2012 annual report - gmv · annual report gmv 2012 / 3. we in business group gmv believe that...

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ANNUAL REPORT GMV 2012 / 3

We in business group GMV believe that behind each new need, behind each new problem, lie a challenge and a chance to innovate. Technology is not an end in itself; it is the means to make something new or make something old better. In GMV we draw on our existing range of products and services or, if need be, we develop completely new ones to meet the particular needs of each client, providing bespoke innovation and technology. We take on our clients’ challenges as our own, spurring us on to new heights of innovation.

GMV goes even beyond its clients’ brief, exploring their real needs with a total readiness to find solutions. This allows us to come up with the right response, often imaginative, sometimes even unique and always honest.

© GMV, 2013


CONTENTLETTER FROM THE PRESIDENTLETTER FROM THE CEOCORPORATE STRUCTUREGOVERNING BODIESCOMPANY HISTORYGMV IN 2012. MAIN FIGURESACTIVITY SECTORS ACTIVITIES IN 2012: Aeronautics ACTIVITIES IN 2012: Space ACTIVITIES IN 2012: Defense and Security ACTIVITIES IN 2012: Healthcare ACTIVITIES IN 2012: Information Security ACTIVITIES IN 2012: Transport ACTIVITIES IN 2012: Telecommunications and Information Technologies for the Public Sector and Large CorporationsSOCIAL RESPONSIBILITYHUMAN CAPITALQUALITYGMV IN THE WORLDANALYSIS OF THE FINANCIAL SITUATION

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6 / ANNUAL REPORT GMV 2012 ANNUAL REPORT GMV 2012 / 7

In the ongoing economic crisis, GMV continues to weather the storm. Carrying out our projects with undimmed enthusiasm and, where possible, even greater efficiency, increasing our commercial activities to win new clients and boosting our international activities, we even managed to increase our turnover slightly in 2012.

The drastic public-spending cuts in Spain and the price war unleashed by shrinking markets make it necessary to keep a cast-iron control over costs throughout the whole business. In view of the high cost of financial debt we have made a big effort to reduce our dependence on this source of financing, with notable success.

At the same time we consider it crucial to maintain and promote our hallmark qualities and continue investing in the future.

For the third year running GMV has been listed among the top 50 companies of the world’s space sector. We are continuing to forge ahead in navigation systems and onboard systems. We are vigorously promoting our most recent healthcare and security-information products around the whole world while continuing to invest in upgrades of these existing products and developing new ones. In defense and security, perhaps the sector hardest hit by the crisis, we have managed to keep up our activity levels by consolidating our activities with the Spanish MoD, deploying some of our systems in the army’s international theater of operations as well as continuing to increase our business with international clients. Last but not least our intelligent transportation systems are breaking into new markets as important as Guadalajara in Mexico or Yakarta in Indonesia.

Continuous improvement of our quality assurance procedures and their certification has been a top priority again this year. We have also continued to invest heavily in our diverse array of R&D projects to ensure that our products remain at the very forefront of today’s technology and ahead of our customers’ expectations.

Despite of the current difficult situation, especially in Spain, we have managed to chalk up healthy sales figures even at national level. Public spending cuts have indeed trimmed our sales to institutional clients, however they are still turning to GMV for their most indispensable projects, while a growing number of commercial clients adopt that our solutions to make a more efficient use of their resources and boost productivity.

Many years of diversifying into new sectors and geographical areas, as well as many important references earned with clients who trust us with their most groundbreaking projects now give us the necessary fleet-footedness to find opportunities in the midst of crisis. Our goal is to continue growing by breaking into new international markets. This involves a considerable starting effort and a long learning curve. Earnings on the early projects are small until we earn the local references necessary to compete by quality rather than price. But all this effort is well worthwhile, opening up future prospects and opportunities. On-the-spot presence in any country gives us better insights into what makes its market tick and in the medium term helps us promote our solutions throughout our whole range of activities. Witness our subsidiary in Poland, which opened in 2009. Since then we have established our position of leadership in the market of intelligent public transportation systems, won important defense contracts and also achieved first substantial aeronautics and healthcare sales this year.

The establishment of two new subsidiaries, one in New Delhi, India, and the other in Toulouse, France, also represents another important stride forward in GMV’s international expansion project. In both cases this is the logical culmination of several years’ work of breaking into the local markets and winning important contracts in the countries concerned. It is these contracts that have laid down the business base for the subsidiaries. The subsidiaries in turn give us local leverage for promoting our whole range of products and services on the strength of direct client contact.

Our unswerving goal is to continue improving, offering our clients the best cutting-edge solutions and our employees with a thrilling career environment to live up to the challenges set by our clients. In times of economic crisis this improvement process is more demanding and less rewarding. All the more reason, therefore, to thank our employees, collaborators and providers, and last but not least our customers, for their unswerving drive to progress, the only surefire way of overcoming these difficult times.

Cordial greetings, Mónica Martínez

LETTER FROM THE PRESIDENT

MÓNICA MARTÍNEZ


GMV was born in 1984 and won its first international contract that year: the client was the European Space Agency’s Operations Center in Germany and the main competition came from a Swiss firm. We won the contract mainly on the strength of the quality of our personnel. It was a stiff challenge and we pulled it off.

Nearly thirty years on, GMV’s hallmark features are the same, still hard-wired into the firm: a passion for challenges, a refusal to rest on our laurels, enthusiasm for technology and innovation, quality and commitment of the personnel and trading in an international scenario.

From that first contract the firm started to build up a set of skills and technological knowhow that fuelled significant growth not only in Europe’s institutional space market but also in the commercial operators’ market. From this base, by dint of technology transfer, the company steadily diversified into other markets like intelligent transportation systems, defense and security or the use of ICTs in banking, healthcare, telecommunications and government authorities. All this was underpinned by a significant effort from the company itself (plowing back all its profits into technology, new inhouse products, R&D, etc.) and its staff, always working with huge passion and dedication.

But the downside of success is that the firm continually outgrows its market and has to seek new ones to make investments profitable. GMV’s success, moreover, is based on a business model that is a blend of turnkey systems (either product-based or bespoke developments) and services geared to meet specific client needs and help them improve their operations (normally in complex systems); this implies a high degree of interaction and proximity with the main clients. The international outlook has been hardwired into the company from the very start but internationalization in the strict sense of setting up new companies in other countries did not begin until the first years of this century. We started in 2004 in the USA, then continuing in Portugal and Germany.

GMV’s internationalization process has picked up pace in recent years: new commercial opportunities, new markets, new key clients. Companies have been opened in Poland and Romania and, in the year now closing, in France and India; Asia and South America are the targets for 2013.

On the strength of this internationalization GMV has achieved great feats of which we can all feel proud. For example we are now the world’s number one supplier of satellite control centers for telecommunications

operators, doing business in all five continents. We hold the third biggest company share in the Galileo navigation satellites program. We are the only European firm working in the ground segment of NASA space missions. We are one of the world’s five biggest suppliers of public transport control systems, now up and running with 65 operators in cities of Spain, Poland, India, Malaysia, Uruguay, Mexico, Morocco, etc. We are world leader in logical security systems for ATMs, with our systems deployed in over 50,000 ATMs in Spain, Brazil, Chile, Colombia, Mexico, USA, India, Ukraine, etc.

And all this thanks to the trust of our clients and the effort and dedication of our employees, collaborators and partners.

Nonetheless internationalization makes great demands on the whole company from the bottom up. The outlay is heavy and the returns, in some markets, are slim at first, especially during this worldwide downturn.

The year now closing is a clear example of this paradox. One the one hand, huge company success in breaking into new markets and winning new worldwide clients. On the other, a reduction in profit due to this very internationalization drive and the concomitant outlay.

Fortunately, future prospects are bright. Although GMV is a company with a long-term outlook and strategy, its day-to-day sustainability depends on its ongoing growth, yield and profit. This is obviously true of any firm but particularly one like ours that needs to plow back its profit into future growth. At the end of the year expectations are very upbeat both in the space market (especially in the field of satellite navigation) and the intelligent transportation market, with promising commercial openings too in logical security and border surveillance.

At the end of next year we’ll no doubt still be speaking about internationalization but, for sure, more about the positive aspects than the inherent negative factors.

Jesús B. Serrano

LETTER FROM THE CEO

JESÚS B. SERRANO


Grupo Navegación por Satélite Sistemas y Servicios, S.L.

[14% GMV Aerospace and Defence, S.A.U.]

GMV Aerospace and Defence, S.A.U.

100% owned by GMV Innovating Solutions, S.L.

GMV Seguridad Integral, S.A.U.

100% owned byGMV Innovating Solutions, S.L.

GMVIS Skysoft, S.A.


GMV Innovating Solutions Sp.z o.o.


GMV GmbH


GMV Innovating Solutions S.R.L.


GMV Innovating Solutions Pvt. Ltd.

100% owned byGMV Innovating Solutions, S.L.

GMV Innovating Solutions SARL


GMV Sistemas, S.A.U.


GMV Soluciones Globales Internet, S.A.U.


GMV Innovating Solutions, Inc.


Grupo Tecnológico e Industrial GMV, S.A.

GMV InnovatingSolutions, S.L.

CORPORATESTRUCTURE


GOVERNING

BODIESBOARD OF ADMINISTRATORSCORPORATE MANAGEMENT

MANAGEMENT OF SUBSIDIARY COMPANIES

MÓNICA MARTÍNEZ WALTERBoard President

JESÚS B. SERRANO MARTÍNEZMember of the Board Chief Executive Officer

JAVIER LÓPEZ ESPAÑADirector

SUSANA MARTÍNEZ WALTERMember of the Board

ENRIQUE REVILLA PEDREIRASecretaryGeneral Secretary

JORGE POTTI CUERVOMember of the Board General Manager Aerospace

MIGUEL ÁNGEL MARTÍNEZ OLAGÜEMember of the Board Chief Business Development & Marketing Officer

IGNACIO RAMOS GOROSTIOLAMember of the Board Chief Human Resources & Infrastructure Officer

MANUEL PÉREZ CORTÉSGeneral Manager Homeland Security & Defense

FCO. JAVIER MARTÍNEZ CENDEJASChief Finacial Officer

LUIS FERNANDO ÁLVAREZ-GASCÓN PÉREZGeneral Manager Secure e-Solutions

JUAN A. MARCH GARCÍAGeneral Manager Transport & Mobility

RICARDO TÓRRON DURÁNMember of the Board (GMV Aerospace and Defence, S.A.U.)

