MIRA INFORM REPORT

Report No. :	490247
Report Date :	05.02.2018

IDENTIFICATION DETAILS

Name :	GASCOGNE PAPIER
Registered Office :	Gascogne Papier, 68 Rue De La Papeterie, 40200 Mimizan
Country :	France
Financials (as on) :	31.12.2016
Date of Incorporation :	January 1986
Legal Form :	Simplified joint stock company
Line of Business :	Paper and board manufacturing
No. of Employees :	388

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 :	Good
Payment Behaviour :	Regular
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 (30.06.2017)	Current Rating (30.09.2017)
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 name and address

SIRET	334 612 967 00011
Name	GASCOGNE PAPIER
Acronym	-
Trade name	PAPETERIES DE GASCOGNE - DIRECTION COMMERCIALE
Status	Economically active
Postal Address	GASCOGNE PAPIER 68 RUE DE LA PAPETERIE 40200 MIMIZAN FRANCE
Share Capital	5,000,000 Euros
Telephone	05 58 09 90 67
Activity (APE)	Paper and board manufacturing (1712Z)
Formation Date	01/1986
Deregistration Date	-
Court Registry Number	19 8 6B00015
Registration Court	Mont-de-Marsan (40)
Nationality	France
RCS Registration	RCS Mont-de-Marsan B 334 612 967
EUR VAT Number	FR75334612967
Last account Date	31/12/2016
Incorporiation Date	02/1986
Fax	-
Legal form	Simplified joint stock company
Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2016	126,155,965 €	6.48% Turnover	21,933,559 €	4,468,652 €	388 employees
31/12/2015	130,243,954 €	3.33% Turnover	17,503,365 €	2,401,430 €	406 employees
31/12/2014	124,017,239 €	3.77% Turnover	15,120,032 €	4,301,387 €	460 employees

View details

Directors

Current Directors

4

View Details

Ultimate Holding Company

Name	Country	Company Number
ATTIS 2		801345372
Affiliation links. View Details
4 companies in the international Group Structure from 3 countries. View Details

Judgment and Preferential

Judgment	Last Judgement 12/11/2014	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	1712Z	Activity	Paper and board manufacturing
Formation Date	01/1986	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	68 RUE DE LA PAPETERIE 40200 MIMIZAN	Department	Landes (40)
Location Surface	-	District	2
City	MIMIZAN	Status	Economically active
Business Pages FT®	FABRICATION DE PAPIERS D'EMBALLAGE	Region	-
		Area	03
		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
ATTIS 2	Activities of holding companies	6420Z	LE SEN	40420

Other Establishment(s)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	2 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
GASCOGNE PAPIER	Head Office	1712Z	Paper and board manufacturing	MIMIZAN	40200
GASCOGNE PAPIER	Branch	1712Z	Paper and board manufacturing	MERIGNAC	33700

Workforces

Workforce at address	250 to 499 employees	Company workforce	250 to 499 employees
		Workforce account	250 to 499 employees

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.

The company has 4 directors

The decrease in the gearing percentage over the last two accounting periods is 14 %

Low risk workforce size

The net turnover is 126,155,965 €

The pre-tax profit is 4,396,077 €

The increase of tangible fixed assets over the last two accounting periods is 39 %

The total assets are 91,957,130 €

The shareholder's equity is 21,933,559 €

The risk provisions are 4,746,528 €

The net current assets are 40,829,094 €

The liabilities are 64,676,027 €

The return on total assets employed is 4.78

The creditor days are 67.15

The ratio total assets to total liabilities is 1.32

The sales to current assets ratio is 3.09

The stock to turnover ratio is 17.74

Industry comparison

Activity (APE)

Paper and board manufacturing (1712Z)

Collective procedures

Courts

No recent judgment publication in court sources for the company

Rncs

No recent judgment publication in rncs sources for the company

Bodacc

Judgment	Homologation of Legal Settlement	Effective date	12/11/2014
Court	Mont-de-Marsan	Parution date from Gazette	25/11/2014
Extrait de jugement Jugement d'homologation de l'accord Jugement d'homologation de l'accord intervenu dans la procédure de conciliation. Le jugement est déposé au greffe où tout intéressé peut en prendre connaissance.
Judgment	Homologation of Legal Settlement	Effective date	17/06/2014
Court	Mont-de-Marsan	Parution date from Gazette	24/06/2014
Extrait de jugement Jugement d'homologation de l'accord Jugement d'homologation de l'accord intervenu dans la procédure de conciliation. Le jugement est déposé au greffe où tout intéressé peut en prendre connaissance.

Other sources

No recent judgment publication in other sources for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	07/05/2008
Status of Monitoring	No social security and tax office preferential right to date

Preferential rights details and history

Summary of preferential rights

Company monitored since	07/05/2008
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	ATTIS 2
Direct parent	GASCOGNE - 100 %
Group – Number of companies	17
Linkages – Number of companies	4
Number of countries	3

Group Structure

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Rating Information

		Name	SIREN	Parts	Last account published
1		ATTIS 2	801345372	-	31/12/2016
2		GASCOGNE	895750412	70.60 %	31/12/2016
3		AQUITAINE CREATION INVESTISSEMENT	417782257	1.30 %	30/06/2016
		GASCOGNE SACK DEUTSCHLAND GMBH	HRB 120055	100 %	31/12/2013
3		GASCOGNE SACS	493467989	100 %	31/12/2016
4		SACCHIFICIO VENETO SOCIETA PER AZIONI	VR88554	40 %	31/12/2016
		AIGIS	-	100 %	-
		GASCOGNE SACK TUNISIA	-	99.99 %	-
		LESSINIA	-	40 %	-
3		GASCOGNE PAPIER	334612967	100 %	31/12/2016
4		GASCOGNE SPAIN	645289	100 %	31/12/2016
		GASCOGNE PAPER USA INC	-	100 %	-
		FEUTRES DEPLAND	760500587	100 %	31/12/2016
		EXELTIUM	490299989	0.60 %	31/12/2016
		GASCOGNE ITALIA	-	51 %	-
3		GASCOGNE FLEXIBLE	312757347	100 %	31/12/2016
4		GASCOGNE FLEXIBLE GERMANY GMBH	HRB 3891	100 %	31/12/2016
3		GASCOGNE BOIS	501719413	100 %	31/12/2016
4		GASCOGNE ALL WOOD SPRL	425608482	100 %	31/12/2016
		SCIERIES DES LANDES DE GASCOGNE	501611206	19.40 %	31/10/2016
		SOCIETE DE DEVELOPPEMENT DE L'ECONOMIE FORESTIERE	389416157	0.40 %	30/06/2016
		AGROLANDES DEVELOPPEMENT	130021538	3.60 %	-
Shareholders
GASCOGNE	100

Linkages

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Rating Information

Company Name	Siren	Last Account Published	Turnover
GASCOGNE SACK DEUTSCHLAND GMBH	HRB 120396	31/12/2016	14,713,990 €
GASCOGNE PAPER GERMANY GMBH	HRB 1009	31/12/2011	-
GASCOGNE SPAIN	6660012	-	-
GASCOGNE SA	-	-	-

Shareholder(s)

Name	GASCOGNE
Name of representative
Manager position	President	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Director(s)

Name	M. TASSEL OLIVIER
Manager position	Managing director	Date of birth	31/07/1959
Place of birth	BOULOGNE-BILLANCOURT
Type	Individual	Name at birth

Statutory Auditor

Name	KPMG AUDIT IS
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth
Name	SALUSTRO REYDEL
Name of representative
Manager position	Deputy 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. TASSEL OLIVIER	31/07/1959 - BOULOGNE BILLANCOURT	View Details
Managing director	M. TASSEL OLIVIER	31/07/1959 - BOULOGNE-BILLANCOURT	View Details

