1. DIRECTORIO DE EMPRESAS Y MARCAS
Annual Report 2015

2. DIRECTORIO DE EMPRESAS Y MARCAS
Continuous ceilings Pladur ® FON+

3. Annual Report 2015
Main indicators 2015
To our shareholders
The Coemac Group
Summary of 2015 business year
Organs of governance
Committed to the stakeholders
Financial calendar 2016
and contact details
Contents
4
7
13
27
35
41
45
Page
1
2
3
4
5
6
7

4. 1 Main Indicators 2015
2015 was a turning point for the group after
the disinvestment of the Tile business and the loss
of control of the Insulation business.
Sales recovered their positive trend and grew
7.4% with regard to 2014.
Sales
(In million euros) 7.4%
Annual
growth
5.6%
Growth
in Spain
13.1%
International
growth
EBITDA
(In million euros)
2014 2015
127%
increase
in EBITDA
3.7
8.4
25% of the 129.7 million Euros invoiced comes
from international markets.
Distribution of sales by region
(In million euros)
•Spain •Europe •Africa
•America •Middle East and others
97.6
23.1
2.0
4.1
3.0
The EBITDA reached 8.4 million Euros, 127 %
more than in 2014.
10
8
6
4
2
0
28.4
32.1
92.4 97.6
TOTAL
120.8
TOTAL
129.7
2014 2015
•Spain
•International markets
100
75
50
25
0
4

5. 5
77.7
The growth in sales and the achievement of a positive EBITDA has been
reached in all business lines, something which had not happened since 2010.
Distribution of sales by business line*
(In million euros)
73.180
60
40
20
0
50.5
54.6
2014 2015
EBITDA by business line*
(In million euros)
8.1
10.611
9
6
3
0
0.0
1.5
The loss of control of the Insulation business allowed Coemac
to dissolve almost all financial debt.
Net financial debt
(In million euros)
363.5
million reduction
in net financial debt
In the context of the divestments, the net result attributed to Coemac was
penalized by the atypical effects of provisions and restructuring
(-53.9 million Euros) and by discontinued activities (-4.5 million Euros).
Despite this, the losses were reduced by 36% with regard to the previous year.
36%
reduction
of losses
Attributable net result
(In million euros)
•Gypsum
•Pipes and fittings
2014 2015
•Gypsum
•Pipes and fittings
2014 2015
400
300
200
100
0
365
1.5
2014 2015
100
0
-100
-118 -76
* Does not include corporate and adjustments * Does not include corporate and adjustments

6. International
presence
of Coemac
in 2015

7. 2 To our shareholders
Letter from the Chairman
Highlights 2015
Share performance
8
10
11

8. TO OUR SHAREHOLDERS
2 Letter from the chairman
Dear shareholders,
I am writing to you for the first time as the Chairman of the Coemac
Group to give you the background on a financial year which has
been a very important turning point point for our Group both in
quantitative and qualitative terms.
Beginning with this final aspect, in 2015, the
Coemac Group abandoned the hundred-year-
old corporate denomination of Uralita, thus
leaving behind a brand, a product and a series
of connotations which evoked the past rather
than the future of the Group. Each one of our
businesses has been operating in the market with
its own brands and thus they are well-known to
our customers, suppliers and other operators in
the sector. Pladur®, Algiss® and Adequa® are
commercial ensigns of sufficient weight and fame
and do not need to be sent to market under the
umbrella of another brand which only makes
reference to the parent company.
Under this premise and bearing in mind the
important changes in the perimeter and size of
the Group carried out in 2015, we considered
that the moment had arrived to propose to the
shareholder an idea long discussed at the heart of
the organisation: to have a simple and descriptive
denomination in the parent company of the Group so that the
brands of our products were our identification in each of the
business lines. The shareholders agreed and backed the idea at last
year’s General Meeting.
Together with the change of denomination, the 2015 financial year
was marked by insulation materials leaving our portfolio of business.
As has been publicly explained on a number of occasions, the weak
evolution in European markets and, fundamentally, the devaluation
of the Russian Rouble and the consequent fall in the market, meant
that URSA® lost profitability thus preventing us from attending to
the commitments made in 2013 to the new financiers of the Group.
This circumstance obliged us to restructure the URSA® debt, by
giving 90% of the insulation business to the creditors as well as the
leadership in the management in exchange for the cancellation of
the totality of the financial debt that URSA® was bearing and the
amount of which exceeded 340 million Euros.
All of this has led us to place the focus of the Coemac Group on
the Iberian business of plasterboard, powdered plaster and PVC
pipes and fittings. This has meant a significant reduction both in the
volume of assets and in the consolidated turnover, but it gives us
good prospects for the future thanks to the disappearance of the
financial debt, the reorganisation and rationalisation of the business
carried out in previous years as well as the good behaviour of the
domestic markets and the impulse of export activity.
These factors have meant that in 2015, both the gypsum business
and the piping business, have given a positive EBITDA to the
Group, a fact which had not occurred since 2010. The behaviour
of the markets throughout the financial year and the even better
performance of our business in terms of growth in sales and
profitability will allow us to lay the foundations for the development
of the Group.
Annual Report 2015 8

9. 9TO OUR SHAREHOLDERS
We face a future which is full of challenges but which is at the
same time hopeful. The prospects of growth and development of
our markets are encouraging and we must be capable of taking
advantage of these circumstances so as to, from our position as
leaders, beat those prospects and go beyond the forecasts.
In this scenario of changes and redefinition of the perimeter of
Coemac, we have thought it appropriate to carry out a series of
restructurings which will enable us to face the future without burdens
or conditioning factors. In this way, our exit from the insulating
materials market will lead us to establish a level of equity which is
suitable to the current size of the Group, whose assets and turnover
have been clearly affected by everything that happened in 2015.
The professional team that we have has shown its commitment and
capacity for many years and thanks to all of them, we have been
able to navigate our way through the worst financial and market
circumstances that our country has known in recent history. I am
convinced that all this effort has not been in vain and that we have
drawn valuable lessons from so many years of sacrifice.
This is the moment to begin to return to our people and to our
shareholders part of the value that has been lost along the way over
the last few years. That is the objective that the entire professional
team that I am proud to lead is aiming for.
Javier González Ochoa
Executive Chairman of Coemac Group
Coemac headquarters, Madrid (Spain)