ALBERTO DE PEDRO CRESPOManaging Director GMV Portugal

PEDRO J. SCHOCHPresident GMV NA

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ANNUAL REPORT GMV 2012 / 1514 / ANNUAL REPORT GMV 2012

GMV was born in 1984 and won its first international contract that year: the client was the European Space Agency’s Operations Center in Germany and the main competition came from a Swiss firm. We won the contract mainly on the strength of the quality of our personnel. It was a stiff challenge and we pulled it off.

Nearly thirty years on, GMV’s hallmark features are the same, still hard-wired into the firm: a passion for challenges, a refusal to rest on our laurels, enthusiasm for technology and innovation, quality and commitment of the personnel and trading in an international scenario.

From that first contract the firm started to build up a set of skills and technological knowhow that fuelled significant growth not only in Europe’s institutional space market but also in the commercial operators’ market. From this base, by dint of technology transfer, the company steadily diversified into other markets like intelligent transportation systems, defense and security or the use of ICTs in banking, healthcare, telecommunications and government authorities. All this was underpinned by a significant effort from the company itself (plowing back all its profits into technology, new inhouse products, R&D, etc.) and its staff, always working with huge passion and dedication.

But the downside of success is that the firm continually outgrows its market and has to seek new ones to make investments profitable. GMV’s success, moreover, is based on a business model that is a blend of turnkey systems (either product-based or bespoke developments) and services geared to meet specific client needs and help them improve their operations (normally in complex systems); this implies a high degree of interaction and proximity with the main clients. The international outlook has been hardwired into the company from the very start but internationalization in the strict sense of setting up new companies in other countries did not begin until the first years of this century. We started in 2004 in the USA, then continuing in Portugal and Germany.

GMV’s internationalization process has picked up pace in recent years: new commercial opportunities, new markets, new key clients. Companies have been opened in Poland and Romania and, in the year now closing, in France and India; Asia and South America are the targets for 2013.

On the strength of this internationalization GMV has achieved great feats of which we can all feel proud. For example we are now the world’s number one supplier of satellite control centers for

telecommunications operators, doing business in all five continents. We hold the third biggest company share in the Galileo navigation satellites program. We are the only European firm working in the ground segment of NASA space missions. We are one of the world’s five biggest suppliers of public transport control systems, now up and running with 65 operators in cities of Spain, Poland, India, Malaysia, Uruguay, Mexico, Morocco, etc. We are world leader in logical security systems for ATMs, with our systems deployed in over 50,000 ATMs in Spain, Brazil, Chile, Colombia, Mexico, USA, India, Ukraine, etc.

And all this thanks to the trust of our clients and the effort and dedication of our employees, collaborators and partners.

Nonetheless internationalization makes great demands on the whole company from the bottom up. The outlay is heavy and the returns, in some markets, are slim at first, especially during this worldwide downturn.

The year now closing is a clear example of this paradox. One the one hand, huge company success in breaking into new markets and winning new worldwide clients. On the other, a reduction in profit due to this very internationalization drive and the concomitant outlay.

Fortunately, future prospects are bright. Although GMV is a company with a long-term outlook and strategy, its day-to-day sustainability depends on its ongoing growth, yield and profit. This is obviously true of any firm but particularly one like ours that needs to plow back its profit into future growth. At the end of the year expectations are very upbeat both in the space market (especially in the field of satellite navigation) and the intelligent transportation market, with promising commercial openings too in logical security and border surveillance.

At the end of next year we’ll no doubt still be speaking about internationalization but, for sure, more about the positive aspects than the inherent negative factors.

COMPANY HISTORY


GMV

IN 2012MAIN FIGURES

Total Income: EBITDA:

EBIT:Net profit:

Number of employees:

110 M€9.3 M€5.2 M€2.7 M€1,129


ACTIVITY

SECTORSGMV provides solutions, integrated systems, specialized hi-tech products and services. Its activities take in the whole life cycle of the system, ranging from consultancy and engineering services up to the development of software and hardware, the integration of turnkey systems right through to operational support. These products and services are supplied through its various subsidiaries to eight different sectors: aeronautics, defense and security, space, healthcare, information security, information technologies for the public and private sector, telecommunications and transport.


ACTIVITIES 2012

AERONAUTICSGMV is a tried-and-tested supplier of products and services for leading aeronautical manufacturers such as EADS and for providers of air navigation services, and aviation organizations such as ICAO and Eurocontrol. GMV provides engineering services and develops state-of-the-art aeronautical systems and software while adhering to the highest quality standards. GMV has spearheaded the development of aeronautical approach and landing systems based on satellite navigation and is one of the few European companies with comprehensive knowledge of modern avionics architectures, testing systems and their associated regulations. The most important areas of activity within the aeronautics sector are the following:

- Flight Dynamics (aerodynamic characterization, flight control laws)- Development of safety critical software (DO-178B/C) - Avionics and equipment design- Integrated Modular Avionics (IMA)- Flight Control Computers for Unmanned Aerial Vehicles (UAVs)- Flight-training and engineering simulators- Electronic-device test benches- Mission planning systems- Approach and landing systems- Aeronautical communications- Precision approach operations- Performance based navigation- Air traffic management (ATM) research and development

ACTIVITIES AND ASSESSMENT 2012

In 2012 GMV achieved significant advances in its two main strategic lines in this sector: on the one hand the supply of technical assistance and systems in the field of satellite navigation (GNSS) to air navigation and airport authorities and operators and, on the other, the development of onboard systems and integrated modular avionics (IMA). Notable events in the former field, besides GMV’s ongoing work with authorities like AENA (Spanish Airports and Air Navigation Authority) and Eurocontrol, included, as forecast in 2011, certification of the EGNOS SBAS system as suitable for civil aviation, followed by massive SBAS takeup from aeronautical operators and authorities. This opened up new prospects for GMV’s catalogue of products and services for this market segment. A good example is magicGEMINI, an analyzer and monitor of the performance of GNSS systems and their regional augmentations, or SBAS, (such as EGNOS). In 2012 magicGEMINI chalked up its first international sale for the Polish Air Navigation Agency (PANSA). The SATSA project for the South African authorities also opens up promising prospects for the international expansion of GMV’s SBAS business. Further international growth is confidently expected from this business line in coming years on two fronts: products and services for aeronautics authorities and SBAS deployment in other areas of the world.

In GMV’s other main business line in the aeronautics field, the development of onboard systems and integrated modular avionics (IMA) systems for the major manufacturers of the sector, 2012 saw several significant events that reinforce the company’s position in this strategic market. Firstly, business remained brisk with EADS, Airbus Military and Eurocopter, the most important projects being the following: the development of the Flight Control Computer (FCC) for navigation, guidance and control of the unmanned aerial vehicle (UAV) ATLANTE, which in 2012 successfully passed its pre-flight tests; development of the Multi-Function and Control Display Unit (MFCD) of the Airbus A330 MRTT air tanker, which obtained INTA certification this year, and the supply of diverse onboard components of the Tiger helicopter. Activities also continued this year with new clients in this sector, such as the helicopter manufacturer Augusta Westland.

In 2012 the Rozas aerodrome, in Lugo, hosted the Flying Test Bed (FTB) flight tests of the unmanned aerial vehicle (UAV) ATLANTE. GMV is responsible for the Flight Control Computer (FCC), which sees to the aircraft’s guidance, navigation and control, and also for the automatic takeoff and landing system (ATOL), built into the Ground Control Station (GCS).

Image courtesy of cassidian


3. In 2012 the Rozas aerodrome, in Lugo, hosts the Flying Test Bed (FTB) flight tests of the unmanned aerial vehicle (UAV) ATLANTE. GMV is responsible for the Flight Control Computer (FCC), which sees to the aircraft’s guidance, navigation and control, and also for the automatic takeoff and landing system (ATOL), built into the Ground Control Station ( GCS).).

1. GMV is selected to carry out the European Commission’s DORATHEA (DEvelopment Of a Risk Assessment meThodology to Enhance security Awareness in ATM), project, which aims to develop a risk analysis method for protection of safety-critical air traffic management infrastructure like control towers and radar facilities. The project will complement the work carried out in Eurocontrol ‘s SESAR (Single European Sky ATM Research) program.

4. As number-one supplier in the satellite navigation market, GMV participates during 2012 in the SATSA (SBAS Awareness and Training for South Africa) project, a European Commission 7th Framework Program (FP7) led by the Commission itself and the South African National Space Agency (SANSA). This project aims to increase South Africa’s satellite-navigation capability ahead of the deployment of EGNOS (European Geostationary Navigation Overlay Service) in South Africa in the near future.

5. GMV ups its business profile in the international air navigation GNSS market after the purchase of magicGEMINI by the Polish Air Navigation Services Agency (PANSA); magicGEMINI is an analyzer and monitor of the performance of GNSS systems and their regional augmentations (SBAS). This installation will provide PANSA with real-time GNSS navigation performance monitoring according to international air navigation standards.

6. In 2012 EUROCONTROL awards GMV a new 3-year contract for grafting new capabilities onto the GMV-developed DEMETER Nav-Aid planning system and the incorporation of new RNAV requirements (area navigation) laid down by the European Civil Aviation Conference (ECAC). DEMETER has become an essential tool for airspace and navigation-infrastructure planners.

2. At the DATE 2012 conference GMV presents the preliminary findings of the COMPLEX (COdesign and power Management in Platform-based design space Exploration) project, an EU-funded research initiative that aims to develop a highly efficient productive design methodology and a holistic framework for iteratively exploring the design space of embedded HW/SW systems.

