MIRA INFORM REPORT

Report No. :	347696
Report Date :	30.10.2015

IDENTIFICATION DETAILS

Name :	MILLIPORE
Registered Office :	Millipore, 39 RTE Industrielle DE LA Hardt, 67120 Molsheim
Country :	France
Financials (as on) :	31.12.2013
Date of Incorporation :	February 2001
Com. Reg. No.:	434 691 192
Legal Form :	Simplified Joint Stock Company with Single Associate
Line of Business :	Subject is manufacture of other general purpose machinery
No. of Employee :	1 000 to 1 999

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

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

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

FRANCE - ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With more than 84 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that mitigate economic inequality. France's real GDP increased by 0.4% in 2014. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.4% in the fourth quarter of 2014. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 24.3% in the fourth quarter of 2014. Lower-than-expected growth and high spending have strained France's public finances. The budget deficit rose sharply from 3.3% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4% of GDP in 2014, while France's public debt rose from 68% of GDP to more than 95% in 2014, and may hit 100% by 2016. Elected on a conventionally leftist platform, President Francois HOLLANDE surprised and angered many supporters with a January 2014 speech announcing a sharp change in his economic policy, recasting himself as a liberalizing reformer. The government's budget for 2014 shifted the balance of fiscal consolidation from taxes to a total of $24 billion in spending cuts. In December 2014, HOLLANDE announced additional reforms, including a plan to extend commercial business hours, liberalize professional services, and sell off $6.2-12.4 billion in state owned assets. France’s tax burden remains well above the EU average and income tax cuts over the past decade are being partly reversed, particularly for higher earners. The top rate of income tax is 41%. The government is allowing a 75% payroll tax on salaries over $1.24 million to lapse.

Source : CIA

Company name

MILLIPORE

MILLIPORE - 434 691 192 00018

SIRET	434 691 192 00018	Click to view full map.
Name	MILLIPORE
Acronym	-
Trade name	-
Status	Economically active
Postal Address	MILLIPORE 39 RTE INDUSTRIELLE DE LA HARDT 67120 MOLSHEIM
Share Capital	13,688,350 Euros
Incorporiation Date	02/2001
Activity (APE)	Manufacture of other general purpose machinery (2829B)	RCS Registration	RCS Saverne B 434 691 192
Formation Date	02/2001	EUR VAT Number	FR59434691192
Deregistration Date	-	Last account Date	31/12/2013
Court Registry Number	20 0 1B00047	Telephone	03 90 46 90 00
Registration Court	Saverne (67)	Fax	-
Nationality	France
		Legal form	Simplified Joint Stock Company with Single Associate
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2013	717,450,710 €	14.58% Turnover	93,954,986 €	42,717,292 €	1 000 to 1 999 employees
31/12/2012	677,011,469 €	15.41% Turnover	70,264,499 €	39,311,973 €	-
31/12/2011	597,290,334 €	13.60% Turnover	49,413,341 €	27,976,121 €	-

Details

Ultimate Holding Company

Name	Country	Company Number
MERCK KGAA		HRB 6164
Affiliation links. View Details
145 companies in the international Group Structure from 40 countries. View Details

Directors

Current Directors

4

View Details

Payment Data Programme

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Preferential Right

This company is not under monitoring

Payment Information Summary – Trade Payment Data

Total number of Invoices available	99
Total number of Invoices paid within or up to 30 days after the due date	94
Total number of Invoices paid more than 30 days after the dues date	5
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	2829B	Activity	Manufacture of other general purpose machinery
Formation Date	02/2001	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	39 ROUTE INDUSTRIELLE DE LA HARDT 67120 MOLSHEIM	Department	Bas-Rhin (67)
Location Surface	-	District	3
City	MOLSHEIM	Status	Economically active
Business Pages FT®	FILTRES ET ELEMENTS FILTRANTS	Region	Alsace
		Area	14
		Size of Urban Area	-

Other Establishment(s)

Regionality	Legal unit with multiple establishments in many areas having at least 80% of workforce in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 80 to 99% of workforce
Branches	5 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
MILLIPORE	Head Office	2829B	Manufacture of other general purpose machinery	MOLSHEIM	67120
MILLIPORE	Branch	2829B	Manufacture of other general purpose machinery	DACHSTEIN	67120
MILLIPORE	Branch	2829B	Manufacture of other general purpose machinery	DUTTLENHEIM	67120
MILLIPORE	Branch	2829B	Manufacture of other general purpose machinery	ENTZHEIM	67960
MILLIPORE	Branch	2829B	Manufacture of other general purpose machinery	DACHSTEIN	67120

View Details

Workforces

Workforce at address

1 000 to 1 999 employees

Company workforce

1 000 to 1 999 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 93,954,986 €

The ratio total assets to total liabilities is 1.91

The sales to current assets ratio is 5.27

The creditor days are 15.92

The increase of tangible fixed assets over the last two accounting periods is 12 %

The decrease in the gearing percentage over the last two accounting periods is 45 %

The liabilities are 85,066,275 €

The net current assets are 136,189,043 €

The net turnover is 717,450,710 €

The pre-tax profit is 65,807,222 €

The risk provisions are 18,166,405 €

The total assets are 197,319,357 €

Low risk workforce size

The company has 4 directors

Industry code with low risk rating

Department code with low risk rating

The stock to turnover ratio is 12.41

Collective procedures

No judgment information for the company

Preferential rights details and history

Status of collection

This company is not under monitoring

Preferential rights details and history

Status of collection

This company is not under monitoring

Group Data

Ultimate parent company	MERCK KGAA
Direct parent	MERCK S.A. - 100 %
Group – Number of companies	44
Linkages – Number of companies	145
Number of countries	40

Rating Information

	Name	SIREN	Parts	Last account published
1	MERCK KOMMANDITGESELLSCHAFT AUF AKTIEN	HRB 6164	-	31/12/2013
2	MERCK MEDICATION FAMILIALE	972502538	100 %	31/12/2014
3	LABORATOIRE MEDIFLOR	582720843	100 %	31/12/2013
	MERCK CONSUMER HEALTH HOLDING GMBH	HRB 8241	Majority	31/12/2012
	MERCK AG	11044	100 %	-
2	MERCK SA	777335340	99.77 %	31/12/2013
3	MERCK CHIMIE	389537903	100 %	31/12/2014
3	MERCK SANTE	572028033	100 %	31/12/2013
4	GONNON	957525876	100 %	31/12/2013
	MERCK SERONO	955504923	100 %	31/12/2013
	MERCK BIODEVELOPMENT	351723440	100 %	31/12/2013
	THÉRAMEX	-	98.88 %	-
	MILLIPORE	434691192	100 %	31/12/2013
	ARES TRADING SA	989	100 %	-
	LABORATOIRES SERONO SA	9829	100 %	-
	MERCK SERONO S.P.A	-	96.72 %	-
	SERONO BENELUX B.V.	27155869	100 %	31/12/2007
	MERCK FARMA Y QUIMICA S.L	-	100 %	-
	MERCK PHARMA GMBH	HRB 8101	100 %	31/12/2008
	SERONO GMBH	HRB 86623	100 %	31/12/2008
	LABORATOIRE THERAMEX	333353928	99.88 %	-
	SEVEN SEAS GROUP	-	100 %	-
	SERONO LIMITED	01192915	100 %	31/12/2012
	MERCK UK	LP005272	100 %	-
	MERCK AG	-	100 %	-
	EMD SERONO US GROUP	-	100 %	-
	EMD CHEMICALS INC	-	100 %	-
	EMD SERONO CANADA INC	-	100 %	-
	MERCK S.A DE C.V	-	100 %	-
	MERCK S.A	-	100 %	-
	MERCK S.A	-	100 %	-
	ARES TRADING URUGUAY S.A	-	100 %	-
	SERONO PRODUTOS FARMACEUTICOS LTDA	-	100 %	-
	MERCK S.A	-	100 %	-
	KOREAN COMPANIES	-	100 %	-
	TAIWANESE COMPANIES	-	100 %	-
	MERCK LTD	-	100 %	-
	SERONO SINGAPORE PTE LTD	-	100 %	-
	MERCK	00013726	51 %	31/12/2014
	MERCK INDONESIA GROUP	-	73.99 %	-
	SCHERING PLOUGH PRODUCTS LCC	439804808	Majority	-
	CRIFANIC 87	409762457	100 %	30/09/2011
	BIOCHROM	-	Majority	-
	AZ ELECTRONICS MATERIALS	-	81.30 %	-

