(de(diagnosis(
predictiva,(así(como(labores(de(investigación(y(
desarrollo(de(productos(farmacéuticos.(
4.907.015(( Construcción(y(explotación(de((
((
centro(comercial.(
((
((
((
'' ((
((
((
La( información( financiera( correspondiente( a( las( empresas( segregadas( del( Grupo( en( el( ejercicio( 2013,(
corresponde(al(ejercicio(2012,(última(fecha(en(la(que(se(incluyeron(en(el(perímetro.(Dicha(información(figura(a(
efectos( informativos( y( comparativos( en( las( cuentas( anuales( consolidadas( del( ejercicio( anterior,( al( objeto( de(
informar(del(efecto(de(dicha(segregación,(por(lo(que(en(este(ejercicio(2014(las(cifras(de(ambos(ejercicios(ya(son(
comparativas(al(corresponder(al(mismo(perímetro(de(consolidación.(
NOTA'6
6.1
FONDO'DE'COMERCIO'DE'CONSOLIDACIÓN.'
Composición'del'saldo'de'fondo'de'comercio'de'consolidación'al'cierre'del'ejercicio:'
'
Fondo'de'comercio'de'consolidación'
Ejercicio'2014'
Compañía(Europea(de(Artículos(del(Descanso,(S.A.(
Smattex,(S.A.(
GRUPO(COFEL(Consolidado(
(
Total'
6.2
1.012.736,63(
1.270.280,20(
10.119.933,55(
((
12.402.950,38'
Ejercicio'2013'
1.012.736,63(
1.270.280,20(
10.361.696,55(
((
12.644.713,38'
Movimientos'del'Fondo'de'comercio'de'consolidación:'
Detalle'de'saldos'y'movimientos'del'ejercicio:'
'
'CONCEPTOS'
Ejercicio'2014'
(
(Saldo(inicial(bruto(a(31/12/13((
'Saldo'final'bruto'a'31/12/14''
( 13.316.263,38(
13.316.263,38'
' ' (671.550,00)(
(241.763,00)(
(913.313,00)'
12.402.950,38'
(Deterioros(a(31/12/13((
(Dotaciones(del(ejercicio((
'Total'deterioros'a'31/12/14''
'Saldos'finales'netos'a'31/12/14''
Detalle'de'saldos'y'movimientos'del'ejercicio'anterior:'
'
''CONCEPTOS'
(
(Saldo(final(bruto(a(31/12/12((
'Saldo'final'bruto'a'31/12/13''
(Deterioros(a(31/12/12((
(Dotaciones(del(ejercicio((
'Total'deterioros'a'31/12/13''
'Saldos'finales'netos'a'31/12/13''
Ejercicio'2013'
( 13.316.263,38(
13.316.263,38'
' '
(611.109,00)(
(60.441,00)(
(671.550,00)'
12.644.713,38'
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_____________________________________________________________________________________________________
El( importe( del( deterioro( del( ejercicio( corresponde( al( Fondo( de( Comercio( de( consolidación( del(
Subgrupo(COFEL,(por(la(consolidación(de(las(sociedades(COFEL(y(COPIREL.(El(resto(de(Fondos(de(comercio,(
incluido(en(que(se(pone(de(manifiesto(por(la(consolidación(del(Subgrupo(COFEL(en(el(Grupo(PIKOLIN,(no(
han(sufrido(deterioros(en(el(ejercicio.(
El(Grupo(ha(realizado(el(correspondiente(“test(de(deterioro”(del(Fondo(de(Comercio,(no(habiendo(
realizado( ninguna( otra( corrección( valorativa( al( fondo( de( comercio( generado( por( las( diferentes(
combinaciones(de(negocio,(salvo(la(mencionada,(ya(que(al(analizar(las(distintas(unidades(generadoras(de(
efectivo,(no(se(han(detectado(deterioros(en(los(mismos.(
NOTA'7
7.1
SOCIOS'EXTERNOS.'
Movimientos'de'socios'externos'durante'el'ejercicio:'
'
Estado'de'movimientos'de'socios'externos''
(
(Saldo(inicial,(ejercicio(2013((
(Altas(del(ejercicio((
(Bajas(del(ejercicio((
Socios'externos'
(
551.242,81(
14.255,00(
(9.049,81)(
((
(
Saldo'final,'ejercicio'2013'
669.822,59'
'
(Saldo(inicial,(ejercicio(2014((
(Altas(del(ejercicio((
(Bajas(del(ejercicio((
'
669.822,59(
13.281,38(
(16.784,41)(
((
(Saldo'final,'ejercicio'2014'
7.2
666.319,57'
Detalle'de'saldos'de'socios'externos:'
La(composición(de(los(intereses(de(socios(externos(del(grupo(al(cierre(del(ejercicio(es:(
(
(
(SOCIEDADES'
Pikolin,'SA'
Confordes,'SA'
Espadesa'
Seiviriber'
Ceadesa'
Smattex,'S.A.'
Pikolin'Lusitana,'LTDA'
Espacio'Descanso'Spain'
Industrias'hidráulicas'Pardo,'S.L.'
Ataburuaga'Healthcare,'S.L.U'
Grupo'COFEL'Consolidado'
Pikolin'Brasil'comércio,'LTDA'
((
Total'
Intereses'de'socios'externos'
En'Pérdidas'
En'ajustes'
'y'ganancias'' cambio'valor'
215,96(
(3,16)(
0,76( ((
(0,69)( ((
22,01( ((
237,53( ((
13.478,39( ((
2.564,70( ((
54,44( ((
(1,62)( ((
6,21( ((
146,55( ((
(32,24)( ((
((
((
649.615,94'
16.692,00'
(3,16)'
En'Capital'y'
Reservas'
2.806,48(
47,51(
(36,07)(
194,64(
14.076,30(
621.465,73(
10.802,84(
(512,21)(
(240,00)(
(1,33)(
851,41(
160,64(
((
''
En'subvenciones'
'de'capital''
4,48(
((
((
((
((
((
((
((
10,31(
((
((
((
((
14,79'
(
Total'
3.023,76(
48,27(
(36,76)(
216,65(
14.313,83(
634.944,12(
13.367,54(
(457,77)(
(231,31)(
4,88(
997,96(
128,40(
((
666.319,57'
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_____________________________________________________________________________________________________
La(composición(de(los(intereses(de(socios(externos(del(grupo(al(cierre(del(ejercicio(anterior(es:(
(
(
(SOCIEDADES'
Pikolin,'SA'
Confordes,'SA'
Espadesa'
Seiviriber'
Ceadesa'
Smattex,'S.A.'
Pikolin'Lusitana,'LTDA'
Espacio'Descanso'Spain'
((
Total'
NOTA'8
8.1
En'Capital'y'
Reservas'
14.026,44(
147,17(
2,19(
194,63(
13.511,98(
609.479,47(
19.928,03(
(335,86)(
((
656.954,05'
Intereses'de'socios'externos'
''
En'Pérdidas'
En'ajustes'
En'subvenciones'
( Total'
y'ganancias' cambio'valor'
de'capital'
(56,10)(
(35,26)(
28,59(
13.963,67(
(15,23)( ((
((
131,94(
(28,49)( ((
((
(26,30)(
8,56( ((
((
203,19(
564,75( ((
((
14.076,73(
13.690,24( ((
((
623.169,71(
(1.112,17)( ((
((
18.815,86(
(176,35)( ((
((
(512,21)(
((
((
((
((
12.875,21'
(35,26)'
28,59' 669.822,59'
PARTICIPACIONES'EN'SOCIEDADES'PUESTAS'EN'EQUIVALENCIA.'
Movimientos'de'las'participaciones'en'sociedades'puestas'en'equivalencia'en'el'ejercicio:'
El(movimiento(de(las(participaciones(en(sociedades(puestas(en(equivalencia(durante(el(ejercicio(
es:(
(
Saldo'a'
31/12/13'
728.355,42(
('Sociedades'puestas'en'equivalencia''
'Spacio'Repos,'S.L.''
((
''Total''
728.355,42'
'
'
Aumentos'
Disminuciones'
355.374,27( ((
((
((
355.374,27'
0,00'
Saldo'a'
31/12/14'
1.083.729,69(
((
1.083.729,69'
El(movimiento(de(las(participaciones(en(sociedades(puestas(en(equivalencia(durante(el(ejercicio(
anterior(fue:(
(
(
(
Sociedades'puestas'en'equivalencia'
Monasterio'de'Boltaña,'S.L.'
Spacio'Repos,'S.L.'
Prados'de'Ara,'S.L.'
Pangea'Biotech,'S.L.'
'Total'
8.2
(
Saldo'a'
31/12/12'
171.819,28(
608.121,62(
713.570,44(
1.453.616,41(
(
'
Aumentos'
((
(120.233,80(
((
((
((
((
2.947.127,74' 120.233,80'
(
'
Disminuciones'
((
((
((
((
Modificación'
(
de'perímetro'
Saldo'a'
de'consolidación' 31/12/13'
(171.819,28)(
0,00(
((
728.355,42(
(
(713.570,44)(
0,00(
(1.453.616,41)(
0,00(
((
((
(2.339.006,12)' 728.355,42'
'
Información'financiera'de'las'sociedades'puestas'en'equivalencia:'
'
'
'
'Sociedades'puestas'en'equivalencia''
'Spacio'Repos,'S.L.''
'
'Total''
'Ejercicio'2014''
Ingresos'
Resultado'
'
'
Activo'
Pasivo'
Ordinarios'
del'ejercicio'
2.977.376,58( 2.169.917,19( 6.262.200,82( 207.459,38(
((
((
((
((
2.977.376,58' 2.169.917,19' 6.262.200,82' 207.459,38'
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(
'
'
Sociedades'puestas'en'equivalencia'
Spacio(Repos,(S.L.(
'Total'
8.3
Ejercicio'2013'
Ingresos'
Resultado'
'
'
Activo'
Pasivo'
Ordinarios'
del'ejercicio'
2.015.575,77( 1.274.218,95( 6.223.342,54( 240.467,61(
((
((
((
((
2.015.575,77' 1.274.218,95' 6.223.342,54' 240.467,61'
Resultado' del' ejercicio,' de' las' sociedades' puestas' en' equivalencia,' que' corresponde' a' la'
sociedad'dominante:'
'
'Rtdo'contabilizado'en'PPyGG''
'Ejercicio'2014'' 'Ejercicio'2013''
'
Sociedades'puestas'en'equivalencia''
Spacio'Repos,'S.L.''
103.729,69(
((
'Total''
NOTA'9
9.1'
120.233,81(
((
103.729,69'
120.233,81'
INMOVILIZADO'MATERIAL.'
Detalle'de'saldos'y'movimientos:'
'
Inst.técnicas'y'
otro'inmov'
material'
Estado'de'movimientos'del'inmovilizado'material''
Terrenos'y'
Construcciones'
(
(Saldo(inicial(bruto,(ejercicio(2013((
(Altas(del(ejercicio((
(Bajas(del(ejercicio((
(Traspasos(a/desde(otras(partidas((
(Incorporación(al(grupo((
Saldo'final'bruto,'ejercicio'2013'
( 21.191.201,43( (
2.067.732,61(
0,00(
0,00(
((
23.258.934,04'
133.474.796,45( (
3.276.436,20(
(4.980.502,97)(
551.591,01(
(394.891,74)(
131.927.428,95'
872.833,04( ( 155.538.830,92(
744.816,14(
6.088.984,95(
(298.194,04)(
(5.278.697,01)(
(592.753,00)(
(41.161,99)(
0,00(
(394.891,74)(
726.702,14' 155.913.065,13'
'(Saldo(inicial(bruto,(ejercicio(2014((
(Altas(del(ejercicio((
(Bajas(del(ejercicio((
(Traspasos(a/desde(otras(partidas((
Saldo'final'bruto,'ejercicio'2014'
' 23.258.934,04( '
299.392,71(
0,00(
(658.494,63)(
22.899.832,12'
131.927.428,95( '
3.669.962,18(
(2.667.743,66)(
1.385.198,59(
134.314.846,06'
726.702,14( ' 155.913.065,13(
4.453.341,82(
8.422.696,71(
0,00(
(2.667.743,66)(
(726.702,96)(
1,00(
4.453.341,00' 161.668.019,18'
((Amortización(acumulada,(saldo(inicial(ejercicio(2013((
(Dotaciones(del(ejercicio((
(Disminuciones(por(salidas,(bajas(o(traspasos((
(Modificación(perímetro((
'Amortización'acumulada,'saldo'final'ejercicio'2013''
( (13.369.798,81)( ( (103.042.106,77)( (
(956.626,06)(
(5.064.471,95)(
((
4.665.243,47(
((
259.735,07(
(14.326.424,87)' (103.181.600,18)'
0,00( ((116.411.905,58)(
0,00(
(6.021.098,01)(
0,00(
4.665.243,47(
0,00(
259.735,07(
0,00' (117.508.025,05)'
'(Amortización(acumulada,(saldo(inicial(ejercicio(2014((
(Dotaciones(del(ejercicio((
(Aumentos(por(adquisiciones(o(traspasos((
(Disminuciones(por(salidas,(bajas(o(traspasos((
' (14.326.424,87)( ' (103.181.600,18)( '
(1.285.578,12)(
(4.754.591,25)(
0,00(
93.701,38(
0,00(
2.486.321,79(
0,00( '(117.508.025,05)(
0,00(
(6.040.169,37)(
0,00(
93.701,38(
0,00(
2.486.321,79(
'Amortización'acumulada,'saldo'final'ejercicio'2014''
(15.612.002,99)'
0,00' (120.968.171,25)'
Saldo'final'neto,'ejercicio'2014''
' '
7.287.829,13' '
(105.356.168,26)'
28.958.677,80' '
Inmov'curso'y'
anticipos'
TOTALES'
4.453.341,00' ' 40.699.847,93'
Las( altas( más( relevantes( del( ejercicio( corresponden( fundamentalmente( a( instalaciones,(
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maquinaria,( instalaciones( técnicas,( utillaje( y( maquinaria( en( montaje,( por( renovación( de( los( elementos(
obsoletos(dados(de(baja(durante(el(ejercicio.(
Las( bajas( del( ejercicio( se( corresponden( principalmente( a( instalaciones( técnicas,( maquinaria,(
equipos( para( proceso( de( la( información( y( elementos( de( transporte,( en( una( gran( parte( totalmente(
amortizados,(que(han(dejado(de(utilizarse(y(obsoletos.((
Adicionalmente(a(lo(anterior,(en(el(ejercicio(2013(una(empresa(del(grupo(efectuó(una(operación(
de(venta(de(maquinaria,(registrando(un(beneficio(de(574.001,75(euros.(En(2014(esta(operación(no(llegó(
a(término,(por(lo(que(se(canceló(en(el(propio(ejercicio(2013(el(resultado(de(la(operación(contra(la(cuenta(
de( provisiones( a( corto( plazo( por( 574.001,75( euros.( Esta( provisión( se( ha( aplicado( en( 2014( contra( el(
crédito(por(enajenación(de(inmovilizado,(no(generándose(resultado(alguno(ni(en(2013(ni(en(2014.(
La(maquinaria(señalada(en(el(párrafo(anterior(no(figura(en(el(Balance(a(31(de(diciembre(de(2013.(
En(los(primeros(meses(de(2014(toda(la(maquinaria(le(ha(sido(devuelta(a(la(Sociedad,(lográndose(vender(
a(otro(subcontratista(y(obteniéndose(un(resultado(de(396.300,50(euros(de(beneficio.(
Los( traspasos( realizados( durante( el( ejercicio( 2014( de( inmovilizado( en( curso( corresponden( a(
instalaciones(técnicas(y(maquinaria,(por(activación(al(término(del(montaje.(
No( se( ha( considerado( necesario( realizar( ninguna( corrección( valorativa( por( deterioro( sobre( los(
bienes(del(inmovilizado.(
9.2'
Amortización'del'inmovilizado'material:'
La( amortización( de( los( elementos( del( inmovilizado( material( se( realiza,( desde( el( momento( en( el(
que(están(disponibles(para(su(puesta(en(funcionamiento,(de(forma(lineal(durante(su(vida(útil(estimada,(
en(función(de(los(siguientes(años(de(vida(útil:(
(
Descripción''
(Construcciones((
(Instalaciones(técnicas((
(Maquinaria((
(Utillaje((
(Otras(Instalaciones((
(Mobiliario((
(Equipos(proceso(información((
(Elementos(de(Transporte((
(Otro(Inmovilizado(material((
'Años'vida'útil''
10V50(
(5(a(20((
(3(a(18((
(3,33(a(8((
(5(a(20((
(4(a(20((
(3(a(8((
(4(a(12((
5(
Para( aquellos( bienes( adquiridos( de( segunda( mano,( el( Grupo( aplica( el( doble( de( los( coeficientes(
mencionados,(de(acuerdo(con(la(normativa(legal.(Asimismo,(determinados(elementos(se(amortizan(a(un(
coeficiente(superior(al(indicado(en(función(del(número(de(turnos(en(los(que(son(utilizados.(
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9.3
Elementos'totalmente'amortizados'incluidos'en'los'saldos'finales:'
'
Elementos'''
'Ejercicio'2014''
Construcciones((
Resto(de(elementos((
((
(Total''
9.4
'Ejercicio'2013''
0,00((
78.966.810,58((
((
(0,00(
80.396.644,37((
78.966.810,58'
80.396.644,37'
El' importe' que' figura' en' el' epígrafe' del' balance' como' terrenos' y' construcciones' tiene' el'
siguiente'desglose:'
'
Desglose''
'Ejercicio'2014''
Terrenos((
Construcciones((
A.(Acum..(Construcciones((
1.781.262,67((
2.523.498,30((
21.118.569,45(( 20.735.435,74((
(15.612.002,99)( (14.326.424,87)(
((
((
(Total''
9.5
'Ejercicio'2013''
7.287.829,13''
8.932.509,17''
Resultado'del'ejercicio'derivado'de'la'enajenación'de'elementos'de'inmovilizado'material:'
'
Concepto''
'Ejercicio'2014''
Pérdidas(procedentes(del(inmovilizado(material((
Beneficios(procedentes(del(inmovilizado(material((
'Ejercicio'2013''
(115.459,23)(
428.310,06((
((
(Total''
9.6
(2.253.946,61)(
52.101,07((
((
312.850,83''
(2.201.845,54)'
Elementos' de' inmovilizado' material' del' Grupo,' relacionados' con' inversiones' fuera' del'
territorio'español:'
El(inmovilizado(cuyo(derechos(pudieran(ejercitarse(fuera(del(territorio(español(son(el(inmovilizado(
de(las(sociedades(ubicadas(en(estados(miembros(de(la(Unión(Europea,(América(Latina(y(Asia,(detallados(
en(la(nota(1.2,(y(que(a(continuación(se(detalla:(
(
((
Ejercicio'2014'
((
'Saldo'contable''
Terrenos(y(construcciones(((
Instalaciones(técnicas(y(otro(inmov.(
material((
Inmovilizado(en(curso(y(anticipos(
Total''
9.7
Ejercicio'2013'
'Amortización'
acumulada''
'Saldo'contable''
'Amortización'
acumulada''
22.816.091,70(
(15.612.002,99)(
23.258.934,04(
(14.326.424,87)(
39.530.559,65(
(28.662.367,86)(
36.011.974,00(
(26.849.502,67)(
4.453.340,71(
((
726.702,14(
0,00(
66.799.992,06'
(44.274.370,85)'
59.997.610,18'
(41.175.927,54)'
Subvenciones'de'capital'obtenidas'en'este'ejercicio'y'en'ejercicios'anteriores'para'la'inversión'
en'inmovilizaciones'materiales'(véase'nota'20):'
'
Bienes'que'financian'
Instalaciones(técnicas(y(otro(inm.(material(
(
Ejercicio'2014'
Ejercicio'2013'
105.808,34(
105.808,34(
(
(
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9.8
Otras'circunstancias'referentes'al'inmovilizado'material:'
La(política(del(Grupo(es(formalizar(pólizas(de(seguros(para(cubrir(los(posibles(riesgos(a(que(están(
sujetos(los(diversos(elementos(de(su(inmovilizado(material.(La(Dirección(del(Grupo(y(de(cada(una(de(las(
sociedades( revisa( anualmente,( o( cuando( alguna( circunstancia( lo( hace( necesario,( las( coberturas( y( los(
riesgos(cubiertos(y(se(acuerdan(los(importes(que(razonablemente(se(deben(cubrir(para(el(año(siguiente.(El(
Grupo( tiene( suscritos( diferentes( seguros( en( función( de( las( características( del( inmovilizado( de( cada(
Sociedad,(asegurando(tanto(el(continente(como(el(contenido.(
NOTA'10
10.1
INVERSIONES'INMOBILIARIAS.'
Detalle'de'saldos'y'movimientos:'
'
Estado'de'movimiento'de'las'inversiones'inmobiliarias''
Terrenos'
(Saldo(inicial(bruto,(ejercicio(2013((
(Traspasos(a/desde(otras(partidas((
(Otros(movimientos((
'Saldo'final'bruto,'ejercicio'2013''
2.477.977,53(
173.202,28(
(2.155.654,53)(((
495.525,28'
(Saldo(inicial(bruto,(ejercicio(2014((
(Traspasos(a/desde(otras(partidas((
'Saldo'final'bruto,'ejercicio'2014''
Construcciones'
495.525,28(
(Amortización(acumulada,(saldo(inicial(ejercicio(2014((
(Dotaciones(del(ejercicio((
495.525,28'
0,00'
(514.551,22)(
(18.169,91)(
0,00(
(532.721,13)'
(514.551,22)(
(18.169,91)(
0,00(
(532.721,13)'
(532.721,13)(
(17.948,89)(
(532.721,13)(
(17.948,89)(
0,00'
(550.670,02)'
(550.670,02)'
495.525,28''
580.036,71''
1.075.561,99'
((
((
((
0,00(
((
'
4.104.209,54(
0,00(
(2.155.654,53)(
1.453.029,73' 1.948.555,01'
1.948.555,01(
(322.323,00)(
1.626.232,01'
'Amortización'acumulada,'saldo'final'ejercicio'2014''
'
'Saldo'final'neto,'ejercicio'2014''
1.626.232,01(
(173.202,28)(
1.453.029,73(
(322.323,00)(
1.130.706,73'
((
(Amortización(acumulada,(saldo(inicial(ejercicio(2013((
(Dotaciones(del(ejercicio((
(Aumentos(por((traspasos((
'Amortización'acumulada,'saldo'final'ejercicio'2013''
Total'
Se( clasifican( como( inversiones( inmobiliarias( los( bienes( destinados( a( la( obtención( de( rentas(
distintas(de(su(uso(en(la(actividad.(Corresponden(a(inmuebles(alquilados(a(terceros.((
Los(ingresos(provenientes(de(inversiones(inmobiliarias(durante(el(ejercicio(2014(han(ascendido(a(
7.558,06( euros,( durante( el( ejercicio( 2013( ascendieron( a( 47.857,43( euros( (Véase( nota( 12).( Se( han(
producido( gastos( para( la( explotación( de( dichas( inversiones( inmobiliarias( en( el( ejercicio( 2013( por( un(
importe(de(9.075,44(euros;(en(el(ejercicio(anterior(ascendieron(a(7.150,80(euros.((
Las( inversiones( en( construcciones( se( amortizan( linealmente( en( función( de( la( vida( útil( que( se(
estima(entre(34(y68(años.(
10.2
Los' elementos' totalmente' amortizados' incluidos( en( los( saldos( finales( de( inversiones(
inmobiliarias(ascienden(a:'
(
Elementos'''
Construcciones((
''
'Ejercicio'2014''
'Ejercicio'2013''
240.804,40(
''
229.558,47(
''
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10.3
Valor'desglosado'de'los'bienes'clasificados'como'inversiones'inmobiliarias:'
'
((
(Bienes(inmuebles(:((
((V(Valor(del(terreno((
((V(Valor(de(la(construcción((
((V(Amortización(acumulada(de(construcciones((
('Total''
NOTA'11
11.1
'Ejercicio'2014''
'Ejercicio'2013''
(
173.202,28(
1.453.029,73(
(550.670,02)(
((
1.075.561,99'
(
495.525,28(
1.453.029,73(
(532.721,13)(
((
1.415.833,88'
INMOVILIZADO'INTANGIBLE.'
Detalle'de'saldos'y'movimientos:'
'
Estado'de'movimientos'del'inmovilizado'
intangible''
'Propiedad'
Industrial''
Otro'
inmovilizado'
intangible'
Aplicaciones'
informáticas'
Totales'
Saldo(inicial(bruto,(ejercicio(2013((
(Altas(del(ejercicio((
(Bajas(del(ejercicio((
(Otros(movimientos((
(Modificación(perímetro((
57.912.805,06(
59.185,00(
0,00(
(917.725,10)(
(576.565,26)(
10.317.104,98(
9.037.162,68(
340.658,33(
905.568,06(
(195.724,34)(
(1.687.612,14)(
0,00( ((
(154.088,35)( ((
77.302.072,72(
1.305.411,39(
(1.883.336,48)(
(917.725,10)(
(730.653,61)(
Saldo'final'bruto,'ejercicio'2013''
56.477.699,70'
10.307.950,62'
8.255.118,60'
75.075.768,92'
Saldo(inicial(bruto,(ejercicio(2014((
(Altas(del(ejercicio((
(Bajas(del(ejercicio((
(Otros(movimientos((
'Saldo'final'bruto,'ejercicio'2014''
56.477.699,70( 10.307.950,62(
8.255.118,60(
15.000,00(
501.375,69(
2.986.016,18(
(35.000,00)(
(941.117,44)(
(1.386.974,68)(
724.208,17( ((
((
57.181.907,87'
9.868.208,87'
9.854.160,10'
75.075.768,92(
3.502.391,87(
(2.363.092,12)(
724.208,17(
76.939.276,84'
(Amort.(acumulada,(saldo(inicial(ejercicio(2013(( (31.043.582,07)( (8.124.978,26)(
(Dotaciones(del(ejercicio((
(91.854,77)(
(587.040,09)(
(Disminuciones(por(salidas,(bajas(o(traspasos((
(Modificación(perímetro((
'Amortización'acumulada,'saldo'final'
ejercicio'2013''
0,00(
25.128,94(
(319.747,30)( (39.523.307,63)(
(102.367,70)(
(781.262,56)(
384,54(
14.485,47(
0,00(
128.645,51(
(31.110.307,90)' (8.697.148,34)'
(293.469,49)' (40.135.925,73)'
Amort.(acumulada,(saldo(inicial(ejercicio(2014(( (31.110.307,90)( (8.697.148,34)(
(Dotaciones(del(ejercicio((
(134.136,23)(
(775.024,14)(
(Disminuciones(por(salidas,(bajas(o(traspasos((
35.000,00(
938.224,64( ((
'Amortización'acumulada,'saldo'final'
ejercicio'2014''
(31.209.444,13)' (8.533.947,84)'
'Saldo'final'neto,'ejercicio'2014''
' '
25.972.463,74'
'
1.334.261,03'
384,54(
168.259,92(
(
(293.469,49)( (40.135.925,73)(
(1.247,02)(
(910.407,39)(
973.224,64(
(294.716,51)' (40.073.108,48)'
9.559.443,59'
(
36.866.168,36'
En( otros( movimientos( de( propiedad( industrial( se( recoge( el( efecto( del( tipo( de( cambio( en( la(
valoración(de(la(propiedad(industrial(del(Subgrupo(Dunlopillo(Holdings.(
Los(movimientos(más(significativos(del(ejercicio(corresponden(a(inversiones(y(bajas(en(aplicaciones(
informáticas(y(otros(inmovilizados(intangibles,(que(son(aplicaciones(informáticas(en(curso.(
Los(movimientos(por(modificación(del(perímetro(contemplan(las(bajas(por(la(escisión(producida(en(
este(ejercicio(2013((véase(Nota(1).(
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Las(dotaciones(lo(son(fundamentalmente(de(aplicaciones(informáticas.((
El(Grupo(no(ha(realizado(correcciones(valorativas(de(los(bienes(de(inmovilizado(intangible.(
11.2' Amortización'del'inmovilizado'intangible:'
Las(aplicaciones(informáticas(adquiridas(a(terceros(se(amortizan(linealmente(entre(tres(y(seis(años.(
Los( programas( de( ordenador( que( cumplen( los( criterios( de( reconocimiento,( se( amortizan(
linealmente(en(un(periodo(de(entre(tres(y(seis(años(desde(la(entrada(en(explotación(de(cada(aplicación.(
Las(patentes,(licencias,(marcas(y(similares,(se(amortizan(de(forma(lineal(entre(seis(y(diez(años,(su(
vida(útil(estimada.(
11.3' Elementos'totalmente'amortizados'incluidos'en'los'saldos'finales'de'inmovilizado'intangible:'
(
Elementos'''
11.4
'Ejercicio'2014''
'Ejercicio'2013''
(Gastos(de(investigación(y(desarrollo((
(Patentes,(licencias,(marcas(y(similares((
(Fondo(de(comercio((
(Aplicaciones(informáticas((
0,00(
34.868.511,93(
13.720.411,81(
6.041.846,13(
((
35.000,00(
34.312.763,19(
14.211.805,81(
5.903.365,52(
((
(
'Total''
54.630.769,87'
54.462.934,52'
Resultado'por'venta'de'inmovilizado'intangible.'
Este( ejercicio( 2014( no( se( ha( producido( ningún( resultado( por( venta( de( intangible,( al( igual( que( en(
2013.(
11.5
Desembolsos'por'investigación'y'desarrollo:'
El( importe( de( los( desembolsos( por( actividades( de( investigación( y( desarrollo( e( innovación(
tecnológica,(realizadas(por(dos(empresas(del(Grupo,(ha(ascendido(a(un(importe(total(de(1,9(millones(de(
euros( en( el( ejercicio( 2014( y( 2,05( millones( de( euros( en( el( ejercicio( anterior.( Tanto( en( el( ejercicio( 2014(
como(en(el(2013(no(se(ha(capitalizado(importe(alguno.(
11.6
Elementos'con'vida'útil'indefinida:'
'
Elementos'''
'Ejercicio'2014''
'Ejercicio'2013''
3.854.242,92(
3.810.000,00(
3.364.377,45(
3.810.000,00(
(Patentes,(licencias,(marcas(y(similares((
(Otro(inmovilizado(intangible((
((
('Total''
11.7
((
7.664.242,92'
7.174.377,45'
Elementos' de' inmovilizado' intangible' del' Grupo,' relacionados' con' inversiones' fuera' del'
territorio'español:'
El(inmovilizado(cuyo(derechos(pudieran(ejercitarse(fuera(del(territorio(español(son(el(inmovilizado(
de(las(sociedades(ubicadas(en(estados(miembros(de(la(Unión(Europea,(América(Latina(y(Asia,(detallados(
en(la(nota(1.2,(y(que(a(continuación(se(detalla:(
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(
((
Ejercicio'2014'
((
(Concesión(administrativa((
(Patentes,(licencias,(marcas(y(similares((
(Fondo(de(Comercio((
(Aplicaciones(informáticas((
(Inmovilizado(en(curso((
((
'Total''
11.8
'
Ejercicio'2013'
'Amortización'
'Saldo'contable''
acumulada''
'Saldo'contable''
52.300.890,19( (30.251.975,71)(
52.300.890,19(
3.130.555,84(
(7.075,55)(
2.364.377,45(
13.720.411,81( (13.720.411,81)(
14.211.805,81(
2.258.801,03( (1.830.707,13)(
2.615.963,16(
2.891.727,62(
((
1.384.434,83(
((
((
((
74.302.386,49' (45.810.170,20)'
72.877.471,44'
'Amortización'
acumulada''
(30.249.174,58)(
(20.601,05)(
(14.211.805,81)(
(1.729.613,07)(
((
((
(46.211.194,51)'
Fondo'de'Comercio:'
(
(Espadesa(((
(Smattex((
(Subgrupo(Pardo((
(Subgrupo(Cofel((
(( ((
'TOTAL''
(Valor((
(Deterioro(Acum(( (Valor(Contable((
(Adquisición((
Ejercicio(2014(
Ejercicio(2014(
1.832.897,04(
0,00(
1.832.897,04(
392.830,61(
0,00(
392.830,61(
3.810.000,00(
0,00(
3.810.000,00(
13.720.411,55( (13.720.411,55)(
0,00(
((
((
19.756.139,20' (13.720.411,55)'
6.035.727,65'
(Fecha((
(Modo((
(adquisición(( (Adquisición((
2011V2012(
(Compra(((
2007(
(Fusión((
2012(
(Compra(((
2009(
(Compra(((
((
((
((
((
'
(
(
Espadesa(
Smattex(
Subgrupo(Pardo(
Subgrupo(Cofel(
(( ((
Total'
NOTA'12
12.1
Valor(
Deterioro(Acum( Valor(Contable(
Fecha(
Modo(
Adquisición(
Ejercicio(2013(
Ejercicio(2013( adquisición( Adquisición(
1.832.897,04(
0,00(
1.832.897,04( 2011V2012(
Compra((
392.830,61(
0,00(
392.830,61(
2007(
Fusión(
3.966.343,21(
0,00(
3.966.343,21(
2012(
Compra((
14.211.805,81( (14.211.805,81)(
0,00(
2009(
Compra((
((
((
((
((
20.403.876,67' (14.211.805,81)'
6.192.070,86' ((
((
ARRENDAMIENTOS'Y'OTRAS'OPERACIONES'DE'NATURALEZA'SIMILAR'
Arrendamientos'operativos.'
La( información( de( los( arrendamientos( operativos( en( los( que( el( Grupo( es( arrendador,( es( la(
siguiente:(
(
Concepto'
(
(Importe(de(los(cobros(futuros(mínimos(por(((
(arrendamientos(operativos(no(cancelables:(( '
(
(Hasta(un(año((
''(
((
((
'Ejercicio'2014''
'Ejercicio'2013''
'
''''
38.559,96(
47.857,43(
((
Los(contratos(relativos(al(alquiler(de(inmuebles(a(terceros(tienen(renovación(tácita(anual.(
La( información( de( los( arrendamientos( operativos( en( los( que( el( Grupo( es( arrendatario,( es( la(
siguiente:((
_____________________________________________________________________________________________________
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
(
!Ejercicio!2014!!
!
(
(
(Importe(de(los(pagos(futuros(mínimos(por(arrendamientos(operativos((
((no(cancelables,(de(los(cuales:((
(
((((
(Hasta(un(año((
(
(Entre(uno(y(cinco(años((
(
(
(Más(de(cinco(años((
((Importe(total(de(los(pagos(futuros(mínimos(que(se(esperan(recibir,(((
(
(al(cierre(del(ejercicio,(por(subarriendos(operativos(no(cancelables((
(Pagos(mínimos(por(arrendamiento(reconocidos(como(gastos(del(periodo((
(Cuotas(contingentes(reconocidas(como(gastos(del(periodo((
(Cuotas(de(subarriendamiento(reconocidas(como(ingreso(del(periodo((
(
(
(
3.572.569,39( (
1.880.136,18(
57.965.668,88(
!Ejercicio!2013!!
4.048.418,52(
263.081,44(
199.095,28(
24.000,00((
11.265.231,51(
0,00(
24.000,00((
10.037.354,60(
0,00(
24.000,00(
24.000,00(
(
En(cuanto(a(los(contratos(de(arrendamiento(operativo(cabe(destacar(los(siguientes(acuerdos:(
O( Los(contratos(relativos(al(alquiler(de(inmuebles(con(una(empresa(vinculada(tienen(renovación(
tácita( anual,( cuya( renta( es( incrementada( anualmente( en( función( del( IPC,( no( existiendo( ninguna(
opción(de(compra(en(los(citados(contratos.(
O( No( existen( restricciones( impuestas( derivadas( de( los( contratos( de( arrendamiento( operativo,(
tales( como( las( referidas( a( distribución( de( dividendos,( endeudamiento( adicional( o( a( nuevos(
contratos(de(arrendamiento(operativo.(
O( Con(fecha(21O11O13(una(empresa(del(Grupo(formalizó(el(nuevo(contrato(de(arrendamiento(en(el(
Polígono(de(Centrovía,(de(acuerdo(a(las(siguientes(características:(Periodo(de(contrato(obligatorio(
7(años,(prorrogable(por(4(años,(que(se(deberán(cumplir(íntegramente,(y(por(otros(4(años(más,(en(
los( que( se( podrá( cancelarse( en( cualquier( momento,( carencia( de( cuotas( durante( los( 12( primeros(
meses(y(bonificación(del(50%(de(la(cuota(durante(los(30(meses(siguientes.(
O( Con( fecha( 26( de( diciembre( de( 2014( el( Grupo( ha( formalizado( con( un( tercero( contratos( de(
arrendamiento( sobre( diversos( inmuebles( en( los( que( desarrollan( su( actividad( las( empresas( del(
grupo,(otras(partes(vinculadas(y(terceros(ajenos(al(grupo(en(situación(de(subarriendo(operativo.(
NOTA!13
13.1
INSTRUMENTOS!FINANCIEROS.!
Información! sobre! la! relevancia! de! los! instrumentos! financieros! en! la! situación! financiera! y! los!
resultados!de!la!empresa.!
a)!Categorías!de!activos!financieros!y!pasivos!financieros.!
El( valor( en( libros( de( cada( una( de( las( categorías( de( activos( financieros( y( pasivos( financieros(
señalados(en(la(norma(de(registro(y(valoración(novena,(se(detallan(de(acuerdo(con(la(siguiente(estructura:(
a.1)!Activos!financieros,!salvo!inversiones!en!el!patrimonio!de!empresas!del!grupo,!multigrupo!y!
asociadas.!
La( información( de( los( instrumentos( financieros( del( activo( del( balance( del( Grupo( a( largo( plazo,(
clasificados(por(categorías(al(cierre(del(ejercicio,(son:(
_____________________________________________________________________________________________________
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
(
'
''
'
'
'Categorías'''
'Inversiones'mantenidas'hasta'el'
vencimiento''
'Préstamos'y'partidas'a'cobrar''
'Activos'disponibles'para'la'venta'''
((V(Valorados(a(valor(razonable((
((V(Valorados(a(coste((
('Total''
'
'Instr.'''
'Patrimonio''
Ejercicio'2014'
'Valores''
''representativos''
''de'deuda''
''
'Créditos,''
'derivados''
''''y'otros''
''
0,00(
0,00(
7.565.964,83'
6.899.706,36(
666.258,47(
((
772.913,68(
0,00(
0,00'
0,00(
0,00(
((
0,00(
772.913,68'
131.493.300,79( 131.493.300,79'
0,00'
7.565.964,83'
0,00(
6.899.706,36(
0,00(
666.258,47(
((
''
7.565.964,83'
772.913,68'
131.493.300,79' 139.832.179,30'
'
'
'Total''
(
''
'
'
'Categorías''
Inversiones'mantenidas'hasta'el'vencimiento'
Préstamos'y'partidas'a'cobrar'
Activos'disponibles'para'la'venta''
(V(Valorados(a(valor(razonable(
(
Total'
'
Instr.''
Patrimonio'
''
''
8.587.379,91'
8.587.379,91(
((
8.587.379,91'
Ejercicio'2013' ''
Valores'
Créditos,'
'representativos'
derivados'
'de'deuda'
'''y'otros'
''
'
'
Total'
2.085.588,12'
''
2.085.588,12'
'' 141.142.857,65' 141.142.857,65'
'
'
8.587.379,91'
((
((
8.587.379,91(
((
((
''
2.085.588,12' 141.142.857,65' 151.815.825,68'
La( partida( de( activos( disponibles( para( la( venta( valorados( a( valor( razonable( corresponde( a(
inversiones(en(acciones,(carteras(de(valores(y(fondos(de(inversión.(Durante(el(ejercicio(se(ha(realizado(
alguna( venta( puntual( de( dichos( fondos( y( carteras( pero( se( consideran( en( dicha( categoría( ya( que( el(
propósito(no(es(su(venta(sino(su(mantenimiento(en(cartera(a(largo(plazo.(
Las( inversiones( mantenidas( hasta( el( vencimiento( corresponden( a( bonos,( obligaciones( y( valores(
representativos(de(deuda(cuyo(vencimiento(es(superior(a(un(año.(
Los( préstamos( y( partidas( a( cobrar( corresponden( a( créditos( formalizados( con( otras( partes(
vinculadas( y( créditos( con( terceros( con( vencimiento( a( largo( plazo,( a( imposiciones( a( largo( plazo,( y( a(
fianzas(y(depósitos(constituidos(a(largo(plazo.(
La( información( de( los( instrumentos( financieros( del( activo( del( balance( del( Grupo( a( corto( plazo,(
clasificados(por(categorías(al(cierre(del(ejercicio,(son:(
(
'
'
'
'Categorías'''
'Ejercicio'2014'''
'Valores''
'Créditos,''
''representativos''
'derivados''
''de'deuda''
''''y'otros''
''
'
'
'Total''
(Inversiones(mantenidas(hasta(el(vencimiento((
(Préstamos(y(partidas(a(cobrar((
4.959.130,99(
0,00(
((
16.264,05(
80.793.330,67(
((
4.975.395,04'
80.793.330,67'
''
('Total''
4.959.130,99'
80.809.594,72'
85.768.725,71'
_____________________________________________________________________________________________________
Zaragoza,(31(de(marzo(de(2015(
Página(37(
GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
_____________________________________________________________________________________________________
(
'
'Ejercicio'2013'
Valores'
Créditos,'
'representativos'
derivados'
'de'deuda'
y'otros'
'
'
Categorías''
Inversiones(mantenidas(hasta(el(vencimiento(
Préstamos(y(partidas(a(cobrar(
(
Total'
141.284,58(
''
((
141.284,58'
''
'
'
((
75.975.709,67(
((
75.975.709,67'
Total'
141.284,58'
75.975.709,67'
''
76.116.994,25'
La( partida( de( préstamos( y( partidas( a( cobrar( recoge( créditos( concedidos( a( deudores,( clientes,(
créditos(concedidos(a(terceros(con(vencimiento(en(el(corto(plazo,(a(imposiciones,(bonos(y(obligaciones(
con(vencimientos(inferior(a(un(año,(y(a(fianzas(y(depósitos(constituidos(a(corto(plazo(y(otras(cuentas(a(
cobrar,(se(excluyen(los(saldos(pendientes(con(administraciones(públicas.(
a.2)'Pasivos'financieros.'
Los( instrumentos( financieros( del( pasivo( del( balance( del( Grupo( a( largo( plazo,( clasificados( por(
categorías,(al(cierre(del(ejercicio,(son:(
(
'Ejercicio'2014'
'Categorías'
'
'
'
'
'Deudas'con''
''entidades''
''de'crédito''
''
'
'Derivados''
''y'otros''
'
'Total''
'
'Débitos'y'partidas'a'pagar''
30.866.615,86'
((
16.243.278,98'
((
47.109.894,84'
''
('TOTAL''
30.866.615,86'
16.243.278,98'
47.109.894,84'
(
''
Categorías'
'
'
'
Ejercicio'2013''
Deudas'con'
'entidades'
'de'crédito'
'
Derivados'
'y'otros'
''
'
'
Total'
Débitos'y'partidas'a'pagar'
58.351.394,11'
((
17.033.468,89'
((
75.384.863,00'
''
(Total'
58.351.394,11'
17.033.468,89'
75.384.863,00'
Los(débitos(y(partidas(a(pagar,(clasificados(en(deudas(con(entidades(de(crédito,(corresponden(a(
deudas( con( entidades( bancarias( con( vencimiento( a( largo( plazo,( consecuencia( de( los( préstamos(
recibidos,(por(la(parte(correspondiente(al(largo(plazo.(
Los( débitos( y( partidas( a( pagar( clasificados( en( “Otros”( corresponden( a( préstamos( recibidos( de(
organismos( públicos( para( el( desarrollo( de( determinados( proyectos( técnicos( llevados( a( cabo( por( la(
sociedad,(fianzas(recibidas(a(largo(plazo(y(efectos(a(pagar(a(largo(plazo.(
Una( de( las( sociedades( integrantes( del( Grupo( tiene( recibido( un( préstamo( participativo( de( una(
entidad( financiera( por( importe( de( 3.500.000( euros( y( vencimiento( en( 2022.( Este( préstamo( podrá( ser(
convertido,(sea(cual(sea(su(importe,(y(a(requerimiento(del(banco,(en(una(participación(en(el(capital(de(la(
Sociedad(del(25%,(independientemente(del(valor(que(la(compañía(pudiera(tener,(en(el(caso(de(que(la(
Sociedad(incumpla(dos(pagos(consecutivos(o(que(a(la(fecha(del(vencimiento(no(se(esté(al(corriente(de(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
pago.(
Los( instrumentos( financieros( del( pasivo( del( balance( del( Grupo( a( corto( plazo,( clasificados( por(
categorías,(al(cierre(del(ejercicio,(son:(
(
'Categorías'''''''''''''
'Ejercicio'2014''
'Deudas'con''
''entidades''
''de'crédito''
'
'
'
'Débitos'y'partidas'a'pagar'' ' (
Categorías''
'
'
''
'
'Derivados''
''y'otros''
'
'
37.504.933,31' ( 54.942.036,09'
((
((
37.504.933,31'
54.942.036,09'
('TOTAL''
'
''
''
Ejercicio'2013''
Deudas'con'
'entidades'
'de'crédito'
Débitos'y'partidas'a'pagar'
(Total'
24.516.830,77'
((
24.516.830,77'
'
Derivados'
'y'otros'
55.067.594,39'
((
55.067.594,39'
'Total''
'
92.446.969,40'
''
92.446.969,40'
''
'
'
Total'
79.584.425,16'
''
79.584.425,16'
Los(débitos(y(partidas(a(pagar(clasificados(como(deudas(con(entidades(de(crédito(corresponden(a(
deudas( con( entidades( bancarias( con( vencimiento( a( corto( plazo,( consecuencia( de( préstamos,( créditos,(
deudas(por(descuento(de(efectos(y(periodificaciones(de(intereses,(por(la(parte(correspondiente(a(corto(
plazo.(
Los(débitos(y(partidas(a(pagar(clasificados(como(“Otros”(corresponden(a(deudas(comerciales(con(
proveedores( y( acreedores,( proveedores( puesta( en( equivalencia,( operaciones( de( confirming,( cuentas(
corrientes( con( partes( vinculadas,( proveedores( de( inmovilizado,( préstamos( recibidos( de( organismos(
públicos(para(el(desarrollo(de(determinados(proyectos(técnicos(llevados(a(cabo(por(la(sociedad(y(el(resto(
a( remuneraciones( pendientes( de( pago( y( otras( cuentas( a( pagar,( excluyendo( los( saldos( con( las(
administraciones(públicas.(
b)' Activos' financieros' valorados' a' valor' razonable' con' cambios' en' la' cuenta' de' pérdidas' y'
ganancias'
En(el(ejercicio(2014(no(existen(activos(financieros(valorados(a(valor(razonable(con(cambios(en(la(
cuenta(de(pérdidas(y(ganancias,(al(haber(sido(dados(de(baja(en(el(ejercicio(anterior,(siendo(el(importe(de(
la(variación(del(valor(razonable(y(la(acumulada(desde(su(designación(del(ejercicio(anterior(de(31.167,92(
y((1.646.199,81)(euros(respectivamente.(
c)'Clasificación'por'vencimientos.'
Las( clasificaciones( por( vencimiento( de( los( activos' financieros( del( Grupo,( de( los( importes( que(
venzan( en( cada( uno( de( los( siguientes( años( al( cierre( del( ejercicio( y( hasta( su( último( vencimiento,( se(
detallan(en(el(siguiente(cuadro:(
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Página(39(
GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
_____________________________________________________________________________________________________
(
''
''
('Conceptos''
2015''
'Inversiones'financieras''
'Deudores'comerciales'no'
corrientes''
'Deudores'comerciales'y'
otras'cuentas'a'cobrar''
(((((((Clientes(por(ventas(y(
prestación(de(servicios((
''
2016''
5.804.569,71'
'Vencimiento'en'años''
2017''
2018''
''
''
2019''
'Resto''
'Total'l/p''
210.925,56'
75.306,85'
126.059.388,90'
0,00'
9.477.604,26'
135.823.225,57'
1.130.389,79'
676.734,88'
476.334,30'
41.597,49'
1.683.897,27'
4.008.953,73'
0,00'
0,00'
0,00'
0,00'
0,00'
0,00'
'
79.964.156,00'
73.126.130,01(
0,00(
6.838.025,99( (
(((
((
(((((((Otros(deudores((
(
'Total''
85.768.725,71'
(
(
(
(
(((
(((
(((
(((
1.341.315,35'
752.041,73'
126.535.723,20'
41.597,49'
0,00(
((
11.161.501,53'
139.832.179,30'
Las( clasificaciones( por( vencimiento( de( los( pasivos' financieros( del( Grupo,( de( los( importes( que(
venzan( en( cada( uno( de( los( siguientes( años( al( cierre( del( ejercicio( y( hasta( su( último( vencimiento,( se(
detallan(en(el(siguiente(cuadro:(
(
''
('Conceptos''
''
''
'Vencimiento'en'años''
''
''
2015'
2016'
2017'
2018'
2019'
'Resto''
'Total'l/p''
'Deudas''''
((((((Deudas(con(entidades(de(
crédito((
38.965.703,39'
10.691.846,77'
10.472.015,90'
4.793.338,21'
4.909.610,39'
16.243.083,57'
47.109.894,84'
37.504.933,31(
10.146.270,91(
8.113.035,16(
2.426.123,38(
2.462.997,03(
7.718.189,38(
30.866.615,86(
((((((Otros(pasivos(financieros((
'Acreedores'comerciales'y'
otras'cuentas'a'pagar''
1.460.770,08(
545.575,86(
2.358.980,74(
2.367.214,83(
2.446.613,36(
8.524.894,20(
16.243.278,98(
53.481.266,01'
0,00'
0,00'
0,00'
0,00'
0,00'
0,00'
(((((((Proveedores((
37.783.034,31( ((
(((((((Proveedores,(sociedades(
puestas(en(equivalencia((
((
((
((
((
((
((
0,00(
((
((
((
((
0,00(
((((((Otros(acreedores((
15.698.231,70( ((
((
((
((
((
((
((
((
((
((
((
''TOTAL''
92.446.969,40'
10.691.846,77'
10.472.015,90'
4.793.338,21'
4.909.610,39'
0,00(
((
16.243.083,57'
47.109.894,84'
El( Grupo( disponía( al( 31( de( diciembre( de( 2014,( ante( diversas( entidades( bancarias,( avales( por(
importe(de(15,27(millones(de(euros.(Así(mismo,(diversas(sociedades(del(grupo,(tiene(formalizadas(una(
pólizas(de(afianzamiento(por(3(millones(de(euros.(
La( sociedad( dominante( del( Grupo( es( fiadora( por( préstamos( formalizados( por( sociedades( del(
Grupo,(que(al(cierre(del(ejercicio(asciende(a(2,89(millones(de(euros((véase(Nota(22).(
A(su(vez(una(de(las(sociedades(del(Grupo(es(fiadora(de(diversos(préstamos,(uno(formalizado(por(
la( sociedad( dominante( del( Grupo( y( otro( por( un( préstamo( hipotecario( formalizado( por( una( sociedad(
vinculada(al(Grupo,(ascendiendo(el(valor(de(éstos(al(cierre(del(ejercicio(a(40,9(millones(de(euros(véase(
Nota(22).(
d)'Activos'cedidos'en'garantía.'
