MIRA INFORM REPORT

Report No. :	333986
Report Date :	27.07.2015

IDENTIFICATION DETAILS

Name :	TENTHOREY
Registered Office :	Tenthorey Zi De La Plaine De La Plaine 88510 Eloyes
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	January 1954
Legal Form :	Simplified joint stock company
Line of Business :	Weaving of Fabrics for Technical Purpose (Wholesale )
No. of Employees :	20 to 49 employees

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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 summary

SIRET	305 450 413 00078	Click to view full map.
Name	TENTHOREY
Acronym	-
Trade name	-
Status	Economically active
Postal Address	TENTHOREY ZI DE LA PLAINE DE LA PLAINE 88510 ELOYES
Share Capital	4,972,400 Euros
Incorporiation Date	-
Activity (APE)	Weaving (1320Z)	RCS Registration	RCS Epinal B 305 450 413
Formation Date	01/1954	EUR VAT Number	FR11305450413
Deregistration Date	-	Last account Date	31/12/2012
Court Registry Number	54 B 00041	Telephone	03 29 32 33 60
Registration Court	Epinal (88)	Fax	03 29 32 36 25
Nationality	France	Legal form	Simplified joint stock company
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2012	8,878,256 €	-8.37% Turnover	20,823,993 €	-811,163 €	20 to 49 employees
31/12/2011	11,358,666 €	-15.02% Turnover	21,655,079 €	-980,368 €	-
31/12/2010	10,542,038 €	-13.43% Turnover	20,578,856 €	-941,683 €	-

Details

Ultimate Holding Company

Name	Country	Company Number
TENTHOREY		305450413
Affiliation links.

Directors

Current Directors

2

View Details

Payment Data Programme

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Preferential Right

No social security and tax office preferential right to date

Payment Information Summary – Trade Payment Data

Total number of Invoices available	1
Total number of Invoices paid within or up to 30 days after the due date	1
Total number of Invoices paid more than 30 days after the dues date	0
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	1320Z	Activity	Tissage
Formation Date	03/2003	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	-
Trading Address	DE LA PLAINE 88510 ELOYES	Department	Vosges (88)
Location Surface	-	District	1
City	ELOYES	Status	Economically active
Business Pages FT®	FABRICS TECHNICAL PURPOSE (WHOLESALE )	Region	Lorraine
		Area	23
		Size of Urban Area	-

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
TENTHOREY	Tissage	1320Z	ELOYES	88510

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	2 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
TENTHOREY	Head Office	1320Z	Tissage	ELOYES	88510
TENTHOREY	Branch	1320Z	Tissage	ELOYES	88510
TENTHOREY	Branch	1320Z	Tissage	POUXEUX	88550

Workforces

Workforce at address

20 to 49 employees

Company workforce

20 to 49 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 more than 250,000€

The ratio total assets to total liabilities is 5.36

The tangible fixed assets are 873,667 €

Industry code with low risk rating

The company is 61 years old

The pre-tax profit is less than 25,000€

The sales to current assets ratio is 0.46

The liquidity acid test is less than 65%

The debtor days are 182.25

The return on total assets employed is negative

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	18/11/2008
Status of Monitoring	No social security and tax office preferential right to date

Preferential rights details and history

Summary of preferential rights

Company monitored since	18/11/2008
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	TENTHOREY
Direct parent	-
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

	Name	SIREN	Parts	Last account published
1	TENTHOREY	305450413	-	31/12/2012
2	ELECTRICITE DU SAUT DU BROC	487582025	99.90 %	31/12/2012
	TISSAGE D ELOYES	487700536	99 %	31/12/2012

Linkages

No Linkages information available for the company.

Director(s)

Name	M. DUBIEF YVES
Manager position	President	Date of birth	03/12/1957
Place of birth	NEUILLY SUR SEINE
Type	Individual	Name at birth
				View Details
Name	M. BECQUART JOEL
Manager position	Managing director	Date of birth	19/05/1952
Place of birth	MAZINGARBE
Type	Individual	Name at birth

Previous Directors

No data about previous directors is available for this company

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	30/10/2013	Bodacc C	Comptes annuels et rapports
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'EPINAL 14194 - 305450413 RCS. TENTHOREY. Forme : Société par actions simplifiée. Adresse : zi 88510 Eloyes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	30/11/2012	Bodacc C	Comptes annuels et rapports
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'ÉPINAL 11994 - 305450413 RCS. TENTHOREY. Forme : Société par actions simplifiée. Adresse : Zi de la Plaine 88510 Eloyes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	26/11/2011	Bodacc C	Comptes annuels et rapports
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'ÉPINAL 12692 - 305450413 RCS. TENTHOREY. Forme : Société par actions simplifiée. Adresse : zi de la Plaine 88510 Eloyes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
Hide	03/01/2011	Bodacc C	Comptes annuels et rapports
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'ÉPINAL 12478 - 305450413 RCS. TENTHOREY. Forme : Société par actions simplifiée. Adresse : zi de la Plaine 88510 Eloyes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	22/02/2010	Bodacc C	Comptes annuels et rapports
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'EPINAL 10957 - 305450413 RCS. TENTHOREY. Forme : Société par actions simplifiée. Adresse : zi de la Plaine 88510 Eloyes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	22/02/2010	Bodacc C	Comptes annuels, consolidés et rapports
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'EPINAL 10958 - 305450413 RCS. TENTHOREY. Forme : Société par actions simplifiée. Adresse : zi de la Plaine 88510 Eloyes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	18/12/2008	Bodacc C	Comptes annuels et rapports
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'EPINAL 9253 - 305450413 RCS. TENTHOREY. Forme : Société par actions simplifiée. Adresse : Zone Industrielle de la Plaine 88510 Eloyes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	18/12/2008	Bodacc C	Comptes consolidés et rapports
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'EPINAL 9254 - 305450413 RCS. TENTHOREY. Forme : Société par actions simplifiée. Adresse : Zone Industrielle de la Plaine 88510 Eloyes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	04/09/2008	Bodacc B	Modification et mutation diverse
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'EPINAL 2807 - 305 450 413 RCS Epinal. TENTHOREY. Forme : Société par actions simplifiée. Administration : Président : DUBIEF YVES. Directeur général : BECQUART JOEL MARIE BERNARD. Commissaire aux comptes titulaire : ALPHA AUDIT (SA). Commissaire aux comptes suppléant : PFLIMLIN PHILIPPE. Co-commissaire aux comptes titulaire : DEBRA Marc. Co-commissaire aux comptes suppléant : SOCIETE FIDUCIAIER DE REVISION (SA). Capital : 4972400 EUR. Commentaires : Modification survenue sur l'administration, le capital.
Hide	04/06/2008	Bodacc B	Modification et mutation diverse
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'EPINAL 2742 - 305 450 413 RCS Epinal. TENTHOREY. Forme : Société par actions simplifiée. Capital : 4956050 EUR. Commentaires : Modification survenue sur le capital.
Hide	20/12/2007	Bodacc C	Avis de dépôt des comptes
12382 - 305 450 413. RCS Epinal TENTHOREY. Forme: Société par actions simplifiée. Adresse du siège social: Zone Industrielle de la Plaine 88510 Eloyes. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
Hide	23/03/2007	Bodacc B	Modifications et mutations diverses
2273 - RCS Epinal 305 450 413. RC 54-B 41. TENTHOREY. Forme : S.A.S. Capital : 4 479 800 euros. Adresse du siège social : Z.I. de la Paine,, 88510 Commentaires : suppression de l'activité de filature de coton, précédemment donnée en location-gérance, exploitée 6 rue Christian-Kiener, 88510 Eloyes, suite à l'apport partiel d'actif à la S.A.R.L. FILATURE D'ELOYES, RCS Epinal B 487 581 795, avec résiliation de la location-gérance. Suppression partielle d'activité de l'établissement complémentaire. Date d'effet : 30 novembre 2006.
Hide	23/03/2007	Bodacc B	Modifications et mutations diverses
2274 - RCS Epinal 305 450 413. RC 54-B 41. TENTHOREY. Forme : S.A.S. Capital : 4 479 800 euros. Adresse du siège social : Z.I. de la Plaine,, 88510 Commentaires : suppression des activités de préparation, tissage et encollage, précédemment données en location-gérance, sises Z.I. de la Plaine, 88510 Eloyes, suite à l'apport partiel d'actif à la S.A.R.L. WSPU, RCS Epinal B 487 582 330, avec résiliation de la location-gérance. Date d'effet : 30 novembre 2006.
Hide	27/01/2007	Bodacc C	Avis de dépôt des comptes
9792 - RCS Epinal B 305 450 413. RC 54-B 41. TENTHOREY. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: Z.I. de la Plaine,88510 Eloyes. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	23/06/2006	Bodacc B	Modifications et mutations diverses
1180 - RCS Epinal 305 450 413. RC 54-B 41. TENTHOREY. Forme : S.A.S. Capital : 4 479 800 euros. Adresse du siège social : Z.I. de la Plaine,, 88510 Administration : administrateurs partants : THOMAS (Raymond) et HALB (Claude). Nouveau président : DUBIEF (Yves). Ancien commissaire aux comptes suppléant : SCHWOB (Bernard). Nouveau commissaire aux comptes suppléant : PFLIMLIN (Philippe). Nomination en qualité de directeur général : BECQUART (Joël). Commentaires : modification survenue sur la forme juridique. Ancienne : S.A. Date d'effet : 24 décembre 2005.
Hide	02/05/2006	Bodacc C	Avis de dépôt des comptes
4527 - RCS Epinal B 305 450 413. RC 54-B 41. TENTHOREY. Forme: S.A. Adresse du siège social: Z.I. de la Plaine,88510 Eloyes. Comptes annuels et rapports de l'exercice clos le: 30 juin 2005.
Hide	17/02/2006	Bodacc B	Modifications et mutations diverses
1332 - RCS Epinal 305 450 413. RC 54-B 41. TENTHOREY. Forme : S.A. Capital : 4 479 800 euros. Adresse du siège social : Z.I. de la Plaine,, 88510 Commentaires : la partie tissage est donnée en location-gérance à la S.A.R.L. WSPU. La société conserve l'exploitation de la gestion administrative, financière, comptable et commerciale. Date d'effet : 1er janvier 2006.
Hide	17/02/2006	Bodacc B	Modifications et mutations diverses
1333 - RCS Epinal 305 450 413. RC 54-B 41. TENTHOREY. Forme : S.A. Capital : 4 479 800 euros. Adresse du siège social : Z.I. de la Plaine,, 88510 Commentaires : la partie tissage est donnée en location-gérance à la STE TISSAGE D'ELOYES S.N.C. Date d'effet : 1er janvier 2006.
Hide	25/08/2005	Bodacc B	Modifications et mutations diverses
1863 - RCS Epinal 305 450 413. RC 54-B 41. TENTHOREY. Forme : S.A. Capital : 4 479 800 euros. Adresse du siège social : Z.I. de la Plaine,, 88510 Administration : nomination de THOMAS (Raymond) en qualité d'administrateur, en remplacement de GALICHON (Gérard). Date d'effet : 28 octobre 2004.
Hide	13/04/2005	Bodacc C	Avis de dépôt des comptes
3877 - RCS Epinal B 305 450 413. RC 54-B 041. TENTHOREY. Forme: S.A. Adresse du siège social: Z.I. de la Plaine,88510 Eloyes. Comptes annuels et rapports de l'exercice clos le: 30 juin 2004.
Hide	23/12/2003	Bodacc B	Modifications et mutations diverses
RCS Epinal B 305450413 RC 54-B 041 TENTHOREY. Forme : S.A. Capital : 4 479 800 euros. Adresse du siège social : Z.I. de la Plaine, 88510 Eloyes Etablissement principal: Adresse : Z.I. de la Plaine, 88510 Eloyes. Commentaires : transfert du siège social et de l'établissement principal du 6 rue Christian-Kiener, 88510 Eloyes. Date d'effet : 1 e r septembre 2003.
Hide	20/07/2003	Bodacc B	Modifications et mutations diverses
RCS Epinal B 305450413 RC 54-B 041 TENTHOREY. Forme : S.A. Capital : 4 479 800 euros. Adresse du siège social : 6 rue Christian-Kiener, 88510 Eloyes. Administration : ancien administrateur : PERRIN (Michel). Nouvel administrateur : HALB (Jean-Claude). Date d'effet : 23 décembre 2002.
Hide	31/03/2001	Bodacc B	Modifications et mutations diverses
RCS Epinal B 305450413 RC 54-B 041 TENTHOREY. Forme : S.A. Capital : 4 479 800 euros. Adresse du siège social : 6 rue Christian-Kiener, 88510 Eloyes. Commentaires : augmentation du capital et conversion en euros. Date d'effet : 29 décembre 2000.
Hide	29/05/1997	Bodacc A	Création d'établissement
RCS Epinal B 305 450 413 RC 54-B 041 TENTHOREY. Forme : S.A. Capital : 26 878 800 F (fixe). Adresse du siège social : 6 rue Christian-Kiener, 88510 Eloyes Fonds acquis par fusion-absorption au montant évalué à 1 028 607,77 F. Date d'effet : 30 décembre 1996. Précédent propriétaire : (dont le siège est sis rue de l'Usine, 88510 Eloyes) SOCIETE FERMIERE DE LA FILATURE ET DU TISSAGE DU SAUT DU BROC. RCS Epinal B 304 450 363 Publication légale: La Liberté de l' Est du 29 janvier 1997 déclaration de créances: au greffe du tribunal de commerce d'Epinal.

