MIRA INFORM REPORT

Report Date :

11.02.2013

IDENTIFICATION DETAILS

Name :	COMPAGNIE DE SAINT-GOBAIN

Registered Office :	Les Miroirs-La Defense 3 18 Av D Alsace Courbevoie 92096 Paris La Defense Cedex

Country :	France

Financials (as on) :	31.12 2008

Year of Incorporation :	1954

Com. Reg. No.:	RCS Nanterre 8 542 039 532

Legal Form :	Public limited company with board of directors

Line of Business :	Activities of head offices

No. of Employees :	250 to 499 employees

RATING & COMMENTS

MIRA’s Rating :

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

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

France

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

FRANCE - ECONOMIC OVERVIEW

France was transitioning from an economy that has featured extensive government ownership and intervention to one that relies more on market mechanisms but is in the midst of a euro-zone crisis. The government has partially or fully privatized many large companies, banks, and insurers, and has ceded stakes in such leading firms as Air France, France Telecom, Renault, and Thales. It maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 75 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011. The unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011. Lower-than-expected growth and increased unemployment have cut government revenues and increased borrowing costs, contributing to a deterioration of France's public finances. The government budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011, while France's public debt rose from 68% of GDP to 86% over the same period. Under President SARKOZY, Paris implemented austerity measures that eliminated tax credits and froze most government spending in an effort to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt levels. Socialist Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, as well as measures such as forcing banks to separate their traditional deposit taking and lending activities from more speculative businesses, increasing taxes on bank profits, introducing a new top bracket on income taxes for people earning over €1 million ($1.3 million) a year, and hiring an additional 60,000 civil servants during his five-year term of office.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY


	Name	COMPAGNIE DE SAINT-GOBAIN	SIRET	542 039 532 00040

Personal comment

EUR VAT Number

FR35542039532

Activity (APE)

Activities of head offices (7010Z)

Legal form

Public limited company with board of directors

Phone

01 83 91 12 30

RCS Registration

RCS Nanterre 8 542 039 532

Fax

Share capital

2,124,502,568 Euros

Address

COMPAGNIE DE SAINT-GOBAIN
LES MIROIRS-LA DEFENSE 3
18 AV D ALSACE
COURBEVOIE
92096 PARIS LA DEFENSE CEDEX

Incorporated Date

07/1954

Nationality

France

Status

Economically active

DIRECTORS/MANAGEMENT

Current Directors

Trading to Date	12/31/2008	12/31/2006	12/31/2005
Turnover	199,301,000 €	180,586,000 €	172,680,000 €
Gross Operating Surplus	7,98 % Turnover	4,53 % Turnover	-3,20 % Turnover
Shareholders’ equity	11,325,339,000 €	9,897,790,000 €	8,425,109,000 €
Net result	1,263,527,000 €	849,187,000 €	525,130,000 €
Employees	250 to 499 employees	-	-

NEGATIVE INFORMATION

Please complete

SHARE & SHARE CAPITAL INFORMATION

Please complete

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	31/12/2006	31/12/2005
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Deposit date	-	-	-
Activity Code	7010Z	7010Z	7010Z
Employees	228	236	238

Active account

Annual Accounts	31/12/2008		31/12/2006		31/12/2005	Sector Median 2008
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	22 891 409 000	14,2%	20 053 461 000	1,0%	19 856 853 000	510 480,50	4484186,7%
- Intangible assets	10 283 000	-32,7%	15 270 000	-9,1%	16 800 000	0	0%
- Tangible assets	18 617 000	39,2%	13 374 000	132,1%	5 761 000	8 656,50	214963,8%
- Financial assets	22 862 509 000	14,2%	20 024 817 000	1,0%	19 834 292 000	232 578,50	9829918,3%
Net current assets	4 642 278 000	71,7%	2 703 516 000	5,3%	2 566 509 000	314 369,50	1476594,8%
- Stocks	0	0%	0	0%	0	0	0%
- Advanced payments	0	71,7%	0	0%	0	0	0%
- Receivables	3 389 086 000	25,9%	2 692 031 000	2644,3%	98 094 000	140 364,50	2414389,4%
- Securities and cash	1 253 192 000	10811,6%	11 485 000	-99,5%	2 468 415 000	35 572,50	3522823,6%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	26 410 000	-12,8%	30 279 000	10,0%	27 528 000	0	0%
Total Assets	27 560 097 000	20,9%	22 787 256 000	1,5%	22 450 890 000	1 117 396	2466357,5%

Passive Account

Annual Accounts	31/12/2008		31/12/2006		31/12/2005	Sector Median 2008
Shareholders' equity	11 325 339 000	14,4%	9 897 790 000	17,5%	8 425 109 000	340 288	3328062,9%
Share capital	1 530 288 000	3,8%	1 473 679 000	6,7%	1 381 025 000	77 150	1983423,0%
Other capital resources	170 035 000	0%	170 035 000	0%	170 035 000	0	0%
Risk Provisions	151 482 000	11,3%	136 084 000	-64,0%	377 700 000	0	0%
Liabilities	15 913 224 000	26,5%	12 582 680 000	-6,6%	13 477 241 000	433 059,50	3674504,5%
- Financial liabilities	15 725 170 000	26,5%	12 430 635 000	-7,2%	13 399 973 000	155 064	10140983,7%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	0	0%	0	0%	0	19 715,50	0%
- Tax and social liabilities	113 379 000	28,6%	88 192 000	39,9%	63 018 000	63 618	178118,4%
- Other debts and fixed assets liabilities	74 692 000	15,8%	64 520 000	328,6%	15 054 000	9 368,50	797167,4%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	27 560 097 000	20,9%	22 787 256 000	1,5%	22 450 890 000	1 117 395,50	2466358,6%

