MIRA INFORM REPORT

Report No. :	334311
Report Date :	28.07.2015

IDENTIFICATION DETAILS

Name :	AUBERT & DUVAL

Registered Office :	Ad Tour Maine Montparnasse 33 Av Du Maine Paris 15 75755 Paris Cedex 15

Country :	France

Financials (as on) :	31.12.2014

Date of Incorporation :	December 1990

Legal Form :	Simplified joint stock company

Line of Business :	Forging, stamping powder metallurgy.

No. of Employee :	2 000 to 4 999 employees

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

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

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

27/07/2015 13:08:02

Enquiries Trend

Name	AUBERT & DUVAL
Acronym	AD
Trade name	-
Status	Economically active
Postal Address	AUBERT & DUVAL AD TOUR MAINE MONTPARNASSE 33 AV DU MAINE PARIS 15 75755 PARIS CEDEX 15
Share Capital	152,564,928 Euros
Incorporiation Date	12/1990
Activity (APE)	Forging , stamping powder metallurgy (2550A)	RCS Registration	RCS Paris B 380 342 808
Formation Date	01/1991	EUR VAT Number	FR73380342808
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	20 0 0B18870	Telephone	01 45 38 38 88
Registration Court	Paris (75)	Fax	03 24 32 64 82
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
31/12/2014	780,767,000 €	6.84% Turnover	297,861,000 €	-11,474,000 €	2 000 to 4 999 employees
31/12/2013	754,299,000 €	6.36% Turnover	295,975,000 €	3,105,000 €	-
31/12/2012	801,885,000 €	3.99% Turnover	294,486,000 €	-18,469,000 €	-

Details

Ultimate Holding Company

Name	Country	Company Number
ERAMET		632045381
Affiliation links. View Details
20 companies in the international Group Structure from 8 countries. View Details

Directors

Current Directors

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	161
Total number of Invoices paid within or up to 30 days after the due date	122
Total number of Invoices paid more than 30 days after the dues date	37
Total number of Invoices currently outstanding where the due date has not yet been reached	2
Total number of Invoices currently outstanding beyond the due date	0

Trends

Profitability
Liquidity
Net Worth

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	7010Z	Activity	Activités des sièges sociaux
Formation Date	11/2000	Reason for Formation	Other
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	33 AVENUE DU MAINE 75015 PARIS 15	Department	Paris (75)
Location Surface	-	District	1
City	PARIS 15	Status	Economically active
Business Pages FT®	ACIER: PRODUITS SIDERURGIQUES ET TRANSFORMES (FABRICATION, NEGOCE)	Region	Ile-de-France
		Area	99
		Size of Urban Area	Paris conglomeration

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
ERAMET	Commerce de gros (commerce interentreprises) de minerais et métaux	4672Z	PARIS 15	75015

Other Establishment(s)

Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 50 to 80% of workforce
Branches	10 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
AUBERT & DUVAL	Head Office	2550A	Forging , stamping powder metallurgy	PARIS 15	75015
AUBERT & DUVAL	Branch	2550A	Forging , stamping powder metallurgy	LESPINASSE	31150
AUBERT & DUVAL	Branch	2550A	Forging , stamping powder metallurgy	SAINT HERBLAIN	44800
AUBERT & DUVAL	Branch	2550A	Forging , stamping powder metallurgy	PAMIERS	09100
AUBERT & DUVAL	Branch	2550A	Forging , stamping powder metallurgy	HEYRIEUX	38540

View Details

Workforces

Workforce at address

50 to 99 employees

Company workforce

2 000 to 4 999 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 297,861,000 €

The creditor days are 43.34

The liabilities are 551,275,000 €

The net current assets are 515,427,000 €

The net turnover is 780,767,000 €

The risk provisions are 62,416,000 €

The total assets are 912,251,000 €

Low risk workforce size

Industry code with low risk rating

Department code with low risk rating

The company has 2 director(s)

The ratio total assets to total liabilities is 1.49

The pre-tax profit is -14,307,000 €

The sales to current assets ratio is 1.51

The stock to turnover ratio is 43.82

The return on total assets employed is -2

Collective procedures

No judgment information for the company

Summary of preferential rights

Company monitored since	18/09/2007
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	18/09/2007
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	ERAMET
Direct parent	ERAMET ALLIAGES - 100 %
Group – Number of companies	74
Linkages – Number of companies	20
Number of countries	8

Group Structure

Display only where participation % > 33 %

Display all participations

Go directly to the current company

Rating Information

Ultimate parent company	ERAMET
Direct parent	ERAMET ALLIAGES - 100 %
Group – Number of companies	74
Linkages – Number of companies	20
Number of countries	8

Shareholders
ERAMET ALLIAGES	100

Linkages

Rating Information

Company Name	Siren	Last Account Published	Turnover
ERAMET NORWAY AS	980518647	31/12/2014	24,224,043 KNOK
MONIAL AS	970979360	31/12/2013	110,714 KNOK
TIZIR TITANIUM & IRON AS	934505557	31/12/2014	927,648 KNOK
SAKSENVIK KRAFT AS	980411060	31/12/2013	1,416 KNOK
ERALLOYS ENERGY AS	984682409	31/12/2011	0 KNOK
FINNESETBEKKEN KRAFTVERK AS	993351326	31/12/2013	760 KNOK
REKÅA KRAFTVERK AS	994562223	31/12/2013	443 KNOK
K F FJELLSIKRING AS	974332132	31/12/2013	150 KNOK
DRUCKGUßTECHNIK 2000 STAHLSCHMIDT BECKERS GMBH	HRB 8223	31/12/2013	-
AUBERT & DUVAL DEUTSCHLAND GMBH	HRB 125231	31/12/2013	-
HARASTØLEN AS	880932942	31/12/2013	157 KNOK
TINFOS EIENDOM AS	896276212	31/12/2013	110 KNOK
SÖDERFORS POWDER AKTIEBOLAG	5563007847	31/12/2013	0 KSEK
SÖDERFORS SPECIALVERKEN AKTIEBOLAG	5564108925	31/12/2013	0 KSEK
GRÅSSVOLL ANS	984889100	31/12/2013	0 KNOK
AUBERT & DUVAL SA	-	-	-
ERAMET SA	-	-	-
P.T. WEDA BAY NICKEL	-	-	-
STRAND MINERALS (INDONESIA) PT	-	-	-
WEDA BAY MINERALS PTY LTD	-	-	-

Director(s)

Name	M. DUVAL GEORGES
Manager position	President	Date of birth	03/05/1946
Place of birth	SAINT CLOUD (92210)
Type	Individual	Name at birth
				View Details
Name	M. HUGELMANN DENIS
Manager position	Managing director	Date of birth	20/10/1958
Place of birth	SAINTE-ADRESSE (76310)
Type	Individual	Name at birth

Previous Directors

View the directors history for this company

If you want to view the directors history, please click on the link view details.

Manager position	Title and name	Date of Birth/Place of Birth
President	M. DUVAL GEORGES	03/05/1946 - SAINT CLOUD (92210)	View Details
Chief Executive Officer	M. DUVAL GEORGES	03/05/1946 - SAINT CLOUD	View Details
Managing director	M. CHASTEL XAVIER	-	View Details
Managing director	M. CHASTEL XAVIER	06/02/1967 - PARIS 08	View Details
Managing director	M. GUNDERMANN PHILIPPE	-	View Details
Managing director	M. GUNDERMANN PHILIPPE	08/12/1968 - BITCHE (57230)	View Details