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	17/05/2017	Bodacc C	Comptes annuels et rapports
40 - LANDES GREFFE DU TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 1915 - 334612967 RCS. GASCOGNE PAPIER. Forme : Société par actions simplifiée. Adresse : 68 rue de la Papeterie 40200 Mimizan. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
Hide	28/12/2016	Bodacc B	Modification et mutation diverse
40 - LANDES GREFFE DU TRIBUNAL DE COMMERCE DE MT-DE-MARSAN 279 - 334 612 967 RCS Mont-de-Marsan. GASCOGNE PAPIER. Forme : Société par actions simplifiée. Enseigne : GASCOGNE PAPIER. Administration : Président : GASCOGNE (SACA) ; Directeur général : TASSEL Olivier ; Commissaire aux comptes titulaire : KPMG AUDIT IS (SAS) ; Commissaire aux comptes suppléant : SALUSTRO REYDEL (SACA). Activité : . Adresse de l’établissement principal : 68 rue de la Papeterie, 40200 Mimizan. Adresse du siège social : 68 rue de la Papeterie, 40200 Mimizan. Commentaires : Modification survenue sur le nom commercial, l'adresse du siège, l'administration.
Hide	24/12/2016	JAL	Head Office Transfer
Les Annonces landaises Date de décision : 16/12/2016 Transfert du siège social de la société 334612967 -  GASCOGNE PAPIER Adresse du nouveau siège : 68 RUE DE LA PAPETERIE, 40200 MIMIZAN Ancienne localisation : SQUARE DE GASCOGNE, 33700 MERIGNAC
Hide	24/12/2016	JAL	Appointment of the social representative
Les Annonces landaises Date de décision : 16/12/2016 Société faisant l'objet d'une nomination : 334612967 - GASCOGNE PAPIER, SQUARE DE GASCOGNE, 33700 MERIGNAC Nominé : Monsieur Olivier TASSEL, 78860 ST NOM LA BRETECHE En la fonction de : Directeur général
Hide	23/09/2016	Bodacc B	Modification et mutation diverse
40 - LANDES GREFFE DU TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 2005 - 334 612 967 RCS Mont-de-Marsan. GASCOGNE PAPIER. Forme : Société par actions simplifiée. Administration : Président : GASCOGNE (SACA) Commissaire aux comptes titulaire : KPMG AUDIT IS (SAS) Commissaire aux comptes suppléant : SALUSTRO REYDEL (SACA). Activité : . Commentaires : Modification survenue sur l'administration.
Hide	29/06/2016	Bodacc C	Comptes annuels et rapports
40 - LANDES GREFFE DU TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 2636 - 334612967 RCS. GASCOGNE PAPIER. Forme : Société par actions simplifiée. Adresse : Quartier de Bel Air 40200 Mimizan. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
Hide	04/06/2015	Bodacc C	Comptes annuels et rapports
40 - LANDES GREFFE DU TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 4761 - 334612967 RCS. GASCOGNE PAPIER. Forme : Société par actions simplifiée. Adresse : Quartier de Bel Air 40200 Mimizan. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
Hide	08/02/2015	Bodacc B	Modification et mutation diverse
40 - LANDES GREFFE DU TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 746 - 334 612 967 RCS Mont-de-Marsan. GASCOGNE PAPIER. Forme : Société par actions simplifiée. Activité : . Commentaires : Modification survenue sur la dénomination.
Hide	27/01/2015	Bodacc B	Modification et mutation diverse
40 - LANDES GREFFE DU TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 1126 - 334 612 967 RCS Mont-de-Marsan. GASCOGNE PAPER. Forme : Société par actions simplifiée. Capital : 5000000 EUR. Activité : . Commentaires : Modification survenue sur le capital.
Hide	14/01/2015	JAL	Continuation of activity in spite of stockholders' equity become lower in the middle of the share capital
Vie économique du sud ouest (La) Date de décision : 19/12/2014 Poursuite d'activité malgré des fonds propres devenus inférieurs à la moitié du capital social de la société 334612967 -  GASCOGNE PAPER, RUE DE LA PAPETERIE, BP 8, 40200 MIMIZAN Date d'effet : 19/12/2014
Hide	25/11/2014	Bodacc A	Extrait de jugement
40 - LANDES TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 1722 - Date : 12 novembre 2014. Jugement d'homologation de l'accord. 334 612 967 RCS Mont-de-Marsan. GASCOGNE PAPER. Forme : Société par actions simplifiée. Activité : Paper and board manufacturing. Adresse : Quartier de Bel Air, 40200 Mimizan. Complément de jugement : Jugement d'homologation de l'accord intervenu dans la procédure de conciliation. Le jugement est déposé au greffe où tout intéressé peut en prendre connaissance.
Hide	26/10/2014	Bodacc B	Modification et mutation diverse
40 - LANDES GREFFE DU TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 562 - 334 612 967 RCS Mont-de-Marsan. GASCOGNE PAPER. Forme : Société par actions simplifiée. Administration : Président : GASCOGNE (SACA) Commissaire aux comptes titulaire : KPMG AUDIT Commissaire aux comptes suppléant : CAMI Edouard. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	08/10/2014	JAL	Resignation / Revocation of the social representative
Vie économique du sud ouest (La) Date de décision : 23/09/2014 La société 334612967 - GASCOGNE PAPER, RUE DE LA PAPETERIE, BP 8, 40200 MIMIZAN Fait l'objet du départ de Monsieur Olivier TASSEL
Hide	08/10/2014	JAL	Appointment of the social representative
Vie économique du sud ouest (La) Date de décision : 23/09/2014 Société faisant l'objet d'une nomination : 334612967 - GASCOGNE PAPER, RUE DE LA PAPETERIE, BP 8, 40200 MIMIZAN Nominé : Non renseignée GASCOGNE SA En la fonction de : Président
Hide	16/07/2014	Bodacc C	Comptes annuels et rapports
40 - LANDES GREFFE DU TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 4968 - 334612967 RCS. GASCOGNE PAPER. Forme : Société par actions simplifiée. Adresse : Quartier de Bel Air 40200 Mimizan. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	24/06/2014	Bodacc A	Extrait de jugement
40 - LANDES TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 1956 - Date : 17 juin 2014. Jugement d'homologation de l'accord. 334 612 967 RCS Mont-de-Marsan. GASCOGNE PAPER. Forme : Société par actions simplifiée. Activité : Paper and board manufacturing. Adresse : Quartier de Bel Air, 40200 Mimizan. Complément de jugement : Jugement d'homologation de l'accord intervenu dans la procédure de conciliation. Le jugement est déposé au greffe où tout intéressé peut en prendre connaissance.
Hide	09/08/2013	Bodacc C	Comptes annuels et rapports
40 - LANDES GREFFE DU TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 6819 - 334612967 RCS. GASCOGNE PAPER. Forme : Société par actions simplifiée. Adresse : Quartier de Bel Air 40200 Mimizan. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	20/08/2012	Bodacc C	Comptes annuels et rapports
40 - LANDES GREFFE DU TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 4761 - 334612967 RCS. GASCOGNE PAPER. Forme : Société par actions simplifiée. Adresse : Quartier de Bel Air 40200 Mimizan. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	09/09/2010	Bodacc C	Comptes annuels et rapports
40 - LANDES GREFFE DU TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 3610 - 334612967 RCS. GASCOGNE PAPER. Forme : Société par actions simplifiée. Adresse : Quartier de Bel Air 40200 Mimizan. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	26/08/2009	Bodacc C	Comptes annuels et rapports
40 - LANDES GREFFE DU TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 7153 - 334612967 RCS. GASCOGNE PAPER. Forme : Société par actions simplifiée. Adresse : Quartier de Bel Air 40200 Mimizan. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	19/08/2008	Bodacc C	Comptes annuels et rapports
40 - LANDES GREFFE DU TRIBUNAL DE COMMERCE DE MONT-DE-MARSAN 4712 - 334612967 RCS. GASCOGNE PAPER. Forme : Société par actions simplifiée. Adresse : Quartier de Bel Air, 40200 Mimizan. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	08/10/2007	Bodacc C	Avis de dépôt des comptes
7860 - 334 612 967. RCS Mont-de-Marsan GASCOGNE PAPER. Forme: Société par actions simplifiée. Adresse du siège social: Quartier de Bel Air, 40200 Mimizan. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
Hide	03/06/2007	Bodacc B	Modifications et mutations diverses
892 - RCS Mont-de-Marsan B 334 612 967. RC 86-B 15. GASCOGNE PAPER. Forme : S.A.S. Nom commercial : Gascogne Paper. Adresse du siège social : quartier de Bel Air,, 40200 Commentaires : modification survenue sur la dénomination et le nom commercial. Date d'effet : 7 février 2007.
Hide	12/10/2006	Bodacc C	Avis de dépôt des comptes
2048 - RCS Mont-de-Marsan B 334 612 967. RC 86-B 15. PAPETERIES DE GASCOGNE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: quartier de Bel Air,40200 Mimizan. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	14/07/2006	Bodacc B	Modifications et mutations diverses
1207 - RCS Mont-de-Marsan B 334 612 967. RC 86-B 15. PAPETERIES DE GASCOGNE. Forme : S.A.S. Nom commercial : Gascogne Paper. Adresse du siège social : quartier de Bel-Air,, 40200 Commentaires : modification survenue sur le nom commercial. Date d'effet : 6 juin 2006.
Hide	30/07/2005	Bodacc C	Avis de dépôt des comptes
3624 - RCS Mont-de-Marsan B 334 612 967. RC 86-B 15. PAPETERIES DE GASCOGNE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: quartier de Bel Air,40200 Mimizan. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	26/07/2005	Bodacc B	Modifications et mutations diverses
679 - RCS Mont-de-Marsan B 334 612 967. RC 86-B 15. PAPETERIES DE GASCOGNE. Forme : S.A.S. Adresse du siège social : quartier de Bel-Air,, 40200 Commentaires : modification survenue sur l'administration. Administration : président : TASSEL (Olivier, Paul) (Nom d'usage : TASSEL). Commissaire aux comptes titulaire : K.P.M.G. AUDIT. Commissaire aux comptes suppléant : CAMI (Edouard) (Nom d'usage : CAMI). Date d'effet : 6 juin 2005.
Hide	29/12/2002	Bodacc B	Modifications et mutations diverses
RCS Mont-de-Marsan B 334612967 RC 86-B 15 PAPETERIES DE GASCOGNE. Forme : S.A.S. Capital : 16 000 000 d'euros. Adresse du siège social : quartier de Bel-Air, 40200 Mimizan. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : président : SEMBRES ( Guy, Michel) ( Nom d'usage : SEMBRES). Commissaire aux comptes titulaire : K.P. M.G. AUDIT. Commissaire aux comptes suppléant : CAMI (Edouard) ( Nom d' usage : CAMI). Date d'effet : 25 novembre 2002.
Hide	16/11/2001	Bodacc B	Modifications et mutations diverses
RCS Mont-de-Marsan B 334612967 RC 86-B 15 PAPETERIES DE GASCOGNE. Forme : S.A. Capital : 16 000 000 d'euros. Adresse du siège social : quartier de Bel-Air, 40200 Mimizan. Commentaires : modification survenue sur l' administration. Administration : administrateurs : DESARMEAUX (Paul) ( Nom d'usage : DESARMEAUX) BLANC ( Philippe) ( Nom d'usage : BLANC) S.A. GASCOGNE, représentée par VIZIOZ (Bruno) ( Nom d'usage : VIZIOZ) ROUX DE LUZE (Michel) ( Nom d'usage : ROUX DE LUZE). P.-D.G. : SEMBRES (Guy, Michel) ( Nom d' usage : SEMBRES). Commissaire aux comptes titulaire : K.P.M.G. AUDIT. Commissaire aux comptes suppléant : CAMI (Edouard) ( Nom d'usage : CAMI). Date d'effet : 28 septembre 2001.
Hide	16/08/2001	Bodacc B	Modifications et mutations diverses
RCS Mont-de-Marsan B 334612967 RC 86-B 15 PAPETERIES DE GASCOGNE. Forme : S.A. Capital : 16 000 000 d'euros. Adresse du siège social : quartier de Bel-Air, 40200 Mimizan. Commentaires : modification survenue sur le capital ( augmentation et conversion en euros) et l'administration. Administration : administrateurs : DESARMEAUX (Paul) ( Nom d'usage : DESARMEAUX) BLANC ( Philippe) ( Nom d'usage : BLANC) S.A. GASCOGNE, représentée par VIZIOZ (Bruno) ( Nom d'usage : VIZIOZ) ROUX DE LUZE (Michel) ( Nom d'usage : ROUX DE LUZE). Président : DURAND (Dominique) ( Nom d' usage : DURAND). Commissaire aux comptes titulaire : K.P.M.G. AUDIT. Commissaire aux comptes suppléant : CAMI (Edouard) ( Nom d'usage : CAMI). Date d'effet : 18 mai 2001.
Hide	03/09/1998	Bodacc B	Modifications et mutations diverses
RCS Mont-de-Marsan B 334 612 967 RC 86- B 15 PAPETERIES DE GASCOGNE. Forme : S.A. Capital : 100 000 000 de F (fixe). Adresse du siège social : 40200 Mimizan. Administration : ancien commissaire aux comptes titulaire : VASSEUR (Hubert) nouveau commissaire aux comptes titulaire : SOCIETE K.P.M.G. AUDIT à Mérignac ancien commissaire aux comptes suppléant : STABILE (Thomas) nouveau commissaire aux comptes suppléant : CAMI (Edouard) à compter du: 14 mai 1998 Changement du représentant permanent de la S.A. GASCOGNE : ancien : FRIONNET (Emmanuel), nouveau : VIZIOZ ( Bruno). Date d'effet : 19 mars 1998.
Hide	09/03/1996	Bodacc A	Création d'établissement
RCS Mont-de-Marsan B 334 612 967 RC 86- B 15 PAPETERIES DE GASCOGNE. Forme : S.A. Capital : 100 000 000 de F (fixe). Adresse du siège social : 40200 Mimizan Fonds précédemment exploité en location- gérance acquis par achat au prix stipulé de : 327 110 F Etablissement principal: Adresse : 40200 Mimizan. Activité : négoce de papiers. Date d'effet : 1er janvier 1995 Précédente exploitante SOCIETE S.A. GALERNE. RCS non inscrite. Publication légale: Juris Consult du 20 décembre 1995. Oppositions : au siège du fonds vendu.
Hide	29/11/1995	Bodacc B	Modifications et mutations diverses
RCS Mont-de-Marsan B 334 612 967 RC 86- B 15 PAPETERIES DE GASCOGNE. Forme : S.A. Capital : 100 000 000 de F (fixe). Adresse du siège social : 40200 Mimizan. Administration : changement de représentant permanent de la S.A. GASCOGNE, administrateur : ancien : ROUSSET (Pierre), nouveau : FRIONNET ( Emmanuel). Date d'effet : 1er aout 1995.
Hide	05/02/1995	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Mont-de-Marsan B 334 612 967 RC 86-B 15 PAPETERIES DE GASCOGNE. Forme : S.A. Capital : 58 571 900 F (fixe). Adresse : 40200 Mimizan Nouvelle situation du siège social. Capital : 100 000 000 de F. Date d'effet : 26 novembre 1994.