El( Grupo( tiene( pignoradas( las( acciones( de( una( sociedad( del( Grupo( en( garantía( de( la( deuda( con(
entidades(de(crédito,(utilizada(para(financiar(la(compra(de(las(mismas(por(otra(sociedad(integrante(del(
mismo(Grupo.(El(plazo(de(duración(de(la(garantía(es(paralelo(al(del(préstamo(al(cual(está(vinculado.(
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A(31(de(diciembre(de(2013(y(2014(existe(una(imposición(a(plazo(por(importe(de(19.999,67(euros(
que(actúa(como(garantía(de(una(línea(de(avales,(por(ese(mismo(importe(
e)'Activos'aceptados'en'garantía:'
Una(de(las(sociedades(tiene(formalizados(contratos(de(reconocimiento(de(deuda,(cuyo(importe(al(
cierre(del(ejercicio(asciende(a(2,55(millones(de(euros,(garantizados(mediante(la(constitución(de(prenda(
por(las(participaciones(sociales(de(una(de(las(sociedades(deudoras,(así(como(mediante(constituciones(de(
hipotecas.(
f) Correcciones'por'deterioro'del'valor'originadas'por'el'riesgo'de'crédito.'
'
(
(((
'Pérdida'por'deterioro'a'31/12/12''
(Corrección(valorativa(por(deterioro((
(Reversión(del(deterioro((
(Traspasos(y(otras(variaciones((
'Pérdida'por'deterioro'a'31/12/13''
(Corrección(valorativa(por(deterioro((
(Reversión(del(deterioro((
(Traspasos(y(otras(variaciones((
(
'Pérdida'por'deterioro'a'31/12/14''
'Clases'de'activos'financieros''
'Créditos,'derivados'y'otros''
'Corto'plazo''
12.950.702,98'
868.652,41(
(217.753,71)(
(3.998.550,58)(
9.603.051,10'
1.537.258,46(
(261.975,35)(
(37.275,59)(
((
10.841.058,62'
En(el(ejercicio(anterior(existía(un(deterioro(a(largo(plazo((de(un(crédito(por(importe(de(444(miles(
de(euros,(el(cual(se(imputó(íntegramente(a(pérdidas,(puesto(que(ésta(se(disolvió(en(dicho(ejercicio.(
Los(criterios(utilizados(para(el(cálculo(de(las(correcciones(valorativas(de(los(deudores(comerciales(
se(detallan(en(la(nota(4(apartado(10.1.(
13.2' Información'relacionada'con'la'cuenta'de'pérdidas'y'ganancias'y'el'patrimonio'neto.'
Las( pérdidas( o( ganancias( netas( procedentes( de( las( distintas( categorías( de( activos( financieros(
definidas(en(la(norma(de(registro(y(valoración(novena,(los(ingresos(financieros(calculados(por(aplicación(
del(método(del(tipo(de(interés(efectivo,(se(detalla(en(el(siguiente(cuadro:(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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(
(
(
'
'Pérdidas'o'ganancias'netas''
'Ejercicio'2014''
((
'Ejercicio'2013''
Ingresos'financieros'por'aplicación'
del'tipo'de'interés'efectivo''
'Ejercicio'2014''
'Activos'a'valor'razonable'con'cambios'en'pérdidas''
'y'ganancias':''
0,00' (
(72.024,85)' (
0,00'
(Otros((
0,00(
(72.024,85)( ((
'Inversiones'mantenidas'hasta'el'
vencimiento''
216.926,14' (2.035.917,08)'
332.039,68(
'Préstamos'y'partidas'a'cobrar''
364.490,34'
730.704,84'
1.748.818,45(
'Activos'disponibles'para'la'venta':''
428.567,29'
1.638.952,72'
0,00'
(Valorados(a(valor(razonable((
428.567,29(
1.638.952,72(
0,00(
((
((
((
(
'Total''
1.009.983,77'
261.715,63'
2.080.858,13'
'Ejercicio'2013''
(
0,00'
((
1.120.027,53'
1.430.978,59'
0,00'
((
((
2.551.006,12'
Los(ingresos(registrados(por(aplicación(del(tipo(interés(efectivo(en(préstamos(y(partidas(a(cobrar(
e( inversiones( mantenidas( hasta( el( vencimiento( corresponden( a( los( intereses( que( generan( los( créditos(
concedidos(a(partes(vinculadas(y(a(terceros,(los(bonos(y(obligaciones(y(las(imposiciones.(
Las(ganancias(netas(registradas(en(préstamos(y(partidas(a(cobrar(corresponden(principalmente(a(
otros( ingresos,( mientras( que( los( relativos( a( inversiones( mantenidas( hasta( el( vencimiento( son(
consecuencia(de(la(reversión(de(un(deterioro(y(por(resultados(de(bajas(de(éstas.(
Las(ganancias(netas(registradas(en(la(categoría(de(activos(disponibles(para(la(venta(corresponden(
a(los(beneficios(netos(obtenidos(por(las(ventas(de(acciones,(carteras(de(valores(y(fondos(de(inversión,(
así(como(por(los(dividendos(recibidos(por(éstos.(
El(importe(de(las(correcciones(valorativas(por(deterioro(de(clase(de(activos(financieros(se(detalla(
en(el(siguiente(cuadro:(
(
Correcciones'valorativas'''
por'deterioro''
'Ejercicio'2014''
'Ejercicio'2013''
(
(((
(Instrumentos(de(patrimonio((
(Valores(representativos(de(deuda((
(
((
'Total''
15.209.536,55( ((
477.000,00(
((
(562.199,24)(
15.686.536,55'
(562.199,24)'
El(deterioro(de(valor(de(crédito(de(clientes(se(informa(en(el(apartado(13.1.f)(de(esta(nota.((
El(epígrafe(19(de(la(Cuenta(de(Pérdidas(y(Ganancias(Consolidada(recoge(la(liquidación,(de(fecha(
24(de(enero(de(2014,(de(la(sociedad(Epeda(Werke,(de(la(que(se(ha(da(baja(la(inversión(financiera(y(su(
correspondiente(deterioro.(
Las( pérdidas( o( ganancias( netas( procedentes( de( las( distintas( categorías( de( pasivos( financieros(
definidas(en(la(norma(de(registro(y(valoración(novena,(los(gastos(financieros(calculados(por(aplicación(
del(método(del(tipo(de(interés(efectivo,(se(detalla(en(el(siguiente(cuadro:(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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(
(
(((
(
(Débitos(y(partidas(a(pagar((
(642.582,71)(
'Total''
(1.024.858,74)(
''
((
(
'Gastos'financieros'por'aplicación'''
del'tipo'de'interés'efectivo''
'Ejercicio'2014''
'Ejercicio'2013''
'
Pérdidas'o'ganancias'netas''
'Ejercicio'2014''
'Ejercicio'2013''
(642.582,71)'
(5.823.795,12)(
((
(1.024.858,74)'
(4.656.417,01)(
''
(5.823.795,12)'
(4.656.417,01)'
Los(gastos(financieros(por(aplicación(del(tipo(de(interés(efectivo(corresponden(a(las(deudas(que(
tiene(la(empresa(con(entidades(financieras(por(préstamos(y(créditos,(así(como(a(gastos(financieros(por(
descuento( de( efectos.( Los( que( constan( como( pérdidas( y( ganancias( netas( corresponden( a( otros( gastos(
financieros.(
13.3' Otro'tipo'de'información.'
a)
Valor(razonable.(
El( valor( en( libros( de( los( instrumentos( financieros( constituye( una( aproximación( aceptable( de( su(
valor(razonable.(
El( valor( razonable( de( los( instrumentos( de( patrimonio( clasificados( en( la( categoría( de( activos(
financieros(disponibles(para(la(venta(se(ha(determinado(según(los(precios(cotizados(en(mercados(activos(
al(cierre(del(ejercicio.(
'
b)
Los(límites(de(las(pólizas(y(líneas(de(descuento(al(cierre(del(ejercicio(son(los(siguientes:(
Entidades'de'crédito'
(Total(líneas(de(descuento((
(Total(pólizas(de(crédito((
(
Límite'concedido'
43.448.650,00(
6.000.000,00(
(
Dispuesto'
13.792.419,47(
5.691.969,11(
(
Disponible'
29.656.230,53(
308.030,89(
(
13.4' Información'sobre'la'naturaleza'y'el'nivel'de'riesgo'procedente'de'instrumentos'financieros.'
Las( políticas( de( riesgo( del( Grupo( son( establecidas( por( la( Dirección( Financiera( del( Grupo,(
estableciendo(una(serie(de(procedimientos(y(controles(que(permiten(identificar(y(gestionar(los(riesgos(
procedentes(de(los(instrumentos(financieros.(
La(actividad(con(instrumentos(financieros(expone(al(Grupo((a(los(riesgos(de(crédito,(de(mercado(y(
de(liquidez.(
Riesgo( de( crédito:( se( produce( por( la( posible( pérdida( causada( por( el( incumplimiento( de( las(
obligaciones(contractuales(de(las(contrapartes(del(Grupo,(es(decir,(por(la(posibilidad(de(no(recuperar(los(
activos(financieros(por(el(importe(contabilizado(y(en(el(plazo(establecido.(
Para(gestionar(el(riesgo(de(crédito,(los(Departamentos(Comercial(y(Financiero(del(Grupo(evalúan(
los( límites( de( crédito( para( cada( uno( de( los( clientes.( Las( cuentas( vencidas( son( objeto( de( seguimiento(
puntual(y(reclamación(por(el(Departamento(Financiero(del(Grupo(y,(en(caso(de(resultar(necesario,(por(el(
Departamento(Jurídico(del(Grupo.(
Por( otra( parte,( el( Grupo( mantiene( su( tesorería( en( entidades( financieras( de( elevado( nivel(
crediticio.(
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El( riesgo( de( mercado( se( produce( por( la( posible( pérdida( causada( por( variaciones( en( el( valor(
razonable( o( en( los( futuros( flujos( de( efectivo( de( un( instrumento( financiero,( debidas( a( cambios( en( los(
precios(de(mercado.(El(riesgo(de(mercado(incluye(el(riesgo(de(tipo(de(interés,(de(tipo(de(cambio(y(otros(
riesgos(de(precio.(
El(riesgo(de(tipo(de(interés(afecta(al(Grupo(en(cuanto(a(que(las(líneas(de(descuento(dispuestas(se(
encuentran(sujetas(a(la(evolución(de(los(tipos(de(interés.(
El( riesgo( de( tipo( de( cambio( no( afecta( al( Grupo,( ya( que( en( cada( caso( tiene( contratados( los(
correspondientes(seguros(de(cambio.(
El(riesgo(de(precios(afecta(al(Grupo(por(pertenecer(a(un(sector(muy(competitivo(en(precios.(No(
obstante,( se( vigilan( y( analizan( puntualmente( todas( las( operaciones( con( el( objetivo( de( conseguir( los(
mejores(márgenes(posibles.(
El(riesgo(de(liquidez(se(produce(por(la(posibilidad(de(que(el(Grupo(no(pueda(disponer(de(fondos(
líquidos,(o(acceder(a(ellos,(en(la(cuantía(suficiente(y(con(un(coste(adecuado,(para(hacer(frente(en(todo(
momento( a( sus( obligaciones( de( pago.( El( objetivo( del( Grupo( es( mantener( las( disponibilidades( líquidas(
necesarias,(para(lo(que(se(establecen(y(vigilan(los(niveles(mínimos(de(liquidez(que(se(deben(mantener(
en( todo( momento.( Tal( como( se( ha( indicado( anteriormente,( el( Grupo( dispone( de( líneas( de( descuento(
contratadas(con(diversas(entidades(financieras,(de(proyección(plurianual(y(que(cuentan(con(un(amplio(
margen(disponible.(
13.5' Fondos'propios'
El( Capital( social( de( la( sociedad( dominante( está( representado( y( dividido( en( 5.803.708(
participaciones(de(10(euros(de(valor(nominal(cada(una(de(ellas,(que(se(encuentran(totalmente(suscritas(
y(desembolsadas.(
En(el(ejercicio(2013,(la(sociedad(dominante(amplió(capital(en(40.000(euros,(según(acuerdo(de(su(
Junta( General( de( Socios( de( 6( de( mayo( de( 2013,( mediante( la( emisión( de( 4.000( participaciones( de( 10(
euros( de( valor( nominal( cada( una( de( ellas,( que( se( encuentran( totalmente( suscritas( y( desembolsadas.(
Igualmente( y( como( consecuencia( de( la( escisión( parcial( sin( extinción( realizada( en( el( ejercicio( 2013,( se(
segregó(una(parte(de(su(patrimonio((véase(Nota(1),(lo(que(supuso(una(disminución(del(capital(en(1.330(
euros.(
Prima(de(emisión:(La(prima(de(emisión(es(de(libre(distribución(por(la(Junta(General(de(Socios(de(
la(Sociedad(dominante.(
Disponibilidad+de+reservas:+
Reserva(legal:(se(ha(constituido(en(ejercicios(anteriores(y(tienen(como(finalidad(lo(previsto(en(el(
Artículo(274(del(Texto(Refundido(de(la(Ley(de(Sociedades(de(Capital.(De(acuerdo(con(lo(anterior,(debe(
destinarse( un( 10%( de( sus( beneficios( a( la( constitución( de( un( fondo( de( reserva( que( alcanzará( la( quinta(
parte(del(capital.(Esta(reserva(podrá(ser(utilizada(para(cubrir,(en(su(caso,(el(saldo(deudor(de(la(cuentas(
de( pérdidas( y( ganancias,( y( deberá( reponerse( cuando( descienda( del( nivel( indicado,( y( siempre( que( no(
existan(otras(reservas(disponibles(suficientes(para(este(fin.(Está(dotada(al(cierre(del(ejercicio(de(acuerdo(
al(límite(que(marca(la(ley.(
Reserva(por(fondo(de(comercio:(conforme(a(la(Ley(de(Sociedades(de(Capital,(en(la(aplicación(del(
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_____________________________________________________________________________________________________
resultado( de( cada( ejercicio( debe( dotarse( una( reserva( indisponible( como( consecuencia( del( fondo( de(
comercio( que( figura( en( el( activo( del( balance( de( situación,( destinándose( a( tal( efecto( una( cifra( del(
beneficio(que(represente,(al(menos,(un(cinco(por(ciento(del(importe(del(citado(fondo(de(comercio.(
Reservas( distribuibles:( Son( reservas( de( libre( disposición( por( la( Junta( General( de( Socios( de( la(
Sociedad(dominante.(
En(los(ejercicios(2014(y(2013,(ni(la(sociedad(dominante(ni(ninguna(de(las(Sociedades(que(integran(
el(Grupo(ha(realizado(negocio(con(acciones(o(participaciones(propias.(
Los( movimientos( en( el( ejercicio( de( las( partidas( incluidas( en( los( fondos( propios( del( balance( de(
situación(consolidado(son:(
(
Saldo'a'
'''
Saldo'a'
'
Aumentos'
31/12/13'
''Capital''
'Prima'de'emisión''
'Reservas''
!*!Reservas!de!la!sociedad!dominante!!
((V(Reservas(de(la(sociedad(dominante(
distribuibles((
((V(Reservas(de(la(sociedad(dominante(no(
distribuibles((
((V(Resultados(de(ejercicios(anteriores((
!*!Reservas!en!sociedades!consolidadas!!
!*!Reservas!en!sociedades!puestas!en!
equivalencia!!
'Rtdo'del'ejercicio'atribuido'a'la'sociedad'
dominante''
'Total''
'
Traspasos'
31/12/14'
'
'''
'''
'''
58.037.080,00'
90.840.265,10' ''
''
''
102.339.709,01'
4.727.939,27' (14.732.669,91)' 420.031,86'
76.654.114,11!
1.059.158,74!
(1.353.186,53)! 420.031,86!
70.018.234,79(
1.012.239,68(
(1.353.186,53)(
'
58.037.080,00'
90.840.265,10'
92.755.010,23'
76.780.118,18!
420.031,86(
70.097.319,80(
7.654.639,30(
46.919,06( ((
((
(1.018.759,98)( ((
((
((
26.755.150,29!
3.548.546,73! (13.379.483,38)! !!
(1.069.555,39)!
120.233,80! ''
(8.402.385,65)'
((
'
'
Disminuciones'
8.402.385,65'
((
242.814.668,46'
((
13.130.324,92'
7.701.558,36(
(1.018.759,98)(
16.924.213,64!
!!
(949.321,59)!
(2.373.640,89)' ''
(2.373.640,89)'
((
((
(17.106.310,80)' 420.031,86'
239.258.714,44'
Los(movimientos(en(el(ejercicio(anterior(fueron:(
(
'
'Concepto''
'Capital''
'Prima'de'emisión''
'Reservas''
!*!Reservas!de!la!sociedad!dominante!!
((V(Rvas(de(la(sociedad(dominante(
distribuibles((
((V(Rvas(de(la(sociedad(dominante(no(
distribuibles((
((V(Rdos(de(ejercicios(anteriores((
!*!Reservas!en!sociedades!consolidadas!!
!*!Reservas!en!sociedades!puestas!en!
equivalencia!!
Rtdo'del'ejercicio'atribuido'a'la'sociedad'
dominante''
'Total''
Saldo'a'
31/12/12'
57.998.410,00'
90.680.265,10'
93.440.872,82'
76.155.153,26!
68.500.337,96(
'
Aumentos'
Modificación'
perímetro'
Saldo'a'
31/12/13'
40.000,00'
(1.330,00)' ''
58.037.080,00'
160.000,00' ''
''
90.840.265,10'
15.393.703,83' (20.269.972,81)' 13.775.105,17' 102.339.709,01'
1.585.734,35!
(1.086.773,50)!
!!
76.654.114,11!
1.585.734,35(
7.654.815,30( ((
0,00( ((
46.886.821,36! 13.807.969,48!
(29.601.101,80)! !!
'
Disminuciones'
(67.837,52)( ((
70.018.234,79(
(176,00)( ((
(1.018.759,98)( ((
(19.106.869,39)! (14.832.771,16)!
(76.329,92)'
28.607.876,33!
7.654.639,30(
(1.018.759,98)(
26.755.150,29!
(1.069.555,39)!
(8.205.233,97)'
8.205.233,97'
(8.402.385,65)' ''
(8.402.385,65)'
((
((
((
((
((
233.914.313,95' 23.798.937,80' (28.673.688,46)' 13.775.105,17' 242.814.668,46'
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
13.6' Otros'ajustes'por'cambio'de'valor:'
El(desglose(de(los(ajustes(por(cambio(de(valor(recogidos(en(el(balance(de(situación(consolidado(a(
31(de(diciembre(de(2014(es(el(siguiente:(
(
'Sociedad''
'dominante''
(
'Ejercicio'2014''
'Activos(financieros(disponibles(para(la(venta((
((
'Sociedades''
'consolidadas'' (
'Total''
(166.137,42)(
125.037,66'
291.175,08(
((
((
'Total''
291.175,08'
((
(166.137,42)'
125.037,66'
El(desglose(de(los(ajustes(por(cambio(de(valor(a(31(de(diciembre(de(2013(es(el(siguiente:(
(
'Sociedad''
'dominante''
(
'Ejercicio'2013''
(Activos(financieros(disponibles(para(la(venta((
(Operaciones(de(cobertura((
(Otros(ajustes(por(cambios(de(valor((
((
241.758,59(
((
((
Total''
NOTA'14
'Sociedades''
'consolidadas''
(
(352.540,76)(
(110.782,17)'
0,00'
420.031,86'
((
420.031,86( ((
((
661.790,45'
'Total''
((
(352.540,76)'
309.249,69'
EXISTENCIAS'
El(desglose(de(este(epígrafe(al(31(de(diciembre(de(2014,(es(el(siguiente:(
'Correcciones''
'valorativas'' (
('Descripción''
('Importe'bruto''
(Mercaderías((
(Materias(Primas(y(otros(aprovisionamientos((
(Productos(en(curso((
(Productos(terminados((
(Anticipo(a(proveedores((
9.329.453,53( (2.612.946,04)(
6.716.507,49(
13.424.346,95(
(454.111,97)(
12.970.234,98(
1.885.559,82(
0,00(
1.885.559,82(
20.433.989,04( (2.303.079,10)(
18.130.909,94(
962.861,72( ((
962.861,72(
((
((
''
''(
'Total''
46.036.211,06' (5.370.137,11)'
40.666.073,95'
El(desglose(de(este(epígrafe(al(31(de(diciembre(de(2013,(es(el(siguiente:(
(
(Descripción'
Mercaderías(
Materias(Primas(y(otros(aprovisionamientos(
Productos(en(curso(
Productos(terminados(
Anticipo(a(proveedores(
8.751.659,60(
14.433.280,23(
2.237.012,99(
20.253.810,67(
900,00(
45.676.663,49'
(
(115.365,35)(
(2.480.049,70)(
(64.141,17)(
(1.180.418,07)(
(((
((
''(
Correcciones'
valorativas'
( Importe'bruto'
Total'
8.636.294,25(
11.953.230,53(
2.172.871,82(
19.073.392,60(
900,00(
''
(3.839.974,29)'
41.836.689,20'
Al(31(de(diciembre(de(2014,(al(igual(que(al(cierre(del(ejercicio(anterior,(existen(pedidos(en(firme(
_____________________________________________________________________________________________________
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
_____________________________________________________________________________________________________
de(materia(prima(que(no(se(pueden(cuantificar,(ya(que(son(pedidos(abiertos(de(suministro(con(nuestros(
proveedores(de(materiales,(que(se(utilizan(cuando(por(los(procesos(de(producción(surge(la(necesidad.(
No( existen( limitaciones( a( la( libre( disponibilidad( de( las( existencias( debidas( a( garantías,( pignoraciones,(
fianzas(u(otras(razones(análogas.(
Durante(el(ejercicio(2014(se(han(dotado(correcciones(por(deterioro(del(valor(de(las(existencias(de(
mercaderías,( materias( primas( y( otros( aprovisionamientos( originado( por( baja( rotación( y( obsolescencia,(
por(importe(de(934,81(miles(de(euros.(A(su(vez,(en(una(de(las(sociedades(del(Grupo,(se(ha(reconocido(un(
deterioro(de(existencias(por(importe(de(1,05(millones(de(euros(contra(patrimonio(neto.(
La(Sociedad(tiene(contratadas(pólizas(de(seguros(que(garantizan(la(recuperabilidad(del(valor(neto(
contable(de(las(existencias(tanto(de(materia(prima(como(de(producto(acabado.(
NOTA'15
MONEDA'EXTRANJERA'
El( importe( global( de( los( elementos( de( activo( y( pasivo( denominados( en( moneda( extranjera,(
incluyendo(un(desglose(de(activos(y(pasivos(más(significativos(clasificados(por(monedas,(se(detalla(en(el(
siguiente(cuadro(para(el(ejercicio(2014(y(2013,(respectivamente:(
(
Ejercicio'2014'
((
(
'A)'ACTIVO'NO'CORRIENTE''
'2.'Inversiones'financieras'a'largo'plazo''
(a)(Instrumentos(de(patrimonio((
'B)'ACTIVO'CORRIENTE''
'5.'Efectivo'y'otros'activos'líquidos'
equivalentes''
'D)'PASIVO'CORRIENTE''
'4.'Acreedores'comerciales'y'otras'cuentas'a'
pagar''
'USD''
0,00'
0,00'
0,00(
20.435,19'
Clasificación'por'monedas'
'GBP''
'CHF''
'RMB''
27.745,53'
49.913,94'
0,00'
27.745,53'
49.913,94'
0,00'
27.745,53(
49.913,94(
0,00(
637,21'
0,00'
2.871,34'
'Total''
77.659,47'
77.659,47'
77.659,47(
23.943,74'
20.435,19'
70.137,99'
637,21'
(1.453,08)'
23.943,74'
68.684,91'
70.137,99'
((
((
0,00'
0,00'
(1.453,08)'
((
2.871,34'
0,00'
0,00'
((
0,00'
((
68.684,91'
((
(
(
(
Ejercicio'2013'
Clasificación'por'monedas'
'USD''
(
'A)'ACTIVO'NO'CORRIENTE''
'2.'Inversiones'financieras'a'largo'plazo''
(a)(Instrumentos(de(patrimonio((
(c)(Valores(representativos(de(deuda((
'B)'ACTIVO'CORRIENTE''
'4.'Inversiones'financieras'a'corto'plazo''
(c)(Valores(representativos(de(deuda((
'C)'PASIVO'NO'CORRIENTE''
'2.Deudas'con'empresas'del'grupo'y'
asociadas'a'largo'plazo''
'D)'PASIVO'CORRIENTE''
'4.'Acreedores'comerciales'y'otras'cuentas'a'
pagar''
((
'GBP''
75.306,85'
75.306,85'
0,00(
75.306,85(
52.030,67'
52.030,67'
52.030,67(
0,00'
'CHF''
'MYR''
'Total''
0,00'
0,00'
0,00(
0,00(
0,00'
0,00'
0,00(
0,00'
63.109,27'
63.109,27' 201.525,40'
63.109,27'
63.109,27' 201.525,40'
63.109,27(
63.109,27( 126.218,55(
0,00(
0,00(
75.306,85(
0,00'
0,00'
52.030,67'
0,00'
0,00'
52.030,67'
0,00(
0,00(
52.030,67(
0,00' 2.398.442,73' 2.398.442,73'
0,00(
0,00(
4.932,90' 1.099,44'
0,00( 2.398.442,73( 2.398.442,73'
0,00'
0,00'
6.032,34'
4.932,90( 1.099,44(
((
'
(
((
0,00(
((
0,00(
((
6.032,34'
((
_____________________________________________________________________________________________________
Zaragoza,(31(de(marzo(de(2015(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
_____________________________________________________________________________________________________
Los(importes(correspondientes(a(compras,(ventas(y(servicios(recibidos(y(prestados(denominados(
en(moneda(extranjera,(son(para(el(ejercicio(2014(y(2013:(
(
Ejercicio'2014'
((
(
'E)'RESULTADOS''
(1.(Compras((
Clasificación'por'monedas'
'USD''
'GBP''
'Total''
916.044,25'
19.138,02'
935.182,27'
916.044,25(
19.138,02(
935.182,27(
(
Ejercicio'2013
Clasificación'por'monedas
USD
1.443.897,46
1.443.897,46
E)'RESULTADOS
1.(Compras
Total
1.443.897,46
1.443.897,46
El( importe( de( las( diferencias( de( cambio( reconocidas( en( el( resultado( del( ejercicio( por( clases( de(
instrumentos(financieros(está(desglosado(en(el(siguiente(cuadro:(
(
'Ejercicio'2014''
'Ejercicio'2013''
Liquidadas'
Liquidadas'
(198,62)'
79.163,33'
'2.'Inversiones'financieras'a'largo'plazo''
(198,62)'
79.163,33'
(a)(Instrumentos(de(patrimonio((
(198,62)(
79.163,33(
'B)'ACTIVO'CORRIENTE''
8.963,52'
16.900,19'
'5.'Efectivo'y'otros'activos'líquidos'equivalentes''
8.963,52'
16.900,19'
'D)'PASIVO'CORRIENTE''
(91.852,62)'
339.715,72'
'2.'Deudas'a'corto'plazo''
(104.470,26)'
0,00'
(e)(Otras(pasivos(financieros((
(104.470,26)( ((
'3.Deudas'con'empresas'del'grupo'y'asociadas'a'corto'plazo''
0,00'
375.587,91'
'4.'Acreedores'comerciales'y'otras'cuentas'a'pagar''
12.617,64'
(35.872,19)'
(
('A)'ACTIVO'NO'CORRIENTE''
((
((
((
Las(diferencias(de(conversión(registradas(en(el(patrimonio(neto(del(balance(de(los(ejercicio(2014(
y(2013,(surgen(como(consecuencia(de(la(conversión(a(euros(de(los(estados(financieros(intermedios(a(31(
de( diciembre( de( cada( ejercicio( de( Grupo( Dunlopillo( (expresados( en( moneda( de( Malasia( VRinggit(
MalaysiaV).(El(movimiento(de(esta(cuenta(en(el(ejercicio(ha(sido:(
(
'Importe'a'''
31/12/2013'
(((
(Diferencias(de(conversión((
''
'
'Altas''
(2.208.826,82)( ((
''
'Importe'a'''
31/12/2014'
'
'Bajas''
50.023,77(
''
((
(2.158.803,05)(
''
(
(
'Concepto''
'Importe'a'''
31/12/12'
(Diferencias(de(conversión((
150.902,21(
''
''
'
'Altas''
'Importe'a'''
31/12/13'
'
'Bajas''
(2.359.729,03)( ((
''
((
(2.208.826,82)(
''
El(Grupo(Dunlopillo(opera(en(los(países(en(los(que(está(presente((véase(nota(1),(en(las(siguientes(
monedas:(Vietnamese(Don,(Chinese(Renminbi,(Hong(Kong(Dollar,(Singapore(Dollar,(United(States(Dollar,(
Europe(Dollar(y(United(Kingdom(Pound.(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
NOTA'16
SITUACION'FISCAL'
El(Grupo(de(Sociedades(como(tal,(no(tributa(en(régimen(de(tributación(consolidada,(presentando(
cada(sociedad(de(forma(individual(las(correspondientes(declaraciones(por(impuesto(sobre(beneficios,(a(
excepción(del(Subgrupo(Pardo(que(tributa(en(España,(y(del(Subgrupo(Cofel(que(tributa(en(Francia(como(
grupo(fiscal(de(acuerdo(a(la(normativa(vigente(en(dicho(país.(La(Sociedad(dominante(tributa(por(dicho(
impuesto(en(el(régimen(general(como(sociedad(individual,(siendo(el(tipo(de(gravamen(aplicable(para(el(
ejercicio(2014(el(30%,(al(igual(que(para(todas(las(sociedades(del(perímetro(que(tributan(en(España.(En(el(
caso( de( las( empresas( residentes( en( Francia( su( tipo( impositivo( es( el( 33,3%( y( para( las( residentes( en(
Portugal(y(en(Malaysia(un(25%.(
El(Grupo(mantenía(al(31(de(diciembre(de(2014(y(al(31(de(diciembre(de(2013(los(siguientes(saldos(
con(las(Administraciones(Públicas:(
(
Concepto'
SALDOS'DEUDORES'
SALDOS'ACREEDORES'
Ejercicio'2014'
Ejercicio'2013'
5.943.851,73(
1.216.703,47(
Impuesto(Renta(de(las(Personas(físicas(
((
((
979.820,40(
326.194,85(
Organismos(de(la(Seguridad(Social(
((
((
1.022.083,88(
1.047.209,99(
Impuestos(de(sociedades(y(otros(
((
1.581.931,72(
69089,67(
((
7.229.718,97(
6.777.104,27(
11.168.823,64'
10.476.227,14'
Impuesto(sobre(el(Valor(Añadido(
Otras(entidades(publicas(
Total'
231.075,00( ((
6.174.926,73'
2.798.635,19'
Ejercicio'2014'
1.868.110,72(
Ejercicio'2013'
2.325.718,03(
El(Impuesto(sobre(Sociedades(de(cada(ejercicio(se(calcula(en(base(al(resultado(contable,(obtenido(
por(la(aplicación(de(principios(de(contabilidad(generalmente(aceptados,(que(no(necesariamente(ha(de(
coincidir( con( el( resultado( fiscal,( entendiendo( éste( como( la( base( imponible( del( citado( impuesto.( No(
obstante,( algunas( de( las( sociedades( del( Grupo( no( residentes( en( España,( de( conformidad( con( sus(
respectivas( normativas( fiscales,( calculan( el( Impuesto( sobre( Beneficios( en( función( de( parámetros( tales(
como(cifra(de(negocios,(capital(y(valor(añadido.(
Si( bien( cada( sociedad( tributa( en( el( Impuesto( sobre( Sociedades( de( forma( individual,( a( efectos(
informativos(se(presenta(la(conciliación(del(resultado(contable(antes(de(impuestos(correspondientes(a(
los(ejercicios(2014(y(2013,(con(la(base(imponible(consolidada:(
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_____________________________________________________________________________________________________
Conciliación'de'resultado'contable'y'fiscal'al'cierre'del'ejercicio'2014:'
'
''
Cuenta'de'Pérdidas'y'Ganancias'
Saldo(de(ingresos(y(gastos(del(ejercicio(
((
((
(2.357.077,99)(
Aumentos''
Ajustes(de(consolidación(
Ingresos'y'gastos'directamente'
imputados'al'patrimonio'neto'
((
Disminuciones'
Total'
(1.571.940,02)(
Aumentos''
(3.929.018,01)(
Disminuciones' ((
12.979.188,40(
((
((
12.979.188,40(
Impuesto(sobre(Sociedades(
4.368.083,56(
( (7.021.734,61)( ((
((
(2.653.651,05)(
Diferencias(permanentes(
2.751.257,45(
(15.339.974,37)(
1.366.223,47( ((
(11.222.493,45)(
Diferencias(temporarias:(
1.345.628,91(
(5.585.748,66)(
+0con+origen+en+el+ejercicio+
1.345.628,91+
(3.663.562,00)+ ++
++
(2.317.933,09)(
(1.922.186,66)+ ++
++
(1.922.186,66)+
(6.013.842,35)+ ++
((
''
++
((
''
(6.013.842,35)+
((
(15.079.936,22)'
+0con+origen+en+ejercicios+anteriores+
Compensación(bases(imponibles(
((
Base'imponible'(resultado'fiscal)'
+
+
((
''
((
''
((
((
(4.240.119,75)(
Las( diferencias( permanentes( y( temporarias( positivas( son( conceptos( no( deducibles( en( la(
determinación(de(la(base(imponible(tales(como(correcciones(sobre(la(cuota(a(pagar(en(la(liquidación(del(
impuesto(de(sociedades(del(año(2013,(a(gastos(financieros(no(deducibles(conforme(a(lo(establecido(en(
el( artículo( 20( del( L.I.S.,( por( la( dotación( de( amortización( del( inmovilizado( del( ejercicio( que( no( es(
deducible(conforme(a(lo(establecido(en(la(Ley(16/2012(de(27(de(diciembre,(y(por(otros(conceptos.(
Las(diferencias(permanentes(y(temporarias(negativas(surgen(principalmente(como(consecuencia(
de( conceptos( deducibles( en( la( determinación( de( la( base( imponible( y( que( no( tienen( reflejo( contable( y(
también(por((correcciones(sobre(la(cuota(a(pagar(en(la(liquidación(del(impuesto(de(sociedades(del(año(
2013.(
Las( diferencias( temporarias( son( las( derivadas( de( la( diferente( valoración( a( efectos( contables( y(
fiscales(de(determinados(activos,(pasivos(e(instrumentos(de(patrimonio(propio(de(la(empresa.((
Las( diferencias( permanentes( que( afectan( al( patrimonio( neto,( se( refieren( a( deterioros( de(
existencias(de(una(sociedad(del(Grupo(que(no(son(deducibles(fiscalmente(.(
Conciliación'de'resultado'contable'y'fiscal'al'cierre'del'ejercicio'2013:'
(
Cuenta'de'Pérdidas'y'Ganancias'
((
Saldo(de(ingresos(y(gastos(del(ejercicio(
((
((
Aumentos''
(8.392.010,46)(
( Disminuciones'
Ajustes(de(consolidación(
Impuesto(sobre(Sociedades(
Diferencias(permanentes(
Diferencias(temporarias:(
(Vcon(origen(en(el(ejercicio(
(Vcon(origen(en(ejercicios(anteriores(
Compensación(de(bases(imponibles((
negativas(de(ejercicios(anteriores(
((
((
((
((
(
(((
Base'imponible'del'perímetro'de'consolidación'
''
''
Efecto'neto'
13.965.500,54(
3.392.263,95( ( (7.588.244,82)(
1.485.090,09(
(1.387.584,33)(
0,00(
(1.014.520,64)(
0,00(
(143.520,73)(
0,00(
(870.999,91)(
13.965.500,54(
(4.195.980,87)(
97.505,76(
(1.014.520,64)(
(143.520,73)(
(870.999,91)(
((
((
(5.696.374,71)(
(5.235.880,38)'
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
_____________________________________________________________________________________________________
Activos'y'pasivos'por'impuesto'sobre'beneficios'diferidos:'
La( diferencia( entre( la( carga( fiscal( imputada( al( ejercicio( y( a( los( ejercicios( precedentes( y( la( carga(
fiscal( ya( pagada( o( que( habrá( de( pagarse( por( esos( ejercicios( se( registra( en( las( cuentas( “Activos( por(
Impuesto( sobre( Beneficios( Diferidos”( o( “Pasivos( por( Impuesto( sobre( Beneficios( Diferidos”,( según(
corresponda.( Dichos( importes( diferidos( se( han( calculado( mediante( la( aplicación( a( los( importes(
correspondientes(del(tipo(impositivo(nominal(vigente.(El(detalle(del(ejercicio(2014(y(2013(es(el(siguiente:(
(
'ACTIVOS'POR'IMPUESTOS'
DIFERIDOS''
2014'
2013'
''
'Concepto''
'PASIVOS'POR'IMPUESTOS'
DIFERIDOS''
2014'
2013'
(Activo(por(diferencias(temporarias(deducibles((
772.347,03(
740.167,82(
(Derechos(deducciones(y(bonif.(pendientes(aplicar((
6.141.747,81(
5.177.103,19(
(Créditos(por(pérdidas(a(compensar((
31.048.159,28(
34.366.266,71(
(Pasivos(por(diferencias(temporarias(imponibles((
(( ((
((
((
((
'Total''
37.962.254,12'
40.283.537,72'
((
((
((
((
((
((
328.725,46(
((
328.725,46'
256.432,48(
(
256.432,48'
De(acuerdo(a(la(norma(de(valoración(13ª(del(Plan(General(de(Contabilidad,(los(activos(y(pasivos(por(
impuesto( corriente( y( diferido( se( valorarán( por( las( cantidades( que( se( espera( pagar( o( recuperar( de( las(
autoridades( fiscales,( de( acuerdo( con( la( normativa( vigente( o( aprobada( y( pendiente( de( publicación( en( la(
fecha(de(cierre(del(ejercicio.(Al(cierre(de(este(ejercicio(las(sociedades(del(grupo(situadas(en(España(han(
ajustado( los( activos( fiscales( que( constan( en( el( balance( al( nuevo( tipo( impositivo( del( 25%,( lo( cual( ha(
supuesto( un( ajuste( de( 4,33( millones( de( euros,( minorado( las( diferencias( temporarias( deducibles( y( el(
crédito( por( pérdidas( a( compensar.( La( contrapartida( de( este( ajuste( se( ha( registrado( en( la( cuenta( de(
pérdidas(y(ganancias,(como(ajustes(negativos(en(la(imposición(sobre(beneficios.(
El(detalle(de(del(importe(y(año(de(generación,(así(como(del(último(año(de(su(aplicación,(para(las(
Créditos(por(pérdidas(a(compensar(activados(en(el(activo(del(balance(consolidado(es(el(siguiente:(
(
BASES'IMPONIBLES'NEGATIVAS'
Año'que'
PENDIENTES'DE'COMPENSAR'
se'generó'
Crédito(por(bases(imponibles(negativas((U.E.(
2001V2014(
Importe'inicio'
ejercicio'
Altas'del'
ejercicio'
ejercicio'
V5.836.128,48(
Indefinida(
8.172.141,19(
((
V505,41(
2026(
0(
V26,15(
2027(
900.405,56(
V167,86(
2028(
2.056.462,70(
V142.717,18(
2029(
7.159.747,90(
V180.749,82(
2030(
5.090.436,89(
((
2031(
5.235.536,08(
505,41(
Crédito(por(bases(imponibles(negativas(
2009(
3.601.622,24(
Crédito(por(bases(imponibles(negativas(
2010(
8.225.850,80(
Crédito(por(bases(imponibles(negativas(
2011(
28.638.991,61(
Crédito(por(bases(imponibles(negativas(
2012(
20.361.747,56(
(
((
Crédito(por(bases(imponibles(negativas(
2013(
20.942.144,32(
90.674,40(
2014(
''
aplicación'
Importe'
1.749.289,95(
2008(
Total'
Último'año'
29.029.501,95(
Crédito(por(bases(imponibles(negativas(
Crédito(por(bases(imponibles(negativas(
Bajas'del'
(
70.740,84(
activado'
((
0,00(
((
2032(
2.433.428,96(
110.800.363,88'
1.910.705,19'
q6.160.294,90'
''
31.048.159,28'
((*)(De(acuerdo(con(lo(establecido(en(el(Texto(Refundido(de(la(Ley(del(Impuesto(de(Sociedades,(aprobado(
por( el( Real( Decreto( –( legislativo( 9/2011,( las( bases( imponibles( negativas( de( un( ejercicio( pueden(
compensarse( a( efectos( impositivos( con( las( bases( imponibles( positivas( de( los( dieciocho( ejercicios(
siguientes.(Con(la(entrada(en(vigor(de(la(Ley(27/2014,(de(27(de(noviembre,(del(Impuesto(de(Sociedades,(
para(los(periodos(impositivos(iniciados(a(partir(del(1(de(enero(de(2015,(se(modifica(sustancialmente(el(
tratamiento(de(la(compensación(de(bases(imponibles(negativas(regulado(en(el(artículo(26(Ley(27/2014,(
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destacando(la(aplicabilidad(de(dichas(bases(imponibles(en(un(futuro(sin(límite(temporal.(
En( las( Cuentas( Anuales( individuales( de( cada( una( de( las( sociedades( que( forman( parte( del(
perímetro(de(consolidación,(se(han(detallado(el(importe(y(plazo(de(aplicación(de(diferencias(temporarias(
deducibles,( bases( imponibles( negativas( y( otros( créditos( fiscales,( tanto( los( activados( en( los( balances(
como(los(que(no(han(registrado(en(el(balance(el(correspondiente(activo(por(impuesto(diferido.(
El(detalle(del(impuesto(sobre(beneficios(de(los(ejercicio(2014(y(2013(es(el(siguiente:(
(
Concepto'
Ejercicio'2014'
Impuesto(corriente(sobre(beneficios(del(ejercicio(
Ejercicio'2013'
1.409.830,59( (1.533.921,46)(
Impuesto(diferido(sobre(beneficios(del(ejercicio(
(1.011.323,92)(
6.012.802,80(
Diferencias(negativas(en(carga(fiscal(ejercicio(anterior(
(4.799.783,23)(
542.322,45(
350.101,96(
(825.222,92)(
((
((
(4.051.174,60)'
4.195.980,87'
Diferencias(positivas(en(carga(fiscal(ejercicio(anterior(
((
Total'
Deducciones:'
Si( bien( las( sociedades( del( Grupo( no( han( presentado( aún( la( declaración( del( Impuesto( sobre(
Sociedades( para( el( ejercicio( 2014,( en( el( cálculo( del( impuesto( sobre( beneficios( no( se( han( aplicado(
deducciones( a( la( cuota.( El( detalle( de( las( deducciones( pendientes( de( aplicar( por( el( Grupo( al( cierre( del(
ejercicio(es(el(siguiente:(
(
Año'que''
se'generó'
DEDUCCIONES'PENDIENTES'DE'APLICAR'
Importe'al'
inicio'del'
ejercicio'
Altas'del'
ejercicio'
Bajas'del'
ejercicio'
Importe'
activado'
Deducciones(pendientes(de(aplicar(
2006(
86.549,21(
((
((
86.549,21(
Deducciones(pendientes(de(aplicar(
2007(
140.963,85(
((
((
140.963,85(
Deducciones(pendientes(de(aplicar(
2008(
960.997,58(
((
((
960.997,58(
Deducciones(pendientes(de(aplicar(
2009(
589.034,76(
((
((
589.034,76(
Deducciones(pendientes(de(aplicar(
2010(
610.950,56(
((
((
610.950,56(
Deducciones(pendientes(de(aplicar(
2011(
603.865,54(
((
((
603.865,54(
Deducciones(pendientes(de(aplicar(
2012(
536.953,20(
((
((
536.953,20(
Deducciones(pendientes(de(aplicar(
2013(
989.829,18(
((
(4.530,56)(
985.298,62(
Deducciones(pendientes(de(aplicar(
2014(
0(
570.194,50(
((
570.194,50(
Deducciones(pendientes(de(aplicar(U.E.(
2013(
1.056.940,00(
((
((
1.056.940,00(
5.576.083,88'
570.194,50'
(4.530,56)'
6.141.747,82'
Total'
''
A(efectos(de(lo(establecido(por(el(artículo(42(del(Texto(Refundido(del(Impuesto(sobre(Sociedades,(
se(hace(constar(en(las(cuentas(anuales(individuales(de(las(sociedades(del(Grupo,(que(se(han(acogido(a(la(
deducción(por(reinversión(de(beneficios(extraordinarios,(se(detallan(los(importes(de(las(rentas(acogidas(
y(de(las(fechas(de(reinversión.(
No(hay(circunstancias(de(carácter(significativo(en(relación(con(otros(tributos.(
No( hay( otras( contingencias( de( carácter( fiscal( ni( acontecimientos( posteriores( al( cierre( que(
supongan(una(modificación(de(la(normativa(fiscal(que(afecte(a(los(activos(y(pasivos(fiscales(registrados.(
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En(el(ejercicio(anterior,(como(resultado(de(un(procedimiento(llevado(a(cabo(por(la(administración(
tributaria( (AEAT)( en( una( de( las( sociedades( del( grupo,( por( el( impuesto( de( sociedades( de( los( ejercicios(
2009( a( 2010,( por( el( Impuesto( sobre( el( valor( añadido( de( junio( de( 2009( a( diciembre( de( 2010,( y( por(
retenciones/ingresos( a( cuenta( de( junio( de( 2009( a( diciembre( de( 2010,( el( grupo( canceló( 4.057.498,36(
euros( de( derechos( por( deducciones( de( doble( imposición( de( dividendos( del( ejercicio( 2009( y( 2010,(
activando( por( este( mismo( importe( crédito( por( pérdidas( a( compensar,( que( a( su( vez( minoró( por(
1.739.224,97( euros,( debido( a( diferencias( de( criterio( entre( la( sociedad( del( grupo( y( la( administración.(
También( se( minoraron( deducciones( fiscales( activadas( de( I+D+it( por( un( importe( de( 104.362,21( euros.(
(Véase(Nota(2).(
Según( establece( la( legislación( vigente,( los( impuestos( no( pueden( considerarse( definitivamente(
liquidados,( hasta( que( las( declaraciones( hayan( sido( inspeccionadas( por( las( autoridades( fiscales( o( haya(
transcurrido( el( plazo( de( prescripción( de( cuatro( años.( GRUPOPIKOLIN,( S.L.( y( sus( SOCIEDADES(
DEPENDIENTES( tienen( abiertos( a( la( Inspección( de( la( Hacienda( Pública( los( ejercicios( no( prescritos( por(
todos(los(impuestos(presentados.(Los(Administradores(de(la(Sociedad(dominante(consideran(que(se(han(
practicado(adecuadamente(las(liquidaciones(de(los(mencionados(impuestos,(por(lo(que,(aún(en(caso(de(
que(surgieran(discrepancias(en(la(interpretación(normativa(vigente(por(el(tratamiento(fiscal(otorgado(a(
las(operaciones,(lo(eventuales(pasivos(resultantes,(en(caso(de(materializarse,(no(afectarían(de(manera(
significativa(a(las(cuentas(anuales(consolidadas.(
NOTA'17
17.1
INGRESOS'Y'GASTOS'
Desglose'de'consumos'en'compras'y'variación'de'existencias:'
'
Concepto''
'Ejercicio'2014''
'Ejercicio'2013''
(
( (140.054.432,72)' ( (143.827.157,50)'
'Compras,'netas'de'devoluciones'y'cualquier'descuento:''
(.V(nacionales((
(87.435.137,41)(
(16.644.305,84)(
(.V(adquisiciones(intracomunitarias((
(13.652.489,28)(
(67.882.297,12)(
(.V(importaciones((
(38.966.806,03)(
(59.300.554,54)(
'Variación'de'existencias'de'materias'primas'y'''
'
'otras'materias'consumibles''
(284.863,47)( '
680.465,60'
''
''
''Total'Consumo'de'materias'primas'y'otras'materias'
consumibles''
(140.339.296,19)' (143.146.691,90)'
'
'
Concepto''
'Ejercicio'2014''
('Compras,'netas'de'devoluciones'y'cualquier'descuento' (
(
:''
(14.586.047,08)'
(.V(nacionales((
(13.885.021,74)(
(.V(adquisiciones(intracomunitarias((
(524.374,43)(
(.V(importaciones((
(176.650,91)(
'Variación'de'existencias'de'mercaderías''
558.386,11(
''
''
'
'Total'Consumo'de'mercaderías''
(14.027.660,97)'
'Ejercicio'2013''
(6.290.292,60)'
(5.028.399,05)(
(1.010.141,30)(
(251.752,25)(
90.488,13'
(6.199.804,47)'
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17.2
Desglose'de'la'partida'de'cargas'sociales:'
'
Concepto''
'Ejercicio'2014''
(Seguridad(social(a(cargo(empresa((
(Otros(gastos(sociales((
((
(22.704.596,88)(
(121.790,59)(
(22.484.612,71)(
(302.856,06)(
((
'Total'Cargas'sociales''
17.3
'Ejercicio'2013''
((
(22.826.387,47)'
(22.787.468,77)'
Otra'información:'
Con(fecha(11(de(febrero(de(2011,(una(sociedad(del(Grupo( instó( autorización( para( suspender(
los(contratos(de(trabajo(entre(el(21(de(febrero(de(2011(y(el(20(de(febrero(de(2013.(Con(posterioridad(a(
esa( fecha,( y( durante( los( ejercicios( 2011( y( 2012,( se( dictaron( resoluciones( complementarias,( y(
adicionalmente,(con(fecha(6(de(junio(de(2012,(se(volvió(a(autorizar(a(la(Sociedad(para(ampliar(el(número(
de(días(de(suspensión.(En(el(ejercicio(anterior(se(presentó(una(comunicación,(de(fecha(18(de(febrero(de(
2013,( a( la( Subdirección( provincial( de( trabajo( de( Zaragoza,( conforme( a( lo( dispuesto( en( el( artículo( 12( y(
Disposición( Adicional( Segunda( del( Real( Decreto( 1483/2012,( en( la( que( se( acordó( implementar( una(
medida(de(extinción(de(contratos(de(trabajo(y(un(ERE(temporal(de(165(días(con(duración(de(tres(años,(
es(decir(del(25(de(febrero(de(2013(al(25(de(febrero(de(2016.(
17.4
Los' resultados' originados' fuera' de' la' actividad' normal' de' la' empresa' incluida' en' la' partida'
“Otros'resultados”'
'
Concepto''
'Ejercicio'2014''
''
'Resultados'originados'fuera'de'la'actividad'normal'de'la'empresa'