Synthesized Accounts

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	21/11/2013	14/01/2013	12/11/2011
Activity Code	1320Z	1320Z	1320Z
Employees	0	0	13

Active account

	31/12/2012	Variation	31/12/2011	Variation	31/12/2010	Sector Average 2012		Sector Median 2012
Capital not called	0 0 K	0%	0 0 K	0%	0 0 K	609.76 0.61 K	0%	0 0 K	0%
Total fixed assets	6,411,187 6,411 K	-8.5 %	7,003,699 7,004 K	74.2 %	4,020,969 4,021 K	1,256,766.99 1,256.77 K	410.1 %	106,862 107 K	5899.5 %
Intangible assets	680,298 680 K	-2.4 %	696,741 697 K	1813.1 %	36,420 36 K	110,950.12 110.95 K	513.2 %	3,662 4 K	18477.2 %
Tangible assets	873,667 874 K	-14.5 %	1,022,214 1,022 K	109.7 %	487,469 487 K	439,475.08 439.48 K	98.8 %	48,235 48 K	1711.3 %
Financial assets	4,955,422 4,955 K	-7.1 %	5,333,840 5,334 K	52.5 %	3,497,074 3,497 K	722,793.65 722.79 K	585.6 %	4,894 5 K	101155.0 %
Net current assets	19,185,910 19,186 K	4.3 %	18,388,326 18,388 K	-8.5 %	20,095,513 20,096 K	3,540,185.33 3,540.19 K	441.9 %	775,938 776 K	2372.6 %
Stocks	2,826,880 2,827 K	12.7 %	2,508,496 2,508 K	-10.9 %	2,816,148 2,816 K	1,032,840.96 1,032.84 K	173.7 %	198,470 198 K	1324.3 %
Advanced payments	0 0 K	0%	0 0 K	0%	0 0 K	177,408.89 177.41 K	0%	0 0 K	0%
Receivables	4,433,086 4,433 K	24.3 %	3,567,684 3,568 K	-23.5 %	4,662,577 4,663 K	1,713,701.35 1,713.70 K	158.7 %	311,826 312 K	1321.7 %
Securities and cash	11,925,944 11,926 K	-3.1 %	12,312,143 12,312 K	-2.4 %	12,616,785 12,617 K	676,688.85 676.69 K	1662.4 %	74,071 74 K	16000.7 %
Prepaid expenses	- -	-	- -	-	- -	1,783.80 1.78 K	-	440 0 K	-
Accounts of regularization	0 0 K	0%	0 0 K	0%	0 0 K	21,269.71 21.27 K	0%	0 0 K	0%
Total Assets	25,597,097 25,597 K	0.8 %	25,392,023 25,392 K	5.3 %	24,116,479 24,116 K	4,816,998.63 4,817.00 K	431.4 %	1,000,027 1,000 K	2459.6 %

Passive Account

	31/12/2012	Variation	31/12/2011	Variation	31/12/2010	Sector Average 2012		Sector Median 2012
Shareholders' equity	20,823,993 20,824 K	-3.8 %	21,655,079 21,655 K	5.2 %	20,578,856 20,579 K	2,514,130.06 2,514.13 K	728.3 %	365,813 366 K	5592.5 %
Share capital	4,972,400 4,972 K	0%	4,972,400 4,972 K	0%	4,972,400 4,972 K	680,856.59 680.86 K	630.3 %	103,650 104 K	4697.3 %
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	28,717.87 28.72 K	0%	0 0 K	0%
Risk Provisions	35,660 36 K	-16.0 %	42,448 42 K	43.8 %	29,511 30 K	189,822.23 189.82 K	-81.2 %	0 0 K	0%
Liabilities	4,737,440 4,737 K	28.2 %	3,694,493 3,694 K	5.3 %	3,508,110 3,508 K	2,071,379.94 2,071.38 K	128.7 %	383,762 384 K	1134.5 %
Financial liabilities	2,841,946 2,842 K	34.6 %	2,111,815 2,112 K	21.3 %	1,740,683 1,741 K	780,029.01 780.03 K	264.3 %	85,633 86 K	3218.8 %
Advanced payments received	0 0 K	0%	0 0 K	0%	0 0 K	8,211.63 8.21 K	0%	0 0 K	0%
Trade account payables	1,439,776 1,440 K	26.5 %	1,138,101 1,138 K	-19.0 %	1,405,538 1,406 K	778,828.30 778.83 K	84.9 %	143,707 144 K	901.9 %
Tax and social liabilities	279,489 279 K	45.3 %	192,419 192 K	-19.7 %	239,569 240 K	315,309.35 315.31 K	-11.4 %	102,501 103 K	172.7 %
Other debts and fixed assets liabilities	175,877 176 K	-29.9 %	250,942 251 K	107.5 %	120,921 121 K	219,301.33 219.30 K	-19.8 %	10,702 11 K	1543.4 %
Account regularization	352 0 K	-71.1 %	1,216 1 K	-13.0 %	1,397 1 K	12,527.18 12.53 K	-97.2 %	0 0 K	0%
Total liabilities	25,597,098 25,597 K	0.8 %	25,392,023 25,392 K	5.3 %	24,116,478 24,116 K	4,816,998.57 4,817.00 K	431.4 %	1,000,030 1,000 K	2459.6 %

Results

	31/12/2012	Variation	31/12/2011	Variation	31/12/2010	Sector Average 2012		Sector Median 2012
Sales of Goods	9,869,134 9,869 K	-14.0 %	11,477,930 11,478 K	2.6 %	11,183,543 11,184 K	5,851,657.51 5,851.66 K	68.7 %	1,469,130 1,469 K	571.8 %
Net turnover	8,878,256 8,878 K	-21.8 %	11,358,666 11,359 K	7.7 %	10,542,038 10,542 K	5,635,814.19 5,635.81 K	57.5 %	1,388,962 1,389 K	539.2 %
of which net export turnover	1,887,928 1,888 K	33.0 %	1,418,983 1,419 K	-4.0 %	1,477,945 1,478 K	2,750,141.04 2,750.14 K	-31.4 %	134,185 134 K	1307.0 %
Operating charges	10,572,347 10,572 K	-19.5 %	13,135,809 13,136 K	4.4 %	12,584,053 12,584 K	5,741,608.99 5,741.61 K	84.1 %	1,387,220 1,387 K	662.1 %
Operating profit/loss	-703,213 -703 K	57.6 %	-1,657,879 -1,658 K	-18.4 %	-1,400,510 -1,401 K	110,048.50 110.05 K	-739.0 %	1,261 1 K	-55866.3 %
Financial income	1,103,293 1,103 K	25.6 %	878,455 878 K	33.3 %	659,063 659 K	158,388.58 158.39 K	596.6 %	1,951 2 K	56450.1 %
Financial charges	587,796 588 K	38.2 %	425,414 425 K	137.5 %	179,134 179 K	143,565.07 143.57 K	309.4 %	8,260 8 K	7016.2 %
Financial profit/loss	515,497 515 K	13.8 %	453,041 453 K	-5.6 %	479,929 480 K	14,823.51 14.82 K	3377.6 %	-902 -1 K	57250.4 %
Pretax net operating income	-1,309,047 -1,309 K	9.1 %	-1,439,614 -1,440 K	-14.6 %	-1,255,768 -1,256 K	118,599.44 118.60 K	-1203.8 %	442 0 K	-296264.5 %
Extraordinary income	79,617 80 K	-75.1 %	319,864 320 K	318.6 %	76,404 76 K	235,527.20 235.53 K	-66.2 %	4,181 4 K	1804.3 %
Extraordinary charges	2,308 2 K	-97.8 %	103,368 103 K	926.7 %	10,068 10 K	125,754.39 125.75 K	-98.2 %	1,726 2 K	33.7 %
Extraordinary profit/loss	77,309 77 K	-64.3 %	216,496 216 K	226.4 %	66,335 66 K	109,772.79 109.77 K	-29.6 %	0 0 K	0%
Net result	-811,163 -811 K	17.3 %	-980,368 -980 K	-4.1 %	-941,683 -942 K	189,145.15 189.15 K	-528.9 %	17,032 17 K	-4862.6 %

Accounts – Active

Normal Account

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

Grand Total - Active Accounts (I to VI)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Grand Total (I to VI)	Net	25,597,097 25,597 K	0.8 %	25,392,023 25,392 K	5.3 %	24,116,479 24,116 K
Gross	CO	35,521,157 35,521 K	-0.4 %	35,674,032 35,674 K	7.0 %	33,331,204 33,331 K
Amortisation	1A	9,924,060 9,924 K	-3.5 %	10,282,009 10,282 K	11.6 %	9,214,725 9,215 K

Non declared distributed capital (I)

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

Active fixed asset (II)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total Active fixed asset (II)	Net	6,411,187 6,411 K	-8.5 %	7,003,699 7,004 K	74.2 %	4,020,969 4,021 K
Gross	BJ	15,932,821 15,933 K	-1.7 %	16,210,705 16,211 K	33.1 %	12,180,353 12,180 K
Amortisation	BK	9,521,634 9,522 K	3.4 %	9,207,006 9,207 K	12.8 %	8,159,384 8,159 K

Intangible fixed assets

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Start-up cost	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AC	0 0 K	0%	0 0 K	0%	0 0 K
R&D expenses	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CX	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AE	0 0 K	0%	0 0 K	0%	0 0 K
Distributorships, patents	Net	229 0 K	-98.6 %	16,672 17 K	-54.2 %	36,420 36 K
Gross	AF	1,017,108 1,017 K	0.0 %	1,017,107 1,017 K	-16.5 %	1,218,622 1,219 K
Amortisation	AG	1,016,879 1,017 K	1.6 %	1,000,435 1,000 K	-15.4 %	1,182,202 1,182 K
Goodwill	Net	680,069 680 K	0%	680,069 680 K	0%	0 0 K
Gross	AH	680,069 680 K	0%	680,069 680 K	0%	0 0 K
Amortisation	AI	98,200 98 K	100.0 %	49,100 49 K	0%	0 0 K
Other intangible fixed assets	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AJ	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AK	0 0 K	0%	0 0 K	0%	0 0 K
Pre-payments and downpayments	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AL	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AM	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Intangible asset	Net	680,298 680 K	-2.4 %	696,741 697 K	1813.1 %	36,420 36 K

Tangilble fixed assets

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Lands	Net	27,402 27 K	0.0 %	27,401 27 K	0%	27,401 27 K
Gross	AN	130,173 130 K	0.0 %	130,172 130 K	0%	130,172 130 K
Amortisation	AO	102,771 103 K	0%	102,771 103 K	0%	102,771 103 K
Buildings	Net	89,882 90 K	-13.1 %	103,420 103 K	-14.0 %	120,270 120 K
Gross	AP	1,215,960 1,216 K	0%	1,215,960 1,216 K	1.2 %	1,201,075 1,201 K
Amortisation	AQ	1,126,078 1,126 K	1.2 %	1,112,540 1,113 K	2.9 %	1,080,805 1,081 K
Plant	Net	725,521 726 K	-17.0 %	874,279 874 K	254.8 %	246,446 246 K
Gross	AR	7,579,063 7,579 K	-0.9 %	7,648,034 7,648 K	32.3 %	5,781,147 5,781 K
Amortisation	AS	6,853,542 6,854 K	1.2 %	6,773,755 6,774 K	22.4 %	5,534,701 5,535 K
Other tangible fixed assets	Net	30,056 30 K	84.3 %	16,309 16 K	-29.8 %	23,247 23 K
Gross	AT	193,972 194 K	5.6 %	183,617 184 K	1.4 %	181,055 181 K
Amortisation	AU	163,916 164 K	-2.0 %	167,308 167 K	6.0 %	157,808 158 K
Fixed assets in construction	Net	806 1 K	0.1 %	805 1 K	0%	805 1 K
Gross	AV	806 1 K	0.1 %	805 1 K	0%	805 1 K
Amortisation	AW	0 0 K	0%	0 0 K	0%	0 0 K
Advances and payments on account	Net	0 0 K	0%	0 0 K	0%	69,300 69 K
Gross	AX	0 0 K	0%	0 0 K	0%	69,300 69 K
Amortisation	AY	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Tangible asset	Net	873,667 874 K	-14.5 %	1,022,214 1,022 K	109.7 %	487,469 487 K