Company events history

Date	Description
05/01/2018	New participations in other companies
18/05/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
17/05/2017	Bodacc C : Deposit accounts notice
31/12/2016	New accounts available
28/12/2016	Bodacc B: Various editing or changing
24/12/2016	Legal Gazette: Head Office Transfer
22/12/2016	Amendment
22/12/2016	Changes to the Board of Directors
22/12/2016	Updated articles of association
16/12/2016	Legal Gazette: Appointment of the social representative
23/09/2016	Bodacc B: Various editing or changing
14/09/2016	New auditor
14/09/2016	Amendment
29/06/2016	Bodacc C : Deposit accounts notice
28/06/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2015	New accounts available
04/06/2015	Bodacc C : Deposit accounts notice
28/05/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
03/04/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
08/02/2015	Bodacc B: Various editing or changing
27/01/2015	Bodacc B: Various editing or changing
21/01/2015	New company name
21/01/2015	Amendment
21/01/2015	Updated articles of association
15/01/2015	Amendment
15/01/2015	Updated articles of association
15/01/2015	Capital reduction
07/01/2015	Update of Company Acronym
03/01/2015	Disengagement in other companies
31/12/2014	New accounts available
19/12/2014	Legal Gazette: Continuation of activity
25/11/2014	New collective procedure
08/11/2014	New ultimate parent
26/10/2014	Bodacc B: Various editing or changing
08/10/2014	Legal Gazette: Resignation / Revocation of the social representative
07/10/2014	Amendment
07/10/2014	New chairman (CEO, CoB)
23/09/2014	Legal Gazette: Appointment of the social representative
16/07/2014	Bodacc C : Deposit accounts notice
10/07/2014	Invalid balance sheet
04/07/2014	Disengagement in other companies
24/06/2014	New collective procedure
31/08/2013	Invalid balance sheet
09/08/2013	Bodacc C : Deposit accounts notice
09/02/2013	Invalid balance sheet
31/12/2012	New accounts available
20/08/2012	Bodacc C : Deposit accounts notice
15/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
15/10/2010	Disengagement in other companies
09/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
26/08/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
19/08/2008	Bodacc C : Deposit accounts notice
07/05/2008	Collection of preferential rights activated for this company
31/12/2007	New accounts available
27/03/2007	Appointment/resignation of company officers
27/03/2007	Amendment
27/03/2007	Minutes of general meeting of shareholders
27/03/2007	New company name
27/03/2007	Private document
27/03/2007	Updated articles of association
27/03/2007	Updated articles of association
27/03/2007	Change to corporate purpose
31/12/2006	New accounts available
22/09/2006	Updated articles of association
22/09/2006	Updated articles of association
22/09/2006	Private document
22/09/2006	Minutes of general meeting of shareholders
22/09/2006	Amendment
31/12/2005	New accounts available
21/06/2005	Private document
21/06/2005	Changes to the Board of Directors
21/06/2005	Appointment/resignation of company officers
21/06/2005	Minutes of general meeting of shareholders
31/12/2004	New accounts available
31/12/2003	New accounts available
06/12/2002	Private document
06/12/2002	Updated articles of association
06/12/2002	New legal form – new category
06/12/2002	Appointment/resignation of company officers
06/12/2002	New legal form – no new category
06/12/2002	Minutes of general meeting of shareholders
15/11/2002	Audit or Management Report
15/11/2002	Private document
30/10/2001	Amendment
30/10/2001	Appointment/resignation of company officers
30/10/2001	Changes to the Board of Directors
30/10/2001	Minutes of Board meeting
30/10/2001	Private document
30/10/2001	New chairman (CEO, CoB)
23/07/2001	Private document
23/07/2001	Minutes of general meeting of shareholders
23/07/2001	Conversion of equity to euro
23/07/2001	Changes to the Board of Directors
23/07/2001	Capital increase
23/07/2001	Updated articles of association
15/07/1998	New auditor
15/07/1998	Minutes of general meeting of shareholders
15/07/1998	Changes to the Board of Directors
15/07/1998	Appointment/resignation of company officers
15/07/1998	Private document
16/10/1995	Amendment
15/12/1994	Amendment
15/12/1994	Minutes of general meeting of shareholders
15/12/1994	Minutes of Board meeting
15/12/1994	Capital increase
04/02/1994	Appointment/resignation of company officers
04/02/1994	Amendment
04/02/1994	Changes to the Board of Directors
04/02/1994	New chairman (CEO, CoB)
04/02/1994	Minutes of Board meeting
17/06/1992	Changes to the Board of Directors
17/06/1992	Appointment/resignation of company officers
17/06/1992	Minutes of general meeting of shareholders

Establishment events history

Date	Description
05/05/2017	Update of phone numbers
29/09/2016	Update of phone numbers
02/08/2016	Update of phone numbers
30/07/2015	Update of phone numbers
20/06/2015	Update of phone numbers
07/02/2015	Update of phone numbers
07/01/2015	Modification of Head office
19/12/2014	Modification of Head office
22/02/2014	Update of phone numbers
25/12/2013	Update of phone numbers
11/01/2013	Update of phone numbers
14/04/2009	Update of phone numbers
17/11/2008	Update of phone numbers

Financials

Synthesized Accounts

Annual Accounts

	31/12/2016	31/12/2015	31/12/2014
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	17/05/2017	27/06/2016	27/05/2015
Activity Code	1712Z	1712Z	1712Z
Employees	388	406	460

