Mouragolf Company accounts 2

International Report

Supplied on 15 January 2013Client Reference Graydon Order Number 6359526

Identification Details

IdentificationName CAPITALMOURA, HOTEL MANAGEMENT, S.A

Trade Name MOURAGOLF VILLAGEAddress Av. do Parque, Volta do Faiso Aptd. 545Locality Vilamoura

Postcode 8125-482 QUARTEIRAMun./Dist./Country Loul/Faro/Portugal

Telephone 289322472Fax 289322545

E-mail [email protected] www.mouragolf.com

Credit Recommendations

Graydon Credit Rating 3Graydon Risk MEDIUM RISKMaximum Monthly Credit Guide EUR 5,500

Rating Explanation The rating system ranges from 1, indicating a high risk to 5, the lowest risk. A rating of 8 indicates an unclassified risk (risk unknown), used on brand new companies as and example. A rating of 9 is used for companies, which are either in Receivership, Liquidation, and Dissolution or have ceased trading for some other reason.

Official Company Details

SynthesisEasy Number 00001292395144

Legal Form Joint Stock Comp.VAT Nr. 502544759

Incorporation 1991-04-26Share Capital 150.000,00 EUR

Co.House Reg. Nr. 2510Companies House C.R.C.Loul

Main Nace Code 55118Tourist apartments with restaurant

Coface Code 21066180Current Situation In activity

Starting-Up 1991-04Exporting Company NoImporting Company No

Civil Action Lawsuits Published in the last

5 years

No

Insolvency Procedure Published

No

Quality Certificate No

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History

Previous Econ.Activities68100 Buying and selling of own real estate

Share Capital Structure

CapitalShare Capital 150.000,00 EUR

Shares 150.000 with the nominal value of 1,00 EUREvolution 2011 2010 2009 2008

Share Capital 150.000 150.000 5.487 5.487

Capital Distribution Coface Code Scio / Accionista Share

21218795 CAPITALMOURA - INVESTIMENT. IMOBILIRIOS LDA 50%11646417 FILIPE JOS NASCIMENTO DA SILVA

Partner Companies Coface Code Company Capital

21218795CAPITALMOURA - INVESTIMENT. IMOBILIRIOS LDA 50.000,00 EURAddress Empreend.Mouragolf, Av do Parque

Postcode 8100-000 QUARTEIRANACE Buying and selling of own real estate

Directors / Principals

Board of AdministrationSole Administrator FILIPE JOS NASCIMENTO DA SILVA

SignaturesThe company is bound by one signature of the sole Administrator

Fiscal CouncilSole Fiscal/OARS DOMINGOS BARO, JOS SILVA & DANIEL VICENTE, SROC

Substitute DANIEL JORGE GONCALVES VICENTE



Public Record Information

Incorporations and ChangesIncorporation Date Publication Nr. Imprint Date Solicitors Office

DECOMOURA-COMRCIO E INDUSTRIA DE DECORAO,

LDA.

1991-04-26 DR 249 1991-10-29 CN Loul de Manuela Tenazinha

Registry Date Publication Nr.1991-04-26 N 2510 C.R.C.Loul

Companys Name Change Date Publication Nr. Imprint Date Solicitors Office1999-09-19 DR 29 2000-02-04

DECOMOURA - COMPRA, VENDA E GESTO DE

IMOBILIRIO, LDA.2010-11-10 MJ 2010-11-12

Change of Legal Form Date Publication Nr. Imprint Date Solicitors OfficeChanged into a Joint Stock

Company2010-12-15 MJ 2010-12-27

Other Changes Date Publication Nr. Imprint Date Solicitors OfficeChange of the Social Pact1999-10-19 DR 29 2000-02-04

Capital increase2000-03-27 DR 160 2000-07-13Change of the Social Pact2010-05-20 MJ 2010-05-21

Change of the object of the company

2010-11-10 MJ 2010-11-12

Change of the Social Pact2010-12-15 MJ 2010-12-27

Lawsuits & Protests Register: Brought against the EntityNO INCIDENTS ARE RECORDED IN OUR DATABASE

Lawsuits & Protests Register: Brought by the EntityNO INCIDENTS ARE RECORDED IN OUR DATABASE

