MIRA INFORM REPORT

Report No. :	505110
Report Date :	25.04.2018

IDENTIFICATION DETAILS

Name :	EUROSERUM
Registered Office :	Euroserum, Route De Villers, 70170 Port Sur Saone
Country :	France
Financials (as on) :	31.12.2015
Date of Incorporation :	April 1995
Legal Form :	Simplified joint stock company
Line of Business :	Other Dairy Product Manufacturing
No. of Employees :	576

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
France	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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. France is the most visited country in the world with 83 million foreign tourists in 2016, including 530,000 visitors for the 2016 Euro Cup. 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 grew by 1.6% in 2017, up from 1.2% the year before. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.2% in 2015, before falling to 9.5% in 2017. Youth unemployment in metropolitan France decreased from 24.6% in the fourth quarter of 2014 to 24% in the fourth quarter of 2016.

France’s public finances have historically been strained by high spending and low growth. Despite measures to restore public finances, the budget deficit rose from 3.3% of GDP in 2008 to 7.5% of GDP in 2009. In 2017, the budget deficit improved to 2.9% of GDP, bringing it in compliance with the EU-mandated 3% deficit target. Meanwhile, France's public debt rose from 89.5% of GDP in 2012 to 96.9% in 2017.

Since entering office in May 2017, President Emmanuel MACRON launched a series of economic reforms to improve competitiveness and boost economic growth. President MACRON campaigned on reforming France’s labor code and in late 2017 implemented a range of reforms to increase flexibility in the labor market by making it easier for firms to hire and fire and simplifying negotiations between employers and employees. In addition to labor reforms, President MACRON’s proposed 2018 budget cuts public spending, taxes, and social security contributions to spur private investment and increase purchasing power.

Source : CIA

Company summary

SIRET	400 869 277 00014
Name	EUROSERUM
Acronym	-
Trade name	-
Status	Economically active
Postal Address	EUROSERUM ROUTE DE VILLERS 70170 PORT SUR SAONE FRANCE
Share Capital	18,560,928 Euros
Telephone	03 84 96 11 11
Activity (APE)	Other Dairy Product Manufacturing (1051D)
Formation Date	04/1995
Deregistration Date	-
Court Registry Number	19 9 5B30033
Registration Court	Gray-Vesoul (70)
Nationality	France
RCS Registration	RCS Gray-Vesoul B 400 869 277
EUR VAT Number	FR00400869277
Last account Date	31/12/2015
Incorporiation Date	04/1995
Fax	03 84 96 11 10
Legal form	Simplified joint stock company
Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2015	436,493,204 €	2.72% Turnover	66,457,217 €	1,124,197 €	576 employees
31/12/2014	499,539,557 €	-2.44% Turnover	64,928,668 €	-27,682,294 €	537 employees
31/12/2012	448,228,608 €	6.43% Turnover	76,756,462 €	11,603,067 €	500 to 999 employees

View details

Directors

Current Directors

3

View Details

Ultimate Holding Company

Name	Country	Company Number
SODIAAL UNION		351572888
Affiliation links. View Details
30 companies in the international Group Structure from 12 countries. View Details

Judgment and Preferential

Judgment	No judgement	View details
Preferential Right	No social security and tax office preferential right to date	View details

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	1051D	Activity	Other Dairy Product Manufacturing
Formation Date	04/1995	Reason for Formation	Purchase
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	ROUTE DE VILLERS 70170 PORT SUR SAONE	Department	Haute-Saône (70)
Location Surface	-	District	2
City	PORT SUR SAONE	Status	Economically active
Business Pages FT®	-	Region	-
	Wholesale trade (business-to-business) of dairy products, eggs, oils and edible fats	Area	11
		Size of Urban Area	-

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
SODIAAL UNION	Wholesale trade (business-to-business) of dairy products, eggs, oils and edible fats	4633Z	PARIS 9	75009

Other Establishment(s)

Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	12 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
EUROSERUM	Head Office	1051D	Other Dairy Product Manufacturing	PORT SUR SAONE	70170
EUROSERUM	Branch	1051D	Other Dairy Product Manufacturing	VESOUL	70000
EUROSERUM	Branch	1051D	Other Dairy Product Manufacturing	LEYMENT	01150
EUROSERUM	Branch	1051D	Other Dairy Product Manufacturing	ONET LE CHATEAU	12850
EUROSERUM	Branch	1051D	Other Dairy Product Manufacturing	ETALANS	25580

View Details

Workforces

Workforce at address	200 to 249 employees	Company workforce	500 to 999 employees
		Workforce account	500 to 999 employees
		31/12/2015

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 company has 3 directors

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

Industry code with low risk rating

The creditor days are 41.34

The total assets are 196,285,426 €

The shareholder's equity is 66,457,217 €

The risk provisions are 3,897,589 €

Low risk workforce size

The net turnover is 436,493,204 €

The sales to current assets ratio is 4.61

The net current assets are 94,583,419 €

The liabilities are 125,868,489 €

The ratio total assets to total liabilities is 1.51

The pre-tax profit is 776,921 €

The stock to turnover ratio is 10.82

The return on total assets employed is 0.40

Department code with medium risk rating

Industry comparison

Activity (APE)

Other Dairy Product Manufacturing (1051D)

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	18/12/2007
Status of Monitoring	No social security and tax office preferential right to date

Preferential rights details and history

Summary of preferential rights

Company monitored since	18/12/2007
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	SODIAAL UNION
Direct parent	ENTREMONT ALLIANCE - 99.45 %
Group – Number of companies	52
Linkages – Number of companies	30
Number of countries	12

Group Structure

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Rating Information

	Name	SIREN	Parts	Last account published
1	SODIAAL UNION	351572888	-	31/12/2016
2	3A GROUPE	443108444	100 %	31/12/2016
3	LES FROMAGERIES OCCITANES	397815754	77.09 %	31/12/2016
3	BONILAIT PROTEINES	781507108	61.60 %	31/12/2016
4	UNIVOR FRANCE	379152044	100 %	31/12/2016
3	BONCOLAC	712721372	99.03 %	31/12/2016
4	BONCOLAC TRAITEUR	302527619	100 %	31/12/2015
5	BLE DES LYS	532693504	100 %	30/06/2012
2	GROUPE SODIAAL	395050784	99.99 %	31/12/2015
3	SOCIETE DE DIFFUSION INTERNATIONALE AGRO-ALIMENTAIRE	352726194	100 %	31/12/2015
4	CANDIA	352014955	100 %	31/12/2016
5	ORLAIT	389725292	54 %	31/12/2016
	LES FROMAGERIES OCCITANES	397815754	1 %	31/12/2016
4	ENTREMONT ALLIANCE	325520450	100 %	31/12/2016
5	ENTREMONT ITALIA SRL	MI1776765	100 %	31/12/2016
	MONTS & TERROIRS	645450107	64.56 %	31/12/2016
5	EUROSERUM	400869277	99.45 %	31/12/2015
6	EUROSÉRUM SRO	-	98 %	-
	EUROSÉRUM WEGRO	-	98 %	-
	EUROSERUM IBERICA	1397211	98 %	31/12/2016
	ENTREMONT BENELUX SA	424939182	99.97 %	31/12/2016
	NUTRIBIO	326921814	50 %	31/12/2016
	SCI STE CATHERINE	308381649	100 %	-
	SOCIETE FROMAGERE DU LAIT CRU	399379403	42.95 %	31/12/2015
	JURA-TERROIR	493366926	20 %	31/12/2016
	ENTREMONT SYNERGIES	504231341	44.44 %	-
	STEGMANN BETEILIGUNGS	-	100 %	-
	FRUITIERE DU MASSIF JURASSIEN	342649340	34.31 %	31/12/2016
	SODIAAL BENELUX	-	100 %	-
	NUTRIBIO	326921814	50 %	31/12/2016
4	YOPLAIT	332390145	49 %	31/05/2017
5	YOPLAIT FRANCE	440767549	100 %	31/05/2017
6	NOBLEVAL	400040283	100 %	31/05/2017
5	SODIMA	440769032	100 %	31/05/2017
6	YOPLAIT CZECH	-	Majority	-
	YOPLAIT BENELUX	-	50 %	-
	YOPLAIT CANADA HOLDING CO	-	100 %	-
	REGILAIT	349113662	50 %	31/12/2016
	SOCIETE LAITIERE DE LAQUEUILLE	858201247	21 %	31/12/2012
	COMPAGNIE DES FROMAGES ET RICHESMONTS	501645196	50 %	31/12/2016
	SODIAAL PRODUITS FRAIS SPV	532084514	100 %	31/12/2016
4	SODIAAL FRANCHISE	529228843	100 %	31/12/2016
5	SODIAAL CREMERIE BESANCON	529228819	100 %	31/12/2015
	SODIAAL CREMERIE LYON	529228884	100 %	31/12/2016
	SODIAAL DAIRY AFRICA	-	100 %	-
4	SODIAAL MARQUES SPV	532598695	100 %	31/12/2016
5	YOPLAIT MARQUES	442052635	50 %	31/05/2017
	SODIAAL DAIRY TRADING LTD	-	100 %	-
	SODIAAL DAIRY TRADING	-	100 %	-
	LIBERTE MARQUES SARL	-	50 %	-
	HERBIGNAC CHEESE INGREDIENTS	493056188	5 %	31/12/2016
	FROMAGERIE RENARD-GILLARD	486520125	91 %	31/12/2015
	SOCIETE LAITIERE DE LAQUEUILLE	858201247	21 %	31/12/2012
	SIFFERT-FRECH-AFFINEURS	675880223	100 %	31/12/2015
	SODIAAL AGROSERVICES	411176910	100 %	31/12/2016
	LAITERIE D'ELVANGE	364801167	50 %	31/12/2016
	LES FROMAGERIES DE BLAMONT	504516246	100 %	31/12/2016

Shareholders
ENTREMONT ALLIANCE	99.45
Undefined	0.55

Linkages

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When the company name is displayed as a link, you will be redirected to the company search if the country is in Creditnet area or in offline requests

Rating Information

Company Name	Siren	Last Account Published	Turnover
GENERAL MILLS HOLDING (FRANCE) SAS	433444130	31/05/2017	0 €
GENERAL MILLS INTERNATIONAL FRANCE	377896642	31/05/2017	0 €
GENERAL MILLS GMBH	HRB 70174	31/05/2016	13,234,748 €
GENERAL MILLS LANDES	434755559	31/05/2017	5,336,426 €
GENERAL MILLS HOLDING B.V.	33283810	31/05/2016	-
GENERAL MILLS NORWAY AS	998172241	31/05/2017	6,408 KNOK
INO FITA GMBH	HRB 78007	31/05/2016	-
GENERAL MILLS VENEZUELA B.V.	37091378	31/05/2011	-
GENERAL MILLS HD JAPAN B.V.	34156958	31/05/2011	-
GENERAL MILLS HOLDING I (NETHERLANDS) B.V.	55644473	31/05/2015	-
YOPLAIT SVERIGE AB	5565486080	31/05/2017	0 KSEK
GENERAL MILLS SCANDINAVIA AB	5566435524	31/05/2017	70,188 KSEK
GENERAL MILLS ITALIA S.R.L.	MI1689933	31/05/2017	150,750 €
GENERAL MILLS INTERNATIONAL HOLDINGS, LLC	32171703	-	-
HAAGEN DAZS ARRAS SNC	388514911	-	-
GENERAL MILLS INTERNATIONAL	4099264	-	-
GENERAL MILLS INTERNATIONAL SÀRL	4736808	-	-
GENERAL MILLS SWISS THREE GMBH	6360584	-	-
GENERAL MILLS HOLDING ONE (GERMANY) GMBH	HRB 78005	31/05/2016	-
YOPLAIT BRANDCO HOLDING S.À R.L.	B165009	-	-
GENERAL MILLS VENTAS DE MEXICO SRL	GMV990824JN8	-	-
GARDETTO'S BAKERY, INC.	-	-	24,999,999 $
GENERAL MILLS OPERATIONS INC	-	-	-
THE PILLSBURY COMPANY	-	-	66,900,000 $
COMMERCIAL PARTNERS TITLE LLC	-	-	3,278,000 $
NORTHGATE PARTNERS L.L.C.	-	-	750,000 $
GENERAL MILLS DIRECT MARKETING, INC.	-	-	-
GENERAL MILLS SALES, INC.	-	-	9,000,000 $
FOOD SHOULD TASTE GOOD	-	-	100,000,000 $
SMALL PLANET FOODS INC	-	-	300,000,000 $

Shareholder(s)

Name	SODIAAL INTERNATIONAL - SOCIETE DE DIFFUSION INTERNATIONALE AGRO-ALIMENTAIRE
Name of representative
Manager position	President	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Director(s)

Name	M. JUILLIARD JEAN-CHRISTOPHE
Manager position	Managing director	Date of birth	09/10/1963
Place of birth	SURESNES
Type	Individual	Name at birth

Statutory Auditor

Name	ERNST & YOUNG ET AUTRES
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Previous Directors

View the directors history for this company
If you want to view the directors history, please click on the link view details.

