MIRA INFORM REPORT

Report No. :	492039
Report Date :	16.02.2018

IDENTIFICATION DETAILS

Name :	AFS SEDAN SAS
Registered Office :	29 Route Departementale 29, 08200 Glaire
Country :	France
Financials (as on) :	31.12.2016
Date of Incorporation :	12/2013
Com. Reg. No.:	RCS Sedan B 799 313 689
Legal Form :	Simplified Joint Stock Company
Line of Business :	Manufacture of Machinery for Metallurgy
No. of Employees :	100 to 199 Employees

RATING & COMMENTS

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

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate
Payment Behaviour :	Slow
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

AFS SEDAN SAS

Company Summary

AFS SEDAN SAS - 799 313 689 00017

SIRET	799 313 689 00017	Click to view full map.
Name	AFS SEDAN SAS
Acronym	-
Trade name	-
Status	Economically active
Postal Address	AFS SEDAN SAS 29 ROUTE DEPARTEMENTALE 29 08200 GLAIRE FRANCE
Share Capital	2,800,000 Euros
Telephone	03 24 22 34 02
Activity (APE)	Manufacture of machinery for metallurgy (2891Z)	RCS Registration	RCS Sedan B 799 313 689
Formation Date	12/2013	EUR VAT Number	FR05799313689
Deregistration Date	-	Last account Date	31/12/2016
Court Registry Number	20 1 3B00529	Incorporation Date	12/2013
Registration Court	Sedan (08)	Fax	-
Nationality	France	Legal form	Simplified joint stock company
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2016	12,592,779 €	-4.90% Turnover	2,088,834 €	-633,643 €	100 to 199 employees
31/12/2015	15,896,825 €	-1.46% Turnover	2,723,464 €	-159,078 €	100 to 199 employees
31/12/2014	18,110,099 €	3.55% Turnover	2,872,929 €	271,929 €	100 to 199 employees

View details

Directors

Current Directors

3

View Details

Ultimate Holding Company

Name	Country	Company Number
PVDM CONSEIL SAS		799313705
Affiliation links. 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	2891Z	Activity	Manufacture of machinery for metallurgy
Formation Date	12/2013	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	Other	Activity Location	Other
Trading Address	29 ROUTE DEPARTEMENTALE 29 08200 GLAIRE	Department	Ardennes (08)
Location Surface	-	District	3
City	GLAIRE	Status	Economically active
Business Pages FT®	INGENIERIE, BUREAUX D'ETUDES (BATIMENT)	Region	-
		Area	15
		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
PVDM CONSEIL SAS	Activities of holding companies	6420Z	GLAIRE	08200

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	1 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
AFS SEDAN SAS	Head Office	2891Z	Manufacture of machinery for metallurgy	GLAIRE	08200

Workforces

Workforce at address	100 to 199 employees	Company workforce	100 to 199 employees
		Workforce account	Workforce unknown
		31/12/2016

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 increase in the gearing percentage over the last two accounting periods is 43 %

The pre-tax profit is -1,164,996 €

Ultimate holding company in failure

The sales to current assets ratio is 1.35

The creditor days are 82.49

The net turnover is below the average of its class

The stock to turnover ratio is 39.30

The return on total assets employed is -11

High risk workforce size

The liabilities are 5,833,458 €

The net current assets are 9,321,527 €

The shareholder's equity is 2,088,834 €

The total assets are 11,057,450 €

The ratio total assets to total liabilities is 1.40

The increase of tangible fixed assets over the last two accounting periods is 56 %

The risk provisions are 2,077,171 €

Department code with low risk rating

Industry code with low risk rating

The company has 3 directors

Industry comparison

Activity (APE)	Manufacture of machinery for metallurgy (2891Z)
Industry average credit rating	32
Industry average credit limit	34,878

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Preferential rights details and history

Summary of preferential rights

Company monitored since	23/09/2014
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	PVDM CONSEIL SAS
Direct parent	PVDM CONSEIL SAS - 100 %
Group – Number of companies	2
Linkages – Number of companies	-
Number of countries	-

Group Structure

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Rating Information

	Name	SIREN	Parts	Last account published
1	PVDM CONSEIL SAS	799313705	-	31/12/2016
2	AFS SEDAN SAS	799313689	100 %	31/12/2016

Linkages

No Linkages information available for the company

Shareholders(s)

Name	PVDM CONSEIL SAS
Name of representative
Manager position	President	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Statutory Auditor

Name	FCN
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth
Name	COM'FIDUCE ARDENNES
Name of representative
Manager position	Deputy auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Previous Director

Manager position	Title and name	Date of Birth/Place of Birth
President	M. MUSZALSKI DENIS	01/02/1967 - GIVET (08600)

