MIRA INFORM REPORT

Report Date :

13.03.2012

IDENTIFICATION DETAILS

Correct Name :	ESCAL ESCARGOT D'ALSACE
Registered Office :	Nutrana-Liesel Escargots-Liesel-Escal, 6 Rue De La Minoterie, Bp 59, 67017 Strasbourg Cedex
Country :	France
Financials (as on) :	31.12.2008
Date of Incorporation :	January 1976
Com. Reg. No.:	RCS Strasbourg B 307 667 089
Legal Form :	Public limited company with board of directors
Line of Business :	Processing and preserving of fish, crustaceans and molluscs
No. of Employees :	50 to 99 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	250,000 €
Status :	Satisfactory
Payment Behaviour :	No Complaints
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	a2	a2

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

ESCAL ESCARGOT D'ALSACE

SIRET

307 667 089 00022

company summary

Trade name	NUTRANA-LIESEL ESCARGOTS-LIESEL-ESCAL...
Activity (APE)	Transformation et conservation de poisson, de crustacés et de mollusques (1020Z) (Processing and preserving of fish, crustaceans and molluscs(1020Z))	Legal form	Public limited company with board of directors
Phone	03 88 60 05 56	RCS Registration	RCS Strasbourg B 307 667 089
Fax	03 88 60 78 50	Share capital	160,000 Euros
Address	ESCAL ESCARGOT D'ALSACE NUTRANA-LIESEL ESCARGOTS-LIESEL-ESCAL. 6 RUE DE LA MINOTERIE BP 59 67017 STRASBOURG CEDEX	Incorporated Date
Nationality	France	Status	Economically active

company details

Activity (APE)	Transformation et conservation de poisson, de crustacés et de mollusques (1020Z)
RCS Registration	RCS Strasbourg B 307 667 089	Share capital	160,000 Euros
Registration Court	Strasbourg (67)	Legal form	Public limited company with board of directors
Court Registry Number	76 B 00393	EU VAT Number	FR10307667089
Incorporation Date		Formation Date	01/1976
Deregistration Date		Last account Date	31/12/2008
Nationality	France

CREDIT RECOMENDATION

Current Credit Limit: 250,000 €

DIRECTORS/MANAGEMENT

directors

Name	M. TOURRES LOIS
Manager position	Président du conseil d'administration	Date of birth
Place of birth
Type of manager	Individual	Name at birth of manager

Name	MME. RADKE CONSTANCE
Manager position	Administrateur	Date of birth	04/02/1961
Place of birth	BAMBERG ALLEMAGNE
Type of manager	Individual	Name at birth of manager	TOURRES

Name	MME. TOURRES BABETTE
Manager position	Directeur général	Date of birth
Place of birth
Type of manager	Individual	Name at birth of manager

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

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

Status of Monitoring	Collection of preferential rights impossible on this company
Number of active preferential rights	0
Total amount	-
Due remaining amount	-

SHARE & SHARE CAPITAL INFORMATION

Na

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

This company is not identified as one of the biggest french chip.

Linkages

This company is not identified as one of the biggest french chip.

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2008	31/12/2007	31/12/2006
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	03/06/2010	30/06/2011	-
Activity Code	1020Z	1020Z	1020Z
Employees	0	0	91

Active account

Annual Accounts	31/12/2008		31/12/2007		31/12/2006	Sector Median 2008
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	2 736 491	25,1%	2 187 466	9,5%	1 997 295	262 245,50	943,5%
- Intangible assets	4 296	4,1%	4 126	66,0%	2 486	7 622,50	-43,6%
- Tangible assets	1 499 654	20,3%	1 246 529	17,0%	1 065 370	125 633	1093,7%
- Financial assets	1 232 541	31,6%	936 811	0,8%	929 441	3 721	33023,9%
Net current assets	38 329 126	9,9%	34 887 047	23,1%	28 333 450	704 354,50	5341,7%
- Stocks	10 925 436	19,1%	9 173 990	48,9%	6 162 428	88 579	12234,1%
- Advanced payments	0	9,9%	0	0%	0	0	0%
- Receivables	26 023 859	9,8%	23 693 643	17,5%	20 157 974	387 667,50	6612,9%
- Securities and cash	1 379 831	-31,7%	2 019 414	0,3%	2 013 046	60 670	2174,3%
- Prepaid expenses	-	-	-	-	-	467	-
Accounts of regularization	1 102	7771,4%	14	-99,8%	7 195	0	0%
Total Assets	41 066 719	10,8%	37 074 527	22,2%	30 337 940	1 090 629	3665,4%

