MIRA INFORM REPORT

Report Date :

08.02.2012

IDENTIFICATION DETAILS

Correct Name :	SENIOR & CIE

Registered Office :	Vpc Promotion-Bleu Bonheur-Club Senior, 155 A 159, 155 Rue Du Docteur Bauer, 93585 Saint Ouen Cedex

Country :	France

Financials (as on) :	31.12.2010

Date of Incorporation :	July 1976

Com. Reg. No.:	RCS Bobigny 9 300 094 562

Legal Form :	Simplified Joint Stock Company with Single Associate

Line of Business :	Distance selling on catalog

No. of Employees :	243 (As on 31.12.2008)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Poor
Payment Behaviour :	---
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

France

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

REGISTERED NAME & COMPANY SUMMARY

Name

SENIOR & CIE

SIRET

300 094 562 00299

company summary

Activity (APE)	Vente à distance sur catalogue général (4791A) (Distance selling on catalog (4791A))	Legal form	Simplified Joint Stock Company with Single Associate
Phone	01 49 48 80 80	RCS Registration	RCS Bobigny 9 300 094 562
Fax		Share capital	11,825,630 Euros
Address	SENIOR & CIE VPC PROMOTION-BLEU BONHEUR-CLUB SENIOR 155 A 159 155 RUE DU DOCTEUR BAUER 93585 SAINT OUEN CEDEX	Incorporated Date	07/1976
Nationality	France	Status	Economically active

company details

Activity (APE)	Vente à distance sur catalogue général (4791A)
RCS Registration	RCS Bobigny 9 300 094 562	Share capital	11,825,630 Euros
Registration Court	Bobigny (93)	Legal form	Simplified Joint Stock Company with Single Associate
Court Registry Number	19 9 1B004	EU VAT Number	FR23300094562
Incorporation Date	07/1976	Formation Date	02/1982
Deregistration Date		Last account Date	31/12/2010
Nationality	France

Ultimate Parent

1 ultimate parent company for this company
> HELIOS DEVELOPPEMENT - Activités des sociétés holding (6420Z) in CROIX (59170)

DIRECTORS/MANAGEMENT

directors

Previous Directors

Vous pouvez consulter ici l'historique des dirigeants de l'entreprise.
Si vous souhaitez consulter l'historique d'un dirigeant, il vous suffit de cliquer sur le lien voir le détail pour y accéder.

Manager position	Title and name	Date of Birth/Place of Birth
Président	M FRANZ HERMANNS
Président	M JACQUES MONIEZ
Président du conseil d'administration	M JACQUES MONIEZ

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

Social security, pension funds preferential rights | Tax office preferential rights

Preferential rights details and history

Summary of preferential rights

Company monitored since	03/02/2009
Status of Monitoring	No social security and tax office preferential right to date

SHARE & SHARE CAPITAL INFORMATION

Shareholder(s)

Name	B.B. DEVELOPPEMENT
Name of representative
Manager position	Président	Date of birth
Place of birth
Type of manager	Moral person	Name at birth of manager

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

Ultimate parent company			HELIOS DEVELOPPEMENT
Direct parent			BB DÉVELOPPEMENT - 99.99 %
Group – Number of companies			3
Linkages – Number of companies			-
Number of countries			-
Raison sociale	Safe Number	SIREN		Parts	Score	Limite	Derniers comptes publiés
HELIOS DEVELOPPEMENT	FR04369935	410046783		-	7	0 €	31/12/2003
B.B. DEVELOPPEMENT	FR13757191	533112652		60%	No Rating	-	-
SENIOR & CIE	FR00438751	300094562		99.99%	19	0 €	31/12/2010

Linkages

Ultimate parent company	HELIOS DEVELOPPEMENT
Direct parent	BB DÉVELOPPEMENT - 99.99 %
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

FINANCIAL INFORMATION

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2010	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	28/09/2011	27/09/2010	10/11/2010
Activity Code	4791A	4791A	4791A
Employees	0	0	243