Operations Details

Economic ActivitiesCAE 55118 Tourist apartments with restaurantCAE 56107 Restaurants, n.e.c.CAE 56301 BarCAE 56302 BarCAE 93110 Operation of sports facilities

Explorao de empreendimentos tursticos.Markets

Main Origin Markets

Zone 2011 2010Value % Value %

Purchases Internal Market 3.046 100% 3.255 100%External Supplies and Services Internal Market 248.998 100% 274.529 100%

Main Destination Markets

Zone 2011 2010



Value % Value %Services Rendered Internal Market 396.323 100% 381.388 100%Head Office and Premises

Address Locality Postcode TelephoneHead Office Av. do Parque, Volta do Faiso Aptd. 545 Vilamoura 8125-482 QUARTEIRA 289322472

Office Av. do Parque, Volta do Faiso Aptd. 545 Vilamoura 8125-482 QUARTEIRA 289322472

Sports facilit. Av. do Parque, Volta do Faiso Aptd. 545 Vilamoura 8125-482 QUARTEIRA 289322472

Tourist installations Av. do Parque, Volta do Faiso Aptd. 545 Vilamoura 8125-482 QUARTEIRA 289322472

InsurancesSev. Insurances Mapfre

StaffEvolution 2011 2010 2009 2008Number of Employees 10 10 8 9

Financial ParticipationCoface Code Company Capital (EUR) Share

24429340CAPITALMOURA SAILING LDA 5.000,00 EUR 2.500,00 EUR

Address Lugar Moura Golf Village Aptd. 545Postcode 8125-482 QUARTEIRA

NACE Retail sale of sporting equipment in specialised stores

24429917AQUIDELREI UNIPESSOAL 5.000,00 EUR 5.000,00 EUR

Address Lugar Moura Golf Village Aptd. 545Postcode 8125-482 QUARTEIRA

NACE Furnished accomodation for tourists

21218795CAPITALMOURA - INVESTIMENT. IMOBILIRIOS LDA 50.000,00 EUR 37.000,00 EURAddress Empreend.Mouragolf, Av do Parque

Postcode 8100-000 QUARTEIRANACE Buying and selling of own real estate

BanksBanco BPI Quarteira



Financial Data

Economic and Financial DataSector55118 Tourist apartments with restaurant

(Amounts in euros)2011 2010 %Var.

Company Sector-Norm Company Sector-Norm Company Sector-Norm

Creating Value Turnover 396.323 598.986 381.387 697.581 3,9% -14,1% Economic Break-even Point 610.316 784.273 681.532 1.054.190 -10,4% -25,6% Net Economic Result -127.662 10.086 -186.607 -29.696 31,6% 134% Gross Value Added 209.518 322.588 197.356 306.276 6,2% 5,3% Gross Operating Result 72.036 109.370 34.965 59.915 106% 82,5% Expenses of Financing Obtained 18.133 52.663 15.674 69.427 15,7% -24,1% Exploitacion Gross value 462.471 631.694 475.685 731.858 -2,8% -13,7% Energy Costs 34.371 30.159 38.401 42.453 -10,5% -29% Total Costs 741.619 688.530 688.978 822.283 7,6% -16,3% Reversible Costs 34.118 43.445 56.888 39.321 -40% 10,5% Proportional Variable Costs 28.456 98.932 20.354 137.960 39,8% -28,3% Operating Fixed Costs 566.495 523.555 645.159 628.026 -12,2% -16,6% Personnel Expenses 137.124 276.171 159.860 376.678 -14,2% -26,7% Economic Fixed Costs With Pay Out 366.797 485.132 423.586 713.977 -13,4% -32,1% Economic Fixed Costs Without Pay Out 199.698 113.884 221.573 119.482 -9,9% -4,7%Investment / Financing Total Investments 4.355.699 3.892.006 4.665.691 2.586.943 -6,6% 50,4% Stable Investments 4.175.895 2.654.344 4.443.838 1.517.562 -6% 74,9% Investments cyclic operation 175.475 518.615 162.454 457.504 8% 13,4% Activ Cash 4.328 719.046 59.398 611.876 -92,7% 17,5% Total Financing 4.355.699 3.892.006 4.665.691 2.586.943 -6,6% 50,4% Stable Financing 3.828.852 2.801.581 4.187.196 1.670.322 -8,6% 67,7% Financing cyclic operation 190.943 349.037 156.566 321.959 22% 8,4% Passive Cash 335.902 741.387 321.927 594.662 4,3% 24,7% Net Profit -275.073 -7.982 1.127.133 -21.700 -124,4% 63,2% Equity 3.069.312 1.610.024 3.318.994 785.993 -7,5% 104,8% Borrowed Funds 1.286.386 2.281.982 1.346.696 1.800.950 -4,5% 26,7% Suppliers 73.383 119.750 42.146 124.831 74,1% -4,1% Supplies 252.043 305.429 277.784 443.831 -9,3% -31,2% Stable Debts Shareholders (Partners) 0 18.931 0 44.657 -57,6% Financial Debts and Suppliers with Bills Payable 576.308 1.201.169 681.694 1.102.424 -15,5% 9% Non-Rewarded Borrowed Funds 710.078 1.080.813 665.001 698.525 6,8% 54,7%Cash Flow Flows generated by income finantial transactions 205.186 206.807 5.937 122.445 3.356,1% 68,9% Net Cash Flow -80.191 90.608 1.345.706 63.602 -106% 42,5% Change in Cash -46 24.193 -413 -55.927 88,9% 143,3%