7. GMV collaborates with Airbus Military in certification by the National Institute of Aerospace Technology (Instituto Nacional de Técnica Aeroespacial: INTA) of the A330’s Multi-Function and Control Display (MFCD) for the Multi Role Tanker Transport (MRTT) and Future Strategic Tanker Aircraft (FSTA) programs. GMV is playing a key role in certification of onboard software to ensure compliance with the RTCA/DO-178B standard and the upcoming DO-178C.

8. Several important onboard-systems and Integrated Modular Avionics (IMA) projects get underway in 2012. The IMA4Brazil project, involving the participation of the Brazilian airforce aims to set up an IMA architecture in a space environment while the also recently-initiated MultIMA project addresses the development of onboard software in high-dependability integrated multi-processor systems.

9. Throughout 2012 GMV continues working with the Milan-based Anglo-Italian helicopter company Agusta Westland on the development and testing of software for new helicopter monitoring configurations and reengineering of existing systems to bring them into line with state-of-the-art developments.

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ACTIVITIES 2012

SPACE GMV is one of the world’s top suppliers of equipment for international space organizations and agencies and also of the main satellite constructors and operators. With over 27 years of experience behind it GMV has now become the world’s number one independent supplier of satellite control centers for commercial telecommunications operators. GMV is also one of ESA’s main contractors in this field, playing a key role in the development of most of its space missions. GMV is Europe’s top supplier of safety-critical components for the ground segment of satellite navigation systems.

Working with world-beating technology, GMV’s range in the space sector includes all the following:

- Flight Segment: · System-engineering and mission analysis · Guidance, navigation and control (GNC) systems · Autonomy and robotics · Satellite and mission simulators · Ground validation and test beds · Onboard software and independent validation · Prototypes of data simulators and processors for earth observation instruments- Navigation: · Engineering and algorithms of satellite navigation systems · Major global satellite navigation signal generation and processing systems · Precise positioning solutions and augmentation systems- Ground Segment: · Design and integration of complete ground systems · Satellite control centers and monitoring stations · Science-mission operations centers · Flight dynamics systems · Mission planning systems · Payload management centers for telecommunications missions- Data Processing: · Instrument processors for earth-observation and science missions · Quality-control and calibration systems- Space mission operational support- Space applications


The fact that GMV achieved an all-time high of contract awards in 2011 translated into excellent results in 2012.

For yet another year GMV retained its status as the world’s top independent supplier of ground control systems for commercial telecommunications satellite operators. Forty five percent of the commercial telecommunications satellites launched between 2010 and 2012 carried GMV technology onboard. In 2012 this number-one status was cemented by new contracts with operators like OPTUS from Australia, Thaicom from Thailand or Hispasat from Spain. At the close of 2012 GMV’s client portfolio included all the major international space agencies and operators and its systems have now been implemented in 26 countries throughout the Americas, Africa, Asia, Europe and Oceania. Once again GMV brought them all together by holding the fifth ‘GMV Users Conference’. In 2012 GMV decided to open a subsidiary in France to build on its long-standing track record as tried-and-tested supplier of the French Space Agency (Centre National d’Études Spatiales – CNES). This new base, together with the subsidiaries GMV has already set up in German, Poland and Romania, stands it in fine stead for future growth within Europe’s space sector. GMV once more wins flagship contracts in Europe’s Galileo satellite navigation program with prospects of more in the near future, so 2012 again opens up bright prospects of future growth. GMV enjoys pole position in this field as the third biggest European supplier during the initial development phase of Galileo. GMV has also invested heavily in the development of inhouse SBAS, PPP and receiver technology to cement its position even more firmly.

In 2012 GMV also consolidated its position as a leading integrator of complete Guidance Navigation and Control (GNC) systems by winning several important contracts such as the NEO-GNC project.

On 29 March 2012 the ATV-3 “Edoardo Amaldi”, the third European automated transfer vehicle for periodic resupply of the International Space Station (ISS), successfully docked with the Russian segment of the ISS. GMV has played a crucial role in developing the ATV’s orbital mechanics system and remains responsible for system maintenance and updating.

Image courtesy of ESA


1. GMV consolidates its position as the world’s number-one supplier of control centers for commercial telecommunications satellites. In 2012 GMV extends the capacity of the orbital dynamics system for the Australian satellite operator OPTUS; wins its first contract with the Southeast Asian operator Thaicom for the satellite control center Thaicom6; supplies in Malaysia the control center for the MEASAT 3/3A/3B satellite family; supports the operations of the geostationary satellite SES-5 of the Luxembourg operator SES; develops the flight dynamics system and monitoring and control system of the Amazonas 4A satellite of the Spanish satellite operator Hispasat; and extends its position as main supplier of flight dynamics systems and control centers for the European operator Eutelsat, replacing the flight procedure automation system by a GMV solution and continuing the extension of the support system of the US platform Americana Loral Omega 3.

2. More proof of GMV’s increasingly important position in the international space sector comes in 2012 when it features for the third year running in the “Top 50 Space Manufacturing and Services list”), drawn up by the trade journal Space News, a leading light among specialist aerospace publications.

3. GMV organizes the fifth GMV Users Conference, GUC 2012, on satellite control systems in Rambouillet (France) with a turnout of nearly 50 representatives from 18 different organizations, including space agencies, telecommunications-satellite operators and satellite manufacturers. This conference represents a unique chance to receive information on the latest technological breakthroughs and future trends in a matchless setting for space sector stakeholders to debate burning issues and swap operational experiences.

4. In 2012 GMV wins several contracts with the French Space Agency (Centre National d’Études Spatiales: CNES) under the framework space engineering contract signed between GMV and CNES in 2011. One of the main contracts is for maintenance and support of the management of CNES’s space mechanics tools and libraries. It also collaborates with the French Space Agency in its space-object-monitoring and -surveillance activities (tools for estimating the space-debris re-entry date and definition of a simulation test bed for the European Space Situational Awareness [SSA] program).

5. On 29 March 2012 the ATV-3 “Edoardo Amaldi”, the third European automated transfer vehicle for periodic resupply of the International Space Station (ISS), successfully docks with the Russian segment of the ISS. After having played a crucial role in developing the orbital mechanics system of the first two ATVs, GMV remains responsible for system maintenance and updating to bring it into line with vehicle changes with respect to its forerunners. Still a member of the orbital mechanics operations team, GMV is also responsible for the orbital mechanics database for operational deployment of flight dynamics and for pre-flight system qualification tests.

7. In 2012 GMV continues working on Europe’s satellite navigation system Galileo. Early in the year it successfully manages to receive and process both the data and pilot channels of the first Galileo satellite signals using its own inhouse receiver. Later in the year the first ever Galileo-only position fix is achieved using GMV-generated products in the OSPF (Orbit Synchronisation Processing Facility). Throughout the year the European Union awards various contracts to GMV, including the development of an integrity-technology implementing receiver, a

study for the definition of Galileo’s future Commercial Service and Spain’s first ever contract in Galileo’s public regulated service (PRS). GMV also reinforces its role as world leader in navigation, receiving important bid invitations from various countries.

6. GMV is participating in the space component of the European Earth Observation Programme, Copernicus (formerly GMES) with the development and commissioning of the Sentinel satellites. In 2012 GMV successfully passes the factory acceptance test (FAT) of Sentinel-1’s mission planning system (MPF), successfully completes the design of Sentinel-3’s mission planning system (MPF) and wins a contract for developing Sentinel-3’s flight dynamics system, which will provide the required functions for the monitoring, control and prediction of the satellite’s orbit and attitude. In recognition of its high-resolution data processing capability, GMV is given responsibility for implementing the geometry component of the operational processor of Sentinel-2’s onboard instrument data.

8. GMV participates in the Mars Sample Return (MSR) program, tackling the international challenge of collecting samples from the surface of Mars and analyzing them back on earth, allowing scientists to fine tune their measurements. MSR comprises three missions (a sample catching rover mission, a lander mission to fetch the cache and an orbiter mission to capture the orbiting sample). GMV is making a valuable contribution to the Orbiter mission, designing the approach and capture phase (orbits, approach maneuvers, attitude profiles, relative sensors, navigation filters, etc.).

10. GMV maintains its leadership as integrator of spacecraft Guidance, Navigation and Control (GNC) systems, winning the contract for the second phase of the NEO-GNC project, which aims to perfect algorithms to meet the requirements of future asteroid sample return missions. A GMV-led consortium also completes the ROBMPC project to demonstrate the advantages of applying Model Predictive Control (MPC) technology to several space applications; GMV is also responsible for navigation of the Rover vehicle participating in the field tests of the European Union’s ProViScout (Planetary Robotics Vision Scout) project.

9. GMV leads the consortium in charge of carrying out the implementation phase of the ngEO (Next Generation User Services for Earth Observation) project of the European Space Agency (ESA). This project involves the development of an integrated system designed for easy deployment, configuration and administration of ESA user services in several operational contexts in parallel. As well as project coordinator GMV will also be acting as system integrator.

11. In 2012 a GMV-led consortium wins the ISSWIND project as proof of concept for providing support services to the wind power industry. This project tackles a crucial Europe-wide strategic target: producing 20% of EU’s energy from renewable sources by 2020. Its mission is to analyze the potential of integrated solutions (space and ground segments) and associated services to support the wind power sector in its tasks of planning, constructing, operating and maintaining land and sea wind farms.

12. Continuing to carry out groundbreaking EU FP7 R&D work, GMV is granted the contract for coordinating the SAGRES (Service Activations for GRowing Eurosur Success) maritime safety project and also for working as partner in the G-NEXT (GMES pre-operational security services for supporting external actions) and LOBOS (LOw time critical BOrder Surveillance) projects, which are now added to the key safety projects already underway within GMV. .

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Image courtesy of ESA

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ACTIVITIES 2012

DEFENSE &SECURITY GMV is a tried-and-tested supplier of international defense and security organizations and armed forces. Its activities in this field take in the engineering, design, development, integration and maintenance of defense and security systems covering their whole life cycle.