Shareholders

MERCK S.A. 100

Linkages

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Rating Information

Company Name	Siren	Last Account Published	Turnover
MILLIPORE CORK	IE395422	31/12/2013	0 €
E. MERCK KG	HRA 3614	31/12/2014	11,500,800,000 €
AZ ELECTRONIC MATERIALS (UK) LIMITED	06790365	31/12/2013	0 £
MILLIPORE (U.K.) LIMITED	04130249	31/12/2013	95,750,000 £
MERCK CONSUMER HEALTHCARE LIMITED	01445808	31/12/2013	3,300,000 £
AZ ELECTRONIC MATERIALS S.A.	B156074	31/12/2012	596,132,908 €
MERCK MILLIPORE LIMITED	IE451973	31/12/2013	266,781,000 €
MERCK SERONO LIMITED	00990823	31/12/2013	134,710,000 £
MERCK PERFORMANCE MATERIALS SERVICES UK LIMITED	05183093	31/12/2013	275,186,290 £
MERCK WOHNUNGS- UND GRUNDSTÜCKSVERWALTUNGSGESELLSCHAFT MBH	HRB 1197	31/12/2013	4,790,325 €
MERCK CHEMICALS LTD	00660457	31/12/2013	30,413,000 £
CHEMITRA GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 1256	31/12/2012	121 €
BIOCHROM GMBH	HRB 154845 B	31/12/2011	-
MERCK SERONO (IRELAND) LIMITED	IE446715	31/12/2013	19,870,000 €
HEIPHA DR. MÜLLER GMBH	HRB 331723	31/12/2011	32,425,868 €
MERCK ACCOUNTING SOLUTIONS & SERVICES EUROPE GMBH	HRB 9074	31/12/2008	15,454,000 €
CHEMISCHE FABRIK LEHRTE DR. ANDREAS KOSSEL GMBH	HRB 35709	31/12/2006	11,248,168 €
MERCK HOLDING GMBH	HRB 7293	31/12/2012	26,591 €
MERCK CHEMICALS GMBH	HRB 5842	31/12/2012	79,960,088 €
MERCK BIOSCIENCES GMBH	HRB 3646	31/12/2010	-
MERCK HOLDING LTD.	08531583	31/12/2013	0 £
MERCK 7. ALLGEMEINE BETEILIGUNGSGESELLSCHAFT MBH	HRB 3730	31/12/2008	-
MERCK SERONO EUROPE LIMITED	03038737	31/12/2013	1,580,518 £
SEVEN SEAS LIMITED	00351663	31/12/2013	41,332,000 £
MERCK CHEMICALS US HOLDING GMBH	HRB 8689	31/12/2009	-
SOLVENT INNOVATION GMBH	HRB 89339	31/12/2008	-
SERONO NORDIC AKTIEBOLAG	5561979245	01/12/2007	629,415 KSEK
MERCK SECHSTE ALLGEMEINE BETEILIGUNGSGESELLSCHAFT MBH	HRB 8704	31/12/2012	-
MERCK VERWALTUNGSGESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 1235	31/12/2012	119 €
MERCK PATENT GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 1547	31/12/2013	20,556,568 €
NEURO-PHARMA MM VERWALTUNG GMBH	HRB 3697	31/12/2008	-
BIOCHROM BETEILIGUNGS GMBH	HRB 18371 B	31/12/2008	-
ABWASSERBERATUNG GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 1591	31/12/2008	-
MERCK EXPORT GMBH	HRB 8703	31/12/2007	-
LITEC-LLL GMBH	HRB 5623	31/12/2012	-
IHS - INTELLIGENT HEALTHCARE SOLUTIONS GMBH	HRB 93453	31/12/2013	6,397,000 €
ALLERGOPHARMA VERWALTUNGS GMBH	HRB 86117	31/12/2012	-
MERCK SERONO GMBH	HRB 86145	31/12/2008	-
MERCK FINANCIAL SERVICES GMBH	HRB 86146	30/06/2014	641,000 €
MERCK FINANCIAL TRADING GMBH	HRB 90629	31/12/2013	-
LAMBERTS HEALTHCARE LIMITED	04500877	31/12/2013	19,934,000 £
MERCK INTERNATIONALE BETEILIGUNGEN GMBH	HRB 8239	31/12/2013	274 €
MERCK VIERTE ALLGEMEINE BETEILIGUNGSGESELLSCHAFT MBH	HRB 8690	31/12/2013	22,800 €
EMEDIA EXPORT COMPANY MIT BESCHRÄNKTER HAFTUNG	HRB 1130	31/12/2013	-
MERCK CHINA CHEMICALS HOLDING GMBH	HRB 8597	31/12/2012	-
MERCK LTD	00916419	31/12/2013	-
NATURE'S BEST HEALTH PRODUCTS LIMITED	01792948	31/12/2013	-
MERCK PENSION TRUSTEES LIMITED	02543180	31/12/2013	-
MERCK INVESTMENTS LIMITED	04083127	31/12/2013	-
MILLIPORE UK HOLDINGS LLP	OC348202	31/12/2013	0 £
SERONO ESPAÑA	2270161	-	-
MERCK FINANCE B.V.	61910929	-	-
ALLERGOPHARMA GMBH & CO. KG	HRA 1076 RE	-	-
MERCK GENERICS HOLDING GMBH	HRB 7759	-	-
BIOCHROM BETEILIGUNGS GMBH & CO. PRODUKTIONSGESELLSCHAFT	HRA 18796 B	-	-
MERCK 12. ALLGEMEINE BETEILIGUNGS-GMBH	HRB 91712	-	-
AB ALLGEMEINE PENSIONS GMBH & CO KG	HRA 5771 P	-	-
MERCK 13. ALLGEMEINE BETEILIGUNGS-GMBH	HRB 91691	-	-
MERCK 14. ALLGEMEINE BETEILIGUNGS-GMBH	HRB 91693	-	-
AB PENSIONSVERWALTUNG GMBH	HRB 25854 P	-	-
MERCK SELBSTMEDIKATION GMBH	HRB 8102	-	-
EMD BIOSCIENCES, INC	-	-	200,000,000 $
MILLIPORE CORP	-	-	0 $

Director(s)

Name	M. KATTWINKEL TIM
Manager position	Managing director	Date of birth	-
Place of birth
Type	Individual	Name at birth
				View Details
Name	M. KAUFFER DIDIER
Manager position	Managing director	Date of birth	02/05/1959
Place of birth	SELESTAT
Type	Individual	Name at birth
				View Details

Name	M. RAY MARC ETIENNE
Manager position	Managing director	Date of birth	07/03/1966
Place of birth	LIFSTAL
Type	Individual	Name at birth
				View Details
Name	M. AREND BERNARD
Manager position	President	Date of birth	07/04/1954
Place of birth	MOYEUVRE GRANDE
Type	Individual	Name at birth
				View Details

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Managing director	M. RAY MARC ETIENNE	07/03/1966 - LIFSTAL	View Details

