MIRA INFORM REPORT

Report No. :	330415
Report Date :	10.07.2015

IDENTIFICATION DETAILS

Name :	FIVES PILLARD
Registered Office :	Egci Pillard, 13 Rue Raymond Teissere, Marseille 8, 13272 Marseille Cedex 08
Country :	France
Financials (as on) :	31.12.2014
Date of Incorporation :	September 1955
Com. Reg. No.:	055 809 255
Legal Form :	Public Limited Company with Board of Directors
Line of Business :	Subject is manufacture of furnaces and burners
No. of Employee :	100 to 199

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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
France	A1	A1

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

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 more than 84 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 increased by 0.4% in 2014. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.4% in the fourth quarter of 2014. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 24.3% in the fourth quarter of 2014. 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% of GDP in 2014, while France's public debt rose from 68% of GDP to more than 95% in 2014, and may hit 100% by 2016. Elected on a conventionally leftist platform, President Francois HOLLANDE surprised and angered many supporters with a January 2014 speech announcing a sharp change in his economic policy, recasting himself as a liberalizing reformer. The government's budget for 2014 shifted the balance of fiscal consolidation from taxes to a total of $24 billion in spending cuts. In December 2014, HOLLANDE announced additional reforms, including a plan to extend commercial business hours, liberalize professional services, and sell off $6.2-12.4 billion in state owned assets. France’s tax burden remains well above the EU average and income tax cuts over the past decade are being partly reversed, particularly for higher earners. The top rate of income tax is 41%. The government is allowing a 75% payroll tax on salaries over $1.24 million to lapse.

Source : CIA

Company name

FIVES PILLARD

SIRET	055 809 255 00015
Name	FIVES PILLARD
Acronym	EGCI PILLARD
Trade name	-
Status	Economically active
Postal Address	FIVES PILLARD EGCI PILLARD 13 RUE RAYMOND TEISSERE MARSEILLE 8 13272 MARSEILLE CEDEX 08
Share Capital	1,543,300 Euros
Incorporiation Date	09/1955
Activity (APE)	Manufacture of furnaces and burners (2821Z)	RCS Registration	RCS Marseille B 055 809 255
Formation Date	01/1955	EUR VAT Number	FR54055809255
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	19 5 5B00925	Telephone	04 91 80 90 21
Registration Court	Marseille (13)	Fax	04 91 25 72 71
Nationality	France
		Legal form	Public limited company with board of directors
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2014	48,690,218 €	9.80% Turnover	5,542,664 €	3,595,563 €	100 to 199 employees
31/12/2013	50,654,412 €	14.34% Turnover	5,629,416 €	3,660,844 €	-
31/12/2012	47,412,364 €	13.63% Turnover	5,102,353 €	3,120,541 €	-

Ultimate Holding Company

Name	Country	Company Number
FL INVESTCO		490257938
Affiliation links.
13 companies in the international Group Structure from 6 countries.

Directors

Current Directors

7

Preferential Right

No social security and tax office preferential right to date

Payment Information Summary – Trade Payment Data

Total number of Invoices available	44
Total number of Invoices paid within or up to 30 days after the due date	38
Total number of Invoices paid more than 30 days after the dues date	6
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	2821Z	Activity	Manufacture of furnaces and burners
Formation Date	-	Reason for Formation	-
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	13 RUE RAYMOND TEISSERE 13008 MARSEILLE 8	Department	Bouches-du-Rhône (13)
Location Surface	-	District	3
City	MARSEILLE 8	Status	Economically active
Business Pages FT®	INSTALLATION DE CHAUFFAGE INDUSTRIEL	Region	Côte d'Azur
		Area	99
		Size of Urban Area	Urban unit with 200 000 to 1 999 999 inhabitants

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
NOVAFIVES	Courtage de valeurs mobilières et de marchandises	6612Z	PARIS 9	75009

Other Establishment(s)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	1 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
FIVES PILLARD	Head Office	2821Z	Manufacture of furnaces and burners	MARSEILLE 8	13008
FIVES PILLARD	Branch	2821Z	Manufacture of furnaces and burners	MARSEILLE 14	13014

Workforces

Workforce at address

100 to 199 employees

Company workforce

100 to 199 employees

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.

The shareholder's equity is 5,542,664 €

The creditor days are 39.01

The net current assets are 25,020,575 €

The net turnover is 48,690,218 €

The pre-tax profit is 5,222,763 €

The risk provisions are 7,415,097 €

The total assets are 28,078,815 €

The company has 8 directors

Industry code with low risk rating

Department code with low risk rating

The liabilities are 15,120,196 €

The ratio total assets to total liabilities is 1.25

The stock to turnover ratio is 12.28

The return on total assets employed is 18.60

High risk workforce size

The sales to current assets ratio is 1.95

Industry comparison

Activity (APE)	Manufacture of furnaces and burners (2821Z)
industry average credit rating	44
industry average credit limit	74,984

Collective procedures

No judgment information for the company

Preferential rights details and history

SUMMARY OF PREFERENTIAL RIGHTS

Company monitored since	23/01/2009
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	FL INVESTCO
Direct parent	FIVES - 85.18 %
Group – Number of companies	72
Linkages – Number of companies	13
Number of countries	6