Financial assets

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Associates at equity	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CS	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CT	0 0 K	0%	0 0 K	0%	0 0 K
Other participations	Net	4,692,565 4,693 K	-3.3 %	4,851,714 4,852 K	76.6 %	2,746,714 2,747 K
Gross	CU	4,851,715 4,852 K	0.0 %	4,851,714 4,852 K	70.4 %	2,846,714 2,847 K
Amortisation	CV	159,150 159 K	0%	0 0 K	0%	100,000 100 K
Inter-company receivables	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BC	0 0 K	0%	0 0 K	0%	0 0 K
Other investment securities	Net	4,338 4 K	0.0 %	4,339 4 K	0%	4,339 4 K
Gross	BD	5,436 5 K	0%	5,436 5 K	0%	5,436 5 K
Amortisation	BE	1,098 1 K	0.1 %	1,097 1 K	0%	1,097 1 K
Loans	Net	240,044 240 K	-48.8 %	468,912 469 K	-36.4 %	737,146 737 K
Gross	BF	240,044 240 K	-48.8 %	468,912 469 K	-36.4 %	737,146 737 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	18,475 18 K	108.2 %	8,875 9 K	0%	8,875 9 K
Gross	BH	18,475 18 K	108.2 %	8,875 9 K	0%	8,875 9 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	4,955,422 4,955 K	-7.1 %	5,333,840 5,334 K	52.5 %	3,497,074 3,497 K

Current Assets (III)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total Assets	Net	19,185,910 19,186 K	4.3 %	18,388,326 18,388 K	-8.5 %	20,095,513 20,096 K
Gross	CJ	19,588,337 19,588 K	0.6 %	19,463,324 19,463 K	-8.0 %	21,150,848 21,151 K
Amortisation	CK	402,427 402 K	-62.6 %	1,074,998 1,075 K	1.9 %	1,055,338 1,055 K

Stocks

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Raw materials	Net	19,240 19 K	18.6 %	16,228 16 K	37.0 %	11,843 12 K
Gross	BL	19,240 19 K	-5.2 %	20,285 20 K	37.0 %	14,803 15 K
Amortisation	BM	0 0 K	0%	4,057 4 K	37.1 %	2,960 3 K
Work in progress (goods)	Net	867,729 868 K	9.2 %	794,616 795 K	-45.7 %	1,464,153 1,464 K
Gross	BN	955,418 955 K	6.6 %	896,034 896 K	-45.3 %	1,636,984 1,637 K
Amortisation	BO	87,689 88 K	-13.5 %	101,418 101 K	-41.3 %	172,831 173 K
Work in progress (services)	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BP	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BQ	0 0 K	0%	0 0 K	0%	0 0 K
Semi-finished and finished products	Net	1,939,911 1,940 K	14.3 %	1,697,652 1,698 K	26.7 %	1,340,152 1,340 K
Gross	BR	1,970,269 1,970 K	6.1 %	1,857,320 1,857 K	11.4 %	1,667,006 1,667 K
Amortisation	BS	30,358 30 K	-81.0 %	159,668 160 K	-51.2 %	326,854 327 K
Goods for resale	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BT	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BU	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Stocks	Net	2,826,880 2,827 K	12.7 %	2,508,496 2,508 K	-10.9 %	2,816,148 2,816 K

Advance payments to suppliers

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Advance payments to suppliers	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BV	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BW	0 0 K	0%	0 0 K	0%	0 0 K

Debtors

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Trade accounts receivable	Net	1,334,732 1,335 K	-14.4 %	1,558,653 1,559 K	1.6 %	1,533,762 1,534 K
Gross	BX	1,430,490 1,430 K	-31.7 %	2,093,900 2,094 K	2.6 %	2,041,104 2,041 K
Amortisation	BY	95,758 96 K	-82.1 %	535,247 535 K	5.5 %	507,342 507 K
Other debtors	Net	3,071,007 3,071 K	58.4 %	1,938,461 1,938 K	-36.7 %	3,060,201 3,060 K
Gross	BZ	3,071,007 3,071 K	58.4 %	1,938,461 1,938 K	-36.7 %	3,060,201 3,060 K
Amortisation	CA	0 0 K	0%	0 0 K	0%	0 0 K
Capital subscribed and called up	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CC	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total debtors	Net	4,405,739 4,406 K	26.0 %	3,497,114 3,497 K	-23.9 %	4,593,963 4,594 K

Divers

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Investment securities	Net	10,586,330 10,586 K	-9.0 %	11,638,144 11,638 K	-5.7 %	12,335,624 12,336 K
Gross	CD	10,774,952 10,775 K	-9.6 %	11,912,752 11,913 K	-3.8 %	12,380,975 12,381 K
Amortisation	CE	188,622 189 K	-31.3 %	274,608 275 K	505.5 %	45,351 45 K
Cash and cash equivalents	Net	1,339,614 1,340 K	98.8 %	673,999 674 K	139.7 %	281,161 281 K
Gross	CF	1,339,614 1,340 K	98.8 %	673,999 674 K	139.7 %	281,161 281 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	11,925,944 11,926 K	-3.1 %	12,312,143 12,312 K	-2.4 %	12,616,785 12,617 K

Prepaid expenses

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Prepaid expenses	Net	27,347 27 K	-61.2 %	70,570 71 K	2.9 %	68,614 69 K
Gross	CH	27,347 27 K	-61.2 %	70,570 71 K	2.9 %	68,614 69 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Multi-period charges	CW3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Premiums on redemption of bonds	CM3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Currency differential gain	CN3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Due within one year	CP	0 0 K	0%	228,869 229 K	-14.7 %	268,234 268 K
Due after one year	CR	0 0 K	0%	559,221 559 K	8.9 %	513,316 513 K

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Grand Total (I to V)	EE	25,597,098 25,597 K	0.8 %	25,392,023 25,392 K	5.3 %	24,116,478 24,116 K

Shareholder Equity (I)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total shareholders' equity (Total I)	DL	20,823,993 20,824 K	-3.8 %	21,655,079 21,655 K	5.2 %	20,578,856 20,579 K
Equity and shareholders' equity	DA	4,972,400 4,972 K	0%	4,972,400 4,972 K	0%	4,972,400 4,972 K
Issue and merger premiums	DB	1,595,466 1,595 K	0%	1,595,466 1,595 K	0%	1,595,466 1,595 K
Revaluation differentials	DC	2,105,000 2,105 K	0%	2,105,000 2,105 K	0%	0 0 K
Of which equity differential	EK	0 0 K	0%	0 0 K	0%	0 0 K
Legal reserve	DD	497,240 497 K	0%	497,240 497 K	0%	497,240 497 K
Statutory or contractual reserve	DE	0 0 K	0%	0 0 K	0%	0 0 K
Special regulated reserves	DF	1,789,563 1,790 K	0%	1,789,563 1,790 K	0%	1,789,563 1,790 K
Of which special reserve of provisions for current fluctuation	B1	0 0 K	0%	0 0 K	0%	0 0 K
Other reserves	DG	2,960,833 2,961 K	0%	2,960,833 2,961 K	0%	2,960,833 2,961 K
Of which reserve for buying originals works from alive artists	EJ	0 0 K	0%	0 0 K	0%	0 0 K
Profits or losses brought forward	DH	7,704,283 7,704 K	-11.3 %	8,684,651 8,685 K	-9.8 %	9,626,335 9,626 K
Profit or loss for the period	DI	-811,163 -811 K	17.3 %	-980,368 -980 K	-4.1 %	-941,683 -942 K
Investment grants	DJ	0 0 K	0%	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	10,371 10 K	-65.8 %	30,294 30 K	-61.5 %	78,701 79 K

Other capital resources (II)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total other capital resources (Total II)	DO	0 0 K	0%	0 0 K	0%	0 0 K
Income from participating securities	DM	0 0 K	0%	0 0 K	0%	0 0 K
Conditional loans	DN	0 0 K	0%	0 0 K	0%	0 0 K

Provisions for risks and charges (III)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total provisions for risks and charges (Total III)	DR	35,660 36 K	-16.0 %	42,448 42 K	43.8 %	29,511 30 K
Risk provisions	DP	0 0 K	0%	0 0 K	0%	0 0 K
Reserves for charges	DQ	35,660 36 K	-16.0 %	42,448 42 K	43.8 %	29,511 30 K

Liabilities (IV)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total Liabilities (Total IV)	EC	4,737,440 4,737 K	28.2 %	3,694,493 3,694 K	5.3 %	3,508,110 3,508 K
Convertible debentures	DS	0 0 K	0%	0 0 K	0%	0 0 K
Other debentures	DT	0 0 K	0%	0 0 K	0%	0 0 K
Bank loans and liabilities	DU	763,988 764 K	16.6 %	655,143 655 K	241.4 %	191,916 192 K
Sundry loans and financial liabilities	DV	2,077,958 2,078 K	42.7 %	1,456,672 1,457 K	-5.9 %	1,548,767 1,549 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	0 0 K	0%	0 0 K	0%	0 0 K
Trade accounts payables	DX	1,439,776 1,440 K	26.5 %	1,138,101 1,138 K	-19.0 %	1,405,538 1,406 K
Tax and social security liabilities	DY	279,489 279 K	45.3 %	192,419 192 K	-19.7 %	239,569 240 K
Fixed asset liabilities	DZ	1,538 2 K	-99.1 %	177,374 177 K	15164.5 %	1,162 1 K
Other debts	EA	174,339 174 K	137.0 %	73,568 74 K	-38.6 %	119,759 120 K

Translation loss (V)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Translation loss (Total V)	ED	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Deferred income	EB	352 0 K	-71.1 %	1,216 1 K	-13.0 %	1,397 1 K

References

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	4,737,440 4,737 K	28.2 %	3,694,493 3,694 K	5.3 %	3,508,110 3,508 K
Of which current bank facilities	EH	0 0 K	0%	655,143 655 K	241.4 %	191,916 192 K

Result account

1 - Operating result (I-II)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Operating result (Total I-II)	GG	-703,213 -703 K	57.6 %	-1,657,879 -1,658 K	-18.4 %	-1,400,510 -1,401 K

2 - Financial result (V-VI)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Financial result (Total V-VI)	GV	515,497 515 K	13.8 %	453,041 453 K	-5.6 %	479,929 480 K

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

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-1,309,047 -1,309 K	9.1 %	-1,439,614 -1,440 K	-14.6 %	-1,255,768 -1,256 K

4 - Extraordinary result (VII-VIII)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Extraordinary result (Total VII-VIII)	HI	77,309 77 K	-64.3 %	216,496 216 K	226.4 %	66,335 66 K

Profit or loss

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Profit or loss	HN	-811,163 -811 K	17.3 %	-980,368 -980 K	-4.1 %	-941,683 -942 K

Total Income (I+III+V+VII)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total Income (Total I+III+V+VII)	HL	11,052,044 11,052 K	-12.8 %	12,676,249 12,676 K	6.4 %	11,919,011 11,919 K

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

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	11,863,207 11,863 K	-13.1 %	13,656,612 13,657 K	6.2 %	12,860,694 12,861 K

Operating income (I)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total operating income (Total I)	FR	9,869,134 9,869 K	-14.0 %	11,477,930 11,478 K	2.6 %	11,183,543 11,184 K