The products and services provided in the defense and security area cater for the most demanding needs and are developed under strict quality standards. They cover the following areas:

DEFENSE- Engineering, development and integration of C4I systems - Processing of data and signals, intelligence systems- Training, operational research and R&D simulators - Development of military systems based on GPS, EGNOS and Galileo- Onboard equipment, military avionics software and test-beds- Logistic and maintenance services for systems and software- Military space applications- Physical and logical security systems and engineering

SECURITY- Perimeter-surveillance and access-control systems- Border protection and surveillance systems- Advanced security systems incorporating new technologies- Emergency and crisis management systems, 112, SOS centers- Monitoring and management systems for vehicles and personnel of security forces and emergency organizations - Onboard security and video-surveillance systems- Inspection and surveillance systems for fishery and merchant ships in international waters


As in previous years GMV’s main activity in the Spanish market during 2012 was the C4ISTAR systems it is currently working on: the TALOS command and control system for fire support operations and the Landing Craft Control System (SCE in Spanish initials). TALOS received its baptism in real combat conditions with the Spanish troops in Afghanistan during 2012. As for R&D projects GMV also continued to work on the R&D program called “Future Combat System” (“Combatiente del Futuro”: COMFUT).

As pointed out in previous years, the shrinkage in the number of R&D projects coming from the Spanish MoD prompted GMV to prioritize the international defense market and promote the security business lines. In so doing GMV not only managed to keep up its defense and security business but also opened up promising growth prospects. A case in point here is security-systems and access-control business in sensitive buildings and sites. This business has been reinforced by the takeover of the access control and security business line of SABIA, formerly belong to MAPFRE; this takeover has enabled GMV to offer an advanced and across-the-board range of access-control products and services.

In the international arena GMV upped its profile within NATO by participating with notable success in various NATO-brokered exercises and programs. It also won new contracts to reinforce its position with the European Defence Agency (EDA) and the European Commission within programs like EUROSUR as part of the European Commission’s European Border Surveillance System, under the responsibility of the European Agency for the Management of Operational Cooperation at the External Borders of the Member States of the European Union (FRONTEX, shortened from the French Frontières extérieures), which enabled GMV to considerably increase its business in Poland.

The C4I fire-support planning, management and execution system TALOS-HLA, developed by GMV, accompanies Spanish troops on their mission in Afghanistan.


2. The GMV-led FIRESMART consortium of the European Commission, which aims to study and develop state-of-the-art fire-prevention technology, is brought to a close at the 28th meeting of the European Commission Expert Group on Forest Fires (EGFF), held in Antalya, Turkey. The most important conclusions bring out both the strengths and weaknesses of current fire-prevention practices, confirming the need for a long-term prevention strategy. This is the only way of ensuring future sustainability of forest ecosystems.

1. In 2012 GMV participates with its SEISMO system (“Mobile ISTAR Operating System” in Spanish initials) in NATO’s TIE12 interoperability exercises (Technical Interoperability Experiment for 2012) and MAJEX12 of the MAJIIC (Multi-Intelligence All-Source Joint Intelligence Surveillance And Reconnaissance Interoperability Coalition) program. In both cases GMV’s system comes through the interoperability trials with flying colors, ending up in first place with a 100% success rate.

3. GMV receives final acceptance of the System of Geolocation, Assisted Navigation, Management and Operational Emergency Coordination which provides the Consortium for the Prevention and Extinguishment of Fires and Rescue Operations of the Island of Tenerife with an integral emergency management system based on GMV’s hegeo® solution as a management platform of emergency and public-service resources.

4. GMV implements the SIG-SIRESP command and control system of Portugal’s Guarda Nacional Republicana (GNR). This system, integrating context information, geolocation of important points and georeferencing of troops on the ground, supports GNR’s operational decision-making procedures.

5. GMV participates in the Belgium demo of the SUM (Surveillance in an Urban Environment Using Mobile Sensors) project, belonging to the JIP Force Protection (FP) program of the European Defense Agency (EDA). Up and running since 2009, this project is being conducted by a consortium made up by GMV (Spain), DLR (Germany), TUM (Germany) and RMA (Belgium).

6. In 2012 GMV wins the contract for two new phases of the EUROSUR project, within the framework of the European Commission’s European Border Surveillance System (EUROSUR), under the responsibility of the European Agency for the Management of Operational Cooperation at the External Borders of the Member States of the European Union (FRONTEX, shortened from the French Frontières extérieures). The main aim of this Project is to provide the necessary capacity for creating a permanent connection between the whole set of National Coordination Centers (NCCs) and FRONTEX itself, using an extensible system to share information.

7. GMV participates in the European Commission’s FP7 TASS (Total Airport Security System) project, which aims to set up a multi-segment and multi-level intelligence and surveillance system designed to create a comprehensive airport-security monitoring solution, providing airport authorities with real-time, accurate situational awareness of all airport facilities.

8. The GMV-developed C4I fire-support planning, management and execution system TALOS has been accompanying Spanish troops deployed in Afghanistan since late 2012, providing invaluable support in repelling hostile actions, increasing troop safety and favoring mission success.

9. In late 2012 the kick-off meeting of the IONCE project is held (“Screening on-going activities and existing or near-future solutions in the area of identification of non-cooperative elements”), a project being carried out by GMV for the European Defence Agency (EDA). The aim of the project is to guarantee the protection of critical infrastructure, especially during missions in the theater of operations, by analyzing the various application scenarios and the threats to be met.

10. GMV participates in NATO’s ISTAR symposium (NATO Intelligence, Surveillance, Targeting, and Reconnaissance (ISTAR) Symposium and Technology Expo) in Ramstein, Germany, where it showcases its ISTAR solutions and technologies. GMV highlights the progress being made in the Mobile ISTAR Operating system (called SEISMO after its Spanish initials: Sistema de Explotación ISTAR Móvil), its input to the ATLANTE program (long-range unmanned aerial vehicle) and the infrastructure for the Spanish SIGINT program.

11. In 2012 GMV keeps up its participation in the European Commission’s CASSANDRA project, whose main aim is to improve visibility within distribution chains in the interests of compliance with commercial legislation and border-control efficiency. The project takes into consideration visibility needs not only in sector companies but also in the government organizations involved in the international transport of freight containers.

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ACTIVITIES 2012

HEALTHCARE Information and telecommunication technologies, virtual-reality simulation and digital-image processing are all new arrows in the quiver of healthcare professionals, giving them a whole new set of techniques and resources to work with.

GMV draws on the technologies developed for the defense and aerospace sectors to create groundbreaking healthcare products:

- Telemedicine, telediagnosis and teleassistance systems- Planning/simulation systems in aid of diagnosis and treatment- Mobility and emergency-management systems - Aid systems for disabled people- Humanitarian aid and emergency infrastructure based on satellite technology- Secure healthcare information systems based on the monitoring of standards and compliance with the Spanish data protection act


In 2012 GMV chalked up the first international sales of radiance, the world’s first and only intraoperative radiotherapy planning system. Development of this trailblazing system was completed in 2011 after several years of research and development in computer simulation and medical-image processing techniques. The product, which has now received FDA clearance for USA marketing, has been taken up in Spain by prestigious hospitals like Gregorio Marañón and clinics like Clínica La Luz de Madrid. These first sales augur well for international development over the coming years of this groundbreaking GMV product, which is turning out to be indispensable in the implementation of this cancer therapy.

The other healthcare field in which GMV is investing heavily is eHealth platforms, incorporating telemedicine as a distinguishing feature. The antari platform incorporates trailblazing telecommunications and information technology together with telediagnosis and remote consultation solutions. In 2012 the antari eHealth platform reached its full maturity, phasing in new features that make it stand out in its own right on the world stage. Vigorous publicity and promotion campaigns were kept up throughout the year, antari featuring in various events in Europe, Africa and Latin America, opening up bright prospects for the coming year.

GMV chalks up the first international sales of its trailblazing intraoperative radiotherapy planning product, radiance. In 2012 the complete system is taken up by the Servizio Sanitario Regionale dell’Umbria in Città di Castelo, Italy, and the Oncology Center of Bydgoszcz and Warsaw’s Maria Skłodowska-Curie Institute of Oncology, both in Poland.


2. GMV participates in MIHealth Forum 2012, a meeting point and benchmark platform for decision-makers in the healthcare sector to share their experience and knowledge in issues such as clinical knowledge and innovation management. GMV runs a stand in the exhibition area showcasing its e-Health solution antari, and also gives a paper in the panel discussion “Impact of ICTs on chronicity management”.

1. A collaboration agreement between Azierta and GMV for the creation and implementation of cutting-edge technology and healthcare projects gives birth to the groundbreaking pharmacovigilance database, Vigilazierta. This involves software for drug and health-product safety management and support during clinical trials. Based on E2B and the MedDRA standards, the system enables users to classify, create, review, maintain and submit pharmacovigilance data in a swift and secure way to competent authorities and other third parties.

3. The Servizio Sanitario Regionale dell’Umbria in Città di Castello, Italy, purchases GMV’s radiation therapy planner, radiance. This hospital’s radiotherapy service is one of the most experienced in intraoperative radiation therapy, especially for breast cancer. One of the main aims in using GMV’s inhouse development is to achieve better recording of breast cancer conservation therapy, a crucial aspect in patient monitoring.

4. GMV signs an agreement with Candela Ltd for non-exclusive distribution of the intraoperative radiotherapy planner radiance in Poland as part of the overall strategy of building up an international distribution outlet for this product. Candela Ltd is a rapidly growing firm that has supplied radiotherapy and technical-service equipment for Poland’s main oncology centers.

5. In 2012 the Bydgoszcz Oncology Center and Warsaw’s Maria Skłodowska-Curie Institute of Oncology, both in Poland, purchase GMV’s complete intraoperative radiation therapy (IORT) planner, radiance. Bydgoszcz Oncology Center, founded in 1990, is one of Europe’s most advanced cancer treatment centers, boasting the most groundbreaking technologies and medical solutions. The Maria Skłodowska-Curie Institute of Oncology, founded in 1932, is Poland’s leading and most specialized cancer research and treatment center, running regional branches in Gliwice and Krakow.