Passive Account

Annual Accounts	31/12/2008		31/12/2007		31/12/2006	Sector Median 2008
Shareholders' equity	12 022 697	20,6%	9 972 604	20,7%	8 261 416	227 312,50	5189,1%
Share capital	160 000	0%	160 000	0%	160 000	95 500	67,5%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	1 122 077	61,6%	694 404	17,6%	590 625	0	0%
Liabilities	27 858 796	5,6%	26 376 696	22,8%	21 474 784	697 456,50	3894,3%
- Financial liabilities	3 245 712	-34,6%	4 965 662	128,7%	2 171 584	122 624	2546,9%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	19 141 575	19,4%	16 028 330	-3,0%	16 526 327	234 622	8058,5%
- Tax and social liabilities	2 079 574	5,4%	1 973 725	20,4%	1 639 276	187 973,50	1006,3%
- Other debts and fixed assets liabilities	3 455 084	0,4%	3 439 802	199,4%	1 148 713	13 646,50	25218,5%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	41 066 719	10,8%	37 074 527	22,2%	30 337 940	1 090 629	3665,4%

Results

Annual Accounts	31/12/2008		31/12/2007		31/12/2006	Sector Median 2008
Sales of Goods	69 934 287	12,2%	62 338 410	16,7%	53 435 524	2 550 873,50	2641,6%
Net turnover	66 635 008	11,4%	59 804 462	16,5%	51 346 267	2 524 404	2539,6%
- of which net export turnover	29 838 877	7,6%	27 731 282	7,9%	25 699 512	0	0%
Operating charges	66 094 757	11,7%	59 198 031	15,7%	51 180 330	2 401 330,50	2652,4%
Operating profit/loss	3 839 530	22,3%	3 140 379	39,3%	2 255 193	37 561,50	10122,0%
Financial income	97 150	1,8%	95 454	12,7%	84 729	719,50	13402,4%
Financial charges	424 892	55,2%	273 856	56,8%	174 669	8 380,50	4970,0%
Financial profit/loss	-327 742	-83,7%	-178 402	-98,4%	-89 940	-4 689	-6889,6%
Pretax net operating income	3 511 788	18,6%	2 961 977	36,8%	2 165 254	26 527	13138,5%
Extraordinary income	593 149	5507,4%	10 578	-90,1%	107 006	5 989,50	9803,1%
Extraordinary charges	1 001 244	245,8%	289 581	-4,0%	301 627	3 486	28621,9%
Extraordinary profit/loss	-408 095	784,0%	-279 003	-43,4%	-194 621	0	0%
Net result	1 908 475	16,8%	1 633 364	35,6%	1 204 935	26 247	7171,2%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2008	31/12/2007	31/12/2006
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2008		31/12/2007		31/12/2006
	Grand Total (I to VI)	Net	41 066 719	10,8%	37 074 527	22,2%	30 337 940
	Gross	CO	46 733 822	12,6%	41 494 629	20,2%	34 518 133
	Amortisation	1A	5 667 103	28,2%	4 420 102	5,7%	4 180 193

Non declared distributed capital (I)

		31/12/2008		31/12/2007		31/12/2006
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	-	-	-	-

Active fixed asset (II)

			31/12/2008		31/12/2007		31/12/2006
	Total Active fixed asset (II)	Net	2 736 491	25,1%	2 187 466	9,5%	1 997 295
	Gross	BJ	5 666 078	10,5%	5 127 948	6,2%	4 829 071
	Amortisation	BK	2 929 587	-0,4%	2 940 482	3,8%	2 831 775

