1 El Sector Inmobiliario en la Comunidad Valenciana a través de 21 grandes empresas (2003-2004)

El Sector Inmobiliario en la Comunidad Valenciana a travs de 21 grandes empresas(2003-2004)

PresentacinUsuariosCaractersticas fundamentales del sector inmobiliarioProceso de elaboracinSociedades incluidasCuenta de resultadosBalance de situacinConclusionesRetos prximos

PRESENTACIN

El proceso de seleccin se ha realizado en base a diferentes registros de informacin, que seleccionados en base al volumen de facturacin y pidiendo las cuentas anuales al Registro Mercantil, es posible que alguna sociedad significativa haya quedado fuera de este estudio.El estudio pretende aportar informacin agrupada de uno de los motores econmicos ms dinmicos de la Comunidad Valenciana.Presentacin

Permite el anlisis comparativo de las empresas del sector.Permite a agentes econmicos relacionados con dicho sector tener una aproximacin de la evolucin financiera durante 2004. Tener una visin global del sector a travs de las empresas ms significativas.Presentacin

USUARIOS

Las sociedades del sectorEntidades financierasEmpresas relacionadas con el sectorPosibles inversoresMedios de comunicacinOrganizaciones empresarialesClientes y proveedores del sectorOtros agentes econmicosUsuarios

CARACTERSTICAS FUNDAMENTALES DEL SECTOR INMOBILIARIO

Caractersticas Fundamentales del Sector InmobiliarioEl sector inmobiliario se mantiene como uno de los principales motores econmicos de la Comunidad Valenciana.El sector ha experimentado un ligero crecimiento en la cifra de negocio. Consecuencia fundamentalmente del aumento en precios de venta.La Comunidad Valenciana ha sido durante el 2004 la Comunidad con mayor volumen de transacciones inmobiliarias de viviendas con un 17,7% sobre el total de las transacciones realizadas en Espaa. Dentro de la Comunidad Valenciana, Alicante es la provincia en la que se han realizado ms del 50% de dichas transacciones.La demanda de viviendas se ha visto concentrada, fundamentalmente, en segundas residencias, a pesar del continuo crecimiento del precio medio de las mismas.Incremento del 14% del precio medio por m2 de las viviendas tasadas en la Comunidad Valenciana (1.215 /m2) inferior al incremento de la media espaola (17,4%).

Caractersticas Fundamentales del Sector InmobiliarioDescenso de los tipos de inters con respecto al ao 2003. Mnimo anual en mayo con un tipo de inters en el conjunto de entidades del 3,255%.Los ndices de Esfuerzo y Capacidad para la adquisicin de una vivienda se incrementan en la Comunidad Valenciana por el mayor crecimiento del precio medio de la vivienda, pero siguen siendo favorables en relacin a la media nacional.La inversin en vivienda sigue siendo un bien de inversin seguro y estable frente a otras alternativas de inversin.Contina fuerte la demanda de no residentes.

PROCESO DE ELABORACIN

Proceso de elaboracinSeleccin de las principales empresas del sector por cifra de ventasObtencin de sus cuentas anuales o estados financieros a travs del Registro MercantilTratamiento y anlisis de la informacin financiera incluida en dichas cuentasPreparacin del estudio

SOCIEDADES INCLUIDAS EN EL ESTUDIO

Sociedades incluidas en el estudioCALVIGA, S.A.COLMAR GROUP SPAIN, S.A.CONSTRUCCIONES HISPANO GERMANAS, S.A.ECISA, CA GENERAL DE CONSTRUCTORAS, S.A.EDIFICACIONES CALPE, S.A.EDIFICIOS VALENCIA, S.A.GRUPO ALICANTE URBANA, S.L.HANSA URBANA, S.A.INMOBILIARIA GUADALMEDINA, S.A.JESS QUESADA SERVICIOS, S.L.MOORSTYLE ESPAA, S.L.PROCAMVASA, S.A.

Sociedades incluidas en el estudioPROMOCIONES Y FOMENTO TURISTICO, S.A.PROMOCIONES EURO-HOUSE 2010, S.L.RESIDENCIAL VISTA ALEGRE, S.A.SOCIEDAD ANNIMA MUNICIPAL DE ACTUACIONES URBANAS DE VALENCIATORREVIAS, S.L.TORREVISA, S.A.URBANIZADORA VILLAMARTN, S.A.VALENCIA URBANA, S.A.VIVIENDAS JARDIN, S.L.(Las empresas han sido seleccionadas por volumen de facturacin. No obstante puede haber quedado fuera del estudio alguna sociedad con mayor importe de ventas por falta de disponibilidad de sus Cuentas Anuales en el Registro Mercantil).

CUENTA DE RESULTADOS

Cuenta de resultadosIncremento de un 7,8% en la cifra de negocios del grupo de 21 empresas analizadas.La cifra de negocios alcanz los 1.312 millones de euros en el 2004.Se muestra una gran dispersin de la cifra de negocio. El promedio se situara en torno a 62 millones de euros en 2004, mientras que hay ciertas empresas en las que el nivel de facturacin ha alcanzado los 140 millones de euros.De la informacin proporcionada por 14 de las empresas incluidas en el estudio, se desprende que un 74% de la cifra de negocios corresponde a venta de edificaciones y locales, un 21% venta de terrenos y un 5% a otros ingresos.Millones de Euros

Cuenta de resultadosEn el ejercicio 2004 el margen bruto ha mantenido los niveles en torno al 53,3% de la cifra de ventas, llegando a alcanzar los 700 millones de euros frente a los 560 del 2003.El incremento en los precios de venta de las viviendas ha sido sensiblemente superior al crecimiento de los costes de las principales materias primas, mano de obra y valor del suelo. Margen Bruto

Grfico2

0.4597629143

0.5333809889

Evolucin del margen bruto

Datos

Relacin de empresas utilizadas para el estudio del sector

CRITERIOCRITERIO

IMPUTACINIMPUTACINDESGLOSADESGLOSA%COMPROMISOS

Nm.Denominacin Social CompletaAbreviadoCC.AA.PoblacinINGRESOSGTOS FROSINGRESOSTIPO DE EXISTENCIAUTE A INGRESOSFIRMES DE VENTA

1HANSA URBANA, S.A.HANSA3ALICANTEESCR.PUBLICASI ACTIVASISINO DICE NADANO DETALLADO

2EDIFICACIONES CALPE, S.A.EDIF.CALPE3BENIDORM100%NO ACTIVASISINONO DETALLADO

3TORREVIAS, S.L.TORREVIAS3TORREVIEJANO DICE NADANO DICE NADANO DICE NADANO DICE NADANO DICE NADANO DICE NADA

4INVERCON REIGO, S.L.INVERCON3JACARILLANO DICE NADANO DICE NADANO DICE NADANO DICE NADANO DICE NADANO DETALLADO

5ECISA CIA. GENERAL DE CONSTRUCCIONES, S.A.ECISA3ALICANTENO DICE NADANO DICE NADANO DICE NADANONO INFORMACIONNO DETALLADO

6INMOBILIARIA GUADALMEDINA, S.A.GUADALMEDINA3VALENCIA100%NO ACTIVASISINO90231000

7PROMOCION Y FOMENTO TURISTICO,S.A.PROM Y FOM UR3ORIHUELAESCR.PUBLICANO DICE NADASISINO DICE NADANO DICE NADA

8TORREVISA, S.A.TORREVISA3TORREVIEJAESCR.PUBLICASI ACTIVATODO VETA DE VIVIENDASSISI INACTIVANO CUANTIFICA

9VALENCIA URBANA, S.A.VAL. URBANA3VALENCIA80%SI ACTIVAtodo vta de viviendas excepto 7737116 euros de ventas de solaresSINO12573576

10URBANIZADORA VILLAMARTIN, S.A.VILLAMARTIN3ORIHUELAESCR.PUBLICANO DICE NADASISINONO CUANTIFICA

11EDIFICIOS VALENCIA, S.AEDIVAL3VALENCIA100%NOSISINO14590737

12PROMOCIONES EURO-HOUSE 2010, S.L.PROM.EURO HOUSE3ORIHUELANO DICE NADANO DICE NADANONONONO DICE NADA

13JESUS QUESADA SERVICIOS, S.L.J.QUESADA3ROJALESNO DICE NADANO DICE NADASISINONO DICE NADA

14VIVIENDAS JARDIN, S.L.V.JARDIN3VALENCIASUSTANCIALMENTE TERMINADASSI ACTIVASISINO52917000

15CONSTRUCCIONES HISPANO GERMANS, S.A.H.GERMANS3DENIANO DICE NADANO DICE NADASINONONO DICE NADA

16RESIDENCIAL VISTA ALEGRE, S.A.VISTA ALEGRE3TORREVIEJANO DICE NADANO DICE NADANO DICE NADANO DICE NADANO DICE NADANO DICE NADA

17CALVIGA, S.A.CALVIGA3CASTELLNESCR.PUBLICANOSISISI (proporcional)32,317,362URBANISMO

18BALCN DE PONOCH, S.LB.PONOCH3LLIRIA100%NO DICE NADANONONO DICE NADANO DICE NADA

19GESFESA-VALENCIA, S.L.GESFESA3VALENCIASUSTANCIALMENTE TERMINADASSI ACTIVASISINO18,012,000

20MOORSTYLE ESPAA, S.L.MOORSTYLE3TORREVIEJAESCR.PUBLICANO DICE NADASISINONO DICE NADA

21COLMAR GROUP SPAIN SACOLMAR GROUP3ALICANTENO DICE NADANONONONO DICE NADA

22PROCAMVASA,S.A.PROCAMVASA3VALENCIANO DICE NADANO DICE NADA

2000

Datos empresas ejercicio 2000 ( en euros )

123456789101112131415161718192021

ACTIVOHANSAEDIF. CALPETORREVIASINVERCONECISAGUADALMEDINAS.A.MTORREVISAVAL. URBANAVILLAMARTINEDIVALPROM.EURO HOUSEJ.QUESADAV.JARDINH.GERMANSVISTA ALEGRECALVIGAINM. MEDIT.PROM.MUN.ELCHEGESFESAMOORSTYLETOTAL

ACCIONISTAS DESEMBOLSOS NO EXIGIDOS0.00.00.00.00.00.00.00.0

GASTOS DE ESTABLECIMIENTO133,9900.0960.024,95451,807138,9850.08708,3270.00.00.08,511100,292467,832

INMOVILIZACIONES INMATERIALES12,546,5602,769,93924,2756,787631,93231,05446,52410,06164,77138,91035,772217,11512,566,01115,94010,5780.05,0682,068,01242,69031,131,999

INMOVILIZACIONES MATERIALES55,511,56875,474,033301,924603,4564,404,55743,964,6544,923,738123,6531,797,27051,139,9221,284,28440,6931,489,245207,2863,068,602192,390724,225445,1374,572,925171,258250,440,820

INMOVILIZACIONES FINANCIERAS279,23031,879,4334,037,858135,5284,315,45231,048,8681,509,7666,766,9997,763,204364,45017,523,350455,215888,01636,0471,168,3191,7613,495,23416,227.006,01013,814,283608,951126,114,201

ACCIONES PROPIAS4,018,19580,5356,010,1210.0252,425413,4920.00.00.00.010,774,768

DEUDORES A LARGO PLAZO1,251,02319,866,5620.08,901,0430.014,958,3800.00.00.00.00.01,765,28346,742,291

GASTOS A DISTRIBUIR EN VARIOS EJERCICIOS2,737,26125,92514,37034,84111,040562,0066,24312,755358,3530.00.0411,711245,1842,0074,421,696

EXISTENCIAS157,746,39494,942,02817,561,49035,595,6202,994,58234,014,08224,211,05749,575,22365,952,69023,430,16233,920,20326,795,64815,947,21159,120,2555,659,72113,062,45142,643,30711,126,968.0010,923,59228,156,86615,573,342768,952,891

DEUDORES A CORTO PLAZO8,963,57243,872,10127,01012,340,60521,538,98714,913,5929,243,5724,171,9086,945,5498,951,3548,652,814773,19735,661,48031,106,309478,80231,57713,238,2441,179,578.001,581,67414,092,73890,633237,855,296

Clientes por ventas y prestacin de servicios5,772,38338,995,58527,01012,340,60519,141,5855,014,340628,148188,2015,491,0995,940,2298,208,497773,19732,054,75329,135,636134,89131,5778,892,3091,179,578.001,401,00113,507,59115,512188,873,727

Empresas del grupo y asociadas, deudores1,423,73229,2121,821,9817,242,1062,071,9110.0172,42680,542705,86813,547,777

Otros deudores no comerciales2,002,6875,940,1372,398,9739,899,2521,373,3193,983,7071,454,450939,214574,3703,451,0002,213,472312,7923,685,106180,673616,56675,12139,100,838

Provisiones(235,230)(1,092,832)(1,823,552)0.0(130,053)(16,699)(242,799)(49,423)(45,039)(31,419)(3,667,045)

INVERSIONES FINANCIERAS TEMPORALES6,225,5682,039,19511,859,003388,015353,3601,300,7773,728,15630,6704,156,092460,8321,756,5207,9016,3193,4883,518,475432,091189,097.004,600,8751,953,287722,89143,732,614

TESORERIA409,5761,402,5272,757,7021,116,9982,541,6621,235,302206,7183,289,953232,871358,9421,611,049701,6161,287,819499,74733,4182,947,718192,66794,134.00668,781104,9741,191,18822,885,362

AJUSTES POR PERIODIFICACION0.07,823144,0817,17015,3263,809,47920,17013,4270.07,880,469199,6670.00.06,316526,4563,210,07215,840,456