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	15/07/2015	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 11901 - 380342808 RCS. AUBERT & DUVAL. Forme : Société par actions simplifiée (à associé unique). Adresse : 33 avenue du Maine Cedex 15Tour Maine Montparnasse 75755 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
Hide	23/08/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10681 - 380342808 RCS. AUBERT & DUVAL. Forme : Société par actions simplifiée (à associé unique). Adresse : 33 avenue du Maine Cedex 15Tour Maine Montparnasse 75755 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	12/11/2013	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 763 - 380 342 808 RCS Paris. AUBERT & DUVAL. Forme : Société par actions simplifiée (à associé unique). Sigle : AD. Capital : 152564928 EUR. Activité : . Adresse du siège social : 33 avenue du Maine, Tour Maine Montparnasse, 75755 Paris. Commentaires : modification survenue sur le capital (augmentation).
Hide	24/10/2013	Bodacc A	Vente et cession : Acheteur
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1010 - 380 342 808 RCS Paris. AUBERT & DUVAL (SOCIÉTÉ ABSORBANTE). Forme : Société par actions simplifiée. Sigle : AD. Capital : 144564928 EUR. Adresse : 33 avenue du Maine, Tour Maine Montparnasse, 75755 Paris. Date de commencement de l’activité : 01/01/0001. Oppositions : Article L.236-14 du code de commerce. Descriptif : Pour la soci¿t¿ absorb¿e : La d¿nomination sociale suivie, le cas ¿ch¿ant, de son sigle : AIRFORGE La forme : Soci¿t¿ par actions simplifi¿e ¿ associ¿ uniqueL'adresse de son si¿ge o¿ peut ¿tre consult¿ le projet de fusion : Parc Technologique de la Pardieu- 6, rue Condorcet 63000 CLERMONT-FERRAND Le montant du capital : 26.000.000 EurosLe num¿ro unique d'identification et la mention RCS suivie du nom de la ville o¿ se trouve le greffe o¿ elle est immatricul¿e : 447 715 095 R.C.S. CLERMONT-FERRANDL'¿valuation de l'actif et du passif de chaque soci¿t¿ participante dont la transmission ¿ la soci¿t¿ nouvelle ou absorbante est pr¿vue :Actif : 45.589.790,30 eurosPassif : 25.237.974,98 eurosLe rapport d'¿change des droits sociaux dans chaque soci¿t¿ participante : NEANTLe montant pr¿vu du mali de fusion pour chaque soci¿t¿ participante : -34.106,68 eurosLa date du projet commun de fusion ou de scission : 15/10/2013Les dates et lieu du d¿p¿t au RCS au titre de chaque soci¿t¿ participante: 17/10/2013 au Greffe de Paris et Clermont Ferrand. Commentaires : Autre achat, apport, attribution.
Hide	15/10/2013	JAL	Modification of the share capital
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 14/10/2013 La société : 380342808 - AUBERT & DUVAL, AD, 33 AV DU MAINE, TOUR MAINE MONTPARNASSE, PARIS 15, 75015 PARIS 15 a subi une augmentation de son capital social désormais de 152 564 928 € Date d'effet : 14/10/2013
Hide	27/09/2013	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 984 - 380 342 808 RCS Paris. AUBERT & DUVAL. Forme : Société par actions simplifiée. Sigle : AD. Administration : Directeur général partant : Gundermann, Philippe, nomination du Directeur général : Hugelmann, Denis. Capital : 144564928 EUR. Activité : . Adresse du siège social : 33 avenue du Maine, Tour Maine Montparnasse, 75755 Paris. Commentaires : modification survenue sur l'administration.
Hide	05/09/2013	JAL	Appointment of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 30/08/2013 Société faisant l'objet d'une nomination : 380342808 - AUBERT & DUVAL, AD, 33 AV DU MAINE, TOUR MAINE MONTPARNASSE, PARIS 15, 75015 PARIS 15 Nominé : Monsieur Denis HUGELMANN, 95240 CORMEILLES EN PARISIS En la fonction de : Directeur général
Hide	26/08/2013	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4385 - 380342808 RCS. AUBERT & DUVAL. Forme : Société par actions simplifiée. Adresse : 33 avenue du Maine Cedex 15Tour Maine Montparnasse 75755 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	26/07/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6233 - 380342808 RCS. AUBERT & DUVAL. Forme : Société par actions simplifiée. Adresse : 33 avenue du Maine Cedex 15Tour Maine Montparnasse 75755 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	01/09/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6304 - 380342808 RCS. AUBERT & DUVAL. Forme : Société par actions simplifiée. Adresse : 33 AV DU MAINE CEDEX 15TOUR MAINE MONTPARNASSE 75755 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	29/09/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1006 - 380 342 808 RCS Paris. AUBERT & DUVAL. Forme : Société par actions simplifiée. Sigle : AD. Administration : modification du Commissaire aux comptes suppléant AUDITEURS ET CONSEILS ASSOCIES (SA), Commissaire aux comptes suppléant partant : Rochmann, Francois. Capital : 144564928 EUR. Adresse du siège social : 33 avenue du Maine, Tour Maine Montparnasse, 75755 Paris. Commentaires : modification survenue sur l'administration.
Hide	10/09/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2995 - 380342808 RCS. AUBERT & DUVAL. Forme : Société par actions simplifiée. Adresse : 33 avenue du Maine Cedex 15Tour Maine Montparnasse 75755 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	24/03/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1948 - 380 342 808 RCS Paris. AUBERT & DUVAL. Forme : Société par actions simplifiée. Sigle : AD. Administration : nomination du Directeur général : Gundermann, Philippe. Capital : 144564928 EUR. Adresse du siège social : 33 avenue du Maine, Tour Maine Montparnasse, 75755 Paris. Commentaires : modification survenue sur l'administration.
Hide	28/02/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4771 - 380 342 808 RCS Paris. AUBERT & DUVAL. Forme : Société par actions simplifiée. Sigle : AD. Administration : Directeur général partant : Chastel, Xavier. Capital : 144564928 EUR. Adresse du siège social : 33 avenue du Maine, Tour Maine Montparnasse, 75755 Paris. Commentaires : modification survenue sur l'administration.
Hide	21/08/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6179 - 380342808 RCS. AUBERT & DUVAL. Forme : Société par actions simplifiée. Adresse : 33 avenue du Maine Cedex 15Tour Maine Montparnasse, 75755 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	28/03/2007	Bodacc B	Modifications et mutations diverses
1242 - RCS Paris B 380 342 808. RC 00-B 18870. AUBERT & DUVAL. Sigle : AD. Forme : S.A.S. Capital : 144 564 928 euros. Adresse du siège social : tour Maine-Montparnasse, 33 avenue du Maine,, 75755 Commentaires : modification survenue sur l'administration. Administration : directeur général partant : PRADOURA (Alain). Nomination d'un directeur général : CHASTEL (Xavier).
Hide	13/09/2006	Bodacc C	Avis de dépôt des comptes
1321 - RCS Paris B 380 342 808. RC 00-B 18870. AUBERT & DUVAL. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: tour Maine Montparnasse 33, avenue du Maine,Paris, 75755 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	08/10/2005	Bodacc C	Avis de dépôt des comptes
1280 - RCS Paris B 380 342 808. RC 00-B 18870. AUBERT & DUVAL. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: tour Maine Montparnasse 33, avenue du Maine,Paris, 75755 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	10/09/2004	Bodacc B	Modifications et mutations diverses
RCS Paris B 380342808 RC 00-B 18870 AUBERT & DUVAL. Sigle : AD. Forme : S.A.S. Capital : 144 564 928 euros. Adresse du siège social : tour Maine-Montparnasse, 33 avenue du Maine, 75755 Paris Cedex 15. Commentaires : modification survenue sur la dénomination et le sigle. Société ayant participé à la fusion : AUBERT ET DUVAL TECPHY,. RCS Clermont- Ferrand B 348 505 520 AUBERT ET DUVAL ALLIAGES,. RCS Clermont-Ferrand B 323 026 666 AUBERT ET DUVAL FORTECH,. RCS Clermont-Ferrand B 999 990 583. Date d'effet : 30 juin 2004.
Hide	30/07/2003	Bodacc B	Modifications et mutations diverses
RCS Paris B 380342808 RC 00-B 18870 AUBERT & DUVAL HOLDING. Sigle : ADH. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : BARBIER FRINAULT ET AUTRES. Nomination de commissaires aux comptes titulaires : ERNST & YOUNG AUDIT S.A. AUDITEURS ET CONSEILS ASSOCIES S.A. Commissaire aux comptes suppléant partant : BARBIER FRINAULT & ASSOCIES. Nomination d'un commissaire aux comptes suppléant : ROCHMANN ( François).
Hide	04/10/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 380342808 RC 00-B 18870 AUBERT & DUVAL HOLDING. Sigle : ADH. Forme : S.A.S. Activité : prise d'intérets, de participations dans toutes affaires, entreprises commerciales, industrielles, mobilières ou immobilières et financières études, recherche, commercialisation des produits métallurgiques destinés aux applications de défense et d'armement. Commercialisation des produits métallurgiques fabriqués par ses filiales. Commentaires : modification survenue sur la forme juridique, l' activité et l'administration. Administration : modification du président : DUVAL (Georges). Modification d'un directeur général : PRADOURA (Alain). Administrateurs partants : DE SAINT-LEGER (Guillaume) ROBERT (Alain). Commissaire aux comptes suppléant partant : P.G.A. Nomination d' un commissaire aux comptes suppléant : BARBIER FRINAULT ET ASSOCIES.
Hide	04/10/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 380342808 RC 00-B 18870 AUBERT & DUVAL HOLDING. Sigle : ADH. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : administrateur partant : DUVAL (Patrick).
Hide	27/12/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 380342808 RC 00-B 18870 AUBERT & DUVAL HOLDING. Sigle : A.D.H. Forme : S.A. Capital : 144 564 928 euros. Adresse du siège social : tour Maine- Montparnasse, 33 avenue du Maine, 75755 Paris Cedex 15. Commentaires : société ayant participé à la fusion : HOLDING DE TRANSFORMATION DES MATERIAUX S.A.,. RCS Clermont-Ferrand 392 570 404, parc technologique de la Pardieu, 6 rue Condorcet, 63000 Clermont-Ferrand.
Hide	30/11/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 380342808 RC 00-B 18870 AUBERT & DUVQAL HOLDING. Sigle : A.D.H. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : administrateur partant : DUVAL (Cyrille). Nomination d'un administrateur : ROBERT (Alain).
Hide	16/08/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 380342808 RC 00-B 18870 AUBERT & DUVAL HOLDING. Sigle : A.D.H. Forme : S.A. Capital : 144 564 928 euros. Commentaires : modification survenue sur la dénomination, le sigle, le capital ( augmentation) et l'administration. Administration : président du conseil d' administration partant : AUVINET (Jean). Nomination du P.-D.G. : DUVAL (Georges). Nomination du directeur général et administrateur : PRADOURA (Alain). Administrateur partant : LEFEBVRE ( François).
Hide	14/12/2000	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 380342808 RC 94-B 3674 COMPAGNIE D'INVESTISSEMENTS DE RECHERCHES ET D'APPLICATIONS EN METALLURGIE. Sigle : CIRAM S.A. Forme : S.A. Adresse du siège social : 7 rue de Rouvray, 92200 Neuilly-sur-Seine Date de radiation: 29 novembre 2000.
Hide	07/12/2000	Bodacc B	Modifications et mutations diverses
RCS Paris B 380342808 RC 00-B 18870 COMPAGNIE D'INVESTISSEMENTS DE RECHERCHES ET D'APPLICATIONS EN METALLURGIE. Sigle : CIRAM S.A. Forme : S.A. Capital : 903 530 800 F. Activité : prise d'intérets et de participations dans toutes affaires et entreprises, commerciales, industrielles, mobilières, immobilières, financières d'études ou de recherches et ce par souscription, acquisition de droits, concessions, titres, valeurs mobilières, droits sociaux ou de toute autre manière. Gestion du portefeuille de valeurs mobilières ainsi constitué, toutes études, estimations ou expertises dans la limite de l'objet social. Adresse du siège social : tour Maine Montparnasse, 33 avenue du Maine, 75755 Paris Cedex 15. Administration : président du conseil d'administration : AUVINET (Jean). Administrateurs : LEFEBVRE (François) DE SAINT-LEGER (Guillaume) DUVAL ( Cyrille) DUVAL (Patrick). Commissaire aux comptes titulaire : BARBIER FRINAULT ET AUTRES. Commissaire aux comptes suppléant : P.G.A. Commentaires : cette société transfère son siège du 7 rue de Rouvray, 92200 Neuilly-sur-Seine. Ancien RC : 94-B 3674. Date d'effet : 16 novembre 2000.
Hide	03/09/2000	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 380342808 RC 94-B 3674 COMPAGNIE D'INVESTISSEMENTS DE RECHERCHES ET D'APPLICATIONS EN METALLURGIE. Sigle : CIRAM S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : administrateurs partants : BELICARD ( René) HAUSER (Louis). Nomination d' administrateurs : DE SAINT-LEGER ( Guillaume) DUVAL (Cyrille) DUVAL ( Patrick).
Hide	24/12/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Nanterre B 380 342 808 RC RC 94-B 3674 COMPAGNIE D'INVESTISSEMENTS DE RECHERCHES ET D'APPLICATIONS EN METALLURGIE. Sigle : CIRAM S.A. Forme : S.A. Administration : suppression : administrateur : LINATH (Wladimir). Commentaires : modification survenue sur l'administration.
Hide	22/02/1998	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 380 342 808 RC 94-B 3674 COMPAGNIE D'INVESTISSEMENTS DE RECHERCHES ET D'APPLICATIONS EN METALLURGIE. Sigle : C.I.R.A.M. S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : administrateur partant : DOLLE (Guy).
Hide	30/08/1997	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 380 342 808 RC 94-B 3674 COMPAGNIE D'INVESTISSEMENTS DE RECHERCHES ET D'APPLICATIONS EN METALLURGIE. Sigle : CIRAM S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : BARBIER FRINAULT ET ASSOCIES. Nomination du commissaire aux comptes titulaire : BARBIER FRINAULT ET AUTRES. Commissaire aux comptes suppléant partant : GALTIER (Yves). Nomination du commissaire aux comptes suppléant : P.G. A.
Hide	29/02/1996	Bodacc B	Modifications et mutations diverses
RCS *. RCS Nanterre B 380 342 808 RC RC 94-B 3674 COMPAGNIE D'INVESTISSEMENTS, DE RECHERCHES ET D'APPLICATIONS EN METALLURGIE. Sigle : C.I.R.A.M. S.A. Forme : S.A. Capital : 903 530 800 F. Adresse du siège social : 7, rue de Rouvray 92200 Neuilly-sur-Seine. Administration : président du conseil d'administration : AUVINET (Jean) Administrateurs : LEFEBVRE (François) GILET (Jean-Yves) BELICARD (René) LINATH (Wladimir) HAUSER (Louis). Commissaire aux comptes titulaire : BARBIER FRINAULT ET ASSOCIES. Commissaire aux comptes suppléant : GALTIER (Yves). Commentaires : modification survenue sur le capital et l'administration. Deux augmentations de capital à la suite d'un apport partiel d'actif augmentation, création de 352 575 actions nouvelles pour porter le capital de 839 110 000 F à 874 367 500 F, puis augmentation de 29 163 300 F pour le porter de 874 367 500 F à 903 530 800 F par création de 291 633 actions nouvelles. La société SIMA S.A.,. RCS Nanterre B 562 013 995 fait apport à CIRAM de 6 000 actions de la société AUBERT ET DUVAL, en rémunération de l' apport de SIMA à CIRAM, il est créé des actions nouvelles qui seront attribuées à SIMA.
Hide	06/01/1995	Bodacc B	Modifications et mutations diverses
RCS *. RCS Nanterre B 380 342 808 RC RC 94-B 3674 COMPAGNIE D'INVESTISSEMENTS DE RECHERCHES ET D'APPLICATIONS EN METALLURGIE. Sigle : C.I.R.A.M. S.A. Forme : S.A. Capital : 839 110 000 F. Administration : président du conseil d' administration : AUVINET (Jean) Administrateurs : LEFEBVRE (François) GILET (Jean-Yves) BELICARD (René) LINATH (Wladimir) HAUSER (Louis). Commissaire aux comptes titulaire : FRINAULT FIDUCIAIRE. Commissaire aux comptes suppléant : GALTIER (Yves). Commentaires : modification survenue sur le capital et l'administration.