Active account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
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	50,745,004 50,745 K	33.6%	37,985,792 37,986 K	104.2%	18,601,919 18,602 K	19,798,706.70 19,798.71 K	156.3%	4,226,204 4,226 K	1100.7%
Intangible assets	466,839 467 K	-13.2%	538,102 538 K	-11.8%	609,937 610 K	481,765.25 481.77 K	-3.1%	20,368 20 K	2192.0%
Tangible assets	45,702,573 45,703 K	39.1%	32,844,817 32,845 K	156.9%	12,785,973 12,786 K	15,121,065.05 15,121.07 K	202.2%	3,530,683 3,531 K	1194.4%
Financial assets	4,575,592 4,576 K	-0.6%	4,602,874 4,603 K	-11.6%	5,206,005 5,206 K	4,201,573.10 4,201.57 K	8.9%	53,196 53 K	8501.4%
Net current assets	40,829,094 40,829 K	-4.9%	42,918,986 42,919 K	6.6%	40,254,561 40,255 K	25,047,589.16 25,047.59 K	63.0%	9,223,832 9,224 K	342.6%
Stocks	22,382,462 22,382 K	-0.5%	22,492,920 22,493 K	3.4%	21,760,652 21,761 K	7,165,170.12 7,165.17 K	212.4%	2,083,049 2,083 K	974.5%
Advanced payments	0 0 K	0%	0 0 K	0%	0 0 K	86,820.58 86.82 K	0%	0 0 K	0%
Receivables	18,375,180 18,375 K	-7.7%	19,912,776 19,913 K	13.3%	17,582,917 17,583 K	14,212,514.82 14,212.51 K	29.3%	4,470,495 4,470 K	311.0%
Securities and cash	71,452 71 K	-86.1%	513,290 513 K	-43.7%	910,993 911 K	3,582,913.55 3,582.91 K	-98.0%	276,385 276 K	-74.1%
Prepaid expenses	- -	-	- -	-	- -	3,097.50 3.10 K	-	255 0 K	-
Accounts of regularization	383,032 383 K	249.7%	109,545 110 K	112.9%	51,456 51 K	55,183.13 55.18 K	594.1%	0 0 K	0%
Total Assets	91,957,130 91,957 K	13.5%	81,014,323 81,014 K	37.5%	58,907,936 58,908 K	44,898,455.36 44,898.46 K	104.8%	11,692,718 11,693 K	686.4%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Shareholders' equity	21,933,559 21,934 K	25.3%	17,503,365 17,503 K	15.8%	15,120,032 15,120 K	22,003,485.63 22,003.49 K	-0.3%	4,047,529 4,048 K	441.9%
Share capital	5,000,000 5,000 K	0%	5,000,000 5,000 K	0%	5,000,000 5,000 K	11,338,519.38 11,338.52 K	-55.9%	1,000,000 1,000 K	400.0%
Other capital resources	500,000 500 K	-13.0%	575,008 575 K	-19.8%	716,733 717 K	11,116.88 11.12 K	4397.7%	0 0 K	0%
Risk Provisions	4,746,528 4,747 K	0.8%	4,709,853 4,710 K	3.6%	4,548,101 4,548 K	2,312,598.75 2,312.60 K	105.2%	210,122 210 K	2158.9%
Liabilities	64,676,027 64,676 K	11.1%	58,217,328 58,217 K	51.3%	38,485,234 38,485 K	20,546,815.27 20,546.82 K	214.8%	7,240,526 7,241 K	793.3%
Financial liabilities	28,589,812 28,590 K	8.6%	26,317,516 26,318 K	571.0%	3,922,130 3,922 K	5,329,792.22 5,329.79 K	436.4%	428,579 429 K	6570.8%
Advanced payments received	0 0 K	0%	0 0 K	0%	0 0 K	238,787.60 238.79 K	0%	0 0 K	0%
Trade account payables	23,210,624 23,211 K	12.4%	20,656,310 20,656 K	-6.7%	22,140,742 22,141 K	9,755,660.97 9,755.66 K	137.9%	3,180,152 3,180 K	629.9%
Tax and social liabilities	7,028,063 7,028 K	-15.0%	8,266,604 8,267 K	-12.3%	9,421,428 9,421 K	2,878,529.35 2,878.53 K	144.2%	996,468 996 K	605.3%
Other debts and fixed assets liabilities	5,282,814 5,283 K	121.7%	2,382,475 2,382 K	-0.6%	2,397,271 2,397 K	2,393,197.64 2,393.20 K	120.7%	256,097 256 K	1962.8%
Account regularization	665,730 666 K	10.4%	603,192 603 K	-6.0%	641,499 641 K	141,368.87 141.37 K	370.9%	0 0 K	0%
Total liabilities	91,957,128 91,957 K	13.5%	81,014,323 81,014 K	37.5%	58,907,931 58,908 K	44,898,455.45 44,898.46 K	104.8%	11,692,719 11,693 K	686.4%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sales of Goods	131,536,504 131,537 K	-1.8%	133,904,333 133,904 K	2.6%	130,528,519 130,529 K	65,524,496.49 65,524.50 K	100.7%	25,195,796 25,196 K	422.1%
Net turnover	126,155,965 126,156 K	-3.1%	130,243,954 130,244 K	5.0%	124,017,239 124,017 K	62,534,619.67 62,534.62 K	101.7%	21,883,347 21,883 K	476.5%
of which net export turnover	75,446,217 75,446 K	-0.1%	75,506,083 75,506 K	8.4%	69,674,953 69,675 K	32,964,445.81 32,964.45 K	128.9%	4,558,516 4,559 K	1555.1%
Operating charges	124,075,515 124,076 K	-4.7%	130,201,069 130,201 K	3.0%	126,355,904 126,356 K	63,910,644.66 63,910.64 K	94.1%	23,141,516 23,142 K	436.2%
Operating profit/loss	7,460,989 7,461 K	101.5%	3,703,264 3,703 K	-11.2%	4,172,615 4,173 K	1,613,851.78 1,613.85 K	362.3%	246,902 247 K	2921.8%
Financial income	283,729 284 K	-65.1%	812,233 812 K	83.7%	442,037 442 K	883,609.64 883.61 K	-67.9%	51,978 52 K	445.9%
Financial charges	2,758,861 2,759 K	36.4%	2,023,266 2,023 K	-49.9%	4,038,999 4,039 K	1,067,372.92 1,067.37 K	158.5%	131,259 131 K	2001.8%
Financial profit/loss	-2,475,132 -2,475 K	-104.4%	-1,211,033 -1,211 K	66.3%	-3,596,962 -3,597 K	-183,763.10 -183.76 K	-1246.9%	-48,249 -48 K	-5029.9%
Pretax net operating income	4,985,857 4,986 K	100.1%	2,492,231 2,492 K	332.9%	575,653 576 K	1,430,092.15 1,430.09 K	248.6%	137,674 138 K	3521.5%
Extraordinary income	6,225,253 6,225 K	-7.8%	6,754,150 6,754 K	-40.0%	11,249,338 11,249 K	4,266,745.51 4,266.75 K	45.9%	210,000 210 K	2864.4%
Extraordinary charges	6,815,033 6,815 K	-0.7%	6,861,977 6,862 K	-9.6%	7,592,695 7,593 K	4,350,447.95 4,350.45 K	56.7%	155,258 155 K	4289.5%
Extraordinary profit/loss	-589,779 -590 K	-447.0%	-107,828 -108 K	-102.9%	3,656,643 3,657 K	-83,702.42 -83.70 K	-604.6%	0 0 K	0%
Net result	4,468,652 4,469 K	86.1%	2,401,430 2,401 K	-44.2%	4,301,387 4,301 K	1,004,052.73 1,004.05 K	345.1%	273,805 274 K	1532.1%

Accounts - Active

Normal Account

	31/12/2016	31/12/2015	31/12/2014
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Grand Total (I to VI)	Net	91,957,130 91,957 K	13.5%	81,014,323 81,014 K	37.5%	58,907,936 58,908 K
Gross	CO	322,236,921 322,237 K	4.1%	309,658,286 309,658 K	7.5%	288,144,270 288,144 K
Amortisation	1A	230,279,791 230,280 K	0.7%	228,643,964 228,644 K	-0.3%	229,236,334 229,236 K

Non declared distributed capital (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Active fixed asset (II)	Net	50,745,004 50,745 K	33.6%	37,985,792 37,986 K	104.2%	18,601,919 18,602 K
Gross	BJ	277,166,042 277,166 K	5.4%	262,919,543 262,920 K	7.6%	244,263,429 244,263 K
Amortisation	BK	226,421,038 226,421 K	0.7%	224,933,752 224,934 K	-0.3%	225,661,510 225,662 K

Intangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Start-up cost	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AC	0 0 K	0%	0 0 K	0%	0 0 K
R&D expenses	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CX	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CQ	0 0 K	0%	0 0 K	0%	0 0 K
Distributorships, patents	Net	466,839 467 K	-13.2%	538,102 538 K	-10.4%	600,653 601 K
Gross	AF	2,607,937 2,608 K	0%	2,607,937 2,608 K	-15.2%	3,075,837 3,076 K
Amortisation	AG	2,141,098 2,141 K	3.4%	2,069,835 2,070 K	-16.4%	2,475,184 2,475 K
Goodwill	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AH	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AI	0 0 K	0%	0 0 K	0%	0 0 K
Other intangible fixed assets	Net	0 0 K	0%	0 0 K	0%	9,284 9 K
Gross	AJ	0 0 K	0%	0 0 K	0%	9,284 9 K
Amortisation	AK	0 0 K	0%	0 0 K	0%	0 0 K
Pre-payments and downpayments	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AL	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AM	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Intangible asset	Net	466,839 467 K	-13.2%	538,102 538 K	-11.8%	609,937 610 K

Tangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Lands	Net	702,525 703 K	362.3%	151,978 152 K	-7.7%	164,677 165 K
Gross	AN	4,555,542 4,556 K	14.8%	3,967,808 3,968 K	0%	3,967,808 3,968 K
Amortisation	AO	3,853,017 3,853 K	1.0%	3,815,830 3,816 K	0.3%	3,803,131 3,803 K
Buildings	Net	4,878,537 4,879 K	316.4%	1,171,486 1,171 K	45.0%	807,783 808 K
Gross	AP	25,426,613 25,427 K	16.9%	21,752,061 21,752 K	1.3%	21,480,747 21,481 K
Amortisation	AQ	20,548,076 20,548 K	-0.2%	20,580,576 20,581 K	-0.4%	20,672,964 20,673 K
Plant	Net	38,253,314 38,253 K	225.2%	11,762,285 11,762 K	176.0%	4,261,568 4,262 K
Gross	AR	231,229,862 231,230 K	13.7%	203,392,246 203,392 K	3.7%	196,187,370 196,187 K
Amortisation	AS	192,976,548 192,977 K	0.7%	191,629,961 191,630 K	-0.2%	191,925,802 191,926 K
Other tangible fixed assets	Net	0 0 K	0%	0 0 K	0%	550 1 K
Gross	AT	2,750,958 2,751 K	0.4%	2,738,778 2,739 K	0%	2,738,778 2,739 K
Amortisation	AU	2,750,958 2,751 K	0.4%	2,738,778 2,739 K	0.0%	2,738,228 2,738 K
Fixed assets in construction	Net	1,868,197 1,868 K	-90.5%	19,759,068 19,759 K	161.7%	7,551,395 7,551 K
Gross	AV	1,868,197 1,868 K	-90.5%	19,759,068 19,759 K	161.7%	7,551,399 7,551 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	45,702,573 45,703 K	39.1%	32,844,817 32,845 K	156.9%	12,785,973 12,786 K