Operating income (details)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Sale of goods for resale	FC	598,315 598 K	1993.8 %	28,575 29 K	0%	0 0 K
France	FA	13,915 14 K	-51.3 %	28,575 29 K	0%	0 0 K
Export	FB	584,400 584 K	0%	0 0 K	0%	0 0 K
Sale of goods produced	FF	6,785,094 6,785 K	-24.5 %	8,989,606 8,990 K	-1.9 %	9,160,234 9,160 K
France	FD	5,481,566 5,482 K	-27.6 %	7,570,623 7,571 K	-1.5 %	7,682,288 7,682 K
Export	FE	1,303,528 1,304 K	-8.1 %	1,418,983 1,419 K	-4.0 %	1,477,945 1,478 K
Sale of services	FI	1,494,847 1,495 K	-36.1 %	2,340,485 2,340 K	69.4 %	1,381,803 1,382 K
France	FG	1,494,847 1,495 K	-36.1 %	2,340,485 2,340 K	69.4 %	1,381,803 1,382 K
Export	FH	0 0 K	0%	0 0 K	0%	0 0 K
Net turnover	FL	8,878,256 8,878 K	-21.8 %	11,358,666 11,359 K	7.7 %	10,542,038 10,542 K
France	FJ	6,990,328 6,990 K	-29.7 %	9,939,683 9,940 K	9.7 %	9,064,092 9,064 K
Export	FK	1,887,928 1,888 K	33.0 %	1,418,983 1,419 K	-4.0 %	1,477,945 1,478 K
Stocked production	FM	172,333 172 K	131.3 %	-550,635 -551 K	-231.8 %	-165,970 -166 K
Self-constructed assets	FN	0 0 K	0%	0 0 K	0%	0 0 K
Operating grants	FO	0 0 K	0%	100 0 K	0%	0 0 K
Release of reserves and provisions	FP	818,541 819 K	22.2 %	669,795 670 K	-17.0 %	806,662 807 K
Other income	FQ	4 0 K	0%	4 0 K	-99.5 %	813 1 K

Operating charges (II)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total operating charges (Total II)	GF	10,572,347 10,572 K	-19.5 %	13,135,809 13,136 K	4.4 %	12,584,053 12,584 K

Exploitation charges

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Purchase of goods for resale	FS	538,438 538 K	1796.0 %	28,398 28 K	0%	0 0 K
Change in stocks of goods for resale	FT	0 0 K	0%	0 0 K	0%	0 0 K
Purchase of raw materials	FU	4,105,813 4,106 K	-26.2 %	5,560,358 5,560 K	1.8 %	5,461,197 5,461 K
Change in stocks of raw materials	FV	1,045 1 K	119.1 %	-5,482 -5 K	-12648.8 %	-43 0 K
Other external purchases and charges	FW	3,829,120 3,829 K	-32.6 %	5,684,182 5,684 K	11.5 %	5,096,223 5,096 K
Tax, duty and similar payments	FX	72,362 72 K	18.9 %	60,840 61 K	-1.3 %	61,657 62 K
Payroll	FY	863,670 864 K	6.0 %	815,051 815 K	0.0 %	815,436 815 K
Social security costs	FZ	383,160 383 K	3.4 %	370,410 370 K	3.6 %	357,443 357 K

Depreciation

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Depreciation of fixed assets	GA	203,461 203 K	-18.5 %	249,792 250 K	-6.4 %	266,822 267 K
Amortisation of fixed assets	GB	49,100 49 K	0%	49,100 49 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	118,047 118 K	-60.1 %	295,619 296 K	-41.2 %	502,645 503 K
Provisions for risks and charges	GD	5,142 5 K	-66.1 %	15,155 15 K	571.8 %	2,256 2 K

Other charges

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Other charges	GE	402,989 403 K	3153.6 %	12,386 12 K	-39.3 %	20,413 20 K

Operating charges (III-IV)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Share of joint-venture transferred to other partner(s) (Total III)	GH	0 0 K	0%	0 0 K	0%	0 0 K
Share of joint venture transferred from other partner(s) (Total IV)	GI	1,121,331 1,121 K	377.6 %	234,776 235 K	-30.0 %	335,187 335 K

Financial income (V)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total financial income (Total V)	GP	1,103,293 1,103 K	25.6 %	878,455 878 K	33.3 %	659,063 659 K
Share financial income	GJ	279,520 280 K	-24.3 %	369,310 369 K	23.3 %	299,540 300 K
Other investment income & capitalised receivables	GK	13,725 14 K	-13.2 %	15,804 16 K	-7.8 %	17,142 17 K
Other interest and similar income	GL	361,911 362 K	22.3 %	295,925 296 K	-6.5 %	316,642 317 K
Released provisions and transferred charges	GM	274,608 275 K	88.9 %	145,351 145 K	0%	0 0 K
Exchange gains	GN	1,323 1 K	-92.8 %	18,468 18 K	377.0 %	3,872 4 K
Net income from disposal of investment securities	GO	172,206 172 K	412.6 %	33,597 34 K	53.6 %	21,866 22 K

Financial charge (VI)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total financial charge (Total VI)	GU	587,796 588 K	38.2 %	425,414 425 K	137.5 %	179,134 179 K
Financial reserves and provisions	GQ	347,772 348 K	26.6 %	274,608 275 K	505.5 %	45,351 45 K
Interest and similar charges	GR	105,887 106 K	-16.7 %	127,185 127 K	-2.3 %	130,215 130 K
Exchange losses	GS	192 0 K	0%	0 0 K	0%	0 0 K
Net loss from disposal of investment securities	GT	133,945 134 K	467.1 %	23,621 24 K	562.2 %	3,567 4 K

Extraordinary income (VII)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total extraordinary income (Total VII)	HD	79,617 80 K	-75.1 %	319,864 320 K	318.6 %	76,404 76 K
Extraordinary operating income	HA	32,895 33 K	633.1 %	4,487 4 K	-82.9 %	26,169 26 K
Extraordinary income from capital transactions	HB	26,799 27 K	-89.4 %	253,908 254 K	25114.3 %	1,007 1 K
Released provisions and transferred charges	HC	19,923 20 K	-67.6 %	61,469 61 K	24.9 %	49,226 49 K

Extraordinary charges (VIII)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total extraordinary charges (Total VIII)	HH	2,308 2 K	-97.8 %	103,368 103 K	926.7 %	10,068 10 K
Extraordinary operating charges	HE	2,308 2 K	12722.2 %	18 0 K	-91.6 %	215 0 K
Extraordinary charges from capital transactions	HF	0 0 K	0%	103,283 103 K	961.9 %	9,726 10 K
Extraordinary reserves and provisions	HG	0 0 K	0%	67 0 K	-46.8 %	126 0 K

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Tax on profits (Total X)	HK	-420,575 -421 K	-73.3 %	-242,755 -243 K	2.0 %	-247,750 -248 K

References

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Of which equipment leases	HP	0 0 K	0%	0 0 K	0%	0 0 K
Of which property leases	HQ	659,798 660 K	0%	0 0 K	0%	697,578 698 K
Of which transferred charges	A1	0 0 K	0%	0 0 K	0%	60,818 61 K
Of which trader's own contributions	A2	0 0 K	0%	0 0 K	0%	0 0 K
Of which royalties on licences and patents (income)	A3	0 0 K	0%	0 0 K	0%	0 0 K
Of which royalties on licences and patents (charges)	A4	0 0 K	0%	0 0 K	0%	15,442 15 K

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Gross value at begin of period	OG	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	OH	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess, acquisitions, creations, contributions	OJ	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	OK1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	OK2	0 0 K	0%	1,392,503 1,393 K	62.4 %	857,706 858 K
Gross value at the end of period	OL	0 0 K	0%	16,210,708 16,211 K	33.1 %	12,180,353 12,180 K

Research and development Charge (Total I)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Gross value at begin of period	CZ	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	KB	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KC	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	CO1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	CO2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	DO	0 0 K	0%	0 0 K	0%	0 0 K

Other budget item from Intangible fixed assets (Total II)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Gross value at begin of period	KD	0 0 K	0%	1,218,623 1,219 K	-1.1 %	1,232,376 1,232 K
Increasess due to revaluation	KE	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KF	0 0 K	0%	786,094 786 K	1095.3 %	65,767 66 K
Decreasess by budget item transfer	LV1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	LV2	0 0 K	0%	307,539 308 K	286.7 %	79,520 80 K
Gross value at the end of period	LW	0 0 K	0%	1,697,178 1,697 K	39.3 %	1,218,623 1,219 K

Tangible fixed assets (Total III)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Gross value at begin of period	LN	0 0 K	0%	7,363,556 7,364 K	-4.7 %	7,729,100 7,729 K
Increasess due to revaluation	LO	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LP	0 0 K	0%	2,531,764 2,532 K	1734.0 %	138,045 138 K
Decreasess by budget item transfer	NG1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NG2	0 0 K	0%	716,730 717 K	42.3 %	503,589 504 K
Gross value at the end of period	NH	0 0 K	0%	9,178,590 9,179 K	24.6 %	7,363,556 7,364 K

Financial assets (Total IV)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Gross value at begin of period	LQ	0 0 K	0%	3,598,174 3,598 K	-6.7 %	3,855,813 3,856 K
Increasess due to revaluation	LR	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LS	0 0 K	0%	2,105,000 2,105 K	12312.3 %	16,959 17 K
Decreasess by budget item transfer	NJ1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NJ2	0 0 K	0%	368,234 368 K	34.1 %	274,598 275 K
Gross value at the end of period	NK	0 0 K	0%	5,334,940 5,335 K	48.3 %	3,598,174 3,598 K

Reserve for depreciation

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

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Reserve for depreciation value at begin of period	ON	0 0 K	0%	0 0 K	0%	0 0 K
Increases	OP	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	OQ	0 0 K	0%	0 0 K	0%	0 0 K
Reserve for depreciation value at the end of period	OR	0 0 K	0%	0 0 K	0%	0 0 K

Research and development charge (Total I)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Reserve for depreciation value at begin of period	CY	0 0 K	0%	0 0 K	0%	0 0 K
Increases	PB	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	PC	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PD	0 0 K	0%	0 0 K	0%	0 0 K

Other intangible assets (Total II)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Reserve for depreciation value at begin of period	PE	0 0 K	0%	1,182,202 1,182 K	-4.1 %	1,232,375 1,232 K
Increases	PF	0 0 K	0%	125,772 126 K	328.6 %	29,347 29 K
Decreasess	PG	0 0 K	0%	307,539 308 K	286.7 %	79,520 80 K
Decreasess by budget item transfer	PH	0 0 K	0%	1,000,435 1,000 K	-15.4 %	1,182,202 1,182 K

Total fixed assets amotisation (Total III)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Reserve for depreciation value at begin of period	QU	0 0 K	0%	6,876,083 6,876 K	-3.6 %	7,132,470 7,132 K
Increases	QV	0 0 K	0%	1,927,720 1,928 K	711.8 %	237,475 237 K
Decreases	QW	0 0 K	0%	647,430 647 K	31.1 %	493,862 494 K
Decreasess by budget item transfer	QX	0 0 K	0%	8,156,373 8,156 K	18.6 %	6,876,083 6,876 K

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Gross value at begin of period	Z91	0 0 K	0%	0 0 K	0%	0 0 K
Increases	Z92	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	Z9	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	B1	0 0 K	0%	0 0 K	0%	0 0 K

Premium refund of obligations

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Net value at begin of period	SP1	0 0 K	0%	0 0 K	0%	0 0 K
Increases	SP2	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	SP	0 0 K	0%	0 0 K	0%	0 0 K
Net value at the end of period	SR	0 0 K	0%	0 0 K	0%	0 0 K

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Value at begining of period	7C	0 0 K	0%	78,701 79 K	-65.3 %	227,096 227 K
Increases	UB	0 0 K	0%	13,062 13 K	448.1 %	2,383 2 K
Decreases	UC	0 0 K	0%	61,469 61 K	-49.3 %	121,267 121 K
Value at the end of period	UD	0 0 K	0%	30,294 30 K	-72.0 %	108,212 108 K

Includes Total allocations

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Operating	UE	0 0 K	0%	0 0 K	0%	0 0 K
Financial	UG	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UJ	0 0 K	0%	13,062 13 K	0%	0 0 K

Includes Total Withdrawal

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Operating	UF	0 0 K	0%	0 0 K	0%	0 0 K
Financial	UH	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UK	0 0 K	0%	61,469 61 K	0%	0 0 K

Total regulated provisions (Total I)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Value at begining of period	3Z	0 0 K	0%	78,701 79 K	-38.4 %	127,801 128 K
Increases	TS	0 0 K	0%	13,062 13 K	10185.0 %	127 0 K
Decreases	TT	0 0 K	0%	61,469 61 K	24.9 %	49,227 49 K
Value at the end of period	TU	0 0 K	0%	30,294 30 K	-61.5 %	78,701 79 K