Company events history

Date	Description
15/07/2015	Bodacc C : Deposit accounts notice
13/06/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
03/01/2015	New subsidiarie(s) detected
31/12/2014	New accounts available
23/08/2014	Bodacc C : Deposit accounts notice
30/07/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
06/06/2014	Disengagement in other companies
07/01/2014	Declaration of conformity
07/01/2014	Amendment
07/01/2014	Merger
31/12/2013	New accounts available
12/11/2013	Bodacc B: Various editing or changing
25/10/2013	Updated articles of association
25/10/2013	Capital increase
25/10/2013	Amendment
24/10/2013	Bodacc A : Sale and transfer
17/10/2013	Planned merger
17/10/2013	Private document
14/10/2013	Other modification of Establishment
14/10/2013	Legal Gazette: Modification of the share capital
27/09/2013	Bodacc B: Various editing or changing
13/09/2013	Update Limit
13/09/2013
13/09/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
12/09/2013	Appointment/resignation of company officers
12/09/2013	Amendment
30/08/2013	Legal Gazette: Appointment of the social representative
26/08/2013	Bodacc C : Deposit accounts notice
31/07/2013
31/07/2013	Update Limit
31/07/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2012	New accounts available
02/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
26/07/2012	Bodacc C : Deposit accounts notice
09/03/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
04/11/2011	Disengagement in other companies
19/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
25/05/2011	Audit or Management Report
05/05/2011	Planned merger
22/03/2011	Application and court order
22/03/2011	Amendment
31/12/2010	New accounts available
01/09/2010	Bodacc C : Deposit accounts notice
13/08/2010	New subsidiarie(s) detected
31/12/2009	New accounts available
29/09/2009	Bodacc B: Various editing or changing
10/09/2009	Bodacc C : Deposit accounts notice
10/09/2009	New auditor
10/09/2009	Amendment
09/07/2009	Change to corporate purpose
09/07/2009	Minutes of general meeting of shareholders
09/07/2009	Updated articles of association
09/07/2009	Private document
08/07/2009	Change to corporate purpose
08/07/2009	Amendment
08/07/2009	Updated articles of association
24/03/2009	Bodacc B: Various editing or changing
09/03/2009	Private document
09/03/2009	Changes to the Board of Directors
09/03/2009	Appointment/resignation of company officers
09/03/2009	Amendment
09/03/2009	Minutes of general meeting of shareholders
28/02/2009	New Bodacc B ads detected
28/02/2009	Bodacc B: Various editing or changing
09/02/2009	Minutes of general meeting of shareholders
09/02/2009	Changes to the Board of Directors
09/02/2009	Appointment/resignation of company officers
09/02/2009	Amendment
09/02/2009	Private document
31/12/2008	New accounts available
21/08/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
18/09/2007	Collection of preferential rights activated for this company
27/02/2007	Appointment/resignation of company officers
27/02/2007	Minutes of general meeting of shareholders
27/02/2007	Private document
27/02/2007	Appointment/resignation of company officers
27/02/2007	Amendment
27/02/2007	Changes to the Board of Directors
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/08/2004	Change to corporate purpose
31/08/2004	Updated articles of association
31/08/2004	Private document
31/08/2004	New company name
31/08/2004	Amendment
31/08/2004	Audit or Management Report
31/08/2004	Declaration of conformity
31/08/2004	Merger
31/08/2004	Minutes of general meeting of shareholders
25/05/2004	Private document
25/05/2004	Planned merger
23/04/2004	Amendment
23/04/2004	Application and court order
31/12/2003	New accounts available
18/07/2003	Appointment/resignation of company officers
18/07/2003	New auditor
18/07/2003	Private document
18/07/2003	Amendment
18/07/2003	Minutes of general meeting of shareholders
23/09/2002	Appointment/resignation of company officers
23/09/2002	Audit or Management Report
23/09/2002	Change to corporate purpose
23/09/2002	Changes to the Board of Directors
23/09/2002	Minutes of general meeting of shareholders
23/09/2002	New auditor
23/09/2002	New legal form – new category
23/09/2002	New legal form – no new category
23/09/2002	Private document
23/09/2002	Updated articles of association
14/12/2001	Changes to the Board of Directors
14/12/2001	Minutes of Board meeting
14/12/2001	Minutes of general meeting of shareholders
14/12/2001	Private document
14/12/2001	Declaration of conformity
14/12/2001	Merger
14/12/2001	Audit or Management Report
14/12/2001	Amendment
14/12/2001	Appointment/resignation of company officers
14/12/2001	Updated articles of association
03/12/2001	Planned merger
03/12/2001	Private document
19/11/2001	Minutes of Board meeting
19/11/2001	Private document
19/11/2001	Amendment
19/11/2001	Appointment/resignation of company officers
19/11/2001	Changes to the Board of Directors
01/08/2001	Updated articles of association
01/08/2001	Registered office transferred inside jurisdiction of the Commercial Court
01/08/2001	Private document
01/08/2001	New chairman (CEO, CoB)
01/08/2001	Minutes of general meeting of shareholders
01/08/2001	Minutes of Board meeting
01/08/2001	Conversion of equity to euro
01/08/2001	Changes to the Board of Directors
01/08/2001	Capital increase
01/08/2001	Appointment/resignation of company officers
01/08/2001	New company name
26/07/2001	Application and court order
26/07/2001	Appointment/resignation of company officers
26/07/2001	Amendment
16/11/2000	Private document
16/11/2000	Amendment
16/11/2000	Registered office transferred outside jurisdiction of the Commercial Court
16/11/2000	Registration after transfer
16/11/2000	Updated articles of association
16/11/2000	Minutes of Board meeting
18/08/2000	Minutes of general meeting of shareholders
18/08/2000	Changes to the Board of Directors
18/08/2000	Appointment/resignation of company officers
18/08/2000	Private document
07/12/1998	Changes to the Board of Directors
07/12/1998	Minutes of Board meeting
07/12/1998	Private document
07/12/1998	Amendment
07/12/1998	Appointment/resignation of company officers
06/02/1998	Changes to the Board of Directors
06/02/1998	Private document
06/02/1998	Appointment/resignation of company officers
06/02/1998	Minutes of general meeting of shareholders
13/08/1997	Appointment/resignation of company officers
13/08/1997	Changes to the Board of Directors
13/08/1997	Minutes of general meeting of shareholders
13/08/1997	Private document
13/08/1997	New auditor
26/12/1996	Amendment
26/12/1996	Appointment/resignation of company officers
26/12/1996	Minutes of Board meeting
26/12/1996	Private document
26/12/1996	Changes to the Board of Directors
14/02/1996	Minutes of general meeting of shareholders
14/02/1996	Capital increase
14/02/1996	Amendment
14/02/1996	Updated articles of association
18/12/1995	Audit or Management Report
18/12/1995	Amendment
17/11/1995	Application and court order
17/11/1995	Amendment
15/12/1994	Amendment
15/12/1994	Updated articles of association
15/12/1994	New chairman (CEO, CoB)
15/12/1994	Minutes of general meeting of shareholders
15/12/1994	Minutes of Board meeting
15/12/1994	Fund deposit certificate
15/12/1994	Changes to the Board of Directors
15/12/1994	Capital reduction
15/12/1994	Capital increase
15/12/1994	Appointment/resignation of company officers
27/10/1994	Amendment
27/10/1994	Updated articles of association
27/10/1994	Capital increase
27/10/1994	Capital reduction
27/10/1994	Minutes of general meeting of shareholders
21/09/1994	Audit or Management Report
21/09/1994	Amendment
09/08/1994	Amendment
09/08/1994	Application and court order
26/07/1994	Articles of association
26/07/1994	Minutes of Board meeting
26/07/1994	Minutes of general meeting of shareholders
26/07/1994	New company name
26/07/1994	Registration after transfer
26/07/1994	Updated articles of association
26/07/1994	Appointment/resignation of company officers
19/07/1994	Amendment
19/07/1994	Registered office transferred outside jurisdiction of the Commercial Court
19/07/1994	Minutes of general meeting of shareholders
28/07/1993	Minutes of general meeting of shareholders
28/07/1993	New chairman (CEO, CoB)
28/07/1993	Amendment
28/07/1993	Appointment/resignation of company officers
28/07/1993	Changes to the Board of Directors
28/07/1993	Minutes of Board meeting
08/02/1993	Updated articles of association
08/02/1993	Registered office transferred inside jurisdiction of the Commercial Court
08/02/1993	Minutes of Board meeting
08/02/1993	Amendment
08/02/1993	Declaration of conformity