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	26/04/2015	Bodacc B	Modification et mutation diverse
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 1172 - 434 691 192 RCS Saverne. MILLIPORE. Forme : SAS. Administration : président : AREND (Bernard) ; directeurs généraux : KATTWINKEL (Tim), ROSENBERGER (Didier) ; commissaire aux comptes titulaire : KPMG AUDIT ID ; commissaire aux comptes suppléant : KPMG AUDIT IS. Activité : . Commentaires : modification survenue sur l'administration.
Hide	13/03/2015	JAL	Resignation / Revocation of the social representative
Affiches d Alsace et de Lorraine (Les Affiches - Le Moniteur) Date de décision : 06/02/2015 La société 434691192 - MILLIPORE, 39 RTE INDUSTRIELLE DE LA HARDT, 67120 MOLSHEIM Fait l'objet du départ de Monsieur Marc-Etienne RAY, 11 Rue de Reims, 67000, STRASBOURG
Hide	13/03/2015	JAL	Appointment of the social representative
Affiches d Alsace et de Lorraine (Les Affiches - Le Moniteur) Date de décision : 06/02/2015 Société faisant l'objet d'une nomination : 434691192 - MILLIPORE, 39 RTE INDUSTRIELLE DE LA HARDT, 67120 MOLSHEIM Nominé : Monsieur Didier ROSENBERGER, 69008 LYON 08 En la fonction de : Directeur général
Hide	06/10/2014	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 1130 - 434691192 RCS. MILLIPORE. Forme : S.A.S.. Adresse : 39, route industrielle de La Hardt 67120 Molsheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	18/07/2013	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 2163 - 434691192 RCS. MILLIPORE. Forme : S.A.S.. Adresse : 39, route Industrielle de La Hardt 67120 Molsheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	11/10/2012	Bodacc B	Modification et mutation diverse
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 675 - 434 691 192 RCS Saverne. MILLIPORE. Forme : S.A.S. Capital : 13688350 EUR. Activité : . Commentaires : fusion - L236-1 à compter du 30/06/2012 : personne morale ayant participé à l'opération : DELAHARDT, Société par actions simplifiée (SAS), 39, route Industrielle de la Hardt, 67120 Molsheim (RCS Saverne 510 526 908).
Hide	13/08/2012	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 1340 - 434691192 RCS. MILLIPORE. Forme : S.A.S.. Adresse : 39, route Industrielle de La Hardt 67120 Molsheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	19/06/2012	Bodacc B	Modification et mutation diverse
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 1327 - 434 691 192 RCS Saverne. MILLIPORE. Forme : S.A.S. Administration : président : AREND (Bernard), directeurs généraux : KATTWINKEL (Tim) et RAY (Marc-Etienne), commissaire aux comptes titulaire : KPMG AUDIT ID, commissaire aux comptes suppléant : KPMG AUDIT IS. Activité : . Commentaires : modification survenue sur la forme juridique, l'administration.
Hide	25/05/2012	JAL	Resignation / Revocation of the social representative
Affiches d Alsace et de Lorraine (Les Affiches - Le Moniteur) Date de décision : 19/04/2012 La société 434691192 - MILLIPORE, 39 RTE INDUSTRIELLE DE LA HARDT, 67120 MOLSHEIM Fait l'objet du départ de Monsieur Laurent PASTEAU
Hide	25/05/2012	JAL	Appointment of the social representative
Affiches d Alsace et de Lorraine (Les Affiches - Le Moniteur) Date de décision : 19/04/2012 Société faisant l'objet d'une nomination : 434691192 - MILLIPORE, 39 RTE INDUSTRIELLE DE LA HARDT, 67120 MOLSHEIM Nominé : Monsieur Marc Etienne RAY, 67000 STRASBOURG En la fonction de : Directeur général
Hide	09/05/2012	Bodacc A	Vente et cession : Acheteur
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 539 - 434 691 192 RCS Saverne. SOCIETE MILLIPORE. Forme : S.A.S. Capital : 13688350 EUR. Adresse : 39 route industrielle de la Hardt, 67120 Molsheim. Origine du fonds : Projet de fusion. Adresse : . Date de commencement de l’activité : 01/01/0001. Oppositions : Art. L 236-14 du code de commerce. Descriptif : Aux termes d'un acte sous seing priv¿ en date ¿ Molsheim du 27/04/2012, la soci¿t¿ DELAHARDT, S.A.S. au capital de 1 000 euros, sise 39, route industrielle de la Hardt, 67120 Molsheim, immatricul¿e au RCS de Saverne sous le n¿ 510 526 908, et la soci¿t¿ MILLIPORE, S.A.S. au capital de 13 688 350 euros, sise 39, route industrielle de la Hardt, 67120 Molsheim, immatricul¿e au RCS de Saverne sous le n¿ 434 691 192, ont ¿tabli le projet de leur fusion par voie d'absorption de la soci¿t¿ DELAHARDT par la soci¿t¿ MILLIPORE ; la soci¿t¿ DELAHARDT ferait apport ¿ la soci¿t¿ MILLIPORE de la totalit¿ de son actif, soit 143 513 euros, ¿ charge de la totalit¿ de son passif, soit 5 055 euros ; la valeur nette des apports s'¿l¿verait ¿ 138 458 euros ; la soci¿t¿ MILLIPORE d¿tenant la totalit¿ des titres composant le capital social de la soci¿t¿ DELAHARDT, il ne sera proc¿d¿ ¿ aucune augmentation de capital et aucun apport d'¿change n'a ¿t¿ d¿termin¿ ; conform¿ment ¿ l'article L 236-6 du code de commerce, le projet de fusion a ¿t¿ d¿pos¿ au greffe du Tribunal de Commerce de Saverne au nom des deux soci¿t¿s le 2 mai 2012. Commentaires : Autre achat, apport, attribution.
Hide	29/04/2012	Bodacc B	Modification et mutation diverse
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 916 - 434 691 192 RCS Saverne. MILLIPORE. Forme : S.A.S. Administration : président : AREND (Bernard), directeurs généraux : KATTWINKEL (Tim) et PASTEAU (Laurent, Marie, Bernard), commissaire aux comptes titulaire : KPMG AUDIT ID, commissaire aux comptes suppléant : KPMG AUDIT IS. Activité : . Commentaires : modification survenue sur l'administration.
Hide	27/10/2011	Bodacc B	Modification et mutation diverse
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 1202 - 434 691 192 RCS Saverne. MILLIPORE. Forme : Société par actions simplifiée. Administration : président : AREND (Bernard), directeurs généraux : KATTWINKEL (Tim) et PASTEAU (Laurent, Marie, Bernard), commissaires aux comptes titulaires PRICEWATERHOUSECOOPERS AUDIT et KPMG AUDIT ID, commissaires aux comptes suppléants : BORIS (Etienne) et KPMG AUDIT IS. Activité : . Commentaires : modification survenue sur l'administration.
Hide	13/10/2011	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 1245 - 434691192 RCS. MILLIPORE. Forme : S.A.S. Adresse : 39, route industrielle de La Hardt, 67120 Molsheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
Hide	09/09/2011	JAL	Resignation / Revocation of the social representative
Est agricole et viticole (L') Date de décision : 17/06/2011 La société 434691192 - MILLIPORE, 39 RTE INDUSTRIELLE DE LA HARDT, 67120 MOLSHEIM Fait l'objet du départ de Monsieur Didier KAUFFER Date d'effet : 17/06/2011
Hide	09/09/2011	JAL	Appointment of the social representative
Est agricole et viticole (L') Société faisant l'objet d'une nomination : 434691192 - MILLIPORE, 39 RTE INDUSTRIELLE DE LA HARDT, 67120 MOLSHEIM Nominé : Monsieur Laurent PASTEAU, 67120 MOLSHEIM En la fonction de : Directeur général Date d'effet : 17/06/2011
Hide	24/03/2011	Bodacc B	Modification et mutation diverse
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 1264 - 434 691 192 RCS Saverne. MILLIPORE. Forme : Société par actions simplifiée. Administration : président : AREND (Bernard), directeurs généraux : KAUFFER (Didier) et KATTWINKEL (Tim), commissaires aux comptes titulaires : PRICEWATERHOUSECOOPERS AUDIT et KPMG AUDIT ID, commissaires aux comptes suppléants : BORIS (Etienne) et KPMG AUDIT IS. Activité : . Commentaires : modification survenue sur l'administration.
Hide	27/10/2010	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 1153 - 434691192 RCS. MILLIPORE. Forme : S.A.S. Adresse : 39, route industrielle de La Hardt, 67120 Molsheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	31/12/2009	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 1233 - 434691192 RCS. MILLIPORE. Forme : S.A.S. Adresse : 39, route Industrielle de La Hardt, 67120 Molsheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	09/12/2008	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 1377 - 434691192 RCS. MILLIPORE. Forme : S.A.S. Adresse : 39, route industrielle de La Hardt, 67120 Molsheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	21/10/2008	Bodacc B	Modification et mutation diverse
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 1023 - 434 691 192 RCS Saverne. MILLIPORE. Forme : S.A.S. Administration : président partant : STURNI (Claude) ; nouveau président : AREND (Bernard) ; nouveau directeur général : KAUFFER (Didier) ; nouveau directeur général : KATTWINKEL (Tim). Capital : 13688350 EUR. Adresse du siège social : 39 route Industrielle de la Hardt, 67120 Molsheim. Commentaires : modification survenue sur l'administration ; date d'effet : 26/06/2008.
Hide	13/02/2008	Bodacc B	Modification et mutation diverse
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE SAVERNE 2822 - 434 691 192 RCS Saverne. MILLIPORE. Forme : S.A.S. Administration : partant commissaire aux comptes suppléant : NICOLAS (Yves), directeur général partant : BOSSERELLE (Weber, Brigitte), nouveau commissaire aux comptes suppléant : BORIS (Etienne). Capital : 13688350 EUR. Adresse du siège social : 39 route Industrielle de la Hardt, 67120 Molsheim. Commentaires : date d'effet : 01/08/2007, modification survenue sur le capital, ancien : 13 726 850 euros.
Hide	31/01/2007	Bodacc C	Avis de dépôt des comptes
1857 - RCS Saverne B 434 691 192. RC 01-B 47. MILLIPORE. Forme: S.A.S. Adresse du siège social: 39, route industrielle de La Hardt,67120 Molsheim. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	24/10/2006	Bodacc B	Modifications et mutations diverses
1009 - Ancienne situation du siège social : RCS Saverne 434 691 192. RC 01-B 47. MILLIPORE. Forme : S.A.S. Capital : 13 606 850 euros. Adresse : 39 route industrielle de la Hardt, 67120 Nouvelle situation du siège social - Capital : 13 726 850 euros. Commentaires : augmentation du capital suite à la fusion-absorption de la STE NOVASEPTIC FRANCE. Date d'effet : 29 juin 2006.
Hide	04/01/2006	Bodacc C	Avis de dépôt des comptes
1468 - RCS Saverne B 434 691 192. RC 01-B 47. MILLIPORE. Forme: S.A.S. Adresse du siège social: 39, route industrielle de la Hardt,67120 Molsheim. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	28/07/2005	Bodacc B	Modifications et mutations diverses
2004 - RCS Saverne 434 691 192. RC 01-B 47. MILLIPORE. Forme : S.A.S. Capital : 13 606 850 euros. Adresse du siège social : 39 route industrielle de la Hardt,, 67120 Administration : ancien président : LARY (John, Edward). Nouveau président : STURNI (Claude). Date d'effet : 30 mars 2005.
Hide	12/09/2004	Bodacc B	Modifications et mutations diverses
RCS Saverne 434691192 RC 01-B 47 MILLIPORE. Forme : S.A.S. Capital : 13 606 850 euros. Adresse du siège social : 39 route industrielle de la Hardt, 67120 Molsheim. Administration : ancien président : DOCKSEY (Steven). Nouveau président : LARY (John, Eward). Date d'effet : 17 juin 2004.
Hide	24/06/2001	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Saverne B 434691192 RC 01-B 47 MILLIPORE. Forme : S.A.S. Capital : 38 500 euros. Adresse : 39 Route industrielle de la Hardt, 67120 Molsheim Nouvelle situation du siège social. Capital : 13 606 850 euros. Commentaires : augmentation du capital suite à l' apport-scission entre les sociétés MILLIPORE S.A., MILLIPORE S.A.S. et MILLIPORE MIE S.A.S. Date d'effet : 2 avril 2001.
Hide	25/05/2001	Bodacc B	Modifications et mutations diverses
RCS Saverne B 434691192 RC 01-B 47 MILLIPORE. Forme : S.A.S. Capital : 38 500 euros. Activité : toutes opérations ou prestations se rapportant à la fabrication, à l'achat et à la vente de tout matériel servant à la filtration ou à des techniques basées sur ce dernier principe en particulier des produits à usage médical, chirurgical ou à tout autre usage quel qu'il soit et à toutes opérations financières, industrielles ou commerciales, susceptibles d'en favoriser le développement. Adresse du siège social : 39 route industrielle de la Hardt, 67120 Molsheim. Commentaires : mise en activité de la société suite à la création d'un fonds Date de début d' activité: 1er mars 2001.
Hide	20/03/2001	Bodacc A	Création d'établissement
RCS Saverne B 434691192 A dater du: 26 février 2001 RC 01-B 47 MILLIPORE. Forme : S.A.S. Capital : 38 500 euros. Adresse du siège social : 39 route industrielle de La Hardt, 67120 Molsheim. Administration : président : DOCKSEY (Steven, John). Directeur : Mme BOSSERELLE (Brigitte). Commissaire aux comptes titulaire : NICOLAS (Yves) Cette société se constitue , mais n'exploite provisoirement aucun établissement.

Company events history

Date	Description
26/04/2015	Bodacc B: Various editing or changing
16/03/2015	Private document
16/03/2015	New manager
16/03/2015	Minutes of general meeting of shareholders
16/03/2015	Appointment/resignation of company officers
16/03/2015	Amendment
13/03/2015	Legal Gazette: Resignation / Revocation of the social representative
20/02/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
06/02/2015	Legal Gazette: Appointment of the social representative
29/01/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
06/10/2014	Bodacc C : Deposit accounts notice
31/12/2013	New accounts available
18/07/2013	Bodacc C : Deposit accounts notice
19/03/2013	Private document
19/03/2013	Minutes of general meeting of shareholders
19/03/2013	Amendment
19/03/2013	Updated articles of association
31/12/2012	New accounts available
30/11/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
11/10/2012	Bodacc B: Various editing or changing
16/08/2012	Private document
16/08/2012	Merger
13/08/2012	Bodacc C : Deposit accounts notice
03/08/2012	Disengagement of the group
03/08/2012	New ultimate parent
03/08/2012	New parent detected
19/06/2012	Bodacc B: Various editing or changing
25/05/2012	Legal Gazette: Resignation / Revocation of the social representative
23/05/2012	Amendment
23/05/2012	Appointment/resignation of company officers
23/05/2012	Minutes of general meeting of shareholders
09/05/2012	Bodacc A : Sale and transfer
02/05/2012	Planned merger
02/05/2012	Private document
29/04/2012	Bodacc B: Various editing or changing
19/04/2012	Modification to Company Identifier
19/04/2012	Update of Company Legal Form
19/04/2012	Legal Gazette: Appointment of the social representative
02/03/2012	New auditor
02/03/2012	Appointment/resignation of company officers
02/03/2012	Amendment
02/03/2012	Private document
31/12/2011	New accounts available
27/10/2011	Bodacc B: Various editing or changing
15/10/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
13/10/2011	Bodacc C : Deposit accounts notice
09/09/2011	Legal Gazette: Resignation / Revocation of the social representative
06/09/2011	Amendment
06/09/2011	Private document
06/09/2011	Minutes of general meeting of shareholders
06/09/2011	Appointment/resignation of company officers
01/07/2011	Disengagement of the group
01/07/2011	New parent detected
17/06/2011	Legal Gazette: Appointment of the social representative
24/03/2011	Bodacc B: Various editing or changing
08/02/2011	Minutes of general meeting of shareholders
08/02/2011	Appointment/resignation of company officers
08/02/2011	Amendment
08/02/2011	Private document
31/12/2010	New accounts available
27/10/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
31/12/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
09/12/2008	Bodacc C : Deposit accounts notice
21/10/2008	Bodacc B: Various editing or changing
21/10/2008	New Bodacc B ads detected
08/09/2008	Amendment
08/09/2008	Appointment/resignation of company officers
08/09/2008	Appointment/resignation of company officers
08/09/2008	Minutes of general meeting of shareholders
08/09/2008	Minutes of general meeting of shareholders
08/09/2008	Private document
08/09/2008	Private document
08/09/2008	Updated articles of association
08/09/2008	Updated articles of association
13/02/2008	New Bodacc B ads detected
13/02/2008	Bodacc B: Various editing or changing
31/12/2007	New accounts available
16/10/2007	Capital reduction
16/10/2007	Updated articles of association
16/10/2007	Updated articles of association
16/10/2007	Private document
16/10/2007	Private document
16/10/2007	Minutes of general meeting of shareholders
16/10/2007	Minutes of general meeting of shareholders
16/10/2007	Amendment
16/10/2007	Capital reduction
01/01/2007	Amendment
01/01/2007	Private document
01/01/2007	Private document
01/01/2007	Minutes of general meeting of shareholders
01/01/2007	Minutes of general meeting of shareholders
01/01/2007	Appointment/resignation of company officers
01/01/2007	Appointment/resignation of company officers
31/12/2006	New accounts available
25/09/2006	Capital increase
25/09/2006	Updated articles of association
25/09/2006	Updated articles of association
25/09/2006	Private document
25/09/2006	Private document
25/09/2006	Minutes of general meeting of shareholders
25/09/2006	Minutes of general meeting of shareholders
25/09/2006	Declaration of conformity
25/09/2006	Amendment
25/09/2006	Capital increase
25/09/2006	Declaration of conformity
29/06/2006	Private document
29/06/2006	Private document
29/06/2006	Audit or Management Report
29/06/2006	Audit or Management Report
18/05/2006	Planned merger
18/05/2006	Private document
18/05/2006	Private document
18/05/2006	Planned merger
31/12/2005	New accounts available
21/10/2005	Amendment
21/10/2005	Private document
21/10/2005	New auditor
21/10/2005	Minutes of general meeting of shareholders
21/10/2005	Appointment/resignation of company officers
20/06/2005	Amendment
20/06/2005	Private document
20/06/2005	Minutes of general meeting of shareholders
20/06/2005	Appointment/resignation of company officers
31/12/2004	New accounts available
28/07/2004	Appointment/resignation of company officers
28/07/2004	Private document
28/07/2004	Amendment
28/07/2004	Minutes of general meeting of shareholders
31/12/2003	New accounts available
14/05/2001	Private document
14/05/2001	Minutes of general meeting of shareholders
14/05/2001	Declaration of conformity
14/05/2001	Capital increase
14/05/2001	Amendment
14/05/2001	Updated articles of association
26/03/2001	Audit or Management Report
26/03/2001	Private document
02/03/2001	Planned merger
02/03/2001	Private document
26/02/2001	Private document
26/02/2001	Company formation
26/02/2001	Articles of association
26/02/2001	Amendment