Results

Annual Accounts	31/12/2008		31/12/2006		31/12/2005	Sector Median 2008
Sales of Goods	216 553 000	8,8%	199 094 000	14,2%	174 313 000	336 627	64230,3%
Net turnover	199 301 000	10,4%	180 586 000	4,6%	172 680 000	295 749,50	67288,4%
- of which net export turnover	0	0%	0	0%	0	0	0%
Operating charges	208 703 000	12,7%	185 152 000	-0,1%	185 278 000	330 965	62958,9%
Operating profit/loss	7 850 000	-43,7%	13 942 000	227,2%	-10 964 000	2 203	356232,3%
Financial income	2 046 221 000	54,5%	1 324 158 000	14,7%	1 154 441 000	18 292	11186325,8%
Financial charges	945 772 000	10,7%	854 729 000	28,4%	665 830 000	9 590,50	9861450,5%
Financial profit/loss	1 100 449 000	134,4%	469 429 000	-3,9%	488 611 000	4,50	24454422122,2%
Pretax net operating income	1 108 299 000	129,3%	483 371 000	1,2%	477 646 000	23 342,50	4747887,6%
Extraordinary income	68 209 000	-98,0%	3 428 441 000	12,4%	3 049 392 000	104,50	65271670,3%
Extraordinary charges	73 452 000	-97,7%	3 212 619 000	5,1%	3 057 854 000	840	8744185,7%
Extraordinary profit/loss	-5 243 000	485,4%	215 822 000	2650,5%	-8 462 000	0	0%
Net result	1 263 527 000	48,8%	849 187 000	61,7%	525 130 000	25 140	5025862,6%

Display parameter
Currency	Euro	Kilo Euro

	Normal Account		31/12/2008		31/12/2006		31/12/2005
	Months		12		12		12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2008		31/12/2006		31/12/2005
Grand Total (I to VI)	Net	27 560 097 000	20,9%	22 787 256 000	1,5%	22 450 890 000
Gross	CO	27 670 825 000	20,7%	22 927 572 000	1,6%	22 561 762 000
Amortisation	1A	110 728 000	-21,1%	140 316 000	26,6%	110 872 000

Non declared distributed capital (I)

		31/12/2008		31/12/2006		31/12/2005
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	-	-	-	-	-

Active fixed asset (II)

		31/12/2008		31/12/2006		31/12/2005
Total Active fixed asset (II)	Net	22 891 409 000	14,2%	20 053 461 000	1,0%	19 856 853 000
Gross	BJ	23 002 137 000	13,9%	20 193 777 000	1,1%	19 967 725 000
Amortisation	BK	110 728 000	-21,1%	140 316 000	26,6%	110 872 000

Intangilble fixed assets

			31/12/2008		31/12/2006		31/12/2005
	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%	0	0%	0
	Amortisation	AG	0	0%	0	0%	0
	Goodwill	Net	0	0%	45 000	-33,8%	68 000
	Gross	AH	567 000	0%	567 000	0%	567 000
	Amortisation	AI	567 000	8,6%	522 000	4,6%	499 000
	Other intangible fixed assets	Net	10 283 000	-32,5%	15 225 000	-9,0%	16 732 000
	Gross	AJ	46 571 000	-13,2%	53 638 000	7,4%	49 959 000
	Amortisation	AK	36 288 000	-5,5%	38 413 000	15,6%	33 227 000
	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	10 283 000	-32,7%	15 270 000	-9,1%	16 800 000

Tangilble fixed assets

		31/12/2008		31/12/2006		31/12/2005
Lands	Net	620 000	0%	620 000	0%	620 000
Gross	AN	620 000	0%	620 000	0%	620 000
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	12 819 000	5975,4%	211 000	-4,5%	221 000
Gross	AP	13 799 000	2733,5%	487 000	0%	487 000
Amortisation	AQ	980 000	255,1%	276 000	3,8%	266 000
Plant	Net	0	0%	0	0%	0
Gross	AR	0	0%	0	0%	0
Amortisation	AS	0	0%	0	0%	0
Other tangible fixed assets	Net	4 049 000	91,3%	2 117 000	-3,5%	2 193 000
Gross	AT	9 809 000	-3,8%	10 200 000	1,5%	10 050 000
Amortisation	AU	5 760 000	-28,7%	8 083 000	2,9%	7 857 000
Fixed assets in construction	Net	1 129 000	-89,2%	10 426 000	282,3%	2 727 000
Gross	AV	1 129 000	-89,2%	10 426 000	282,3%	2 727 000
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	18 617 000		13 374 000		5 761 000