Active account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	1 116 512	-4,7%	1 172 004	-13,9%	1 361 482	4 010	27743,2%
- Intangible assets	27 748	-37,9%	44 713	-30,6%	64 452	131	21081,7%
- Tangible assets	927 731	-4,0%	966 259	-15,9%	1 149 114	974	95149,6%
- Financial assets	161 033	0,0%	161 032	8,9%	147 916	0	0%
Net current assets	16 128 181	8,5%	14 864 687	-21,8%	19 011 259	43 393	37067,7%
- Stocks	8 553 687	12,2%	7 626 884	-24,7%	10 132 747	7 838	109031,0%
- Advanced payments	0	8,5%	863	-8,5%	943	0	0%
- Receivables	6 853 355	4,0%	6 590 615	-20,9%	8 330 500	7 199	95098,7%
- Securities and cash	721 139	11,6%	646 325	18,1%	547 069	8 807	8088,2%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	17 244 692	7,5%	16 036 695	-21,3%	20 372 740	53 510	32127,0%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Shareholders' equity	-857 655	-625,3%	163 267	-66,3%	484 337	8 876	-9762,6%
Share capital	167 640	0%	167 640	0%	167 640	8 000	1995,5%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	1 527 825	10,1%	1 387 416	15,6%	1 200 416	0	0%
Liabilities	16 574 521	14,4%	14 486 007	-22,5%	18 687 987	39 917	41422,5%
- Financial liabilities	4 092 572	71,1%	2 391 965	-64,3%	6 699 736	3 199	127832,9%
- Advanced payments received	1 995 634	-27,5%	2 752 422	53,4%	1 794 150	0	0%
- Trade account payables	7 813 082	31,2%	5 956 739	-14,6%	6 977 514	8 871	87974,4%
- Tax and social liabilities	2 497 683	-15,7%	2 961 948	5,3%	2 812 740	7 762	32078,3%
- Other debts and fixed assets liabilities	62 173	1328,0%	4 354	-37,2%	6 931	3 715	1573,6%
Account regularization	113 377	-72,9%	418 579	5,5%	396 916	0	0%
Total liabilities	17 244 692	7,5%	16 036 695	-21,3%	20 372 740	53 539	32109,6%

Results

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Sales of Goods	64 236 988	-1,1%	64 921 785	-11,5%	73 355 405	85 535	75000,2%
Net turnover	62 220 430	-1,8%	63 369 233	-10,9%	71 142 495	81 704	76053,5%
- of which net export turnover	5 415 415	-3,7%	5 622 400	-13,3%	6 486 092	0	0%
Operating charges	65 506 554	0,1%	65 437 715	-13,0%	75 185 484	87 575	74700,5%
Operating profit/loss	-1 269 566	-146,1%	-515 930	71,8%	-1 830 079	-120	-1057871,7%
Financial income	460 566	-3,8%	478 578	-17,9%	582 645	0	0%
Financial charges	90 993	-39,7%	150 823	-43,4%	266 550	85	106950,6%
Financial profit/loss	369 573	12,8%	327 755	3,7%	316 095	0	0%
Pretax net operating income	-899 993	-378,3%	-188 175	87,6%	-1 513 984	-337	-266960,2%
Extraordinary income	70 829	81,0%	39 129	-57,1%	91 160	0	0%
Extraordinary charges	184 440	-12,2%	210 053	-18,5%	257 677	0	0%
Extraordinary profit/loss	-113 611	-491,1%	-170 924	-2,6%	-166 517	0	0%
Net result	-1 010 309	-195,2%	-342 264	79,5%	-1 670 792	58	-1742012,1%

Display parameter
Currency	Euro	Kilo Euro

	Normal Account		31/12/2010		31/12/2009		31/12/2008
	Months		12		12		12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2010		31/12/2009		31/12/2008
Grand Total (I to VI)	Net	17 244 692	7,5%	16 036 695	-21,3%	20 372 740
Gross	CO	23 849 757	11,2%	21 443 327	-16,4%	25 652 819
Amortisation	1A	6 605 065	22,2%	5 406 632	2,4%	5 280 079

Non declared distributed capital (I)

		31/12/2010		31/12/2009		31/12/2008
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	0

Active fixed asset (II)