Synthesized Accounts

Annual Accounts

	31/12/2013	31/12/2012	31/12/2011
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	08/08/2014	15/05/2013	28/11/2012
Activity Code	2829B	2829B	2829B
Employees	0	0	0

Active account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Capital not called	0 0 K	0%	0 0 K	0%	0 0 K	156.25 0.16 K	0%	0 0 K	0%
Total fixed assets	60,983,731 60,984 K	33.8 %	45,567,227 45,567 K	0.0 %	45,546,051 45,546 K	1,051,887.78 1,051.89 K	5697.6 %	71,747 72 K	84898.3 %
Intangible assets	903,131 903 K	8.1 %	835,551 836 K	-14.8 %	980,581 981 K	252,113.76 252.11 K	258.2 %	2,747 3 K	32777.0 %
Tangible assets	49,592,821 49,593 K	12.1 %	44,239,043 44,239 K	1.0 %	43,791,212 43,791 K	644,808.07 644.81 K	7591.1 %	37,966 38 K	130526.0 %
Financial assets	10,487,779 10,488 K	2028.9 %	492,633 493 K	-36.4 %	774,258 774 K	156,271.49 156.27 K	6611.3 %	2,484 2 K	422113.3 %
Net current assets	136,189,043 136,189 K	6.4 %	128,054,001 128,054 K	3.7 %	123,487,889 123,488 K	3,714,616.33 3,714.62 K	3566.3 %	540,170 540 K	25112.3 %
Stocks	89,002,465 89,002 K	7.0 %	83,211,434 83,211 K	6.8 %	77,879,355 77,879 K	1,341,348.15 1,341.35 K	6535.3 %	84,695 85 K	104986.5 %
Advanced payments	303,157 303 K	18.2 %	256,467 256 K	-14.3 %	299,424 299 K	34,315.12 34.32 K	783.5 %	0 0 K	0%
Receivables	46,821,782 46,822 K	6.1 %	44,147,799 44,148 K	-1.7 %	44,914,409 44,914 K	1,925,597.04 1,925.60 K	2331.5 %	212,893 213 K	21893.2 %
Securities and cash	61,640 62 K	-85.9 %	438,301 438 K	11.0 %	394,701 395 K	413,064.54 413.06 K	-85.1 %	69,043 69 K	-10.7 %
Prepaid expenses	- -	-	- -	-	- -	1,623.43 1.62 K	-	847 1 K	-
Accounts of regularization	146,583 147 K	342.8 %	33,107 33 K	-9.1 %	36,406 36 K	1,442.28 1.44 K	10063.3 %	0 0 K	0%
Total Assets	197,319,357 197,319 K	13.6 %	173,654,333 173,654 K	2.7 %	169,070,346 169,070 K	4,767,819.22 4,767.82 K	4038.6 %	662,462 662 K	29685.8 %

Passive Account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Shareholders' equity	93,954,986 93,955 K	33.7 %	70,264,499 70,264 K	42.2 %	49,413,341 49,413 K	1,806,812.28 1,806.81 K	5100.0 %	201,693 202 K	46483.3 %
Share capital	13,688,350 13,688 K	0%	13,688,350 13,688 K	0%	13,688,350 13,688 K	805,169.14 805.17 K	1600.1 %	50,000 50 K	27276.7 %
Other capital resources	125,000 125 K	0%	125,000 125 K	0%	0 0 K	13,904.27 13.90 K	799.0 %	0 0 K	0%
Risk Provisions	18,166,405 18,166 K	-7.1 %	19,545,526 19,546 K	11.1 %	17,591,800 17,592 K	318,893.94 318.89 K	5596.7 %	0 0 K	0%
Liabilities	85,066,275 85,066 K	1.6 %	83,704,191 83,704 K	-17.6 %	101,558,897 101,559 K	2,629,940.71 2,629.94 K	3134.5 %	358,937 359 K	23599.5 %
Financial liabilities	808,313 808 K	-87.0 %	6,240,912 6,241 K	-81.8 %	34,374,162 34,374 K	388,898.86 388.90 K	107.8 %	42,270 42 K	1812.3 %
Advanced payments received	1,504,066 1,504 K	0%	0 0 K	0%	181,349 181 K	397,271.36 397.27 K	278.6 %	0 0 K	0%
Trade account payables	31,287,050 31,287 K	-1.4 %	31,719,117 31,719 K	5.4 %	30,083,295 30,083 K	986,105.17 986.11 K	3072.8 %	90,696 91 K	34396.8 %
Tax and social liabilities	49,948,506 49,949 K	12.8 %	44,288,920 44,289 K	23.7 %	35,800,568 35,801 K	695,267.64 695.27 K	7084.1 %	106,229 106 K	46919.9 %
Other debts and fixed assets liabilities	6,692 7 K	-98.5 %	432,224 432 K	-43.8 %	768,892 769 K	153,193.72 153.19 K	-95.6 %	8,371 8 K	-20.1 %
Account regularization	1,518,340 1,518 K	46.3 %	1,038,136 1,038 K	21.1 %	856,937 857 K	166,270.37 166.27 K	813.2 %	0 0 K	0%
Total liabilities	197,319,357 197,319 K	13.6 %	173,654,334 173,654 K	2.7 %	169,070,344 169,070 K	4,769,487.44 4,769.49 K	4037.1 %	662,462 662 K	29685.8 %

Results

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Sales of Goods	728,182,927 728,183 K	5.1 %	692,982,898 692,983 K	13.4 %	610,864,241 610,864 K	8,156,149.19 8,156.15 K	8828.0 %	884,126 884 K	82261.9 %
Net turnover	717,450,710 717,451 K	6.0 %	677,011,469 677,011 K	13.3 %	597,290,334 597,290 K	7,915,912.25 7,915.91 K	8963.4 %	844,389 844 K	84866.9 %
of which net export turnover	622,822,865 622,823 K	6.3 %	585,921,798 585,922 K	15.3 %	507,956,325 507,956 K	4,118,079.08 4,118.08 K	15024.1 %	1,068 1 K	58343962.3 %
Operating charges	655,489,474 655,489 K	5.5 %	621,325,701 621,326 K	11.2 %	558,621,938 558,622 K	7,700,127.98 7,700.13 K	8412.7 %	855,080 855 K	76558.3 %
Operating profit/loss	72,693,454 72,693 K	1.4 %	71,657,197 71,657 K	37.2 %	52,242,303 52,242 K	456,021.22 456.02 K	15840.8 %	16,926 17 K	429390.7 %
Financial income	368,329 368 K	-90.1 %	3,725,351 3,725 K	1368.4 %	253,706 254 K	33,915.06 33.92 K	986.0 %	255 0 K	144626.5 %
Financial charges	605,512 606 K	-78.5 %	2,813,285 2,813 K	-42.6 %	4,899,428 4,899 K	35,366.25 35.37 K	1612.1 %	1,655 2 K	36497.9 %
Financial profit/loss	-237,184 -237 K	-126.0 %	912,066 912 K	119.6 %	-4,645,722 -4,646 K	-1,451.21 -1.45 K	-16243.9 %	-302 0 K	-78437.7 %
Pretax net operating income	72,456,270 72,456 K	-0.2 %	72,569,263 72,569 K	52.5 %	47,596,581 47,597 K	454,548.93 454.55 K	15840.3 %	16,319 16 K	443899.4 %
Extraordinary income	203,757 204 K	100.6 %	101,591 102 K	-94.9 %	1,987,681 1,988 K	54,280.18 54.28 K	275.4 %	1,034 1 K	19615.2 %
Extraordinary charges	70,935 71 K	-97.9 %	3,440,374 3,440 K	24.3 %	2,766,974 2,767 K	113,613.58 113.61 K	-37.6 %	473 0 K	14912.7 %
Extraordinary profit/loss	132,822 133 K	104.0 %	-3,338,783 -3,339 K	-328.4 %	-779,293 -779 K	-59,333.41 -59.33 K	323.9 %	0 0 K	0%
Net result	42,717,292 42,717 K	8.7 %	39,311,973 39,312 K	40.5 %	27,976,121 27,976 K	236,863.31 236.86 K	17934.6 %	18,254 18 K	233916.1 %