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	11/01/2018	Bodacc C	Comptes annuels et rapports
08 - ARDENNES GREFFE DU TRIBUNAL DE COMMERCE DE SEDAN 372 - 799313689 RCS. AFS Sedan SAS. Forme : Société par actions simplifiée (à associé unique). Adresse : route départementale 29 - 8200 Glaire. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
Hide	22/01/2017	JAL	Modification of the share capital
Les Petites Affiches Matot Braine Date de décision : 09/12/2016 La société : 799313689 - AFS SEDAN SAS, 29 ROUTE DEPARTEMENTALE 29, 08200 GLAIRE a subi une augmentation de son capital social désormais de 2 800 000 €
Hide	13/12/2016	Bodacc C	Comptes annuels et rapports
08 - ARDENNES GREFFE DU TRIBUNAL DE COMMERCE DE SEDAN 977 - 799313689 RCS. AFS Sedan SAS. Forme : Société par actions simplifiée (à associé unique). Adresse : route départementale 29 - 8200 Glaire. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
Hide	31/08/2015	Bodacc C	Comptes annuels et rapports
08 - ARDENNES GREFFE DU TRIBUNAL DE COMMERCE DE SEDAN 1505 - 799313689 RCS. AFS Sedan SAS. Forme : Société par actions simplifiée. Adresse : route départementale 29 - 8200 Glaire. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
Hide	20/08/2015	Bodacc B	Modification et mutation diverse
08 - ARDENNES GREFFE DU TRIBUNAL DE COMMERCE DE SEDAN 73 - 799 313 689 RCS Sedan. AFS SEDAN SAS. Forme : Société par actions simplifiée (à associé unique). Administration : Président partant : Muszalski, Denis, nomination du Président : PVDM CONSEIL SAS. Capital : 2600000 EUR. Activité : . Adresse du siège social : route départementale 29 -, 08200 Glaire. Commentaires : modification survenue sur l'administration.
Hide	03/08/2015	JAL	Appointment of the social representative
Petites Affiches Matot Braine (Les) Date de décision : 23/06/2015 Société faisant l'objet d'une nomination : 799313689 - AFS SEDAN SAS, 29 RTE DEPARTEMENTALE 29 -, 08200 GLAIRE Nominé : 799313705 - PVDM CONSEIL SAS, PVDM CONSEIL SAS, 29 RTE DEPARTEMENTALE, 08200 GLAIRE En la fonction de : Président
Hide	03/08/2015	JAL	Resignation / Revocation of the social representative
Petites Affiches Matot Braine (Les) Date de décision : 23/06/2015 La société 799313689 - AFS SEDAN SAS, 29 RTE DEPARTEMENTALE 29 -, 08200 GLAIRE Fait l'objet du départ de Monsieur Denis MUSZALSKI, 4 Rue des 10 Potiers, 08450, RAUCOURT ET FLABA
Hide	02/03/2014	Bodacc B	Modification et mutation diverse
08 - ARDENNES GREFFE DU TRIBUNAL DE COMMERCE DE SEDAN 71 - 799 313 689 RCS Sedan. AFS SEDAN SAS. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire partant : Billard-Louis, Béatrice, modification du Commissaire aux comptes titulaire FCN, nomination du Commissaire aux comptes suppléant : COM'FIDUCE ARDENNES. Capital : 2600000 EUR. Activité : . Adresse du siège social : route départementale 29 -, 08200 Glaire. Commentaires : modification survenue sur le capital (augmentation) et l'administration.
Hide	17/02/2014	JAL	Modification of the share capital
Petites Affiches Matot Braine (Les) Date de décision : 27/01/2014 La société : 799313689 - AFS SEDAN SAS, RTE DEPARTEMENTALE 29 -, 08200 GLAIRE a subi une augmentation de son capital social désormais de 2 600 000 € Date d'effet : 27/01/2014
Hide	05/02/2014	Bodacc A	Vente et cession : Acheteur
08 - ARDENNES GREFFE DU TRIBUNAL DE COMMERCE DE SEDAN 115 - 799 313 689 RCS Sedan. AFS SEDAN SAS. Forme : Société par actions simplifiée. Capital : 1001 EUR. Adresse : route départementale 29 -, 8200 Glaire. Origine du fonds : Achat au prix stipulé de 755000,00 euros. Etablissement : Etablissement principal. Activité : Un fonds de commerce de production de cylindres de laminoirs et de production d'autres produits moulés. Adresse : 80 avenue de la Marne, 8200 Sedan. Précédent propriétaire : AKERS SEDAN SAS. 509 541 504 RCS Sedan. Date de commencement de l’activité : 30/12/2013. Publication légale : Petites affiches Matot Braine du 13/01/2014. Oppositions : Le cédant et l'acquéreur renoncent à constituer un séquestre pour conserver le prix de cession . pour la validité. Descriptif : Un fonds de commerce de production de cylindres de laminoirs et de production d'autres produits moul¿s sis et exploit¿ 80 avenue de la Marne 08200 SEDAN. Commentaires : Achat d'un fonds par une personne morale (insertion provisoire).
Hide	28/01/2014	Bodacc B	Modification et mutation diverse
08 - ARDENNES GREFFE DU TRIBUNAL DE COMMERCE DE SEDAN 110 - 799 313 689 RCS Sedan. AFS SEDAN SAS. Forme : Société par actions simplifiée. Capital : 1001 EUR. Activité : . Adresse du siège social : route départementale 29 -, 08200 Glaire. Commentaires : modification survenue sur le capital (augmentation).
Hide	13/01/2014	JAL	Modification of the share capital
Petites Affiches Matot Braine (Les) Date de décision : 27/12/2013 La société : 799313689 - AFS SEDAN SAS, RTE DEPARTEMENTALE 29 -, 08200 GLAIRE a subi une augmentation de son capital social désormais de 1 001 € Date d'effet : 27/12/2013
Hide	13/01/2014	JAL	Activity or goodwill cession: Buyer
Petites Affiches Matot Braine (Les) Date de décision : 30/12/2013 Cédant : 509541504 - AKERS SEDAN SAS, 80 AV DE LA MARNE, 08200 SEDAN Cessionnaire : 799313689 - AFS SEDAN SAS, RTE DEPARTEMENTALE 29 -, 08200 GLAIRE Prix de vente : 755000 € Date d’effet : 30/12/2013
Hide	09/01/2014	Bodacc A	Création d'établissement
08 - ARDENNES GREFFE DU TRIBUNAL DE COMMERCE DE SEDAN 166 - 799 313 689 RCS Sedan. AFS SEDAN SAS. Forme : Société par actions simplifiée. Administration : Président : Muszalski, Denis, Commissaire aux comptes titulaire : Billard-Louis, Béatrice, Commissaire aux comptes suppléant : FCN. Capital : 1000 EUR. Adresse : route départementale 29 -, 8200 Glaire. Origine du fonds : Création. Etablissement : Etablissement principal. Activité : L'Etude, la fabrication, l'installation et le commerce de cylindres pour le laminage des métaux et pour toutes autres industries, de pièces, notamment moulées, brutes ou usinées, en fonte, acier ou en tout autre métal et, plus généralement, l'étude ou la construction de tous matériels. Adresse : route départementale 29 -, 8200 Glaire. A dater du : 24/12/2013. Date de commencement de l’activité : 19/12/2013. Descriptif : . Commentaires : Immatriculation d'une personne morale (B, C, D) suite à création d'un établissement principal.

Company events history

Date	Description
11/01/2018	Deposit accounts notice
09/01/2018	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
02/06/2017	New ultimate parent
02/06/2017	New parent detected
16/01/2017	Amendment
16/01/2017	Capital increase
16/01/2017	Updated articles of association
31/12/2016	New accounts available
13/12/2016	Deposit accounts notice
09/12/2016	Legal Gazette: Modification of the share capital
24/11/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2015	New accounts available
23/12/2015	Updated articles of association
23/12/2015	Audit or Management Report
23/12/2015	Amendment
11/09/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/08/2015	Deposit accounts notice
20/08/2015	Various editing or changing
04/08/2015	New chairman (CEO, CoB)
04/08/2015	Amendment
03/08/2015	Legal Gazette: Resignation / Revocation of the social representative
23/06/2015	Legal Gazette: Appointment of the social representative
31/12/2014	New accounts available
23/09/2014	Collection of preferential rights activated for this company
02/03/2014	Various editing or changing
14/02/2014	Amendment
05/02/2014	Sale and transfer
28/01/2014	Various editing or changing
27/01/2014	Legal Gazette: Modification of the share capital
27/01/2014	Modification to Establishment Address or Identifier
13/01/2014	Updated articles of association
13/01/2014	Amendment
09/01/2014	Establishment creation
30/12/2013	Legal Gazette: Activity or goodwill cession: Buyer
27/12/2013	Other modification of Establishment
27/12/2013	Legal Gazette: Modification of the share capital
24/12/2013	Articles of association
24/12/2013	Company formation
19/12/2013	Update of Company Activity
19/12/2013	Formation of Company

Establishment events history

Date	Description
28/06/2017	Update of phone numbers
03/01/2017	Update of Establishment Address
03/01/2017	Modification of Head office
10/06/2015	Update of phone numbers
27/01/2014	Modification of Head office Identification
27/01/2014	Update of Establishment Address
27/12/2013	Modification of Head office
19/12/2013	Update of Establishment Activity
19/12/2013	Modification of Head office
19/12/2013	Formation of Head office

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	02/01/2018	23/11/2016	10/09/2015
Activity Code	2891Z	2891Z	2891Z
Employees	0	0	0