TOTAL ACTIVO245,804,742276,297,76136,569,26250,187,10537,019,518141,426,66343,944,65367,829,753102,208,50684,329,77164,480,36730,565,77463,392,011104,108,32110,428,29019,764,95061,137,47912,606,004.0020,011,24765,635,01721,613,0321,559,360,226

0

PASIVO

FONDOS PROPIOS79,574,16750,625,49218,720,2171,848,9975,439,60242,368,12616,073,65411,150,5309,462,57213,627,84716,168,932234,682982,49911,562,6894,059,2413,492,8546,064,3001,382,448.0016,296,0986,978,6564,038,471320,152,073

Capital suscrito42,070,700420,7086,0103,0052,704,5542,220,8609,195,4855,587,7787,000,0001,803,036402,67833,600150,2539,018,005483,78090,152661,714700,000.0011,766,2112,305,603120,20296,744,335

Reservas y prima de emisin30,307,72443,124,57514,790,8901,590,9232,034,79337,394,6496,803,5653,154,0822,025,2308,233,25912,574,9460.0495,0711,377,7453,151,8674,132,0904,273,287747,181.004,492,7514,092,3912,927,999187,725,018

Resultado del ejercicio7,195,7437,080,2083,923,317255,069700,2542,752,61774,6042,408,670437,3423,591,5523,191,308201,082337,1751,166,939423,594(545,322)1,129,299(64,733.00)37,136580,662990,27035,866,785

Resultados negativos de ejercicios anteriores0.00.00.00.00.0(184,066)0.0(184,066)

Dividendo a cuenta0.00.00.00.00.00.00.00.00.0

Acciones propias para reduccin de capital0000.000000.0

Diferencia negativa de fusin000.00000.0

DIFERENCIA NEGATIVA DE CONSOLIDACION0.00.00.00.00.00.00.00.00.00.0

INGRESOS A DISTRIBUIR VARIOS EJERCICIOS943,853356,68348,99523,9731,870,6384,093,590294,0390.00.0619,0421750.0401,047,83210,0949,308,954

PROVISION PARA RIESGOS Y GASTOS510,2752,818,9650.078,3720.0315,2610.014,247183,741127,8200.00.04,048,681

ACREEDORES A LARGO PLAZO84,540,26847,564,987713,3958,172,0573,690,38752,065,9602,985,486102,16066,093,00013,032,06920,392,0222,492,482715,17341,415,1592,569,9513,818,18816,753,5362,713,687.000.030,542,04116,089400,388,096

Obligaciones y bonos0.00.00.00.00.00.00.0

Con entidades de crdito66,191,70542,656,197713,3958,172,0572,991,84327,441,4492,567,025102,16052,000,0742,704,5489,711,3402,492,482715,17341,415,159160,7769,356,6052,713,687.0026,283,30816,089298,405,072

Deudas con empresas del grupo y asociadas0.011,032,875385,4770.0229,7397,171,5511,015,41619,835,058

Otros acreedores18,348,5634,908,791624,03113,591,63632,98414,092,92610,327,52110,658,1442,129,4363,818,1880.03,243,31781,775,536

Desembolsos pdtes. s/ acciones no exigidos0.074,5130.022,53850,000225,380372,430

ACREEDORES A CORTO PLAZO80,236,179174,931,63417,086,65540,166,05127,865,55745,043,56717,251,13956,577,06326,652,93457,375,81627,604,15227,838,61061,061,05050,946,7323,662,35012,453,90838,319,6038,509,869.002,667,31728,104,22617,558,472821,912,884

Obligaciones y bonos0.00.00.00.00.00.00.0

Con entidades de crdito19,629,75823,463,76440,166,05113,038,59420,511,840842,715310,0207,338,3155,197,24015,812,92327,838,610139,23216,269,4241,281,7904,679,4328,509,869.0015,420,37724,371220,474,327

Deudas con empresas del grupo y asociadas171,5651,287,92017,086,6550.0430,2521,001,2443,264,3670.01,803,03684,6983,925,96729,055,705

Acreedores comerciales52,984,680143,861,81614,025,0529,553,56214,846,94055,693,74818,273,56847,208,8999,594,48758,780,33527,506,4851,818,27112,453,90828,454,8581,929,87710,658,48417,333,940524,978,911

Otras deudas no comerciales3,433,7626,318,133801,9119,442,147558,406573,2951,041,0511,632,1021,770,3842,141,4831,509,499477,5161,259,345511,084961,736200,16132,632,015

Provisiones para operaciones de trfico4,016,41405,105,7661,83373,208426,3583,858,288750226,3561,063,62914,771,927

AJUSTES POR PERIODIFICACION0.00.00.00.00.00.03,540,7850.00.00.00.00.00.00.08,7530.00.00.00.00.00.03,549,538

TOTAL PASIVO245,804,742276,297,76136,569,26250,187,10537,019,518141,426,66343,944,65367,829,753102,208,50684,329,77164,480,36730,565,77463,392,011104,108,32110,428,29019,764,95061,137,47912,606,004.0020,011,24765,635,01721,613,0321,559,360,226

0

Cuadre:0.000.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.01

CUENTA DE PERDIDAS Y GANANCIAS

Ingresos104,571,11080,494,42730,594,82840,372,23649,362,95320,207,23022,416,86244,186,72325,402,95125,774,32026,244,2215,110,55919,177,32656,864,7555,804,902252,58137,501,73926,5261,744,49222,700,35815,399,421634,210,520

Importe neto de la cifra de negocios66,880,73345,665,89830,586,14340,354,05049,707,53417,947,50818,267,33044,108,59120,582,96325,448,07332,715,0725,110,55912,604,14433,687,3304,046,175251,62622,944,63926,5261,650,80124,809,37310,612,822508,007,89124,190,852

Var. de existencias de producto terminado y en curso29,566,77815,967,692(379,472)2,258,0634,020,0024,783,865(6,716,148)6,556,28723,092,027411,06014,526,762(2,132,639)4,786,59996,740,875

Otros ingresos de explotacin65,395864,0988,68518,18634,8901,659129,53078,13236,123326,247245,29716,89585,39823,20695617,33693,69123,6242,069,348

Trabajos realizados para el inmovilizado8,058,20417,996,7390.00.00.01,324,46113,00227,392,406

Ingresos a distr. en varios ejercicios transferidos al rtdo.0.00.00.00.00.0

Coste de las Ventas77,482,42152,627,52318,750,74830,784,75137,533,2287,474,60121,342,36729,664,80921,720,86815,340,40117,487,5530.015,025,07243,532,4503,489,962(1,046,302)32,345,83825,0571,509,48516,690,68310,992,547452,774,062

Consumos de materias primas y otros aprovisionamientos45,373,91451,681,35218,750,74830,784,75116,301,4477,474,60121,342,367827,67815,340,40117,487,55313,236,49843,532,450467,827(1,046,302)18,002,96225,0571,509,4854,842,7266,712,247312,647,762

Otros gastos externos32,108,507946,17121,231,7800.029,664,80920,893,1900.01,788,5743,022,13514,342,87711,847,9574,280,300140,126,300

Margen Bruto27,088,68927,866,90411,844,0809,587,48511,829,72512,732,6291,074,49514,521,9143,682,08310,433,9198,756,6685,110,5594,152,25413,332,3052,314,9401,298,8835,155,9001,469235,0076,009,6754,406,874181,436,458

Gastos explotacin12,436,40515,186,8185,771,7478,436,9429,395,96311,421,7361,028,24210,698,7302,405,9484,352,9624,250,6044,725,1413,697,6068,465,0011,633,1131,822,7862,607,632112,624569,0522,819,2022,891,434114,729,687

Gastos de personal1,992,4424,072,8231,915,738200,5695,097,2316,658,553660,242319,648960,126881,9911,906,75927,583265,084801,592488,214407,5640.0317,769656,828410,31128,041,068

Dotaciones a la amortizacin del inmovilizado1,867,3761,841,28976,154474,2601,122,745148,05340,310104,238381,510130,1314,48498,4491,621,22790,88022,9711,2867,49423,49091,51541,3508,189,212

Variacin de provisiones de trfico1,749,6421,005,409237,0771,175,219(259,463)584,1180.0(183,802)17,1500.040,045(984)(35,094)1,070,550(8,239)5,391,628

Otros gastos de explotacin6,826,9458,267,2973,779,8558,236,3733,587,3942,465,219479,40910,338,7721,341,5843,089,4611,629,5964,693,0743,334,0736,225,9841,036,8691,392,2512,566,301106,114262,8871,000,3092,448,01273,107,779

Resultado Explotacin14,652,28412,680,0876,072,3331,150,5432,433,7621,310,89346,2543,823,1841,276,1356,080,9574,506,064385,419454,6484,867,304681,827(523,902)2,548,268(111,155)(334,045)3,190,4731,515,44066,706,771

Resultado financiero(3,624,731)(2,299,701)(42,269)(791,419)(1,394,392)1,520,988(55,552)(117,534)(605,704)(576,557)(617,474)(65,327)(53,700)(2,695,590)(102,323)(20,014)(769,338)12,530371,633(1,835,591)2,470(13,759,594)

Ingresos Financieros927,6871,608,430847,30742,62179,3934,050,305107,55766,808326,41395,152540,26226,30322,02098,46310,73548,24972,85227,951371,63392,00746,9099,509,058

Gastos Financieros4,552,4183,908,132889,576834,0401,473,7862,529,317163,109184,342932,117671,7091,157,73691,63075,7202,794,053113,05868,263842,19015,4211,927,59844,43923,268,653

Resultado de las actividades ordinarias11,027,55310,380,3866,030,064359,1241,039,3692,831,881(9,298)3,705,650670,4315,504,4003,888,590320,092400,9482,171,714579,504(543,916)1,778,930(98,625)37,5881,354,8821,517,91052,947,177

Resultados Extraordinarios(26,726)505,1285,81633,29198,221274,01984,1660.02,40345,5021,045,803(10,735)117,78327,64627,728(1,406)(41,655)(1,040)(362)(461,881)5,5781,729,278

Ingresos Extraordinarios59,936570,0485,81648,20460,572406,81984,16641,49145,5021,501,2860.0128,967217,42930,6861,26228315411,9504,1055,5783,224,254

Gastos Extraordinarios86,66264,92014,913(37,649)132,8000.039,088455,48310,73511,184189,7832,9582,66841,9381,19412,312465,9861,494,975

Resultado antes de impuestos11,000,82710,885,5146,035,880392,4151,137,5903,105,90074,8683,705,650672,8345,549,9024,934,393309,357518,7312,199,360607,232(545,322)1,737,275(99,665)37,226893,0011,523,48854,676,455

Impuesto de sociedades3,805,0843,805,3052,112,563137,346437,336353,2832641,296,980235,4921,958,3501,743,085108,275181,5561,032,421183,6380.0607,977(34,932)90312,339533,21818,809,670

Resultado despus de impuestos7,195,7437,080,2083,923,317255,069700,2542,752,61774,6042,408,670437,3423,591,5523,191,308201,082337,1751,166,939423,594(545,322)1,129,299(64,733)37,136580,662990,27035,866,785

Cuadre:0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Cuadre del Rdo de PL con el de Bce:0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.01

ANALISIS PATRIMONIAL ESTATICO

Activo

Inmovilizaciones inmateriales/Inmovilizado total18.32%2.43%0.56%0.91%6.70%0.04%0.72%0.14%0.00%0.13%0.20%6.72%8.37%98.04%0.37%5.17%0.00%0.00%1.09%10.06%5.19%7.43%

Inmovilizaciones financieras/Inmovilizado total0.41%27.93%92.53%18.17%45.75%38.31%23.21%97.33%78.01%0.71%90.98%85.48%34.23%0.28%27.47%0.86%82.84%100.00%1.29%67.20%74.00%30.10%

Inmovilizaciones materiales/Inmovilizado total81.07%66.12%6.92%80.91%46.70%54.24%75.69%1.78%18.06%99.17%6.67%7.64%57.40%1.62%72.15%93.97%17.16%0.00%95.78%22.25%20.81%59.78%

Pasivo

Acreedores/Fondos propios (%)207.07%439.50%95.08%2614.29%580.11%229.20%125.90%508.31%980.13%516.65%296.84%12924.35%6287.66%798.79%153.53%465.87%908.15%811.86%16.37%840.37%435.18%381.79%

Acreedores/Activo total (%)67.04%80.53%48.67%96.32%85.24%68.66%46.05%83.56%90.74%83.49%74.44%99.23%97.45%88.72%59.76%82.33%90.08%89.03%13.33%89.35%81.31%78.38%

Acreedores largo/Acreedores corto plazo105.36%27.19%4.18%20.35%13.24%115.59%17.31%0.18%247.98%22.71%73.87%8.95%1.17%81.29%70.17%30.66%43.72%31.89%0.00%108.67%0.09%48.71%

Acreedores comerciales/Acreedores corto plazo66.04%82.24%0.00%0.00%50.33%21.21%86.06%98.44%68.56%82.28%34.76%0.00%96.26%53.99%49.65%100.00%74.26%0.00%72.35%37.92%98.72%63.87%

ANALISIS DEL CIRCULANTE

Solvencia - capacidad

Activo circulante/Pasivo circulante216.04%81.33%188.48%123.09%98.95%114.27%179.90%107.60%289.98%57.10%161.78%107.86%99.55%178.49%168.22%157.06%147.46%147.94%666.63%159.53%118.39%131.96%

(Activo circulante - Existencias)/Pasivo circulante19.44%27.05%85.70%34.47%88.20%38.76%63.46%19.98%42.53%16.26%38.90%11.61%73.43%62.44%14.05%52.17%36.18%17.19%257.10%59.34%29.70%38.80%