Financial assets

		31/12/2008		31/12/2006		31/12/2005
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	9 067 258 000	17,5%	7 718 746 000	0,0%	7 718 834 000
Gross	CU	9 067 897 000	17,5%	7 720 610 000	0,0%	7 720 595 000
Amortisation	CV	639 000	-65,7%	1 864 000	5,8%	1 761 000
Inter-company receivables	Net	12 667 017 000	10,7%	11 439 395 000	10,7%	10 331 139 000
Gross	BB	12 667 017 000	10,7%	11 439 395 000	10,7%	10 331 139 000
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	127 402 000	-43,9%	226 914 000	-25,9%	306 071 000
Gross	BD	193 896 000	-39,0%	318 072 000	-14,8%	373 333 000
Amortisation	BE	66 494 000	-27,1%	91 158 000	35,5%	67 262 000
Loans	Net	1 000 373 000	56,5%	639 158 000	-56,7%	1 477 635 000
Gross	BF	1 000 373 000	0%	639 158 000	0%	1 477 635 000
Amortisation	BG	0		0		0
Other financial assets	Net	459 000	-24,0%	604 000	-1,5%	613 000
Gross	BH	459 000	-24,0%	604 000	-1,5%	613 000
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		22 862 509 000		20 024 817 000		19 834 292 000

Current Assets (III)

		31/12/2008		31/12/2006		31/12/2005
Total Assets	Net	4 642 278 000	71,7%	2 703 516 000	5,3%	2 566 509 000
Gross	CJ	4 642 278 000	71,7%	2 703 516 000	5,3%	2 566 509 000
Amortisation	CK	0	0%	0	0%	0

Stocks

		31/12/2008		31/12/2006		31/12/2005
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
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	0	0%	0	0%	0
Gross	BT	0	0%	0	0%	0
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	0	0%	0	0%	0

Advance payments to suppliers

		31/12/2008		31/12/2006		31/12/2005
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		31/12/2006		31/12/2005
Trade accounts receivable	Net	0	0%	0	0%	0
Gross	BX	0	0%	0	0%	0
Amortisation	BY	0	0%	0	0%	0
Other debtors	Net	3 384 266 000	25,9%	2 688 401 000	2737,7%	94 739 000
Gross	BZ	3 384 266 000	25,9%	2 688 401 000	2737,7%	94 739 000
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	3 384 266 000	25,9%	2 688 401 000	2737,7%	94 739 000

Divers

		31/12/2008		31/12/2006		31/12/2005
Investment securities	Net	1 224 550 000	0%	0	0%	0
Gross	CD	1 224 550 000	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	28 642 000	149,4%	11 485 000	-99,5%	2 468 415 000
Gross	CF	28 642 000	149,4%	11 485 000	-99,5%	2 468 415 000
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	1 253 192 000	10811,6%	11 485 000	-99,5%	2 468 415 000

Prepaid expenses

		31/12/2008		31/12/2006		31/12/2005
Prepaid expenses	Net	4 820 000	32,8%	3 630 000	8,2%	3 355 000
Gross	CH	4 820 000	32,8%	3 630 000	8,2%	3 355 000
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2008		31/12/2006		31/12/2005
Multi-period charges	CW3	26 410 000	-12,0%	29 996 000	0%	0
Gross		-	-	-	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		-	-	-	-	-
Currency differential gain	CN3	0	0%	283 000	-99,0%	27 528 000
Gross		-	-	-	-	-

References

		31/12/2008		31/12/2006		31/12/2005
Due within one year	CP	2 639 381 000	20,8%	2 185 787 000	-42,5%	3 800 976 000
Due after one year	CR	2 878 000	-73,9%	11 044 000	29,2%	8 550 000

Display parameter
Currency	Euro	Kilo Euro

			31/12/2008		31/12/2006		31/12/2005
	Grand Total (I to V)	EE	27 560 097 000	20,9%	22 787 256 000	1,5%	22 450 890 000

Shareholder Equity (I)

		31/12/2008		31/12/2006		31/12/2005
Total shareholders' equity (Total I)	DL	11 325 339 000	14,4%	9 897 790 000	17,5%	8 425 109 000
Equity and shareholders' equity	DA	1 530 288 000	3,8%	1 473 679 000	6,7%	1 381 025 000
Issue and merger premiums	DB	3 786 714 000	19,5%	3 167 609 000	49,2%	2 122 870 000
Revaluation differentials	DC	55 532 000	-1,3%	56 242 000	0,0%	56 262 000
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	153 029 000	3,8%	147 368 000	6,7%	138 103 000
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	2 617 758 000	0,0%	2 617 757 000	0%	2 617 757 000
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	301 428 000	0%	301 428 000	0%	301 428 000
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	1 610 624 000	26,0%	1 278 081 000	0,2%	1 276 093 000
Profit or loss for the period	DI	1 263 527 000	48,8%	849 187 000	61,7%	525 130 000
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	6 439 000	0%	6 439 000	0,0%	6 442 000

Other capital resources (II)

		31/12/2008		31/12/2006		31/12/2005
Total other capital resources (Total II)	DO	170 035 000	0%	170 035 000	0%	170 035 000
Income from participating securities	DM	170 035 000	0%	170 035 000	0%	170 035 000
Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

		31/12/2008		31/12/2006		31/12/2005
Total provisions for risks and charges (Total III)	DR	151 482 000	11,3%	136 084 000	-64,0%	377 700 000
Risk provisions	DP	84 048 000	5,3%	79 842 000	-78,2%	366 443 000
Reserves for charges	DQ	67 434 000	19,9%	56 242 000	399,6%	11 257 000

Liabilities (IV)