Manager position	Title and name	Date of Birth/Place of Birth
President	M. BURETTE XAVIER	22/12/1966 - SANTES	View Details
President	M. BURETTE XAVIER	22/12/1966 - SANTES	View Details
President	M. CORBILLE LOÏC	14/06/1952 - BOULOGNE-BILLANCOURT	View Details
President	M. MAZURAY CHRISTIAN	15/09/1952 - ARDON	View Details
President	M. MAZURAY CHRISTIAN	15/09/1952 - ARDON 45	View Details
President	M. RAMBAUX YVES	24/01/1954 - VESOUL (70)	View Details
President	M. RAMBAUX YVES	24/01/1954 - VESOUL (70)	View Details
President	M. RAMBAUX YVES	24/01/1954 - VESOUL	View Details
President	M. RAMBAUX YVES	24/01/1954 - VESOUL (70)	View Details
Statutory auditor	DELOITTE ET ASSOCIES	-	View Details
Deputy auditor	AUDITEX	-	View Details
Deputy auditor	B E A S	-	View Details

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	15/02/2018	Bodacc B	Modification et mutation diverse
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 2291 - 400 869 277 RCS Vesoul. EUROSERUM. Forme : Société par actions simplifiée. Administration : Président : SODIAAL INTERNATIONAL - SOCIETE DE DIFFUSION INTERNATIONALE AGRO-ALIMENTAIRE (SASU) ; Directeur général : JUILLIARD Jean-Christophe ; Commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES (SAS). Activité : . Commentaires : Modification survenue sur l'administration.
Hide	07/02/2018	JAL	Appointment of the social representative
L Est Républicain / Edition de Vesoul Date de décision : 06/12/2017 Nominé : Monsieur Jean-Christophe JUILLIARD, 63400 CHAMALIERES En la fonction de : Directeur général
Hide	07/02/2018	JAL	Resignation / Revocation of the social representative
L Est Républicain / Edition de Vesoul Date de décision : 06/12/2017 La société 400869277 - EUROSERUM, 2 RUE DU DR JEAN GEORGES GIRARD, 70000 VESOUL Fait l'objet du départ de Monsieur Loïc CORBILLE
Hide	24/11/2017	Bodacc B	Modification et mutation diverse
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 2202 - 400 869 277 RCS Vesoul. EUROSERUM. Forme : Société par actions simplifiée. Administration : Président : CORBILLE Loïc ; Commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES (SAS). Activité : . Commentaires : Modification survenue sur l'administration.
Hide	01/09/2017	Bodacc B	Modification et mutation diverse
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 1694 - 400 869 277 RCS Vesoul. EUROSERUM. Forme : Société par actions simplifiée. Administration : Président : BURETTE Xavier ; Commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES (SAS). Activité : . Commentaires : Modification survenue sur l'administration.
Hide	31/03/2017	Bodacc C	Comptes annuels et rapports
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL 4052 - 400869277 RCS. EUROSERUM. Forme : Société par actions simplifiée. Adresse : route de Villers 70170 Port-sur-Saône. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
Hide	16/03/2017	Bodacc A	Vente et cession : Acheteur
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE D'ANNECY 1181 - 400 869 277 RCS Vesoul. EUROSERUM. Forme : Société par Actions Simplifiée. Capital : 18560928 EUR. Adresse : route de Villers, 70170 Port-sur-Saône. Origine du fonds : Etablissement secondaire acquis par achat au prix stipulé de 700000 EUR. Etablissement : Etablissement secondaire. Activité : Un fonds de commerce de clientèle attachée à la commercialisation de poudre de sérum dans différents réseaux en France et à l'étranger. Adresse : 25 faubourg des Balmettes, 74000 Annecy. Précédent propriétaire : ENTREMONT ALLIANCE. 325 520 450 RCS Annecy. Date de commencement de l’activité : 01/01/2017. Publication légale : Eco des Pays de Savoie du 03/03/2017. Oppositions : Au siège social où est exploité le fonds, 25 Faubourg des Balmettes, 74000 ANNECY. Descriptif : Acte SSP en date du 13/12/2016 enregistr¿ au SIE d'ANNECY-LE-VIEUX le 23/02/2017, bordereau n¿2017/193, case n¿3.Pr¿c¿dent propri¿taire : la soci¿t¿ ENTREMONT ALLIANCE (325 520 450 RCS ANNECY) sis ¿ ANNECY (74000) 25 Faubourg des Balmettes. Les oppositions seront re¿ues dans les dix jours suivant la publication pr¿vue ¿ l article L.141-12 du code de commerce. Commentaires : Achat d'un établissement secondaire ou complémentaire par une personne morale.
Hide	17/02/2017	Bodacc B	Modification et mutation diverse
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 2906 - 400 869 277 RCS Vesoul. EUROSERUM. Forme : Société par actions simplifiée. Administration : Président : BURETTE Xavier ; Commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES (SAS) ; Commissaire aux comptes suppléant : AUDITEX (SAS). Activité : . Commentaires : Modification survenue sur l'administration.
Hide	09/02/2017	JAL	Resignation / Revocation of the social representative
L Est Républicain / Edition de Vesoul Date de décision : 04/01/2017 La société 400869277 - EUROSERUM, RUE DE LA LAITERIE, 57670 BENESTROFF Fait l'objet du départ de Monsieur Yves RAMBAUX
Hide	09/02/2017	JAL	Appointment of the social representative
L Est Républicain / Edition de Vesoul Date de décision : 04/01/2017 Société faisant l'objet d'une nomination : 400869277 - EUROSERUM, RUE DE LA LAITERIE, 57670 BENESTROFF Nominé : Monsieur Xavier BURETTE, 59246 MONS EN PEVELE En la fonction de : Président
Hide	20/12/2016	JAL	End of rent-management
Le Dauphiné Libéré / Edition Annecy et Rumilly Date de décision : 30/11/2016 Locataire gérant : Non renseignée
Hide	24/11/2015	Bodacc C	Comptes annuels et rapports
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL 10717 - 400869277 RCS. EUROSERUM. Forme : Société par actions simplifiée. Adresse : route de Villers 70170 Port-sur-Saône. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
Hide	21/10/2015	Bodacc B	Modification et mutation diverse
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 1833 - 400 869 277 RCS Vesoul. EUROSERUM. Forme : Société par actions simplifiée. Administration : Président : RAMBAUX Yves Commissaire aux comptes titulaire : DELOITTE ET ASSOCIES (SA) Commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES (SAS) Commissaire aux comptes suppléant : B E A S (SARL) Commissaire aux comptes suppléant : AUDITEX (SAS). Activité : . Commentaires : Modification survenue sur l'administration.
Hide	21/10/2015	Bodacc B	Modification et mutation diverse
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 1834 - 400 869 277 RCS Vesoul. EUROSERUM. Forme : Société par actions simplifiée. Administration : Président : RAMBAUX Yves Commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES (SAS) Commissaire aux comptes suppléant : AUDITEX (SAS). Activité : . Commentaires : Modification survenue sur l'administration.
Hide	05/08/2015	Bodacc B	Modification et mutation diverse
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 1688 - 400 869 277 RCS Vesoul. EUROSERUM. Forme : Société par actions simplifiée. Capital : 18560928 EUR. Activité : . Commentaires : Fusion - L236-1 à compter du 30/06/2015 : Personne(s) morale(s) ayant participé à l'opération : EUROSERUM, Société par actions simplifiée (SAS), route de Villers 70170 PORT SUR SAONE (RCS VESOUL (7001) 400 869 277) FROMAGERIE VALMENT, Société à responsabilité limitée à associé unique (SARLU), 01150 Leyment (RCS BOURG EN BRESSE (0102) 390 159 465) U.P.C.L., Société par actions simplifiée à associé unique (SASU), 2 avenue Jules Lévis 80270 Airaines (RCS () ).
Hide	03/05/2015	Bodacc A	Vente et cession : Acheteur
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 802 - 400 869 277 RCS Vesoul. EUROSERUM. Forme : Société par actions simplifiée. Capital : 18560928 EUR. Adresse : route de Villers, 70170 Port-sur-Saône. Date de commencement de l’activité : 16/04/2015. Oppositions : Art.L.236-14 du code de commerce. Descriptif : Avis de projet de fusion Projet commun de fusion nationale Soci¿t¿ absorbante : EUROSERUM Forme : Soci¿t¿ par actions simplifi¿e Adresse du si¿ge : Route de Villers - 70170 PORT-SUR-SAONE Capital : 18.560.928 euros Num¿ro unique d'identification : 400 869 277 Lieu d'immatriculation : VESOUL Soci¿t¿ absorb¿e : U.P.C.L Forme : Soci¿t¿ par actions simplifi¿e Adresse du si¿ge : 2 avenue Jules L¿vis - 80270 AIRAINES Capital : 125.716 euros Num¿ro unique d'identification : 780 591 244 Lieu d'immatriculation : AMIENS Evaluation de l'actif et du passif dont la transmission ¿ la soci¿t¿ absorbante est pr¿vue : Actif : 4.395.575,09 euros Passif : 3.790.249,49 euros Actif net : 605.325,60 euros Rapport d'achange des droits sociaux : La soci¿t¿ Absorbante ¿tant propri¿taire de la totalit¿ des actions composant le capital de la soci¿t¿ Absorb¿e, il n'y a pas lieu ¿ augmenter son capital ni ¿ ¿tablir de rapport d'¿change. Montant pr¿vu de la prime de fusion : n¿ant Date du projet commun de fusion : 16 avril 2015 Date et lieu du d¿p¿t du projet au RCS au titre de chaque soci¿t¿ participante : Le 22 avril 2015 au Tribunal de Commerce de VESOUL au titre de l'Absorbante Le 22 avril 2015 au Tribunal de Commerce d'AMIENS au titre de l'Absorb¿e. Commentaires : Autre achat, apport, attribution.
Hide	03/05/2015	Bodacc A	Vente et cession : Acheteur
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 803 - 400 869 277 RCS Vesoul. EUROSERUM. Forme : Société par actions simplifiée. Capital : 18560928 EUR. Adresse : route de Villers, 70170 Port-sur-Saône. Date de commencement de l’activité : 16/04/2015. Oppositions : Art.L.236-14 du code de commerce. Descriptif : Avis de projet de fusion Projet commun de fusion nationale Soci¿t¿ absorbante : EUROSERUM Forme : Soci¿t¿ par actions simplifi¿e Adresse du si¿ge : Route de Villers - 70170 PORT SUR SAONE Capital : 18.560.928 euros Num¿ro unique d'identification : 400 869 277 Lieu d'immatriculation : VESOUL Soci¿t¿ absorb¿e : LA FROMAGERIE VALMENT Forme : Soci¿t¿ ¿ responsabilit¿ limit¿e Adresse du si¿ge : 01150 LEYMENT Capital : 950.717,81 euros Num¿ro unique d'identification : 390 159 465 Lieu d'immatriculation : BOURG EN BRESSE Evaluation de l'actif et du passif dont la transmission ¿ la soci¿t¿ absorbante est pr¿vue : Actif : 639.390,87 euros Passif : 905.030,07 euros Actif net n¿gatif : (-) 265.639,20 euros Rapport d'¿change des droits sociaux : La soci¿t¿ Absorbante ¿tant propri¿taire de la totalit¿ des parts composant le capital de la soci¿t¿ Absorb¿e, il n'y a pas lieu ¿ augmenter son capital ni ¿ ¿tablir de rapport d'¿change. Montant de la prime de fusion : il est constat¿ un mali de fusion de 265.640,20 euros Date du projet commun de fusion : 16 avril 2015 Date et lieu du d¿p¿t du projet au RCS au titre de chaque soci¿t¿ participante : Le 22 avril 2015 au Tribunal de Commerce de VESOUL au titre de l'Absorbante Le 22 avril 2015 au Tribunal de Commerce de BOURG EN BRESSE au titre de l'Absorb¿e. Commentaires : Autre achat, apport, attribution.
Hide	13/03/2015	JAL	Head Office Transfer
Est Republicain / Edition Vesoul Date de décision : 04/12/2014 Transfert du siège social de la société 400869277 -  EUROSERUM Adresse du nouveau siège : ROUTE DE VILLERS, 70170 PORT SUR SAONE Ancienne localisation : RTE DE VILLERS, 70170 PORT SUR SAONE Date d'effet : 04/12/2014
Hide	04/02/2015	Bodacc B	Modification et mutation diverse
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 2043 - 400 869 277 RCS Vesoul. EUROSERUM. Forme : Société par actions simplifiée. Capital : 18560928 EUR. Activité : . Commentaires : Fusion - L236-1 à compter du 31/12/2014 : Personne(s) morale(s) ayant participé à l'opération : LACTO CENTRE, Société anonyme à conseil d'administration (SACA), Lieu-dit Le Razat 43210 Bas en Basset (RCS LE PUY (4302) 305 163 891).
Hide	26/01/2015	Bodacc C	Comptes annuels et rapports
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL 7538 - 400869277 RCS. EUROSERUM. Forme : Société par actions simplifiée. Adresse : route de Luxeuil-les-Bains 70170 Port-sur-Saône. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	30/10/2014	Bodacc A	Vente et cession : Acheteur
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 311 - 400 869 277 RCS Vesoul. EUROSERUM. Forme : Société par actions simplifiée. Capital : 18560928 EUR. Adresse : route de Luxeuil-les-Bains, 70170 Port-sur-Saône. Date de commencement de l’activité : 14/10/2014. Oppositions : Art.L.236-14 du code de commerce. Descriptif : Avis de projet de fusion Soci¿t¿ absorbante : EUROSERUM Forme : Soci¿t¿ par actions simplifi¿e Adresse du si¿ge : Route de Luxeuil-Les-Bains - 70170 Port-Sur-Sa¿ne Capital : 18.560.928 euro Num¿ro unique d'identification : 400 869 277 Lieu d'immatriculation : VESOUL Soci¿t¿ absorb¿e : LACTO CENTRE Forme : Soci¿t¿ anonyme Adresse du si¿ge : Lieu-dit Le Razat - 43210 Bas-en-Basset Capital : 527.000 euro Num¿ro unique d'identification : 305 163 891 Lieu d'immatriculation : LE PUY EN VELAY Evaluation de l'actif et du passif dont la transmission ¿ la soci¿t¿ absorbante est pr¿vue : ACTIF : 18.742.576 euro PASSIF : 16.617.852 euro Rapport d'achange des droits sociaux : La Soci¿t¿ Absorbante ¿tant propri¿taire de la totalit¿ des actions composant le capital de la soci¿t¿ Absorb¿e, il n'y a pas lieu ¿ augmenter son capital ni ¿ ¿tablir de rapport d'¿change. Montant pr¿vu de la prime de fusion : Compte tenue d'une valeur des actions de la soci¿t¿ LACTO CENTRE dans les comptes de la soci¿t¿ EUROSERUM de 2.761.545,68 euro et d'un apport net, apr¿s retraitement des subventions d'investissement et provisions r¿glement¿s, de 493.573 euro, il est constat¿ un mali de fusion de 2.267.973 euro. Date du projet commun de fusion : 14 octobre 2014 Date et lieu du d¿p¿t du projet au RCS au titre de chaque soci¿t¿ participante : Le 17 octobre 2014 au Tribunal de Commerce de VESOUL au titre de l'Absorbante Le 20 octobre 2014 au Tribunal de Commerce du PUYEN VELAY au titre de l'Absorb¿e. Commentaires : Autre achat, apport, attribution.
Hide	21/02/2014	Bodacc C	Comptes annuels et rapports
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 7168 - 400869277 RCS. EUROSERUM. Forme : Société par actions simplifiée. Adresse : route de Luxeuil-les-Bains 70170 Port-sur-Saône. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	25/10/2012	Bodacc C	Comptes annuels et rapports
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 7624 - 400869277 RCS. EUROSERUM. Forme : Société par actions simplifiée. Adresse : route de Luxeuil-les-Bains 70170 Port-sur-Saône. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	02/01/2012	Bodacc C	Comptes annuels et rapports
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 5739 - 400869277 RCS. EUROSERUM. Forme : Société par actions simplifiée. Adresse : route de Luxeuil-les-Bains 70170 Port-sur-Saône. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
Hide	23/02/2011	Bodacc B	Modification et mutation diverse
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 1557 - 400 869 277 RCS Vesoul-Gray. EUROSERUM. Forme : Société par actions simplifiée. Administration : Président : RAMBAUX Yves Commissaire aux comptes titulaire : DELOITTE ET ASSOCIES (SA) Commissaire aux comptes suppléant : B E A S (SARL). Activité : . Commentaires : Modification survenue sur l'administration.
Hide	15/02/2011	JAL	End of rent-management
Dépêche du Midi (La)/Edition du Tarn et Garonne Date de décision : 15/02/2011 Locataire gérant : 400869277 - EUROSERUM, RTE DE VILLERS, 70170 PORT SUR SAONE sDate d’effet : 01/01/2011
Hide	04/02/2011	JAL	Resignation / Revocation of the social representative
Haute-Saône Agricole et Rurale (La) – Le Franc-Comtois Date de décision : 03/01/2011 La société 400869277 - EUROSERUM, RTE DE VILLERS, 70170 PORT SUR SAONE Fait l'objet du départ de Date d'effet : 03/01/2011
Hide	02/09/2010	Bodacc C	Comptes annuels et rapports
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 10828 - 400869277 RCS. EUROSERUM. Forme : Société par actions simplifiée. Adresse : route de Luxeuil-les-Bains 70170 Port-sur-Saône. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	30/07/2009	Bodacc C	Comptes annuels et rapports
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 8760 - 400869277 RCS. EUROSERUM. Forme : Société par actions simplifiée. Adresse : route de Luxeuil-les-Bains 70170 Port-sur-Saône. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	28/11/2008	Bodacc C	Comptes annuels et rapports
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 6899 - 400869277 RCS. EUROSERUM. Forme : Société par actions simplifiée. Adresse : route de Luxeuil-les-Bains 70170 Port-sur-Saône. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	20/06/2008	Bodacc B	Modification et mutation diverse