Accounts – Active

Normal Account

	31/12/2013	31/12/2012	31/12/2011
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Grand Total (I to VI)	Net	197,319,357 197,319 K	13.6 %	173,654,333 173,654 K	2.7 %	169,070,346 169,070 K
Gross	CO	297,318,197 297,318 K	11.5 %	266,610,824 266,611 K	3.1 %	258,651,667 258,652 K
Amortisation	1A	99,998,840 99,999 K	7.6 %	92,956,491 92,956 K	3.8 %	89,581,321 89,581 K

Non declared distributed capital (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Active fixed asset (II)	Net	60,983,731 60,984 K	33.8 %	45,567,227 45,567 K	0.0 %	45,546,051 45,546 K
Gross	BJ	153,372,599 153,373 K	16.1 %	132,057,394 132,057 K	2.9 %	128,276,052 128,276 K
Amortisation	BK	92,388,868 92,389 K	6.8 %	86,490,167 86,490 K	4.5 %	82,730,001 82,730 K

Intangible fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AF	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AG	0 0 K	0%	0 0 K	0%	0 0 K
Goodwill	Net	618,482 618 K	0%	618,482 618 K	0%	618,482 618 K
Gross	AH	618,482 618 K	0%	618,482 618 K	0%	618,482 618 K
Amortisation	AI	0 0 K	0%	0 0 K	0%	0 0 K
Other intangible fixed assets	Net	284,649 285 K	31.1 %	217,069 217 K	-40.1 %	362,099 362 K
Gross	AJ	3,619,004 3,619 K	5.7 %	3,424,726 3,425 K	-0.6 %	3,446,913 3,447 K
Amortisation	AK	3,334,355 3,334 K	3.9 %	3,207,657 3,208 K	4.0 %	3,084,814 3,085 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	903,131 903 K	8.1 %	835,551 836 K	-14.8 %	980,581 981 K

Tangilble fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Lands	Net	1,395,475 1,395 K	-1.7 %	1,419,470 1,419 K	-2.5 %	1,456,125 1,456 K
Gross	AN	2,033,760 2,034 K	0.5 %	2,023,199 2,023 K	-0.3 %	2,030,175 2,030 K
Amortisation	AO	638,285 638 K	5.7 %	603,729 604 K	5.2 %	574,050 574 K
Buildings	Net	18,807,751 18,808 K	5.0 %	17,918,930 17,919 K	-0.5 %	18,009,880 18,010 K
Gross	AP	50,787,766 50,788 K	6.6 %	47,644,219 47,644 K	4.7 %	45,523,067 45,523 K
Amortisation	AQ	31,980,015 31,980 K	7.6 %	29,725,289 29,725 K	8.0 %	27,513,187 27,513 K
Plant	Net	19,296,738 19,297 K	15.4 %	16,715,164 16,715 K	-7.2 %	18,005,540 18,006 K
Gross	AR	70,842,670 70,843 K	10.0 %	64,405,853 64,406 K	1.2 %	63,642,413 63,642 K
Amortisation	AS	51,545,932 51,546 K	8.1 %	47,690,689 47,691 K	4.5 %	45,636,873 45,637 K
Other tangible fixed assets	Net	483,484 483 K	-30.8 %	698,316 698 K	-52.6 %	1,472,486 1,472 K
Gross	AT	5,373,765 5,374 K	-9.9 %	5,961,119 5,961 K	-19.4 %	7,393,563 7,394 K
Amortisation	AU	4,890,282 4,890 K	-7.1 %	5,262,803 5,263 K	-11.1 %	5,921,077 5,921 K
Fixed assets in construction	Net	9,609,373 9,609 K	28.3 %	7,487,163 7,487 K	54.5 %	4,847,181 4,847 K
Gross	AV	9,609,373 9,609 K	28.3 %	7,487,163 7,487 K	54.5 %	4,847,181 4,847 K
Amortisation	AW	0 0 K	0%	0 0 K	0%	0 0 K
Advances and payments on account	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AX	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AY	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Tangible asset	Net	49,592,821 49,593 K	12.1 %	44,239,043 44,239 K	1.0 %	43,791,212 43,791 K

Financial assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	0 0 K	0%	0 0 K	0%	120,000 120 K
Gross	CU	0 0 K	0%	0 0 K	0%	120,000 120 K
Amortisation	CV	0 0 K	0%	0 0 K	0%	0 0 K
Inter-company receivables	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BC	0 0 K	0%	0 0 K	0%	0 0 K
Other investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BE	0 0 K	0%	0 0 K	0%	0 0 K
Loans	Net	10,000,000 10,000 K	0%	0 0 K	0%	146,738 147 K
Gross	BF	10,000,000 10,000 K	0%	0 0 K	0%	146,738 147 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	487,779 488 K	-1.0 %	492,633 493 K	-2.9 %	507,520 508 K
Gross	BH	487,779 488 K	-1.0 %	492,633 493 K	-2.9 %	507,520 508 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	10,487,779 10,488 K	2028.9 %	492,633 493 K	-36.4 %	774,258 774 K

Current Assets (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Assets	Net	136,189,043 136,189 K	6.4 %	128,054,001 128,054 K	3.7 %	123,487,889 123,488 K
Gross	CJ	143,799,015 143,799 K	6.9 %	134,520,325 134,520 K	3.2 %	130,339,209 130,339 K
Amortisation	CK	7,609,972 7,610 K	17.7 %	6,466,324 6,466 K	-5.6 %	6,851,320 6,851 K

Stocks

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Raw materials	Net	18,616,431 18,616 K	4.3 %	17,850,713 17,851 K	1.7 %	17,554,264 17,554 K
Gross	BL	20,540,778 20,541 K	5.7 %	19,424,594 19,425 K	1.3 %	19,182,516 19,183 K
Amortisation	BM	1,924,348 1,924 K	22.3 %	1,573,881 1,574 K	-3.3 %	1,628,252 1,628 K
Work in progress (goods)	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BN	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BO	0 0 K	0%	0 0 K	0%	0 0 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	22,858,691 22,859 K	-14.4 %	26,710,194 26,710 K	21.5 %	21,992,665 21,993 K
Gross	BR	26,565,785 26,566 K	-8.7 %	29,096,766 29,097 K	16.8 %	24,907,105 24,907 K
Amortisation	BS	3,707,094 3,707 K	55.3 %	2,386,572 2,387 K	-18.1 %	2,914,440 2,914 K
Goods for resale	Net	47,527,343 47,527 K	23.0 %	38,650,527 38,651 K	0.8 %	38,332,426 38,332 K
Gross	BT	49,165,390 49,165 K	20.1 %	40,933,673 40,934 K	2.3 %	40,028,131 40,028 K
Amortisation	BU	1,638,047 1,638 K	-28.3 %	2,283,146 2,283 K	34.6 %	1,695,705 1,696 K
Sub Total Stocks	Net	89,002,465 89,002 K	7.0 %	83,211,434 83,211 K	6.8 %	77,879,355 77,879 K

Advance payments to suppliers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Advance payments to suppliers	Net	303,157 303 K	18.2 %	256,467 256 K	-14.3 %	299,424 299 K
Gross	BV	303,157 303 K	18.2 %	256,467 256 K	-14.3 %	299,424 299 K
Amortisation	BW	0 0 K	0%	0 0 K	0%	0 0 K

Debtors

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Trade accounts receivable	Net	32,837,282 32,837 K	10.0 %	29,864,386 29,864 K	-15.1 %	35,185,761 35,186 K
Gross	BX	33,177,765 33,178 K	10.3 %	30,087,111 30,087 K	-16.0 %	35,798,684 35,799 K
Amortisation	BY	340,483 340 K	52.9 %	222,725 223 K	-63.7 %	612,923 613 K
Other debtors	Net	13,417,083 13,417 K	9.1 %	12,300,316 12,300 K	51.3 %	8,132,335 8,132 K
Gross	BZ	13,417,083 13,417 K	9.1 %	12,300,316 12,300 K	51.3 %	8,132,335 8,132 K
Amortisation	CA	0 0 K	0%	0 0 K	0%	0 0 K
Capital subscribed and called up	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CC	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total debtors	Net	46,254,365 46,254 K	9.7 %	42,164,702 42,165 K	-2.7 %	43,318,096 43,318 K

Divers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	61,640 62 K	-85.9 %	438,301 438 K	11.0 %	394,701 395 K
Gross	CF	61,640 62 K	-85.9 %	438,301 438 K	11.0 %	394,701 395 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	61,640 62 K	-85.9 %	438,301 438 K	11.0 %	394,701 395 K

Prepaid expenses

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid expenses	Net	567,417 567 K	-71.4 %	1,983,097 1,983 K	24.2 %	1,596,313 1,596 K
Gross	CH	567,417 567 K	-71.4 %	1,983,097 1,983 K	24.2 %	1,596,313 1,596 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	146,583 147 K	342.8 %	33,107 33 K	-9.1 %	36,406 36 K
Gross		146,583 147 K	342.8 %	33,107 33 K	-9.1 %	36,406 36 K

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Grand Total (I to V)	EE	197,319,357 197,319 K	13.6 %	173,654,334 173,654 K	2.7 %	169,070,344 169,070 K

Shareholder Equity (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total shareholders' equity (Total I)	DL	93,954,986 93,955 K	33.7 %	70,264,499 70,264 K	42.2 %	49,413,341 49,413 K
Equity and shareholders' equity	DA	13,688,350 13,688 K	0%	13,688,350 13,688 K	0%	13,688,350 13,688 K
Issue and merger premiums	DB	321,291 321 K	0%	321,291 321 K	6.1 %	302,833 303 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	1,372,685 1,373 K	0%	1,372,685 1,373 K	0%	1,372,685 1,373 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	6,073,352 6,073 K	0%	6,073,352 6,073 K	0%	6,073,352 6,073 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	29,782,015 29,782 K	213.6 %	9,496,848 9,497 K	0%	0 0 K
Profit or loss for the period	DI	42,717,292 42,717 K	8.7 %	39,311,973 39,312 K	40.5 %	27,976,121 27,976 K
Investment grants	DJ	0 0 K	0%	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	0 0 K	0%	0 0 K	0%	0 0 K

Other capital resources (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total other capital resources (Total II)	DO	125,000 125 K	0%	125,000 125 K	0%	0 0 K
Income from participating securities	DM	0 0 K	0%	0 0 K	0%	0 0 K
Conditional loans	DN	125,000 125 K	0%	125,000 125 K	0%	0 0 K

Provisions for risks and charges (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total provisions for risks and charges (Total III)	DR	18,166,405 18,166 K	-7.1 %	19,545,526 19,546 K	11.1 %	17,591,800 17,592 K
Risk provisions	DP	3,966,751 3,967 K	-37.3 %	6,324,631 6,325 K	-16.4 %	7,562,716 7,563 K
Reserves for charges	DQ	14,199,654 14,200 K	7.4 %	13,220,895 13,221 K	31.8 %	10,029,084 10,029 K