Total risk and charge provisions (Total II)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Value at begining of period	5Z	0 0 K	0%	0 0 K	0%	99,296 99 K
Increases	TV	0 0 K	0%	0 0 K	0%	2,257 2 K
Decreases	TW	0 0 K	0%	0 0 K	0%	72,041 72 K
Value at the end of period	TX	0 0 K	0%	0 0 K	0%	29,512 30 K

Total Provision for depreciation (Total III)

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Value at begining of period	7B	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TY	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TZ	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	UA	0 0 K	0%	0 0 K	0%	0 0 K

State deadlines claims and debts at the end of period

State claims

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Gross value	VT	0 0 K	0%	4,580,721 4,581 K	-22.6 %	5,915,943 5,916 K
1 year at most	VU	0 0 K	0%	3,772,581 3,773 K	-23.4 %	4,924,838 4,925 K
More than one year	VV	0 0 K	0%	808,140 808 K	-18.5 %	991,105 991 K

State of loans

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Claims related to holdings (gross)	UL	0 0 K	0%	0 0 K	0%	0 0 K
Claims related to shareholdings (1 year at most)	UM	0 0 K	0%	0 0 K	0%	0 0 K
Loans (gross)	UP	0 0 K	0%	468,913 469 K	-36.4 %	737,147 737 K
Loans (1 year at most)	UR	0 0 K	0%	228,869 229 K	-14.7 %	268,234 268 K
Other financial assets (gross)	UT	0 0 K	0%	8,875 9 K	0%	8,875 9 K
Other financial assets (1 year at most)	UV	0 0 K	0%	0 0 K	0%	0 0 K

Receivables statement of assets

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Customers doubtful or disputed	VA	0 0 K	0%	0 0 K	0%	0 0 K
Other claims customer	UX	0 0 K	0%	2,093,901 2,094 K	2.6 %	2,041,105 2,041 K
Receivables represent Loaned Securities	UU	0 0 K	0%	0 0 K	0%	0 0 K
Provision for depreciation previously established	UQ	0 0 K	0%	0 0 K	0%	0 0 K
Personnel and associated accounts	UY	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations	UZ	0 0 K	0%	0 0 K	0%	0 0 K
Income taxes	VM	0 0 K	0%	0 0 K	0%	0 0 K
Value added tax	VB	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and payments assimilated	VN	0 0 K	0%	0 0 K	0%	0 0 K
State and other public - Miscellaneous	VP	0 0 K	0%	0 0 K	0%	0 0 K
Group and Associates	VC	0 0 K	0%	0 0 K	0%	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	0 0 K	0%	1,938,461 1,938 K	-36.7 %	3,060,201 3,060 K

Prepaid

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Prepaid	VS	0 0 K	0%	70,571 71 K	2.9 %	68,615 69 K

State Debt

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Total debt (gross)	VY	0 0 K	0%	3,694,494 3,694 K	5.3 %	3,508,110 3,508 K
1 year at most	VZ2	0 0 K	0%	3,694,494 3,694 K	5.3 %	3,508,110 3,508 K
More than 1 year and 5 years at most	VZ3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	VZ4	0 0 K	0%	0 0 K	0%	0 0 K

Details

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Convertible bonds (gross)	7Y1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Y2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Y3	0 0 K	0%	0 0 K	0%	0 0 K
Other bonds (gross)	7Z1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Z2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Z3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0 0 K	0%	655,144 655 K	241.4 %	191,916 192 K
1 year at most	VG2	0 0 K	0%	655,144 655 K	241.4 %	191,916 192 K
More than 1 year and 5 years at most	VG3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VH2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VH3	0 0 K	0%	0 0 K	0%	0 0 K
Loans and various financial liabilities (gross)	8A1	0 0 K	0%	234,776 235 K	-30.0 %	335,187 335 K
1 year at most	8A2	0 0 K	0%	234,776 235 K	-30.0 %	335,187 335 K
More than 1 year and 5 years at most	8A3	0 0 K	0%	0 0 K	0%	0 0 K
Suppliers and associated accounts (gross)	8B1	0 0 K	0%	1,138,101 1,138 K	-19.0 %	1,405,539 1,406 K
1 year at most	8B2	0 0 K	0%	1,138,101 1,138 K	-19.0 %	1,405,539 1,406 K
More than 1 year and 5 years at most	8B3	0 0 K	0%	1,138,101 1,138 K	-19.0 %	1,405,539 1,406 K
Personnel and associated accounts (gross)	8C1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8C2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8C3	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations (gross)	8D1	0 0 K	0%	192,402 192 K	-19.7 %	239,551 240 K
1 year at most	8D2	0 0 K	0%	192,402 192 K	-19.7 %	239,551 240 K
More than 1 year and 5 years at most	8D3	0 0 K	0%	0 0 K	0%	0 0 K
Taxes on profits (gross)	8E1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8E2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8E3	0 0 K	0%	0 0 K	0%	0 0 K
VAT (Gross)	VW1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VW2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VW3	0 0 K	0%	0 0 K	0%	0 0 K
Backed Obligations (gross)	VX1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VX2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VX3	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and assimilated (gross)	VQ1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VQ2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VQ3	0 0 K	0%	0 0 K	0%	0 0 K
Assets and liabilities associated accounts (gross)	8J1	0 0 K	0%	177,374 177 K	15164.5 %	1,162 1 K
1 year at most	8J2	0 0 K	0%	177,374 177 K	15164.5 %	1,162 1 K
More than 1 year and 5 years at most	8J3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	8J4	0 0 K	0%	0 0 K	0%	0 0 K
Groups and associates (gross)	VI1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VI2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VI3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	V14	0 0 K	0%	0 0 K	0%	0 0 K
Other liabilities (gross)	8K1	0 0 K	0%	1,295,480 1,295 K	-2.8 %	1,333,357 1,333 K
1 year at most	8K2	0 0 K	0%	1,295,480 1,295 K	-2.8 %	1,333,357 1,333 K
More than 1 year and 5 years at most	8K3	0 0 K	0%	0 0 K	0%	0 0 K
Debt representative of borrowed securities (gross)	SZ1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	SZ2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	SZ3	0 0 K	0%	0 0 K	0%	0 0 K
Products in advance (gross)	8L1	0 0 K	0%	1,216 1 K	-13.0 %	1,397 1 K
1 year at most	8L2	0 0 K	0%	1,216 1 K	-13.0 %	1,397 1 K
More than 1 year and 5 years at most	8L3	0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Loans made during the period	VJ	0 0 K	0%	0 0 K	0%	0 0 K
Debt repaid during the period	VK	0 0 K	0%	0 0 K	0%	0 0 K

Table allocation results and other information

Dividends distributed

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Dividends	ZE	0 0 K	0%	0 0 K	0%	0 0 K

Commitments

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Commitments leasing furniture	YQ	0 0 K	0%	1,097,912 1,098 K	0%	0 0 K
Commitments Real Estate Leasing	YR	0 0 K	0%	0 0 K	0%	0 0 K
Effects brought to the discount and unmatured	YS	0 0 K	0%	0 0 K	0%	0 0 K

Other charges Externes

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Subcontracting	YT	0 0 K	0%	0 0 K	0%	0 0 K
Rentals, rental charges and condominiums	XQ	0 0 K	0%	0 0 K	0%	0 0 K
Staff outside the company	YU	0 0 K	0%	0 0 K	0%	0 0 K
Remuneration intermediaries and fees (excluding fees)	SS	0 0 K	0%	0 0 K	0%	0 0 K
Fees, commissions and brokerage	YV	0 0 K	0%	0 0 K	0%	0 0 K
Other accounts	ST	0 0 K	0%	0 0 K	0%	0 0 K
Total Other purchases and external	ZJ	0 0 K	0%	0 0 K	0%	0 0 K

Taxes and Fees

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Business tax	YW	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and payments assimilated	9Z	0 0 K	0%	0 0 K	0%	0 0 K
Total taxes and fees	YX	0 0 K	0%	0 0 K	0%	0 0 K

VAT

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Amount VAT collected	YY	0 0 K	0%	0 0 K	0%	0 0 K
Total VAT on goods and services	YZ	0 0 K	0%	0 0 K	0%	0 0 K

Average number of employees

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Average number of employees	YP	0 0 K	0%	0 0 K	0%	13 0 K

Groups and Shareholders

		31/12/2012	Variation	31/12/2011	Variation	31/12/2010
Groups and Shareholders	ZR	0 0 K	-	- -	-	- -

Ratios

Structure and Liquidity

	31/12/2012	Variation	31/12/2011	Variation	31/12/2010	Sector Average 2012		Sector Median 2012
Fixed Asset Financing	2.09	4.5 %	2.00	-19.7 %	2.49	68.65	-97.0 %	1.91	9.4 %
Global Debt	192 days	64.1 %	117 days	-2.5 %	120 days	171.37 days	12.0 %	113 days	70.7 %
Working Capital Fund overall net	701 days	36.9 %	512 days	-17.3 %	619 days	193.21 days	262.8 %	132 days	433.1 %
Financial independence	732.74 %	-28.5 %	1,025.43 %	-13.3 %	1,182.23 %	23,071.65 %	-96.8 %	429.26 %	70.7 %
Solvability	81.35 %	-4.6 %	85.28 %	-0.1 %	85.33 %	39.65 %	105.2 %	56.35 %	44.4 %
Capacity debt futures	-	-	3,305.39 %	-69.2 %	10,722.85 %	151,041.43 %	-	3,350.30 %	-
Coverage of current assets by net working capital overall	57.00 %	10.5 %	51.59 %	-4.8 %	54.20 %	-65.16 %	187.5 %	55.06 %	3.5 %
General Liquidity	-	-	1.02	-27.1 %	1.40	2.59	-	0.79	-
Restricted Liquidity	-	-	4.43	-11.6 %	5.01	3.91	-	1.37	-

Management or rotation

	31/12/2012	Variation	31/12/2011	Variation	31/12/2010	Sector Average 2012		Sector Median 2012
Need background in operating working capital	216 days	54.3 %	140 days	-27.5 %	193 days	92.56 days	133.4 %	68 days	220.0 %
Treasury	491 days	29.9 %	378 days	-11.3 %	426 days	91.16 days	438.6 %	29 days	1593.1 %
Inventory turnover of goods	0 days	0%	0 days	-	-	388.59 days	0%	7 days	0%
Average length of credit granted to customers	58 days	-12.1 %	66 days	-5.7 %	70 days	69.85 days	-17.0 %	67 days	-13.4 %
Average length of credit obtained suppliers	61 days	69.4 %	36 days	-25.0 %	48 days	81.69 days	-25.3 %	61 days	0%
Inventory turnover of raw materials in industrial enterprises	1 days	0%	1 days	0%	1 days	184.97 days	-99.5 %	95 days	-98.9 %
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	124 days	-13.3 %	143 days	1,300.23 days	-	314 days	-
Rotation tangible assets	-	-	123.75 %	-13.6 %	143.17 %	2,394.46 %	-	296.49 %	-

Profitability of the business

	31/12/2012	Variation	31/12/2011	Variation	31/12/2010	Sector Average 2012		Sector Median 2012
Margin trading	0.67 %	0%	0.00 %	0%	0.00 %	7.51 %	-91.1 %	0.00 %	0%
Profitability of the business	-8.37 %	44.3 %	-15.02 %	-11.8 %	-13.43 %	-7.56 %	-10.7 %	1.44 %	-681.3 %
Net profit	-9.14 %	-5.9 %	-8.63 %	3.4 %	-8.93 %	-1.49 %	-513.4 %	1.67 %	-647.3 %
Growth rate of turnover (excluding VAT)	-21.84 %	-381.8 %	7.75 %	-52.6 %	16.35 %	3.23 %	-776.2 %	-2.42 %	-802.5 %
Rates integration	6.49 %	260.6 %	-4.04 %	-134.9 %	-1.72 %	28.31 %	-77.1 %	28.51 %	-77.2 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.25 %	0%	0.00 %	0%
Work Factor	216.40 %	183.9 %	-258.03 %	60.1 %	-646.90 %	122.85 %	76.1 %	87.16 %	148.3 %
Weight interests	6.62 %	76.5 %	3.75 %	120.6 %	1.70 %	1.66 %	298.8 %	0.60 %	1003.3 %