Solvencia - puntualidad

Perodo medio de cobro estimado3325709612188136184997848804270133913113,9922671710123

Perodo medio de pago estimado42382770124187252246160494183021521591131402120397220153177

Existencias/Coste de ventas (das)743658342422291,66141461011085577080387496592-4557481162,0842641616517620

ANALISIS DEL RESULTADO

Rendimiento tcnico: Rtdo. explotacin/Activo5.96%4.59%16.61%2.29%6.57%0.93%0.11%5.64%1.25%7.21%6.99%1.26%0.72%4.68%6.54%-2.65%4.17%-0.88%-1.67%4.86%7.01%4.28%

Rentabilidad media: Rtdo. neto/Fondos Propios9.5%15.0%23.4%14.8%13.8%6.7%0.5%24.2%4.7%30.4%21.9%149.9%41.4%10.1%11.0%(14.5%)20.5%(4.6%)0.2%8.7%27.9%11.9%

Cobertura financiera: Rtdo. explot./Rtdo. financiero(4.0)(5.5)(143.7)(1.5)(1.7)0.9(0.8)(32.5)(2.1)(10.5)(7.3)(5.9)(8.5)(1.8)(6.7)26.2(3.3)(8.9)(0.9)(1.7)613.5(4.8)

Rtdo. act. ordinarias/Rtdo. antes impuestos1.01.01.00.90.90.9(0.1)1.01.01.00.81.00.81.01.01.01.01.01.01.51.01.0

ANALISIS DE LA RENTABILIDAD

Importe neto de la cifra de negocios/Activo0.30.20.80.81.30.10.40.70.20.30.50.20.20.30.40.00.40.00.10.40.50.3

Rtdo. explot./Importe neto de la cifra de negocios21.9%27.8%19.9%2.9%4.9%7.3%0.3%8.7%6.2%23.9%13.8%7.5%3.6%14.4%16.9%(208.2%)11.1%(419.0%)(20.2%)12.9%14.3%13.1%

Rtdo. antes impuestos/Rtdo. explot.0.80.91.00.30.52.41.61.00.50.91.10.81.10.50.91.00.70.9(0.1)0.31.00.8

Rtdo. neto/Rtdo. antes impuestos0.70.70.60.60.60.91.00.60.60.60.60.70.60.50.71.00.70.61.00.70.70.7

Activo/Fondos Propios3.15.52.027.16.83.32.76.110.86.24.0130.264.59.02.65.710.19.11.29.45.44.9

Rentabilidad financiera9.0%14.0%21.0%13.8%12.9%6.5%0.5%21.6%4.6%26.4%19.7%85.7%34.3%10.1%10.4%(15.6%)18.6%(4.7%)0.2%8.3%24.5%11.2%

Endeudamiento (Fondos externos/Propios)2.074.390.9526.145.802.291.265.089.805.172.97129.2462.887.991.544.669.088.120.168.404.351.91Lo multiplicamos por el 50% porque es la informacin disponible de sociedades que poseen prstamos hipotecarios

OTRA INFORMACION

Expresado en eurosDividendos00

0

Amortizacion inmovilizado material DOTACIN0

Coste inmov. material al inicio del ejercicio 20020

Altas ejercicio del ejercicio 20020

elementos totalmente amortizados al inicio ejercicio del 20020

Cuota lquida impuesto Sociedades0

Cash flow9,063,1198,921,4973,999,471255,0691,174,5153,875,362222,6572,448,980541,5803,973,0623,321,439205,565435,6242,788,166514,474-522,3521,130,585-57,23960,626672,1771,031,62044,055,997

Cuentas a cobrar con Grupo1,423,73229,2121,821,98107,242,10600172,426080,542705,868000011,475,866

Cuentas a pagar con grupo171,5651,287,92066,41211,463,1271,386,7210001,803,036314,43711,097,518001,015,416028,606,153

Nmero medio de empleados49195455211322013327

Ritmo amortizacin0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Anticipos de clientes cp60,704,891122,370,4575,677,088894,22833,389,9319,471,31329,617,137055,644,917895,75614,023,93113,582,999346,272,648

Suelo incluido en cifra de existencia (terrenos y solares)69,022,832.013,153,691.013,439,250.003,200,332.098,816,105

Existencias de las sociedades con informacin anterior157,746,394.034,014,082.065,952,690.015,573,342.0273,286,508

Suelo/existencias43.8%0.0%0.0%0.0%0.0%38.7%0.0%0.0%20.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%20.6%36.2%

Informacin relativa a los auditores:

Nombre/Firma del auditor

Corporacin a la que pertenecenIACJCIACJCIACJCIACJCIACJCREAIACJCIACJCIACJCREAIACJCIACJCIACJCREAREA

Tipo de opinin (poner nmero)111212121111211121

Honorarios del auditor:

Por servicios de auditora

Por otros servicios

000000000000000000000

CUENTAS ABREVIADAS.

CUENTAS ABREVIADAS.

CUENTAS ABREVIADAS.

CUENTAS ABREVIADAS.

CUENTAS ABREVIADAS.

fnava:CCAA abreviadas

iromero:no da informacin


iromero:no hay datos


iromero:son mp y otros aprovisionamientos

iromero:mp y otros aprovisionamientos

iromero:NO INDICA QUE SEAN SOLARES DICE MP

La Sociedad no est obligada a someter sus cuentas a verificacin de Auditor.



mvalldeperez:IACJC Comunidad ValencianaREAREGA

mvalldeperez:1 Favorable (sin salvedades)2 Con Salvedades3 Denegada4 Desfavorable

2001


ACTIVOHANSAEDIF.CALPETORREVIASINVERCONECISAGUADALMEDINAS.A.MTORREVISAVAL. URBANAVILLAMARTINEDIVALPROM.EURO HOUSEJ.QUESADAV.JARDINH.GERMANSVISTA ALEGRECALVIGAINM. MEDIT.PROM.MUN.ELCHEGESFESAMOORSTYLETOTAL

ACCIONISTAS DESEMBOLSOS NO EXIGIDOS0.0

GASTOS DE ESTABLECIMIENTO7,1947,26034,64219,1712,6765,5515,67083,609165,774

INMOVILIZACIONES INMATERIALES12,704,9472,786,25524,7989,836586,1251,505,83053,36415,42264,668220,54161,58037,548202,90710,990,015178,0809,85714511,2492,057,20554,25331,574,625

INMOVILIZACIONES MATERIALES67,708,32173,539,196502,626800,7834,442,09744,144,2016,100,165118,4901,866,55050,081,299701,7782,792,8861,386,989227,64219,724,045254,66716,82339,928455,1602,634,512157,808277,695,965

INMOVILIZACIONES FINANCIERAS394,29732,162,5983,913,1009,556,1334,883,12320,780,1501,624,2537,663,9682,142,645364,46016,262,8859,384,3121,461,25735,5377,165,5611,4427,595,28923,73936,06113,362,1731,392,948140,205,929

ACCIONES PROPIAS4,018,19580,535700,771413,4925,212,993

DEUDORES A LARGO PLAZO26,061,73416,830,60711,126,03223,053,2520.010,387,9252,037,43189,496,981

GASTOS A DISTRIBUIR EN VARIOS EJERCICIOS1,847,56637,5834,87821,91947550,2635,40112,141192,70019,533371,935186,7412,3683,253,074

ACCIONISTAS DESEMBOLSOS EXIGIDOS0.00.0

EXISTENCIAS138,823,717116,583,27328,286,00424,666,7154,335,50070,452,63434,661,17373,296,34755,386,14240,441,23961,580,99351,074,28025,410,15263,567,78140,229,60515,762,37851,752,11315,983,53715,874,18617,782,54623,270,696969,221,011

DEUDORES A CORTO PLAZO23,509,68437,748,524112,6788,708,46524,255,53825,917,77011,669,3411,581,6906,809,8674,942,4596,132,3421,263,88847,659,56641,720,4774,181,145190,887(1,642,497)1,420,38613,809,69910,082,789449,707270,524,404

Clientes por ventas y prestacin de servicios15,929,32632,834,960112,6788,708,46520,399,03221,871,3291,067,596404,8726,483,0171,816,5594,020,0321,263,88844,724,96340,796,4501,738,115190,8879,997,4431,420,38613,648,4749,557,693236,986,164

Empresas del grupo y asociadas, deudores1,865,97729,2122,561,2398,171,9742,681,818105,275104,6041,658,246(12,024,241)133,8395,287,943

Otros deudores no comerciales6,252,9766,763,6712,876,2314,046,4402,443,8231,176,818364,193444,0822,119,9772,846,6991,080,7641,903,465423,993161,225431,096449,70733,785,160

Provisiones(538,595)(1,879,318)(1,580,964)(14,052)(37,344)(112,942)(16,699)(156,737)(1,118,682)(39,691)(39,838)(5,534,863)

INVERSIONES FINANCIERAS TEMPORALES6,227,212594,55618,172,8512,711,366534,750386,9624,508,6973,448,8006,323,449755,5691,902,429446,8441,437,58719,57516,625,906780,18032,26216,995,8912,243,5651,82184,150,272

TESORERIA584,9192,711,1502,652,6102,187,1942,841,7273,701,5491,316,74514,974,4211,907,5661,685,731584,8762,313,3341,626,952210,84878,5461,823,585332,041140,728183,68962,5272,564,26044,484,997

AJUSTES POR PERIODIFICACION1,567196,056125,2346,87627,56210,776,83238,9820.012,100,84066,126201,1711,0731,8066,210504,0934,506,56928,560,996

TOTAL ACTIVO277,863,964287,207,99153,664,66648,640,49142,089,507178,029,19759,990,480111,910,61198,274,12897,774,71187,043,77868,776,75490,307,647118,454,26471,797,26134,668,72259,206,95717,642,53157,765,74051,037,19132,400,4301,944,547,021

0

PASIVO

FONDOS PROPIOS90,066,73863,548,44423,937,1163,720,1596,863,79847,547,07119,771,45315,522,57410,105,39018,539,75117,688,8371,704,9781,338,93113,172,66527,538,0328,766,5197,458,1991,620,77019,704,6917,549,1446,348,689412,513,950

Capital suscrito42,070,700420,7086,0103,0052,704,5002,221,73712,200,2215,587,7786,300,0001,803,042402,670135,600150,2539,018,0052,907,516137,247661,701700,00011,766,2112,305,556120,202101,622,665

Reservas y prima de emisin36,722,26750,202,72818,714,2011,845,9922,703,57840,146,3896,878,1695,562,7522,591,40211,824,81115,766,262201,082831,9762,544,68421,489,0135,547,4745,402,599682,4483,930,1464,482,0953,918,268241,988,335

Resultado del ejercicio11,273,77112,925,0075,216,9051,871,1621,341,94111,189,066693,0634,372,0451,213,9884,911,8981,519,9051,368,296356,4321,609,9763,141,5023,811,1801,393,899238,3224,008,334761,4932,310,21875,528,403

Resultados negativos de ejercicios anteriores113,7790.0271(729,382)(615,332)

Dividendo a cuenta0.00.0

Acciones propias para reduccin de capital(6,010,121)(6,010,121)

Diferencia negativa de fusin0.0

DIFERENCIA NEGATIVA DE CONSOLIDACION0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

INGRESOS A DISTRIBUIR VARIOS EJERCICIOS3,974,394159,00448,99525,1691,322,4736,292,711248,5430.0309,5211,0521,112,65413,494,515

PROVISION PARA RIESGOS Y GASTOS548,5766,860,3971,280,312379,0367,1951,651,68310,727,200

ACREEDORES A LARGO PLAZO65,330,72359,358,13644,9809,777,3233,800,11258,913,8932,466,11510,36751,543,4762,328,9229,439,04213,446,567457,32141,789,89219,570,3913,565,55221,772,488333,6430.020,023,52321,198383,993,665

Obligaciones y bonos0.0

Con entidades de crdito47,891,57050,858,3249,777,3232,431,19553,821,6321,949,58110,36750,392,0912,328,9229,439,04213,446,567457,32140,417,0723,909,2173,565,5525,937,568333,64318,052,16621,198315,040,353

Deudas con empresas del grupo y asociadas2,506,273473,9521,197,27615,000,00019,177,501

Otros acreedores17,439,1535,993,54044,9801,301,9045,092,26142,5821,151,3851,372,82014,163,3911,948,81848,550,834

Desembolsos pdtes. s/ acciones no exigidos67,013300,506834,92022,5381,224,977

ACREEDORES A CORTO PLAZO117,943,533157,282,01029,633,57535,143,00931,400,42868,965,44823,681,92696,377,67036,625,26176,657,49559,536,86353,625,20988,201,87363,484,51222,830,16022,336,65129,976,27015,688,11836,948,39523,464,52426,030,5431,115,833,474

Obligaciones y bonos0.0

Con entidades de crdito37,598,04041,400,70135,143,00913,166,01835,121,314279,405258,2194,208,8513,969,37226,514,01953,625,20948,44031,770,8647,910,61722,336,65111,268,53015,688,11814,011,1271,198,971355,517,475

Deudas con empresas del grupo y asociadas302,59668,718232,268932,4401,484,0975,150,4961,803,036803,1143,613,48014,390,246

Acreedores comerciales67,506,037112,301,80729,633,57517,150,39120,608,41721,867,45995,102,07031,307,52869,810,12825,067,70485,018,19524,809,90010,933,35414,213,48434,536,3917,792,59324,183,940691,842,970

Otras deudas no comerciales797,2803,510,784851,75110,944,136602,6231,017,3811,108,8831,393,8972,425,3663,135,239479,5962,986,423880,7761,710,357707,920647,63333,200,045

Provisiones para operaciones de trfico11,739,5802,291,581379,2784,621,116196,651701,648952,88420,882,738