10. TO OUR SHAREHOLDERS
Hightlights 2015
Annual Report 2015 10
15/01/2015
Sale of the Tiles business
Sale of the totality
of the tile business to
our minority shareholder
Brass Monier
31/03/2015
Results of the
first quarter
Group sales 32.9 M€
(+4% interannual)
Group EBITDA 1.9 M€
(+147% interannual)
13/05/2015
Restructuring of the financial
debt of the insulation business
Restructuring agreement
of the financial debt of the
insulation business. The financial
creditors, led by KKR, acquired
control of the business while
Coemac maintained a holding
of 10%. The operation was carried
out on 17th September 2015
20/05/2015
Appointment of the new
Executive Chairman
The Board of Directors
of the Group appointed
Javier González Ochoa,
until then the General
Counsel, as the new
Executive Chairman
22/06/2015
General Meeting
of Shareholders
Among other decisions,
the restructuring of the
debt from the insulation
business and the change
of denomination of the
parent company of the
Group were ratified
30/06/2015
Results of the
first half-year
Group sales:
68.1 M€ (+10%)
Group EBITDA:
3.7 M€ (+87%)
July 2015
Strategic Plan
2016-2018
Updating of the Group’s
strategic plan to the
new business perimeter
(gypsum and pipes
and fittings)
7/09/2015
Change of the corporate
denomination of Coemac
The parent company of the
Group is now called Corporación
Empresarial de Materiales de
Construcción, S.A., (Coemac) and
the ticker becomes CMC
30/09/2015
Results of the
third quarter
Group sales:
100.2 M€ (+10%)
Group EBITDA:
6.5 M€ (+129%)
31/12/2015
Coemac achieves the
objectives established
in its strategic plan
Group sales:
129.7 M€ (+7%)
Group EBITDA:
8.4 M€ (+127%)
(*) The quarterly results do not include the discontinued activities of Insulation and Tiles

11. TO OUR SHAREHOLDERS Annual Report 201511
Share performance
Evolution of the share
The Coemac Group is listed in the Spanish continuous market of
Madrid and Valencia stock exchanges.
During the 2015 financial year, the price of the share underwent a
drop of 10.5% in comparison with a 7.2% contraction in the Ibex 35,
the Spanish reference index, in the same period. At the close of the
financial year, on 31st December 2015, the price of the share was
at 0.34 Euros. The average volume negotiated was around 300,000
shares daily.
The Coemac stock exchange capitalisation was located at 67.1
million Euros at the close of the financial year.
31/12/2014 31/03/2015 30/06/2014 30/09/2015 31/12/2015
222
200
180
160
140
120
100
80
60
Price evolution
•COEMAC •IBEX 35
Main stock exchange indicators
Total number of shares 197,499,807
Daily average dealing in securities (total) 300,044
Daily average dealing (in thousands of Euros) 183.7
Dealing days 256
Minimum price (15/12/2015) 0.26
Maximum price (31/3/2015) 0.83
Price at close (31/12/2015) 0.34
Stock market capitalisation on 31st
December (in millions of Euros)
67.1
Main shareholders
Name or corporate
denomination of the
shareholder
Number of
direct shares
% of the
corporate capital
Pool de Activos, S.L.U.
(Grupo Nefinsa)
156,145,950 79.061
Treasury shares
On 31st December 2015, the treasury shares of the
parent company was 10,114,216 shares, which is equivalent
to 5.12% of the corporate capital.
Coemac does not have remuneration schemes linked to
share options.

12. Pladur ®. 3M Innovation Centre (Madrid)

13. 3 The Coemac Group
Introduction to the Coemac Group
The gypsum business
The pipes and fittings business
14
18
22

14. THE COEMAC GROUP
Coemac at a glance
Who are we?
Founded initially in 1907 as a manufacturer of boards for roofs and
water conduits, Coemac has over the last few years become an
international construction materials group currently dedicated to
the business of gypsum and pipes and fittings.
Nowadays, Coemac has a substantial industrial presence on the
Iberian peninsula as well as a significant presence in international
markets due to its growing export activity. The Group has a
powerful business culture, a clear focus on innovation and is very
well positioned to grow profitably in the period of market recovery
that we are now in.
The Group in 2015
• 130 million Euros in sales
• 539 employees
• 8 production centres
• Presence in over 40 countries
Annual Report 2015 14
Introduction to the Coemac Group
1907 Foundation
Inauguration of the Group's first
factory
1920 - 1950 First products Fibre-cements, roofs, pipes
1950 - 1970 New materials Plastics
1970 - 2000 Diversification
Plasterboards Pladur®
Concrete and ceramic tiles
Insulation materials (Poliglás)
2002 - 2007 Profitable growth
Entry of Nefinsa and purchase
of the insulation business of
Pfleiderer (2002)
Strong growth in construction in
Europe
2008 - 2014
Global financial crisis and fall
in construction in Europe
Simplification and
internationalisation
Divestment of businesses/
Restructuring of debt
2015 Coemac
Return to growth without
financial debt
Change of corporate
name (Coemac)
Distribution of sales
by business line
Pipes and
fittings 41%
Gypsum 59%
Distribution of
sales by region
on 31st December 2015
•Spain •Europe
•Africa •America
•Middle East and other
97.6
23.1
2.0
4.13.0

15. THE COEMAC GROUP
What do we do?
Plasterboard and drywall systems (Pladur®)
• Over 35 years’ experience
• Leader in the Iberian market and a significant international
presence
• Future industrial centre in Gelsa (Zaragoza)
Plaster and casting plaster (Algiss®)
• Over 20 years’ experience
• Operational excellence and ongoing innovation of the product
• Innovative installations
Pipes and fittings (Adequa®)
• Over 100 years leading in sustainable water management
• Experts in systems for the collection and distribution of water
• Suitable solutions and personalised service and attention
Annual Report 201515

16. Corporate strategy
Environment and opportunities
The construction materials industry is highly influenced by economic
cycles, environmental factors and globalisation. The demands
of this environment are the driving force behind the ongoing
development of highly competitive products and services, which are
capable of passing through frontiers to take growth opportunities
in new markets. Likewise, the concern for environmental aspects in
a context of lack of natural resources involves growth in the use of
clean technologies. Energy efficiency and sustainable solutions are
becoming more important in markets.
We understand that this context generates opportunities for
companies devoted to the market of materials and services
for construction among which we might mention:
• The opportunity of the neighbouring markets and emerging
countries for the export of products which improve their
competitive position and favour their development in
construction.
• The growing demand for environmentally-sustainable
solutions which enable Coemac to differentiate itself and
increase its catalogue of products and services in fields such as
energy efficiency.
• The benefits of innovation which at Coemac makes it possible
to develop differential solutions for customers with the aim
of incorporating the best materials and technologies currently
available.
• The opportunity presented by information and
communications technologies (ICT) to improve relations with
our customers and commercial partners and to develop more
efficient processes.
Construction, in Coemac’s main markets, is just beginning its
recovery process and it is still far from what is considered to be a
normal level of activity which makes it possible to take advantage
of the full capacity of the Group’s industrial plants. This available
capacity represents an important advantage for the organic growth
once demand is back to normal, which will allow us to generate
important incomes.
Coemac continues to attend to the evolution of market trends
and is making an ongoing effort to adapt so as to respond to the
challenges and opportunities which are available in the short,
medium and long term.
Strategy
Coemac’s strategy is based on three pillars:
1. Differential products and services. After completing the process
commercial model repositioning, the Group now has a catalogue
of differential products and services supported by a modern and
efficient industrial structure. Innovation is an essential component
of Coemac’s corporate culture and is a permanent commitment.
The numerous human, material and economic resources which
are devoted to this purpose make it possible to permanently
offer to the market unique and innovative products which
give significant added value to customers and to other parties
involved in the process of construction (advisers, distributors,
builders and installers).
Informe Anual 2015 16 THE COEMAC GROUPAnnual Report 2015 16