Liabilities (IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Liabilities (Total IV)	EC	85,066,275 85,066 K	1.6 %	83,704,191 83,704 K	-17.6 %	101,558,897 101,559 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	0 0 K	0%	6,188,902 6,189 K	0%	0 0 K
Sundry loans and financial liabilities	DV	808,313 808 K	1454.1 %	52,010 52 K	-99.8 %	34,374,162 34,374 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	1,504,066 1,504 K	0%	0 0 K	0%	181,349 181 K
Trade accounts payables	DX	31,287,050 31,287 K	-1.4 %	31,719,117 31,719 K	5.4 %	30,083,295 30,083 K
Tax and social security liabilities	DY	49,948,506 49,949 K	12.8 %	44,288,920 44,289 K	23.7 %	35,800,568 35,801 K
Fixed asset liabilities	DZ	0 0 K	0%	0 0 K	0%	0 0 K
Other debts	EA	0 0 K	0%	417,106 417 K	58.8 %	262,586 263 K

Translation loss (V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Translation loss (Total V)	ED	6,692 7 K	-55.7 %	15,118 15 K	-97.0 %	506,306 506 K

Equalization accounts

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Deferred income	EB	1,518,340 1,518 K	46.3 %	1,038,136 1,038 K	21.1 %	856,937 857 K

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	83,562,209 83,562 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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating result (Total I-II)	GG	72,693,454 72,693 K	1.4 %	71,657,197 71,657 K	37.2 %	52,242,303 52,242 K

2 - Financial result (V-VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Financial result (Total V-VI)	GV	-237,184 -237 K	-126.0 %	912,066 912 K	119.6 %	-4,645,722 -4,646 K

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	72,456,270 72,456 K	-0.2 %	72,569,263 72,569 K	52.5 %	47,596,581 47,597 K

4 - Extraordinary result (VII-VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Extraordinary result (Total VII-VIII)	HI	132,822 133 K	104.0 %	-3,338,783 -3,339 K	-328.4 %	-779,293 -779 K

Profit or loss

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Profit or loss	HN	42,717,292 42,717 K	8.7 %	39,311,973 39,312 K	40.5 %	27,976,121 27,976 K

Total Income (I+III+V+VII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Income (Total I+III+V+VII)	HL	728,755,013 728,755 K	4.6 %	696,809,839 696,810 K	13.7 %	613,105,628 613,106 K

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	686,037,721 686,038 K	4.3 %	657,497,866 657,498 K	12.4 %	585,129,507 585,130 K

Operating income (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating income (Total I)	FR	728,182,927 728,183 K	5.1 %	692,982,898 692,983 K	13.4 %	610,864,241 610,864 K

Operating income (details)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Sale of goods for resale	FC	289,907,075 289,907 K	5.1 %	275,942,389 275,942 K	26.7 %	217,869,814 217,870 K
France	FA	50,799,332 50,799 K	1.2 %	50,208,240 50,208 K	9.6 %	45,809,867 45,810 K
Export	FB	239,107,743 239,108 K	5.9 %	225,734,149 225,734 K	31.2 %	172,059,947 172,060 K
Sale of goods produced	FF	380,369,199 380,369 K	4.4 %	364,291,375 364,291 K	7.8 %	338,010,320 338,010 K
France	FD	34,657,815 34,658 K	0.3 %	34,547,284 34,547 K	-5.6 %	36,600,838 36,601 K
Export	FE	345,711,384 345,711 K	4.8 %	329,744,091 329,744 K	9.4 %	301,409,482 301,409 K
Sale of services	FI	47,174,436 47,174 K	28.3 %	36,777,705 36,778 K	-11.2 %	41,410,200 41,410 K
France	FG	9,170,699 9,171 K	44.8 %	6,334,147 6,334 K	-8.5 %	6,923,304 6,923 K
Export	FH	38,003,738 38,004 K	24.8 %	30,443,558 30,444 K	-11.7 %	34,486,896 34,487 K
Net turnover	FL	717,450,710 717,451 K	6.0 %	677,011,469 677,011 K	13.3 %	597,290,334 597,290 K
France	FJ	94,627,846 94,628 K	3.9 %	91,089,671 91,090 K	2.0 %	89,334,009 89,334 K
Export	FK	622,822,865 622,823 K	6.3 %	585,921,798 585,922 K	15.3 %	507,956,325 507,956 K
Stocked production	FM	-2,530,982 -2,531 K	-160.4 %	4,189,661 4,190 K	135.1 %	1,782,432 1,782 K
Self-constructed assets	FN	0 0 K	0%	0 0 K	0%	0 0 K
Operating grants	FO	122,876 123 K	61.8 %	75,946 76 K	0%	0 0 K
Release of reserves and provisions	FP	13,140,323 13,140 K	12.3 %	11,705,822 11,706 K	-0.7 %	11,782,411 11,782 K
Other income	FQ	0 0 K	0%	0 0 K	0%	9,064 9 K

Operating charges (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating charges (Total II)	GF	655,489,474 655,489 K	5.5 %	621,325,701 621,326 K	11.2 %	558,621,938 558,622 K

Exploitation charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Purchase of goods for resale	FS	252,532,285 252,532 K	2.4 %	246,651,975 246,652 K	20.0 %	205,623,245 205,623 K
Change in stocks of goods for resale	FT	-8,231,717 -8,232 K	-809.0 %	-905,542 -906 K	87.9 %	-7,481,899 -7,482 K
Purchase of raw materials	FU	144,500,595 144,501 K	9.6 %	131,803,823 131,804 K	-8.5 %	144,051,853 144,052 K
Change in stocks of raw materials	FV	-1,116,185 -1,116 K	-361.1 %	-242,077 -242 K	81.1 %	-1,279,516 -1,280 K
Other external purchases and charges	FW	106,513,159 106,513 K	20.6 %	88,309,419 88,309 K	19.9 %	73,630,204 73,630 K
Tax, duty and similar payments	FX	9,802,233 9,802 K	6.4 %	9,211,793 9,212 K	16.5 %	7,908,254 7,908 K
Payroll	FY	71,557,782 71,558 K	6.0 %	67,489,850 67,490 K	5.9 %	63,707,552 63,708 K
Social security costs	FZ	34,863,557 34,864 K	0.7 %	34,626,162 34,626 K	9.3 %	31,678,014 31,678 K

Depreciation

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Depreciation of fixed assets	GA	7,011,835 7,012 K	-7.0 %	7,541,166 7,541 K	-1.9 %	7,688,975 7,689 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	7,609,972 7,610 K	17.7 %	6,466,324 6,466 K	-5.6 %	6,851,321 6,851 K
Provisions for risks and charges	GD	4,693,949 4,694 K	-21.3 %	5,966,113 5,966 K	39.7 %	4,271,888 4,272 K

Other charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Other charges	GE	25,752,008 25,752 K	5.5 %	24,406,695 24,407 K	11.1 %	21,972,047 21,972 K

Operating charges (III-IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial income (Total V)	GP	368,329 368 K	-90.1 %	3,725,351 3,725 K	1368.4 %	253,706 254 K
Share financial income	GJ	18,148 18 K	-77.6 %	80,948 81 K	-54.4 %	177,617 178 K
Other investment income & capitalised receivables	GK	0 0 K	0%	2,201 2 K	-92.7 %	30,172 30 K
Other interest and similar income	GL	12,874 13 K	31.6 %	9,780 10 K	15932.8 %	61 0 K
Released provisions and transferred charges	GM	33,107 33 K	-98.9 %	2,897,446 2,897 K	6218.6 %	45,856 46 K
Exchange gains	GN	304,201 304 K	-58.6 %	734,976 735 K	0%	0 0 K
Net income from disposal of investment securities	GO	0 0 K	0%	0 0 K	0%	0 0 K

Financial charge (VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial charge (Total VI)	GU	605,512 606 K	-78.5 %	2,813,285 2,813 K	-42.6 %	4,899,428 4,899 K
Financial reserves and provisions	GQ	146,583 147 K	342.8 %	33,107 33 K	-98.9 %	2,897,445 2,897 K
Interest and similar charges	GR	43,281 43 K	-90.9 %	477,201 477 K	-68.9 %	1,532,778 1,533 K
Exchange losses	GS	415,648 416 K	-82.0 %	2,302,977 2,303 K	390.8 %	469,205 469 K
Net loss from disposal of investment securities	GT	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary income (VII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary income (Total VII)	HD	203,757 204 K	100.6 %	101,591 102 K	-94.9 %	1,987,681 1,988 K
Extraordinary operating income	HA	11,807 12 K	-74.9 %	46,966 47 K	-97.6 %	1,963,670 1,964 K
Extraordinary income from capital transactions	HB	191,950 192 K	251.4 %	54,625 55 K	127.5 %	24,011 24 K
Released provisions and transferred charges	HC	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary charges (VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary charges (Total VIII)	HH	70,935 71 K	-97.9 %	3,440,374 3,440 K	24.3 %	2,766,974 2,767 K
Extraordinary operating charges	HE	4,379 4 K	-73.5 %	16,508 17 K	0%	0 0 K
Extraordinary charges from capital transactions	HF	66,556 67 K	24.9 %	53,281 53 K	3495.2 %	1,482 1 K
Extraordinary reserves and provisions	HG	0 0 K	0%	3,370,585 3,371 K	21.9 %	2,765,492 2,765 K

Employee profit sharing (IX)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Employee profit sharing (Total IX)	HJ	6,781,870 6,782 K	-2.3 %	6,940,226 6,940 K	20.0 %	5,783,671 5,784 K

Tax on profits (X)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Tax on profits (Total X)	HK	23,089,930 23,090 K	0.5 %	22,978,280 22,978 K	76.0 %	13,057,496 13,057 K

references

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Of which equipment leases	HP	0 0 K	0%	0 0 K	0%	0 0 K
Of which property leases	HQ	586,747 587 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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	8,685,887 8,686 K	48.1 %	5,864,131 5,864 K	0%	0 0 K
Decreasess by transfers	OK2	1,184,542 1,185 K	-70.5 %	4,013,057 4,013 K	0%	0 0 K
Gross value at the end of period	OL	153,372,599 153,373 K	16.1 %	132,057,391 132,057 K	0%	0 0 K

Research and development Charge (Total I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	KD	4,043,208 4,043 K	-0.5 %	4,065,394 4,065 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	197,278 197 K	584.2 %	28,832 29 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	3,000 3 K	-94.1 %	51,018 51 K	0%	0 0 K
Gross value at the end of period	LW	4,237,486 4,237 K	4.8 %	4,043,208 4,043 K	0%	0 0 K