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	1,735,923 1,736 K	44.6%	1,200,360 1,200 K	131.7%	518,107 518 K	1,279,871.24 1,279.87 K	35.6%	48,391 48 K	3487.3%
Intangible assets	209,249 209 K	9.7%	190,734 191 K	1135.6%	15,436 15 K	69,491.29 69.49 K	201.1%	1,411 1 K	14729.8%
Tangible assets	1,432,221 1,432 K	56.1%	917,372 917 K	83.4%	500,220 500 K	902,380.00 902.38 K	58.7%	31,392 31 K	4462.4%
Financial assets	94,450 94 K	2.4%	92,250 92 K	3665.3%	2,450 2 K	308,177.06 308.18 K	-69.4%	4,145 4 K	2178.6%
Net current assets	9,321,527 9,322 K	10.7%	8,424,137 8,424 K	-12.7%	9,649,086 9,649 K	6,264,770.94 6,264.77 K	48.8%	719,242 719 K	1196.0%
Stocks	4,949,345 4,949 K	32.0%	3,750,744 3,751 K	-5.8%	3,983,566 3,984 K	1,176,688.35 1,176.69 K	320.6%	84,141 84 K	5782.2%
Advanced payments	291,204 291 K	1279.9%	21,104 21 K	34.3%	15,718 16 K	64,880.65 64.88 K	348.8%	0 0 K	0%
Receivables	3,972,556 3,973 K	1.0%	3,934,393 3,934 K	-13.7%	4,560,406 4,560 K	4,309,759.35 4,309.76 K	-7.8%	268,364 268 K	1380.3%
Securities and cash	108,419 108 K	-84.9%	717,893 718 K	-34.1%	1,089,392 1,089 K	712,377.76 712.38 K	-84.8%	213,306 213 K	-49.2%
Prepaid expenses	- -	-	- -	-	- -	6,031.67 6.03 K	-	3,323 3 K	-
Accounts of regularization	0 0 K	0%	0 0 K	0%	0 0 K	2,232.00 2.23 K	0%	0 0 K	0%
Total Assets	11,057,450 11,057 K	14.9%	9,624,497 9,624 K	-5.3%	10,167,193 10,167 K	7,546,480.35 7,546.48 K	46.5%	780,274 780 K	1317.1%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Shareholders' equity	2,088,834 2,089 K	-23.3%	2,723,464 2,723 K	-5.2%	2,872,929 2,873 K	1,084,717.06 1,084.72 K	92.6%	193,290 193 K	980.7%
Share capital	2,800,000 2,800 K	7.7%	2,600,000 2,600 K	0%	2,600,000 2,600 K	649,313.06 649.31 K	331.2%	50,000 50 K	5500.0%
Other capital resources	1,057,987 1,058 K	574.1%	156,955 157 K	29.1%	121,545 122 K	93,066.21 93.07 K	1036.8%	0 0 K	0%
Risk Provisions	2,077,171 2,077 K	0.9%	2,057,865 2,058 K	6.0%	1,941,953 1,942 K	1,015,655.82 1,015.66 K	104.5%	4,000 4 K	51829.3%
Liabilities	5,833,458 5,833 K	24.5%	4,686,213 4,686 K	-10.4%	5,230,766 5,231 K	5,362,705.59 5,362.71 K	8.8%	414,180 414 K	1308.4%
Financial liabilities	312,369 312 K	146.5%	126,713 127 K	0%	0 0 K	1,494,807.18 1,494.81 K	-79.1%	67,754 68 K	361.0%
Advanced payments received	175,930 176 K	0%	0 0 K	0%	4,000 4 K	1,284,108.00 1,284.11 K	-86.3%	3,067 3 K	5636.2%
Trade account payables	2,845,836 2,846 K	8.0%	2,635,060 2,635 K	1.8%	2,587,507 2,588 K	1,488,614.71 1,488.61 K	91.2%	173,333 173 K	1541.8%
Tax and social liabilities	1,728,950 1,729 K	-9.7%	1,914,358 1,914 K	-26.7%	2,613,049 2,613 K	965,429.50 965.43 K	79.1%	103,569 104 K	1569.4%
Other debts and fixed assets liabilities	770,370 770 K	7542.6%	10,080 10 K	-61.5%	26,209 26 K	111,684.88 111.68 K	589.8%	9,891 10 K	7688.6%
Account regularization	0 0 K	0%	0 0 K	0%	0 0 K	237,016.71 237.02 K	0%	0 0 K	0%
Total liabilities	11,057,450 11,057 K	14.9%	9,624,497 9,624 K	-5.3%	10,167,193 10,167 K	7,546,480.71 7,546.48 K	46.5%	780,274 780 K	1317.1%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sales of Goods	14,710,483 14,710 K	-8.8%	16,128,437 16,128 K	-25.6%	21,685,087 21,685 K	8,347,371.65 8,347.37 K	76.2%	958,303 958 K	1435.1%
Net turnover	12,592,779 12,593 K	-20.8%	15,896,825 15,897 K	-12.2%	18,110,099 18,110 K	7,379,788.12 7,379.79 K	70.6%	921,721 922 K	1266.2%
of which net export turnover	6,630,745 6,631 K	-17.8%	8,069,483 8,069 K	-20.0%	10,092,264 10,092 K	2,612,449.18 2,612.45 K	153.8%	0 0 K	0%
Operating charges	15,931,154 15,931 K	-2.5%	16,345,591 16,346 K	-23.7%	21,422,533 21,423 K	8,550,234.00 8,550.23 K	86.3%	932,163 932 K	1609.1%
Operating profit/loss	-1,220,671 -1,221 K	-462.1%	-217,154 -217 K	-182.7%	262,553 263 K	-202,862.47 -202.86 K	-501.7%	7,672 8 K	-16010.7%
Financial income	1,941 2 K	-96.7%	58,550 59 K	691.2%	7,400 7 K	31,695.18 31.70 K	-93.9%	181 0 K	972.4%
Financial charges	22,040 22 K	130.8%	9,548 10 K	242.7%	2,786 3 K	35,020.53 35.02 K	-37.1%	351 0 K	6179.2%
Financial profit/loss	-20,098 -20 K	-141.0%	49,002 49 K	962.0%	4,614 5 K	-3,325.29 -3.33 K	-504.4%	0 0 K	0%
Pretax net operating income	-1,240,770 -1,241 K	-637.9%	-168,151 -168 K	-162.9%	267,168 267 K	-206,187.47 -206.19 K	-501.8%	7,672 8 K	-16272.7%
Extraordinary income	80,080 80 K	1438.2%	5,206 5 K	324.6%	1,226 1 K	68,027.12 68.03 K	17.7%	1,419 1 K	5543.4%
Extraordinary charges	4,307 4 K	0%	0 0 K	0%	65 0 K	481,142.41 481.14 K	-99.1%	401 0 K	974.1%
Extraordinary profit/loss	75,772 76 K	1355.5%	5,206 5 K	348.4%	1,161 1 K	-413,115.41 -413.12 K	118.3%	0 0 K	0%
Net result	-633,643 -634 K	-298.3%	-159,078 -159 K	-158.5%	271,929 272 K	-582,602.24 -582.60 K	-8.8%	9,947 10 K	-6470.2%

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	11,057,450 11,057 K	14.9%	9,624,497 9,624 K	-5.3%	10,167,193 10,167 K
Gross	CO	12,318,996 12,319 K	24.7%	9,877,004 9,877 K	-3.9%	10,278,518 10,279 K
Amortisation	1A	1,261,546 1,262 K	399.6%	252,505 253 K	126.8%	111,325 111 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	1,735,923 1,736 K	44.6%	1,200,360 1,200 K	131.7%	518,107 518 K
Gross	BJ	2,156,211 2,156 K	55.9%	1,383,132 1,383 K	141.8%	572,036 572 K
Amortisation	BK	420,288 420 K	130.0%	182,772 183 K	238.9%	53,929 54 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	209,249 209 K	12913.0%	1,608 2 K	-89.6%	15,436 15 K
Gross	AF	289,099 289 K	530.6%	45,843 46 K	4.4%	43,893 44 K
Amortisation	AG	79,849 80 K	80.5%	44,234 44 K	55.4%	28,456 28 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%	0 0 K
Gross	AJ	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AK	0 0 K	0%	0 0 K	0%	0 0 K
Pre-payments and downpayments	Net	0 0 K	0%	189,126 189 K	0%	0 0 K
Gross	AL	0 0 K	0%	189,126 189 K	0%	0 0 K
Amortisation	AM	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Intangible asset	Net	209,249 209 K	9.7%	190,734 191 K	1135.6%	15,436 15 K

Tangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Lands	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AN	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AO	0 0 K	0%	0 0 K	0%	0 0 K
Buildings	Net	49,074 49 K	-2.3%	50,219 50 K	0%	0 0 K
Gross	AP	58,341 58 K	9.4%	53,341 53 K	5334000.0%	1 0 K
Amortisation	AQ	9,267 9 K	196.9%	3,121 3 K	0%	0 0 K
Plant	Net	1,168,582 1,169 K	59.9%	730,836 731 K	188.4%	253,368 253 K
Gross	AR	1,482,854 1,483 K	72.5%	859,393 859 K	209.5%	277,637 278 K
Amortisation	AS	314,272 314 K	144.5%	128,556 129 K	429.7%	24,269 24 K
Other tangible fixed assets	Net	26,627 27 K	52.5%	17,466 17 K	38.6%	12,601 13 K
Gross	AT	43,526 44 K	78.9%	24,326 24 K	76.2%	13,803 14 K
Amortisation	AU	16,899 17 K	146.4%	6,859 7 K	471.1%	1,201 1 K
Fixed assets in construction	Net	146,395 146 K	119.6%	66,675 67 K	-68.7%	212,696 213 K
Gross	AV	146,395 146 K	119.6%	66,675 67 K	-68.7%	212,696 213 K
Amortisation	AW	0 0 K	0%	0 0 K	0%	0 0 K
Advances and payments on account	Net	41,543 42 K	-20.4%	52,176 52 K	142.1%	21,555 22 K
Gross	AX	41,543 42 K	-20.4%	52,176 52 K	142.1%	21,555 22 K
Amortisation	AY	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Tangible asset	Net	1,432,221 1,432 K	56.1%	917,372 917 K	83.4%	500,220 500 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	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CU	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CV	0 0 K	0%	0 0 K	0%	0 0 K
Inter-company receivables	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BC	0 0 K	0%	0 0 K	0%	0 0 K
Other investment securities	Net	2,000 2 K	0%	2,000 2 K	0%	2,000 2 K
Gross	BD	2,000 2 K	0%	2,000 2 K	0%	2,000 2 K
Amortisation	BE	0 0 K	0%	0 0 K	0%	0 0 K
Loans	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BF	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	92,450 92 K	2.4%	90,250 90 K	19955.6%	450 0 K
Gross	BH	92,450 92 K	2.4%	90,250 90 K	19955.6%	450 0 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	94,450 94 K	2.4%	92,250 92 K	3665.3%	2,450 2 K

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	9,321,527 9,322 K	10.7%	8,424,137 8,424 K	-12.7%	9,649,086 9,649 K
Gross	CJ	10,162,785 10,163 K	19.6%	8,493,871 8,494 K	-12.5%	9,706,481 9,706 K
Amortisation	CK	841,258 841 K	1106.4%	69,733 70 K	21.5%	57,395 57 K

Stocks

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Raw materials	Net	861,789 862 K	-15.0%	1,013,308 1,013 K	16.9%	866,476 866 K
Gross	BL	861,789 862 K	-16.6%	1,033,758 1,034 K	15.7%	893,123 893 K
Amortisation	BM	0 0 K	0%	20,450 20 K	-23.3%	26,646 27 K
Work in progress (goods)	Net	2,911,832 2,912 K	22.2%	2,382,347 2,382 K	-19.2%	2,947,792 2,948 K
Gross	BN	2,911,832 2,912 K	20.9%	2,408,964 2,409 K	-19.1%	2,976,034 2,976 K
Amortisation	BO	0 0 K	0%	26,617 27 K	-5.8%	28,242 28 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	1,175,724 1,176 K	231.1%	355,089 355 K	109.7%	169,298 169 K
Gross	BR	1,175,724 1,176 K	230.6%	355,595 356 K	107.0%	171,805 172 K
Amortisation	BS	0 0 K	0%	506 1 K	-79.8%	2,506 3 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	4,949,345 4,949 K	32.0%	3,750,744 3,751 K	-5.8%	3,983,566 3,984 K

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	291,204 291 K	1279.9%	21,104 21 K	34.3%	15,718 16 K
Gross	BV	291,204 291 K	1279.9%	21,104 21 K	34.3%	15,718 16 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	1,887,387 1,887 K	-45.6%	3,471,988 3,472 K	-13.9%	4,031,514 4,032 K
Gross	BX	2,728,645 2,729 K	-21.9%	3,494,148 3,494 K	-13.3%	4,031,514 4,032 K
Amortisation	BY	841,258 841 K	3696.3%	22,160 22 K	0%	0 0 K
Other debtors	Net	2,063,093 2,063 K	381.3%	428,666 429 K	-16.5%	513,301 513 K
Gross	BZ	2,063,093 2,063 K	381.3%	428,666 429 K	-16.5%	513,301 513 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	3,950,480 3,950 K	1.3%	3,900,654 3,901 K	-14.2%	4,544,815 4,545 K

Divers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Investment securities	Net	80,000 80 K	-73.8%	305,000 305 K	35.6%	225,000 225 K
Gross	CD	80,000 80 K	-73.8%	305,000 305 K	35.6%	225,000 225 K
Amortisation	CE	0 0 K	0%	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	28,419 28 K	-93.1%	412,893 413 K	-52.2%	864,392 864 K
Gross	CF	28,419 28 K	-93.1%	412,893 413 K	-52.2%	864,392 864 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	108,419 108 K	-84.9%	717,893 718 K	-34.1%	1,089,392 1,089 K

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	22,076 22 K	-34.6%	33,739 34 K	116.4%	15,591 16 K
Gross	CH	22,076 22 K	-34.6%	33,739 34 K	116.4%	15,591 16 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	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2016	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	1,195,158 1,195 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	11,057,450 11,057 K	14.9%	9,624,497 9,624 K	-5.3%	10,167,193 10,167 K

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	2,088,834 2,089 K	-23.3%	2,723,464 2,723 K	-5.2%	2,872,929 2,873 K
Equity and shareholders' equity	DA	2,800,000 2,800 K	7.7%	2,600,000 2,600 K	0%	2,600,000 2,600 K
Issue and merger premiums	DB	1,000 1 K	0%	1,000 1 K	0%	1,000 1 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	13,596 14 K	0%	13,596 14 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%	258,332 258 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	-100,745 -101 K	0%	0 0 K	0%	0 0 K
Profit or loss for the period	DI	-633,643 -634 K	-298.3%	-159,078 -159 K	-158.5%	271,929 272 K
Investment grants	DJ	8,627 9 K	-10.3%	9,613 10 K	0%	0 0 K
Special tax-allowable reserves	DK	0 0 K	0%	0 0 K	0%	0 0 K

Other capital resources (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total other capital resources (Total II)	DO	1,057,987 1,058 K	574.1%	156,955 157 K	29.1%	121,545 122 K
Income from participating securities	DM	0 0 K	0%	0 0 K	0%	0 0 K
Conditional loans	DN	1,057,987 1,058 K	574.1%	156,955 157 K	29.1%	121,545 122 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	2,077,171 2,077 K	0.9%	2,057,865 2,058 K	6.0%	1,941,953 1,942 K
Risk provisions	DP	521,466 521 K	3.0%	506,155 506 K	29.3%	391,449 391 K
Reserves for charges	DQ	1,555,705 1,556 K	0.3%	1,551,710 1,552 K	0.1%	1,550,504 1,551 K

Liabilities (IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Liabilities (Total IV)	EC	5,833,458 5,833 K	24.5%	4,686,213 4,686 K	-10.4%	5,230,766 5,231 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	312,015 312 K	146.3%	126,659 127 K	0%	0 0 K
Sundry loans and financial liabilities	DV	354 0 K	555.6%	54 0 K	0%	0 0 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	175,930 176 K	0%	0 0 K	0%	4,000 4 K
Trade accounts payables	DX	2,845,836 2,846 K	8.0%	2,635,060 2,635 K	1.8%	2,587,507 2,588 K
Tax and social security liabilities	DY	1,728,950 1,729 K	-9.7%	1,914,358 1,914 K	-26.7%	2,613,049 2,613 K
Fixed asset liabilities	DZ	0 0 K	0%	10,080 10 K	0%	0 0 K
Other debts	EA	770,370 770 K	0%	0 0 K	0%	26,209 26 K