AJUSTES POR PERIODIFICACION7,778,2750.0205,9437,984,217

TOTAL PASIVO277,863,964287,207,99153,664,66648,640,49142,089,507178,029,19759,990,480111,910,61198,274,12897,774,71187,043,77868,776,75490,307,647118,454,26471,797,26134,668,72259,206,95717,642,53157,765,74051,037,19132,400,4301,944,547,021

0

Cuadre:0.00.00.690.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0


Ingresos101,295,404102,825,61834,221,91268,764,03857,950,54065,233,52933,051,63961,697,85944,601,21632,813,33821,519,16025,756,76728,353,52838,486,87137,320,71224,371,23332,506,2715,091,11410,715,75824,893,40024,844,987876,314,895

Importe neto de la cifra de negocios90,735,14195,561,91534,097,18468,539,09256,702,52564,691,98721,342,63761,619,03044,528,80532,302,0399,738,69825,748,50823,160,08838,330,60830,417,11424,366,69029,890,6414,719,96610,715,75823,899,80521,030,730812,138,96138,673,284

Var. de existencias de producto terminado y en curso5,934,5081,189,69511,527,66511,457,8155,162,3794,738,2772,611,5543,810,05046,431,943

Otros ingresos de explotacin87,3351,329,195124,728224,94658,3212,999181,33778,82972,411511,299322,6478,25931,062156,263198,8574,5444,075371,14812,4384,2073,784,899

Trabajos realizados para el inmovilizado10,472,928538,5430.01,966,464981,15713,959,091

Ingresos a distr. en varios ejercicios transferidos al rtdo.0.0

Coste de las Ventas59,147,20857,016,41918,328,62757,096,40345,766,66436,065,49830,895,34636,619,72837,370,13217,502,47012,768,37011,112,19621,195,79323,446,13718,988,71915,722,90325,480,4404,309,9605,878,31320,362,71315,733,974570,808,014

Consumos de materias primas y otros aprovisionamientos59,147,20857,016,41918,328,62757,096,40317,619,33934,828,78430,895,34610,829,64817,502,47012,768,37011,112,196517,22023,446,1372,972,46215,722,903(1,346,266)4,309,9605,878,31310,896,5185,967,876395,509,932

Otros gastos externos28,147,3251,236,71536,619,72826,540,4840.020,678,57416,016,25726,826,7069,466,1969,766,098175,298,082

Margen Bruto42,148,19645,809,19915,893,28411,667,63512,183,87629,168,0312,156,29325,078,1327,231,08315,310,8688,750,79014,644,5717,157,73515,040,73418,331,9938,648,3307,025,831781,1544,837,4454,530,6879,111,013305,506,880

Gastos explotacin21,771,41619,564,6027,661,6126,911,7719,694,64210,904,0961,553,92918,514,2984,648,6358,107,3777,019,53712,232,7366,365,0299,401,24511,913,7853,434,0813,932,324347,7251,338,1081,978,9425,541,746172,837,637

Gastos de personal2,372,9048,147,2282,368,751166,5174,962,3937,857,903670,705388,7113,077,0481,155,3982,421,340192,818248,697847,2413,380,3261,132,0002,095345,047852,211446,55241,035,886

Dotaciones a la amortizacin del inmovilizado2,018,4172,791,978103,44620,416532,9471,220,187138,91249,019104,357447,177146,28626,987131,3361,626,810651,45562,89087416,16526,95682,58356,08010,255,279

Variacin de provisiones de trfico9,292,421793,555929,730512,139(3,704,999)12,928175,54742,32210,343811,8701,354,80780,187(5,347)138,463475,292(102,325)4,85610,821,790


Resultado Explotacin20,376,78026,244,5978,231,6724,755,8642,489,23318,263,934602,3646,563,8332,582,4487,203,4911,731,2532,411,835792,7065,639,4896,418,2085,214,2493,093,507433,4293,499,3382,551,7453,569,267132,669,243

Resultado financiero(4,072,474)(8,128,474)(204,170)(1,911,817)(869,271)(2,624,506)(27,298)120,846(171,296)(284,243)(1,270,343)(276,621)(66,258)(3,335,385)(1,055,419)254,450(947,028)(27,801)520,717(2,054,974)(30,928)(26,462,292)

Ingresos Financieros1,317,7904,089,613545,16076,610572,6301,795,421124,464168,253308,92997,021490,01191,87931,44339,85827,532309,23381,5155,657577,055224,87421,58210,996,532

Gastos Financieros5,390,26412,218,087749,3301,988,4271,441,9014,419,927151,76247,408480,225381,2641,760,354368,50197,7013,375,2431,082,95254,7821,028,54233,45856,3372,279,84852,51037,458,824

Resultado de las actividades ordinarias16,304,30618,116,1238,027,5022,844,0471,619,96315,639,429575,0666,684,6792,411,1526,919,248460,9102,135,214726,4482,304,1045,362,7895,468,6992,146,479405,6284,020,055496,7713,538,339106,206,951

Resultados Extraordinarios989,97584,646(1,484)34,664276,973(4,771,135)120,34144,787(543,479)458,3201,267,040(29,968)(2,574)(38,722)(127,763)1,911(2,354)5102,352665,85015,849(1,554,261)

Ingresos Extraordinarios1,037,955125,93839766,403180,8861,307,868120,34144,78713,074458,320917,1482,729177,42514,389660,0252,1821,45451323,820900,47015,8496,071,974

Gastos Extraordinarios47,98041,2931,88131,740(96,087)6,079,00300.0556,5520(349,892)32,697180,00053,111787,7892703,808321,468234,6207,626,236

Resultado antes de impuestos17,294,28118,200,7698,026,0182,878,7111,896,93610,868,294695,4076,729,4661,867,6747,377,5681,727,9502,105,246723,8742,265,3825,235,0265,470,6112,144,125406,1384,022,4071,162,6213,554,187104,652,690

Impuesto de sociedades6,020,5105,275,7622,809,1131,007,549554,995(320,772)2,3442,357,422653,6862,465,670208,045736,950367,442655,4062,093,5231,659,430750,227167,81614,073401,1271,243,96929,124,286

Resultado despus de impuestos11,273,77112,925,0075,216,9051,871,1621,341,94111,189,066693,0634,372,0451,213,9884,911,8981,519,9051,368,296356,4321,609,9763,141,5023,811,1801,393,899238,3224,008,334761,4932,310,21875,528,403

Cuadre:0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Cuadre del Rdo de PL con el de Bce:0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0


Activo

Inmovilizaciones inmateriales/Inmovilizado total15.72%2.48%0.56%0.09%5.87%2.27%0.69%0.20%1.35%0.44%0.35%0.31%6.65%97.61%0.66%3.71%0.00%0.23%2.21%11.34%3.38%

Inmovilizaciones financieras/Inmovilizado total0.49%28.59%88.12%92.18%48.87%31.28%20.86%97.85%44.70%0.72%93.25%76.81%47.89%0.32%26.47%0.54%99.78%37.20%7.10%73.67%86.79%

Inmovilizaciones materiales/Inmovilizado total83.79%65.36%11.32%7.72%44.46%66.44%78.36%1.51%38.94%98.85%4.02%22.86%45.46%2.02%72.87%95.75%0.22%62.57%89.57%14.53%9.83%

Pasivo

Acreedores/Fondos propios (%)203.49%340.91%123.99%1207.48%512.84%268.95%132.25%620.95%872.49%426.04%389.94%3933.88%6621.64%799.19%153.97%295.47%693.85%988.53%187.51%576.07%410.35%

Acreedores/Activo total (%)65.96%75.43%55.30%92.35%83.63%71.83%43.59%86.13%89.72%80.78%79.24%97.52%98.17%88.87%59.06%74.71%87.40%90.81%63.96%85.21%80.41%

Acreedores largo/Acreedores corto plazo55.39%37.74%0.15%27.82%12.10%85.43%10.41%0.01%140.73%3.04%15.85%25.08%0.52%65.83%85.72%15.96%72.63%2.13%0.00%85.34%0.08%

Acreedores comerciales/Acreedores corto plazo57.24%71.40%100.00%0.00%54.62%29.88%92.34%98.68%85.48%91.07%42.10%0.00%96.39%39.08%47.89%0.00%47.42%0.00%93.47%33.21%92.91%




(Activo circulante - Existencias)/Pasivo circulante25.71%26.23%70.66%38.72%88.40%43.52%55.70%31.94%41.07%8.70%12.55%10.22%70.11%68.42%19.45%83.45%-1.77%10.17%83.89%54.95%28.90%38.06%


Perodo medio de cobro estimado601021401191061362464413015609334242-2295401127092


Existencias/Coste de ventas (das)8577465631583571340973154184317601,6784389907733667411354986319540620


Rendimiento tcnico: Rtdo. explotacin/Activo7.33%9.14%15.34%9.78%5.91%10.26%1.00%5.87%2.63%7.37%1.99%3.51%0.88%4.76%8.94%15.04%5.22%2.46%6.06%5.00%11.02%6.82%

Rentabilidad media: Rtdo. neto/Fondos Propios13.4%22.6%24.5%67.2%21.7%26.7%3.6%32.8%12.8%30.54%9.0%134.0%30.7%13.0%12.1%55.5%20.6%15.9%22.6%10.6%44.5%20.2%

Cobertura financiera: Rtdo. explot./Rtdo. financiero(5.0)(3.2)(40.3)(2.5)(2.9)(7.0)(22.1)54.3(15.1)(25)(1.4)(8.7)(12.0)(1.7)(6.1)20.5(3.3)(15.6)6.7(1.2)(115.4)(5.0)

Rtdo. act. ordinarias/Rtdo. antes impuestos0.91.01.01.00.91.40.81.01.310.31.01.01.01.01.01.01.01.00.41.01.0


Importe neto de la cifra de negocios/Activo0.30.30.61.41.30.40.40.60.500.10.40.30.30.40.70.50.30.20.50.60.4

Rtdo. explot./Importe neto de la cifra de negocios22.5%27.5%24.1%6.9%4.4%28.2%2.8%10.7%5.8%22.30%17.8%9.4%3.4%14.7%21.1%21.4%10.3%9.2%32.7%10.7%17.0%16.3%

Rtdo. antes impuestos/Rtdo. explot.0.80.71.00.60.80.61.21.00.711.00.90.90.40.81.00.70.91.10.51.00.8

Rtdo. neto/Rtdo. antes impuestos0.70.70.60.70.71.01.00.60.710.90.60.50.70.60.70.70.61.00.70.60.7

Activo/Fondos Propios3.14.52.213.16.13.73.07.29.754.940.367.49.02.64.07.910.92.96.85.14.7

Rentabilidad financiera12.5%20.3%21.8%50.3%19.6%23.5%3.5%28.2%12.0%26.49%8.6%80.3%26.6%12.2%11.4%43.5%18.7%14.7%20.3%10.1%36.4%18.3%

Endeudamiento (Fondos externos/Propios)2.033.411.2412.075.132.691.326.218.7243.9039.3466.227.991.542.956.949.891.885.764.103.64

OTRA INFORMACION

Expresado en eurosDividendos2,254,754000000000000000000191,00502,445,7590.59%

3.2%

Amortizacion inmovilizado material DOTACIN1,170,2622,386,72416,588476,5151,188,375116,32029,86879,416422,777120,17220,14148,033602,08287420,84145,4993,8316,748,319

Coste inmov. material al inicio del ejercicio60,174,08479,598,207522,633626,2248,329,82647,633,9245,747,461188,5842,850,47052,121,1931,284,28442,2091,063,310309,10821,745,147162,263725,896537,9094,733,119128,901288,524,748

Altas ejercicio5,273,458439,227282,833213,9151,012,804795,181848,99624,704228,0202,645,93174,3582,788,14468,3892,127,85357,671175,16731,173503,2766,00417,597,104

elementos totalmente amortizados (inicio ejercicio)-0

Cuota lquida impuesto Sociedades219,2202,228,8192,809,384216,08135,6462,438973,642653,686720,949345,314684,5332,093,5231,659,429422,90814,073218,551588,18213,886,377

Cash flow13,292,18815,716,9855,320,3511,891,5781,874,88912,409,253831,9754,421,0631,318,3455,359,0751,666,1911,395,283487,7683,236,7863,792,9573,874,0701,394,773254,4874,035,290844,0762,366,29985,783,682


Cuentas a pagar con grupo302,59600232,2680932,440001,484,0975,150,49601,420,12519,842,11700029,364,140

Nmero medio de empleados5328816131121165886912111323131,174

Ritmo amortizacin1.9%3.0%0.0%2.3%5.5%2.5%1.9%14.9%2.7%0.00%9.1%1.4%0.0%14.0%2.6%0.0%0.1%0.0%3.8%0.9%2.9%3.3%

2.3%

elementos totalmente amortizados (final ejercicio)107,815566,0933,053,803639,224145,20527,55122,8831,275,3481,08520,0735,2763,0885,867,443

Anticipos de clientes cp y lp36,564,78395,813,85511,493,7611,945,87963,44714,720,15152,362,00079,097,3485,862,7236,92713,761,92228,587,7872,443,05918,889,209361,612,851

00000000000000000000000

Suelo incluido en cifra de existencia (terrenos y solares)55,407,00066,948,00044,617,00015,965,00031,405,0004,412,00015,299,0008,106,00018,751,00014,490,40210,560,0007,179,0003,200,000296,339,402

Existencias de las sociedades con informacin anterior138,823,717116,583,27370,452,63434,661,17373,296,34740,441,23961,580,99325,410,15263,567,78140,229,60551,752,11315,874,18623,270,696755,943,909

Suelo/existencias39.9%57.4%0.0%0.0%0.0%63.3%46.1%42.8%0.0%10.9%24.8%0.0%31.9%29.5%36.0%0.0%20.4%0.0%45.2%0.0%13.8%39.2%

&C&"Times"Pgina &P de &N

CUENTAS ABREVIADAS.