Return on capital

	31/12/2012	Variation	31/12/2011	Variation	31/12/2010	Sector Average 2012		Sector Median 2012
Cash flow from the overall profitability	-2.68 %	50.8 %	-5.45 %	7.5 %	-5.89 %	-3.77 %	28.9 %	2.39 %	-212.1 %
Rates of economic profitability	-3.00 %	57.1 %	-7.00 %	-16.7 %	-6.00 %	14.35 %	-120.9 %	2.00 %	-250.0 %
Financial profitability	20,823,993.00 %	-3.8 %	21,655,079.00 %	5.2 %	20,578,856.00 %	2,532,223.88 %	722.4 %	365,813.00 %	5592.5 %
Return on investment	-0.94 %	59.7 %	-2.33 %	31.9 %	-3.42 %	10.17 %	-109.2 %	5.28 %	-117.8 %

Management intermediate balances

31/12/2012

Variation

31/12/2011

Variation

31/12/2010

Sector Average 2012

Sector Median 2012

Turnover

8,878,256 8,878 K

-21.8 %

11,358,666 11,359 K

7.7 %

10,542,038 10,542 K

5,635,814.19 5,635.81 K

57.5 %

1,388,962 1,389 K

539.2 %

31/12/2012

Variation

31/12/2011

Variation

31/12/2010

Sector Average 2012

Sector Median 2012

Sales of goods

598,315 598 K

1993.8 %

28,575 29 K

0%

0 0 K

-

-

- Purchase of goods

538,438 538 K

1796.0 %

28,398 28 K

0%

0 0 K

-

-

+/- Stock of goods variation

0 0 K

0%

0 0 K

0%

0 0 K

-

-

Trading margin

59,877 € 60 K €

33728.8 %

177 € 0 K €

0%

0 € 0 K €

135,802.51 € 135.80 K €

-55.9 %

0 € 0 K €

0%

0.67 % CA 0.67 % CA

0%

0.00 % CA 0.00 % CA

0%

0.00 % CA 0.00 % CA

7.98 % CA 7.98 % CA

-91.6 %

0.00 % CA 0.00 % CA

0%

		31/12/2012		Variation		31/12/2011		Variation		31/12/2010	Sector Average 2012		Sector Median 2012
Sale of goods produced		8,279,941 8,280 K		-26.9 %		11,330,091 11,330 K		7.5 %		10,542,037 10,542 K		-		-
+/- Stocked production		172,333 172 K		131.3 %		-550,635 -551 K		-231.8 %		-165,970 -166 K		-		-
+ Self-constructed assets		0 0 K		0%		0 0 K		0%		0 0 K		-		-
Period production		8,452,274 € 8,452 K €		-21.6 %		10,779,456 € 10,779 K €		3.9 %		10,376,067 € 10,376 K €	5,069,908.79 € 5,069.91 K €	66.7 %	1,114,506 € 1,115 K €	658.4 %
		95.20 % CA 95.20 % CA		0.3 %		94.90 % CA 94.90 % CA		-3.6 %		98.43 % CA 98.43 % CA	83.96 % CA 83.96 % CA	13.4 %	98.44 % CA 98.44 % CA	-3.3 %
	31/12/2012		Variation		31/12/2011		Variation		31/12/2010		Sector Average 2012		Sector Median 2012
Trading margin	59,877 60 K		33728.8 %		177 0 K		0%		0 0 K		135,802.51 135.80 K	-55.9 %	0 0 K	0%
+ Period Production	8,452,274 8,452 K		-21.6 %		10,779,456 10,779 K		3.9 %		10,376,067 10,376 K		5,069,908.79 5,069.91 K	66.7 %	1,114,506 1,115 K	658.4 %
- Purchase of raw materials	4,105,813 4,106 K		-26.2 %		5,560,358 5,560 K		1.8 %		5,461,197 5,461 K			-		-
+/- Change in stocks of raw materiels	1,045 1 K		119.1 %		-5,482 -5 K		-12648.8 %		-43 0 K			-		-
- Other external purchases and charges	3,829,120 3,829 K		-32.6 %		5,684,182 5,684 K		11.5 %		5,096,223 5,096 K			-		-
Added value	576,173 € 576 K €		225.4 %		-459,425 € -459 K €		-153.4 %		-181,310 € -181 K €		1,339,464.47 € 1,339.46 K €	-57.0 %	381,418 € 381 K €	51.1 %
	6.49 % CA 6.49 % CA		260.6 %		-4.04 % CA -4.04 % CA		-134.9 %		-1.72 % CA -1.72 % CA		28.31 % CA 28.31 % CA	-77.1 %	28.51 % CA 28.51 % CA	-77.2 %

	31/12/2012		Variation		31/12/2011		Variation		31/12/2010		Sector Average 2012		Sector Median 2012
Added value	576,173 € 576 K €		225.4 %		-459,425 € -459 K €		-153.4 %		-181,310 € -181 K €		1,339,464.47 € 1,339.46 K €	-57.0 %	381,418 € 381 K €	51.1 %
+ Operating grants	0 0 K		0%		100 0 K		0%		0 0 K			-		-
- Tax, duty and similar payments	72,362 72 K		18.9 %		60,840 61 K		-1.3 %		61,657 62 K			-		-
- Personal charges	1,246,830 1,247 K		5.2 %		1,185,461 1,185 K		1.1 %		1,172,879 1,173 K			-		-
Gross operating surplus	-743,019 € -743 K €		56.4 %		-1,705,626 € -1,706 K €		-20.5 %		-1,415,846 € -1,416 K €		223,628.28 € 223.63 K €	-432.3 %	6,768 € 7 K €	-11078.4 %
	-8.37 % CA -8.37 % CA		44.3 %		-15.02 % CA -15.02 % CA		-11.8 %		-13.43 % CA -13.43 % CA		-7.56 % CA -7.56 % CA	-10.7 %	1.44 % CA 1.44 % CA	-681.3 %
		31/12/2012		Variation		31/12/2011		Variation		31/12/2010	Sector Average 2012		Sector Median 2012
Gross operating surplus		-743,019 € -743 K €		56.4 %		-1,705,626 € -1,706 K €		-20.5 %		-1,415,846 € -1,416 K €	223,628.28 € 223.63 K €	-432.3 %	6,768 € 7 K €	-11078.4 %
+ Release of reserves and provisions		818,541 819 K		22.2 %		669,795 670 K		-17.0 %		806,662 807 K		-		-
+ Other operating income		4 0 K		0%		4 0 K		-99.5 %		813 1 K		-		-
- Depreciation/ Amortisation		375,750 376 K		-38.4 %		609,666 610 K		-21.0 %		771,723 772 K		-		-
- Other charges		402,989 403 K		3153.6 %		12,386 12 K		-39.3 %		20,413 20 K		-		-
Operating result		-703,213 € -703 K €		57.6 %		-1,657,879 € -1,658 K €		-18.4 %		-1,400,507 € -1,401 K €	110,048.65 € 110.05 K €	-739.0 %	1,262 € 1 K €	-55822.1 %
		-7.92 % CA -7.92 % CA		45.8 %		-14.60 % CA -14.60 % CA		-9.9 %		-13.28 % CA -13.28 % CA	-7.40 % CA -7.40 % CA	-7.0 %	0.60 % CA 0.60 % CA	-1420.0 %

31/12/2012

Variation

31/12/2011

Variation

31/12/2010

Sector Average 2012

Sector Median 2012

Operating result

-703,213 € -703 K €

57.6 %

-1,657,879 € -1,658 K €

-18.4 %

-1,400,507 € -1,401 K €

110,048.65 € 110.05 K €

-739.0 %

1,262 € 1 K €

-55822.1 %

+/- Result of joint-venture transferred from/to other partners

-1,121,331 -1,121 K

-377.6 %

-234,776 -235 K

30.0 %

-335,187 -335 K

-

-

+ Financial income

1,103,293 1,103 K

25.6 %

878,455 878 K

33.3 %

659,063 659 K

-

-

- Financial charges

587,796 588 K

38.2 %

425,414 425 K

137.5 %

179,134 179 K

-

-

Pre-tax result

-1,309,047 € -1,309 K €

9.1 %

-1,439,614 € -1,440 K €

-14.6 %

-1,255,765 € -1,256 K €

118,599.58 € 118.60 K €

-1203.8 %

442 € 0 K €

-296264.5 %

-14.74 % CA -14.74 % CA

-16.3 %

-12.67 % CA -12.67 % CA

-6.4 %

-11.91 % CA -11.91 % CA

-7.48 % CA -7.48 % CA

-97.1 %

0.34 % CA 0.34 % CA

-4435.3 %

31/12/2012

Variation

31/12/2011

Variation

31/12/2010

Sector Average 2012

Sector Median 2012

Extraordinary income

79,617 80 K

-75.1 %

319,864 320 K

318.6 %

76,404 76 K

235,527.20 235.53 K

-66.2 %

4,181 4 K

1804.3 %

- Extraordinary charges

2,308 2 K

-97.8 %

103,368 103 K

926.7 %

10,068 10 K

-

-

Extraordinary result

77,309 € 77 K €

-64.3 %

216,496 € 216 K €

226.4 %

66,336 € 66 K €

109,772.81 € 109.77 K €

-29.6 %

0 € 0 K €

0%

0.87 % CA 0.87 % CA

-54.5 %

1.91 % CA 1.91 % CA

203.2 %

0.63 % CA 0.63 % CA

6.48 % CA 6.48 % CA

-86.6 %

0.00 % CA 0.00 % CA

0%

	31/12/2012	Variation	31/12/2011	Variation	31/12/2010	Sector Average 2012		Sector Median 2012
Pre-tax result	-1,309,047 € -1,309 K €	9.1 %	-1,439,614 € -1,440 K €	-14.6 %	-1,255,765 € -1,256 K €	118,599.58 € 118.60 K €	-1203.8 %	442 € 0 K €	-296264.5 %
Extraordinary result	77,309 € 77 K €	-64.3 %	216,496 € 216 K €	226.4 %	66,336 € 66 K €	109,772.81 € 109.77 K €	-29.6 %	0 € 0 K €	0%
- Employee profit sharing	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Tax on profits	-420,575 -421 K	-73.3 %	-242,755 -243 K	2.0 %	-247,750 -248 K		-		-
Net result	-811,163 € -811 K €	17.3 %	-980,363 € -980 K €	-4.1 %	-941,679 € -942 K €	189,145.43 € 189.15 K €	-528.9 %	17,033 € 17 K €	-4862.3 %
	-9.14 % CA -9.14 % CA	-5.9 %	-8.63 % CA -8.63 % CA	3.4 %	-8.93 % CA -8.93 % CA	-1.49 % CA -1.49 % CA	-513.4 %	1.67 % CA 1.67 % CA	-647.3 %

Synthesized Accounts

	31/12/2008	31/12/2007
Account period (month)	12	12
Account Type	Consolidated	Consolidated
Activity Code	1320Z	1320Z

Active account

	31/12/2008	Variation	31/12/2007
Capital not called	0 0 K	0%	0 0 K
Total fixed assets	10,655,516 10,656 K	-7.9 %	11,571,955 11,572 K
Intangible assets	0 0 K	0%	0 0 K
Tangible assets	10,237,564 10,238 K	-8.1 %	11,137,228 11,137 K
Financial assets	42,787 43 K	-2.6 %	43,930 44 K
Net current assets	20,505,689 20,506 K	-8.8 %	22,489,753 22,490 K
Stocks	3,906,385 3,906 K	3.4 %	3,777,743 3,778 K
Advanced payments	0 0 K	0%	0 0 K
Receivables	4,144,303 4,144 K	-28.5 %	5,796,578 5,797 K
Securities and cash	12,455,001 12,455 K	-3.6 %	12,915,432 12,915 K
Accounts of regularization	4 0 K	0%	4 0 K
Total Assets	31,161,209 31,161 K	-8.5 %	34,061,712 34,062 K

Passive account

	31/12/2008	Variation	31/12/2007
Shareholders' equity	25,227,935 25,228 K	-2.8 %	25,963,268 25,963 K
Share capital	4,972,400 4,972 K	0.3 %	4,956,050 4,956 K
Other capital resources	0 0 K	0%	0 0 K
Risk Provisions	2,378,707 2,379 K	-19.3 %	2,947,026 2,947 K
Liabilities	3,550,972 3,551 K	-31.0 %	5,148,095 5,148 K
Financial liabilities	1,829,125 1,829 K	-16.6 %	2,192,726 2,193 K
Advanced payments received	0 0 K	0%	0 0 K
Trade account payables	666,825 667 K	-60.4 %	1,684,918 1,685 K
Tax and social liabilities	924,704 925 K	-6.0 %	984,058 984 K
Other debts and fixed assets liabilities	123,864 124 K	-55.6 %	279,103 279 K
Account regularization	6,461 6 K	-11.4 %	7,295 7 K
Total liabilities	31,161,209 31,161 K	-8.5 %	34,061,712 34,062 K