	Name	SIREN	Parts	Last account published
1	FL INVESTCO	490257938	-	31/12/2012
2	FIVES	542023841	99.99 %	31/12/2013
3	FIVES FCB	410109698	99.99 %	31/12/2014
4	CEMENTOS PLANTAS CONSTRUCCIONES SA DE CV	-	99.90 %	-
	CEMENT PROCESS TECHNOLOGIES EGYPT	-	99 %	-
3	FIVES MANUFACTURING INDUSTRIES	329198519	99.99 %	31/12/2013
4	FIVES MAINTENANCE	380065672	99.80 %	31/12/2014
5	CINETIC SERVICE SLOVAKIA SRO	-	100 %	-
	FIVES LANDIS LIMITED	05577045	100 %	31/12/2013
4	FIVES MACHINING	409893443	99.99 %	31/12/2014
5	LINÉ MACHINES OUTILS INC	-	Majority	-
	FOREST-LINÉ	-	Majority	-
	FIVES CONVEYING	347914020	99.99 %	31/12/2014
4	FIVES CINETIC	-	100 %	-
5	CINETIC AUTOMATION	-	100 %	-
	CINETIC DYAG CORP	-	100 %	-
	CINETIC LANDIS LIMITED	-	100 %	-
	FIVES FILLING & SEALING	443343405	99.99 %	31/12/2014
	CINETIC AUTOMATION	537120248	99.96 %	31/12/2013
	FIVES GIUSTINA S.R.L.	TO927081	100 %	31/12/2014
	FIVES INTRALOGISTICS S.A.	344165659	99.98 %	31/12/2014
	CINETIC SERVICE UK LIMITED	04521278	100 %	31/12/2009
	FIVES INTRALOGISTICS CORP	-	100 %	-
	CINETIC SORTING KK	-	100 %	-
	FIVES INTRALOGISTICS S.P.A.	VA70190	100 %	31/12/2014
	FIVES ITALY S.R.L.	VA311231	100 %	31/12/2013
	FIVES CALL KCP LTD	-	40 %	-
	FIVES LILLE CHINA	-	100 %	-
3	FIVES STEIN	383829934	99.99 %	31/12/2014
4	FIVES STEIN LIMITED	02814647	100 %	31/12/2013
	STEIN HEURTEY AUSTRALIA PTY LTD	-	100 %	-
	STEIN (SHANGHAI) INDUSTRIAL FURNACE CO LTD	-	100 %	-
	FIVES STEIN BILBAO	240592	100 %	31/12/2013
	FIVES STEIN BELGIUM SPRL	402568806	100 %	31/12/2014
	STEIN HEURTEY VOSTOK	-	100 %	-
	FIVES STEIN INDIA PROJECTS PVT LTD	-	100 %	-
	FIVES STEIN MANUFACTURING	479806812	Min blocking	31/12/2014
	FIVES STEIN INC	-	100 %	-
	FIVES STEIN ITALIA	-	98.33 %	-
3	FIVES PILLARD	055809255	85.18 %	31/12/2014
4	PILLARD (TIANJIN) INTERNATIONAL TRADING CO LTD	-	100 %	-
	FIVES PILLARD DEUTSCHLAND GMBH	HRB 16016	47.50 %	31/12/2013
	FIVES PILLARD ESPAÑA	270592	67 %	31/12/2013
3	FIVES CAIL	432073203	99.99 %	31/12/2014
4	FIVES FLETCHER LIMITED	01639932	100 %	31/12/2013
	FLETCHER SMITH INC	-	100 %	-
3	F.L.METAL	466500444	99.99 %	31/12/2013
4	FIVES DMS	444577431	99.99 %	31/12/2014
	FIVES INDUSTRIES	444577530	99.99 %	31/12/2013
	FL INDUSTRIES INC	-	100 %	-
	FIVES CELES	301466934	99.99 %	31/12/2013
3	FIVES SOLIOS S.A.	699806675	99.99 %	31/12/2014
4	SOLIOS ENVIRONNEMENT INC	-	100 %	-
5	SOLIOS ENVIRONNEMENT CORP	-	100 %	-
	FIVES SOLIOS LIMITED	00144198	100 %	31/12/2013
	SOLIOS SERVICES SOUTHERN AFRICA (PTY) LTD	-	100 %	-
3	FIVES CRYO	334961943	99.80 %	31/12/2014
4	FIVES CRYOMEC AG	3902	100 %	-
	NORDON CRYOGÉNIE (SUZHOU) CO LTD	-	100 %	-
	FIVES NORDON	433948031	99.99 %	31/12/2013
	FIVES LILLE DO BRASIL LTDA	-	99.99 %	-
	PROCEDAIR BENELUX EN LIQUIDATION SA	426314307	99.99 %	31/12/2009
	FIVES UK HOLDING LIMITED	04581130	100 %	31/12/2013
3	FIVES NORTH AMERICAN COMBUSTION	-	100 %	-
4	FIVES NORTH AMERICAN COMBUSTION UK LTD	00389632	100 %	31/12/2013
5	FIVES NORTH AMERICAN COMBUSTION FRANCE SAS	394392609	100 %	31/12/2014
	NA-STORDY COMBUSTION ENGINEERING BV	-	100 %	-
	NORTH AMERICAN CONSTRUCTION SERVICES LIMITED, LLC	-	100 %	-
	NORTH AMERICAN COMBUSTION EUROPE LTD	-	100 %	-
	NORTH AMERICAN MFG (CANADA) INC	-	100 %	-
	FIVES INDIA ENGINEERING & PROJECTS PVT LTD	-	100 %	-
	FIVES ENGINEERING (SHANGHAI) CO LTD	-	100 %	-

Linkages

Company Name	Siren	Last Account Published	Turnover
FIVES STEIN	383829934	31/12/2014	42,820,846 €
FIVES OTO S.P.A.	RE147032	31/12/2013	78,048,043 €
FIVES ITAS S.P.A.	MB1012706	31/12/2013	26,179,198 €
FIVES NORTH AMERICAN COMBUSTION NETHERLANDS B.V.	34041659	31/12/2013	-
FIVES BRONX LIMITED	04189379	31/12/2014	6,721,768 £
STEIN ATKINSON STORDY LIMITED	04599616	31/12/2013	-
BRONX INTERNATIONAL INC	-	-	900,000 $
GARDNER ABRASIVES	-	-	14,759,000 $
FIVES NORTH AMERICAN COMBUSTION, INC	-	-	50,000,000 $
CINETIC LANDIS GRINDING CORP	-	-	0 $
COMPAGNIE DE FIVES LILLE SA	-	-	-
FIVES SA	-	-	-
NOVAFIVES	-	-	-

Shareholder(s)

Name	FIVES
Name of representative	M SANCHEZ FREDERIC DANIEL
Manager position	Administrator	Date of birth	13/03/1960
Place of birth	CASTRES
Type	Moral person	Name at birth

Director(s)

Name	Mme. RIBOT LUCILE
Manager position	Administrator	Date of birth	26/11/1966
Place of birth	CALAIS
Type	Individual	Name at birth

Name	M. DUVERNE MARTIN
Manager position	Chairman of the Board	Date of birth	27/05/1957
Place of birth	LYON
Type	Individual	Name at birth

Name	M. MR PILLARD JEAN CLAUDE LOUIS
Manager position	Administrator	Date of birth	02/10/1945
Place of birth	MARSEILLE
Type	Individual	Name at birth

Name	M. CORDONNIER ALAIN
Manager position	Administrator	Date of birth	22/10/1960
Place of birth	ROUBAIX
Type	Individual	Name at birth

Name	M. RUSSO LUIGI
Manager position	Managing director, Administrator	Date of birth	14/02/1974
Place of birth	GENES(ITALIE)
Type	Individual	Name at birth

Name	M. CARBONARO BRUNO
Manager position	Administrator	Date of birth	22/09/1967
Place of birth	PARIS
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Chairman of the Board	MR PILLARD JEAN CLAUDE LOUIS	02/10/1945 - MARSEILLE
Chairman of the Board	MR PILLARD JEAN CLAUDE LOUIS	02/10/1945 - MARSEILLE
Chairman of the Board	M. PILLARD JEAN	-
Managing director	MR PILLARD JEAN CLAUDE LOUIS	02/10/1945 - MARSEILLE
Managing director	MR PILLARD JEAN CLAUDE LOUIS	02/10/1945 - MARSEILLE
Managing director	M. PILLARD JEAN	-
Administrator	M. CORDONNIER ALAIN	-
Administrator	MR PILLARD JEAN CLAUDE LOUIS	02/10/1945 - MARSEILLE
Administrator	M. SCANLON ROBERT	-
Administrator	M. RUSSO LUIGI	14/02/1974 - GENES(ITALIE)