		31/12/2010		31/12/2009		31/12/2008
Total Active fixed asset (II)	Net	1 116 512	-4,7%	1 172 004	-13,9%	1 361 482
Gross	BJ	5 225 520	3,6%	5 044 763	-6,3%	5 386 349
Amortisation	BK	4 109 008	6,1%	3 872 759	-3,8%	4 024 867

Intangilble fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	27 748	-37,9%	44 713	-30,6%	64 452
	Gross	AF	462 055	0,3%	460 744	-36,3%	723 351
	Amortisation	AG	434 307	4,4%	416 031	-36,9%	658 899
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	0
	Gross	AL	0	0%	0	0%	0
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	27 748	-37,9%	44 713	-30,6%	64 452

Tangilble fixed assets

		31/12/2010		31/12/2009		31/12/2008
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	144 440	34,6%	107 347	11,7%	96 140
Gross	AR	555 269	13,6%	488 896	8,7%	449 711
Amortisation	AS	410 829	7,7%	381 549	7,9%	353 571
Other tangible fixed assets	Net	765 105	-10,9%	858 912	-16,4%	1 027 143
Gross	AT	4 028 977	2,4%	3 934 091	-2,6%	4 039 540
Amortisation	AU	3 263 872	6,1%	3 075 179	2,1%	3 012 397
Fixed assets in construction	Net	0	0%	0	0%	25 831
Gross	AV	0	0%	0	0%	25 831
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	18 186	0%	0	0%	0
Gross	AX	18 186	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	927 731		966 259		1 149 114

Financial assets

		31/12/2010		31/12/2009		31/12/2008
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	0	0%	0	0%	10
Gross	CU	0	0%	0	0%	10
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0		0		0
Other financial assets	Net	161 033	0,0%	161 032	8,9%	147 906
Gross	BH	161 033	0,0%	161 032	8,9%	147 906
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		161 033		161 032		147 916

Current Assets (III)

		31/12/2010		31/12/2009		31/12/2008
Total Assets	Net	16 128 181	8,5%	14 864 687	-21,8%	19 011 259
Gross	CJ	18 624 237	13,6%	16 398 559	-19,1%	20 266 471
Amortisation	CK	2 496 056	62,7%	1 533 872	22,2%	1 255 212

Stocks

		31/12/2010		31/12/2009		31/12/2008
Raw materials	Net	117 334	-34,2%	178 220	-3,6%	184 952
Gross	BL	117 334	-34,2%	178 220	-3,6%	184 952
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	8 436 353	13,3%	7 448 664	-25,1%	9 947 795
Gross	BT	10 929 988	21,7%	8 982 536	-19,8%	11 203 007
Amortisation	BU	2 493 635	62,6%	1 533 872	22,2%	1 255 212
Sub Total Stocks	Net	8 553 687	12,2%	7 626 884	-24,7%	10 132 747

Advance payments to suppliers

		31/12/2010		31/12/2009		31/12/2008
Advance payments to suppliers	Net	0	0%	863	-8,5%	943
Gross	BV	0	0%	863	-8,5%	943
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2010		31/12/2009		31/12/2008
Trade accounts receivable	Net	5 311 132	-0,4%	5 334 615	-15,0%	6 279 676
Gross	BX	5 313 553	-0,4%	5 334 615	-15,0%	6 279 676
Amortisation	BY	2 421	0%	0	0%	0
Other debtors	Net	1 488 918	20,6%	1 234 806	-37,5%	1 977 003
Gross	BZ	1 488 918	20,6%	1 234 806	-37,5%	1 977 003
Amortisation	CA	0	0%	0	0%	0
Capital subscribed and called up	Net	0	0%	0	0%	0
Gross	CB	0	0%	0	0%	0
Amortisation	CC	0	0%	0	0%	0
Sub Total Debtors	Net	6 800 050	3,5%	6 569 421	-20,4%	8 256 679

Divers

		31/12/2010		31/12/2009		31/12/2008
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	721 139	11,6%	646 325	18,1%	547 069
Gross	CF	721 139	11,6%	646 325	18,1%	547 069
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	721 139	11,6%	646 325	18,1%	547 069

