|
Active Account | Passive
Account | Account Results
|
|
Synthesized Accounts
|
Annual Accounts
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
|
|
Account period
(month)
|
12
|
|
12
|
|
12
|
|
|
|
Account Type
|
Normal
|
|
Normal
|
|
Normal
|
|
|
|
Date of capture
|
-
|
|
-
|
|
-
|
|
|
|
Activity Code
|
4619A
|
|
4619A
|
|
4619A
|
|
|
|
Employees
|
211
|
|
214
|
|
223
|
|
|
Active account
|
Annual Accounts
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
Sector Median2005
|
|
|
Capital not called
|
0
|
0%
|
0
|
0%
|
0
|
0
|
0%
|
|
Total fixed assets
|
12,001,539
|
-5.9%
|
12,756,138
|
-3.7%
|
13,240,424
|
64,472
|
18515.1%
|
|
- Intangible assets
|
876,197
|
-52.3%
|
1,835,747
|
-42.8%
|
3,206,949
|
610
|
143538.9%
|
|
- Tangible assets
|
5,848,833
|
3.3%
|
5,661,853
|
43.4%
|
3,948,563
|
17,335
|
33640.0%
|
|
- Financial assets
|
5,276,509
|
0.3%
|
5,258,539
|
-13.6%
|
6,084,910
|
5,180
|
101763.1%
|
|
Net current assets
|
114,134,123
|
-3.1%
|
117,834,744
|
9.9%
|
107,203,657
|
924,851
|
12240.8%
|
|
- Stocks
|
17,873,036
|
22.3%
|
14,610,227
|
-6.8%
|
15,682,322
|
13,140
|
135920.1%
|
|
- Advanced payments
|
2,471,449
|
-3.1%
|
723,737
|
0.8%
|
718,192
|
0
|
0%
|
|
- Receivables
|
92,824,433
|
-7.4%
|
100,262,728
|
13.0%
|
88,757,209
|
521,668
|
17693.8%
|
|
- Securities and cash
|
965,205
|
-56.9%
|
2,238,052
|
9.4%
|
2,045,934
|
103,177
|
835.5%
|
|
- Prepaid expenses
|
-
|
-
|
-
|
-
|
-
|
0
|
-
|
|
Accounts of regularization
|
0
|
0%
|
0
|
0%
|
0
|
0
|
0%
|
|
Total Assets
|
126,135,662
|
-3.4%
|
130,590,882
|
8.4%
|
120,444,081
|
1,153,381
|
10836.2%
|
Passive Account
|
Annual
Accounts
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
Sector Median2005
|
|
|
Shareholders' equity
|
25,181,645
|
10.2%
|
22,855,513
|
8.8%
|
21,012,576
|
302,874
|
8214.2%
|
|
Share capital
|
8,500,000
|
5.4%
|
8,064,000
|
0%
|
8,064,000
|
60,000
|
14066.7%
|
|
Other capital resources
|
0
|
0%
|
0
|
0%
|
0
|
0
|
0%
|
|
Risk Provisions
|
631,292
|
1.6%
|
621,056
|
5.7%
|
587,388
|
0
|
0%
|
|
Liabilities
|
100,322,727
|
-6.3%
|
107,114,312
|
8.4%
|
98,844,118
|
704,038
|
14149.6%
|
|
- Financial liabilities
|
12,860,963
|
-24.0%
|
16,916,320
|
166.8%
|
6,340,642
|
39,869
|
32158.1%
|
|
- Advanced payments received
|
0
|
0%
|
0
|
0%
|
0
|
0
|
0%
|
|
- Trade account payables
|
80,742,254
|
-3.3%
|
83,524,203
|
-1.9%
|
85,167,037
|
258,402
|
31146.8%
|
|
- Tax and social liabilities
|
3,885,595
|
-14.3%
|
4,535,127
|
-10.5%
|
5,066,473
|
90,807
|
4179.0%
|
|
- Other debts and fixed assets liabilities
|
2,031,826
|
37.4%
|
1,479,073
|
-15.5%
|
1,750,743
|
25,675
|
7813.6%
|
|
Account regularization
|
802,089
|
21.6%
|
659,589
|
27.0%
|
519,223
|
0
|
0%
|
|
Total liabilities
|
126,135,662
|
-3.4%
|
130,590,882
|
8.4%
|
120,444,081
|
1,153,381
|
10836.2%
|
Results
|
Annual Accounts
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
Sector
Median2005
|
|
|
Sales of Goods
|
538,278,514
|
2.1%
|
527,191,771
|
11.2%
|
474,156,262
|
1,528,972
|
35105.3%
|
|
Net turnover
|
509,529,464
|
-2.8%
|
524,349,303
|
13.2%
|
463,386,891
|
1,490,263
|
34090.6%
|
|
- of which
net export turnover
|
0
|
0%
|
0
|
0%
|
0
|
0
|
0%
|
|
Operating charges
|
538,511,707
|
2.6%
|
525,085,267
|
11.5%
|
470,844,638
|
1,571,379
|
34170.0%
|
|
Operating
profit/loss
|
-233,193
|
-111.1%
|
2,106,504
|
-36.4%
|
3,311,624
|
25,042
|
-1031.2%
|
|
Financial income
|
5,585,963
|
111.7%
|
2,638,860
|
-10.8%
|
2,956,871
|
4,250
|
131334.4%
|
|
Financial charges
|
3,342,188
|
77.4%
|
1,883,488
|
32.3%
|
1,423,893
|
2,307
|
144771.6%
|
|
Financial
profit/loss
|
2,243,775
|
197.0%
|
755,372
|
-50.7%
|
1,532,978
|
15
|
14958400%
|
|
Pretax net
operating income
|
2,405,539
|
-12.8%
|
2,759,281
|
-39.1%
|
4,530,699
|
34,322
|
6908.7%
|
|
Extraordinary
income
|
47,755
|
-61.2%
|
123,083
|
15.4%
|
106,701
|
570
|
8278.1%
|
|
Extraordinary
charges
|
230,559
|
952.6%
|
21,903
|
-72.3%
|
78,979
|
1,127
|
20357.8%
|
|
Extraordinary
profit/loss
|
-182,804
|
-280.7%
|
101,180
|
265.0%
|
27,722
|
0
|
0%
|
|
Net result
|
1,418,600
|
-23.0%
|
1,842,936
|
-34.3%
|
2,806,224
|
27,186
|
5118.1%
|
|
|
|
Normal Account
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Months
|
|
12
|
|
12
|
|
12
|
Accounts - Active
Current Assets | Equalization
accounts | Reference
Grand Total - Passive Accounts (I to IV)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Grand Total (I to VI)
|
Net
|
126,135,662
|
-3.4%
|
130,590,882
|
8.4%
|
120,444,081
|
|
Gross
|
CO
|
146,383,761
|
-2.8%
|
150,610,493
|
9.5%
|
137,594,832
|
|
Amortisation
|
1A
|
20,248,100
|
1.1%
|
20,019,611
|
16.7%
|
17,150,750
|
Non declared distributed capital (I)
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Non declared distributed capital (I)
|
AA3
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
AA
|
-
|
-
|
-
|
-
|
-
|
Active fixed asset (II)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Total Active fixed asset (II)
|
Net
|
12,001,539
|
-5.9%
|
12,756,138
|
-3.7%
|
13,240,424
|
|
Gross
|
BJ
|
25,776,895
|
-2.7%
|
26,483,048
|
8.7%
|
24,356,483
|
|
Amortisation
|
BK
|
13,775,356
|
0.4%
|
13,726,910
|
23.5%
|
11,116,059
|
Intangilble fixed assets
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Start-up cost
|
Net
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
AB
|
0
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
AC
|
0
|
0%
|
0
|
0%
|
0
|
|