Tangible fixed assets (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LN	127,521,552 127,522 K	3.3 %	123,436,398 123,436 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	20,988,357 20,988 K	54.2 %	13,613,385 13,613 K	0%	0 0 K
Decreasess by budget item transfer	NG1	8,685,887 8,686 K	56.0 %	5,566,194 5,566 K	0%	0 0 K
Decreasess by transfers	NG2	1,176,688 1,177 K	-70.3 %	3,962,039 3,962 K	0%	0 0 K
Gross value at the end of period	NH	138,647,334 138,647 K	8.7 %	127,521,550 127,522 K	0%	0 0 K

Financial assets (Total IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LQ	492,633 493 K	-36.4 %	774,258 774 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	10,000,000 10,000 K	61204.6 %	16,312 16 K	0%	0 0 K
Decreasess by budget item transfer	NJ1	0 0 K	0%	297,937 298 K	0%	0 0 K
Decreasess by transfers	NJ2	4,854 5 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	NK	10,487,779 10,488 K	2028.9 %	492,633 493 K	0%	0 0 K

Reserve for depreciation

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	PE	3,207,657 3,208 K	4.0 %	3,084,814 3,085 K	0%	0 0 K
Increases	PF	129,699 130 K	-25.4 %	173,861 174 K	0%	0 0 K
Decreasess	PG	3,000 3 K	-94.1 %	51,018 51 K	0%	0 0 K
Decreasess by budget item transfer	PH	3,334,355 3,334 K	3.9 %	3,207,657 3,208 K	0%	0 0 K

Total fixed assets amotisation (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	QU	83,282,509 83,283 K	4.6 %	79,645,188 79,645 K	0%	0 0 K
Increases	QV	6,882,137 6,882 K	-8.8 %	7,546,078 7,546 K	0%	0 0 K
Decreases	QW	1,110,133 1,110 K	-71.6 %	3,908,758 3,909 K	0%	0 0 K
Decreasess by budget item transfer	QX	89,054,513 89,055 K	6.9 %	83,282,508 83,283 K	0%	0 0 K

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	7C	26,011,849 26,012 K	6.4 %	24,443,119 24,443 K	0%	0 0 K
Increases	UB	12,450,504 12,451 K	-20.5 %	15,657,353 15,657 K	0%	0 0 K
Decreases	UC	12,685,977 12,686 K	-10.0 %	14,088,624 14,089 K	0%	0 0 K
Value at the end of period	UD	25,776,376 25,776 K	-0.9 %	26,011,848 26,012 K	0%	0 0 K

Includes Total allocations

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	5Z	19,545,526 19,546 K	11.1 %	17,591,799 17,592 K	0%	0 0 K
Increases	TV	4,840,532 4,841 K	-47.3 %	9,191,030 9,191 K	0%	0 0 K
Decreases	TW	6,219,653 6,220 K	-14.1 %	7,237,304 7,237 K	0%	0 0 K
Value at the end of period	TX	18,166,405 18,166 K	-7.1 %	19,545,525 19,546 K	0%	0 0 K

Total Provision for depreciation (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	7B	6,466,324 6,466 K	-5.6 %	6,851,320 6,851 K	0%	0 0 K
Increases	TY	7,609,972 7,610 K	17.7 %	6,466,323 6,466 K	0%	0 0 K
Decreases	TZ	6,466,324 6,466 K	-5.6 %	6,851,320 6,851 K	0%	0 0 K
Value at the end of period	UA	7,609,972 7,610 K	17.7 %	6,466,323 6,466 K	0%	0 0 K

State deadlines claims and debts at the end of period

State claims

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value	VT	57,650,044 57,650 K	28.5 %	44,863,152 44,863 K	0%	0 0 K
1 year at most	VU	57,162,265 57,162 K	28.8 %	44,370,523 44,371 K	0%	0 0 K
More than one year	VV	487,779 488 K	-1.0 %	492,629 493 K	0%	0 0 K

State of loans

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	10,000,000 10,000 K	0%	0 0 K	0%	0 0 K
Loans (1 year at most)	UR	10,000,000 10,000 K	0%	0 0 K	0%	0 0 K
Other financial assets (gross)	UT	487,779 488 K	-1.0 %	492,633 493 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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Customers doubtful or disputed	VA	0 0 K	0%	0 0 K	0%	0 0 K
Other claims customer	UX	33,177,765 33,178 K	10.3 %	30,087,110 30,087 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%	9,655 10 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	2,324,139 2,324 K	24.4 %	1,868,620 1,869 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	9,829,437 9,829 K	1.7 %	9,664,779 9,665 K	0%	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	1,263,507 1,264 K	66.9 %	757,259 757 K	0%	0 0 K

Prepaid

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid	VS	567,417 567 K	-71.4 %	1,983,096 1,983 K	0%	0 0 K

State Debt

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total debt (gross)	VY	83,562,209 83,562 K	-0.1 %	83,652,178 83,652 K	0%	0 0 K
1 year at most	VZ2	83,562,209 83,562 K	4.0 %	80,385,583 80,386 K	0%	0 0 K
More than 1 year and 5 years at most	VZ3	0 0 K	0%	3,266,595 3,267 K	0%	0 0 K
More than 5 years	VZ4	0 0 K	0%	0 0 K	0%	0 0 K

Details

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	31,287,050 31,287 K	-1.4 %	31,719,116 31,719 K	0%	0 0 K
1 year at most	8B2	31,287,050 31,287 K	-1.4 %	31,719,116 31,719 K	0%	0 0 K
More than 1 year and 5 years at most	8B3	31,287,050 31,287 K	-1.4 %	31,719,116 31,719 K	0%	0 0 K
Personnel and associated accounts (gross)	8C1	28,543,196 28,543 K	13.8 %	25,081,027 25,081 K	0%	0 0 K
1 year at most	8C2	28,543,196 28,543 K	24.6 %	22,903,297 22,903 K	0%	0 0 K
More than 1 year and 5 years at most	8C3	0 0 K	0%	2,177,730 2,178 K	0%	0 0 K
Social Security and other social organizations (gross)	8D1	19,038,997 19,039 K	10.8 %	17,179,484 17,179 K	0%	0 0 K
1 year at most	8D2	19,038,997 19,039 K	18.3 %	16,090,619 16,091 K	0%	0 0 K
More than 1 year and 5 years at most	8D3	0 0 K	0%	1,088,865 1,089 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	2,366,313 2,366 K	16.7 %	2,028,408 2,028 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	808,313 808 K	-86.9 %	6,188,901 6,189 K	0%	0 0 K
1 year at most	VI2	808,313 808 K	-86.9 %	6,188,901 6,189 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%	417,106 417 K	0%	0 0 K
1 year at most	8K2	0 0 K	0%	417,106 417 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	1,518,340 1,518 K	46.3 %	1,038,136 1,038 K	0%	0 0 K
1 year at most	8L2	1,518,340 1,518 K	46.3 %	1,038,136 1,038 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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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%	31,850,000 31,850 K	0%	0 0 K

Table allocation results and other information

Dividends distributed

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Dividends	ZE	0 0 K	0%	0 0 K	0%	0 0 K

Commitments

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Average number of employees	YP	0 0 K	0%	0 0 K	0%	0 0 K

Groups and Shareholders

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Groups and Shareholders	ZR	0 0 K	-	- -	-	- -

Ratios

Structure and Liquidity

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Fixed Asset Financing	1.34	-2.9 %	1.38	-4.2 %	1.44	6.00	-77.7 %	2.12	-36.8 %
Global Debt	43 days	-4.4 %	45 days	-26.2 %	61 days	668.73 days	-93.6 %	130 days	-66.8 %
Working Capital Fund overall net	26 days	-3.7 %	27 days	-20.6 %	34 days	1,111.24 days	-97.7 %	88 days	-70.5 %
Financial independence	11,623.59 %	932.4 %	1,125.87 %	683.2 %	143.75 %	77,303.41 %	-85.0 %	271.91 %	4174.8 %
Solvability	47.68 %	17.6 %	40.53 %	38.7 %	29.23 %	-221.99 %	121.5 %	40.75 %	17.0 %
Capacity debt futures	-	-	-	-	-	1,999,351.40 %	-	2,028.99 %	-
Coverage of current assets by net working capital overall	36.35 %	-4.8 %	38.18 %	-12.0 %	43.37 %	-216.83 %	116.8 %	46.96 %	-22.6 %
General Liquidity	0.68	23.6 %	0.55	-	-	1.99	-65.8 %	0.86	-20.9 %
Restricted Liquidity	0.68	21.4 %	0.56	-	-	2.93	-76.8 %	1.34	-49.3 %

Management or rotation

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Need background in operating working capital	27 days	3.8 %	26 days	-21.2 %	33 days	318.08 days	-91.5 %	48 days	-43.2 %
Treasury	0 days	0%	0 days	0%	0 days	741.41 days	0%	22 days	0%
Inventory turnover of goods	72 days	20.0 %	60 days	-17.8 %	73 days	-137.06 days	152.5 %	29 days	152.6 %
Average length of credit granted to customers	17 days	6.3 %	16 days	-27.3 %	22 days	164.86 days	-89.7 %	74 days	-76.9 %
Average length of credit obtained suppliers	23 days	-8.0 %	25 days	-3.8 %	26 days	231.67 days	-90.1 %	62 days	-62.9 %
Inventory turnover of raw materials in industrial enterprises	19 days	-5.0 %	20 days	-9.1 %	22 days	1,197.53 days	-98.4 %	65 days	-70.8 %
Inventory turnover of intermediate and finished products in the industrial enterprise	517 days	-2.6 %	531 days	-	-	2,654.08 days	-80.5 %	517 days	0%
Rotation tangible assets	517.46 %	-2.5 %	530.90 %	-	-	2,534.21 %	-79.6 %	591.43 %	-12.5 %

Profitability of the business

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Margin trading	6.36 %	42.6 %	4.46 %	35.2 %	3.30 %	10.37 %	-38.7 %	0.00 %	0%
Profitability of the business	14.58 %	-5.4 %	15.41 %	13.3 %	13.60 %	-25.17 %	157.9 %	5.30 %	175.1 %
Net profit	5.95 %	2.4 %	5.81 %	24.1 %	4.68 %	-36.21 %	116.4 %	2.71 %	119.6 %
Growth rate of turnover (excluding VAT)	5.97 %	-55.3 %	13.35 %	7.5 %	12.42 %	29.91 %	-80.0 %	0.00 %	0%
Rates integration	30.76 %	-3.4 %	31.84 %	3.1 %	30.89 %	15.36 %	100.3 %	32.98 %	-6.7 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.14 %	0%	0.00 %	0%
Work Factor	48.22 %	1.8 %	47.37 %	-8.4 %	51.69 %	83.29 %	-42.1 %	78.09 %	-38.3 %
Weight interests	0.08 %	-81.0 %	0.42 %	-48.8 %	0.82 %	1.29 %	-93.8 %	0.21 %	-61.9 %