Financial assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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	2,028,115 2,028 K	-2.5%	2,080,685 2,081 K	-2.5%	2,133,255 2,133 K
Gross	CU	6,175,761 6,176 K	0%	6,175,761 6,176 K	0%	6,175,761 6,176 K
Amortisation	CV	4,147,646 4,148 K	1.3%	4,095,076 4,095 K	1.3%	4,042,506 4,043 K
Inter-company receivables	Net	22,000 22 K	0%	22,000 22 K	0%	22,000 22 K
Gross	BB	22,000 22 K	0%	22,000 22 K	0%	22,000 22 K
Amortisation	BC	0 0 K	0%	0 0 K	0%	0 0 K
Other investment securities	Net	762 1 K	0%	762 1 K	0%	762 1 K
Gross	BD	762 1 K	0%	762 1 K	0%	762 1 K
Amortisation	BE	0 0 K	0%	0 0 K	0%	0 0 K
Loans	Net	1,422,634 1,423 K	-9.8%	1,576,935 1,577 K	-4.0%	1,643,187 1,643 K
Gross	BF	1,422,634 1,423 K	-9.8%	1,576,935 1,577 K	-4.0%	1,643,187 1,643 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	1,102,081 1,102 K	19.5%	922,492 922 K	-34.4%	1,406,801 1,407 K
Gross	BH	1,105,776 1,106 K	19.4%	926,187 926 K	-34.3%	1,410,496 1,410 K
Amortisation	BI	3,695 4 K	0%	3,695 4 K	0%	3,695 4 K
Sub Total Financial assets	Net	4,575,592 4,576 K	-0.6%	4,602,874 4,603 K	-11.6%	5,206,005 5,206 K

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	40,829,094 40,829 K	-4.9%	42,918,986 42,919 K	6.6%	40,254,561 40,255 K
Gross	CJ	44,687,847 44,688 K	-4.2%	46,629,198 46,629 K	6.4%	43,829,385 43,829 K
Amortisation	CK	3,858,753 3,859 K	4.0%	3,710,212 3,710 K	3.8%	3,574,824 3,575 K

Stocks

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Raw materials	Net	12,604,997 12,605 K	-4.2%	13,153,410 13,153 K	11.7%	11,773,656 11,774 K
Gross	BL	15,866,210 15,866 K	-2.5%	16,269,392 16,269 K	10.4%	14,730,604 14,731 K
Amortisation	BM	3,261,213 3,261 K	4.7%	3,115,982 3,116 K	5.4%	2,956,948 2,957 K
Work in progress (goods)	Net	56,967 57 K	-32.0%	83,815 84 K	2.9%	81,451 81 K
Gross	BN	56,967 57 K	-32.0%	83,815 84 K	2.9%	81,451 81 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	9,720,498 9,720 K	5.0%	9,255,695 9,256 K	-6.6%	9,905,545 9,906 K
Gross	BR	9,810,152 9,810 K	4.6%	9,377,447 9,377 K	-6.5%	10,030,485 10,030 K
Amortisation	BS	89,654 90 K	-26.4%	121,752 122 K	-2.6%	124,940 125 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	22,382,462 22,382 K	-0.5%	22,492,920 22,493 K	3.4%	21,760,652 21,761 K

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BV	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BW	0 0 K	0%	0 0 K	0%	0 0 K

Debtors

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Trade accounts receivable	Net	9,125,239 9,125 K	-14.5%	10,672,016 10,672 K	12.6%	9,479,806 9,480 K
Gross	BX	9,356,125 9,356 K	-13.9%	10,867,494 10,867 K	12.1%	9,695,742 9,696 K
Amortisation	BY	230,886 231 K	18.1%	195,478 195 K	-9.5%	215,936 216 K
Other debtors	Net	9,249,941 9,250 K	0.1%	9,240,760 9,241 K	14.0%	8,103,111 8,103 K
Gross	BZ	9,526,941 9,527 K	0.1%	9,517,760 9,518 K	13.6%	8,380,111 8,380 K
Amortisation	CA	277,000 277 K	0%	277,000 277 K	0%	277,000 277 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	18,375,180 18,375 K	-7.7%	19,912,776 19,913 K	13.3%	17,582,917 17,583 K

Divers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Investment securities	Net	20 0 K	0%	20 0 K	0%	20 0 K
Gross	CD	20 0 K	0%	20 0 K	0%	20 0 K
Amortisation	CE	0 0 K	0%	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	71,432 71 K	-86.1%	513,270 513 K	-43.7%	910,973 911 K
Gross	CF	71,432 71 K	-86.1%	513,270 513 K	-43.7%	910,973 911 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	71,452 71 K	-86.1%	513,290 513 K	-43.7%	910,993 911 K

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CH	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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	383,032 383 K	249.7%	109,545 110 K	112.9%	51,456 51 K
Gross		383,032 383 K	249.7%	109,545 110 K	112.9%	51,456 51 K

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Due within one year	CP	0 0 K	0%	0 0 K	0%	0 0 K
Due after one year	CR	1,380,036 1,380 K	0%	0 0 K	0%	0 0 K

Accounts - Passive

Grand Total - Passive Accounts (I to V)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Grand Total (I to V)	EE	91,957,128 91,957 K	13.5%	81,014,323 81,014 K	37.5%	58,907,931 58,908 K

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	21,933,559 21,934 K	25.3%	17,503,365 17,503 K	15.8%	15,120,032 15,120 K
Equity and shareholders' equity	DA	5,000,000 5,000 K	0%	5,000,000 5,000 K	0%	5,000,000 5,000 K
Issue and merger premiums	DB	1,081,591 1,082 K	0%	1,081,591 1,082 K	0%	1,081,591 1,082 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	335,141 335 K	55.8%	215,069 215 K	0%	0 0 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	0 0 K	0%	0 0 K	0%	0 0 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	6,367,676 6,368 K	55.8%	4,086,318 4,086 K	0%	0 0 K
Profit or loss for the period	DI	4,468,652 4,469 K	86.1%	2,401,430 2,401 K	-44.2%	4,301,387 4,301 K
Investment grants	DJ	4,680,498 4,680 K	-0.8%	4,718,958 4,719 K	-0.4%	4,737,054 4,737 K
Special tax-allowable reserves	DK	0 0 K	0%	0 0 K	0%	0 0 K

Other capital resources (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total other capital resources (Total II)	DO	500,000 500 K	-13.0%	575,008 575 K	-19.8%	716,733 717 K
Income from participating securities	DM	0 0 K	0%	0 0 K	0%	0 0 K
Conditional loans	DN	500,000 500 K	-13.0%	575,008 575 K	-19.8%	716,733 717 K

Provisions for risks and charges (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total provisions for risks and charges (Total III)	DR	4,746,528 4,747 K	0.8%	4,709,853 4,710 K	3.6%	4,548,101 4,548 K
Risk provisions	DP	1,575,032 1,575 K	21.0%	1,301,545 1,302 K	12.7%	1,154,956 1,155 K
Reserves for charges	DQ	3,171,495 3,171 K	-6.9%	3,408,308 3,408 K	0.4%	3,393,145 3,393 K

Liabilities (IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Liabilities (Total IV)	EC	64,676,027 64,676 K	11.1%	58,217,328 58,217 K	51.3%	38,485,234 38,485 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	7,648,402 7,648 K	-15.2%	9,016,220 9,016 K	2202.2%	391,643 392 K
Sundry loans and financial liabilities	DV	20,941,410 20,941 K	21.0%	17,301,296 17,301 K	390.1%	3,530,487 3,530 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	0 0 K	0%	0 0 K	0%	0 0 K
Trade accounts payables	DX	23,210,624 23,211 K	12.4%	20,656,310 20,656 K	-6.7%	22,140,742 22,141 K
Tax and social security liabilities	DY	7,028,063 7,028 K	-15.0%	8,266,604 8,267 K	-12.3%	9,421,428 9,421 K
Fixed asset liabilities	DZ	3,838,723 3,839 K	281.3%	1,006,801 1,007 K	66.5%	604,615 605 K
Other debts	EA	1,343,072 1,343 K	-1.7%	1,366,905 1,367 K	-22.1%	1,754,825 1,755 K

Translation loss (V)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Translation loss (Total V)	ED	101,019 101 K	1052.0%	8,769 9 K	-76.8%	37,831 38 K

Equalization accounts

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Deferred income	EB	665,730 666 K	10.4%	603,192 603 K	-6.0%	641,499 641 K

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	58,722,780 58,723 K	9635.3%	603,192 603 K	-6.0%	641,459 641 K
Of which current bank facilities	EH	373,414 373 K	-5.2%	393,985 394 K	0%	0 0 K

Result account

1 - Operating result (I-II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating result (Total I-II)	GG	7,460,989 7,461 K	101.5%	3,703,264 3,703 K	-11.2%	4,172,615 4,173 K

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	-2,475,132 -2,475 K	-104.4%	-1,211,033 -1,211 K	66.3%	-3,596,962 -3,597 K