|
R & D expenses
|
Net
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
CX
|
0
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
AE
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Distributorships, patents
|
Net
|
811,842
|
-46.8%
|
1,525,470
|
-52.2%
|
3,190,099
|
|
Gross
|
AF
|
7,847,634
|
4.3%
|
7,522,010
|
4.0%
|
7,234,306
|
|
Amortisation
|
AG
|
7,035,792
|
17.3%
|
5,996,540
|
48.3%
|
4,044,207
|
|

|
Goodwill
|
Net
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
AH
|
0
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
AI
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Other intangible fixed assets
|
Net
|
64,355
|
-79.3%
|
310,277
|
1741.4%
|
16,850
|
|
Gross
|
AJ
|
64,355
|
-79.3%
|
310,277
|
1741.4%
|
16,850
|
|
Amortisation
|
AK
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Pre-payments and downpayments
|
Net
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
AL
|
0
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
AM
|
0
|
0%
|
0
|
0%
|
0
|
|
Sub Total
Intangible Assets
|
Net
|
876,197
|
-52.3%
|
1,835,747
|
-42.8%
|
3,206,949
|
Tangilble fixed assets
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Lands
|
Net
|
343,010
|
-5.3%
|
362,024
|
9.0%
|
332,273
|
|
Gross
|
AN
|
385,534
|
0%
|
385,534
|
13.0%
|
341,034
|
|
Amortisation
|
AO
|
42,524
|
80.9%
|
23,510
|
168.3%
|
8,761
|
|

|
Buildings
|
Net
|
4,709,509
|
7.7%
|
4,374,356
|
138.2%
|
1,836,040
|
|
Gross
|
AP
|
8,691,484
|
-5.0%
|
9,148,104
|
49.5%
|
6,118,378
|
|
Amortisation
|
AQ
|
3,981,975
|
-16.6%
|
4,773,748
|
11.5%
|
4,282,338
|
|

|
Plant
|
Net
|
52,512
|
-21.7%
|
67,062
|
0%
|
0
|
|
Gross
|
AR
|
322,573
|
-41.3%
|
549,817
|
0%
|
0
|
|
Amortisation
|
AS
|
270,061
|
-44.1%
|
482,755
|
0%
|
0
|
|

|
Other tangible fixed assets
|
Net
|
743,802
|
-13.4%
|
858,411
|
11.3%
|
771,575
|
|
Gross
|
AT
|
3,188,805
|
2.4%
|
3,112,969
|
-7.3%
|
3,356,530
|
|
Amortisation
|
AU
|
2,445,003
|
8.4%
|
2,254,558
|
-12.8%
|
2,584,955
|
|

|
Fixed assets in construction
|
Net
|
0
|
0%
|
0
|
0%
|
1,008,675
|
|
Gross
|
AV
|
0
|
0%
|
0
|
0%
|
1,008,675
|
|
Amortisation
|
AW
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Advances and payments on account
|
Net
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
AX
|
0
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
AY
|
0
|
0%
|
0
|
0%
|
0
|
|
Sub Total Tangible asset
|
Net
|
5,848,833
|
|
5,661,853
|
|
3,948,563
|
Financial assets
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Associates at equity
|
Net
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
CS
|
0
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
CT
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Other participations
|
Net
|
4,360,909
|
0.0%
|
4,360,787
|
0.0%
|
4,360,665
|
|
Gross
|
CU
|
4,360,909
|
-1.5%
|
4,428,529
|
0.0%
|
4,428,407
|
|
Amortisation
|
CV
|
0
|
0%
|
67,742
|
0%
|
67,742
|
|

|
Inter-company receivables
|
Net
|
915,600
|
2.0%
|
897,752
|
-47.9%
|
1,724,245
|
|
Gross
|
BB
|
915,600
|
-10.7%
|
1,025,809
|
-44.6%
|
1,852,302
|
|
Amortisation
|
BC
|
0
|
0%
|
128,057
|
0%
|
128,057
|
|

|
Other investment securities
|
Net
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
BD
|
0
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
BE
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Loans
|
Net
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
BF
|
0
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
BG
|
0
|
|
0
|
|
0
|
|

|
Other financial assets
|
Net
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
BH
|
0
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
BI
|
0
|
0%
|
0
|
0%
|
0
|
|
Sub Total Financial Assets
|
|
5,276,509
|
|
5,258,539
|
|
6,084,910
|
Current Assets (III)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Total
Assets
|
Net
|
114,134,123
|
-3.1%
|
117,834,744
|
9.9%
|
107,203,657
|
|
Gross
|
CJ
|
120,606,867
|
-2.8%
|
124,127,445
|
9.6%
|
113,238,348
|
|
Amortisation
|
CK
|
6,472,744
|
2.9%
|
6,292,701
|
4.3%
|
6,034,691
|
Stocks
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Raw materials
|
Net
|
59,796
|
0%
|
0
|
0%
|
0
|
|
Gross
|
BL
|
59,796
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
BM
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Work in progress
(goods)
|
Net
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
BN
|
0
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
BO
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Work in progress
(services)
|
Net
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
BP
|
0
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
BQ
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Semi-finished and
finished products
|
Net
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
BR
|
0
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
BS
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Goods for resale
|
Net
|
17,813,240
|
21.9%
|
14,610,227
|
-6.8%
|
15,682,322
|
|
Gross
|
BT
|
18,836,650
|
15.8%
|
16,272,650
|
-5.9%
|
17,288,451
|
|
Amortisation
|
BU
|
1,023,410
|
-38.4%
|
1,662,423
|
3.5%
|
1,606,129
|
|
Sub Total
Stocks
|
Net
|
17,873,036
|
22.3%
|
14,610,227
|
-6.8%
|
15,682,322
|
Advance payments to
suppliers
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Advance payments
to suppliers
|
Net
|
2,471,449
|
241.5%
|
723,737
|
0.8%
|
718,192
|
|
Gross
|
BV
|
2,471,449
|
241.5%
|
723,737
|
0.8%
|
718,192
|
|
Amortisation
|
BW
|
0
|
0%
|
0
|
0%
|
0
|
Debtors
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Trade accounts
receivable
|
Net
|
83,654,288
|
-8.1%
|
90,999,237
|
15.8%
|
78,586,090
|
|
Gross
|
BX
|
88,961,002
|
-6.8%
|
95,486,106
|
15.2%
|
82,871,243
|
|
Amortisation
|
BY
|
5,306,714
|
18.3%
|
4,486,869
|
4.7%
|
4,285,153
|
|

|
Other debtors
|
Net
|
9,069,154
|
-1.3%
|
9,187,239
|
-8.5%
|
10,038,376
|
|
Gross
|
BZ
|
9,211,774
|
-1.3%
|
9,330,648
|
-8.4%
|
10,181,785
|
|
Amortisation
|
CA
|
142,620
|
-0.6%
|
143,409
|
0%
|
143,409
|
|

