MIRA INFORM REPORT

Report Date :

13.05.2014

IDENTIFICATION DETAILS

Name :	SOC DANIEL H PIAT
Registered Office :	12 Rue De La Paix, 75002 Paris 2
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	December, 1982
Legal Form :	Limited Liability Company
Line of Business :	Wholesale (intercompany trade) of watches and jewelery
No. of Employees :	10 to 19 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

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.

FRANCE - ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 82 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 mitigate economic inequality. France's real GDP stagnated in 2012 and 2013. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.2% in 2013. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 22.8% in the fourth quarter of 2013. Lower-than-expected growth and high spending have strained France's public finances. The budget deficit rose sharply from 3.3% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.1% of GDP in 2013, while France's public debt rose from 68% of GDP to nearly 94% over the same period. In accordance with its EU obligations, France is targeting a deficit of 3.6% of GDP in 2014 and 2.8% in 2015. The administration of President Francois HOLLANDE has implemented greater state support for employment, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, including a temporary 75% tax on wages over one million euros, and hiring an additional 60,000 teachers during his five-year term. In January 2014 HOLLANDE proposed a “Responsibility Pact” aimed primarily at lowering labor costs in return for businesses’ commitment to create jobs. Despite stagnant growth and fiscal challenges, France's borrowing costs have declined in recent years because investors remain attracted to the liquidity of France’s bonds.

Source : CIA

Company name and address

Name

SOC DANIEL H PIAT

SIRET

326 170 420 00037

Personal comment

company summary

Acronym	DHP
		EUR VAT Number	FR07326170420
Activity (APE)	Wholesale (intercompany trade) of watches and jewelery (4648Z)	Legal form	Limited Liability Company
Phone	01 49 27 04 25	RCS Registration	RCS Paris 8 326 170 420
Fax		Share capital	45,000 Euros
Address	SOC DANIEL H PIAT SARL PIAT 12 RUE DE LA PAIX 75002 PARIS 2	Incorporated Date	01/1983
Nationality	France	Status	Economically active

Current Directors

1

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	8,276,142 €	4,777,326 €	2,679,589 €
Gross Operating Surplus	5,66 % Turnover	2,53 % Turnover	8,97 % Turnover
Shareholders’ equity	1,109,173 €	686,521 €	609,967 €
Net result	422,653 €	76,553 €	251,158 €
Employees	10 to 19 employees	-	-

company details

Company details

Activity (APE)	Wholesale (intercompany trade) of watches and jewelery (4648Z)
RCS Registration	RCS Paris 8 326 170 420	Share capital	45,000 Euros
Registration Court	Paris (75)	Legal form	Limited Liability Company
Court Registry Number	19 8 3B00271	EUR VAT Number	FR07326170420
Incorporation Date	01/1983	Formation Date	12/1982
Deregistration Date		Last account Date	31/12/2012
Nationality	France

Establishment details

Acronym	DHP
Activity (APE)	Wholesale (intercompany trade) of watches and jewelery (4648Z)	Business Pages FT®	NEGOCE DE DIAMANTS, DE PIERRES PRECIEUSES ET DE PIERRES GEMMES
Postal Address	SOC DANIEL H PIAT SARL PIAT 12 RUE DE LA PAIX 75002 PARIS 2	Trading Address	12 RUE DE LA PAIX 75002 PARIS 2
Telephone	01 49 27 04 25
Fax

Type	Head office	Status	Economically active
Formation Date	11/2010	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	Other	Activity Location	Other
Location surface		Seasonality

Department		Region	Ile-de-France
District		Area
City	PARIS 2	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> SOC DANIEL H PIAT <<<  - Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie (4648Z)  in PARIS 2  (75002)
Secondary establishments	>  SOC DANIEL H PIAT  - Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie (4648Z)  in PARIS 9  (75009)

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

Workforces

Workforce at address

10 to 19 employees

Company workforce

10 to 19 employees

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2012	31/12/2011	31/12/2010
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	28/10/2013	11/10/2012	20/09/2011
Activity Code	4648Z	4648Z	4648Z
Employees	0	0	0