CUENTAS ABREVIADAS.

CUENTAS ABREVIADAS.

SIN UTES.

CUENTAS ABREVIADAS.

CUENTAS ABREVIADAS.

DIFERENCIA NEGATIVA DE FUSIN.EST DENTRO DE FONDOS PROPIOS.

2002


12345678910111213141516171819202122

ACTIVOHANSAEDIF. CALPETORREVIASINVERCONECISAPROM Y FOM URTORREVISAVAL. URBANAVILLAMARTINEDIVALPROM.EURO HOUSEJ.QUESADAV.JARDINH.GERMANSVISTA ALEGRECALVIGAB.PONOCHGESFESAMOORSTYLECOLMAR GROUPPROCAMVASATOTAL

ACCIONISTAS DESEMBOLSOS NO EXIGIDOS0.00.00.00.0

GASTOS DE ESTABLECIMIENTO0.017,47012,6610.020,2002,85856,42412,11873,772613,39723,062831,962

INMOVILIZACIONES INMATERIALES14,043,2372,527,761199,748120,927240,77761,79012,62024,095270,50985,927276,406271,0039,415,386166,0006,89239,9812,041,68422,730136,7450.029,964,218

INMOVILIZACIONES MATERIALES72,096,32478,148,663606,1142,064,5295,639,29511,366,4801,241,1801,728,45654,558,798752,9085,118,6321,647,037208,42820,389,000249,88716,29257,2712,039,045179,0204,711,0240.0262,818,383

INMOVILIZACIONES FINANCIERAS6,696,51237,637,1264,283,4448,567,4106,764,5084,51011,375,7606,771,657364,45817,658,3879,555,1471,757,65629,3529,204,0001,44117,039,533751,86615,164,6281,392,95016,706,1420.0171,726,489

ACCIONES PROPIAS4,018,19580,5350.0700,771413,4920.00.00.05,212,993

DEUDORES A LARGO PLAZO16,031,05213,611,5360.027,846,5770.01,205,5200.0499,79059,194,475

GASTOS A DISTRIBUIR EN VARIOS EJERCICIOS1,793,34719,28010,7300.0178,75124,10718,40415,0002,083169,9535705,397,4770.07,629,701

EXISTENCIAS181,493,395126,000,31832,786,96728,490,6028,491,96223,487,120128,637,81027,345,35167,262,63769,529,87150,902,94135,780,19281,395,72142,641,00012,342,96366,117,60912,259,476.0010,108,59028,280,01042,726,20932,773,0111,108,853,754

DEUDORES A CORTO PLAZO23,484,76844,072,30118,6859,704,73321,235,2872,092,5508,039,2502,631,1115,455,83039,720,6756,278,5155,061,77341,725,4412,227,0007,5319,749,933996,226.007,483,401637,47038,844,2794,672,774274,139,532

Clientes por ventas y prestacin de servicios18,970,11139,075,66418,6859,704,73319,979,408159,850930,3502,171,4241,862,70036,324,3376,278,5153,072,24340,767,8711,663,0007,5318,326,870996,226.006,989,7070.036,809,6994,672,774238,781,697

Empresas del grupo y asociadas, deudores2,074,24829,212953,8401,337,800224,5982,724,890105,4401,128,000507,5860.095,6390.00.00.09,181,253

Otros deudores no comerciales2,970,3725,655,2512,921,017594,9007,108,900272,433868,2403,501,8901,900,7901,228,601763,0001,015,9080.0398,056637,4702,034,5800.031,871,407

Provisiones(529,963)(687,825)(2,618,978)0.0(37,344)(105,552)(16,699)(271,031)(1,327,000)(100,432)0.00.00.00.0(5,694,824)

INVERSIONES FINANCIERAS TEMPORALES436654,65735,766,5819,656,816445,2434,8805,859,3405,927,3491,224,7816,035,396596,439855,34619,00030,859,903869,1290.03,138,3921,82079,585364,931102,360,024

TESORERIA584,2775,724,4286,083,9111,733,1622,753,0793,676,87013,053,7202,381,4125,828,768814,0092,133,530929,822366,583160,0003,288,26790,0864,375,717.00419,996536,9902,407,238638,29557,980,160

AJUSTES POR PERIODIFICACION28,70417,11381,3540.022,854,91019,90010,154,08867,27032,0006,1370.084,3115,372,61019,9100.038,738,307

TOTAL ACTIVO316,252,052312,431,37779,745,45060,348,91045,732,04140,694,200191,092,06075,369,440133,760,900130,378,80180,344,87456,216,413134,066,38574,853,00046,756,88393,945,14419,700,25840,723,77136,424,170111,642,00638,971,8632,119,450,000

0

PASIVO

FONDOS PROPIOS100,592,40375,676,94737,513,4128,266,8378,489,36711,404,00023,645,76010,361,11626,678,22023,949,8733,941,6491,786,34315,531,28231,128,00017,388,5789,740,077150,926.008,245,36710,333,8804,844,9993,049,014432,718,050

Capital suscrito42,070,700420,7006,0103,0055,409,000400,8705,587,7806,300,0001,803,000402,6701,727,208150,2539,018,0052,908,000137,250661,7012,030,000.002,305,556120,2005,409,0903,077,44089,948,438

Reservas y prima de emisin45,719,30663,126,45923,931,1073,717,1541,159,6766,186,8209,934,8003,711,15016,303,41017,286,17150,7701,188,4074,154,65924,631,0008,629,2706,796,498314,264.005,052,5836,047,490190.0247,941,014

Resultado del ejercicio12,802,39712,129,78813,576,2954,546,6781,670,3824,816,3108,123,180349,9668,571,8106,261,0322,163,671447,4122,358,6183,589,0008,622,0582,281,878(388,555.00)887,2284,166,190111,715(8,997)97,078,054

Resultados negativos de ejercicios anteriores250,3100.00.0271(1,804,783.00)(675,825)(19,429)(2,249,456)

Dividendo a cuenta0.00.00.00.00.00.0

Acciones propias para reduccin de capital00.00.0000.0

Diferencia negativa de fusin0000.0

DIFERENCIA NEGATIVA DE CONSOLIDACION0.00.00.00.00.00.0

INGRESOS A DISTRIBUIR VARIOS EJERCICIOS2,602,980140,21020,36412,5570.0203,0500.03,0000.029,4270.00.03,011,588

PROVISION PARA RIESGOS Y GASTOS1,720,2378,589,6430.0479,2097,1951,295,000247,312216,343.000.00.012,554,939

ACREEDORES A LARGO PLAZO79,807,13374,084,994675,98211,845,7336,090,5660.048,08046,287,2621,727,91014,512,87116,085,110599,92456,921,68018,818,0004,363,56346,253,5698,859,088.0012,424,1302,53028,025,42022,965,343450,398,888

Obligaciones y bonos0.00.00.00.0

Con entidades de crdito66,746,63263,481,838675,98211,845,7334,853,8720.041,310,4171,727,91014,350,59816,085,110323,07455,829,6136,508,0004,363,56330,469,2438,859,088.0012,101,5862,53026,005,13622,965,343388,505,269388,505,269

Deudas con empresas del grupo y asociadas2,392,1920.0753,00015,036,072935,1030.019,116,367

Otros acreedores13,060,5014,610,9631,169,6820.048,0804,976,845162,273276,8491,092,06711,557,000322,5441,085,1810.038,361,985

Desembolsos pdtes. s/ acciones no exigidos3,600,00067,0130.0748,2550.00.04,415,267

ACREEDORES A CORTO PLAZO131,529,299153,939,58341,535,69240,236,34031,139,55129,290,200167,398,22018,721,063105,151,72091,052,87460,318,11553,830,14761,606,22823,544,00025,004,74237,704,18610,473,901.0020,024,84726,087,76078,771,58712,957,5061,220,317,560

Obligaciones y bonos0.00.00.00.0

Con entidades de crdito32,813,22227,909,35441,535,69240,236,3407,959,40781,79010,370365,358650,17053,275,05160,318,115624,33228,414,33112,861,00025,004,7426,053,47310,473,901.007,565,71118,6400.012,957,506369,128,505

Deudas con empresas del grupo y asociadas351,83093,060669,17943,7601,669,6505,856,394714,00012,805,6953,000,8000.00.025,204,367

Acreedores comerciales83,355,822120,032,78621,307,97626,747,720164,782,16017,172,06699,584,92024,923,48052,557,04526,187,7658,154,00018,324,8238,484,13524,761,55077,284,2740.0773,660,523

Otras deudas no comerciales3,452,0855,904,3841,087,9892,416,9302,605,6901,183,6393,246,9804,390,395648,769712,5111,635,000520,195947,5391,307,5701,487,3130.031,546,989

Provisiones para operaciones de trfico11,556,340115,00002,607,5546,291,621180,00026,6610020,777,176

AJUSTES POR PERIODIFICACION0.00.00.00.00.00.00.00.00.0383,9740.00.00.065,0000.00.00.00.00.00.00.0448,974

TOTAL PASIVO316,252,052312,431,37779,745,45060,348,91045,732,04140,694,200191,092,06075,369,440133,760,900130,378,80180,344,87456,216,413134,066,38574,853,00046,756,88393,945,14419,700,258.0040,723,77136,424,170111,642,00638,971,8632,119,450,000

0

Cuadre:0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0


Ingresos116,999,416114,137,02673,222,08752,579,45666,388,02418,813,50073,864,27063,306,14853,307,89539,319,60049,768,34147,236,52750,824,99429,981,00037,974,19943,519,9852,054,74316,858,74027,698,28730,010,135303,4411,008,167,813

Importe neto de la cifra de negocios95,184,78874,737,10272,727,45752,484,51961,599,78718,594,40073,762,10063,247,20652,784,14950,949,63249,764,50837,196,74142,582,89226,235,00037,925,38631,802,0122,047,88816,297,96027,694,0774,744,743300,506892,662,85142,507,755

Var. de existencias de producto terminado y en curso21,458,21431,693,8974,760,4900.0(12,010,987)9,603,1318,238,4182,442,00011,561,188559,57321,841,3660.0100,147,291

Otros ingresos de explotacin225,2922,798,431494,63094,93727,747219,100102,17058,941523,746380,9553,834436,6553,684196,00048,813156,7846,8551,2084,2100.02,9355,786,925

Trabajos realizados para el inmovilizado131,1224,907,5970.00.01,108,0000.03,424,0260.09,570,745

Ingresos a distr. en varios ejercicios transferidos al rtdo.0.00.00.00.00.00.0

Coste de las Ventas80,911,88373,920,51044,230,74932,737,43951,331,79511,920,25042,861,64057,491,00625,009,76818,442,85430,819,72735,917,56333,000,42515,219,00019,516,75935,041,112847,71913,375,83514,165,95027,929,426299,842664,991,251

Consumos de materias primas y otros aprovisionamientos80,911,88373,920,51044,230,74932,737,43921,695,95011,834,48039,584,48725,009,76818,442,85430,819,7272,577,6359,743,4833,167,00019,516,7591,098,162847,7197,196,6895,566,7051,554,138299,842430,755,978

Otros gastos externos29,635,84685,77042,861,64017,906,51833,339,92923,256,94212,052,00033,942,9490.06,179,1468,599,24526,375,2880.0234,235,273

Margen Bruto36,087,53340,216,51628,991,33719,842,01815,056,2286,893,25031,002,6305,815,14228,298,12720,876,74618,948,61511,318,96417,824,56914,762,00018,457,4408,478,8731,207,0243,482,90513,532,3372,080,7093,599343,176,561

Gastos explotacin12,266,89418,987,4888,637,52411,943,38010,957,5831,644,80018,855,1105,317,63315,417,93611,078,20915,320,8789,622,17711,153,66510,982,0005,816,1673,154,225934,1971,129,2547,092,6171,415,92422,488181,750,149

Gastos de personal2,517,3458,171,9332,849,304188,1745,076,286866,520486,2003,944,9891,643,4732,797,995225,988377,2671,114,8103,575,0001,750,998209,805847,846321,05715,1130.036,980,104

Dotaciones a la amortizacin del inmovilizado1,997,0582,565,880162,78133,566615,924114,78052,270206,995605,723169,36576,827128,3931,643,472893,00054,49098528,32581,96251,87050,6327,6899,541,987106,620,041

Variacin de provisiones de trfico(188,645)87,699(1,053,288)9,950,0001,153,0130.021,2392,707,4851,778,981253,000137,535308,052420,782(926,223)0.00.014,649,632


Resultado Explotacin23,820,63921,229,02820,353,8137,898,6384,098,6455,248,45012,147,520497,50812,880,1919,798,5373,627,7361,696,7876,670,9043,780,00012,641,2725,324,648272,8272,353,6516,439,720664,785(18,889)161,426,413

Resultado financiero(3,021,931)(3,716,545)574,770(1,009,944)(1,104,313)(149,020)174,32063,081(82,370)155,590(294,206)(49,802)(3,063,260)(937,000)651,786(1,422,304)(372,280)(852,875)(31,380)(424,014)3,979(14,907,718)

Ingresos Financieros1,742,6222,978,8021,245,899290,12698,53818,220331,550206,939198,6602,785,77784,15712,59746,56881,000712,947107,019138,448542,7876,510100,7986,93111,736,895

Gastos Financieros4,764,5536,695,347671,1281,300,0701,202,851167,240157,230143,858281,0302,630,187378,36362,4003,109,8281,018,00061,1611,529,324510,7281,395,66237,890524,8122,95226,644,613