Intangilble fixed assets

			31/12/2008		31/12/2007		31/12/2006
	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	0	0%	0	0%	0
	Gross	AF	0	0%	2 973	0%	2 973
	Amortisation	AG	0	0%	2 973	0%	2 973
	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	4 296	4,1%	4 126	66,0%	2 486
	Gross	AJ	94 457	3,0%	91 699	3,3%	88 769
	Amortisation	AK	90 161	3,0%	87 573	1,5%	86 283
	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	4 296	4,1%	4 126	66,0%	2 486

Tangilble fixed assets

			31/12/2008		31/12/2007		31/12/2006
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	108 768	-14,0%	126 467	-10,6%	141 393
	Gross	AP	1 016 535	-1,9%	1 036 435	0%	1 036 435
	Amortisation	AQ	907 767	-0,2%	909 968	1,7%	895 042
	Plant	Net	510 660	-8,5%	557 903	26,7%	440 453
	Gross	AR	1 608 967	-5,0%	1 693 544	8,5%	1 560 785
	Amortisation	AS	1 098 307	-3,3%	1 135 641	1,4%	1 120 332
	Other tangible fixed assets	Net	880 226	56,6%	562 159	16,3%	483 524
	Gross	AT	1 713 578	25,4%	1 366 486	12,9%	1 210 670
	Amortisation	AU	833 352	3,6%	804 327	10,6%	727 146
	Fixed assets in construction	Net	0	0%	0	0%	0
	Gross	AV	0	0%	0	0%	0
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	0	0%	0	0%	0
	Gross	AX	0	0%	0	0%	0
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	1 499 654		1 246 529		1 065 370

Financial assets

			31/12/2008		31/12/2007		31/12/2006
	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	286 394	135,9%	121 394	0%	121 394
	Gross	CU	286 394	135,9%	121 394	0%	121 394
	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	946 147	16,0%	815 417	0,9%	808 047
	Gross	BH	946 147	16,0%	815 417	0,9%	808 047
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		1 232 541		936 811		929 441

Current Assets (III)

			31/12/2008		31/12/2007		31/12/2006
	Total Assets	Net	38 329 126	9,9%	34 887 047	23,1%	28 333 450
	Gross	CJ	41 066 642	12,9%	36 366 667	22,5%	29 681 867
	Amortisation	CK	2 737 516	85,0%	1 479 620	9,7%	1 348 418

Stocks

			31/12/2008		31/12/2007		31/12/2006
	Raw materials	Net	7 339 511	16,0%	6 325 840	51,9%	4 164 434
	Gross	BL	9 788 039	28,2%	7 634 421	44,2%	5 292 545
	Amortisation	BM	2 448 528	87,1%	1 308 581	16,0%	1 128 111
	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	3 585 925	25,9%	2 848 150	74,2%	1 634 922
	Gross	BR	3 850 078	28,6%	2 994 354	63,6%	1 830 394
	Amortisation	BS	264 153	80,7%	146 204	-25,2%	195 472
	Goods for resale	Net	0	0%	0	0%	363 072
	Gross	BT	0	0%	0	0%	363 072
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	10 925 436	19,1%	9 173 990	48,9%	6 162 428

Advance payments to suppliers

			31/12/2008		31/12/2007		31/12/2006
	Advance payments to suppliers	Net	0	0%	0	0%	0
	Gross	BV	0	0%	0	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2008		31/12/2007		31/12/2006
	Trade accounts receivable	Net	22 851 449	8,1%	21 143 229	17,5%	17 998 042
	Gross	BX	22 876 284	8,1%	21 168 064	17,5%	18 022 877
	Amortisation	BY	24 835	0%	24 835	0%	24 835
	Other debtors	Net	1 838 652	13,5%	1 619 644	-11,9%	1 839 224
	Gross	BZ	1 838 652	13,5%	1 619 644	-11,9%	1 839 224
	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	24 690 101	8,5%	22 762 873	14,7%	19 837 266