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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	4,985,857 4,986 K	100.1%	2,492,231 2,492 K	332.9%	575,653 576 K

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	-589,779 -590 K	-447.0%	-107,828 -108 K	-102.9%	3,656,643 3,657 K

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	4,468,652 4,469 K	86.1%	2,401,430 2,401 K	-44.2%	4,301,387 4,301 K

Total Income (I+III+V+VII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Income (Total I+III+V+VII)	HL	138,045,487 138,045 K	-2.4%	141,470,716 141,471 K	-0.5%	142,219,894 142,220 K

inancials dressDe La Papeterie
Total Charges (Total II+IV+VI+VIII+IX+X)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	133,576,834 133,577 K	-3.9%	139,069,286 139,069 K	0.8%	137,918,507 137,919 K

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	131,536,504 131,537 K	-1.8%	133,904,333 133,904 K	2.6%	130,528,519 130,529 K

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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	125,034,164 125,034 K	-2.6%	128,358,859 128,359 K	5.1%	122,076,774 122,077 K
France	FD	49,602,946 49,603 K	-6.3%	52,914,419 52,914 K	1.0%	52,403,227 52,403 K
Export	FE	75,431,217 75,431 K	0.0%	75,444,440 75,444 K	8.3%	69,673,547 69,674 K
Sale of services	FI	1,121,801 1,122 K	-40.5%	1,885,095 1,885 K	-2.9%	1,940,465 1,940 K
France	FG	1,106,801 1,107 K	-39.3%	1,823,452 1,823 K	-6.0%	1,939,059 1,939 K
Export	FH	15,000 15 K	-75.7%	61,644 62 K	4284.4%	1,406 1 K
Net turnover	FL	126,155,965 126,156 K	-3.1%	130,243,954 130,244 K	5.0%	124,017,239 124,017 K
France	FJ	50,709,748 50,710 K	-7.4%	54,737,871 54,738 K	0.7%	54,342,286 54,342 K
Export	FK	75,446,217 75,446 K	-0.1%	75,506,083 75,506 K	8.4%	69,674,953 69,675 K
Stocked production	FM	405,858 406 K	162.4%	-650,674 -651 K	-128.4%	2,293,832 2,294 K
Self-constructed assets	FN	200,000 200 K	-33.3%	300,000 300 K	0%	300,000 300 K
Operating grants	FO	27,388 27 K	1269.4%	2,000 2 K	1288.9%	144 0 K
Release of reserves and provisions	FP	4,233,094 4,233 K	16.1%	3,645,859 3,646 K	-5.1%	3,842,771 3,843 K
Other income	FQ	514,198 514 K	41.6%	363,194 363 K	387.3%	74,533 75 K

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	124,075,515 124,076 K	-4.7%	130,201,069 130,201 K	3.0%	126,355,904 126,356 K

Exploitation charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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	64,022,138 64,022 K	-6.6%	68,528,143 68,528 K	12.1%	61,143,743 61,144 K
Change in stocks of raw materials	FV	232,931 233 K	111.7%	-1,988,757 -1,989 K	-9473.8%	-20,773 -21 K
Other external purchases and charges	FW	29,699,447 29,699 K	-6.0%	31,607,649 31,608 K	-3.5%	32,754,635 32,755 K
Tax, duty and similar payments	FX	3,149,009 3,149 K	-2.3%	3,224,330 3,224 K	7.9%	2,989,208 2,989 K
Payroll	FY	14,955,047 14,955 K	-9.9%	16,592,427 16,592 K	-3.5%	17,202,932 17,203 K
Social security costs	FZ	6,561,779 6,562 K	-13.6%	7,597,276 7,597 K	-3.5%	7,869,216 7,869 K

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	1,461,860 1,462 K	108.6%	700,907 701 K	27.9%	548,100 548 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	3,387,250 3,387 K	4.1%	3,254,372 3,254 K	5.6%	3,083,144 3,083 K
Provisions for risks and charges	GD	233,264 233 K	-24.3%	308,094 308 K	-33.6%	464,103 464 K

Other charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Other charges	GE	372,785 373 K	-1.0%	376,627 377 K	17.1%	321,596 322 K

Operating charges (III-IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total financial income (Total V)	GP	283,729 284 K	-65.1%	812,233 812 K	83.7%	442,037 442 K
Share financial income	GJ	0 0 K	0%	0 0 K	0%	0 0 K
Other investment income & capitalised receivables	GK	0 0 K	0%	1,000 1 K	0%	1,000 1 K
Other interest and similar income	GL	9,584 10 K	-4.0%	9,984 10 K	49.9%	6,660 7 K
Released provisions and transferred charges	GM	109,545 110 K	112.9%	51,456 51 K	-51.6%	106,334 106 K
Exchange gains	GN	164,598 165 K	-78.0%	749,793 750 K	128.6%	328,043 328 K
Net income from disposal of investment securities	GO	0 0 K	0%	0 0 K	0%	0 0 K

Financial charge (VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total financial charge (Total VI)	GU	2,758,861 2,759 K	36.4%	2,023,266 2,023 K	-49.9%	4,038,999 4,039 K
Financial reserves and provisions	GQ	435,602 436 K	168.7%	162,115 162 K	-88.3%	1,388,251 1,388 K
Interest and similar charges	GR	1,914,060 1,914 K	20.7%	1,586,338 1,586 K	-38.0%	2,558,561 2,559 K
Exchange losses	GS	409,197 409 K	48.9%	274,813 275 K	198.1%	92,187 92 K
Net loss from disposal of investment securities	GT	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary income (VII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary income (Total VII)	HD	6,225,253 6,225 K	-7.8%	6,754,150 6,754 K	-40.0%	11,249,338 11,249 K
Extraordinary operating income	HA	395,768 396 K	-65.3%	1,141,558 1,142 K	-72.4%	4,142,151 4,142 K
Extraordinary income from capital transactions	HB	56,459 56 K	212.0%	18,096 18 K	-12.4%	20,659 21 K
Released provisions and transferred charges	HC	5,773,026 5,773 K	3.2%	5,594,495 5,594 K	-21.1%	7,086,528 7,087 K

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary charges (Total VIII)	HH	6,815,033 6,815 K	-0.7%	6,861,977 6,862 K	-9.6%	7,592,695 7,593 K
Extraordinary operating charges	HE	1,147,238 1,147 K	-5.4%	1,212,785 1,213 K	61.1%	752,845 753 K
Extraordinary charges from capital transactions	HF	17,678 18 K	0%	0 0 K	0%	209,006 209 K
Extraordinary reserves and provisions	HG	5,650,116 5,650 K	0.0%	5,649,192 5,649 K	-14.8%	6,630,844 6,631 K

Employee profit sharing (IX)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Employee profit sharing (Total IX)	HJ	0 0 K	0%	0 0 K	0%	0 0 K

Tax on profits (X)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Tax on profits (Total X)	HK	-72,575 -73 K	-326.3%	-17,026 -17 K	75.4%	-69,091 -69 K

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which equipment leases	HP	0 0 K	0%	0 0 K	0%	0 0 K
Of which property leases	HQ	0 0 K	0%	0 0 K	0%	0 0 K
Of which transferred charges	A1	664,321 664 K	148.1%	267,747 268 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)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	OG	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	OH	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess, acquisitions, creations, contributions	OJ	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	OK1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	OK2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	OL	0 0 K	0%	0 0 K	0%	0 0 K

Research and development Charge (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	CZ	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	KB	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KC	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	CO1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	CO2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	DO	0 0 K	0%	0 0 K	0%	0 0 K

Other budget item from Intangible fixed assets (Total II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	KD	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	KE	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KF	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	LV1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	LV2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	LW	0 0 K	0%	0 0 K	0%	0 0 K

Tangible fixed assets (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LN	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	LO	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LP	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	NG1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NG2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	NH	0 0 K	0%	0 0 K	0%	0 0 K

Financial assets (Total IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LQ	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	LR	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LS	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	NJ1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NJ2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	NK	0 0 K	0%	0 0 K	0%	0 0 K

Reserve for depreciation

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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Reserve for depreciation value at begin of period	PE	0 0 K	0%	0 0 K	0%	0 0 K
Increases	PF	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	PG	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PH	0 0 K	0%	0 0 K	0%	0 0 K

Total fixed assets amotisation (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Reserve for depreciation value at begin of period	QU	0 0 K	0%	0 0 K	0%	0 0 K
Increases	QV	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	QW	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	QX	0 0 K	0%	0 0 K	0%	0 0 K

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Net value at begin of period	SP1	0 0 K	0%	0 0 K	0%	0 0 K
Increases	SP2	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	SP	0 0 K	0%	0 0 K	0%	0 0 K
Net value at the end of period	SR	0 0 K	0%	0 0 K	0%	0 0 K

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7C	0 0 K	0%	0 0 K	0%	0 0 K
Increases	UB	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	UC	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	UD	0 0 K	0%	0 0 K	0%	0 0 K

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	0 0 K	0%	0 0 K	0%	0 0 K
Financial	UG	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UJ	0 0 K	0%	0 0 K	0%	0 0 K

Includes Total Withdrawal

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UF	0 0 K	0%	0 0 K	0%	0 0 K
Financial	UH	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UK	0 0 K	0%	0 0 K	0%	0 0 K

Total regulated provisions (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	3Z	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TS	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TT	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	TU	0 0 K	0%	0 0 K	0%	0 0 K

Total risk and charge provisions (Total II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	5Z	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TV	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TW	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	TX	0 0 K	0%	0 0 K	0%	0 0 K

Total Provision for depreciation (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7B	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TY	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TZ	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	UA	0 0 K	0%	0 0 K	0%	0 0 K