		31/12/2008		31/12/2006		31/12/2005
Total Liabilities (Total IV)	EC	15 913 224 000	26,5%	12 582 680 000	-6,6%	13 477 241 000
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	6 258 699 000	95,2%	3 206 394 000	228,2%	976 815 000
Bank loans and liabilities	DU	2 292 346 000	-35,0%	3 529 223 000	-40,5%	5 928 156 000
Sundry loans and financial liabilities	DV	7 174 125 000	26,0%	5 695 018 000	-12,3%	6 495 002 000
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	0	0%	0	0%	0
Tax and social security liabilities	DY	113 379 000	28,6%	88 192 000	39,9%	63 018 000
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	74 675 000	16,9%	63 853 000	348,1%	14 250 000

Translation loss (V)

			31/12/2008		31/12/2006		31/12/2005
	Translation loss (Total V)	ED	17 000	-97,5%	667 000	-17,0%	804 000

Equalization accounts

			31/12/2008		31/12/2006		31/12/2005
	Deferred income	EB	0	0%	0	0%	0

References

		31/12/2008		31/12/2006		31/12/2005
Of which tax-allowable reserve	EF	0	0%	14 225 000	0%	0
Deferred income and liabilities	EG	6 092 502 000	81,2%	3 362 609 000	-1,8%	3 423 181 000
Of which current bank facilities	EH	83 489 000	-69,5%	273 498 000	-13,0%	314 389 000

Display parameter
Currency	Euro	Kilo Euro

			31/12/2008		31/12/2006		31/12/2005
	Operating result (Total I-II)	GG	7 850 000	-43,7%	13 942 000	227,2%	-10 964 000

2 - Financial result (V - VI)

			31/12/2008		31/12/2006		31/12/2005
	Financial result (Total V-VI)	GV	1 100 449 000	134,4%	469 429 000	-3,9%	488 611 000

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

			31/12/2008		31/12/2006		31/12/2005
	Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	1 108 299 000	129,3%	483 371 000	1,2%	477 646 000

4 - Extraordinary result (VII-VIII)

			31/12/2008		31/12/2006		31/12/2005
	Extraordinary result (Total VII-VIII)	HI	-5 243 000	-102,4%	215 822 000	2650,5%	-8 462 000

Profit or loss

			31/12/2008		31/12/2006		31/12/2005
	Profit or loss	HN	1 263 527 000	48,8%	849 187 000	61,7%	525 130 000

Total Income (I+III+V+VII)

			31/12/2008		31/12/2006		31/12/2005
	Total Income (I+III+V+VII)	HL	2 330 983 000	-54,3%	5 101 687 000	15,1%	4 434 091 000

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

			31/12/2008		31/12/2006		31/12/2005
	Total charges (Total II+IV+VI+VIII+IX+X)	HM	1 067 456 000	-74,9%	4 252 500 000	8,8%	3 908 861 000

Operating income (I)

			31/12/2008		31/12/2006		31/12/2005
	Total operating income (Total I)	FR	216 553 000	8,8%	199 094 000	14,2%	174 313 000

Operating income (details)

		31/12/2008		31/12/2006		31/12/2005
Sale of goods for resale	FC	0	0%	0	0%	0
France	FA	0	0%	0	0%	0
Export	FB	0	0%	0	0%	0
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	199 301 000	10,4%	180 586 000	4,6%	172 680 000
France	FG	199 301 000	10,4%	180 586 000	4,6%	172 680 000
Export	FH	0	0%	0	0%	0
Net turnover	FL	199 301 000	10,4%	180 586 000	4,6%	172 680 000
France	FJ	199 301 000	10,4%	180 586 000	4,6%	172 680 000
Export	FK	0	0%	0	0%	0
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	16 897 000	-8,2%	18 415 000	1142,6%	1 482 000
Other income	FQ	355 000	281,7%	93 000	-38,0%	150 000

Operating charges (II)

			31/12/2008		31/12/2006		31/12/2005
	Total operating charges (Total II)	GF	208 703 000	12,7%	185 152 000	-0,1%	185 278 000

Exploitation charges

		31/12/2008		31/12/2006		31/12/2005
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	123 046 000	8,3%	113 665 000	-3,8%	118 129 000
Tax, duty and similar payments	FX	5 967 000	18,3%	5 046 000	2,9%	4 906 000
Payroll	FY	36 855 000	0,6%	36 648 000	-3,0%	37 799 000
Social security costs	FZ	17 533 000	2,9%	17 046 000	-1,9%	17 377 000

Depreciation

		31/12/2008		31/12/2006		31/12/2005
Depreciation of fixed assets	GA	22 536 000	122,2%	10 140 000	106,1%	4 919 000
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

			31/12/2008		31/12/2006		31/12/2005
	Other charges	GE	2 766 000	6,1%	2 607 000	21,4%	2 148 000

Operating charges (III-IV)

		31/12/2008		31/12/2006		31/12/2005
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		31/12/2006		31/12/2005
Total financial income (Total V)	GP	2 046 221 000	54,5%	1 324 158 000	14,7%	1 154 441 000
Share financial income	GJ	985 604 000	-0,4%	989 828 000	70,8%	579 639 000
Other investment income & capitalised receivables	GK	835 897 000	1817067,4%	46 000	7,0%	43 000
Other interest and similar income	GL	154 095 000	34,9%	114 187 000	-74,1%	441 320 000
Released provisions and transferred charges	GM	11 764 000	-85,6%	81 639 000	235,6%	24 328 000
Exchange gains	GN	43 929 000	-68,3%	138 458 000	41,7%	97 679 000
Net income from disposal of investment securities	GO	14 932 000	0%	0	0%	11 432 000

Financial Charge (VI)