Resultado de las actividades ordinarias20,798,70817,512,48320,928,5846,888,6942,994,3325,099,43012,321,840560,58912,797,8219,954,1273,333,5301,646,9853,607,6442,843,00013,293,0583,902,344(99,453)1,500,7766,408,340240,771(14,910)146,518,695

Resultados Extraordinarios(623,743)26,337(41,977)106,195(464,949)2,310,280170,430(22,181)409,349(1,627,586)(998)(610,952)20,6592,305,000(28,354)(392,166)11,293(182,035)1,180(68,902)1,0681,297,948

Ingresos Extraordinarios379,59097,4514,860204,076103,7742,310,280174,16090,722471,89868,9246,07534,78943,9882,553,0005005,9580.0460,7641,56482,9451,0687,096,384

Gastos Extraordinarios1,003,33371,11346,83797,881568,7220.03,730112,90362,5491,696,5107,073645,74223,329248,00028,853398,124(11,293)642,799384151,8470.05,798,436

Resultado antes de impuestos20,174,96517,538,82120,886,6076,994,8892,529,3837,409,71012,492,270538,40913,207,1708,326,5413,332,5321,036,0323,628,3035,148,00013,264,7053,510,178(88,160)1,318,7416,409,520171,869(13,842)147,816,643

Impuesto de sociedades7,372,5685,409,0327,310,3122,448,211859,0022,593,4004,369,090188,4434,635,3602,065,5091,168,861588,6211,269,6851,559,0004,642,6471,228,300300,395431,5132,243,33060,154(4,845)50,738,589

Resultado despus de impuestos12,802,39712,129,78813,576,2954,546,6781,670,3824,816,3108,123,180349,9668,571,8106,261,0322,163,671447,4122,358,6183,589,0008,622,0582,281,878(388,555)887,2284,166,190111,715(8,997)97,078,054

Cuadre:0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Cuadre del Rdo de PL con el de Bce:0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0


Activo

Inmovilizaciones inmateriales/Inmovilizado total15.13%2.07%3.92%1.12%1.89%0.54%0.10%0.26%0.49%0.45%1.85%7.37%97.51%0.56%2.67%0.00%4.64%10.57%1.43%0.62%0.00%6.37%

Inmovilizaciones financieras/Inmovilizado total7.21%30.77%84.17%79.68%53.16%0.04%89.95%73.31%0.66%93.38%63.83%47.82%0.30%30.93%0.56%99.58%87.30%78.50%87.35%75.36%0.00%36.49%

Inmovilizaciones materiales/Inmovilizado total77.66%63.88%11.91%19.20%44.32%99.42%9.81%18.71%98.85%3.98%34.19%44.81%2.16%68.51%96.77%0.10%6.65%10.55%11.23%21.25%0.00%55.85%

Pasivo

Acreedores/Fondos propios (%)210.09%301.31%112.52%630.01%438.55%256.84%708.15%627.43%400.63%440.78%1938.36%3047.01%763.16%136.09%168.89%861.98%12809.58%393.54%252.47%2204.27%1178.18%386.10%

Acreedores/Activo total (%)66.83%72.98%52.93%86.30%81.41%71.98%87.63%86.25%79.90%80.97%95.09%96.82%88.41%56.59%62.81%89.37%98.14%79.68%71.63%95.66%92.18%78.83%

Acreedores largo/Acreedores corto plazo60.68%48.13%1.63%29.44%19.56%0.00%0.03%247.25%1.64%15.94%26.67%1.11%92.40%79.93%17.45%122.67%84.58%62.04%0.01%35.58%177.24%36.91%

Acreedores comerciales/Acreedores corto plazo63.37%77.97%0.00%0.00%68.43%91.32%98.44%91.73%94.71%27.37%0.00%97.63%42.51%34.63%0.00%48.60%0.00%42.37%94.92%98.11%0.00%63.40%




(Activo circulante - Existencias)/Pasivo circulante18.32%32.78%100.80%52.43%78.73%19.71%29.75%58.44%10.75%45.67%23.95%31.10%69.82%10.33%136.60%28.42%51.29%55.56%25.10%52.49%43.80%38.76%


Perodo medio de cobro estimado6815605894254122722440272991808615313702441489385


Existencias/Coste de ventas (das)819622271318607191,09517498213766033649001,0232316895,27927672955839895609


Rendimiento tcnico: Rtdo. explotacin/Activo7.53%6.79%25.52%13.09%8.96%12.90%6.36%0.66%9.63%7.52%4.52%3.02%4.98%5.05%27.04%5.67%1.38%5.78%17.68%0.60%-0.05%7.62%

Rentabilidad media: Rtdo. neto/Fondos Propios13.6%17.4%44.2%75.9%21.8%53.5%41.5%3.4%38.3%30.1%75.7%28.6%15.2%12.2%65.9%26.5%(112.6%)11.4%50.5%2.3%(0.3%)25.3%

Cobertura financiera: Rtdo. explot./Rtdo. financiero(7.9)(5.7)35.4(7.8)(3.7)(35.2)69.77.9(156.4)63.0(12.3)(34.1)(2.2)(4.0)19.4(3.7)(0.7)(2.8)(205.2)(1.6)(4.7)(10.8)

Rtdo. act. ordinarias/Rtdo. antes impuestos1.01.01.01.01.20.71.01.01.01.21.01.61.00.61.01.11.11.11.01.41.11.0


Importe neto de la cifra de negocios/Activo0.30.20.90.91.30.50.40.80.40.40.60.70.30.40.80.30.10.40.80.00.00.4

Rtdo. explot./Importe neto de la cifra de negocios25.0%28.4%28.0%15.0%6.7%28.2%16.5%0.8%24.4%19.2%7.3%4.6%15.7%14.4%33.3%16.7%13.3%14.4%23.3%14.0%(6.3%)18.1%

Rtdo. antes impuestos/Rtdo. explot.0.80.81.00.90.61.41.01.11.00.80.90.60.51.41.00.7(0.3)0.61.00.30.70.9

Rtdo. neto/Rtdo. antes impuestos0.60.70.60.70.70.60.70.70.60.80.60.40.70.70.60.74.40.70.70.70.60.7

Activo/Fondos Propios3.14.12.17.35.43.68.17.35.05.420.431.58.62.42.79.6130.54.93.523.012.84.9

Margen21.20%23.47%28.72%13.33%4.11%39.85%16.94%0.85%25.02%16.34%6.70%2.79%8.52%19.62%34.98%11.04%-4.30%8.09%23.14%3.62%-4.61%16.56%

0.300.240.910.871.350.460.390.840.390.390.620.660.320.350.810.340.100.400.760.040.010.42

ROI = ( BAIT/VENTAS) x (VENTAS/ACTIVO)= Margen x Rotacin6.38%5.61%26.19%11.59%5.53%18.21%6.54%0.71%9.87%6.39%4.15%1.84%2.71%6.88%28.37%3.74%-0.45%3.24%17.60%0.15%-0.04%6.97%

Rentabilidad financiera12.7%16.0%36.2%55.0%19.7%42.2%34.4%3.4%32.1%26.1%54.9%25.0%15.2%11.5%49.6%23.4%(257.4%)10.8%40.3%2.3%(0.3%)22.4%

Endeudamiento (Fondos externos/Propios)2.103.011.136.304.392.577.086.274.014.4119.3830.477.631.361.698.62128.103.942.5222.0411.783.86

OTRA INFORMACION

Expresado en eurosDividendos2,275,00000000000000000191,00502,466,0050.57%

2.5%

Amortizacion inmovilizado material DOTACIN1,205,6852,263,33429,023538,38432,643168,121546,355130,26330,79264,129848,00098549,70229,0775,936,491

Coste inmov. material al inicio del ejercicio 200273,574,47980,060,661805,466840,1398,791,266213,2882,485,95751,441,753701,7782,814,723843,924377,49723,621,000376,73719,3642,738,837325,759250,032,629

Altas ejercicio del ejercicio 20027,718,7205,296,153236,1321,292,7691,850,2211,170,72681,0815,144,603186,3032,520,92233,500891,00058,69345465,99141,57626,588,845

elementos totalmente amortizados al inicio ejercicio del 2002107,815566,0933,053,80327,55122,8831,275,3481,0855,2763,0885,062,942

Cuota lquida impuesto Sociedades3,085,3554,036,5387,310,593400,1452,549,477188,4432,534,6651,398,1451,031,753500,3581,559,0004,642,647489,643448,6001,250,90231,426,263

Cash flow14,799,45514,695,66813,739,0764,580,2442,286,30504,931,0908,175,450556,9619,177,5336,430,3972,240,498575,8044,002,0904,482,0008,676,5482,282,863-360,230969,1904,218,060162,347-1,308106,459,002(161,039)


Cuentas a pagar con grupo351,83000549,32743,760001,669,6505,856,3940887,00027,838,58200935,10337,196,543


Ritmo amortizacin1.6%2.8%0.0%2.0%8.1%4.2%6.7%1.0%16.4%0.8%0.0%16.3%0.0%0.0%5.3%1.8%8.5%2.3%

Anticipos de clientes cp33,623,545101,139,313538,10821,703,620108,132,5706,323,61582,826,0703,328,50035,227,6498,885,8195,165,00017,538,6473,343,10721,268,94056,312,896505,357,399

0000000000000000000

Anticipos de clientes lp00000154,440000009,528,00000009,682,440

Clientes cp18,970,11139,075,66407,633,004159,850930,3502,171,4241,862,70036,324,33703,072,24340,767,8711,663,00008,326,8706,989,707036,809,699204,756,830

Clientes a lp16,031,05213,611,536000027,846,577000000000057,489,165

Suelo incluido en cifra de existencia (terrenos y solares)76,536,469.039,260,779.00.00.00.059,208,990.05,638,669.07,015,588.038,081,156.00.08,582,373.021,440,217.014,726,000.00.013,231,844012,966,512.0296,688,597

Suelo/existencias42.2%31.2%0.0%0.0%0.0%46.0%20.6%10.4%54.8%0.0%24.0%26.3%34.5%0.0%20.0%0.0%45.9%26.8%

elementos totalmente amortizados al final del ejercicio 2002400,411779,9722,863,48827,18688,2511,509,0001,0856,1653,0885,678,646


Nombre/Firma del auditorKPMGDeloitte & TouchNingunoNingunoValls-Trives Auditores, S.LMoya Espasa AsesoresAudiSystemGeauditDeloitte & TouchConsejeros AuditoresAntonio Hernndez MartnezDeloitte & TouchPricewaterhousecoopersNingunoKPMGACR BGV AuditoresMoya Espasa Asesores

Corporacin a la que pertenecenIACJCIACJCIACJCREAIACJCIACJCIACJCREAREAIACJCIACJCIACJCREAREA



Por servicios de auditora22,90525,00013,32518,73917,5005,70014,50037,00015,4508,5009,000

Por otros servicios7,99017,000

30,89500025,00013,32518,73917,50005,700031,50037,0000154508,5009,000

&C&"Times"Pgina &P de &N



CUENTAS ABREVIADAS.



CUENTAS ABREVIADAS.

CUENTAS ABREVIADAS.


CUENTAS ABREVIADAS.

CUENTAS ABREVIADAS.





iromero:son deudores a lp


iromero:SON DEUDORES A LP


iromero:NO INDICA QUE SEAN SOLARES DICE MP

fnava:CCAA abreviadas

2003


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ACTIVOHANSAGPO. ALICANTE URB.TORREVIASGESFESAECISAGUADALMEDINAPROM. Y FOM URB.TORREVISAVAL. URBANAVILLAMARTINEDIVALPROM.EURO HOUSEJ.QUESADAV.JARDINH.GERMANSVISTA ALEGRECALVIGAACT. URB. VALEDIFICACIONES CALPEMOORSTYLECOLMAR GROUPPROCAMVASATOTAL

ACCIONISTAS DESEMBOLSOS NO EXIGIDOS0.00.00.00.00.00.00.00.00.00.00.00.00.0

GASTOS DE ESTABLECIMIENTO0.00.00.00.02,9706,1500.018,0860.08256,42457,0500.00.015,373156,135

INMOVILIZACIONES INMATERIALES13,698,5640.0158,85659,1401,530,54942,680534,9306,815567,10090,31824,127272,6067,842,896564,0003,8690.036,042,0512,171,5985,79025,8220.063,641,711

INMOVILIZACIONES MATERIALES90,482,05940,956568,6385,842,66983,730,92611,325,4701,992,8801,604,45761,249,6402,752,3734,742,9931,862,553800,34020,468,000863,183381,14210,539,758.0388,928,525159,03012,843,5740.0401,179,166

INMOVILIZACIONES FINANCIERAS7,759,8774,128,8144,193,8799,995,20241,107,2754,51022,078,3802,290,677364,46025,730,6599,084,6785,787,6562,448,40910,114,0001,44125,628,9201,222,19843,439,5441,396,7007,2100.0216,784,489

ACCIONES PROPIAS0.00.0484,1396,010,1210.0700,771413,4920.00.00.00.04,018,1950.00.00.011,626,718

DEUDORES A LARGO PLAZO9,729,9260.00.013,196,9430.00.00.00.00.0971,56411,767,5510.00.079,93435,745,918

GASTOS A DISTRIBUIR EN VARIOS EJERCICIOS1,518,2710.0114,0180.00.01,78928,698147,02011,0000.07,4806,7080.02,0050.01,836,989

EXISTENCIAS241,533,61539,809,71851,268,4014,173,238111,214,43522,353,720135,339,64025,911,00479,011,930111,950,08775,572,91127,394,653107,097,73156,110,00047,740,90844,571,39426,517,044168,677,37332,126,49022,490,67818,751,9051,449,616,875