State deadlines claims and debts at the end of period

State claims

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value	VT	21,433,478 21,433 K	0%	0 0 K	0%	0 0 K
1 year at most	VU	20,053,441 20,053 K	0%	0 0 K	0%	0 0 K
More than one year	VV	1,380,037 1,380 K	0%	0 0 K	0%	0 0 K

State of loans

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Claims related to holdings (gross)	UL	22,000 22 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	1,422,634 1,423 K	0%	0 0 K	0%	0 0 K
Loans (1 year at most)	UR	94,594 95 K	0%	0 0 K	0%	0 0 K
Other financial assets (gross)	UT	1,105,777 1,106 K	0%	0 0 K	0%	0 0 K
Other financial assets (1 year at most)	UV	1,075,780 1,076 K	0%	0 0 K	0%	0 0 K

Receivables statement of assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Customers doubtful or disputed	VA	9,088,206 9,088 K	0%	0 0 K	0%	0 0 K
Other claims customer	UX	267,919 268 K	0%	0 0 K	0%	0 0 K
Receivables represent Loaned Securities	UU	0 0 K	0%	0 0 K	0%	0 0 K
Provision for depreciation previously established	UQ	0 0 K	0%	0 0 K	0%	0 0 K
Personnel and associated accounts	UY	10,096 10 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations	UZ	2,340 2 K	0%	0 0 K	0%	0 0 K
Income taxes	VM	0 0 K	0%	0 0 K	0%	0 0 K
Value added tax	VB	2,377,388 2,377 K	0%	0 0 K	0%	0 0 K
Other taxes and payments assimilated	VN	0 0 K	0%	0 0 K	0%	0 0 K
State and other public - Miscellaneous	VP	2,864,469 2,864 K	0%	0 0 K	0%	0 0 K
Group and Associates	VC	2,567,324 2,567 K	0%	0 0 K	0%	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	1,705,324 1,705 K	0%	0 0 K	0%	0 0 K

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	0 0 K	0%	0 0 K	0%	0 0 K

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	64,676,028 64,676 K	0%	0 0 K	0%	0 0 K
1 year at most	VZ2	58,722,781 58,723 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VZ3	5,236,420 5,236 K	0%	0 0 K	0%	0 0 K
More than 5 years	VZ4	716,827 717 K	0%	0 0 K	0%	0 0 K

Details

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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	379,647 380 K	0%	0 0 K	0%	0 0 K
1 year at most	VG2	379,647 380 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VG3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to more than 1 year at the origin (gross)	VH1	7,268,756 7,269 K	0%	0 0 K	0%	0 0 K
1 year at most	VH2	1,315,510 1,316 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VH3	5,236,420 5,236 K	0%	0 0 K	0%	0 0 K
Loans and various financial liabilities (gross)	8A1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8A2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8A3	0 0 K	0%	0 0 K	0%	0 0 K
Suppliers and associated accounts (gross)	8B1	23,210,625 23,211 K	0%	0 0 K	0%	0 0 K
1 year at most	8B2	23,210,625 23,211 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8B3	23,210,625 23,211 K	0%	0 0 K	0%	0 0 K
Personnel and associated accounts (gross)	8C1	1,696,910 1,697 K	0%	0 0 K	0%	0 0 K
1 year at most	8C2	1,696,910 1,697 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8C3	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations (gross)	8D1	4,043,360 4,043 K	0%	0 0 K	0%	0 0 K
1 year at most	8D2	4,043,360 4,043 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8D3	0 0 K	0%	0 0 K	0%	0 0 K
Taxes on profits (gross)	8E1	1,738 2 K	0%	0 0 K	0%	0 0 K
1 year at most	8E2	1,738 2 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8E3	0 0 K	0%	0 0 K	0%	0 0 K
VAT (Gross)	VW1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VW2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VW3	0 0 K	0%	0 0 K	0%	0 0 K
Backed Obligations (gross)	VX1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VX2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VX3	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and assimilated (gross)	VQ1	1,286,055 1,286 K	0%	0 0 K	0%	0 0 K
1 year at most	VQ2	1,286,055 1,286 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VQ3	0 0 K	0%	0 0 K	0%	0 0 K
Assets and liabilities associated accounts (gross)	8J1	3,838,723 3,839 K	0%	0 0 K	0%	0 0 K
1 year at most	8J2	3,838,723 3,839 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8J3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	8J4	0 0 K	0%	0 0 K	0%	0 0 K
Groups and associates (gross)	VI1	20,941,410 20,941 K	0%	0 0 K	0%	0 0 K
1 year at most	VI2	20,941,410 20,941 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VI3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	V14	0 0 K	0%	0 0 K	0%	0 0 K
Other liabilities (gross)	8K1	1,343,073 1,343 K	0%	0 0 K	0%	0 0 K
1 year at most	8K2	1,343,073 1,343 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8K3	0 0 K	0%	0 0 K	0%	0 0 K
Debt representative of borrowed securities (gross)	SZ1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	SZ2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	SZ3	0 0 K	0%	0 0 K	0%	0 0 K
Products in advance (gross)	8L1	665,730 666 K	0%	0 0 K	0%	0 0 K
1 year at most	8L2	665,730 666 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8L3	0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Loans made during the period	VJ	0 0 K	0%	0 0 K	0%	0 0 K
Debt repaid during the period	VK	0 0 K	0%	0 0 K	0%	0 0 K

Table allocation results and other information

Dividends distributed

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Dividends	ZE	0 0 K	0%	0 0 K	0%	0 0 K

Commitments

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Average number of employees	YP	388 0 K	-4.4%	406 0 K	-11.7%	460 0 K

Groups and Shareholders

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Groups and Shareholders	ZR	0 0 K	-	- -	-	- -

Ratios

Synthetic financial performance indicators

31/12/2016

31/12/2015

31/12/2014

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

0.10

30%

0.07

40%

0.04

60%

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

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Fixed Asset Financing	1.02	-1.9%	1.04	2.0%	1.02	5.30	-80.8%	1.25	-18.4%
Global Debt	185 days	14.9%	161 days	43.8%	112 days	274.38 days	-32.6%	107 days	72.9%
Working Capital Fund overall net	13 days	-56.7%	30 days	76.5%	17 days	449.68 days	-97.1%	65 days	-80.0%
Financial independence	76.72 %	15.4%	66.51 %	-82.7%	385.51 %	19,613,704.28 %	-100.0%	378.05 %	-79.7%
Solvability	24.40 %	9.3%	22.32 %	-17.0%	26.88 %	27.11 %	-10.0%	48.00 %	-49.2%
Capacity debt futures	1,293.90 %	-	-	-	-	116,203.15 %	-98.9%	3,740.01 %	-65.4%
Coverage of current assets by net working capital overall	10.41 %	-54.7%	23.00 %	76.7%	13.02 %	-2,082.05 %	100.5%	44.69 %	-76.7%
General Liquidity	0.34	-	-	-	-	0.89	-61.8%	0.79	-57.0%
Restricted Liquidity	0.34	-	-	-	-	58.26	-99.4%	1.19	-71.4%

Management or rotation

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Need background in operating working capital	4 days	-66.7%	12 days	1300.0%	-1 days	35.54 days	-88.7%	29 days	-86.2%
Treasury	-1 days	0%	0 days	0%	3 days	321.68 days	-100.3%	6 days	-116.7%
Inventory turnover of goods	-	-	-	-	-	229.42 days	-	27 days	-
Average length of credit granted to customers	27 days	-10.0%	30 days	7.1%	28 days	113.64 days	-76.2%	49 days	-44.9%
Average length of credit obtained suppliers	89 days	17.1%	76 days	-10.6%	85 days	65.12 days	36.7%	62 days	43.5%
Inventory turnover of raw materials in industrial enterprises	89 days	4.7%	85 days	-2.3%	87 days	5,367.03 days	-98.3%	49 days	83.5%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	5,570.05 days	-	111 days	-
Rotation tangible assets	-	-	-	-	-	4,662.66 %	-	133.87 %	-

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Margin trading	0.00 %	0%	0.00 %	0%	0.00 %	5.88 %	0%	0.00 %	0%
Profitability of the business	6.48 %	94.6%	3.33 %	-11.7%	3.77 %	-53.91 %	112.0%	4.98 %	30.1%
Net profit	3.54 %	92.4%	1.84 %	-47.0%	3.47 %	3.87 %	-8.5%	2.53 %	39.9%
Growth rate of turnover (excluding VAT)	-3.14 %	-162.5%	5.02 %	0%	0.00 %	-0.57 %	-450.9%	0.00 %	0%
Rates integration	26.01 %	6.7%	24.37 %	-7.7%	26.39 %	15.06 %	72.7%	24.07 %	8.1%
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.34 %	0%	0.00 %	0%
Work Factor	65.59 %	-13.9%	76.20 %	-0.5%	76.59 %	89.25 %	-26.5%	71.35 %	-8.1%
Weight interests	2.19 %	41.3%	1.55 %	-52.5%	3.26 %	1.62 %	35.2%	0.70 %	212.9%

Return on capital

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Cash flow from the overall profitability	9.49 %	38.9%	6.83 %	-35.1%	10.53 %	-146.96 %	106.5%	4.16 %	128.1%
Rates of economic profitability	16.00 %	60.0%	10.00 %	-58.3%	24.00 %	61.47 %	-74.0%	14.00 %	14.3%
Financial profitability	22,433,559.00 %	24.1%	18,078,373.00 %	14.2%	15,836,765.00 %	22,010,652.99 %	1.9%	4,047,529.00 %	454.3%
Return on investment	14.17 %	42.1%	9.97 %	-76.4%	42.21 %	26.03 %	-45.6%	6.36 %	122.8%