		31/12/2008		31/12/2006		31/12/2005
Total financial charge (Total VI)	GU	945 772 000	10,7%	854 729 000	28,4%	665 830 000
Financial reserves and provisions	GQ	23 034 000	-71,1%	79 720 000	-5,0%	83 888 000
Interest and similar charges	GR	889 085 000	41,4%	628 619 000	28,4%	489 592 000
Exchange losses	GS	33 653 000	-77,0%	146 390 000	58,5%	92 350 000
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2008		31/12/2006		31/12/2005
Total extraordinary income (Total VII)	HD	68 209 000	-98,0%	3 428 441 000	12,4%	3 049 392 000
Extraordinary operating income	HA	4 709 000	2121,2%	212 000	-79,9%	1 055 000
Extraordinary income from capital transactions	HB	52 880 000	-98,3%	3 105 209 000	2,3%	3 034 334 000
Released provisions and transferred charges	HC	10 620 000	-96,7%	323 020 000	2206,8%	14 003 000

Extraordinary charges (VIII)

		31/12/2008		31/12/2006		31/12/2005
Total extraordinary charges (Total VIII)	HH	73 452 000	-97,7%	3 212 619 000	5,1%	3 057 854 000
Extraordinary operating charges	HE	11 950 000	54,9%	7 717 000	-81,5%	41 746 000
Extraordinary charges from capital transactions	HF	56 608 000	-98,2%	3 133 030 000	3,9%	3 015 767 000
Extraordinary reserves and provisions	HG	4 894 000	-93,2%	71 872 000	20976,8%	341 000

Employee profit sharing (IX)

			31/12/2008		31/12/2006		31/12/2005
	Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

			31/12/2008		31/12/2006		31/12/2005
	Tax on profits (Total X)	HK	-160 471 000	-7,0%	-149 994 000	-168,1%	-55 945 000

References

		31/12/2008		31/12/2006		31/12/2005
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	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		31/12/2006		31/12/2005
Gross value at begin of period	OG	21 015 104 000	5,2%	19 967 725 000	48,2%	13 471 591 000
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	33 225 814 000	-41,8%	57 117 899 000	38,4%	41 261 684 000
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	31 238 780 000	-45,1%	56 891 846 000	63,6%	34 765 550 000
Gross value at the end of period	OL	23 002 137 000	13,9%	20 193 778 000	1,1%	19 967 725 000

Research and development Charge (Total I)

		31/12/2008		31/12/2006		31/12/2005
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		31/12/2006		31/12/2005
Gross value at begin of period	KD	44 631 000	-11,7%	50 526 000	10,5%	45 731 000
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	2 507 000	-31,9%	3 680 000	-80,3%	18 716 000
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	0	0%	13 921 000
Gross value at the end of period	LW	47 138 000	-13,0%	54 206 000	7,3%	50 526 000

Tangible fixed assets (Total III)

		31/12/2008		31/12/2006		31/12/2005
Gross value at begin of period	LN	23 366 000	68,3%	13 884 000	26,1%	11 014 000
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	3 660 000	-55,2%	8 169 000	161,7%	3 122 000
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	1 668 000	421,2%	320 000	27,0%	252 000
Gross value at the end of period	NH	25 358 000	16,7%	21 733 000	56,5%	13 884 000

Fiancial assets (Total IV)

		31/12/2008		31/12/2006		31/12/2005
Gross value at begin of period	LQ	20 947 107 000	5,2%	19 903 315 000	48,4%	13 414 846 000
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	33 219 647 000	-41,8%	57 106 050 000	38,5%	41 239 846 000
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	31 237 112 000	-45,1%	56 891 526 000	63,7%	34 751 377 000
Gross value at the end of period	NK	22 929 642 000	14,0%	20 117 839 000	1,1%	19 903 315 000

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

			31/12/2008		31/12/2006		31/12/2005
	Reserve for depreciation value at begin of period	0N	37 503 000	-10,4%	41 849 000	12,6%	37 180 000
Increases		0P	6 094 000	6,7%	5 709 000	16,1%	4 918 000
Decreasess		0Q	2 000	-99,2%	264 000	6,0%	249 000
	Reserve for depreciation value at the end of period	0R	43 595 000	-7,8%	47 294 000	13,0%	41 849 000

Research and development charge (Total I)

			31/12/2008		31/12/2006		31/12/2005
	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		31/12/2006		31/12/2005
	Reserve for depreciation value at begin of period	PE	31 847 000	-5,6%	33 726 000	14,6%	29 430 000
Increases		PF	5 008 000	-3,9%	5 210 000	21,3%	4 296 000
Decreasess		PG	0	0%	1 000	0%	0
	Decreasess by budget item transfer	PH	36 855 000	-5,3%	38 935 000	15,4%	33 726 000

Total fixed assets amotisation (Total III)

			31/12/2008		31/12/2006		31/12/2005
	Reserve for depreciation value at begin of period	QU	5 656 000	-30,4%	8 123 000	4,8%	7 750 000
Increases		QV	1 086 000	117,6%	499 000	-19,8%	622 000
Decreases		QW	2 000	-99,2%	263 000	5,6%	249 000
	Decreasess by budget item transfer	QX	6 740 000	-19,4%	8 359 000	2,9%	8 123 000

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

			31/12/2008		31/12/2006		31/12/2005
	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%	29 996 000	0%	0