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	12/06/2015	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 276 - 055809255 RCS. FIVES PILLARD. Forme : Société anonyme. Adresse : 13 rue Raymond Teissere 13008 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	27/06/2014	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 567 - 055809255 RCS. FIVES PILLARD. Forme : Société anonyme. Adresse : 13 rue Raymond Teissere 13008 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	29/06/2013	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1488 - 055809255 RCS. FIVES PILLARD. Forme : Société anonyme. Adresse : 13 rue Raymond Teissere 13008 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	14/12/2012	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 235 - 055 809 255 RCS Marseille. FIVES PILLARD. Forme : Société anonyme. Administration : Administrateur : MR PILLARD JEAN CLAUDE LOUIS modification le 21 Décembre 2010 Administrateur : RIBOT Lucile en fonction le 08 Avril 2003 Président du conseil d'administration : DUVERNE Martin modification le 06 Décembre 2012 Administrateur : FIVES représenté par SANCHEZ Frederic Daniel modification le 10 Décembre 2008 Administrateur : CORDONNIER Alain modification le 04 Novembre 2010 Directeur général et administrateur : RUSSO Luigi modification le 06 Décembre 2012 Commissaire aux comptes suppléant : AUDITEX en fonction le 08 Juin 2011 Commissaire aux comptes titulaire : ERNST & YOUNG et Autres modification le 06 Décembre 2012 Administrateur : CARBONARO Bruno en fonction le 06 Décembre 2012. Activité : . Commentaires : Modification de représentant.
	17/11/2012	JAL	Appointment of the social representative
Nouvelles Publications (Les) Date de décision : 21/11/2012 Société faisant l'objet d'une nomination : 055809255 - FIVES PILLARD, EGCI PILLARD, 13 RUE RAYMOND TEISSERE, MARSEILLE 8, 13008 MARSEILLE 8 Nominé : Monsieur Bruno CARBONARO, 54000 NANCY En la fonction de : Administrateur
	05/07/2012	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1436 - 055809255 RCS. FIVES PILLARD. Forme : Société anonyme. Adresse : 13 rue Raymond Teissere 13008 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	12/07/2011	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 977 - 055809255 RCS. FIVES PILLARD. Forme : Société anonyme. Adresse : 13 rue Raymond Teissere 13008 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
	17/06/2011	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 184 - 055 809 255 RCS Marseille. FIVES PILLARD. Forme : Société anonyme. Administration : Administrateur : MR PILLARD JEAN CLAUDE LOUIS modification le 21 Décembre 2010 Administrateur : RIBOT Lucile en fonction le 08 Avril 2003 Président du conseil d'administration : DUVERNE Martin modification le 21 Décembre 2010 Administrateur : FIVES représenté par SANCHEZ Frederic Daniel modification le 10 Décembre 2008 Administrateur : CORDONNIER Alain modification le 04 Novembre 2010 Directeur général et administrateur : RUSSO Luigi modification le 30 Décembre 2010 Commissaire aux comptes suppléant : AUDITEX en fonction le 08 Juin 2011 Commissaire aux comptes titulaire : ERNST & YOUNG et Autres en fonction le 08 Juin 2011. Activité : . Commentaires : Modification de représentant.
	30/12/2010	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 207 - 055 809 255 RCS Marseille. FIVES PILLARD. Forme : Société anonyme. Administration : Administrateur : MR PILLARD JEAN CLAUDE LOUIS modification le 21 Décembre 2010 Commissaire aux comptes titulaire : ERNST& YOUNG AUDIT modification le 25 Janvier 2007 Commissaire aux comptes suppléant : CARREGA FRANCOIS Administrateur : RIBOT Lucile en fonction le 08 Avril 2003 Président du conseil d'administration : DUVERNE Martin modification le 21 Décembre 2010 Administrateur : FIVES représenté par SANCHEZ Frederic Daniel modification le 10 Décembre 2008 Administrateur : CORDONNIER Alain modification le 04 Novembre 2010 Directeur général et administrateur : RUSSO Luigi en fonction le 21 Décembre 2010. Activité : . Commentaires : Modification de représentant.
	17/11/2010	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 176 - 055 809 255 RCS Marseille. FIVES PILLARD. Forme : Société anonyme. Administration : Président du conseil d'administration et directeur général : MR PILLARD JEAN CLAUDE LOUIS modification le 08 Avril 2003 Commissaire aux comptes titulaire : ERNST& YOUNG AUDIT modification le 25 Janvier 2007 Commissaire aux comptes suppléant : CARREGA FRANCOIS Administrateur : RIBOT Lucile en fonction le 08 Avril 2003 Administrateur : DUVERNE Martin en fonction le 08 Avril 2003 Administrateur : FIVES représenté par SANCHEZ Frederic Daniel modification le 10 Décembre 2008 Administrateur : CORDONNIER Alain modification le 04 Novembre 2010. Activité : . Commentaires : Modification de représentant.
	21/06/2010	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1741 - 055809255 RCS. FIVES PILLARD. Forme : Société anonyme. Adresse : 13 rue Raymond Teissere 13008 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	18/07/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1044 - 055809255 RCS. FIVES PILLARD. Forme : Société anonyme à conseil d'administration. Adresse : 13 rue Raymond Teissere 13008 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	10/06/2009	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 300 - 055 809 255 RCS Marseille. FIVES PILLARD. Forme : Société anonyme à conseil d'administration. Administration : Président du conseil d'administration et directeur général : MR PILLARD JEAN CLAUDE LOUIS modification le 08 Avril 2003. Commissaire aux comptes titulaire : ERNST & YOUNG AUDIT modification le 25 Janvier 2007. Commissaire aux comptes suppléant : CARREGA FRANCOIS. Administrateur : RIBOT Lucile en fonction le 08 Avril 2003. Administrateur : DUVERNE Martin en fonction le 08 Avril 2003. Administrateur : FIVES représenté par SANCHEZ Frederic Daniel modification le 10 Décembre 2008. Administrateur : CORDONNIER Alain en fonction le 25 Janvier 2007. Administrateur : SCANLON Robert en fonction le 02 Juin 2009. Commentaires : Modification de représentant.
	23/12/2008	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 381 - 055 809 255 RCS Marseille. FIVES PILLARD. Forme : Société anonyme à conseil d'administration. Administration : Président du conseil d'administration et directeur général : MR PILLARD JEAN CLAUDE LOUIS modification le 08 Avril 2003. Commissaire aux comptes titulaire : ERNST& YOUNG AUDIT modification le 25 Janvier 2007. Commissaire aux comptes suppléant : CARREGA FRANCOIS. Administrateur : RIBOT Lucile en fonction le 08 Avril 2003. Administrateur : DUVERNE Martin en fonction le 08 Avril 2003. Administrateur : FIVES représenté par SANCHEZ Frederic Daniel modification le 10 Décembre 2008. Administrateur : CORDONNIER Alain en fonction le 25 Janvier 2007. Commentaires : Modification de représentant.