incluidos'en'«otros'resultados»''
(Gastos(excepcionales((
(Ingresos(excepcionales((
''
NOTA'18
'Ejercicio'2013''
''
''
(26.353,88)'
(26.353,88)(
((
(26.353,88)'
(134.860,53)'
(340.322,44)(
205.461,91(
(134.860,53)'
PROVISIONES'PARA'RIESGOS'Y'GASTOS'
El(análisis(del(movimiento(de(cada(partida(del(balance(durante(el(ejercicio(es(el(siguiente:(
(
SALDOS'
31/12/2013'
'
SALDOS'
'AUMENTOS'' DISMINUCIONES'' 31/12/2014'
(
'Provisiones'a'largo'plazo''
(Provisión(para(otras(responsabilidades((
(Provisión(por(retribuciones(a(l/p((al(personal((
'Provisiones'a'corto'plazo''
(Otras(provisiones(((
(
1.157.569,16( (
518.000,00(( (
(649.744,45)( ( 1.025.824,71(
6.928.767,00(
814.000,00((
(139.513,00)(
0,00( ((
((
621.893,57(( ((
'Total''
8.708.229,73''
7.603.254,00(
(621.893,57)(
1.332.000,00''
(1.411.151,02)'
(
0,00(
8.629.078,71''
El(epígrafe(de(provisión(para(otras(responsabilidades(principalmente(corresponde(a(provisiones(
para(otras(responsabilidades,(como(son(litigios(y(garantías(a(clientes,(mientras(que(las(provisiones(para(
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por( retribuciones( a( l/p( al( personal( se( debe( al( importe( de( los( derechos( adquiridos( por( trabajadores( de(
una(empresa(del(Grupo,(la(cual(tiene(su(domicilio(social(en(un(país(miembro(de(la(Unión(Europea((véase(
NOTA( 1.2).(Las(principales( hipótesis(actuariales(utilizadas(para(el(cálculo(de(las(citadas(retribuciones(a(
largo(plazo(al(personal(han(sido:(tasa(de(descuento(del(2,5%,(tasa(esperada(de(aumento(de(salarios:(2%(
y(una(tasa(de(inflación:(2%,(así(como(las(rotación(del(personal,(edad(de(jubilación,(años(de(permanencia,(
tipo(de(jubilación((esta(se(estima(que(será(voluntaria).(
El( saldo( registrado( en( el( epígrafe( "provisiones( a( corto( plazo"( del( balance( a( 31( de( diciembre( de(
2013,(se(componía(principalmente(de(dos(dotaciones(registradas(en(ese(ejercicio(y(que(se(han(aplicado(
en(2014.(Por(un(lado,(una(provisión(de(48.000(euros(por(la(penalización(estipulada(en(un(contrato(de(
alquiler,( una( provisión( de( 574( miles( euros( en( relación( a( la( retrocesión( de( una( operación( de( venta( de(
maquinaria((véase(Nota(9).(
NOTA'19
INFORMACION'SOBRE'MEDIO'AMBIENTE'
El( balance( recoge( activos( de( carácter( medioambiental.( El( Grupo( viene( cumpliendo( con( la(
regulación( medioambiental( que( le( resulta( de( aplicación( y( estima( que( no( existen( responsabilidades(
medioambientales(que(puedan(suponer(contingencias(significativas.(
El(valor(neto(contable(de(los(activos(de(carácter(medioambiental(recogidos(en(la(agrupación(del(
balance(como(inmovilizado(material,(y(que(corresponden(a(una(instalación(técnica(para(el(control(de(la(
contaminación(de(vertidos,(tienen(el(siguiente(desglose(al(cierre(del(ejercicio:(
(
Ejercicio'2014' Ejercicio'2013'
'
Valor(contable(
113.917,18(
113.917,18(
Amortización(acumulada(
(95.679,44)((
(89.345,65)((
((
((
(
Total'
18.237,74'
24.571,53'
Tres(sociedades(integrantes(del(Grupo(conforme(a(la(finalidad(de(la(le(11/97(de(24(de(abril,(de(
envases( y( residuos( de( envases,( desarrollada( según( la( directiva( 62/1994,( gestiona( el( reciclaje( de( sus(
embalajes( con( la( empresa( Ecoembalajes( España,( S.A.( (Ecoembes).( El( importe( abonado( a( la( citada(
empresa(por(la(gestión(de(los(envases(y(embalajes(de(la(Sociedad,(ha(sido(de(93(miles(de(euros(en(2014(
y(90(miles(de(euros(en(2013.(
Una(sociedad(del(subgrupo(Cofel(gestiona(el(reciclaje(de(sus(embalajes(en(Francia,(por(el(que(ha(
desembolsado(291(miles(de(euros(en(el(ejercicio(2014(y(294(miles(de(euros(en(el(ejercicio(anterior.(
NOTA'20
SUBVENCIONES,'DONACIONES'Y'LEGADOS'
En(ejercicios(anteriores(algunas(sociedades(del(Grupo(recibieron:(
-
Del( Gobierno( de( Aragón( 23( mil( euros,( para( una( inversión( en( la( mejora( de( la( eficiencia(
energética( de( la( climatización( en( planta( imputándose( a( resultados( en( función( de( la(
amortización(de(la(inversión,(cuyo(importe(de(la(inversión(asciende(a(105.808,34(euros((véase(
nota(9).(
-
Del( Instituto( de( Crédito( Oficial( 200( milesde( euros,( a( través( de( una( entidad( financiera( que(
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subvenciona(intereses(de(un(préstamo(con(esa(misma(entidad(a(resultados(durante(el(periodo(
de(amortización(del(préstamo.(
-
Del(Centro(para(el(Desarrollo(Tecnológico(Industrial(210(miles(de(euros,(por(la(cantidad(que(
una( sociedad( del( grupo( no( está( obligada( a( devolver,( correspondiente( a( la( última( cuota( de(
amortización(del(contrato(de(préstamo.(
Las(subvenciones(reflejadas(en(el(epígrafe(de(la(cuenta(de(pérdidas(y(ganancias(“Subvenciones(de(
explotación( incorporadas( al( resultado( del( ejercicio”,( corresponden( fundamentalmente( al( importe(
devengado(como(consecuencia(de(la(financiación(por(Organismos(Públicos(de(distintos(cursos.(
La(Sociedad(viene(cumpliendo(los(requisitos(legales(exigidos(para(la(obtención(y(mantenimiento(
de(tales(subvenciones.(
El(importe(de(las(subvenciones,(donaciones(y(legados(recibidos(que(aparecen(en(el(balance,(así(
como(los(imputados(en(la(cuenta(de(pérdidas(y(ganancias(se(desglosan(en(el(siguiente(cuadro:(
(
'Ejercicio'2014''
((
(Registrado(en(el(patrimonio(neto(del(balance((
(Imputados(en(la(cuenta(de(pérdidas(y(ganancias((
((
'
'Ejercicio'2013''
407.742,56( '
254.851,13(
((
((
285.610,20(
178.169,42(
El(análisis(del(movimiento(del(contenido(de(la(partida(del(patrimonio(neto(y(pasivo(del(balance(
“subvenciones,( donaciones( y( legados”,( indicando( el( saldo( inicial( y( final( así( como( los( aumentos( y(
disminuciones(se(desglosa(en(el(siguiente(cuadro:(
(
'Ejercicio'2014''
(
('Saldo'al'inicio'del'ejercicio''
'
((+)(Recibidas(en(el(ejercicio((
((V)((Variaciones(del(perímetro(PE((Ver(Nota(5)((
((V)(Subvenciones(traspasadas(a(resultados(del(ejercicio((
((V)(Ajustes(consolidación((
((+/V)(Otros(movimientos((
(
'Saldo'al'cierre'del'ejercicio''
(
285.610,20' '
(
(120.557,65)(
221.208,21(
21.481,80(
407.742,56' (
'Ejercicio'2013''
699.549,73'
81.497,97(
(333.066,48)(
(23.647,41)(
(193.056,09)(
54.332,48(
285.610,20'
El(saldo(al(cierre(del(ejercicio(incluye(el(importe(de(las(subvenciones(pertenecientes(a(Intereses(
de(socios(externos((véase(nota(7).(
NOTA'21
HECHOS'POSTERIORES'AL'CIERRE'
Con( posterioridad( al( cierre( del( ejercicio( y( antes( de( la( fecha( de( formulación( de( estas( cuentas(
anuales(no(se(ha(producido(ningún(hecho(posterior,(de(carácter(significativo,(que(pongan(de(manifiesto(
circunstancias(que(pudieran(obligar(a(modificar(algún(aspecto(recogido(en(las(mismas,(ni(que(afecten(a(
la(aplicación(del(principio(de(empresa(en(funcionamiento(en(el(Grupo.(
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NOTA'22
OPERACIONES'CON'PARTES'VINCULADAS'
A( los( efectos( de( estas( cuentas( anuales( consolidadas,( se( consideran( partes( vinculadas:( las(
Sociedades( que( forman( parte( del( Grupo( Iberebro( y( de( Nuevo( Grupo( Ebrosol,( cuyos( accionistas( son(
comunes( con( los( del( Grupo( Pikolin,( y( que( son( las( indicadas( en( la( memoria( de( las( Cuentas( Anuales( de(
Grupoiberebro,(S.L,(y(del(perímetro(de(Nuevo(Grupo(Ebrosol,(S.L.(
22.1' La'información'sobre'operaciones'a'precio'de'mercado'con'partes'vinculadas'de'la'Sociedad'se'
recoge'en'el'siguiente'cuadro:'
(
Sociedades'
asociadas''
'
Operaciones'con'partes'vinculadas'en'el'ejercicio'2014'
Ventas(de(activos(corrientes((
Compras(de(activos(corrientes(
Prestación(de(servicios(
Recepción(de(servicios(
Ingresos(por(intereses(
Gastos(por(intereses(
((
Otras'partes''
'vinculadas''
7.516,60(
986.589,43( ( 44.108,00(
40.373,90( 302.582,41(
3.105.420,77(
728.640,59(
4.459,60(
((
(
(
(((
Las(operaciones(a(precio(de(mercado(del(ejercicio(anterior(son:(
(
Operaciones'con'partes'vinculadas'en'el'ejercicio'2013'
'
Ventas(de(activos(corrientes((
Compras(de(activos(corrientes(
Compras(de(activos(no(corrientes(
Prestación(de(servicios(
Recepción(de(servicios(
Ingresos(por(intereses(
Gastos(por(intereses(
((
Sociedades'
asociadas'
Otras'partes'
vinculadas'
10.867,94(
774.596,64(
4.151,80(
(
( 30.049,83(
(
(
(((
15.038,83(
304.330,44(
3.512.780,29(
1.610.391,48(
4.064,19(
((
Las(ventas(de(activos(corrientes(se(componen(de(colchones,(somieres(y(demás(artículos(para(el(
descanso,(así(como(el(transporte(de(los(mismos.((
Los(servicios(prestados(recogen(la(repercusión(de(gastos(varios(y(servicios(de(administración.(
Los(servicios(recibidos(por(el(grupo(se(refieren(principalmente(a(arrendamientos(de(inmuebles.(
Los(ingresos(por(intereses(corresponden(a(los(intereses(devengados(por(los(créditos(concedidos(a(
largo(plazo(a(empresas(puestas(en(equivalencia(y(a(otras(partes(vinculadas.(
Los(gastos(por(intereses(corresponden(a(cash(pooling(con(tres(empresas(del(Grupo(Iberebro.(
Existen(diversas(inversiones(financieras(que(actúan(en(garantía(de(pasivos(de(empresas(del(grupo(
y(vinculadas((véase(nota(13.1).(
La(Sociedad(realiza(diferentes(transacciones(comerciales(con(empresas(del(grupo,(efectuándose(
dentro(de(las(directrices(marcadas(por(el(grupo,(y(de(acuerdo(a(la(normativa(fiscal(nacional(reguladora(
de( este( tipo( de( transacciones.( El( Consejo( de( Administración( considera( que( los( márgenes( son( de(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
_____________________________________________________________________________________________________
mercado,(al(estar(en(línea(con(los(resultantes(de(otras(transacciones(de(las(mismas(características(con(
partes(no(vinculadas.(
22.2
Saldos'con'partes'vinculadas'al'cierre'del'ejercicio:'
'
Saldos'con'partes'vinculadas'en'el'ejercicio'''
2014'
'A)'ACTIVO'NO'CORRIENTE''
'''V.'Inversiones'financieras'a'largo'plazo''
Sociedades'
Otras'partes''
'asociadas''
'vinculadas''
0,00' 114.740.281,77'
114.740.281,77'
''
(
'B)'ACTIVO'CORRIENTE''
'III.'Deudores'comerciales'y'otras'cuentas'a'cobrar'''
(((((1.(Clientes(por(ventas(y(prestaciones(de(servicios((
(((((4.(Otros(deudores((
'''V.'Inversiones'financieras'a'corto'plazo''
(
(
'D)'PASIVO'CORRIENTE''
'''III.'Deudas'a'corto'plazo''
(((((4.(Otros(pasivos(financieros((
'''V.'Acreedores'comerciales'y'otras'cuentas'a'pagar''
(((((1.(Proveedores((
(((((4.(Otros(acreedores((
((
(
23.495,79' (
23.495,79'
4.985,23( ((
18.510,56(
0,00'
136.576,87'
74.159,94'
154.873,03' (
0,00'
528.704,68'
415.810,53'
415.810,53(
112.894,15'
52.792,94(
60.101,21(
((
154.873,03'
154.873,03(
((
((
74.159,94(
62.416,93'
((
Los'saldos'con'partes'vinculadas'del'ejercicio'anterior'son:'
'
Saldos'con'partes'vinculadas'en'el'ejercicio'''
2013'
(
'A)'ACTIVO'NO'CORRIENTE''
'''V.'Inversiones'financieras'a'largo'plazo''
'B)'ACTIVO'CORRIENTE''
'III.'Deudores'comerciales'y'otras'cuentas'a'cobrar'''
(((((2.(Clientes,(empresas(puestas(en(equivalencia((
'''V.'Inversiones'financieras'a'corto'plazo''
'D)'PASIVO'CORRIENTE''
'''III.'Deudas'a'corto'plazo''
(((((4.(Otros(pasivos(financieros((
'''V.'Acreedores'comerciales'y'otras'cuentas'a'pagar''
(((((2.(Proveedores,(empresas(puestas(en(equivalencia((
((
Sociedades'
'asociadas''
Otras'partes''
'vinculadas''
(
''
0,00' (124.187.527,64'
124.187.527,64'
1.504,26'
182.601,29'
1.504,26'
0,00'
1.504,26( ((
0,00'
182.601,29'
177.003,82'
322.358,45'
0,00'
322.358,45'
((
322.358,45(
177.003,82'
0,00'
177.003,82( ((
((
((
22.3' Retribuciones'al'Consejo'de'Administración'y'alta'dirección'devengados'en'el'ejercicio:'
'
((
Sueldos,(dietas(y(otras(remuneraciones(
((
Ejercicio'2014'
Ejercicio'2013'
630.498(
((
634.914(
((
Los(miembros(del(Consejo(de(Administración(desarrollan(las(tareas(de(alta(dirección(en(el(Grupo.(
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Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
_____________________________________________________________________________________________________
22.4' Situaciones'de'conflictos'de'interés'de'los'administradores:'
En(el(deber(de(evitar(situaciones(de(conflicto(con(el(interés(de(la(Sociedad(Dominante,(durante(el(
ejercicio,( los( administradores( que( han( ocupado( cargos( en( el( Consejo( de( Administración( y( las( personas(
vinculadas(a(ellos,(han(cumplido(con(las(obligaciones(previstas(en(el(artículo(228(del(texto(refundido(de(la(
Ley( de( Sociedades( de( Capital( y( se( han( abstenido( de( incurrir( en( los( supuestos( de( conflicto( de( interés(
previstos(en(el(artículo(229(de(dicha(norma.(
NOTA'23
OTRA'INFORMACIÓN'
23.1
Detalle'del'número'medio'de'empleados'del'Grupo'en'el'ejercicio'y'por'categorías:'
'
CATEGORIAS'PROFESIONALES''
Ejercicio'2014'
(
(Altos(directivos((
(Resto(de(personal(directivo((
(Técnicos(y(profesionales(científicos(((
(e(intelectuales(y(de(apoyo((titulados(superiores)((
(Empleados(de(tipo(administrativo((
(Comerciales,(vendedores(y(similares((
(Resto(de(personal(cualificado((titulados(medios)((
(Trabajadores(no(cualificados((
(
(
'Total'empleo'medio''
('Incidencia'del'ERE'(*)''
'Incidencia'de'las'jubilaciones'parciales'(**)''
'Total'empleo'medio'neto''
(
3(
37(
Ejercicio'2013'
(
3(
32(
(
223(
488(
222(
78(
1277(
((
(
252(
475(
213(
77(
1263(
((
2.328'
2.315'
(19)'
(52)'
2.257'
(
(52)'
(58)'
2.205'
(*)(Incidencia(en(el(número(medio(de(empleados,(calculados(teniendo(en(cuenta(las(jornadas(de(
trabajo(en(las(que(los(empleados(de(la(sociedad(se(han(visto(afectados(por(el(ERE(en(vigor((véase(
nota(17.3).(
(**)( Incidencia( en( el( número( medio( de( empleados( conforme( a( la( Ley( 27/2011( de( 1( de( agosto.(
Estos(trabajadores(corresponden(a(jubilaciones(parciales(con(contratos(de(relevo,(y(las(personas(
que( cubren( los( contratos( de( relevo( ya( están( incluidas( en( el( personal( medio( en( la( categoría(
correspondiente.(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
23.2
Distribución'por'sexos'al'termino'del'ejercicio'del'personal'del'Grupo'y'Consejeros:'
(
'CATEGORIAS'PROFESIONALES''
(Consejeros:((
(*(que(desarrollan(tareas(de(alta(dirección((
(*(que(no(desarrollan(tareas(de(alta(dirección((
(Altos(directivos(no(consejeros((
(Resto(de(personal(directivo((
(Técnicos(y(profesionales(científicos((
(e(intelectuales(y(de(apoyo((titulados(superiores)((
(Empleados(de(tipo(administrativo((
(Comerciales,(vendedores(y(similares((
(Resto(de(personal(cualificado((titulados(medios)((
(Trabajadores(no(cualificados((
HOMBRE'
Ejercicio' Ejercicio'
2014'
2013'
(
('Total'personal'al'término'del'ejercicio''
23.3
3(
(
MUJER'
Ejercicio' Ejercicio'
2014'
2013'
(
3(
(
TOTALES'
Ejercicio' Ejercicio'
2014'
2013'
(
3(
(
3(
(
(
32(
(
(
31(
(
(
(
10(
(
(
(
10(
(
(
42(
(
(
41(
(
165(
265(
124(
54(
977(
(
185(
247(
100(
52(
1033(
(
57(
218(
84(
28(
288(
(
87(
236(
97(
28(
225(
(
223(
483(
208(
82(
1265(
(
272(
483(
197(
80(
1258(
((
((
((
((
((
((
1.620'
1.651'
687'
683'
2.307'
2.334'
Número'medio'de'personas'empleadas'en'el'curso'del'ejercicio'con'discapacidad'mayor'o'igual'
del'33%.'
'
23.4
CATEGORIAS'PROFESIONALES'
Ejercicio'2014'
Trabajadores(no(cualificados(
(
Total'personal'al'término'del'ejercicio'
((
Ejercicio'2013'
16(
19(
((
16'
19'
Las'retribuciones'devengadas'por'los'auditores'del'Grupo'en'el'ejercicio,'tanto'por'la'auditoría'
de'las'cuentas'anuales'individuales'como'consolidadas'y'otros'servicios'son:'
'
Concepto'
(Honorarios(cargados(por(auditoría(de(cuentas((
(Otros(honorarios(por(servicios(prestados((
(
'Total''
Ejercicio'2014' Ejercicio'2013'
94.278,00(
94.278,00(
7.103,00(
8.331,00(
((
((
101.381,00'
102.609,00'
Los( honorarios( relativos( a( servicios( de( auditoría( de( cuentas( prestados( por( otros( auditores(
diferentes( al( auditor( principal,( han( ascendido( a( 279( miles( de( euros( en( el( ejercicio( 2014( (248( miles( de(
euros(en(el(ejercicio(2013).(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
NOTA'24
INFORMACIÓN'SEGMENTADA'
Los(criterios(de(asignación(e(imputación(utilizados(para(cada(uno(de(los(segmentos(es(la(actividad(
realizada.(
El(criterio(seguido(para(fijar(los(precios(de(transferencia(interVsegmentos(es(a(precios(de(mercado.(
24.1' Cifra'de'negocios'por'mercados'geográficos:'
(
''Descripción'del'mercado'geográfico''
Cifra'de'negocios''
Ejercicio'2014'
Ejercicio'2013'
'
(Nacional((
(Resto(Unión(Europea((
(Resto(del(mundo((
'
92.578.431,66(
217.902.125,12(
41.514.253,39(
((
('Total''
'
88.051.485,45(
215.639.999,97(
33.026.711,46(
((
351.994.810,17'
336.718.196,88'
24.2' Información'de'los'estados'financieros'segmentados'del'ejercicio'(en'miles'de'euros):'
'
EXPRESADO'EN'MILES'DE'EUROS''
'Segmentos'2014'
Producción'y'
comercialización'de'art.'
Descanso'
'Conceptos''
Servicios'de'
seguridad'y'
vigilancia'
Servicios'
financieros'
Eliminaciones'
intersegmentos'
Total'
(Importe(neto(de(la(cifra(de(negocios((
386.593,01(
691,38(
0,00(
(35.289,58)(
351.994,81(
(Ventas((
384.918,69(
0,00(
0,00(
(33.818,45)(
351.100,24(
+0+Clientes+externos++
351.100,24+
0,00+
0,00+
0,00+
351.100,24+
+0++Intersegmentos++
33.818,45+
0,00+
0,00+
(33.818,45)+
0,00+
1.674,32(
691,38(
0,00(
(1.471,13)(
894,57(
894,57+
(Prestación(de(servicios((
+0+Clientes+externos++
894,57+
0,00+
0,00+
0,00+
+0++Intersegmentos++
779,75+
691,38+
0,00+
(1.471,13)+
0,00+
(Aprovisionamientos((
(193.739,90)+
0,00+
0,00+
34.986,18+
(158.753,72)(
(Gastos(de(personal((
(87.763,42)+
(645,45)+
(820,89)+
0,00+
(89.229,76)(
(7.265,34)+
(0,66)+
(1,24)+
0,00+
(7.267,25)(
5.483,90+
6,13+
(520,51)+
(3,62)+
4.965,90(
(Ingresos(financieros((
13.743,14+
5,43+
2.269,89+
(13.106,14)+
2.912,33(
(Gastos(financieros((
(5.222,07)+
(0,06)+
(1.046,34)+
23,22+
(6.245,25)(
(Amortización(del(inmovilizado((
(RESULTADO(DE(LA(EXPLOTACIÓN((
(RESULTADO(ANTES(DE(IMPUESTOS((
14.174,62+
11,50+
383,44+
(12.875,46)+
1.694,09(
(Activos(del(segmento((
454.393,50+
406,48+
283.879,38+
(334.004,68)+
404.674,68(
(Pasivos(del(segmento((
216.898,79+
97,03+
58.317,56+
(108.937,70)+
166.375,67(
(Flujos(netos(de(efectivo(de(las(actividades(de:((
(
(V(Operación((
(V(Inversión((
(V(Financiación((
''
''
(2.369,61)+ (
0,00+ (
0,00+ (
14.164,58+
0,00+
0,00+
(18.166,70)+
(4.002,13)(
(22.487,80)+
0,00+
0,00+
6.565,25+
(15.922,56)(
''
''
''
7.145,67+ '
4.776,07(
''
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
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Información'de'los'estados'financieros'segmentados'del'ejercicio'anterior'(en'miles'de'euros):'
'
EXPRESADO'EN'MILES'DE'EUROS''
'Segmentos'2013''
Producción'y'
comercialización'de'
art.'Descanso'
'Conceptos''
'
Servicios'de'
seguridad'y'
vigilancia'
Servicios'
financieros'
(
Eliminaciones'
intersegmentos'
Total'
(Importe(neto(de(la(cifra(de(negocios((
336.718,20(
0,00(
0,00(
0,00(
336.718,20(
(Ventas((
333.398,01(
0,00(
0,00(
0,00(
333.398,01(
+0+Clientes+externos++
365.452,48+
0,00+
0,00+
0,00+
365.452,48+
+0++Intersegmentos++
(32.054,48)+
0,00+
0,00+
0,00+
(32.054,48)+
3.320,19(
(Prestación(de(servicios((
3.320,19(
0,00(
0,00(
0,00(
+0+Clientes+externos++
3.983,76+
700,18+
0,00+
0,00+
4.683,93+
+0++Intersegmentos++
(663,57)+
(700,18)+
0,00+
0,00+
(1.363,74)+
(Aprovisionamientos((
(182.464,65)+
0,00+
0,00+
32.824,40+
(149.640,24)(
(Gastos(de(personal((
(95.695,57)+
(649,24)+
(761,62)+
69,51+
(97.036,93)(
(6.662,63)+
(0,64)+
(0,94)+
0,00+
(6.664,21)(
(Pérdidas,(deterioros(y(variación(de(provisiones((
(178,16)(
0,00(
0,00(
0,00(
(178,16)(
+0+Corrientes++
(141,90)+
0,00+
0,00+
0,00+
(141,90)(
(831,09)+
5.302,40+
(9.917,27)(
(Amortización(del(inmovilizado((
+0+No+corrientes++
(36,26)+ ++
(RESULTADO(DE(LA(EXPLOTACIÓN((
(14.399,99)+
++
11,41+
++
(36,26)(
(Ingresos(financieros((
15.706,75+
5,65+
5.603,70+
(16.584,94)+
4.731,16(
(Gastos(financieros((
(5.034,21)+
(0,28)+
(3.192,02)+
2.511,24+
(5.715,27)(
(RESULTADO(ANTES(DE(IMPUESTOS((
(4.024,10)+
16,78+
70,40+
(8.771,30)+
(12.708,23)(
(Activos(del(segmento((
470.652,77+
426,07+
277.198,54+
(325.304,44)+
422.972,94(
(Pasivos(del(segmento((
234.716,88+
135,77+
52.209,29+
(105.959,53)+
181.102,41(
(Flujos(netos(de(efectivo(de(las(actividades(de:((
(
(V(Operación((
(V(Inversión((
(12.698,41)+ (
1.346,38+
(V(Financiación((
18.719,99+
''
NOTA'25
''
0,00+ (
0,00+ (
20.382,77+ '
0,00+
0,00+
18.015,78+
0,00+
''
0,00+
''
(38.152,86)+
''
7.684,37(
19.362,16(
(19.432,87)(
''
INFORMACIÓN'SOBRE'DERECHOS'DE'EMISIÓN'DE'GASES'DE'EFECTO'INVERNADERO.'
Al( cierre( del( ejercicio,( el( Grupo( no( dispone( de( derechos( de( emisión( de( gases( de( efecto(
invernadero(en(el(periodo(de(vigencia(del(Plan(Nacional(de(asignación(y(su(distribución(anual,(por(lo(que(
en(su(Balance(consolidado(no(ha(reflejado(ningún(importe(de(valoración(de(los(mencionados(derechos,(
ni( ha( registrado( en( su( cuenta( de( pérdidas( y( ganancias( importe( alguno( de( gastos( e( ingresos( por( este(
concepto.(Igualmente(no(ha(percibido(subvenciones(por(derechos(de(emisión,(ni(existen(contingencias(
relacionadas( con( sanciones( o( medidas( de( carácter( provisional,( en( los( términos( previstos( en( la( Ley(
1/2005,(de(9(de(marzo,(por(la(que(se(regula(el(régimen(de(comercio(de(los(derechos(de(emisión(de(gases(
de(efecto(invernadero.(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
NOTA'26
INFORMACIÓN'SOBRE'LOS'APLAZAMIENTOS'DE'PAGO'EFECTUADOS'A'PROVEEDORES.'
Esta( nota( recoge( la( información( sobre( los( aplazamientos( de( pago( efectuados( a( proveedores,(
establecida(en(la(Disposición(adicional(tercera(“Deber(de(Información”(de(la(Ley(15/2010,(de(5(de(julio”,(
de(acuerdo(con(la(Resolución(de(29(de(diciembre(de(2010,(del(Instituto(de(Contabilidad(y(Auditoría(de(
Cuentas,( sobre( la( información( a( incorporar( en( la( memoria( de( las( cuentas( anuales( en( relación( con( los(
aplazamientos(de(pago(a(proveedores(en(operaciones(comerciales.(
En(aplicación(de(la(Resolución(mencionada,(se(incluye(toda(la(información(relativa(a(los(ejercicios(
2014( y( 2013.( No( obstante,( cabe( destacar( que( de( acuerdo( con( el( calendario( previsto( en( la( Disposición(
transitoria(segunda(de(la(Ley(15/2010,(el(plazo(máximo(permitido(para(los(ejercicios(2014(y(2013,(son(60(
días(.(El(cuadro(incluye(la(homogeneización(con(los(mismos(criterios(aplicados(en(el(grupo,(del(pago(a(
proveedores(delas(sociedades(ubicadas(fuera(del(territorio(español:(
(
(
(
((Dentro(del(plazo(máximo(legal((
(Resto((
'Total'pagos'del'ejercicio''
(Plazo(medio(ponderado(excedido(de(pagos((
'Aplazamientos'que'a'la'fecha'de'cierre'
sobrepasan'el'plazo'máximo'legal''
'Pagos'realizados'y'pendientes'de'pago'en'la'fecha'de'cierre'del'balance''
'Ejercicio'2014''
'Ejercicio'2013''
'Importe''
'%''
'Importe''
'%''
221.958.881,08(
73%'
212.626.039,51(
76%'
82.460.957,44(
27%(
67.433.738,18(
24%(
304.419.838,52' 100%'
280.059.777,69' 100%'
24(días(
24(días(
''
'
5.206.014,17'
''
948.792,23'
''
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
INFORME'DE'GESTION'CONSOLIDADO'DEL'EJERCICIO'2014'
1.B!
Evolución!de!los!Negocios!y!situación!del!Grupo:!
En(este(ejercicio(la(cifra(de(negocios(asciende(a(352(millones(de(euros,(frente(a(los(337(millones(
de(euros(del(ejercicio(anterior,( que(supone(un(incremento(de(un(4,5%.(Este(incremento(de(la(cifra(de(
negocios(se(debe(al(incremento(de(la(actividad(del(Grupo,(en(línea(con(las(previsiones(de(la(Dirección.(
Por(otra(parte(en(el(resto(de(las(sociedades(del(grupo(la(evolución(de(la(cifra(de(negocios(es(acorde(con(
la(evolución(de(la(situación(actual(de(la(economía(mundial,(habiendo(realizado(durante(los(últimos(cinco(
años( consecutivos( una( serie( de( ajustes( y( recortes( muy( importantes( de( sus( partidas( de( gasto,( para(
adecuar( su( estructura( comercial,( de( distribución( y( administración( a( las( nuevas( cifras( de( actividad( y(
preparar(al(Grupo(para(afrontar(de(la(mejor(manera(posible(la(crisis(por(la(que(se(está(pasando,(y(que(
algunos(indicios(en(las(cifras(de(consumo(y(empleo,(apuntan(hacía(su(posible(salida(en(el(corto(plazo.(La(
mejora(en(el(último(ejercicio(de(la(economía(española,(junto(con(el(aporte(de(nuestras(inversiones(en(el(
extranjero,( junto( con( el( hecho( de( que( en( este( ejercicio( ya( no( hay( una( incidencia( de( un( ERE( en( las(
cuentas( del( Grupo,( ha( hecho( que( el( resultado( de( la( explotación( haya( aumentado( de( forma( relevante(
respecto(al(ejercicio(anterior,(pasando(de(9,9(millones(de(euros(de(pérdidas(a(4,9(millones(de(euros(de(
beneficios.(
El( decidido( apoyo( de( nuestros( socios,( dotando( al( Grupo( de( un( nivel( importante( de( recursos(
propios,(junto(con(el(apoyo(de(las(principales(entidades(financieras,(está(permitiendo(financiar(tanto(el(
nivel( de( inversiones( necesario( para( estar( presentes( en( los( distintos( lugares( de( la( geografía,( tanto(
española( como( fuera( del( territorio( nacional,( que( se( consideran( estratégicos( para( el( Grupo,( como( el(
poder(mantener(nuestra(capacidad(de(oferta(y(adaptarla(en(su(caso(a(la(demanda(prevista.(
Esta( evolución( de( la( cifra( de( negocios,( junto( con( otros( indicadores( que( exponemos( a(
continuación,(explica(la(evolución(y(situación(del(Grupo(al(cierre(de(este(ejercicio(2014.(
Con( un( total( activo( de( 404,7( millones( de( euros,( de( los( cuales( un( 66,7%( corresponden( a(
inmovilizado(no(corriente(del(Grupo,(cuya(partida(más(significativa,(son(las(inversiones(financieras(a(l/p(
que( representa( un( 33,5%( del( total( de( activo( y( el( resto( al( activo( corriente,( cuyas( dos( partidas( más(
significativas,(son(el(saldo(de(deudores(que(supone(el(20,16%(del(total(activo(y(el(saldo(de(existencias(
que(supone(el(10%(del(total(activo.(
En( cuanto( al( pasivo( del( Grupo,( vemos( que( el( Patrimonio( Neto( supone( 238( millones( de( euros,(
suponiendo(el(58,89%(del(total(del(pasivo.(El(resto(se(reparte(entre(el(pasivo(no(corriente(que(supone(el(
13,96%(del(total(pasivo(y(patrimonio(neto(y(el(pasivo(corriente(un(27,15%.(
Los( siguientes( indicadores( permiten( apoyar( los( comentarios( que( sobre( la( evolución( y( situación(
del(Grupo(hacemos(a(lo(largo(de(este(Informe:(
-
Solvencia'a'corto'plazo:(nos(indica(la(capacidad(de(la(empresa(para(afrontar(sus(obligaciones(a(
corto( plazo;( y( se( calcula( dividiendo( el( activo( corriente( por( el( pasivo( corriente.( Con( un( valor( de(
1,23(al(cierre(del(ejercicio,(y(dado(que(un(valor(razonable(para(este(indicador(estaría(entre(1(y(1,5(
podemos(ver(que(tenemos(una(solvencia(a(corto(adecuada.(
-
Solvencia'Total'o'Garantía:(con(un(valor(de(2,43(obtenido(como(el(cociente(entre(al(Activo(Total(
y(el(Exigible(Total,(nos(indica(que(la(sociedad(tiene(la(capacidad(suficiente(para(responder(ante(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
_____________________________________________________________________________________________________
sus(acreedores(por(todas(sus(deudas.((
-
Endeudamiento' a' largo' plazo:( indica( la( proporción( de( las( deudas( a( largo( plazo( respecto( a( los(
recursos( propios,( con( un( valor( de( 0,24( y( dado( que( cuanto( menor( es( este( ratio,( mayor( es( la(
capacidad( de( endeudamiento( a( largo,( nos( indica( que( todavía( tenemos( más( capacidad( de(
endeudamiento(y(en(general(que(mantenernos(un(buen(equilibrio(financiero.(
-
Equilibrio'financiero'a'largo'plazo:(obtenido(por(el(cociente(entre(el(Patrimonio(Neto(y(el(activo(
no( corriente,( con( un( valor( de( 0,88( indica( que( el( Patrimonio( Neto( financia( la( totalidad( del(
inmovilizado(y(una(parte(muy(significativa(del(resto(de(activo(no(corriente.(
-
Rentabilidad' financiera' o' rentabilidad' del' capital:( calculada( por( el( cociente( entre( el( resultado(
final( y( el( Patrimonio( Neto( medio( del( ejercicio,( con( un( valor( del(V0,99%( mide( la( rentabilidad( del(
capital(o(rentabilidad(que(obtienen(los(socios,(medida(sobre(el(valor(en(libros(del(Grupo.(
No( obstante( el( resultado( final( que( incide( en( dicha( rentabilidad( económica,( se( ha( visto(
minorado( este( ejercicio( de( forma( significativa,( por( un( ajuste( de( 4,3( millones( de( euros( contra(
pérdidas(y(ganancias(en(el(epígrafe(de(impuesto(sobre(beneficios,(como(consecuencia(del(cambio(
en(los(tipos(impositivos(del(impuesto(de(sociedades(para(los(ejercicios(2015(y(siguientes,(que(ha(
motivado(que(de(un(beneficio(antes(de(impuestos(de(1,7(millones(de(euros,(finalmente(el(grupo(
tenga( 2,3( millones( de( euros( de( pérdidas,( siendo( este( un( hecho( puntual( del( ejercicio( y( no(
atribuible(a(la(actividad(del(Grupo.(
En( cuanto( a( las( previsiones( económicas( que( el( Grupo( maneja( para( el( próximo( ejercicio( 2015,(
junto(con(el(decidido(apoyo(de(los(socios,(los(ajustes(realizados(en(este(ejercicio(y(la(política(emprendida(
en( cuanto( a( contención( de( gastos,( creemos( nos( va( a( permitir( mantener( nuestros( objetivos( de( ventas,(
servicio(al(cliente(y(diversificación(de(actividades,(y(sortear(razonablemente(el(periodo(de(crisis(por(el(
que(atraviesa(nuestra(economía.(
El(Grupo(va(a(continuar(manteniendo(el(nivel(necesario(de(inversiones(que(le(permitan(asegurar(
su( posición( en( el( mercado( y( servicio( óptimo( al( cliente,( así( como( preparar( al( Grupo( para( relanzar( la(
actividad(.(
No(obstante,(el(Grupo(continuará(el(proceso(de(ajuste(y(moderación(de(las(partidas(de(gasto,(que(
permita(la(gradual(mejoría(de(los(índices(de(rentabilidad,(desde(los(niveles(actuales.(
Periodo(medio(de(pago(a(proveedores.(
El( Grupo( presenta( un( periodo( medio( de( pago( a( sus( proveedores( de(84( días,( siendo( superior( al(
período( máximo( de( 60( días( establecido( en( la( normativa( de( morosidad.( A( estos( efectos,( el( Grupo( está(
implantando(medidas(encaminadas(a(reconducir(esta(situación,(centradas(en(una(gestión(más(eficiente(
de( sus( recursos( financieros( que( le( permita( obtener( una( mayor( liquidez( para( afrontar( los( pagos( a( la(
integridad(de(sus(proveedores(de(acuerdo(con(la(normativa(de(morosidad.((
2.B!
Principales!riesgos!e!incertidumbres:!
El( Grupo( no( tiene( riesgos( e( incertidumbres( que( puedan( poner( en( cuestión( su( continuidad,( en(
línea( con( todo( lo( comentado( en( el( primer( apartado( de( este( informe.( La( situación( del( mercado,( no(
obstante(está(obligando(al(Grupo(a(realizar(cuantos(ajustes(considera(necesarios(para(adaptar(su(oferta(
a(la(demanda(sin(menoscabar(el(servicio(que(viene(prestando(a(sus(clientes.(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
_____________________________________________________________________________________________________
Igualmente,(no(tenemos(litigios(significativos(que(pudieran(suponer(quebrantos(al(Grupo,(ya(que(
éstos(se(reducen(a(riesgos(de(crédito(de(clientes,(que(están(adecuadamente(asegurados,(o(deteriorados(
en(su(caso(en(el(ejercicio.(
3.B!
Gestión!social!del!Grupo:!
El(Grupo(ha(adoptado(en(los(tres(últimos(ejercicios(una(serie(de(medidas(tendentes(a(optimizar(
su( plantilla,( para( adaptarla( a( la( actual( situación( de( crisis( económica.( La( política( de( personal( en( los(
últimos(ejercicios(ha(sido(paralela(a(la(actividad(de(las(sociedades(del(Grupo,(por(lo(que(continuará(con(
esta(política(de(personal,(de(cara(a(optimizar(lo(máximo(posible(sus(recursos(humanos(en(función(de(sus(
necesidades(reales(de(cada(periodo.((
Los( niveles( de( absentismo( laboral,( sobre( todo( debidos( a( bajas( laborales( por( enfermedad( o(
accidentes,( se( mantienen( en( unos( niveles( muy( bajos,( no( habiéndose( producido( hasta( la( fecha( ningún(
accidente(de(carácter(grave(o(muy(grave.(
La(política(de(tipo(medioambiental(cumple(con(todos(aquellos(requisitos(que(exige(la(legislación(
vigente(en(cada(momento.((
En( línea( con( nuestra( política( de( mejora( y( perfeccionamiento( de( los( procesos( administrativos( y(
productivos,(así(como(del(pleno(cumplimiento(de(la(legislación(vigente,(se(viene(realizando(la(auditoria(
anual(de(las(cuentas(anuales(consolidadas(y(las(individuales(de(las(empresas(del(Grupo(obligadas(a(ello,(
que(se(enmarca(en(el(contexto(de(lo(establecido(en(el(Texto(Refundido(de(la(Ley(de(Auditoría(de(Cuentas(
(RDL(1/2011,(de(1(de(julio).(
4.B!
Actividades!en!materia!de!Investigación!y!Desarrollo:!
A(pesar(de(la(actual(situación(de(crisis,(la(inversión(en(I+D+i,(se(ha(mantenido(en(los(niveles(de(
los(últimos(años.(
El(Grupo(está(convencido(de(que(sólo(a(través(de(la(inversión(en(I+D+i(podrá(desarrollar(nuevos(
productos(y(tecnología(que(le(permitirán(seguir(siendo(líder(de(su(sector.(
El( importe( de( los( desembolsos,( en( el( ejercicio,( por( actividades( de( investigación( y( desarrollo( e(
innovación( tecnológica( ha( ascendido( a( un( importe( de( 1,9( millones( de( euros,( de( los( cuales( no( se( ha(
activado(durante(el(ejercicio(importe(alguno(como(inmovilizado(intangible.(
5.B!
Adquisiciones!de!instrumentos!de!patrimonio!propio:!!
Tanto( la( sociedad( dominante( como( las( Sociedades( dependientes,( integrantes( del( Grupo,( no(
mantienen(acciones(o(participaciones(propias(en(cartera,(ni(ha(realizado(operaciones(de(compraventa,(
ni(de(ninguna(otra(clase(con(sus(acciones(en(el(ejercicio(2014.(
6.B!
Acontecimientos!posteriores!al!cierre:!
Ningún(acontecimiento(interno(o(externo,(que(se(haya(producido(con(posterioridad(a(la(fecha(de(
cierre( del( ejercicio( tiene( especial( relevancia( para( el( Grupo,( ni( afecta( significativamente( a( la( situación(
económica,( financiera( y( patrimonial( que( aparece( reflejada( en( las( cuentas( anuales( cerradas( a( 31( de(
diciembre(de(2014.(
_____________________________________________________________________________________________________
Zaragoza,(31(de(marzo(de(2015(
Página(66(
C|IU}3C)
GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2014
FORMULACIÓN DE LAS CUENTAS ANUALES CONSOLIDADAS E INFORME DE GESTIÓN CONSOLIDADO
DEL EJERCICIO 2014
El Consejo de Administración de GRUPOPIKOLIN, S.L., como responsable de la formulación de las cuentas
anuales consolidadas de GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES, reunido en Zaragoza a 31 de marzo
de 2015, y en cumplimiento de los requisitos establecidos en el artículo 253 del Texto Refundido de la Ley de
Sociedades de Capital, y el artículo 42 del Código de Comercio, procede a formular las Cuentas Anuales
Consolidadas y el Informe de Gestión Consolidado del ejercicio comprendido entre el 1 de enero y el 31 de
diciembre de 2014, constituidos por los documentos anexos, que junto con este escrito, se numeran
correlativamente de la página 1 a la 67.
a)
Balance consolidado al cierre del ejercicio 2014.
b)
Cuenta de pérdidas y ganancias consolidada, correspondiente al ejercicio terminado el 31 de
diciembre de 2014.
c)
Estado de cambios en el patrimonio neto consolidado correspondiente al ejercicio terminado el 31 de
diciembre de 2014.
d)
Estado de Flujos de Efectivo correspondiente al ejercicio terminado el 31 de diciembre de 2014.
e)
Memoria consolidada del ejercicio 2014.
f)
Informe de gestión consolidado del ejercicio 2014.
ELCONSEJO DE ADMINISTRACIÓN.
NO FIRMA POR AUSENCIA
D. Alfonso Soláns Soláns
D. Borja Soláns García
Presidente
Vocal
D. ^varprSoláns García
Vocal
Zaragoza, 31 de marzo de 2015
Página 67
ANNEX 2
2013 CONSOLIDATED AUDITED ANNUAL ACCOUNTS
GRUPOPIKOLIN,.S.L..Y.SOCIEDADES.DEPENDIENTES
Cuentas.Anuales..e.Informe.de.Gestión.Consolidados.2013
BALANCE.CONSOLIDADO.AL.CIERRE.DEL.EJERCICIO.2013
Importes.en.Euros
Notas
ACTIVO
Memoria
Ejercicio.2013
Ejercicio.2012
A).ACTIVO.NO.CORRIENTE...........................................................................................................................
"
280.233.149,35
47.584.556,57
12.644.713,38
34.939.843,19
302.721.491,87
I)
Inmovilizado,intangible,........................................................................................................
"
1.$ Fondo"de"comercio"de"consolidación………………………………………………………..………….
6
2.$ Otro"inmovilizado"intangible………………………………………………………………..…………..11
II)
Inmovilizado,material,................................................................................................... 9
38.405.040,08
1.$ Terrenos"y"construcciones"................................................................................................................
"
8.932.509,17
2.$ Instal."técnicas"y"otro"inmovilizado"material""................................................................................................................
"
28.745.828,77
3.$ Inmovilizado"en"curso"y"anticipos"..................................................................... "
726.702,14
III)
Inversiones,inmobiliarias,..............................................................................................................
10
IV)
Inversiones,en,empresas,del,grupo,y,asociadas,a,L/P,....................................................................
"
728.355,42
72.633.368,55
1.$ Participaciones"puestas"en"equivalencia"…………………………………..………………. 8
728.355,42
2.947.127,74
2.$ Créditos"a"sociedades"puestas"en"equivalencia"....................................................................................................................
13"$"22
0,00
69.686.240,81
V)
Inversiones,financieras,a,L/P,.............................................................................................................
13
146.306.366,34
97.419.689,93
VI)
Activos,por,impuesto,diferido,...............................................................................................
16
40.283.537,72
36.142.675,52
VII)
Deudores,comerciales,no,corrientes,...............................................................................................
"
5.509.459,34
3.325.254,74
B).ACTIVO.CORRIENTE...................................................................................................................................
"
142.739.788,41
146.231.221,84
1.415.833,88
41.836.689,20
50.483.919,47
12.705.154,38
37.778.765,09
39.126.925,34
7.821.402,62
30.432.689,68
872.833,04
3.589.658,32
II)
Existencias,................................................................................................................. 14
III)
Deudores,comerciales,y,otras,cuentas,a,cobrar,.................................................................................................................
"
76.390.667,58
1.$ Clientes"por"ventas"y"prestaciones"de"servicios".........................................
"
67.880.647,98
2.$ Empresas"puestas"en"equivalencia……………...………………………………..……………… "
1.504,26
3.$ Activos"por"impuesto"corriente"..............................................................................................................
"
1.483.850,08
4.$ Otros"deudores…………………………………………….…………………..…………………………………
"
7.024.665,26
IV)
Inversiones,en,empresas,del,grupo,y,asociadas,a,C/P,……………...................................................................................................................
13$22
0,00
1.272.461,11
1.$ Créditos"a"empresas"puestas"en"equivalencia…………………………..……………………...………………
"
0,00
1.272.461,11
V)
Inversiones,Financieras,a,C/P,.................................................................................................................
"
2.524.061,86
VI)
Periodificaciones,a,C/P,.................................................................................................................
"
VII)
Efectivo,y,otros,activos,líquidos,equivalentes,.................................................................................................................
"
21.488.539,22
499.830,55
TOTAL.ACTIVO.(A+B)..................................................................................................................................