Management intermediate balances

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Turnover

126,155,965 126,156 K

-3.1%

130,243,954 130,244 K

5.0%

124,017,239 124,017 K

62,534,619.67 62,534.62 K

101.7%

21,883,347 21,883 K

476.5%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

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 €

682,349.62 € 682.35 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

6.15 % CA 6.15 % CA

0%

0.00 % CA 0.00 % CA

0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sale of goods produced	126,155,965 126,156 K	-3.1%	130,243,954 130,244 K	5.0%	124,017,239 124,017 K		-		-
+/- Stocked production	405,858 406 K	162.4%	-650,674 -651 K	-128.4%	2,293,832 2,294 K		-		-
+ Self-constructed assets	200,000 200 K	-33.3%	300,000 300 K	0%	300,000 300 K		-		-
Period production	126,761,823 € 126,762 K €	-2.4%	129,893,280 € 129,893 K €	2.6%	126,611,071 € 126,611 K €	56,421,016.56 € 56,421.02 K €	124.7%	21,793,497 € 21,793 K €	481.6%
	100.48 % CA 100.48 % CA	0.8%	99.73 % CA 99.73 % CA	-2.3%	102.09 % CA 102.09 % CA	88.72 % CA 88.72 % CA	13.3%	99.40 % CA 99.40 % CA	1.1%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Trading margin	0 0 K	0%	0 0 K	0%	0 0 K	682,349.62 682.35 K	0%	0 0 K	0%
+ Period Production	126,761,823 126,762 K	-2.4%	129,893,280 129,893 K	2.6%	126,611,071 126,611 K	56,421,016.56 56,421.02 K	124.7%	21,793,497 21,793 K	481.6%
- Purchase of raw materials	64,022,138 64,022 K	-6.6%	68,528,143 68,528 K	12.1%	61,143,743 61,144 K		-		-
+/- Change in stocks of raw materiels	232,931 233 K	111.7%	-1,988,757 -1,989 K	-9473.8%	-20,773 -21 K		-		-
- Other external purchases and charges	29,699,447 29,699 K	-6.0%	31,607,649 31,608 K	-3.5%	32,754,635 32,755 K		-		-
Added value	32,807,307 € 32,807 K €	3.3%	31,746,245 € 31,746 K €	-3.0%	32,733,466 € 32,733 K €	13,098,763.63 € 13,098.76 K €	150.5%	4,517,439 € 4,517 K €	626.2%
	26.01 % CA 26.01 % CA	6.7%	24.37 % CA 24.37 % CA	-7.7%	26.39 % CA 26.39 % CA	15.06 % CA 15.06 % CA	72.7%	24.07 % CA 24.07 % CA	8.1%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Added value	32,807,307 € 32,807 K €	3.3%	31,746,245 € 31,746 K €	-3.0%	32,733,466 € 32,733 K €	13,098,763.63 € 13,098.76 K €	150.5%	4,517,439 € 4,517 K €	626.2%
+ Operating grants	27,388 27 K	1269.4%	2,000 2 K	1288.9%	144 0 K		-		-
- Tax, duty and similar payments	3,149,009 3,149 K	-2.3%	3,224,330 3,224 K	7.9%	2,989,208 2,989 K		-		-
- Personal charges	21,516,826 21,517 K	-11.0%	24,189,703 24,190 K	-3.5%	25,072,148 25,072 K		-		-
Gross operating surplus	8,168,860 € 8,169 K €	88.5%	4,334,212 € 4,334 K €	-7.2%	4,672,254 € 4,672 K €	2,541,192.49 € 2,541.19 K €	221.5%	700,820 € 701 K €	1065.6%
	6.48 % CA 6.48 % CA	94.6%	3.33 % CA 3.33 % CA	-11.7%	3.77 % CA 3.77 % CA	-53.91 % CA -53.91 % CA	112.0%	4.98 % CA 4.98 % CA	30.1%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Gross operating surplus	8,168,860 € 8,169 K €	88.5%	4,334,212 € 4,334 K €	-7.2%	4,672,254 € 4,672 K €	2,541,192.49 € 2,541.19 K €	221.5%	700,820 € 701 K €	1065.6%
+ Release of reserves and provisions	4,233,094 4,233 K	16.1%	3,645,859 3,646 K	-5.1%	3,842,771 3,843 K		-		-
+ Other operating income	514,198 514 K	41.6%	363,194 363 K	387.3%	74,533 75 K		-		-
- Depreciation/ Amortisation	5,082,374 5,082 K	19.2%	4,263,373 4,263 K	4.1%	4,095,347 4,095 K		-		-
- Other charges	372,785 373 K	-1.0%	376,627 377 K	17.1%	321,596 322 K		-		-
Operating result	7,460,993 € 7,461 K €	101.5%	3,703,265 € 3,703 K €	-11.2%	4,172,615 € 4,173 K €	1,613,852.11 € 1,613.85 K €	362.3%	246,901 € 247 K €	2921.9%
	5.91 % CA 5.91 % CA	108.1%	2.84 % CA 2.84 % CA	-15.5%	3.36 % CA 3.36 % CA	-22.23 % CA -22.23 % CA	126.6%	2.91 % CA 2.91 % CA	103.1%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Operating result	7,460,993 € 7,461 K €	101.5%	3,703,265 € 3,703 K €	-11.2%	4,172,615 € 4,173 K €	1,613,852.11 € 1,613.85 K €	362.3%	246,901 € 247 K €	2921.9%
+/- Result of joint-venture transferred from/to other partners	0 0 K	0%	0 0 K	0%	0 0 K		-		-
+ Financial income	283,729 284 K	-65.1%	812,233 812 K	83.7%	442,037 442 K		-		-
- Financial charges	2,758,861 2,759 K	36.4%	2,023,266 2,023 K	-49.9%	4,038,999 4,039 K		-		-
Pre-tax result	4,985,861 € 4,986 K €	100.1%	2,492,232 € 2,492 K €	332.9%	575,653 € 576 K €	1,430,092.42 € 1,430.09 K €	248.6%	137,676 € 138 K €	3521.4%
	3.95 % CA 3.95 % CA	106.8%	1.91 % CA 1.91 % CA	315.2%	0.46 % CA 0.46 % CA	-22.52 % CA -22.52 % CA	117.5%	2.24 % CA 2.24 % CA	76.3%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Extraordinary income	6,225,253 6,225 K	-7.8%	6,754,150 6,754 K	-40.0%	11,249,338 11,249 K	4,266,745.51 4,266.75 K	45.9%	210,000 210 K	2864.4%
- Extraordinary charges	6,815,033 6,815 K	-0.7%	6,861,977 6,862 K	-9.6%	7,592,695 7,593 K		-		-
Extraordinary result	-589,780 € -590 K €	-447.0%	-107,827 € -108 K €	-102.9%	3,656,643 € 3,657 K €	-83,702.44 € -83.70 K €	-604.6%	0 € 0 K €	0%
	-0.47 % CA -0.47 % CA	-487.5%	-0.08 % CA -0.08 % CA	-102.7%	2.95 % CA 2.95 % CA	27.44 % CA 27.44 % CA	-101.7%	0.00 % CA 0.00 % CA	0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Pre-tax result	4,985,861 € 4,986 K €	100.1%	2,492,232 € 2,492 K €	332.9%	575,653 € 576 K €	1,430,092.42 € 1,430.09 K €	248.6%	137,676 € 138 K €	3521.4%
Extraordinary result	-589,780 € -590 K €	-447.0%	-107,827 € -108 K €	-102.9%	3,656,643 € 3,657 K €	-83,702.44 € -83.70 K €	-604.6%	0 € 0 K €	0%
- Employee profit sharing	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Tax on profits	-72,575 -73 K	-326.3%	-17,026 -17 K	75.4%	-69,091 -69 K		-		-
Net result	4,468,656 € 4,469 K €	86.1%	2,401,431 € 2,401 K €	-44.2%	4,301,387 € 4,301 K €	1,004,053.27 € 1,004.05 K €	345.1%	273,805 € 274 K €	1532.1%
	3.54 % CA 3.54 % CA	92.4%	1.84 % CA 1.84 % CA	-47.0%	3.47 % CA 3.47 % CA	3.87 % CA 3.87 % CA	-8.5%	2.53 % CA 2.53 % CA	39.9%

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 1712Z - Manufacture of paper and paperboard.

Key Performance Indicators

Graphical analysis

Net Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	126,155,965 €	130,243,954 €	124,017,239 €
Sector Average	62,534,620 €	55,965,383 €	59,013,959 €

Net Profit

	31/12/2016	31/12/2015	31/12/2014
Company Result	4,468,652 €	2,401,430 €	4,301,387 €
Sector Average	1,004,053 €	-585,931 €	-1,619,393 €

Net Export Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	75,446,217 €	75,506,083 €	69,674,953 €
Sector Average	32,964,446 €	32,522,023 €	35,217,006 €

Account Total

	31/12/2016	31/12/2015	31/12/2014
Company Result	91,957,128 €	81,014,323 €	58,907,931 €
Sector Average	44,898,455 €	43,087,910 €	43,659,098 €

Shareholders Equity

	31/12/2016	31/12/2015	31/12/2014
Company Result	21,933,559 €	17,503,365 €	15,120,032 €
Sector Average	22,003,486 €	18,658,986 €	18,093,295 €

Liabilities

	31/12/2016	31/12/2015	31/12/2014
Company Result	64,676,027 €	58,217,328 €	38,485,234 €
Sector Average	20,546,815 €	21,705,774 €	22,236,086 €

Need background in operating working capital

	31/12/2016	31/12/2015	31/12/2014
Company Result	4 €	12 €	-1 €
Sector Average	36 €	35 €	14 €

Gross operating surplus (EBE)

	31/12/2016	31/12/2015	31/12/2014
Company Result	8,168,860 €	4,334,212 €	4,672,254 €
Sector Average	2,541,192 €	2,066,737 €	2,290,931 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.08
UK Pound	1	INR 91.34
Euro	1	INR 80.03
Euro	1	INR 79.86

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

INFORMATION DETAILS

Analysis Done by :	VAR
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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