Return on capital

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Cash flow from the overall profitability	6.93 %	-6.6 %	7.42 %	7.2 %	6.92 %	-28.10 %	124.7 %	4.36 %	58.9 %
Rates of economic profitability	110.00 %	-19.1 %	136.00 %	40.2 %	97.00 %	25.63 %	329.2 %	13.73 %	701.2 %
Financial profitability	94,079,986.00 %	33.7 %	70,389,499.00 %	42.5 %	49,413,341.00 %	1,808,372.63 %	5102.5 %	195,316.50 %	48068.0 %
Return on investment	45.66 %	-16.9 %	54.97 %	40.1 %	39.24 %	16.72 %	173.1 %	7.93 %	475.8 %

Management intermediate balances

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2013

Sector Median 2013

Turnover

717,450,710 717,451 K

6.0 %

677,011,469 677,011 K

13.3 %

597,290,334 597,290 K

7,915,912.25 7,915.91 K

8963.4 %

844,389 844 K

84866.9 %

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2013

Sector Median 2013

Sales of goods

289,907,075 289,907 K

5.1 %

275,942,389 275,942 K

26.7 %

217,869,814 217,870 K

-

-

- Purchase of goods

252,532,285 252,532 K

2.4 %

246,651,975 246,652 K

20.0 %

205,623,245 205,623 K

-

-

+/- Stock of goods variation

-8,231,717 -8,232 K

-809.0 %

-905,542 -906 K

87.9 %

-7,481,899 -7,482 K

-

-

Trading margin

45,606,507 € 45,607 K €

51.0 %

30,195,956 € 30,196 K €

53.1 %

19,728,468 € 19,728 K €

639,740.89 € 639.74 K €

7028.9 %

0 € 0 K €

0%

6.36 % CA 6.36 % CA

42.6 %

4.46 % CA 4.46 % CA

35.2 %

3.30 % CA 3.30 % CA

11.51 % CA 11.51 % CA

-44.7 %

0.00 % CA 0.00 % CA

0%

		31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Average 2013				Sector Median 2013
Sale of goods produced		427,543,635 427,544 K		6.6 %		401,069,080 401,069 K		5.7 %		379,420,520 379,421 K				-				-
+/- Stocked production		-2,530,982 -2,531 K		-160.4 %		4,189,661 4,190 K		135.1 %		1,782,432 1,782 K				-				-
+ Self-constructed assets		0 0 K		0%		0 0 K		0%		0 0 K				-				-
Period production		425,012,653 € 425,013 K €		4.9 %		405,258,741 € 405,259 K €		6.3 %		381,202,952 € 381,203 K €		5,912,875.87 € 5,912.88 K €		7087.9 %		558,014 € 558 K €		76065.2 %
		59.24 % CA 59.24 % CA		-1.0 %		59.86 % CA 59.86 % CA		-6.2 %		63.82 % CA 63.82 % CA		82.19 % CA 82.19 % CA		-27.9 %		99.29 % CA 99.29 % CA		-40.3 %
	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Average 2013				Sector Median 2013
Trading margin	45,606,507 45,607 K		51.0 %		30,195,956 30,196 K		53.1 %		19,728,468 19,728 K		639,740.89 639.74 K		7028.9 %		0 0 K		0%
+ Period Production	425,012,653 425,013 K		4.9 %		405,258,741 405,259 K		6.3 %		381,202,952 381,203 K		5,912,875.87 5,912.88 K		7087.9 %		558,014 558 K		76065.2 %
- Purchase of raw materials	144,500,595 144,501 K		9.6 %		131,803,823 131,804 K		-8.5 %		144,051,853 144,052 K				-				-
+/- Change in stocks of raw materiels	-1,116,185 -1,116 K		-361.1 %		-242,077 -242 K		81.1 %		-1,279,516 -1,280 K				-				-
- Other external purchases and charges	106,513,159 106,513 K		20.6 %		88,309,419 88,309 K		19.9 %		73,630,204 73,630 K				-				-
Added value	220,721,591 € 220,722 K €		2.4 %		215,583,532 € 215,584 K €		16.8 %		184,528,879 € 184,529 K €		2,504,552.15 € 2,504.55 K €		8712.8 %		288,369 € 288 K €		76441.4 %
	30.76 % CA 30.76 % CA		-3.4 %		31.84 % CA 31.84 % CA		3.1 %		30.89 % CA 30.89 % CA		15.36 % CA 15.36 % CA		100.3 %		32.98 % CA 32.98 % CA		-6.7 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013			Sector Median 2013
Added value	220,721,591 € 220,722 K €	2.4 %	215,583,532 € 215,584 K €	16.8 %	184,528,879 € 184,529 K €	2,504,552.15 € 2,504.55 K €	8712.8 %		288,369 € 288 K €		76441.4 %
+ Operating grants	122,876 123 K	61.8 %	75,946 76 K	0%	0 0 K		-				-
- Tax, duty and similar payments	9,802,233 9,802 K	6.4 %	9,211,793 9,212 K	16.5 %	7,908,254 7,908 K		-				-
- Personal charges	106,421,339 106,421 K	4.2 %	102,116,012 102,116 K	7.1 %	95,385,566 95,386 K		-				-
Gross operating surplus	104,620,895 € 104,621 K €	0.3 %	104,331,673 € 104,332 K €	28.4 %	81,235,059 € 81,235 K €	656,210.71 € 656.21 K €	15843.2 %		29,917 € 30 K €		349603.8 %
	14.58 % CA 14.58 % CA	-5.4 %	15.41 % CA 15.41 % CA	13.3 %	13.60 % CA 13.60 % CA	-25.17 % CA -25.17 % CA	157.9 %		5.30 % CA 5.30 % CA		175.1 %
		31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013			Sector Median 2013
Gross operating surplus		104,620,895 € 104,621 K €	0.3 %	104,331,673 € 104,332 K €	28.4 %	81,235,059 € 81,235 K €	656,210.71 € 656.21 K €	15843.2 %		29,917 € 30 K €	349603.8 %
+ Release of reserves and provisions		13,140,323 13,140 K	12.3 %	11,705,822 11,706 K	-0.7 %	11,782,411 11,782 K		-			-
+ Other operating income		0 0 K	0%	0 0 K	0%	9,064 9 K		-			-
- Depreciation/ Amortisation		19,315,756 19,316 K	-3.3 %	19,973,603 19,974 K	6.2 %	18,812,184 18,812 K		-			-
- Other charges		25,752,008 25,752 K	5.5 %	24,406,695 24,407 K	11.1 %	21,972,047 21,972 K		-			-
Operating result		72,693,454 € 72,693 K €	1.4 %	71,657,197 € 71,657 K €	37.2 %	52,242,303 € 52,242 K €	456,021.30 € 456.02 K €	15840.8 %		16,926 € 17 K €	429378.0 %
		10.13 % CA 10.13 % CA	-4.3 %	10.58 % CA 10.58 % CA	20.9 %	8.75 % CA 8.75 % CA	-35.75 % CA -35.75 % CA	128.3 %		3.28 % CA 3.28 % CA	208.8 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013			Sector Median 2013
Operating result	72,693,454 € 72,693 K €	1.4 %	71,657,197 € 71,657 K €	37.2 %	52,242,303 € 52,242 K €	456,021.30 € 456.02 K €	15840.8 %		16,926 € 17 K €		429378.0 %
+/- Result of joint-venture transferred from/to other partners	0 0 K	0%	0 0 K	0%	0 0 K		-				-
+ Financial income	368,329 368 K	-90.1 %	3,725,351 3,725 K	1368.4 %	253,706 254 K		-				-
- Financial charges	605,512 606 K	-78.5 %	2,813,285 2,813 K	-42.6 %	4,899,428 4,899 K		-				-
Pre-tax result	72,456,271 € 72,456 K €	-0.2 %	72,569,263 € 72,569 K €	52.5 %	47,596,581 € 47,597 K €	454,549.03 € 454.55 K €	15840.3 %		16,319 € 16 K €		443899.5 %
	10.10 % CA 10.10 % CA	-5.8 %	10.72 % CA 10.72 % CA	34.5 %	7.97 % CA 7.97 % CA	-35.30 % CA -35.30 % CA	128.6 %		3.05 % CA 3.05 % CA		231.1 %
		31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013			Sector Median 2013
Extraordinary income		203,757 204 K	100.6 %	101,591 102 K	-94.9 %	1,987,681 1,988 K	54,280.18 54.28 K	275.4 %		1,034 1 K	19615.2 %
- Extraordinary charges		70,935 71 K	-97.9 %	3,440,374 3,440 K	24.3 %	2,766,974 2,767 K		-			-
Extraordinary result		132,822 € 133 K €	104.0 %	-3,338,783 € -3,339 K €	-328.4 %	-779,293 € -779 K €	-59,333.39 € -59.33 K €	323.9 %		0 € 0 K €	0%
		0.02 % CA 0.02 % CA	104.1 %	-0.49 % CA -0.49 % CA	-276.9 %	-0.13 % CA -0.13 % CA	-0.90 % CA -0.90 % CA	102.2 %		0.00 % CA 0.00 % CA	0%

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Pre-tax result	72,456,271 € 72,456 K €	-0.2 %	72,569,263 € 72,569 K €	52.5 %	47,596,581 € 47,597 K €	454,549.03 € 454.55 K €	15840.3 %	16,319 € 16 K €	443899.5 %
Extraordinary result	132,822 € 133 K €	104.0 %	-3,338,783 € -3,339 K €	-328.4 %	-779,293 € -779 K €	-59,333.39 € -59.33 K €	323.9 %	0 € 0 K €	0%
- Employee profit sharing	6,781,870 6,782 K	-2.3 %	6,940,226 6,940 K	20.0 %	5,783,671 5,784 K		-		-
- Tax on profits	23,089,930 23,090 K	0.5 %	22,978,280 22,978 K	76.0 %	13,057,496 13,057 K		-		-
Net result	42,717,293 € 42,717 K €	8.7 %	39,311,974 € 39,312 K €	40.5 %	27,976,121 € 27,976 K €	236,863.79 € 236.86 K €	17934.5 %	18,255 € 18 K €	233909.7 %
	5.95 % CA 5.95 % CA	2.4 %	5.81 % CA 5.81 % CA	24.1 %	4.68 % CA 4.68 % CA	-36.21 % CA -36.21 % CA	116.4 %	2.71 % CA 2.71 % CA	119.6 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.15
UK Pound	1	Rs.99.36
Euro	1	Rs.71.25

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ASH

RATING EXPLANATIONS

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

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

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

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

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