17. 2. International diversification. Over the last few years, and
coinciding with the great deterioration in the construction
market in Spain, the Group has developed a clear
international vocation based on the professionalism and the
specialisation of its industrial and logistical operations in
each market. Currently the Group sells in over forty countries
around the world accounting for 25% of its turnover.
3. Operational excellence. Coemac is very aware that its
competitive environment requires maximum efficiency of
operations as the way to guarantee maximum value and
satisfaction to customers and suppliers. For this purpose, it
uses ICTs which are present in all Group processes from the
reception of orders to the logistics of the warehouses as well
as in all internal management systems.
In order to generate sustainable competitive advantages in relation
with each of the critical factors for the business success of Coemac,
it is key to be able to position ourselves favourably in the different
businesses, as each one of them shows different strengths.
Objective 2016 Objective 2018 Advances at the end
of 2015
Sales Approx. 145 M Euros Approx. 180 M Euros 130 M Euros
EBITDA Approx 13M Euros Approx. 20 M Euros 8.4 M Euros
Coemac’s vision
What we want to be
The company of reference for our products to customers,
suppliers, employees and shareholders
Mission - Growth and profitability
What we want to achieve
Strategy
How we are going to achieve it
Differential
products and
services
International
diversification
Operational
excellence
People and leadership
Values
The basis of our work
Corporate spirit
Continuous
improvement and
enhancement
Transparency
Orientation
to results
Openness to
change
Respect for people
Goals: Strategic plan 2016-2018
THE COEMAC GROUP 17

18. Annual Report 2015 18 THE COEMAC GROUP
General description of the business
What we do
Coemac’s gypsum business manufactures and sells construction
materials and solutions for internal partitions in the building sector,
whether residential or non-residential. The business is divided
into two differentiated lines: plasterboard systems (Pladur®) and
powdered gypsum (Algiss®). The current activity takes place basically
in Spain, Portugal and France but it also involves other export
markets in Africa, Central America and the Middle East.
Dry partition walls consist of the building of party
walls and wall cladding with plasterboard screwed to
a metallic structure which gives them the necessary
consistency. Generally, this kind of solution does
not require additional finishing as it is incorporated
in the plasterboard itself. Pladur® manufactures,
promotes and supplies construction systems made
up mainly of different types of boards, profiles and
compounds. The business has an industrial centre
in Valdemoro (Madrid) where it manufactures
plasterboards, profiles and compounds and which
also houses the central offices of the business.
Traditional masonry partition walls consist of the construction of
internal walls in bricks or concrete blocks, in the finishing of which it
is normal to use a coat of powdered gypsum (render) which, among
other functions, will beautify the final result. Algiss® activity is
centred on the business of powdered gypsum and plaster.
The wide range of products and services runs from traditional
manual gypsum to high quality and profitable innovative products
such as the projected gypsum and finishing gypsum or the systems
of silos or fillers for restoration and refurbishment. The business
has four manufacturing centres located in Beuda (Gerona), Mañeru
(Navarre), Martos (Jaen) and Valdemoro (Madrid).
Committed to sustainability and innovation
The Yesos Ibéricos business maintains a strong commitment to
sustainable development and starts from the conviction that
business decisions must contribute to the development of the
environment. For this reason, both at Pladur® and at Algiss® we
work to maximise the comfort of the customer and safety for the
environment and to contribute to achieving the main certifications
of sustainable building (LEED, BREEAM and VERDE).
Both brands are committed to a business strategy of ongoing
investment in R&D&I with the aim of optimising the productive
processes and developing new products and services which
respond to the most demanding building needs.
The gypsum business maintains agreements with institutions,
associations and universities with the aim of developing
and improving products as well as boosting innovation and
sustainability. The most outstanding case is the Pladur® building
solutions Competition which has rewarded creativity, originality and
talent in the use of this construction system by architecture students
in Spain and Portugal for the last 26 years.
The gypsum business
Spaces
which
become
comfortable

19. Annual Report 201519THE COEMAC GROUP
Geographical markets and customer types
Yesos Ibéricos sells building solutions in over forty countries around
the world with an especially significant presence in Spain, France
and Portugal as well as North Africa, the Middle East and Central
America. A specific technical and commercial team, highly qualified
and made up of over forty professionals boosts the geographical
expansion of the company and supplies building solutions in the
different countries.
The products reach the market through a select network of
distributors made up of generalists, specialists and DIY stores. The
fundamental value proposal to the distribution channel consists of
efficient logistics which allows them to optimise their costs and their
resources apart from generating demand by advisers.
Business strategy and competitive position
The gypsum business continues to aim for profitable growth.
The fundamental strategy of Pladur® continues to be that of
encouraging the use of industrialised building solutions rather than
traditional walls. The considerable advantages of the plasterboard
systems allows their penetration to increase year after year and
enables the business to experience growth that is greater than
that of the building industry in general. The most important lever
of this change is the advisory function carried out by certain
decisive groups such as architects, promoters, builders, decorators,
distributors, installers and, in the final instance, users, who enjoy its
advantages and whose wellbeing encourages Pladur® to continue
to innovate.
Algiss®, for its part, is focussed on developing a new range
of gypsums with high performance so as to respond to a
market which is more and more demanding.
Competitive position
Pladur® features in the dictionary as a word to designate
plasterboard in Spain and also in some countries beyond our
frontiers, such as Portugal and Angola. This fact, which we
understand as positive, also involves a responsibility: that of
ensuring that the brand is associated with high quality building
solutions that are effective and efficient.
Over the last few years, the competitive environment for
plasterboard on the Iberian peninsula, the predominant market for
Pladur®, has changed substantially with the entry of two new actors
in Portugal. With them, there are now six manufacturers with an
industrial presence in this market. Nevertheless, Pladur® continues
to be the indisputable leader in Spain and maintains a significant
position in Portugal. In France, and despite its recent introduction in
2012, the brand is beginning to be recognised by the key players in
the marketplace.
As regards the traditional powdered gypsum market, this continues
to be fundamentally in the hands of small family companies which
generate supply in the market which is well above the existing
demand, which causes great competitive pressure regarding prices.

20. Annual Report 2015 20
In this context, Algiss® has made a commitment to differentiation
through building systems based on high-quality gypsums. The new
range of products focussed on the refurbishment and restoration
market and the new generations of high-performance gypsums for
building have become the current focus of the business.
Summary of products and services
Quality
All the products have rigorous corporate certificates which
guarantee the environmental management and the quality of the
brands, such as the Certificate of the quality management system
AENOR UNE-EN ISO 9001:2008 and that of the environmental
management system ISO 14001.
PLADUR® SYSTEMS
Plasterboards
• Strength, quality and guarantee
Profiles
• Technology turned into protection
Compounds
• The best solution for each kind of installation
Accesories
• Trends in constant growth
ALGISS® POWDERED GYPSUM
Powdered gypsum
Manual gypsums, projection gypsums, finishing gypsums, plasters
and fillers for restoration and refurbishment
THE COEMAC GROUP
Techos registrables. Pladur® FON+

21. THE COEMAC GROUP Annual Report 201521
Recent relevant works
Over these last two years, gypsum has been a part of numerous
emblematic pieces of work and large public buildings which reflect
its quality, effectiveness and versatility as well as the status as a
reference point that the brand has.
Botín Centre (Santander)
Refurbishment of a Hotel located in Calle Gran Vía, 10 (Madrid)
Refurbishment of the High Speed Train station (Zamora)
Centre Pompidou (Malaga)
3M corporate headquarters (Madrid)
New Hospital, Vigo (Pontevedra)