Divers

			31/12/2008		31/12/2007		31/12/2006
	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	1 379 831	-31,7%	2 019 414	0,3%	2 013 046
	Gross	CF	1 379 831	-31,7%	2 019 414	0,3%	2 013 046
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	1 379 831	-31,7%	2 019 414	0,3%	2 013 046

Prepaid expenses

			31/12/2008		31/12/2007		31/12/2006
	Prepaid expenses	Net	1 333 758	43,3%	930 770	190,2%	320 708
	Gross	CH	1 333 758	43,3%	930 770	190,2%	320 708
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2008		31/12/2007		31/12/2006
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Currency differential gain	CN3	1 102	7771,4%	14	-99,8%	7 195
Gross		1 102	7771,4%	14	-	-

References

		31/12/2008		31/12/2007		31/12/2006
Due within one year	CP	946 147	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Accounts - Passive
Other capital resources | Provisions for risks and charges | Liabilities | Translation loss | Equalization accounts | References

Grand Total - Passive Accounts (I to IV)

		31/12/2008		31/12/2007		31/12/2006
Grand Total (I to V)	EE	41 066 719	10,8%	37 074 527	22,2%	30 337 940

Shareholder Equity (I)

			31/12/2008		31/12/2007		31/12/2006
	Total shareholders' equity (Total I)	DL	12 022 697	20,6%	9 972 604	20,7%	8 261 416
	Equity and shareholders' equity	DA	160 000	0%	160 000	0%	160 000
	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	16 000	0%	16 000	0%	16 000
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	9 141 392	18,3%	7 728 028	15,3%	6 703 093
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	0	0%	0	0%	0
	Profit or loss for the period	DI	1 908 475	16,8%	1 633 364	35,6%	1 204 935
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	796 830	83,1%	435 212	145,3%	177 389

Other capital resources (II)

			31/12/2008		31/12/2007		31/12/2006
	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)

			31/12/2008		31/12/2007		31/12/2006
	Total provisions for risks and charges (Total III)	DR	1 122 077	61,6%	694 404	17,6%	590 625
	Risk provisions	DP	543 183	74,9%	310 604	163,2%	118 025
	Reserves for charges	DQ	578 894	50,8%	383 800	-18,8%	472 600

Liabilities (IV)

			31/12/2008		31/12/2007		31/12/2006
	Total Liabilities (Total IV)	EC	27 858 796	5,6%	26 376 696	22,8%	21 474 784
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	3 112 166	-33,7%	4 692 351	139,2%	1 961 555
	Sundry loans and financial liabilities	DV	133 546	-51,1%	273 311	30,1%	210 029
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	19 141 575	19,4%	16 028 330	-3,0%	16 526 327
	Tax and social security liabilities	DY	2 079 574	5,4%	1 973 725	20,4%	1 639 276
	Fixed asset liabilities	DZ	10 354	0%	10 354	0%	10 354
	Other debts	EA	3 381 581	-0,5%	3 398 625	201,5%	1 127 244

Translation loss (V)

		31/12/2008		31/12/2007		31/12/2006
Translation loss (Total V)	ED	63 149	104,9%	30 823	177,3%	11 115

Equalization accounts

		31/12/2008		31/12/2007		31/12/2006
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2008		31/12/2007		31/12/2006
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	26 193 346	33,2%	19 660 852
Of which current bank facilities	EH	882 866	-79,6%	4 337 030	0%	0

Display parameter
Currency	Euro	Kilo Euro

Result account
Sales of Goods | Operating charges | Operating charges | Financial income | Financial charges | Financial charges | Extraordinary charges | Employee profit sharing | Tax on profits | References

1- Operating result (I-II)

		31/12/2008		31/12/2007		31/12/2006
Operating result (Total I-II)	GG	3 839 530	22,3%	3 140 379	39,3%	2 255 193

2 - Financial result (V - VI)

