50%
30%
40%
20%
5%
45%
25%
10%
35%
15%
0%
Net Debt
Net Debt Paid gearing
40
60
20
70
30
50
10
0
2008
2009
2010
2011
2012
Net Assets
Net Debt
Shareholder
Equity
Mn Euros
224
28,1
111,9
Var%
-1,7%
-0,8%
1,4%
2012 FINANCIAL INDICATORS
MANAGEMENT REPORT
10