Premium refund of obligations

			31/12/2008		31/12/2006		31/12/2005
	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		31/12/2006		31/12/2005
	Value at begining of period	7C	209 187 000	-53,8%	453 164 000	12,7%	402 231 000
Increases		UB	40 891 000	-79,2%	196 351 000	120,0%	89 263 000
Decreases		UC	25 024 000	-94,0%	413 970 000	980,0%	38 330 000
	Value at the end of period	UD	225 054 000	-4,5%	235 545 000	-48,0%	453 164 000

Includes Total allocations

Operating	UE	16 442 000	270,4%	4 439 000	0%
Financial	UG	17 944 000	-71,7%	63 317 000	0%
Exceptional	UJ	4 894 000	-93,2%	71 685 000	0%

Includes Total Withdrawal

Operating	UF	11 579 000	-27,9%	16 057 000	0%
Financial	UH	2 825 000	-96,2%	74 910 000	0%
Exceptional	UK	27 000	-100,0%	323 003 000	0%

Total regulated provisions (Total I)

			31/12/2008		31/12/2006		31/12/2005
	Value at begining of period	3Z	6 439 000	0,0%	6 442 000	0,0%	6 444 000
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	3 000	50,0%	2 000
	Value at the end of period	TU	6 439 000	0%	6 439 000	0,0%	6 442 000

Total risk and charge provisions (Total II)

			31/12/2008		31/12/2006		31/12/2005
	Value at begining of period	5Z	150 519 000	-60,1%	377 700 000	2,4%	368 988 000
Increases		TV	22 947 000	-82,8%	133 297 000	393,6%	27 006 000
Decreases		TW	21 984 000	-94,1%	374 913 000	1949,4%	18 294 000
	Value at the end of period	TX	151 482 000	11,3%	136 084 000	-64,0%	377 700 000

Total Provision for depreciation (Total III)

			31/12/2008		31/12/2006		31/12/2005
	Value at begining of period	7B	52 229 000	-24,3%	69 022 000	157,6%	26 799 000
Increases		TY	17 944 000	-71,5%	63 054 000	1,3%	62 257 000
Decreases		TZ	3 040 000	-92,2%	39 054 000	94,9%	20 034 000
	Value at the end of period	UA	67 133 000	-27,8%	93 022 000	34,8%	69 022 000

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

		31/12/2008		31/12/2006		31/12/2005
Gross value	VT	3 389 086 000	-77,1%	14 771 188 000	14958,2%	98 094 000
1 year at most	VU	3 386 478 000	-30,4%	4 866 774 000	5335,1%	89 544 000
More than one year	VV	2 608 000	-100,0%	9 904 414 000	115741,1%	8 550 000

State of loans

		31/12/2008		31/12/2006		31/12/2005
Claims related to holdings (gross)	UL	0	0%	11 439 395 000	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	1 550 174 000	0%	0
Loans (gross)	UP	0	0%	639 158 000	0%	0
Loans (1 year at most)	UR	0	0%	635 613 000	0%	0
Other financial assets (gross)	UT	0	0%	604 000	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2008		31/12/2006		31/12/2005
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

			31/12/2008		31/12/2006		31/12/2005
	Prepaid	VS	4 820 000	32,8%	3 630 000	8,2%	3 355 000

State Debt

			31/12/2008		31/12/2006		31/12/2005
	Total debt (gross)	VY	15 913 224 000	26,5%	12 582 680 000	-6,6%	13 477 241 000
1 year at most		VZ2	6 092 502 000	81,2%	3 362 609 000	-1,8%	3 423 181 000
More than 1 year and 5 years at most		VZ3	9 820 722 000	6,5%	9 220 071 000	-8,3%	10 054 060 000
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2008		31/12/2006		31/12/2005
	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	6 258 699 000	95,2%	3 206 394 000	228,2%	976 815 000
1 year at most		7Z2	146 258 000	82,0%	80 352 000	230,7%	24 295 000
More than 1 year and 5 years at most		7Z3	6 112 441 000	95,5%	3 126 042 000	228,2%	952 520 000
	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	2 292 346 000	-35,0%	3 529 223 000	-40,5%	5 928 156 000
1 year at most		VH2	97 346 000	-81,1%	514 223 000	0%	0
More than 1 year and 5 years at most		VH3	2 195 000 000	-27,2%	3 015 000 000	-46,2%	5 602 708 000
	Loans and various financial liabilities (gross)	8A1	7 174 125 000	26,0%	5 695 018 000	-12,3%	6 495 002 000
1 year at most		8A2	5 668 392 000	116,7%	2 615 989 000	-12,7%	2 996 170 000
More than 1 year and 5 years at most		8A3	1 505 733 000	-51,1%	3 079 029 000	-12,0%	3 498 832 000
	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		8C2	0	0%	0	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	113 379 000	28,6%	88 192 000	39,9%	63 018 000
1 year at most		8D2	113 379 000	28,6%	88 192 000	39,9%	63 018 000
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	0
1 year at most		VW2	0	0%	0	0%	0
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	0	0%	0	0%	0
1 year at most		VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
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	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
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	74 675 000	16,9%	63 853 000	348,1%	14 250 000
1 year at most		8K2	67 127 000	5,1%	63 853 000	348,1%	14 250 000
More than 1 year and 5 years at most		8K3	7 548 000	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		31/12/2006		31/12/2005
Loans made during the period	VJ	4 401 094 000	15,5%	3 811 501 000	0%	0
Debt repaid during the period	VK	1 365 218 000	-71,4%	4 780 839 000	0%	0