|
Capital subscribed
and called up
|
Net
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
CB
|
0
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
CC
|
0
|
0%
|
0
|
0%
|
0
|
|
Sub Total
Debtors
|
Net
|
92,723,442
|
-7.4%
|
100,186,476
|
13.0%
|
88,624,466
|
Divers
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Investment
securities
|
Net
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
CD
|
0
|
0%
|
0
|
0%
|
0
|
|
Amortisation
|
CE
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Cash and cash
equivalents
|
Net
|
965,205
|
-56.9%
|
2,238,052
|
9.4%
|
2,045,934
|
|
Gross
|
CF
|
965,205
|
-56.9%
|
2,238,052
|
9.4%
|
2,045,934
|
|
Amortisation
|
CG
|
0
|
0%
|
0
|
0%
|
0
|
|
Sub Total
Divers
|
Net
|
965,205
|
-56.9%
|
2,238,052
|
9.4%
|
2,045,934
|
Prepaid expenses
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Prepaid
expenses
|
Net
|
100,991
|
32.4%
|
76,252
|
-42.6%
|
132,743
|
|
Gross
|
CH
|
100,991
|
32.4%
|
76,252
|
-42.6%
|
132,743
|
|
Amortisation
|
CI
|
0
|
0%
|
0
|
0%
|
0
|
Equalization
accounts (IV to VI)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Multi-period
charges
|
CW3
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
|
-
|
-
|
-
|
-
|
-
|
|
Premiums on
redemption of bonds
|
CM3
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
|
-
|
-
|
-
|
-
|
-
|
|
Currency
differential gain
|
CN3
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross
|
|
-
|
-
|
-
|
-
|
-
|
References
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Due within one
year
|
CP
|
0
|
0%
|
0
|
0%
|
0
|
|
Due after one year
|
CR
|
0
|
0%
|
6,191,719
|
17.9%
|
5,249,989
|
|
|
|
|
Accounts - Passive
Other capital resources | Provisions for risks and
charges | Liabilities | Translation
loss | Equalization accounts | References
Grand Total -
Passive Accounts (I to IV)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Grand Total (I to V)
|
EE
|
126,135,662
|
-3.4%
|
130,590,882
|
8.4%
|
120,444,081
|
Shareholder Equity (I)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Total shareholders' equity (Total I)
|
DL
|
25,181,645
|
10.2%
|
22,855,513
|
8.8%
|
21,012,576
|
|
Equity and shareholders' equity
|
DA
|
8,500,000
|
5.4%
|
8,064,000
|
0%
|
8,064,000
|
|
Issue and merger premiums
|
DB
|
1,505,202
|
46.8%
|
1,025,602
|
0%
|
1,025,602
|
|
Revaluation differentials
|
DC
|
0
|
0%
|
0
|
0%
|
0
|
|
Of which equity differential
|
EK
|
0
|
0%
|
0
|
0%
|
0
|
|
Legal reserve
|
DD
|
702,207
|
15.1%
|
610,060
|
29.9%
|
469,749
|
|
Statutory or contractual reserve
|
DE
|
0
|
0%
|
0
|
0%
|
0
|
|
Special regulated reserves
|
DF
|
0
|
0%
|
0
|
0%
|
0
|
|
Of which special reserve of provisions for current fluctuation
|
B1
|
0
|
0%
|
0
|
0%
|
0
|
|
Other reserves
|
DG
|
12,997,345
|
15.6%
|
11,246,555
|
31.1%
|
8,580,642
|
|
Of which reserve for buying originals works from alive artists
|
EJ
|
0
|
|
0
|
0%
|
0
|
|
Profits or losses brought forward
|
DH
|
-8,068
|
0%
|
0
|
0%
|
0
|
|
Profit or loss for the period
|
DI
|
1,418,600
|
-23.0%
|
1,842,937
|
-34.3%
|
2,806,224
|
|
Investment grants
|
DJ
|
0
|
0%
|
0
|
0%
|
0
|
|
Special tax-allowable reserves
|
DK
|
66,359
|
0%
|
66,359
|
0%
|
66,359
|
Other capital
resources (II)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Total other
capital resources (Total II)
|
DO
|
0
|
0%
|
0
|
0%
|
0
|
|
Income from
participating securities
|
DM
|
0
|
0%
|
0
|
0%
|
0
|
|
Conditional loans
|
DN
|
0
|
0%
|
0
|
0%
|
0
|
Provisions for risks
and charges (III)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Total
provisions for risks and charges (Total III)
|
DR
|
631,292
|
1.6%
|
621,056
|
5.7%
|
587,388
|
|
Risk provisions
|
DP
|
595,322
|
1.6%
|
586,222
|
7.4%
|
545,885
|
|
Reserves for
charges
|
DQ
|
35,970
|
3.3%
|
34,834
|
-16.1%
|
41,503
|
Liabilities (IV)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Total Liabilities
(Total IV)
|
EC
|
100,322,727
|
-6.3%
|
107,114,312
|
8.4%
|
98,844,118
|
|
Convertible
debentures
|
DS
|
0
|
0%
|
0
|
0%
|
0
|
|
Other debentures
|
DT
|
0
|
0%
|
0
|
0%
|
0
|
|
Bank loans and
liabilities
|
DU
|
3,008,743
|
-71.7%
|
10,624,990
|
198.7%
|
3,557,466
|
|
Sundry loans and
financial liabilities
|
DV
|
9,852,220
|
56.6%
|
6,291,330
|
126.0%
|
2,783,176
|
|
Of which
participating loans
|
EI
|
0
|
0%
|
0
|
0%
|
0
|
|
Advance payments
received for current orders
|
DW
|
0
|
0%
|
0
|
0%
|
0
|
|
Trade accounts
payables
|
DX
|
80,742,254
|
-3.3%
|
83,524,203
|
-1.9%
|
85,167,037
|
|
Tax and social
security liabilities
|
DY
|
3,885,595
|
-14.3%
|
4,535,127
|
-10.5%
|
5,066,473
|
|
Fixed asset
liabilities
|
DZ
|
390,265
|
-5.9%
|
414,693
|
-31.4%
|
604,702
|
|
Other debts
|
EA
|
1,641,561
|
54.2%
|
1,064,380
|
-7.1%
|
1,146,041
|
Translation loss (V)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Translation
loss (Total V)
|
ED
|
0
|
0%
|
0
|
0%
|
0
|
Equalization
accounts
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Deferred
income
|
EB
|
802,089
|
21.6%
|
659,589
|
27.0%
|
519,223
|
References
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Of which
tax-allowable reserve
|
EF
|
0
|
0%
|
0
|
0%
|
0
|
|
Deferred income
and liabilities
|
EG
|
97,603,915
|
-6.5%
|
104,385,682
|
9.6%
|
95,274,590
|
|
Of which current
bank facilities
|
EH
|
458,999
|
-93.3%
|
6,802,241
|
0%
|
0
|
|
|
|
|
Result account
Sales of Goods | Operating charges | Operating
charges | Financial income | Financial
charges | Financial charges | Extraordinary
charges | Employee profit sharing | Tax on profits | References
1- Operating result (I-II)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Operating result (Total I-II)
|
GG
|
-233,193
|
-111.1%
|
2,106,504
|
-36.4%
|
3,311,624
|
2 - Financial result (V - VI)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Financial result (Total V-VI)
|
GV
|
2,243,775
|
197.0%
|
755,372
|
-50.7%
|
1,532,978
|
3 - Pre-tax net operating income result (I - VI)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Pre-tax net operating income (Total I-II+II-IV+V-VI)
|
GW
|
2,405,539
|
-12.8%
|
2,759,281
|
-39.1%
|
4,530,699
|
4 - Extraordinary result (VII-VIII)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Extraordinary result (Total VII-VIII)
|
HI
|
-182,804
|
-280.7%
|
101,180
|
265.0%
|
27,722
|
Profit or loss
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Profit or loss
|
HN
|
1,418,600
|
-23.0%
|
1,842,936
|
-34.3%
|
2,806,224
|
Total Income (I+III+V+VII)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Total Income (I+III+V+VII)
|
HL
|
544,307,832
|
2.7%
|
529,953,714
|
11.1%
|
477,220,218
|
Total charges (Total II+IV+VI+VIII+IX+X)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Total charges (Total II+IV+VI+VIII+IX+X)
|
HM
|
542,889,231
|
2.8%
|
528,110,779
|
11.3%
|
474,413,995
|
Operating income (I)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Total operating income (Total I)
|
FR
|
538,278,514
|
2.1%
|
527,191,771
|
11.2%
|
474,156,262
|
Operating income (details)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Sale of goods for resale
|
FC
|
135,515,835
|
-73.0%
|
501,263,894
|
268.3%
|
136,103,035
|
|
France
|
FA
|
135,515,835
|
-73.0%
|
501,263,894
|
268.3%
|
136,103,035
|
|
Export
|
FB
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Sale of goods produced
|
FF
|
0
|
0%
|
0
|
0%
|
0
|
|
France
|
FD
|
0
|
0%
|
0
|
0%
|
0
|
|
Export
|
FE
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Sale of services
|
FI
|
374,013,629
|
1520.1%
|
23,085,410
|
-92.9%
|
327,283,856
|
|
France
|
FG
|
374,013,629
|
1520.1%
|
23,085,410
|
-92.9%
|
327,283,856
|
|
Export
|
FH
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Net turnover
|
FL
|
509,529,464
|
-2.8%
|
524,349,303
|
13.2%
|
463,386,891
|
|
France
|
FJ
|
509,529,464
|
-2.8%
|
524,349,303
|
13.2%
|
463,386,891
|
|
Export
|
FK
|
0
|
0%
|
0
|
0%
|
0
|
|
Stocked production
|
FM
|
2,623,796
|
0%
|
0
|
0%
|
3,212,942
|
|
Self-constructed assets
|
FN
|
0
|
0%
|
0
|
0%
|
0
|
|
Operating grants
|
FO
|
0
|
0%
|
0
|
0%
|
0
|
|
Release of reserves and provisions
|
FP
|
2,698,317
|
-3.9%
|
2,807,229
|
77.9%
|
1,578,187
|
|
Other income
|
FQ
|
23,426,937
|
66380.1%
|
35,239
|
-99.4%
|
5,978,242
|
Operating charges (II)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Total operating charges (Total II)
|
GF
|
538,511,707
|
2.6%
|
525,085,267
|
11.5%
|
470,844,638
|
Exploitation charges
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Purchase of goods for resale
|
FS
|
124,746,233
|
-74.2%
|
483,081,722
|
11.2%
|
434,278,569
|
|
Change in stocks of goods for resale
|
FT
|
0
|
0%
|
1,015,801
|
0%
|
0
|
|
Purchase of raw materials
|
FU
|
0
|
0%
|
0
|
0%
|
477,500
|
|
Change in stocks of raw materials
|
FV
|
0
|
0%
|
0
|
0%
|
0
|
|
Other external purchases and charges
|
FW
|
391,783,974
|
2110.9%
|
17,720,584
|
22.0%
|
14,523,673
|
|
Tax, duty and similar payments
|
FX
|
974,577
|
1.1%
|
964,206
|
11.4%
|
865,697
|
|
Payroll
|
FY
|
7,202,417
|
2.5%
|
7,029,083
|
2.6%
|
6,849,136
|
|
Social security costs
|
FZ
|
3,254,859
|
1.1%
|
3,218,350
|
2.8%
|
3,130,431
|
Depreciation
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Depreciation of fixed assets
|
GA
|
2,016,834
|
-28.5%
|
2,820,924
|
10.6%
|
2,550,247
|
|
Amortisation of fixed assets
|
GB
|
0
|
0%
|
0
|
0%
|
0
|
|
Depreciation/amortisation of current assets
|
GC
|
1,304,750
|
-47.3%
|
2,474,514
|
16.1%
|
2,131,880
|
|
Provisions for risks and charges
|
GD
|
1,583,846
|
187.9%
|
550,200
|
9.5%
|
502,514
|
Other charges
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Other charges
|
GE
|
5,644,217
|
-9.1%
|
6,209,883
|
12.2%
|
5,534,991
|
Operating charges (III-IV)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Share of joint-venture transferred to other partner(s) (Total
III)
|
GH
|
395,600
|
0%
|
0
|
0%
|
385
|
|
Share of joint venture transferred from other
partner(s) (Total IV)
|
GI
|
642
|
-99.4%
|
102,596
|
-67.4%
|
314,288
|
Financial income (V)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Total financial income (Total V)
|
GP
|
5,585,963
|
111.7%
|
2,638,860
|
-10.8%
|
2,956,871
|
|
Share financial income
|
GJ
|
0
|
0%
|
0
|
0%
|
0
|
|
Other investment income & capitalised receivables
|
GK
|
0
|
0%
|
0
|
0%
|
0
|
|
Other interest and similar income
|
GL
|
5,585,963
|
111.7%
|
2,638,860
|
-10.8%
|
2,956,871
|
|
Released provisions and transferred charges
|
GM
|
0
|
0%
|
0
|
0%
|
0
|
|
Exchange gains
|
GN
|
0
|
0%
|
0
|
0%
|
0
|
|
Net income from disposal of investment securities
|
GO
|
0
|
0%
|
0
|
0%
|
0
|
Financial Charge (VI)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Total financial charge (Total VI)
|
GU
|
3,342,188
|
77.4%
|
1,883,488
|
32.3%
|
1,423,893
|
|
Financial reserves and provisions
|
GQ
|
0
|
0%
|
0
|
0%
|
0
|
|
Interest and similar charges
|
GR
|
3,342,188
|
77.4%
|
1,883,488
|
32.3%
|
1,423,893
|
|
Exchange losses
|
GS
|
0
|
0%
|
0
|
0%
|
0
|
|