Active account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	237 885	26,9%	187 411	-0,3%	187 919	40 523	487,0%
- Intangible assets	30 699	0%	0	0%	0	3 050	906,5%
- Tangible assets	149 014	-2,6%	152 998	-3,2%	158 104	9 871	1409,6%
- Financial assets	58 172	69,0%	34 413	15,4%	29 815	1 662	3400,1%
Net current assets	2 231 292	37,1%	1 627 346	-29,8%	2 317 108	371 736	500,2%
- Stocks	1 285 186	66,3%	772 863	33,8%	577 564	113 422	1033,1%
- Advanced payments	49 019	37,1%	55 446	-92,0%	691 330	0	0%
- Receivables	276 749	2,7%	269 581	-54,2%	588 533	69 226	299,8%
- Securities and cash	620 339	17,2%	529 456	15,2%	459 681	34 191	1714,3%
- Prepaid expenses	-	-	-	-	-	26,50	-
Accounts of regularization	367	-98,2%	20 886	-11,6%	23 621	0	0%
Total Assets	2 469 549	34,5%	1 835 644	-27,4%	2 528 652	436 626	465,6%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Shareholders' equity	1 109 173	61,6%	686 521	12,6%	609 967	80 370	1280,1%
Share capital	45 000	0%	45 000	0%	45 000	10 000	350,0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	27 027	-43,2%	47 546	-5,4%	50 281	0	0%
Liabilities	1 327 959	21,0%	1 097 443	-40,9%	1 855 437	307 917	331,3%
- Financial liabilities	679 950	70,7%	398 416	104,0%	195 263	43 261	1471,7%
- Advanced payments received	0	0%	0	0%	948 182	0	0%
- Trade account payables	268 673	-41,8%	461 818	-23,9%	606 753	64 234	318,3%
- Tax and social liabilities	321 689	66,8%	192 893	194,6%	65 481	58 474	450,1%
- Other debts and fixed assets liabilities	29 114	-3,3%	30 104	-18,0%	36 693	10 905	167,0%
Account regularization	33 916	84,9%	18 341	14,4%	16 028	0	0%
Total liabilities	2 469 548	34,5%	1 835 643	-27,4%	2 528 652	436 626	465,6%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Sales of Goods	8 390 585	75,6%	4 778 129	78,1%	2 682 807	720 821	1064,0%
Net turnover	8 276 142	73,2%	4 777 326	78,3%	2 679 589	706 631	1071,2%
- of which net export turnover	5 503 962	65,4%	3 327 657	110,5%	1 580 847	595	924935,6%
Operating charges	7 834 643	67,3%	4 682 340	90,8%	2 454 474	643 923	1116,7%
Operating profit/loss	555 942	480,4%	95 789	-58,0%	228 333	15 186	3560,9%
Financial income	168 412	34,4%	125 290	114,3%	58 477	20	841960,0%
Financial charges	131 412	15,8%	113 471	43,4%	79 147	3 244	3950,9%
Financial profit/loss	37 000	213,1%	11 819	157,2%	-20 670	-1 023	3716,8%
Pretax net operating income	592 942	451,0%	107 608	-48,2%	207 663	11 881	4890,7%
Extraordinary income	0	0%	0	0%	58 615	0	0%
Extraordinary charges	85	-97,8%	3 928	-32,3%	5 802	305	-72,1%
Extraordinary profit/loss	-85	97,8%	-3 928	-107,4%	52 813	0	0%
Net result	422 653	452,1%	76 553	-69,5%	251 158	10 929	3767,3%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2012	31/12/2011	31/12/2010
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2012		31/12/2011		31/12/2010
	Grand Total (I to VI)	Net	2 469 549	34,5%	1 835 644	-27,4%	2 528 652
	Gross	CO	2 554 433	34,9%	1 893 644	-26,2%	2 565 982
	Amortisation	1A	84 884	46,4%	58 000	55,4%	37 330

Non declared distributed capital (I)

		31/12/2012		31/12/2011		31/12/2010
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/12/2012		31/12/2011		31/12/2010
	Total Active fixed asset (II)	Net	237 885	26,9%	187 411	-0,3%	187 919
	Gross	BJ	322 768	31,5%	245 410	9,0%	225 248
	Amortisation	BK	84 883	46,4%	57 999	55,4%	37 329

Intangilble fixed assets

			31/12/2012		31/12/2011		31/12/2010
	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	4 704	0%	4 704	-27,1%	6 449
	Amortisation	AG	4 704	0%	4 704	-27,1%	6 449
	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	30 699	0%	0	0%	0
	Gross	AJ	30 699	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	30 699	0%	0	0%	0

Tangilble fixed assets

			31/12/2012		31/12/2011		31/12/2010
	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	9 011	21,8%	7 397	161,9%	2 824
	Gross	AR	16 910	25,3%	13 497	75,1%	7 707
	Amortisation	AS	7 899	29,5%	6 100	24,9%	4 883
	Other tangible fixed assets	Net	140 003	-3,8%	145 601	-6,2%	155 280
	Gross	AT	212 283	10,1%	192 796	6,4%	181 277
	Amortisation	AU	72 280	53,2%	47 195	81,5%	25 997
	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	149 014		152 998		158 104