22. THE COEMAC GROUP
General description of the business
What we do
Adequa® is the company in the Coemac Group that
is dedicated to the water cycle, its distribution and
use. The company has been leading the sustainable
management of water in Spain for over 100 years,
with a team of experts who have always made a
commitment to energy efficiency, quality of life and
the importance of water saving for sustainability.
Adequa® supplies innovative systems for the collection and
channelling of water with multiple applications: supply and
evacuation of buildings, urban sewage networks, drinking water
supply, distribution of regenerated water or irrigation networks.
Currently, the industrial implantation of Adequa® comprises three
production centres:
• Alovera Centre (Guadalajara), where fittings are manufactured,
with an injection capacity of 6,000 tons annually. It also houses
the central offices of Adequa®.
• Alcázar de San Juan (Ciudad Real) Centre, where Adequa®
manufactures pipes for sewerage and evacuation, with an
annual transformation capacity of 47,400 tons of PVC.
• Antequera Centre (Malaga): where Adequa® manufactures
pipes for pressurised water distribution, with an annual
capacity of 26,000 tons.
.
Committed to sustainability and innovation
Furthermore, Adequa® carries out a great deal of work in
promotion, consultancy and support in the engineering and water
management sector, as well as in that of building and distribution of
materials. Its objective is to gain the confidence of its customers day
by day through suitable solutions to their needs and personalised
attention and service.
The business area of pipes and fittings has numerous brands of
recognised prestige in the markets in which it operates, among
which the following should be emphasised:
• Adequa AR®: a high performance, fire retardant system of
soundproofed evacuation system.
• Adequa SANECOR®: an integral solution for urban sewerage
networks of maximum watertightness and durability.
• Adequa URATOP®: thanks to an innovative bioriented
PVC pipe system, this new generation of plastic pipes has
improved.
Main figures
• Over 100 years dedicated to water distribution, fifty of which
involved developing plastic solutions.
• 680 million fittings manufactured
• 350,000 kilometres of piping installed
• 120,000 projects carried out
Annual Report 2015 22
The Pipes and Fittings business
Experts in
waterways

23. THE COEMAC GROUP
The company has the integrated certification of the Quality
Management Systems and of Environmental Management with
the standards ISO 9001 and ISO 14001 awarded by AENOR.
Adequa® is also a member of ANAIP (Spanish Association of Plastic
Industrialists) where it works actively to improve the standards of
quality of the sector.
Geographical market and type of customers
Adequa® has always held a position of leadership in the Spanish
market and has been the supplier of reference for piping systems
on the Iberian Peninsula.
The national leadership of Adequa® is based on a solid network
of more than 1,200 distributors as well as on the close and active
collaboration with over 5,000 contractors and technical advisors to
whom it offers technical and commercial support so as to supply to
the final users the best solutions in water technology.
Adequa® has a wide range of options for building which includes a
complete range for water evacuation, from the capture of rainwater
on floors and roofs to sanitary fittings present in kitchens and
bathrooms and which allows us to have a very representative share
on new building construction, whether it is residential or tertiary.
To these should be added the good positioning of Adequa® in
restoration and refurbishment where the capillarity of distribution is
key so as to be able to offer the availability and the level of service
necessary in this growing market segment.
Thanks to over 100 years’ history, the Adequa® solutions for
infrastructure are authorised in the main Companies and Public
Administrations responsible for water management and they
give the reliability of confirmed experience. The know-how of
the professional team is key to offering the right solutions to the
requirements of the technically most demanding projects.
Adequa®’s international expansion, begun in the 1970s, has
intensified so as to take on a new dimension over the last few
years thanks to the capacity of the business to supply quality and
innovation in the solutions offered to customers. Nowadays, the
export activity of Adequa® amounts to 24% of the turnover of the
business, having in France the second main market.
Adequa® is also present in different European countries as well as
in North Africa and South America.
Business strategy and competitive position
Adequa® makes a commitment to offering differentiated solutions
which, due to their quality and innovation, supply added value to
customers.
The company is based on two key capacities to structure this
proposal: proximity to the customer, whom Adequa® accompanies
and supports from the first stages of the project, and the
commitment to the operations of the business with total quality and
permanent improvement.
This model of success makes Adequa® the best guarantor for the
introduction of new and innovative products in the Spanish market.
Thus, the company was a pioneer in the development of technology
Informe Anual 201523 Annual Report 201523

24. THE COEMAC GROUP
for PVC corrugation in large diameters and for the
industrialisation of the bi-oriented PVC pipe system.
This history of innovation and development is
maintained and will continue to be the basis of the
future of Adequa®.
It is worth pointing out that the Adequa® business
model has been reinforced over the last few years
thanks to the implementation of a more agile
and dynamic organisation, capable not only of
continuing to develop this value proposal in Spain
but also of extending it to new markets where
Adequa® does not yet have a presence.
Summary of Products and services
Quality
The commitment to quality is an essential component of the
Adequa® value proposal. In order to make it a reality, the company
has an expert technical team whose responsibility it is to guarantee
the most rigorous standards in products and their ongoing
improvement. Adequa® also collaborates with the standardisation
organisations in the national (AENOR), European (CEN) and
international (ISO) spheres and actively participates in those
working groups that are relevant to its products. The Adequa®
range has the most demanding product certifications, granted both
by the national organisation and by other European organisations.
Furthermore, the products offered by Adequa® are totally adapted
to the demands of the regulations of the Technical Building
Code (CTE - according to its Spanish name, Código Técnico de
Edificación), they are 100% capable of being recycled and have
numerous independent studies which guarantee the characteristics
carried out by organisations such as the Eduardo Torroja Institute for
Construction Science (Spain), the Fraunhofer Institute in Stuttgart
(Germany) , the Association for the Promotion of Research, the Fire
Safety Technology (AFITI) and the Centre for Testing, Innovation and
Services (CEIS).
Annual Report 2015 24
URATOP® system for supply networks

25. THE COEMAC GROUP
ADEQUA® SOLUTIONS
Solutions for building
• System evacuation of water from the interior of a building
• AdequaAR® soundproofed system for evacuation of water
from the interior of a building.
• Solutions for evacuation of water from floors
• Solutions for evacuation of water from roofs
Solutions for supply and distribution
• URATOP® System for water supply networks
• Solutions for irrigation systems
Solutions for sewerage and drainage
• SANECOR® system for sewerage
• Pipe system for drainage
Recent relevant works
Solutions for building
Torre Pelli (Seville)
“La Vela” building and Social Centre Ciudad BBVA
business park (Madrid)
Hotel Cotton House, Marriott Autograph
Collection (Barcelona)
Siam Mall Shopping Centre, Adeje (Tenerife)
Solutions for supply and distribution
Water transport project in Hoyo de Manzanares (Madrid)
Mining basins from Las Parras dam, Utrillas (Teruel)
Construction of irrigation supply with reusable water,
Torrejón de Ardoz (Madrid)
Piping from the DWTS to the regulating tank
in Olivenza and district (Badajoz)
Solutions for sewerage and drainage
Cadiz new bridge, Puerto Real (Cadiz)
WWTS Bargas, Olías del Rey, Mocejón and others (Toledo)
FAN Mallorca Shopping Centre, Urbanization Phases I and II,
Palma de Mallorca
Sewerage and purification of waste water at Vegas Bajas.
Collectors from the Rivillas and Calamón streams (Badajoz)
Annual Report 201525
We offer
solutions
based on
quality and
innovation