Net loss from disposal of investment securities
|
GT
|
0
|
0%
|
0
|
0%
|
0
|
Extraordinary income (VII)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Total extraordinary income (Total VII)
|
HD
|
47,755
|
-61.2%
|
123,083
|
15.4%
|
106,701
|
|
Extraordinary operating income
|
HA
|
36,798
|
-60.9%
|
94,215
|
56.7%
|
60,141
|
|
Extraordinary income from capital transactions
|
HB
|
10,957
|
183.3%
|
3,868
|
-14.0%
|
4,500
|
|
Released provisions and transferred charges
|
HC
|
0
|
0%
|
25,000
|
-40.6%
|
42,060
|
Extraordinary charges (VIII)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Total extraordinary charges (Total VIII)
|
HH
|
230,559
|
952.6%
|
21,903
|
-72.3%
|
78,979
|
|
Extraordinary operating charges
|
HE
|
8,113
|
14650.9%
|
55
|
-99.3%
|
7,679
|
|
Extraordinary charges from capital transactions
|
HF
|
1,895
|
-67.5%
|
5,826
|
-77.8%
|
26,300
|
|
Extraordinary reserves and provisions
|
HG
|
220,552
|
1276.6%
|
16,022
|
-64.4%
|
45,000
|
Employee profit sharing (IX)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Employee profit sharing (Total IX)
|
HJ
|
75,785
|
-34.9%
|
116,428
|
-59.9%
|
290,596
|
Tax on profits (X)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Tax on profits (Total X)
|
HK
|
728,350
|
-19.2%
|
901,097
|
-38.3%
|
1,461,601
|
References
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Of which equipment leases
|
HP
|
0
|
0%
|
0
|
0%
|
0
|
|
Of which property leases
|
HQ
|
0
|
0%
|
0
|
0%
|
0
|
|
Of which transferred charges
|
A1
|
0
|
0%
|
0
|
0%
|
0
|
|
Of which trader's own contributions
|
A2
|
0
|
0%
|
0
|
0%
|
0
|
|
Of which royalties on licences and patents (income)
|
A3
|
0
|
0%
|
0
|
0%
|
0
|
|
Of which royalties on licences and patents (charges)
|
A4
|
0
|
0%
|
0
|
0%
|
0
|
|
|
|
|
Other incomes tax return forms
Reserve for depreciation | Provisions included in balance
sheet | State deadlines claims and debts at the end of period
Table allocation results and other information
Fixed Assets
Grand Total Fixed Assets (I to IV)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Gross value at begin of period
|
OG
|
26,483,048
|
0%
|
0
|
0%
|
0
|
|
Increasess due to revaluation
|
OH
|
0
|
0%
|
0
|
0%
|
0
|
|
Decreasess, acquisitions, creations, contributions
|
OJ
|
2,394,815
|
-51.5%
|
4,937,222
|
31.1%
|
3,766,752
|
|
Decreasess by budget item transfer
|
OK1
|
0
|
0%
|
0
|
0%
|
0
|
|
Decreasess by transfers
|
OK2
|
3,100,970
|
10.3%
|
2,810,656
|
780.8%
|
319,120
|
|
Gross value at the end of period
|
OL
|
25,776,895
|
0%
|
0
|
0%
|
0
|
Research and development Charge (Total I)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Gross value at begin of period
|
CZ
|
0
|
0%
|
0
|
0%
|
0
|
|
Increasess due to revaluation
|
KB
|
0
|
0%
|
0
|
0%
|
0
|
|
Increasess, acquisitions, creations, contributions
|
KC
|
0
|
0%
|
0
|
0%
|
0
|
|
Decreasess by budget item transfer
|
C01
|
0
|
0%
|
0
|
0%
|
0
|
|
Decreasess by transfers
|
C02
|
0
|
0%
|
0
|
0%
|
0
|
|
Gross value at the end of period
|
D0
|
0
|
0%
|
0
|
0%
|
0
|
Other budget item from Intangible fixed assets (Total II)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Gross value at begin of period
|
KD
|
7,832,287
|
0%
|
0
|
0%
|
0
|
|
Increasess due to revaluation
|
KE
|
0
|
0%
|
0
|
0%
|
0
|
|
Increasess, acquisitions, creations, contributions
|
KF
|
343,693
|
-40.9%
|
581,130
|
-62.0%
|
1,528,251
|
|
Decreasess by budget item transfer
|
LV1
|
0
|
0%
|
0
|
0%
|
0
|
|
Decreasess by transfers
|
LV2
|
263,990
|
0%
|
0
|
0%
|
0
|
|
Gross value at the end of period
|
LW
|
7,911,989
|
0%
|
0
|
0%
|
0
|
Tangible fixed assets (Total III)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Gross value at begin of period
|
LN
|
13,196,424
|
0%
|
0
|
0%
|
0
|
|
Increasess due to revaluation
|
LO
|
0
|
0%
|
0
|
0%
|
0
|
|
Increasess, acquisitions, creations, contributions
|
LP
|
1,135,400
|
-56.1%
|
2,587,706
|
15.7%
|
2,236,283
|
|
Decreasess by budget item transfer
|
NG1
|
0
|
0%
|
0
|
0%
|
0
|
|
Decreasess by transfers
|
NG2
|
1,743,428
|
0%
|
0
|
0%
|
0
|
|
Gross value at the end of period
|
NH
|
12,588,396
|
0%
|
0
|
0%
|
0
|
Fiancial assets (Total IV)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Gross value at begin of period
|
LQ
|
5,454,338
|
0%
|
0
|
0%
|
0
|
|
Increasess due to revaluation
|
LR
|
0
|
0%
|
0
|
0%
|
0
|
|
Increasess, acquisitions, creations, contributions
|
LS
|
915,722
|
0%
|
0
|
0%
|
0
|
|
Decreasess by budget item transfer
|
NJ1
|
0
|
0%
|
0
|
0%
|
0
|
|
Decreasess by transfers
|
NJ2
|
1,093,551
|
0%
|
0
|
0%
|
0
|
|
Gross value at the end of period
|
NK
|
5,276,509
|
0%
|
0
|
0%
|
0
|
Reserve for depreciation
Situation and movement of reserve for depreciation
Grand total (I-II-III)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Reserve for
depreciation value at begin of period
|
0N
|
13,531,111
|
23.9%
|
10,920,260
|
28.3%
|
8,510,833
|
|
Increases
|
0P
|
2,237,387
|
-20.7%
|
2,820,924
|
10.6%
|
2,550,247
|
|
Decreasess
|
0Q
|
1,993,141
|
848.8%
|
210,073
|
49.2%
|
140,820
|
|
Reserve for
depreciation value at the end of period
|
0R
|
13,775,356
|
1.8%
|
13,531,111
|
23.9%
|
10,920,260
|
Research and
development charge (Total I)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Reserve for
depreciation value at begin of period
|
CY
|
0
|
0%
|
0
|
0%
|
0
|
|
Increases
|
PB
|
0
|
0%
|
0
|
0%
|
0
|
|
Decreasess
|
PC
|
0
|
0%
|
0
|
0%
|
0
|
|
Decreasess
by budget item transfer
|
PD
|
0
|
0%
|
0
|
0%
|
0
|
Other intangible
assets (Total II)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Reserve for
depreciation value at begin of period
|
PE
|
5,996,540
|
0%
|
0
|
0%
|
0
|
|
Increases
|
PF
|
1,290,860
|
0%
|
0
|
0%
|
0
|
|
Decreasess
|
PG
|
251,608
|
0%
|
0
|
0%
|
0
|
|
Decreasess
by budget item transfer
|
PH
|
7,035,792
|
17.3%
|
5,996,540
|
48.3%
|
4,044,207
|
Total fixed assets
amotisation (Total III)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Reserve for
depreciation value at begin of period
|
QU
|
7,534,571
|
0%
|
0
|
0%
|
0
|
|
Increases
|
QV
|
946,527
|
0%
|
0
|
0%
|
0
|
|
Decreases
|
QW
|
1,741,533
|
0%
|
0
|
0%
|
0
|
|
Decreasess
by budget item transfer
|
QX
|
6,739,563
|
-10.6%
|
7,534,571
|
9.6%
|
6,876,053
|
Movements during period affecting charge allocated over several
period
Charges à répartir
ou frais d'émission d'emprunt
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Gross value
at begin of period
|
Z91
|
0
|
0%
|
0
|
0%
|
0
|
|
Increases
|
Z92
|
0
|
0%
|
0
|
0%
|
0
|
|
Depreciation of fixed assets during period
|
Z9
|
0
|
0%
|
0
|
0%
|
0
|
|
Decreasess
by budget item transfer
|
B1
|
0
|
0%
|
0
|
0%
|
0
|
Premium refund of
obligations
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Net value
at begining of period
|
SP1
|
0
|
0%
|
0
|
0%
|
0
|
|
Increases
|
SP2
|
0
|
0%
|
0
|
0%
|
0
|
|
Depreciation of fixed assets during period
|
SP
|
0
|
0%
|
0
|
0%
|
0
|
|
Net value
at the end of period
|
SR
|
0
|
0%
|
0
|
0%
|
0
|
Provisions included in balance sheet
Grand Total (I-II-III)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Value at
begining of period
|
7C
|
7,175,916
|
0%
|
0
|
0%
|
0
|
|
Increases
|
UB
|
2,888,596
|
0%
|
0
|
0%
|
0
|
|
Decreases
|
UC
|
2,894,117
|
0%
|
0
|
0%
|
0
|
|
Value at the
end of period
|
UD
|
7,170,395
|
0%
|
0
|
0%
|
0
|
Includes Total
allocations
|
Operating
|
UE
|
0
|
0%
|
0
|
0%
|
0
|
|
Financial
|
UG
|
0
|
0%
|
0
|
0%
|
0
|
|
Exceptional
|
UJ
|
0
|
0%
|
0
|
0%
|
0
|
Includes Total
Withdrawal
|
Operating
|
UF
|
0
|
0%
|
0
|
0%
|
0
|
|
Financial
|
UH
|
0
|
0%
|
0
|
0%
|
0
|
|
Exceptional
|
UK
|
0
|
0%
|
0
|
0%
|
0
|
Total regulated
provisions (Total I)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Value at
begining of period
|
3Z
|
66,359
|
0%
|
0
|
0%
|
0
|
|
Increases
|
TS
|
0
|
0%
|
0
|
0%
|
0
|
|
Decreases
|
TT
|
0
|
0%
|
0
|
0%
|
0
|
|
Value at
the end of period
|
TU
|
66,359
|
0%
|
0
|
0%
|
0
|
Total risk and
charge provisions (Total II)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Value at
begining of period
|
5Z
|
621,056
|
0%
|
0
|
0%
|
0
|
|
Increases
|
TV
|
560,436
|
0%
|
0
|
0%
|
0
|
|
Decreases
|
TW
|
550,200
|
0%
|
0
|
0%
|
0
|
|
Value at the
end of period
|
TX
|
631,292
|
0%
|
0
|
0%
|
0
|
Total Provision for
depreciation (Total III)
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Value at
begining of period
|
7B
|
6,488,501
|
4.1%
|
6,230,490
|
5.9%
|
5,885,702
|
|
Increases
|
TY
|
2,328,160
|
-5.9%
|
2,474,514
|
28.0%
|
1,933,062
|
|
Decreases
|
TZ
|
2,343,917
|
5.7%
|
2,216,504
|
39.6%
|
1,588,274
|
|
Value at
the end of period
|
UA
|
6,472,744
|
-0.2%
|
6,488,501
|
4.1%
|
6,230,490
|
State deadlines claims and debts at the end of period
State claims
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Gross value
|
VT
|
101,660,816
|
-4.7%
|
106,642,552
|
11.4%
|
95,756,265
|
|
1 year at most
|
VU
|
7,120,805
|
-92.8%
|
98,522,776
|
8.9%
|
90,506,276
|
|
More than one year
|
VV
|
94,540,011
|
1395.9%
|
6,319,776
|
20.4%
|
5,249,989
|
State of loans
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Claims related to
holdings (gross)
|
UL
|
915,600
|
0%
|
0
|
0%
|
0
|
|
Claims related to
shareholdings (1 year at most)
|
UM
|
915,600
|
2.0%
|
897,752
|
-51.5%
|
1,852,302
|
|
Loans (gross)
|
UP
|
0
|
0%
|
0
|
0%
|
0
|
|
Loans (1 year at
most)
|
UR
|
0
|
0%
|
0
|
0%
|
0
|
|
Other financial
assets (gross)
|
UT
|
0
|
0%
|
0
|
0%
|
0
|
|
Other financial
assets (1 year at most)
|
UV
|
0
|
0%
|
0
|
0%
|
0
|
Receivables
statement of assets
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Customers doubtful
or disputed
|
VA
|
0
|
0%
|
0
|
0%
|
0
|
|
Other claims
customer
|
UX
|
88,961,002
|
0%
|
0
|
0%
|
0
|
|
Receivables
represent Loaned Securities
|
UU
|
0
|
0%
|
0
|
0%
|
0
|
|
Provision for depreciation
previously established
|
UQ
|
0
|
0%
|
0
|
0%
|
0
|
|
Personnel and
associated accounts
|
UY
|
0
|
0%
|
0
|
0%
|
0
|
|
Social Security
and other social organizations
|
UZ
|
0
|
0%
|
0
|
0%
|
0
|
|
Income taxes
|
VM
|
0
|
0%
|
0
|
0%
|
0
|
|
Value added tax
|
VB
|
0
|
0%
|
0
|
0%
|
0
|
|
Other taxes and
payments assimilated
|
VN
|
0
|
0%
|
0
|
0%
|
0
|
|
State and other
public - Miscellaneous
|
VP
|
0
|
0%
|
0
|
0%
|
0
|
|
Group and
Associates
|
VC
|
0
|
0%
|
0
|
0%
|
0
|
|
Accounts receivable
(including claims relating to the operation of pension titles)
|
VR
|
2,471,449
|
0%
|
0
|
0%
|
0
|
Prepaid
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Prepaid
|
VS
|
100,991
|
0%
|
0
|
0%
|
0
|
State Debt
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Total debt
(gross)
|
VY
|
100,322,725
|
-6.3%
|
107,114,313
|
8.4%
|
98,844,117
|
|
1 year at most
|
VZ2
|
98,406,005
|
-5.7%
|
104,385,682
|
9.6%
|
95,274,591
|
|
More than 1 year and 5 years at most
|
VZ3
|
1,467,709
|
-35.6%
|
2,279,620
|
-21.5%
|
2,903,931
|
|
More than 5 years
|
VZ4
|
449,012
|
0%
|
449,012
|
-32.5%
|
665,596
|
Details
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|