Company Indicators/SectorSector55118 Tourist apartments with restaurant

(Amounts in euros)2011 2010 %Var.

Company Sector-Norm Company Sector-Norm Company Sector-NormStrategic Determinants

Change in Turnover 3,92% 11,86% 20,36% -11,59% -80,8% 202,3%Export Rate 22% 0% 100%Gross Negotiable Margin Rate 99,23% 87,14% 99,15% 91,82% 0,1% -5,1%Level of Valuation 45,3% 3,27% 41,49% -240,11% 9,2% 101,4%Tangible Investments/Total Investments

67,45% 35,98% 66,68% 44,38% 1,2% -18,9%

Intangible Investments/Total Investments

0,02% 0,04% 0,02% 0,1% 6,8% -54,2%

Staff Productivity 1,53 -4,07 1,23 1,18 23,8% -445,7%Productivity of Strategic Resources 0,07 0,23 0,06 0,27 12,4% -13,6%

Profitability/Economic RiskEconomic Leverage Factor 142,94% 87,41% 169,16% 90,03% -15,5% -2,9%Economic Security Margin Rate -53,99% -30,93% -78,7% -51,12% 31,4% 39,5%Energy minimizing environmental impacts

7,43% 11,89% 8,07% 25,04% -7,9% -52,5%

Degree of reversibility strategic 4,6% 10,3% 8,26% 12,08% -44,3% -14,7%Net economic profitability -32,21% 1,68% -48,93% -4,26% 34,2% 139,6%Gross economic profitability 18,18% 18,26% 9,17% 8,59% 98,3% 112,6%Level of Absorption of Gross Operating Surplus

25,17% 48,15% 44,83% 115,88% -43,8% -58,4%

Profitability/Financial RiskProfitability Econo.Assets-Rel.Cost Borrowed Funds

-5,51% 4,9% -6,86% 5,34% 19,7% -8,3%

Financial Leverage Factor 41,91% 141,74% 40,58% 229,13% 3,3% -38,1%Financial Profitability -8,96% -0,5% 33,96% -2,76% -126,4% 82%Solvency 238,6% 70,55% 246,45% 43,64% -3,2% 61,7%Financial Autonomy 70,47% 41,37% 71,14% 30,38% -0,9% 36,2%Minimum Financial Autonomy 23,94% 20,78% 24,53% 32,79% -2,4% -36,6%Financial Reserve ss. 45,47% -0,15% 46,14% -7,03% -1,5% 97,8%Financial Reserve ws. 46,52% 4,65% 46,61% -13,37% -0,2% 134,8%Financing of Non-Rewarded Borrowed Funds