6. During the Health Week of Bogota’s San Diego prison in Colombia, GMV presents its antari e-health solution, with prison inmates being attended by specialist doctors under a telemedicine arrangement. The purpose of this trial is to show how new technologies can provide prisoners with timely and specialist attention while also saving costs for the prison.

7. GMV showcases its antari telemedicine platform at the international exhibition of health, medical equipment, pharmaceutical products and e-health, SISDAK 2012, held in Dakar. SISDAK has become an important international health forum, where health specialists can swap notes and knowledge in scientific forums dealing with each particular specialty.

8. In 2012 GMV signs a research agreement with Heidelberg University (Heidelberg Ruprecht-Karls-Universität) with the main aim of exploring different alternatives for using intraoperative images with a radiosurgical arc for precise placement of the applicators. Heidelberg Ruprecht-Karls-Universität, Germany’s oldest university, is a world leader in medical physics, DNA computing and radiation oncology, an area where GMV can make a valuable input. 10. The European Space Agency (ESA) awards the Study on Assisted

Surgery for Space Exploration (SAXPEX) project to a consortium led by GMV. The aim of this project is to lay down the first guidelines on the contribution of future technology to all aspects of assisted surgery on space missions. As well as private firms, the consortium also includes the Katholieke Universiteit Leuven (University of Leuven) in Belgium, MEDES in France plus diverse inputs from experts in many of the study subjects.

9. GMV is one of the members of the consortium in charge of carrying out the SNC_Integra project, whose main aim is to obtain thoroughly safe and efficient drugs for treating pathologies of the central nervous system (SNC in Spanish initials). These drugs will then help to head off the advance of the illness, reduce associated symptoms, repair damage, cut down side effects and improve administration regimes, with the end result of improving the patient’s quality of life and lightening the healthcare load.

11. GMV, jointly with Hospital General Universitario Gregorio Marañón, holds the world’s first course dealing particularly with the problem of volume contouring in intraoperative therapy. Contouring is a crucial activity for treatment of this type, identifying as it does the target tumor, the organs to be preserved and the zone to be treated. The course aroused great interest and was keenly received by specialists under training.

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ACTIVITIES 2012

INFORMATIONSECURITYGMV has been Spanish leader in the development of network security services and technologies and information systems for over 17 years now. GMV provides engineering products and integrated solutions for security, intelligence centers, emergency management and crisis management:

- Engineering, security services and solutions for information networks and systems- Security auditing- Security planning- Unified user management- Implementation of security management systems- Security hardening of platforms, networks and services- Security services (monitoring, detection of vulnerabilities, etc.)- Backup centers- National Security Scheme compliance plans- Protection of critical infrastructure


Ever since GMV began its activity in the field of logical security over seventeen years ago, its strategy has revolved around the most innovative R&D to keep it ahead of the pack. On the strength of this strategy GMV has developed products and technologies protected by worldwide patents, such as codelogin for secure online ATM and banking authentication or the document-encryption product arkano. The growth in the organized criminal threat to ATMs has made it increasingly necessary to improve and upgrade their logical security. This is where the GMV-developed ATM logical-security product checker ATM Security comes into its own, a market leader that went from strength to strength in 2012, winning new worldwide customers in countries like Ukraine, India and the USA.

As part and parcel of this strategy of R&D in new security technologies, GMV made further headway in 2012 under a contract with the bank BBVA, developing a very promising line of research based on the application of “Artificial Immune Systems” to the early detection of fraud in bank accounts and cards.

Furthermore, the expertise built up by GMV in security diagnoses, audits and consultancy also came up trumps in 2012. The company carried out important projects for organizations, institutions and bodies that wish to be safeguarded from any attack, cutting down the risk of their systems being hacked into.

In 2012 GMV also worked on upgrades and fine-tuning of its main security products and services in order to be able to offer its various clients custom-built solutions to meet their new security needs. By now, for example, GMV has built up a high degree of maturity and experience in security services and solutions for the banking and insurance sector. This proven expertise won it several contracts this year from various banks.

In 2012, in short, GMV managed to reinforce its position as a leading supplier on various security fronts. As a result its traditional clients turn back to GMV time and time again with new projects while it is also continually winning new clients who also see in GMV the best custodian of their information security needs.

GMV agrees in 2012 continuation of the Sinfonía project it is carrying out for BBVA’s security innovation department. This project is based on application of groundbreaking “Artificial Immune Systems” for early detection of fraud in bank accounts and cards.


2. GMV’s inhouse product checker ATM Security, developed to ensure the security of ATM networks, continues its worldwide expansion, becoming in 2012 one of the worldwide ATM bulwarks. In 2012 GMV carries out a thoroughgoing campaign to promote this product among the financial institutions of Europe, Asia, Canada and the USA, attending many tradefairs, congresses and meetings of experts from the worldwide financial sector.

1. In 2012 the GMV-led CRICTISIM (Critical ICT Infrastructure Simulation of Interdependency Models) project is brought to completion. The CRICTISIM project comes under the CIPS program of the European Commission’s Directorate General of Home Affairs. Its main objective is to establish a common framework for studying the behavior of the information systems of critical infrastructure, detecting the critical points and vulnerabilities to head off any attacks.

3. During GMV continues working on Intypedia, the GMV-sponsored Online Visual Information Security Encyclopedia, an initiative of the Thematic Network of Cryptography and Information Security (Red Temática de Criptografía y Seguridad de la Información: CRIPTORED), run by Madrid Polytechnic University (Universidad Politécnica de Madrid: UPM) and sponsored by GMV. Intypedia’s main remit is to set up a virtual classroom and internet study room for thousands of students, academics and internauts in general who are interested in information security.

4. In 2012 the National Library of Spain (Biblioteca Nacional de España) chose GMV for developing adaptation guides to the National Security Scheme (Esquema Nacional de Seguridad: ENS). The aim of this scheme is to build trust in the use of electronic media by developing measures to guarantee the security of systems, data, communications and electronic services, ensuring and safeguarding the exercising of rights and fulfillment of duties through these media.

5. The Spanish review SIC, specializing in information protection and security and information and communication technology, awards one of its 2012 Prizes to GMV. This award scheme was set up to distinguish important initiatives, organizations and professionals in security risk management, particularly those associated with the protection of information processed in technological systems.

6. GMV is one of the starring firms at the Spanish Information Security Congress, organized by the trade review SIC. The aim of the congress is to offer an overview of the current state of the most modern security and information-protection technologies in their technical, organizational and legal aspects. Securmática has rightly won itself the reputation as Spain’s foremost ICT-security meeting.

7. GMV becomes the first technology company in Spain to join the partners’ network of the US logical-security firm Niksun. This alliance is of great commercial interest to both companies; Niksun has a wealth of experience in developing cybersecurity services for highly classified government environments and it now breaks into the Spanish market in collaboration with a benchmark logical-security firm like GMV, with a track record of over 17 years offering a wide range of logical-security products such as network security and access to corporate infrastructure.

9. The multinational Grupo Antolin, leader in the design, development and manufacture of components and modules for vehicle interiors, has once more chosen GMV for enlargement and development of its intrusion prevention system (IPS) by means of Sourcefire technology. GMV’s good working knowledge of this client and previous success in integration and operation of Sourcefire technology with its security services center have all helped to increase network visibility and protection.

11. The Ukrainian bank UkrSibbank of BNP group, purchases 500 licenses of GMV’s checker ATM Security software for malware and fraud protection of the Wincor Nixdorf and Diebold ATM network. checker ATM Security meets the very highest dependability criteria to mitigate risks in a simple and effective way with the lowest possible impact on operations.

8. GMV agrees in 2012 continuation of the Sinfonía project being carried out by GMV for BBVA’s security innovation department. This project is based on application of groundbreaking “Artificial Immune Systems” for early detection of fraud. This project is part of the bank’s innovation strategy for risk technology management and has successfully come through a review of project results after two years of research.

10. GMV participates in the European Commission’s FP7 TREsPASS (Technology-supported Risk Estimation by Predictive Assessment of Socio-technical Security) project, which sets out to improve company security by integrating social factors into risk management, IT infrastructure and information systems.

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ACTIVITIES 2012

TRANSPORT GMV has consolidated its position as a leading and trailblazing firm in designing, developing, manufacturing and installing Intelligent Transportation Systems based on GPS technology. Starting off in the traditional market of advanced passenger-information and fleet-management systems, it has now branched out with new spinoff developments for the maritime sector (AIS systems) and the railway sector (railway fleet management systems: SAE-R®). GMV’s solutions in this field are designed to streamline operations and increase service quality:

- Advanced fleet-management systems for passenger transport- Ticket vending and fare collection systems - Ticket window management and self-service ticket dispenser platform- Support systems for the management of passenger transport-on-demand schemes- State-of-the-art passenger information systems- Advanced fleet-management systems for railway transport- Transport services planning systems- Passenger transport video surveillance systems- Specialist fleet-management products and services; municipal services, emergencies, etc.- Advanced car telematics units- Electronic tolling systems- Street parking management systems- AIS/VTS systems for maritime transport and port management- DGPS coastal systems for navigational aid


As in previous years, and despite widespread public spending cuts, GMV, on the strength of its growing international business, once more grew at a healthy lick in this sector throughout 2012, especially in terms of technology applied to metropolitan public transport in the international arena.

Throughout 2012 GMV also made further headway in its internationalization strategy targeted at Asia and Central-Eastern Europe. GMV confirmed its status in Poland as the leading supplier of telematic public transport systems, winning the contract for developing an advanced fleet management system for the public transport system of Torun, successfully completing installation of a modern fleet management system for the public communication fleet of Nowy Sacz and then winning the first order from Poland’s top train and tram manufacturer, PESA. In 2012 GMV was also awarded two important international projects for developing the fleet management system of the Bus Rapid Transit (BRT) systems of the cities of Guadalajara in Mexico and Yakarta in Indonesia.

Back in the Spanish market 2012 was yet another year of indisputable GMV leadership as it won the lion’s share of implementation projects for fleet management and passenger information systems at home too.

Another notable success story is the growth of its business in supplying groundbreaking telematic systems for the automobile sector, related to implementation of the European eCall system, GNSS-based roadtoll systems and new models of more sustainable mobility.