Results

	31/12/2008	Variation	31/12/2007
Sales of Goods	13,540,080 13,540 K	-23.5 %	17,700,461 17,700 K
Net turnover	12,057,522 12,058 K	-20.4 %	15,151,626 15,152 K
of which net export turnover	2,530,589 2,531 K	-38.6 %	4,124,753 4,125 K
Operating charges	14,748,810 14,749 K	-22.2 %	18,955,726 18,956 K
Operating profit/loss	-1,208,730 -1,209 K	3.7 %	-1,255,265 -1,255 K
Financial income	643,927 644 K	-11.4 %	726,905 727 K
Financial charges	1,156,584 1,157 K	105.5 %	562,807 563 K
Financial profit/loss	-512,657 -513 K	-412.4 %	164,098 164 K
Pretax net operating income	-1,721,387 -1,721 K	-57.8 %	-1,091,167 -1,091 K
Extraordinary income	463,904 464 K	-76.2 %	1,946,388 1,946 K
Extraordinary charges	46,884 47 K	-90.4 %	490,724 491 K
Extraordinary profit/loss	417,020 417 K	-71.4 %	1,455,664 1,456 K

Consolidation

	31/12/2008	Variation	31/12/2007
Net result before amortisation of goodwill	-783,906 -784 K	-400.1 %	261,251 261 K
Goodwill amortisation allocation	-15,632 -16 K	0%	0 0 K
Net result of equity affiliates companies	0 0 K	0%	0 0 K
Net result of integrated companies	0 0 K	0%	0 0 K
Group result (consolidated net result)	-799,538 -800 K	-406.0 %	261,252 261 K
Share of minority interest (Result except group)	1,041 1 K	208.6 %	-959 -1 K
Net result - group share (part of parent company)	-800,579 -801 K	-405.3 %	262,210 262 K

Accounts – Active

Normal Account

	31/12/2008	31/12/2007
Account period (month)	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2008	Variation	31/12/2007
Grand Total (I to VI)	Net	31,161,209 31,161 K	-8.5 %	34,061,712 34,062 K
Gross	CO	52,851,936 52,852 K	-4.0 %	55,071,037 55,071 K
Amortisation	1A	21,690,727 21,691 K	3.2 %	21,009,325 21,009 K

Capital subscribed not called (I)

		31/12/2008	Variation	31/12/2007
Capital suscribed not called (I)	AA3	0 0 K	0%	0 0 K

Active fixed asset (II)

		31/12/2008	Variation	31/12/2007
Total Active fixed asset (II)	Net	10,655,516 10,656 K	-7.9 %	11,571,955 11,572 K
Gross	BJ	30,686,303 30,686 K	-2.0 %	31,304,654 31,305 K
Amortisation	BK	20,030,787 20,031 K	1.5 %	19,732,699 19,733 K

Intangible fixed assets

		31/12/2008	Variation	31/12/2007
Start-up cost	Net	0 0 K	0%	0 0 K
Gross	AB	0 0 K	0%	0 0 K
Amortisation	AC	0 0 K	0%	0 0 K
R&D expenses	Net	0 0 K	0%	0 0 K
Gross	CX	0 0 K	0%	0 0 K
Amortisation	AE	0 0 K	0%	0 0 K
Distributorships, patents	Net	0 0 K	0%	0 0 K
Gross	AF	2,307,521 2,308 K	-11.0 %	2,593,241 2,593 K
Amortisation	AG	2,307,521 2,308 K	-11.0 %	2,593,241 2,593 K
Goodwill	Net	0 0 K	0%	0 0 K
Gross	AH	0 0 K	0%	0 0 K
Amortisation	AI	0 0 K	0%	0 0 K
Other intangible fixed assets	Net	0 0 K	0%	0 0 K
Gross	AJ	0 0 K	0%	0 0 K
Amortisation	AK	0 0 K	0%	0 0 K
Pre-payments and downpayments	Net	0 0 K	0%	0 0 K
Gross	AL	0 0 K	0%	0 0 K
Amortisation	AM	0 0 K	0%	0 0 K
Sub Total Intangible asset	Net	0 0 K	0%	0 0 K

Tangible fixed assets

		31/12/2008	Variation	31/12/2007
Acquisition difference	Net	375,165 375 K	-4.0 %	390,797 391 K
Gross	A11	390,797 391 K	0%	390,797 391 K
Amortisation	A12	15,632 16 K	-96.0 %	390,797 391 K
Goodwill	Net	0 0 K	0%	0 0 K
Gross	A21	0 0 K	0%	0 0 K
Amortisation	A22	0 0 K	0%	0 0 K
Difference from the first consolidation	Net	0 0 K	0%	0 0 K
Gross	A31	0 0 K	0%	0 0 K
Amortisation	A32	0 0 K	0%	0 0 K
Lands	Net	543,332 543 K	-0.3 %	544,959 545 K
Gross	AN	859,121 859 K	-0.2 %	860,569 861 K
Amortisation	AO	315,789 316 K	0.1 %	315,610 316 K
Buildings	Net	8,954,700 8,955 K	-5.9 %	9,516,150 9,516 K
Gross	AP	15,720,911 15,721 K	0.2 %	15,695,505 15,696 K
Amortisation	AQ	6,766,211 6,766 K	9.5 %	6,179,355 6,179 K
Plant	Net	700,375 700 K	-31.0 %	1,015,001 1,015 K
Gross	AR	10,986,636 10,987 K	-3.1 %	11,335,437 11,335 K
Amortisation	AS	10,286,261 10,286 K	-0.3 %	10,320,436 10,320 K
Other tangible fixed assets	Net	38,352 38 K	-26.2 %	51,964 52 K
Gross	AT	376,627 377 K	0.5 %	374,923 375 K
Amortisation	AU	338,275 338 K	4.7 %	322,959 323 K
Fixed assets in construction	Net	805 1 K	126.1 %	356 0 K
Gross	AV	805 1 K	126.1 %	356 0 K
Amortisation	AW	0 0 K	0%	0 0 K
Advances and payments on account	Net	0 0 K	0%	8,798 9 K
Gross	AX	0 0 K	0%	8,798 9 K
Amortisation	AY	0 0 K	0%	0 0 K
Sub Total Tangible asset	Net	10,612,729 10,613 K	-7.9 %	11,528,025 11,528 K

Financial assets

		31/12/2008	Variation	31/12/2007
Associates at equity	Net	0 0 K	0%	0 0 K
Gross	CS	0 0 K	0%	0 0 K
Amortisation	CT	0 0 K	0%	0 0 K
Other participations	Net	0 0 K	0%	0 0 K
Gross	CU	0 0 K	0%	0 0 K
Amortisation	CV	0 0 K	0%	0 0 K
Inter-company receivables	Net	0 0 K	0%	0 0 K
Gross	BB	0 0 K	0%	0 0 K
Amortisation	BC	0 0 K	0%	0 0 K
Other investment securities	Net	4,338 4 K	0%	4,338 4 K
Gross	BD	5,436 5 K	0%	5,436 5 K
Amortisation	BE	1,098 1 K	0%	1,098 1 K
Loans	Net	0 0 K	0%	0 0 K
Gross	BF	0 0 K	0%	0 0 K
Amortisation	BG	0 0 K	0%	0 0 K
Other financial assets	Net	38,449 38 K	-2.9 %	39,592 40 K
Gross	BH	38,449 38 K	-2.9 %	39,592 40 K
Amortisation	BI	0 0 K	0%	0 0 K
Other financial assets	Net	0 0 K	0%	0 0 K
Gross	A41	0 0 K	0%	0 0 K
Amortisation	A42	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	42,787 43 K	-2.6 %	43,930 44 K

Current Assets (III)

		31/12/2008	Variation	31/12/2007
Total Assets	Net	20,505,689 20,506 K	-8.8 %	22,489,753 22,490 K
Gross	CJ	22,165,629 22,166 K	-6.7 %	23,766,379 23,766 K
Amortisation	CK	1,659,940 1,660 K	30.0 %	1,276,626 1,277 K

Stocks

		31/12/2008	Variation	31/12/2007
Raw materials	Net	967,500 968 K	15.5 %	837,675 838 K
Gross	BL	1,038,477 1,038 K	15.9 %	895,927 896 K
Amortisation	BM	70,977 71 K	21.8 %	58,252 58 K
Work in progress (goods)	Net	766,186 766 K	0.2 %	764,330 764 K
Gross	BN	901,897 902 K	-0.4 %	905,451 905 K
Amortisation	BO	135,711 136 K	-3.8 %	141,121 141 K
Work in progress (services)	Net	0 0 K	0%	0 0 K
Gross	BP	0 0 K	0%	0 0 K
Amortisation	BQ	0 0 K	0%	0 0 K
Semi-finished and finished products	Net	2,172,699 2,173 K	-0.1 %	2,175,738 2,176 K
Gross	BR	2,776,596 2,777 K	2.5 %	2,708,701 2,709 K
Amortisation	BS	603,897 604 K	13.3 %	532,963 533 K
Goods for resale	Net	0 0 K	0%	0 0 K
Gross	BT	0 0 K	0%	0 0 K
Amortisation	BU	0 0 K	0%	0 0 K
Sub Total Stocks	Net	3,906,385 3,906 K	3.4 %	3,777,743 3,778 K

Advance payments to suppliers

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

Debtors

		31/12/2008	Variation	31/12/2007
Trade accounts receivable	Net	2,345,322 2,345 K	-39.5 %	3,877,468 3,877 K
Gross	BX	2,864,363 2,864 K	-34.8 %	4,390,651 4,391 K
Amortisation	BY	519,041 519 K	1.1 %	513,183 513 K
Other debtors	Net	1,704,372 1,704 K	31.7 %	1,294,108 1,294 K
Gross	BZ	1,704,372 1,704 K	31.7 %	1,294,108 1,294 K
Amortisation	CA	0 0 K	0%	0 0 K
Capital subscribed and called up	Net	0 0 K	0%	0 0 K
Gross	CB	0 0 K	0%	0 0 K
Amortisation	CC	0 0 K	0%	0 0 K
Sub Total debtors	Net	4,049,694 4,050 K	-21.7 %	5,171,576 5,172 K

Divers

		31/12/2008	Variation	31/12/2007
Investment securities	Net	11,582,616 11,583 K	-5.6 %	12,269,729 12,270 K
Gross	CD	11,912,930 11,913 K	-3.2 %	12,300,836 12,301 K
Amortisation	CE	330,314 330 K	961.9 %	31,107 31 K
Cash and cash equivalents	Net	872,385 872 K	35.1 %	645,703 646 K
Gross	CF	872,385 872 K	35.1 %	645,703 646 K
Amortisation	CG	0 0 K	0%	0 0 K
Sub Total Divers	Net	0 0 K	0%	0 0 K

Prepaid expenses

		31/12/2008	Variation	31/12/2007
Prepaid expenses	Net	94,609 95 K	-84.9 %	625,002 625 K
Gross	CH	94,609 95 K	-84.9 %	625,002 625 K
Amortisation	CI	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2008	Variation	31/12/2007
Multi-period charges	CW3	0 0 K	0%	0 0 K
Premiums on redemption of bonds	CM3	0 0 K	0%	0 0 K
Currency differential gain	CN3	4 0 K	0%	4 0 K

References

		31/12/2008	Variation	31/12/2007
Due within one year	CP	0 0 K	0%	0 0 K
Due after one year	CR	0 0 K	0%	0 0 K

Accounts – Passive

Grand Total - Passive Accounts (I to IV)

		31/12/2008	Variation	31/12/2007
Grand Total (I to IV)	EE	31,161,209 31,161 K	-8.5 %	34,061,712 34,062 K

Shareholder Equity (I)