Financial assets

			31/12/2012		31/12/2011		31/12/2010
	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%	0
	Gross	CU	0	0%	0	0%	0
	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	7 883	-11,6%	8 915	0%	0
	Gross	BF	7 883	0%	8 915	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	50 289	97,2%	25 498	-14,5%	29 815
	Gross	BH	50 289	97,2%	25 498	-14,5%	29 815
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		58 172		34 413		29 815

Current Assets (III)

			31/12/2012		31/12/2011		31/12/2010
	Total Assets	Net	2 231 292	37,1%	1 627 346	-29,8%	2 317 108
	Gross	CJ	2 231 293	37,1%	1 627 346	-29,8%	2 317 108
	Amortisation	CK	0	0%	0	0%	0

Stocks

			31/12/2012		31/12/2011		31/12/2010
	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	1 285 186	66,3%	772 863	33,8%	577 564
	Gross	BT	1 285 186	66,3%	772 863	33,8%	577 564
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	1 285 186	66,3%	772 863	33,8%	577 564

Advance payments to suppliers

			31/12/2012		31/12/2011		31/12/2010
	Advance payments to suppliers	Net	49 019	-11,6%	55 446	-92,0%	691 330
	Gross	BV	49 019	-11,6%	55 446	-92,0%	691 330
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2012		31/12/2011		31/12/2010
	Trade accounts receivable	Net	186 644	4,1%	179 325	-61,9%	470 850
	Gross	BX	186 644	4,1%	179 325	-61,9%	470 850
	Amortisation	BY	0	0%	0	0%	0
	Other debtors	Net	10 130	-41,3%	17 265	-68,5%	54 804
	Gross	BZ	10 130	-41,3%	17 265	-68,5%	54 804
	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	196 774	0,1%	196 590	-62,6%	525 654

Divers

			31/12/2012		31/12/2011		31/12/2010
	Investment securities	Net	0	0%	170 361	114236,2%	149
	Gross	CD	0	0%	170 361	114236,2%	149
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	620 339	72,8%	359 095	-21,9%	459 532
	Gross	CF	620 339	72,8%	359 095	-21,9%	459 532
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	620 339	17,2%	529 456	15,2%	459 681

Prepaid expenses

			31/12/2012		31/12/2011		31/12/2010
	Prepaid expenses	Net	79 975	9,6%	72 991	16,1%	62 879
	Gross	CH	79 975	9,6%	72 991	16,1%	62 879
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2012		31/12/2011		31/12/2010
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	367	-98,2%	20 886	-11,6%	23 621
Gross		367	-98,2%	20 886	-11,6%	23 621

References

		31/12/2012		31/12/2011		31/12/2010
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

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

Grand Total - Passive Accounts (I to IV)

		31/12/2012		31/12/2011		31/12/2010
Grand Total (I to V)	EE	2 469 548	34,5%	1 835 643	-27,4%	2 528 652

Shareholder Equity (I)

			31/12/2012		31/12/2011		31/12/2010
	Total shareholders' equity (Total I)	DL	1 109 173	61,6%	686 521	12,6%	609 967
	Equity and shareholders' equity	DA	45 000	0%	45 000	0%	45 000
	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	4 500	0%	4 500	0%	4 500
	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	263 502	0%	263 502	0%	263 502
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	373 518	25,8%	296 965	548,3%	45 807
	Profit or loss for the period	DI	422 653	452,1%	76 553	-69,5%	251 158
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	Total provisions for risks and charges (Total III)	DR	27 027	-43,2%	47 546	-5,4%	50 281
	Risk provisions	DP	27 027	-43,2%	47 546	-5,4%	50 281
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2012		31/12/2011		31/12/2010
	Total Liabilities (Total IV)	EC	1 327 959	21,0%	1 097 443	-40,9%	1 855 437
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	13 494	-55,0%	30 014	-47,8%	57 519
	Sundry loans and financial liabilities	DV	666 456	80,9%	368 402	167,5%	137 744
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	948 182
	Trade accounts payables	DX	268 673	-41,8%	461 818	-23,9%	606 753
	Tax and social security liabilities	DY	321 689	66,8%	192 893	194,6%	65 481
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	23 728	-8,6%	25 971	9,5%	23 728

Translation loss (V)