	12/07/2008	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1185 - 055809255 RCS. FIVES PILLARD. Forme : Société anonyme à conseil d'administration. Adresse : 13 rue Raymond Teissere 13008 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	14/03/2008	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 521 - 055 809 255 RCS Marseille. FIVES PILLARD. Forme : Société anonyme à conseil d'administration. Enseigne : PILLARD. Commentaires : Modification du nom ou de la dénomination. Modification du nom commercial.
	10/07/2007	Bodacc C	Avis de dépôt des comptes
1217 - 055 809 255. RCS Marseille ENTREPRISE GENERALE DE CHAUFFAGE INDUSTRIEL PILLARD. Forme: Société anonyme à conseil d'administration. Adresse du siège social: 13 rue Raymond Teissere 13008 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	27/02/2007	Bodacc A	Vente et cession
0021 - RCS Marseille 055 809 255. ENTREPRISE GENERALE DE CHAUFFAGE INDUSTRIEL PILLARD. Forme : S.A. à conseil d'administration. Capital : 1 543 300 euros. Adresse du siège social : 13 rue Raymond-Teissere, 13008 Marseille. Etablissement principal - Activité : représentation, import-export, achat, construction et commercialisation d'appareils, d'équipements, de matériel et services pour les industries. Adresse : site EDF de la Pecette, route de Lançon, 13250 Saint-Chamas. Etablissement principal acquis par achat au prix stipulé de 140 000 euros. Date d'effet : 16 janvier 2007. Précédent propriétaire exploitant : CALIBRAGE S.A.R.L. RCS Salon-de-Provence 390 365 419. Publication légale : Les Nouvelles publications du 2 février 2007. Oppositions : au fonds pour la validité et Me Ellis (William), avocat, 27 cours Pierre-Puget, 13006 Marseille, pour la correspondance.
	08/02/2007	Bodacc B	Modifications et mutations diverses
0119 - RCS Marseille B 055 809 255. RC 55-B 925. ENTREPRISE GENERALE DE CHAUFFAGE INDUSTRIEL PILLARD. Forme : S.A. à conseil d'administration. Commentaires : modification survenue sur l'administration. Administration : nomination d'un administrateur : CORDONNIER (Alain).
	16/11/2006	Bodacc B	Modifications et mutations diverses
0128 - RCS Marseille B 055 809 255. RC 55-B 925. ENTREPRISE GENERALE DE CHAUFFAGE INDUSTRIEL PILLARD. Forme : S.A. à conseil d'administration. Commentaires : modification survenue sur le nom commercial. Etablissement principal - Nom commercial : Pillard. Adresse : 13 rue Raymond-Teissère, 13008
	27/08/2006	Bodacc C	Avis de dépôt des comptes
29 - RCS Marseille B 055 809 255. RC 55-B 925. ENTREPRISE GENERALE DE CHAUFFAGE INDUSTRIEL PILLARD. Forme: S.A. à conseil d'administration. Adresse du siège social: 13, rue Raymond Teissere,13008 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	21/07/2005	Bodacc C	Avis de dépôt des comptes
12 - RCS Marseille B 055 809 255. RC 55-B 925. ENTREPRISE GENERALE DE CHAUFFAGE INDUSTRIEL PILLARD. Forme: ANO S.A. A CONSEIL D'ADMINISTRATION. Adresse du siège social: 13, rue Raymond Teissere,13008 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	28/08/2003	Bodacc B	Modifications et mutations diverses
RCS Marseille B 055809255 RC 55-B 925 ENTREPRISE GENERALE DE CHAUFFAGE INDUSTRIEL PILLARD. Forme : S.A. à conseil d'administration. Commentaires : modification survenue sur l' administration. Administration : administrateur partant : S.A. FIVES COMBUSTION, représentée par SANCHEZ ( Frédéric). Nomination d'un administrateur : COMPAGNIE DE FIVES LILLE, représentée par SANCHEZ ( Frédéric, Daniel).
	18/04/2003	Bodacc B	Modifications et mutations diverses
RCS Marseille B 055809255 RC 55-B 925 ENTREPRISE GENERALE DE CHAUFFAGE INDUSTRIEL PILLARD. Forme : S.A. à conseil d'administration. Commentaires : modification survenue sur l' administration. Administration : modification du président du conseil d' administration et directeur général : PILLARD (Jean, Claude, Louis). Administrateur partant : CAPRON (Jean, Pierre, Claude, Auguste). Modification d'un administrateur : S.A. FIVES COMBUSTION, représentée par SANCHEZ ( Frédéric).
	18/04/2003	Bodacc B	Modifications et mutations diverses
RCS Marseille B 055809255 RC 55-B 925 ENTREPRISE GENERALE DE CHAUFFAGE INDUSTRIEL PILLARD. Forme : S.A. à conseil d'administration. Commentaires : modification survenue sur l' administration. Administration : administrateurs partants : LESAGE ( Castel, Francis, Philippe, Marcel) HOLDEN-SMITH (David). Nomination d' administrateurs : RIBOT (Lucile) DUVERNE (Martin).
	30/03/2000	Bodacc B	Modifications et mutations diverses
*. RCS Marseille B 055 809 255 RC 55-B 925 ENTREPRISE GENERALE DE CHAUFFAGE INDUSTRIEL PILLARD. Forme : S.A. à conseil d'administration. Capital : 1 543 300 euros. Commentaires : modification survenue sur le capital (augmentation).
	27/10/1996	Bodacc B	Modifications et mutations diverses
RCS Marseille B 055 809 255 RC 55-B 925 ENTREPRISE GENERALE DE CHAUFFAGE INDUSTRIEL PILLARD. Forme : S.A. Administration : P.-D.G. : PILLARD (Jean, Claude, Louis). Administrateurs : LESAGE-CASTEL (Francis, Philippe, Marcel) CAPRON (Jean, Pierre, Claude, Autuste) KISTER (Charles, Michel). Commissaire aux comptes titulaire : ERNST ET YOUNG AUDIT. Commissaire aux comptes suppléant : CARREGA (François). Commentaires : modification survenue sur l'administration.
	27/10/1996	Bodacc B	Modifications et mutations diverses
RCS Marseille B 055 809 255 RC 55-B 925 ENTREPRISE GENERALE DE CHAUFFAGE INDUSTRIEL PILLARD. Forme : S.A. Administration : P.-D.G. : PILLARD (Jean, Claude, Louis). Administrateurs : LESAGE-CASTEL (Francis, Philippe, Marcel) CAPRON (Jean, Pierre, Claude, Autuste) KISTER (Charles, Michel) S. A. FIVES COMBUSTION. Commissaire aux comptes titulaire : ERNST ET YOUNG AUDIT. Commissaire aux comptes suppléant : CARREGA (François). Commentaires : modification survenue sur l'administration.
	20/01/1995	Bodacc B	Modifications et mutations diverses
RCS. RCS Marseille B 055 809 255 RC RC 55-B 925 ENTREPRISE GENERALE DE CHAUFFAGE INDUSTRIEL PILLARD. Forme : S.A. Capital : 10 120 000 F (fixe). Adresse du siège social : 13, rue Raymond-Teissere 13008 Marseille. Administration : administrateur partant : LAUNOIS (André) . Nouvel administrateur : CAPRON (Jean- Pierre). Changement de dénomination du commissaire aux comptes titulaire, ancienne : H.S.D. CASTEL JACQUET, nouvelle : ERNST ET YOUNG AUDIT. Date d'effet : 12 octobre 1994.