DEUDORES A CORTO PLAZO37,608,7662,562,7131,320,9530.027,231,21524,574,0043,100,5004,084,640921,92411,497,56011,865,5851,376,1421,007,29543,443,4003,939,000785,3216,614,44428,363,95235,800,572137,5203,935,7951,759,955251,931,2560.0

Clientes por ventas y prestacin de servicios27,656,7811,579,6861,320,95323,470,58420,906,267362,510572,8985,569,9607,855,478124,664157,52340,991,8742,473,000785,3215,135,1491,120,49734,164,5360.0724,6861,759,955176,732,322

Empresas del grupo y asociadas, deudores1,075,510160,4821,472,6050.02,556,300114,3464,506,6300.010,5280.0180,2381,764,0001,159,57719,155,496850,2560.02,007,76635,013,734

Otros deudores no comerciales9,534,825822,5453,154,8953,667,737187,6904,084,640270,2211,420,9704,072,8531,240,950849,7722,859,4261,105,000418,7928,100,4001,667,657137,5201,203,34344,799,236

Provisiones(658,350)0.0(866,869)(6,000)(35,541)(62,746)0.00.0(588,138)(1,403,000)(99,074)(12,443)(881,877)0.00.0(4,614,038)

INVERSIONES FINANCIERAS TEMPORALES600,5129,01552,818,3292,205,866421,65061,7904,530,8307,034,65326,460,3402,741,6028,190,9672,340,8842,429,94018,00029,789,9929,338,605254415,848452,2802,501,3553,381,352155,744,064

TESORERIA1,128,7193,246,8773,578,9554,210,4664,109,71813,415,6309,437,9503,309,34613,147,7802,853,9851,020,3512,465,66840,98959,0002,750,33444,541202,9894,950,1221,549,230764,157789,25473,076,061

AJUSTES POR PERIODIFICACION56,4554,120,7640.075,7457,1350.015,361,10025,1800.00.08,342,71227,521253,00068,57762,10627,3855,749,84041,0420.034,218,562

TOTAL ACTIVO404,116,76453,918,857113,908,0110.054,277,680286,016,77450,304,300193,363,32041,785,797192,323,990158,398,101100,032,04449,502,725164,278,32891,536,00081,935,04887,675,611103,014,883360,203,42141,576,88042,611,63824,777,7732,695,557,9450.0

00.00%

PASIVO

FONDOS PROPIOS113,852,8039,832,78659,805,9220.011,359,37686,993,10016,680,40038,389,36010,821,83146,166,17026,929,42610,936,9163,180,44819,757,50643,954,00028,488,51317,891,39628,347,92285,119,11613,333,9206,069,2234,752,882682,663,0160.0

Capital suscrito42,070,7008,213,2666,0105,409,0002,221,739400,8705,587,6706,300,0001,803,000402,6703,454,416150,2539,018,0052,908,000137,250661,70118,208,530420,700120,2005,409,0903,077,440115,980,510

Reservas y prima de emisin56,246,70316537,507,4012,800,26853,432,29911,003,12018,058,0904,061,11624,875,22023,547,203267,4611,635,8196,513,27828,220,00017,251,3289,078,37510,021,11475,254,9638,113,68019387,887,622

Resultado del ejercicio15,535,4001,653,64022,292,5113,122,66931,339,0625,276,41014,743,600460,71519,487,9502,979,5537,215,0391,394,1054,226,22312,826,00011,099,9358,151,320118,2799,443,4535,100,0401,224,2241,703,869179,393,997

Resultados negativos de ejercicios anteriores0.0(34,285)27,4390.00.00.00.02710.00.00.0(564,110)(28,427)(599,112)

Dividendo a cuenta0.00.00.00.00.00.00.00.00.00.00.00.00.0

Acciones propias para reduccin de capital000.000.000000.00.00.00.0

Diferencia negativa de fusin000.000.00000.00.00.00.0

DIFERENCIA NEGATIVA DE CONSOLIDACION0.00.00.00.00.00.00.00.00.00.00.00.00.0

INGRESOS A DISTRIBUIR VARIOS EJERCICIOS2,301,4740.02,475549,8030.0157,5500.00.01,953,6960.03,00085,1689,184,45199,2680.00.00.014,336,885

PROVISION PARA RIESGOS Y GASTOS2,833,19836,0611,273,7240.0366,800759,2940.00.07,1951,362,00019,37110,165,7490.00.00.016,823,392

ACREEDORES A LARGO PLAZO164,020,98717,316,4768,233,4210.06,527,31462,827,8480.0258,44013,504,0661,316,63069,760,58214,503,81412,438,00573,579,78816,996,00021,644,56122,557,9434,183,53698,025,7890.028,162,6816,561,805642,419,6860.0

Obligaciones y bonos0.00.000.00.00.00.00.00.00.00.00.00.0

Con entidades de crdito115,793,89117,315,2748,233,4215,272,11860,609,2050.010,155,1541,126,90063,285,65514,503,81492,24168,472,7625,315,00021,644,56118,690,2903,819,96486,690,8520.028,151,8416,561,805535,734,748

Deudas con empresas del grupo y asociadas0.00.00.00.06,430,4850.011,307,169173,0002,036,072215,2826,719,8610.00.00.026,881,869

Otros acreedores48,227,0961,2021,144,9112,218,6430.0258,4403,348,912189,73044,4420.01,038,5955,107,02611,245,000872,976148,2904,615,0760.010,8400.078,471,179

Desembolsos pdtes. s/ acciones no exigidos0.00.0110,2850.00.00.00.00.0263,000958,6050.00.01,331,890

ACREEDORES A CORTO PLAZO121,108,30226,733,53345,868,6680.036,388,515134,372,29933,623,900154,715,52017,093,100144,683,64060,277,34474,591,31431,930,57670,933,83929,179,00031,801,97447,121,73360,296,349166,793,14228,242,9608,379,73413,463,0861,337,598,5280.0

Obligaciones y bonos0.000.00.00.00.00.00.00.00.00.00.00.0

Con entidades de crdito24,773,384788,09045,868,6687,630,92966,452,3430.0670,33011,287,010608,15014,726,7863,018,78247,98526,874,95012,971,00031,801,97425,963,8151,246,53949,455,0012,530109,65413,463,086337,761,006

Deudas con empresas del grupo y asociadas438,4041,827,717608,1810.05,1901,767,9707,095,4231,681,069466,1622,364,028483,0006,274,767816,906108,1180.02,411,9380.026,348,873

Acreedores comerciales86,152,11023,834,52325,821,79652,519,83731,797,830150,069,8302,291,803135,568,28037,063,04362,927,64830,679,30630,763,0299,369,00013,901,23757,865,904113,395,93426,717,3105,057,0170.0895,795,437521,730,760

Otras deudas no comerciales3,645,660283,2031,127,17814,365,2221,820,8803,975,3603,514,2876,739,240921,6226,963,815737,123153,7386,153,000734,602367,0012,554,0891,523,120801,1250.056,380,265

Provisiones para operaciones de trfico6,098,74401,200,4311,034,8970470,4700010,778,094203,000247,3121,280,0000.00021,312,948

0

AJUSTES POR PERIODIFICACION0.00.0671,4550.042,0000.01,002,6243570.00.01,716,436

0

TOTAL PASIVO404,116,76453,918,856113,908,0110.054,277,680286,016,77450,304,300193,363,32041,785,797192,323,990158,398,101100,032,04449,502,725164,278,32891,536,00081,935,04887,675,611103,014,883360,203,42141,576,88042,611,63824,777,7732,695,557,9440.0

0

Cuadre:0.010.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.010.0

0.0


0.00%

Ingresos96,738,36624,094,00871,964,4770.076,187,506137,251,49927,545,600140,258,85018,792,56784,911,19078,944,39062,946,16940,357,53483,689,14847,059,00039,733,56731,057,37056,026,084103,271,00728,734,64042,389,00321,814,4971,313,766,4720.0

Importe neto de la cifra de negocios103,309,02418,405,48471,097,01176,412,341121,511,24627,137,600139,845,55019,521,12783,924,27027,470,47953,756,99751,287,04160,585,95046,992,00039,053,99457,985,56841,950,95795,556,53925,810,26033,843,85421,814,3221,217,271,61457,965,315

Var. de existencias de producto terminado y en curso(8,240,683)5,686,909(280,537)11,467,7770.0(1,037,932)50,818,5229,189,172(11,245,116)23,093,432(465,000)(27,298,275)13,817,3682,919,8706,033,2390.074,458,746

Otros ingresos de explotacin338,1471,615867,46655,70230,408408,000413,300212,113986,920655,3890.0315,6099,766125,000679,5736,210257,7592,586,7774,510124,6561758,079,095

Trabajos realizados para el inmovilizado1,331,8780.04,242,0680.097,2590.00.00.0407,000363,8670.05,127,6910.02,387,2540.013,957,017

Ingresos a distr. en varios ejercicios transferidos al rtdo.0.00.00.00.00.00.00.00.00.00.00.0

Coste de las Ventas60,131,57116,050,85527,924,4240.058,022,21151,720,01717,623,73084,811,39011,300,92936,108,92058,051,74734,691,60524,843,42758,293,82513,710,00015,786,76712,496,97351,695,07952,434,51414,434,31035,013,30318,964,530754,110,1270.0

Consumos de materias primas y otros aprovisionamientos60,131,57116,050,85527,924,42420,840,26751,720,01717,543,5708,254,77936,108,92058,051,74734,691,6056,813,31558,293,8252,066,00015,786,76712,496,97351,695,07952,434,5144,080,70027,980,16818,964,530581,929,626

Otros gastos externos0.00.00.037,181,9440.080,16084,811,3903,046,1500.018,030,11211,644,0000.010,353,6107,033,1350.0172,180,501

Margen Bruto36,606,7958,043,15344,040,0530.018,165,29585,531,4829,921,87055,447,4607,491,63848,802,27020,892,64328,254,56415,514,10725,395,32333,349,00023,946,80018,560,3974,331,00550,836,49314,300,3307,375,7002,849,967559,656,34545.98%0.0

Gastos explotacin8,323,6364,831,68011,305,3390.013,797,82833,472,4851,708,10033,104,1405,750,43019,721,75015,773,12516,565,65413,337,93115,723,72312,713,0008,067,0264,494,8173,647,37832,106,7276,491,3204,024,317180,134265,140,54020.18%0.0

Gastos de personal3,002,789125,0033,025,6916,181,93921,123,381961,190548,0202,645,4902,092,8704,068,190174,483250,8911,262,5013,611,0001,971,3570.0773,0688,208,896322,3100.00.060,349,0694.59%

Dotaciones a la amortizacin del inmovilizado2,316,9674,243200,189755,5832,101,888118,05069,430161,233773,950203,28444,486132,9151,633,346971,000106,2921,216247,1983,150,05447,4001,252,2767,68914,298,6891.09%

Variacin de provisiones de trfico(5,446,209)0.0599,794549,977(1,061,793)6,000608,767(2,179,890)0.00.04,803,580103,000941,0046,955(215,085)2,597,309(5,080)0.030,0001,338,3290.10%

Otros gastos de explotacin8,450,0894,702,4347,479,6656,310,32911,309,009622,86032,486,6902,334,94016,854,93013,681,54116,346,68512,954,1258,024,2968,028,0005,048,3734,486,6462,842,19818,150,4686,126,6902,772,041142,445189,154,45414.40%

Resultado Explotacin28,283,1593,211,47332,734,7140.04,367,46752,058,9978,213,77022,343,3201,741,20829,080,5205,119,51811,688,9102,176,1769,671,60020,636,00015,879,77414,065,580683,62718,729,7667,809,0103,351,3832,669,833294,515,8050.0

Resultado financiero(4,416,173)(692,268)1,479,4550.0(1,322,488)(2,896,461)160,020182,910(524,255)291,240(1,401,615)(549,675)(24,657)(2,947,032)(751,000)1,196,232(1,331,886)(557,111)(4,166,341)6,700(1,234,344)(33,491)(19,532,240)0.0

Ingresos Financieros1,332,91219,6021,422,78172,020922,326182,260228,450320,170419,6501,165,62277,35421,690108,48936,0001,196,25974,84234,8571,265,77315,47074,504117,9579,108,988

Gastos Financieros5,749,085711,870(56,674)1,394,5083,818,78722,24045,540844,425128,4102,567,237627,02946,3473,055,521787,000271,406,728591,9685,432,1148,7701,308,848151,44828,641,228

Resultado de las actividades ordinarias23,866,9862,519,20534,214,1690.03,044,97949,162,5368,373,79022,526,2301,216,95329,371,7603,717,90311,139,2352,151,5196,724,56819,885,00017,076,00612,733,694126,51614,563,4257,815,7102,117,0392,636,342274,983,5650.0

Resultados Extraordinarios(22,523)6,39582,0010.01,405,929(1,072,569)(256,240)178,850(515,633)1,579,920104,177(36,476)(6,553)(228,909)25,000819(193,554)(8,105)(538,526)30,510(233,617)1,149302,0450.0

Ingresos Extraordinarios2,775,0048,34182,1841,451,507485,616167,310178,85023,4841,579,92038,91569,3650.018,065507,0008194,97710,883727,90830,510135,8691,1498,297,676

Gastos Extraordinarios2,797,5271,94618345,5781,558,185423,5500.0539,117(65,262)105,8416,553246,974482,000198,53118,9881,266,4340.0369,4860.07,995,631

Resultado antes de impuestos23,844,4632,525,60034,296,1700.04,450,90848,089,9678,117,55022,705,080701,32030,951,6803,822,08011,102,7592,144,9666,495,65919,910,00017,076,82512,540,140118,41114,024,8997,846,2201,883,4222,637,491275,285,6100.0