"
422.972.937,76
Zaragoza,"30"de"marzo"de"2014
45.618.638,22
80.579.353,50
73.108.220,03
5.000,87
951.158,22
6.514.974,38
4.491.151,57
790.561,82
13.479.055,62
448.952.713,71
Página"1
GRUPOPIKOLIN,.S.L..Y.SOCIEDADES.DEPENDIENTES
Cuentas.Anuales..e.Informe.de.Gestión.Consolidados.2013
BALANCE.CONSOLIDADO.AL.CIERRE.DEL.EJERCICIO.2013
Importes.en.Euros
PATRIMONIO+NETO+Y+PASIVO
Notas
Memoria
Ejercicio.2013
Ejercicio.2012
A).PATRIMONIO.NETO............................................................................................................ "
241.870.524,12
232.992.835,76
AV1).Fondos.Propios............................................................................................................ 13
242.814.668,46
233.914.313,95
I)
Capital,.................................................................................................................................
"
1.$ Capital"escriturado………………………………………………….…………………………………….. "
58.037.080,00
58.037.080,00
57.998.410,00
57.998.410,00
II)
Prima,de,emisión,............................................................................................................................
"
90.840.265,10
90.680.265,10
III)
Reservas…………………………….………………………………………….………………………………………………………..
"
102.339.709,01
93.440.872,82
VI)
Resultado,del,ejercicio,atribuido,a,la,sociedad,dominante…………………………………………………………….….
"
(8.402.385,65)
(8.205.233,97)
AV2).Ajustes.por.cambios.de.valor............................................................................................................
"
(1.899.577,13)
(2.172.270,73)
I)
II)
(150.902,21)
(2.021.368,52)
Diferencias,de,conversión,……………………………………………….…………………………………..……….……
"
(2.208.826,82)
Otros,ajustes,por,cambios,de,valor……………………………………………….…………………………………..……….……
13
309.249,69
AV3).Subvenciones,.donaciones.y.legados.recibidos............................................................................................................
20
285.610,20
699.549,73
AV4).Socios.externos............................................................................................................ 7
669.822,59
551.242,81
84.648.506,50
93.438.265,47
8.086.336,16
7.704.167,40
B).PASIVO.NO.CORRIENTE............................................................................................................
"
I)
Provisiones,a,L/P,..........................................................................................................18
II)
Deudas,a,L/P,..........................................................................................................
13
76.183.737,86
2.$ Deudas"con"entidades"de"crédito"................................................................................
"
58.351.394,11
4.$ Otros"pasivos"financieros"................................................................................ "
17.832.343,75
Deudas,con,empresas,del,grupo,y,asociadas,a,L/P,..........................................................................................................
13$22
0,00
1.$ Deudas"con"sociedades"puestas"en"equivalencia………………………………………………………..….
"
0,00
Pasivos,por,impuesto,diferido,..........................................................................................................
"
256.432,48
Periodificaciones,a,L/P,..........................................................................................................
"
0,00
Acreedores,comerciales,no,corrientes,..........................................................................................................
"
122.000,00
III)
IV)
V)
VI)
C).PASIVO.CORRIENTE................................................................................................................................
"
96.453.907,14
II)
Provisiones,a,C/P,.......................................................................................................... "
III)
Deudas,a,C/P,.................................................................................................................13
2.$ Deudas"con"entidades"de"crédito"................................................................................
"
4.$ Otros"pasivos"financieros"................................................................................ "
78.978.974,41
45.334.402,74
33.644.571,67
5.987.094,02
5.987.094,02
189.169,83
456.859,81
122.000,00
122.521.612,48
621.893,57
61.663,74
26.402.096,00
24.516.830,77
1.885.265,23
57.969.614,79
51.479.418,89
6.490.195,90
V)
Acreedores,comerciales,y,otras,cuentas,a,pagar,.......................................................................................
"
69.305.234,63
1.$ Proveedores"..........................................................................................................
13
36.978.335,35
2.$ Proveedores,"empresas"puestas"en"equivalencia………………………………………………………...…
13$22
177.003,82
3.$ Pasivos"por"impuesto"corriente"..........................................................................................................
"
754.186,57
4.$ Otros"acreedores…………………………………………………………………………………..……………………………
"
31.395.708,89
64.242.169,75
34.875.746,60
85.281,68
58.031,32
29.223.110,15
VI)
Periodificaciones,a,C/P,...........................................................................................
"
124.682,94
TOTAL.PATRIMONIO.NETO.Y.PASIVO.(A+B+C)...........................................................................................................
"
422.972.937,76
Zaragoza,"30"de"marzo"de"2014
248.164,20
448.952.713,71
Página"2
GRUPOPIKOLIN,.S.L..Y.SOCIEDADES.DEPENDIENTES
Cuentas.Anuales..e.Informe.de.Gestión.Consolidados.2013
CUENTA.DE.PÉRDIDAS.Y.GANANCIAS.CONSOLIDADA.CORRESPONDIENTE
AL.EJERCICIO.TERMINADO.EL.31.DE.DICIEMBRE.DE.2013
Importes.en.Euros
Notas
Memoria
Ejercicio.2013
A)
Ejercicio.2012
OPERACIONES.CONTINUADAS
1.V
Importe,neto,de,la,cifra,de,negocios,..........................................................................................
24
336.718.196,88
333.251.729,07
a)"Ventas".........................................................................................................."" "
333.398.007,96
328.717.653,02
b)"Prestaciones"de"servicios"................................................................................"""
3.320.188,92
4.534.076,05
2.V
Var.,Exist.,prod.,terminados,y,en,curso,de,fabricación,....................................................................
"
(3.471.359,76)
584.103,56
3.V
Trabajos,realizados,por,la,empresa,para,su,activo,....................................................................
"
4.V
Aprovisionamientos,........................................................................................... "
0,00
631.366,51
(149.640.244,47)
(144.758.134,74)
a)"Consumo"de"mercaderías"................................................................................""
17
5.V
(6.199.804,47)
(4.921.411,28)
b)"Consumo"mat."primas"y"otras"mat."consumibles""................................................................................""
17
(143.146.691,90)
(140.615.202,19)
c)"Trabajos"realizados"para"otras"empresas"................................................................................""
"
(1.453.344,59)
(313.363,61)
d)"Det."de"mercaderías,"mat."primas"y"otros"aprovis."................................................................................""
"
1.159.596,49
1.091.842,34
Otros,ingresos,de,explotación,....................................................................
6.663.177,63
4.866.927,74
a)"Ingresos"accesorios"y"otros"de"gestión"corriente".....................................................................
"
6.532.303,03
4.698.318,30
,
b)"Subv."explotación"incorporadas"al"resultado"del"ej".........................................................................
"
130.874,60
6.V
7.V
168.609,44
Gastos,de,personal,......................................................................................................
,
(97.036.927,41)
(90.114.854,52)
a)"Sueldos,"salarios"y"asimilados".....................................................................................
"
(74.249.458,64)
(67.124.934,00)
b)"Cargas"sociales"............................................................................................ 17
(22.787.468,77)
(22.989.920,52)
Otros,gastos,de,explotación,..................................................................................,
(94.167.081,45)
(103.509.050,55)
(1.301.491,85)
(2.742.014,81)
b)"Otros"gastos"de"gestión"corriente"..........................................................................................................
"
(92.865.589,60)
(100.767.035,74)
a)"Pªs,"deterioro"y"variación"de"prov."por"operac."com……………………..…
"
8.V
Amortización,del,inmovilizado,..............................................................................,
9.V
Imputación,de,subv.,de,inmov,no,financiero,y,otras,................................................................
,
10.V Exceso,de,provisiones,..............................................................................................
,
(6.664.214,40)
(6.966.864,95)
23.647,41
31.104,45
30.507,38
0,00
11.V Deterioro,y,resultado,por,enajenación,del,inmovilizado,................................................................
9$11
(2.238.109,78)
(62.971,19)
a)"Deterioros"y"pérdidas"……………………………………………………………..……………………..…
,
(36.264,24)
b)"Resultados"por"enajenaciones"y"otras"....................................................................................
"
(2.201.845,54)
14.V Otros,resultados………………………………………………………………..…………………….
(66.243,52)
3.272,33
17
(134.860,53)
(258.539,71)
A.1) RESULTADO.DE.EXPLOTACIÓN..........................................................................................
"
(9.917.268,50)
(6.305.184,33)
4.731.159,14
6.687.252,14
15.V Ingresos,financieros,.....................................................................................................
,
a)"De"participaciones"en"instrumentos"de"patrimonio"............................................................................
"
126.723,06
b)"De"valores"negociables"y"otros"instrum."financieros"........................................................................................
"
4.604.436,08
16.V Gastos,financieros,.........................................................................................................
,
755.027,94
5.932.224,20
(5.715.272,42)
(5.133.887,98)
17.V Variación,de,valor,razonable,en,instrum.,financieros,...................................................................
,
282.965,02
226.878,43
a)"Cartera"de"negociación"y"otros"............................................................................
"
(72.024,85)
774.244,21
b)"Imputación"al"rdo"del"ej"por"activos"finan."disp."venta............................................................................
"
354.989,87
(547.365,78)
18.V Diferencias,de,cambio,.......................................................................................................
,
b)"Otras"diferencias"de"cambio"………………………………………………………………….……………….……
"
395.823,12
160.584,19
395.823,12
160.584,19
19.V Deterioro,y,rdo.,por,enajenación,de,instrum.,finan.,...................................................................
,
(2.485.631,50)
(2.640.688,02)
a)"Deterioros"y"pérdidas"................................................................................................................
"
(1.006.913,66)
b)"Resultados"por"enajenaciones"y"otras"............................................................................
"
A.2) RESULTADO.FINANCIERO......................................................................................................
,
(1.478.717,84)
(812.223,96)
(1.828.464,06)
(2.790.956,64)
(699.861,24)
20.V Participación,en,Bºs,(Pªs),de,soc.,puestas,en,equivalencia,……………………………………………………...……..
"
120.233,81
(3.466.866,23)
A.3) RESULTADO.ANTES.DE.IMPUESTOS................................................................................"
(12.587.991,33)
(10.471.911,80)
23.V Impuestos,sobre,beneficios,,.........................................................................................................
16
4.195.980,87
2.149.044,52
A.4) RDO..DEL.EJER..PROCEDENTE.DE.OP..CONTINUADAS..............................................................................................
"
(8.392.010,46)
(8.322.867,28)
A.5) RESULTADO.CONSOLIDADO.DEL.EJERCICIO..........................................................................................
"
(8.392.010,46)
Resultado"atribuido"a"la"sociedad"dominante………………………………………………………………………….……………………
"
(8.402.385,65)
(8.322.867,28)
(8.205.233,97)
Resultado"atribuido"a"socios"externos……………………………………………….……………………………
"
"
Zaragoza,"30"de"marzo"de"2014
10.375,19
(117.633,31)
Página"3
GRUPOPIKOLIN,#S.L.#Y#SOCIEDADES#DEPENDIENTES
Cuentas!Anuales!e!Informe!de!Gestión!Consolidados!del!ejercicio!2013
ESTADO#DE#CAMBIOS#EN#EL#PATRIMONIO#NETO#CONSOLIDADO
CORRESPONDIENTE#AL#EJERCICIO#TERMINADO#EL#31#DE#DICIEMBRE#DE#2013
A)###ESTADO#DE#INGRESOS#Y#GASTOS#RECONOCIDOS#CONSOLIDADO#CORRESPONDIENTE
#######AL#EJERCICIO#TERMINADO#EL#31#DE#DICIEMBRE#DE#2013
Notas
Ejercicio#2013
Ejercicio#2012
A)#Resultado#de#la#cuenta#de#pérdidas#y#ganancias#consolidada#............................................................................................................................
!
(8.392.010,46)
(8.322.867,28)
Ingresos#y#gastos#imputados#directamente#al#patrimonio#neto:
I.
II.
Por!valoración!de!instrumentos!financieros!.................................................................................................................................................
!
3.253.774,68
2.596.099,98
1.#Activos#financieros#disponibles#para#la#venta#....................................................................................................................................
#
3.253.774,68
2.596.099,98
#
Por!cobertura!de!flujos!de!efectivo!……………………………………………......................................................................................
!
0,00
0,00
III.
Subvenciones,!donaciones!y!legados!recibidos!……………………………………………......................................................................................
!
150.996,36
181.863,74
IV.
Por!ganancias!y!pérdidas!actuariales!y!otros!ajustes!……………………………………………......................................................................................
!
0,00
0,00
V.
Diferencias!de!conversión………………………………………………………………
VII.
Efecto!impositivo!………………………………………………………………….....................................................................................................................
!
(1.017.702,52)
(690.294,45)
!
(2.235.594,35)
150.902,21
B)#Total#ingresos#y#gastos#imputados#directamente#en#el#patrimonio
#####neto#consolidado#(I+II+III+IV+V+VI+VII)#.............................................................................................................................................................
#
151.474,17
2.238.571,48
Transferencias#a#la#cuenta#de#pérdidas#y#ganancias:
VIII. Por!valoración!de!instrumentos!financieros!.................................................................................................................................................
!
(1.588.360,42)
(490.017,14)
1.#Activos#financieros#disponibles#para#la#venta#....................................................................................................................................
#
(1.588.360,42)
(490.017,14)
X.
Subvenciones,!donaciones!y!legados!............................................................................................................................................................
!
39.922,00
(40.261,73)
XIII. Efecto!impositivo.........................................................................................................................................................................
!
451.914,24
200.110,62
C)#Total#transferencias#a#la#cuenta#de#pérdidas#y#ganancias#
(VIII+IX+X+XI+XII+XIII)#...........................................................................................................................................................................................
#
(1.096.524,18)
(330.168,25)
TOTAL#DE#INGRESOS#Y#GASTOS#RECONOCIDOS#(A#+#B#+#C)#....................................................................................
#
(9.337.060,47)
Zaragoza,#30#de#marzo#de#2014
(6.414.464,05)
Página#4
Zaragoza,'30'de'marzo'de'2014
Página'5
90.840.265,10
102.339.709,01
8.900.606,19
17.308.214,92
1.585.734,35
(8.205.233,97)
(1.788.109,11)
(1.770,00)
(1.770,00)
0,00
93.440.872,82
(8.402.385,65)
8.205.233,97
8.205.233,97
0,00
(8.402.385,65)
(8.205.233,97)
(**) El'resultado'que'aparece'en'el'Estado'de'Ingresos'y'Gastos'reconocidos'incluye'el'atribuido'a'la'sociedad'dominante'más'el'atribuido'a'socios'externos.
58.037.080,00
0,00
III. Otras'variaciones'del'patrimonio'neto'……………...……….……………………….
0,00
1.H Movimientos'variaciones'perimetro'consolid'(*)………...………...…………………
2.H Distrib'dividendos'soc'consolid'a'soc'dominante'……...…………...…………………
3.H Aplicación'de'resultados'………………...…………………...…….………………………………
4.H Otras'variaciones'………………...…………………………...………….………………..………………
E. SALDO#FINAL#DEL#AÑO#2013………………………………....……….……
160.000,00
160.000,00
0,00
38.670,00
38.670,00
Total'ingresos'y'gastos'reconocidos'(**)'…………….…….……………………..
II. Operaciones'con'socios'y'propietarios'……………………….…………….
1.H Aumentos'de'capital'(+)'………………...…………………
I.
90.680.265,10
(1.899.577,13)
1.131.700,56
1.131.700,56
0,00
(859.006,96)
(2.172.270,73)
(2.172.270,73)
285.610,20
(333.066,48)
(333.066,48)
0,00
(80.873,05)
699.549,73
699.549,73
0,00
0,00
141.602,01
557.947,72
557.947,72
669.822,59
113.374,59
113.374,59
0,00
5.205,19
551.242,81
551.242,81
0,00
0,00
130.224,46
421.018,35
421.018,35
232.992.835,76
(612.210,86)
0,00
(612.210,86)
0,00
0,00
0,00
(6.414.464,05)
240.019.510,67
0,00
(556.778,86)
240.576.289,53
241.870.524,12
18.017.848,83
18.220.223,59
1.585.734,35
0,00
(1.788.109,11)
196.900,00
196.900,00
(9.337.060,47)
232.992.835,76
57.998.410,00
(8.205.233,97)
0,00
0,00
1.518.943,45
(3.691.214,18)
(3.691.214,18)
D. SALDO#AJUSTADO#INICIO#DEL#AÑO#2013#……………………..………
93.440.872,82
(634.031,94)
(634.031,94)
0,00
(8.205.233,97)
634.031,94
634.031,94
0,00
0,00
90.680.265,10
21.821,08
634.031,94
(612.210,86)
0,00
0,00
0,00
93.419.051,74
(556.778,86)
93.975.830,60
TOTAL
I. Ajustes'por'cambios'de'criterio'2012'…………...………………....…
II. Ajustes'por'errores'2012'…………………..……………….…..……....……
57.998.410,00
0,00
III. Otras'variaciones'del'patrimonio'neto……...………………….…………….
0,00
3.H Aplicación'de'resultados'…………………...………...…………..………
4.H Otras'variaciones'………………...…………………………...………..………………..………………
C. SALDO#FINAL#DEL#AÑO#2012……………………………...………….……
0,00
0,00
0,00
0,00
0,00
0,00
II. Operaciones'con'socios'y'propietarios'……………………….…………….
1.H Aumentos'de'capital'(+)'………………...…………………
4.H Distribución'de'dividendos'(H)'………………...…………………
90.680.265,10
90.680.265,10
0,00
57.998.410,00
57.998.410,00
Resultado#del#
Reservas#y#Rdos#
Subvenciones#
ejercicio#atribuido#
Ajustes#por#
Prima#de#emisión
ejercicios#
donacione#y#
Socios#externos
a#la#Sociedad# cambios#de#valor
anteriores
legados#recibidos
dominante
Total'ingresos'y'gastos'reconocidos'(**)'…...………………….…..
I.
B. SALDO#AJUSTADO#INICIO#DEL#AÑO#2012#…..…………………..………
Ajustes'por'cambios'de'criterio'2011'……….....…………………..…
Ajustes'por'errores'2011'……..…...…..…..…….….…………..…………
A. SALDO#FINAL#DEL#AÑO#2011…………………………….………………………
Concepto
Capital#
Escriturado
B)#ESTADO#TOTAL#DE#CAMBIOS#EN#EL#PATRIMONIO#NETO#CONSOLIDADO#CORRESPONDIENTE#AL#EJERCICIO#TERMINADO#EL#31#DE#DICIEMBRE#DE#2013
ESTADO#DE#CAMBIOS#EN#EL#PATRIMONIO#NETO#CONSOLIDADO#CORRESPONDIENTE#AL#EJERCICIO#TERMINADO#EL#31#DE#DICIEMBRE#DE#2013
GRUPOPIKOLIN,#S.L.#Y#SOCIEDADES#DEPENDIENTES
Cuentas(Anuales(e(Informe(de(Gestión(Consolidados(del(ejercicio(2013
GRUPOPIKOLIN,,S.L.,Y,SOCIEDADES,DEPENDIENTES
Cuentas,Anuales,e,Informe,de,Gestión,Consolidados,del,ejercicio,2013
ESTADO,DE,FLUJOS,DE,EFECTIVO,CONSOLIDADO,CORRESPONDIENTE
,AL,EJERCICIO,TERMINADO,EL,31,DE,DICIEMBRE,DE,2013
Notas
Ejercicio,2013
Ejercicio,2012
A) FLUJOS,DE,EFECTIVO,DE,LAS,ACTIVIDADES,DE,EXPLOTACIÓN,……………………………...…………………..
!
7.684.365,59
(21.258.076,17)
!
1. Resultado!del!ejercicio!antes!de!impuestos..............................................................................................
!
(12.587.991,33)
(10.471.911,80)
!
2. Ajustes!del!resultado................................................................................................................................
!
12.049.786,11
11.894.834,89
a) Amortización!del!inmovilizado!(+)...............................................................................................
!
6.664.214,40
6.966.864,95
b) Correcciones!valorativas!por!deterioro!(+/H).......................................................................
!
602.588,50
(190.256,22)
c) Variación!provisiones!(+/H)..........................................................................................................................
!
942.398,59
4.265.664,34
d) Imputación!de!subvenciones!(H)............................................................................................
!
(23.647,71)
(31.104,45)
e) Resultados!por!bajas!y!enajenaciones!de!inversiones!(+/H).......................................................................
!
2.201.845,54
(3.272,33)
f) Resultados!por!bajas!y!enajenaciones!de!instrumentos!financieros!(+/H).......................................................................
!
1.123.727,97
581.668,89
g) Ingresos!financieros!(H)...............................................................................................................
!
(4.731.159,14)
(6.580.317,83)
h) Gastos!financieros!(+).................................................................................................................
!
5.715.272,42
5.133.887,98
i) Diferencias!de!cambio!(+).................................................................................................................
!
(395.823,12)
(160.584,19)
j) Variación!en!el!valor!razonable!en!instrumentos!financieros!(+/H).................................................................................................................
!
72.024,85
(774.244,21)
k) Otros!ingresos!y!gastos!(H/+)....................................................................................................
!
(1.422,38)
(780.338,27)
l) Participación!en!beneficios!o!pérdidas!de!soc.!puesta!en!equivalencia!(H/+)....................................................................................................
!
(120.233,81)
3.466.866,23
!
3. Cambios!en!el!capital!corriente.............................................................................................................
!
9.637.846,84
(23.439.789,68)
a) Existencias!(+/H)............................................................................................................................
!
4.093.336,17
(6.421.828,95)
b) Deudores!y!otras!cuentas!a!cobrar!(+/H)....................................................................................................
!
(3.681.472,61)
(9.466.552,32)
d) Acreedores!y!otras!cuentas!a!pagar!(+/H)....................................................................................................
!
7.408.086,93
(8.457.368,35)
e) Otros!pasivos!corrientes!(+/H)....................................................................................................
!
2.325.910,93
96.507,39
f) Otros!activos!y!pasivos!no!corrientes!(+/H)....................................................................................................
!
(508.014,58)
809.452,55
!
4. Otros!flujos!de!efectivo!de!las!actividades!de!explotación.......................................................................................
!
(1.415.276,03)
758.790,42
a) Pagos!de!intereses!(H)...............................................................................................................................
!
(5.522.067,20)
(5.164.698,75)
b) Cobro!de!dividendos!(+)…………………………………………………………………………………………….!
126.723,06
755.027,94
c) Cobros!de!intereses!(+).........................................................................................................................
!
4.119.872,61
5.857.390,20
d) Cobros!(pagos)!por!impuesto!sobre!beneficios(+/H)....................................................................................................
!
235.343,11
(50.876,02)
e) Otros!pagos!(cobros)!(+/H)....................................................................................................
!
(375.147,61)
(638.052,95)
!
5. Flujos!de!efectivo!de!las!actividades!de!explotación!(1+2+3+4)...............................................................................................
!
7.684.365,59
(21.258.076,17)
!
B) ,FLUJOS,DE,EFECTIVO,DE,LAS,ACTIVIDADES,DE,INVERSIÓN,………………………………………….…………………….
!
19.362.164,81
(6.669.933,55)
!
6. Pagos!por!inversiones!(H)...............................................................................................................
!
(30.084.046,19)
(38.110.684,64)
a) Empresas!del!grupo!y!asociadas....................................................................................................
!
(18.649.682,96)
(15.130.040,43)
b) Inmovilizado!intangible.............................................................................................................
!
0,00
(7.631.628,89)
c) Inmovilizado!material.......................................................................................................................
!
(8.157.090,78)
(7.578.791,25)
d) Inversiones!inmobiliarias...........................................................................................................
!
0,00
(72.400,32)
e) Otros!activos!financieros.........................................................................................................................
!
(3.277.272,45)
(7.256.686,44)
g) Otros!activos........................................................................................................................................
!
0,00
(441.137,31)
!
7. Cobros!por!desinversiones!(+)...............................................................................................................
!
49.446.211,00
31.440.751,09
b) Inmovilizado!intangible.............................................................................................................
!
2.262.123,76
1.484.656,64
c) Inmovilizado!material........................................................................................................................
!
0,00
1.837.715,72
d) Inversiones!inmobiliarias........................................................................................................................
!
0,00
100.596,87
e) Otros!activos!financieros..............................................................................................................
!
47.184.087,24
28.017.781,86
!
8. Flujos!de!efectivo!de!las!actividades!de!inversión!(7+6)..................................................................................................
!
19.362.164,81
(6.669.933,55)
Zaragoza,!30!de!marzo!de!2014
Página!6
GRUPOPIKOLIN,,S.L.,Y,SOCIEDADES,DEPENDIENTES
Cuentas,Anuales,e,Informe,de,Gestión,Consolidados,del,ejercicio,2013
ESTADO,DE,FLUJOS,DE,EFECTIVO,CONSOLIDADO,CORRESPONDIENTE
,AL,EJERCICIO,TERMINADO,EL,31,DE,DICIEMBRE,DE,2013
Notas
Ejercicio,2013
Ejercicio,2012
C) FLUJOS,DE,EFECTIVO,DE,LAS,ACTIVIDADES,DE,FINANCIACIÓN,………………………………………………………..
!
(19.432.869,92)
!
9. Cobros!y!pagos!por!instrumentos!de!patrimonio....................................................................................................
!
200.000,00
a) Emisión!de!instrumentos!de!patrimonio!(+)....................................................................................................
!
200.000,00
e) Subvenciones,!donaciones!y!legados!recibidos!(+)....................................................................................................
!
0,00
20.932.223,61
10. !Cobros!y!pagos!por!instrumentos!de!pasivo!financiero....................................................................................................
!
(19.632.892,44)
a) Emisión.......................................................................................................................................................
!
8.215.644,55
2. Deudas!con!entidades!de!crédito!(+)....................................................................................................
!
851.677,10
3. Deudas!con!empresas!del!grupo!y!asociadas!(+)....................................................................................................
!
0,00
4. Otras!deudas!(+).................................................................................................... !
7.363.967,45
b) Devolución!y!amortización!de...................................................................................................
!
(27.848.536,99)
2. Deudas!con!entidades!de!crédito!(H)....................................................................................................
!
(12.566.435,98)
3. Otras!deudas!(H)....................................................................................................
!
(15.282.101,01)
20.713.762,75
34.006.966,11
21.609.874,85
4.564.917,65
7.832.173,61
(13.293.203,36)
(5.735.569,66)
(7.557.633,70)
218.460,86
0,00
218.460,86
11. Pagos!por!dividendos!y!remuneraciones!de!otros!instrumentos!de!patrimonio..................................................................................................
!
22,52
0,00
1. Dividendos!(H)……………………………………………………………………………………………..
!
22,52
0,00
12. Flujos!de!efectivo!de!las!actividades!de!financiación!(9+10+11)..................................................................................................
!
(19.432.869,92)
!
D) EFECTO,DE,LAS,VARIACIONES,DE,LOS,TIPOS,DE,CAMBIO,.............................................................................................
!
395.823,12
!
E) AUMENTO/DISMINUCIÓN,NETA,DEL,EFECTIVO
!
O,EQUIVALENTES,(5+8+12+D).................................................................................................
!
8.009.483,60
20.932.223,61
Efectivo!o!equivalentes!al!comienzo!del!ejercicio................................................................................................
!!
13.479.055,62
Efectivo!o!equivalentes!al!final!del!ejercicio................................................................................................
!!
21.488.539,22
!!
!!
20.314.257,54
13.479.055,62
160.584,19
(6.835.201,92)
!!
!!
!!
!!
Zaragoza,!30!de!marzo!de!2014
Página!7
GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2013
_____________________________________________________________________________________________________
MEMORIA'CONSOLIDADA'DEL'EJERCICIO'2013'
NOTA'1
1.1'
SOCIEDADES'DEL'GRUPO.'
Sociedad'dominante.'
GRUPOPIKOLIN,( S.L.,( se( constituyó( el( 24( de( abril( de( 2003.( Su( domicilio( social( se( encuentra( en(
Zaragoza,(autovía(de(Logroño(Km.(6,5,(su(código(de(identificación(fiscal(es(B50966654,(y(está(inscrita(en(el(
Registro( Mercantil( de( Zaragoza( Tomo( 2929,( folio( 47,( hoja( nº( ZV33424,( inscripción( 1ª( de( 14( de( mayo( de(
2003.(
El( objeto( social( de( GRUPOPIKOLIN,( S.L.( y( SOCIEDADES( DEPENDIENTES( es( la( fabricación,(
comercialización,( compra( y( venta( de( colchones,( somieres,( camas( y( almohadas,( sean( cuales( sean( sus(
componentes( o( materias( primas;( la( adquisición,( promoción,( explotación( y( enajenación( de( inmuebles;( la(
adquisición,(tenencia,(disfrute,(dirección,(gestión(y(administración(de(valores(mobiliarios;(las(inversiones(
financieras(y(mobiliarias;(la(promoción,(fomento(y(participación(en(otras(compañías(y(negocios(de(lícito(
comercio.(
Como( grupo( ejerce( su( actividad( en( los( territorios( dónde( la( ejercen( las( empresas( participadas,(
principalmente(en(el(mercado(nacional(y(en(aquellos(países(dónde(desarrollan(su(actividad(las(empresas(
participadas( no( españolas,( que( se( mencionan( en( el( perímetro( de( consolidación( incluido( en( esta( misma(
nota.(
Todas(las(sociedades(del(perímetro(cierran(sus(cuentas(anuales(individuales(el(31(de(diciembre(de(
2013,(a(excepción(de(Dunlopillo(HoldingsSdn.(Bhd.((Malaysia),(y(sus(sociedades(dependientes,(que(cierra(
sus(cuentas(el(30(de(junio(de(2013,(y(constituyen(GRUPO(de(Sociedades,(según(el(artículo(42(del(Código(
de(Comercio,(por(control(directo(e(indirecto(de(la(sociedad(dominante(en(las(sociedades(incluidas(en(la(
consolidación.(
GRUPOPIKOLIN,(S.L.(por(acuerdo(de(su(Junta(General(de(Socios(de(7(de(noviembre(de(2013,(se(ha(
escindido(parcialmente,(sin(extinguirse,(y(segrega(una(parte(de(su(Patrimonio,(constituyendo(una(unidad(
económica,( autónoma( e( independiente,( como( son( 310( participaciones( en( GrupoEbrosol,( S.L.U.,( que(
quedan(adjudicadas(a(la(Sociedad(de(nueva(creación(Nuevo(GrupoEbrosol,(S.L.,(lo(que(supone(un(cambio(
en(el(perímetro(de(consolidación(respecto(al(ejercicio(anterior(del(que(se(informa(en(la(Nota(5.(
Estas( cuentas( anuales( consolidadas,( están( elaboradas( a( partir( de( la( integración( global( de(
GRUPOPIKOLIN,( S.L.( como( sociedad( dominante,( y( sus( sociedades( dependientes,( participadas( directa( o(
indirectamente(por(ésta,(así(como(por(la(puesta(en(equivalencia(de(las(sociedades(multigrupo(y(asociadas(
participadas.(
_____________________________________________________________________________________________________
Zaragoza,(30(de(marzo(de(2014(
Página(8(
GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2013
_____________________________________________________________________________________________________
1.2'
Sociedades'dependientes.'
La(identificación(de(las(sociedades(dependientes(incluidas(en(la(consolidación(son(las(siguientes:(
(
''
Nombre'sociedad'/'Domicilio'
PIKOLIN,'S.L.'
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
libros'
99,99%(
((
(
((
((
99,99%(
99,93%(
((
(
((
((
((
99,19%(
Zona(Industrial(Vila(Amelia.(Palmela(V(Lisboa((Portugal)(
((
(1)(
99,50%(
DEL'DESCANSO,'S.L.'(CEADESA)'
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
ESPAÇO'DESCANSO'UNIPESSOAL,'LTDA'
150.000(( Comercialización(de(colchones(y(somiers(
((
85,01%(
SAS'COFEL'(COMPAGNIE'FINANCIERE'
((
(
99,99%(
((
((
COPIREL'SAS'(COMPAGNIE'PIKOLIN'
ESPACIO'DESCANSO'SPAIN,'S.L.'
(1)(
((
((
RECTICEL'LITERIE)'
(2)(
99,90%(
((
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
((
((
INDUSTRIAS'HIDRÁULICAS'PARDO,'S.L.'
100,00%(
((
Autovía(de(Logroño,(Km.(5,800(V(Zaragoza(
((
((
ASTABURUAGA'HEALTHCARE,'S.L.U.'
((
100,00%(
Autovía(de(Logroño,(Km.(5,800(V(Zaragoza(
((
(3)((
100,00%(
((
DUNLOPILLO'(HOLDINGS)'SDN'BHD'
((
((
((
somiers,(camas,(muebles,(y(otras(
66.432.584(( Tenencia(de(valores(
99,99%(
((
((
((
5.502.417(( Fabricación(y(venta(de(colchones,((
(
27(Rue(du(Coronel(Pierre(Avia,(Paris((Francia)(
((
((
((
27(Rue(du(Coronel(Pierre(Avia,(Paris((Francia)(
descanso.(
((
(((
P.I.(Les(Vinyes,(parcelas(2(y(3.(Miramar((Valencia)(
EUROPEENNE'LITERIE)'
(y(somiers(
4.013.671(( Comercialización(de(artículos(para(el(
(((
((
SMATTEX,'S.L.'
((
((
100,00%(
Rodrigo(de(Beires,(57.(Aldeia(de(Paio(Pires((Portugal)(
de(franquicias(de(muebles(en(general(
855.377(( Comercialización(de(colchones((
((
((
((
((
somiers,(camas,(muebles,(y(otras(
95.168(( Servicios(de(seguridad(y(vigilancia(
((
PIKOLIN'LUSITANA,'LTDA'
COMPAÑÍA'EUROPEA'DE'ARTICULOS'
somiers,(camas,(muebles,(y(otras(
890.066(( Comercialización(y(distribución(a(través((
(
((
Actividad'
4.278.426(( Fabricación(y(venta(de(colchones,((
((
((
''
127.575.647(( Fabricación(y(venta(de(colchones,((
(
((
SEIVIRIBER,'S.A.'
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
Valor'en'
99,99%(
ESPAÑOLA'DEL'DESCANSO,'S.L.'(ESPADESA)'
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
Partic.'
indirecta'
((
CONFORDES,'S.L.'
C/(Coso,(55(V(Zaragoza(
Partic.'
directa'
((
((
48.197.404(( Fabricación(y(venta(de(colchones,((
((
somiers,(camas,(muebles,(y(otras(
((
((
Comercialización(de(productos(de(
9.990(( decoración,(
((
amueblamiento(y(descanso.(
Fabricación(y(comercialización(de(camas,(
755(( muebles(y(accesorios(
mecánicos(e(hidraúlicos(de(uso(sanitario(y(
hospitalario.(
Comercialización(de(camas,(muebles(y(
3.600(( accesorios(de(
((
(( (uso(sanitario(y(hospitalario.(
17.602.204(( Tenencia(de(valores(
SubangJaya(Selangor(V(Malaysia(
((
((
((
((
DUNLOPILLO'(MALAYSIA)'SDN'BHD'
((
100,00%(
((
Comercialización(de(artículos(del(descanso(
Malaysia(
((
(4)((
((
((
DUNLOPILLO'(SINGAPORE)'PTE'LTD'
((
100,00%(
((
Comercialización(de(artículos(del(descanso(
Singapore(
((
(4)((
((
DUNLOPILLO'(VIETNAM)'LTD'
((
100,00%(
((
((
Fabricación(y(comercialización(de(artículos(
del(descanso(
Vietnam(
((
(5)((
((
DUNLOPILLO'(SHENZHEN)'LTD'
((
100,00%(
((
((
Fabricación(y(comercialización(de(artículos(
del(descanso(
Shenzhen,(Provincia(de(Cantón(V(Republica(Popular(China(
((
(4)((
((
((
DUNLOPILLO'(HONG'KONG)'LTD'
((
100,00%(
((
Comercialización(de(artículos(del(descanso(
Hong(Kong(
((
(4)((
((
((
DUNLOPILLO'(MIDDLE'EAST)'LTD'
((
100,00%(
((
Comercialización(de(artículos(del(descanso(
UnitedArabEmirates(
((
(4)((
((
((
_____________________________________________________________________________________________________
Zaragoza,(30(de(marzo(de(2014(
Página(9(
GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2013
_____________________________________________________________________________________________________
(1)(Participación(a(través(de(PIKOLIN,(S.A.(
'' ((
(2)(Participación(a(través(de(SAS(COFEL,(que(a(su(vez(lo(es(a(través(de(PIKOLIN,(S.A.(
(3)(Participación(a(través(de(Industrias(Hidráulicas(Pardo,(
S.A.(
(4)(Participación(a(través(de(Dunlopillo((Holdings)(
' (
SdnBhd.(
(5)(Participación(a(través(de(Dunlopillo((Singapore)(
' (
PteLtd(
'' ((
((
((
((
(
((
(
((
(
((
((
Todas( las( Sociedades( del( perímetro( cierran( sus( cuentas( anuales( al( 31( de( diciembre( de( 2013,( a(
excepción(de(Dunlopillo((Holdings)(SdnBhd,(que(cierra(sus(cuentas(el(30(de(junio(de(2013,(por(lo(que(se(
han(integrando(los(estados(financieros(intermedios(cerrados(al(31(de(diciembre,( y(se(han(incluido(en(la(
consolidación(aplicando(el(método(de(integración(global.(El(supuesto(que(determina(la(configuración(de(
estas(sociedades(como(dependientes(es(la(disposición(de(la(mayoría(de(derechos(de(voto.(
Estas(cuentas(anuales(consolidadas(y(las(cuentas(anuales(individuales(del(ejercicio(2013(de(Pikolin,(
S.A.,( Confordes,( S.A.,( Española( del( Descanso,( S.A.,( Compañía( Europea( de( Artículos( del( Descanso( ,(
S.A.,Ibernex(Ingeniería,(S.L.(y(Smattex,(S.A.(son(auditadas(por(CGM(Auditores,(S.L.;(las(de(Pikolin(Lusitana,(
Ltda.( son( auditadas( por( L.GraçaR.Carvalho&M.Borges,( SrocLda( (Portugal);( las( de( S.A.S.( COPIREL,( S.A.S.(
COFEL( y( las( cuentas( consolidadas( de( Grupo( COFEL,( por( Laurent( Nadjar&Associés( (Francia)( y(
Deloitte&Associés( (Francia)( como( coVauditores( del( Subgrupofrancés,( y( las( consolidadas( de( Dunlopillo(
(Holdings)(SdnBhd(que(son(auditadas(por(PricewaterhouseCoopers((Malaysia).(
Se(ha(considerado(como(fecha(de(primera(consolidación(el(1(de(enero(de(2008,(excepto(para(las(
sociedades(que(entraron(en(el(perímetro(en(el(ejercicio(2009,(que(se(ha(considerado(1(de(enero(de(2009.(
En(el(caso(de(las(dos(sociedades(adquiridas(en(el(ejercicio(2012(la(fecha(de(primera(consolidación(fue(la(de(
10( de( enero( de( 2012( para( Dunlopillo( (Holdings)( SdnBhd,( y( la( de( 4( de( octubre( de( 2012( para( Industrias(
Hidráulicas(Pardo,(S.A.(
NOTA'2
SOCIEDADES'ASOCIADAS'Y'MULTIGRUPO.'
Las(sociedades(asociadas(y(multigrupo(incluidas(en(la(consolidación(son(las(siguientes:(
(
''
Sociedad'/'Domicilio'
SPACIO'REPOS,'S.L.'
Gregorio(Marañón(9(V(Madrid(
(1)(Participación(a(través(de(PIKOLIN,(S.A.(
Partic.'
directa'
((
((
Partic.'
Valor'en'
indirecta'
libros'
50,00%(
2.000.000(€(
(1)((
((
'' ((
((
((
Actividad'
Fabricación(y(comercialización(de((
productos(textiles(
((
La( sociedad( multigrupo( se( ha( incluido( en( la( consolidación( por( el( procedimiento( de( puesta( en(
equivalencia,(por(entender(que(las(cuentas(anuales(muestran(de(forma(más(adecuada(la(imagen(fiel(de(la(
situación(del(Grupo,(al(concentrar(en(las(partidas(de(balance(y(pérdidas(y(ganancias(de(sociedades(puestas(
en(equivalencia(la(valoración(de(las(mismas,(uniformando(el(criterio(aplicado(para(todas(las(sociedades,(
tanto(multigrupo(como(asociadas,(en(las(que(el(Grupo(no(tiene(el(control(efectivo(de(las(mismas.(
El(supuesto(que(determina(la(configuración(de(las(sociedades(como(multigrupo,(es(la(existencia(de(
acuerdos(que(permiten(el(derecho(de(veto(en(la(toma(de(decisiones(sociales.(
La(gestión(conjunta(con(el(grupo(se(realiza(para(la(Sociedad(Spacio(Repos(S.L.(con(Madritex,(S.L.(
La( sociedad( se( ha( incluido( en( la( consolidación( por( el( procedimiento( de( puesta( en( equivalencia( y(
_____________________________________________________________________________________________________
Zaragoza,(30(de(marzo(de(2014(
Página(10(
GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2013
_____________________________________________________________________________________________________
cierra(sus(cuentas(anuales(el(31(de(diciembre(2013.(
La(presentación(de(las(cuentas(anuales(se(efectúa(bajo(los(criterios(previstos(en(el(artículo(42(del(
Código(de(Comercio,(y(las(normas(13ª(y(15ª(de(elaboración(de(las(cuentas(anuales(de(la(tercera(parte(del(
Plan( General( de( Contabilidad,( respecto( a( las( relaciones( de( dominio( o( asociación( entre( sociedades.( La(
sociedad( dominante( GRUPOPIKOLIN,( S.L,.( con( domicilio( en( Zaragoza,( está( obligada( a( formular( cuentas(
anuales( consolidadas,( que( deposita( en( el( Registro( Mercantil( de( Zaragoza.( Las( cuentas( anuales(
consolidadas( del( Grupo( en( el( que( se( integra( la( Sociedad( dominante( y( sus( sociedades( dependientes,(
correspondientes(al(ejercicio(2012,(fueron(aprobadas(por(la(Junta(General(de(Socios(de(GRUPOPIKOLIN,(
S.L.(en(su(reunión(celebrada(el(29(de(junio(de(2013.(
La(moneda(funcional(con(la(que(opera(el(Grupo(es(euros.(
NOTA'3
3.1
BASES'DE'PRESENTACIÓN'DE'LAS'CUENTAS'ANUALES'CONSOLIDADAS.'
Imagen'fiel:'
Las( cuentas( anuales( consolidadas,( formadas( por( el( balance( consolidado,( la( cuenta( de( pérdidas( y(
ganancias( consolidada,( el( estado( de( cambios( en( el( patrimonio( neto( consolidado,( el( estado( de( flujos( de(
efectivo(consolidado(y(la(memoria(consolidada,(han(sido(elaboradas(a(partir(de(los(registros(contables(de(
la( Sociedad( dominante( y( de( cada( una( de( las( sociedades( que( integran( el( conjunto( consolidable,( y( se(
presentan( siguiendo( el( marco( normativo( de( información( financiera( que( le( resulta( de( aplicación,( y( en(
particular( con( los( principios( y( criterios( contables( contenidos( en( el( mismo,( de( forma( que( muestran( la(
imagen(fiel(del(patrimonio,(de(la(situación(financiera(y(de(los(resultados(del(grupo,(así(como(la(veracidad(
de(los(flujos(incorporados(en(el(estado(de(flujos(de(efectivo(consolidado.(
A(los(efectos(de(estas(cuentas(anuales(consolidadas,(el(marco(normativo(aplicado(se(establece(en:(
a) El( Real( Decreto( 1159/2010,( de( 17( de( septiembre,( por( el( que( se( aprueban( las( Normas( para( la(
Formulación(de(Cuentas(Anuales(Consolidadas(y(se(modifica(el(Plan(General(de(Contabilidad.(
b) El(Código(de(Comercio(y(la(restante(legislación(mercantil.(
c) El(Plan(General(de(Contabilidad(y(sus(adaptaciones(sectoriales.(
d) Las( normas( de( obligado( cumplimiento( aprobadas( por( el( Instituto( de( Contabilidad( y( Auditoría( de(
Cuentas(en(desarrollo(del(Plan(General(de(Contabilidad(y(sus(normas(complementarias.(
e) El(resto(de(la(normativa(contable(española(que(resulte(de(aplicación.(
No( existen( razones( excepcionales( por( las( que,( para( mostrar( la( imagen( fiel,( no( se( hayan( aplicado(
disposiciones(legales(en(materia(contable.(
Las( cuentas( anuales( individuales( de( GRUPOPIKOLIN,( S.L.( y( de( las( Sociedades( dependientes,( así(
como( las( presentes( cuentas( anuales( consolidadas,( están( pendientes( de( aprobación( por( las( respectivas(
Juntas( Generales( de( Socios( y( Accionistas,( y( se( estima( que( no( se( producirán( cambios( sustanciales( en( su(
configuración.(
3.2
Aspectos'críticos'de'la'valoración'y'estimación'de'la'incertidumbre.'
El(Grupo(ha(elaborado(sus(estados(financieros(bajo(el(principio(de(empresa(en(funcionamiento,(sin(
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que(exista(ningún(tipo(de(riesgo(importante(que(pueda(suponer(cambios(significativos(en(el(valor(de(los(
activos(o(pasivos(en(el(ejercicio(siguiente.(
En( la( elaboración( de( las( cuentas( anuales( consolidadas( adjuntas( se( han( utilizado( estimaciones(
realizadas( por( los( Administradores( de( la( Sociedad( dominante( para( cuantificar( algunos( de( los( activos,(
pasivos,(ingresos,(gastos(y(compromisos(que(figuran(registrados(en(ellas.(Básicamente,(estas(estimaciones(
se(refieren(a:(
-
Vida(útil(de(los(activos(materiales,(inversiones(inmobiliarias(e(intangibles((véase(NOTAS(9,(10(y(11).(
-
Valoración(del(deterioro(del(fondo(de(comercio((véase(NOTA(6).(
-
Cálculos(del(deterioro(de(los(activos(fijos((véase(NOTAS(9,(10(y(11).(
-
Cálculos(del(valor(razonable(de(determinados(instrumentos(financieros((véase(NOTA(13).(
-
Cálculos(de(provisiones(y(créditos(fiscales((véase(NOTA(16).(
Es(posible(que,(a(pesar(de(que(estas(estimaciones(se(realizaron(en(función(de(la(mejor(información(
disponible(a(la(fecha(de(formulación(de(estas(cuentas(anuales(sobre(los(hechos(analizados,(se(produzcan(
acontecimientos(en(el(futuro(que(obliguen(a(modificarlas(en(próximos(ejercicios,(lo(que(se(haría(de(forma(
prospectiva( reconociendo( los( efectos( del( cambio( de( estimación( en( las( correspondientes( cuentas( de(
pérdidas(y(ganancias(futuras.(
3.3
Agrupación'de'partidas.'
Algunas(partidas(del(balance(consolidado,(cuenta(de(pérdidas(y(ganancias(consolidada,(del(estado(
de(cambios(en(el(patrimonio(neto(consolidado(y(del(estado(de(flujos(de(efectivo(consolidado(se(presentan(
de(forma(agregada(para(facilitar(su(comprensión.(No(obstante,(en(la(medida(en(que(sea(significativa,(se(ha(
incluido(información(desagregada(en(su(correspondiente(nota(de(esta(memoria(de(las(cuentas(anuales.(
3.4
Comparación'de'la'información.'
En( estas( cuentas( anuales( consolidadas,( la( información( que( se( presenta( del( ejercicio( no( es(
comparable( respecto( al( ejercicio( anterior,( como( consecuencia( de( la( segregación( producida( en( este(
ejercicio((véase(Nota(1),(y(por(la(que(salen(del(perímetro(de(consolidación(la(Sociedad(GrupoEbrosol,(S.L.(y(
sus(sociedades(dependientes,(tal(y(como(se(informa(en(la(Nota(5(de(esta(memoria.(
3.5
Clasificación'de'las'partidas'en'corrientes'y'no'corrientes.'
Para(la(clasificación(de(las(partidas(corrientes(se(ha(considerado(el(plazo(máximo(de(un(año(a(partir(
de(la(fecha(de(las(presentes(cuentas(anuales(consolidadas.(
3.6
Cambios'en'criterios'contables'y'errores.'
En(este(ejercicio(2013,(como(consecuencia(del(procedimiento(llevado(a(cabo(por(la(administración(
tributaria((véase(Nota(16),(se(ha(generado(un(cambio(de(estimación(contable,(por(ajustes(de(cambio(de(
valor(de(los(activos(fiscales(de(una(sociedad(del(grupo.(
En( el( ejercicio( 2012,( se( reconoció( un( error( por( gastos( activados( que( pertenecían( al( ejercicio(
anterior( por( un( importe( de( 0,5( millones( de( euros,( que( supuso( reconocer( un( abono( y( un( cargo( contra(
patrimonio(neto.(
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NOTA'4
NORMAS'DE'REGISTRO'Y'VALORACIÓN.'
Las( principales( normas( de( registro( y( valoración( utilizadas( para( la( formulación( de( las( cuentas(
anuales(consolidadas(son(las(siguientes:(
4.1
Homogeneización.'