70 - HAUTE-SAONE GREFFE DU TRIBUNAL DE COMMERCE DE VESOUL-GRAY 2210 - 400 869 277 RCS Vesoul-Gray. EUROSERUM. Forme : Société par actions simplifiée. Activité : La transformation le traitement et le séchage Dulait de ses dérives et sous produits. Commentaires : Adjonction d'activité sur l'établissement principal sur prise en location-gérance de clientèle.
Hide	12/12/2007	Bodacc C	Avis de dépôt des comptes
7715 - 400 869 277. RCS Vesoul-Gray EUROSERUM. Forme: Société par actions simplifiée. Adresse du siège social: route de Luxeuil-les-Bains 70170 Port-sur-Saône. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
Hide	07/09/2006	Bodacc C	Avis de dépôt des comptes
4193 - RCS Vesoul B 400 869 277. RC 95-B 33. EUROSERUM. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: route de Luxeuil les Bains,70170 Port-sur-Saone. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	15/10/2005	Bodacc C	Avis de dépôt des comptes
4338 - RCS Vesoul B 400 869 277. RC 95-B 33. EUROSERUM. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: route de Luxeuil les Bains,70170 Port-sur-Saone. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	25/02/2005	Bodacc B	Modifications et mutations diverses
1461 - RCS Vesoul-Gray B 400 869 277. RC 95-B 33. EUROSERUM. Forme : S.A.S. Capital : 18 560 928 euros. Adresse du siège social : route de Luxeuil-les-Bains,, 70170 Commentaires : modification survenue sur le capital (augmentation). Date d'effet : 17 décembre 2004.
Hide	21/10/2004	Bodacc B	Modifications et mutations diverses
RCS Vesoul-Gray B 400869277 RC 95-B 33 EUROSERUM. Forme : S.A.S. Capital : 15 074 048 euros. Adresse du siège social : route de Luxeuil-les-Bains, 70170 Port- sur-Saone. Commentaires : modification survenue sur la forme juridique et l' administration. Administration : président : MAZURAY (Christian) ( Nom d' usage : MAZURAY). Commissaire aux comptes titulaire : DELOITTE TOUCHE TOHMATSU, représentée par ROSIER ( Olivier) ( Nom d'usage : ROSIER). Commissaire aux comptes suppléant : BEAS. Date d'effet : 25 juin 2004.
Hide	23/03/2004	Bodacc B	Modifications et mutations diverses
RCS Vesoul-Gray B 400869277 RC 95-B 33 EUROSERUM. Forme : S.A. Capital : 15 074 048 euros. Adresse du siège social : route de Luxeuil-les-Bains, 70170 Port- sur-Saone. Commentaires : modification survenue sur le capital (augmentation) et l'administration. Administration : P.- D.G. : MAZURAY (Christian) ( Nom d' usage : MAZURAY). Administrateurs : SODIAAL UNION, représentée par DUBUISSON (André) ( Nom d'usage : DUBUISSON) S.A. MILLERET CENTRALE LAITIERE NOTRE-DAME-DE-LEFFOND, représentée par MILLERET (Denis) ( Nom d'usage : MILLERET) NOUVELLES FROMAGERIES DE SAINT-URBAIN, représentée par TROALEN (Alain) ( Nom d' usage : TROALEN) S.C.A. FRUITIERE DES PREMIERS SAPINS, représentée par BOUVERESSE (Jean) ( Nom d'usage : BOUVERESSE) JURAGRUYERE, représentée par MOREL (Etienne, Georges) ( Nom d' usage : MOREL) STE HARFLEURAISE DE PARTICIPATIONS, représentée par ENTREMONT (Jacques, Maurice) ( Nom d' usage : ENTREMONT). Commissaire aux comptes titulaire : DELOITTE TOUCHE TOHMATSU, représentée par ROSIER ( Olivier) ( Nom d'usage : ROSIER). Commissaire aux comptes suppléant : BEAS. Vice-président du conseil d' administration et administrateur : GROUPE ENTREMONT, représentée par ROUSSET (André, Jean, Charles) ( Nom d' usage : ROUSSET). Date d'effet : 26 juin 2003.
Hide	24/06/2003	Bodacc B	Modifications et mutations diverses
RCS Vesoul-Gray B 400869277 RC 95-B 33 EUROSERUM. Forme : S.A. Capital : 14 449 840 euros. Adresse du siège social : route de Luxeuil-les-Bains, 70170 Port- sur-Saone. Commentaires : modification survenue sur l'administration. Administration : P.-D.G. : MAZURAY ( Christian) ( Nom d'usage : MAZURAY). Administrateurs : SODIAAL UNION, représentée par DUBUISSON (André) ( Nom d'usage : DUBUISSON) S.A. MILLERET CENTRALE LAITIERE NOTRE-DAME-DE-LEFFOND, représentée par MILLERET (Denis) ( Nom d'usage : MILLERET) NOUVELLES FROMAGERIES DE SAINT-URBAIN, représentée par LE CHATELIER (Nicolas, Benoit, Marie) ( Nom d'usage : LE CHATELIER) S.C.A.F. DES 1 e r SAPINS, représentée par BOUVERESSE (Jean) ( Nom d'usage : BOUVERESSE) JURAGRUYERE, représentée par MOREL (Etienne, Georges) ( Nom d'usage : MOREL) STE HARFLEURAISE DE PARTICIPATIONS, représentée par ENTREMONT (Jacques, Maurice) ( Nom d'usage : ENTREMONT). Commissaire aux comptes titulaire : DELOITTE TOUCHE TOHMATSU, représentée par ROSIER (Olivier) ( Nom d'usage : ROSIER). Commissaire aux comptes suppléant : BEAS. Vice-président du conseil d'administration et administrateur : GROUPE ENTREMONT, représentée par ROUSSET (André, Jean, Charles) ( Nom d'usage : ROUSSET). Date d'effet : 26 mars 2003.
Hide	23/03/2003	Bodacc B	Modifications et mutations diverses
RCS Vesoul-Gray B 400869277 RC 95-B 33 EUROSERUM. Forme : S.A. Capital : 14 449 840 euros. Adresse du siège social : route de Luxeuil-les-Bains, 70170 Port- sur-Saone. Commentaires : modification survenue sur le capital (augmentation). Date d'effet : 19 septembre 2002.
Hide	20/03/2002	Bodacc B	Modifications et mutations diverses
RCS Vesoul-Gray B 400869277 RC 95-B 33 EUROSERUM. Forme : S.A. Capital : 14 025 632 euros. Adresse du siège social : route de Luxeuil-les-Bains, 70170 Port- sur-Saone. Commentaires : modification survenue sur le capital (augmentation et conversion en euros). Date d'effet : 1 e r janvier 2002.
Hide	20/12/2001	Bodacc B	Modifications et mutations diverses
RCS Vesoul-Gray B 400869277 RC 95-B 33 EUROSERUM. Forme : S.A. Capital : 87 660 200 F. Adresse du siège social : route de Luxeuil-les-Bains, 70170 Port-sur-Saone. Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : BLAY (Bernard, Jean) ( Nom d'usage : BLAY). Directeur général : MAZURAY ( Christian) ( Nom d'usage : MAZURAY). Administrateurs : SODIAAL UNION, représentée par DUBUISSON (André) ( Nom d'usage : DUBUISSON) S.A. MILLERET CENTRALE LAITIERE NOTRE-DAME-DE-LEFFOND, représentée par MILLERET (Denis) ( Nom d'usage : MILLERET) NOUVELLES FROMAGERIES DE SAINT-URBAIN, représentée par LE CHATELIER (Nicolas, Benoit, Marie) ( Nom d'usage : LE CHATELIER) S.C.A.F. DES PREMIERS SAPINS, représentée par BOUVERESSE ( Jean) ( Nom d'usage : BOUVERESSE) JURAGRUYERE, représentée par MOREL ( Etienne, Georges) ( Nom d'usage : MOREL) STE HARFLEURAISE DE PARTICIPATIONS, représentée par ENTREMONT (Jacques, Maurice) ( Nom d' usage : ENTREMONT). Commissaire aux comptes titulaire : DELOITTE TOUCHE TOHMATSU, représentée par ROSIER ( Olivier) ( Nom d'usage : ROSIER). Commissaire aux comptes suppléant : B.E. A.S. Vice-président du conseil d' administration et administrateur : GROUPE ENTREMONT, représentée par ROUSSET (André, Jean, Charles) ( Nom d' usage : ROUSSET). Date d'effet : 19 septembre 2001.
Hide	24/12/2000	Bodacc B	Modifications et mutations diverses
RCS Vesoul-Gray B 400869277 RC 95-B 33 EUROSERUM. Forme : S.A. Capital : 87 660 200 F. Adresse du siège social : route de Luxeuil-les-Bains, 70170 Port-sur-Saone. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : président du conseil d' administration : SCHUTZ (René) ( Nom d' usage : SCHUTZ). Directeur général : MAZURAY (Christian) ( Nom d'usage : MAZURAY). Administrateurs : UNION DES COOPERATIVES AGRICOLES SODIAAL, représentée par DOREMUS (Patrick) ( Nom d'usage : DOREMUS) S.A. MILLERET CENTRALE LAITIERE NOTRE-DAME-DE-LEFFOND, représentée par MILLERET (Denis) ( Nom d'usage : MILLERET) UNIGRAINS, représentée par GASLAIN (Yves) ( Nom d' usage : GASLAIN) GROUPE SODIAAL, représentée par CAVALERIE (André) ( Nom d'usage : CAVALERIE) SODIAAL INDUSTRIE, représentée par LEYGUES ( Roland) ( Nom d'usage : LEYGUES) ELNOR, représentée par LUCIOT (Jean- Pierre, Jules, Lucien) ( Nom d'usage : LUCIOT) S.C.A.F. DES PREMIERS SAPINS, représentée par BOUVERESSE (Jean) ( Nom d'usage : BOUVERESSE). Commissaire aux comptes titulaire : CABINET SERECO. Commissaire aux comptes suppléant : ZERUBIA (Michel) ( Nom d'usage : ZERUBIA). Vice-président du conseil d' administration et administrateur : GROUPE ENTREMONT, représentée par GIROUD (Bernard) ( Nom d'usage : GIROUD). Date d'effet : 23 juin 2000.
Hide	20/03/1999	Bodacc B	Modifications et mutations diverses
RCS Vesoul-Gray B 400 869 277 RC 95-B 33 T EUROSERUM. Forme : S.A. à directoire. Capital : 87 660 200 F. Adresse du siège social : route de Luxeuil-les-Bains 70170 Port-sur-Saone. Administration : changement de représentant permanent des ETABLISSEMENTS MILLERET CENTRALE LAITIERE NOTRE-DAME-DE-LEFFOND, membre du conseil de surveillance. Ancien : MILLERET (Jacques). Nouveau : MILLERET ( Denis). Date d'effet : 26 novembre 1998.
Hide	18/02/1999	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Vesoul-Gray B 400 869 277 RC 95-B 33T EUROSERUM. Forme : S.A. à directoire. Capital : 77 921 200 F (fixe). Adresse : route de Luxeuil-les-Bains, 70170 Port- sur-Saone Nouvelle situation du siège social. Capital : 87 660 200 F. Date d'effet : 30 novembre 1998.
Hide	11/08/1998	Bodacc B	Modifications et mutations diverses
RCS Vesoul-Gray B 400 869 277 RC 95-B 33 T EUROSERUM. Forme : S.A. Capital : 77 921 200 F. Adresse du siège social : route de Luxeuil-les-Bains 70170 Port- sur-Saone. Administration : ancien président et membre du conseil de surveillance : BOUCHARD (Claude). Nouveau président du conseil de surveillance : SCHUTZ (René), ancien vice-président du conseil de surveillance. Nouveau vice-président du conseil de surveillance : LEYGUES ( Rolland). Anciens membres du conseil de surveillance : STE SCHMITLIN, représentée par SIMARD (Lucien) CENTRALE LAITIERE DE FRANCHE-COMTE, représentée par SOMMER (Jean) SODIALL S.A., représentée par DOREMUS (Patrick) et CEDILAC S.A., représentée par MOUTIN (Yves). Date d'effet : 28 janvier 1998.
Hide	25/06/1998	Bodacc B	Modifications et mutations diverses
RCS Vesoul-Gray B 400 869 277 RC 95-B 33T EUROSERUM. Forme : S.A. à directoire. Capital : 77 921 200 F (fixe). Adresse du siège social : route de Luxeuil-les- Bains, 70170 Port-sur-Saone. Commentaires : transfert à titre universel du patrimoine de la S.I.C.A. STATION D'EPURATION, Port d'Asnières dont le siège social était à 71118 Saint-Martin-Belle-Roche en faveur de son associé unique la société EUROSERUM à 71118 Saint-Martin-de-Belle-Roche, elle meme ayant été absorbée par EUROSERUM, 70170 Port-sur-Saone.
Hide	12/03/1998	Bodacc A	Création d'établissement
RCS Vesoul B 400 869 277 EUROSERUM S.A. Forme : S.A. à directoire. Adresse du siège social : route de Luxeuil-les- Bains, 70170 Port-sur-Saone Fonds secondaire acquis par apport net arrondi au montant évalué à 18 000 000 de F ETABLISSEMENT SECONDAIRE RC Macon 97-B 183. Activité : transformation, traitement et sèchage du lait , ses dérivés et sous-produits et activités de sèchage en général. Adresse : 71118 Saint-Martin-Belle-Roche Date de début d'activité: 24 octobre 1997 Précédente propriétaire EURO SERUM. RCS Macon B 380 425 058 RC 91-B 7 Publication légale: Le Journal de Saone-et-Loire du 30 octobre 1997 déclaration de créances: au greffe du tribunal de commerce de Macon.
Hide	05/03/1998	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Vesoul-Gray B 400 869 277 RC 95-B-33T EUROSERUM. Forme : S.A. à directoire. Capital : 70 250 000 F (fixe). Adresse : route de Luxeuil-les-Bains, 70170 Port- sur-Saone Nouvelle situation du siège social. Capital : 77 921 000 F. Commentaires : augmentation du capital porté à 77 921 000 F, résultant de la fusion par absorption de la société EUROSERUM de Saint-Martin-Belle-Roche par la société EUROSERUM de 70170 Port- sur-Saone. Date d'effet : 2 décembre 1997.
Hide	31/12/1997	Bodacc B	Modifications et mutations diverses
RCS Vesoul B 400 869 277 RC 95-B 33 EUROSERUM. Forme : S.A. à directoire et conseil de surveillance. Capital : 70 250 000 F (fixe). Adresse du siège social : route de Luxeuil-les-Bains, 70170 Port- sur-Saone. Administration : ancien vice- président du conseil de surveillance : MERGEZ (François) nouveau vice- président du conseil de surveillance : SCHUTZ (René). Date d'effet : 2 octobre 1997.
Hide	15/04/1997	Bodacc B	Modifications et mutations diverses
RCS Vesoul B 400 869 277 RC 95-B 33 EUROSERUM. Forme : S.A. à directoire et conseil de surveillance. Capital : 70 250 000 F (fixe). Adresse du siège social : route de Luxeuil Les Bains, 70170 Port- sur-Saone. Administration : ancien membre du conseil de surveillance : GANDY ( Dominique) nouveau membre du conseil de surveillnce : GIROUD (Bernard). Date d'effet : 12 décembre 1996.
Hide	14/08/1996	Bodacc A	Création d'établissement
RCS Vesoul B 400 869 277 A dater du: 7 février 1996 EUROSERUM. Forme : S.A. Adresse du siège social : route de Luxeuil Les Bains, 70170 Port-sur- Saone Fonds secondaire acquis par achat, au prix stipulé de 11 425 000 F ETABLISSEMENT SECONDAIRE RC Metz 96-B 88. Activité : séchage de lait , lactoserum et tous autres produits. Adresse : rue de la Laiterie, 57670 Bénestroff Date de début d'activité: 28 décembre 1995 Précédente propriétaire- exploitante SODIAVIT S.A. RCS B 353 674 542 RC 90-B 147 Publication légale: Le Républicain Lorrain du 29 décembre 1995. Oppositions : Me Schneider, 17 rue Dufays, 57170 Chateau Salins.
Hide	03/07/1996	Bodacc B	Modifications et mutations diverses
RCS Vesoul B 400 869 277 RC 95-B 33 EUROSERUM. Forme : S.A. à directoire et conseil de surveillance. Capital : 70 250 000 F. Adresse du siège social : route de Luxeuil-les-Bains 70170 Port-sur-Saone. Commentaires : transfert à titre universel en faveur d'EUROSERUM, des biens de la STE EUROSERUM LORRAINE ALSACE,. RCS Metz B 393 580 311. Date d'effet : 31 décembre 1995.
Hide	09/03/1996	Bodacc B	Modifications et mutations diverses
RCS Vesoul B 400 869 277 RC 95-B 33 EUROSERUM. Forme : S.A. à directoire et conseil de surveillance. Capital : 70 250 000 F. Adresse du siège social : route de Luxeuil-les-Bains 70170 Port-sur-Saone. Administration : président du directoire MAZURAY (Christian), ancien directeur général. Nouveaux membres du conseil de surveillance : S.A. LAITIERE DES HAUTS DE SAVOIE, représentée par PANEVIERE ( Jean-Jacques) CENTRALE LAITIERE DE FRANCHE-COMTE-UNION DE COOPERATIVES AGRICOLES, représentée par SOMMET (Jean) FROMAGERE DE LAVANS VUILLAFANS COOPERATIVE AGRICOLE, représentée par BONNEFOY (Claude) UNION DE COOPERATIVES AGRICOLES SODIAAL, représentée par LUCIOT (Jean-Pierre) S.A. MILLERET, représentée par MILLERET (Jacques) COOPERATIVE AGRICOLE LAITIERE LUXORIO, représentée par SIMARD (Lucien) S.A. LES FROMAGES SAVOYARDS, représentée par MOREL ( Etienne). Membres du directoire : JOURNET (Bernard) JACQUEL (Michel) GANDY (Dominique) et BRZUSCZAK (Robert). Date d'effet : 25 juillet 1995.
Hide	21/11/1995	Bodacc A	Création d'établissement
Ancienne situation du siège social. RCS Vesoul B 400 869 277 RC 95-B 33 EUROSERUM. Forme : S.A. à directoire et conseil de surveillance. Capital : 250 000 F (fixe). Adresse : route de Luxeuil- les-Bains, 70170 Port-sur-Saone. Activité : activité commerciale et industrielle de transformation, traitement et séchage du lait et de ses sous-produits Nouvelle situation du siège social. Capital : 70 250 000 F Branche d'activité acquise par apport, au montant évalué 70 000 000 de F. Date d'effet : 30 avril 1995 Précédente propriétaire S.I.C.A. FRANCHE-COMTE SERUM. RCS B 303 228 597 Publication légale: les Affiches de la Haute-Saone du 28 juillet 1995. Oppositions : au siège de la société.
Hide	18/08/1995	Bodacc A	Création d'établissement
RCS. RCS Vesoul B 400 869 277 A dater du: 28 avril 1995 RC RC 95-B 33 EUROSERUM. Forme : S.A. à directoire et conseil de surveillance. Capital : 250 000 F (fixe). Adresse du siège social : route de Luxeuil-les-Bains 70170 Port-sur-Saone. Administration : président du conseil de surveillance : BOUCHARD (Claude) Vice- président du conseil de surveillance : MERGEZ (François). Directeur général : MAZURAY (Christian). Membre du conseil de surveillance : BRAUX (Denis). Commissaire aux comptes titulaire : CABINET SERECO. Commissaire aux comptes titulaire : CABINET SERECO. Commissaire aux comptes suppléant : ZERUBIA (Michel) Cette société se constitue Etablissement principal: Activité : transformation, traitement et séchage du lait de ses dérivés et sous-produits. Adresse : route de Luxeuil-les-Bains 70170 Port-sur-Saone Date de début d' activité: 1er juillet 1995.