|
Convertible
bonds (gross)
|
7Y1
|
0
|
0%
|
0
|
0%
|
0
|
|
1 year at most
|
7Y2
|
0
|
0%
|
0
|
0%
|
0
|
|
More than 1 year and 5 years at most
|
7Y3
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Other bonds
(gross)
|
7Z1
|
0
|
0%
|
0
|
0%
|
0
|
|
1 year at most
|
7Z2
|
0
|
0%
|
0
|
0%
|
0
|
|
More than 1 year and 5 years at most
|
7Z3
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Borrowing
& debts to 1 year maximum at the origin (gross)
|
VG1
|
458,999
|
-93.3%
|
6,802,241
|
0%
|
0
|
|
1 year at most
|
VG2
|
458,999
|
-93.3%
|
6,802,241
|
0%
|
0
|
|
More than 1 year and 5 years at most
|
VG3
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Borrowing
& debts to more than 1 year at the origin (gross)
|
VH1
|
2,549,744
|
-33.3%
|
3,822,749
|
0%
|
0
|
|
1 year at most
|
VH2
|
736,410
|
0%
|
0
|
0%
|
0
|
|
More than 1 year and 5 years at most
|
VH3
|
1,364,321
|
0%
|
0
|
0%
|
0
|
|

|
Loans and
various financial liabilities (gross)
|
8A1
|
9,852,220
|
0%
|
0
|
0%
|
0
|
|
1 year at most
|
8A2
|
9,748,833
|
59.7%
|
6,105,073
|
99.4%
|
3,061,711
|
|
More than 1 year and 5 years at most
|
8A3
|
103,387
|
0%
|
0
|
0%
|
0
|
|