GMV is leading the project of setting up the fleet management system of the Bus Rapid Transit (BRT) system of the Mexican city of Guadalajara, capital of the State of Jalisco, providing the necessary technological wherewithal for fleet monitoring, regulation and control.


2. Miami City Tour, a joint venture including Grupo Juliá, awards to GMV in 2012 a contract for setting up the vehicle tracking and fare-collection systems for the tourism bus of Miami city in Florida (USA). The system is based on the GMV-developed Moviloc® service, which provides tracking data and route reports via a secure, quick and user-friendly internet connection.

1. The Autoridad Portuaria de Valencia (Valencia Port Authority) once again places its trust in GMV for the installation, deployment and integration of a platform for monitoring ships and all types of floating craft passing through the port entrance. This new platform has been built up from shiplocus@, GMV’s ship-monitoring and report-processing product, supplied by GMV three years ago together with two AIS base stations in Valencia lighthouse and Cullera lighthouse and an AtoN AIS in the port of Sagunto. The Spanish Seaports Authority (Puertos del Estado) also extends GMV’s service contract for running its AIS network.

3. GMV’s new transport subsidiary in India, based in the financial center of Saket in the south of New Delhi, comes into operation in September 2012. This same date also marked the anniversary of Ahmedabad’s intelligent transportation management system (ITMS), which has become a benchmark among the world’s bus rapid transport systems (BRTS).

4. GMV completes the Mallorca Railway Service (Serveis Ferroviaris de Mallorca: SMF) project for supplying and installing a passenger information system and advanced fleet management system for the interurban railway lines running from Palma de Mallorca to Manacor and Palma de Mallorca to Sa Pobla. The installed system keeps fleet managers abreast of the state and location of any train at any time and also records any incidents that might crop up in daily operation. It also provides better information on each train running on the line and therefore enhances the fleet’s efficiency and running times.

5. GMV wins a contract for setting up an advanced fleet-management and passenger-information system in the public transport fleet of the Polish city of Torun. Under this contract GMV supplies a GPRS-based advanced fleet management system for the 40-vehicle public transport fleet. It also sets up a complete passenger information system comprising 65 bus-stop panels with voice information for the visually handicapped as well as internet and SMS information.

6. GMV is awarded the contract for the advanced fleet management system of the Bus Rapid Transit (BRT) of the Mexican city of Guadalajara, capital of the state of Jalisco. The project includes the supply of onboard fleet-management GPS/GPRS equipment for the 144-bus fleet plus a TFT monitor as user-driver interface with capacity for information exchange with the control center. GMV’s system improves public-transport management in the city of Guadalajara, one of Latin America’s biggest cities with over 8 million inhabitants, providing the required technological infrastructure for monitoring, regulation and control of the fleet.

7. Barcelona Harbor Authority (Autoridad Portuaria de Barcelona: APB) has once again turned to GMV as supplier of the turnkey project for the Integral Management System of the Aids-to-Navigation falling within the APB’s remit. GMV develops and deploys an advanced version of the NetCom CC WEB software duly integrated with diverse systems of the port of Barcelona (multi-user control center, web application and remote control equipment fitted on lighthouses, buoys and beacons distributed throughout the coastline falling under APB’s responsibility).

8. GMV wins its first order from PESA, Poland’s top tram and train manufacturer. This order involves the supply of an onboard video surveillance system (CCTV) to be installed on a 21WE model tram being manufactured by Pesa for the government of Varmia-Masuria Province in northern Poland. The CCTV system includes a total of 17 onboard digital cameras of PoE technology (Power over Ethernet) plus a management application (DV-desk) for the vehicle-owning firm.

9. The Cantabrian Water Board (Confederación Hidrográfica del Cantábrico) awards GMV a contract for fitting its 75-vehicle fleet in Oviedo, Santander, Bilbao and San Sebastián with U10 onboard units and panic buttons and managing them by means of GMV’s inhouse Moviloc® service, providing route-reports and tracking data by means of a secure, quick and user-friendly internet access.

10. GMV is awarded the contract for the advanced fleet management and passenger information system of the Bus Rapid Transit (BRT) of Jakarta, capital city of Indonesia and the world’s fourth most populous conurbation. GMV’s system will improve public transport management in the Jakarta region (Greater Jakarta), providing the necessary technology for the monitoring, regulation and control of the fleet and working up the running data afterwards.

11. GMV implements an electronic fare collection system for the tourism buses of Montevideo, capital of Uruguay. This service covers both the onboard systems used inside the buses and the ticket vending and recharge terminals that complement them. The project will be topped up with the installation of fare collection systems in the cities of Punta del Este and Colonia del Sacramento.

12. GMV completes installation of a modern fleet management system for the public communication fleet of the Polish city of Nowy Sacz in southeast Poland. The project includes supply by GMV of a GPRS-based advanced fleet management system, implementation of an electronic ticketing system and complete passenger Information system comprising bus-stop panels as well as internet information. This will cut operational costs and improve control over vehicle activity.

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TELECOMMUNICATIONSGMV works closely with the main operators and providers of telecommunication and media services, offering tailor-made solutions to meet their needs:

- Platform reengineering and development consultancy- SS7/IN voice services - SIP/IMS convergence services - High performance messaging services- Detection of terminal capacity and service use- Core-Network and services dashboard - Developments on handhelds- Solutions for monitoring compliance with the Spanish data protection act- Fraud control solutions- e-nmediato: management and control of data communication- Integration solutions for mobile virtual network operators- Capacity Planning- Publicity-campaign management, monitoring and planning platform- Satellite operator payload reconfiguration systems- System consolidation and virtualization - ITIL process support tools - 24x7 support services

INFORMATION TECHNOLOGIES FOR THE PUBLIC AND PRIVATE SECTORGMV provides the most technologically advanced ICT products to improve the processes and innovation capacity of leading organizations. Government authorities, major companies and banks all place their trust in GMV, sure in the knowledge of receiving secure solutions based on the experience of specialist professionals:

- Corporate email and agenda solutions and synchronization with mobile devices- E-government solutions- Email solutions- Content management platforms- Intranet, website portals, document management platforms- Mobility and messaging solutions- System and infrastructure architectures- Process consultancy and technology consultancy- Information networks and system security- Open source software


According to sector reports it is ICT investment that has been hardest hit by the downturn. Bucking this trend in 2012, just as in 2010 and 2011, GMV managed to chalk up a solid growth in its ICT business. As demand shrinks competition becomes ever stiffer, so this growth can be put down only to GMV’s firm commitment to technological and market specialization. This has allowed it to undercut and outperform competitors and build up a solid portfolio of clients who continue to rely on GMV alone for the systems and infrastructure of their most critical services.

In this context special mention must be made of the continuity and growth of our business with long-standing clients like Vodafone, of whom GMV is a “Best Partner”, or ONO, for whom GMV has completed development of its corporate internet and portal, and the winning of new ones, like Hofmann, European leader in online digital photography, which chose GMV for developing its new web platform.

Moreover, despite the public spending cuts, GMV also continued to build up its business in the public sector, carrying out flagship projects in the development and implementation of portals, content managers or email platforms for clients like the Regional Council of Castilla y León, Lisbon City Hall (Câmara Municipal de Lisboa), the Government of Extremadura or universities like Universidad Autónoma de Madrid.

GMV is the company chosen to carry out the project of developing Hofmann’s new website portal on a Liferay platform. The aim of this project is to add a social dimension to digital photo albums and create a space for “Experience between the brand and users” allowing them to order a digital album and then share it in real time with their friends, all in a secure environment of maximum privacy for users.

ACTIVITIES 2012

TELECOMMUNICATIONSAND INFORMATIONTECHNOLOGIES FOR THE PUBLIC SECTOR AND LARGE CORPORATIONS


2. GMV receives the award “Good commercial practices in the public sector” during the Gran Fiesta Dintel, a prize-giving ceremony rewarding the most important projects, organizations and personages of 2012. Dintel is a foundation that aims to bring information and communication technologies to a wider audience and this yearly event assembles leading figures from both the public and private sectors in Spain.

1. In 2012 GMV develops the new 2.0 Intranet of the Autonomous University of Barcelona (Universitat Autònoma de Barcelona: UAB), opting for a new design in keeping with the new devices and resolutions and incorporating a powerful search engine and collaborative spaces and communities for all its users (teaching fellows, service personnel and students) plus a single entrance point for all services and users. GMV also develops for UAB and Fundació UAB their new university web portal “UAB International Summer School” to publicize syllabi on offer to international students interested in summer courses at a top-quality university.

3. The Regional Council of Castilla y León (Junta de Castilla y León: JCyL) once more places its trust in the expertise and experience of GMV, one of its most stalwart technological allies, for developing its new OpenData portal. Opening up public sector data to wider use means that any person or organization is entitled to build a new idea from them, resulting in new data, knowledge, the improvement of processes or even the creation of new services, favoring transparency, participation and citizen collaboration. This is one of the most complete OpenData projects at national level. Together with JCyL’s other open government initiatives, it aims to make the regional authority a national benchmark in terms of transparency, collaboration and participation.

4. Lisbon City Hall (Câmara Municipal de Lisboa) is a prizewinner in the second IDC CIO awards (IDC CIO Award 2012) for its GMV-developed complete public-works planning and management system for the Portuguese capital. Every year this award scheme rewards the best national technological projects within Portugal’s ICT sector and highlights the commitment of government organizations and firms to innovation based on information technologies.

5. ONO banks on GMV’s expertise, experience and proven innovation capacity for setting up its new intranet, driving a cultural change of collaboration and information-sharing in its internal processes. This new intranet is based on a corporate social networking site with the most advanced web 2.0 capabilities.

6. GMV becomes Spain’s first partner of Jaspersoft, world leader in open source software and boasting the world’s most flexible, cost effective and widely deployed Business Intelligence (BI) solution. This agreement represents one more step forward in the consolidation of GMV’s knowledge of new products, technologies and solutions.