Company events history

Date	Description
15/02/2018	Bodacc B: Various editing or changing
07/02/2018	Legal Gazette: Resignation / Revocation of the social representative
05/02/2018	New chairman (CEO, CoB)
05/02/2018	Amendment
06/12/2017	Legal Gazette: Appointment of the social representative
24/11/2017	Bodacc B: Various editing or changing
14/11/2017	New chairman (CEO, CoB)
14/11/2017	Amendment
01/09/2017	Bodacc B: Various editing or changing
24/08/2017	Minutes of general meeting of shareholders
31/03/2017	Bodacc C : Deposit accounts notice
25/03/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
16/03/2017	Bodacc A : Sale and transfer
17/02/2017	Bodacc B: Various editing or changing
09/02/2017	Legal Gazette: Resignation / Revocation of the social representative
08/02/2017	Amendment
08/02/2017	New chairman (CEO, CoB)
04/01/2017	Legal Gazette: Appointment of the social representative
30/11/2016	Legal Gazette: End of rent-management
01/07/2016	Minutes of general meeting of shareholders
01/07/2016	Updated articles of association
31/12/2015	New accounts available
24/11/2015	Bodacc C : Deposit accounts notice
18/11/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
21/10/2015	Bodacc B: Various editing or changing
05/10/2015	Minutes of general meeting of shareholders
05/08/2015	Bodacc B: Various editing or changing
21/07/2015	Declaration of conformity
21/07/2015	Minutes of general meeting of shareholders
21/07/2015	Merger
03/05/2015	Bodacc A : Sale and transfer
22/04/2015	Planned merger
22/04/2015	Merger
03/04/2015	Disengagement in other companies
13/03/2015	Legal Gazette: Head Office Transfer
11/03/2015	Minutes of general meeting of shareholders
11/03/2015	Updated articles of association
04/02/2015	Bodacc B: Various editing or changing
26/01/2015	Bodacc C : Deposit accounts notice
21/01/2015	Minutes of general meeting of shareholders
21/01/2015	Declaration of conformity
21/01/2015	Merger
31/12/2014	New accounts available
30/10/2014	Bodacc A : Sale and transfer
17/10/2014	Planned merger
21/02/2014	Bodacc C : Deposit accounts notice
18/02/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
19/03/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2012	New accounts available
01/12/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
25/10/2012	Bodacc C : Deposit accounts notice
01/06/2012	Update of participations in other companies
01/06/2012	New shareholders detected
01/06/2012	New subsidiarie(s) detected
01/06/2012	New ultimate parent
14/01/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
02/01/2012	Bodacc C : Deposit accounts notice
31/12/2011	New accounts available
03/06/2011	New subsidiarie(s) detected
03/06/2011	New ultimate parent
23/02/2011	Bodacc B: Various editing or changing
15/02/2011	Legal Gazette: End of rent-management
09/02/2011	Minutes of general meeting of shareholders
04/02/2011	Legal Gazette: Resignation / Revocation of the social representative
31/12/2010	New accounts available
02/09/2010	Bodacc C : Deposit accounts notice
03/05/2010	New ultimate parent
31/12/2009	New accounts available
30/07/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
28/11/2008	Bodacc C : Deposit accounts notice
20/06/2008	Bodacc B: Various editing or changing
20/06/2008	New Bodacc B ads detected
05/05/2008	Modification of Establishment Activity
14/03/2008	Other modification of Establishment
05/03/2008	Other modification of Establishment
31/12/2007	New accounts available
18/12/2007	Collection of preferential rights activated for this company
31/12/2006	New accounts available
31/12/2005	New accounts available
26/01/2005	Capital increase
26/01/2005	Capital reduction
26/01/2005	Declaration of conformity
26/01/2005	Minutes of general meeting of shareholders
26/01/2005	Private document
26/01/2005	Updated articles of association
26/01/2005	Amendment
26/01/2005	Merger
31/12/2004	New accounts available
09/12/2004	Amendment
09/12/2004	Audit or Management Report
09/12/2004	Private document
15/11/2004	Planned merger
15/11/2004	Private document
15/11/2004	Amendment
29/09/2004	Private document
29/09/2004	Minutes of Board meeting
29/09/2004	Changes to the Board of Directors
29/09/2004	Audit or Management Report
29/09/2004	Appointment/resignation of company officers
29/09/2004	Amendment
29/09/2004	New legal form – new category
29/09/2004	Updated articles of association
29/09/2004	New legal form – no new category
29/09/2004	Minutes of general meeting of shareholders
11/02/2004	Amendment
11/02/2004	Capital increase
11/02/2004	Minutes of Board meeting
11/02/2004	Minutes of general meeting of shareholders
11/02/2004	Private document
11/02/2004	Updated articles of association
31/12/2003	New accounts available
16/05/2003	Private document
16/05/2003	New chairman (CEO, CoB)
16/05/2003	Minutes of Board meeting
16/05/2003	Amendment
16/05/2003	Appointment/resignation of company officers
16/05/2003	Changes to the Board of Directors
13/01/2003	Private document
13/01/2003	Minutes of general meeting of shareholders
13/01/2003	Minutes of Board meeting
13/01/2003	Capital increase
13/01/2003	Updated articles of association
19/02/2002	Conversion of equity to euro
19/02/2002	Updated articles of association
19/02/2002	Minutes of general meeting of shareholders
19/02/2002	Private document
19/02/2002	Capital increase
15/11/2001	Changes to the Board of Directors
15/11/2001	Amendment
15/11/2001	Minutes of Board meeting
15/11/2001	Minutes of general meeting of shareholders
15/11/2001	New auditor
15/11/2001	New chairman (CEO, CoB)
15/11/2001	Private document
15/11/2001	Appointment/resignation of company officers
29/11/2000	Private document
29/11/2000	New legal form – new category
29/11/2000	Minutes of general meeting of shareholders
29/11/2000	Minutes of Board meeting
29/11/2000	Updated articles of association
29/11/2000	Change to the administration of a public limited company
29/11/2000	Appointment/resignation of company officers
29/11/2000	Amendment
29/11/2000	Changes to the Board of Directors
23/02/1999	Amendment
23/02/1999	Private document
23/02/1999	Minutes of general meeting of shareholders
23/02/1999	Appointment/resignation of company officers
22/01/1999	Amendment
22/01/1999	Minutes of general meeting of shareholders
22/01/1999	Private document
22/01/1999	Updated articles of association
22/01/1999	Capital increase
23/11/1998	Audit or Management Report
23/11/1998	Private document
19/11/1998	Private document
19/11/1998	Audit or Management Report
19/11/1998	Amendment
23/06/1998	Amendment
23/06/1998	Appointment/resignation of company officers
23/06/1998	Minutes of general meeting of shareholders
23/06/1998	Private document
06/04/1998	Minutes of general meeting of shareholders
06/04/1998	Private document
06/04/1998	Amendment
20/01/1998	Declaration of conformity
20/01/1998	Capital increase
20/01/1998	Amendment
20/01/1998	Merger
20/01/1998	Private document
20/01/1998	Updated articles of association
20/01/1998	Minutes of general meeting of shareholders
25/11/1997	Appointment/resignation of company officers
25/11/1997	Minutes of general meeting of shareholders
25/11/1997	Private document
17/11/1997	Audit or Management Report
17/11/1997	Private document
24/10/1997	Planned merger
24/10/1997	Private document
13/03/1997	Minutes of general meeting of shareholders
13/03/1997	Private document
13/03/1997	Appointment/resignation of company officers
31/12/1996	Minutes of Board meeting
31/12/1996	Appointment/resignation of company officers
31/12/1996	Amendment
31/12/1996	Private document
05/04/1996	Minutes of Board meeting
21/11/1995	Appointment/resignation of company officers
21/11/1995	Capital increase
21/11/1995	Minutes of Board meeting
21/11/1995	Minutes of general meeting of shareholders
21/11/1995	Changes to the Board of Directors
18/09/1995	Capital increase
18/09/1995	Minutes of general meeting of shareholders
18/09/1995	Updated articles of association
24/07/1995	Amendment
30/06/1995	Private document
30/06/1995	Merger
11/05/1995	Appointment/resignation of company officers
11/05/1995	Articles of association
11/05/1995	Company formation
11/05/1995	Minutes of Board meeting
11/05/1995	Private document

Establishment events history

Date	Description
05/09/2015	Update of phone numbers
30/06/2015	Modification of Head office
21/03/2015	Update of phone numbers
07/02/2015	Update of phone numbers
01/01/2015	Modification of Head office
25/12/2014	Update of phone numbers
14/03/2008	Modification of Head office
05/03/2008	Modification of Head office

Financials

Synthesized Accounts

Annual Accounts

	31/12/2015	31/12/2014	31/12/2012
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	24/03/2017	17/11/2015	09/02/2014
Activity Code	1051D	1051D	1051D
Employees	576	537	0