16,3% 39,8% 14,25% 46,54% 14,4% -14,5%

Recovery Period for Fin. Debts with Bills Payable

-7.2 Year(s) 5.3 Year(s) .5 Year(s) 11.8 Year(s) -1.509,4% -54,6%

Gross Operating Result/Borrowed Funds

5,6% 207,59% 2,6% 9,32% 115,7% 2.126,2%



Pre-tax Profits/Total Investments -6,2% -1,76% 24,22% -33,44% -125,6% 94,7%Net Cash Flow/Net Liabilities -5,86% 7,41% 100,15% -6,34% -105,9% 216,9%Cover of Fixed Assets by Medium/Long-Term Capitals

91,69% 244,4% 94,22% 698,19% -2,7% -65%

Operating Return on Investment -2,8% -1,31% -3,88% -35,16% 27,7% 96,3%Cover of Net Borrowed Funds by Operat. Cash Flow

6,04% -4,43% 3,02% -2,59% 99,8% -70,9%

Gross Operational Profability 19,59% -17,54% 10,67% -16,77% 83,6% -4,6%Cover of Fixed Assets by MLT Financial Debts

6,3% 206,54% 8,37% 162,05% -24,7% 27,5%

Net Cash Flow/Turnover -19,02% 76,95% 353,63% -22,18% -105,4% 446,9%Financial Expenses/Turnover 0% 0% 0% 0%

Treasury RiskCover of Investments/Stable Financing

91,69% 245,2% 94,22% 701,52% -2,7% -65%

Cash -331.575 -22.341 -262.529 17.214 -26,3% -229,8%Liquidity -18.345 488.762 47.425 471.751 -138,7% 3,6%Overall Liquidity 34,13% 113,5% 46,36% 116,67% -26,4% -2,7%Financial Security Margin Rate -4,64% -23,62% -21,67% 65,89% 78,6% -135,9%Change in Operating Cash -24.196 259.244 109.476 156.417 -122,1% 65,7%Average Receivables Realisation 12 Day(s) 63 Day(s) 18 Day(s) 56 Day(s) -33,3% 12,5%Duration of Financial Operating Cycle 12 Day(s) 426 Day(s) 18 Day(s) 3285 Day(s) -33,3% -87%Average Payables Realisation 106 Day(s) 115 Day(s) 55 Day(s) 78 Day(s) 92,7% 47,4%Overdue Debts to the State 0 0

Detailed Balance Sheet(Amounts in euros)

SNC SNC POC POC2011 2010 2009 2008 11/10 10/09 09/08

Accounting Model: NCRFASSETSNON CURRENT ASSETSIntangible assets 955 955 955 955 0% 0% 0%GoodwillIntangible assets-others 955 955 0%Development projectsSoftwareIndustrial property 955Other intangible assetsAccumulated amortisation-intangible assetsAccumulated impairment losses-intangible assetsGuarantees of liabilities/ownership restrictedTangible fixed assets 2.938.010 3.110.964 1.118.981 1.089.262 -5,6% 178% 2,7%Lands and natural resourcesBuilding and other construction 2.813.159 2.952.849 967.004 940.102 -4,7% 205,4% 2,9%Basic equipment 46.690 59.742 64.190 67.201 -21,8% -6,9% -4,5%Transport equipment 54.502 64.847 41.418 32.366 -16% 56,6% 28%Office equipment 5.368 9.865 15.772 15.103 -45,6% -37,5% 4,4%Biological equipmentOther fixed tangible assets 18.292 23.661 26.620 29.871 -22,7% -11,1% -10,9%Accumulated depreciation-fixed tangible assets 693.822 640.796 497.315 411.531 8,3% 28,9% 20,8%Accumulated impairment losses-tangible fixed assetsGuarantees of liabilities/ownership restrictedInvestment propertiesAccumulated depreciation-investment propertiesAccumulated impairment losses-investment propertiesCapacity to realize revenues restrictions