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	12/06/2015	29/07/2014	12/09/2013
Activity Code	2550A	2550A	2550A
Employees	3323	3518	0

Active account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Capital not called	0 0 K	0%	0 0 K	0%	0 0 K	0 0 K	0%
Total fixed assets	396,823,000 396,823 K	0.9 %	393,336,000 393,336 K	5.0 %	374,557,000 374,557 K	107,457 107 K	369185.4 %
Intangible assets	17,903,000 17,903 K	25.4 %	14,276,000 14,276 K	253.2 %	4,042,000 4,042 K	9,424 9 K	189882.5 %
Tangible assets	308,329,000 308,329 K	-1.9 %	314,364,000 314,364 K	0.8 %	311,807,000 311,807 K	69,686 70 K	442357.9 %
Financial assets	70,590,000 70,590 K	9.1 %	64,697,000 64,697 K	10.2 %	58,708,000 58,708 K	699 1 K	10105841.3 %
Net current assets	515,427,000 515,427 K	5.6 %	488,168,000 488,168 K	-2.2 %	499,111,000 499,111 K	705,488 705 K	72959.7 %
Stocks	342,139,000 342,139 K	-0.4 %	343,423,000 343,423 K	4.2 %	329,442,000 329,442 K	65,447 65 K	522672.6 %
Advanced payments	20,268,000 20,268 K	0.4 %	20,187,000 20,187 K	-0.9 %	20,362,000 20,362 K	0 0 K	0%
Receivables	133,969,000 133,969 K	11.9 %	119,697,000 119,697 K	-15.0 %	140,803,000 140,803 K	237,868 238 K	56220.7 %
Securities and cash	19,051,000 19,051 K	292.0 %	4,860,000 4,860 K	-42.9 %	8,504,000 8,504 K	87,372 87 K	21704.5 %
Prepaid expenses	- -	-	- -	-	- -	1,378 1 K	-
Accounts of regularization	0 0 K	0%	0 0 K	0%	0 0 K	0 0 K	0%
Total Assets	912,251,000 912,251 K	3.5 %	881,504,000 881,504 K	0.9 %	873,668,000 873,668 K	749,672 750 K	121586.7 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Shareholders' equity	297,861,000 297,861 K	0.6 %	295,975,000 295,975 K	0.5 %	294,486,000 294,486 K	336,959 337 K	88296.9 %
Share capital	152,565,000 152,565 K	0%	152,565,000 152,565 K	5.5 %	144,565,000 144,565 K	32,500 33 K	469330.8 %
Other capital resources	700,000 700 K	-26.5 %	953,000 953 K	356.0 %	209,000 209 K	0 0 K	0%
Risk Provisions	62,416,000 62,416 K	21.2 %	51,502,000 51,502 K	6.2 %	48,491,000 48,491 K	0 0 K	0%
Liabilities	551,275,000 551,275 K	3.4 %	533,072,000 533,072 K	0.5 %	530,482,000 530,482 K	338,672 339 K	162675.7 %
Financial liabilities	346,801,000 346,801 K	7.0 %	324,090,000 324,090 K	-4.7 %	340,028,000 340,028 K	81,855 82 K	423577.2 %
Advanced payments received	46,198,000 46,198 K	-12.0 %	52,499,000 52,499 K	-2.0 %	53,558,000 53,558 K	0 0 K	0%
Trade account payables	92,705,000 92,705 K	5.0 %	88,264,000 88,264 K	4.6 %	84,352,000 84,352 K	91,670 92 K	101029.6 %
Tax and social liabilities	48,421,000 48,421 K	-4.4 %	50,625,000 50,625 K	22.3 %	41,393,000 41,393 K	141,770 142 K	34054.7 %
Other debts and fixed assets liabilities	16,367,000 16,367 K	-3.4 %	16,940,000 16,940 K	53.8 %	11,014,000 11,014 K	13,472 13 K	121393.5 %
Account regularization	783,000 783 K	19.7 %	654,000 654 K	377.4 %	137,000 137 K	0 0 K	0%
Total liabilities	912,251,000 912,251 K	3.5 %	881,502,000 881,502 K	0.9 %	873,668,000 873,668 K	749,671 750 K	121586.8 %

Results

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of Goods	840,630,000 840,630 K	4.6 %	804,005,000 804,005 K	-1.2 %	813,963,000 813,963 K	891,660 892 K	94177.0 %
Net turnover	780,767,000 780,767 K	3.5 %	754,299,000 754,299 K	-5.9 %	801,885,000 801,885 K	885,360 885 K	88086.4 %
of which net export turnover	446,246,000 446,246 K	6.9 %	417,630,000 417,630 K	-7.1 %	449,372,000 449,372 K	645 1 K	69239000.1 %
Operating charges	821,403,000 821,403 K	3.5 %	793,756,000 793,756 K	-1.9 %	809,348,000 809,348 K	821,816 822 K	99849.8 %
Operating profit/loss	19,227,000 19,227 K	87.6 %	10,248,000 10,248 K	122.1 %	4,615,000 4,615 K	29,032 29 K	66128.1 %
Financial income	7,403,000 7,403 K	345.7 %	1,661,000 1,661 K	-89.1 %	15,289,000 15,289 K	282 0 K	2625077.3 %
Financial charges	18,642,000 18,642 K	52.7 %	12,211,000 12,211 K	-67.9 %	38,066,000 38,066 K	3,355 3 K	555631.1 %
Financial profit/loss	-11,239,000 -11,239 K	-6.5 %	-10,550,000 -10,550 K	53.7 %	-22,777,000 -22,777 K	-848 -1 K	-1326035.7 %
Pretax net operating income	7,988,000 7,988 K	2745.0 %	-302,000 -302 K	98.3 %	-18,162,000 -18,162 K	26,551 27 K	29985.5 %
Extraordinary income	22,548,000 22,548 K	-58.8 %	54,755,000 54,755 K	104.4 %	26,792,000 26,792 K	1,242 1 K	1815358.9 %
Extraordinary charges	44,843,000 44,843 K	-15.4 %	53,027,000 53,027 K	81.0 %	29,302,000 29,302 K	978 1 K	4585073.8 %
Extraordinary profit/loss	-22,295,000 -22,295 K	-1390.2 %	1,728,000 1,728 K	168.8 %	-2,510,000 -2,510 K	0 0 K	0%
Net result	-11,474,000 -11,474 K	-469.5 %	3,105,000 3,105 K	116.8 %	-18,469,000 -18,469 K	22,633 23 K	-50797.0 %

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	912,251,000 912,251 K	3.5 %	881,504,000 881,504 K	0.9 %	873,668,000 873,668 K
Gross	CO	1,363,800,000 1,363,800 K	4.3 %	1,308,158,000 1,308,158 K	0.4 %	1,302,733,000 1,302,733 K
Amortisation	1A	451,551,000 451,551 K	5.8 %	426,654,000 426,654 K	-0.6 %	429,065,000 429,065 K

Non declared distributed capital (I)

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Active fixed asset (II)	Net	396,823,000 396,823 K	0.9 %	393,336,000 393,336 K	5.0 %	374,557,000 374,557 K
Gross	BJ	814,911,000 814,911 K	4.4 %	780,543,000 780,543 K	1.1 %	772,413,000 772,413 K
Amortisation	BK	418,087,000 418,087 K	8.0 %	387,207,000 387,207 K	-2.7 %	397,856,000 397,856 K

Intangible fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	17,827,000 17,827 K	25.5 %	14,200,000 14,200 K	258.0 %	3,966,000 3,966 K
Gross	AF	39,859,000 39,859 K	19.0 %	33,492,000 33,492 K	54.9 %	21,624,000 21,624 K
Amortisation	AG	22,032,000 22,032 K	14.2 %	19,292,000 19,292 K	9.3 %	17,658,000 17,658 K
Goodwill	Net	76,000 76 K	0%	76,000 76 K	0%	76,000 76 K
Gross	AH	76,000 76 K	0%	76,000 76 K	0%	76,000 76 K
Amortisation	AI	0 0 K	0%	0 0 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	17,903,000 17,903 K	25.4 %	14,276,000 14,276 K	253.2 %	4,042,000 4,042 K

Tangilble fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Lands	Net	5,876,000 5,876 K	-3.2 %	6,073,000 6,073 K	3.8 %	5,852,000 5,852 K
Gross	AN	9,365,000 9,365 K	1.6 %	9,213,000 9,213 K	6.2 %	8,673,000 8,673 K
Amortisation	AO	3,489,000 3,489 K	11.1 %	3,140,000 3,140 K	11.3 %	2,821,000 2,821 K
Buildings	Net	45,367,000 45,367 K	2.7 %	44,187,000 44,187 K	41.3 %	31,264,000 31,264 K
Gross	AP	98,017,000 98,017 K	5.3 %	93,047,000 93,047 K	17.8 %	79,005,000 79,005 K
Amortisation	AQ	52,651,000 52,651 K	7.8 %	48,860,000 48,860 K	2.3 %	47,741,000 47,741 K
Plant	Net	227,086,000 227,086 K	10.7 %	205,165,000 205,165 K	12.7 %	182,123,000 182,123 K
Gross	AR	537,088,000 537,088 K	9.1 %	492,463,000 492,463 K	10.8 %	444,571,000 444,571 K
Amortisation	AS	310,002,000 310,002 K	7.9 %	287,298,000 287,298 K	9.5 %	262,448,000 262,448 K
Other tangible fixed assets	Net	4,064,000 4,064 K	-13.1 %	4,676,000 4,676 K	53.9 %	3,039,000 3,039 K
Gross	AT	32,215,000 32,215 K	2.4 %	31,453,000 31,453 K	29.7 %	24,257,000 24,257 K
Amortisation	AU	28,151,000 28,151 K	5.1 %	26,777,000 26,777 K	26.2 %	21,218,000 21,218 K
Fixed assets in construction	Net	20,976,000 20,976 K	-38.9 %	34,327,000 34,327 K	-27.8 %	47,573,000 47,573 K
Gross	AV	20,978,000 20,978 K	-38.9 %	34,327,000 34,327 K	-27.8 %	47,573,000 47,573 K
Amortisation	AW	0 0 K	0%	0 0 K	0%	0 0 K
Advances and payments on account	Net	4,960,000 4,960 K	-75.1 %	19,936,000 19,936 K	-52.5 %	41,956,000 41,956 K
Gross	AX	4,960,000 4,960 K	-75.1 %	19,936,000 19,936 K	-52.5 %	41,956,000 41,956 K
Amortisation	AY	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Tangible asset	Net	308,329,000 308,329 K	-1.9 %	314,364,000 314,364 K	0.8 %	311,807,000 311,807 K

