The document discusses several topics related to the Spanish economy: 1) Employment in the MAB stock market could grow to over 100,000 jobs by 2020 if the number of listed companies reaches 200, up from 61,000 jobs in 2014. 2) Private equity fundraising in emerging markets reached $45 billion in 2014, with Asia receiving 78% of investments. 3) As of October 2015, the MAB stock market had traded €367.1 million, raised €81.2 million, and had a market capitalization of €1,787 million.

2. www.circulodeempresarios.org
MAB statistics
Employment
According to the Association of
Alternative Stock Market Companies
(AEMAB), at the end of 2014 this market
had 28 companies. By size, 29% are large
(+250 employees), some 32% are medium-
sized (50-249 workers) and the rest are
micro (0-9) and small firms (10-49).
If by 2020 the MaB could reach 200
companies, it is calculated that they could
create more than 100,000 direct and
indirect jobs, as against the 61,000 of 2014.
Private equity
In 2014, fundraising in emerging markets
reached 45,000 million dollars (15.4% more
than in the previous year), which
represented 14% of the total raised
worldwide.
This investment yielded 34,700 million
dollars (+26% year-on-year), the greatest
increase since 2008, principally in the
emerging countries of Asia (78% of the
total).
By regions, the USA led in the fundraising
with 220,000 million dollars.
Outstanding players among the emerging
countries: China (9,686 million dollars),
Brazil (4,146 million $) and India (2,123
million $).
Stockmarket development
Until the end of October, the MAB had a
volume traded of 367.1 million euros, a
capital raising of 81.2 million and a market
capitalization of 1,787 million euros.
At present it has 30 quoted companies and
has raised 370 million euros since 2009.
<50
50-99
100- 149
150- 199
200-249
+ 250
11
8
2
4
2 1
MAB companies by number of employees, 2014
number of companies
Source: AEMAB, 2015
2
12
17
21
21
25
30
19,3
44
24,4
44,6
44,1
111,3
81,2
0
20
40
60
80
100
120
0
5
10
15
20
25
30
35
2009 2010 2011 2012 2013 2014 oct.-15
Nº companies (right axis)
Fundraising (left axis)
Source: Círculo de Empresarios based on MAB, 2015
ene- oct: 5 admissions
MAB companies and fundraising
in millions
in millions €
nº companies
Capitalization oct-15:
1.787 million €
19
28
46
42
35
45
20,7
25
29,7
26,8 27,1
34,7
0
10
20
30
40
50
2009 2010 2011 2012 2013 2014
Private equity in emerging markets
billion $
Fundrasing Capital invested
Source:Círculo de Empresarios basedon EMPEA ,2015
2012 2013 2014
Developed Asia 3,1 3,2 4,3
USA 145 226 220
Western Europe 31 73 42
Emerging 45 39 45
Source: EMPEA, 2015
Fundrasing by regions, 2012-2014
Así está…November 2015
the company

3. ‘Así está…The company’, a publication of the Círculo de Empresarios produced by its Department of the Economy, contains in-
formation and opinion from reliable sources. However the Círculo de Empresarios does not guarantee its accuracy and does not
take responsibility for any errors or omissions. This document is merely informative. As a result, the Círculo de Empresarios is not
responsible for any uses that may be made of the publication. The opinions and estimates of the Department can be modified with-
out any warning.
www.circulodeempresarios.org
Financing the private sector
Non-financial companies and families
In September, in year-to-year terms, the
indebtedness of Spanish families and non-
financial companies dropped 3.6% and
4.5% respectively.
3Q-2015 Payment performance
Public sector
The average payment time is 91.62 days, a
drop of 5.6% from the same period of the
previous year.
Private sector
The average length of payment here grew
for the third consecutive quarter to 96.21
days (+1.5% year-on-year).
Non-performing loans
The rate of non-performing loans is
inversely proportional to company size.
Among the large companies it has been
reduced by 33%, in the SMEs by 14.8%, and
among individual businessmen by 10.1%.
International rankings
Spain improved two positions (31st to
29th) due to a reduction in its corporate
tax rate (30% to 28%) and a decrease in its
dividend and capital gains tax rates (27%to
24%).
New credit
Since the start of 2015, there has been a
recovery in credit. Specifically, in
September there was a year-on-year
advance of +22.1% in Spain (+12,8% in the
Eurozone).
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1.400.000
2008 2009 2010 2011 2012 2013 2014 42248
Companies
Families
* Latest public debt data from August
Source: Círculo de Empresarios based on BDE, 2015
Non-finacial companies, families and Public debt
millions €
Public sector:
1,050 trillion €
Companies:
926.857 million €
Families:
728.747 million €
sep-15
-50
-40
-30
-20
-10
0
10
20
30
40
50
2010 2011 2012 2013 2014 sep.-15
Spain families
Eurozone families
Spain companies
Eurozone companies
Source:Círculo de Empresarios basedon BDE and ECB, 2015
Spain and Eurozone's new credit
YoY %
94,77
94,12
94,85 94,93
96,29
97,02
96,09
92,53
91,55 91,62
Q3-2014 Q4-2014 Q1-2015 Q2-2015 Q3-2015
Averagepayment times
days
Private sector Public sector
Source: Círculo de Empresarios based on INFORMA, 2015
0
5
10
15
20
25
30
35
Corporate non-perfoming loans
%
jun-14 jun-15
Source: Bank of Spain, 2015
Global ranking EU ranking
1 Estonia Estonia
2 NewZeland Sweeden
3 Switzerland Netherlands
4 Sweeden Luxembourg
5 Netherlands SlovakRep
6 Luzembourg Ireland
7 Australia Uk
8 SlovakRep Czech Rep
9 Turkey Finland
10 Ireland Austria
...29 Spain ...17 Spain
Source: International Tax Competitiveness Index, 2015
AAPP