27. 4 Summary of 2015 business year
Context
Main financial indicators of the Group
Financial development of the Group
Development by business lines
Market environment and challenges for 2016
28
29
30
31
33

28. The recovery of the Spanish economy
continued throughout 2015
The Spanish economy closed 2015 with an annual
average increase of 3.2% in its gross domestic product
and so exceeded the expectations at the beginning
of the year. The economic growth continued to find
support both in external and internal factors. Among
the former, the most important were low oil prices, the
gradual improvement in European demand and the
monetary policy of the European Central Bank (ECB),
which has provided a favourable context regarding the
Euro exchange rate, interest rates and liquidity.
With regard to internal conditioning factors, the recovery in
demand is based on both transitory and structural elements.
Highly positive progress in construction
after the change in tendency begun in 2014
Construction in the Spanish market continued the improvement
begun in mid-2014, accumulating growth in the segments of new
build and renovation, although bidding for civil works was reduced
for a second half year of low activity. According to the latest data
published by the Spanish Ministry of Public Works, accumulated in
December 2015, the building permits for new residential grew by
43%, the non-residential ones increased by 30% and the restoration
and refurbishment of buildings increased by 11%. On the other
hand, the public bidding for hydraulic works was reduced by 22%.
With regard to the behaviour of building in Coemac’s main
international markets, the authorisations for residential new building
remained stable in France, while in Portugal they grew by 20%.
Summary of economic and construction indicators in
Coemac’s main markets
Annual Report 2015 28
Context
SUMMARY OF 2015 BUSINESS YEAR
2014 2015 2014 2015 2014 2015
Population Millions 46,512 46,440 65,773 66,184 10,387 10,335
GDP % Annual variation 1.4 3.2 0.2 1.3 0.9 1.6
CPI % Annual variation -0.2 -0.4 0.5 0.2 -0.3 -0.2
Building activity Thousands of dwellings (1) 34.9 49.7 359.0 369.1 6.8 8.2
Spain France Portugal
Building % Annual variation -4.3 -0.1 -8.9 -2.9 -4.6 2.5
Residential % Annual variation -5.2 3.3 -11.5 -3.1 -8.0 4.5
Non residential % Annual variation -3.2 -4.0 -4.3 -2.7 -2.0 1.0
Civil Works % Annual variation 2.5 6.4 -3.2 -2.7 1.0 1.5
New
Building % Annual variation -2.2 3.0 -0.8 0.8 0.7 5.0
Residential % Annual variation -3.6 3.0 -1.0 1.0 0.0 5.0
Non residential % Annual variation -0.5 3.0 -0.5 0.5 3.0 5.0
Civil Works % Annual variation 4.7 5.0 -1.0 -3.0 1.0 2.0
Renovation
Total % Annual variation -1.8 2.4 -4.2 -1.3 -1.0 3.0
Total
Development of the building segments (% variation in real terms - Euros)
Sources: Spanish Ministry of Public Works, Euroconstruct, Spanish Treasury Department,
INE, Eurostat, Coemac estimations
(1) Spain and France: New residential started, Portugal: New residential permits
Spain France Portugal
Building permits
for new residential
grew by 43%

29. Annual Report 201529
[in million euros]
Results 2015 2014 % Var.
Sales 129.7 120.8 7%
EBITDA (1) 8.4 3.7 127%
Depreciation & Amortization 9.7 10.5 -8%
Operating EBIT (1.3) (6.8) 81%
Operating result (24.9) (25.9) 4%
Result before taxes (26.4) (28.9) 9%
Result of continued activities (68.9) (57.8) -19%
Result of discontinued activities (2) (4.5) (74.8) 94%
Net result (73.4) (132.6) 45%
Attributable net result (76.0) (118.4) 36%
Balance sheet 2015 2014 Var.
Non-current assets 157.7 527.9 -370.2
Current assets 44.0 189.0 -145.1
Total Assets / Liabilities 201.6 716.9 -515.3
Equity 110.7 123.4 -12.7
Non-Current liabilities 47.1 85.3 -38.2
Current liabilities 43.8 508.2 -464.3
Net financial debt 1.5 348.1 -346.6
Cash flow statements 2015 2014 Var.
Operating activities (6.1) 19.0 -25.1
Investment activities (14.6) (24.2) 9.7
Financial activities (5.5) (9.4) 3.9
Net increase (reduction) of cash and other equivalent liquid assets (26.1) (14.6) -11.5
Cash and other equivalent liquid assets at close of the financial year 5.5 31.6 -26.1
Ratios 2015 2014 Var.
EBITDA margin 6.5% 3.1% 3.4 pp
EBIT margin -1.0% -5.6% 4.7 pp
Net result margin -58.6% -98.0% 39.4 pp
Earnings per share (0.406) (0.632) 36%
Main financial indicators of the Group
(1) EBITDA = Operating result + Depreciation&Amortizations
+ Non-recurrent costs
(2) Following the criteria set down by the IFRS, the result
obtained by the discontinued activities are grouped
on one line.
For more information, consult our “Shareholders and investors”
section on our corporate web page www.coemac.com
Coemac improves its
operating result and
restructures its balance
sheet in 2015 after the loss
of control of the insulation
business in September

30. In the whole of 2015, Coemac obtained sales of 129.7 million Euros,
which represented growth of 7.4% in comparison with the previous
year. This increase arose in both half-years although in the second
one the growth was reduced to half due to the slowing down of the
building market during the last few months of the year.
By geographical areas, the sales in Spain grew by 5.6% with a
significant advance in the building and civil works markets although
the above-mentioned deceleration was appreciated in the fourth
quarter due to different political and economic factors. For their
part, international markets (which represented 25% of sales in 2015)
continued their satisfactory evolution from previous years and grew
by 13.6%, with especially positive behaviour in the second half with
an increase of the company’s presence in the French market and
making more progress in exports to other countries.
Breakdown of sales by markets
The year 2015 was a turning point for the Group, after the
divestment of the Tiles business (Cobert®) and the loss of control
of the Insulation Business (URSA®). As a consequence of these
operations, the Group assets were reduced by 515 million Euros
(from 717 to 202 million Euros) and the turnover by 432 million Euros
(from 562 to 130 million Euros).
Evolution of key figures
The loss of control of the insulation business, which took place in
September, has enabled Coemac to dispose of practically all of its
financial debt which has gone from 365 to 1.5 million Euros at the
close of 2015. At the same time, this operation caused a deterioration
in own funds of the parent company of the Group, Coemac, S.A.,
although without any impact at the consolidated level. Additionally, it
has been considered appropriate to undertake a series of provisions
and depreciation of assets (fundamentally fiscal credits) to restructure
the Group balance sheet and adapt it to the new perimeter which has
affected the results for 2015 negatively.
For this reason, the net result attributed to Coemac in 2015 was of -76.0
million Euros, which includes the atypical effects of the provisions and
restructuring mentioned of -53.9 million Euros and of the discontinued
activities of -4.5 million Euros.
Coemac maintained a net financial debt of 1.5 million Euros on 31st
December 2015.
Annual Report 2015 30 SUMMARY OF 2015 BUSINESS YEAR
2012 2013 2014 2015
National 112.9 90.7 92.4 97.6
Export (*) 26.8 31.5 28.4 32.1
Sales 139.7 122.3 120.8 129.7
% Export 19% 26% 24% 25%
(*) No. of countries 24 34 37 41
Financial evolution of the Group
Consolidated figures
of the Coemac Group
(In million euros)
2012 2013 2014 2015
Sales 139.7 122.3 120.8 129.7
Ebitda -2.3 1.4 3.7 8.4
Ebitda margin -1.7% 1.2% 3.1% 6.5%
Year-end headcount 663 581 555 539