Financial assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	44,493,000 44,493 K	11.9 %	39,776,000 39,776 K	-28.8 %	55,882,000 55,882 K
Gross	CU	46,239,000 46,239 K	11.2 %	41,583,000 41,583 K	-59.2 %	101,811,000 101,811 K
Amortisation	CV	1,747,000 1,747 K	-3.3 %	1,807,000 1,807 K	-96.1 %	45,929,000 45,929 K
Inter-company receivables	Net	1,687,000 1,687 K	0%	1,687,000 1,687 K	-0.5 %	1,696,000 1,696 K
Gross	BB	1,687,000 1,687 K	0%	1,687,000 1,687 K	-0.5 %	1,696,000 1,696 K
Amortisation	BC	0 0 K	0%	0 0 K	0%	0 0 K
Other investment securities	Net	49,000 49 K	0%	49,000 49 K	0%	49,000 49 K
Gross	BD	49,000 49 K	0%	49,000 49 K	0%	49,000 49 K
Amortisation	BE	0 0 K	0%	0 0 K	0%	0 0 K
Loans	Net	23,092,000 23,092 K	6.7 %	21,638,000 21,638 K	5927.3 %	359,000 359 K
Gross	BF	23,108,000 23,108 K	6.6 %	21,671,000 21,671 K	5317.8 %	400,000 400 K
Amortisation	BG	16,000 16 K	-51.5 %	33,000 33 K	-19.5 %	41,000 41 K
Other financial assets	Net	1,269,000 1,269 K	-18.0 %	1,547,000 1,547 K	114.3 %	722,000 722 K
Gross	BH	1,269,000 1,269 K	-18.0 %	1,547,000 1,547 K	114.3 %	722,000 722 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	70,590,000 70,590 K	9.1 %	64,697,000 64,697 K	10.2 %	58,708,000 58,708 K

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Assets	Net	515,427,000 515,427 K	5.6 %	488,168,000 488,168 K	-2.2 %	499,111,000 499,111 K
Gross	CJ	548,890,000 548,890 K	4.0 %	527,615,000 527,615 K	-0.5 %	530,320,000 530,320 K
Amortisation	CK	33,463,000 33,463 K	-15.2 %	39,447,000 39,447 K	26.4 %	31,209,000 31,209 K

Stocks

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Raw materials	Net	51,405,000 51,405 K	-20.0 %	64,221,000 64,221 K	18.6 %	54,141,000 54,141 K
Gross	BL	67,319,000 67,319 K	-16.0 %	80,124,000 80,124 K	16.6 %	68,742,000 68,742 K
Amortisation	BM	15,914,000 15,914 K	0.1 %	15,903,000 15,903 K	8.9 %	14,601,000 14,601 K
Work in progress (goods)	Net	218,731,000 218,731 K	1.8 %	214,928,000 214,928 K	6.9 %	201,123,000 201,123 K
Gross	BN	219,212,000 219,212 K	1.8 %	215,350,000 215,350 K	6.6 %	202,096,000 202,096 K
Amortisation	BO	481,000 481 K	14.0 %	422,000 422 K	-56.6 %	973,000 973 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	72,003,000 72,003 K	12.0 %	64,274,000 64,274 K	-13.4 %	74,178,000 74,178 K
Gross	BR	87,942,000 87,942 K	7.8 %	81,556,000 81,556 K	-4.7 %	85,573,000 85,573 K
Amortisation	BS	15,939,000 15,939 K	-7.8 %	17,282,000 17,282 K	51.7 %	11,395,000 11,395 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	342,139,000 342,139 K	-0.4 %	343,423,000 343,423 K	4.2 %	329,442,000 329,442 K

Advance payments to suppliers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Advance payments to suppliers	Net	20,268,000 20,268 K	0.4 %	20,187,000 20,187 K	-0.9 %	20,362,000 20,362 K
Gross	BV	20,268,000 20,268 K	0.4 %	20,187,000 20,187 K	-0.9 %	20,362,000 20,362 K
Amortisation	BW	0 0 K	0%	0 0 K	0%	0 0 K

Debtors

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Trade accounts receivable	Net	50,833,000 50,833 K	7.7 %	47,197,000 47,197 K	2.7 %	45,960,000 45,960 K
Gross	BX	51,813,000 51,813 K	7.9 %	48,037,000 48,037 K	3.1 %	46,600,000 46,600 K
Amortisation	BY	980,000 980 K	16.7 %	840,000 840 K	31.3 %	640,000 640 K
Other debtors	Net	82,315,000 82,315 K	15.3 %	71,397,000 71,397 K	-23.9 %	93,868,000 93,868 K
Gross	BZ	82,464,000 82,464 K	7.9 %	76,397,000 76,397 K	-21.6 %	97,468,000 97,468 K
Amortisation	CA	149,000 149 K	-97.0 %	5,000,000 5,000 K	38.9 %	3,600,000 3,600 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	133,148,000 133,148 K	12.3 %	118,594,000 118,594 K	-15.2 %	139,828,000 139,828 K

Divers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CE	0 0 K	0%	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	19,051,000 19,051 K	292.0 %	4,860,000 4,860 K	-42.9 %	8,504,000 8,504 K
Gross	CF	19,051,000 19,051 K	292.0 %	4,860,000 4,860 K	-42.9 %	8,504,000 8,504 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	19,051,000 19,051 K	292.0 %	4,860,000 4,860 K	-42.9 %	8,504,000 8,504 K

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid expenses	Net	821,000 821 K	-25.6 %	1,103,000 1,103 K	13.1 %	975,000 975 K
Gross	CH	821,000 821 K	-25.6 %	1,103,000 1,103 K	13.1 %	975,000 975 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

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

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

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	912,251,000 912,251 K	3.5 %	881,502,000 881,502 K	0.9 %	873,668,000 873,668 K

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total shareholders' equity (Total I)	DL	297,861,000 297,861 K	0.6 %	295,975,000 295,975 K	0.5 %	294,486,000 294,486 K
Equity and shareholders' equity	DA	152,565,000 152,565 K	0%	152,565,000 152,565 K	5.5 %	144,565,000 144,565 K
Issue and merger premiums	DB	8,425,000 8,425 K	0%	8,425,000 8,425 K	-31.5 %	12,305,000 12,305 K
Revaluation differentials	DC	0 0 K	0%	0 0 K	0%	0 0 K
Of which equity differential	EK	0 0 K	0%	0 0 K	0%	0 0 K
Legal reserve	DD	14,612,000 14,612 K	1.1 %	14,456,000 14,456 K	0%	14,456,000 14,456 K
Statutory or contractual reserve	DE	0 0 K	0%	0 0 K	0%	0 0 K
Special regulated reserves	DF	0 0 K	0%	0 0 K	0%	0 0 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	321,000 321 K	0%	321,000 321 K	-51.1 %	656,000 656 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	4,501,000 4,501 K	190.2 %	1,551,000 1,551 K	-92.3 %	20,020,000 20,020 K
Profit or loss for the period	DI	-11,474,000 -11,474 K	-469.5 %	3,105,000 3,105 K	116.8 %	-18,469,000 -18,469 K
Investment grants	DJ	168,000 168 K	-22.9 %	218,000 218 K	-5.2 %	230,000 230 K
Special tax-allowable reserves	DK	128,743,000 128,743 K	11.6 %	115,336,000 115,336 K	-4.5 %	120,723,000 120,723 K

Other capital resources (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total other capital resources (Total II)	DO	700,000 700 K	-26.5 %	953,000 953 K	356.0 %	209,000 209 K
Income from participating securities	DM	700,000 700 K	0%	700,000 700 K	0%	0 0 K
Conditional loans	DN	0 0 K	0%	253,000 253 K	21.1 %	209,000 209 K

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	62,416,000 62,416 K	21.2 %	51,502,000 51,502 K	6.2 %	48,491,000 48,491 K
Risk provisions	DP	15,938,000 15,938 K	75.2 %	9,098,000 9,098 K	-24.6 %	12,062,000 12,062 K
Reserves for charges	DQ	46,479,000 46,479 K	9.6 %	42,404,000 42,404 K	16.4 %	36,429,000 36,429 K

Liabilities (IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Liabilities (Total IV)	EC	551,275,000 551,275 K	3.4 %	533,072,000 533,072 K	0.5 %	530,482,000 530,482 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	5,710,000 5,710 K	-29.7 %	8,122,000 8,122 K	-18.6 %	9,978,000 9,978 K
Sundry loans and financial liabilities	DV	341,091,000 341,091 K	8.0 %	315,968,000 315,968 K	-4.3 %	330,050,000 330,050 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	46,198,000 46,198 K	-12.0 %	52,499,000 52,499 K	-2.0 %	53,558,000 53,558 K
Trade accounts payables	DX	92,705,000 92,705 K	5.0 %	88,264,000 88,264 K	4.6 %	84,352,000 84,352 K
Tax and social security liabilities	DY	48,421,000 48,421 K	-4.4 %	50,625,000 50,625 K	22.3 %	41,393,000 41,393 K
Fixed asset liabilities	DZ	12,374,000 12,374 K	9.1 %	11,340,000 11,340 K	69.2 %	6,704,000 6,704 K
Other debts	EA	3,993,000 3,993 K	-28.7 %	5,600,000 5,600 K	29.9 %	4,310,000 4,310 K

Translation loss (V)

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

Equalization accounts

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Deferred income	EB	783,000 783 K	19.7 %	654,000 654 K	377.4 %	137,000 137 K

References

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

Result account

1 - Operating result (I-II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating result (Total I-II)	GG	19,227,000 19,227 K	87.6 %	10,248,000 10,248 K	122.1 %	4,615,000 4,615 K

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Financial result (Total V-VI)	GV	-11,239,000 -11,239 K	-6.5 %	-10,550,000 -10,550 K	53.7 %	-22,777,000 -22,777 K