Financial investments 1.211.539 1.331.919 -9%Investments in shareholdings 1.211.539 1.331.919 -9%Investments in shareholdings-equity method 1.211.539 1.331.919 -9%Investments in shareholdings-other methodsNon current shareholdersOther financial assetsOther financial investmentsAccumulated impairment losses-financial investmentsBiological assetsDeferred tax assets 25.392Total non current assets 4.175.896 4.443.839 1.119.936 1.090.217 -6% 296,8% 2,7%CURRENT ASSETSInventoriesProductsRaw materialsMerchandisesAdvances to inventories suppliersAdvances to inventories suppliers-merchandisesAdvances to inventories suppliers-raw materialsAccumulated adjustments/impairment losses-inventoriesGuarantees of liabilitiesBioligical assetsClients 13.514 19.351 2.248 2.901 -30,2% 760,9% -22,5%Clients - current accounts 13.514 19.351 2.248 2.901 -30,2% 760,9% -22,5%Clients - bills of exchangeAccumulated impairment-clientsCurrent shareholdersPrepayments to suppliers 11.235 4.602 144,1%State and other public bodies 8.716 20.913 13.856 14.447 -58,3% 50,9% -4,1%Other receivables 143.601 174.167 213.341 196.943 -17,5% -18,4% 8,3%Employees 2.205Prepayments to investing suppliers 0 0 -28,6%Accrued revenue 137.070 114.816 114.919 125.010 19,4% -0,1% -8,1%Other debtors 4.326 59.350 98.423 71.933 -92,7% -39,7% 36,8%Deferreds 2.735 2.772 20.920 20.618 -1,3% -86,8% 1,5%Accumulated impairment-receivablesDoubtful debtsInsolvency/recovery/execution legal proceduresLegal claimsOverdueNon current assets held-for-saleAvailable-for-sale financial assets 2.065 2.065 0%Other current financial assetsCash and cash equivalents 2 48 7.321 6.942 -96,5% -99,3% 5,5%CashBanks current accounts 2 48 -96,5%Other bank deposits 7.321 6.942 5,5%Other current assetsTotal current assets 179.803 221.852 259.751 243.915 -19% -14,6% 6,5%Accumulated impairment-other financial assetsFinancial assets-guaranteesBiological assets-guarantees of liabilitiesTotal assets 4.355.699 4.665.691 1.379.687 1.334.132 -6,6% 238,2% 3,4%EQUITYShare capital 150.000 150.000 5.487 5.487 0% 2633,8% 0%



Shareholders with capital subscribed and not paid upTreasury sharesOther equity instruments 348.157 348.157 348.157 348.157 0% 0% 0%Supplementary capital 348.157Convertible bondsShare premiumFinancial assets adjustments 2.500 2.500 0%Revaluation surplus 1.688.778 1.688.778 43.981 0% 3739,8%ReservesLegal reservesOther reservesRetained earnings 1.154.952 2.427 52.451 31.146 47493,7

%-95,4% 68,4%

Other equity changesAssets-investment grantsNet result for the period -275.074 1.127.133 -34.074 21.366 -124,4% 3407,9% -259,5%Antecipated dividendsNon-controlling interestsTotal equity 3.069.313 3.318.995 416.002 406.156 -7,5% 697,8% 2,4%LIABILITIESNON CURRENT LIABILITIESProvisionsResponsabilities for benefits after employmentNon current financing obtained 263.079 371.740 417.842 440.634 -29,2% -11% -5,2%Shareholders 317.897 317.897 0%Deferred tax liabilities 496.461 496.461 0%Other non current payable accountsTotal non current liabilities 759.540 868.202 417.842 440.634 -12,5% 107,8% -5,2%CURRENT LIABILITIESCurrent financing obtained 313.230 309.954 39.386 52.234 1,1% 687% -24,6%Advances on salesSuppliers 73.383 42.147 27.183 35.467 74,1% 55% -23,4%Suppliers-current account 73.383 42.147 27.183 35.467 74,1% 55% -23,4%Suppliers-bills of exchangeShareholders 255.715 182.770 39,9%Advances from clients 14.598 11.234 7.205 2.882 29,9% 55,9% 150%State and other public bodies 47.894 49.187 37.157 33.446 -2,6% 32,4% 11,1%Other current payable accounts 77.742 65.973 179.197 180.543 17,8% -63,2% -0,7%Employees 5.621Accrued expenses 55.069 54.000 2%Other creditors 6.442 1.442 179.197 180.543 346,8% -99,2% -0,7%DeferredsAvailable-for-sale financial liabilitiesOther financial liabilitiesNon current liabilities held-for-saleOther current liabilitiesTotal current liabilities 526.846 478.494 545.843 487.342 10,1% -12,3% 12%Total liabilities 1.286.386 1.346.696 963.685 927.976 -4,5% 39,7% 3,8%Total equity and liabilities 4.355.699 4.665.691 1.379.687 1.334.132 -6,6% 238,2% 3,4%AnnexEnvironmental expensesEnvironmental penaltiesIndemnitiesGrants - assets (to investment)Reimbursed grants - assets (to investment) for the periodLoans obtained