31. Annual Report 201531
Gypsum (Pladur® and Algiss®)
In 2015, the gypsum business obtained sales of 77.7 million Euros,
6.3% greater than was obtained the previous year. In this way, for a
second year, the increase in sales was consolidated after the years
of market adjustment. The growth took place in both half years
although in the second half, it was affected by the deceleration in
sales in Spain at the end of the year.
By geographical areas, the growth in sales took place both in
Spain and in international markets. The business is consolidating
its position in neighbouring countries and carrying out important
export operations to other markets.
From the point of view of product lines, Pladur® completed a year
of growth in all its markets while Algiss® slightly reduced its total
sales due to extraordinary orders agreed in the first half of 2014
which were not repeated in 2015.
The Ebitda obtained by the business at the end of the year was
10.6 million Euros, which is an increase of 31.4% versus 2014 due to
greater sales and the industrial improvements carried out.
Main lines of action carried out in 2015
• Improvement in industrial efficiency
• Development of internationalisation (specific equipment and
range of products)
• Progress in the construction of the Pladur® plant in Gelsa
(Zaragoza)
Evolution of key figures
Consolidated figures
of gypsum 2012 2013 2014 2015 Variation
(In million euros) 2015/2014
Sales 80.2 70.6 73.1 77.7 +6.3%
Ebitda 9.0 7.2 8.1 10.6 +31.4%
Ebitda margin 11.2% 10.1% 11.1% 13.7% +2.6 p.p.
Year-end headcount 346 321 307 305
Evolution by business lines
SUMMARY OF 2015 BUSINESS YEAR

32. Annual Report 2015 32 SUMMARY OF 2015 BUSINESS YEAR
Pipes and fittings (Adequa®)
The business of pipes and fittings, Adequa®, completed 2015 with
sales of 54.6 million Euros, which means an improvement of 8.2%
in comparison with 2014. Both semesters showed growth although
during the second half, this was slightly less due to the slowing of
sales in the Spanish market at the end of the year.
In geographical terms, the growth arose mainly in the national
market where the business performed better than the market and
the competitive position was consolidated in the building and civil
works segments. Export activity was damaged due to the increase
of competitive pressure in France, especially during the first half of
the year although this was partly offset with the progress in other
international markets.
Despite the large decrease in the price of raw materials and oil
throughout the second half, the price of PVC resin did not decrease
in the same proportion. Even so, the business advanced in its
plan for the improvement of industrial efficiency, with significant
improvements in product quality and completed 2015 with an
Ebitda of 1.5 million Euros.
Main lines of action carried out in 2015
• Improvement in commercial positioning in domestic markets
• Improvement in industrial efficiency
• Operating efficiency
Evolution of key figures
Consolidated figures
of pipes and fittings 2012 2013 2014 2015 Variation
(In million euros) 2015/2014
Sales 58.7 51.6 50.5 54.6 +8.2%
Ebitda -6.2 -0.8 0.0 1.5 n.a.
Ebitda margin -10.5% -1.6% 0.0% 2.7% +2.7 p.p.
Year-end headcount 242 220 213 216
SANECOR® system for sewage and drainage networks

33. Annual Report 201533SUMMARY OF 2015 BUSINESS YEAR
Market environment
Both the recent development of the economy in Spain and the
external factors which are supporting the recovery lead to a forecast
that the growth of GDP will stabilise during the next two years at
about 2.7%. The strength of the national macro-economic data
over the last few months is offset by the doubts and uncertainties
both outside and within Spain. However, the activity figures point
to growth having stayed high with hardly any signs of deceleration
during the close of the previous financial year and the beginning of
the present financial year.
It is expected that the fall in the price of oil and monetary policy will
continue to boost the recovery although at the domestic level the
uncertainty about economic policy stands out as one of the main
obstacles for sustainability.
The building sector returned to growth in 2015 boosted by the
residential and civil works segments. For 2016, our forecast is an
additional improvement if the non-residential segment returns to
growth and civil works manage to overcome the post-electoral void
without again going into recession.
For the next few years, it is expected that construction will progress
somewhat more than the average for the economy, bearing in mind
that, although demand continues not to be very significant, it has
been neglected over the last few years.
Outside the frontiers of Spain, it is expected that the French
residential market will return to growth during 2016 after the
increase in authorisations for new building recorded in 2015 after
the activation of a range of policies favourable to residential
investment. Nevertheless, this improvement will be progressive
with the result that it is still expected that the competitive pressure
perceived in 2015 will be maintained.
Forecast results
This market context is reflected in the forecasts published by the
relevant reports in the sector (Euroconstruct and others) and in our
own commercial plans that are under way, referring both to the
domestic market and to international markets.
The forecasts are compatible with a new growth in our sales in 2016.
The increase in turnover, together with the plans for improvement in
the operational excellence of Coemac’s business and the reduction
in size of corporate operations, will make it possible to continue
improving regarding the operating result for the next year in
accordance with the strategic plan 2016-2018.
Investments
The strategic Plan for the period 2016-2018 sets down investments
dedicated to a range of initiatives for growth and improvement,
foremost among which are the future of the opening of the
plasterboard industrial manufacturing centre (Pladur®) located in
Gelsa (Zaragoza).
2007 2008 2009 2010 2011 2012 2013 2015
Evolution 2007-2015 in authorisations of new building in Spain (Source: Spanish Ministry of Public Works).
Market environment
and challenges for 2016
2014.
651,427
264,795
110,849
91,662
78,286
44,162 34,288 34,873 49,696
+1.7% +42.5%
-94.7%
700,000
600,000
500,000
300,000
200,000
100,000

35. 5 Organs of Governance
Board of Directors
Audit Committee
Remuneration and Appointments Committee
Management Committee
Risk management
36
38
38
38
39

36. Chairman & CEO
Javier González Ochoa
Deputy Chairman
Gonzalo Serratosa Luján
External proprietary directors
Nefinsa, S.A. representada por
José Antonio Carrascosa Ruiz
External Independent directors
Juan José Nieto Bueso
Luis Caruana Font de Mora
Secretary of the Board (not a Director)
Carmen del Río Novo
Annual Report 2015 36
Board of Directors
ORGANS OF GOVERNANCE
From left to right: Gonzalo Serratosa Luján, Javier González Ochoa, Juan José Nieto Bueso,
Carmen del Rio Novo, José Antonio Carrascosa Ruiz and Luis Caruana Font de Mora