7. GMV reaffirms its ongoing collaboration with Vodafone España by signing an agreement with Vodafone Procurement Company (VPC), the Luxembourg-based procurement center set up a few years ago to streamline the supply chain and facilitate operations between suppliers and local operators on the basis of a single B2B platform.

8. GMV is awarded the project for evolving the email structure of the Autonomous University of Madrid (Universidad Autónoma de Madrid: UAM) for the purpose of upgrading it and phasing in new functions to improve its usability and performance and meet the new needs of its users.

10. GMV is the company chosen to carry out the project of developing Hofmann’s new website portal on a Liferay platform. The aim of this project is to add a social dimension to digital photo albums and create a space for “Experience between the brand and users” allowing them to order a digital album and then share it in real time with their friends, all in a secure environment of maximum privacy for users.

9. Hispasat trusts in GMV for setting up a new email system based on Microsoft Exchange Server 2010 technology and migrating it from its former Novell Groupwise system. This new architecture has been especially designed to meet Hispasat’s needs and can easily be grafted onto the rest of the Spanish satellite operator’s systems and infrastructure.

11. GMV and Gesdatos Software join forces to meet the needs of the Regional Government (Junta) of Extremadura and ensure its uniform and strict compliance with Spanish data protection legislation, represented mainly by the Spanish Data Protection Act 15/1999 (Ley Orgánica de Protección de Datos de Carácter Personal: LOPD) and its development regulations under Royal Decree (Real Decreto) 1720/2007.

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TELECOMMUNICATIONS AND INFORMATION TECHNOLOGIES. MAIN MILESTONES


Mindful of its responsibility to the present and future society, GMV constantly strives to make a better use of its resources, improving its process efficiency by using state-of-the-art technology.

GMV’s corporate social responsibility therefore includes a general set of long-term goals:

Act in a responsible and ethical way in all our activities and ensure that our employees, clients and suppliers do likewise with their stakeholders.

Reduce the environmental impact of our operations and carry out eco-friendly initiatives.

Contribute to the creation of a more sustainable society, providing groundbreaking solutions that improve the quality of life of persons, helping them to integrate into society and the working world, and also cut down CO2 emissions.

SOCIAL

RESPONSIBILITY


HUMAN

CAPITALRight from the word go GMV has made its personnel policy one of the linchpins of its whole business project. In GMV we are convinced that a staff of top professionals is the best way to gain a competitive edge over the rest. GMV therefore aims to attract the best professionals and then ensure they stay with the company to pursue their careers and realize their full potential. GMV offers them a unique teamwork environment where their talent, imagination and mettle are continually challenged and stimulated.

In line with this overall policy GMV has been applying a human resources strategic plan based on three mainstays: a painstaking personnel-selection policy, a stable environment in which to pursue their careers and a continuous top-up training plan.

Attracting and nurturing top talent is a difficult and time-consuming process. We have therefore been determined to make good this investment by retaining our whole personnel. By dint of a long-sighted commitment to technology and innovation, diversification of the business into various sectors and breaking into new

international markets, GMV has indeed managed to ride out the crisis without shedding staff. This stands us in good stead for renewing our economic growth in the future. GMV closed the year with a staff of 1129; 84% are university graduates and the average age is about 35.

GMV has always pursued a painstaking personnel-selection procedure and has been equally determined to provide this pool of talent with a stable environment for developing their careers. On the strength of this policy, and despite the current economic circumstances, it has managed to maintain a high level of indefinite-term contracts, a rate of about 89% in 2012. To meet our commitment to our employees, we have set up personnel policies that guarantee equal treatment of all our staff, from the job-selection process and then throughout their whole careers in the company. In fact 23% of GMV’s staff are women, who also represent 14% of senior management.

One of the main planks of the human resources policy is training, since the company’s business lines call for specialist and bang-up-to-date knowledge of the most advanced technologies.

To develop the professional skills of its employees GMV works with an integrated training model to pinpoint its employees’ knowledge and skills. In all about 408 training courses were held in 2012 on both an individual and group basis, adding up to a sum total of 16,934 training hours.

GMV liaises permanently with study centers and universities throughout the whole of Spain, either by way of temporary agreements, awarding grants to help university students join the job market, or more permanent project-based collaboration agreements. This habitual liaison with universities has been reinforced by an increasing participation of GMV in various employment forums, both at home and abroad.

GMV is a member of the collaboration program between the Portuguese government and Carnegie Mellon University (CMU). The main aim of this program is to boost the scientific and technological capacity of Portugal’s scientific institutions at international level.

In 2012 GMV continued with its training, research, development and innovation work, running

courses, seminars and lectures. The main vehicles for this activity were, firstly, the GMV Chair, a joint academic initiative set up between the Polytechnic University of Madrid (Universidad Politécnica de Madrid: UPM) and the Higher Technical School of Aeronautical Engineers (Escuela Técnica Superior de Ingenieros Aeronáuticos: ETSIA), and secondly the Aula CriptoRed GMV UPM (UPM GMV CriptoRed Classroom). Both chairs kept up a brisk activity in 2012, holding various seminars, courses and debates involving the participation of many professors and leading experts.

GMV’s unstinting commitment to the development of budding talent in the technological field prompted it in 2012 to embark on a series of activities designed to foment an interest in engineering and technology among the youngest. Several groups of students and pupils of various ages visited GMV’s site throughout the year to find out how knowledge can be brought to bear on such attractive and interesting projects, taking away with them a positive impression of the technology developed by the firm. In 2012 a group of pupils from Madrid’s Colegio Nuestra Señora de las Maravillas visited GMV as part of

the European eSkills Week 2012. This European Commission initiative, whose main aim is to encourage the taking up of technological careers by Europe’s youngsters, is being organized by DigitalEurope and European Schoolnet (EUN); liaison in Spain has been taken on by AMETIC (Association of Companies from the ICT, Communications and Digital Content Sector).

In 2012 GMV once again sponsored the First Lego League in Spain, an international robot-building competition for children, offspring of the FIRST and LEGO® alliance in 1988. Such has been the resounding success of this competition in previous years that the challenge set in 2012, “Senior Solutions”, involved over 500 teams and more than 4500 participants in knock-out rounds held in 23 different venues.

Finally, mention must also be made of GMV’s sponsorship of the robotics workshop of the Miguel Hernández School, Complubot, a team of budding young technologists who develop and build their own robots. Among other activities this team takes part in diverse international competitions with excellent results.


The commitment of the firms of business group GMV to their clients, their concern for excellence, innovation and continual improvement are all reflected in GMV’s various management processes.

The sheer technological complexity of all GMV’s developments calls for the highest quality standards in all its processes. The various firms of GMV are therefore all in possession of the quality certificates to match their areas of activity and specialization.

In 2010 the subsidiary GMV Aerospace and Defence, S.A.U obtained level-5 maturity under the CMMI model (Capability Maturity Model Integration), a prestigious international certificate granted by an independent body after the most thoroughgoing evaluation. Level-5 maturity is the highest of this demanding quality-assurance model and only a handful of the world’s firms possess it. GMV had already achieved level-3 maturity way back in 2005. This certification is to be added to the ISO 9001: 2008 certification, which it obtained in 1997, and also the additional specific certificates to cover its various areas of activity, such as EN 9100:2003, based on ISO 9001:2000 and specifically designed for aerospace developments,

AQAP 2110 and 2210, specific certificates for defense activities, and certification under EN-ISO 13485:2003 applicable to the design, manufacture and control of healthcare products.

2012 saw the annual audit of GMV Soluciones Globales Internet S.A.U’s quality and IT services certifications: its Quality Management System abides by IS0 9001:2008 and its IT Services Management System by ISO 20000-1:2007.

GMV Soluciones Globales Internet S.A.U also boasts an information security management system (ISMS) certified under standard ISO 27001, which takes in the offices of Madrid, Seville, Barcelona, Boecillo and the East Coast. In 2010 this subsidiary certified its Business Continuity System (BCMS) under the British standard BS 25999 and the Spanish standard UNE 71599 for its whole range of customer services from its Madrid office. GMV was Spain’s second firm to obtain BS 25999 (2010) certification and the first ever to obtain UNE 71599 (2011) certification.

The subsidiary GMV Sistemas S.A.U. has likewise been certified under ISO 9001:2008, the standard guaranteeing that the subsidiary’s Quality Assurance

System conforms to the requirements of the standard UNE-EN ISO 9001:2008. This system covers all the following: the design, development, production and after-sales service of systems for the sectors of transport, remote control and satellite navigation, including the supply, installation and management of onboard equipment in trains and web-based fleet management and tracking services.

The quality management system of GMV’s Portuguese subsidiary, GMVIS Skysoft, S.A. meets the requisites of the standard ISO 9001: 2008. During the year efforts were stepped up to obtain the maturity level under CMMI (Capability Maturity Model Integrated).

Lastly, GMV has undertaken to carry out its activity within the parameters of sustainable development, keeping a proper control over all the environmental aspects involved in its work. Hence the fact that the Environmental Management System, covering the activities in GMV’s central Madrid site and the offices of Valladolid and Seville, conforms to the UNE-EN ISO14001: 1996 standard.

GMV is acutely aware that quality assurance is not just a matter of obtaining a given certificate or title;

it needs to pervade the daily work of the whole personnel. The whole organization is pledged to the goal of achieving top quality in all its products and services. They often participate in the design of procedures and regularly attend all necessary courses so that they fully understand GMV’s quality system and make sure it is enforced in all the work they do.