Active account

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Capital not called	0 0 K	0%	0 0 K	0%	0 0 K	0.00 0.00 K	0%	0 0 K	0%
Total fixed assets	101,217,125 101,217 K	11.0%	91,148,593 91,149 K	62.2%	56,210,836 56,211 K	8,835,768.66 8,835.77 K	1045.5%	83,039 83 K	121791.1%
Intangible assets	350,461 350 K	-30.2%	501,793 502 K	-85.5%	3,472,070 3,472 K	302,688.30 302.69 K	15.8%	221 0 K	158479.6%
Tangible assets	94,149,315 94,149 K	11.8%	84,182,595 84,183 K	94.0%	43,403,837 43,404 K	8,221,443.68 8,221.44 K	1045.2%	56,453 56 K	166674.7%
Financial assets	6,717,348 6,717 K	3.9%	6,464,205 6,464 K	-30.8%	9,334,929 9,335 K	311,820.53 311.82 K	2054.2%	1,932 2 K	347588.8%
Net current assets	94,583,419 94,583 K	-23.9%	124,272,213 124,272 K	-17.6%	150,872,443 150,872 K	13,086,042.79 13,086.04 K	622.8%	393,549 394 K	23933.5%
Stocks	47,229,264 47,229 K	-26.3%	64,120,311 64,120 K	6.9%	59,971,728 59,972 K	6,331,834.40 6,331.83 K	645.9%	47,511 48 K	99307.0%
Advanced payments	364,721 365 K	-28.6%	510,914 511 K	0%	0 0 K	11,159.81 11.16 K	3168.2%	0 0 K	0%
Receivables	46,183,770 46,184 K	-21.2%	58,574,399 58,574 K	-34.4%	89,330,254 89,330 K	6,013,417.60 6,013.42 K	668.0%	174,834 175 K	26315.8%
Securities and cash	805,663 806 K	-24.5%	1,066,589 1,067 K	-32.1%	1,570,461 1,570 K	729,179.19 729.18 K	10.5%	11,506 12 K	6902.1%
Prepaid expenses	- -	-	- -	-	- -	1,768.42 1.77 K	-	819 1 K	-
Accounts of regularization	484,883 485 K	16.8%	415,079 415 K	-45.8%	766,089 766 K	41,343.20 41.34 K	1072.8%	0 0 K	0%
Total Assets	196,285,426 196,285 K	-9.1%	215,835,886 215,836 K	3.8%	207,849,369 207,849 K	21,952,599.02 21,952.60 K	794.1%	747,939 748 K	26143.5%

Passive Account

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Shareholders' equity	66,457,217 66,457 K	2.4%	64,928,668 64,929 K	-15.4%	76,756,462 76,756 K	7,156,684.89 7,156.68 K	828.6%	82,440 82 K	80512.8%
Share capital	18,560,928 18,561 K	0%	18,560,928 18,561 K	0%	18,560,928 18,561 K	2,885,528.28 2,885.53 K	543.2%	20,000 20 K	92704.6%
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	4,857.14 4.86 K	0%	0 0 K	0%
Risk Provisions	3,897,589 3,898 K	17.5%	3,315,736 3,316 K	-31.5%	4,840,383 4,840 K	232,983.96 232.98 K	1572.9%	0 0 K	0%
Liabilities	125,868,489 125,868 K	-14.4%	146,989,451 146,989 K	17.1%	125,500,916 125,501 K	14,542,408.57 14,542.41 K	765.5%	738,383 738 K	16946.5%
Financial liabilities	53,360,806 53,361 K	-3.5%	55,320,956 55,321 K	32.0%	41,905,929 41,906 K	7,881,364.21 7,881.36 K	577.1%	58,016 58 K	91876.0%
Advanced payments received	1,693,477 1,693 K	18.3%	1,431,943 1,432 K	377.3%	300,000 300 K	40,211.15 40.21 K	4111.5%	0 0 K	0%
Trade account payables	49,438,215 49,438 K	-14.6%	57,912,672 57,913 K	0.4%	57,655,949 57,656 K	4,601,489.23 4,601.49 K	974.4%	241,934 242 K	20334.6%
Tax and social liabilities	10,497,032 10,497 K	24.9%	8,403,339 8,403 K	-10.3%	9,367,271 9,367 K	1,468,874.54 1,468.87 K	614.6%	233,824 234 K	4389.3%
Other debts and fixed assets liabilities	8,942,847 8,943 K	-54.0%	19,430,957 19,431 K	28.8%	15,081,317 15,081 K	895,119.28 895.12 K	899.1%	17,647 18 K	50576.3%
Account regularization	1,998,243 1,998 K	-60.8%	5,091,614 5,092 K	162.2%	1,942,056 1,942 K	63,498.71 63.50 K	3046.9%	0 0 K	0%
Total liabilities	196,285,426 196,285 K	-9.1%	215,835,886 215,836 K	3.8%	207,849,368 207,849 K	21,952,599.15 21,952.60 K	794.1%	747,940 748 K	26143.5%

Results

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Sales of Goods	427,595,537 427,596 K	-14.8%	501,706,120 501,706 K	8.1%	464,081,011 464,081 K	45,810,695.30 45,810.70 K	833.4%	1,078,075 1,078 K	39562.9%
Net turnover	436,493,204 436,493 K	-12.6%	499,539,557 499,540 K	11.4%	448,228,608 448,229 K	45,381,146.45 45,381.15 K	861.8%	919,388 919 K	47376.5%
of which net export turnover	286,693,487 286,693 K	-21.9%	366,990,374 366,990 K	7.1%	342,678,637 342,679 K	19,981,896.00 19,981.90 K	1334.8%	0 0 K	0%
Operating charges	424,722,376 424,722 K	-18.6%	521,630,833 521,631 K	17.6%	443,439,329 443,439 K	45,132,613.87 45,132.61 K	841.1%	1,069,439 1,069 K	39614.5%
Operating profit/loss	2,873,160 2,873 K	114.4%	-19,924,713 -19,925 K	-196.5%	20,641,682 20,642 K	678,081.28 678.08 K	323.7%	13,720 14 K	20841.4%
Financial income	3,574,397 3,574 K	15.9%	3,085,045 3,085 K	-58.7%	7,467,848 7,468 K	90,642.17 90.64 K	3843.4%	22 0 K	16247159.1%
Financial charges	5,446,861 5,447 K	30.4%	4,178,196 4,178 K	33.7%	3,125,180 3,125 K	261,899.09 261.90 K	1979.8%	10,756 11 K	50540.2%
Financial profit/loss	-1,872,463 -1,872 K	-71.3%	-1,093,151 -1,093 K	-125.2%	4,342,668 4,343 K	-171,256.87 -171.26 K	-993.4%	-2,330 -2 K	-80263.2%
Pretax net operating income	1,000,697 1,001 K	104.8%	-21,017,864 -21,018 K	-184.1%	24,984,350 24,984 K	251,540.98 251.54 K	297.8%	3,682 4 K	27078.1%
Extraordinary income	1,281,834 1,282 K	0.1%	1,280,312 1,280 K	-63.8%	3,534,193 3,534 K	133,834.40 133.83 K	857.8%	4,560 5 K	28010.4%
Extraordinary charges	1,505,611 1,506 K	-83.4%	9,094,229 9,094 K	-4.6%	9,532,662 9,533 K	182,315.04 182.32 K	725.8%	353 0 K	426418.7%
Extraordinary profit/loss	-223,776 -224 K	97.1%	-7,813,917 -7,814 K	-30.3%	-5,998,469 -5,998 K	-48,480.60 -48.48 K	-361.6%	0 0 K	0%
Net result	1,124,197 1,124 K	104.1%	-27,682,294 -27,682 K	-338.6%	11,603,067 11,603 K	66,423.98 66.42 K	1592.5%	1,988 2 K	56449.1%

Accounts - Active

Normal Account

	31/12/2015	31/12/2014	31/12/2012
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Grand Total (I to VI)	Net	196,285,426 196,285 K	-9.1%	215,835,886 215,836 K	3.8%	207,849,369 207,849 K
Gross	CO	280,871,327 280,871 K	-2.1%	286,840,105 286,840 K	9.6%	261,696,344 261,696 K
Amortisation	1A	84,585,901 84,586 K	19.1%	71,004,220 71,004 K	31.9%	53,846,975 53,847 K

Non declared distributed capital (I)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Non declared distributed capital (I)	AA3	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AA	0 0 K	0%	0 0 K	0%	0 0 K

Active fixed asset (II)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total Active fixed asset (II)	Net	101,217,125 101,217 K	11.0%	91,148,593 91,149 K	62.2%	56,210,836 56,211 K
Gross	BJ	179,003,481 179,003 K	15.2%	155,401,305 155,401 K	48.1%	104,903,072 104,903 K
Amortisation	BK	77,786,356 77,786 K	21.1%	64,252,712 64,253 K	32.0%	48,692,236 48,692 K

Intangible fixed assets

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Start-up cost	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AC	0 0 K	0%	0 0 K	0%	0 0 K
R&D expenses	Net	0 0 K	0%	0 0 K	0%	554 1 K
Gross	CX	125,843 126 K	0%	125,843 126 K	0%	125,843 126 K
Amortisation	CQ	125,843 126 K	0%	125,843 126 K	0.4%	125,289 125 K
Distributorships, patents	Net	134,318 134 K	-33.6%	202,318 202 K	-61.8%	529,679 530 K
Gross	AF	1,203,010 1,203 K	1.1%	1,189,747 1,190 K	-9.6%	1,315,678 1,316 K
Amortisation	AG	1,068,692 1,069 K	8.2%	987,429 987 K	25.6%	785,999 786 K
Goodwill	Net	13,720 14 K	0%	0 0 K	0%	0 0 K
Gross	AH	875,512 876 K	1.6%	861,792 862 K	0%	861,792 862 K
Amortisation	AI	861,792 862 K	0%	861,792 862 K	0%	861,792 862 K
Other intangible fixed assets	Net	0 0 K	0%	299,475 299 K	-89.6%	2,888,394 2,888 K
Gross	AJ	0 0 K	0%	299,475 299 K	-89.6%	2,888,394 2,888 K
Amortisation	AK	0 0 K	0%	0 0 K	0%	0 0 K
Pre-payments and downpayments	Net	202,423 202 K	0%	0 0 K	0%	53,443 53 K
Gross	AL	202,423 202 K	0%	0 0 K	0%	53,443 53 K
Amortisation	AM	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Intangible asset	Net	350,461 350 K	-30.2%	501,793 502 K	-85.5%	3,472,070 3,472 K

Tangible fixed assets

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Lands	Net	3,007,302 3,007 K	9.0%	2,759,749 2,760 K	40.0%	1,970,586 1,971 K
Gross	AN	4,795,612 4,796 K	19.9%	4,000,151 4,000 K	48.3%	2,697,473 2,697 K
Amortisation	AO	1,788,310 1,788 K	44.2%	1,240,402 1,240 K	70.6%	726,887 727 K
Buildings	Net	16,131,597 16,132 K	10.1%	14,650,733 14,651 K	80.8%	8,101,784 8,102 K
Gross	AP	34,549,156 34,549 K	16.8%	29,573,112 29,573 K	47.2%	20,095,425 20,095 K
Amortisation	AQ	18,417,559 18,418 K	23.4%	14,922,378 14,922 K	24.4%	11,993,641 11,994 K
Plant	Net	47,055,562 47,056 K	2.2%	46,064,613 46,065 K	81.0%	25,447,221 25,447 K
Gross	AR	99,870,594 99,871 K	11.9%	89,246,160 89,246 K	56.5%	57,009,057 57,009 K
Amortisation	AS	52,815,031 52,815 K	22.3%	43,181,547 43,182 K	36.8%	31,561,836 31,562 K
Other tangible fixed assets	Net	146,414 146 K	-11.2%	164,920 165 K	109.9%	78,555 79 K
Gross	AT	826,966 827 K	3.4%	799,790 800 K	30.1%	614,775 615 K
Amortisation	AU	680,552 681 K	7.2%	634,870 635 K	18.4%	536,220 536 K
Fixed assets in construction	Net	27,808,440 27,808 K	35.4%	20,542,580 20,543 K	163.2%	7,805,691 7,806 K
Gross	AV	27,808,440 27,808 K	35.4%	20,542,580 20,543 K	163.2%	7,805,691 7,806 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	94,149,315 94,149 K	11.8%	84,182,595 84,183 K	94.0%	43,403,837 43,404 K

Financial assets

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Associates at equity	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CS	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CT	0 0 K	0%	0 0 K	0%	0 0 K
Other participations	Net	6,592,481 6,592 K	2.8%	6,414,977 6,415 K	-31.1%	9,310,902 9,311 K
Gross	CU	8,621,058 8,621 K	-1.1%	8,713,428 8,713 K	-23.6%	11,411,474 11,411 K
Amortisation	CV	2,028,577 2,029 K	-11.7%	2,298,451 2,298 K	9.4%	2,100,572 2,101 K
Inter-company receivables	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BC	0 0 K	0%	0 0 K	0%	0 0 K
Other investment securities	Net	4,245 4 K	13.2%	3,751 4 K	18.3%	3,171 3 K
Gross	BD	4,245 4 K	13.2%	3,751 4 K	18.3%	3,171 3 K
Amortisation	BE	0 0 K	0%	0 0 K	0%	0 0 K
Loans	Net	89,390 89 K	0%	0 0 K	0%	2,736 3 K
Gross	BF	89,390 89 K	0%	0 0 K	0%	2,736 3 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	31,232 31 K	-31.3%	45,477 45 K	151.0%	18,120 18 K
Gross	BH	31,232 31 K	-31.3%	45,477 45 K	151.0%	18,120 18 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	6,717,348 6,717 K	3.9%	6,464,205 6,464 K	-30.8%	9,334,929 9,335 K

Current Assets (III)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total Current Assets	Net	94,583,419 94,583 K	-23.9%	124,272,213 124,272 K	-17.6%	150,872,443 150,872 K
Gross	CJ	101,382,963 101,383 K	-22.6%	131,023,721 131,024 K	-16.0%	156,027,184 156,027 K
Amortisation	CK	6,799,545 6,800 K	0.7%	6,751,508 6,752 K	31.0%	5,154,741 5,155 K

Stocks

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Raw materials	Net	6,099,628 6,100 K	-7.4%	6,585,864 6,586 K	21.0%	5,442,594 5,443 K
Gross	BL	6,131,738 6,132 K	-7.3%	6,615,864 6,616 K	21.6%	5,442,594 5,443 K
Amortisation	BM	32,110 32 K	7.0%	30,000 30 K	0%	0 0 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	41,129,636 41,130 K	-28.5%	57,534,447 57,534 K	5.5%	54,529,134 54,529 K
Gross	BR	47,586,822 47,587 K	-25.9%	64,209,605 64,210 K	7.7%	59,620,725 59,621 K
Amortisation	BS	6,457,186 6,457 K	-3.3%	6,675,158 6,675 K	31.1%	5,091,591 5,092 K
Goods for resale	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BT	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BU	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Stocks	Net	47,229,264 47,229 K	-26.3%	64,120,311 64,120 K	6.9%	59,971,728 59,972 K

Advance payments to suppliers

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Advance payments to suppliers	Net	364,721 365 K	-28.6%	510,914 511 K	0%	0 0 K
Gross	BV	364,721 365 K	-28.6%	510,914 511 K	0%	0 0 K
Amortisation	BW	0 0 K	0%	0 0 K	0%	0 0 K

Debtors

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Trade accounts receivable	Net	25,443,857 25,444 K	-23.3%	33,167,000 33,167 K	-40.3%	55,525,652 55,526 K
Gross	BX	25,754,106 25,754 K	-22.5%	33,213,350 33,213 K	-40.3%	55,588,802 55,589 K
Amortisation	BY	310,249 310 K	569.4%	46,350 46 K	-26.6%	63,150 63 K
Other debtors	Net	20,582,297 20,582 K	-18.4%	25,237,716 25,238 K	-25.1%	33,708,472 33,708 K
Gross	BZ	20,582,297 20,582 K	-18.4%	25,237,716 25,238 K	-25.1%	33,708,472 33,708 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	46,026,154 46,026 K	-21.2%	58,404,716 58,405 K	-34.5%	89,234,124 89,234 K