37. Profiles of the members of the Board of Directors
Javier González Ochoa
Chairman of the Board since May 2015. Member of the Board since
2002 and General Counsel until his appointment as Chairman. A
graduate in Law and with a Master’s Degree in Legal Consultancy
from the Instituto de Empresa in Madrid. Master’s Degree in the Stock
Exchange and Finance from the Stock Exchange and Financial Studies
Foundation in Valencia. He has also been a member of the Board
and Management Committee of Air Nostrum LAM, as well as of the
chemical group, Aragonesas.
Gonzalo Serratosa Luján
Deputy Chairman of the Board since May 2015 and member of the
Board since 2007. A graduate in Administration and Management of
Companies from the European university in Valencia (ESTEMA) and
an International MBA from the Instituto de Empresa. He is a Deputy
Chairman of Nefinsa, S.A. and a member of the Family Business
Institute and has also been a Director of Air Nostrum LAM and Clickair.
José Antonio Carrascosa Ruiz
Member of the Board of Directors since 2002. He studied Business
Science and holds a Master’s Degree in Financial Management from the
Stock Exchange and Financial Studies Foundation in Valencia. He is the
economic and financial Director of Nefinsa, S.A.. He is a former Head
of Administration at the Grupo Valenciana de Cementos and chief
financial officer of Uralita.
Juan José Nieto Bueso
Member of the Board of Directors of Coemac since May 2008. He is an
economics graduate from ICADE. He is the Chairman and Managing
Director of Palmera Capital y Servicios, S.L. He was formerly Chairman
and Managing Director of Telefónica Media, Chairman of Vía Digital
and Managing Director of Antena 3 Televisión and Chairman of Service
Point Solutions.
Luis Caruana Font de Mora
Member of the Board of Directors since June 2014. He is a graduate
in Economic Sciences from Valencia University and an Auditor
and Chartered Accountant. He has been a member of prestigious
international auditing firms for over 20 years. Since 2009, he has run his
own independent auditing firm.
Carmen del Río Novo
She has been the secretary to the board (not a director) since May 2015.
She holds a law degree from Universidad CEU San Pablo. She was
formerly the General Counsel of Uralita. She began her employment at
Ferrovial Agroman as a lawyer in the Legal Advisory service.
The composition of the Board of Directors has been adapted to the
current structure of the Group. It also fulfils the recommendations of
the last Code of Good Governance of quoted companies (CBGSC) of
the National Securities Market Commission regarding the minimum
number of Directors (5), the majority of non-executive directors (60%),
the presence of more than a third of independent directors (40%) and a
percentage of proprietary directors (20%) which does not exceed their
representation among the shareholders.
Coemac’s Board of Directors met eight times during 2015.
Informe Anual 201537
Composition of the Board of Directors
by type of director
Executive
directors
2 - 40%
Proprietary external
directors
1 - 20%
Independent
external
directors
2 - 40%
Annual Report 201537ORGANS OF GOVERNANCE

38. The composition of the Audit Committee is as follows:
Chairman
Luis Caruana Font de Mora
Members
Juan José Nieto Bueso
Nefinsa, S.A. represented by José Antonio Carrascosa Ruiz
Carmen del Rio Novo, Secretary (Not a director) of the Board of
Directors, is in turn the secretary of this Committee without being a
member thereof.
During the year 2015, the Commission has held ten meetings in which
subjects in its remit have been dealt with, foremost among which are:
the review of the periodic information sent to the National Securities
Market Commission, review of the annual accounts once formulated
by the Board of Directors, the relationship with the auditors in the
review of the risk control systems, and the definition and approval of
the internal auditing plan.
Remuneration and Appointments
Committee
Remuneration and Appointments Committee is made up of the
following members:
Chairman
Juan José Nieto Bueso
Members
Luis Caruana Font de Mora
Nefinsa, S.A. represented by José Antonio Carrascosa Ruiz
Carmen del Rio Novo, Secretary, not a Director, of the Board of
Directors, is in turn the secretary of this commission without being a
member thereof.
During the year 2015, the Commission held seven meetings in
which the matters within its remit were discussed, foremost among
which are: setting and evaluating objectives for the payment of the
variable rewards of the management team, approval of the report
on the rewards to the Board, modifications on the Board, in the
Audit Committee and in the Remuneration and Appointments
Committee, and altering the size of the Board of Directors.
Management Committee
El Comité de Dirección de Coemac se estructura de acuerdo al
siguiente organigrama:
Annual Report 2015 38 ORGANS OF GOVERNANCE
Chairman & CEO
Javier González Ochoa
Deputy Chairman
Gonzalo Serratosa Luján
Corporate Managers
Finance
Miguel Escrivá Bertó
General Counsel
Carmen del Río Novo
Gypsum
General Manager
Enrique Ramírez Asperilla
Pipes and Fittings
General Manager
Fernando Blasco Marzal
Audit Committee

39. Annual Report 201539ORGANS OF GOVERNANCE
The satisfactory progress, the achievement of objectives and the
future plan of any organisation come from managing the potential
risks of all kinds in an efficient manner. For Coemac, as an industrial
group, business risk management is a very important main axis.
At Coemac, business Risk Management is the responsibility of the
Audit Committee as an organ of the Board of Directors. The risk
management system is worked out from its identification, analysis
and evaluation, both by activity and the current environment, as well
as from the mitigating controls and action plans.
The duties of the Audit Committee regarding risk management are
as follows:
(a) To identify the different types or risk (external, business,
internal, as well as other risks).
(b) To identify the measures planned to mitigate the impact of the
risks identified, if they should become reality.
(c) To verify and supervise the Corporate Risks Map as a tool to
identify, manage and monitor those risks with a significant
impact on Group objectives.
Coemac has an integrated management system implemented in
which the critical risks in each of the key business processes are
systematically identified, supervised and monitored. In the process
of control and risk management different areas of the business are
involved, including both the business units and corporate activities.
The different risks are identified and evaluated from the analysis
of the events which might give rise to them. The evaluation is
carried out using metrics which calculate the probability and the
impact. The definition of the scale of importance and the scale of
probability is carried out according to qualitative and quantitative
criteria. Once the critical risks have been identified and re-
evaluated, the Management of the company sets up concrete
actions, with a person responsible and a space of time to mitigate
their impact and probability, at the same time as reviewing the
effectiveness of the current controls over the risks. This analysis
of the risk, the controls and the actions to mitigate their impact
and probability are presented annually to the Audit Committee
for supervision and approval. Subsequently, the Audit Committee
informs the Board of Directors.
This process, carried out annually and coordinated by Internal Audit,
makes it possible to obtain the Risk Map for the company. From
this map, the most significant risks are extracted which, together
with the main variations in comparison with the previous year, are
presented to the Audit Commission for discussion and approval.
Risk management

40. Perforated continuous ceilings Pladur® FON+

41. 6 Committed to stakeholders
Communication channels with stakeholders
Social and environmental commitment
42
44