Synthesized Accounts

Annual Accounts

	31/12/2014	31/12/2013	31/12/2012
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	01/06/2015	05/06/2014	11/06/2013
Activity Code	2821Z	2821Z	2821Z
Employees	162	0	164

Active account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	3,058,240	10.1 %	2,778,512	4.0 %	2,671,081	39,600	7622.9 %
Intangible assets	398,926	-20.9 %	504,639	31.2 %	384,717	850	46832.5 %
Tangible assets	1,624,391	-7.2 %	1,750,449	-4.9 %	1,840,148	29,397	5425.8 %
Financial assets	1,034,924	97.7 %	523,424	0%	523,424	8,541	12017.1 %
Net current assets	25,020,575	-8.1 %	27,237,765	-7.9 %	29,582,613	916,763	2629.2 %
Stocks	5,980,639	1.4 %	5,897,481	-24.2 %	7,784,734	97,076	6060.8 %
Advanced payments	416,423	48.1 %	281,222	18.6 %	237,034	0	0%
Receivables	18,424,184	-12.0 %	20,935,716	2.1 %	20,511,071	335,609	5389.8 %
Securities and cash	199,331	61.6 %	123,346	-88.3 %	1,049,774	82,647	141.2 %
Prepaid expenses	-	-	-	-	-	334	-
Accounts of regularization	0	0%	1,283	1121.9 %	105	0	0%
Total Assets	28,078,815	-6.5 %	30,017,558	-6.9 %	32,253,798	952,157	2849.0 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Shareholders' equity	5,542,664	-1.5 %	5,629,416	10.3 %	5,102,353	403,372	1274.1 %
Share capital	1,543,300	0%	1,543,300	0%	1,543,300	65,500	2256.2 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	7,415,097	-5.9 %	7,877,464	23.0 %	6,403,095	5,219	141978.9 %
Liabilities	15,120,196	-8.4 %	16,510,679	-20.4 %	20,748,349	404,835	3634.9 %
Financial liabilities	1,763,636	7.0 %	1,648,001	14.0 %	1,446,104	51,084	3352.5 %
Advanced payments received	3,106,445	-34.7 %	4,754,285	-45.3 %	8,689,944	0	0%
Trade account payables	5,204,398	-2.4 %	5,329,754	5.8 %	5,036,415	165,062	3053.0 %
Tax and social liabilities	4,484,967	20.5 %	3,723,435	-18.1 %	4,545,749	141,851	3061.7 %
Other debts and fixed assets liabilities	561,609	-46.8 %	1,055,204	2.4 %	1,030,137	3,539	15771.4 %
Account regularization	0	0%	0	0%	0	890	0%
Total liabilities	28,078,815	-6.5 %	30,017,559	-6.9 %	32,253,797	952,157	2849.0 %

Results

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of Goods	54,160,936	0.2 %	54,056,438	3.1 %	52,426,738	1,583,864	3319.5 %
Net turnover	48,690,218	-3.9 %	50,654,412	6.8 %	47,412,364	1,586,705	2968.6 %
of which net export turnover	38,096,554	-4.6 %	39,919,645	12.8 %	35,383,416	47,524	80062.8 %
Operating charges	48,722,911	1.4 %	48,056,465	2.0 %	47,116,143	1,430,859	3305.2 %
Operating profit/loss	5,438,026	-9.4 %	5,999,973	13.0 %	5,310,595	107,557	4955.9 %
Financial income	171,255	111.1 %	81,144	-26.3 %	110,134	4,206	3972.2 %
Financial charges	100,966	-21.8 %	129,127	25.8 %	102,621	4,026	2408.2 %
Financial profit/loss	70,289	246.5 %	-47,983	-738.7 %	7,513	-1,212	5899.4 %
Pretax net operating income	5,508,314	-7.5 %	5,951,990	11.9 %	5,318,108	68,594	7930.4 %
Extraordinary income	277,973	281.7 %	72,831	-30.5 %	104,814	9,038	2975.6 %
Extraordinary charges	23,104	-50.5 %	46,630	-76.7 %	200,380	6,333	264.8 %
Extraordinary profit/loss	254,869	872.7 %	26,201	127.4 %	-95,566	-256	99853.0 %
Net result	3,595,563	-1.8 %	3,660,844	17.3 %	3,120,541	75,556	4658.8 %

Accounts – Active

Normal Account

	31/12/2014	31/12/2013	31/12/2012
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Grand Total (I to VI)	Net	28,078,815	-6.5 %	30,017,558	-6.9 %	32,253,798
Gross	CO	38,884,738	-7.3 %	41,964,436	-4.5 %	43,927,069
Amortisation	1A	10,805,923	-9.6 %	11,946,878	2.3 %	11,673,271

Non declared distributed capital (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Active fixed asset (II)	Net	3,058,240	10.1 %	2,778,512	4.0 %	2,671,081
Gross	BJ	12,739,831	-7.2 %	13,729,249	4.8 %	13,102,787
Amortisation	BK	9,681,591	-11.6 %	10,950,737	5.0 %	10,431,706

Intangible fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	338,926	-23.8 %	444,639	79.6 %	247,509
Gross	AF	1,091,593	-16.9 %	1,313,923	26.9 %	1,035,447
Amortisation	AG	752,667	-13.4 %	869,284	10.3 %	787,938
Goodwill	Net	60,000	0%	60,000	-56.3 %	137,208
Gross	AH	137,208	0%	137,208	0%	137,208
Amortisation	AI	77,208	0%	77,208	0%	77,208
Other intangible fixed assets	Net	0	0%	0	0%	0
Gross	AJ	0	0%	0	0%	0
Amortisation	AK	0	0%	0	0%	0
Pre-payments and downpayments	Net	0	0%	0	0%	0
Gross	AL	0	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible asset	Net	398,926	-20.9 %	504,639	31.2 %	384,717

Tangilble fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Lands	Net	170,286	-1.6 %	173,030	0%	173,030
Gross	AN	170,286	-1.6 %	173,030	0%	173,030
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	732,601	-10.4 %	817,185	1.0 %	808,710
Gross	AP	3,299,173	-2.4 %	3,380,091	4.6 %	3,230,178
Amortisation	AQ	2,566,572	0.1 %	2,562,906	5.8 %	2,421,468
Plant	Net	463,485	-12.1 %	527,122	-16.3 %	629,439
Gross	AR	4,806,252	-3.3 %	4,970,180	2.1 %	4,866,148
Amortisation	AS	4,342,767	-2.3 %	4,443,058	4.9 %	4,236,709
Other tangible fixed assets	Net	253,543	19.7 %	211,839	-6.3 %	225,998
Gross	AT	2,195,920	-31.6 %	3,210,120	2.4 %	3,134,381
Amortisation	AU	1,942,377	-35.2 %	2,998,281	3.1 %	2,908,383
Fixed assets in construction	Net	0	0%	21,273	616.0 %	2,971
Gross	AV	0	0%	21,273	616.0 %	2,971
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	4,476	0%	0	0%	0
Gross	AX	4,476	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	1,624,391	-7.2 %	1,750,449	-4.9 %	1,840,148

Financial assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	1,028,275	99.0 %	516,775	0%	516,775
Gross	CU	1,028,275	99.0 %	516,775	0%	516,775
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	0%	0
Other financial assets	Net	6,649	0%	6,649	0%	6,649
Gross	BH	6,649	0%	6,649	0%	6,649
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	1,034,924	97.7 %	523,424	0%	523,424

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Assets	Net	25,020,575	-8.1 %	27,237,765	-7.9 %	29,582,613
Gross	CJ	26,144,908	-7.4 %	28,233,905	-8.4 %	30,824,178
Amortisation	CK	1,124,332	12.9 %	996,140	-19.8 %	1,241,565