Impuesto de sociedades8,309,063871,96012,003,6591,328,23916,750,9052,841,1407,961,480240,60511,463,730842,5273,887,720750,8612,269,4367,084,0005,976,8904,388,8201324,581,4462,746,180659,198933,62295,891,613

34.85%34.52%35.00%0.00%29.84%34.83%35.00%35.06%34.31%37.04%22.04%35.02%35.01%34.94%35.58%35.00%35.00%0.11%32.67%35.00%35.00%35.40%0.00%34.83%

Resultado despus de impuestos15,535,4001,653,64022,292,5110.03,122,66931,339,0625,276,41014,743,600460,71519,487,9502,979,5537,215,0391,394,1054,226,22312,826,00011,099,9358,151,320118,2799,443,4535,100,0401,224,2241,703,869179,393,9970.0

13.65%

Cuadre:0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Cuadre del Rdo de PL con el de Bce:0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0


Activo

Inmovilizaciones inmateriales/Inmovilizado total12.24%0.00%3.23%0.00%0.36%1.16%0.38%2.17%0.15%0.91%0.31%0.17%3.44%70.71%1.81%0.45%0.00%75.31%1.57%0.37%0.20%0.00%9.18%0.00%

Inmovilizaciones financieras/Inmovilizado total6.93%99.02%85.22%0.00%61.02%31.05%0.04%89.72%49.70%0.59%88.77%65.50%73.05%22.07%32.47%0.17%98.32%2.55%31.35%0.06%0.00%31.26%0.00%

Inmovilizaciones materiales/Inmovilizado total80.83%0.98%11.55%0.00%35.67%63.25%99.59%8.10%34.81%98.50%9.50%34.20%23.51%7.22%65.72%99.39%1.46%22.02%64.18%10.18%99.74%0.00%57.86%0.00%

Pasivo

Acreedores/Fondos propios (%)250.44%447.99%90.46%0.00%377.80%226.68%201.58%403.69%282.74%316.25%482.88%814.63%1395.04%731.44%105.05%187.61%389.46%227.46%311.12%211.81%602.09%421.32%290.04%0.00%

Acreedores/Activo total (%)70.56%81.70%47.50%0.00%79.07%68.95%66.84%80.15%73.22%75.91%82.10%89.07%89.63%87.97%50.44%65.23%79.47%62.59%73.52%67.93%85.76%80.82%73.45%0.00%

Acreedores largo/Acreedores corto plazo135.43%64.77%17.95%0.00%17.94%46.76%0.00%0.17%79.00%0.91%115.73%19.44%38.95%103.73%58.25%68.06%47.87%6.94%58.77%0.00%336.08%48.74%48.03%0.00%

Acreedores comerciales/Acreedores corto plazo71.14%89.16%0.00%0.00%70.96%39.09%94.57%97.00%13.41%93.70%61.49%84.36%96.08%43.37%32.11%0.00%29.50%95.97%67.99%94.60%60.35%0.00%66.97%0.00%



Activo circulante/Pasivo circulante231.96%186.09%237.61%0.00%104.14%104.43%115.79%109.07%217.50%89.95%212.33%115.51%130.13%215.75%206.63%254.91%128.68%89.96%125.83%141.68%354.82%183.33%146.69%0.00%

(Activo circulante - Existencias)/Pasivo circulante32.53%37.18%125.83%0.00%92.68%21.67%49.30%21.60%65.91%35.34%28.65%14.19%44.34%64.77%14.61%104.79%34.10%46.70%24.70%27.93%86.43%44.05%38.45%0.00%


Perodo medio de cobro estimado8630609954340113889112111963415211202525540


Existencias/Coste de ventas (das)14669056700267854635828377997047954026711,4941104130218711748122343617020


Rendimiento tcnico: Rtdo. explotacin/Activo7.00%5.96%28.74%0.00%8.05%18.20%16.33%11.56%4.17%15.12%3.23%11.69%4.40%5.89%22.54%19.38%16.04%0.66%5.20%18.78%7.86%10.78%10.93%0.00%

Rentabilidad media: Rtdo. neto/Fondos Propios14.6%18.4%45.8%0.0%31.9%43.9%37.6%47.5%4.3%53.5%11.7%98.4%56.1%21.4%34.2%48.4%59.0%0.4%11.7%47.3%22.4%43.7%30.3%0.0%

Cobertura financiera: Rtdo. explot./Rtdo. financiero(6.4)(4.6)22.10.0(3.3)(18.0)51.3122.2(3.3)99.9(3.7)(21.3)(88.3)(3.3)(27.5)13.3(10.6)(1.2)(4.5)1,165.5(2.7)(79.7)(15.1)0.0

Rtdo. act. ordinarias/Rtdo. antes impuestos1.01.01.00.00.71.01.01.01.70.91.01.01.01.01.01.01.01.11.01.01.11.01.00.0


Importe neto de la cifra de negocios/Activo0.30.30.60.01.40.40.50.70.50.40.20.51.00.40.50.50.70.40.30.60.80.90.50.0

Rtdo. explot./Importe neto de la cifra de negocios27.4%17.4%46.0%0.0%5.7%42.8%30.3%16.0%8.9%34.7%18.6%21.7%4.2%16.0%43.9%40.7%24.3%1.6%19.6%30.3%9.9%12.2%24.2%0.0%

Rtdo. antes impuestos/Rtdo. explot.0.80.81.00.01.00.91.01.00.41.10.70.91.00.71.01.10.90.20.71.00.61.00.90.0

Rtdo. neto/Rtdo. antes impuestos0.70.70.70.00.70.70.70.60.70.60.80.60.60.70.60.60.71.00.70.60.60.60.70.0

Activo/Fondos Propios3.55.51.90.04.83.33.05.03.94.25.99.115.68.32.12.94.93.64.23.17.05.23.90.0

Margen23.08%13.72%48.24%0.00%5.82%39.58%29.91%16.24%3.59%36.88%13.91%20.65%4.18%10.72%42.37%43.73%21.63%0.28%14.68%30.40%5.57%12.09%22.61%0.00%

Rotacin0.30.30.60.01.40.40.50.70.50.40.20.51.00.40.50.50.70.40.30.60.80.90.50.0

ROI = ( BAIT/VENTAS) x (VENTAS/ACTIVO)= Margen x Rotacin5.90%4.68%30.11%0.00%8.20%16.81%16.14%11.74%1.68%16.09%2.41%11.10%4.33%3.95%21.75%20.84%14.30%0.11%3.89%18.87%4.42%10.64%10.21%0.00%

Rentabilidad financiera13.6%16.8%37.3%0.0%27.5%36.0%31.6%38.4%4.3%42.2%11.1%66.0%43.8%21.4%29.2%39.0%45.6%0.4%11.1%38.2%20.2%35.8%26.3%0.0%

Endeudamiento (Fondos externos/Propios)2.504.480.900.003.782.272.024.042.833.164.838.1513.957.311.051.883.892.273.112.126.024.212.900.00

OTRA INFORMACION

Expresado en eurosDividendos000000000000000000000.00%

0.0%

Amortizacion inmovilizado material DOTACIN1,512,6884,243721,5762,034,38998,93550,408136,990663,215156,63432,13354,650909,0001,216247,19831,024180,8426,835,141

Coste inmov. material al inicio del ejercicio 200379,108,20701,030,00310,601,10961,539,98411,900,6721,247,8792,408,31656,399,3931,367,0175,161,7471,386,989374,08025,099,000412,64319,81816377372.19376,0454,795,834279,606,108

Altas ejercicio del ejercicio 200319,017,68445,199105,8491,889,38726,133,99663,817802,10721,5648,277,0012,156,099141,708646,5621,138,000715,8992,20013817367.9810,451612,43175,597,322

elementos totalmente amortizados al inicio ejercicio del 200302,863,488027,18688,2511,509,0001,0853,0884,492,098

elementos totalmente amortizados al final del ejercicio 2003434,82602,995,1641,083,301253,87530,019144,175203,86964,0001,783,0001,0852455523,0887,241,954

Cuota lquida impuesto Sociedades3,156,114871,96112,003,827461,37116,750,9052,841,1427,961,480247,20211,463,7261,122,1763,921,154300,6262,546,0387,084,0005,976,8904,156,360415.432,746,17683,611,563

Cash flow17,852,3671,657,88322,492,70003,878,25233,440,9505,394,46014,813,030621,94820,261,9003,182,8377,259,5251,527,0205,859,56913,797,00011,206,2278,152,536365,4765,147,4402,476,5001,711,558181,099,1790

Cuentas a cobrar con Grupo1,075,510160,48200442,12002,556,3000.00.04,506,630010,5280180,2381,764,00001,730,64819,155,49602,007,76633,589,718

Cuentas a pagar con grupo438,4041,827,7170598,87005,190001,767,97013,525,9081,681,06911,773,3312,364,028656,00009,357,6691,032,18802,411,93847,440,282


Ritmo amortizacin1.7%18.8%0.0%0.0%8.3%2.7%0.8%3.1%5.9%1.1%6.4%0.6%0.0%7.8%3.8%0.0%6.1%1.1%0.0%8.2%3.5%0.0%2.2%0.0%

Anticipos de clientes cp36,455,48117,629,588851,14030,079,03627,018,790102,394122,051119,373,35013,660,05849,894,84926,856,39010,999,5305,530,00010,947,877022,134,7202,409,423374,064,67742%

0000000000000000000

Anticipos de clientes lp00056,15900009,265,00000009,321,159

Clientes cp27,656,7811,579,6861,320,95323,470,58420,906,267362,510572,8985,569,9607,855,585124,665157,52340,991,8742,473,0005,135,1491,120,4970724,6861,759,955141,782,573

Clientes a lp9,729,926013,196,9430000000079,93423,006,803

Suelo incluido en cifra de existencia (terrenos y solares)144,691,336.08,881,71328,495,464.00.056,618,042.05,823,569.05,324,939.039,112,69127,254,122.019,952,411.02,075,43712,352,979.013,500,593.0364,083,296

Suelo/existencias59.9%22.3%0.0%0.0%0.0%25.6%0.0%41.8%22.5%6.7%34.9%0.0%0.0%25.4%0.0%0.0%44.8%7.8%0.0%38.5%0.0%72.0%25.1%0.0%


Nombre/Firma del auditorKPMGJuan Jess Vicente Amors(GESEM AUDITORESNINGUNOValls-Trives Auditores, S.LDeloitte & ToucheGEAuditGEAuditBDO AudiberiaGEAuditDeloitte & ToucheConsejeros AuditoresAntonio Hernndez MartnezDeloitte & TouchePricewaterhousecoopersNINGUNOKPMGATDACR Auditors GroupMoya Espasa AsesoresAntonio Hernndez Martnez

Corporacin a la que pertenecenIACJCREAREAREAREAREAREAREAREAREAREAREAREAIACJCREAREAREAREA



Por servicios de auditora23,8631021027,00025,4401400022,73819,39519,00010,2205,97117,30035,00015,4507642.419,0000

Por otros servicios8,26029,1501,2000

32,123102100027,00054,590140002273819,39519,00011,4205,971017,30035,00001545009,00000

Ingresos Recurrentes

Desglosasinosi

Importe0

CUENTAS ABREVIADAS.

CUENTAS ABREVIADAS.


iromero:SON DEUDORES A LP




CUENTAS ABREVIADAS.

CUENTAS ABREVIADAS.





iromero:son deudores a lp

CUENTAS ABREVIADAS.




KPMG:Corresponde a una PROVISIN POR RESPONSABILIDADES

2004


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ACTIVOHANSAGPO. ALC.URB.TORREVIASGESFESAECISAGUADALMEDINAPROM. Y FOM TUR.TORREVISAVAL. URBANAVILLAMARTINEDIVALPROM.EURO HOUSEJ.QUESADAV.JARDINH.GERMANSVISTA ALEGRECALVIGAACT. URB. VALEDIFICACIONES CALPEMOORSTYLECOLMAR GROUPPROCAMVASATOTAL

ACCIONISTAS DESEMBOLSOS NO EXIGIDOS0.00.000.00.00.00.00.00.00.0

GASTOS DE ESTABLECIMIENTO0.00.00.030,4780.00.00.056,42444,2380.07,867139,007

INMOVILIZACIONES INMATERIALES10,902,0455,391170,37448,711235,30327,4802,635,04092,673461,300342,70639,784192,0839,550,098508,00063535,791,2941,863,96912,1103,6330.062,882,629

INMOVILIZACIONES MATERIALES57,045,212267,048510,4956,303,35382,140,4319,065,1203,005,6801,581,24869,740,4003,160,5729,150,6262,804,600490,04337,186,000786,8501,315,90614,191,447.4984,075,2811,417,89018,502,9860.0402,741,189

INMOVILIZACIONES FINANCIERAS9,366,0486,502,86226,269,6219,823,67685,159,0304,51035,481,3802,132,963394,36042,900,1151,854,7124,121,4287,314,3428,816,0001,51333,465,0881,228,57753,745,3661,392,9501,507,2100.0331,481,750

ACCIONES PROPIAS0.00.0484,1396,010,1210.0700,771413,4920.00.00.00.00.07,608,523

DEUDORES A LARGO PLAZO8,641,8450.00.04,965,9430.07,586,7640.00.00.00.01,833,66212,843,350410,54936,282,113

GASTOS A DISTRIBUIR EN VARIOS EJERCICIOS1,126,8640.00.039,8490.03,83469314,891497,2108,0000.02,338173,5794401,2710.01,868,969

EXISTENCIAS303,287,00145,475,40085,839,0824,336,036123,032,13234,113,980120,9

Documents

1 El Sector Inmobiliario en la Comunidad Valenciana a través de 21 grandes empresas (2003-2004)