Prepaid expenses

		31/12/2010		31/12/2009		31/12/2008
Prepaid expenses	Net	53 305	151,5%	21 194	-71,3%	73 821
Gross	CH	53 305	151,5%	21 194	-71,3%	73 821
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2010		31/12/2009		31/12/2008
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		31/12/2010		31/12/2009		31/12/2008
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

			31/12/2010		31/12/2009		31/12/2008
	Grand Total (I to V)	EE	17 244 692	7,5%	16 036 695	-21,3%	20 372 740

Shareholder Equity (I)

		31/12/2010		31/12/2009		31/12/2008
Total shareholders' equity (Total I)	DL	-857 655	-625,3%	163 267	-66,3%	484 337
Equity and shareholders' equity	DA	167 640	0%	167 640	0%	167 640
Issue and merger premiums	DB	0	0%	0	0%	0
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	16 769	0%	16 769	0%	16 769
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	54	1,9%	53	-1,9%	54
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	1 694 787	0%	1 694 787	0%	1 694 787
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	-2 013 056	-20,5%	-1 670 791	0%	0
Profit or loss for the period	DI	-1 010 309	-195,2%	-342 264	79,5%	-1 670 792
Investment grants	DJ	372	-26,9%	509	-21,5%	648
Special tax-allowable reserves	DK	286 088	-3,5%	296 564	7,8%	275 231

Other capital resources (II)

		31/12/2010		31/12/2009		31/12/2008
Total other capital resources (Total II)	DO	0	0%	0	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

		31/12/2010		31/12/2009		31/12/2008
Total provisions for risks and charges (Total III)	DR	1 527 825	10,1%	1 387 416	15,6%	1 200 416
Risk provisions	DP	528 287	20,4%	438 695	32,7%	330 504
Reserves for charges	DQ	999 538	5,4%	948 721	9,1%	869 912

Liabilities (IV)

		31/12/2010		31/12/2009		31/12/2008
Total Liabilities (Total IV)	EC	16 574 521	14,4%	14 486 007	-22,5%	18 687 987
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	528 785	46,5%	360 886	-50,8%	733 622
Sundry loans and financial liabilities	DV	3 563 787	75,5%	2 031 079	-66,0%	5 966 114
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	1 995 634	-27,5%	2 752 422	53,4%	1 794 150
Trade accounts payables	DX	7 813 082	31,2%	5 956 739	-14,6%	6 977 514
Tax and social security liabilities	DY	2 497 683	-15,7%	2 961 948	5,3%	2 812 740
Fixed asset liabilities	DZ	62 173	0%	0	0%	3 121
Other debts	EA	0	0%	4 354	14,3%	3 810

Translation loss (V)

			31/12/2010		31/12/2009		31/12/2008
	Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

			31/12/2010		31/12/2009		31/12/2008
	Deferred income	EB	113 377	-72,9%	418 579	5,5%	396 916

References

		31/12/2010		31/12/2009		31/12/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	14 578 888	0%	0	0%	0
Of which current bank facilities	EH	517 523	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

			31/12/2010		31/12/2009		31/12/2008
	Operating result (Total I-II)	GG	-1 269 566	-146,1%	-515 930	71,8%	-1 830 079

2 - Financial result (V - VI)

			31/12/2010		31/12/2009		31/12/2008
	Financial result (Total V-VI)	GV	369 573	12,8%	327 755	3,7%	316 095

3 - Pre-tax net operating income result (I - VI)

			31/12/2010		31/12/2009		31/12/2008
	Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-899 993	-378,3%	-188 175	87,6%	-1 513 984

4 - Extraordinary result (VII-VIII)

			31/12/2010		31/12/2009		31/12/2008
	Extraordinary result (Total VII-VIII)	HI	-113 611	33,5%	-170 924	-2,6%	-166 517

Profit or loss

			31/12/2010		31/12/2009		31/12/2008
	Profit or loss	HN	-1 010 309	-195,2%	-342 264	79,5%	-1 670 792

Total Income (I+III+V+VII)

			31/12/2010		31/12/2009		31/12/2008
	Total Income (I+III+V+VII)	HL	64 768 383	-1,0%	65 439 492	-11,6%	74 029 210