Stocks

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Raw materials	Net	205,533	3.4 %	198,753	-58.6 %	480,207
Gross	BL	259,959	-2.0 %	265,147	-54.6 %	584,606
Amortisation	BM	54,427	-18.0 %	66,394	-36.4 %	104,399
Work in progress (goods)	Net	4,136,718	2.4 %	4,039,528	-33.0 %	6,025,914
Gross	BN	4,159,898	2.4 %	4,062,708	-33.0 %	6,059,237
Amortisation	BO	23,180	0%	23,180	-30.4 %	33,323
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	1,638,388	-1.3 %	1,659,200	29.8 %	1,278,613
Gross	BR	2,130,114	0.4 %	2,122,300	25.4 %	1,692,678
Amortisation	BS	491,727	6.2 %	463,100	11.8 %	414,065
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	5,980,639	1.4 %	5,897,481	-24.2 %	7,784,734

Advance payments to suppliers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Advance payments to suppliers	Net	416,423	48.1 %	281,222	18.6 %	237,034
Gross	BV	416,423	48.1 %	281,222	18.6 %	237,034
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Trade accounts receivable	Net	13,772,602	38.5 %	9,940,653	-2.4 %	10,182,290
Gross	BX	14,327,601	38.0 %	10,384,119	-4.5 %	10,872,068
Amortisation	BY	554,998	25.2 %	443,466	-35.7 %	689,778
Other debtors	Net	4,404,051	-59.2 %	10,793,767	6.2 %	10,163,968
Gross	BZ	4,404,051	-59.2 %	10,793,767	6.2 %	10,163,968
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	18,176,653	-12.3 %	20,734,420	1.9 %	20,346,258

Divers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	199,331	61.6 %	123,346	-88.3 %	1,049,774
Gross	CF	199,331	61.6 %	123,346	-88.3 %	1,049,774
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	199,331	61.6 %	123,346	-88.3 %	1,049,774

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid expenses	Net	247,531	23.0 %	201,296	22.1 %	164,813
Gross	CH	247,531	23.0 %	201,296	22.1 %	164,813
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	1,283	1121.9 %	105
Gross		0	0%	1,283	1121.9 %	105

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Grand Total (I to V)	EE	28,078,815	-6.5 %	30,017,559	-6.9 %	32,253,797

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total shareholders' equity (Total I)	DL	5,542,664	-1.5 %	5,629,416	10.3 %	5,102,353
Equity and shareholders' equity	DA	1,543,300	0%	1,543,300	0%	1,543,300
Issue and merger premiums	DB	0	0%	0	0%	0
Revaluation differentials	DC	156,169	-0.1 %	156,260	0%	156,260
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	154,330	0%	154,330	0%	154,330
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	0	0%	0	0%	0
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	50	-56.9 %	116	50.6 %	77
Profit or loss for the period	DI	3,595,563	-1.8 %	3,660,844	17.3 %	3,120,541
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	93,252	-18.6 %	114,566	-10.4 %	127,845

Other capital resources (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total provisions for risks and charges (Total III)	DR	7,415,097	-5.9 %	7,877,464	23.0 %	6,403,095
Risk provisions	DP	3,839,734	-5.4 %	4,059,107	44.3 %	2,813,724
Reserves for charges	DQ	3,575,363	-6.4 %	3,818,357	6.4 %	3,589,371

Liabilities (IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Liabilities (Total IV)	EC	15,120,196	-8.4 %	16,510,679	-20.4 %	20,748,349
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	163,543	170.2 %	60,527	3257.0 %	1,803
Sundry loans and financial liabilities	DV	1,600,093	0.8 %	1,587,474	9.9 %	1,444,301
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	3,106,445	-34.7 %	4,754,285	-45.3 %	8,689,944
Trade accounts payables	DX	5,204,398	-2.4 %	5,329,754	5.8 %	5,036,415
Tax and social security liabilities	DY	4,484,967	20.5 %	3,723,435	-18.1 %	4,545,749
Fixed asset liabilities	DZ	0	0%	106,833	593.5 %	15,404
Other debts	EA	560,750	-40.9 %	948,371	-6.5 %	1,014,733

Translation loss (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Translation loss (Total V)	ED	859	0%	0	0%	0

Equalization accounts

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	0	0%	0
Of which current bank facilities	EH	0	0%	0	0%	0

Result account

1 - Operating result (I-II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating result (Total I-II)	GG	5,438,026	-9.4 %	5,999,973	13.0 %	5,310,595

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Financial result (Total V-VI)	GV	70,289	246.5 %	-47,983	-738.7 %	7,513

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	5,508,314	-7.5 %	5,951,990	11.9 %	5,318,108

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Extraordinary result (Total VII-VIII)	HI	254,869	872.7 %	26,201	127.4 %	-95,566

Profit or loss

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Profit or loss	HN	3,595,563	-1.8 %	3,660,844	17.3 %	3,120,541

Total Income (I+III+V+VII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Income (Total I+III+V+VII)	HL	54,610,165	0.7 %	54,210,413	3.0 %	52,641,686

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	51,014,601	0.9 %	50,549,569	2.1 %	49,521,149

Operating income (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating income (Total I)	FR	54,160,936	0.2 %	54,056,438	3.1 %	52,426,738

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Sale of goods for resale	FC	8,068,024	-2.2 %	8,249,258	1.2 %	8,154,541
France	FA	1,400,830	8.2 %	1,294,468	-13.2 %	1,490,690
Export	FB	6,667,194	-4.1 %	6,954,790	4.4 %	6,663,851
Sale of goods produced	FF	36,619,378	-6.6 %	39,193,057	9.5 %	35,804,429
France	FD	8,050,251	-1.9 %	8,208,396	-12.4 %	9,366,583
Export	FE	28,569,127	-7.8 %	30,984,661	17.2 %	26,437,846
Sale of services	FI	4,002,815	24.6 %	3,212,097	-7.0 %	3,453,394
France	FG	1,142,583	-7.3 %	1,231,903	5.1 %	1,171,675
Export	FH	2,860,233	44.4 %	1,980,194	-13.2 %	2,281,719
Net turnover	FL	48,690,218	-3.9 %	50,654,412	6.8 %	47,412,364
France	FJ	10,593,664	-1.3 %	10,734,767	-10.8 %	12,028,948
Export	FK	38,096,554	-4.6 %	39,919,645	12.8 %	35,383,416
Stocked production	FM	105,004	106.7 %	-1,566,908	-249.8 %	1,046,298
Self-constructed assets	FN	73,556	39.8 %	52,621	-69.6 %	173,168
Operating grants	FO	23,175	-39.8 %	38,491	133.3 %	16,496
Release of reserves and provisions	FP	4,410,680	4.5 %	4,219,750	30.1 %	3,242,395
Other income	FQ	858,303	30.4 %	658,072	22.8 %	536,017

Operating charges (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating charges (Total II)	GF	48,722,911	1.4 %	48,056,465	2.0 %	47,116,143

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Purchase of goods for resale	FS	0	0%	2,078,145	-1.1 %	2,101,906
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	1,102,839	-16.7 %	1,324,151	4.9 %	1,261,717
Change in stocks of raw materials	FV	5,188	-98.4 %	319,458	738.3 %	-50,046
Other external purchases and charges	FW	26,526,219	11.9 %	23,708,064	-3.7 %	24,609,445
Tax, duty and similar payments	FX	1,262,238	2.9 %	1,226,670	-8.9 %	1,346,547
Payroll	FY	10,494,342	15.7 %	9,071,326	2.3 %	8,866,071
Social security costs	FZ	4,729,539	13.0 %	4,186,345	3.3 %	4,050,745