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	7,988,000 7,988 K	2745.0 %	-302,000 -302 K	98.3 %	-18,162,000 -18,162 K

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Extraordinary result (Total VII-VIII)	HI	-22,295,000 -22,295 K	-1390.2 %	1,728,000 1,728 K	168.8 %	-2,510,000 -2,510 K

Profit or loss

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Profit or loss	HN	-11,474,000 -11,474 K	-469.5 %	3,105,000 3,105 K	116.8 %	-18,469,000 -18,469 K

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	870,582,000 870,582 K	1.2 %	860,420,000 860,420 K	0.5 %	856,044,000 856,044 K

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	882,055,000 882,055 K	2.9 %	857,315,000 857,315 K	-2.0 %	874,515,000 874,515 K

Operating income (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating income (Total I)	FR	840,630,000 840,630 K	4.6 %	804,005,000 804,005 K	-1.2 %	813,963,000 813,963 K

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Sale of goods for resale	FC	1,249,000 1,249 K	0%	0 0 K	0%	0 0 K
France	FA	1,249,000 1,249 K	0%	0 0 K	0%	0 0 K
Export	FB	0 0 K	0%	0 0 K	0%	0 0 K
Sale of goods produced	FF	773,342,000 773,342 K	3.4 %	747,975,000 747,975 K	-5.6 %	792,578,000 792,578 K
France	FD	328,234,000 328,234 K	-0.9 %	331,182,000 331,182 K	-3.7 %	344,055,000 344,055 K
Export	FE	445,108,000 445,108 K	6.8 %	416,794,000 416,794 K	-7.1 %	448,523,000 448,523 K
Sale of services	FI	6,176,000 6,176 K	-2.3 %	6,323,000 6,323 K	-32.1 %	9,307,000 9,307 K
France	FG	5,038,000 5,038 K	-8.2 %	5,487,000 5,487 K	-35.1 %	8,458,000 8,458 K
Export	FH	1,138,000 1,138 K	36.0 %	837,000 837 K	-1.4 %	849,000 849 K
Net turnover	FL	780,767,000 780,767 K	3.5 %	754,299,000 754,299 K	-5.9 %	801,885,000 801,885 K
France	FJ	334,521,000 334,521 K	-0.6 %	336,668,000 336,668 K	-4.5 %	352,513,000 352,513 K
Export	FK	446,246,000 446,246 K	6.9 %	417,630,000 417,630 K	-7.1 %	449,372,000 449,372 K
Stocked production	FM	10,297,000 10,297 K	12.3 %	9,167,000 9,167 K	133.1 %	-27,664,000 -27,664 K
Self-constructed assets	FN	1,932,000 1,932 K	6.7 %	1,810,000 1,810 K	15.5 %	1,567,000 1,567 K
Operating grants	FO	586,000 586 K	-25.2 %	783,000 783 K	34.8 %	581,000 581 K
Release of reserves and provisions	FP	46,152,000 46,152 K	22.1 %	37,813,000 37,813 K	9.8 %	34,424,000 34,424 K
Other income	FQ	895,000 895 K	567.9 %	134,000 134 K	-95.8 %	3,170,000 3,170 K

Operating charges (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating charges (Total II)	GF	821,403,000 821,403 K	3.5 %	793,756,000 793,756 K	-1.9 %	809,348,000 809,348 K

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Purchase of goods for resale	FS	0 0 K	0%	105,000 105 K	-83.2 %	624,000 624 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	272,048,000 272,048 K	-2.8 %	279,802,000 279,802 K	-4.4 %	292,822,000 292,822 K
Change in stocks of raw materials	FV	12,854,000 12,854 K	224.5 %	-10,323,000 -10,323 K	-1710.5 %	641,000 641 K
Other external purchases and charges	FW	256,887,000 256,887 K	1.5 %	253,130,000 253,130 K	-5.3 %	267,280,000 267,280 K
Tax, duty and similar payments	FX	17,491,000 17,491 K	19.5 %	14,637,000 14,637 K	8.6 %	13,482,000 13,482 K
Payroll	FY	127,952,000 127,952 K	0.5 %	127,290,000 127,290 K	10.2 %	115,547,000 115,547 K
Social security costs	FZ	52,964,000 52,964 K	-0.8 %	53,411,000 53,411 K	-1.0 %	53,973,000 53,973 K

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Depreciation of fixed assets	GA	34,402,000 34,402 K	10.2 %	31,213,000 31,213 K	25.7 %	24,829,000 24,829 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	33,314,000 33,314 K	-2.8 %	34,280,000 34,280 K	24.5 %	27,525,000 27,525 K
Provisions for risks and charges	GD	12,918,000 12,918 K	42.7 %	9,053,000 9,053 K	-10.4 %	10,106,000 10,106 K

Other charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Other charges	GE	577,000 577 K	-50.2 %	1,158,000 1,158 K	-54.0 %	2,519,000 2,519 K

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 K	0%	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	0%	0 0 K

Financial income (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial income (Total V)	GP	7,403,000 7,403 K	345.7 %	1,661,000 1,661 K	-89.1 %	15,289,000 15,289 K
Share financial income	GJ	186,000 186 K	21.6 %	153,000 153 K	-93.9 %	2,508,000 2,508 K
Other investment income & capitalised receivables	GK	1,440,000 1,440 K	6.7 %	1,350,000 1,350 K	0%	0 0 K
Other interest and similar income	GL	0 0 K	0%	0 0 K	0%	0 0 K
Released provisions and transferred charges	GM	5,777,000 5,777 K	4026.4 %	140,000 140 K	-98.9 %	12,761,000 12,761 K
Exchange gains	GN	0 0 K	0%	17,000 17 K	-15.0 %	20,000 20 K
Net income from disposal of investment securities	GO	0 0 K	0%	0 0 K	0%	0 0 K

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial charge (Total VI)	GU	18,642,000 18,642 K	52.7 %	12,211,000 12,211 K	-67.9 %	38,066,000 38,066 K
Financial reserves and provisions	GQ	2,405,000 2,405 K	70.6 %	1,410,000 1,410 K	-93.5 %	21,600,000 21,600 K
Interest and similar charges	GR	16,237,000 16,237 K	50.7 %	10,772,000 10,772 K	-34.6 %	16,463,000 16,463 K
Exchange losses	GS	0 0 K	0%	29,000 29 K	866.7 %	3,000 3 K
Net loss from disposal of investment securities	GT	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary income (VII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary income (Total VII)	HD	22,548,000 22,548 K	-58.8 %	54,755,000 54,755 K	104.4 %	26,792,000 26,792 K
Extraordinary operating income	HA	52,000 52 K	20.9 %	43,000 43 K	0%	0 0 K
Extraordinary income from capital transactions	HB	6,611,000 6,611 K	-74.3 %	25,748,000 25,748 K	6858.9 %	370,000 370 K
Released provisions and transferred charges	HC	15,886,000 15,886 K	-45.2 %	28,964,000 28,964 K	9.6 %	26,422,000 26,422 K

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary charges (Total VIII)	HH	44,843,000 44,843 K	-15.4 %	53,027,000 53,027 K	81.0 %	29,302,000 29,302 K
Extraordinary operating charges	HE	6,972,000 6,972 K	47.0 %	4,742,000 4,742 K	68.4 %	2,816,000 2,816 K
Extraordinary charges from capital transactions	HF	7,384,000 7,384 K	-72.1 %	26,441,000 26,441 K	4707.5 %	550,000 550 K
Extraordinary reserves and provisions	HG	30,487,000 30,487 K	39.6 %	21,844,000 21,844 K	-15.8 %	25,936,000 25,936 K

Employee profit sharing (IX)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Employee profit sharing (Total IX)	HJ	0 0 K	0%	0 0 K	0%	0 0 K

Tax on profits (X)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Tax on profits (Total X)	HK	-2,833,000 -2,833 K	-68.7 %	-1,679,000 -1,679 K	23.7 %	-2,201,000 -2,201 K

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which equipment leases	HP	0 0 K	0%	0 0 K	0%	0 0 K
Of which property leases	HQ	0 0 K	0%	0 0 K	0%	0 0 K
Of which transferred charges	A1	0 0 K	0%	0 0 K	0%	0 0 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%	0 0 K

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 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%	0 0 K	0%	0 0 K
Gross value at the end of period	OL	0 0 K	0%	0 0 K	0%	0 0 K

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 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)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	KD	0 0 K	0%	0 0 K	0%	0 0 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%	0 0 K	0%	0 0 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%	0 0 K	0%	0 0 K
Gross value at the end of period	LW	0 0 K	0%	0 0 K	0%	0 0 K

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 K	0%	0 0 K	0%	0 0 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%	0 0 K	0%	0 0 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%	0 0 K	0%	0 0 K
Gross value at the end of period	NH	0 0 K	0%	0 0 K	0%	0 0 K

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LQ	0 0 K	0%	0 0 K	0%	0 0 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%	0 0 K	0%	0 0 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%	0 0 K	0%	0 0 K
Gross value at the end of period	NK	0 0 K	0%	0 0 K	0%	0 0 K

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 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)

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

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

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 K	0%	0 0 K	0%	0 0 K
Increases	QV	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	QW	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	QX	0 0 K	0%	0 0 K	0%	0 0 K

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 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

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7C	0 0 K	0%	0 0 K	0%	0 0 K
Increases	UB	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	UC	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	UD	0 0 K	0%	0 0 K	0%	0 0 K

Includes Total allocations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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%	0 0 K	0%	0 0 K

Includes Total Withdrawal

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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%	0 0 K	0%	0 0 K

Total regulated provisions (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	3Z	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TS	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TT	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	TU	0 0 K	0%	0 0 K	0%	0 0 K

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 K	0%	0 0 K	0%	0 0 K
Increases	TV	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TW	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	TX	0 0 K	0%	0 0 K	0%	0 0 K

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 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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value	VT	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VU	0 0 K	0%	0 0 K	0%	0 0 K
More than one year	VV	0 0 K	0%	0 0 K	0%	0 0 K

State of loans

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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%	0 0 K	0%	0 0 K
Loans (1 year at most)	UR	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets (gross)	UT	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets (1 year at most)	UV	0 0 K	0%	0 0 K	0%	0 0 K

Receivables statement of assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Customers doubtful or disputed	VA	0 0 K	0%	0 0 K	0%	0 0 K
Other claims customer	UX	0 0 K	0%	0 0 K	0%	0 0 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%	0 0 K	0%	0 0 K