Divers

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CE	0 0 K	0%	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	805,663 806 K	-24.5%	1,066,589 1,067 K	-32.1%	1,570,461 1,570 K
Gross	CF	805,663 806 K	-24.5%	1,066,589 1,067 K	-32.1%	1,570,461 1,570 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	805,663 806 K	-24.5%	1,066,589 1,067 K	-32.1%	1,570,461 1,570 K

Prepaid expenses

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Prepaid expenses	Net	157,616 158 K	-7.1%	169,683 170 K	76.5%	96,130 96 K
Gross	CH	157,616 158 K	-7.1%	169,683 170 K	76.5%	96,130 96 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Expenses of loan issue to be spread	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	484,883 485 K	16.8%	415,079 415 K	-45.8%	766,089 766 K
Gross		484,883 485 K	16.8%	415,079 415 K	-45.8%	766,089 766 K

References

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Due within one year	CP	0 0 K	0%	0 0 K	0%	0 0 K
Due after one year	CR	430,871 431 K	0%	0 0 K	0%	0 0 K

Accounts - Passive

Grand Total - Passive Accounts (I to V)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Grand Total (I to V)	EE	196,285,426 196,285 K	-9.1%	215,835,886 215,836 K	3.8%	207,849,368 207,849 K

Shareholder Equity (I)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total shareholders' equity (Total I)	DL	66,457,217 66,457 K	2.4%	64,928,668 64,929 K	-15.4%	76,756,462 76,756 K
Equity and shareholders' equity	DA	18,560,928 18,561 K	0%	18,560,928 18,561 K	0%	18,560,928 18,561 K
Issue and merger premiums	DB	3,408,068 3,408 K	0%	3,408,068 3,408 K	0%	3,408,068 3,408 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	1,949,906 1,950 K	0%	1,949,906 1,950 K	0%	1,949,906 1,950 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	530,057 530 K	0%	530,057 530 K	0%	530,057 530 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	16,968,891 16,969 K	-62.0%	44,701,171 44,701 K	74.8%	25,573,706 25,574 K
Profit or loss for the period	DI	1,124,197 1,124 K	104.1%	-27,682,294 -27,682 K	-338.6%	11,603,067 11,603 K
Investment grants	DJ	946,653 947 K	92.2%	492,642 493 K	53.1%	321,849 322 K
Special tax-allowable reserves	DK	22,968,517 22,969 K	0.0%	22,968,189 22,968 K	55.1%	14,808,881 14,809 K

Other capital resources (II)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total other capital resources (Total II)	DO	0 0 K	0%	0 0 K	0%	0 0 K
Income from participating securities	DM	0 0 K	0%	0 0 K	0%	0 0 K
Conditional loans	DN	0 0 K	0%	0 0 K	0%	0 0 K

Provisions for risks and charges (III)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total provisions for risks and charges (Total III)	DR	3,897,589 3,898 K	17.5%	3,315,736 3,316 K	-31.5%	4,840,383 4,840 K
Risk provisions	DP	1,919,490 1,919 K	20.4%	1,594,910 1,595 K	-54.6%	3,510,868 3,511 K
Reserves for charges	DQ	1,978,098 1,978 K	15.0%	1,720,826 1,721 K	29.4%	1,329,515 1,330 K

Liabilities (IV)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total Liabilities (Total IV)	EC	125,868,489 125,868 K	-14.4%	146,989,451 146,989 K	17.1%	125,500,916 125,501 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	342,213 342 K	-24.3%	451,981 452 K	-98.9%	40,950,146 40,950 K
Sundry loans and financial liabilities	DV	53,018,593 53,019 K	-3.4%	54,868,975 54,869 K	5640.7%	955,783 956 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	1,693,477 1,693 K	18.3%	1,431,943 1,432 K	377.3%	300,000 300 K
Trade accounts payables	DX	49,438,215 49,438 K	-14.6%	57,912,672 57,913 K	0.4%	57,655,949 57,656 K
Tax and social security liabilities	DY	10,497,032 10,497 K	24.9%	8,403,339 8,403 K	-10.3%	9,367,271 9,367 K
Fixed asset liabilities	DZ	7,468,771 7,469 K	-56.4%	17,114,750 17,115 K	114.4%	7,980,790 7,981 K
Other debts	EA	1,411,944 1,412 K	-17.6%	1,714,176 1,714 K	-73.0%	6,348,921 6,349 K

Translation loss (V)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Translation loss (Total V)	ED	62,132 62 K	-89.7%	602,031 602 K	-19.9%	751,606 752 K

Equalization accounts

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Deferred income	EB	1,998,243 1,998 K	-60.8%	5,091,614 5,092 K	162.2%	1,942,056 1,942 K

References

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	123,962,180 123,962 K	0%	0 0 K	0%	0 0 K
Of which current bank facilities	EH	132,213 132 K	0%	0 0 K	0%	0 0 K

Result account

1 - Operating result (I-II)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Operating result (Total I-II)	GG	2,873,160 2,873 K	114.4%	-19,924,713 -19,925 K	-196.5%	20,641,682 20,642 K

2 - Financial result (V-VI)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Financial result (Total V-VI)	GV	-1,872,463 -1,872 K	-71.3%	-1,093,151 -1,093 K	-125.2%	4,342,668 4,343 K

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

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	1,000,697 1,001 K	104.8%	-21,017,864 -21,018 K	-184.1%	24,984,350 24,984 K

4 - Extraordinary result (VII-VIII)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Extraordinary result (Total VII-VIII)	HI	-223,776 -224 K	97.1%	-7,813,917 -7,814 K	-30.3%	-5,998,469 -5,998 K

Profit or loss

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Profit or loss	HN	1,124,197 1,124 K	104.1%	-27,682,294 -27,682 K	-338.6%	11,603,067 11,603 K

Total Income (I+III+V+VII)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total Income (Total I+III+V+VII)	HL	432,451,769 432,452 K	-14.5%	506,071,477 506,071 K	6.5%	475,083,052 475,083 K

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

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	431,327,572 431,328 K	-19.2%	533,753,771 533,754 K	15.2%	463,479,982 463,480 K

Operating income (I)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total operating income (Total I)	FR	427,595,537 427,596 K	-14.8%	501,706,120 501,706 K	8.1%	464,081,011 464,081 K

Operating income (details)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Sale of goods for resale	FC	0 0 K	0%	0 0 K	0%	0 0 K
France	FA	0 0 K	0%	0 0 K	0%	0 0 K
Export	FB	0 0 K	0%	0 0 K	0%	0 0 K
Sale of goods produced	FF	426,624,502 426,625 K	-13.3%	491,829,499 491,829 K	12.1%	438,648,156 438,648 K
France	FD	140,764,618 140,765 K	10.7%	127,108,123 127,108 K	30.7%	97,243,324 97,243 K
Export	FE	285,859,884 285,860 K	-21.6%	364,721,376 364,721 K	6.8%	341,404,832 341,405 K
Sale of services	FI	9,868,702 9,869 K	28.0%	7,710,058 7,710 K	-19.5%	9,580,452 9,580 K
France	FG	9,035,099 9,035 K	66.1%	5,441,061 5,441 K	-34.5%	8,306,647 8,307 K
Export	FH	833,602 834 K	-63.3%	2,268,998 2,269 K	78.1%	1,273,805 1,274 K
Net turnover	FL	436,493,204 436,493 K	-12.6%	499,539,557 499,540 K	11.4%	448,228,608 448,229 K
France	FJ	149,799,718 149,800 K	13.0%	132,549,183 132,549 K	25.6%	105,549,971 105,550 K
Export	FK	286,693,487 286,693 K	-21.9%	366,990,374 366,990 K	7.1%	342,678,637 342,679 K
Stocked production	FM	-16,622,783 -16,623 K	-265.2%	-4,551,171 -4,551 K	-137.7%	12,069,248 12,069 K
Self-constructed assets	FN	202,423 202 K	0%	0 0 K	0%	0 0 K
Operating grants	FO	6,250 6 K	22.8%	5,091 5 K	-90.5%	53,477 53 K
Release of reserves and provisions	FP	7,429,410 7,429 K	17.7%	6,312,624 6,313 K	88.6%	3,346,549 3,347 K
Other income	FQ	87,032 87 K	-78.2%	400,019 400 K	4.4%	383,129 383 K

Operating charges (II)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total operating charges (Total II)	GF	424,722,376 424,722 K	-18.6%	521,630,833 521,631 K	17.6%	443,439,329 443,439 K

Exploitation charges

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Purchase of goods for resale	FS	0 0 K	0%	0 0 K	0%	0 0 K
Change in stocks of goods for resale	FT	0 0 K	0%	0 0 K	0%	0 0 K
Purchase of raw materials	FU	295,123,881 295,124 K	-25.6%	396,570,151 396,570 K	16.9%	339,334,032 339,334 K
Change in stocks of raw materials	FV	580,405 580 K	175.6%	-768,001 -768 K	22.8%	-995,153 -995 K
Other external purchases and charges	FW	77,354,101 77,354 K	-2.7%	79,481,708 79,482 K	21.6%	65,384,801 65,385 K
Tax, duty and similar payments	FX	3,783,241 3,783 K	34.7%	2,808,378 2,808 K	-15.2%	3,311,846 3,312 K
Payroll	FY	21,530,392 21,530 K	10.0%	19,579,828 19,580 K	18.2%	16,563,018 16,563 K
Social security costs	FZ	9,839,545 9,840 K	3.7%	9,491,858 9,492 K	19.5%	7,941,637 7,942 K

Depreciation

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Depreciation of fixed assets	GA	7,299,069 7,299 K	13.9%	6,408,329 6,408 K	86.0%	3,445,275 3,445 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	6,721,085 6,721 K	0.7%	6,675,158 6,675 K	31.1%	5,091,591 5,092 K
Provisions for risks and charges	GD	868,927 869 K	-13.0%	998,757 999 K	-59.6%	2,473,653 2,474 K

Other charges

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Other charges	GE	1,621,731 1,622 K	321.6%	384,667 385 K	-56.7%	888,629 889 K

Operating charges (III-IV)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Share of joint-venture transferred to other partner(s) (Total III)	GH	0 0 K	0%	0 0 K	0%	0 0 K
Share of joint venture transferred from other partner(s) (Total IV)	GI	0 0 K	0%	0 0 K	0%	0 0 K

Financial income (V)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total financial income (Total V)	GP	3,574,397 3,574 K	15.9%	3,085,045 3,085 K	-58.7%	7,467,848 7,468 K
Share financial income	GJ	185,692 186 K	6.5%	174,416 174 K	58.5%	110,062 110 K
Other investment income & capitalised receivables	GK	0 0 K	0%	0 0 K	0%	0 0 K
Other interest and similar income	GL	32,289 32 K	-72.4%	116,815 117 K	559.3%	17,719 18 K
Released provisions and transferred charges	GM	269,874 270 K	-59.2%	660,823 661 K	-70.9%	2,273,282 2,273 K
Exchange gains	GN	3,086,542 3,087 K	44.7%	2,132,991 2,133 K	-57.9%	5,066,785 5,067 K
Net income from disposal of investment securities	GO	0 0 K	0%	0 0 K	0%	0 0 K

Financial charge (VI)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total financial charge (Total VI)	GU	5,446,861 5,447 K	30.4%	4,178,196 4,178 K	33.7%	3,125,180 3,125 K
Financial reserves and provisions	GQ	429,999 430 K	-27.9%	596,750 597 K	651.5%	79,411 79 K
Interest and similar charges	GR	1,792,718 1,793 K	25.4%	1,429,979 1,430 K	74.7%	818,644 819 K
Exchange losses	GS	3,224,144 3,224 K	49.9%	2,151,467 2,151 K	-3.4%	2,227,125 2,227 K
Net loss from disposal of investment securities	GT	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary income (VII)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total extraordinary income (Total VII)	HD	1,281,834 1,282 K	0.1%	1,280,312 1,280 K	-63.8%	3,534,193 3,534 K
Extraordinary operating income	HA	2,239 2 K	0%	0 0 K	0%	44,545 45 K
Extraordinary income from capital transactions	HB	865,578 866 K	183.6%	305,202 305 K	-87.6%	2,457,483 2,457 K
Released provisions and transferred charges	HC	414,017 414 K	-57.5%	975,110 975 K	-5.5%	1,032,165 1,032 K

Extraordinary charges (VIII)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total extraordinary charges (Total VIII)	HH	1,505,611 1,506 K	-83.4%	9,094,229 9,094 K	-4.6%	9,532,662 9,533 K
Extraordinary operating charges	HE	3,820 4 K	-99.7%	1,105,409 1,105 K	-52.4%	2,321,236 2,321 K
Extraordinary charges from capital transactions	HF	1,407,585 1,408 K	-45.3%	2,571,399 2,571 K	-43.3%	4,532,766 4,533 K
Extraordinary reserves and provisions	HG	94,206 94 K	-98.3%	5,417,421 5,417 K	102.2%	2,678,660 2,679 K

Employee profit sharing (IX)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Employee profit sharing (Total IX)	HJ	0 0 K	0%	30 0 K	-100.0%	1,141,753 1,142 K

Tax on profits (X)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Tax on profits (Total X)	HK	-347,276 -347 K	69.8%	-1,149,517 -1,150 K	-118.4%	6,241,058 6,241 K

References

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Of which equipment leases	HP	803,909 804 K	0%	0 0 K	0%	0 0 K
Of which property leases	HQ	35,651 36 K	0%	0 0 K	0%	0 0 K
Of which transferred charges	A1	28,223 28 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)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Gross value at begin of period	OG	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	OH	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess, acquisitions, creations, contributions	OJ	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	OK1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	OK2	3,869,446 3,869 K	-8.6%	4,234,370 4,234 K	0%	0 0 K
Gross value at the end of period	OL	179,003,482 179,003 K	15.2%	155,401,305 155,401 K	0%	0 0 K

Research and development Charge (Total I)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Gross value at begin of period	CZ	125,843 126 K	0%	125,843 126 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	125,843 126 K	0%	125,843 126 K	0%	0 0 K

Other budget item from Intangible fixed assets (Total II)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Gross value at begin of period	KD	2,351,013 2,351 K	14.9%	2,045,451 2,045 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	169,707 170 K	-47.5%	323,298 323 K	0%	0 0 K
Decreasess by budget item transfer	LV1	239,775 240 K	2070.5%	11,047 11 K	0%	0 0 K
Decreasess by transfers	LV2	0 0 K	0%	6,689 7 K	0%	0 0 K
Gross value at the end of period	LW	2,280,945 2,281 K	-3.0%	2,351,013 2,351 K	0%	0 0 K

Tangible fixed assets (Total III)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Gross value at begin of period	LN	144,161,792 144,162 K	36.9%	105,295,475 105,295 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	26,537,877 26,538 K	-34.1%	40,299,960 40,300 K	0%	0 0 K
Decreasess by budget item transfer	NG1	-239,775 -240 K	-2070.7%	-11,046 -11 K	0%	0 0 K
Decreasess by transfers	NG2	3,088,675 3,089 K	113.8%	1,444,689 1,445 K	0%	0 0 K
Gross value at the end of period	NH	167,850,769 167,851 K	16.4%	144,161,792 144,162 K	0%	0 0 K