4.1.1( Homogeneización(temporal.(
Las(cuentas(anuales(consolidadas(adjuntas(se(han(establecido(en(la(misma(fecha(y(periodo(que(las(
cuentas(anuales(de(la(sociedad(obligada(a(consolidar.(
Todas( las( sociedades( del( grupo( cierran( su( ejercicio( en( la( misma( fecha( que( las( cuentas( anuales(
consolidadas,(a(excepción(de(una(sociedad(y(sus(sociedades(dependientes,(que(cierran(su(ejercicio(el(30(
de( junio( de( cada( año,( por( lo( que( su( inclusión( en( estas( cuentas( anuales( consolidadas,( se( hace( mediante(
cuentas(intermedias(referidas(a(la(misma(fecha(y(periodo(a(que(se(refieran(las(cuentas(consolidadas.(
En( el( ejercicio( anterior,( de( la( sociedad( que( entró( a( formar( parte( del( grupo( en( ese( ejercicio,( la(
cuenta( de( pérdidas( y( ganancias,( el( estado( de( cambios( en( el( patrimonio( neto( y( el( estado( de( flujos( de(
efectivo( individuales( de( la( misma,( incluidos( en( la( consolidación( del( ejercicio( 2012estaban( referidos(
únicamente(a(la(parte(del(ejercicio(en(que(dicha(sociedad(formó(parte(del(grupo.(
4.1.2( Homogeneización(valorativa.(
Los( elementos( del( activo( y( del( pasivo,( los( ingresos( y( gastos,( y( demás( partidas( de( las( cuentas(
anuales(de(las(sociedades(del(grupo,(están(valorados(siguiendo(métodos(uniformes(y(de(acuerdo(con(los(
principios( y( normas( de( valoración( establecidos( en( el( Código( de( Comercio,( texto( refundido( de( la( Ley( de(
Sociedades( de( Capital( y( Plan( General( de( Contabilidad( y( demás( legislación( que( sea( específicamente(
aplicable.(
En( el( caso( de( sociedades( extranjeras( incluidas( en( el( perímetro( de( consolidación,( preparan( sus(
cuentas( anuales( y( demás( registros( siguiendo( las( normas( contables( correspondientes,( en( función( de( la(
legislación( vigente( en( el( país( de( origen.( En( la( medida( en( que( dichos( criterios( de( contabilización( y(
valoración( sean( distintos( a( los( adoptados( por( el( grupo( en( la( elaboración( de( sus( cuentas( anuales(
consolidadas( se( ha( procedido( a( su( ajuste,( con( el( fin( de( presentar( las( cuentas( anuales( consolidadas( de(
acuerdo(con(normas(de(valoración(homogéneas.(
4.1.3( Homogeneización(por(las(operaciones(internas.(
Cuando(en(las(cuentas(anuales(de(las(sociedades(del(grupo(los(importes(de(las(partidas(derivadas(
de(operaciones(internas(no(sean(coincidentes,(o(exista(alguna(partida(pendiente(de(registrar,(se(realizan(
los(ajustes(que(procedan(para(practicar(las(correspondientes(eliminaciones.(
4.1.4( Homogeneización(para(realizar(la(agregación.(
Se(realizan(las(reclasificaciones(necesarias(en(la(estructura(de(las(cuentas(anuales(de(una(sociedad(
del(grupo(para(que(ésta(coincida(con(la(de(las(cuentas(anuales(consolidadas.(
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4.2
Fondo'de'comercio'de'consolidación'y'diferencia'negativa'de'consolidación.'
La( diferencia( de( primera( consolidación( se( calcula( como( diferencia( entre( el( valor( contable( de( la(
participación(en(el(capital(de(las(sociedades(dependientes(y(el(valor(de(la(parte(proporcional(de(los(fondos(
propios(consolidados(de(éstas(en(la(fecha(de(primera(consolidación.(
La(diferencia(positiva(de(consolidación(correspondiente(al(exceso(entre(el(coste(de(la(inversión(y(el(
valor(teórico(contable,(en(ejercicios(anteriores(a(2008,(y(el(valor(razonable(de(activos(y(pasivos(para(las(
adquisiciones( posteriores( a( 1( de( enero( de( 2008,( atribuible( a( la( sociedad( participada( en( la( fecha( de( la(
incorporación( al( Grupo,( se( imputa( directamente( y( en( la( medida( de( lo( posible( a( los( elementos(
patrimoniales(de(la(sociedad(dependiente,(sin(superar(el(valor(de(mercado(de(los(mismos.(En(caso(de(no(
ser(asignable(a(elementos(patrimoniales(se(considera(fondo(de(comercio(de(consolidación,(procediéndose(
anualmente(a(la(realización(del(correspondiente(test(de(deterioro.(
El( fondo( de( comercio( de( consolidación( al( 31( de( diciembre( de( 2013( y( 2012( (véase( Nota( 6),(
corresponde( a( las( sociedades( dependientes( y( multigrupo,( que( se( detallan( en( las( Nota( 1( y( 2( de( esta(
memoria.(
Si(la(diferencia(fuese(negativa,(se(realiza(una(reevaluación(de(la(valoración(de(los(activos,(pasivos(y(
pasivos( contingentes( adquiridos.( Si( tras( la( misma( la( diferencia( negativa( siguiera( existiendo,( esta( se(
registraría(como(un(beneficio(en(la(cuenta(de(resultados.(Respecto(a(las(sociedades(adquiridas(el(ejercicio(
anterior((véase(nota(5)(se(reevaluaron(los(valores(razonables(de(sus(activos(y(pasivos(ajustándose,(en(su(
caso,(a(fecha(de(primera(consolidación.(Las(diferencias(negativas(de(consolidación,(en(ejercicios(anteriores(
a(2008,(se(han(registrado(como(reservas.(
4.3
Reservas'en'sociedades'consolidadas.'
Este( epígrafe( recoge( los( resultados( no( distribuidos( y( una( vez( deducido( el( fondo( de( comercio(
amortizado,(generados(por(las(sociedades(dependientes(entre(la(fecha(de(primera(consolidación(y(el(inicio(
del(ejercicio(presentado.(
4.4
Socios'externos.'
El(valor(de(la(participación(de(los(accionistas(minoritarios(en(el(patrimonio(neto(y(en(los(resultados(
del(ejercicio(de(las(sociedades(dependientes(se(presenta,(conjuntamente,(en(el(epígrafe(“Socios(externos”(
del(pasivo(del(balance(consolidado(y(su(detalle(en(la(Nota(7(de(esta(memoria.(
4.5
Saldos'y'transacciones'entre'sociedades'incluidas'en'el'perímetro'de'consolidación.'
Las(eliminaciones(de(créditos(y(débitos(recíprocos,(gastos(e(ingresos(recíprocos(y(resultados(por(
operaciones( internas( se( han( realizado( en( base( a( lo( establecido( a( este( respecto( en( el( Real( Decreto(
1159/2010,(de(17(de(septiembre.(
4.6
Inmovilizado'Intangible'(véase'NOTA'11).'
El(inmovilizado(intangible(se(valora(inicialmente(por(su(coste,(ya(sea(éste(el(precio(de(adquisición(
o(el(coste(de(producción,(incluyéndose(en(su(caso(los(gastos(adicionales(producidos(hasta(su(puesta(en(
condiciones(de(funcionamiento.(
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Después( del( reconocimiento( inicial,( el( inmovilizado( intangible( se( valora( por( su( coste,( menos( la(
amortización( acumulada( y,( en( su( caso,( el( importe( acumulado( de( las( correcciones( por( deterioro(
registradas.(
Para(cada(inmovilizado(intangible(se(analiza(y(determina(si(la(vida(útil(es(definida(o(indefinida.(No(
existe(ningún(inmovilizado(intangible(con(vida(útil(indefinida.(
Los(gastos(de(mantenimiento(o(reparación(que(no(mejoran(la(utilización(o(que(no(prolongan(la(
vida( útil( de( los( activos( se( cargan( en( la( cuenta( de( pérdidas( y( ganancias( en( el( momento( en( que( se(
producen.(
a) Investigación(y(desarrollo(
Con( criterio( general( el( grupo( registra( los( gastos( de( investigación( y( desarrollo( como( gastos( del(
ejercicio(en(que(se(realizan.(
No( obstante( en( determinados( casos,( el( grupo( opta( por( su( activación( como( inmovilizado(
intangible,(desde(el(momento(en(que(se(cumplen(las(siguientes(condiciones:(
−( Estar(específicamente(individualizados(por(proyectos,(y(su(coste(claramente(establecido(para(que(
pueda(ser(distribuido(en(el(tiempo.(
−( Tener(motivos(fundados(del(éxito(técnico(y(de(la((rentabilidad(económicoVcomercial(del(proyecto(o(
proyectos(de(que(se(trate.(
Aquellos( proyectos( en( que( existan( dudas( razonables( sobre( el( éxito( técnico( o( la( rentabilidad(
económicoVcomercial( de( los( mismos,( los( importes( registrados( en( el( activo,( se( imputan( directamente( a(
pérdidas(del(ejercicio.(
Los(proyectos(se(valoran(al(precio(de(adquisición(o(producción,(amortizándose(linealmente(en(un(
plazo(máximo(de(cinco(años,(con(cargo(a(los(resultados(del(ejercicio.(
b) Aplicaciones(informáticas.(
Las(aplicaciones(informáticas(de(terceros(se(registran(de(acuerdo(al(coste(de(adquisición.(
Los(programas(de(ordenador(que(cumplen(los(criterios(de(reconocimiento(se(activan(a(su(coste(de(
adquisición(o(elaboración.(
Los(costes(de(mantenimiento(de(las(aplicaciones(informáticas(se(imputan(a(resultados(del(ejercicio(
en(que(se(incurren.(
c) Propiedad(industrial.(
El(resto(de(intangibles(que(corresponden(a(costes(activados,(asociados(a(la(obtención(de(patentes,(
licencias,( marcas( y( desarrollo( de( nuevos( productos,( para( los( cuales( existen( motivos( fundados( de( que(
alcanzarán(una(rentabilidad(económicoVcomercial(satisfactoria.(
4.7
Inmovilizado'material'(véase'NOTA'9).'
Se(encuentra(valorado(por(su(coste,(ya(sea(éste(el(precio(de(adquisición(o(el(coste(de(producción,(
incrementado( en( su( caso( por( las( actualizaciones( practicadas,( según( lo( establecido( por( las( diversas(
disposiciones( legales,( siendo( la( última( la( correspondientes( a( la( realizada( al( 31( de( diciembre( de( 1996,(
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incluyéndose( los( gastos( adicionales( producidos( hasta( su( puesta( en( condiciones( de( funcionamiento,( y(
minorado(por(la(correspondiente(amortización(acumulada(y(las(pérdidas(por(deterioro(experimentadas.(
Los(impuestos(indirectos(que(gravan(los(elementos(del(inmovilizado(material(sólo(se(incluyen(en(el(
precio( de( adquisición( o( coste( de( producción,( cuando( no( son( recuperables( directamente( de( la( Hacienda(
Pública.(
Los( costes( de( ampliación,( modernización( o( mejoras( que( representan( un( aumento( de( la(
productividad,(capacidad(o(eficiencia,(o(un(alargamiento(de(la(vida(útil(de(los(bienes,(se(contabilizan(como(
un(mayor(coste(de(los(mismos.(Los(gastos(de(mantenimiento(o(reparación(que(no(mejoran(la(utilización(o(
que(no(prolongan(la(vida(útil(de(los(activos(se(cargan(en(la(cuenta(de(pérdidas(y(ganancias(en(el(ejercicio(
en(que(se(producen.(
Se(incluye(como(mayor(valor(del(inmovilizado(material,(la(estimación(inicial(del(valor(actual(de(las(
obligaciones( asumidas( derivadas( del( desmantelamiento( o( retiro( y( otras( asociadas( al( citado( activo,( tales(
como( los( costes( de( rehabilitación( del( lugar( sobre( el( que( se( asienta,( siempre( que( estas( obligaciones( den(
lugar(al(registro(de(provisiones.(
Los(trabajos(efectuados(por(el(Grupo(para(su(propio(inmovilizado(se(reflejan(en(base(al(precio(de(
coste(de(las(materias(primas(y(otras(materias(consumibles,(los(costes(directamente(imputables(a(dichos(
bienes,(así(como(una(proporción(razonable(de(los(costes(indirectos.(
Los(administradores(de(la(Sociedad(dominante(consideran(que(el(valor(contable(de(los(activos(no(
supera(el(valor(recuperable(de(los(mismos.(
Las(amortizaciones(se(establecen(de(manera(sistemática(y(racional(en(función(de(la(vida(útil(de(los(
bienes( y( de( su( valor( residual,( atendiendo( a( la( depreciación( que( normalmente( sufren( por( su(
funcionamiento,(uso(y(disfrute,(sin(perjuicio(de(considerar(también(la(obsolescencia(técnica(o(comercial(
que( pudiera( afectarlos.( En( su( caso,( cuando( las( sociedades( del( Grupo( obtienen( información( adicional( de(
carácter(técnico,(sobre(la(vida(útil(de(los(distintos(bienes(del(inmovilizado,(se(adaptan(los(periodos(de(los(
distintos( elementos,( de( acuerdo( a( su( uso( en( la( actividad( y( según( las( características( de( los( mismos.( Este(
cambio( supone( un( cambio( de( estimación( de( la( amortización( contable( con( incidencia( en( el( ejercicio.( En(
este(ejercicio(ha(supuesto(un(importe(de(novecientos(sesenta(y(siete(miles(de(euros.(
Se( contabiliza( una( pérdida( por( deterioro( del( valor( de( un( elemento( del( inmovilizado( material(
cuando(su(valor(contable(supere(a(su(importe(recuperable,(entendido(éste(como(el(mayor(importe(entre(
su(valor(razonable(menos(los(costes(de(venta(y(su(valor(en(uso.(
Adicionalmente(se(aplican(las(siguientes(normas(particulares(sobre(el(inmovilizado(material:(
4.7.1 Terrenos(y(bienes(naturales:(
Se( incluyen( en( su( precio( de( adquisición( los( gastos( de( acondicionamiento,( como( cierres,(
movimiento( de( tierras,( obras( de( saneamiento( y( drenaje,( los( de( derribo( de( construcciones( cuando( sea(
necesario(para(poder(efectuar(obras(de(nueva(planta,(los(gastos(de(inspección(y(levantamiento(de(planos(
cuando( se( efectúen( con( carácter( previo( a( su( adquisición,( así( como,( en( su( caso,( la( estimación( inicial( del(
valor(actual(de(las(obligaciones(presentes(derivadas(de(los(costes(de(rehabilitación(del(solar.(
4.7.2 Utensilios(y(herramientas:(
Los( utensilios( y( herramientas( incorporados( a( elementos( mecánicos( se( valoran( y( amortizan(
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siguiendo(las(mismas(normas(que(las(aplicables(a(estos.(
Con(carácter(general,(aquellos(que(no(formen(parte(de(una(máquina(y(cuyo(periodo(de(utilización(
se( estime( inferior( a( un( año( se( registran( como( gasto( del( ejercicio.( Cuando( el( periodo( de( utilización( sea(
superior(a(un(año,(se(registran(como(inmovilizado(al(adquirirse,(procediendo(a(su(regularización(al(final(
del(ejercicio(en(función(del(inventario(físico(practicado,(con(baja(razonable(por(demérito.(
4.7.3 Inmovilizado(en(curso(y(anticipos:(
Se(incluyen(todos(los(pagos(a(cuenta(incurridos(en(las(compras(de(inmovilizado(antes(de(la(entrega(
efectiva(de(los(mismos(o(puesta(en(condiciones(de(uso.(
4.8
Inversiones'inmobiliarias'(véase'NOTA'10).'
El( Grupo( clasifica( como( inversiones( inmobiliarias( los( terrenos( y( construcciones( que( posee( para(
explotarlos(en(régimen(de(alquiler,(o(bien(para(obtener(plusvalías(en(su(venta,(como(consecuencia(de(los(
incrementos(que(se(produzcan(en(el(futuro(en(sus(correspondientes(precios(de(mercado.(
Para(la(valoración(de(las(inversiones(inmobiliarias(se(utiliza(los(criterios(del(inmovilizado(material(
para(los(terrenos(y(construcciones,(siendo(los(siguientes:(
-
Los( solares( sin( edificar( se( valoran( por( su( precio( de( adquisición( más( los( gastos( de(
acondicionamiento.(
-
Las( construcciones( se( valoran( por( su( precio( de( adquisición( o( coste( de( producción,( incluidas(
aquellas(instalaciones(y(elementos(que(tienen(carácter(de(permanencia(por(las(tasas(inherentes(a(
la(construcción(y(los(honorarios(facultativos(de(proyecto(y(dirección(de(obra(
4.9
Arrendamientos'y'otras'operaciones'de'naturaleza'similar'(véase'NOTA'12).'
Se(entiende(por(arrendamiento(cualquier(acuerdo(por(el(que(el(arrendador(cede(al(arrendatario,(a(
cambio(de(percibir(una(suma(única(de(dinero(o(una(serie(de(pagos(o(cuotas,(el(derecho(a(utilizar(un(activo(
durante(un(periodo(de(tiempo(determinado,(con(independencia(de(que(el(arrendador(quede(obligado(a(
prestar(servicios(en(relación(con(la(explotación(o(mantenimiento(de(dicho(activo.(
El(arrendamiento(operativo(es(aquél(que(otorga(el(derecho(a(usar(un(activo(durante(un(periodo(de(
tiempo,(a(cambio(de(percibir(un(importe(único(o(una(serie(de(pagos,(sin(que(se(trate(de(un(arrendamiento(
de(carácter(financiero.(
Los(arrendamientos(se(clasifican(como(arrendamientos(financieros(siempre(que(de(las(condiciones(
de( los( mismos( se( deduzca( que( se( transfieren( al( arrendatario( sustancialmente( los( riesgos( y( beneficios(
inherentes( a( la( propiedad( del( activo( objeto( del( contrato.( Los( demás( arrendamientos( se( clasifican( como(
arrendamientos(operativos.(
En( las( operaciones( de( arrendamiento( operativo,( la( propiedad( del( bien( arrendado( y(
sustancialmente(todos(los(riesgos(y(ventajas(que(recaen(sobre(el(bien,(permanecen(en(el(arrendador.(
Los( ingresos( y( gastos,( correspondientes( al( Grupo( o( a( la( Sociedad( que( actúa( como( arrendador( y(
arrendatario,( derivados( de( los( acuerdos( de( arrendamiento( operativo( serán( considerados,(
respectivamente,(como(ingresos(y(gastos(del(ejercicio(en(el(que(los(mismos(se(devenguen,(imputándose(a(
la(cuenta(de(pérdidas(y(ganancias.(
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4.10
Instrumentos'financieros'(véase'NOTA'13).'
El(Grupo(tiene(registrados(en(el(capítulo(de(instrumentos(financieros,(aquellos(contratos(que(dan(
lugar( a( un( activo( financiero( en( una( empresa( y,( simultáneamente,( a( un( pasivo( financiero( o( a( un(
instrumento( de( patrimonio( en( otra( empresa.( Se( consideran,( por( tanto( instrumentos( financieros( a( los(
efectos(de(estas(cuentas(anuales(consolidadas(los(siguientes:(
a)' Activos'financieros:'
-
Efectivo(y(otros(activos(líquidos(equivalentes.(
-
Créditos(por(operaciones(comerciales:(clientes(y(deudores(varios.(
-
Créditos( a( terceros:( tales( como( los( préstamos( y( créditos( financieros( concedidos,( incluidos( los(
surgidos(de(la(venta(de(activos(no(corrientes.(
V( Valores( representativos( de( deuda( de( otras( empresas( adquiridos:( tales( como( las( obligaciones,(
bonos(y(pagarés(
-
Instrumentos( de( patrimonio( de( otras( empresas( adquiridos:( acciones,( participaciones( en(
instituciones(de(inversión(colectiva(y(otros(instrumentos(de(patrimonio.(
-
Derivados( con( valoración( favorable( para( la( empresa:( entre( ellos,( futuros,( opciones,( permutas(
financieras(y(compraventa(de(moneda(extranjera(a(plazo,(y(
-
Otros( activos( financieros:( tales( como( depósitos( en( entidades( de( crédito,( anticipos( y( créditos( al(
personal,(fianzas(y(depósitos(constituidos.(
b)' Pasivos'financieros:'
-
Débitos(por(operaciones(comerciales:(proveedores(y(acreedores(varios.(
-
Deudas(con(entidades(de(crédito.(
-
Derivados( con( valoración( desfavorable( para( la( empresa:( entre( ellos,( futuros,( opciones,( permutas(
financieras(y(compraventa(de(moneda(extranjera(a(plazo.(
-
Otros( pasivos( financieros:( deudas( con( terceros,( tales( como( los( préstamos( y( créditos( financieros(
recibidos( de( personas( o( empresas( que( no( sean( entidades( de( crédito( incluidos( los( surgidos( en( la(
compra(de(activos(no(corrientes,(fianzas(y(depósitos(recibidos.(
c)' Instrumentos'de'patrimonio'propio:(todos(los(instrumentos(financieros(que(se(incluyen(dentro(de(los(
fondos(propios,(tal(como(las(participaciones(ordinarias(emitidas(de(la(dominante.(
4.10.1
Inversiones'financieras'a'largo'y'corto'plazo.'
V( Préstamos' y' cuentas' a' cobrar.( Se( incluyen( en( esta( categoría( los( créditos( por( operaciones(
comerciales( y( otros( sin( origen( comercial:( créditos( por( enajenación( de( inversiones,( intereses( a(
cobrar,(anticipos(al(personal(y(fianzas(constituidas.(
Se( valoran( inicialmente( por( su( valor( razonable( que,( salvo( evidencia( en( contrario,( será( el(
precio(de(la(transacción,(que(equivaldrá(al(valor(razonable(de(la(contraprestación(entregada(más(
los(costes(de(transacción(que(les(sean(directamente(atribuibles.(
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No( obstante( lo( anterior,( los( créditos( por( operaciones( comerciales( con( vencimiento( no(
superior(a(un(año(y(sin(un(tipo(de(interés(contractual,(así(como(las(fianzas(cuyo(importe(se(espera(
recibir(en(el(corto(plazo,(se(valoran(por(su(valor(nominal(cuando(el(efecto(de(no(actualizar(los(flujos(
de(efectivo(no(sea(significativo.(
La( valoración( posterior( de( estos( activos( se( realiza( a( coste( amortizado( y( los( intereses(
devengados(se(contabilizan(en(la(cuenta(de(pérdidas(y(ganancias,(aplicando(el(método(del(tipo(de(
interés( efectivo.( No( obstante,( los( activos( con( vencimiento( no( superior( a( un( año,( que( de( acuerdo(
con( lo( dispuesto( anteriormente( se( valoran( inicialmente( por( su( valor( nominal,( continúan(
valorándose(por(dicho(importe,(salvo(que(se(hubieran(deteriorado.(
Al(cierre(de(ejercicio,(se(efectúan(las(correcciones(valorativas(necesarias(si(existe(evidencia(
objetiva( y( razonable( de( que( el( valor( de( un( activo( se( ha( deteriorado.( Esta( evidencia( se( obtiene(
generalmente( por( el( retraso( continuado( en( los( cobros( o( por( el( conocimiento( de( la( posible(
insolvencia(del(deudor.(
Las( correcciones( valorativas( por( deterioro,( así( como( su( reversión( cuando( el( importe( de(
dicha( pérdida( disminuye,( se( reconocen( como( gasto( o( ingreso,( respectivamente,( en( la( cuenta( de(
pérdidas(y(ganancias.((
V( Inversiones' mantenidas' hasta' su' vencimiento.( se( incluyen( en( esta( categoría,( aquellos( valores(
representativos(de(deuda(con(una(fecha(de(vencimiento(fijado,(cobros(de(cuantía(determinada(o(
determinable,(que(se(negocien(en(un(mercado(activo(y(que(el(Grupo(tiene(intención(y(capacidad(de(
conservar(hasta(su(vencimiento.(
Se( registran( inicialmente( al( valor( de( la( contraprestación( entregada( más( los( costes( de( la(
transacción( que( sean( directamente( atribuibles( Estas( inversiones( se( valoran( posteriormente( a( su(
coste(amortizado(y(los(intereses(devengados(en(el(periodo(se(calculan(aplicando(el(método(del(tipo(
de(interés(efectivo.(
Las( correcciones( valorativas( por( deterioro( se( reconocen( en( la( cuenta( de( pérdidas( y(
ganancias(calculadas(en(función(de(la(diferencia(entre(su(valor(en(libros(y(el(valor(actual(al(cierre(
del(ejercicio(de(los(flujos(de(efectivo(futuros(que(se(estima(van(a(generar,(descontados(al(tipo(de(
interés(efectivo(calculado(en(el(momento(de(su(reconocimiento(inicial.(
V( Otros'activos'financieros'a'valor'razonable'con'cambios'en'la'cuenta'de'pérdidas'y'ganancias.'
Se( refieren( a( activos( financieros( híbridos.( Se( valoran( inicialmente( por( su( valor( razonable(
que,(salvo(evidencia(en(contrario,(es(el(precio(de(la(transacción,(que(equivaldrá(al(valor(razonable(
de(la(contraprestación(entregada.(Los(costes(de(la(transacción(que(le(son(directamente(atribuibles(
se(reconocen(en(la(cuenta(de(pérdidas(y(ganancias(del(ejercicio.(
La(valoración(posterior(se(realiza(a(valor(razonable,(sin(deducir(los(costes(de(transacción(en(
que(se(pudiera(incurrir(en(su(enajenación.(Los(cambios(que(se(producen(en(el(valor(razonable(se(
imputan( en( la( cuenta( de( pérdidas( y( ganancias( en( función( de( la( vida( pendiente( hasta( su(
vencimiento.(
V( Activos'financieros'disponibles'para'la'venta:(son(el(resto(de(inversiones(que(no(entran(dentro(de(
las(categorías(anteriores,(viniendo(a(corresponder(casi(en(su(totalidad(a(inversiones(financieras(en(
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capital,(con(una(inversión(inferior(al(20%.(
Se( valoran( inicialmente( por( su( valor( razonable( que,( salvo( evidencia( en( contrario,( será( el(
precio(de(la(transacción,(que(equivaldrá(al(valor(razonable(de(la(contraprestación(entregada(más(
los(costes(de(transacción(que(les(sean(directamente(atribuibles.(
Posteriormente(se(valoran(por(su(valor(razonable,(sin(deducir(los(costes(de(transacción(en(
que(se(pudiera(incurrir(en(su(enajenación.(Los(cambios(que(se(producen(en(el(valor(razonable(se(
registran(directamente(en(el(patrimonio(neto,(hasta(que(el(activo(financiero(causa(baja(del(Balance(
o( se( deteriora,( momento( en( que( el( importe( así( reconocido( se( imputa( a( la( cuenta( de( pérdidas( y(
ganancias.(
Al(menos(al(cierre(del(ejercicio,(se(efectúan(las(correcciones(valorativas(necesarias(siempre(
que(exista(evidencia(objetiva(de(que(el(valor(de(un(activo(financiero(disponible(para(la(venta(se(ha(
deteriorado( como( resultado( de( uno( o( más( eventos( que( hayan( ocurrido( después( de( su(
reconocimiento( inicial,( y( que( ocasionen( la( falta( de( recuperabilidad( del( valor( en( libros( del( activo,(
evidenciada(por(un(descenso(prolongado(o(significativo(de(su(valor(razonable.(
La(corrección(valorativa(por(deterioro(del(valor(de(estos(activos(financieros(se(calcula(como(
la(diferencia(entre(su(coste(o(coste(amortizado(menos,(en(su(caso,(cualquier(corrección(valorativa(
por(deterioro(previamente(reconocida(en(la(cuenta(de(pérdidas(y(ganancias(y(el(valor(razonable(en(
el(momento(en(que(se(efectúa(la(valoración.(
Las( pérdidas( acumuladas( reconocidas( en( el( patrimonio( neto( por( disminución( del( valor(
razonable,( siempre( que( exista( una( evidencia( objetiva( de( deterioro( en( el( valor( del( activo,( se(
registran(en(la(cuenta(de(pérdidas(y(ganancias.(
Si( en( ejercicios( posteriores( se( incrementase( el( valor( razonable,( la( corrección( valorativa(
reconocida( en( ejercicios( anteriores( revertirá( con( abono( a( la( cuenta( de( pérdidas( y( ganancias( del(
ejercicio.(No(obstante,(en(el(caso(de(que(se(incrementase(el(valor(razonable(correspondiente(a(un(
instrumento(de(patrimonio,(la(corrección(valorativa(reconocida(en(ejercicios(anteriores(no(revierte(
con( abono( a( la( cuenta( de( pérdidas( y( ganancias( y( se( registra( el( incremento( de( valor( razonable(
directamente(contra(patrimonio.(
4.10.2
Efectivo'y'otros'medios'líquidos'equivalentes.'
Bajo( este( epígrafe( del( balance( de( situación( adjunto( se( registra( el( efectivo( en( caja( y( bancos,(
depósitos(a(la(vista(y(otras(inversiones(a(corto(plazo(de(alta(liquidez(que(son(rápidamente(realizables(en(
caja(y(que(no(tienen(riesgo(de(cambios(en(su(valor.(
4.10.3
Otros'aspectos'en'relación'con'los'activos'financieros.'
Los( intereses( y( dividendos( de( activos( financieros( devengados( con( posterioridad( al( momento( de(
adquisición(se(reconocen(como(ingresos(en(la(cuenta(de(pérdidas(y(ganancias,(de(acuerdo(con(el(método(
del(tipo(de(interés(efectivo(para(los(intereses(y(en(el(momento(en(que(se(declara(el(derecho(a(percibirlo,(
para(los(dividendos.(
En(la(valoración(inicial(de(los(activos(financieros(se(registran(de(forma(independiente,(atendiendo(a(
su(vencimiento,(el(importe(de(los(intereses(explícitos(devengados(y(no(vencidos(en(dicho(momento,(así(
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como(el(importe(de(los(dividendos(acordados(en(el(momento(de(la(adquisición.(Se(entiende(por(intereses(
explícitos(aquellos(que(se(obtienen(de(aplicar(el(tipo(de(interés(contractual(del(instrumento(financiero.(
Los(activos(financieros(son(dados(de(baja(cuando(expiran(los(derechos(derivados(de(los(mismos,(o(
se( ha( cedido( su( titularidad,( una( vez( que( la( Sociedad( se( ha( desprendido( de( los( riesgos( y( beneficios(
significativos(inherentes(a(su(propiedad.(
4.10.4
Pasivos'financieros.'
V( Débitos'y'partidas'a'pagar:'Son(débitos(por(operaciones(comerciales(y(no(comerciales.(Se(valoran(
inicialmente( por( su( valor( razonable,( excepto( los( débitos( por( operaciones( comerciales( con(
vencimiento(no(superior(a(un(año(y(que(no(tengan(un(interés(contractual,(que(se(valoraran(por(su(
nominal(cuando(el(efecto(de(no(actualizar(los(flujos(de(efectivo(no(resulte(significativo.(
Los(pasivos(financieros(se(valoran(posteriormente(por(su(coste(amortizado.(No(obstante,(los(
débitos( que( de( acuerdo( con( lo( dispuesto( anteriormente( se( valoren( inicialmente( por( su( nominal,(
continúan(valorándose(por(dicho(importe.(
Los(intereses(devengados(se(contabilizan(en(la(cuenta(de(pérdidas(y(ganancias,(aplicando(el(
método(del(tipo(interés(efectivo.(
Las(deudas(con(terceros(se(clasifican(en(corto(y(largo(plazo(según(su(vencimiento(corriente(
sea(exigible(a(menos(o(más(de(un(año(desde(la(fecha(del(Balance.(Los(pasivos(financieros(se(dan(de(
baja(cuando(las(obligaciones(correspondientes(se(han(extinguido.(
4.10.5
Fianzas'entregadas'y'recibidas.'
Se(valoran(por(su(valor(razonable.(La(diferencia(entre(el(valor(razonable(y(el(importe(desembolsado(
se(imputa(a(pérdidas(y(ganancias(durante(el(periodo(que(se(preste(el(servicio.(
4.11
Existencias'(véase'NOTA'14).'
Las(existencias(se(valoran(a(su(precio(de(adquisición,(coste(de(producción(o(valor(neto(realizable,(el(
menor.(Se(aplica(para(su(valoración,(el(método(de(precio(medio(ponderado.(Los(descuentos(comerciales,(
las( rebajas( obtenidas,( otras( partidas( similares( y( los( intereses( incorporados( al( nominal( de( los( débitos,( se(
deducen(en(la(determinación(del(precio(de(adquisición.(
El(coste(de(producción(incluye(los(costes(de(materiales(directos(y,(en(su(caso,(los(costes(de(mano(
de(obra(directa(y(los(gastos(generales(de(fabricación.(
El( valor( neto( realizable( representa( la( estimación( del( precio( de( venta( deducidos( los( costes(
estimados( para( terminar( su( fabricación( y( los( costes( que( serán( incurridos( en( los( procesos( de(
comercialización,(venta(y(distribución.(
Cuando(el(valor(neto(realizable(de(las(existencias(sea(inferior(a(su(precio(de(adquisición(o(a(su(coste(
de(producción,(se(efectúan(las(oportunas(correcciones(valorativas(reconociéndolas(como(un(gasto(en(la(
cuenta(de(pérdidas(y(ganancias.(
Dichas( correcciones( son( objeto( de( reversión( si( las( circunstancias( que( causaron( la( corrección( del(
valor( de( las( existencias( hubiesen( dejado( de( existir,( reconociéndose( como( un( ingreso( en( la( cuenta( de(
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pérdidas(y(ganancias.(
En(el(caso(de(las(materias(primas(y(otras(materias(consumibles(en(el(proceso(de(producción,(no(se(
realiza(corrección(valorativa(cuando(se(espera(que(los(productos(terminados(a(los(que(se(incorporan(sean(
vendidos(por(encima(del(coste.(Cuando(proceda(realizar(la(corrección(valorativa(se(toma(como(medida(el(
precio(de(reposición.(
La(valoración(de(los(productos(obsoletos,(defectuosos(o(de(lento(movimiento,(se(ha(reducido(a(su(
posible( valor( de( realización,( registrándose( la( corrección( efectuada( en( la( cuenta( de( pérdidas( y( ganancias(
del(ejercicio.(
4.12
Transacciones'en'moneda'extranjera'(véase'NOTA'15).'
La(conversión(en(moneda(funcional(de(los(saldos(en(moneda(extranjera(se(realiza(aplicando(el(tipo(
de( cambio( vigente( en( el( momento( de( efectuar( la( correspondiente( operación,( valorándose( al( cierre( del(
ejercicio(de(acuerdo(con(el(tipo(de(cambio(vigente(en(ese(momento.(
Las( diferencias( de( cambio( que( se( producen( como( consecuencia( de( la( valoración( al( cierre( del(
ejercicio( de( los( débitos( y( créditos( en( moneda( extranjera( se( imputan( directamente( a( la( cuenta( de(
pérdidas(y(ganancias.(
4.13
Impuesto'sobre'beneficios'(véase'NOTA'16).'
El( gasto( por( impuesto( sobre( beneficios(se(determina(mediante(la(suma(del(gasto(por(impuesto(
corriente( y( el( impuesto( diferido.( El( gasto( por( impuesto( corriente( se( determina( aplicando( el( tipo( de(
gravamen( vigente( a( la( ganancia( fiscal,( y( minorando( el( resultado( así( obtenido( en( el( importe( de( las(
bonificaciones(y(deducciones(generales(y(aplicadas(en(el(ejercicio.(
Los(activos(y(pasivos(por(impuestos(diferidos,(proceden(de(las(diferencias(temporarias(definidas(
como(los(importes(que(se(prevén(pagaderos(o(recuperables(en(el(futuro(y(que(derivan(de(la(diferencia(
entre(el(valor(en(libros(de(los(activos(y(pasivos(y(su(base(fiscal.(Dichos(importes(se(registran(aplicando(a(
la(diferencia(temporaria(el(tipo(de(gravamen(al(que(se(espera(recuperarlos(o(liquidarlos.(
Los( activos( por( impuestos( diferidos( surgen,( igualmente,( como( consecuencia( de( las( bases(
imponibles(negativas(pendientes(de(compensar(y(de(los(créditos(por(deducciones(fiscales(generadas(y(
no(aplicadas.(
Se( reconoce( el( correspondiente( pasivo( por( impuestos( diferidos( para( todas( las( diferencias(
temporarias( imponibles,( salvo( que( la( diferencia( temporaria( se( derive( del( reconocimiento( inicial( de( un(
fondo(de(comercio(o(del(reconocimiento(inicial((salvo(en(una(combinación(de(negocios)(de(otros(activos(
y( pasivos( en( una( operación( que( en( el( momento( de( su( realización,( no( afecte( ni( al( resultado( fiscal( ni(
contable.(
Por( su( parte,( los( activos( por( impuestos( diferidos,( identificados( con( diferencias( temporarias(
deducibles,( solo( se( reconocen( en( el( caso( de( que( se( considere( probable( que( el( Grupo( va( a( tener( en( el(
futuro,( suficientes( ganancias( fiscales( contra( las( que( poder( hacerlos( efectivos( y( no( procedan( del(
reconocimiento( inicial( (salvo( en( una( combinación( de( negocios)( de( otros( activos( y( pasivos( en( una(
operación(que(no(afecta(ni(al(resultado(fiscal(ni(al(resultado(contable.(El(resto(de(activos(por(impuestos(
diferidos((bases(imponibles(negativas(y(deducciones(pendientes(de(compensar)(solamente(se(reconocen(
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en( el( caso( de( que( se( considere( probable( que( el( Grupo( vaya( a( tener( en( el( futuro( suficientes( ganancias(
fiscales(contra(las(que(poder(hacerlos(efectivos.(
Con(ocasión(de(cada(cierre(contable,(se(revisan(los(impuestos(diferidos(registrados((tanto(activos(
como( pasivos)( con( objeto( de( comprobar( que( se( mantienen( vigentes,( efectuándose( las( oportunas(
correcciones(a(los(mismos,(de(acuerdo(con(los(resultados(de(los(análisis(realizados.(
El(gasto(o(el(ingreso(por(impuesto(diferido(se(corresponde(con(el(reconocimiento(y(la(cancelación(
de(los(pasivos(y(activos(por(impuesto(diferido,(así(como,(en(su(caso,(por(el(reconocimiento(e(imputación(
a(la(cuenta(de(pérdidas(y(ganancias(del(ingreso(directamente(imputado(al(patrimonio(neto(que(pueda(
resultar(de(la(contabilización(de(aquellas(deducciones(y(otras(ventajas(fiscales(que(tengan(la(naturaleza(
económica(de(subvención(o(deducciones(por(fondo(de(comercio.(
4.14
Provisiones'y'contingencias'(véase'NOTA'18).'
Se( dotan( en( base( a( la( estimación( de( los( costes( a( incurrir( por( el( Grupo( para( hacer( frente( a(
determinadas(obligaciones(y(reclamaciones(que(pudieran(derivarse(de(su(actividad.(
4.15
Transacciones'entre'partes'vinculadas'(véase'NOTA'22).'
Las( operaciones( entre( partes( vinculadas,( con( independencia( del( grado( de( vinculación,( se(
contabilizan( de( acuerdo( con( las( normas( generales,( en( el( momento( inicial( por( su( valor( razonable.( Si( el(
precio(acordado(en(una(operación(difiere(de(su(valor(razonable,(la(diferencia(se(registra(atendiendo(a(la(
realidad(económica(de(la(operación.(
4.16
Ingresos'y'gastos'(véase'NOTA'17).'
Los( ingresos( y( gastos( se( imputan( en( función( del( criterio( del( devengo( con( independencia( del(
momento(en(que(se(produce(la(corriente(monetaria(o(financiera(derivada(de(ellos.(
No( obstante,( el( Grupo( únicamente( contabiliza( los( beneficios( realizados( a( la( fecha( de( cierre( del(
ejercicio,(en(tanto(que(los(riesgos(y(las(pérdidas(previsibles,(aun(siendo(eventuales,(se(contabilizan(tan(
pronto(son(conocidos.(
Los( ingresos( por( la( venta( de( bienes( o( servicios( se( reconocen( por( el( valor( razonable( de( la(
contrapartida(recibida(o(a(recibir(derivada(de(los(mismos.(Los(descuentos(por(pronto(pago,(por(volumen(
u(otro(tipo(de(descuentos,(así(como(los(intereses(incorporados(al(nominal(de(los(créditos,(se(registran(
como( una( minoración( de( los( mismos.( No( obstante( el( Grupo( incluye( los( intereses( incorporados( a( los(
créditos(comerciales(con(vencimiento(no(superior(a(un(año(que(no(tienen(un(tipo(de(interés(contractual,(
cuando(el(efecto(de(no(actualizar(los(flujos(de(efectivo(no(es(significativo.(
Los( descuentos( concedidos( a( clientes( se( reconocen( en( el( momento( en( que( es( probable( que( se(
van( a( cumplir( las( condiciones( que( determinan( su( concesión( como( una( reducción( de( los( ingresos( por(
ventas.(
Los( anticipos( a( cuenta( de( ventas( futuras( figuran( valorados( por( el( valor( recibido,( excepto( en( los(
casos(en(los(que(estos(anticipos(son(a(largo(plazo(y(el(efecto(de(su(actualización(es(significativo,(figuran(
por(el(valor(actualizado(al(cierre(del(ejercicio.(
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4.17
Elementos'patrimoniales'de'naturaleza'medioambiental'(véase'NOTA'19).'
Los( costes( incurridos,( en( su( caso,( en( sistemas,( equipos( e( instalaciones( cuyo( fin( sea( la(
minimización( del( impacto( medioambiental( en( el( desarrollo( de( la( actividad,( y/o( la( protección( y( mejora(
del(medio(ambiente(se(registran(como(inversiones(en(inmovilizado.(
El(resto(de(gastos(relacionados(con(el(medio(ambiente,(distintos(de(los(anteriores,(se(consideran(
gastos( del( ejercicio.( Para( el( cálculo( de( posibles( provisiones( medioambientales( que( pudieran( surgir( se(
dota(de(acuerdo(a(la(mejor(estimación(de(su(devengo(en(el(momento(que(se(conozcan,(y(en(el(supuesto(
de(que(las(pólizas(de(seguro(no(cubran(los(daños(causados.(
Los( Administradores( de( la( Sociedad( dominante( confirman( que( el( Sociedad( no( tiene(
responsabilidades,( gastos,( activos,( ni( provisiones( y( contingencias( de( naturaleza( medioambiental( que(
pudieran( ser( significativos( en( relación( con( el( patrimonio,( la( situación( financiera( y( los( resultados( del(
mismo.(
4.18
Criterios'empleados'para'el'registro'y'valoración'de'los'gastos'de'personal.'
Excepto( en( el( caso( de( causa( justificada,( las( sociedades( vienen( obligadas( a( indemnizar( a( sus(
empleados( cuando( cesan( en( sus( servicios.( Ante( la( ausencia( de( cualquier( necesidad( previsible( de(
terminación( anormal( del( empleo( y( dado( que( no( reciben( indemnizaciones( aquellos( empleados( que( se(
jubilan( o( cesan( voluntariamente( en( sus( servicios,( los( pagos( por( indemnizaciones,( cuando( surgen,( se(
cargan(a(gastos(en(el(momento(en(que(se(toma(la(decisión(de(efectuar(el(despido.(
4.19
Subvenciones,'donaciones'y'legados'(véase'NOTA'20).'
Las( subvenciones( de( capital( no( reintegrables( se( valoran( por( el( importe( concedido,(
reconociéndose(inicialmente(como(ingresos(directamente(imputados(al(patrimonio(neto(y(se(imputan(a(
resultados(en(proporción(a(la(depreciación(experimentada(durante(el(período(por(los(activos(financiados(
por( dichas( subvenciones,( salvo( que( se( trate( de( activos( no( depreciables( en( cuyo( caso( se( imputarán( al(
resultado( del( ejercicio( en( que( se( produzca( la( enajenación( o( baja( en( inventario( de( los( mismos.( En( el(
momento(de(su(reconocimiento,(el(efecto(impositivo(al(tipo(vigente(en(el(ejercicio,(se(reconoce(como(un(
pasivo(por(diferencias(temporarias(imponibles,(y(se(imputa(cada(ejercicio(en(proporción(al(importe(de(la(
subvención(transferido(al(resultado(del(ejercicio.(
Cuando( las( subvenciones( se( concedan( para( financiar( gastos( específicos( se( imputarán( como(
ingresos(en(el(ejercicio(en(que(se(devenguen(los(gastos(que(están(financiando.(
4.20
Conversión'de'estados'financieros'en'moneda'extranjera.'
La( conversión( de( los( estados( financieros( de( las( sociedades( con( moneda( funcional( distinta( del(
euro(se(realiza(de(la(manera(siguiente:(
Los( activos( y( pasivos( se( convierten( a( euros( aplicando( el( tipo( de( cambio( vigente( en( la( fecha( de(
cierre.(
Las(partidas(que(componen(el(patrimonio(neto(de(dichas(sociedades(se(convierten(a(euros(al(tipo(
de(cambio(histórico.(
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Los(ingresos(y(gastos(se(convierten(a(euros(al(tipo(de(cambio(aplicable(a(la(fecha(en(las(que(se(
registraron(utilizando(tipos(de(cambio(medios(en(aquellas(circunstancias(en(las(que(la(aplicación(de(este(
criterio(simplificador(no(genere(diferencias(significativas.(
La( diferencia( que( se( pone( de( manifiesto( al( aplicar( dichos( tipos( de( cambio( se( incluye( en( el(
patrimonio(neto(consolidado,(dentro(del(epígrafe("Diferencias(de(conversión".(
NOTA'5
COMBINACIONES'DE'NEGOCIOS.'
En(este(ejercicio(2013,(como(consecuencia(de(la(segregación(de(la(sociedad(GrupoEbrosol,S.L.(de(
GrupoPikolin,( S,L.,( salen( del( perímetro( de( consolidación( las( siguientes( sociedades( dependientes( y(
asociadas:(
(
SOCIEDADES'DEL'GRUPO'
GRUPOEBROSOL,'S.L.'
Partic.'
directa'
Partic.'
indirecta'
100,00%(
((
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
((
((
EBROSOL'INVERSIONES,'S.L.'
((
100,00%(
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
((
(1)(
PRAINTER'MEDIA'S.L.'
((
87,00%(
Avda.(de(Brasil(nº(17(V(Madrid(
((
(2)(
IBERNEX'INGENIERIA'S.L'
((
90,00%(
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
((
(2)(
CONDOR'ENERGÍA'EÓLICA,'S.L.'
((
100,00%(
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
((
(2)(
Partic.'
directa'
Partic.'
indirecta'
((
50,00%(
Valor'en'libros'
Ejercicio'2012' Actividad'
3.100(( Adquisición,(tenencia(y(gestión(de(
((
valores(mobiliarios.(
3.100(( Adquisición,(tenencia(y(gestión(de(
((
valores(mobiliarios.(
443.620(( Gestión(y(explotación(de(productos(
((
publicitarios(
549.100(( Estudio,(desarrollo,(producción(y(comercialización(
((
((
de(sistemas(informáticos(y(comp(electrónicos.(
Promoción,(construcción,(gestión(y(
26.101(( comercialización(de(
instalaciones(de(energía(eléctrica,(térmica(y(
mecánica.(
(1)(Participación(a(través(de(GRUPOEBROSOL,(S.L.((
(2)(Participación(a(través(de(EBROSOL(INVERSIONES,(S.L.((
(
SOCIEDADES'ASOCIADAS'
ALMAEBRO,'S.L.'
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
((
EDEREBRO,'S.L.'
(1)((
((
50,00%(
((
50,00%(
((
50,00%(
PRADOS'DE'ARA,'S.L.'
((
50,00%(
AvdaOrdesa(61(V(Ordesa(
((
(1)((
IBERDUAR,'S.L.'
((
50,00%(
Madre(Vedruna,(2(V(Zaragoza(
((
(1)((
PANGAEA'BIOTECH,'S.L.'
((
35,07%(
C/(Sabino(Arana(5V9(V(Barcelona(
((
(1)((
((
((
((
((
(((
EL'TIRO'DE'MURCIA,'S.L.'
((
30,00%(
C/(Concha(Espina,(63(V(Madrid(
((
(1)((
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
((
345'PLAZA'ESPAÑA,'S.A.'
Autovía(de(Logroño,(Km.(6,5(V(Zaragoza(
((
MONASTERIO'DE'BOLTAÑA,'S.L.'
C/(Afueras(s/n(V(Boltaña(
(2)((
((
(1)(Participación(a(través(de(EBROSOL(INVERSIONES,(S.L.(
(2)(Participación(a(través(de(GRUPOEBROSOL,(S.L.(
(2)((
(1)((
Valor'en'libros'
Ejercicio'2012' Actividad'
4.501.656(( Promoción(inmobiliaria(
((
((
580.569(( Construcción,(Arrendamiento(y(
((
explotación(de(Inmuebles(
8.003.010(( CompraVventa,(arrendamiento(de(fincas((
((
rústicas(y(urbanas.(
6.815.940(( Hospedaje,(negocios(de(restauración,(ocio((
((
y(hosteleria(en(general(
1.241.966(( Hospedaje,(negocios(de(restauración,(ocio((
((
y(hosteleria(en(general(
2.550.382(( Promoción(inmobiliaria(
((
((
2.500.000(( Prestación(de(servicios(médicos(y(de((
((
diagnosis(predictiva,(así(como(labores(de((
((
investigación(y(desarrollo(de(productos((
((
farmacéuticos.(
4.907.015(( Construcción(y(explotación(de((
((
centro(comercial.(
((
((
((
'' ((
((
((
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Los(activos,(pasivos,(patrimonio(neto(y(resultados(de(las(sociedades(consolidados(en(el(ejercicio(
2012,(correspondientes(a(las(sociedades(que(ya(no(forman(parte(del(grupo(en(este(ejercicio,(fueron(los(
siguientes:(
(
Activo''
al'cierre'del'
ejercicio'2012'
SOCIEDADES'DEL'GRUPO'
Patrimonio'Neto'
al'cierre'del'
ejercicio'2012'
Pasivo''
al'cierre'del'
ejercicio'2012'
Resultado''
al'cierre'del'
ejercicio'2012'
'GRUPOEBROSOL,'S.L.'
EBROSOL'INVERSIONES,'S.L.'
PRAINTER'MEDIA'S.L.'
IBERNEX'INGENIERIA'S.L'
CONDOR'ENERGÍA'EÓLICA,'S.L.'
'
16.396.838,94(
53.581.068,10(
1.073.904,00(
2.206.064,72(
177.208,50(
'
16.382.189,18(
1.140.838,78(
(501.450,01)(
(40.271,43)(
176.651,13(
'
14.649,76(
52.440.229,32(
1.575.354,01(
2.246.336,15(
557,37(
'
112.102,61(
79.496,90(
(476.311,63)(
50.861,78(
(944,45)(
'
Total'
73.435.084,26'(
17.157.957,65'(
56.277.126,61'(
(234.794,79)'(
(
Activo''
al'cierre'del'
ejercicio'2012'
SOCIEDADES'ASOCIADAS'
'ALMAEBRO,'S.L.'