Translation loss (V)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Translation loss (Total V)	ED	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Deferred income	EB	0 0 K	0%	0 0 K	0%	0 0 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	5,241,782 5,242 K	12.2%	4,671,529 4,672 K	-10.6%	5,226,766 5,227 K
Of which current bank facilities	EH	235,638 236 K	0%	0 0 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	-1,220,671 -1,221 K	-462.1%	-217,154 -217 K	-182.7%	262,553 263 K

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	-20,098 -20 K	-141.0%	49,002 49 K	962.0%	4,614 5 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	-1,240,770 -1,241 K	-637.9%	-168,151 -168 K	-162.9%	267,168 267 K

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	75,772 76 K	1355.5%	5,206 5 K	348.4%	1,161 1 K

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	-633,643 -634 K	-298.3%	-159,078 -159 K	-158.5%	271,929 272 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	14,792,505 14,793 K	-8.6%	16,192,195 16,192 K	-25.4%	21,693,713 21,694 K

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	15,426,149 15,426 K	-5.7%	16,351,273 16,351 K	-23.7%	21,421,784 21,422 K

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	14,710,483 14,710 K	-8.8%	16,128,437 16,128 K	-25.6%	21,685,087 21,685 K

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Sale of goods for resale	FC	40,438 40 K	0%	0 0 K	0%	27,968 28 K
France	FA	86 0 K	0%	0 0 K	0%	0 0 K
Export	FB	40,352 40 K	0%	0 0 K	0%	27,968 28 K
Sale of goods produced	FF	9,798,595 9,799 K	-30.2%	14,047,786 14,048 K	-16.8%	16,881,277 16,881 K
France	FD	5,588,853 5,589 K	-22.0%	7,163,163 7,163 K	-5.8%	7,605,215 7,605 K
Export	FE	4,209,742 4,210 K	-38.9%	6,884,624 6,885 K	-25.8%	9,276,061 9,276 K
Sale of services	FI	2,753,744 2,754 K	48.9%	1,849,038 1,849 K	54.0%	1,200,854 1,201 K
France	FG	373,093 373 K	-43.8%	664,179 664 K	61.0%	412,620 413 K
Export	FH	2,380,651 2,381 K	100.9%	1,184,859 1,185 K	50.3%	788,234 788 K
Net turnover	FL	12,592,779 12,593 K	-20.8%	15,896,825 15,897 K	-12.2%	18,110,099 18,110 K
France	FJ	5,962,033 5,962 K	-23.8%	7,827,342 7,827 K	-2.4%	8,017,835 8,018 K
Export	FK	6,630,745 6,631 K	-17.8%	8,069,483 8,069 K	-20.0%	10,092,264 10,092 K
Stocked production	FM	1,322,996 1,323 K	445.2%	-383,279 -383 K	-112.2%	3,147,839 3,148 K
Self-constructed assets	FN	151,797 152 K	-17.9%	184,853 185 K	-13.1%	212,696 213 K
Operating grants	FO	30,822 31 K	90.7%	16,166 16 K	-75.8%	66,800 67 K
Release of reserves and provisions	FP	612,055 612 K	47.9%	413,813 414 K	180.3%	147,641 148 K
Other income	FQ	32 0 K	-42.9%	56 0 K	600.0%	8 0 K

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	15,931,154 15,931 K	-2.5%	16,345,591 16,346 K	-23.7%	21,422,533 21,423 K

Exploitation charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Purchase of goods for resale	FS	21,152 21 K	0%	0 0 K	0%	2,254 2 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	4,321,250 4,321 K	-21.9%	5,529,846 5,530 K	-41.1%	9,393,653 9,394 K
Change in stocks of raw materials	FV	171,969 172 K	222.3%	-140,635 -141 K	84.3%	-893,123 -893 K
Other external purchases and charges	FW	4,456,238 4,456 K	2.4%	4,353,820 4,354 K	-29.0%	6,133,804 6,134 K
Tax, duty and similar payments	FX	359,859 360 K	2.0%	352,895 353 K	-13.7%	409,013 409 K
Payroll	FY	4,346,833 4,347 K	-8.2%	4,733,116 4,733 K	-0.6%	4,761,102 4,761 K
Social security costs	FZ	1,038,240 1,038 K	-7.1%	1,118,120 1,118 K	2.8%	1,087,783 1,088 K

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	237,516 238 K	84.3%	128,842 129 K	138.9%	53,929 54 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	819,098 819 K	1562.0%	49,283 49 K	-14.1%	57,395 57 K
Provisions for risks and charges	GD	158,979 159 K	-27.8%	220,123 220 K	-47.2%	416,715 417 K

Other charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Other charges	GE	17 0 K	-90.4%	177 0 K	3440.0%	5 0 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	1,941 2 K	-96.7%	58,550 59 K	691.2%	7,400 7 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%	0 0 K	0%	0 0 K
Other interest and similar income	GL	3 0 K	-99.9%	5,017 5 K	70.5%	2,942 3 K
Released provisions and transferred charges	GM	0 0 K	0%	0 0 K	0%	0 0 K
Exchange gains	GN	1,937 2 K	-96.4%	53,533 54 K	1100.8%	4,458 4 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	22,040 22 K	130.8%	9,548 10 K	242.7%	2,786 3 K
Financial reserves and provisions	GQ	0 0 K	0%	0 0 K	0%	0 0 K
Interest and similar charges	GR	16,195 16 K	539.9%	2,531 3 K	0%	0 0 K
Exchange losses	GS	5,844 6 K	-16.7%	7,017 7 K	151.9%	2,786 3 K
Net loss from disposal of investment securities	GT	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary income (VII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary income (Total VII)	HD	80,080 80 K	1438.2%	5,206 5 K	324.6%	1,226 1 K
Extraordinary operating income	HA	79,094 79 K	1494.6%	4,960 5 K	304.6%	1,226 1 K
Extraordinary income from capital transactions	HB	986 1 K	300.8%	246 0 K	0%	0 0 K
Released provisions and transferred charges	HC	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary charges (Total VIII)	HH	4,307 4 K	0%	0 0 K	0%	65 0 K
Extraordinary operating charges	HE	4,307 4 K	0%	0 0 K	0%	65 0 K
Extraordinary charges from capital transactions	HF	0 0 K	0%	0 0 K	0%	0 0 K
Extraordinary reserves and provisions	HG	0 0 K	0%	0 0 K	0%	0 0 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	-531,353 -531 K	-13640.7%	-3,867 -4 K	-7.4%	-3,600 -4 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	424,808 425 K	55.8%	272,657 273 K	84.7%	147,641 148 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	303,842 304 K	43.7%	211,504 212 K	0%	0 0 K
Gross value at the end of period	OL	2,156,211 2,156 K	55.9%	1,383,133 1,383 K	141.8%	572,037 572 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	234,969 235 K	435.3%	43,893 44 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	243,256 243 K	27.3%	191,076 191 K	335.3%	43,893 44 K
Decreasess by budget item transfer	LV1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	LV2	189,126 189 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	LW	289,099 289 K	23.0%	234,969 235 K	435.3%	43,893 44 K