Financial assets (Total IV)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Gross value at begin of period	LQ	8,762,656 8,763 K	-23.4%	11,434,773 11,435 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	764,040 764 K	589.1%	110,876 111 K	0%	0 0 K
Decreasess by budget item transfer	NJ1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NJ2	780,771 781 K	-71.9%	2,782,992 2,783 K	0%	0 0 K
Gross value at the end of period	NK	8,745,925 8,746 K	-0.2%	8,762,657 8,763 K	0%	0 0 K

Reserve for depreciation

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

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Reserve for depreciation value at begin of period	ON	0 0 K	0%	0 0 K	0%	0 0 K
Increases	OP	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	OQ	0 0 K	0%	0 0 K	0%	0 0 K
Reserve for depreciation value at the end of period	OR	0 0 K	0%	0 0 K	0%	0 0 K

Research and development charge (Total I)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Reserve for depreciation value at begin of period	CY	0 0 K	0%	0 0 K	0%	0 0 K
Increases	PB	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	PC	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PD	0 0 K	0%	0 0 K	0%	0 0 K

Other intangible assets (Total II)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Reserve for depreciation value at begin of period	PE	1,849,220 1,849 K	0%	0 0 K	0%	1,575,598 1,576 K
Increases	PF	81,263 81 K	0%	0 0 K	0%	72,192 72 K
Decreasess	PG	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PH	1,930,483 1,930 K	0%	0 0 K	0%	1,647,790 1,648 K

Total fixed assets amotisation (Total III)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Reserve for depreciation value at begin of period	QU	59,979,197 59,979 K	0%	0 0 K	0%	41,973,859 41,974 K
Increases	QV	16,038,657 16,039 K	0%	0 0 K	0%	3,372,749 3,373 K
Decreases	QW	2,461,095 2,461 K	0%	0 0 K	0%	528,027 528 K
Decreasess by budget item transfer	QX	73,556,759 73,557 K	0%	0 0 K	0%	44,818,581 44,819 K

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Gross value at begin of period	Z91	0 0 K	0%	0 0 K	0%	0 0 K
Increases	Z92	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	Z9	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	B1	0 0 K	0%	0 0 K	0%	0 0 K

Premium refund of obligations

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Net value at begin of period	SP1	0 0 K	0%	0 0 K	0%	0 0 K
Increases	SP2	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	SP	125,843 126 K	0%	125,843 126 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)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Value at begining of period	7C	0 0 K	0%	0 0 K	0%	23,121,949 23,122 K
Increases	UB	0 0 K	0%	0 0 K	0%	10,323,316 10,323 K
Decreases	UC	0 0 K	0%	0 0 K	0%	6,540,687 6,541 K
Value at the end of period	UD	0 0 K	0%	0 0 K	0%	26,904,578 26,905 K

Includes Total allocations

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Operating	UE	0 0 K	0%	0 0 K	0%	7,565,244 7,565 K
Financial	UG	0 0 K	0%	0 0 K	0%	79,411 79 K
Exceptional	UJ	0 0 K	0%	0 0 K	0%	2,678,660 2,679 K

Includes Total Withdrawal

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Operating	UF	0 0 K	0%	0 0 K	0%	3,235,240 3,235 K
Financial	UH	0 0 K	0%	0 0 K	0%	2,273,282 2,273 K
Exceptional	UK	0 0 K	0%	0 0 K	0%	1,032,165 1,032 K

Total regulated provisions (Total I)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Value at begining of period	3Z	0 0 K	0%	0 0 K	0%	13,449,841 13,450 K
Increases	TS	0 0 K	0%	0 0 K	0%	2,391,205 2,391 K
Decreases	TT	0 0 K	0%	0 0 K	0%	1,032,165 1,032 K
Value at the end of period	TU	0 0 K	0%	0 0 K	0%	14,808,881 14,809 K

Total risk and charge provisions (Total II)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Value at begining of period	5Z	0 0 K	0%	0 0 K	0%	3,537,170 3,537 K
Increases	TV	0 0 K	0%	0 0 K	0%	2,823,318 2,823 K
Decreases	TW	0 0 K	0%	0 0 K	0%	1,520,105 1,520 K
Value at the end of period	TX	0 0 K	0%	0 0 K	0%	4,840,383 4,840 K

Total Provision for depreciation (Total III)

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Value at begining of period	7B	0 0 K	0%	0 0 K	0%	6,134,937 6,135 K
Increases	TY	0 0 K	0%	0 0 K	0%	5,108,793 5,109 K
Decreases	TZ	0 0 K	0%	0 0 K	0%	3,988,417 3,988 K
Value at the end of period	UA	0 0 K	0%	0 0 K	0%	7,255,313 7,255 K

State deadlines claims and debts at the end of period

State claims

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Gross value	VT	46,614,641 46,615 K	-20.5%	58,666,227 58,666 K	-34.4%	89,414,260 89,414 K
1 year at most	VU	46,183,770 46,184 K	-21.2%	58,582,901 58,583 K	-34.4%	89,351,110 89,351 K
More than one year	VV	430,871 431 K	417.1%	83,326 83 K	31.9%	63,150 63 K

State of loans

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Claims related to holdings (gross)	UL	0 0 K	0%	0 0 K	0%	0 0 K
Claims related to shareholdings (1 year at most)	UM	0 0 K	0%	0 0 K	0%	0 0 K
Loans (gross)	UP	89,390 89 K	0%	0 0 K	0%	2,736 3 K
Loans (1 year at most)	UR	0 0 K	0%	0 0 K	0%	2,736 3 K
Other financial assets (gross)	UT	31,232 31 K	-31.3%	45,477 45 K	151.0%	18,120 18 K
Other financial assets (1 year at most)	UV	0 0 K	0%	8,501 9 K	-53.1%	18,120 18 K

Receivables statement of assets

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Customers doubtful or disputed	VA	310,249 310 K	569.4%	46,350 46 K	-26.6%	63,150 63 K
Other claims customer	UX	25,443,857 25,444 K	-23.3%	33,167,000 33,167 K	-40.3%	55,525,652 55,526 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	7,015 7 K	-20.9%	8,865 9 K	-39.9%	14,746 15 K
Social Security and other social organizations	UZ	5,200 5 K	-71.2%	18,075 18 K	31.6%	13,735 14 K
Income taxes	VM	0 0 K	0%	0 0 K	0%	0 0 K
Value added tax	VB	3,810,216 3,810 K	-41.2%	6,478,498 6,478 K	39.4%	4,648,853 4,649 K
Other taxes and payments assimilated	VN	755,703 756 K	-42.7%	1,319,757 1,320 K	316.4%	316,915 317 K
State and other public - Miscellaneous	VP	0 0 K	0%	0 0 K	0%	4,336 4 K
Group and Associates	VC	9,239,035 9,239 K	-27.3%	12,703,340 12,703 K	-51.7%	26,298,839 26,299 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	6,765,128 6,765 K	43.7%	4,709,182 4,709 K	95.3%	2,411,049 2,411 K

Prepaid

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Prepaid	VS	157,616 158 K	-7.1%	169,683 170 K	76.5%	96,130 96 K

State Debt

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Total debt (gross)	VY	124,175,011 124,175 K	-14.7%	145,557,508 145,558 K	16.3%	125,200,917 125,201 K
1 year at most	VZ2	123,962,180 123,962 K	-14.1%	144,363,302 144,363 K	15.3%	125,200,917 125,201 K
More than 1 year and 5 years at most	VZ3	86,000 86 K	-92.8%	1,191,375 1,191 K	0%	0 0 K
More than 5 years	VZ4	126,831 127 K	4380.1%	2,831 3 K	0%	0 0 K

Details

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Convertible bonds (gross)	7Y1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Y2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Y3	0 0 K	0%	0 0 K	0%	0 0 K
Other bonds (gross)	7Z1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Z2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Z3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	132,213 132 K	-70.7%	451,981 452 K	-98.9%	40,950,146 40,950 K
1 year at most	VG2	132,213 132 K	-70.7%	451,981 452 K	-98.9%	40,950,146 40,950 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	210,000 210 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	86,000 86 K	0%	0 0 K	0%	0 0 K
Loans and various financial liabilities (gross)	8A1	53,018,593 53,019 K	-3.4%	54,868,975 54,869 K	5640.7%	955,783 956 K
1 year at most	8A2	53,018,593 53,019 K	-2.4%	54,304,600 54,305 K	5581.7%	955,783 956 K
More than 1 year and 5 years at most	8A3	0 0 K	0%	564,375 564 K	0%	0 0 K
Suppliers and associated accounts (gross)	8B1	49,438,215 49,438 K	-14.6%	57,912,672 57,913 K	0.4%	57,655,949 57,656 K
1 year at most	8B2	49,438,215 49,438 K	-14.6%	57,912,672 57,913 K	0.4%	57,655,949 57,656 K
More than 1 year and 5 years at most	8B3	49,438,215 49,438 K	-14.6%	57,912,672 57,913 K	0.4%	57,655,949 57,656 K
Personnel and associated accounts (gross)	8C1	4,103,830 4,104 K	23.0%	3,337,501 3,338 K	-17.6%	4,050,389 4,050 K
1 year at most	8C2	4,103,830 4,104 K	23.0%	3,337,501 3,338 K	-17.6%	4,050,389 4,050 K
More than 1 year and 5 years at most	8C3	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations (gross)	8D1	5,472,191 5,472 K	13.8%	4,810,120 4,810 K	12.2%	4,287,582 4,288 K
1 year at most	8D2	5,472,191 5,472 K	13.8%	4,810,120 4,810 K	12.2%	4,287,582 4,288 K
More than 1 year and 5 years at most	8D3	0 0 K	0%	0 0 K	0%	0 0 K
Taxes on profits (gross)	8E1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8E2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8E3	0 0 K	0%	0 0 K	0%	0 0 K
VAT (Gross)	VW1	0 0 K	0%	0 0 K	0%	4,881 5 K
1 year at most	VW2	0 0 K	0%	0 0 K	0%	4,881 5 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	921,011 921 K	260.2%	255,719 256 K	-75.0%	1,024,419 1,024 K
1 year at most	VQ2	921,011 921 K	260.2%	255,719 256 K	-75.0%	1,024,419 1,024 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	7,468,771 7,469 K	-56.4%	17,114,750 17,115 K	114.4%	7,980,790 7,981 K
1 year at most	8J2	7,468,771 7,469 K	-56.4%	17,114,750 17,115 K	114.4%	7,980,790 7,981 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	2,831 3 K	0%	0 0 K	0%	4,130,283 4,130 K
1 year at most	VI2	0 0 K	0%	0 0 K	0%	4,130,283 4,130 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	2,831 3 K	0%	0 0 K	0%	0 0 K
Other liabilities (gross)	8K1	1,409,113 1,409 K	-17.8%	1,714,176 1,714 K	-22.7%	2,218,638 2,219 K
1 year at most	8K2	1,409,113 1,409 K	30.0%	1,084,345 1,084 K	-51.1%	2,218,638 2,219 K
More than 1 year and 5 years at most	8K3	0 0 K	0%	627,000 627 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	1,998,243 1,998 K	-60.8%	5,091,614 5,092 K	162.2%	1,942,056 1,942 K
1 year at most	8L2	1,998,243 1,998 K	-60.8%	5,091,614 5,092 K	162.2%	1,942,056 1,942 K
More than 1 year and 5 years at most	8L3	0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Loans made during the period	VJ	210,956 211 K	5820.7%	3,563 4 K	0%	0 0 K
Debt repaid during the period	VK	655,806 656 K	-69.7%	2,161,812 2,162 K	6761.6%	31,506 32 K

Table allocation results and other information

Dividends distributed

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Dividends	ZE	0 0 K	0%	0 0 K	0%	0 0 K

Commitments

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Commitments leasing furniture	YQ	0 0 K	0%	0 0 K	0%	0 0 K
Commitments Real Estate Leasing	YR	0 0 K	0%	0 0 K	0%	0 0 K
Effects brought to the discount and unmatured	YS	0 0 K	0%	0 0 K	0%	0 0 K

Other charges Externes

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Subcontracting	YT	0 0 K	0%	0 0 K	0%	0 0 K
Rentals, rental charges and condominiums	XQ	0 0 K	0%	0 0 K	0%	0 0 K
Staff outside the company	YU	0 0 K	0%	0 0 K	0%	0 0 K
Remuneration intermediaries and fees (excluding fees)	SS	0 0 K	0%	0 0 K	0%	0 0 K
Fees, commissions and brokerage	YV	0 0 K	0%	0 0 K	0%	0 0 K
Other accounts	ST	0 0 K	0%	0 0 K	0%	0 0 K
Total Other purchases and external	ZJ	0 0 K	0%	0 0 K	0%	0 0 K

Taxes and Fees

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Business tax	YW	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and payments assimilated	9Z	0 0 K	0%	0 0 K	0%	0 0 K
Total taxes and fees	YX	0 0 K	0%	0 0 K	0%	0 0 K

VAT

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Amount VAT collected	YY	0 0 K	0%	0 0 K	0%	0 0 K
Total VAT on goods and services	YZ	0 0 K	0%	0 0 K	0%	0 0 K

Average number of employees

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Average number of employees	YP	576 1 K	7.3%	537 1 K	0%	0 0 K

Groups and Shareholders

		31/12/2015	Variation	31/12/2014	Variation	31/12/2012
Groups and Shareholders	ZR	0 0 K	-	- -	-	- -

Ratios

Synthetic financial performance indicators

31/12/2015

31/12/2014

31/12/2012

Score

Situation

Score

Situation

Score

Situation

Hide AFDCC 2

-

-

-

-

-

-

Description

The AFDCC 2 score uses sectors of activity and company sizes for companies with a turnover of 150 000 to 75 million euros. This calculation allows a classification of the companies in three levels:
-	Healthy: the higher the score value is, the more the company is healthy.
-	Undetermined: it’s impossible to determine the situation.
-	Fragility/Failure: the lower the score value is, the more the company is in danger.
The status are completed which “+/-“ signs.

Hide Conan & Holder

0.09

30%

-0.04

80%

0.14

10%

Description

The Conan and Holder (1979) is a recommended method for industrial companies with a turnover of 150 000 to 75 million euros. It is based only on a balance sheet. This calculation allows a classification of the most perilous situation (Score lower than 0.002) to the healthiest situation (score greater than 0.16):
-	Healthy situation: companies which maintain or develop their activity level.
-	Situation to monitor: companies which has to follow remedial measures or find a new strategy.
-	Perilous situation: companies which could have important cash difficulties and have a failure risk.

Hide Altman

-

-

-

-

-

-

Description

The Altman score is a method based only on a complete balance sheet, this calculation allows a classification of the companies in three levels:
-	Good shape: companies which have a low risk (with a score value higher than 2.99).
-	Warning signs: companies which should be approached with caution and with a high risk in the next two years for bankruptcy (with a score value between 2.99 and 1.81).
-	Bankruptcy: companies which are in immediate risk (with a score value lower than 1.81).