		31/12/2012		31/12/2011		31/12/2010
Translation loss (Total V)	ED	5 386	30,3%	4 133	-68,1%	12 965

Equalization accounts

		31/12/2012		31/12/2011		31/12/2010
Deferred income	EB	33 916	84,9%	18 341	14,4%	16 028

References

		31/12/2012		31/12/2011		31/12/2010
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	1 120 503	3,3%	1 084 434	23,6%	877 436
Of which current bank facilities	EH	486	148,0%	196	-98,3%	11 483

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)

		31/12/2012		31/12/2011		31/12/2010
Operating result (Total I-II)	GG	555 942	480,4%	95 789	-58,0%	228 333

2 - Financial result (V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	37 000	213,1%	11 819	157,2%	-20 670

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

		31/12/2012		31/12/2011		31/12/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	592 942	451,0%	107 608	-48,2%	207 663

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	-85	97,8%	-3 928	-107,4%	52 813

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	422 653	452,1%	76 553	-69,5%	251 158

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	8 558 997	74,6%	4 903 419	75,1%	2 799 899

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

		31/12/2012		31/12/2011		31/12/2010
Total charges (Total II+IV+VI+VIII+IX+X)	HM	8 136 345	68,6%	4 826 865	89,4%	2 548 742

Operating income (I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	8 390 585	75,6%	4 778 129	78,1%	2 682 807

Operating income (details)

			31/12/2012		31/12/2011		31/12/2010
	Sale of goods for resale	FC	8 137 632	76,0%	4 623 686	79,1%	2 581 640
	France	FA	2 684 104	99,7%	1 343 734	27,8%	1 051 095
	Export	FB	5 453 528	66,3%	3 279 952	114,3%	1 530 545
	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	138 510	-9,8%	153 640	56,9%	97 949
	France	FG	88 076	-16,9%	105 935	122,3%	47 647
	Export	FH	50 434	5,7%	47 705	-5,2%	50 302
	Net turnover	FL	8 276 142	73,2%	4 777 326	78,3%	2 679 589
	France	FJ	2 772 180	91,2%	1 449 669	31,9%	1 098 742
	Export	FK	5 503 962	65,4%	3 327 657	110,5%	1 580 847
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	3 000
	Release of reserves and provisions	FP	114 437	14204,6%	800	272,1%	215
	Other income	FQ	06	100%	03	0%	03

Operating charges (II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	7 834 643	67,3%	4 682 340	90,8%	2 454 474

Exploitation charges

		31/12/2012		31/12/2011		31/12/2010
Purchase of goods for resale	FS	6 193 083	72,8%	3 584 698	109,7%	1 709 508
Change in stocks of goods for resale	FT	-512 323	-162,3%	-195 299	-20,4%	-162 249
Purchase of raw materials	FU	1 248	1066,4%	107	-88,6%	935
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	953 560	110,6%	452 820	12,5%	402 355
Tax, duty and similar payments	FX	56 525	86,7%	30 270	139,5%	12 638
Payroll	FY	842 631	61,5%	521 650	39,1%	375 122
Social security costs	FZ	273 007	4,1%	262 130	152,0%	104 004

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	26 884	4,0%	25 840	112,5%	12 160
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

		31/12/2012		31/12/2011		31/12/2010
Other charges	GE	28	-77,4%	124	12300%	01

Operating charges (III-IV)

		31/12/2012		31/12/2011		31/12/2010
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)

			31/12/2012		31/12/2011		31/12/2010
	Total financial income (Total V)	GP	168 412	34,4%	125 290	114,3%	58 477
	Share financial income	GJ	0	0%	0	0%	0
	Other investment income & capitalised receivables	GK	168	1020,0%	15	0%	0
	Other interest and similar income	GL	2 706	737,8%	323	47,5%	219
	Released provisions and transferred charges	GM	20 886	-11,6%	23 621	1539,2%	1 441
	Exchange gains	GN	144 499	43,0%	101 032	77,9%	56 801
	Net income from disposal of investment securities	GO	153	-48,8%	299	1768,8%	16

Financial Charge (VI)