Overdue loansTrade receivables (nets of advances)General GovernmentClients - external marketsSuppliers - external marketsInvestment suppliers - external marketsContigent assetsContigent liabilities

Detailed Income Statement(Amounts in euros)

SNC SNC POC POC2011 2010 2009 2008 11/10 10/09 09/08

Accounting Model: NCRFREVENUES AND EXPENSESTurnover 396.323 381.388 316.873 363.652 3,9% 20,4% -12,9%Sales 76Merchandises 76ProductsBiological assetsServices 396.323 381.388 316.873 363.576 3,9% 20,4% -12,8%Operating grants 6.784Gains/Losses imputaded to subsidiaries, associated, joint ventures

-120.381 1.329.269 -109,1%

Dividends-revenuesNon residents companiesRevenues and gains-subsidiaries, associated, joint ventures

1.329.269

Non residents companiesExpenses and losses-subsidiaries, associated, joint ventures

120.381

Non residents companiesInventories of production changeOwn work capitalizedCost of goods sold and consumed 3.046 3.255 292 -6,4%MerchandisesRaw materials 3.046 3.255 292 -6,4%Bioligical assetsExternal supplies and services 248.998 274.529 189.939 209.615 -9,3% 44,5% -9,4%Subcontracts 5.227 2.602 6.581 14.951 100,9% -60,5% -56%Specialized services 85.055 111.217 92.484 93.566 -23,5% 20,3% -1,2%Specialized labour 15.680 23.422 26.506 17.447 -33,1% -11,6% 51,9%Agency workersAdvertising and promotion 1.579 3.360 440 -53% 663,7%Security 2.621 2.201 2.401 1.604 19,1% -8,3% 49,7%Fees 327 707 2.119 -53,7% -66,6%Commissions 20.154 14.471 8.523 4.741 39,3% 69,8% 79,8%Maintenance and repairs 46.569 69.217 50.987 67.215 -32,7% 35,8% -24,1%Other specialized services 32Materials 29.831 12.203 5.740 9.490 144,5% 112,6% -39,5%Tools 24.569 8.952 4.419 7.719 174,5% 102,6% -42,8%Books and technical documentation 88 12 630,8%Office supplies 4.669 3.058 1.017 1.688 52,7% 200,7% -39,8%Articles for gift 594 193 217 71 206,9% -10,7% 206%Other materialsEnergy and fluids 47.941 51.264 49.028 62.052 -6,5% 4,6% -21%Electricity 17.217 20.500 16.696 17.792 -16% 22,8% -6,2%Fuel 17.154 17.902 16.415 15.615 -4,2% 9,1% 5,1%