Structure and Liquidity

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Fixed Asset Financing	1.12	-7.4%	1.21	-26.2%	1.64	245.87	-99.5%	1.29	-13.2%
Global Debt	104 days	-1.9%	106 days	5.0%	101 days	269.82 days	-61.5%	95 days	9.5%
Working Capital Fund overall net	18 days	-21.7%	23 days	-57.4%	54 days	18.07 days	-0.4%	40 days	-55.0%
Financial independence	124.54 %	6.1%	117.37 %	-35.9%	183.16 %	3,246.65 %	-96.2%	101.79 %	22.3%
Solvability	33.86 %	12.6%	30.08 %	-18.5%	36.93 %	22.90 %	47.9%	30.70 %	10.3%
Capacity debt futures	50,265.27 %	249.9%	14,365.35 %	7564.0%	187.44 %	302,143.85 %	-83.4%	1,085.89 %	4528.9%
Coverage of current assets by net working capital overall	22.10 %	-10.8%	24.77 %	-42.6%	43.15 %	16.98 %	30.2%	36.69 %	-39.8%
General Liquidity	0.37	-9.8%	0.41	-42.3%	0.71	1.08	-65.7%	0.60	-38.3%
Restricted Liquidity	0.38	-7.3%	0.41	-43.8%	0.73	1.45	-73.8%	0.79	-51.9%

Management or rotation

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Need background in operating working capital	9 days	-59.1%	22 days	-43.6%	39 days	-6.00 days	250.0%	27 days	-66.7%
Treasury	1 days	0%	1 days	0%	1 days	17.89 days	-94.4%	0 days	0%
Inventory turnover of goods	-	-	-	-	-	1,192.36 days	-	0 days	-
Average length of credit granted to customers	21 days	-12.5%	24 days	-46.7%	45 days	37.91 days	-44.6%	34 days	-38.2%
Average length of credit obtained suppliers	48 days	9.1%	44 days	-13.7%	51 days	93.11 days	-48.4%	48 days	0%
Inventory turnover of raw materials in industrial enterprises	7 days	16.7%	6 days	0%	6 days	51.24 days	-86.3%	21 days	-66.7%
Inventory turnover of intermediate and finished products in the industrial enterprise	260 days	-25.1%	347 days	-	-	238.64 days	9.0%	225 days	15.6%
Rotation tangible assets	260.05 %	-25.0%	346.51 %	-	-	301.82 %	-13.8%	225.24 %	15.5%

Profitability of the business

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Margin trading	0.00 %	0%	0.00 %	0%	0.00 %	14.18 %	0%	0.00 %	0%
Profitability of the business	2.72 %	211.5%	-2.44 %	-137.9%	6.43 %	-6.46 %	142.1%	2.61 %	4.2%
Net profit	0.26 %	104.7%	-5.54 %	-313.9%	2.59 %	-12.98 %	102.0%	0.16 %	62.5%
Growth rate of turnover (excluding VAT)	-12.62 %	-210.2%	11.45 %	424.4%	-3.53 %	17.10 %	-173.8%	0.00 %	0%
Rates integration	10.77 %	173.4%	3.94 %	-68.8%	12.62 %	13.55 %	-20.5%	15.37 %	-29.9%
Rate leasing furniture	0.18 %	0%	0.00 %	0%	0.00 %	1.69 %	-89.3%	0.00 %	0%
Work Factor	66.72 %	-54.8%	147.54 %	240.7%	43.31 %	34.49 %	93.4%	59.52 %	12.1%
Weight interests	1.25 %	48.8%	0.84 %	20.0%	0.70 %	1.47 %	-15.0%	0.24 %	420.8%

Return on capital

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Cash flow from the overall profitability	2.17 %	183.5%	-2.60 %	-187.2%	2.98 %	-8.05 %	127.0%	2.70 %	-19.6%
Rates of economic profitability	10.00 %	200.0%	-10.00 %	-141.7%	24.00 %	66.42 %	-84.9%	10.00 %	0%
Financial profitability	66,457,217.00 %	2.4%	64,928,668.00 %	-15.4%	76,756,462.00 %	7,142,854.24 %	830.4%	16,000.00 %	415257.6%
Return on investment	5.48 %	128.0%	-19.55 %	-257.5%	12.41 %	49.10 %	-88.8%	4.14 %	32.4%

Management intermediate balances

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Turnover	436,493,204 436,493 K	-12.6%	499,539,557 499,540 K	11.4%	448,228,608 448,229 K	45,381,146.45 45,381.15 K	861.8%	919,388 919 K	47376.5%

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Sales of goods	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Purchase of goods	0 0 K	0%	0 0 K	0%	0 0 K		-		-
+/- Stock of goods variation	0 0 K	0%	0 0 K	0%	0 0 K		-		-
Trading margin	0 € 0 K €	0%	0 € 0 K €	0%	0 € 0 K €	55,559.28 € 55.56 K €	0%	0 € 0 K €	0%
	0.00 % CA 0.00 % CA	0%	0.00 % CA 0.00 % CA	0%	0.00 % CA 0.00 % CA	15.56 % CA 15.56 % CA	0%	0.00 % CA 0.00 % CA	0%

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Sale of goods produced	436,493,204 436,493 K	-12.6%	499,539,557 499,540 K	11.4%	448,228,608 448,229 K		-		-
+/- Stocked production	-16,622,783 -16,623 K	-265.2%	-4,551,171 -4,551 K	-137.7%	12,069,248 12,069 K		-		-
+ Self-constructed assets	202,423 202 K	0%	0 0 K	0%	0 0 K		-		-
Period production	420,072,844 € 420,073 K €	-15.1%	494,988,386 € 494,988 K €	7.5%	460,297,856 € 460,298 K €	44,225,456.85 € 44,225.46 K €	849.8%	448,837 € 449 K €	93491.4%
	96.24 % CA 96.24 % CA	-2.9%	99.09 % CA 99.09 % CA	-3.5%	102.69 % CA 102.69 % CA	76.25 % CA 76.25 % CA	26.2%	97.27 % CA 97.27 % CA	-1.1%

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Trading margin	0 0 K	0%	0 0 K	0%	0 0 K	55,559.28 55.56 K	0%	0 0 K	0%
+ Period Production	420,072,844 420,073 K	-15.1%	494,988,386 494,988 K	7.5%	460,297,856 460,298 K	44,225,456.85 44,225.46 K	849.8%	448,837 449 K	93491.4%
- Purchase of raw materials	295,123,881 295,124 K	-25.6%	396,570,151 396,570 K	16.9%	339,334,032 339,334 K		-		-
+/- Change in stocks of raw materiels	580,405 580 K	175.6%	-768,001 -768 K	22.8%	-995,153 -995 K		-		-
- Other external purchases and charges	77,354,101 77,354 K	-2.7%	79,481,708 79,482 K	21.6%	65,384,801 65,385 K		-		-
Added value	47,014,457 € 47,014 K €	138.6%	19,704,528 € 19,705 K €	-65.2%	56,574,176 € 56,574 K €	3,998,833.64 € 3,998.83 K €	1075.7%	224,746 € 225 K €	20818.9%
	10.77 % CA 10.77 % CA	173.4%	3.94 % CA 3.94 % CA	-68.8%	12.62 % CA 12.62 % CA	13.55 % CA 13.55 % CA	-20.5%	15.37 % CA 15.37 % CA	-29.9%

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Added value	47,014,457 € 47,014 K €	138.6%	19,704,528 € 19,705 K €	-65.2%	56,574,176 € 56,574 K €	3,998,833.64 € 3,998.83 K €	1075.7%	224,746 € 225 K €	20818.9%
+ Operating grants	6,250 6 K	22.8%	5,091 5 K	-90.5%	53,477 53 K		-		-
- Tax, duty and similar payments	3,783,241 3,783 K	34.7%	2,808,378 2,808 K	-15.2%	3,311,846 3,312 K		-		-
- Personal charges	31,369,937 31,370 K	7.9%	29,071,686 29,072 K	18.6%	24,504,655 24,505 K		-		-
Gross operating surplus	11,867,529 € 11,868 K €	197.5%	-12,170,445 € -12,170 K €	-142.2%	28,811,152 € 28,811 K €	380,502.91 € 380.50 K €	3018.9%	31,690 € 32 K €	37348.8%
	2.72 % CA 2.72 % CA	211.5%	-2.44 % CA -2.44 % CA	-137.9%	6.43 % CA 6.43 % CA	-6.46 % CA -6.46 % CA	142.1%	2.61 % CA 2.61 % CA	4.2%

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Gross operating surplus	11,867,529 € 11,868 K €	197.5%	-12,170,445 € -12,170 K €	-142.2%	28,811,152 € 28,811 K €	380,502.91 € 380.50 K €	3018.9%	31,690 € 32 K €	37348.8%
+ Release of reserves and provisions	7,429,410 7,429 K	17.7%	6,312,624 6,313 K	88.6%	3,346,549 3,347 K		-		-
+ Other operating income	87,032 87 K	-78.2%	400,019 400 K	4.4%	383,129 383 K		-		-
- Depreciation/ Amortisation	14,889,081 14,889 K	5.7%	14,082,244 14,082 K	27.9%	11,010,519 11,011 K		-		-
- Other charges	1,621,731 1,622 K	321.6%	384,667 385 K	-56.7%	888,629 889 K		-		-
Operating result	2,873,159 € 2,873 K €	114.4%	-19,924,713 € -19,925 K €	-196.5%	20,641,682 € 20,642 K €	678,081.68 € 678.08 K €	323.7%	13,718 € 14 K €	20844.4%
	0.66 % CA 0.66 % CA	116.5%	-3.99 % CA -3.99 % CA	-186.6%	4.61 % CA 4.61 % CA	-11.46 % CA -11.46 % CA	105.8%	1.75 % CA 1.75 % CA	-62.3%

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Operating result	2,873,159 € 2,873 K €	114.4%	-19,924,713 € -19,925 K €	-196.5%	20,641,682 € 20,642 K €	678,081.68 € 678.08 K €	323.7%	13,718 € 14 K €	20844.4%
+/- Result of joint-venture transferred from/to other partners	0 0 K	0%	0 0 K	0%	0 0 K		-		-
+ Financial income	3,574,397 3,574 K	15.9%	3,085,045 3,085 K	-58.7%	7,467,848 7,468 K		-		-
- Financial charges	5,446,861 5,447 K	30.4%	4,178,196 4,178 K	33.7%	3,125,180 3,125 K		-		-
Pre-tax result	1,000,695 € 1,001 K €	104.8%	-21,017,864 € -21,018 K €	-184.1%	24,984,350 € 24,984 K €	251,541.28 € 251.54 K €	297.8%	3,683 € 4 K €	27070.6%
	0.23 % CA 0.23 % CA	105.5%	-4.21 % CA -4.21 % CA	-175.6%	5.57 % CA 5.57 % CA	-13.01 % CA -13.01 % CA	101.8%	0.23 % CA 0.23 % CA	0%

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Extraordinary income	1,281,834 1,282 K	0.1%	1,280,312 1,280 K	-63.8%	3,534,193 3,534 K	133,834.40 133.83 K	857.8%	4,560 5 K	28010.4%
- Extraordinary charges	1,505,611 1,506 K	-83.4%	9,094,229 9,094 K	-4.6%	9,532,662 9,533 K		-		-
Extraordinary result	-223,777 € -224 K €	97.1%	-7,813,917 € -7,814 K €	-30.3%	-5,998,469 € -5,998 K €	-48,480.64 € -48.48 K €	-361.6%	0 € 0 K €	0%
	-0.05 % CA -0.05 % CA	96.8%	-1.56 % CA -1.56 % CA	-16.4%	-1.34 % CA -1.34 % CA	0.66 % CA 0.66 % CA	-107.6%	0.01 % CA 0.01 % CA	-600.0%

	31/12/2015	Variation	31/12/2014	Variation	31/12/2012	Sector Average 2015		Sector Median 2015
Pre-tax result	1,000,695 € 1,001 K €	104.8%	-21,017,864 € -21,018 K €	-184.1%	24,984,350 € 24,984 K €	251,541.28 € 251.54 K €	297.8%	3,683 € 4 K €	27070.6%
Extraordinary result	-223,777 € -224 K €	97.1%	-7,813,917 € -7,814 K €	-30.3%	-5,998,469 € -5,998 K €	-48,480.64 € -48.48 K €	-361.6%	0 € 0 K €	0%
- Employee profit sharing	0 0 K	0%	30 0 K	-100.0%	1,141,753 1,142 K		-		-
- Tax on profits	-347,276 -347 K	69.8%	-1,149,517 -1,150 K	-118.4%	6,241,058 6,241 K		-		-
Net result	1,124,194 € 1,124 K €	104.1%	-27,682,294 € -27,682 K €	-338.6%	11,603,070 € 11,603 K €	66,424.34 € 66.42 K €	1592.4%	1,985 € 2 K €	56534.5%
	0.26 % CA 0.26 % CA	104.7%	-5.54 % CA -5.54 % CA	-313.9%	2.59 % CA 2.59 % CA	-12.98 % CA -12.98 % CA	102.0%	0.16 % CA 0.16 % CA	62.5%

Key Performance Indicators

Find below a comparison of the company based on the industry code (primary) with other companies from the same industry. The following analysis has been based on the industry code 1051D - Manufacture of other dairy products.

Key Performance Indicators

Graphical analysis

Net Turnover

	31/12/2015	31/12/2014	31/12/2012
Company Result	436,493,204 €	499,539,557 €	448,228,608 €
Sector Average	45,381,146 €	53,128,558 €	48,371,508 €

Net Profit

	31/12/2015	31/12/2014	31/12/2012
Company Result	1,124,197 €	-27,682,294 €	11,603,067 €
Sector Average	66,424 €	-313,386 €	859,522 €

Net Export Turnover

	31/12/2015	31/12/2014	31/12/2012
Company Result	286,693,487 €	366,990,374 €	342,678,637 €
Sector Average	19,981,896 €	26,346,392 €	21,242,181 €

Account Total

	31/12/2015	31/12/2014	31/12/2012
Company Result	196,285,426 €	215,835,886 €	207,849,368 €
Sector Average	21,952,599 €	23,328,412 €	19,878,343 €

Shareholders Equity

	31/12/2015	31/12/2014	31/12/2012
Company Result	66,457,217 €	64,928,668 €	76,756,462 €
Sector Average	7,156,685 €	7,446,689 €	7,782,483 €

Liabilities

	31/12/2015	31/12/2014	31/12/2012
Company Result	125,868,489 €	146,989,451 €	125,500,916 €
Sector Average	14,542,409 €	15,685,748 €	11,786,403 €

Need background in operating working capital

	31/12/2015	31/12/2014	31/12/2012
Company Result	9 €	22 €	39 €
Sector Average	-6 €	-16 €	0 €

Gross operating surplus (EBE)

	31/12/2015	31/12/2014	31/12/2012
Company Result	11,867,529 €	-12,170,445 €	28,811,152 €
Sector Average	380,503 €	1,030,370 €	2,101,298 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.36
UK Pound	1	INR 92.51
Euro	1	INR 81.05
Euro	1	INR 81.49

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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