Tangible fixed assets (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LN	1,055,913 1,056 K	100.9%	525,694 526 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	831,465 831 K	12.1%	741,724 742 K	41.1%	525,694 526 K
Decreasess by budget item transfer	NG1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NG2	114,716 115 K	-45.8%	211,504 212 K	0%	0 0 K
Gross value at the end of period	NH	1,772,662 1,773 K	67.9%	1,055,914 1,056 K	100.9%	525,694 526 K

Financial assets (Total IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LQ	92,250 92 K	3665.3%	2,450 2 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	2,200 2 K	-97.6%	89,800 90 K	3565.3%	2,450 2 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	94,450 94 K	2.4%	92,250 92 K	3665.3%	2,450 2 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	44,234 44 K	55.4%	28,457 28 K	0%	0 0 K
Increases	PF	35,616 36 K	125.7%	15,778 16 K	-44.6%	28,457 28 K
Decreasess	PG	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PH	79,850 80 K	80.5%	44,234 44 K	55.4%	28,457 28 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	138,538 139 K	443.9%	25,473 25 K	0%	0 0 K
Increases	QV	201,902 202 K	78.6%	113,066 113 K	343.9%	25,473 25 K
Decreases	QW	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	QX	340,440 340 K	145.7%	138,539 139 K	443.9%	25,473 25 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	2,899,123 2,899 K	49.3%	1,941,953 1,942 K	22.7%	1,582,632 1,583 K
Increases	UB	158,979 159 K	-27.8%	220,123 220 K	-47.2%	416,715 417 K
Decreases	UC	139,673 140 K	34.0%	104,211 104 K	0%	0 0 K
Value at the end of period	UD	2,918,429 2,918 K	41.8%	2,057,865 2,058 K	2.9%	1,999,347 1,999 K

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	158,979 159 K	-27.8%	220,123 220 K	-47.2%	416,715 417 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	139,673 140 K	34.0%	104,211 104 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	2,057,865 2,058 K	6.0%	1,941,953 1,942 K	27.3%	1,525,238 1,525 K
Increases	TV	158,979 159 K	-27.8%	220,123 220 K	-47.2%	416,715 417 K
Decreases	TW	139,673 140 K	34.0%	104,211 104 K	0%	0 0 K
Value at the end of period	TX	2,077,171 2,077 K	0.9%	2,057,865 2,058 K	6.0%	1,941,953 1,942 K

Total Provision for depreciation (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7B	841,258 841 K	0%	0 0 K	0%	57,394 57 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	841,258 841 K	0%	0 0 K	0%	57,394 57 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	4,906,265 4,906 K	21.2%	4,046,804 4,047 K	-11.3%	4,560,858 4,561 K
1 year at most	VU	3,618,657 3,619 K	-8.5%	3,956,554 3,957 K	-13.2%	4,560,408 4,560 K
More than one year	VV	1,287,608 1,288 K	1326.7%	90,250 90 K	19955.6%	450 0 K

State of loans

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Claims related to holdings (gross)	UL	0 0 K	0%	0 0 K	0%	0 0 K
Claims related to shareholdings (1 year at most)	UM	0 0 K	0%	0 0 K	0%	0 0 K
Loans (gross)	UP	0 0 K	0%	0 0 K	0%	0 0 K
Loans (1 year at most)	UR	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets (gross)	UT	92,450 92 K	2.4%	90,250 90 K	19955.6%	450 0 K
Other financial assets (1 year at most)	UV	0 0 K	0%	0 0 K	0%	0 0 K

Receivables statement of assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Customers doubtful or disputed	VA	2,728,646 2,729 K	-21.9%	3,494,148 3,494 K	-13.3%	4,031,515 4,032 K
Other claims customer	UX	0 0 K	0%	0 0 K	0%	0 0 K
Receivables represent Loaned Securities	UU	0 0 K	0%	0 0 K	0%	0 0 K
Provision for depreciation previously established	UQ	0 0 K	0%	0 0 K	0%	0 0 K
Personnel and associated accounts	UY	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations	UZ	0 0 K	0%	0 0 K	0%	0 0 K
Income taxes	VM	0 0 K	0%	0 0 K	0%	0 0 K
Value added tax	VB	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and payments assimilated	VN	0 0 K	0%	0 0 K	0%	0 0 K
State and other public - Miscellaneous	VP	2,063,094 2,063 K	381.3%	428,666 429 K	-16.5%	513,301 513 K
Group and Associates	VC	0 0 K	0%	0 0 K	0%	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	0 0 K	0%	0 0 K	0%	0 0 K

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	22,076 22 K	-34.6%	33,739 34 K	116.4%	15,592 16 K

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	5,657,528 5,658 K	20.7%	4,686,214 4,686 K	-10.3%	5,226,767 5,227 K
1 year at most	VZ2	5,241,783 5,242 K	12.2%	4,671,530 4,672 K	-10.6%	5,226,767 5,227 K
More than 1 year and 5 years at most	VZ3	415,746 416 K	2731.3%	14,684 15 K	0%	0 0 K
More than 5 years	VZ4	0 0 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	235,638 236 K	0%	0 0 K	0%	0 0 K
1 year at most	VG2	235,638 236 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	76,378 76 K	-39.7%	126,660 127 K	0%	0 0 K
1 year at most	VH2	76,378 76 K	-31.8%	111,976 112 K	0%	0 0 K
More than 1 year and 5 years at most	VH3	0 0 K	0%	14,684 15 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	2,845,836 2,846 K	8.0%	2,635,061 2,635 K	1.8%	2,587,508 2,588 K
1 year at most	8B2	2,845,836 2,846 K	8.0%	2,635,061 2,635 K	1.8%	2,587,508 2,588 K
More than 1 year and 5 years at most	8B3	2,845,836 2,846 K	8.0%	2,635,061 2,635 K	1.8%	2,587,508 2,588 K
Personnel and associated accounts (gross)	8C1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8C2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8C3	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations (gross)	8D1	1,728,951 1,729 K	0%	0 0 K	0%	2,613,050 2,613 K
1 year at most	8D2	1,728,951 1,729 K	0%	0 0 K	0%	2,613,050 2,613 K
More than 1 year and 5 years at most	8D3	0 0 K	0%	0 0 K	0%	0 0 K
Taxes on profits (gross)	8E1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8E2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8E3	0 0 K	0%	0 0 K	0%	0 0 K
VAT (Gross)	VW1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VW2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VW3	0 0 K	0%	0 0 K	0%	0 0 K
Backed Obligations (gross)	VX1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VX2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VX3	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and assimilated (gross)	VQ1	0 0 K	0%	1,914,359 1,914 K	0%	0 0 K
1 year at most	VQ2	0 0 K	0%	1,914,359 1,914 K	0%	0 0 K
More than 1 year and 5 years at most	VQ3	0 0 K	0%	0 0 K	0%	0 0 K
Assets and liabilities associated accounts (gross)	8J1	0 0 K	0%	10,080 10 K	0%	0 0 K
1 year at most	8J2	0 0 K	0%	10,080 10 K	0%	0 0 K
More than 1 year and 5 years at most	8J3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	8J4	0 0 K	0%	0 0 K	0%	0 0 K
Groups and associates (gross)	VI1	0 0 K	0%	55 0 K	0%	0 0 K
1 year at most	VI2	0 0 K	0%	55 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	770,726 771 K	0%	0 0 K	0%	26,209 26 K
1 year at most	8K2	354,980 355 K	0%	0 0 K	0%	26,209 26 K
More than 1 year and 5 years at most	8K3	415,746 416 K	0%	0 0 K	0%	0 0 K
Debt representative of borrowed securities (gross)	SZ1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	SZ2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	SZ3	0 0 K	0%	0 0 K	0%	0 0 K
Products in advance (gross)	8L1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8L2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8L3	0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Loans made during the period	VJ	0 0 K	0%	163,307 163 K	0%	0 0 K
Debt repaid during the period	VK	50,282 50 K	37.2%	36,647 37 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	0 0 K	0%	0 0 K	0%	0 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