		31/12/2008		31/12/2007		31/12/2006
Financial result (Total V-VI)	GV	-327 742	-83,7%	-178 402	-98,4%	-89 940

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

		31/12/2008		31/12/2007		31/12/2006
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	3 511 788	18,6%	2 961 977	36,8%	2 165 254

4 - Extraordinary result (VII-VIII)

		31/12/2008		31/12/2007		31/12/2006
Extraordinary result (Total VII-VIII)	HI	-408 095	-46,3%	-279 003	-43,4%	-194 621

Profit or loss

		31/12/2008		31/12/2007		31/12/2006
Profit or loss	HN	1 908 475	16,8%	1 633 364	35,6%	1 204 935

Total Income (I+III+V+VII)

		31/12/2008		31/12/2007		31/12/2006
Total Income (I+III+V+VII)	HL	70 624 586	13,1%	62 444 443	16,4%	53 627 259

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

		31/12/2008		31/12/2007		31/12/2006
Total charges (Total II+IV+VI+VIII+IX+X)	HM	68 716 111	13,0%	60 811 079	16,0%	52 422 324

Operating income (I)

		31/12/2008		31/12/2007		31/12/2006
Total operating income (Total I)	FR	69 934 287	12,2%	62 338 410	16,7%	53 435 524

Operating income (details)

			31/12/2008		31/12/2007		31/12/2006
	Sale of goods for resale	FC	0	0%	0	0%	4 858 563
	France	FA	0	0%	0	0%	4 858 563
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	66 635 008	11,4%	59 804 462	28,6%	46 487 704
	France	FD	36 796 131	14,7%	32 073 180	54,3%	20 788 192
	Export	FE	29 838 877	7,6%	27 731 282	7,9%	25 699 512
	Sale of services	FI	0	0%	0	0%	0
	France	FG	0	0%	0	0%	0
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	66 635 008	11,4%	59 804 462	16,5%	51 346 267
	France	FJ	36 796 131	14,7%	32 073 180	25,1%	25 646 755
	Export	FK	29 838 877	7,6%	27 731 282	7,9%	25 699 512
	Stocked production	FM	855 724	6,8%	800 888	107,5%	385 903
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	3 985	-66,8%	12 000
	Release of reserves and provisions	FP	1 614 544	10,4%	1 462 383	0,2%	1 459 257
	Other income	FQ	829 011	210,8%	266 692	14,9%	232 096

Operating charges (II)

		31/12/2008		31/12/2007		31/12/2006
Total operating charges (Total II)	GF	66 094 757	11,7%	59 198 031	15,7%	51 180 330

Exploitation charges

		31/12/2008		31/12/2007		31/12/2006
Purchase of goods for resale	FS	0	0%	0	0%	3 791 998
Change in stocks of goods for resale	FT	0	0%	0	0%	468 173
Purchase of raw materials	FU	40 034 465	6,7%	37 512 099	41,8%	26 461 046
Change in stocks of raw materials	FV	-2 153 618	8,0%	-2 341 876	-2157,3%	113 832
Other external purchases and charges	FW	19 645 029	10,3%	17 805 183	19,4%	14 914 295
Tax, duty and similar payments	FX	484 498	11,6%	434 308	5,1%	413 046
Payroll	FY	2 777 296	4,6%	2 654 550	14,7%	2 313 626
Social security costs	FZ	1 289 261	4,6%	1 232 009	9,5%	1 124 613

Depreciation

		31/12/2008		31/12/2007		31/12/2006
Depreciation of fixed assets	GA	258 328	31,0%	197 214	20,2%	164 119
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	2 712 681	86,5%	1 454 785	9,9%	1 323 583
Provisions for risks and charges	GD	502 378	101,1%	249 759	233,0%	75 000

Other charges

		31/12/2008		31/12/2007		31/12/2006
Other charges	GE	544 439	0%	0	0%	17 000

Operating charges (III-IV)

		31/12/2008		31/12/2007		31/12/2006
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)