Prepaid

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

State Debt

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total debt (gross)	VY	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VZ2	0 0 K	0%	0 0 K	0%	0 0 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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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%	0 0 K	0%	0 0 K
1 year at most	VG2	0 0 K	0%	0 0 K	0%	0 0 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%	0 0 K	0%	0 0 K
1 year at most	8A2	0 0 K	0%	0 0 K	0%	0 0 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%	0 0 K	0%	0 0 K
1 year at most	8B2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8B3	0 0 K	0%	0 0 K	0%	0 0 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%	0 0 K	0%	0 0 K
1 year at most	8D2	0 0 K	0%	0 0 K	0%	0 0 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%	0 0 K	0%	0 0 K
1 year at most	8J2	0 0 K	0%	0 0 K	0%	0 0 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%	0 0 K	0%	0 0 K
1 year at most	8K2	0 0 K	0%	0 0 K	0%	0 0 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%	0 0 K	0%	0 0 K
1 year at most	8L2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8L3	0 0 K	0%	0 0 K	0%	0 0 K

References

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

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

Commitments

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

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

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

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Average number of employees	YP	3,323 3 K	-5.5 %	3,518 4 K	0%	0 0 K

Groups and Shareholders

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

Ratios

Structure and Liquidity

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Fixed Asset Financing	1.38	1.5 %	1.36	-2.9 %	1.40	1.46	-5.5 %
Global Debt	254 days	0%	254 days	6.7 %	238 days	118 days	116.2 %
Working Capital Fund overall net	143 days	7.5 %	133 days	-4.3 %	139 days	83 days	72.3 %
Financial independence	85.89 %	-5.9 %	91.32 %	5.4 %	86.61 %	210.67 %	-59.2 %
Solvability	32.73 %	-2.8 %	33.68 %	-0.1 %	33.73 %	41.64 %	-21.4 %
Capacity debt futures	-	-	-	-	-	2,532.31 %	-
Coverage of current assets by net working capital overall	56.74 %	7.0 %	53.03 %	-9.1 %	58.31 %	46.03 %	23.3 %
General Liquidity	-	-	-	-	-	0.69	-
Restricted Liquidity	-	-	-	-	-	1.05	-

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Need background in operating working capital	135 days	3.1 %	131 days	-2.2 %	134 days	31 days	342.6 %
Treasury	9 days	350.0 %	2 days	-50.0 %	4 days	10 days	-5.3 %
Inventory turnover of goods	-	-	0 days	0%	0 days	36 days	-
Average length of credit granted to customers	24 days	4.3 %	23 days	9.5 %	21 days	53 days	-54.3 %
Average length of credit obtained suppliers	62 days	1.6 %	61 days	13.0 %	54 days	55 days	12.7 %
Inventory turnover of raw materials in industrial enterprises	89 days	-13.6 %	103 days	21.2 %	85 days	42 days	111.9 %
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	229 days	-
Rotation tangible assets	-	-	-	-	-	275.02 %	-

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Margin trading	0.16 %	1700.0 %	-0.01 %	87.5 %	-0.08 %	0.00 %	0%
Profitability of the business	6.84 %	7.5 %	6.36 %	59.4 %	3.99 %	5.13 %	33.3 %
Net profit	-1.47 %	-458.5 %	0.41 %	117.8 %	-2.30 %	1.98 %	-174.2 %
Growth rate of turnover (excluding VAT)	3.51 %	159.2 %	-5.93 %	-141.1 %	14.44 %	-0.63 %	657.1 %
Rates integration	32.17 %	0.0 %	32.16 %	20.3 %	26.74 %	41.46 %	-22.4 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	72.02 %	-3.3 %	74.50 %	-5.8 %	79.06 %	80.02 %	-10.0 %
Weight interests	2.39 %	47.5 %	1.62 %	-65.9 %	4.75 %	0.31 %	671.0 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Cash flow from the overall profitability	7.25 %	-6.1 %	7.72 %	14.5 %	6.74 %	5.30 %	36.8 %
Rates of economic profitability	8.00 %	0%	8.00 %	60.0 %	5.00 %	14.00 %	-42.9 %
Financial profitability	298,561,000.00 %	0.5 %	296,928,000.00 %	0.8 %	294,695,000.00 %	283,995.00 %	105029.0 %
Return on investment	1.11 %	-55.1 %	2.47 %	-20.1 %	3.09 %	7.56 %	-85.3 %

Management intermediate balances

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Turnover	780,767,000 780,767 K	3.5 %	754,299,000 754,299 K	-5.9 %	801,885,000 801,885 K	885,360 885 K	88086.4 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of goods	1,249,000 1,249 K	0%	0 0 K	0%	0 0 K		-
- Purchase of goods	0 0 K	0%	105,000 105 K	-83.2 %	624,000 624 K		-
+/- Stock of goods variation	0 0 K	0%	0 0 K	0%	0 0 K		-
Trading margin	1,249,000 € 1,249 K €	1289.5 %	-105,000 € -105 K €	83.2 %	-624,000 € -624 K €	0 € 0 K €	0%
	0.16 % CA 0.16 % CA	1700.0 %	-0.01 % CA -0.01 % CA	87.5 %	-0.08 % CA -0.08 % CA	0.00 % CA 0.00 % CA	0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sale of goods produced	779,518,000 779,518 K	3.3 %	754,298,000 754,298 K	-5.9 %	801,885,000 801,885 K		-
+/- Stocked production	10,297,000 10,297 K	12.3 %	9,167,000 9,167 K	133.1 %	-27,664,000 -27,664 K		-
+ Self-constructed assets	1,932,000 1,932 K	6.7 %	1,810,000 1,810 K	15.5 %	1,567,000 1,567 K		-
Period production	791,747,000 € 791,747 K €	3.5 %	765,275,000 € 765,275 K €	-1.4 %	775,788,000 € 775,788 K €	748,420 € 748 K €	105689.1 %
	101.41 % CA 101.41 % CA	0.0 %	101.46 % CA 101.46 % CA	4.9 %	96.75 % CA 96.75 % CA	100.00 % CA 100.00 % CA	1.4 %

	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Trading margin	1289.5 %	-105,000 -105 K	83.2 %	-624,000 -624 K	0 0 K	0%
+ Period Production	3.5 %	765,275,000 765,275 K	-1.4 %	775,788,000 775,788 K	748,420 748 K	105689.1 %
- Purchase of raw materials	-2.8 %	279,802,000 279,802 K	-4.4 %	292,822,000 292,822 K		-
+/- Change in stocks of raw materiels	224.5 %	-10,323,000 -10,323 K	-1710.5 %	641,000 641 K		-
- Other external purchases and charges	1.5 %	253,130,000 253,130 K	-5.3 %	267,280,000 267,280 K		-
Added value	3.6 %	242,561,000 € 242,561 K €	13.1 %	214,421,000 € 214,421 K €	403,072 € 403 K €	62223.1 %
	0.0 %	32.16 % CA 32.16 % CA	20.3 %	26.74 % CA 26.74 % CA	41.46 % CA 41.46 % CA	-22.4 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Added value	251,207,000 € 251,207 K €	3.6 %	242,561,000 € 242,561 K €	13.1 %	214,421,000 € 214,421 K €	403,072 € 403 K €	62223.1 %
+ Operating grants	586,000 586 K	-25.2 %	783,000 783 K	34.8 %	581,000 581 K		-
- Tax, duty and similar payments	17,491,000 17,491 K	19.5 %	14,637,000 14,637 K	8.6 %	13,482,000 13,482 K		-
- Personal charges	180,916,000 180,916 K	0.1 %	180,701,000 180,701 K	6.6 %	169,520,000 169,520 K		-
Gross operating surplus	53,386,000 € 53,386 K €	11.2 %	48,006,000 € 48,006 K €	50.0 %	32,000,000 € 32,000 K €	45,843 € 46 K €	116355.3 %
	6.84 % CA 6.84 % CA	7.5 %	6.36 % CA 6.36 % CA	59.4 %	3.99 % CA 3.99 % CA	5.13 % CA 5.13 % CA	33.3 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Gross operating surplus	53,386,000 € 53,386 K €	11.2 %	48,006,000 € 48,006 K €	50.0 %	32,000,000 € 32,000 K €	45,843 € 46 K €	116355.3 %
+ Release of reserves and provisions	46,152,000 46,152 K	22.1 %	37,813,000 37,813 K	9.8 %	34,424,000 34,424 K		-
+ Other operating income	895,000 895 K	567.9 %	134,000 134 K	-95.8 %	3,170,000 3,170 K		-
- Depreciation/ Amortisation	80,634,000 80,634 K	8.2 %	74,546,000 74,546 K	19.3 %	62,460,000 62,460 K		-
- Other charges	577,000 577 K	-50.2 %	1,158,000 1,158 K	-54.0 %	2,519,000 2,519 K		-
Operating result	19,222,000 € 19,222 K €	87.6 %	10,249,000 € 10,249 K €	122.1 %	4,615,000 € 4,615 K €	29,032 € 29 K €	66109.7 %
	2.46 % CA 2.46 % CA	80.9 %	1.36 % CA 1.36 % CA	134.5 %	0.58 % CA 0.58 % CA	2.56 % CA 2.56 % CA	-3.9 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Operating result	19,222,000 € 19,222 K €	87.6 %	10,249,000 € 10,249 K €	122.1 %	4,615,000 € 4,615 K €	29,032 € 29 K €	66109.7 %
+/- Result of joint-venture transferred from/to other partners	0 0 K	0%	0 0 K	0%	0 0 K		-
+ Financial income	7,403,000 7,403 K	345.7 %	1,661,000 1,661 K	-89.1 %	15,289,000 15,289 K		-
- Financial charges	18,642,000 18,642 K	52.7 %	12,211,000 12,211 K	-67.9 %	38,066,000 38,066 K		-
Pre-tax result	7,983,000 € 7,983 K €	2752.2 %	-301,000 € -301 K €	98.3 %	-18,162,000 € -18,162 K €	26,550 € 27 K €	29967.8 %
	1.02 % CA 1.02 % CA	2650.0 %	-0.04 % CA -0.04 % CA	98.2 %	-2.26 % CA -2.26 % CA	1.93 % CA 1.93 % CA	-47.2 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Extraordinary income	22,548,000 22,548 K	-58.8 %	54,755,000 54,755 K	104.4 %	26,792,000 26,792 K	1,242 1 K	1815358.9 %
- Extraordinary charges	44,843,000 44,843 K	-15.4 %	53,027,000 53,027 K	81.0 %	29,302,000 29,302 K		-
Extraordinary result	-22,295,000 € -22,295 K €	-1390.2 %	1,728,000 € 1,728 K €	168.8 %	-2,510,000 € -2,510 K €	0 € 0 K €	0%
	-2.86 % CA -2.86 % CA	-1343.5 %	0.23 % CA 0.23 % CA	174.2 %	-0.31 % CA -0.31 % CA	0.00 % CA 0.00 % CA	0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Pre-tax result	7,983,000 € 7,983 K €	2752.2 %	-301,000 € -301 K €	98.3 %	-18,162,000 € -18,162 K €	26,550 € 27 K €	29967.8 %
Extraordinary result	-22,295,000 € -22,295 K €	-1390.2 %	1,728,000 € 1,728 K €	168.8 %	-2,510,000 € -2,510 K €	0 € 0 K €	0%
- Employee profit sharing	0 0 K	0%	0 0 K	0%	0 0 K		-
- Tax on profits	-2,833,000 -2,833 K	-68.7 %	-1,679,000 -1,679 K	23.7 %	-2,201,000 -2,201 K		-
Net result	-11,479,000 € -11,479 K €	-469.6 %	3,106,000 € 3,106 K €	116.8 %	-18,471,000 € -18,471 K €	22,634 € 23 K €	-50815.7 %
	-1.47 % CA -1.47 % CA	-458.5 %	0.41 % CA 0.41 % CA	117.8 %	-2.30 % CA -2.30 % CA	1.98 % CA 1.98 % CA	-174.2 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.00
UK Pound	1	Rs.99.43
Euro	1	Rs.70.61