QUALITY


GMV

IN THEWORLD

SPAIN HEADQUARTERSIsaac Newton 11 P.T.M. Tres Cantos - 28760 MadridPh.: +34 91 807 21 00 Fax: +34 91 807 21 99

Juan de Herrera nº17 Boecillo - 47151 ValladolidPh.: +34 983 54 65 54 Fax: +34 983 54 65 53

C/ Albert Einstein, s/n 5ª Planta, Módulo 2Edificio Insur Cartuja - 41092 SevillePh.: +34 95 408 80 60 Fax.: +34 95 408 12 33

Balmes 268-270 5ª Planta - 08006 BarcelonaPh.: +34 93 272 18 48 Fax: +34 93 215 61 87

Av. Cortes Valencianas, Edificio Sorolla Center58 planta 2 - 46015 ValenciaPh.: +34 96 332 39 00 Fax: +34 96 332 39 01

Fomento, 9 Edificio Residencial Costa Sur - local J138003 Santa Cruz de TenerifePh. y Fax.: +34 922 53 56 02

C/ Mas Dorca 13, Nave 5 Pol. Ind. L’Ametlla ParkL’Ametlla del Vallés - 08480 BarcelonaPh: +34 93 845 79 00 - +34 93 845 79 10Fax: + 34 93 781 16 61

Avenida José Aguado, 41Edificio INTECO, 1ª Planta - 24005 LeónPh.: +34 91 807 21 00 Fax: +34 91 807 21 99

Matías Pastor Sancho 9, local 3 - 50015 ZaragozaPh.: +34 976 50 68 08 Fax: +34 976 74 08 09

NORTH AMERICA2400 Research Blvd, Ste 390, Rockville, MD 20850Ph: +1 (240) 252-2320 Fax: +1 (240) 252-2321

PORTUGALAvda. D. João II, Lote 1.17.02 Torre Fernão deMagalhães, 7º, 1998-025 LisbonPh.: +351 21 382 93 66 Fax: +351 21 386 64 93

POLAND Ul. Hrubieszowska 2, 01-209 WarsawPh.: +48 22 395 51 65 Fax: +48 22 395 51 67

GERMANY Europaplatz 2, D-64293 Darmstadt Ph.: +49 (0)6151-3975433 Fax: +49 (0)6151-8609415

FRANCE17, rue Hermès - 31520 Ramonville St. Agne. ToulousePh.: +33 (0) 534314261 Fax: +33 (0) 562067963

ROMANIA Edificio Victoria Center 10ª planta, 145 Calea Victoriei, Sector 1, 010072 BucharestPh.: +40.031.82.42.800 Fax: +40.031.82.42.801

INDIA Rectangle One, 4th floor Saket District CentreNew Delhi 110017Ph.: (+91) 11 4051 4163 Fax: (+91) 11 4051 4052

MALAYSIA Level 16, Menara Hap Seng Jalan P. Ramlee 50250 Kuala LumpurPh.: (+60 3) 9236 7285 Fax: (+60 3) 9236 7333

ANALYSIS OF THE

FINANCIALSITUATION



THE COMPANY’S OVERALL FINANCIAL PERFORMANCEGMV closed the financial year 2012 with a turnover topping 105 million euros and posted a post-tax profit of 2.7 million euros. Stockholders’ equity increased at an annual rate of 6%, climbing above 38 million euros. As for its end-of-year valuation, GMV closed 2012 with a 7.5% ROE, a net profit-sales ratio of 3% and a 3% ROA.

GMV’s average business margins fell slightly this year, partly due to the new activities in emerging business abroad. Profit margins here are slimmer than in the group’s long-standing business activities, since prices have to be kept low at first to build up an initial market share. Another reason for this slight fall is the general situation of fierce market competition and shrinking margins, exacerbated by the sharp increase in financing costs. All this impinges moderately on the mean operating margin.

The fall in the mean operating margin was offset by the substantial improvement in the financial trend, reaching optimum levels in 2012. Liquidity was particularly healthy this year, with a notable reduction in the use of outside resources. GMV’s balance sheet therefore has a very sound financial structure to weather the current economic storm.

GMV’s net debt, standing last year at almost 24 million euros, plummeted to 9 million euros by the end of 2012, bringing the net-debt-to-EBITDA ratio down to below 1. The company’s financial trend is therefore highly satisfactory. The margin of current assets over current liabilities rose from 1.43 to 1.87 indicating a much better coverage of enforceable liabilities by realizable assets. The solvency index, defined as total assets over total liabilities, improved by 26%; the debt ratio, defined as equity over total assets, fell from 1.51 to 0.94; working capital over total assets increased from 0.2 to 0.3, and the instant liquidity rate improved by 30%. GMV’s balance sheet thus presents an impeccable financial structure at a time when external financing is hard to come by.

From the economic valuation point of view, EBIT over sales fell slightly to 5%; the asset turnover ratio improved by 20%; return on assets fell slightly from 7% to 6% while return on equity weighed in with a satisfactory 7.5%. All these figures show that GMV’s business is steadily growing. Certain changes in the financial structure, already evident in previous years, followed the same trend in 2012: the average weighted cost of capital employed and the average yield of operating assets both posted acceptable figures. The ratio of net profit to shareholders’ equity narrowed

considerably and economies of scale were enhanced by the growing size of the business.

The credit crunch raised the firm’s financial leverage significantly to 37% of EBIT. Financing costs therefore now eat up a considerable part of the EBITDA. Nonetheless, the firm’s solid financial structure keeps its creditworthiness very high, with low insolvency risks and a moderate sensitivity to any variation in interest rates.

These figures clearly show that the company is going through a business cycle of moderate and profitable growth on a more mature basis with normal needs for financing of working capital. The recorded growth rate still falls within the sustainable growth rate limits marked by the rise in ROE and favors a controlled debt scenario and a better harnessing of investment opportunities in other business, which can be tapped into as quickly as market conditions allow.

The net result of all the above is that the operational cash flow stands close to 7 million euros, and the consolidated EBITDA tops 9 million euros.

FINANCIAL STATEMENTS 2012

BALANCE SHEET

PROFIT AND LOSS ACCOUNT

Fixed assetsDeferred charges

Total fixed assets

InventoriesAccounts receivable

Trade debtorsTrade services on account

Other debtorsCash

Total current assetsTotal assets

Working capitalWorking capital/Equity

31,836,277.870.00

31,836,277.87

18,613,668.7537,771,571.25

41,562,182.19-6,033,474.202,242,863.26

10,238,821.36

66,624,061.3698,460,339.23

19,977,068.1938.56%

29,884,262.970.00

29,884,262.97

15,160,516.8829,143,123.21

33,946,385.03-4,752,409.92

-50,851.908,931,004.60

53,234,644.6983,118,907.66

24,835,096.8745.39%

2011

BALANCE SHEET

2012

Stockholders’ equityCapital grantsMinority interestsLong-term funding

Interest free creditsLong term funding

Total Long-term Funding

Short term liabilitiesBank loans and overdrafts

Non-trade payablesDeferred payments

Total short term liabilitiesTotal liabilities

Working balanceWorking balance/fixed asset

36,346,990.431,252,570.494,019,089.96

10,194,695.182,766,082.967,428,612.22

51,813,346.06

44,526,246.3826,429,554.4218,096,691.96

2,120,746.79

46,646,993.1798,460,339.23

19,977,068.1962.75%

38,620,961.41874,267.71

4,282,290.58 10,941,840.14

5,595,310.685,346,529.46

54,719,359.84

25,504,983.1012,779,872.4212,725,110.68

2,894,564.72

28,399,547.8283,118,907.66

24,835,096.8783.10%

2011

LIABILITIES

2012

Purchase of goodsAncillary ServicesTaxesEmployee CostsFinancial ExpensesExtraordinary ExpensesPeriod Depreciation and AmortizationAppropriations, transfer to Provisions

Total Expenses

Corporate income tax

24,610,433.988,937,556.47

89,312.1462,808,628.172,219,790.56

9,401.314,432,528.60

849,045.41

103,956,696.64

499,472.32

23,865,833.709,675,192.56

105,013.1166,488,038.991,973,020.59

148.744,057,581.54

272,568.74

106,437,397.97

555,267.79

2011

EXPENSES

2012

TurnoverOwn expenses capitalizedOperating grantsFinancial IncomeExtraordinary Income

Total income

Pre-tax profit

Post-tax profit

104,052,337.992,119,783.731,552,994.36

237,151.76180,363.42

108,142,631.26

4,185,934.62

3,686,462.30

105,211,810.031,721,967.172,533,675.39

152,783.7955,433.51

109,675,669.89

3,238,271.92

2,683,004.13

2011

INCOME

2012


CASH FLOW STATEMENT

Profit after tax

Depreciation and amortization

Operating Cash Flow

Net finance expense

Corporate income tax

EBITDA

(Increase) / decrease in trade and other receivables

Increase / (decrease) in trade and other payables

(Decrease) / increase in provisions

Deferred income (capital grants)

Cash flow generated from operations

Tax paid

Net cash flow from operating activities

3,686,462.30

4,432,528.60

8,118,990.90

2,219,790.56

499,472.32

10,838,253.78

-6,145,221.09

-965,064.86

-644,850.28

-1,552,994.36

1,530,123.19

-499,472.32

1,030,650.87

2,683,004.13

4,057,581.54

6,740,585.67

1,973,020.59

555,267.79

9,268,874.05

12,081,599.91

-5,371,581.28

773,817.93

-2,533,675.39

14,219,035.22

-555,267.79

13,663,767.43

2011 2012

Net new debt (debt increase + debt repayments)

Capital Grants and subsidies on capital

Interest paid

Dividends paid to equity shareholders

Paid-in capital / Adjustments to the equity value

Minority Interests

Results attributable to the Minority Interests

Net cash flow from financing activities

(Decrease) / increase in cash and cash equivalents

Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of year

9,179,105.55

1,426,751.36

-2,219,790.56

-1,102,323.68

1,136,468.92

-290,536.04

-849,679.56

7,279,995.99

5,711,047.36

4,527,774.00

10,238,821.36

-12,902,537.04

2,155,372.61

-1,973,020.59

-693,274.16

824,472.50

263,200.62

-540,231.49

-12,866,017.55

-1,307,816.76

10,238,821.36

8,931,004.60

2011 2012

Purchase of subsidiary undertaking (Goodwill)

Capital expenditure - plant and equipment

Capital expenditure - intangible assets

Net cash flow from investing activities

0.00

-636,102.36

-1,963,497.14

-2,599,599.50

0.00

-553,668.16

-1,551,898.48

-2,105,566.64

2011 2012

OPERATING ACTIVITIES

ACTIVIDADES DE INVERSIÓN

FINANCING ACTIVITIES

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