Water 13.551 12.863 15.117 28.645 5,4% -14,9% -47,2%Other 19 801Transportation, travel and accomodation expenses 3.753 6.752 5.716 5.365 -44,4% 18,1% 6,5%Travel and accomodation expenses 3.724 6.713 5.716 5.365 -44,5% 17,4% 6,5%Transport of employees 13Transport of goods 29 26 11,5%OtherMiscelaneous services 77.190 90.490 30.391 24.191 -14,7% 197,8% 25,6%Rents and rentals 55.727 62.638 4.481 2.273 -11% 1297,9% 97,1%Communications 8.092 8.171 10.322 9.768 -1% -20,8% 5,7%Insurance 6.085 4.933 2.770 2.306 23,3% 78,1% 20,1%RoyaltiesLegal expenses 489 1.677 1.140 177 -70,8% 47,1% 545,4%Representation expenses 2.630 6.046 3.499 4.535 -56,5% 72,8% -22,8%Cleaning, hygiene and comfort 4.164 6.907 5.974 5.063 -39,7% 15,6% 18%Other services 3 118 2.205 70 -97,5% -94,7% 3049,5%Employees expenses 137.124 159.861 131.924 121.055 -14,2% 21,2% 9%Remunerations 109.452 127.397 100.097 96.810 -14,1% 27,3% 3,4%Distribution of profits to employeesAfter employment benefitsIndemnitiesCharges on remuneration 21.327 23.132 20.938 18.397 -7,8% 10,5% 13,8%Insurance 2.101 327 5.586 3.389 542% -94,1% 64,8%Social action expenses 2.846 4.485 3.858 973 -36,5% 16,3% 296,5%Other employees expenses 1.398 4.519 1.447 1.486 -69,1% 212,4% -2,7%TrainingImpairment of inventories (losses/reversions)Impairment losses-inventoriesReversions-inventoriesImpairment of debts (losses/reversions)Impairment losses-clients debtsReversions-clients debtsImpairment losses-other receivable debtsReversions-other receivable debtsProvisions (increases/decreases)ProvisionsTax claimsGuarantees to clientsLegal claimsWork accident and occupational diseasesEnvironmental risksOnerous contractsRestructuringsOther provisionsReversions of provisionsImparity of non depreciable/amortisable investments (losses/reversions)Losses of imparity-financial investmentsReversions of impairment losses-financial investmentsImpairment-other (losses/reversions)Increases/decreases of fair value 1.674Gains from increases of fair value 1.674Losses from decreases of fair valueOther revenues and gains 70.288 96.881 -27,4%Supplementary revenues 66.149 87.514 87.514 87.152 -24,4% 0% 0,4%Cash discounts revenues 1 221 2 0 -99,6% 9058,5% 7933,3%



Recollect of debtsInventories gainsRevenues and gains in remainder financial assetsRevenues and gains in non financial investments 8.826Interests from bank depositsInterests from other aplications of liquidityInterests from financing associatedInterests from financing subsidiariesOther non specified revenues and gains 49Other expenses and losses 22.723 22.440 1,3%Taxes 5.623 5.949 5.870 4.825 -5,5% 1,3% 21,7%Direct taxes 4.714 5.404 5.097 4.364 -12,8% 6% 16,8%Indirect taxes 858 452 773 461 90% -41,6% 67,7%Surcharges 51 93 -44,7%Cash discounts expenses 0Uncollectible debtsInventories lossesPrior periods adjustments 5.931 7.314 10.646 2.222 -18,9% -31,3% 379,1%Donations 477 2 23725,5

%Contributions to entrepreneurial associations 462 346 33,3%Offers and samples of inventoriesLosses in financial instrumentsExpenses and losses in other financial investmentsExpenses and losses in non financial investmentsNon specified expenses and losses 2.222Results before impairment of inventories-receivable debts, interests, depreciation and amortisation

-65.660 1.355.910 65.362 111.898 -104,8% 1974,5% -41,6%

Result before taxes, interests, depreciation and amortisation

-65.660 1.355.910 -104,8%

Expenses/reversions of depreciation and amortisation

194.882 218.573 78.236 70.688 -10,8% 179,4% 10,7%

Imparities of depreciable/amortisable investments (losses/reversions)Amortisations of intangible assets for the periodGoodwill - amortisations for the periodDepreciations for the period - tangible fixed assets 199.699 224.717 78.236 70.688 -11,1% 187,2% 10,7%Depreciations for the period-investment propertiesReversions of depreciations and amortisations 4.817 3.000 60,6%Operating result before non recurrent and financial activities

-122.040 -180.880 -1.582 43.799 32,5% -11332% -103,6%

Result before interests and taxes -260.542 1.137.336 -12.874 41.210 -122,9% 8934,3% -131,2%Interests and similary revenuesInterests-revenues from financing obtainedInterests and similary expenses 9.649 7.320 31,8%Interests-expenses from financing obtained 6.585 4.745 38,8%Exchange differences on translating foreign financing activities-lossesOther expenses and losses from financing obtained