			31/12/2008		31/12/2007		31/12/2006
	Total financial income (Total V)	GP	97 150	1,8%	95 454	12,7%	84 729
	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	4 350	-94,2%	75 590	129,5%	32 934
	Released provisions and transferred charges	GM	14	-99,8%	7 195	-35,5%	11 161
	Exchange gains	GN	47 453	850,4%	4 993	669,3%	649
	Net income from disposal of investment securities	GO	45 333	490,6%	7 676	-80,8%	39 986

Financial Charge (VI)

			31/12/2008		31/12/2007		31/12/2006
	Total financial charge (Total VI)	GU	424 892	55,2%	273 856	56,8%	174 669
	Financial reserves and provisions	GQ	85 069	607535,7%	14	-99,8%	7 195
	Interest and similar charges	GR	329 444	24,5%	264 556	73,3%	152 615
	Exchange losses	GS	10 379	11,8%	9 286	-37,5%	14 859
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Financial Charge (VII)

			31/12/2008		31/12/2007		31/12/2006
	Total extraordinary income (Total VII)	HD	593 149	5507,4%	10 578	-90,1%	107 006
	Extraordinary operating income	HA	0	0%	0	0%	61 141
	Extraordinary income from capital transactions	HB	573 169	0%	0	0%	0
	Released provisions and transferred charges	HC	19 980	88,9%	10 578	-76,9%	45 865

Extraordinary charges (VIII)

			31/12/2008		31/12/2007		31/12/2006
	Total extraordinary charges (Total VIII)	HH	1 001 244	245,8%	289 581	-4,0%	301 627
	Extraordinary operating charges	HE	43 652	129,7%	19 003	10,3%	17 232
	Extraordinary charges from capital transactions	HF	573 169	26240,5%	2 176	-95,2%	45 735
	Extraordinary reserves and provisions	HG	384 423	43,2%	268 402	12,5%	238 660

Employee profit sharing (IX)

		31/12/2008		31/12/2007		31/12/2006
Employee profit sharing (Total IX)	HJ	162 514	-7,7%	176 097	32,4%	133 006

Tax on profits (X)

		31/12/2008		31/12/2007		31/12/2006
Tax on profits (Total X)	HK	1 032 705	18,2%	873 513	38,1%	632 692

References

		31/12/2008		31/12/2007		31/12/2006
Of which equipment leases	HP	202 948	40,0%	144 934	4,2%	139 054
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	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)

			31/12/2008		31/12/2007		31/12/2006
	Gross value at begin of period	OG	0	0%	0	0%	4 415 233
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	573 804
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	845 217	832,0%	90 684	-43,3%	159 966
	Gross value at the end of period	OL	5 666 075	10,5%	5 127 945	6,2%	4 829 071

Research and development Charge (Total I)

			31/12/2008		31/12/2007		31/12/2006
	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)

			31/12/2008		31/12/2007		31/12/2006
	Gross value at begin of period	KD	94 671	3,2%	91 741	-49,7%	182 286
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	2 758	-5,9%	2 930	4,2%	2 813
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	2 973	0%	0	0%	93 358
	Gross value at the end of period	LW	94 456	-0,2%	94 671	3,2%	91 741

Tangible fixed assets (Total III)

			31/12/2008		31/12/2007		31/12/2006
	Gross value at begin of period	LN	4 096 464	7,6%	3 807 888	9,6%	3 474 981
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	1 084 859	186,0%	379 259	-5,1%	399 517
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	842 244	828,8%	90 684	36,1%	66 609
	Gross value at the end of period	NH	4 339 079	5,9%	4 096 463	7,6%	3 807 889

Fiancial assets (Total IV)

			31/12/2008		31/12/2007		31/12/2006
	Gross value at begin of period	LQ	936 811	0,8%	929 441	22,6%	757 966
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	295 729	3912,6%	7 370	-95,7%	171 474
	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	1 232 540	31,6%	936 811	0,8%	929 441