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Depreciation of fixed assets	GA	545,248	5.1 %	519,031	-17.6 %	629,753
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	147,001	-52.0 %	306,356	-1.0 %	309,511
Provisions for risks and charges	GD	3,889,673	-23.3 %	5,074,379	28.0 %	3,964,533

Other charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Other charges	GE	20,622	-91.5 %	242,540	834.2 %	25,961

Operating charges (III-IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial income (Total V)	GP	171,255	111.1 %	81,144	-26.3 %	110,134
Share financial income	GJ	154,575	111.2 %	73,204	11.7 %	65,526
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	11,724	160.4 %	4,503	-72.6 %	16,440
Released provisions and transferred charges	GM	1,283	1121.9 %	105	0%	0
Exchange gains	GN	3,673	10.2 %	3,332	-88.2 %	28,168
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial charge (Total VI)	GU	100,966	-21.8 %	129,127	25.8 %	102,621
Financial reserves and provisions	GQ	0	0%	1,283	1121.9 %	105
Interest and similar charges	GR	94,559	5.0 %	90,074	7.8 %	83,574
Exchange losses	GS	6,407	-83.0 %	37,770	99.4 %	18,942
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary income (Total VII)	HD	277,973	281.7 %	72,831	-30.5 %	104,814
Extraordinary operating income	HA	0	0%	22,235	127.2 %	9,788
Extraordinary income from capital transactions	HB	245,000	0%	0	0%	23,000
Released provisions and transferred charges	HC	32,973	-34.8 %	50,596	-29.8 %	72,026

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary charges (Total VIII)	HH	23,104	-50.5 %	46,630	-76.7 %	200,380
Extraordinary operating charges	HE	0	0%	9,313	-79.7 %	45,945
Extraordinary charges from capital transactions	HF	11,445	0%	0	0%	915
Extraordinary reserves and provisions	HG	11,659	-68.8 %	37,317	-75.7 %	153,520

Employee profit sharing (IX)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Employee profit sharing (Total IX)	HJ	540,420	-3.1 %	557,549	6.3 %	524,411

Tax on profits (X)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Tax on profits (Total X)	HK	1,627,200	-7.5 %	1,759,798	11.5 %	1,577,594

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	0	0%	0	0%	0
Gross value at the end of period	OL	0	0%	0	0%	0

Research and development Charge (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	CO1	0	0%	0	0%	0
Decreasess by transfers	CO2	0	0%	0	0%	0
Gross value at the end of period	DO	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	KD	0	0%	0	0%	0
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	0	0%	0	0%	0

Tangible fixed assets (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LN	0	0%	0	0%	0
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	0	0%	0	0%	0
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	0	0%	0
Gross value at the end of period	NH	0	0%	0	0%	0

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LQ	0	0%	0	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	0	0%	0
Gross value at the end of period	NK	0	0%	0	0%	0

Reserve for depreciation

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	ON	0	0%	0	0%	0
Increases	OP	0	0%	0	0%	0
Decreasess	OQ	0	0%	0	0%	0
Reserve for depreciation value at the end of period	OR	0	0%	0	0%	0

Research and development charge (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases	PF	0	0%	0	0%	0
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amotisation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	QU	0	0%	0	0%	0
Increases	QV	0	0%	0	0%	0
Decreases	QW	0	0%	0	0%	0
Decreasess by budget item transfer	QX	0	0%	0	0%	0

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Net value at begin 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)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7C	0	0%	0	0%	26,191
Increases	UB	0	0%	0	0%	1,219
Decreases	UC	0	0%	0	0%	0
Value at the end of period	UD	0	0%	0	0%	27,410

Includes Total allocations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UE	0	0%	0	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	5Z	0	0%	0	0%	26,191
Increases	TV	0	0%	0	0%	1,219
Decreases	TW	0	0%	0	0%	0
Value at the end of period	TX	0	0%	0	0%	27,410

Total Provision for depreciation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value	VT	0	0%	0	0%	21,208
1 year at most	VU	0	0%	0	0%	21,201
More than one year	VV	0	0%	0	0%	7

State of loans

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	0	0%	0	0%	7
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	0	0%	10,872
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%	10,165

Prepaid

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid	VS	0	0%	0	0%	165

State Debt

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total debt (gross)	VY	0	0%	0	0%	12,058
1 year at most	VZ2	0	0%	0	0%	10,368
More than 1 year and 5 years at most	VZ3	0	0%	0	0%	1,208
More than 5 years	VZ4	0	0%	0	0%	482

Details

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most	7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Y3	0	0%	0	0%	0
Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most	7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Z3	0	0%	0	0%	0
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0	0%	0
1 year at most	VG2	0	0%	0	0%	0
More than 1 year and 5 years at most	VG3	0	0%	0	0%	0
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most	VH2	0	0%	0	0%	0
More than 1 year and 5 years at most	VH3	0	0%	0	0%	0
Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	1,446
1 year at most	8A2	0	0%	0	0%	238
More than 1 year and 5 years at most	8A3	0	0%	0	0%	1,208
Suppliers and associated accounts (gross)	8B1	0	0%	0	0%	5,036
1 year at most	8B2	0	0%	0	0%	5,036
More than 1 year and 5 years at most	8B3	0	0%	0	0%	5,036
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	0	0%	0	0%	4,546
1 year at most	8D2	0	0%	0	0%	4,064
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 than 5 years	V14	0	0%	0	0%	0
Other liabilities (gross)	8K1	0	0%	0	0%	1,030
1 year at most	8K2	0	0%	0	0%	1,030
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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Loans made during the period	VJ	0	0%	0	0%	326
Debt repaid during the period	VK	0	0%	0	0%	302

Table allocation results and other information

Dividends distributed

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Commitments leasing furniture	YQ	0	0%	0	0%	0
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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Average number of employees	YP	162	0%	0	0%	164

Groups and Shareholders

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Groups and Shareholders	ZR	0	-	-	-	-

Ratios

Structure and Liquidity

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Fixed Asset Financing	1.92	1.1 %	1.90	6.7 %	1.78	2.42	-20.7 %
Global Debt	112 days	-4.3 %	117 days	-25.9 %	158 days	114 days	-1.3 %
Working Capital Fund overall net	86 days	-2.3 %	88 days	12.8 %	78 days	82 days	4.9 %
Financial independence	314.27 %	-8.0 %	341.59 %	-3.2 %	352.83 %	538.86 %	-41.7 %
Solvability	19.74 %	5.3 %	18.75 %	18.5 %	15.82 %	30.59 %	-35.5 %
Capacity debt futures	-	-	-	-	-	21,419.04 %	-
Coverage of current assets by net working capital overall	45.04 %	2.0 %	44.15 %	31.7 %	33.53 %	41.85 %	7.6 %
General Liquidity	-	-	-	-	2.04	0.89	-
Restricted Liquidity	-	-	-	-	103.30	1.41	-