Table allocation results and other information
Dividends distributed

			31/12/2008		31/12/2006		31/12/2005
	Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2008		31/12/2006		31/12/2005
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	773 000	-95,9%	18 724 000	-32,4%	27 699 000
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2008		31/12/2006		31/12/2005
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		31/12/2006		31/12/2005
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		31/12/2006		31/12/2005
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		31/12/2006		31/12/2005
	Average number of employees	YP	228	-3,4%	236	-0,8%	238

Groups and Shareholders

			31/12/2008		31/12/2006		31/12/2005
	Groups and Shareholders	ZR	-	-	-	-	-

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		31/12/2006		31/12/2005	Sector Median 2008
Fixed Asset Financing	1,19	7,2%	1,11	0%	1,11	1,13	5,3%
Global Debt	28744 days	14,6%	25084 days	-10,7%	28097 days	395,50 days	7167,8%
Working Capital Fund overall net	7943 days	72,7%	4600 days	0,2%	4590 days	96 days	8174,0%
Financial independence	132,44%	-9,9%	146,95%	20,4%	122,02%	245,05%	-46,0%
More ratios
Solvability	41,71%	-5,6%	44,18%	15,4%	38,28%	45,09%	-7,5%
Capacity debt futures	11634,11%	504,4%	1924,80%	-	%	1062,95%	994,5%
Coverage of current assets by net working capital overall	75,01%	-12,2%	85,47%	-0,5%	85,89%	42,98%	74,5%
General Liquidity	0,56	-61,4%	1,45	4733,3%	0,03	0,55	1,8%
Restricted Liquidity	0,76	-47,6%	1,45	93,3%	0,75	0,97	-21,6%

Management or rotation

	31/12/2008		31/12/2006		31/12/2005	Sector Median 2008
Need background in operating working capital	5773 days	14,2%	5056 days	13944,4%	36 days	19 days	30284,2%
Treasury	2113 days	504,8%	-522 days	-111,6%	4491 days	17 days	12329,4%
Inventory turnover of goods	days	-	days	-	days	13 days	-
Average length of credit granted to customers	0 days	0%	0 days	0%	0 days	41 days	0%
Average length of credit obtained suppliers	0 days	0%	0 days	0%	0 days	73 days	0%
More ratios
Inventory turnover of raw materials in industrial enterprises	days	-	days	-	days	0 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise	days	-	days	-	days	440 days	-
Rotation tangible assets	785,95%	-5,4%	830,93%	-33,2%	1243,73%	541,40%	45,2%

Profitability of the business

	31/12/2008		31/12/2006		31/12/2005	Sector Median 2008
Margin trading	0%	0%	0%	0%	0	0%	0%
Profitability of the business	7,98	76,2%	4,53	241,6%	-3,20	4,31%	85,2%
Net profit	633,98%	34,8%	470,24%	54,6%	304,11%	7,78%	8048,8%
More ratios
Growth rate of turnover (excluding VAT)	10,36%	126,2%	4,58%	-49,2%	9,01%	0%	0%
Rates integration	38,26%	3,2%	37,06%	17,3%	31,59%	52,34%	-26,9%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	71,32%	-11,1%	80,23%	-20,7%	101,15%	69,04%	3,3%
Weight interests	474,54	0,3%	473,31%	22,7%	385,59%	3,06%	15407,8%

Return on capital

	31/12/2008		31/12/2006		31/12/2005	Sector Median 2008
Cash flow from the overall profitability	653,93%	89,0%	345,97%	0,3%	344,98%	12,88%	4977,1%
Rates of economic profitability	0%	0%	0%	0%	0%	1%	0%
Financial profitability	11495374000%	14,2%	10067825000%	17,1%	8595144000%	313948,50%	3661447,7%
Return on investment	8,12%	7,3%	7,57%	39,9%	5,41%	8,58%	-5,4%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2008		31/12/2006		31/12/2005	Sector Median 2008
Turnover	199 301 000	10,4%	180 586 000	4,6%	172 680 000	295 750 €	67288,4%

Sales of goods	0	0%	0	0%	0
- Purchase of goods	0	0%	0	0%	0
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	0 €	0%	0 €	0%	0 €	0 €	0%
	0,00 % CA	0%	0,00 % CA	0%	0,00 % CA	0 % CA	0%

Sale of goods produced	199 301 000	10,4%	180 586 000	4,6%	172 680 000
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	199 301 000 €	10,4%	180 586 000 €	4,6%	172 680 000 €	188 759 €	105484,9%
	100,00 % CA	0%	100,00 % CA	0%	100,00 % CA	100 % CA	0%

Trading margin	0	0%	0	0%	0	0	0%
+ Period Production	199 301 000	10,4%	180 586 000	4,6%	172 680 000	188 759	105484,9%
- Purchase of raw materials	0	0%	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	123 046 000	8,3%	113 665 000	-3,8%	118 129 000
Added value	76 255 000 €	13,9%	66 921 000 €	22,7%	54 551 000 €	127 761 €	59585,7%
	38,26 % CA	3,2%	37,06 % CA	17,3%	31,59 % CA	52,17 % CA	-26,7%