Total charges (Total II+IV+VI+VIII+IX+X)

			31/12/2010		31/12/2009		31/12/2008
	Total charges (Total II+IV+VI+VIII+IX+X)	HM	65 778 691	0,0%	65 781 754	-13,1%	75 700 005

Operating income (I)

			31/12/2010		31/12/2009		31/12/2008
	Total operating income (Total I)	FR	64 236 988	-1,1%	64 921 785	-11,5%	73 355 405

Operating income (details)

		31/12/2010		31/12/2009		31/12/2008
Sale of goods for resale	FC	58 602 512	-1,9%	59 755 235	-11,0%	67 103 023
France	FA	54 762 944	-1,8%	55 753 921	-10,7%	62 451 016
Export	FB	3 839 568	-4,0%	4 001 314	-14,0%	4 652 007
Sale of goods produced	FF	0	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	0	0%	0	0%	0
Sale of services	FI	3 617 918	0,1%	3 613 998	-10,5%	4 039 472
France	FG	2 042 071	2,5%	1 992 912	-9,6%	2 205 387
Export	FH	1 575 847	-2,8%	1 621 086	-11,6%	1 834 085
Net turnover	FL	62 220 430	-1,8%	63 369 233	-10,9%	71 142 495
France	FJ	56 805 015	-1,6%	57 746 833	-10,7%	64 656 403
Export	FK	5 415 415	-3,7%	5 622 400	-13,3%	6 486 092
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	25 831
Operating grants	FO	2 310	11,7%	2 068	172,5%	759
Release of reserves and provisions	FP	1 754 416	13,2%	1 550 457	-19,9%	1 934 872
Other income	FQ	259 832	962240,7%	27	-100,0%	251 448

Operating charges (II)

			31/12/2010		31/12/2009		31/12/2008
	Total operating charges (Total II)	GF	65 506 554	0,1%	65 437 715	-13,0%	75 185 484

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	21 183 454	22,0%	17 360 875	-23,7%	22 758 441
Change in stocks of goods for resale	FT	-1 947 452	-187,7%	2 220 470	113,6%	1 039 559
Purchase of raw materials	FU	102 702	-11,1%	115 508	-44,6%	208 618
Change in stocks of raw materials	FV	60 887	804,6%	6 731	162,6%	-10 751
Other external purchases and charges	FW	34 352 188	0,6%	34 163 393	-13,5%	39 516 775
Tax, duty and similar payments	FX	674 415	36,2%	495 161	-19,2%	613 068
Payroll	FY	5 749 599	-11,0%	6 462 814	-2,7%	6 643 023
Social security costs	FZ	2 397 886	-5,9%	2 547 808	-2,3%	2 606 996

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	236 248	-18,3%	289 325	2,7%	281 660
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	2 496 056	62,7%	1 533 872	22,2%	1 255 212
Provisions for risks and charges	GD	188 790	-14,7%	221 198	-14,7%	259 187

Other charges

			31/12/2010		31/12/2009		31/12/2008
	Other charges	GE	11 781	-42,7%	20 560	50,1%	13 696

Operating charges (III-IV)

		31/12/2010		31/12/2009		31/12/2008
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/12/2010		31/12/2009		31/12/2008
Total financial income (Total V)	GP	460 566	-3,8%	478 578	-17,9%	582 645
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	456 213	1,9%	447 671	-21,8%	572 567
Released provisions and transferred charges	GM	0	0%	0	0%	1 349
Exchange gains	GN	4 353	-85,9%	30 907	254,1%	8 729
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

		31/12/2010		31/12/2009		31/12/2008
Total financial charge (Total VI)	GU	90 993	-39,7%	150 823	-43,4%	266 550
Financial reserves and provisions	GQ	34 096	-25,4%	45 693	23,8%	36 908
Interest and similar charges	GR	27 661	-72,0%	98 881	-56,3%	226 493
Exchange losses	GS	29 236	367,9%	6 249	98,4%	3 149
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