		31/12/2008	Variation	31/12/2007
Total shareholders' equity (Total I)	DL	25,227,935 25,228 K	-2.8 %	25,963,268 25,963 K
Equity and shareholders' equity	DA	4,972,400 4,972 K	0.3 %	4,956,050 4,956 K
Issue and merger premiums	DB	1,595,467 1,595 K	0.1 %	1,594,369 1,594 K
Revaluation differentials	DC	0 0 K	0%	0 0 K
Of which equity differential	EK	0 0 K	0%	0 0 K
Legal reserve	DD	497,240 497 K	11.0 %	447,980 448 K
Statutory or contractual reserve	DE	0 0 K	0%	0 0 K
Special regulated reserves	DF	1,789,564 1,790 K	0%	1,789,564 1,790 K
Other reserves	DG	6,423,222 6,423 K	9.6 %	5,859,102 5,859 K
Profits or losses brought forward	DH	10,750,621 10,751 K	-2.7 %	11,053,993 11,054 K
Conversion differences	P1	0 0 K	0%	0 0 K
Net result - group part	P2	-800,579 -801 K	-405.3 %	262,210 262 K
Investment grants	DJ	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	0 0 K	0%	0 0 K

Other capital resources (II)

		31/12/2008	Variation	31/12/2007
Total other capital resources (Total II)	DO	0 0 K	0%	0 0 K
Income from participating securities	DM	0 0 K	0%	0 0 K
Conditional loans	DN	0 0 K	0%	0 0 K
Others	P3	0 0 K	0%	0 0 K

Provisions for risks and charges (III)

		31/12/2008	Variation	31/12/2007
Total provisions for risks and charges (Total III)	DR	2,378,707 2,379 K	-19.3 %	2,947,026 2,947 K
Conversion differences	P4	0 0 K	0%	0 0 K
In reserves	P5	2,547 3 K	-40.4 %	4,277 4 K
In results	P6	1,041 1 K	208.6 %	-959 -1 K
Total III	P7	3,588 4 K	8.1 %	3,318 3 K
Delayed tax	P8	1,996,647 1,997 K	-7.4 %	2,155,576 2,156 K
Acquisition differences	P9	0 0 K	0%	0 0 K
Risk provisions	DP	38,072 38 K	-77.4 %	168,358 168 K
Reserves for charges	DQ	343,988 344 K	-44.8 %	623,092 623 K

Liabilities (IV)

		31/12/2008	Variation	31/12/2007
Total Liabilities (Total IV)	EC	3,550,972 3,551 K	-31.0 %	5,148,095 5,148 K
Convertible debentures	DS	0 0 K	0%	0 0 K
Other debentures	DT	0 0 K	0%	0 0 K
Bank loans and liabilities	DU	288,356 288 K	-10.1 %	320,624 321 K
Sundry loans and financial liabilities	DV	1,540,769 1,541 K	-17.7 %	1,872,102 1,872 K
Of which participating loans	EI	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	0 0 K	0%	0 0 K
Trade accounts payables	DX	666,825 667 K	-60.4 %	1,684,918 1,685 K
Tax and social security liabilities	DY	924,704 925 K	-6.0 %	984,058 984 K
Fixed asset liabilities	DZ	16,856 17 K	-62.0 %	44,388 44 K
Other debts	EA	107,001 107 K	-54.4 %	234,710 235 K

Translation loss (V)

		31/12/2008	Variation	31/12/2007
Translation loss (Total V)	ED	7 0 K	40.0 %	5 0 K

Equalization accounts

		31/12/2008	Variation	31/12/2007
Deferred income	EB	6,461 6 K	-11.4 %	7,295 7 K

References

		31/12/2008	Variation	31/12/2007
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	0 0 K	0%	0 0 K
Of which current bank facilities	EH	0 0 K	0%	0 0 K

Result account

1- Operating result (I-II)

		31/12/2008	Variation	31/12/2007
Operating result (Total I-II)	GG	-1,208,730 -1,209 K	3.7 %	-1,255,265 -1,255 K

2 - Financial result (V - VI)

		31/12/2008	Variation	31/12/2007
Financial result (Total V-VI)	GV	-512,657 -513 K	-412.4 %	164,098 164 K

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

		31/12/2008	Variation	31/12/2007
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-1,721,387 -1,721 K	-57.8 %	-1,091,167 -1,091 K

4 - Extraordinary result (VII-VIII)

		31/12/2008	Variation	31/12/2007
Extraordinary result (Total VII-VIII)	HI	417,020 417 K	-71.4 %	1,455,664 1,456 K

Consolidation

		31/12/2008	Variation	31/12/2007
Delayed tax	R1	-426,212 -426 K	-421.2 %	132,687 133 K
Net result before amortisation of acquisition differences	R2	-783,906 -784 K	-400.1 %	261,251 261 K
Endowment to amortisation of acquisition differences	R3	-15,632 -16 K	0%	0 0 K
Net result of companies set in equivalence	R4	0 0 K	0%	0 0 K
Net result of integrated companies	R5	0 0 K	0%	0 0 K
Group result (consolidated net result)	R6	-799,538 -800 K	-406.0 %	261,252 261 K
Cross-reference : equipment leasing	R7	1,041 1 K	208.6 %	-959 -1 K
Cross-reference : property leasing	R8	-800,579 -801 K	-405.3 %	262,210 262 K

Operating income (I)

		31/12/2008	Variation	31/12/2007
Total operating income (Total I)	FR	13,540,080 13,540 K	-23.5 %	17,700,461 17,700 K

Operating income (details)

		31/12/2008	Variation	31/12/2007
Sale of goods for resale	FC	823,673 824 K	2.3 %	805,403 805 K
France	FA	823,673 824 K	2.3 %	805,403 805 K
Export	FB	0 0 K	0%	0 0 K
Sale of goods produced	FF	10,805,771 10,806 K	-22.5 %	13,951,180 13,951 K
France	FD	8,275,182 8,275 K	-15.8 %	9,826,427 9,826 K
Export	FE	2,530,589 2,531 K	-38.6 %	4,124,753 4,125 K
Sale of services	FI	428,078 428 K	8.4 %	395,043 395 K
France	FG	428,078 428 K	8.4 %	395,043 395 K
Export	FH	0 0 K	0%	0 0 K
Net turnover	FL	12,057,522 12,058 K	-20.4 %	15,151,626 15,152 K
France	FJ	9,526,933 9,527 K	-13.6 %	11,026,873 11,027 K
Export	FK	2,530,589 2,531 K	-38.6 %	4,124,753 4,125 K
Stocked production	FM	64,341 64 K	236.0 %	-47,301 -47 K
Self-constructed assets	FN	0 0 K	0%	0 0 K
Operating grants	FO	0 0 K	0%	0 0 K
Release of reserves and provisions	FP	1,360,529 1,361 K	-41.2 %	2,313,152 2,313 K
Other income	FQ	57,688 58 K	-79.6 %	282,984 283 K

Operating charges (II)

		31/12/2008	Variation	31/12/2007
Total operating charges (Total II)	GF	14,748,810 14,749 K	-22.2 %	18,955,726 18,956 K

Exploitation charges

		31/12/2008	Variation	31/12/2007
Purchase of goods for resale	FS	0 0 K	0%	0 0 K
Change in stocks of goods for resale	FT	0 0 K	0%	0 0 K
Purchase of raw materials	FU	5,725,841 5,726 K	-16.6 %	6,866,699 6,867 K
Change in stocks of raw materials	FV	-142,550 -143 K	-139.6 %	360,199 360 K
Other external purchases and charges	FW	3,109,790 3,110 K	-9.7 %	3,444,993 3,445 K
Tax, duty and similar payments	FX	284,689 285 K	1.7 %	279,863 280 K
Payroll	FY	2,910,522 2,911 K	-36.7 %	4,597,108 4,597 K
Social security costs	FZ	938,980 939 K	-21.9 %	1,202,894 1,203 K

Depreciation

		31/12/2008	Variation	31/12/2007
Depreciation of fixed assets	GA	983,449 983 K	-27.4 %	1,353,866 1,354 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	844,023 844 K	8.9 %	774,816 775 K
Provisions for risks and charges	GD	55,957 56 K	-24.3 %	73,939 74 K

Other charges

		31/12/2008	Variation	31/12/2007
Other charges	GE	38,109 38 K	2725.0 %	1,349 1 K

Operating charges (III-IV)

		31/12/2008	Variation	31/12/2007
Share of joint-venture transferred to other partner(s) (Total III)	GH	0 0 K	0%	0 0 K
Share of joint venture transferred from other partner(s) (Total IV)	GI	0 0 K	0%	0 0 K

Financial income (V)

		31/12/2008	Variation	31/12/2007
Total financial income (Total V)	GP	643,927 644 K	-11.4 %	726,905 727 K
Share financial income	GJ	0 0 K	0%	0 0 K
Other investment income & capitalised receivables	GK	80,435 80 K	-2.7 %	82,690 83 K
Other interest and similar income	GL	396,697 397 K	-1.3 %	401,975 402 K
Released provisions and transferred charges	GM	112,965 113 K	1972.8 %	5,450 5 K
Exchange gains	GN	42,074 42 K	97.5 %	21,303 21 K
Net income from disposal of investment securities	GO	11,756 12 K	-94.5 %	215,487 215 K

Financial charge (VI)

		31/12/2008	Variation	31/12/2007
Total financial charge (Total VI)	GU	1,156,584 1,157 K	105.5 %	562,807 563 K
Financial reserves and provisions	GQ	343,386 343 K	204.0 %	112,965 113 K
Interest and similar charges	GR	307,677 308 K	-22.6 %	397,673 398 K
Exchange losses	GS	179,859 180 K	300.4 %	44,916 45 K
Net loss from disposal of investment securities	GT	325,662 326 K	4390.0 %	7,253 7 K

Extraordinary income (VII)

		31/12/2008	Variation	31/12/2007
Total extraordinary income (Total VII)	HD	463,904 464 K	-76.2 %	1,946,388 1,946 K
Extraordinary operating income	HA	97,254 97 K	1122.4 %	7,956 8 K
Extraordinary income from capital transactions	HB	280,148 280 K	-79.5 %	1,367,028 1,367 K
Released provisions and transferred charges	HC	86,502 87 K	-84.9 %	571,404 571 K

Extraordinary charges (VIII)

		31/12/2008	Variation	31/12/2007
Total extraordinary charges (Total VIII)	HH	46,884 47 K	-90.4 %	490,724 491 K
Extraordinary operating charges	HE	4,722 5 K	-95.1 %	95,895 96 K
Extraordinary charges from capital transactions	HF	15,362 15 K	-95.3 %	325,265 325 K
Extraordinary reserves and provisions	HG	26,800 27 K	-61.5 %	69,564 70 K

Employee profit sharing (IX)

		31/12/2008	Variation	31/12/2007
Employee profit sharing (Total IX)	HJ	0 0 K	0%	0 0 K

Tax on profits (X)

		31/12/2008	Variation	31/12/2007
Tax on profits (Total X)	HK	-94,249 -94 K	-220.1 %	-29,441 -29 K

References

		31/12/2008	Variation	31/12/2007
Of which equipment leases	HP	0 0 K	0%	0 0 K
Of which property leases	HQ	0 0 K	0%	0 0 K

Ratios

Structure and Liquidity

	31/12/2008	Variation	31/12/2007
Fixed Asset Financing	1.61	-0.6 %	1.62
Global Debt	106.02 days	-13.3 %	122.32 days
Working Capital Fund overall net	560.72 days	20.8 %	464.05 days
Financial independence	8,748.89 %	8.0 %	8,097.73 %
Solvability	80.96 %	6.2 %	76.22 %

Management or rotation

	31/12/2008	Variation	31/12/2007
Need background in operating working capital	186.33 days	30.7 %	142.59 days
Treasury	381.73 days	24.1 %	307.61 days
Inventory turnover of goods	0.00 days	0%	0.00 days
Inventory turnover of raw materials in industrial enterprises	65.29 days	39.0 %	46.97 days
Inventory turnover of intermediate and finished products in the industrial enterprise	0.00 days	0%	0.00 days

Profitability of the business

	31/12/2008	Variation	31/12/2007
Margin trading	823,673.00 %	2.3 %	805,403.00 %
Profitability of the business	-5.85 %	46.2 %	-10.87 %
Rates integration	28.44 %	-2.8 %	29.25 %
Rate leasing furniture	0.00 %	0%	0.00 %
Weight interests	9.59 %	158.5 %	3.71 %

Return on capital

	31/12/2008	Variation	31/12/2007
Rates of economic profitability	-2.61 %	55.4 %	-5.85 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.89
UK Pound	1	Rs.99.10
Euro	1	Rs.70.12

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

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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