EDEREBRO,'S.L.'
345'PLAZA'ESPAÑA,'S.A.'
MONASTERIO'DE'BOLTAÑA,'S.L.'
PRADOS'DE'ARA,'S.L.'
IBERDUAR,'S.L.'
PANGAEA'BIOTECH,'S.A.'
EL'TIRO'DE'MURCIA,'S.L.'
(
Total'
NOTA'6
6.1
(
Patrimonio'Neto'
al'cierre'del'
ejercicio'2012'
Resultado''
al'cierre'del'
ejercicio'2012'
'
60.934.582,84(
4.598.780,29(
14.808.410,95(
25.015.039,15(
1.688.765,66(
11.908.984,31(
5.895.448,33(
140.683.679,62(
'
(3.263.123,19)(
(1.587.062,06)(
(3.349.896,96)(
343.638,61(
782.495,13(
(1.645.001,78)(
1.140.418,37(
(3.923.391,26)(
'
64.197.706,03(
6.185.842,35(
18.158.307,91(
24.671.400,54(
906.270,53(
13.553.986,09(
4.755.029,96(
144.607.070,88(
'
(2.081.405,42)(
(291.749,31)(
(375.449,28)(
(906.789,53)(
(25.899,97)(
(292.561,70)(
(594.290,09)(
(3.983.872,07)(
265.533.691,15'(
(11.501.923,14)'(
277.035.614,29'(
(8.552.017,37)'
FONDO'DE'COMERCIO.'
Composición'del'saldo'de'fondo'de'comercio'de'consolidación'al'cierre'del'ejercicio:'
'
Fondo'de'comercio'de'consolidación'
Ejercicio'2013'
Ejercicio'2012'
Compañía(Europea(de(Artículos(del(Descanso,(S.L(
Smattex,(S.L.(
GRUPO(COFEL(Consolidado(
1.012.736,63(
1.270.280,20(
10.361.696,55(
((
12.644.713,38'
1.012.736,63(
1.270.280,20(
10.422.137,55(
((
12.705.154,38'
(Total'
6.2
Pasivo''
al'cierre'del'
ejercicio'2012'
Movimientos'del'Fondo'de'comercio'de'consolidación:'
Detalle'de'saldos'y'movimientos'del'ejercicio:'
'
CONCEPTOS''
Ejercicio'2013'
Saldo(inicial(bruto(a(31/12/12(
(
Saldo'final'bruto'a'31/12/13'
13.316.263,38(
((
13.316.263,38'
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Deterioros(a(31/12/12(
Dotaciones(del(ejercicio(
Total'deterioros'a'31/12/13'
Saldos'finales'netos'a'31/12/13'
(611.109,00)(
(60.441,00)(
' '
(671.550,00)'
12.644.713,38'
Detalle'de'saldos'y'movimientos'del'ejercicio'anterior:'
'
'IMPORTE'BRUTO'
Saldo(inicial(bruto(a(31/12/11(
(
Saldo'final'bruto'a'31/12/12'
Deterioros(a(31/12/11(
Dotaciones(del(ejercicio(
(
Total'deterioros'a'31/12/12'
Saldos'finales'netos'a'31/12/12'
Ejercicio'2012'
13.316.263,38(
((
13.316.263,38'
(407.426,00)(
(203.683,00)(
(
(611.109,00)'
12.705.154,38'
El( importe( del( deterioro( del( ejercicio( corresponde( al( Fondo( de( Comercio( de( consolidación( del(
Subgrupo(COFEL,(por(la(consolidación(de(las(sociedades(COFEL(y(COPIREL.(El(resto(de(Fondos(de(comercio,(
incluido(en(que(se(pone(de(manifiesto(por(la(consolidación(del(Subgrupo(COFEL(en(el(Grupo(PIKOLIN,(no(
han(sufrido(deterioros(en(el(ejercicio.(
El(Grupo(ha(realizado(el(correspondiente(“test(de(deterioro”(del(Fondo(de(Comercio,(no(habiendo(
realizado( ninguna( otra( corrección( valorativa( al( fondo( de( comercio( generado( por( las( diferentes(
combinaciones(de(negocio,(salvo(la(mencionada,(ya(que(al(analizar(las(distintas(unidades(generadoras(de(
efectivo,(no(se(han(detectado(deterioros(en(los(mismos.(
NOTA'7
7.1
SOCIOS'EXTERNOS.'
Movimientos'de'socios'externos'durante'el'ejercicio:'
'
Estado'de'movimientos'de'socios'externos'
Saldo(inicial,(ejercicio(2012(
Altas(del(ejercicio(
Bajas(del(ejercicio(
(
Saldo'final,'ejercicio'2012'
Saldo(inicial,(ejercicio(2013(
Altas(del(ejercicio(
Bajas(del(ejercicio(
Modificación(de(perímetro(de(consolidación(
(Saldo'final,'ejercicio'2013'
Socios'externos'
421.018,35(
228.038,45(
(97.813,99)(
((
551.242,81'
551.242,81(
14.255,00(
(9.049,81)(
113.374,59(
((
669.822,59'
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7.2
Detalle'de'saldos'de'socios'externos:'
La(composición(de(los(intereses(de(socios(externos(del(grupo(al(cierre(del(ejercicio(es:(
(
(
(SOCIEDADES'
Pikolin,'SA'
Confordes,'SA'
Espadesa'
Seiviriber'
Ceadesa'
Smattex,'S.A.'
Pikolin'Lusitana,'LTDA'
Espacio'Descanso'Spain'
((
Total'
Intereses'de'socios'externos'
''
En'Capital'y' En'Pérdidas'
En'ajustes'
En'subvenciones'
( Total'
Reservas'
y'ganancias' cambio'valor'
de'capital'
14.026,44(
(56,10)(
(35,26)(
28,59(
13.963,67(
147,17(
(15,23)( ((
((
131,94(
2,19(
(28,49)( ((
((
(26,30)(
194,63(
8,56( ((
((
203,19(
13.511,98(
564,75( ((
((
14.076,73(
609.479,47(
13.690,24( ((
((
623.169,71(
19.928,03(
(1.112,17)( ((
((
18.815,86(
(335,86)(
(176,35)( ((
((
(512,21)(
((
((
((
((
((
656.954,05'
12.875,21'
(35,26)'
28,59'
669.822,59'
La(composición(de(los(intereses(de(socios(externos(del(grupo(al(cierre(del(ejercicio(anterior(es:(
(
(
(
SOCIEDADES'
Pikolin,'SA'
Confordes,'SA'
Espadesa'
Seiviriber'
Ceadesa'
Smattex,'S.A.'
Pikolin'Lusitana,'LTDA'
Prainter'Media'
IbernexIngenieria'
((
Total'
NOTA'8
8.1
Intereses'de'socios'externos'
En'Capital'y' En'Pérdidas'
En'ajustes'
En'subvenciones' (
Reservas'
y'ganancias' cambio'valor'
de'capital'
Total'
16.393,40(
(966,95)(
(76,74)(
24,96(
15.374,67(
155,28(
(8,12)( ((
((
147,16(
57,86(
(55,66)( ((
((
2,20(
183,14(
71,55( ((
((
254,69(
13.291,50(
220,49( ((
((
13.511,99(
629.084,22(
(19.604,76)( ((
((
609.479,46(
27.884,92(
(2.037,69)( ((
((
25.847,23(
(18.104,20)(
(95.262,33)( ((
((
(113.366,53)(
(41,61)(
10,17( ((
23,38(
(8,06)(
((
((
((
((
((
668.904,51' (117.633,30)'
(76,74)'
48,34'
551.242,81'
PARTICIPACIONES'EN'SOCIEDADES'PUESTAS'EN'EQUIVALENCIA.'
Movimientos'de'las'participaciones'en'sociedades'puestas'en'equivalencia'en'el'ejercicio:'
El(movimiento(de(las(participaciones(en(sociedades(puestas(en(equivalencia(durante(el(ejercicio(
es:(
(
(
(
Sociedades'puestas'en'equivalencia'
(
Saldo'a'
31/12/12'
171.819,28(
608.121,62(
713.570,44(
1.453.616,41(
Monasterio'de'Boltaña'
Spacio'Repos,'S.L.'
Prados'de'Ara,'S.L.'
PangeaBiotech,'S.L.'
((
'Total'
2.947.127,74'
Modificación'
(
de'perímetro'
Saldo'a'
de'consolidación' 31/12/13'
(171.819,28)(
0,00(
120.233,80( ((
728.355,42(
(713.570,44)(
0,00(
(1.453.616,41)(
0,00(
((
((
(
'
Aumentos'
(
'
Disminuciones'
((
((
((
((
((
((
((
((
((
0,00'
120.233,80'
(2.339.006,12)'
728.355,42'
_____________________________________________________________________________________________________
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2013
_____________________________________________________________________________________________________
El(movimiento(de(las(participaciones(en(sociedades(puestas(en(equivalencia(durante(el(ejercicio(
anterior(fue:(
(
(
Sociedades'puestas'en'equivalencia'
Monasterio(de(Boltaña(
Spacio(Repos,(S.L.(
Prados(de(Ara,(S.L.(
PangeaBiotech(
'
Total'
8.2
Saldo'a'
31/12/11'
782.565,55(
685.455,75(
726.520,42(
1.658.895,99(
'
'
Saldo'a'
Aumentos' Disminuciones'
31/12/12'
((
(610.746,27)(
171.819,28(
((
(77.334,13)(
608.121,62(
((
(12.949,98)(
713.570,44(
((
(205.279,58)( 1.453.616,41(
((
((
((
((
3.853.437,70'
0,00'
(906.309,96)' 2.947.127,74'
Información'financiera'de'las'sociedades'puestas'en'equivalencia:'
'
'
'
Sociedades'puestas'en'equivalencia'
'
Activo'
2.015.575,77(
Spacio(Repos,(S.L.(
((
'Total'
((
2.015.575,77'
Ejercicio'2013'
Ingresos'
'
Pasivo'
Ordinarios'
1.274.218,95(
6.223.342,54(
((
((
1.274.218,95'
6.223.342,54'
Resultado'
del'ejercicio'
240.467,61(
240.467,61'
(
'
'
Sociedades'puestas'en'equivalencia'
Almaebro,(S.L.(
Ederebro,(S.L.(
345(Plaza(España,(S.A.(
Monasterio(de(Boltaña,(S.L.(
Spacio(Repos,(S.L.(
Prados(de(Ara,(S.L.(
Iberduar,(S.L.(
PangaeaBiotech,(S.A.(
El(Tiro(de(Murcia,(S.L.(
'
Total'
8.3
(
'
Activo'
60.934.582,84(
4.598.780,29(
14.808.410,95(
25.015.039,15(
3.381.059,58(
1.688.765,66(
11.908.984,31(
5.895.448,33(
140.683.679,62(
((
((
268.914.750,73'
Ejercicio'2012'
'
Ingresos'
Resultado'
Pasivo'
Ordinarios'
del'ejercicio'
64.197.706,03(
0,00(
(2.081.405,42)(
6.185.842,35(
27.000,00(
(291.749,31)(
18.158.307,91(
0,00(
(375.449,28)(
24.671.400,54(
4.493.106,41(
(906.789,53)(
2.880.170,37(
3.722.704,80(
(152.659,83)(
906.270,53(
0,00(
(25.899,97)(
13.553.986,09(
0,00(
(292.561,70)(
4.755.029,96(
3.350.000,00(
(594.290,09)(
144.607.070,88(
1.311.171,67(
(3.983.872,07)(
((
((
279.915.784,66'
12.903.982,88'
(8.704.677,20)'
Resultado' del' ejercicio,' de' las' sociedades' puestas' en' equivalencia,' que' corresponde' a' la'
sociedad'dominante:'
'
'
Sociedades'puestas'en'equivalencia'
Almaebro,'S.L.'
Ederebro,'S.L.'
345'Plaza'España,'S.A.'
Monasterio'de'Boltaña,'S.L.'
Spacio'Repos,'S.L.'
Prados'de'Ara,'S.L.'
Iberduar,'S.L.'
PangaeaBiotech,'S.A.'
El'Tiro'de'Murcia,'S.L.'
'Total'
Rtdo'contabilizado'en'PPyGG'
Ejercicio'2013' Ejercicio'2012'
0,00( (1.040.702,71)(
0,00(
(145.874,66)(
0,00(
(187.724,64)(
0,00(
(453.394,76)(
(120.233,81)(
(76.329,92)(
0,00(
(12.949,99)(
0,00(
(146.280,85)(
0,00(
(208.447,07)(
0,00( (1.195.161,62)(
((
((
(120.233,81)' (3.466.866,23)'
_____________________________________________________________________________________________________
Zaragoza,(30(de(marzo(de(2014(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2013
_____________________________________________________________________________________________________
NOTA'9
9.1'
INMOVILIZADO'MATERIAL.'
Detalle'de'saldos'y'movimientos:'
'
Terrenos'y'
Construcciones'
Estado'de'movimientos'del'inmovilizado'material'
Inst.técnicas'y'
otro'inmov'
material'
Inmov'curso'y'
anticipos'
TOTALES'
Saldo(inicial(bruto,(ejercicio(2012(
Altas(del(ejercicio(
Bajas(del(ejercicio(
Otros(movimientos((
Incorporación(al(grupo(
Saldo'final'bruto,'ejercicio'2012'
21.631.470,53(
337.776,80(
(792.177,00)(
(728.104,53)(
910.797,33(
21.359.763,13'
119.517.668,41(
1.184.566,06(
4.037.090,29(
1.583.160,85(
(954.881,29)(
(717.092,59)(
1.970.080,05( (1.177.801,28)(
8.904.838,99(
133.474.796,45'
872.833,04'(
142.333.705,00(
5.958.027,94(
(2.464.150,88)(
64.174,24(
9.815.636,32(
155.707.392,62'
Saldo(inicial(bruto,(ejercicio(2013(
Altas(del(ejercicio(
Bajas(del(ejercicio(
Traspasos(a/desde(otras(partidas(
Modificación(perímetro(
Saldo'final'bruto,'ejercicio'2013'
21.359.763,13(
2.067.732,61(
0,00(
0,00(
133.474.796,45(
872.833,04(
3.276.436,20(
744.816,14(
(4.980.502,97)(
(298.194,04)(
551.591,01(
(592.753,00)(
(394.891,74)( ((
131.927.428,95'
726.702,14'
155.707.392,62(
6.088.984,95(
(5.278.697,01)(
(41.161,99)(
(394.891,74)(
156.081.626,84'
((
23.427.495,75'
Amortización(acumulada,(saldo(inicial(ejercicio(2012(
Dotaciones(del(ejercicio(
Aumentos(por(traspasos(
Disminuciones(por(salidas,(bajas(o(traspasos(
Incorporación(al(grupo(
Amortización'acumulada,'saldo'final'ejercicio'2012'
(13.529.561,61)( (90.689.675,16)(
(702.539,52)(
(5.438.300,25)(
571.220,62(
36.017,00(
122.520,00(
678.396,42(
0,00(
(7.628.544,79)(
(13.538.360,51)' (103.042.106,77)'
Amortización(acumulada,(saldo(inicial(ejercicio(2013( (13.538.360,51)( (103.042.106,77)(
Dotaciones(del(ejercicio(
(956.626,06)(
(5.064.471,95)(
Disminuciones(por(salidas,(bajas(o(traspasos(
4.665.243,47(
(
Modificación(perímetro(
((
259.735,07( ((
Amortización'acumulada,'saldo'final'ejercicio'2013'
Saldo'final'neto,'ejercicio'2013'
' '
(14.494.986,57)' (103.181.600,18)'
8.932.509,17' ' 28.745.828,77' '
( (104.219.236,77)(
(
(6.140.839,77)(
(
607.237,62(
(
800.916,42(
(
(7.628.544,79)(
0,00' (116.580.467,28)'
( (116.580.467,28)(
(
(6.021.098,01)(
(
4.665.243,47(
259.735,07(
0,00' (117.676.586,76)'
726.702,14' ' 38.405.040,08'
Las( altas( más( relevantes( del( ejercicio( corresponden( fundamentalmente( a( instalaciones( en(
fábricas,(maquinaria,(instalaciones(técnicas(y(maquinaria(en(montaje,(por(renovación(de(los(elementos(
obsoletos( dados( de( baja( durante( el( ejercicio,( y( la( incorporación( de( los( activos( materiales( de( las(
sociedades(incorporadas(al(grupo(en(el(ejercicio((véase(nota(5).(
Las(bajas(del(ejercicio(corresponden(a(bajas(en(maquinaria,(elementos(de(transporte,(equipos(de(
proceso(de(información(y(mobiliario,(por(tratarse(de(elementos(obsoletos(o(totalmente(amortizados.((
Adicionalmente(a(las(bajas(mencionadas(en(el(párrafo(anterior,(en(el(ejercicio(2013(una(empresa(
del(grupo(ha(efectuado(una(operación(de(venta(de(maquinaria(por(la(que(ha(dado(de(baja(2,2(millones(
de(euros(de(maquinaria.(En(2014(esta(operación(no(ha(llegado(a(término,(por(lo(que(se(ha(cancelado(en(
el(propio(ejercicio(2013(el(resultado(de(la(operación(contra(la(cuenta(de(provisiones(a(corto(plazo(por(
574.001,75(euros((véase(Nota(18).(Esta(provisión(se(aplicará(en(2014(contra(el(crédito(por(enajenación(
de(inmovilizado,(no(generándose(resultado(alguno(ni(en(2013(ni(en(2014.(
La(maquinaria(señalada(en(el(párrafo(anterior(no(figura(en(el(Balance(a(31(de(diciembre(de(2013.(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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En(los(primeros(meses(de(2014(toda(la(maquinaria(le(ha(sido(devuelta(a(la(Sociedad,(lográndose(vender(
a(otro(subcontratista(
Los( traspasos( realizados( durante( el( ejercicio( 2013( de( inmovilizado( en( curso( corresponden( a(
instalaciones(técnicas(y(maquinaria,(por(activación(al(término(del(montaje.(
No( se( ha( considerado( necesario( realizar( ninguna( corrección( valorativa( por( deterioro( sobre( los(
bienes(del(inmovilizado.(
9.2'
Amortización'del'inmovilizado'material:'
La( amortización( de( los( elementos( del( inmovilizado( material( se( realiza,( desde( el( momento( en( el(
que(están(disponibles(para(su(puesta(en(funcionamiento,(de(forma(lineal(durante(su(vida(útil(estimada,(
en(función(de(los(siguientes(años(de(vida(útil:(
(
Descripción'
Construcciones(
Instalaciones(técnicas(
Años'vida'útil'
10V50(
5(a(18(
Maquinaria(
Utillaje(
Otras(Instalaciones(
Mobiliario(
3(a(18(
3,33(a(8(
5(a(15,38(
4(a(20(
Equipos(proceso(información(
Elementos(de(Transporte(
Otro(Inmovilizado(material(
3(a(8(
4(a(12(
5(
Para( aquellos( bienes( adquiridos( de( segunda( mano,( el( Grupo( aplica( el( doble( de( los( coeficientes(
mencionados,(de(acuerdo(con(la(normativa(legal.(Asimismo,(determinados(elementos(se(amortizan(a(un(
coeficiente(superior(al(indicado(en(función(del(número(de(turnos(en(los(que(son(utilizados.(
9.3
Elementos'totalmente'amortizados'incluidos'en'los'saldos'finales:'
'
Elementos''
Resto(de(elementos(
Ejercicio'2013'
80.396.644,37((
76.969.384,34((
'
'
'
9.4
Ejercicio'2012'
El' importe' que' figura' en' el' epígrafe' del' balance' como' terrenos' y' construcciones' tiene' el'
siguiente'desglose:'
Desglose'
Ejercicio'2013'
Terrenos(
Construcciones(
A.Acum.(Construcciones(
2.523.498,30((
2.692.060,00((
20.735.435,74(( 19.938.544,05((
(14.326.424,87)( (14.809.201,43)(
((
((
8.932.509,17''
7.821.402,62''
(Total'
Ejercicio'2012'
_____________________________________________________________________________________________________
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9.5
Resultado'del'ejercicio'derivado'de'la'enajenación'de'elementos'de'inmovilizado'material:'
Concepto'
Ejercicio'2013'
Ejercicio'2012'
Pérdidas(procedentes(del(inmovilizado(material(
Beneficios(procedentes(del(inmovilizado(material(
(2.253.946,61)(
52.101,07((
((
(
Total'
9.6
(93.862,82)(
268.344,08((
((
(2.201.845,54)'
174.481,26''
Elementos' de' inmovilizado' material' del' Grupo,' relacionados' con' inversiones' fuera' del'
territorio'español:'
El(inmovilizado(cuyo(derechos(pudieran(ejercitarse(fuera(del(territorio(español(son(el(inmovilizado(
de(las(sociedades(ubicadas(en(estados(miembros(de(la(Unión(Europea(y(Asia,(detallados(en(la(nota(1.2,(y(
que(a(continuación(se(detalla:(
(
((
Ejercicio'2013'
((
Terrenos(y(construcciones((
Instalaciones(técnicas(y(otro(inm.(material(
Inmovilizado(en(curso(y(anticipos(
Total'
9.7
Ejercicio'2012'
Amortización'
Amortización'
Saldo'contable'
acumulada'
Saldo'contable'
acumulada'
23.258.934,04( (14.326.424,87)( 22.630.604,05( (14.809.201,43)(
36.011.974,00( (26.849.502,67)( 35.940.003,42( (26.026.093,74)(
726.702,14(
0,00(
336.104,04(
0,00(
59.997.610,18' (41.175.927,54)'
58.906.711,51' (40.835.295,17)'
Subvenciones'de'capital'obtenidas'en'este'ejercicio'y'en'ejercicios'anteriores'para'la'inversión'
en'inmovilizaciones'materiales'(véase'nota'20):'
'
Bienes'que'financian'
Instalaciones(técnicas(y(otro(inm.(material(
Ejercicio'2013'
Ejercicio'2012'
105.808,34(
105.808,34(
(
(
(
9.8
Otras'circunstancias'referentes'al'inmovilizado'material:'
La(política(del(Grupo(es(formalizar(pólizas(de(seguros(para(cubrir(los(posibles(riesgos(a(que(están(
sujetos(los(diversos(elementos(de(su(inmovilizado(material.(La(Dirección(del(Grupo(y(de(cada(una(de(las(
sociedades( revisa( anualmente,( o( cuando( alguna( circunstancia( lo( hace( necesario,( las( coberturas( y( los(
riesgos(cubiertos(y(se(acuerdan(los(importes(que(razonablemente(se(deben(cubrir(para(el(año(siguiente.(El(
Grupo( tiene( suscritos( diferentes( seguros( en( función( de( las( características( del( inmovilizado( de( cada(
Sociedad,(asegurando(tanto(el(continente(como(el(contenido.(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
NOTA'10
10.1
INVERSIONES'INMOBILIARIAS.'
Detalle'de'saldos'y'movimientos:'
'
Estado'de'movimiento'de'las'inversiones'inmobiliarias'
Terrenos'
Saldo(inicial(bruto,(ejercicio(2012(
Altas(del(ejercicio(
Bajas(del(ejercicio(
Saldo'final'bruto,'ejercicio'2012'
Construcciones'
2.477.977,53(
Total'
1.661.279,84(
72.400,32(
(107.448,15)(
1.626.232,01'
4.139.257,37(
72.400,32(
(107.448,15)(
4.104.209,54'
2.477.977,53(
1.626.232,01(
173.202,28(
(173.202,28)(
(2.155.654,53)( ((
495.525,28'
1.453.029,73'
4.104.209,54(
0,00(
(2.155.654,53)(
1.948.555,01'
0,00'
(502.945,34)(
(18.457,16)(
6.851,28(
(514.551,22)'
(502.945,34)(
(18.457,16)(
6.851,28(
(514.551,22)'
Amortización(acumulada,(saldo(inicial(ejercicio(2013(
Dotaciones(del(ejercicio(
0,00(
0,00(
(514.551,22)(
(18.169,91)(
(514.551,22)(
(18.169,91)(
Amortización'acumulada,'saldo'final'ejercicio'2013'
0,00'
(532.721,13)'
(532.721,13)'
((
((
2.477.977,53'
Saldo(inicial(bruto,(ejercicio(2013(
Traspasos(a/desde(otras(partidas(
Otros(movimientos(
Saldo'final'bruto,'ejercicio'2013'
Amortización(acumulada,(saldo(inicial(ejercicio(2012(
Dotaciones(del(ejercicio(
Disminuciones(por(salidas,(bajas(o(traspasos(
Amortización'acumulada,'saldo'final'ejercicio'2012'
((
((
((
'
Saldo'final'neto,'ejercicio'2013'
'
495.525,28' '
920.308,60' ' 1.415.833,88'
Se( clasifican( como( inversiones( inmobiliarias( los( bienes( destinados( a( la( obtención( de( rentas(
distintas(de(su(uso(en(la(actividad.(Corresponden(a(inmuebles(alquilados(a(terceros.((
Los(ingresos(provenientes(de(inversiones(inmobiliarias(durante(el(ejercicio(2013(han(ascendido(a(
47.857,43( euros,( durante( el( ejercicio( 2012( ascendieron( a( 50.942,01( euros( (Véase( nota( 12).( Se( han(
producido( gastos( para( la( explotación( de( dichas( inversiones( inmobiliarias( en( el( ejercicio( 2013( por( un(
importe(de(7.150,80(euros;(en(el(ejercicio(anterior(no(se(produjeron(gastos.((
Las( inversiones( en( construcciones( se( amortizan( linealmente( en( función( de( la( vida( útil( que( se(
estima(entre(34(y68(años.(
10.2
Los' elementos' totalmente' amortizados' incluidos( en( los( saldos( finales( de( inversiones(
inmobiliarias(ascienden(a:'
(
Elementos''
''
Ejercicio'2013'
Construcciones(
''
''(
''
Ejercicio'2012'
229.558,47(
225.919,08(
''
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10.3
Valor'desglosado'de'los'bienes'clasificados'como'inversiones'inmobiliarias:'
'
((
((
((
Ejercicio'2013'
Bienes(inmuebles(:(
(
(V(Valor(del(terreno(
(
(V(Valor(de(la(construcción(
(
(V(Amortización(acumulada(de(construcciones(
(
Total'
NOTA'11
11.1
(((
(((
Ejercicio'2012'
(
495.525,28(
1.453.029,73(
(532.721,13)(
((
1.415.833,88'
(
2.477.977,53(
1.626.232,01(
(514.551,22)(
((
3.589.658,32'
INMOVILIZADO'INTANGIBLE.'
Detalle'de'saldos'y'movimientos:'
'
Propiedad'
Industrial'
Estado'de'movimientos'del'inmovilizado'intangible'
Aplicaciones'
informáticas'
Otro'inmovilizado'
intangible'
Totales'
Saldo(inicial(bruto,(ejercicio(2012(
Altas(del(ejercicio(
Bajas(del(ejercicio(
Traspasos(
Otros(movimientos(
53.741.494,37(
825.709,82(
0,00(
0,00(
0,00(
8.444.691,84(
556.326,20(
(6.369,50)(
44.532,04(
805,62(
3.928.285,70(
2.416.068,81(
(1.649.759,00)(
0,00(
532.567,17(
66.114.471,91(
3.798.104,83(
(1.656.128,50)(
44.532,04(
533.372,79(
Incorporación(al(grupo(
Saldo'final'bruto,'ejercicio'2012'
3.345.600,87(
57.912.805,06'
1.277.118,78(
10.317.104,98'
3.810.000,00(
9.037.162,68'
8.432.719,65(
77.267.072,72'
Saldo(inicial(bruto,(ejercicio(2013(
Altas(del(ejercicio(
Bajas(del(ejercicio(
Otros(movimientos(
57.912.805,06(
59.185,00(
0,00(
(917.725,10)(
10.317.104,98(
340.658,33(
(195.724,34)(
0,00(
9.037.162,68(
905.568,06(
(1.687.612,14)(
(0,00(
77.267.072,72(
1.305.411,39(
(1.883.336,48)(
(917.725,10)(
Modificación(perímetro(
Saldo'final'bruto,'ejercicio'2013'
(576.565,26)(
56.477.699,70'
(154.088,35)(
10.307.950,62'
(0,00(
8.255.118,60'
(730.653,61)(
75.040.768,92'
(
Amortización(acumulada,(saldo(inicial(ejercicio(2012(
Dotaciones(del(ejercicio(
Disminuciones(por(salidas,(bajas(o(traspasos(
(30.965.884,77)('
(21.336,35)(
0,00(
(6.336.638,38)('
(657.325,87)(
(4.772,59)(
(318.500,28)('
(1.247,02)(
0,00(
(37.621.023,43)(
(679.909,24)(
(4.772,59)(
Incorporación(al(grupo(
Amortización'acumulada,'saldo'final'ejercicio'2012'
(56.360,95)(
(31.043.582,07)'
(1.126.241,42)(
(8.124.978,26)'
0,00(
(319.747,30)'
(1.182.602,37)(
(39.488.307,63)'
Amortización(acumulada,(saldo(inicial(ejercicio(2013(
Dotaciones(del(ejercicio(
Disminuciones(por(salidas,(bajas(o(traspasos(
(31.043.582,07)(
(91.854,77)(
0,00(
(8.124.978,26)(
(587.040,09)(
384,54(
(319.747,30)( (39.488.307,63)(
(102.367,70)(
(781.262,56)(
0,00(
384,54(
Modificación(perímetro(
Amortización'acumulada,'saldo'final'ejercicio'2013'
25.128,94(
(31.110.307,90)'
14.485,47(
(8.697.148,34)'
128.645,51(
168.259,92(
(293.469,49)' (40.100.925,73)'
25.367.391,80''
1.610.802,28'(
Saldo'final'neto,'ejercicio'2013'
'
7.961.649,11'(
34.939.843,19'
En( otros( movimientos( de( propiedad( industrial( se( recoge( el( efecto( del( tipo( de( cambio( en( la(
valoración(de(la(propiedad(industrial(del(Subgrupo(Dunlopillo(Holdings.(
Los(movimientos(más(significativos(del(ejercicio(corresponden(ainversiones(y(bajas(en(aplicaciones(
informáticas(y(otros(inmovilizados(intangibles.(
Los(movimientos(por(modificación(del(perímetro(contemplan(las(bajas(por(la(escisión(producida(en(
este(ejercicio((véase(Nota(1).(
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Las(dotaciones(lo(son(fundamentalmente(de(aplicaciones(informáticas.((
En( otro( inmovilizado( intangible( se( han( activaron( en( el( ejercicio( 2012( fondos( de( comercio( por(
importe( de( 0,5( millones( de( euros.( Estos( fondos( se( han( generado( en( las( operaciones( de( adquisición( por(
parte(de(empresas(del(grupo,(de(todos(los(elementos(constitutivos(de(varios(establecimientos(mercantiles(
(tiendas(Bed´s),(formados(por(sus(instalaciones,(existencias,(carteras(y(contratos(vigentes,(incluidos(los(de(
arrendamiento(de(locales(y(con(el(personal.(
El(Grupo(no(ha(realizado(correcciones(valorativas(de(los(bienes(de(inmovilizado(intangible.(
11.2' Amortización'del'inmovilizado'intangible:'
Las(aplicaciones(informáticas(adquiridas(a(terceros(se(amortizan(linealmente(entre(tres(y(seis(años.(
Los( programas( de( ordenador( que( cumplen( los( criterios( de( reconocimiento,( se( amortizan(
linealmente(en(un(periodo(de(entre(tres(y(seis(años(desde(la(entrada(en(explotación(de(cada(aplicación.(
Las(patentes,(licencias,(marcas(y(similares,(se(amortizan(de(forma(lineal(entre(seis(y(diez(años,(su(
vida(útil(estimada.(
Los(gastos(de(desarrollo(se(amortizan(de(forma(lineal(entre(cuatro(y(cinco(años.(
11.3' Elementos'totalmente'amortizados'incluidos'en'los'saldos'finales'de'inmovilizado'intangible:'
(
Elementos''
(Gastos(de(investigación(y(desarrollo(
Patentes,(licencias,(marcas(y(similares(
Fondo(de(comercio(
Aplicaciones(informáticas(
Ejercicio'2013'
(
(Total'
11.4
Ejercicio'2012'
35.000,00( (
35.000,00(
34.312.763,19( 30.450.971,20(
14.211.805,81(
383.334,94(
5.903.365,52(
5.518.475,96(
((
((
54.462.934,52'
36.387.782,10'
Resultado'por'venta'de'inmovilizado'intangible.'
El(resultado(por(venta(de(inmovilizado(intangible(en(el(ejercicio(2012(supuso(unas(pérdidas(de(171(
miles(de(euros;(este(ejercicio(2013(no(se(ha(producido(ningún(resultado(por(venta(de(intangible.(
11.5
Desembolsos'por'investigación'y'desarrollo:'
El( importe( de( los( desembolsos( por( actividades( de( investigación( y( desarrollo( e( innovación(
tecnológica,(realizadas(por(dos(empresas(del(Grupo,(ha(ascendido(a(un(importe(total(de(2,05(millones(de(
euros(en(el(ejercicio(2013(y(2,36(millones(de(euros(en(el(ejercicio(anterior.(Este(ejercicio(2013(no(se(ha(
capitalizado( importe( alguno,( el( ejercicio( anterior( se( capitalizaron( 473,4( miles( de( euros( en( 2012,( siendo(
este(importe(de(una(de(las(sociedades(escindidas(este(ejercicio((véase(Nota(1).(
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11.6
Elementos'con'vida'útil'indefinida:'
'
Elementos''
Ejercicio'2013'
(
Concesiones(
Patentes,(licencias,(marcas(y(similares(
Otro(inmovilizado(intangible(
( 3.344.377,45( ( 4.262.102,55(
20.000,00(
20.000,00(
3.810.000,00(
((
((
((
7.174.377,45' 4.282.102,55'
(Total'
11.7
Ejercicio'2012'
Elementos' de' inmovilizado' intangible' del' Grupo,' relacionados' con' inversiones' fuera' del'
territorio'español:'
El(inmovilizado(cuyo(derechos(pudieran(ejercitarse(fuera(del(territorio(español(son(el(inmovilizado(
de(las(sociedades(ubicadas(en(estados(miembros(de(la(Unión(Europea,(y(Asia,detallados(en(la(nota(1.2,(y(
que(a(continuación(se(detalla:(
(
((
Ejercicio'2013'
((
Concesión(administrativa(
Patentes,(licencias,(marcas(y(similares(
Fondo(de(Comercio(
Aplicaciones(informáticas(
Inmovilizado(en(curso(
((
Total'
11.8
'
Saldo'contable'
52.300.890,19(
2.364.377,45(
14.211.805,81(
2.615.963,16(
1.384.434,83(
((
Ejercicio'2012'
Amortización'
Amortización'
acumulada'
Saldo'contable'
acumulada'
(30.249.174,58)( 52.300.890,19( (31.169.829,46)(
(20.601,05)(
3.262.102,55(
((
(14.211.805,81)( 14.211.805,81( (14.211.805,81)(
(1.729.613,07)(
2.650.448,61(
(549.822,48)(
((
2.259.726,07(
((
((
((
((
72.877.471,44' (46.211.194,51)'
74.746.943,39' (45.936.039,26)'
Fondo'de'Comercio:'
Valor(
Adquisición(
(
(
Espadesa(
Smattex(
Subgrupo(Pardo(
Subgrupo(Cofel(
(( ((
Total'
(( ((
Deterioro(Acum(
Ejercicio(2013(
1.832.897,04(
392.830,61(
3.966.343,21(
14.211.805,81(
Valor(Contable(
Ejercicio(2013(
Fecha(
adquisición(
Modo(
Adquisición(
0,00(
0,00(
0,00(
(14.211.805,81)(
1.832.897,04( 2011V2012(
392.830,61(
2007(
3.966.343,21(
2012(
0,00(
2009(
((
((
((
((
20.403.876,67' (14.211.805,81)'
6.192.070,86' ((
((
((
((
((
Compra((
Fusión(
Compra((
Compra((
((
'
(
(
Espadesa(
Smattex(
Subgrupo(Pardo(
Subgrupo(Cofel(
(( ((
Total'
(( ((
Valor(
Deterioro(Acum( Valor(Contable(
Fecha(
Modo(
Adquisición(
Ejercicio(2012(
Ejercicio(2012( adquisición( Adquisición(
1.832.897,04(
0,00(
1.832.897,04( 2011V2012(
Compra((
392.830,61(
0,00(
392.830,61(
2007(
Fusión(
3.966.343,21(
0,00(
3.966.343,21(
2012(
Compra((
14.211.805,81( (14.211.805,81)(
0,00(
2009(
Compra((
((
((
((
((
20.403.876,67' (14.211.805,81)'
6.192.070,86' ((
((
((
((
((
((
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NOTA'12
12.1
ARRENDAMIENTOS'Y'OTRAS'OPERACIONES'DE'NATURALEZA'SIMILAR'
Arrendamientos'operativos.'
La( información( de( los( arrendamientos( operativos( en( los( que( el( Grupo( es( arrendador,( es( la(
siguiente:(
(
Concepto' (
Importe(de(los(cobros(futuros(mínimos(por((
arrendamientos(operativos(no(cancelables:(
(
Hasta(un(año(
''
((
Ejercicio'2013'
Ejercicio'2012'
'
(
'
'
47.857,43(
((
50.942,01(
((
Los(contratos(relativos(al(alquiler(de(inmuebles(a(terceros(tienen(renovación(tácita(anual.(
La( información( de( los( arrendamientos( operativos( en( los( que( el( Grupo( es( arrendatario,( es( la(
siguiente:((
(
Concepto'
(
(
Importe(de(los(pagos(futuros(mínimos(por(arrendamientos(operativos(
(no(cancelables,(de(los(cuales:(
(
Hasta(un(año(
(
(
Entre(uno(y(cinco(años(
(
(
Más(de(cinco(años(
(
(
Importe(total(de(los(pagos(futuros(mínimos(que(se(esperan(recibir,((
al(cierre(del(ejercicio,(por(subarriendos(operativos(no(cancelables(
Pagos(mínimos(por(arrendamiento(reconocidos(como(gastos(del(periodo(
Cuotas(de(subarriendamiento(reconocidas(como(ingreso(del(periodo(
(
Ejercicio'2013'
(
(
4.048.418,52( (
263.081,44(
199.095,28(
24.000,00(
10.037.354,60(
24.000,00(
(
Ejercicio'2012'
4.544.182,66(
769.237,05(
1.176.665,53(
24.000,00((
9.643.631,18(
24.000,00(
(
En(cuanto(a(los(contratos(de(arrendamiento(operativo(cabe(destacar(los(siguientes(acuerdos:(
V( Los(contratos(relativos(al(alquiler(de(inmuebles(con(una(empresa(vinculada(tienen(renovación(
tácita( anual,( cuya( renta( es( incrementada( anualmente( en( función( del( IPC,( no( existiendo( ninguna(
opción(de(compra(en(los(citados(contratos.(
V( No( existen( restricciones( impuestas( derivadas( de( los( contratos( de( arrendamiento( operativo,(
tales( como( las( referidas( a( distribución( de( dividendos,( endeudamiento( adicional( o( a( nuevos(
contratos(de(arrendamiento(operativo.(
En(el(ejercicio(2014(una(sociedad(del(Grupo(tiene(previsto(trasladar(sus(instalaciones(y(modificar(su(
domicilio( social,( manteniéndose( en( Zaragoza.( Por( este( motivo,( se( ha( registrado( al( cierre( de( 2013( una(
provisión(por(el(importe(de(la(penalización(antes(descrita((véase(NOTA(18).(
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NOTA'13
13.1
INSTRUMENTOS'FINANCIEROS.'
Información' sobre' la' relevancia' de' los' instrumentos' financieros' en' la' situación' financiera' y' los'
resultados'de'la'empresa.'
a)'Categorías'de'activos'financieros'y'pasivos'financieros.'
El( valor( en( libros( de( cada( una( de( las( categorías( de( activos( financieros( y( pasivos( financieros(
señalados(en(la(norma(de(registro(y(valoración(novena,(se(detallan(de(acuerdo(con(la(siguiente(estructura:(
a.1)'Activos'financieros,'salvo'inversiones'en'el'patrimonio'de'empresas'del'grupo,'multigrupo'y'
asociadas.'
La( información( de( los( instrumentos( financieros( del( activo( del( balance( del( Grupo( a( largo( plazo,(
clasificados(por(categorías(al(cierre(del(ejercicio,(son:(
(
''
'
'
'
Categorías''
'
Instr.''
Patrimonio'
Inversiones'mantenidas'hasta'el'vencimiento'
Préstamos'y'partidas'a'cobrar'
Activos'disponibles'para'la'venta''
(V(Valorados(a(valor(razonable(
''
''
8.587.379,91'
8.587.379,91(
((
8.587.379,91'
(Total'
Ejercicio'2013' ''
Valores'
Créditos,'
'representativos'
derivados'
'de'deuda'
'''y'otros'
''
'
'
Total'
2.085.588,12'
''
2.085.588,12'
'' 141.142.857,65' 141.142.857,65'
'
'
8.587.379,91'
((
((
8.587.379,91(
((
((
''
2.085.588,12' 141.142.857,65' 151.815.825,68'
(
'
'
'
Categorías''
''
'
Instr.''
Patrimonio'
Ejercicio'2012' ''
Valores'
'representativos'
'de'deuda'
Activos'a'valor'razonable'con'cambios'en'pyg'
(VMantenidos(para(negociar(
Inversiones'mantenidas'hasta'el'vencimiento'
Préstamos'y'partidas'a'cobrar'
Activos'disponibles'para'la'venta''
(V(Valorados(a(valor(razonable(
(
Total'
'
(
'
'
33.160.033,31'
33.160.033,31(
((
33.160.033,31'
'
(
14.543.865,48'
'
'
(
((
14.543.865,48'
Créditos,'
derivados'
'''y'otros'
1.533.549,00'
1.533.549,00(
'
121.193.737,69'
'
(
((
122.727.286,69'
''
'
'
Total'
1.533.549,00'
1.533.549,00(
14.543.865,48'
121.193.737,69'
33.160.033,31'
33.160.033,31(
''
170.431.185,48'
La( partida( de( activos( disponibles( para( la( venta( valorados( a( valor( razonable( corresponde( a(
inversiones(en(acciones,(carteras(de(valores(y(fondos(de(inversión.(Durante(el(ejercicio(se(ha(realizado(
alguna( venta( puntual( de( dichos( fondos( y( carteras( pero( se( consideran( en( dicha( categoría( ya( que( el(
propósito(no(es(su(venta(sino(su(mantenimiento(en(cartera(a(largo(plazo.(
Las( inversiones( mantenidas( hasta( el( vencimiento( corresponden( a( bonos,( obligaciones( y( valores(
representativos(de(deuda(cuyo(vencimiento(es(superior(a(un(año.(
Los( préstamos( y( partidas( a( cobrar( corresponden( a( créditos( formalizados( con( otras( partes(
vinculadas(y(créditos(con(terceros(con(vencimiento(a(largo(plazo,(a(imposiciones(a(largo(plazo(y(a(fianzas(
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y(depósitos(constituidos(a(largo(plazo.(
La( información( de( los( instrumentos( financieros( del( activo( del( balance( del( Grupo( a( corto( plazo,(
clasificados(por(categorías(al(cierre(del(ejercicio,(son:(
(
Ejercicio'2013' ''
Valores'
'representativos'
'de'deuda'
'
'
'Categorías''
Inversiones'mantenidas'hasta'el'vencimiento'
Préstamos'y'partidas'a'cobrar'
(
Total'
141.284,58'
''
((
141.284,58'
''
Créditos,'
derivados'
y'otros'
'
'
Total'
((
75.975.709,67'
((
75.975.709,67'
141.284,58'
75.975.709,67'
''
76.116.994,25'
(
'
'
'
Categorías''
Ejercicio'2012' ''
Valores'
'representativos'
'de'deuda'
Activos'a'valor'razonable'con'cambios'en'pyg'
(VMantenidos(para(negociar(
Inversiones'mantenidas'hasta'el'vencimiento'
Préstamos'y'partidas'a'cobrar'
(
Total'
0,00'
(
2.310.838,71'
'
((
2.310.838,71'
''
'
'
Créditos,'
derivados'
y'otros'
Total'
2.019.083,27'
2.019.083,27(
'
79.097.175,05'
((
81.116.258,32'
2.019.083,27'
2.019.083,27(
2.310.838,71'
79.097.175,05'
''
83.427.097,03'
La( partida( de( préstamos( y( partidas( a( cobrar( recoge( créditos( concedidos( a( deudores,( clientes,(
créditos( concedidos( a( terceros( con( vencimiento( en( el( corto( plazo,( a( imposiciones( con( vencimientos(
inferior(a(un(año,(y(a(fianzas(y(depósitos(constituidos(a(corto(plazo(y(otras(cuentas(a(cobrar,(se(excluyen(
los(saldos(pendientes(con(administraciones(públicas.(
a.2)'Pasivos'financieros.'
Los( instrumentos( financieros( del( pasivo( del( balance( del( Grupo( a( largo( plazo,( clasificados( por(
categorías,(al(cierre(del(ejercicio,(son:(
(
''
Categorías'
'
'
'
Débitos'y'partidas'a'pagar'
(Total'
Ejercicio'2013''
Deudas'con'
'entidades'
'de'crédito'
''
'
Derivados'
'y'otros'
'
'
Total'
58.351.394,11'
((
17.033.468,89'
((
75.384.863,00'
''
58.351.394,11'
17.033.468,89'
75.384.863,00'
(
' ''
'
'
Categorías'
Débitos'y'partidas'a'pagar'
(
Total'
Deudas'con'
'entidades'
'de'crédito'
45.334.402,74'
((
45.334.402,74'
Ejercicio'2012'
'
Derivados'
'y'otros'
39.631.665,69'
((
39.631.665,69'
''
'
'
Total'
84.966.068,43'
''
84.966.068,43'
_____________________________________________________________________________________________________
Zaragoza,(30(de(marzo(de(2014(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
Los(débitos(y(partidas(a(pagar,(clasificados(en(deudas(con(entidades(de(crédito,(corresponden(a(
deudas( con( entidades( bancarias( con( vencimiento( a( largo( plazo,( consecuencia( de( los( préstamos(
recibidos,(por(la(parte(correspondiente(al(largo(plazo.(
Los( débitos( y( partidas( a( pagar( clasificados( en( “Otros”( corresponden( a( préstamos( recibidos( de(
organismos( públicos( para( el( desarrollo( de( determinados( proyectos( técnicos( llevados( a( cabo( por( la(
sociedad,(fianzas(recibidas(a(largo(plazo(yefectos(a(pagar(a(largo(plazo.(
Una( de( las( sociedades( integrantes( del( Grupo( tiene( recibido( un( préstamo( participativo( de( una(
entidad( financiera( por( importe( de( 3.500.000( euros( y( vencimiento( en( 2022.( Este( préstamo( podrá( ser(
convertido,(sea(cual(sea(su(importe,(y(a(requerimiento(del(banco,(en(una(participación(en(el(capital(de(la(
Sociedad(del(25%,(independientemente(del(valor(que(la(compañía(pudiera(tener,(en(el(caso(de(que(la(
Sociedad(incumpla(dos(pagos(consecutivos(o(que(a(la(fecha(del(vencimiento(no(se(esté(al(corriente(de(
pago.(
Los( instrumentos( financieros( del( pasivo( del( balance( del( Grupo( a( corto( plazo,( clasificados( por(
categorías,(al(cierre(del(ejercicio,(son:(
'
Categorías''
''
Ejercicio'2013''
Deudas'con'
'entidades'
'de'crédito'
'
'
Débitos'y'partidas'a'pagar'
24.516.830,77'
((
24.516.830,77'
(
Total'
'
'
Derivados'
'y'otros'
55.067.594,39'
((
55.067.594,39'
Categorías'
''
Deudas'con'
'entidades'
'de'crédito'
Ejercicio'2012' '
'
'
Derivados'
'
'y'otros'
Débitos'y'partidas'a'pagar'
Derivados'de'cobertura'
(
Total'
51.479.418,89'
'
((
51.479.418,89'
53.180.901,77'
24.544,55'
((
53.205.446,32'
'
'
''
'
'
Total'
79.584.425,16'
''
79.584.425,16'
Total'
104.660.320,66'
24.544,55'
''
104.684.865,21'
Los(débitos(y(partidas(a(pagar(clasificados(como(deudas(con(entidades(de(crédito(corresponden(a(
deudas( con( entidades( bancarias( con( vencimiento( a( corto( plazo,( consecuencia( de( préstamos,( créditos,(
deudas(por(descuento(de(efectos(y(periodificaciones(de(intereses,(por(la(parte(correspondiente(a(corto(
plazo.(
Los(débitos(y(partidas(a(pagar(clasificados(como(“Otros”(corresponden(a(deudas(comerciales(con(
proveedores( y( acreedores,( proveedores( puesta( en( equivalencia,( operaciones( de( confirming,( cuentas(
corrientes( con( partes( vinculadas,( proveedores( de( inmovilizado,( préstamos( recibidos( de( organismos(
públicos(para(el(desarrollo(de(determinados(proyectos(técnicos(llevados(a(cabo(por(la(sociedady(el(resto(
a( remuneraciones( pendientes( de( pago( y( otras( cuentas( a( pagar,( excluyendo( los( saldos( con( las(
administraciones(públicas.(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
b)' Activos' financieros' valorados' a' valor' razonable' con' cambios' en' la' cuenta' de' pérdidas' y'
ganancias'
Ejercicio'2013'
Activos'a'valor'
razonable'con'
cambios'en'pyg'
(
((
Variación(del(valor(razonable(en(el(ejercicio((
Variación(del(valor(razonable(acumulada(desde(su(designación(
((
Ejercicio'2012'
Activos'a'valor'
razonable'con'
cambios'en'pyg'
31.167,92(
(1.646.199,81)(
((
774.244,21(
(1.677.367,73)(
((
En( este( ejercicio( se( han( vencido( y( dado( de( baja( los( productos( financieros( híbridos( y(
estructurados.(
c)'Clasificación'por'vencimientos.'