Added value	76 255 000 €	13,9%	66 921 000 €	22,7%	54 551 000 €	127 761 €	59585,7%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	5 967 000	18,3%	5 046 000	2,9%	4 906 000
- Personal charges	54 388 000	1,3%	53 694 000	-2,7%	55 176 000
Gross operating surplus	15 900 000 €	94,4%	8 181 000 €	247,9%	-5 531 000 €	3 504 €	453667,1%
	7,98 % CA	76,2%	4,53 % CA	241,6%	-3,20 % CA	4,23 % CA	88,7%

Gross operating surplus	15 900 000 €	94,4%	8 181 000 €	247,9%	-5 531 000 €	3 504 €	453667,1%
+ Release of reserves and provisions	16 897 000	-8,2%	18 415 000	1142,6%	1 482 000
+ Other operating income	355 000	281,7%	93 000	-38,0%	150 000
- Depreciation/Amortisation	22 536 000	122,2%	10 140 000	106,1%	4 919 000
- Other charges	2 766 000	6,1%	2 607 000	21,4%	2 148 000
Operating result	7 850 000 €	-43,7%	13 942 000 €	227,1%	-10 966 000 €	2 048 €	383200,8%
	3,94 % CA	-49,0%	7,72 % CA	221,6%	-6,35 % CA	2,71 % CA	45,4%

Operating result	7 850 000 €	-43,7%	13 942 000 €	227,1%	-10 966 000 €	2 048 €	383200,8%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	2 046 221 000	54,5%	1 324 158 000	14,7%	1 154 441 000
- Financial charges	945 772 000	10,7%	854 729 000	28,4%	665 830 000
Pre-tax result	1 108 299 000 €	129,3%	483 371 000 €	1,2%	477 645 000 €	22 557,50 €	4913117,3%
	556,09 % CA	107,8%	267,67 % CA	-3,2%	276,61 % CA	7,48 % CA	7334,4%

Extraordinary income	68 209 000	-98,0%	3 428 441 000	12,4%	3 049 392 000	104,50	65271670,3%
- Extraordinary charges	73 452 000	-97,7%	3 212 619 000	5,1%	3 057 854 000
Extraordinary result	-5 243 000 €	-102,4%	215 822 000 €	2650,5%	-8 462 000 €	0 €	0%
	-2,63 % CA	-102,2%	119,51 % CA	2539,0%	-5 % CA	0 % CA	0%

Pre-tax result	1 108 299 000 €	129,3%	483 371 000 €	1,2%	477 645 000 €	22 557,50 €	4913117,3%
Extraordinary result	-5 243 000 €	-102,4%	215 822 000 €	2650,5%	-8 462 000 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	-160 471 000	-7,0%	-149 994 000	-168,1%	-55 945 000
Net result	1 263 527 000 €	48,8%	849 187 000 €	61,7%	525 128 000 €	24 260 €	5208172,9%
	633,98 % CA	34,8%	470,24 % CA	54,6%	304,10 % CA	7,51 % CA	8341,8%

ADDITIONAL INFORMATION

company details
	Activity (APE)	Activités des sièges sociaux (7010Z)
	RCS Registration	RCS Nanterre 8 542 039 532	Share capital	2,124,502,568 Euros
	Registration Court	Nanterre (92)	Legal form	Public limited company with board of directors
	Court Registry Number	19 8 0B234	EUR VAT Number	FR35542039532
	Incorporation Date	07/1954	Formation Date	12/1981
	Deregistration Date		Last account Date	31/12/2008
	Nationality	France

Establishment details
	Activity (APE)	Activités des sièges sociaux (7010Z)	Business Pages FT®
	Postal Address	COMPAGNIE DE SAINT-GOBAIN LES MIROIRS-LA DEFENSE 3 18 AV D ALSACE COURBEVOIE 92096 PARIS LA DEFENSE CEDEX	Trading Address	18 AVENUE D ALSACE 92400 COURBEVOIE
	Telephone	01 83 91 12 30
	Fax

Type	Head office	Status	Economically active
Formation Date	12/1981	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Hauts-de-Seine (92)	Region	Ile-de-France
District	2	Area	93
City	COURBEVOIE	Size of urban area	Paris conglomeration

Other establishments
	Branches	6 branch entities in this company


	Head office	> COMPAGNIE DE SAINT-GOBAIN <<< - Activités des sièges sociaux (7010Z) in COURBEVOIE (92400)

	Secondary establishments	> COMPAGNIE DE SAINT-GOBAIN - Activités des sièges sociaux (7010Z) in MISEREY (27930) > COMPAGNIE DE SAINT-GOBAIN - Activités des sièges sociaux (7010Z) in MASSY (91300) > COMPAGNIE DE SAINT-GOBAIN - Activités des sièges sociaux (7010Z) in NANCY (54000) > COMPAGNIE DE SAINT-GOBAIN - Activités des sièges sociaux (7010Z) in PARIS 16 (75116) > ...

Regionality	Legal unit with multiple establishments in many areas having at least 80% of workforce in same area

Mono-activity status	Legal unit having all establishments with the same main activity

Workforces
	Workforce at address	250 to 499 employees	Company workforce	250 to 499 employees

NOTES & COMMENTS

Please complete

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.57
UK Pound	1	Rs.71.79
Euro	1	Rs.84.25

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
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
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

REGISTERED NAME & COMPANY SUMMARY

DIRECTORS/MANAGEMENT

NEGATIVE INFORMATION

SHARE & SHARE CAPITAL INFORMATION

FINANCIAL INFORMATION

ADDITIONAL INFORMATION

NOTES & COMMENTS

Unit