-0.08

Fragility +

2.72

Healthy +

-

-

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

-0.07

90%

0.01

70%

0.05

50%

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	2.65	-30.1%	3.79	-56.5%	8.72	5.34	-50.4%	2.48	6.9%
Global Debt	167 days	57.5%	106 days	1.9%	104 days	192.93 days	-13.4%	154 days	8.4%
Working Capital Fund overall net	102 days	15.9%	88 days	0%	88 days	131.87 days	-22.7%	81 days	25.9%
Financial independence	668.71 %	-68.9%	2,149.32 %	-	-	74,924.47 %	-99.1%	342.64 %	95.2%
Solvability	28.46 %	-4.9%	29.93 %	1.6%	29.45 %	33.48 %	-15.0%	43.06 %	-33.9%
Capacity debt futures	669.46 %	-72.5%	2,432.19 %	-	-	7,244.81 %	-90.8%	1,712.91 %	-60.9%
Coverage of current assets by net working capital overall	34.88 %	-20.9%	44.09 %	-1.1%	44.56 %	43.25 %	-19.4%	43.43 %	-19.7%
General Liquidity	0.69	-18.8%	0.85	-2.3%	0.87	0.99	-30.3%	0.94	-26.6%
Restricted Liquidity	0.71	-29.0%	1.00	-7.4%	1.08	1.76	-59.7%	1.64	-56.7%

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	68 days	11.5%	61 days	8.9%	56 days	46.13 days	47.4%	29 days	134.5%
Treasury	-4 days	-125.0%	16 days	-27.3%	22 days	76.33 days	-105.2%	36 days	-111.1%
Inventory turnover of goods	0 days	-	-	-	0 days	15.13 days	0%	0 days	0%
Average length of credit granted to customers	78 days	-1.3%	79 days	-1.3%	80 days	104.73 days	-25.5%	96 days	-18.8%
Average length of credit obtained suppliers	114 days	17.5%	97 days	51.6%	64 days	688.00 days	-83.4%	85 days	34.1%
Inventory turnover of raw materials in industrial enterprises	71 days	6.0%	67 days	97.1%	34 days	96.46 days	-26.4%	48 days	47.9%
Inventory turnover of intermediate and finished products in the industrial enterprise	710 days	-52.9%	1,506 days	-56.3%	3,445 days	516.33 days	37.5%	307 days	131.6%
Rotation tangible assets	710.39 %	-52.8%	1,505.50 %	-56.3%	3,444.99 %	690.32 %	2.9%	597.82 %	18.8%

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Margin trading	0.15 %	0%	0.00 %	0%	0.14 %	12.92 %	-98.8%	0.62 %	-75.8%
Profitability of the business	-4.90 %	-235.6%	-1.46 %	-141.1%	3.55 %	2.55 %	-292.2%	4.42 %	-210.9%
Net profit	-5.03 %	-403.0%	-1.00 %	-166.7%	1.50 %	0.06 %	-8483.3%	2.58 %	-295.0%
Growth rate of turnover (excluding VAT)	-20.78 %	-70.0%	-12.22 %	-	-	-12.09 %	-71.9%	-10.06 %	-106.6%
Rates integration	40.48 %	8.1%	37.46 %	-0.7%	37.74 %	38.05 %	6.4%	39.26 %	3.1%
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%	0.00 %	0%
Work Factor	105.65 %	7.5%	98.25 %	14.8%	85.58 %	79.76 %	32.5%	79.30 %	33.2%
Weight interests	0.18 %	200.0%	0.06 %	200.0%	0.02 %	0.18 %	0%	0.07 %	157.1%

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	-4.26 %	-401.2%	-0.85 %	-147.2%	1.80 %	1.27 %	-435.4%	3.20 %	-233.1%
Rates of economic profitability	-18.00 %	-125.0%	-8.00 %	-138.1%	21.00 %	-9.52 %	-89.1%	6.00 %	-400.0%
Financial profitability	3,146,821.00 %	9.2%	2,880,419.00 %	-3.8%	2,994,474.00 %	1,135,392.92 %	177.2%	193,290.00 %	1528.0%
Return on investment	-17.68 %	-255.7%	-4.97 %	-154.2%	9.17 %	-19.40 %	8.9%	2.80 %	-731.4%

Management intermediate balances

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Turnover

12,592,779 12,593 K

-20.8%

15,896,825 15,897 K

-12.2%

18,110,099 18,110 K

7,379,788.12 7,379.79 K

70.6%

921,721 922 K

1266.2%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Sales of goods

40,438 40 K

0%

0 0 K

0%

27,968 28 K

-

-

- Purchase of goods

21,152 21 K

0%

0 0 K

0%

2,254 2 K

-

-

+/- Stock of goods variation

0 0 K

0%

0 0 K

0%

0 0 K

-

-

Trading margin

19,286 € 19 K €

0%

0 € 0 K €

0%

25,714 € 26 K €

3,020,568.94 € 3,020.57 K €

-99.4%

3,109 € 3 K €

520.3%

0.15 % CA 0.15 % CA

0%

0.00 % CA 0.00 % CA

0%

0.14 % CA 0.14 % CA

12.92 % CA 12.92 % CA

-98.8%

0.62 % CA 0.62 % CA

-75.8%

		31/12/2016		Variation		31/12/2015		Variation		31/12/2014	Sector Average 2016		Sector Median 2016
Sale of goods produced		12,552,339 12,552 K		-21.0%		15,896,824 15,897 K		-12.1%		18,082,131 18,082 K		-		-
+/- Stocked production		1,322,996 1,323 K		445.2%		-383,279 -383 K		-112.2%		3,147,839 3,148 K		-		-
+ Self-constructed assets		151,797 152 K		-17.9%		184,853 185 K		-13.1%		212,696 213 K		-		-
Period production		14,027,132 € 14,027 K €		-10.6%		15,698,398 € 15,698 K €		-26.8%		21,442,666 € 21,443 K €	4,357,383.41 € 4,357.38 K €	221.9%	813,000 € 813 K €	1625.4%
		111.39 % CA 111.39 % CA		12.8%		98.75 % CA 98.75 % CA		-16.6%		118.40 % CA 118.40 % CA	82.10 % CA 82.10 % CA	35.7%	95.66 % CA 95.66 % CA	16.4%
	31/12/2016		Variation		31/12/2015		Variation		31/12/2014		Sector Average 2016		Sector Median 2016
Trading margin	19,286 19 K		0%		0 0 K		0%		25,714 26 K		3,020,568.94 3,020.57 K	-99.4%	3,109 3 K	520.3%
+ Period Production	14,027,132 14,027 K		-10.6%		15,698,398 15,698 K		-26.8%		21,442,666 21,443 K		4,357,383.41 4,357.38 K	221.9%	813,000 813 K	1625.4%
- Purchase of raw materials	4,321,250 4,321 K		-21.9%		5,529,846 5,530 K		-41.1%		9,393,653 9,394 K			-		-
+/- Change in stocks of raw materiels	171,969 172 K		222.3%		-140,635 -141 K		84.3%		-893,123 -893 K			-		-
- Other external purchases and charges	4,456,238 4,456 K		2.4%		4,353,820 4,354 K		-29.0%		6,133,804 6,134 K			-		-
Added value	5,096,961 € 5,097 K €		-14.4%		5,955,367 € 5,955 K €		-12.9%		6,834,046 € 6,834 K €		2,663,337.59 € 2,663.34 K €	91.4%	357,627 € 358 K €	1325.2%
	40.48 % CA 40.48 % CA		8.1%		37.46 % CA 37.46 % CA		-0.7%		37.74 % CA 37.74 % CA		38.05 % CA 38.05 % CA	6.4%	39.26 % CA 39.26 % CA	3.1%