42. Coemac considers social responsibility as an integral part of its
activity and its business. Starting from this premise, a permanent
and fluid dialogue with stakeholders is vital to achieving the
objectives of creating value and producing a positive impact in the
environment of the Group.
Communication channels with stakeholders
The existence of channels of specific communication and active
listening for each of the stakeholders allows them to influence the
business project. In turn, Coemac benefits since it can adapt its
objectives and business strategies to the needs of the environment
in which it operates.
Shareholders
Coemac works, using good governance and transparency, to
increase value for shareholders. In that effort, it has the following
channels of communication:
• A shareholder and investor section at www.coemac.com
• Investor Relations Department: a direct communication
channel for individual shareholders, institutional investors and
analysts
• General Meeting of Shareholders
• Forums with national and international investors
Informe Anual 2015 42 COMMITTED TO THE STAKEHOLDERS
Shareholder structure
on 31st December 2015
Pool de activos
Grupo Nefinsa
79.06%
Treasury
stock 5.12%
Remainder
15.82%

43. Customers
Coemac is an organisation that is oriented to its customers and
committed to offering them safety, trust and innovative solutions.
For this reason, it has a variety of channels which allow it to gain
knowledge of the needs of its customers:
• E-commerce (pladur.biz)
• Customer services
• After sales service
• Satisfaction surveys
• Organisation of technical days and training
• Dissemination of activities carried out by or for customers
Professionals
Coemac’s commitment to its employees
is to offer them an environment of
opportunities in which it is possible to
develop their human and professional
potential. For this reason, the group
carries out a variety of actions and has a
range of bi-directional communication
channels.
• Health and safety
• Worker representation
• Training
• Internal communication
- Suggestions boxes
- Notice boards
- Monitoring and exit interviews
• Evaluations of performance
• Charitable activities
Annual Report 201543COMMITTED TO THE STAKEHOLDERS
Sales by market segment
2015
Civil works
18%
Headcount distribution by business
In persons and percentages - On 31st December 2015
Corporate
18 - 4%
Total headcount
539
persons
New residential
building
23%
Restoration and
refurbishment
41%
New
Non-residential
building
18%
Pipes and
fittings
216 - 39%
Gypsum
307 - 57%
Coemac considers
social responsibility
to be an integral part
of its activity and its
business

44. Suppliers
The relationship of Coemac with its suppliers
is based on the search for progress and mutual
profit by means of the construction of lasting
relationships based on respect.
• Policy of selection and evaluation of
suppliers
• Awards by the purchasing committee
• Ethical code of the supplier
Other stakeholders
The company maintains ongoing and stable
relationships with other groups of special
interest to the Group, such as:
• Analysts and foreign investors, with
participation in conferences and meetings.
• Media organizations, by means of frequent
sending of press releases, attention to
information requests, meetings and
interviews.
• Universities and the educational world, with
events such as the annual competition of
Pladur® Construction Solutions.
• End users. Specific web sites for each of the
businesses in which detailed information
on the products and contact numbers are
supplied for technical assistance.
Society
Coemac maintains the commitment of contributing for reasons of
solidarity to the development of its social environment. In order to
achieve this, it uses and develops the following instruments and
initiatives.
• Collaboration and contributory associations
• Collaboration with the university world
• Actions and contributions for reasons of solidarity
• Corporate web site, Twitter and Linkedin accounts
• Telephone and e-mail
• Publications
• Participation in fairs, events, meetings and talks
The Environment
The Group is committed to the manufacturing and marketing of
products which have a positive impact on the environment by
means of the improvement of the energy efficiency of buildings
or more efficient water management among other factors. The
environmental commitment is also reinforced through a range of
actions:
• Protection of the environment and management
of industrial centres
• Participation and collaboration with associations in the sector
• Participation in awareness-raising events
• Analysis of the environmental impact of our products
Annual Report 2015 44
Social and environmental
commitment
COMMITTED TO THE STAKEHOLDERS

45. 7 Financial calendar 2016
Contacts

46. 29th February 2016
Release of second half 2015 results
30th March 2016
Release of 2015 results
28th April 2016
Release of first quarter 2016 results
19th May 2016
General Meeting of Shareholders
Final week of July 2016
Release of first half 2016 results
2nd week in November 2016
Release of third quarter 2016 results
Final week of February 2017
Release of second half 2016 results
First week of April 2017
Release of 2016 results
(*) Dates for orientation only subject to change
Consult updated calendar on www.coemac.com
Investor Relations Officer
Gerardo Gorostiza Manzano
Investor Relations
Telephone Number
+34 91 594 90 03
Email
ir@coemac.com
Ticker on Madrid and Valencia
Stock Exchanges
CMC
ISIN CODE
ES0182170615
Annual Report 2015 46
Financial calendar 2016*
Information on the company
and Coemac actions

47. Annual Report 201547
OFFICES
Group headquarters
Corporación Empresarial de Materiales
de Construcción, S.A. (Coemac)
Paseo de Recoletos, 3
28004 Madrid, Spain
Phone: +34 91 594 90 00
Website: www.coemac.com
Twitter: @coemac_sa
Linkedin:
www.linkedin.com/company/coemac
Gypsum business
headquarters
Ctra. de Andalucía, km. 30,200
28340 Valdemoro (Madrid, Spain)
Phone: +34 91 809 93 50
Websites:
www.pladur.com - www.algiss.com
Pipes and fittings
headquarters
Ctra. N-II, km. 47,500
19208 Alovera (Guadalajara, Spain)
Phone: +34 902 19 00 00
Email: info@adequa.es
Website:
www.adequa.es
Linkedin:
www.linkedin.com/company/
adequa-water-solutions
PRODUCTION PLANTS
Gypsum production plants
Valdemoro factory
Ctra. de Andalucía, km. 30,200
28340 Valdemoro (Madrid, Spain)
Beuda factory
Ctra. Besalú a Beuda, km. 1
17850 Beuda (Girona, Spain)
Mañeru factory
Camino de San Vicente S/N
31130 Mañeru (Navarra, Spain)
Martos factory
Ctra. Martos a Santiago de Calatrava km. 5,4
23600 Martos (Jaén, Spain)
Pipes and fittings production plants
Alovera factory
Ctra. N-II, km. 47,500
19208 Alovera (Guadalajara, Spain)
Alcázar de San Juan factory
Pol. Industrial Alces
Avda. de los Vinos, 24
13600 Alcázar de San Juan
(Ciudad Real, Spain)
Antequera factory
Pol. Industrial de Antequera
Avda. del Romeral, 15
29200 Antequera (Málaga, Spain)
CUSTOMER SERVICES
Customer services at Pladur®
Phone: +34 902 023 323
Email: consultas@pladur.com
Online Orders: www.pladur.biz
Customer services at Algíss®
Phone: +34 902 321 121
Email: clientes@algiss.com
Online Orders: www.algiss.biz
Customer services at Adequa®
Phone: +34 902 19 00 00
Email: sac@adequa.es
Directory of Companies and Brands

48. Paseo de Recoletos, 3
28004 Madrid, Spain
Phone +34 91 275 87 15
Fax +34 91 523 77 58
www.coemac.com