		31/12/2010		31/12/2009		31/12/2008
Total extraordinary income (Total VII)	HD	70 829	81,0%	39 129	-57,1%	91 160
Extraordinary operating income	HA	350	-86,5%	2 595	-78,2%	11 891
Extraordinary income from capital transactions	HB	138	-0,7%	139	223,3%	43
Released provisions and transferred charges	HC	70 341	93,3%	36 395	-54,1%	79 226

Extraordinary charges (VIII)

		31/12/2010		31/12/2009		31/12/2008
Total extraordinary charges (Total VIII)	HH	184 440	-12,2%	210 053	-18,5%	257 677
Extraordinary operating charges	HE	28 406	2698,6%	1 015	-96,9%	33 112
Extraordinary charges from capital transactions	HF	0	0%	6 489	152,3%	2 572
Extraordinary reserves and provisions	HG	156 034	-23,0%	202 549	-8,8%	221 993

Employee profit sharing (IX)

			31/12/2010		31/12/2009		31/12/2008
	Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

			31/12/2010		31/12/2009		31/12/2008
	Tax on profits (Total X)	HK	-3 296	80,4%	-16 837	-73,5%	-9 706

References

		31/12/2010		31/12/2009		31/12/2008
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	41 895	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Other incomer tax return forms
Reserve for depreciation | Provisions included in balance sheet | State deadlines claims and debts at the end of period
Table allocation results and other information

Fixed Assets
Grand Total Fixed Assets (I to IV)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	0	0%	0	0%	0
Gross value at the end of period	OL	0	0%	0	0%	0

Research and development Charge (Total I)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	CZ	0	0%	0	0%	0
Increasess due to revaluation	KB	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreasess by budget item transfer	C01	0	0%	0	0%	0
Decreasess by transfers	C02	0	0%	0	0%	0
Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	KD	0	0%	0	0%	0
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	0	0%	0	0%	0

Tangible fixed assets (Total III)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	LN	0	0%	0	0%	0
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	0	0%	0	0%	0
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	0	0%	0
Gross value at the end of period	NH	0	0%	0	0%	0

Fiancial assets (Total IV)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	LQ	0	0%	0	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	0	0%	0
Gross value at the end of period	NK	0	0%	0	0%	0

Reserve for depreciation
Situation and movement of reserve for depreciation
Grand total (I-II-III)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amotisation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	0	0%	0	0%	0
Increases		QV	0	0%	0	0%	0
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	0	0%	0	0%	0

Movements during period affecting charge allocated over several period
Charges à répartir ou frais d'émission d'emprunt

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2010		31/12/2009		31/12/2008
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet
Grand Total (I-II-III)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7C	0	0%	0	0%	0
Increases		UB	0	0%	0	0%	0
Decreases		UC	0	0%	0	0%	0
	Value at the end of period	UD	0	0%	0	0%	0

Includes Total allocations

Operating	UE	0%	0%
Financial	UG	0%	0%
Exceptional	UJ	0%	0%

Includes Total Withdrawal

Operating	UF	0%	0%
Financial	UH	0%	0%
Exceptional	UK	0%	0%

Total regulated provisions (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	5Z	0	0%	0	0%	0
Increases		TV	0	0%	0	0%	0
Decreases		TW	0	0%	0	0%	0
	Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7B	0	0%	0	0%	0
Increases		TY	0	0%	0	0%	0
Decreases		TZ	0	0%	0	0%	0
	Value at the end of period	UA	0	0%	0	0%	0

State deadlines claims and debts at the end of period
State claims

		31/12/2010		31/12/2009		31/12/2008
Gross value	VT	0	0%	0	0%	0
1 year at most	VU	0	0%	0	0%	0
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2010		31/12/2009		31/12/2008
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	0	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2010		31/12/2009		31/12/2008
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	0	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	0	0%	0

Prepaid

			31/12/2010		31/12/2009		31/12/2008
	Prepaid	VS	0	0%	0	0%	0

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	0	0%	0	0%	0
1 year at most		VZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2010		31/12/2009		31/12/2008
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	0	0%	0	0%	0
1 year at most		8B2	0	0%	0	0%	0
More than 1 year and 5 years at most		8B3	0	0%	0	0%	0
	Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most