3.064 2.574 19%

Result before taxes -270.192 1.130.017 -30.811 22.270 -123,9% 3767,5% -238,4%Income tax for the period 4.882 2.883 3.262 904 69,3% -11,6% 261,1%Net result for the period -275.074 1.127.133 -34.074 21.366 -124,4% 3407,9% -259,5%Net result-discontinued activities 275.074Autonomous tributation 2.883Efective income tax rateInterests-expenses 9.676 8.324 10.261 11.188 16,3% -18,9% -8,3%Other financial expenses and losses 8.457 7.351 7.677 7.753 15% -4,2% -1%Interests-revenues 31



Foreign exchange differences-gains 5 18 -71,4%Foreign exchange differences-losses

Detailed Cash Flow Statement(Amounts in euros)

SNC SNC POC POC2011 2010 2009 2008 11/10 10/09 09/08

Accounting Model: NCRFCASH FLOWS FROM OPERATING ACTIVITIESReceipts from clients 577.327 395.968 45,8%Payments to suppliers 284.990 262.020 8,8%Payments to employees 87.150 128.010 -31,9%Cash generated from operations 205.186 5.937 3355,8%Income tax paid/recovered -19.970 -2.350 -749,8%Other receipts/payments related to operating activities

-34.769 -3.226 -977,7%

Cash flows from operating activities 150.448 361 41537,1%

CASH FLOWS FROM INVESTING ACTIVITIESPayments - investmentTangible fixed assets 26.972 79.737 -66,2%Intangible assetsFinancial investmentsOther assetsReceipts - investmentTangible fixed assets 10.030Intangible assetsFinancial investmentsOther assetsInvestment grantsInterests receivedDividends receivedCash flows from investing activities -26.972 -69.707 61,3%CASH FLOWS FROM FINANCING ACTIVITIESReceipts - financingFinancing obtained 66.014Achievements of capital and other equity instruments

54.542

Coverage of lossesDonationsOther financing operations 63.175Payments - financingFinancing obtained 105.387 99.124 6,3%Interests paid 18.135 15.675 15,7%Dividends paidReductions of capital and other equity instrumentsOther financing operationsCash flows from financing activities -123.522 68.933 -279,2%Variation in cash and cash equivalents -46 -413 88,8%Effect of currency translationCash and cash equivalents at begining of period 48 461 -89,6%Cash and cash equivalents at the end of period 2 48 -96,5%AnnexCash and cash equivalents non availableNon life insurance indemnitiesOperating grants 6.784

Approval of the Annual Financial Statements



2011The accounts were approved in 2012-03-31

The deliberation was by Unanimity

Percentage of votes cast corresponding to the subscribed capital with voting rights 100,00%

The resolution of the accounts approval is properly titled in the manner provided by article 63 of the Code of Commercial Companies (CSC)

The accounts were approved in General Assembly

The accounts were approved in POC/SNC/NCM2010The accounts were approved in 2011-07-31

Percentage of votes cast corresponding to the subscribed capital with voting rights 100,00%

The accounts were approved in General Assembly

The accounts were approved in POC/SNC/NCMApplication of the results according to the resolution which approved the accounts

2011 2010Retained earnings 879.878 1.129.560BALANCE 879.878 1.129.560Legal Certification of Accounts and Auditors Report

2011Management ReportThe management report and the accounts were prepared and signed by all members of management / administration.Opinion of the Supervisory BoardThe entity has a Supervisory Board, which issued an opinion

The Supervisory Board approved the accountsCertification of AccountsThe entity is obliged to have the accounts certificated by OAR/OARS

It was issued the certification of accounts unconditional2010Management ReportThe management report and the accounts were prepared and signed by all members of management / administration.Opinion of the Supervisory BoardThe entity has a Supervisory Board, which issued an opinion

The Supervisory Board approved the accountsCertification of AccountsThe entity is obliged to have the accounts certificated by OAR/OARS

It was issued the certification of accounts unconditional

Local Agent Further Information

NONE

Contact Details at Graydon International Department



Graydon International Customer Services Department Email: [email protected]. +44 (0)20 8515 1485

*** End of Report ***



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Mouragolf Company accounts 2

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