Las( clasificaciones( por( vencimiento( de( los( activos' financieros( del( Grupo,( de( los( importes( que(
venzan( en( cada( uno( de( los( siguientes( años( al( cierre( del( ejercicio( y( hasta( su( último( vencimiento,( se(
detallan(en(el(siguiente(cuadro:(
''
''
(
Conceptos'
2014'
Inversiones'financieras'
Deudas'comerciales'no'
corrientes'
''
2015'
2.524.061,86'
2017'
1.523.000,00'
1.612.312,46'
'
Anticipos'a'proveedores'
Deudores'comerciales'y'otras'
cuentas'a'cobrar'
(Clientes(por(ventas(y(prest.(
servicios(
Vencimiento'en'años'
2016'
'
993.606,31'
''
''
2018'
Resto'
Total'l/p'
75.306,85'
134.581.576,88'
10.126.482,61'
146.306.366,34'
309.533,03'
34.112,29'
2.559.895,25'
5.509.459,34'
900,00'
0,00'
'
'
73.592.032,39'
'
'
'
'
'
'
'
'
0,00'
67.880.647,98(
((Soc.puestas(en(equivalencia(
(((Otros(deudores(
0,00(
1.504,26( (
5.709.880,15( (
(
(
(
(
(
(
(
(
(((
(((
(((
(((
(((
((
(Total'
76.116.994,25'
3.135.312,46'
993.606,31'
384.839,88'
13.4615.689,17'
0,00(
0,00(
((
12.686.377,86'
151.815.825,68'
Las( clasificaciones( por( vencimiento( de( los( pasivos' financieros( del( Grupo,( de( los( importes( que(
venzan( en( cada( uno( de( los( siguientes( años( al( cierre( del( ejercicio( y( hasta( su( último( vencimiento,( se(
detallan(en(el(siguiente(cuadro:(
(
''
(Conceptos'
''
''
Vencimiento'en'años'
2017'
Deudas'''
(((((Deudas(con(entidades(de(
crédito(
26.402.096,00'
10.484.054,17'
13.572.534,84'
12.888.209,76'
7.148.360,76'
31.186.203,84'
75.279.363,37'
24.516.830,77(
9.925.620,44(
13.039.319,98(
10.529.229,03(
4.781.145,93(
20.076.078,73(
58.351.394,11(
(((((Otros(pasivos(financieros(
1.885.265,23(
558.433,73(
533.214,86(
2.358.980,73(
2.367.214,83(
11.110.125,11(
16.927.969,26(
105.499,63' ''
0,00'
2018'
''
0,00'
Resto'
(
2015'
Acreed.'comerc.no'corrientes' ''
Acreedores'comerciales'y'
otras'cuentas'a'pagar'
53.182.329,16'
2016'
''
2014'
''
0,00'
Total'l/p'
''
0,00'
105.499,63'
0,00'
0,00'
((((((Proveedores(
((((((Proveedores,(sociedades(
puestas(en(equivalencia(
36.978.335,35( ((
((
((
((
((
0,00(
177.003,82( ((
((
((
((
((
0,00(
(((((Otros(acreedores(
16.026.989,99( ((
((
((
((
((
((
((
((
((
((
'Total'
79.584.425,16'
((
10.589.553,80'
13.572.534,84'
12.888.209,76'
7.148.360,76'
0,00(
((
31.186.203,84'
75.384.863,00'
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
El( Grupo( disponía( al( 31( de( diciembre( de( 2013,( ante( diversas( entidades( bancarias,( avales( por(
importe( de( 18,4( millones( de( euros.( Así( mismo,( una( sociedad( del( grupo,( incorporada( al( mismo( en( el(
ejercicio,(tiene(formalizada(una(póliza(de(afianzamiento(por(2(millones(de(euros.(
Al( cierre( del( ejercicio( la( sociedad( tiene( garantizado( hipotecariamente,( por( una( empresa(
vinculada,(un(préstamo(cuyo(importe(al(cierre(del(ejercicio(asciende(a(14,49(millones(de(euros.(Además(
la( sociedad( dominante( del( Grupo( es( fiadora( por( diversos( préstamos( formalizados( por( sociedades( del(
Grupo,(siendo(uno(de(ellos(el(citado(anteriormente(y(otros,(queal(cierre(del(ejercicio(ascienden(a(3,17(
millones(de(euros,(así(como(de(una(línea(de(crédito(cuyo(importe(asciende(2,98(millones(de(euros,(del(
cual(es(fiadora(también(otra(empresa(del(Grupo.(
A( su( vez( una( sociedad( del( Grupo( es( fiadora( de( diversos( préstamos,( uno( formalizado( por( la(
sociedad( dominante( del( Grupo( y( los( otros( por( dos( préstamos( hipotecarios( formalizados( por( una(
sociedad( vinculada( al( Grupo,( ascendiendo( el( valor( de( éstos( al( cierre( del( ejercicio( a( 46,44( millones( de(
euros.(
d)'Activos'cedidos'en'garantía.'
El( Grupo( tiene( pignoradas( las( acciones( de( una( sociedad( del( Grupo( en( garantía( de( la( deuda( con(
entidades(de(crédito,(utilizada(para(financiar(la(compra(de(las(mismas(por(otra(sociedad(integrante(del(
mismo(Grupo.(El(plazo(de(duración(de(la(garantía(es(paralelo(al(del(préstamo(al(cual(está(vinculado.(
A( 31( de( diciembre( de( 2013( existe( una( imposición( a( plazo( por( importe( de( 19.999,67( euros( que(
actúa(como(garantía(de(una(línea(de(avales.(
e)'Activos'aceptados'en'garantía:'
La(sociedad(tiene(formalizados(contratos(de(renegociación(de(deuda,(cuyo(importe(al(cierre(del(
ejercicio(asciende(a(5,5(millones(de(euros,(habiéndose(formalizado(en(algunos(casos(garantías(sobre(los(
citados( contratos,( como( es( la( constitución( de( prenda( por( las( participaciones( sociales( de( una( sociedad(
deudora,(cuya(deuda(al(cierre(del(ejercicio(asciende(a(1,83(millones(de(euros.(
f) Correcciones'por'deterioro'del'valor'originadas'por'el'riesgo'de'crédito.'
'
(
(((
Clases'de'activos'financieros'
Créditos,'derivados'y'otros'
Largo'plazo'
Corto'plazo'
Pérdida'por'deterioro'a'31/12/11'
Corrección(valorativa(por(deterioro(
Incorporación(al(Grupo(
Pérdida'por'deterioro'a'31/12/12'
Corrección(valorativa(por(deterioro(
Reversión(del(deterioro(
Salidas(y(reducciones(
Traspasos(y(otras(variaciones(
9.221.512,30'
' 2.427.558,59(
( 1.301.632,09(
0,00'( 12.950.702,98'
0,00(
868.652,41(
0,00( (217.753,71)(
(444.714,42)(
0,00(
66.768,40( (3.998.550,58)(
((
((
(
Pérdida'por'deterioro'a'31/12/13'
(377.946,02)' 9.603.051,10'
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
13.2' Información'relacionada'con'la'cuenta'de'pérdidas'y'ganancias'y'el'patrimonio'neto.'
Las( pérdidas( o( ganancias( netas( procedentes( de( las( distintas( categorías( de( activos( financieros(
definidas(en(la(norma(de(registro(y(valoración(novena,(los(ingresos(financieros(calculados(por(aplicación(
del(método(del(tipo(de(interés(efectivo,(se(detalla(en(el(siguiente(cuadro:(
Pérdidas'o'ganancias'netas'
Ejercicio'2013'
Ejercicio'2012'
(((
Activos'a'valor'razonable'con'cambios'en'pp'y'gg'
y'ganancias':'
Otros(
Inversiones'mantenidas'hasta'el'vencimiento'
Préstamos'y'partidas'a'cobrar'
Activos'disponibles'para'la'venta':'
Valorados(a(valor(razonable(
(Total'
(
Ingresos'financieros'por'
aplicación'del'tipo'de'interés'
efectivo'
Ejercicio'2013' Ejercicio'2012'
(72.024,85)' (
745.777,09' (
0,00'
(72.024,85)(
745.777,09( ((
(2.035.917,08)'
(2.145.142,44)'
1.120.027,53'
730.704,84'
758.785,82'
1.430.978,59'
1.638.952,72'
(143.740,30)'
0,00'
1.638.952,72(
(143.740,30)( ((
((
((
((
261.715,63'
(784.319,83)'
2.551.006,12'
(
((
0,00'
1.677.206,25'
3.389.297,82'
0,00'
((
((
5.066.504,07'
Los(ingresos(registrados(en(préstamos(y(partidas(a(cobrar(por(aplicación(del(tipo(interés(efectivo(
corresponden(a(los(intereses(que(generan(los(créditos(concedidos(a(partes(vinculadas(y(a(terceros,(y(los(
intereses(generados(por(las(imposiciones(a(plazo.(
Las(ganancias(netas(registradas(en(préstamos(y(partidas(a(cobrar(corresponden(principalmente(a(
rentabilidades(obtenidas(por(las(puntas(de(tesorería.(
Las( pérdidas( netas( registradas( en( la( categoría( de( activos( a( valor( razonable( con( cambios( en(
pérdidas(y(ganancias(corresponden(a(los(resultados(obtenidos(por(las(ventas(de(futuros(y(derivados.(
Las(ganancias(netas(registradas(en(la(categoría(de(activos(disponibles(para(la(venta(corresponden(
a(los(beneficios(netos(obtenidos(por(las(ventas(de(fondos(de(inversión,(y(a(los(dividendos(recibidos(por(
dichos(fondos.(
El(importe(de(las(correcciones(valorativas(por(deterioro(de(clase(de(activos(financieros(se(detalla(
en(el(siguiente(cuadro:(
Correcciones'
valorativas'por'
deterioro'
Ejercicio'2013'
(((
Valores(representativos(de(deuda(
(562.199,24)(
((
(
Total'
(562.199,24)'
En( el( presente( ejercicio,( la( corrección( valorativa( corresponde( al( deterioro( de( inversiones(
mantenidas(hasta(el(vencimiento(a(largo(plazo,(cuyo(ingresos(por(cupones(asciende(a(73(miles(de(euros,(
mientras( que( en( el( ejercicio( anterior( el( deterioro( correspondía( a( activos( disponibles( para( la( venta(
correspondiente(a(inversiones(en(acciones.(
El(deterioro(de(valor(de(crédito(de(clientes(se(informa(en(el(apartado(13.1.g)(de(esta(nota.((
Las( pérdidas( o( ganancias( netas( procedentes( de( las( distintas( categorías( de( pasivos( financieros(
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_____________________________________________________________________________________________________
definidas(en(la(norma(de(registro(y(valoración(novena,(los(gastos(financieros(calculados(por(aplicación(
del(método(del(tipo(de(interés(efectivo,(se(detalla(en(el(siguiente(cuadro:(
(
(
(((
(
Gastos'financieros'por'aplicación''
'''''''del'tipo'de'interés'efectivo'
Ejercicio'2013'
Ejercicio'2012'
'
'''''Pérdidas'o'ganancias'netas'
Ejercicio'2013'
Ejercicio'2012'
(
(
Débitos'y'partidas'a'pagar'
((
(Total'
(1.024.858,74)'
'
''
(1.024.858,74)'
(282.151,62)' (
((
(4.656.417,01)' '(4.851.736,36)'
''
(282.151,62)'
(4.656.417,01)' (4.851.736,36)'
Los(gastos(financieros(por(aplicación(del(tipo(de(interés(efectivo(corresponden(a(las(deudas(que(
tiene(la(empresa(con(entidades(financieras(por(préstamos(y(créditos,(así(como(a(gastos(financieros(por(
descuento( de( efectos.( Los( que( constan( como( pérdidas( y( ganancias( netas( corresponden( a( otros( gastos(
financieros.(
13.3' Otro'tipo'de'información.'
a)
Valor(razonable.(
El( valor( en( libros( de( los( instrumentos( financieros( constituye( una( aproximación( aceptable( de( su(
valor(razonable.(
El( valor( razonable( de( los( instrumentos( de( patrimonio( clasificados( en( la( categoría( de( activos(
financieros(disponibles(para(la(venta(se(ha(determinado(según(los(precios(cotizados(en(mercados(activos(
al(cierre(del(ejercicio.(
El(valor(razonable(de(los(productos(financieros(híbridos(y(estructurados(registrado(en(la(categoría(
de( Activos( a( valor( razonable( con( cambios( en( pérdidas( y( ganancias,( se( ha( determinado( según( la(
valoración(ofrecida(al(cierre(del(ejercicio(por(las(entidades(financieras(emisoras(de(estos(productos,(los(
cuales(han(vencido(o(se(han(dado(de(baja(en(este(ejercicio.(
b)
Los(límites(de(las(pólizas(y(líneas(de(descuento(al(cierre(del(ejercicio(son(los(siguientes:(
'
Entidades'de'crédito'
Total(líneas(de(descuento(
Total(pólizas(de(crédito(con(entidades(de(crédito(
(
Límite'concedido'
49.149.868,00(
4.500.000,00(
(
Dispuesto'
11.838.814,22(
4.484.078,82(
(
Disponible'
37.311.053,78(
15.921,18(
(
13.4' Información'sobre'la'naturaleza'y'el'nivel'de'riesgo'procedente'de'instrumentos'financieros.'
Las( políticas( de( riesgo( del( Grupo( son( establecidas( por( la( Dirección( Financiera( del( Grupo,(
estableciendo(una(serie(de(procedimientos(y(controles(que(permiten(identificar(y(gestionar(los(riesgos(
procedentes(de(los(instrumentos(financieros.(
La(actividad(con(instrumentos(financieros(expone(al(Grupo((a(los(riesgos(de(crédito,(de(mercado(y(
de(liquidez.(
Riesgo( de( crédito:( se( produce( por( la( posible( pérdida( causada( por( el( incumplimiento( de( las(
obligaciones(contractuales(de(las(contrapartes(del(Grupo,(es(decir,(por(la(posibilidad(de(no(recuperar(los(
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_____________________________________________________________________________________________________
activos(financieros(por(el(importe(contabilizado(y(en(el(plazo(establecido.(
Para(gestionar(el(riesgo(de(crédito,(los(Departamentos(Comercial(y(Financiero(del(Grupo(evalúan(
los( límites( de( crédito( para( cada( uno( de( los( clientes.( Las( cuentas( vencidas( son( objeto( de( seguimiento(
puntual(y(reclamación(por(el(Departamento(Financiero(del(Grupo(y,(en(caso(de(resultar(necesario,(por(el(
Departamento(Jurídico(del(Grupo.(
Por( otra( parte,( el( Grupo( mantiene( su( tesorería( en( entidades( financieras( de( elevado( nivel(
crediticio.(
El( riesgo( de( mercado( se( produce( por( la( posible( pérdida( causada( por( variaciones( en( el( valor(
razonable( o( en( los( futuros( flujos( de( efectivo( de( un( instrumento( financiero,( debidas( a( cambios( en( los(
precios(de(mercado.(El(riesgo(de(mercado(incluye(el(riesgo(de(tipo(de(interés,(de(tipo(de(cambio(y(otros(
riesgos(de(precio.(
El(riesgo(de(tipo(de(interés(afecta(al(Grupo(en(cuanto(a(que(las(líneas(de(descuento(dispuestas(se(
encuentran(sujetas(a(la(evolución(de(los(tipos(de(interés.(
El( riesgo( de( tipo( de( cambio( no( afecta( al( Grupo,( ya( que( en( cada( caso( tiene( contratados( los(
correspondientes(seguros(de(cambio.(
El(riesgo(de(precios(afecta(al(Grupo(por(pertenecer(a(un(sector(muy(competitivo(en(precios.(No(
obstante,( se( vigilan( y( analizan( puntualmente( todas( las( operaciones( con( el( objetivo( de( conseguir( los(
mejores(márgenes(posibles.(
El(riesgo(de(liquidez(se(produce(por(la(posibilidad(de(que(el(Grupo(no(pueda(disponer(de(fondos(
líquidos,(o(acceder(a(ellos,(en(la(cuantía(suficiente(y(con(un(coste(adecuado,(para(hacer(frente(en(todo(
momento( a( sus( obligaciones( de( pago.( El( objetivo( del( Grupo( es( mantener( las( disponibilidades( líquidas(
necesarias,(para(lo(que(se(establecen(y(vigilan(los(niveles(mínimos(de(liquidez(que(se(deben(mantener(
en( todo( momento.( Tal( como( se( ha( indicado( anteriormente,( el( Grupo( dispone( de( líneas( de( descuento(
contratadas(con(diversas(entidades(financieras,(de(proyección(plurianual(y(que(cuentan(con(un(amplio(
margen(disponible.(
13.5' Fondos'propios'
El( Capital( social( de( la( sociedad( dominante( está( representado( y( dividido( en( 5.803.708(
participaciones(de(10(euros(de(valor(nominal(cada(una(de(ellas,(que(se(encuentran(totalmente(suscritas(
y(desembolsadas.(
En(este(ejercicio(la(sociedad(dominante(ha(ampliado(capital(en(40.000(euros,(según(acuerdo(de(
su(Junta(General(de(Socios(de(6(de(mayo(de(2013,(mediante(la(emisión(de(4.000(participaciones(de(10(
euros( de( valor( nominal( cada( una( de( ellas,( que( se( encuentran( totalmente( suscritas( y( desembolsadas.(
Igualmente( y( como( consecuencia( de( la( escisión( parcial( sin( extinción( se( ha( segregado( una( parte( de( su(
patrimonio((véase(Nota(1),(lo(que(ha(supuesto(una(disminución(del(capital(en(1.330(euros.(
Prima(de(emisión:(La(prima(de(emisión(es(de(libre(distribución(por(la(Junta(General(de(Socios(de(
la(Sociedad(dominante.(
Disponibilidad+de+reservas:+
Reserva(legal:(se(ha(constituido(en(ejercicios(anteriores(y(tienen(como(finalidad(lo(previsto(en(el(
_____________________________________________________________________________________________________
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
Artículo(274(del(Texto(Refundido(de(la(Ley(de(Sociedades(de(Capital.(De(acuerdo(con(lo(anterior,(debe(
destinarse( un( 10%( de( sus( beneficios( a( la( constitución( de( un( fondo( de( reserva( que( alcanzará( la( quinta(
parte(del(capital.(Esta(reserva(podrá(ser(utilizada(para(cubrir,(en(su(caso,(el(saldo(deudor(de(la(cuentas(
de( pérdidas( y( ganancias,( y( deberá( reponerse( cuando( descienda( del( nivel( indicado,( y( siempre( que( no(
existan(otras(reservas(disponibles(suficientes(para(este(fin.(Está(dotada(al(cierre(del(ejercicio(de(acuerdo(
al(límite(que(marca(la(ley.(
Reserva(por(fondo(de(comercio:(conforme(a(la(Ley(de(Sociedades(de(Capital,(en(la(aplicación(del(
resultado( de( cada( ejercicio( debe( dotarse( una( reserva( indisponible( como( consecuencia( del( fondo( de(
comercio( que( figura( en( el( activo( del( balance( de( situación,( destinándose( a( tal( efecto( una( cifra( del(
beneficio(que(represente,(al(menos,(un(cinco(por(ciento(del(importe(del(citado(fondo(de(comercio.(
Reservas( distribuibles:( Son( reservas( de( libre( disposición( por( la( Junta( General( de( Socios( de( la(
Sociedad(dominante.(
En(los(ejercicios(2013(y(2012,(ni(la(sociedad(dominante(ni(ninguna(de(las(Sociedades(que(integran(
el(Grupo(ha(realizado(negocio(con(acciones(o(participaciones(propias.(
Los( movimientos( en( el( ejercicio( de( las( partidas( incluidas( en( los( fondos( propios( del( balance( de(
situación(consolidado(son:(
(
Saldo'a'
31/12/12'
''Concepto''
'Capital''
'Prima'de'emisión''
'Reservas''
!*!Reservas!de!la!sociedad!
dominante!!
((V(Reservas(de(la(sociedad(
dominante(distribuibles((
((V(Reservas(de(la(sociedad(
dominante(no(distribuibles((
((V(Rdos(de(ejercicios(anteriores((
!*!Reservas!en!sociedades!
consolidadas!!
!*!Reservas!en!sociedades!
puestas!en!equivalencia!!
Rtdo'del'ejercicio'atribuido'a'la'
sociedad'dominante''
57.998.410,00'
90.680.265,10'
93.440.872,82'
'
Disminuciones'
40.000,00'
(1.330,00)' ''
160.000,00' ''
''
15.393.703,83'
(20.269.972,81)'
76.155.153,26!
1.585.734,35!
68.500.337,96(
1.585.734,35(
(1.086.773,50)!
7.654.815,30( ((
0,00( ((
46.886.821,36!
13.807.969,48!
(29.601.101,80)! !!
(8.205.233,97)'
((
'
Total''
'
Aumentos'
233.914.313,95'
8.205.233,97'
((
((
23.798.937,80'
Modificación'
perímetro'
Saldo'a'
31/12/13'
58.037.080,00'
90.840.265,10'
13.775.105,17' 102.339.709,01'
!!
76.654.114,11!
(67.837,52)( ((
70.018.234,79(
(176,00)( ((
(1.018.759,98)( ((
7.654.639,30(
(1.018.759,98)(
(19.106.869,39)!
(14.832.771,16)!
26.755.150,29!
(76.329,92)'
28.607.876,33!
(1.069.555,39)!
(8.402.385,65)' ''
((
(28.673.688,46)'
(8.402.385,65)'
((
13.775.105,17' 242.814.668,46'
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Zaragoza,(30(de(marzo(de(2014(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2013
_____________________________________________________________________________________________________
Los(movimientos(en(el(ejercicio(anterior(fueron:(
(
'
''
Saldo'a'
31/12/11'
Capital'
Prima'de'emisión'
Reservas'
*!Reservas!de!la!sociedad!dominante!
(V(Reservas(de(la(sociedad(dominante(distribuibles(
(V(Reservas(de(la(sociedad(dominante(no(distribuibles(
*!Reservas!en!sociedades!consolidadas!
*!Reservas!en!sociedades!puestas!en!equivalencia!
Rdo.'del'ejercicio'atribuido'a'la'sociedad'dominante'
'
Total'
'
'
Aumentos'
Saldo'a'
31/12/12'
Disminuciones'
57.998.410,00' ''
''
57.998.410,00'
90.680.265,10' ''
''
90.680.265,10'
93.975.830,60' 13.472.022,22' (14.006.980,01)'
93.440.872,82'
75.682.145,59!
473.007,67!
0,00!
76.155.153,26!
68.116.087,83(
384.250,13( ((
68.500.337,96(
7.566.057,76(
88.757,54( ((
7.654.815,30(
44.683.964,50! 12.996.929,49! (10.794.072,64)!
46.886.821,36!
(26.390.279,49)!
2.085,06'
(3.212.907,37)! (29.601.101,80)!
634.031,94' (8.205.233,97)'
(634.031,94)'
(8.205.233,97)'
((
((
((
((
243.288.537,64'
5.266.788,25' (14.641.011,95)' 233.914.313,95'
13.6' Otros'ajustes'por'cambio'de'valor:'
El(desglose(de(los(ajustes(por(cambio(de(valor(recogidos(en(el(balance(de(situación(consolidado(a(
31(de(diciembre(de(2013(es(el(siguiente:(
(
'Sociedad''
'dominante''
(
'Ejercicio'2013''
'Activos'financieros'disponibles'para'la'venta''
'Operaciones'de'cobertura''
'Otros'ajustes'por'cambios'de'valor''
((
Total''
241.758,59(
((
((
((
420.031,86( ((
((
661.790,45'
'Sociedades''
'consolidadas''
'Sociedades''
p.equivalencia' (
(352.540,76)( ((
((
((
((
(352.540,76)'
'Total''
(110.782,17)'
0,00'
420.031,86'
((
0,00'
309.249,69'
El(desglose(de(los(ajustes(por(cambio(de(valor(a(31(de(diciembre(de(2012(es(el(siguiente:(
(
(
Ejercicio'2012'
'
Activos'financieros'disponibles'para'la'venta'
Operaciones'de'cobertura'
Otros'ajustes'por'cambios'de'valor'
((
Total'
Sociedad'
Sociedades'
Sociedades'
(
dominante' consolidadas'
p.equivalencia'
Total'
'
'
'
'
(542.383,63)(
(24.542,10)(
94,79(
(566.830,94)'
((
(742.774,10)(
(1.131.795,35)( (1.874.569,44)'
420.031,86( ((
((
420.031,86'
((
((
((
((
(122.351,77)' (767.316,19)'
(1.131.700,56)' (2.021.368,52)'
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
NOTA'14
EXISTENCIAS'
El(desglose(de(este(epígrafe(al(31(de(diciembre(de(2013,(es(el(siguiente:(
(
(
Descripción'
Correcciones'
valorativas'
( Importe'bruto'
Mercaderías(
Materias(Primas(y(otros(aprovisionamientos(
Productos(en(curso(
Productos(terminados(
Anticipo(a(proveedores(
8.751.659,60(
14.433.280,23(
2.237.012,99(
20.253.810,67(
900,00(
45.676.663,49'
Total'
(115.365,35)(
(2.480.049,70)(
(64.141,17)(
(1.180.418,07)(
8.636.294,25(
11.953.230,53(
2.172.871,82(
19.073.392,60(
900,00(
(((
((
(''
(
''
(3.839.974,29)'
41.836.689,20'
El(desglose(del(epígrafe(de(existencias(al(31(de(diciembre(de(2012,(es(el(siguiente:(
(
(
Descripción'
(
Importe'bruto'
Correcciones'
valorativas'
(
Total'
Mercaderías(
8.161.948,14(
(88.169,02)(
Materias(Primas(y(otros(aprovisionamientos(
13.903.055,15(
(2.624.957,09)(
Productos(en(curso(
1.969.429,31(
(17.258,46)(
Productos(terminados(
24.228.352,65(
(1.017.239,03)(
Anticipo(a(proveedores(
1.103.476,57( (
(
((
((
''
8.073.779,12(
11.278.098,06(
1.952.170,85(
23.211.113,62(
1.103.476,57(
''
45.618.638,22'
49.366.261,82'
(3.747.623,60)'
Al(31(de(diciembre(de(2013,(al(igual(que(al(cierre(del(ejercicio(anterior,(existen(pedidos(en(firme(
de(materia(prima(que(no(se(pueden(cuantificar,(ya(que(son(pedidos(abiertos(de(suministro(con(nuestros(
proveedores(de(materiales,(que(se(utilizan(cuando(por(los(procesos(de(producción(surge(la(necesidad.(
No( existen( limitaciones( a( la( libre( disponibilidad( de( las( existencias( debidas( a( garantías,( pignoraciones,(
fianzas(u(otras(razones(análogas.(
Durante(el(ejercicio(2013(se(han(dotado(correcciones(por(deterioro(del(valor(de(las(existencias(de(
mercaderías,( materias( primas( y( otros( aprovisionamientos( originado( por( baja( rotación( y( obsolescencia,(
por(importe(de(31,4(miles(de(euros,(con(una(reversión(del(deterioro(de(1.191(miles(euros.(Respecto(al(
deterioro( del( valor( de( las( existencias( de( productos( terminados( se( han( registrado( correcciones( por(
deterioro(por(un(importe(de(230,9(miles(de(euros(y(una(reversión(importe(de(485,2(miles(euros.(
La(Sociedad(tiene(contratadas(pólizas(de(seguros(que(garantizan(la(recuperabilidad(del(valor(neto(
contable(de(las(existencias(tanto(de(materia(prima(como(de(producto(acabado.(
NOTA'15
MONEDA'EXTRANJERA'
El( importe( global( de( los( elementos( de( activo( y( pasivo( denominados( en( moneda( extranjera,(
incluyendo(un(desglose(de(activos(y(pasivos(más(significativos(clasificados(por(monedas,(se(detalla(en(el(
siguiente(cuadro(para(el(ejercicio(2013(y(2012,(respectivamente:(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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(
(
(
Ejercicio'2013'
Clasificación'por'monedas'
'GBP''
'CHF''
'USD''
(
'A)'ACTIVO'NO'CORRIENTE''
'2.'Inversiones'financieras'a'largo'
plazo''
(a)(Instrumentos(de(patrimonio((
(c)(Valores(representativos(de(deuda((
'B)'ACTIVO'CORRIENTE''
'4.'Inversiones'financieras'a'corto'
plazo''
(c)(Valores(representativos(de(deuda((
'C)'PASIVO'NO'CORRIENTE''
'2.Deudas'con'empresas'del'grupo'y'
asociadas'a'largo'plazo''
'D)'PASIVO'CORRIENTE''
'4.'Acreedores'comerciales'y'otras'
cuentas'a'pagar''
((
'MYR''
'
(
'Total''
75.306,85'
0,00'
63.109,27'
63.109,27'
201.525,40'
75.306,85'
0,00(
75.306,85(
52.030,67'
0,00'
0,00(
0,00(
0,00'
63.109,27'
63.109,27(
0,00(
0,00'
63.109,27'
63.109,27(
0,00(
0,00'
201.525,40'
126.218,55(
75.306,85(
52.030,67'
52.030,67'
52.030,67(
0,00'
0,00'
0,00(
0,00'
0,00'
0,00'
0,00(
0,00(
0,00' 2.398.442,73'
52.030,67'
52.030,67(
2.398.442,73'
0,00(
4.932,90'
0,00(
1.099,44'
0,00( 2.398.442,73(
0,00'
0,00'
2.398.442,73'
6.032,34'
4.932,90(
((
1.099,44(
((
0,00(
((
0,00(
((
6.032,34'
((
(
(
(
(
(
A)'ACTIVO'NO'CORRIENTE'
2.'Inversiones'financieras'a'largo'
plazo'
a)(Instrumentos(de(patrimonio(
(
B)'ACTIVO'CORRIENTE'
3.'Inversiones'en'empresas'del'
grupo'y'asociadas'a'corto'plazo'
a)(Instrumentos(de(patrimonio(
5.'Efectivo'y'otros'activos'líquidos'
equivalentes'
'
D)'PASIVO'CORRIENTE'
4.'Acreedores'comerciales'y'otras'
cuentas'a'pagar'
((
Ejercicio'2012'
Clasificación'por'monedas'
GBP'
SEK'
CHF'
'
'
'
84.588,75' 39.836,74'
0,00'
USD'
'
1.948.277,67'
'
(
RMB'
'
0,00'
Total'
'
2.072.703,16'
1.948.277,67'
84.588,75' 39.836,74'
0,00'
0,00' 2.072.703,16'
1.948.277,67(
84.588,75( 39.836,74(
0,00(
0,00( 2.072.703,16(
(
(
(
(
(
(
93.218,91'
142.007,73'
0,00' 101.170,92'
2.871,34'
339.268,90'
69.864,55'
69.864,55(
114.997,23'
114.997,23(
23.354,36(
'
27.010,50(
'
0,00'
0,00(
((
53.363,82'
'
0,00'
0,00(
((
285.905,08'
285.905,08(
2.871,34(
'
0,00'
0,00(
((
0,00'
0,00(
127,62(
'
0,00'
724,74(
101.043,30'
101.043,30(
0,00(
'
724,74'
((
0,00'
0,00(
724,74'
0,00(
((
724,74'
((
Los(importes(correspondientes(a(compras,(ventas(y(servicios(recibidos(y(prestados(denominados(
en(moneda(extranjera,(son(para(el(ejercicio(2013(y(2012:(
(
(
(
Ejercicio'2013'
Clasificación'por'monedas'
(
USD'
E)'RESULTADOS'
1.'Compras'
((
GBP'
1.443.897,46'
1.443.897,46(
((
SEK'
0,00'
0,00(
((
CHF'
0,00'
0,00(
((
'
(
RMB'
0,00'
0,00(
((
Total'
0,00'
0,00(
((
1.443.897,46'
1.443.897,46'
((
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2013
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(
(
(
(
Ejercicio'2012'
Clasificación'por'monedas'
GBP'
SEK'
CHF'
USD'
E)'RESULTADOS'
1.'Compras'
((
2.297.221,69'
2.297.221,69(
((
0,00'
0,00(
((
0,00'
0,00(
((
'
(
RMB'
0,00'
0,00(
((
Total'
0,00'
0,00(
((
2.297.221,69'
2.297.221,69'
((
El( importe( de( las( diferencias( de( cambio( reconocidas( en( el( resultado( del( ejercicio( por( clases( de(
instrumentos(financieros(está(desglosado(en(el(siguiente(cuadro:(
(
Ejercicio'2013''
Vivas'o'
Liquidadas'
pendientes'
(
'Concepto''
'A)'ACTIVO'NO'CORRIENTE''
'2.'Inversiones'financieras'a'largo'plazo''
(a)(Instrumentos(de(patrimonio((
(
'B)'ACTIVO'CORRIENTE''
'5.'Efectivo'y'otros'activos'líquidos'equivalentes''
(
79.163,33'
79.163,33'
79.163,33(
0,00'
0,00'
0,00(
16.900,19' (
16.900,19(
0,00' (
0,00(
('D)'PASIVO'CORRIENTE''
( 339.715,72' (
'3.Deudas'con'empresas'del'grupo'y'asociadas'a'
corto'plazo''
375.587,91(
'4.'Acreedores'comerciales'y'otras'cuentas'a'pagar'' (35.872,19)(
((
Ejercicio'2012''
Vivas'o'
Liquidadas' pendientes'
((
115.964,62'
115.964,62'
115.964,62( ((
0,00'
0,00'
(288,62)' (
(288,62)' ''
0,00'
0,00' ( 60.531,43' (
0,00'
0,00( ((
((
0,00(
60.531,43' ''
((
((
((
Las(diferencias(de(conversión(registradas(en(el(patrimonio(neto(del(balance(de(los(ejercicio(2013(
y(2012,(surgen(como(consecuencia(de(la(conversión(a(euros(de(los(estados(financieros(intermedios(a(31(
de( diciembre( de( cada( ejercicio( de( Grupo( Dunlopillo( (expresados( en( moneda( de( Malasia( VRinggit(
MalaysiaV).(El(movimiento(de(esta(cuenta(en(el(ejercicio(ha(sido:(
('Concepto''
'Importe'a'''
31/12/12'
(Diferencias(de(conversión((
150.902,21(
''
''
'
'Altas''
'Importe'a'''
31/12/13'
'
'Bajas''
(2.359.729,03)( ((
''
((
(2.208.826,82)(
''
El(Grupo(Dunlopillo(opera(en(los(países(en(los(que(está(presente((véase(nota(1),(en(las(siguientes(
monedas:( Vietnamese( Don,( ChineseRenminbi,( Hong( Kong( Dollar,( SingaporeDollar,( UnitedStatesDollar,(
EuropeDollar(y(UnitedKingdomPound.(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
NOTA'16
SITUACION'FISCAL'
El(Grupo(de(Sociedades(como(tal,(no(tributa(en(régimen(de(tributación(consolidada,(presentando(
cada(sociedad(de(forma(individual(las(correspondientes(declaraciones(por(impuesto(sobre(beneficios,(a(
excepción(del(Subgrupo(Pardo(que(tributa(en(España,(y(del(Subgrupo(Cofel(que(tributa(en(Francia(como(
grupo(fiscal(de(acuerdo(a(la(normativa(vigente(en(dicho(país.(La(Sociedad(dominante(tributa(por(dicho(
impuesto(en(el(régimen(general(como(sociedad(individual,(siendo(el(tipo(de(gravamen(aplicable(para(el(
ejercicio(2012(el(30%,(al(igual(que(para(todas(las(sociedades(del(perímetro(que(tributan(en(España.(En(el(
caso( de( las( empresas( residentes( en( Francia( su( tipo( impositivo( es( el( 33,3%( ( y( para( las( residentes( en(
Portugal(y(en(Malaysia(un(25%.(
El(Grupo(mantenía(al(31(de(diciembre(de(2013(y(al(31(de(diciembre(de(2012(los(siguientes(saldos'
con'las'Administraciones'Públicas:(
(
Concepto'
SALDOS'DEUDORES'
Ejercicio'2013'
SALDOS'ACREEDORES'
Ejercicio'2012'
Ejercicio'2013'
Ejercicio'2012'
Impuesto(sobre(el(Valor(Añadido(
1.216.703,47(
Impuesto(Renta(de(las(Personas(físicas(
((
Organismos(de(la(Seguridad(Social(
((
Impuestos(de(sociedades(y(otros(
1.581.931,72(
Otras(entidades(publicas(
((
((
3.015.203,71(
((
9.760,25(
994.381,76(
2.325.718,03(
326.194,85(
1.047.209,99(
((
6.777.104,27(
3.056.403,20(
611.569,19(
1.199.596,67(
59.363,34(
6.909.923,01(
Total'
4.019.345,72'
10.476.227,14'
11.836.855,41'
2.798.635,19'
El(Impuesto(sobre(Sociedades(de(cada(ejercicio(se(calcula(en(base(al(resultado(contable,(obtenido(
por(la(aplicación(de(principios(de(contabilidad(generalmente(aceptados,(que(no(necesariamente(ha(de(
coincidir( con( el( resultado( fiscal,( entendiendo( éste( como( la( base( imponible( del( citado( impuesto.( No(
obstante,( algunas( de( las( sociedades( del( Grupo( no( residentes( en( España,( de( conformidad( con( sus(
respectivas( normativas( fiscales,( calculan( el( Impuesto( sobre( Beneficios( en( función( de( parámetros( tales(
como(cifra(de(negocios,(capital(y(valor(añadido.(
Si( bien( cada( sociedad( tributa( en( el( Impuesto( sobre( Sociedades( de( forma( individual,( a( efectos(
informativos(se(presenta(la(conciliación(del(resultado(contable(antes(de(impuestos(correspondientes(a(
los(ejercicios(2013(y(2012,(con(la(base(imponible(consolidada:(
Conciliación'de'resultado'contable'y'fiscal'al'cierre'del'ejercicio'2013:'
(
Cuenta'de'Pérdidas'y'Ganancias'
((
Saldo(de(ingresos(y(gastos(del(ejercicio(
((
((
Aumentos''
(8.392.010,46)(
( Disminuciones'
Ajustes(de(consolidación(
Impuesto(sobre(Sociedades(
Diferencias(permanentes(
Diferencias(temporarias:(
(Vcon(origen(en(el(ejercicio(
(Vcon(origen(en(ejercicios(anteriores(
Compensación(de(bases(imponibles((
negativas(de(ejercicios(anteriores(
((
((
((
((
(
(((
Base'imponible'del'perímetro'de'consolidación'
''
''
Efecto'neto'
13.965.500,54(
3.392.263,95( ( (7.588.244,82)(
1.485.090,09(
(1.387.584,33)(
0,00(
(1.014.520,64)(
0,00(
(143.520,73)(
0,00(
(870.999,91)(
13.965.500,54(
(4.195.980,87)(
97.505,76(
(1.014.520,64)(
(143.520,73)(
(870.999,91)(
((
(5.696.374,71)(
((
(5.235.880,38)'
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
Conciliación'de'resultado'contable'y'fiscal'al'cierre'del'ejercicio'2012:'
(
Ingresos'y'gastos'
directamente'imputados'al'
Cuenta'de'Pérdidas'y'Ganancias'
patrimonio'neto'
((
Rdo.'consolidado'del'ejercicio'
((
''
Aumentos''
(8.322.867,28)' ''
''
Disminuciones' Aumentos'' Disminuciones'
Ajustes(de(Consolidación(
((
Impuesto(sobre(Sociedades(
3.461.917,37(
Diferencias(permanentes(y(
temporarias(
1.723.630,64(
Compensación(de(bases(imp.((
negativas(de(ejerc.(anteriores.( ((
((
Total'
(1.484.451,18)( ((
(5.876.553,58)( ((
(8.322.867,28)'
((
''
(4.268.773,86)(
0,00(
((
(1.484.451,18)(
(2.414.636,21)(
(556.778,86)(
(3.101.922,08)(
((
(5.300.480,07)(
(5.300.480,07)( ((
((
((
((
((
((
Base'imponible'del'perímetro'
de'consolidación'
''
''
''
''
(20.624.356,82)'
Activos'y'pasivos'por'impuesto'sobre'beneficios'diferidos:'
La( diferencia( entre( la( carga( fiscal( imputada( al( ejercicio( y( a( los( ejercicios( precedentes( y( la( carga(
fiscal( ya( pagada( o( que( habrá( de( pagarse( por( esos( ejercicios( se( registra( en( las( cuentas( “Activos( por(
Impuesto( sobre( Beneficios( Diferidos”( o( “Pasivos( por( Impuesto( sobre( Beneficios( Diferidos”,( según(
corresponda.( Dichos( importes( diferidos( se( han( calculado( mediante( la( aplicación( a( los( importes(
correspondientes(del(tipo(impositivo(nominal(vigente.(El(detalle(del(ejercicio(2013(y(2012es(el(siguiente:(
(
ACTIVOS'POR'IMPUESTOS'
DIFERIDOS'
''
Concepto'
2013'
PASIVOS'POR'IMPUESTOS'
DIFERIDOS'
2012'
2013'
2012'
Activo(por(diferencias(temporarias(deducibles(
740.167,82(
32.921,58( ((
((
Derechos(deducciones(y(bonif.(pendientes(aplicar(
5.177.103,19(
7.355.584,13( ((
((
Créditos(por(pérdidas(a(compensar(
34.366.266,71( 28.754.169,81( ((
((
Pasivos(por(diferencias(temporarias(imponibles(
((
((
256.432,48(
189.169,83(
((
((
Total'
((
40.283.537,72'
((
36.142.675,52'
((
256.432,48'
189.169,83'
El(detalle(de(del(importe(y(año(de(generación,(así(como(del(último(año(de(su(aplicación,(para(las(
Créditos(por(pérdidas(a(compensar(activados(en(el(activo(del(balance(consolidado(es(el(siguiente:(
(
BASES'IMPONIBLES'NEGATIVAS'
PENDIENTES'DE'COMPENSAR'
Año'que'
se'generó'
Importe'inicio'
ejercicio'
Altas'del'
ejercicio'
Bajas'del'
ejercicio'
(
Crédito(por(bases(imponibles(negativas((U.E.(
(
2001V2013(
(
28.356.783,00(
(
(
6.153.551,95( (5.480.833,00)(
Último'año'
aplicación'
(
Indefinida(
Importe'
activado'
(
9.675.533,00(
Crédito(por(bases(imponibles(negativas(
2008(
0,00(
505,41(
0,00(
2026(
151,62(
Crédito(por(bases(imponibles(negativas(
2009(
3.231.122,12(
26,15(
(17.527,14)(
2027(
1.080.486,67(
Crédito(por(bases(imponibles(negativas(
2010(
7.789.825,62(
67.716,19(
(382.874,37)(
2028(
2.491.556,78(
Crédito(por(bases(imponibles(negativas(
2011(
27.622.127,64(
22.585,03(
(119.261,67)(
2029(
8.565.426,38(
Crédito(por(bases(imponibles(negativas(
2012(
17.670.444,79(
1.182.234,87(
0,00(
2030(
5.875.943,46(
Crédito(por(bases(imponibles(negativas(
2013(
0,00(
21.669.921,41(
0,00(
2031(
6.677.168,79(
Total'
''
84.670.303,17'
29.096.541,01' (6.000.496,18)'
'' 34.366.266,71'
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
(*)(Según(el(RealVDecreto(ley(9/2011,(de(19(de(agosto,(se(amplió(el(plazo(de(compensación(de(
bases( imponibles( negativas( pasando( de( 15( a( 18( años.( Esta( ampliación( del( plazo( es( de( aplicación( a( las(
bases( imponibles( que( se( encuentren( pendientes( de( compensar( al( inicio( del( primer( periodo( impositivo(
que(comience(a(partir(de(1(de(enero(de(2012.(
En( las( Cuentas( Anuales( individuales( de( cada( una( de( las( sociedades( que( forman( parte( del(
perímetro(de(consolidación,(se(han(detallado(el(importe(y(plazo(de(aplicación(de(diferencias(temporarias(
deducibles,( bases( imponibles( negativas( y( otros( créditos( fiscales,( tanto( los( activados( en( los( balances(
como(los(que(no(han(registrado(en(el(balance(el(correspondiente(activo(por(impuesto(diferido.(
El(detalle(del(impuesto(sobre(beneficios(de(los(ejercicio(2013(y(2012(es(el(siguiente:(
Concepto'
Impuesto(corriente(sobre(beneficios(del(ejercicio(
Impuesto(diferido(sobre(beneficios(del(ejercicio(
Diferencias(negativas(en(carga(fiscal(ejercicio(anterior(
Diferencias(positivas(en(carga(fiscal(ejercicio(anterior(
((
Total'
Ejercicio'2013'
Ejercicio'2012'
(1.533.921,46)(
(1.742.143,87)(
6.012.802,80(
542.322,45(
(825.222,92)(
4.156.780,08(
(334.647,00)(
69.055,31(
((
((
4.195.980,87'
2.149.044,52'
Las( diferencias( permanentes( y( temporarias( positivas( son( conceptos( no( deducibles( en( la(
determinación(de(la(base(imponible(tales(como(correcciones(sobre(la(cuota(a(pagar(en(la(liquidación(del(
impuesto(de(sociedades(del(año(2012,(a(gastos(financieros(no(deducibles(conforme(a(lo(establecido(en(
el( artículo( 20( del( L.I.S.,( por( la( dotación( de( amortización( del( inmovilizado( del( ejercicio( que( no( es(
deducible(conforme(a(lo(establecido(en(la(Ley(16/2012(de(27(de(diciembre,(y(por(otros(conceptos.(
Las(diferencias(permanentes(y(temporarias(negativas(surgen(principalmente(como(consecuencia(
de( conceptos( deducibles( en( la( determinación( de( la( base( imponible( y( que( no( tienen( reflejo( contable( y(
también(por((correcciones(sobre(la(cuota(a(pagar(en(la(liquidación(del(impuesto(de(sociedades(del(año(
2012.(
Las( diferencias( temporarias( son( las( derivadas( de( la( diferente( valoración( a( efectos( contables( y(
fiscales(de(determinados(activos,(pasivos(e(instrumentos(de(patrimonio(propio(de(la(empresa.((
Deducciones:'
Si( bien( las( sociedades( del( Grupo( no( han( presentado( aún( la( declaración( del( Impuesto( sobre(
Sociedades(para(el(ejercicio(2013,(en(el(cálculo(del(impuesto(sobre(beneficios(del(ejercicio(la(principal(
aplicación(de(deducciones(ha(sido(de0,15(mil(euros.(
El( detalle( de( las( deducciones( pendientes( de( aplicar( por( el( Grupo( al( cierre( del( ejercicio( es( el(
siguiente:(
_____________________________________________________________________________________________________
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2013
_____________________________________________________________________________________________________
(
'
Año'que'
DEDUCCIONES'PENDIENTES'DE'APLICAR' se'generó'
Importe'
al'inicio'
ejercicio'
Altas'del'
ejercicio'
Deducciones(pendientes(de(aplicar(
2006(
86.549,21(
0,00(
Deducciones(pendientes(de(aplicar(
2007(
140.963,85(
Deducciones(pendientes(de(aplicar(
2008(
960.997,58(
Deducciones(pendientes(de(aplicar(
2009(
589.034,76(
Deducciones(pendientes(de(aplicar(
2010(
618.036,26(
Deducciones(pendientes(de(aplicar(
2011(
Deducciones(pendientes(de(aplicar(
2012(
Deducciones(pendientes(de(aplicar(
Deducciones(pendientes(de(aplicar(U.E.(
Total'
Bajas'del'
ejercicio'
Importe'
activado'
0,00(
86.549,21(
0,00(
0,00(
140.963,85(
0,00(
(7.082,64)(
953.914,94(
0,00(
0,00(
589.034,76(
0,00(
(7.085,70)(
610.950,56(
601.303,05(
2.562,13(
0,00(
603.865,18(
499.223,91(
41.778,20(
0,00(
541.002,11(
2013(
0,00(
943.167,58(
0,00(
943.167,58(
2013(
0,00( 1.056.940,00(
0,00(
707.655,00(
''
3.496.108,62' 2.044.447,91' (14.168,34)' 5.177.103,19'
A(efectos(de(lo(establecido(por(el(artículo(42(del(Texto(Refundido(del(Impuesto(sobre(Sociedades,(
se(hace(constar(en(las(cuentas(anuales(individuales(de(las(sociedades(del(Grupo,(que(se(han(acogido(a(la(
deducción(por(reinversión(de(beneficios(extraordinarios,(se(detallan(los(importes(de(las(rentas(acogidas(
y(de(las(fechas(de(reinversión.(
No(hay(circunstancias(de(carácter(significativo(en(relación(con(otros(tributos.(
No( hay( otras( contingencias( de( carácter( fiscal( ni( acontecimientos( posteriores( al( cierre( que(
supongan(una(modificación(de(la(normativa(fiscal(que(afecte(a(los(activos(y(pasivos(fiscales(registrados.(
Como( resultado( de( un( procedimiento( llevado( a( cabo( por( la( administración( tributaria( (AEAT)( en(
una( de( las( sociedades( del( grupo,( por( el( impuesto( de( sociedades( de( los( ejercicios( 2009( a( 2010,( por( el(
Impuesto( sobre( el( valor( añadido( de( junio( de( 2009( a( diciembre( de( 2010,( y( por( retenciones/ingresos( a(
cuenta( de( junio( de( 2009( a( diciembre( de( 2010,( el( grupo( ha( cancelado( 4.057.498,36( euros( de( derechos(
por(deducciones(de(doble(imposición(de(dividendos(del(ejercicio(2009(y(2010,(activando(por(este(mismo(
importe( crédito( por( pérdidas( a( compensar,( que( a( su( vez( se( han( minorado( por( 1.739.224,97( euros,(
debido( a( diferencias( de( criterio( entre( la( Sociedad( y( la( administración.( También( se( han( minorado(
deducciones(fiscales(activadas(de(I+D+it(por(un(importe(de(104.362,21(euros.((Véase(Nota(2)(
Según( establece( la( legislación( vigente,( los( impuestos( no( pueden( considerarse( definitivamente(