|
Suppliers
and associated accounts (gross)
|
8B1
|
80,742,254
|
0%
|
0
|
0%
|
0
|
|
1 year at most
|
8B2
|
80,742,254
|
-3.3%
|
83,524,203
|
-1.9%
|
85,167,038
|
|
More than 1 year and 5 years at most
|
8B3
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Personnel
and associated accounts (gross)
|
8C1
|
0
|
0%
|
0
|
0%
|
0
|
|
1 year at most
|
8C2
|
0
|
0%
|
0
|
0%
|
0
|
|
More than 1 year and 5 years at most
|
8C3
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Social
Security and other social organizations (gross)
|
8D1
|
3,885,595
|
-14.3%
|
4,535,127
|
-10.5%
|
5,066,473
|
|
1 year at most
|
8D2
|
3,885,595
|
-14.3%
|
4,535,127
|
-5.0%
|
4,775,877
|
|
More than 1 year and 5 years at most
|
8D3
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Taxes on
profits (gross)
|
8E1
|
0
|
0%
|
0
|
0%
|
0
|
|
1 year at most
|
8E2
|
0
|
0%
|
0
|
0%
|
0
|
|
More than 1 year and 5 years at most
|
8E3
|
0
|
0%
|
0
|
0%
|
0
|
|

|
VAT (gross)
|
VW1
|
0
|
0%
|
0
|
0%
|
0
|
|
1 year at most
|
VW2
|
0
|
0%
|
0
|
0%
|
0
|
|
More than 1 year and 5 years at most
|
VW3
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Backed
Obligations (gross)
|
VX1
|
0
|
0%
|
0
|
0%
|
0
|
|
1 year at most
|
VX2
|
0
|
0%
|
0
|
0%
|
0
|
|
More than 1 year and 5 years at most
|
VX3
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Other taxes
and assimilated (gross)
|
VQ1
|
0
|
0%
|
0
|
0%
|
0
|
|
1 year at most
|
VQ2
|
0
|
0%
|
0
|
0%
|
0
|
|
More than 1 year and 5 years at most
|
VQ3
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Assets and
liabilities associated accounts (gross)
|
8J1
|
390,265
|
0%
|
0
|
0%
|
0
|
|
1 year at most
|
8J2
|
390,265
|
-5.9%
|
414,693
|
-31.4%
|
604,702
|
|
More than 1 year and 5 years at most
|
8J3
|
0
|
0%
|
0
|
0%
|
0
|
|
More than 5 years
|
8J4
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Groups and
associates (gross)
|
VI1
|
0
|
0%
|
0
|
0%
|
0
|
|
1 year at most
|
VI2
|
0
|
0%
|
0
|
0%
|
0
|
|
More than 1 year and 5 years at most
|
VI3
|
0
|
0%
|
0
|
0%
|
0
|
|
More 5 years
|
VI4
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Other
liabilities (gross)
|
8K1
|
1,641,561
|
0%
|
0
|
0%
|
0
|
|
1 year at most
|
8K2
|
1,641,561
|
54.2%
|
1,064,380
|
-7.1%
|
1,146,041
|
|
More than 1 year and 5 years at most
|
8K3
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Debt
representative of borrowed securities (gross)
|
SZ1
|
0
|
0%
|
0
|
0%
|
0
|
|
1 year at most
|
SZ2
|
0
|
0%
|
0
|
0%
|
0
|
|
More than 1 year and 5 years at most
|
SZ3
|
0
|
0%
|
0
|
0%
|
0
|
|