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Need background in operating working capital	83 days	-3.5 %	86 days	24.6 %	69 days	34 days	147.8 %
Treasury	1 days	0%	1 days	-87.5 %	8 days	5 days	-80.0 %
Inventory turnover of goods	-	-	0 days	0%	0 days	0 days	-
Average length of credit granted to customers	106 days	43.2 %	74 days	-10.8 %	83 days	87 days	21.8 %
Average length of credit obtained suppliers	68 days	-2.9 %	70 days	7.7 %	65 days	71 days	-4.2 %
Inventory turnover of raw materials in industrial enterprises	12 days	0%	12 days	-55.6 %	27 days	22 days	-45.5 %
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	733 days	-
Rotation tangible assets	-	-	-	-	-	619.61 %	-

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Margin trading	16.57 %	36.0 %	12.18 %	-4.6 %	12.77 %	0.64 %	2489.1 %
Profitability of the business	9.80 %	-31.7 %	14.34 %	5.2 %	13.63 %	10.23 %	-4.2 %
Net profit	7.38 %	2.1 %	7.23 %	9.9 %	6.58 %	6.93 %	6.5 %
Growth rate of turnover (excluding VAT)	-3.88 %	-156.7 %	6.84 %	-72.4 %	24.75 %	-2.50 %	-55.2 %
Rates integration	43.61 %	1.7 %	42.86 %	-1.9 %	43.68 %	32.71 %	33.3 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	71.69 %	17.4 %	61.07 %	-2.1 %	62.37 %	69.23 %	3.6 %
Weight interests	0.21 %	-16.0 %	0.25 %	13.6 %	0.22 %	0.25 %	-16.0 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Cash flow from the overall profitability	8.05 %	-3.4 %	8.33 %	1.7 %	8.19 %	8.07 %	-0.2 %
Rates of economic profitability	65.00 %	-35.0 %	100.00 %	1.0 %	99.00 %	33.00 %	97.0 %
Financial profitability	5,542,664.00 %	-1.5 %	5,629,416.00 %	10.3 %	5,102,353.00 %	426,967.50 %	1198.1 %
Return on investment	50.59 %	-2.9 %	52.08 %	5.8 %	49.22 %	26.66 %	89.8 %

Management intermediate balances

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Turnover	48,690,218	-3.9 %	50,654,412	6.8 %	47,412,364	1,586,705	2968.6 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of goods	8,068,024	-2.2 %	8,249,258	1.2 %	8,154,541		-
- Purchase of goods	0	0%	2,078,145	-1.1 %	2,101,906		-
+/- Stock of goods variation	0	0%	0	0%	0		-
Trading margin	8,068,024 €	30.7 %	6,171,113 €	2.0 %	6,052,635 €	13,701 €	58788.5 %
	16.57 % CA	36.0 %	12.18 % CA	-4.6 %	12.77 % CA	0.64 % CA	2489.1 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sale of goods produced	40,622,193	-4.2 %	42,405,154	8.0 %	39,257,823		-
+/- Stocked production	105,004	106.7 %	-1,566,908	-249.8 %	1,046,298		-
+ Self-constructed assets	73,556	39.8 %	52,621	-69.6 %	173,168		-
Period production	40,800,753 €	-0.2 %	40,890,867 €	1.0 %	40,477,289 €	1,279,597 €	3088.6 %
	83.80 % CA	3.8 %	80.73 % CA	-5.4 %	85.37 % CA	97.20 % CA	-13.8 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Trading margin	8,068,024	30.7 %	6,171,113	2.0 %	6,052,635	13,701	58788.5 %
+ Period Production	40,800,753	-0.2 %	40,890,867	1.0 %	40,477,289	1,279,597	3088.6 %
- Purchase of raw materials	1,102,839	-16.7 %	1,324,151	4.9 %	1,261,717		-
+/- Change in stocks of raw materiels	5,188	-98.4 %	319,458	738.3 %	-50,046		-
- Other external purchases and charges	26,526,219	11.9 %	23,708,064	-3.7 %	24,609,445		-
Added value	21,234,531 €	-2.2 %	21,710,307 €	4.8 %	20,708,808 €	605,793 €	3405.2 %
	43.61 % CA	1.7 %	42.86 % CA	-1.9 %	43.68 % CA	32.71 % CA	33.3 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Added value	21,234,531 €	-2.2 %	21,710,307 €	4.8 %	20,708,808 €	605,793 €	3405.2 %
+ Operating grants	23,175	-39.8 %	38,491	133.3 %	16,496		-
- Tax, duty and similar payments	1,262,238	2.9 %	1,226,670	-8.9 %	1,346,547		-
- Personal charges	15,223,881	14.8 %	13,257,671	2.6 %	12,916,816		-
Gross operating surplus	4,771,587 €	-34.3 %	7,264,457 €	12.4 %	6,461,941 €	83,503 €	5614.3 %
	9.80 % CA	-31.7 %	14.34 % CA	5.2 %	13.63 % CA	10.23 % CA	-4.2 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Gross operating surplus	4,771,587 €	-34.3 %	7,264,457 €	12.4 %	6,461,941 €	83,503 €	5614.3 %
+ Release of reserves and provisions	4,410,680	4.5 %	4,219,750	30.1 %	3,242,395		-
+ Other operating income	858,303	30.4 %	658,072	22.8 %	536,017		-
- Depreciation/ Amortisation	4,581,922	-22.3 %	5,899,766	20.3 %	4,903,797		-
- Other charges	20,622	-91.5 %	242,540	834.2 %	25,961		-
Operating result	5,438,026 €	-9.4 %	5,999,973 €	13.0 %	5,310,595 €	107,558 €	4955.9 %
	11.17 % CA	-5.7 %	11.84 % CA	5.7 %	11.20 % CA	9.07 % CA	23.2 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Operating result	5,438,026 €	-9.4 %	5,999,973 €	13.0 %	5,310,595 €	107,558 €	4955.9 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	171,255	111.1 %	81,144	-26.3 %	110,134		-
- Financial charges	100,966	-21.8 %	129,127	25.8 %	102,621		-
Pre-tax result	5,508,315 €	-7.5 %	5,951,990 €	11.9 %	5,318,108 €	68,594 €	7930.3 %
	11.31 % CA	-3.7 %	11.75 % CA	4.7 %	11.22 % CA	8.85 % CA	27.8 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Extraordinary income	277,973	281.7 %	72,831	-30.5 %	104,814	9,038	2975.6 %
- Extraordinary charges	23,104	-50.5 %	46,630	-76.7 %	200,380		-
Extraordinary result	254,869 €	872.7 %	26,201 €	127.4 %	-95,566 €	-256 €	99853.0 %
	0.52 % CA	940.0 %	0.05 % CA	125.0 %	-0.20 % CA	-0.03 % CA	1833.3 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Pre-tax result	5,508,315 €	-7.5 %	5,951,990 €	11.9 %	5,318,108 €	68,594 €	7930.3 %
Extraordinary result	254,869 €	872.7 %	26,201 €	127.4 %	-95,566 €	-256 €	99853.0 %
- Employee profit sharing	540,420	-3.1 %	557,549	6.3 %	524,411		-
- Tax on profits	1,627,200	-7.5 %	1,759,798	11.5 %	1,577,594		-
Net result	3,595,564 €	-1.8 %	3,660,844 €	17.3 %	3,120,537 €	75,559 €	4658.6 %
	7.38 % CA	2.1 %	7.23 % CA	9.9 %	6.58 % CA	6.93 % CA	6.5 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.51
UK Pound	1	Rs.97.85
Euro	1	Rs.70.50

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

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%)

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