liquidados,( hasta( que( las( declaraciones( hayan( sido( inspeccionadas( por( las( autoridades( fiscales( o( haya(
transcurrido( el( plazo( de( prescripción( de( cuatro( años.( GRUPOPIKOLIN,( S.L.( y( sus( SOCIEDADES(
DEPENDIENTES( tienen( abiertos( a( la( Inspección( de( la( Hacienda( Pública( los( ejercicios( no( prescritos( por(
todos(los(impuestos(presentados.(Los(Administradores(de(la(Sociedad(dominante(consideran(que(se(han(
practicado(adecuadamente(las(liquidaciones(de(los(mencionados(impuestos,(por(lo(que,(aún(en(caso(de(
que(surgieran(discrepancias(en(la(interpretación(normativa(vigente(por(el(tratamiento(fiscal(otorgado(a(
las(operaciones,(lo(eventuales(pasivos(resultantes,(en(caso(de(materializarse,(no(afectarían(de(manera(
significativa(a(las(cuentas(anuales(consolidadas.(
_____________________________________________________________________________________________________
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
NOTA'17
17.1
INGRESOS'Y'GASTOS'
Desglose'de'consumos'en'compras'y'variación'de'existencias:'
'
Concepto''
'Ejercicio'2013''
'Ejercicio'2012''
Compras,'netas'de'devoluciones'y'cualquier'descuento':''
(.V(nacionales((
(.V(adquisiciones(intracomunitarias((
(.V(importaciones((
'Variación'de'existencias'de'materias'primas'y'''
'otras'materias'consumibles''
(143.827.157,50)'
(16.644.305,84)(
(67.882.297,12)(
(59.300.554,54)(
(139.874.551,94)'
(21.694.208,70)(
(91.346.253,68)(
(26.834.089,56)(
'
680.465,60' '
''
''
(740.650,25)'
'
'Total'Consumo'de'materias'primas'y'otras'materias'
consumibles''
(143.146.691,90)'
(140.615.202,19)'
Concepto''
'Ejercicio'2013''
'Ejercicio'2012''
'
Compras,'netas'de'devoluciones'y'cualquier'descuento':''
(.V(nacionales((
(.V(adquisiciones(intracomunitarias((
(.V(importaciones((
'Variación'de'existencias'de'mercaderías''
(6.290.292,60)'
(5.028.399,05)(
(1.010.141,30)(
(251.752,25)(
90.488,13'
''
''Total'Consumo'de'mercaderías''
17.2
''
(6.199.804,47)'
(4.921.411,28)'
Desglose'de'la'partida'de'cargas'sociales:'
'
Concepto'
Ejercicio'2013'
Seguridad(social(a(cargo(empresa(
(22.721.127,70)(
(302.856,06)(
((
(Total'Cargas'sociales'
Ejercicio'2012'
(22.484.612,71)(
Otros(gastos(sociales(
17.3
(5.213.956,33)'
(3.707.927,19)(
(1.416.351,00)(
(89.678,14)(
292.545,05'
(268.792,82)(
((
(22.787.468,77)'
(22.989.920,52)'
Otra'información:'
Con( fecha( 11( de( febrero( de( 2011,( Pikolin,( S.A.,( se( instó( autorización( para( suspender( los(
contratos(de(trabajo(entre(el(21(de(febrero(de(2011(y(el(20(de(febrero(de(2013.(Con(posterioridad(a(esa(
fecha,( y( durante( los( ejercicios( 2011( y( 2012,( se( dictaron( resoluciones( complementarias,( y(
adicionalmente,(con(fecha(6(de(junio(de(2012,(se(volvió(a(autorizar(a(la(Sociedad(para(ampliar(el(número(
de(días(de(suspensión.(En(este(ejercicio,(con(fecha(18(de(febrero(de(2013(se(presentó(una(comunicación(
a( la( Subdirección( provincial( de( trabajo( de( Zaragoza,( conforme( a( lo( dispuesto( en( el( artículo( 12( y(
Disposición( Adicional( Segunda( del( Real( Decreto( 1483/2012.( En( la( citada( comunicación( se( acordó(
implementar( una( medida( de( extinción( de( contratos( de( trabajo( y( un( ERE( temporal( de( 165( días( con(
duración(de(tres(años,(es(decir(del(25(de(febrero(de(2013(al(25(de(febrero(de(2016.(
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17.4
Los' resultados' originados' fuera' de' la' actividad' normal' de' la' empresa' incluida' en' la' partida'
“Otros'resultados”'
'
Concepto'
Ejercicio'2013'
Resultados'originados'fuera'de'la'actividad'normal'de'la'
empresa'incluidos'en'«otros'resultados»'
Gastos(excepcionales(
Ingresos(excepcionales(
((
NOTA'18
(134.860,53)'
(340.322,44)(
205.461,91(
((
Ejercicio'2012'
(258.539,71)'
(932.923,92)(
674.384,21(
((
PROVISIONES'PARA'RIESGOS'Y'GASTOS'
El(análisis(del(movimiento(de(cada(partida(del(balance(durante(el(ejercicio(es(el(siguiente:(
(
SALDOS'
31/12/2012'
Concepto'
'Provisiones'a'largo'plazo''
(Provisión(para(otras(responsabilidades((
SALDOS'
31/12/2013'
(
894.787,00(( (
(895.311,04)( (
1.157.569,16(
6.546.074,20(
577.692,80((
(195.000,00)(
6.928.767,00(
'Provisiones'a'corto'plazo''
Total''
'
DISMINUCIONES''
( 1.158.093,20( (
(Provisión(para(reestructuraciones((
(Otras(provisiones(((
'AUMENTOS''
((
(
((
0,00(
61.663,74((
621.893,57((
(61.663,74)(
621.893,57(
7.765.831,14''
2.094.373,37''
(1.151.974,78)'
8.708.229,73''
El(epígrafe(de(provisión(para(otras(responsabilidades(principalmente(corresponde(a(provisiones(
para(impuestos(y(otras(responsabilidades,(mientras(que(las(provisiones(para(reestructuraciones(se(debe(
al( importe( de( los( derechos( adquiridos( por( trabajadores( de( una( empresa( del( Grupo,( la( cual( tiene( su(
domicilio( social( en( un( país( miembro( de( la( Unión( Europea( (véase( NOTA( 1.2).( Las( hipótesis( actuariales(
utilizadas( para( el( cálculo( de( las( citadas( retribuciones( a( largo( plazo( al( personal( han( sido:( tasa( de(
descuento( del( 3%,( tasa( esperada( de( aumento( de( salarios:( 2%( y( una( tasa( financiera( de( rendimiento:(
3,50%.(
El( saldo( registrado( en( el( epígrafe( "provisiones( a( corto( plazo"( del( balance( a( 31( de( diciembre( de(
2013,( se( compone( principalmente( de( dos( dotaciones( registradas( en( el( ejercicio.( Por( un( lado,( una(
provisión(de(48.000(euros(por(la(penalización(estipulada(en(un(contrato(de(alquiler((véase(Nota(12).(Por(
otro,( una( provisión( de( 574.001,75( euros( en( relación( a( la( retrocesión( de( una( operación( de( venta( de(
maquinaria((véase(Nota(9).(
NOTA'19
INFORMACION'SOBRE'MEDIO'AMBIENTE'
El( balance( recoge( activos( de( carácter( medioambiental.( El( Grupo( viene( cumpliendo( con( la(
regulación( medioambiental( que( le( resulta( de( aplicación( y( estima( que( no( existen( responsabilidades(
medioambientales(que(puedan(suponer(contingencias(significativas.(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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El(valor(neto(contable(de(los(activos(de(carácter(medioambiental(recogidos(en(la(agrupación(del(
balance(como(inmovilizado(material,(y(que(corresponden(a(una(instalación(técnica(para(el(control(de(la(
contaminación(de(vertidos,(tienen(el(siguiente(desglose(al(cierre(del(ejercicio:(
(
Concepto'
Ejercicio'2013'
Valor(contable(
Ejercicio'2012'
113.917,18(
Amortización(acumulada(
113.917,18(
(98.345,84)((
((
(Total'
(83.011,86)((
((
15.571,34'
30.905,32'
Tres( sociedades( integrantes( del( Grupoconforme( a( la( finalidad( de( la( le( 11/97( de( 24( de( abril,( de(
envases( y( residuos( de( envases,( desarrollada( según( la( directiva( 62/1994,( gestiona( el( reciclaje( de( sus(
embalajes( con( la( empresa( Ecoembalajes( España,( S.A.( (Ecoembes).( El( importe( abonado( a( la( citada(
empresa(por(la(gestión(de(los(envases(y(embalajes(de(la(Sociedad,(ha(sido(de(90(mil(euros(en(2013(y(95(
mil(euros(en(2012.(
Una(sociedad(del(subgrupo(Cofel(gestiona(el(reciclaje(de(sus(embalajes(en(Francia,(por(el(que(ha(
desembolsado(294(miles(de(euros(en(el(ejercicio(2013(y(332(miles(de(euros(en(el(ejercicio(anterior.(
NOTA'20
SUBVENCIONES,'DONACIONES'Y'LEGADOS'
En(ejercicios(anteriores(algunas(sociedades(del(Grupo(recibieron:(
-
Del( Gobierno( de( Aragón( 23( mil( euros,( para( una( inversión( en( la( mejora( de( la( eficiencia(
energética( de( la( climatización( en( planta( imputándose( a( resultados( en( función( de( la(
amortización(de(la(inversión,(cuyo(importe(de(la(inversión(asciende(a(105.808,34(euros((véase(
nota(9).(
-
Del( Instituto( de( Crédito( Oficial( 200( milesde( euros,( a( través( de( una( entidad( financiera( que(
subvenciona(intereses(de(un(préstamo(con(esa(misma(entidad(a(resultados(durante(el(periodo(
de(amortización(del(préstamo.(
-
Del(Centro(para(el(Desarrollo(Tecnológico(Industrial(210(miles(de(euros,(por(la(cantidad(que(
una( sociedad( del( grupo( no( está( obligada( a( devolver,( correspondiente( a( la( última( cuota( de(
amortización(del(contrato(de(préstamo.(
Las(subvenciones(reflejadas(en(el(epígrafe(de(la(cuenta(de(pérdidas(y(ganancias(“Subvenciones(de(
explotación( incorporadas( al( resultado( del( ejercicio”,( corresponden( fundamentalmente( al( importe(
devengado(como(consecuencia(de(la(financiación(por(Organismos(Públicos(de(distintos(cursos.(
La(Sociedad(viene(cumpliendo(los(requisitos(legales(exigidos(para(la(obtención(y(mantenimiento(
de(tales(subvenciones.(
El(importe(de(las(subvenciones,(donaciones(y(legados(recibidos(que(aparecen(en(el(balance,(así(
como(los(imputados(en(la(cuenta(de(pérdidas(y(ganancias(se(desglosan(en(el(siguiente(cuadro:(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2013
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(
Concepto'
Registrado(en(el(patrimonio(neto(del(balance(
Imputados(en(la(cuenta(de(pérdidas(y(ganancias(
Deudas(a(largo(plazo(transformables(en(subvenciones(
((
Ejercicio'2013'
Ejercicio'2012'
285.610,20(
178.169,42(
0,00(
((
699.549,73(
199.713,89(
268.291,31(
((
El(análisis(del(movimiento(del(contenido(de(la(partida(del(patrimonio(neto(y(pasivo(del(balance(
“subvenciones,( donaciones( y( legados”,( indicando( el( saldo( inicial( y( final( así( como( los( aumentos( y(
disminuciones(se(desglosa(en(el(siguiente(cuadro:(
(
Concepto(
Ejercicio'2013'
Saldo'al'inicio'del'ejercicio'
(+)(Recibidas(en(el(ejercicio(
(V)((Variaciones(del(perímetro(PE((Ver(Nota(5)(
(V)(Subvenciones(traspasadas(a(resultados(del(ejercicio(
(V)(Ajustes(consolidación(
(+/V)(Otros(movimientos(
(Saldo'al'cierre'del'ejercicio'
699.549,73'
81.497,97(
(333.066,48)(
(23.647,41)(
(193.056,09)(
54.332,48(
(
285.610,20' (
''
Deudas'a'largo'plazo'transformables'en'subvenciones'
''
0,00'
Ejercicio'2012'
557.947,72'
218.460,86(
(94.470,62)(
(31.104,45)(
62.279,09(
(13.562,87)(
699.549,73'
''
268.291,31'
El(saldo(al(cierre(del(ejercicio(incluye(el(importe(de(las(subvenciones(pertenecientes(a(Intereses(
de(socios(externos((véase(nota(7).(
NOTA'21
HECHOS'POSTERIORES'AL'CIERRE'
Con( posterioridad( al( cierre( del( ejercicio( y( antes( de( la( fecha( de( formulación( de( estas( cuentas(
anuales(no(se(ha(producido(ningún(hecho(posterior,(de(carácter(significativo,(que(pongan(de(manifiesto(
circunstancias(que(pudieran(obligar(a(modificar(algún(aspecto(recogido(en(las(mismas,(ni(que(afecten(a(
la(aplicación(del(principio(de(empresa(en(funcionamiento(en(el(Grupo.(
NOTA'22
OPERACIONES'CON'PARTES'VINCULADAS'
A( los( efectos( de( estas( cuentas( anuales( consolidadas,( se( consideran( partes( vinculadas:( las(
Sociedades( que( forman( parte( del( Grupo( Iberebro( y( de( Nuevo( Grupo( Ebrosol,( cuyos( accionistas( son(
comunes( con( los( del( Grupo( Pikolin,( y( que( son( las( indicadas( en( la( memoria( de( las( Cuentas( Anuales( de(
Grupoiberebro,(S.L,(y(del(perímetro(de(Nuevo(Grupo(Ebrosol,(S.L.(
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22.1' La'información'sobre'operaciones'a'precio'de'mercado'con'partes'vinculadas'de'la'Sociedad'se'
recoge'en'el'siguiente'cuadro:'
(
Operaciones'con'partes'vinculadas'en'el'ejercicio'2013'
'
(
Ventas(de(activos(corrientes((
Compras(de(activos(corrientes(
Compras(de(activos(no(corrientes(
Prestación(de(servicios(
Recepción(de(servicios(
Ingresos(por(intereses(
Gastos(por(intereses(
((
Sociedades'
asociadas'
Otras'partes'
vinculadas'
( 10.867,94( (
774.596,64(
(
( 30.049,83(
(
(
(((
4.151,80(
15.038,83(
304.330,44(
3.512.780,29(
1.610.391,48(
4.064,19(
((
Las(operaciones(a(precio(de(mercado(del(ejercicio(anterior(son:(
(
Personal'clave'de'
la'dirección'de'la'
empresa'o'de'la'
Sociedades'
entidad'
Operaciones'con'partes'vinculadas'en'el'ejercicio'2012'
'
asociadas'
dominante'
(Ventas(de(activos(corrientes((
Compras(de(activos(corrientes(
Prestación(de(servicios(
Recepción(de(servicios(
*Devengados(en(el(ejercicio(
(*Devengados(en(ej.(anteriores(
Ingresos(por(intereses(devengados(pero(no(cobrados(
Gastos(por(intereses(pagados(
((
(
((
((
((
((
((
((
10.407,29(((
((
95.823,64(((
35.549,44(((
Otras'partes'
vinculadas'
(((
51.543,22(
180.930,65(
4.206.741,49(
55.064,92(
115.057,90(((
((
((
((
3.227.550,75(
830.643,09(
((
Las(ventas(de(activos(corrientes(se(componen(de(colchones,(somieres(y(demás(artículos(para(el(
descanso,(así(como(el(transporte(de(los(mismos.((
Los(servicios(prestados(recogen(la(repercusión(de(gastos(varios(y(servicios(de(administración.(
Los(servicios(recibidos(por(el(grupo(se(refieren(principalmente(a(arrendamientos(de(inmuebles.(
Los(ingresos(por(intereses(corresponden(a(los(intereses(devengados(por(los(créditos(concedidos(a(
largo(plazo(a(empresas(puestas(en(equivalencia(y(a(otras(partes(vinculadas.(
Los(gastos(por(intereses(corresponden(a(cash(pooling(con(tres(empresas(del(Grupo(Iberebro.(
Existen(diversas(inversiones(financieras(que(actúan(en(garantía(de(pasivos(de(empresas(del(grupo(
y(vinculadas((véase(nota(13.1).(
La(Sociedad(realiza(diferentes(transacciones(comerciales(con(empresas(del(grupo,(efectuándose(
dentro(de(las(directrices(marcadas(por(el(grupo,(y(de(acuerdo(a(la(normativa(fiscal(nacional(reguladora(
de( este( tipo( de( transacciones.( El( Consejo( de( Administración( considera( que( los( márgenes( son( de(
mercado,(al(estar(en(línea(con(los(resultantes(de(otras(transacciones(de(las(mismas(características(con(
partes(no(vinculadas.(
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22.2
Saldos'con'partes'vinculadas'al'cierre'del'ejercicio:'
'
Operaciones'con'partes'vinculadas'en'el'ejercicio'''
2013'
Sociedades'
'asociadas''
'A)'ACTIVO'NO'CORRIENTE''
'''IV.'Inversiones'en'empresas'del'grupo'y'asociadas'a'largo'
plazo''
(((((2.(Créditos(a(sociedades(puestas(en(equivalencia((
'''V.'Inversiones'financieras'a'largo'plazo''
'B)'ACTIVO'CORRIENTE''
'''V.'Inversiones'financieras'a'corto'plazo''
'C)'PASIVO'NO'CORRIENTE''
'''II.'Deudas'a'largo'plazo''
(((((4.(Otros(pasivos(financieros((
'D)'PASIVO'CORRIENTE''
'''III.'Deudas'a'corto'plazo''
(((((4.(Otros(pasivos(financieros((
'''V.'Acreedores'comerciales'y'otras'cuentas'a'pagar''
(((((1.(Proveedores((
((
Otras'partes''
'vinculadas''
10.149.008,97'
33.124.983,83'
10.149.008,97'
10.149.008,97( ((
''
33.124.983,83'
124.290,48'
124.290,48'
58.082.154,85'
58.082.154,85'
58.082.154,85(
1.131,74'
356,92'
356,92(
774,82'
774,82(
0,00'
0,00'
0,00'
0,00'
((
0,00'
0,00'
((
0,00'
((
((
0,00'
((
Los'saldos'con'partes'vinculadas'del'ejercicio'anterior'son:'
'
Saldos'con'partes'vinculadas'en'el'ejercicio''
2012'
Sociedades'
asociadas'
Otras'partes''
vinculadas'
A)'ACTIVO'NO'CORRIENTE'
''IV.'Inversiones'en'empresas'del'grupo'y'asociadas'a'largo'
plazo'
((((2.(Créditos(a(sociedades(puestas(en(equivalencia(
''V.'Inversiones'financieras'a'largo'plazo'
B)'ACTIVO'CORRIENTE'
III.'Deudores'comerciales'y'otras'cuentas'a'cobrar''
((((1.(Clientes(por(ventas(y(prestaciones(de(servicios(
((((2.(Clientes,(empresas(puestas(en(equivalencia(
''IV.'Inversiones'en'empresas'del'grupo'y'asociadas'a'corto'
plazo'
((((1.(Créditos(a(empresas(puestas(en(equivalencia(
C)'PASIVO'NO'CORRIENTE'
''II.'Deudas'a'largo'plazo'
((((4.(Otros(pasivos(financieros(
''III.'Deudas'con'empresas'del'grupo'y'asociadas'a'largo'
plazo.'
((((1.(Deudas(con(sociedades(puestas(en(equivalencia(
D)'PASIVO'CORRIENTE'
''III.'Deudas'a'corto'plazo'
((((4.(Otros(pasivos(financieros(
''V.'Acreedores'comerciales'y'otras'cuentas'a'pagar'
((((1.(Proveedores(
((((2.(Proveedores,(empresas(puestas(en(equivalencia(
((
69.686.240,81'
35.581.157,70'
69.686.240,81'
69.686.240,81( (
'
1.277.461,98'
5.000,87'
(
0,00'
35.581.157,70'
10.509,54'
10.509,54'
10.509,54(
5.000,87( (
(
(
(
((
1.272.461,11'
0,00'
1.272.461,11( (
5.987.094,05' 27.531.625,03'
0,00' 27.531.625,03'
27.531.625,03(
5.987.094,05'
0,00'
5.987.094,05( (
85.281,68'
(554.514,17)'
0,00'
(423.541,33)'
(423.541,33)(
85.281,68'
(130.972,84)'
(130.972,84)(
85.281,68( (
((
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22.3' Retribuciones'al'Consejo'de'Administración'y'alta'dirección'devengados'en'el'ejercicio:'
'
((
Ejercicio'2013'
Ejercicio'2012'
'
634.914,17(
((
'
565.417,99(
((
'
Sueldos,(dietas(y(otras(remuneraciones(
((
Los(miembros(del(Consejo(de(Administración(desarrollan(las(tareas(de(alta(dirección(en(el(Grupo.(
22.4' Deberes'de'lealtad:'
En(relación(a(los(deberes(de(lealtad(establecidos(en(el(artículo(229(del(Texto(Refundido(de(la(Ley(de(
Sociedades(de(Capital,(los(administradores(o(personas(vinculadas(a(los(mismos(de(la(sociedad(dominante(
GRUPOPIKOLIN,( S.L.,( no( ostentan( participaciones( en( el( capital,( ni( desempeñan( cargos( o( funciones( en(
Sociedades( fuera( del( perímetro( de( consolidación,( con( el( mismo,( análogo( o( complementario( género( de(
actividad( del( que( constituye( el( objeto( social( de( dicha( Entidad,( ni( realizan( –( por( cuenta( propia( o( ajena( V(
dicho(género(de(actividad,(a(excepción(de:(
(
Sociedad''
((
(Grupo(Ebrosol(S.L.(((
Ebrobaza(S.L.(((
Ebrosol(Inversiones(S.L.(((
(Nuevo(Descanso(S.L.(((
Grupoiberebro(S.L.(((
(Nuevo(Grupoebrosol(S.L.(((
((
NOTA'23
23.1
'Cargo''
((
(Administrador(((
(Administrador(((
(Administrador(((
(Administrador(((
(Administrador(((
(Administrador(((
((
'%'participación''
((
100%(
100%(
100%(
100%(
96%(
100%(
((
OTRA'INFORMACIÓN'
Detalle'del'número'medio'de'empleados'del'Grupo'en'el'ejercicio'y'por'categorías:'
'
CATEGORIAS'PROFESIONALES''
Altos(directivos((
Resto(de(personal(directivo((
Técnicos(y(profesionales(científicos(((
(e(intelectuales(y(de(apoyo((titulados(superiores)((
Empleados(de(tipo(administrativo((
Comerciales,(vendedores(y(similares((
Resto(de(personal(cualificado((titulados(medios)((
Trabajadores(no(cualificados((
(
Ejercicio'2013'
23(
12(
Ejercicio'2012'
20(
9(
(
252(
475(
213(
77(
1263(
((
(
280(
462(
208(
93(
1425(
((
2.315'
2.497'
'Total'empleo'medio''
(
(Incidencia(del(ERE((*)((
(Incidencia(de(las(jubilaciones(parciales((**)((
'Total'empleo'medio'neto''
(
(52)(
(58)(
2.205'
(
(205)(
(82)(
2.210'
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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(*)(Incidencia(en(el(número(medio(de(empleados,(calculados(teniendo(en(cuenta(las(jornadas(de(
trabajo(en(las(que(los(empleados(de(la(sociedad(se(han(visto(afectados(por(el(ERE(en(vigor((véase(
nota(17.3).(
(**)( Incidencia( en( el( número( medio( de( empleados( conforme( a( la( Ley( 27/2011( de( 1( de( agosto.(
Estos(trabajadores(corresponden(a(jubilaciones(parciales(con(contratos(de(relevo,(y(las(personas(
que( cubren( los( contratos( de( relevo( ya( están( incluidas( en( el( personal( medio( en( la( categoría(
correspondiente.(
23.2
Distribución.por.sexos.al.termino.del.ejercicio.del.personal.del.Grupo.y.Consejeros:.
(
.CATEGORIAS.PROFESIONALES..
HOMBRE.
Ejercicio. Ejercicio.
2013.
2012.
MUJER.
Ejercicio. Ejercicio.
2013.
2012.
TOTALES.
Ejercicio. Ejercicio.
2013.
2012.
(Consejeros:((
(*(que(desarrollan(tareas(de(alta(dirección((
(
24(
(
(
5(
(
4(
1(
(*(que(no(desarrollan(tareas(de(alta(dirección((
7(
(Altos(directivos(no(consejeros((
40(
(
17(
(
18(
(Resto(de(personal(directivo((
9(
3(
2(
2((
(e(intelectuales(y(de(apoyo((tit.(superiores)((
(
139(
(
177(
(
73(
(Empleados(de(tipo(administrativo((
247(
234(
(Comerciales,(vendedores(y(similares((
100(
99(
(Técnicos(y(profesionales(científicos((
(Resto(de(personal(cualificado((tit.(medios)((
(
(
28(
6(
7(
(
58(
(
17(
11(
5(
(
86(
(
212(
(
263(
236(
235(
483(
469(
97(
100(
197(
199(
52(
68(
28(
31(
80(
99(
(Trabajadores(no(cualificados((
1.033(
1163(
225(
239(
1258(
1402(
(.Total.personal.al.término.del.ejercicio..
((
((
((
((
((
((
1.651.
1.766.
683.
694.
2.334.
2.460.
23.3
Número.medio.de.personas.empleadas.en.el.curso.del.ejercicio.con.discapacidad.mayor.o.igual.
del.33%..
.
23.4
CATEGORIAS.PROFESIONALES.
Ejercicio.2013.
Trabajadores(no(cualificados(
(
Total.personal.al.término.del.ejercicio.
((
Ejercicio.2012.
19(
19(
((
19.
19.
Las.retribuciones.devengadas.por.los.auditores.del.Grupo.en.el.ejercicio,.tanto.por.la.auditoría.
de.las.cuentas.anuales.individuales.como.consolidadas.y.otros.servicios.son:.
.
Concepto.
Ejercicio.2013. Ejercicio.2012.
Honorarios(cargados(por(auditoría(de(cuentas((
Otros(honorarios(por(servicios(prestados((
94.278,00(
8.331,00(
((
(.Total..
105.729,00(
5.771,00(
((
102.609,00.
111.500,00.
Los( honorarios( relativos( a( servicios( de( auditoría( de( cuentas( prestados( por( otros( auditores(
diferentes( al( auditor( principal,( han( ascendido( a( 248( miles( de( euros( en( el( ejercicio( 2013( (270( miles( de(
euros(en(el(ejercicio(2012).(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
NOTA'24
INFORMACIÓN'SEGMENTADA'
Los(criterios(de(asignación(e(imputación(utilizados(para(cada(uno(de(los(segmentos(es(la(actividad(
realizada.(
El(criterio(seguido(para(fijar(los(precios(de(transferencia(interVsegmentos(es(a(precios(de(mercado.(
24.1' Cifra'de'negocios'por'mercados'geográficos:'
(
Cifra'de'negocios''
Ejercicio'2013'
Ejercicio'2012'
'
Descripción'del'mercado'geográfico'
Nacional(
Resto(Unión(Europea((
Resto(del(mundo((
88.051.485,45(
215.639.999,97(
33.026.711,46(
79.204.670,00(
213.392.240,82(
40.654.818,25(
((
((
('Total''
336.718.196,88'
333.251.729,07'
24.2' Información'de'los'estados'financieros'segmentados'(en'miles'de'euros):'
'
EXPRESADO'EN'MILES'DE'EUROS''
'Conceptos''
'Segmentos''
Producción'y'
comercialización'de'
art.'Descanso'
(
Servicios'de'
seguridad'y'
vigilancia'
Servicios'
financieros'
(
Eliminaciones'
intersegmentos'
Total'
(Importe(neto(de(la(cifra(de(negocios((
336.718,20(
0,00(
0,00(
0,00(
336.718,20(
(Ventas((
333.398,01(
0,00(
0,00(
0,00(
333.398,01(
+0+Clientes+externos++
365.452,48+
0,00+
0,00+
0,00+
365.452,48+
+0++Intersegmentos++
(32.054,48)+
0,00+
0,00+
0,00+
(32.054,48)+
3.320,19(
(Prestación(de(servicios((
3.320,19(
0,00(
0,00(
0,00(
+0+Clientes+externos++
3.983,76+
700,18+
0,00+
0,00+
4.683,93+
+0++Intersegmentos++
(663,57)+
(700,18)+
0,00+
0,00+
(1.363,74)+
((Aprovisionamientos((
(
(Gastos(de(personal((
(182.464,65)+ (
0,00+ (
0,00+ (
32.824,40+ ' (149.640,24)(
(95.695,57)+
(649,24)+
(761,62)+
69,51+
(97.036,93)(
(6.662,63)+
(0,64)+
(0,94)+
0,00+
(6.664,21)(
(Pérdidas,(deterioros(y(variación(de(provisiones((
(178,16)(
0,00(
0,00(
0,00(
(178,16)(
+0+Corrientes++
(141,90)+
0,00+
0,00+
0,00+
(141,90)(
(Amortización(del(inmovilizado((
+0+No+corrientes++
(36,26)+ ++
++
++
(36,26)(
((RESULTADO(DE(LA(EXPLOTACIÓN((
(
(14.399,99)+ (
11,41+ (
(831,09)+ (
5.302,40+ '
((Ingresos(financieros((
(
15.706,75+ (
5,65+ (
5.603,70+ (
(16.584,94)+ '
(Gastos(financieros((
(5.034,21)+
(0,28)+
(3.192,02)+
16,78+ (
(9.917,27)(
4.731,16(
2.511,24+
(5.715,27)(
70,40+ (
(8.771,30)+ '
(12.708,23)(
((RESULTADO(ANTES(DE(IMPUESTOS((
(
(4.024,10)+ (
((Activos(del(segmento((
(
470.652,77+ (
426,07+ ( 277.198,54+ (
(325.304,44)+ '
422.972,94(
234.716,88+
135,77+
(105.959,53)+
181.102,41(
(Pasivos(del(segmento((
52.209,29+
((Flujos(netos(de(efectivo(de(las(actividades(de:((
(
(
(
(
'
(V(Operación((
(
(12.698,41)+ (
0,00+ (
0,00+ (
20.382,77+ '
1.346,38+
0,00+
0,00+
18.015,78+
19.362,16(
18.719,99+
0,00+
0,00+
(38.152,86)+
(19.432,87)(
(V(Inversión((
(V(Financiación((
7.684,37(
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2013
_____________________________________________________________________________________________________
''
''
''
''
''
''
Información'de'los'estados'financieros'segmentados'del'ejercicio'anterior'(en'miles'de'euros):'
'
EXPRESADO'EN'
MILES'DE'EUROS''
'Conceptos''
Importe(neto(de(la(
cifra(de(negocios((
'Segmentos''
Producción'y'
comercialización'
de'art.'Descanso'
Servicios'de'
seguridad'y'
vigilancia'
(
Informática'
Servicios'
y'
Productos'
financieros' electrónica' publicitarios'
Energías'
renovables'
(
Eliminaciones'
intersegmentos'
Total'
361.481,82(
769,42(
0,00(
850,78(
684,97(
0,00(
(30.535,27)(
333.251,73(
(Ventas((
356.113,62(
0,00(
0,00(
793,01(
357,51(
0,00(
(28.546,49)(
328.717,65(
+0+Clientes+externos++
327.569,83+
0,00+
0,00+
793,01+
354,81+
0,00+
0,00+
328.717,65+
+0++Intersegmentos+
(Prestación(de(
servicios((
28.543,79+
0,00+
0,00+
0,00+
2,70+
0,00+
(28.546,49)+
0,00+
5.368,20(
769,42(
0,00(
57,77(
327,46(
0,00(
(1.988,78)(
4.534,08(
+0+Clientes+externos++
4.151,50+
0,00+
0,00+
55,12+
327,46+
0,00+
0,00+
4.534,08+
+0++Intersegmentos+
1.216,71+
769,42+
0,00+
2,65+
0,00+
0,00+
(1.988,78)+
(
(
(
(
(
(
(
(
0,00+
'
(Aprovisionamientos((
(173.688,95)+
0,00+
0,00+
(486,12)+
(234,93)+
0,00+
29.651,87+
(144.758,13)(
(Gastos(de(personal((
(Amortización(del(
inmovilizado((
(Pérdidas,(
deterioros(y(
variación(de(
provisiones((
(87.974,02)+
(593,82)+
(528,05)+
(641,73)+
(377,23)+
0,00+
0,00+
(90.114,85)(
(6.885,32)+
(0,67)+
(0,96)+
(64,10)+
(15,82)+
0,00+
0,00+
(6.966,86)(
(2.742,01)(
0,00(
0,00(
0,00(
0,00(
0,00(
0,00(
(2.742,01)(
(2.742,01)+
0,00+
0,00+
0,00+
0,00+
0,00+
0,00+
+0+Corrientes++
(
(RESULTADO(DE(LA(
EXPLOTACIÓN((
(
(
(
(
(4.408,19)+
(Ingresos(financieros((
(Gastos(financieros((
(
(RESULTADO(DE(
OPERACIONES(
INTERRUMPIDAS((
(
(
(RESULTADO(ANTES(
DE(IMPUESTOS((
(
(
(Activos(del(
segmento((
(Pasivos(del(
segmento((
(
(
(Flujos(netos(de(
efectivo(de(las(
actividades(de:((
(
(
137,32+
(
(1.005,18)+
(
(
(91,41)+
(
(
(663,66)+
(
(
(6,30)+
(
(2.742,01)(
'
(267,77)+
(
(6.305,18)(
'
3.994,28+
8,71+
6.565,42+
16,33+
15,22+
4,71+
(3.917,42)+
6.687,25(
(4.113,07)+
0,00+
(5.107,56)+
(47,65)+
(31,96)+
0,00+
4.166,35+
(5.133,89)(
(
0,00+
(
0,00+
(
438.584,79+
197.604,31+
(
(18,84)+
177,21+
(7.005,05)(
'
(344.841,24)+
0,56+
446.969,30(
(95.821,05)+
(
(
0,00(
'
(
(
(
0,00+
(1,59)+
1.575,35+
(
'
(
(
1.073,90+
2.246,34+
(
0,00+
(680,40)+
2.206,06+
(
(
(
(
(
0,00+
(123,72)+
108.154,38+
(
(
(
(
349.216,42+
188,30+
(
0,00+
(1.447,61)+
(
552,15+
(
(
146,04+
(
(
(
0,00+
(
(4.878,92)+
(V(Explotación(
(
213.948,19(
'
(
'
(21.258,08)+
0,00+
0,00+
0,00+
0,00+
0,00+
0,00+
(21.258,08)+
(V(Inversión((
(6.669,93)+
0,00+
0,00+
0,00+
0,00+
0,00+
0,00+
(6.669,93)+
(V(Financiación((
21.092,81+
0,00+
0,00+
0,00+
0,00+
0,00+
0,00+
''
''
''
''
''
''
''
''
21.092,81+
''
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
Cuentas Anuales e Informe de Gestión Consolidados del ejercicio 2013
_____________________________________________________________________________________________________
NOTA'25
INFORMACIÓN'SOBRE'DERECHOS'DE'EMISIÓN'DE'GASES'DE'EFECTO'INVERNADERO.'
Al(cierre(del(ejercicio,(el(Grupo(no(dispone(de(derechos(de(emisión(de(gases(de(efecto(invernadero(
en(el(periodo(de(vigencia(del(Plan(Nacional(de(asignación(y(su(distribución(anual,(por(lo(que(en(su(Balance(
consolidado(no(ha(reflejado(ningún(importe(de(valoración(de(los(mencionados(derechos,(ni(ha(registrado(
en(su(cuenta(de(pérdidas(y(ganancias(importe(alguno(de(gastos(e(ingresos(por(este(concepto.(Igualmente(
no( ha( percibido( subvenciones( por( derechos( de( emisión,( ni( existen( contingencias( relacionadas( con(
sanciones(o(medidas(de(carácter(provisional,(en(los(términos(previstos(en(la(Ley(1/2005,(de(9(de(marzo,(
por(la(que(se(regula(el(régimen(de(comercio(de(los(derechos(de(emisión(de(gases(de(efecto(invernadero.(
NOTA'26
INFORMACIÓN'SOBRE'LOS'APLAZAMIENTOS'DE'PAGO'EFECTUADOS'A'PROVEEDORES.'
Esta( nota( recoge( la( información( sobre( los( aplazamientos( de( pago( efectuados( a( proveedores,(
establecida(en(la(Disposición(adicional(tercera(“Deber(de(Información”(de(la(Ley(15/2010,(de(5(de(julio”,(
de(acuerdo(con(la(Resolución(de(29(de(diciembre(de(2010,(del(Instituto(de(Contabilidad(y(Auditoría(de(
Cuentas,( sobre( la( información( a( incorporar( en( la( memoria( de( las( cuentas( anuales( en( relación( con( los(
aplazamientos(de(pago(a(proveedores(en(operaciones(comerciales.(
En(aplicación(de(la(Resolución(mencionada,(se(incluye(toda(la(información(relativa(a(los(ejercicios(
2013( y( 2012.( No( obstante,( cabe( destacar( que( de( acuerdo( con( el( calendario( previsto( en( la( Disposición(
transitoria(segunda(de(la(Ley(15/2010,(los(plazos(máximos(permitidos(para(los(ejercicios(2013(y(2012,(
son( 60( y( 75( días,( respectivamente.( El( cuadro( incluye( la( homogeneización( con( los( mismos( criterios(
aplicados(en(el(grupo,(del(pago(a(proveedores(delas(sociedades(ubicadas(fuera(del(territorio(español:(
(
(
(
(Dentro(del(plazo(máximo(legal(
Resto(
Total(pagos(del(ejercicio(
Plazo(medio(ponderado(excedido(de(
pagos(
Aplazamientos(que(a(la(fecha(de(cierre(
sobrepasan(el(plazo(máximo(legal(
Pagos'realizados'y'pendientes'de'pago'en'la'fecha'de'
cierre'del'balance'
Ejercicio'2013'
Ejercicio'2012'
Importe(
%(
Importe(
%(
212.626.039,51(
76%( 277.478.466,56(
88%(
67.433.738,18(
24%(
37.229.160,10(
12%(
280.059.777,69(
100%( 314.707.626,66(
100%(
24(días(
948.792,23(
'
((
20(días(
5.703.519,52(
''
((
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GRUPOPIKOLIN, S.L. Y SOCIEDADES DEPENDIENTES
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_____________________________________________________________________________________________________
INFORME'DE'GESTION'CONSOLIDADO'DEL'EJERCICIO'2013'
1.B!
Evolución!de!los!Negocios!y!situación!del!Grupo:!
La(citada(cifra(de(negocios(asciende(en(el(presente(ejercicio(a(336,72(millones(de(euros,(frente(a(
los( 333,25( millones( de( euros( del( ejercicio( anterior,( que( supone( un( incremento( de( un( 1%.( Este(
incremento( de( la( cifra( de( negocios( se( debe( al( incremento( de( la( actividad( del( Grupo,( disminuida( en( la(
parte( de( cifra( de( negocios( correspondiente( a( las( sociedades( que( han( salido( del( perímetro( en( este(
ejercicio.(Por(otra(parte(en(el(resto(de(las(sociedades(del(grupo(la(evolución(de(la(cifra(de(negocios(es(
acorde( con( la( evolución( de( la( situación( actual( de( la( economía( mundial,( habiendo( realizado( durante(
cuatro(años(consecutivos(una(serie(de(ajustes(y(recortes(muy(importantes(de(sus(partidas(de(gasto,(para(
adecuar( su( estructura( comercial,( de( distribución( y( administración( a( las( nuevas( cifras( de( actividad( y(
preparar(al(Grupo(para(afrontar(de(la(mejor(manera(posible(la(crisis(actual.(La(situación(de(la(economía(
española(ha(incidido(fundamentalmente(en(los(resultados(de(las(sociedades(nacionales,(que(ha(hecho(
que( el( resultado( de( la( explotación( haya( disminuido( respecto( al( ejercicio( anterior,( pasando( de( 6,31(
millones( de( euros( de( pérdidas( a( 9,9( millones( de( euros( de( pérdidas,( motivado( principalmente( por( la(
incidencia(de(un(ERE(en(una(de(las(empresas(del(Grupo.(
El( decidido( apoyo( de( nuestros( socios,( dotando( al( Grupo( de( un( nivel( importante( de( recursos(
propios,(junto(con(el(apoyo(de(las(principales(entidades(financieras,(está(permitiendo(financiar(tanto(el(
nivel( de( inversiones( necesario( para( estar( presentes( en( los( distintos( lugares( de( la( geografía,( tanto(
española( como( fuera( del( territorio( nacional,( que( se( consideran( estratégicos( para( el( Grupo,( como( el(
poder(mantener(nuestra(capacidad(de(oferta(y(adaptarla(en(su(caso(a(la(demanda(prevista.(
Esta( evolución( de( la( cifra( de( negocios,( junto( con( otros( indicadores( que( exponemos( a(
continuación,(explica(la(evolución(y(situación(del(Grupo(al(cierre(de(este(ejercicio(2013.(
Con( un( total( activo( de( 422,97( millones( de( euros,( de( los( cuales( un( 66,25%( corresponden( a(
inmovilizado(no(corriente(del(Grupo,(cuya(partida(más(significativa,(son(las(inversiones(financieras(a(l/p(
que( representa( un( 34,59%( del( total( de( activo( y( el( resto( al( activo( corriente,( cuyas( dos( partidas( más(
significativas,(son(el(saldo(de(deudores(que(supone(el(18,06%(del(total(activo(y(el(saldo(de(existencias(
que(supone(el(9,89%(del(total(activo.(
En( cuanto( al( pasivo( del( Grupo,( vemos( que( el( Patrimonio( Neto( supone( 241( millones( de( euros,(
suponiendo(el(57,18%(del(total(del(pasivo.(El(resto(se(reparte(entre(el(pasivo(no(corriente(que(suponen(
el(20,01%(del(total(pasivo(y(patrimonio(neto(y(el(pasivo(corriente(un(22,80%.(
Los( siguientes( indicadores( permiten( apoyar( los( comentarios( que( sobre( la( evolución( y( situación(
del(Grupo(hacemos(a(lo(largo(de(este(Informe:(
-
Solvencia'a'corto'plazo:(nos(indica(la(capacidad(de(la(empresa(para(afrontar(sus(obligaciones(a(
corto( plazo;( y( se( calcula( dividiendo( el( activo( corriente( por( el( pasivo( corriente.( Con( un( valor( de(
1,48(al(cierre(del(ejercicio,(y(dado(que(un(valor(razonable(para(este(indicador(estaría(entre(1(y(1,5(
podemos(ver(que(tenemos(una(solvencia(a(corto(adecuada.(
-
Solvencia'Total'o'Garantía:(con(un(valor(de(2,34(obtenido(como(el(cociente(entre(al(Activo(Total(
y(el(Exigible(Total,(nos(indica(que(la(sociedad(tiene(la(capacidad(suficiente(para(responder(ante(
sus(acreedores(por(todas(sus(deudas.((
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Endeudamiento' a' largo' plazo:( indica( la( proporción( de( las( deudas( a( largo( plazo( respecto( a( los(
recursos( propios,( con( un( valor( de( 0,35( y( dado( que( cuanto( menor( es( este( ratio,( mayor( es( la(
capacidad( de( endeudamiento( a( largo,( nos( indica( que( todavía( tenemos( más( capacidad( de(
endeudamiento(y(en(general(que(mantenernos(un(buen(equilibrio(financiero.(
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Equilibrio'financiero'a'largo'plazo:(obtenido(por(el(cociente(entre(el(Patrimonio(Neto(y(el(activo(
no( corriente,( con( un( valor( de( 0,86( indica( que( el( Patrimonio( Neto( financia( la( totalidad( del(
inmovilizado.(
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Rentabilidad' financiera' o' rentabilidad' del' capital:( calculada( por( el( cociente( entre( el( resultado(
final( y( el( Patrimonio( Neto( medio( del( ejercicio,( con( un( valor( del(V3,47%( mide( la( rentabilidad( del(
capital(o(rentabilidad(que(obtienen(los(socios,(medida(sobre(el(valor(en(libros(del(Grupo.(
En( cuanto( a( las( previsiones( económicas( que( el( Grupo( maneja( para( el( próximo( ejercicio( 2014,(
junto(con(el(decidido(apoyo(de(los(socios,(los(ajustes(realizados(en(este(ejercicio(y(la(política(emprendida(
en( cuanto( a( contención( de( gastos,( creemos( nos( va( a( permitir( mantener( nuestros( objetivos( de( ventas,(
servicio(al(cliente(y(diversificación(de(actividades,(y(sortear(razonablemente(el(periodo(de(crisis(por(el(
que(atraviesa(nuestra(economía.(
El(Grupo(va(a(continuar(manteniendo(el(nivel(necesario(de(inversiones(que(le(permitan(asegurar(
su(posición(en(el(mercado(y(servicio(óptimo(al(cliente.(
No(obstante,(el(Grupo(continuará(el(proceso(de(ajuste(y(moderación(de(las(partidas(de(gasto,(que(
permita(la(gradual(mejoría(de(los(índices(de(rentabilidad,(desde(los(niveles(actuales.((
2.B!
Principales!riesgos!e!incertidumbres:!
El( Grupo( no( tiene( riesgos( e( incertidumbres( que( puedan( poner( en( cuestión( su( continuidad,( en(
línea( con( todo( lo( comentado( en( el( primer( apartado( de( este( informe.( La( situación( del( mercado,( no(
obstante(está(obligando(al(Grupo(a(realizar(cuantos(ajustes(considera(necesarios(para(adaptar(su(oferta(
a(la(demanda(sin(menoscabar(el(servicio(que(viene(prestando(a(sus(clientes.(
Igualmente,(no(tenemos(litigios(significativos(que(pudieran(suponer(quebrantos(al(Grupo,(ya(que(
éstos(se(reducen(a(riesgos(de(crédito(de(clientes,(que(están(adecuadamente(asegurados,(o(deteriorados(
en(su(caso(en(el(ejercicio.(
3.B!
Gestión!social!del!Grupo:!
El(Grupo(ha(adoptado(en(los(tres(últimos(ejercicios(una(serie(de(medidas(tendentes(a(optimizar(
su( plantilla,( para( adaptarla( a( la( actual( situación( de( crisis( económica.( La( política( de( personal( en( los(
últimos(ejercicios(ha(sido(paralela(a(la(actividad(de(las(sociedades(del(Grupo,(por(lo(que(continuará(con(
esta(política(de(personal,(de(cara(a(optimizar(lo(máximo(posible(sus(recursos(humanos(en(función(de(sus(
necesidades(reales(de(cada(periodo.((
Los( niveles( de( absentismo( laboral,( sobre( todo( debidos( a( bajas( laborales( por( enfermedad( o(
accidentes,( se( mantienen( en( unos( niveles( muy( bajos,( no( habiéndose( producido( hasta( la( fecha( ningún(
accidente(de(carácter(grave(o(muy(grave.(
La(política(de(tipo(medioambiental(cumple(con(todos(aquellos(requisitos(que(exige(la(legislación(
vigente(en(cada(momento.((
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En( línea( con( nuestra( política( de( mejora( y( perfeccionamiento( de( los( procesos( administrativos( y(
productivos,(así(como(del(pleno(cumplimiento(de(la(legislación(vigente,(se(viene(realizando(la(auditoria(
anual(de(las(cuentas(anuales(consolidadas(y(las(individuales(de(las(empresas(del(Grupo(obligadas(a(ello,(
que(se(enmarca(en(el(contexto(de(lo(establecido(en(el(Texto(Refundido(de(la(Ley(de(Auditoría(de(Cuentas(
(RDL(1/2011,(de(1(de(julio).(
4.B!
Actividades!en!materia!de!Investigación!y!Desarrollo:!
A(pesar(de(la(actual(situación(de(crisis,(la(inversión(en(I+D+i,(se(ha(mantenido(en(los(niveles(de(
los(últimos(años.(
El(Grupo(está(convencido(de(que(sólo(a(través(de(la(inversión(en(I+D+i(podrá(desarrollar(nuevos(
productos(y(tecnología(que(le(permitirán(seguir(siendo(líder(de(su(sector.(
El( importe( de( los( desembolsos,( en( el( ejercicio,( por( actividades( de( investigación( y( desarrollo( e(
innovación( tecnológica( ha( ascendido( a( un( importe( de( 2,05( millones( de( euros,( de( los( cuales( no( se( ha(
activado(durante(el(ejercicio(importe(alguno(como(inmovilizado(intangible.(
5.B!
Adquisiciones!de!instrumentos!de!patrimonio!propio:!!
Tanto( la( sociedad( dominante( como( las( Sociedades( dependientes,( integrantes( del( Grupo,( no(
mantienen(acciones(o(participaciones(propias(en(cartera,(ni(ha(realizado(operaciones(de(compraventa,(
ni(de(ninguna(otra(clase(con(sus(acciones(en(el(ejercicio(2013.(
6.B!
Acontecimientos!posteriores!al!cierre:!
Ningún(acontecimiento(interno(o(externo,(que(se(haya(producido(con(posterioridad(a(la(fecha(de(
cierre( del( ejercicio( tiene( especial( relevancia( para( el( Grupo,( ni( afecta( significativamente( a( la( situación(
económica,( financiera( y( patrimonial( que( aparece( reflejada( en( las( cuentas( anuales( cerradas( a( 31( de(
diciembre(de(2013.(
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ISSUER
Grupopikolin, S.L.
Carretera de Logroño, K.M 6.5
50011, Zaragoza
PAYMENT AGENT
BNP Paribas Security Services
Ribera del Loira 28
28042 Madrid
REGISTERED ADVISOR
Nmas1 Corporate Finance, S.A.U.
Padilla, 17
28006 Madrid
INDEPENDENT AUDITOR
CGM Auditores
Plaza Salamero, 14, 1º
50004 Zaragoza
LEGAL ADVISORS OF THE ISSUER
J&A Garrigues, S.L.P
Calle Hermosilla, 3
28001 Madrid
COMMISSIONER
Bondholders
Avenida de Francia, 17, A, 1
46023 Valencia