|
Products in
advance (gross)
|
8L1
|
802,089
|
0%
|
0
|
0%
|
0
|
|
1 year at most
|
8L2
|
802,089
|
21.6%
|
659,589
|
27.0%
|
519,223
|
|
More than 1 year and 5 years at most
|
8L3
|
0
|
0%
|
0
|
0%
|
0
|
References
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Loans made during
the period
|
VJ
|
0
|
0%
|
0
|
0%
|
0
|
|
Debt repaid during
the period
|
VK
|
0
|
0%
|
0
|
0%
|
0
|
Table allocation results and other information
Dividends distributed
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Dividends
|
ZE
|
0
|
0%
|
0
|
0%
|
0
|
Commitments
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Commitments
leasing furniture
|
YQ
|
0
|
0%
|
0
|
0%
|
0
|
|
Commitments
Real Estate Leasing
|
YR
|
0
|
0%
|
0
|
0%
|
0
|
|
Effects
brought to the discount and unmatured
|
YS
|
0
|
0%
|
0
|
0%
|
0
|
Other charges
Externes
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Subcontracting
|
YT
|
0
|
0%
|
0
|
0%
|
0
|
|
Rentals,
rental charges and condominiums
|
XQ
|
0
|
0%
|
0
|
0%
|
0
|
|
Staff
outside the company
|
YU
|
0
|
0%
|
0
|
0%
|
0
|
|
Remuneration
intermediaries and fees (excluding fees)
|
SS
|
0
|
0%
|
0
|
0%
|
0
|
|
Fees,
commissions and brokerage
|
YV
|
0
|
0%
|
0
|
0%
|
0
|
|
Other
accounts
|
ST
|
0
|
0%
|
0
|
0%
|
0
|
|
Total Other
purchases and external
|
ZJ
|
0
|
0%
|
0
|
0%
|
0
|
Taxes and Fees
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Business
tax
|
YW
|
0
|
0%
|
0
|
0%
|
0
|
|
Other taxes
and payments assimilated
|
9Z
|
0
|
0%
|
0
|
0%
|
0
|
|
Total taxes
and fees
|
YX
|
0
|
0%
|
0
|
0%
|
0
|
VAT
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Amount VAT
collected
|
YY
|
0
|
0%
|
0
|
0%
|
0
|
|
Total VAT
on goods and services
|
YZ
|
0
|
0%
|
0
|
0%
|
0
|
Average number of
employees
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Average
number of employees
|
YP
|
211
|
-1.4%
|
214
|
-4.0%
|
223
|
Groups and
Shareholders
|
|
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
|
Groups and
Shareholders
|
ZR
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
Ratios
Structure and liquidity | Management or
rotation | Profitability of the business | Return on
capital
Structure and Liquidity
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
Sector Median2005
|
|
|
Fixed Asset
Financing
|

|
2.02
|
12.8%
|
1.79
|
11.9%
|
1.60
|
2.78
|
-27.3%
|
|
Global Debt
|

|
71 days
|
-4.1%
|
74 days
|
-3.9%
|
77 days
|
135 days
|
-47.4%
|
|
Working Capital
Fund overall net
|

|
19 days
|
35.7%
|
14 days
|
27.3%
|
11 days
|
48 days
|
-60.4%
|
|
Financial
independence
|

|
195.80%
|
44.9%
|
135.11%
|
-59.2%
|
331.40%
|
261.39%
|
-25.1%
|
|

|
|
Solvability
|

|
19.96%
|
14.1%
|
17.50%
|
0.3%
|
17.45%
|
27.94%
|
-28.6%
|
|
Capacity debt
futures
|

|
2106.53%
|
526.9%
|
336%
|
-
|
%
|
1464.90%
|
43.8%
|
|
Coverage of
current assets by net working capital overall
|

|
21.75%
|
29.5%
|
16.80%
|
29.2%
|
13%
|
28.91%
|
-24.8%
|
|
General Liquidity
|

|
0.07
|
-92.6%
|
0.94
|
-1.1%
|
0.95
|
0.85
|
-91.8%
|
|
Restricted
Liquidity
|

|
0.08
|
-91.8%
|
0.97
|
0%
|
0.97
|
1.12
|
-92.9%
|
Management or rotation
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
Sector Median2005
|
|
|
Need background in
operating working capital
|

|
19 days
|
5.6%
|
18 days
|
80.0%
|
10 days
|
20 days
|
-5.0%
|
|
Treasury
|

|
0 days
|
0%
|
-3 days
|
-250.0%
|
2 days
|
16.50 days
|
0%
|
|
Inventory turnover
of goods
|

|
54 days
|
350.0%
|
12 days
|
-14.3%
|
14 days
|
23 days
|
134.8%
|
|
Average length of
credit granted to customers
|

|
63 days
|
-4.5%
|
66 days
|
3.1%
|
64 days
|
70 days
|
-10.0%
|
|
Average length of
credit obtained suppliers
|

|
56 days
|
-6.7%
|
60 days
|
-11.8%
|
68 days
|
78 days
|
-28.2%
|
|

|
|
Inventory turnover
of raw materials in industrial enterprises
|

|
days
|
-
|
days
|
-
|
0 days
|
0 days
|
-
|
|
Inventory turnover
of intermediate and finished products in the industrial enterprise
|

|
days
|
-
|
days
|
-
|
days
|
3294.50 days
|
-
|
|
Rotation tangible
assets
|

|
4047.61%
|
-
|
%
|
-
|
%
|
3008.07%
|
34.6%
|
Profitability of the business
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
Sector
Median2005
|
|
|
Margin trading
|

|
2.11%
|
-35.5%
|
3.27%
|
105.1%
|
-64.35
|
3.05%
|
-30.8%
|
|
Profitability of
the business
|

|
-3.10
|
-243.5%
|
2.16
|
54.3%
|
1.40
|
1.90%
|
-263.2%
|
|
Net profit
|

|
0.28%
|
-20.0%
|
0.35%
|
-42.6%
|
0.61%
|
1.31%
|
-78.6%
|
|

|
|
Growth rate of
turnover (excluding VAT)
|

|
-2.83%
|
-121.5%
|
13.16%
|
-
|
%
|
3.10%
|
-191.3%
|
|
Rates integration
|

|
-0.86%
|
-120.0%
|
4.30%
|
15.0%
|
3.74%
|
12.26%
|
-107.0%
|
|
Rate leasing
furniture
|

|
0%
|
0%
|
0%
|
0%
|
0%
|
0%
|
0%
|
|
Work Factor
|

|
-238.92%
|
-625.3%
|
45.48%
|
-21.1%
|
57.62%
|
65.19%
|
-466.5%
|
|
Weight interests
|

|
0.66
|
83.3%
|
0.36%
|
16.1%
|
0.31%
|
0.17%
|
288.2%
|
Return on capital
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
Sector Median2005
|
|
|
Cash flow from the
overall profitability
|