	31/12/2016		Variation		31/12/2015		Variation		31/12/2014		Sector Average 2016		Sector Median 2016
Added value	5,096,961 € 5,097 K €		-14.4%		5,955,367 € 5,955 K €		-12.9%		6,834,046 € 6,834 K €		2,663,337.59 € 2,663.34 K €	91.4%	357,627 € 358 K €	1325.2%
+ Operating grants	30,822 31 K		90.7%		16,166 16 K		-75.8%		66,800 67 K			-		-
- Tax, duty and similar payments	359,859 360 K		2.0%		352,895 353 K		-13.7%		409,013 409 K			-		-
- Personal charges	5,385,073 5,385 K		-8.0%		5,851,236 5,851 K		0.0%		5,848,885 5,849 K			-		-
Gross operating surplus	-617,149 € -617 K €		-165.3%		-232,598 € -233 K €		-136.2%		642,948 € 643 K €		-285,432.65 € -285.43 K €	-116.2%	16,431 € 16 K €	-3856.0%
	-4.90 % CA -4.90 % CA		-235.6%		-1.46 % CA -1.46 % CA		-141.1%		3.55 % CA 3.55 % CA		2.55 % CA 2.55 % CA	-292.2%	4.42 % CA 4.42 % CA	-210.9%
		31/12/2016		Variation		31/12/2015		Variation		31/12/2014	Sector Average 2016		Sector Median 2016
Gross operating surplus		-617,149 € -617 K €		-165.3%		-232,598 € -233 K €		-136.2%		642,948 € 643 K €	-285,432.65 € -285.43 K €	-116.2%	16,431 € 16 K €	-3856.0%
+ Release of reserves and provisions		612,055 612 K		47.9%		413,813 414 K		180.3%		147,641 148 K		-		-
+ Other operating income		32 0 K		-42.9%		56 0 K		600.0%		8 0 K		-		-
- Depreciation/ Amortisation		1,215,593 1,216 K		205.2%		398,248 398 K		-24.6%		528,039 528 K		-		-
- Other charges		17 0 K		-90.4%		177 0 K		3440.0%		5 0 K		-		-
Operating result		-1,220,672 € -1,221 K €		-462.1%		-217,154 € -217 K €		-182.7%		262,553 € 263 K €	-202,861.71 € -202.86 K €	-501.7%	7,672 € 8 K €	-16010.7%
		-9.69 % CA -9.69 % CA		-607.3%		-1.37 % CA -1.37 % CA		-194.5%		1.45 % CA 1.45 % CA	0.91 % CA 0.91 % CA	-1164.8%	2.84 % CA 2.84 % CA	-441.2%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Operating result

-1,220,672 € -1,221 K €

-462.1%

-217,154 € -217 K €

-182.7%

262,553 € 263 K €

-202,861.71 € -202.86 K €

-501.7%

7,672 € 8 K €

-16010.7%

+/- Result of joint-venture transferred from/to other partners

0 0 K

0%

0 0 K

0%

0 0 K

-

-

+ Financial income

1,941 2 K

-96.7%

58,550 59 K

691.2%

7,400 7 K

-

-

- Financial charges

22,040 22 K

130.8%

9,548 10 K

242.7%

2,786 3 K

-

-

Pre-tax result

-1,240,771 € -1,241 K €

-637.9%

-168,152 € -168 K €

-162.9%

267,167 € 267 K €

-206,187.06 € -206.19 K €

-501.8%

7,672 € 8 K €

-16272.7%

-9.85 % CA -9.85 % CA

-829.2%

-1.06 % CA -1.06 % CA

-171.6%

1.48 % CA 1.48 % CA

0.98 % CA 0.98 % CA

-1105.1%

2.49 % CA 2.49 % CA

-495.6%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Extraordinary income

80,080 80 K

1438.2%

5,206 5 K

324.6%

1,226 1 K

68,027.12 68.03 K

17.7%

1,419 1 K

5543.4%

- Extraordinary charges

4,307 4 K

0%

0 0 K

0%

65 0 K

-

-

Extraordinary result

75,773 € 76 K €

1355.5%

5,206 € 5 K €

348.4%

1,161 € 1 K €

-413,115.29 € -413.12 K €

118.3%

0 € 0 K €

0%

0.60 % CA 0.60 % CA

1900.0%

0.03 % CA 0.03 % CA

200.0%

0.01 % CA 0.01 % CA

-0.82 % CA -0.82 % CA

173.2%

0.01 % CA 0.01 % CA

5900.0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Pre-tax result	-1,240,771 € -1,241 K €	-637.9%	-168,152 € -168 K €	-162.9%	267,167 € 267 K €	-206,187.06 € -206.19 K €	-501.8%	7,672 € 8 K €	-16272.7%
Extraordinary result	75,773 € 76 K €	1355.5%	5,206 € 5 K €	348.4%	1,161 € 1 K €	-413,115.29 € -413.12 K €	118.3%	0 € 0 K €	0%
- Employee profit sharing	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Tax on profits	-531,353 -531 K	-13640.7%	-3,867 -4 K	-7.4%	-3,600 -4 K		-		-
Net result	-633,645 € -634 K €	-298.3%	-159,079 € -159 K €	-158.5%	271,928 € 272 K €	-582,601.47 € -582.60 K €	-8.8%	9,950 € 10 K €	-6468.3%
	-5.03 % CA -5.03 % CA	-403.0%	-1.00 % CA -1.00 % CA	-166.7%	1.50 % CA 1.50 % CA	0.06 % CA 0.06 % CA	-8483.3%	2.58 % CA 2.58 % CA	-295.0%

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 2891Z - Manufacture of machinery for metallurgy.

Key Performance Indicators

Net Turnover

Net Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	12,592,779 €	15,896,825 €	18,110,099 €
Sector Average	7,379,788 €	6,051,542 €	9,934,264 €

Net Profit

Net Profit

	31/12/2016	31/12/2015	31/12/2014
Company Result	-633,643 €	-159,078 €	271,929 €
Sector Average	-582,602 €	-141,170 €	274,367 €

Net Export Turnover

Net Export Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	6,630,745 €	8,069,483 €	10,092,264 €
Sector Average	2,612,449 €	3,286,759 €	7,315,171 €

Account Total

Account Total

	31/12/2016	31/12/2015	31/12/2014
Company Result	11,057,450 €	9,624,497 €	10,167,193 €
Sector Average	7,546,481 €	7,112,113 €	7,596,296 €

Shareholders Equity

Shareholders Equity

	31/12/2016	31/12/2015	31/12/2014
Company Result	2,088,834 €	2,723,464 €	2,872,929 €
Sector Average	1,084,717 €	1,968,454 €	2,008,195 €

Liabilities

Liabilities

	31/12/2016	31/12/2015	31/12/2014
Company Result	5,833,458 €	4,686,213 €	5,230,766 €
Sector Average	5,362,706 €	4,308,897 €	4,661,982 €

Need background in operating working capital

Need background in operating working capital

	31/12/2016	31/12/2015	31/12/2014
Company Result	68 €	61 €	56 €
Sector Average	46 €	534 €	37 €

Gross operating surplus (EBE)

Gross operating surplus (EBE)

	31/12/2016	31/12/2015	31/12/2014
Company Result	-617,149 €	-232,598 €	642,948 €
Sector Average	-285,433 €	-7,875 €	714,185 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.92
UK Pound	1	INR 89.55
Euro	1	INR 79.68
EUROS	1	INR 80.13

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	NIT

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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