			31/12/2012		31/12/2011		31/12/2010
	Total financial charge (Total VI)	GU	131 412	15,8%	113 471	43,4%	79 147
	Financial reserves and provisions	GQ	367	-98,2%	20 886	-11,6%	23 621
	Interest and similar charges	GR	8 628	228,2%	2 629	354,8%	578
	Exchange losses	GS	122 417	36,1%	89 956	63,7%	54 948
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary income (Total VII)	HD	0	0%	0	0%	58 615
	Extraordinary operating income	HA	0	0%	0	0%	58 615
	Extraordinary income from capital transactions	HB	0	0%	0	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary charges (Total VIII)	HH	85	-97,8%	3 928	-32,3%	5 802
	Extraordinary operating charges	HE	85	-96,6%	2 469	0%	0
	Extraordinary charges from capital transactions	HF	0	0%	1 459	-74,9%	5 802
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2012		31/12/2011		31/12/2010
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2012		31/12/2011		31/12/2010
Tax on profits (Total X)	HK	170 205	527,5%	27 126	191,1%	9 319

References

		31/12/2012		31/12/2011		31/12/2010
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%	800	272,1%	215
Of which trader's own contributions	A2	0	0%	137 398	185,9%	48 055
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 incomes 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)

			31/12/2012		31/12/2011		31/12/2010
	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	1 031	0%	0	0%	0
	Gross value at the end of period	OL	322 772	0%	0	0%	0

Research and development Charge (Total I)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	KD	4 704	0%	0	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	30 700	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	35 404	0%	0	0%	0

Tangible fixed assets (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LN	206 295	0%	0	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	22 900	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	229 195	0%	0	0%	0

Fiancial assets (Total IV)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LQ	34 413	0%	0	0%	0
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	24 792	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	1 031	0%	0	0%	0
	Gross value at the end of period	NK	58 174	0%	0	0%	0

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

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	PE	4 704	0%	0	0%	0
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	4 704	0%	0	0%	0

Total fixed assets amotisation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	QU	53 296	0%	0	0%	0
Increases		QV	26 886	0%	0	0%	0
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	80 182	0%	0	0%	0

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2012		31/12/2011		31/12/2010
	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

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7C	47 547	-5,4%	50 281	78,9%	28 101
Increases		UB	367	-98,2%	20 886	-11,6%	23 621
Decreases		UC	20 887	-11,6%	23 621	1539,2%	1 441
	Value at the end of period	UD	27 027	-43,2%	47 546	-5,4%	50 281

Includes Total allocations

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

Includes Total Withdrawal

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

Total regulated provisions (Total I)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	5Z	47 547	-5,4%	50 281	78,9%	28 101
Increases		TV	367	-98,2%	20 886	-11,6%	23 621
Decreases		TW	20 887	-11,6%	23 621	1539,2%	1 441
	Value at the end of period	TX	27 027	-43,2%	47 546	-5,4%	50 281

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	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

		31/12/2012		31/12/2011		31/12/2010
Gross value	VT	334 922	10,2%	303 992	-50,8%	618 350
1 year at most	VU	277 801	3,0%	269 579	-54,2%	588 535
More than one year	VV	57 121	66,0%	34 413	15,4%	29 815

State of loans

		31/12/2012		31/12/2011		31/12/2010
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	7 884	0%	0	0%	0
Loans (1 year at most)	UR	1 052	0%	0	0%	0
Other financial assets (gross)	UT	50 290	46,1%	34 413	15,4%	29 815
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2012		31/12/2011		31/12/2010
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	186 644	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	10 130	-96,2%	269 579	-54,2%	588 534

Prepaid

		31/12/2012		31/12/2011		31/12/2010
Prepaid	VS	79 974	0%	0	0%	0

State Debt

			31/12/2012		31/12/2011		31/12/2010
	Total debt (gross)	VY	1 327 960	21,0%	1 097 443	21,0%	907 254
1 year at most		VZ2	1 120 504	3,3%	1 084 435	23,6%	877 437
More than 1 year and 5 years at most		VZ3	207 456	1494,8%	13 008	-56,4%	29 817
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2012		31/12/2011		31/12/2010
	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	486	-98,4%	30 014	-47,8%	57 519
1 year at most		VG2	486	-97,1%	17 006	-38,6%	27 702
More than 1 year and 5 years at most		VG3	0	0%	13 008	-56,4%	29 817
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	13 008	0%	0	0%	0
1 year at most		VH2	13 008	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%	368 402	167,5%	137 744
1 year at most		8A2	0	0%	368 402	167,5%	137 744
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	268 673	-41,8%	461 818	-23,9%	606 753
1 year at most		8B2	268 673	-41,8%	461 818	-23,9%	606 753
More than 1 year and 5 years at most		8B3	268 673	-41,8%	461 818	-23,9%	606 753
	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	321 690	66,8%	192 893	194,6%	65 481
1 year at most		8D2	321 690	66,8%	192 893	194,6%	65 481
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