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

			31/12/2008		31/12/2007		31/12/2006
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	2 720 748
Increases		0P	0	0%	0	0%	225 260
Decreasess		0Q	0	0%	0	0%	114 232
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	2 831 775

Research and development charge (Total I)

			31/12/2008		31/12/2007		31/12/2006
	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)

			31/12/2008		31/12/2007		31/12/2006
	Reserve for depreciation value at begin of period	PE	90 546	1,4%	89 256	-34,5%	136 300
Increases		PF	2 588	100,6%	1 290	122,8%	579
Decreasess		PG	2 973	0%	0	0%	47 623
	Decreasess by budget item transfer	PH	90 161	-0,4%	90 546	1,4%	89 256

Total fixed assets amotisation (Total III)

			31/12/2008		31/12/2007		31/12/2006
	Reserve for depreciation value at begin of period	QU	2 849 936	3,9%	2 742 520	6,1%	2 584 448
Increases		QV	258 563	32,0%	195 925	-12,8%	224 681
Decreases		QW	269 075	204,0%	88 508	32,9%	66 609
	Decreasess by budget item transfer	QX	2 839 424	-0,4%	2 849 937	3,9%	2 742 520

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

			31/12/2008		31/12/2007		31/12/2006
	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

			31/12/2008		31/12/2007		31/12/2006
	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)

			31/12/2008		31/12/2007		31/12/2006
	Value at begining of period	7C	2 609 235	0%	0	0%	2 049 418
Increases		UB	3 681 726	0%	0	0%	1 583 297
Decreases		UC	1 634 538	0%	0	0%	1 516 283
	Value at the end of period	UD	4 656 423	0%	0	0%	2 116 431

Includes Total allocations

Operating	UE	0	0%	0	0%	1 398 583
Financial	UG	0	0%	0	0%	7 195
Exceptional	UJ	0	0%	0	0%	177 519

Includes Total Withdrawal

Operating	UF	0	0%	0	0%	1 459 257
Financial	UH	0	0%	0	0%	11 161
Exceptional	UK	0	0%	0	0%	45 865

Total regulated provisions (Total I)

			31/12/2008		31/12/2007		31/12/2006
	Value at begining of period	3Z	435 212	0%	0	0%	0
Increases		TS	381 598	0%	0	0%	177 519
Decreases		TT	19 980	0%	0	0%	130
	Value at the end of period	TU	796 830	0%	0	0%	177 389

Total risk and charge provisions (Total II)

			31/12/2008		31/12/2007		31/12/2006
	Value at begining of period	5Z	694 403	0%	0	0%	835 417
Increases		TV	587 447	0%	0	0%	82 195
Decreases		TW	159 773	0%	0	0%	326 987
	Value at the end of period	TX	1 122 077	0%	0	0%	590 625

Total Provision for depreciation (Total III)

			31/12/2008		31/12/2007		31/12/2006
	Value at begining of period	7B	1 479 620	0%	0	0%	1 214 000
Increases		TY	2 712 681	0%	0	0%	1 323 583
Decreases		TZ	1 454 785	0%	0	0%	1 189 166
	Value at the end of period	UA	2 737 516	0%	0	0%	1 348 418

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

		31/12/2008		31/12/2007		31/12/2006
Gross value	VT	26 994 840	10,0%	24 533 896	16,9%	20 990 856
1 year at most	VU	26 050 553	9,8%	23 718 479	17,5%	20 182 809
More than one year	VV	944 287	15,8%	815 417	0,9%	808 047

State of loans

		31/12/2008		31/12/2007		31/12/2006
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	946 147	16,0%	815 417	0,9%	808 047
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2008		31/12/2007		31/12/2006
Customers doubtful or disputed	VA	25 565	0%	25 565	0%	25 565
Other claims customer	UX	22 850 719	8,1%	21 142 500	17,5%	17 997 313
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	5 983	2,6%	5 834	4,3%	5 594
Social Security and other social organizations	UZ	793	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	1 443 543	7,0%	1 348 960	-5,6%	1 429 479
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	388 332	46,6%	264 850	-34,5%	404 152