|
0.72%
|
-19.1%
|
0.89%
|
-23.9%
|
1.17%
|
1.69%
|
-57.4%
|
|
Rates of economic
profitability
|

|
-42%
|
-250.0%
|
28%
|
16.7%
|
24%
|
10%
|
-520.0%
|
|
Financial
profitability
|

|
25181645%
|
10.2%
|
22855513%
|
8.8%
|
21012576%
|
285621%
|
8716.5%
|
|
Return on
investment
|

|
12.51%
|
33.5%
|
9.37%
|
-39.4%
|
15.46%
|
9.76%
|
28.2%
|
|
|
|
|
Soldes Intermédiaires de Gestion
|
31/12/2005
|
|
31/12/2004
|
|
31/12/2003
|
Sector Median2005
|
|
|
Turnover
|
509,529,464
|
-2.8%
|
524,349,303
|
13.2%
|
463,386,891
|
1,490,263 €
|
34090.6%
|
|
Sales of goods
|
135,515,835
|
-73.0%
|
501,263,894
|
268.3%
|
136,103,035
|
|
|
|
- Purchase of goods
|
124,746,233
|
-74.2%
|
483,081,722
|
11.2%
|
434,278,569
|
|
|
|
+/- Stock of goods variation
|
0
|
0%
|
1,015,801
|
0%
|
0
|
|
|
|
Trading margin
|
10,769,602 €
|
-37.3%
|
17,166,371 €
|
105.8%
|
-298,175,534 €
|
31,360 €
|
34241.8%
|
|
2.11 % CA
|
-35.5%
|
3.27 % CA
|
105.1%
|
-64.35 % CA
|
3.65 % CA
|
-42.2%
|
|
Sale of goods produced
|
374,013,629
|
1520.1%
|
23,085,410
|
-92.9%
|
327,283,856
|
|
|
|
+/- Stocked production
|
2,623,796
|
0%
|
0
|
0%
|
3,212,942
|
|
|
|
+ Self-constructed assets
|
0
|
0%
|
0
|
0%
|
0
|
|
|
|
Period production
|
376,637,425 €
|
1531.5%
|
23,085,410 €
|
-93.0%
|
330,496,798 €
|
248,669 €
|
151361.4%
|
|
73.92 % CA
|
1580.0%
|
4.40 % CA
|
-93.8%
|
71.32 % CA
|
22.33 % CA
|
231.0%
|
|
Trading margin
|
10,769,602
|
-37.3%
|
17,166,371
|
105.8%
|
-298,175,534
|
31,360
|
34241.8%
|
|
+ Period Production
|
376,637,425
|
1531.5%
|
23,085,410
|
-93.0%
|
330,496,798
|
248,669
|
151361.4%
|
|
- Purchase of raw materials
|
0
|
0%
|
0
|
0%
|
477,500
|
|
|
|
+/- Change in stocks of raw materiels
|
0
|
0%
|
0
|
0%
|
0
|
|
|
|
- Other external purchases and charges
|
391,783,974
|
2110.9%
|
17,720,584
|
22.0%
|
14,523,673
|
|
|
|
Added value
|
-4,376,947 €
|
-119.4%
|
22,531,197 €
|
30.1%
|
17,320,091 €
|
206,931 €
|
-2215.2%
|
|
-0.86 % CA
|
-120.0%
|
4.30 % CA
|
15.0%
|
3.74 % CA
|
12.26 % CA
|
-107.0%
|
|
Added value
|
-4,376,947 €
|
-119.4%
|
22,531,197 €
|
30.1%
|
17,320,091 €
|
206,931 €
|
-2215.2%
|
|
+ Operating grants
|
0
|
0%
|
0
|
0%
|
0
|
|
|
|
- Tax, duty and similar payments
|
974,577
|
1.1%
|
964,206
|
11.4%
|
865,697
|
|
|
|
- Personal charges
|
10,457,276
|
2.0%
|
10,247,433
|
2.7%
|
9,979,567
|
|
|
|
Gross operating surplus
|
-15,808,800 €
|
-239.7%
|
11,319,558 €
|
74.8%
|
6,474,827 €
|
23,374 €
|
-67734.1%
|
|
-3.10 % CA
|
-243.5%
|
2.16 % CA
|
54.3%
|
1.40 % CA
|
1.90 % CA
|
-263.2%
|
|
Gross operating surplus
|
-15,808,800 €
|
-239.7%
|
11,319,558 €
|
74.8%
|
6,474,827 €
|
23,374 €
|
-67734.1%
|
|
+ Release of reserves and provisions
|
2,698,317
|
-3.9%
|
2,807,229
|
77.9%
|
1,578,187
|
|
|
|
+ Other operating income
|
23,426,937
|
66380.1%
|
35,239
|
-99.4%
|
5,978,242
|
|
|
|
- Depreciation/Amortisation
|
4,905,430
|
-16.1%
|
5,845,638
|
12.7%
|
5,184,641
|
|
|
|
- Other charges
|
5,644,217
|
-9.1%
|
6,209,883
|
12.2%
|
5,534,991
|
|
|
|
Operating result
|
-233,193 €
|
-111.1%
|
2,106,505 €
|
-36.4%
|
3,311,624 €
|
25,042 €
|
-1031.2%
|
|
-0.05 % CA
|
-112.5%
|
0.40 % CA
|
-43.7%
|
0.71 % CA
|
1.58 % CA
|
-103.2%
|
|
Operating result
|
-233,193 €
|
-111.1%
|
2,106,505 €
|
-36.4%
|
3,311,624 €
|
25,042 €
|
-1031.2%
|
|
+/- Result of joint-venture transferred from/to other partners
|
394,958
|
485.0%
|
-102,596
|
67.3%
|
-313,903
|
|
|
|
+ Financial income
|
5,585,963
|
111.7%
|
2,638,860
|
-10.8%
|
2,956,871
|
|
|
|
- Financial charges
|
3,342,188
|
77.4%
|
1,883,488
|
32.3%
|
1,423,893
|
|
|
|
Pre-tax result
|
1,615,624 €
|
-45.5%
|
2,964,473 €
|
-42.5%
|
5,158,505 €
|
34,323 €
|
4607.1%
|
|
0.32 % CA
|
-43.9%
|
0.57 % CA
|
-48.6%
|
1.11 % CA
|
1.84 % CA
|
-82.6%
|
|
Extraordinary income
|
47,755
|
-61.2%
|
123,083
|
15.4%
|
106,701
|
570
|
8278.1%
|
|
- Extraordinary charges
|
230,559
|
952.6%
|
21,903
|
-72.3%
|
78,979
|
|
|
|
Extraordinary result
|
-182,804 €
|
-280.7%
|
101,180 €
|
265.0%
|
27,722 €
|
0 €
|
0%
|
|
-0.04 % CA
|
-300%
|
0.02 % CA
|
100%
|
0 % CA
|
0 % CA
|
0%
|
|
Pre-tax result
|
1,615,624 €
|
-45.5%
|
2,964,473 €
|
-42.5%
|
5,158,505 €
|
34,323 €
|
4607.1%
|
|
Extraordinary result
|
-182,804 €
|
-280.7%
|
101,180 €
|
265.0%
|
27,722 €
|
0 €
|
0%
|
|
- Employee profit sharing
|
75,785
|
-34.9%
|
116,428
|
-59.9%
|
290,596
|
|
|
|
- Tax on profits
|
728,350
|
-19.2%
|
901,097
|
-38.3%
|
1,461,601
|
|
|
|
Net result
|
628,685 €
|
-69.3%
|
2,048,128 €
|
-40.4%
|
3,434,030 €
|
25,272 €
|
2387.7%
|
|

|
0.12 % CA
|
-69.2%
|
0.39 % CA
|
-47.3%
|
0.74 % CA
|
1.30 % CA
|
-90.8%
|
|
|
|
|