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ANK

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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

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

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

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

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

	Name	SIREN	Parts	Last account published
1	ERAMET	632045381	-	31/12/2014	ERAMET	63204538100027
2	SOCIÉTÉ LE NICKEL	-	56 %	-	SOCIÉTÉ LE NICKEL	-
3	POUM SAS	-	100 %	-	POUM SAS	-
	COFREMMI	702045394	56 %	-	COFREMMI	70204539400039
3	STRAND MINERALS PTE LTD	-	66.60 %	-	STRAND MINERALS PTE LTD	-
4	PT WEDA BAY NICKEL	-	90 %	-	PT WEDA BAY NICKEL	-
	WEDA BAY MINERALS PTY LTD	-	100 %	-	WEDA BAY MINERALS PTY LTD	-
	USINE DE SANDOUVILLE - LE HAVRE	-	100 %	-	USINE DE SANDOUVILLE - LE HAVRE	-
	ERAMET INGENIERIE	301570214	100 %	31/12/2013	ERAMET INGENIERIE	30157021400033
	ERAMET RESEARCH	301608634	100 %	31/12/2013	ERAMET RESEARCH	30160863400012
2	ERAMET ALLIAGES	432883817	100 %	31/12/2013	ERAMET ALLIAGES	43288381700012
3	AUBERT & DUVAL	380342808	100 %	31/12/2014	AUBERT & DUVAL	38034280800041
4	AUBERT & DUVAL	-	100 %	-	AUBERT & DUVAL	-
	SOC INTERNATIONALE FORGEAGE MATRICAGE	732032271	94 %	31/12/2014	SOC INTERNATIONALE FORGEAGE MATRICAGE	73203227100056
	UKAD	509667838	50 %	31/12/2014	UKAD	50966783800015
3	ERAMET HOLDING ALLIAGES	562013995	100 %	31/12/2014	ERAMET HOLDING ALLIAGES	56201399500062
4	BROWN EUROPE	382844579	100 %	31/12/2014	BROWN EUROPE	38284457900013
	GBS GESELLSCHAFT FÜR BUCHHALTUNG & SERVICE MBH	HRB 19799	100 %	31/12/2009		-
3	ERASTEEL	352849137	100 %	31/12/2014	ERASTEEL	35284913700018
4	ERASTEEL STUBS LIMITED	03966107	100 %	31/12/2013	ERASTEEL STUBS LIMITED	-
	ERASTEEL CHAMPAGNOLE SA	320564321	100 %	31/12/2013	ERASTEEL CHAMPAGNOLE SA	32056432100034
	ERASTEEL GMBH	HRB 13224	100 %	31/12/2013	Erasteel GmbH	-
4	ERASTEEL KLOSTER AKTIEBOLAG	5560571811	100 %	31/12/2013	Erasteel Kloster Aktiebolag	-
5	ERASTEEL INC	-	100 %	-	ERASTEEL INC	-
	ERASTEEL HEIML	-	49 %	-	ERASTEEL HEIML	-
	METALLIED POWDER SOLUTIONS	-	71 %	-	METALLIED POWDER SOLUTIONS	-
2	METAL SECURITIES	418457362	100 %	31/12/2013	METAL SECURITIES	41845736200048
3	METAL SECURITIES INVESTISSEMENT	529241895	100 %	31/12/2013	METAL SECURITIES INVESTISSEMENT	52924189500026
2	ERAMET INTERNATIONAL	398932939	100 %	31/12/2014	ERAMET INTERNATIONAL	39893293900018
3	ERAMET NORTH AMERICA	-	100 %	-	ERAMET NORTH AMERICA	-
	ERAMET ITALIA S.R.L.	-	100 %	-	ERAMET ITALIA S.R.L.	-
	WEDA BAY MINERALS	-	100 %	-	WEDA BAY MINERALS	-
2	ERAMET COMILOG MANGANESE	424947935	100 %	31/12/2014	ERAMET COMILOG MANGANESE	42494793500013
3	ERAMET NORWAY A/S(PORSGRUNN)	-	100 %	-	ERAMET NORWAY A/S(PORSGRUNN)	-
	COMPAGNIE MINIÈRE DE L' OGOOUÉ Z I DE MOANDA SA	-	23.22 %	-		-
	ERAMET NORWAY A/S SAUDA	-	100 %	-	ERAMET NORWAY A/S SAUDA	-
	SOCIÉTÉ NÉO-CALÉDONIENNE D' ENERGIE	-	16.38 %	-		-
2	ERAMET HOLDING MANGANESE	414947275	100 %	31/12/2013	ERAMET HOLDING MANGANESE	41494727500015
3	COMILOG ASIA LTD	-	80 %	-	COMILOG ASIA LTD	-
4	GUILIN COMILOG FERRO ALLOYS LTD	-	100 %	-	GUILIN COMILOG FERRO ALLOYS LTD	-
5	GUANGXI ERAMET COMILOG CHEMICALS	-	100 %	-	GUANGXI ERAMET COMILOG CHEMICALS	-
	ERAS S.A.	B35721	100 %	-	Eras S.A.	-
	VALDI	479736894	100 %	31/12/2013	VALDI	47973689400011
	METAL CURRENCIES	493227482	100 %	31/12/2013	METAL CURRENCIES	49322748200012
2	ERAMET HOLDING NICKEL	335120515	100 %	31/12/2013	ERAMET HOLDING NICKEL	33512051500036
3	EUROTUNGSTENE POUDRES	325538973	100 %	31/12/2013	EUROTUNGSTENE POUDRES	32553897300034
	TINFOS NOTODDEN	-	33.35 %	-	TINFOS NOTODDEN	-
	ERALLOYS HOLDING AS	990888140	100 %	31/12/2013	ERALLOYS HOLDING AS	-
	DNN INDUSTRIER A/S	911177137	100 %	31/12/2013	DNN Industrier A/S	-
	ERAMET NORWAY KVINESDAL A/S	-	100 %	-	ERAMET NORWAY KVINESDAL A/S	-
	TINFOS AS	916763476	33.35 %	31/12/2013	TINFOS AS	-
	TINFOS AQUA A/S	-	100 %	-	TINFOS AQUA A/S	-
	AUBERT & DUVAL MOULDS & DIE TECHNOLOGY	-	85 %	-		-
	SOMIVAB	-	82.98 %	-	SOMIVAB	-
	SOGAFERRO	-	69.99 %	-	SOGAFERRO	-
	COMILOG S.A.	-	63.71 %	-	COMILOG S.A.	-
	ERAMET TITAN AS	984682484	100 %	31/12/2011	ERAMET TITAN AS	-
2	ERAMINE	428739627	100 %	31/12/2013	ERAMINE	42873962700019
3	BOLERA MINERA SA	-	82.43 %	-	BOLERA MINERA SA	-
	ERAMINE SUD AMERICA SA	-	100 %	-	ERAMINE SUD AMERICA SA	-
	LA PETITE-FAYE	-	100 %	-	LA PETITE-FAYE	-
	ERALLOYS ENERGI A/S	-	100 %	-	ERALLOYS ENERGI A/S	-
	HEYE ERASTEEL INNOVATIVE MATERIALS CO LTD	-	49 %	-		-
	TIZIR LIMITED	-	50 %	-	TIZIR LIMITED	-
	COMINC	-	100 %	-	COMINC	-
	WEDA BAY MINERAL SINGAPORE PTE LTD	-	19.75 %	-	WEDA BAY MINERAL SINGAPORE PTE LTD	-
	PT WEDA NICKEL LTD	-	90 %	-	PT WEDA NICKEL LTD	-
	TIZIR MAURITIUS LTD	-	50 %	-	TIZIR MAURITIUS LTD	-
	ERAMET COMILOG SHANGAI CONSULTANCY SERVICES CO. LTD	-	100 %	-		-
	ERASTEEL TRADING LTD	-	100 %	-	ERASTEEL TRADING LTD	-
	ERAMET ALLOYS UK LIMITED	01847475	100 %	31/12/2013	ERAMET ALLOYS UK LIMITED	-
	AUBERT&DUVAL SPECIAL STEEL GMBH	HRB 11494	100 %	31/12/2013	Aubert&Duval Special Steel GmbH	-
	HEYE SPECIAL STEEL LTD	-	10 %	-	HEYE SPECIAL STEEL LTD	-
	FORGES DE MONTPLAISIR	969506658	100 %	31/12/2014	FORGES DE MONTPLAISIR	96950665800026
	SOCIETE D'USINAGE DES PYRENEES	313742868	100 %	31/12/2013	SOCIETE D'USINAGE DES PYRENEES	31374286800026
	TRANSMET	-	100 %	-	TRANSMET	-
	AUBERT & DUVAL TAF	-	100 %	-	AUBERT & DUVAL TAF	-
	CAMPUS ALLIAGES	529242927	100 %	31/12/2013	CAMPUS ALLIAGES	52924292700018

MIRA INFORM REPORT

Enquiries Trend

Key Financials

Ultimate Holding Company

Directors

Preferential Right

Payment Information Summary – Trade Payment Data

Trends

Establishment Details

Ultimate Parent(s)

Other Establishment(s)

Workforces

Commentary

Collective procedures

Preferential rights details and history

Linkages

Director(s)

Previous Directors

Status history

Recent publications in Gazettes

Company events history

Synthesized Accounts

Accounts – Active

Accounts – Passive

Result account

Ratios

Unit