Prepaid

		31/12/2008		31/12/2007		31/12/2006
Prepaid	VS	1 333 758	43,3%	930 770	190,2%	320 708

State Debt

			31/12/2008		31/12/2007		31/12/2006
	Total debt (gross)	VY	27 858 796	5,6%	26 376 697	22,8%	21 474 784
1 year at most		VZ2	27 779 070	6,1%	26 193 347	23,6%	21 184 412
More than 1 year and 5 years at most		VZ3	79 726	-56,5%	183 350	-36,9%	290 372
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2008		31/12/2007		31/12/2006
	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	3 112 166	-29,3%	4 401 980	0%	0
1 year at most		VG2	3 032 440	-31,1%	4 401 980	0%	0
More than 1 year and 5 years at most		VG3	79 726	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	290 372	-85,2%	1 961 555
1 year at most		VH2	0	0%	708 029	-57,6%	1 671 183
More than 1 year and 5 years at most		VH3	0	0%	183 350	-36,9%	290 372
	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	19 141 575	19,4%	16 028 330	-3,0%	16 526 327
1 year at most		8B2	19 141 575	19,4%	16 028 330	-3,0%	16 526 327
More than 1 year and 5 years at most		8B3	19 141 575	19,4%	16 028 330	0%	0
	Personnel and associated accounts (gross)	8C1	657 077	0%	0	0%	544 281
1 year at most		8C2	657 077	-7,2%	708 029	30,1%	544 281
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	580 656	-3,8%	603 596	14,9%	525 204
1 year at most		8D2	580 656	-3,8%	603 596	14,9%	525 204
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	163 070	-46,6%	305 193	38,9%	219 651
1 year at most		8E2	163 070	-46,6%	305 193	38,9%	219 651
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	468 640	180,7%	166 974	-10,4%	186 391
1 year at most		VW2	468 640	180,7%	166 974	-10,4%	186 391
More than 1 year and 5 years at most		VW3	0	0%	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most		VX2	0	0%	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0	0%	0
	Other taxes and assimilated (gross)	VQ1	210 131	10,6%	189 933	16,0%	163 749
1 year at most		VQ2	0	0%	0	0%	163 749
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	10 354	0%	10 354	0%	10 354
1 year at most		8J2	10 354	0%	10 354	0%	10 354
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	133 546	-51,1%	273 311	30,1%	210 029
1 year at most		VI2	133 546	-51,1%	273 311	30,1%	210 029
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	3 381 581	-0,5%	3 398 625	201,5%	1 127 244
1 year at most		8K2	3 381 581	-0,5%	3 398 625	201,5%	1 127 244
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2008		31/12/2007		31/12/2006
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	107 021	0%	0	0%	672 205

Table allocation results and other information
Dividends distributed

		31/12/2008		31/12/2007		31/12/2006
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2008		31/12/2007		31/12/2006
Commitments leasing furniture	YQ	0	0%	0	0%	515 500
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2008		31/12/2007		31/12/2006
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2008		31/12/2007		31/12/2006
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2008		31/12/2007		31/12/2006
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2008		31/12/2007		31/12/2006
Average number of employees	YP	0	0%	0	0%	91

Groups and Shareholders

		31/12/2008		31/12/2007		31/12/2006
Groups and Shareholders	ZR	0	0%	0	-	-

Display parameter
Comparison mode	Average	Median

Ratios
Structure and liquidity | Management or rotation | Profitability of the business | Return on capital

Structure and Liquidity

		31/12/2008		31/12/2007		31/12/2006	Sector Median 2008
Fixed Asset Financing		3,25	16,9%	2,78	-3,1%	2,87	1,32	146,2%
Global Debt		151 days	-5,0%	159 days	5,3%	151 days	100,50 days	50,2%
Working Capital Fund overall net		69 days	25,5%	55 days	-12,7%	63 days	31,50 days	119,0%
Financial independence		386,31%	81,8%	212,53%	-49,5%	421,17%	215,46%	79,3%
More ratios
Solvability