Carbacid seems more of an investment firm than a pure play [granted their is a huge contribution from CO2].
Let's look at the numbers.
365mn for the 'core operations'
121mn Finance Income
74mn Equity Investment Gains [I expect they will cash out some in 2014 to avoid Capital Gains]
27.5mn Property FVG
If Carbacid does sell off some of the equities they could book huge (cash) gains in 2014-15. I doubt these will filter through Profits [already accounted for as non-cash profits]. It is unlikely they will sell off the properties but there is potential for future development albeit there's a 5% Capital Gains Tax on the huge gains.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett