MIRA INFORM REPORT

Report No. :	493566
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	LYDALL PERFORMANCE MATERIALS SAS
Registered Office :	Lydall Performance Materials Sas, Saint Rivalain, 56310 Melrand
Country :	France
Financials (as on) :	31.12.2016
Date of Incorporation :	October 1961
Legal Form :	Simplified Joint Stock Company with Single Associate
Line of Business :	Subject engaged in Glass fiber manufacturing
No. of Employees :	94

RATING & COMMENTS

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

MIRA’s Rating :

A

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

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

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

FRANCE - ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. France is the most visited country in the world with 83 million foreign tourists in 2016, including 530,000 visitors for the 2016 Euro Cup. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that mitigate economic inequality.

France's real GDP grew by 1.6% in 2017, up from 1.2% the year before. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.2% in 2015, before falling to 9.5% in 2017. Youth unemployment in metropolitan France decreased from 24.6% in the fourth quarter of 2014 to 24% in the fourth quarter of 2016.

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

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

Source : CIA

Company name an address

SIRET	861 500 411 00017	Click to view full map.
Name	LYDALL PERFORMANCE MATERIALS SAS
Acronym	-
Trade name	-
Status	Economically active
Postal Address	LYDALL PERFORMANCE MATERIALS SAS SAINT RIVALAIN 56310 MELRAND FRANCE
Share Capital	127,060 Euros
Telephone	02 97 28 53 00
Activity (APE)	Glass fiber manufacturing(2314Z)	RCS Registration	RCS Lorient B 861 500 411
Formation Date	01/1961	EUR VAT Number	FR71861500411
Deregistration Date	-	Last account Date	31/12/2016
Court Registry Number	19 6 1B00041	Incorporiation Date	10/1961
Registration Court	Lorient (56)	Fax	02 97 39 58 90
Nationality	France	Legal form	Simplified Joint Stock Company with Single Associate
Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2016	59,645,305 €	5.79% Turnover	9,677,734 €	1,466,995 €	94 employees
31/12/2015	53,789,725 €	5.19% Turnover	17,643,781 €	1,524,255 €	92 employees
31/12/2014	51,006,544 €	5.69% Turnover	16,266,012 €	1,210,185 €	50 to 99 employees

View details

Directors

Current Directors

3

View Details

Ultimate Holding Company

Name	Country	Company Number
LYDALL FRANCE		444632830
Affiliation links. View Details
9 companies in the international Group Structure from 3 countries. View Details

Judgment and Preferential

Judgment	No judgement	View details
Preferential Right	This company is not under monitoring	View details

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	2314Z	Activity	Glass fiber manufacturing
Formation Date	01/1961	Reason for Formation	-
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	Manufacture, production	Activity Location	Workshop
Trading Address	SAINT RIVALAIN 56310 MELRAND	Department	Morbihan (56)
Location Surface	-	District	2
City	MELRAND	Status	Economically active
Business Pages FT®	-	Region	Bretagne
		Area	15
		Size of Urban Area	Establishment in a rural municipality

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
LYDALL FRANCE	Activités des sociétés holding	6420Z	MELRAND	56310

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
LYDALL PERFORMANCE MATERIALS SAS	Head Office	2314Z	Glass fiber manufacturing	MELRAND	56310

Workforces

Workforce at address	50 to 99 employees	Company workforce	50 to 99 employees
		Workforce account	50 to 99 employees
		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 company has 3 directors

The ratio total assets to total liabilities is 2.47

The creditor days are 13.90

The shareholder's equity is 9,677,734 €

The risk provisions are 1,058,528 €

The sales to current assets ratio is 5.74

The pre-tax profit is 2,126,851 €

The net turnover is 59,645,305 €

The net current assets are 10,397,520 €

The total assets are 16,295,935 €

The return on total assets employed is 13.05

The stock to turnover ratio is 4.34

The liabilities are 5,548,262 €

High risk workforce size

The increase in the gearing percentage over the last two accounting periods is 67 %

Industry comparison

Activity (APE)

Glass fiber manufacturing(2314Z)

Collective procedures

No judgment information for the company

Preferential rights details and history

Status of collection

This company is not under monitoring

Preferential rights details and history

Status of collection

This company is not under monitoring

Group Data

Ultimate parent company	LYDALL FRANCE
Direct parent	LYDALL FRANCE - 100 %
Group – Number of companies	2
Linkages – Number of companies	9
Number of countries	3

Group Structure

Go directly to the current company

Where you see these flags click straight through for a Creditsafe online report

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

Rating Information

	Name	SIREN		Parts	Last account published
1	LYDALL FRANCE	444632830		-	31/12/2016
2	LYDALL PERFORMANCE MATERIALS SAS	861500411		100 %	31/12/2016
Ultimate parent company			LYDALL FRANCE
Direct parent			LYDALL FRANCE - 100 %
Group – Number of companies			2
Linkages – Number of companies			9
Number of countries			3

Linkages

Where you see these flags click straight through for a Creditsafe online report

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

Rating Information

Company Name	Siren	Last Account Published	Turnover
LYDALL THERMIQUE ACOUSTIQUE	444633309	31/12/2016	17,293,913 €
LYDALL DEUTSCHLAND HOLDING GMBH	HRB 3630	31/12/2012	-
SLATER FELT COMPANY INC	-	-	-
LYDALL INCORPORATED	-	-	524,505,000 $
LYDALL THERMAL/ACOUSTICAL INC.	-	-	100,000,000 $
AMERICAN LAUNDRY PRODUCTS INC	-	-	2,513,000 $
LYDALL FILTRATION/SEPARATION, INC.	-	-	35,700,000 $
SOUTHERN FELT CO INC	-	-	49,236,000 $
LYDALL THERMAL/ACOUSTICAL INC	-	-	10,404,000 $

Director(s)

Name	M. MAROLD PAUL, ANTHONY
Manager position	President	Date of birth	05/08/1961
Place of birth	PENNSYLVANIE(ETATS-UNIS D'AMERIQUE)
Type	Individual	Name at birth

Statutory Auditor

Name	PRICEWATERHOUSECOOPERS AUDIT
Name of representative	M PINOCHE BENOIT
Manager position	Statutory auditor	Date of birth	01/10/1959
Place of birth	LA FLÈCHE (72)
Type	Moral person	Name at birth
Name	M. PERRIER CHRISTIAN ANDRÉ-MARIE
Manager position	Deputy auditor	Date of birth	12/10/1958
Place of birth	ST-ETIENNE (42)
Type	Individual	Name at birth
				View Details

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. BARNHART DALE, GREGORY	29/07/1952 - PENNSYLVANIE(ETATS-UNIS D'AMERIQUE)	View Details
President	M. GRIEVES IAN	03/11/1968 - JORROW UPON TYNE(ROYAUME-UNI)	View Details
President	M. LONGE KEVIN	22/03/1959 - USA	View Details
President	M. WILLIAMS DAVID, HENRY	03/12/1964 - FRAMINGHAM(ETATS-UNIS D'AMERIQUE)	View Details
President	M. WILLIAMS DAVID, HENRY	03/12/1964 - FRAMINGHAM(ETATS-UNIS D'AMERIQUE)	View Details
Managing director	M. GRIEVES IAN	-	View Details
Managing director	M. GRIEVES IAN	03/11/1968	View Details

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	06/09/2017	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 4432 - 861500411 RCS. LYDALL PERFORMANCE MATERIALS SAS. Forme : Société par actions simplifiée. Adresse : Saint-Rivalain 56310 Melrand. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
Hide	07/09/2016	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 2954 - 861500411 RCS. LYDALL PERFORMANCE MATERIALS SAS. Forme : Société par actions simplifiée. Adresse : Saint-Rivalain 56310 Melrand. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
Hide	31/05/2016	Bodacc B	Modification et mutation diverse
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 736 - 861 500 411 RCS Lorient. LYDALL PERFORMANCE MATERIALS SAS. Forme : Société par actions simplifiée. Administration : Président : MAROLD Paul, Anthony Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT (SA) représenté par PINOCHE Benoit Commissaire aux comptes suppléant : PERRIER Christian, André-Marie. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	22/04/2016	JAL	Appointment of the social representative
Le Ploërmelais Date de décision : 16/03/2016 Société faisant l'objet d'une nomination : 861500411 - LYDALL FILTRATION SEPARATION, SAINT RIVALAIN, 56310 MELRAND Nominé : Monsieur Paul Anthony MAROLD En la fonction de : Président
Hide	22/04/2016	JAL	Resignation / Revocation of the social representative
Le Ploërmelais Date de décision : 16/03/2016 La société 861500411 - LYDALL FILTRATION SEPARATION, SAINT RIVALAIN, 56310 MELRAND Fait l'objet du départ de Monsieur Dale BARNHART
Hide	21/02/2016	Bodacc B	Modification et mutation diverse
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 995 - 861 500 411 RCS Lorient. LYDALL PERFORMANCE MATERIALS SAS. Forme : Société par actions simplifiée. Administration : Président : BARNHART Dale, Gregory Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT (SA) représenté par PINOCHE Benoit Commissaire aux comptes suppléant : PERRIER Christian, André-Marie. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	15/01/2016	JAL	Appointment of the social representative
Ploërmelais (Le) Date de décision : 10/01/2016 Société faisant l'objet d'une nomination : 861500411 - LYDALL FILTRATION SEPARATION, SAINT RIVALAIN, 56310 MELRAND Nominé : Monsieur Dale BARNHART, CT 06029 ELLINGTON En la fonction de : Président
Hide	15/01/2016	JAL	Resignation / Revocation of the social representative
Ploërmelais (Le) Date de décision : 10/01/2016 La société 861500411 - LYDALL FILTRATION SEPARATION, SAINT RIVALAIN, 56310 MELRAND Fait l'objet du départ de Monsieur David WILLIAMS
Hide	24/06/2015	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 5238 - 861500411 RCS. LYDALL PERFORMANCE MATERIALS SAS. Forme : Société par actions simplifiée. Adresse : Saint-Rivalain 56310 Melrand. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
Hide	29/08/2014	Bodacc B	Modification et mutation diverse
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 330 - 861 500 411 RCS Lorient. LYDALL PERFORMANCE MATERIALS SAS. Forme : Société par actions simplifiée. Activité : . Commentaires : Modification survenue sur la dénomination.
Hide	16/08/2014	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 7056 - 861500411 RCS. LYDALL FILTRATION/SEPARATION. Forme : Société par actions simplifiée. Adresse : Saint-Rivalain 56310 Melrand. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	28/08/2013	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 8846 - 861500411 RCS. LYDALL FILTRATION/SEPARATION. Forme : Société par actions simplifiée. Adresse : Saint-Rivalain 56310 Melrand. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	25/12/2012	Bodacc B	Modification et mutation diverse
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 773 - 861 500 411 RCS Lorient. LYDALL FILTRATION/SEPARATION. Forme : Société par actions simplifiée. Administration : Président : WILLIAMS David, Henry Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT (SA) représenté par PINOCHE Benoit Commissaire aux comptes suppléant : PERRIER Christian, André-Marie. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	22/11/2012	JAL	Appointment of the social representative
Ouest France/Edition du Morbihan Date de décision : 16/11/2012 Société faisant l'objet d'une nomination : 861500411 - LYDALL FILTRATION SEPARATION, SAINT RIVALAIN, 56310 MELRAND Nominé : Monsieur David H Williams, 12047 NY En la fonction de : Président
Hide	22/11/2012	JAL	Resignation / Revocation of the social representative
Ouest France/Edition du Morbihan Date de décision : 16/11/2012 La société 861500411 - LYDALL FILTRATION SEPARATION, SAINT RIVALAIN, 56310 MELRAND Fait l'objet du départ de Monsieur lan Grieves, Lodge, Eshott Village Eshott, NE 659FB, NORTH UBERLAND
Hide	05/09/2012	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 6484 - 861500411 RCS. LYDALL FILTRATION/SEPARATION. Forme : Société par actions simplifiée. Adresse : Saint-Rivalain 56310 Melrand. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	25/10/2011	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 8806 - 861500411 RCS. LYDALL FILTRATION/SEPARATION. Forme : Société par actions simplifiée. Adresse : Saint-Rivalain 56310 Melrand. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
Hide	20/12/2010	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 10270 - 861500411 RCS. LYDALL FILTRATION/SEPARATION. Forme : Société par actions simplifiée. Adresse : Saint-Rivalain 56310 Melrand. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	20/05/2010	Bodacc B	Modification et mutation diverse
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 1203 - 861 500 411 RCS Lorient. LYDALL FILTRATION/SEPARATION. Forme : Société par actions simplifiée. Administration : Président : GRIEVES Ian Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT (SA) représenté par PINOCHE Benoit Commissaire aux comptes suppléant : PERRIER Christian, André-Marie. Commentaires : Modification survenue sur l'administration.
Hide	28/03/2010	JAL	Appointment of the social representative
VANNES Société faisant objet d'une nomination : 861500411 - LYDALL FILTRATION SEPARATION, SAINT RIVALAIN, 56310 MELRAND Nominé : Monsieur Ian GRIEVES En la fonction de : Président
Hide	28/03/2010	JAL	Resignation / Revocation of the social representative
VANNES Date de décision : 23/03/2010 La société 861500411 - LYDALL FILTRATION SEPARATION, SAINT RIVALAIN, 56310 MELRAND Fait l'objet du départ de Monsieur Ian GRIEVES
Hide	28/03/2010	JAL	Resignation / Revocation of the social representative
VANNES Date de décision : 23/03/2010 La société 861500411 - LYDALL FILTRATION SEPARATION, SAINT RIVALAIN, 56310 MELRAND Fait l'objet du départ de Monsieur Kevin LONGE
Hide	23/09/2009	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 5985 - 861500411 RCS. LYDALL FILTRATION/SEPARATION. Forme : Société par actions simplifiée. Adresse : Saint-Rivalain 56310 Melrand. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	14/10/2008	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 7246 - 861500411 RCS. LYDALL FILTRATION/SEPARATION. Forme : Société par actions simplifiée. Adresse : Saint-Rivalain, 56310 Melrand. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	02/10/2007	Bodacc B	Modifications et mutations diverses
1384 - RCS Lorient B 861 500 411. RC 61-B 41. LYDALL FILTRATION SEPARATION. Forme : S.A.S. Adresse du siège social : Saint-Rivalain,, 56310 Commentaires : modification survenue sur l'administration. Administration : président : LONGE (Kevin, Thomas) (Nom d'usage : LONGE). Directeur général : GRIEVES (Ian) (Nom d'usage : GRIEVES). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT, représentée par PINOCHE (Benoît) (Nom d'usage : PINOCHE). Commissaire aux comptes suppléant : PERRIER (Christian, André, Marie) (Nom d'usage : PERRIER). Date d'effet : 28 mai 2007.
Hide	08/08/2007	Bodacc C	Avis de dépôt des comptes
5630 - 861 500 411. RCS Lorient LYDALL FILTRATION/SEPARATION. Forme: Société par actions simplifiée. Adresse du siège social: Saint-Rivalain, 56310 Melrand. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
Hide	24/12/2006	Bodacc B	Modifications et mutations diverses
1074 - RCS Lorient B 861 500 411. RC 61-B 41. LYDALL FILTRATION SEPARATION. Forme : S.A.S. Adresse du siège social : Saint-Rivalain,, 56310 Commentaires : modification survenue sur l'administration. Administration : président : LONGE (Kevin, Thomas) (Nom d'usage : LONGE). Directeur général : GRIEVES (Ian) (Nom d'usage : GRIEVES). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT, représentée par PINOCHE (Benoît) (Nom d'usage : PINOCHE). Commissaire aux comptes suppléant : NICOLAS (Yves) (Nom d'usage : NICOLAS). Date d'effet : 1er juillet 2006.
Hide	05/12/2006	Bodacc C	Avis de dépôt des comptes
5926 - RCS Lorient B 861 500 411. RC 61-B 41. LYDALL FILTRATION/SEPARATION. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: Saint Rivalain,56310 Melrand. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	20/01/2006	Bodacc B	Modifications et mutations diverses
0780 - RCS Lorient B 861 500 411. RC 61-B 41. LYDALL FILTRATION SEPARATION. Forme : S.A.S. Adresse du siège social : Saint-Rivalain,, 56310 Commentaires : modification survenue sur l'administration. Administration : président : LONGE (Kevin, Thomas) (Nom d'usage : LONGE). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT, représentée par PINOCHE (Benoît) (Nom d'usage : PINOCHE). Commissaire aux comptes suppléant : NICOLAS (Yves) (Nom d'usage : NICOLAS). Date d'effet : 30 juin 2005.
Hide	25/10/2005	Bodacc C	Avis de dépôt des comptes
4202 - RCS Lorient B 861 500 411. RC 61-B 41. LYDALL FILTRATION/SEPARATION. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: Saint Rivalain,56310 Melrand. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	14/04/2005	Bodacc B	Modifications et mutations diverses
1655 - RCS Lorient B 861 500 411. RC 61-B 41. LYDALL FILTRATION SEPARATION. Forme : S.A.S. Adresse du siège social : Saint-Rivalain,, 56310 Commentaires : modification survenue sur l'administration. Administration : président : LONGE (Kevin, Thomas) (Nom d'usage : LONGE). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS ENTREPRISES, représentée par PRIGENT-PIERRE (Claudine) (Nom d'usage : PRIGENT-PIERRE). Commissaire aux comptes suppléant : NICOLAS (Yves) (Nom d'usage : NICOLAS). Date d'effet : 12 novembre 2004.
Hide	09/09/2004	Bodacc B	Modifications et mutations diverses
RCS Lorient B 861500411 RC 61-B 41 LYDALL FILTRATION SEPARATION. Forme : S.A. S. Adresse du siège social : Saint- Rivalain, 56310 Melrand. Commentaires : modification survenue sur l' administration. Administration : président : SKOMOROWSKI (Christopher) ( Nom d'usage : SKOMOROWSKI). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS ENTREPRISES, représentée par PRIGENT-PIERRE ( Claudine) ( Nom d'usage : PRIGENT- PIERRE). Commissaire aux comptes suppléant : NICOLAS (Yves) ( Nom d' usage : NICOLAS). Date d'effet : 8 mars 2004.
Hide	06/07/2004	Bodacc B	Modifications et mutations diverses
RCS Lorient B 861500411 RC 61-B 41 LYDALL FILTRATION SEPARATION. Forme : S.A. S. Adresse du siège social : Saint- Rivalain, 56310 Melrand. Commentaires : modification survenue sur l' administration. Administration : président : SKOMOROWSKI (Christopher) ( Nom d'usage : SKOMOROWSKI). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS ENTREPRISES. Commissaire aux comptes suppléant : NICOLAS (Yves) ( Nom d'usage : NICOLAS). Date d'effet : 19 mars 2004.
Hide	05/10/2003	Bodacc B	Modifications et mutations diverses
RCS Lorient B 861500411 RC 61-B 41 LYDALL FILTRATION SEPARATION. Forme : S.A. S. Adresse du siège social : Saint- Rivalain, 56310 Melrand. Commentaires : modification survenue sur l' administration. Administration : président : POSA (James dit Jim) ( Nom d'usage : POSA). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS ENTREPRISES. Commissaire aux comptes suppléant : NICOLAS (Yves) ( Nom d'usage : NICOLAS). Date d'effet : 15 juillet 2003.
Hide	26/11/2002	Bodacc B	Modifications et mutations diverses
RCS Lorient B 861500411 RC 61-B 41 LYDALL FILTRATION SEPARATION. Forme : S.A. S. Capital : 127 060 euros. Adresse du siège social : Saint-Rivalain, 56310 Melrand. Commentaires : modification survenue sur la dénomination, la forme juridique, le capital (augmentation) et l'administration. Administration : président : LYNCH (Kevin, Gérard) ( Nom d'usage : LYNCH). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS ENTREPRISES. Commissaire aux comptes suppléant : NICOLAS (Yves) ( Nom d'usage : NICOLAS). Date d'effet : 12 juin 2002.
Hide	28/06/2002	Bodacc B	Modifications et mutations diverses
RCS Lorient B 861500411 RC 61-B 41 AXOHM INDUSTRIES. Forme : S.A. Capital : 118 620 euros. Adresse du siège social : Saint-Rivalain, 56310 Melrand. Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : LYNCH (Kevin, Gérard) ( Nom d'usage : LYNCH). Directeur général et administrateur : SKOMOROWSKI ( Christopher) ( Nom d'usage : SKOMOROWSKI). Administrateurs : CHASTEL (Raymond) ( Nom d'usage : CHASTEL) POSA (James) ( Nom d'usage : POSA) RUSCHMEYER (Walter, Albert) ( Nom d' usage : RUSCHMEYER). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS ENTREPRISES. Commissaire aux comptes suppléant : NICOLAS (Yves) ( Nom d'usage : NICOLAS). Date d'effet : 11 juin 2001.
Hide	26/06/2001	Bodacc B	Modifications et mutations diverses
RCS Lorient B 861500411 RC 61-B 41 AXOHM INDUSTRIES. Forme : S.A. Capital : 118 620 euros. Activité : fabrication et élaboration de produits à usage de filtre, de séparateur ou d'isolant et de matériaux qui les composent ou servent à leur élaboration achat, vente, import-export, négoce de produits de cette nature. Adresse du siège social : Saint-Rivalain, 56310 Melrand. Commentaires : modification survenue sur le capital (augmentation et conversion en euros) et l'activité. Date d'effet : 27 décembre 2000.
Hide	17/01/2001	Bodacc B	Modifications et mutations diverses
RCS Lorient B 861500411 RC 61-B 41 AXOHM INDUSTRIES. Forme : S.A. Capital : 593 100 F. Adresse du siège social : Saint-Rivalain, 56310 Melrand. Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : LYNCH (Kevin, Gérard) ( Nom d'usage : LYNCH). Directeur général et administrateur : SKOMOROWSKI ( Christopher) ( Nom d'usage : SKOMOROWSKI). Administrateurs : CHASTEL (Raymond) ( Nom d'usage : CHASTEL) POSA (James) ( Nom d'usage : POSA) RUSCHMEYER (Walter, Albert) ( Nom d' usage : RUSCHMEYER). Commissaire aux comptes titulaire : EXPERTISE ET AUDIT DE BRETAGNE. Commissaire aux comptes suppléant : A.C.L. AUDIT. Date d'effet : 4 décembre 2000.
Hide	20/09/2000	Bodacc B	Modifications et mutations diverses
RCS Lorient B 861500411 RC 61-B 41 AXOHM INDUSTRIES. Forme : S.A. Capital : 593 100 F. Adresse du siège social : Saint-Rivalain, 56310 Melrand. Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : CAROLAN (James) ( Nom d'usage : CAROLAN). Directeur général et administrateur : SKOMOROWSKI ( Christopher) ( Nom d'usage : SKOMOROWSKI). Administrateurs : CHASTEL (Raymond) ( Nom d'usage : CHASTEL) POSA (James) ( Nom d'usage : POSA). Commissaire aux comptes titulaire : EXPERTISE ET AUDIT DE BRETAGNE. Commissaire aux comptes suppléant : A.C. L. AUDIT. Date d'effet : 14 mars 2000.
Hide	20/09/2000	Bodacc B	Modifications et mutations diverses
RCS Lorient B 861500411 RC 61-B 41 AXOHM INDUSTRIES. Forme : S.A. Capital : 593 100 F. Adresse du siège social : Saint-Rivalain, 56310 Melrand. Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : CAROLAN (James) ( Nom d'usage : CAROLAN). Directeur général et administrateur : SKOMOROWSKI ( Christopher) ( Nom d'usage : SKOMOROWSKI). Administrateurs : CHASTEL (Raymond) ( Nom d'usage : CHASTEL) POSA (James) ( Nom d'usage : POSA) RUSCHMEYER (Walter, Albert) ( Nom d' usage : RUSCHMEYER). Commissaire aux comptes titulaire : EXPERTISE ET AUDIT DE BRETAGNE. Commissaire aux comptes suppléant : A.C.L. AUDIT. Date d'effet : 29 mai 2000.
Hide	17/10/1999	Bodacc B	Modifications et mutations diverses
RCS Lorient B 861500411 RC 61-B 41 AXOHM INDUSTRIES. Forme : S.A. Adresse du siège social : Saint-Rivalain, Melrand, 56310 Bubry. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : CAROLAN (James, P.) ( Nom d'usage : CAROLAN). Directeur général et administrateur : SKOMOROWSKI (Christopher) ( Nom d'usage : SKOMOROWSKI). Administrateurs : WHITELY (Elliott, Francis) CHASTEL (Raymond) ( Nom d'usage : CHASTEL) HANLEY (John) ( Nom d'usage : HANLEY). Commissaire aux comptes titulaire : EXPERTISE ET AUDIT DE BRETAGNE. Commissaire aux comptes suppléant : A.C.L. AUDIT. Date d'effet : 27 mai 1999.
Hide	17/10/1999	Bodacc B	Modifications et mutations diverses
RCS Lorient B 861500411 RC 61-B 41 AXOHM INDUSTRIES. Forme : S.A. Adresse du siège social : Saint-Rivalain, Melrand, 56310 Bubry. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : CAROLAN (James, P.) ( Nom d'usage : CAROLAN). Directeur général et administrateur : SKOMOROWSKI (Christopher) ( Nom d'usage : SKOMOROWSKI). Administrateurs : CHASTEL (Raymond) ( Nom d'usage : CHASTEL) HANLEY (John) ( Nom d'usage : HANLEY) POSA (James) ( Nom d'usage : POSA). Commissaire aux comptes titulaire : EXPERTISE ET AUDIT DE BRETAGNE. Commissaire aux comptes suppléant : A.C. L. AUDIT. Date d'effet : 28 juin 1999.
Hide	13/10/1998	Bodacc B	Modifications et mutations diverses
RCS Lorient B 861 500 411 RC 61-B 41 A. X.O.H.M. INDUSTRIES. Forme : S.A. Capital : 593 100 F (fixe). Adresse du siège social : Saint-Rivalain, Melrand 56310 Bubry. Administration : ancien président du conseil d'administration : WHITELY ELLIOT F., reste administrateur nouveau président du conseil d' administration : CAROLAN (James), administrateur. Date d'effet : 30 avril 1998.
Hide	09/03/1996	Bodacc B	Modifications et mutations diverses
RCS Lorient B 861 500 411 RC 61-B 41 AXOHM INDUSTRIES. Forme : S.A. Capital : 593 100 F. Adresse du siège social : Saint-Rivalain Melrand 56310 Bubry. Administration : nomination de WAGNER ( Jean-Jacques) en qualité de président du conseil d'administration, en remplacement de JASKOL (Léonard), démissionnaire à compter du:29 aout 1995 Nomination de WAGNER (Jean-Jacques) en qualité d'administrateur, en remplacement de HANLEY (John), démissionnaire. Nomination de HANLEY ( John) en qualité d'administrateur. Date d'effet : 15 septembre 1995.

Company events history

Date	Description
06/09/2017	Bodacc C : Deposit accounts notice
05/09/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2016	New accounts available
22/09/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
07/09/2016	Bodacc C : Deposit accounts notice
31/05/2016	Bodacc B: Various editing or changing
24/05/2016	New chairman (CEO, CoB)
24/05/2016	Amendment
22/04/2016	Legal Gazette: Resignation / Revocation of the social representative
16/03/2016	Legal Gazette: Appointment of the social representative
21/02/2016	Bodacc B: Various editing or changing
12/02/2016	New chairman (CEO, CoB)
12/02/2016	Amendment
15/01/2016	Legal Gazette: Resignation / Revocation of the social representative
10/01/2016	Legal Gazette: Appointment of the social representative
31/12/2015	New accounts available
24/06/2015	Bodacc C : Deposit accounts notice
16/06/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2014	New accounts available
29/08/2014	Bodacc B: Various editing or changing
19/08/2014	Amendment
19/08/2014	Updated articles of association
19/08/2014	New company name
16/08/2014	Bodacc C : Deposit accounts notice
16/08/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
16/06/2014	Update of Company Acronym
31/12/2013	New accounts available
28/08/2013	Bodacc C : Deposit accounts notice
27/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/07/2013	Invalid balance sheet
31/12/2012	New accounts available
25/12/2012	Bodacc B: Various editing or changing
14/12/2012	Amendment
22/11/2012	Legal Gazette: Resignation / Revocation of the social representative
16/11/2012	Legal Gazette: Appointment of the social representative
16/11/2012	Modification to Company Identifier
16/11/2012	Update of Company Legal Form
13/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/09/2012	Bodacc C : Deposit accounts notice
01/06/2012	New ultimate parent
01/06/2012	New parent detected
31/12/2011	Update of Company Activity
31/12/2011	Modification of Company Activity
31/12/2011	New accounts available
01/12/2011	Modification of Company Activity
01/12/2011	Update of Company Activity
25/10/2011	Bodacc C : Deposit accounts notice
14/10/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
31/12/2010	Modification of Company Activity
31/12/2010	Update of Company Activity
20/12/2010	Bodacc C : Deposit accounts notice
27/08/2010	Modification of Company Activity
27/08/2010	Update of Company Activity
20/05/2010	Bodacc B: Various editing or changing
05/05/2010	Amendment
05/05/2010	New chairman (CEO, CoB)
28/03/2010	Legal Gazette: Resignation / Revocation of the social representative
23/03/2010	Legal Gazette: Appointment of the social representative
31/12/2009	New accounts available
23/09/2009	Bodacc C : Deposit accounts notice
31/12/2008	Modification of Company Activity
31/12/2008	Update of Company Activity
31/12/2008	New accounts available
14/10/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
23/08/2007	Appointment/resignation of company officers
23/08/2007	New auditor
23/08/2007	Private document
23/08/2007	Amendment
23/08/2007	Minutes of general meeting of shareholders
31/12/2006	New accounts available
05/12/2006	Appointment/resignation of company officers
05/12/2006	Minutes of general meeting of shareholders
05/12/2006	Updated articles of association
05/12/2006	Updated articles of association
05/12/2006	Amendment
05/12/2006	Private document
31/12/2005	New accounts available
12/12/2005	Amendment
12/12/2005	Private document
12/12/2005	Minutes of general meeting of shareholders
12/12/2005	Appointment/resignation of company officers
02/03/2005	Amendment
02/03/2005	Private document
02/03/2005	Minutes of general meeting of shareholders
02/03/2005	Appointment/resignation of company officers
31/12/2004	New accounts available
25/08/2004	Amendment
25/08/2004	Private document
16/06/2004	Amendment
16/06/2004	Private document
16/06/2004	Minutes of general meeting of shareholders
16/06/2004	Appointment/resignation of company officers
31/12/2003	New accounts available
11/09/2003	Amendment
11/09/2003	Appointment/resignation of company officers
11/09/2003	Minutes of general meeting of shareholders
11/09/2003	Updated articles of association
11/09/2003	Private document
07/11/2002	Amendment
07/11/2002	Appointment/resignation of company officers
07/11/2002	Audit or Management Report
07/11/2002	Capital increase
07/11/2002	Declaration of conformity
07/11/2002	Minutes of general meeting of shareholders
07/11/2002	New company name
07/11/2002	New legal form – new category
07/11/2002	New legal form – no new category
07/11/2002	Private document
07/11/2002	Updated articles of association
11/06/2002	Amendment
11/06/2002	Private document
11/06/2002	New auditor
11/06/2002	Minutes of general meeting of shareholders
11/06/2002	Changes to the Board of Directors
11/06/2002	Appointment/resignation of company officers
04/06/2002	Private document
04/06/2002	Audit or Management Report
04/06/2002	Amendment
03/05/2002	Private document
03/05/2002	Planned merger
03/05/2002	Amendment
25/04/2002	Application and court order
25/04/2002	Amendment
05/06/2001	Private document
05/06/2001	Minutes of general meeting of shareholders
05/06/2001	Conversion of equity to euro
05/06/2001	Capital increase
05/06/2001	Amendment
05/06/2001	Updated articles of association
22/12/2000	Amendment
22/12/2000	Appointment/resignation of company officers
22/12/2000	Changes to the Board of Directors
22/12/2000	Minutes of Board meeting
22/12/2000	New chairman (CEO, CoB)
22/12/2000	Private document
28/08/2000	Private document
28/08/2000	Minutes of general meeting of shareholders
28/08/2000	Amendment
28/08/2000	Appointment/resignation of company officers
28/08/2000	Changes to the Board of Directors
28/08/2000	Minutes of Board meeting
28/08/2000	Updated articles of association
21/09/1999	Minutes of Board meeting
21/09/1999	Changes to the Board of Directors
21/09/1999	Appointment/resignation of company officers
21/09/1999	Amendment
21/09/1999	Private document
21/09/1999	Minutes of general meeting of shareholders
18/09/1998	Amendment
18/09/1998	Appointment/resignation of company officers
18/09/1998	Minutes of Board meeting
18/09/1998	New chairman (CEO, CoB)
18/09/1998	Private document
05/11/1996	Amendment
05/11/1996	Appointment/resignation of company officers
05/11/1996	Changes to the Board of Directors
05/11/1996	Minutes of Board meeting
05/11/1996	Private document
05/11/1996	Minutes of general meeting of shareholders
29/01/1996	Minutes of general meeting of shareholders
29/01/1996	Minutes of Board meeting
29/01/1996	Changes to the Board of Directors
29/01/1996	Appointment/resignation of company officers
29/01/1996	Amendment
29/01/1996	New chairman (CEO, CoB)
07/10/1994	Appointment/resignation of company officers
07/10/1994	New chairman (CEO, CoB)
07/10/1994	Minutes of general meeting of shareholders
07/10/1994	Minutes of Board meeting
07/10/1994	Changes to the Board of Directors
07/10/1994	Amendment
25/11/1993	Minutes of Board meeting
25/11/1993	Minutes of general meeting of shareholders
25/11/1993	Changes to the Board of Directors
25/11/1993	Appointment/resignation of company officers
25/11/1993	Amendment
25/11/1993	New chairman (CEO, CoB)
25/10/1993	Amendment
25/10/1993	Appointment/resignation of company officers
25/10/1993	Changes to the Board of Directors
25/10/1993	Minutes of Board meeting
25/10/1993	New chairman (CEO, CoB)
27/09/1993	Amendment
27/09/1993	Appointment/resignation of company officers
27/09/1993	Minutes of Board meeting
27/09/1993	Minutes of general meeting of shareholders
27/09/1993	Changes to the Board of Directors
19/06/1992	New auditor
19/06/1992	Changes to the Board of Directors
19/06/1992	Minutes of general meeting of shareholders
17/01/1992	Minutes of general meeting of shareholders
17/01/1992	Appointment/resignation of company officers
17/01/1992	Amendment
17/01/1992	Changes to the Board of Directors
17/01/1992	Updated articles of association
17/01/1992	Declaration of conformity

Establishment events history

Date	Description
06/08/2016	Update of phone numbers
16/06/2014	Modification of Head office
16/11/2012	Modification of Head office
31/12/2011	Update of Establishment Activity
31/12/2011	Modification of Head office Activity
01/12/2011	Modification of Head office Activity
01/12/2011	Update of Establishment Activity
31/12/2010	Modification of Head office Activity
31/12/2010	Update of Establishment Activity
27/08/2010	Update of Establishment Activity
27/08/2010	Modification of Head office Activity
31/12/2008	Modification of Head office Activity
31/12/2008	Update of Establishment Activity

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	04/09/2017	21/09/2016	15/06/2015
Activity Code	2314Z	2314Z	2314Z
Employees	94	92	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	5,897,082 5,897 K	4.2%	5,658,291 5,658 K	2.9%	5,501,003 5,501 K	175,342,757.20 175,342.76 K	-96.6%	10,035,307 10,035 K	-41.2%
Intangible assets	47,343 47 K	-26.6%	64,460 64 K	63.7%	39,386 39 K	1,512,683.90 1,512.68 K	-96.9%	59,810 60 K	-20.8%
Tangible assets	5,849,739 5,850 K	4.6%	5,593,831 5,594 K	2.4%	5,461,618 5,462 K	31,459,111.70 31,459.11 K	-81.4%	9,021,354 9,021 K	-35.2%
Financial assets	0 0 K	0%	0 0 K	0%	0 0 K	142,370,961.10 142,370.96 K	0%	679,522 680 K	0%
Net current assets	10,397,520 10,398 K	-44.8%	18,839,354 18,839 K	6.9%	17,621,468 17,621 K	27,080,919.70 27,080.92 K	-61.6%	12,231,053 12,231 K	-15.0%
Stocks	2,590,077 2,590 K	34.4%	1,926,851 1,927 K	4.4%	1,844,972 1,845 K	7,895,708.10 7,895.71 K	-67.2%	4,475,600 4,476 K	-42.1%
Advanced payments	20,111 20 K	14.2%	17,611 18 K	86.0%	9,469 9 K	151,744.80 151.74 K	-86.7%	10,060 10 K	99.9%
Receivables	5,107,668 5,108 K	-63.1%	13,834,789 13,835 K	7.1%	12,915,289 12,915 K	18,084,355.70 18,084.36 K	-71.8%	4,689,711 4,690 K	8.9%
Securities and cash	2,679,664 2,680 K	-12.4%	3,060,102 3,060 K	7.3%	2,851,738 2,852 K	949,110.40 949.11 K	182.3%	558,061 558 K	380.2%
Prepaid expenses	- -	-	- -	-	- -		-		-
Accounts of regularization	1,333 1 K	-72.7%	4,885 5 K	-61.7%	12,754 13 K	3,888.20 3.89 K	-65.7%	0 0 K	0%
Total Assets	16,295,935 16,296 K	-33.5%	24,502,531 24,503 K	5.9%	23,135,225 23,135 K	202,427,565.30 202,427.57 K	-91.9%	24,489,910 24,490 K	-33.5%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Shareholders' equity	9,677,734 9,678 K	-45.1%	17,643,781 17,644 K	8.5%	16,266,012 16,266 K	49,295,188.10 49,295.19 K	-80.4%	9,395,271 9,395 K	3.0%
Share capital	127,060 127 K	0%	127,060 127 K	0%	127,060 127 K	41,793,985.70 41,793.99 K	-99.7%	3,051,790 3,052 K	-95.8%
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	2,402.40 2.40 K	0%	0 0 K	0%
Risk Provisions	1,058,528 1,059 K	3.5%	1,022,390 1,022 K	5.3%	970,830 971 K	2,747,808.50 2,747.81 K	-61.5%	661,812 662 K	59.9%
Liabilities	5,548,262 5,548 K	-4.9%	5,833,183 5,833 K	-0.9%	5,884,193 5,884 K	150,363,686.80 150,363.69 K	-96.3%	15,470,037 15,470 K	-64.1%
Financial liabilities	120,198 120 K	-54.2%	262,198 262 K	-28.4%	365,944 366 K	123,832,735.50 123,832.74 K	-99.9%	2,536,069 2,536 K	-95.3%
Advanced payments received	19,286 19 K	-65.1%	55,275 55 K	-6.7%	59,219 59 K	128,946.20 128.95 K	-85.0%	9,643 10 K	100.0%
Trade account payables	2,271,169 2,271 K	10.8%	2,049,045 2,049 K	2.5%	1,998,238 1,998 K	12,869,945.40 12,869.95 K	-82.4%	5,531,470 5,531 K	-58.9%
Tax and social liabilities	1,746,096 1,746 K	21.9%	1,431,815 1,432 K	-4.4%	1,497,689 1,498 K	5,350,208.10 5,350.21 K	-67.4%	3,161,726 3,162 K	-44.8%
Other debts and fixed assets liabilities	1,278,606 1,279 K	-36.4%	2,010,838 2,011 K	3.1%	1,950,103 1,950 K	8,183,172.60 8,183.17 K	-84.4%	1,118,878 1,119 K	14.3%
Account regularization	124,317 124 K	357.2%	27,189 27 K	0%	27,189 27 K	17,157.70 17.16 K	624.6%	0 0 K	0%
Total liabilities	16,295,935 16,296 K	-33.5%	24,502,531 24,503 K	5.9%	23,135,225 23,135 K	202,427,565.30 202,427.57 K	-91.9%	24,489,910 24,490 K	-33.5%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sales of Goods	60,358,516 60,359 K	12.1%	53,822,605 53,823 K	4.5%	51,495,044 51,495 K	93,343,010.90 93,343.01 K	-35.3%	67,832,662 67,833 K	-11.0%
Net turnover	59,645,305 59,645 K	10.9%	53,789,725 53,790 K	5.5%	51,006,544 51,007 K	85,440,268.00 85,440.27 K	-30.2%	62,737,098 62,737 K	-4.9%
of which net export turnover	33,132,520 33,133 K	20.3%	27,552,747 27,553 K	6.0%	25,994,792 25,995 K	24,494,135.30 24,494.14 K	35.3%	14,190,477 14,190 K	133.5%
Operating charges	58,203,627 58,204 K	12.1%	51,899,683 51,900 K	4.6%	49,616,575 49,617 K	85,611,448.10 85,611.45 K	-32.0%	61,756,733 61,757 K	-5.8%
Operating profit/loss	2,154,889 2,155 K	12.1%	1,922,922 1,923 K	2.4%	1,878,469 1,878 K	7,731,562.40 7,731.56 K	-72.1%	1,314,445 1,314 K	63.9%
Financial income	269,733 270 K	-25.5%	362,063 362 K	28.5%	281,671 282 K	5,161,208.50 5,161.21 K	-94.8%	245,573 246 K	9.8%
Financial charges	213,863 214 K	6.9%	199,989 200 K	28.8%	155,282 155 K	2,511,992.00 2,511.99 K	-91.5%	252,236 252 K	-15.2%
Financial profit/loss	55,869 56 K	-65.5%	162,074 162 K	28.2%	126,389 126 K	2,649,216.40 2,649.22 K	-97.9%	15,390 15 K	263.0%
Pretax net operating income	2,210,758 2,211 K	6.0%	2,084,996 2,085 K	4.0%	2,004,859 2,005 K	10,380,779.20 10,380.78 K	-78.7%	1,932,000 1,932 K	14.4%
Extraordinary income	299,418 299 K	7.7%	278,080 278 K	4.1%	267,174 267 K	2,086,620.70 2,086.62 K	-85.7%	349,583 350 K	-14.3%
Extraordinary charges	143,844 144 K	10.8%	129,808 130 K	-11.5%	146,745 147 K	2,958,318.90 2,958.32 K	-95.1%	261,658 262 K	-45.0%
Extraordinary profit/loss	155,574 156 K	4.9%	148,272 148 K	23.1%	120,429 120 K	-871,698.30 -871.70 K	117.8%	3,412 3 K	4460.3%
Net result	1,466,995 1,467 K	-3.8%	1,524,255 1,524 K	26.0%	1,210,185 1,210 K	9,277,038.70 9,277.04 K	-84.2%	1,646,158 1,646 K	-10.9%

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	16,295,935 16,296 K	-33.5%	24,502,531 24,503 K	5.9%	23,135,225 23,135 K
Gross	CO	32,687,488 32,687 K	-18.5%	40,106,915 40,107 K	5.5%	38,030,533 38,031 K
Amortisation	1A	16,391,553 16,392 K	5.0%	15,604,384 15,604 K	4.8%	14,895,308 14,895 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	5,897,082 5,897 K	4.2%	5,658,291 5,658 K	2.9%	5,501,003 5,501 K
Gross	BJ	22,189,590 22,190 K	5.0%	21,127,177 21,127 K	4.2%	20,269,075 20,269 K
Amortisation	BK	16,292,508 16,293 K	5.3%	15,468,885 15,469 K	4.7%	14,768,072 14,768 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	47,343 47 K	-26.6%	64,460 64 K	63.7%	39,386 39 K
Gross	AF	1,576,273 1,576 K	-0.5%	1,583,679 1,584 K	2.8%	1,540,058 1,540 K
Amortisation	AG	1,528,930 1,529 K	0.6%	1,519,219 1,519 K	1.2%	1,500,672 1,501 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%	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	47,343 47 K	-26.6%	64,460 64 K	63.7%	39,386 39 K

Tangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Lands	Net	75,424 75 K	0.3%	75,178 75 K	-0.4%	75,489 75 K
Gross	AN	234,567 235 K	0.2%	234,007 234 K	0%	234,007 234 K
Amortisation	AO	159,143 159 K	0.2%	158,829 159 K	0.2%	158,518 159 K
Buildings	Net	1,327,175 1,327 K	23.2%	1,077,294 1,077 K	6.1%	1,014,934 1,015 K
Gross	AP	3,991,382 3,991 K	11.2%	3,590,703 3,591 K	6.2%	3,381,204 3,381 K
Amortisation	AQ	2,664,207 2,664 K	6.0%	2,513,410 2,513 K	6.2%	2,366,270 2,366 K
Plant	Net	4,054,625 4,055 K	-1.7%	4,124,805 4,125 K	-0.5%	4,146,215 4,146 K
Gross	AR	15,577,285 15,577 K	3.9%	14,991,949 14,992 K	3.3%	14,508,182 14,508 K
Amortisation	AS	11,522,660 11,523 K	6.0%	10,867,144 10,867 K	4.9%	10,361,968 10,362 K
Other tangible fixed assets	Net	111,956 112 K	109.5%	53,442 53 K	-24.0%	70,297 70 K
Gross	AT	520,223 520 K	14.5%	454,425 454 K	2.9%	441,640 442 K
Amortisation	AU	408,267 408 K	1.8%	400,983 401 K	8.0%	371,343 371 K
Fixed assets in construction	Net	159,031 159 K	-35.3%	245,915 246 K	59.0%	154,683 155 K
Gross	AV	159,031 159 K	-35.3%	245,915 246 K	59.0%	154,683 155 K
Amortisation	AW	0 0 K	0%	0 0 K	0%	0 0 K
Advances and payments on account	Net	121,528 122 K	606.7%	17,197 17 K	0%	0 0 K
Gross	AX	121,528 122 K	606.7%	17,197 17 K	0%	0 0 K
Amortisation	AY	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Tangible asset	Net	5,849,739 5,850 K	4.6%	5,593,831 5,594 K	2.4%	5,461,618 5,462 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	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BE	0 0 K	0%	0 0 K	0%	0 0 K
Loans	Net	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	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BH	9,301 9 K	0%	9,301 9 K	0%	9,301 9 K
Amortisation	BI	9,301 9 K	0%	9,301 9 K	0%	9,301 9 K
Sub Total Financial assets	Net	0 0 K	0%	0 0 K	0%	0 0 K

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	10,397,520 10,398 K	-44.8%	18,839,354 18,839 K	6.9%	17,621,468 17,621 K
Gross	CJ	10,496,564 10,497 K	-44.7%	18,974,853 18,975 K	6.9%	17,748,704 17,749 K
Amortisation	CK	99,045 99 K	-26.9%	135,499 135 K	6.5%	127,236 127 K

Stocks

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Raw materials	Net	937,949 938 K	41.5%	663,050 663 K	8.3%	612,086 612 K
Gross	BL	963,831 964 K	37.6%	700,702 701 K	8.2%	647,660 648 K
Amortisation	BM	25,883 26 K	-31.3%	37,652 38 K	5.8%	35,574 36 K
Work in progress (goods)	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BN	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BO	0 0 K	0%	0 0 K	0%	0 0 K
Work in progress (services)	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BP	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BQ	0 0 K	0%	0 0 K	0%	0 0 K
Semi-finished and finished products	Net	1,293,769 1,294 K	41.6%	913,988 914 K	-12.1%	1,039,830 1,040 K
Gross	BR	1,310,674 1,311 K	40.0%	935,982 936 K	-12.1%	1,065,189 1,065 K
Amortisation	BS	16,905 17 K	-23.1%	21,994 22 K	-13.3%	25,359 25 K
Goods for resale	Net	358,359 358 K	2.4%	349,813 350 K	81.2%	193,056 193 K
Gross	BT	371,425 371 K	-2.2%	379,906 380 K	81.7%	209,082 209 K
Amortisation	BU	13,066 13 K	-56.6%	30,093 30 K	87.8%	16,026 16 K
Sub Total Stocks	Net	2,590,077 2,590 K	34.4%	1,926,851 1,927 K	4.4%	1,844,972 1,845 K

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	20,111 20 K	14.2%	17,611 18 K	86.0%	9,469 9 K
Gross	BV	20,111 20 K	14.2%	17,611 18 K	86.0%	9,469 9 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	4,285,628 4,286 K	2.4%	4,186,213 4,186 K	4.1%	4,020,137 4,020 K
Gross	BX	4,328,819 4,329 K	2.3%	4,231,973 4,232 K	4.0%	4,070,414 4,070 K
Amortisation	BY	43,191 43 K	-5.6%	45,760 46 K	-9.0%	50,277 50 K
Other debtors	Net	762,312 762 K	-92.0%	9,562,650 9,563 K	8.2%	8,833,982 8,834 K
Gross	BZ	762,312 762 K	-92.0%	9,562,650 9,563 K	8.2%	8,833,982 8,834 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	5,047,940 5,048 K	-63.3%	13,748,863 13,749 K	7.0%	12,854,119 12,854 K

Divers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CE	0 0 K	0%	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	2,679,664 2,680 K	-12.4%	3,060,102 3,060 K	7.3%	2,851,738 2,852 K
Gross	CF	2,679,664 2,680 K	-12.4%	3,060,102 3,060 K	7.3%	2,851,738 2,852 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	2,679,664 2,680 K	-12.4%	3,060,102 3,060 K	7.3%	2,851,738 2,852 K

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	59,728 60 K	-30.5%	85,926 86 K	40.5%	61,170 61 K
Gross	CH	59,728 60 K	-30.5%	85,926 86 K	40.5%	61,170 61 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	1,333 1 K	-72.7%	4,885 5 K	-61.7%	12,754 13 K
Gross		1,333 1 K	-72.7%	4,885 5 K	-61.7%	12,754 13 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	0 0 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	16,295,935 16,296 K	-33.5%	24,502,531 24,503 K	5.9%	23,135,225 23,135 K

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	9,677,734 9,678 K	-45.1%	17,643,781 17,644 K	8.5%	16,266,012 16,266 K
Equity and shareholders' equity	DA	127,060 127 K	0%	127,060 127 K	0%	127,060 127 K
Issue and merger premiums	DB	1,634,755 1,635 K	0%	1,634,755 1,635 K	0%	1,634,755 1,635 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	12,706 13 K	0%	12,706 13 K	0%	12,706 13 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	2,665,319 2,665 K	0%	2,665,319 2,665 K	0%	2,665,319 2,665 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	2,387,188 2,387 K	-76.5%	10,139,520 10,140 K	13.6%	8,929,335 8,929 K
Profit or loss for the period	DI	1,466,995 1,467 K	-3.8%	1,524,255 1,524 K	26.0%	1,210,185 1,210 K
Investment grants	DJ	0 0 K	0%	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	1,383,711 1,384 K	-10.2%	1,540,166 1,540 K	-8.7%	1,686,652 1,687 K

Other capital resources (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total other capital resources (Total II)	DO	0 0 K	0%	0 0 K	0%	0 0 K
Income from participating securities	DM	0 0 K	0%	0 0 K	0%	0 0 K
Conditional loans	DN	0 0 K	0%	0 0 K	0%	0 0 K

Provisions for risks and charges (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total provisions for risks and charges (Total III)	DR	1,058,528 1,059 K	3.5%	1,022,390 1,022 K	5.3%	970,830 971 K
Risk provisions	DP	1,333 1 K	-72.7%	4,885 5 K	-61.7%	12,754 13 K
Reserves for charges	DQ	1,057,195 1,057 K	3.9%	1,017,505 1,018 K	6.2%	958,076 958 K

Liabilities (IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Liabilities (Total IV)	EC	5,548,262 5,548 K	-4.9%	5,833,183 5,833 K	-0.9%	5,884,193 5,884 K
Convertible debentures	DS	0 0 K	0%	0 0 K	0%	0 0 K
Other debentures	DT	0 0 K	0%	0 0 K	0%	0 0 K
Bank loans and liabilities	DU	0 0 K	0%	0 0 K	0%	0 0 K
Sundry loans and financial liabilities	DV	120,198 120 K	-54.2%	262,198 262 K	-28.4%	365,944 366 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	19,286 19 K	-65.1%	55,275 55 K	-6.7%	59,219 59 K
Trade accounts payables	DX	2,271,169 2,271 K	10.8%	2,049,045 2,049 K	2.5%	1,998,238 1,998 K
Tax and social security liabilities	DY	1,746,096 1,746 K	21.9%	1,431,815 1,432 K	-4.4%	1,497,689 1,498 K
Fixed asset liabilities	DZ	525,916 526 K	33.7%	393,330 393 K	71.3%	229,598 230 K
Other debts	EA	741,279 741 K	-54.1%	1,614,331 1,614 K	-5.4%	1,706,316 1,706 K

Translation loss (V)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Translation loss (Total V)	ED	11,411 11 K	259.2%	3,177 3 K	-77.6%	14,189 14 K

Equalization accounts

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Deferred income	EB	124,317 124 K	357.2%	27,189 27 K	0%	27,189 27 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	0 0 K	0%	0 0 K	0%	0 0 K
Of which current bank facilities	EH	0 0 K	0%	0 0 K	0%	0 0 K

Result account

1 - Operating result (I-II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating result (Total I-II)	GG	2,154,889 2,155 K	12.1%	1,922,922 1,923 K	2.4%	1,878,469 1,878 K

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	55,869 56 K	-65.5%	162,074 162 K	28.2%	126,389 126 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	2,210,758 2,211 K	6.0%	2,084,996 2,085 K	4.0%	2,004,859 2,005 K

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	155,574 156 K	4.9%	148,272 148 K	23.1%	120,429 120 K

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	1,466,995 1,467 K	-3.8%	1,524,255 1,524 K	26.0%	1,210,185 1,210 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	60,927,666 60,928 K	11.9%	54,462,748 54,463 K	4.6%	52,043,889 52,044 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	59,460,671 59,461 K	12.3%	52,938,493 52,938 K	4.1%	50,833,704 50,834 K

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	60,358,516 60,359 K	12.1%	53,822,605 53,823 K	4.5%	51,495,044 51,495 K

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Sale of goods for resale	FC	29,857,182 29,857 K	6.7%	27,970,939 27,971 K	6.6%	26,242,093 26,242 K
France	FA	25,066,196 25,066 K	2.3%	24,503,729 24,504 K	4.1%	23,532,774 23,533 K
Export	FB	4,790,987 4,791 K	38.2%	3,467,210 3,467 K	28.0%	2,709,318 2,709 K
Sale of goods produced	FF	28,978,122 28,978 K	15.3%	25,132,375 25,132 K	3.3%	24,322,658 24,323 K
France	FD	1,414,599 1,415 K	-16.8%	1,699,738 1,700 K	15.0%	1,478,185 1,478 K
Export	FE	27,563,523 27,564 K	17.6%	23,432,637 23,433 K	2.6%	22,844,473 22,844 K
Sale of services	FI	810,001 810 K	18.0%	686,411 686 K	55.4%	441,794 442 K
France	FG	31,991 32 K	-4.5%	33,512 34 K	4126.0%	793 1 K
Export	FH	778,010 778 K	19.2%	652,900 653 K	48.0%	441,001 441 K
Net turnover	FL	59,645,305 59,645 K	10.9%	53,789,725 53,790 K	5.5%	51,006,544 51,007 K
France	FJ	26,512,786 26,513 K	1.1%	26,236,979 26,237 K	4.9%	25,011,753 25,012 K
Export	FK	33,132,520 33,133 K	20.3%	27,552,747 27,553 K	6.0%	25,994,792 25,995 K
Stocked production	FM	374,692 375 K	390.0%	-129,207 -129 K	-146.4%	278,556 279 K
Self-constructed assets	FN	0 0 K	0%	0 0 K	0%	0 0 K
Operating grants	FO	0 0 K	0%	0 0 K	0%	5,433 5 K
Release of reserves and provisions	FP	257,146 257 K	91.4%	134,336 134 K	-16.2%	160,270 160 K
Other income	FQ	81,373 81 K	193.2%	27,750 28 K	-37.3%	44,241 44 K

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	58,203,627 58,204 K	12.1%	51,899,683 51,900 K	4.6%	49,616,575 49,617 K

Exploitation charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Purchase of goods for resale	FS	30,032,559 30,033 K	8.3%	27,724,192 27,724 K	7.7%	25,753,469 25,753 K
Change in stocks of goods for resale	FT	93,862 94 K	167.7%	-138,709 -139 K	-178.3%	177,234 177 K
Purchase of raw materials	FU	13,803,106 13,803 K	19.1%	11,589,706 11,590 K	2.1%	11,354,734 11,355 K
Change in stocks of raw materials	FV	-348,510 -349 K	-309.3%	-85,157 -85 K	-151.8%	164,444 164 K
Other external purchases and charges	FW	5,971,189 5,971 K	12.1%	5,328,484 5,328 K	10.6%	4,817,448 4,817 K
Tax, duty and similar payments	FX	536,672 537 K	11.5%	481,310 481 K	-13.8%	558,629 559 K
Payroll	FY	4,330,463 4,330 K	5.3%	4,111,218 4,111 K	11.0%	3,703,854 3,704 K
Social security costs	FZ	2,149,971 2,150 K	15.6%	1,859,487 1,859 K	0.1%	1,858,364 1,858 K

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	869,250 869 K	3.8%	837,778 838 K	2.2%	819,905 820 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	20,091 20 K	-64.6%	56,742 57 K	22.0%	46,508 47 K
Provisions for risks and charges	GD	109,718 110 K	-12.4%	125,275 125 K	-55.8%	283,160 283 K

Other charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Other charges	GE	635,257 635 K	6689.1%	9,357 9 K	-88.1%	78,825 79 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	269,733 270 K	-25.5%	362,063 362 K	28.5%	281,671 282 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	185,551 186 K	-1.6%	188,615 189 K	-4.7%	197,943 198 K
Released provisions and transferred charges	GM	4,885 5 K	-61.7%	12,754 13 K	204.8%	4,184 4 K
Exchange gains	GN	79,297 79 K	-50.7%	160,694 161 K	102.0%	79,544 80 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	213,863 214 K	6.9%	199,989 200 K	28.8%	155,282 155 K
Financial reserves and provisions	GQ	1,333 1 K	-72.7%	4,885 5 K	-61.7%	12,754 13 K
Interest and similar charges	GR	62,433 62 K	62.4%	38,435 38 K	14.2%	33,668 34 K
Exchange losses	GS	150,098 150 K	-4.2%	156,669 157 K	43.9%	108,860 109 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	299,418 299 K	7.7%	278,080 278 K	4.1%	267,174 267 K
Extraordinary operating income	HA	0 0 K	0%	0 0 K	0%	0 0 K
Extraordinary income from capital transactions	HB	2,164 2 K	21.2%	1,786 2 K	0%	0 0 K
Released provisions and transferred charges	HC	297,254 297 K	7.6%	276,294 276 K	3.4%	267,174 267 K

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary charges (Total VIII)	HH	143,844 144 K	10.8%	129,808 130 K	-11.5%	146,745 147 K
Extraordinary operating charges	HE	824 1 K	0%	0 0 K	0%	0 0 K
Extraordinary charges from capital transactions	HF	2,220 2 K	0%	0 0 K	0%	0 0 K
Extraordinary reserves and provisions	HG	140,800 141 K	8.5%	129,808 130 K	-11.5%	146,745 147 K

Employee profit sharing (IX)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Employee profit sharing (Total IX)	HJ	239,481 239 K	86.6%	128,320 128 K	-20.3%	161,086 161 K

Tax on profits (X)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Tax on profits (Total X)	HK	659,856 660 K	13.6%	580,693 581 K	-23.0%	754,017 754 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	0 0 K	0%	0 0 K	0%	0 0 K
Of which trader's own contributions	A2	0 0 K	0%	0 0 K	0%	0 0 K
Of which royalties on licences and patents (income)	A3	0 0 K	0%	0 0 K	0%	0 0 K
Of which royalties on licences and patents (charges)	A4	0 0 K	0%	0 0 K	0%	0 0 K

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2016	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	1,084,912 1,085 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	OK2	56,009 56 K	-61.7%	146,239 146 K	0%	0 0 K
Gross value at the end of period	OL	22,189,590 22,190 K	5.0%	21,127,177 21,127 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	1,583,679 1,584 K	2.8%	1,540,058 1,540 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	14,421 14 K	-69.1%	46,702 47 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	21,828 22 K	608.7%	3,080 3 K	0%	0 0 K
Gross value at the end of period	LW	1,576,273 1,576 K	-0.5%	1,583,680 1,584 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	19,534,196 19,534 K	4.4%	18,719,716 18,720 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	2,188,913 2,189 K	128.6%	957,639 958 K	0%	0 0 K
Decreasess by budget item transfer	NG1	1,084,912 1,085 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NG2	34,180 34 K	-76.1%	143,159 143 K	0%	0 0 K
Gross value at the end of period	NH	20,604,016 20,604 K	5.5%	19,534,196 19,534 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	9,301 9 K	0%	9,301 9 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	9,301 9 K	0%	9,301 9 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	1,519,219 1,519 K	1.2%	1,500,672 1,501 K	0%	0 0 K
Increases	PF	23,578 24 K	9.0%	21,627 22 K	0%	0 0 K
Decreasess	PG	13,867 14 K	350.2%	3,080 3 K	0%	0 0 K
Decreasess by budget item transfer	PH	1,528,930 1,529 K	0.6%	1,519,219 1,519 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	13,940,365 13,940 K	5.1%	13,258,098 13,258 K	0%	0 0 K
Increases	QV	845,673 846 K	3.6%	816,151 816 K	0%	0 0 K
Decreases	QW	31,758 32 K	-76.3%	133,886 134 K	0%	0 0 K
Decreasess by budget item transfer	QX	14,754,280 14,754 K	5.8%	13,940,363 13,940 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	2,698,054 2,698 K	-3.4%	2,794,019 2,794 K	0%	0 0 K
Increases	UB	271,942 272 K	-14.1%	316,710 317 K	0%	0 0 K
Decreases	UC	428,713 429 K	6.3%	403,374 403 K	0%	0 0 K
Value at the end of period	UD	2,541,283 2,541 K	-6.1%	2,707,356 2,707 K	0%	0 0 K

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	129,809 130 K	-28.7%	182,017 182 K	0%	0 0 K
Financial	UG	1,333 1 K	-72.7%	4,885 5 K	0%	0 0 K
Exceptional	UJ	140,800 141 K	8.5%	129,808 130 K	0%	0 0 K

Includes Total Withdrawal

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UF	126,574 127 K	10.7%	114,325 114 K	0%	0 0 K
Financial	UH	4,885 5 K	-61.7%	12,754 13 K	0%	0 0 K
Exceptional	UK	297,254 297 K	7.6%	276,294 276 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	1,540,166 1,540 K	-8.7%	1,686,652 1,687 K	0%	0 0 K
Increases	TS	140,800 141 K	8.5%	129,808 130 K	0%	0 0 K
Decreases	TT	297,254 297 K	7.6%	276,294 276 K	0%	0 0 K
Value at the end of period	TU	1,383,711 1,384 K	-10.2%	1,540,166 1,540 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	1,022,390 1,022 K	5.3%	970,830 971 K	0%	0 0 K
Increases	TV	111,051 111 K	-14.7%	130,160 130 K	0%	0 0 K
Decreases	TW	74,914 75 K	-4.7%	78,600 79 K	0%	0 0 K
Value at the end of period	TX	1,058,528 1,059 K	3.5%	1,022,390 1,022 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	135,498 135 K	-0.8%	136,537 137 K	0%	0 0 K
Increases	TY	20,091 20 K	-64.6%	56,742 57 K	0%	0 0 K
Decreases	TZ	56,545 57 K	16.6%	48,479 48 K	0%	0 0 K
Value at the end of period	UA	99,044 99 K	-31.6%	144,800 145 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	5,160,161 5,160 K	-62.8%	13,889,851 13,890 K	0%	0 0 K
1 year at most	VU	5,152,697 5,153 K	-62.9%	13,878,905 13,879 K	0%	0 0 K
More than one year	VV	7,464 7 K	-31.8%	10,946 11 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	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	9,301 9 K	0%	9,301 9 K	0%	0 0 K
Other financial assets (1 year at most)	UV	9,301 9 K	0%	9,301 9 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	43,191 43 K	-5.6%	45,760 46 K	0%	0 0 K
Other claims customer	UX	4,285,628 4,286 K	2.4%	4,186,213 4,186 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	14,115 14 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations	UZ	2,167 2 K	8.9%	1,989 2 K	0%	0 0 K
Income taxes	VM	0 0 K	0%	0 0 K	0%	0 0 K
Value added tax	VB	474,913 475 K	55.1%	306,221 306 K	0%	0 0 K
Other taxes and payments assimilated	VN	0 0 K	0%	0 0 K	0%	0 0 K
State and other public - Miscellaneous	VP	0 0 K	0%	0 0 K	0%	0 0 K
Group and Associates	VC	190,046 190 K	-97.9%	9,178,896 9,179 K	0%	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	81,072 81 K	7.3%	75,544 76 K	0%	0 0 K

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	59,728 60 K	-30.5%	85,926 86 K	0%	0 0 K

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	5,528,976 5,529 K	-4.3%	5,777,908 5,778 K	0%	0 0 K
1 year at most	VZ2	5,528,976 5,529 K	-4.3%	5,777,908 5,778 K	0%	0 0 K
More than 1 year and 5 years at most	VZ3	0 0 K	0%	0 0 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	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VG2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VG3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VH2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VH3	0 0 K	0%	0 0 K	0%	0 0 K
Loans and various financial liabilities (gross)	8A1	120,198 120 K	-54.2%	262,198 262 K	0%	0 0 K
1 year at most	8A2	120,198 120 K	-54.2%	262,198 262 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	2,271,169 2,271 K	10.8%	2,049,045 2,049 K	0%	0 0 K
1 year at most	8B2	2,271,169 2,271 K	10.8%	2,049,045 2,049 K	0%	0 0 K
More than 1 year and 5 years at most	8B3	2,271,169 2,271 K	10.8%	2,049,045 2,049 K	0%	0 0 K
Personnel and associated accounts (gross)	8C1	921,534 922 K	53.4%	600,785 601 K	0%	0 0 K
1 year at most	8C2	921,534 922 K	53.4%	600,785 601 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	580,176 580 K	-8.1%	631,071 631 K	0%	0 0 K
1 year at most	8D2	580,176 580 K	-8.1%	631,071 631 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	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	244,387 244 K	22.2%	199,959 200 K	0%	0 0 K
1 year at most	VQ2	244,387 244 K	22.2%	199,959 200 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	525,916 526 K	33.7%	393,330 393 K	0%	0 0 K
1 year at most	8J2	525,916 526 K	33.7%	393,330 393 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%	1,412,530 1,413 K	0%	0 0 K
1 year at most	VI2	0 0 K	0%	1,412,530 1,413 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	741,279 741 K	267.3%	201,801 202 K	0%	0 0 K
1 year at most	8K2	741,279 741 K	267.3%	201,801 202 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	124,317 124 K	357.2%	27,189 27 K	0%	0 0 K
1 year at most	8L2	124,317 124 K	357.2%	27,189 27 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	94 0 K	2.2%	92 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

4.37

Healthy +

6.92

Healthy +

7.03

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

0.24

0%

0.22

0%

0.22

0%

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	1.22	-25.2%	1.63	1.9%	1.60	1.54	-20.8%	1.03	18.4%
Global Debt	33 days	-15.4%	39 days	-7.1%	42 days	253.80 days	-87.0%	170 days	-80.5%
Working Capital Fund overall net	30 days	-66.3%	89 days	4.7%	85 days	66.60 days	-55.0%	21 days	42.9%
Financial independence	8,051.49 %	19.7%	6,729.18 %	51.4%	4,444.95 %	9,512.15 %	-15.4%	339.84 %	2269.2%
Solvability	59.39 %	-17.5%	72.01 %	2.4%	70.31 %	42.87 %	38.5%	41.22 %	44.1%
Capacity debt futures	-	-	-	-	-	151,882,844.80 %	-	5,445.18 %	-
Coverage of current assets by net working capital overall	47.52 %	-32.4%	70.25 %	2.7%	68.42 %	18.50 %	156.9%	16.19 %	193.5%
General Liquidity	0.93	-61.3%	2.40	-	-	1.06	-12.3%	1.05	-11.4%
Restricted Liquidity	1.42	-51.5%	2.93	-	-	1.94	-26.8%	1.32	7.6%

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	17 days	0%	17 days	6.3%	16 days	23.50 days	-27.7%	19 days	-8.1%
Treasury	16 days	-20.0%	20 days	0%	20 days	39.60 days	-59.6%	2 days	700.0%
Inventory turnover of goods	4 days	-20.0%	5 days	66.7%	3 days	123.13 days	-96.8%	14 days	-70.4%
Average length of credit granted to customers	26 days	-7.1%	28 days	-3.4%	29 days	51.00 days	-49.0%	56 days	-53.2%
Average length of credit obtained suppliers	17 days	0%	17 days	0%	17 days	69.10 days	-75.4%	80 days	-78.6%
Inventory turnover of raw materials in industrial enterprises	19 days	11.8%	17 days	0%	17 days	75.50 days	-74.8%	68 days	-72.1%
Inventory turnover of intermediate and finished products in the industrial enterprise	289 days	5.1%	275 days	-	-	1,558.20 days	-81.5%	289 days	0%
Rotation tangible assets	289.48 %	5.1%	275.36 %	-	-	1,325.49 %	-78.2%	236.01 %	22.7%

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Margin trading	-0.45 %	-162.5%	0.72 %	18.0%	0.61 %	7.11 %	-106.3%	0.00 %	0%
Profitability of the business	5.79 %	11.6%	5.19 %	-8.8%	5.69 %	8.21 %	-29.5%	6.29 %	-7.9%
Net profit	2.46 %	-13.1%	2.83 %	19.4%	2.37 %	8.96 %	-72.5%	5.15 %	-52.2%
Growth rate of turnover (excluding VAT)	10.89 %	99.5%	5.46 %	-62.6%	14.61 %	-2.29 %	575.5%	0.38 %	2765.8%
Rates integration	17.55 %	2.2%	17.18 %	-2.8%	17.68 %	32.26 %	-45.6%	35.38 %	-50.4%
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.18 %	0%	0.00 %	0%
Work Factor	61.91 %	-4.2%	64.60 %	4.7%	61.68 %	91.72 %	-32.5%	71.91 %	-13.9%
Weight interests	0.36 %	-2.7%	0.37 %	23.3%	0.30 %	1.96 %	-81.6%	0.61 %	-41.0%

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	3.44 %	-11.6%	3.89 %	-9.3%	4.29 %	20.85 %	-83.5%	8.66 %	-60.3%
Rates of economic profitability	35.00 %	118.8%	16.00 %	-5.9%	17.00 %	21.60 %	62.0%	9.00 %	288.9%
Financial profitability	9,677,734.00 %	-45.1%	17,643,781.00 %	8.5%	16,266,012.00 %	49,297,590.50 %	-80.4%	9,395,270.50 %	3.0%
Return on investment	17.16 %	78.2%	9.63 %	17.3%	8.21 %	17.29 %	-0.8%	8.11 %	111.6%

Management intermediate balances

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Turnover

59,645,305 59,645 K

10.9%

53,789,725 53,790 K

5.5%

51,006,544 51,007 K

85,440,268.00 85,440.27 K

-30.2%

62,737,098 62,737 K

-4.9%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Sales of goods

29,857,182 29,857 K

6.7%

27,970,939 27,971 K

6.6%

26,242,093 26,242 K

-

-

- Purchase of goods

30,032,559 30,033 K

8.3%

27,724,192 27,724 K

7.7%

25,753,469 25,753 K

-

-

+/- Stock of goods variation

93,862 94 K

167.7%

-138,709 -139 K

-178.3%

177,234 177 K

-

-

Trading margin

-269,239 € -269 K €

-169.8%

385,456 € 385 K €

23.8%

311,390 € 311 K €

12,236,663.10 € 12,236.66 K €

-102.2%

0 € 0 K €

0%

-0.45 % CA -0.45 % CA

-162.5%

0.72 % CA 0.72 % CA

18.0%

0.61 % CA 0.61 % CA

7.11 % CA 7.11 % CA

-106.3%

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		29,788,123 29,788 K		15.4%		25,818,786 25,819 K		4.3%		24,764,452 24,764 K		-		-
+/- Stocked production		374,692 375 K		390.0%		-129,207 -129 K		-146.4%		278,556 279 K		-		-
+ Self-constructed assets		0 0 K		0%		0 0 K		0%		0 0 K		-		-
Period production		30,162,815 € 30,163 K €		17.4%		25,689,579 € 25,690 K €		2.6%		25,043,008 € 25,043 K €	58,616,549.60 € 58,616.55 K €	-48.5%	23,449,484 € 23,449 K €	28.6%
		50.57 % CA 50.57 % CA		5.9%		47.76 % CA 47.76 % CA		-2.7%		49.10 % CA 49.10 % CA	80.57 % CA 80.57 % CA	-37.2%	95.74 % CA 95.74 % CA	-47.2%
	31/12/2016		Variation		31/12/2015		Variation		31/12/2014		Sector Average 2016		Sector Median 2016
Trading margin	-269,239 -269 K		-169.8%		385,456 385 K		23.8%		311,390 311 K		12,236,663.10 12,236.66 K	-102.2%	0 0 K	0%
+ Period Production	30,162,815 30,163 K		17.4%		25,689,579 25,690 K		2.6%		25,043,008 25,043 K		58,616,549.60 58,616.55 K	-48.5%	23,449,484 23,449 K	28.6%
- Purchase of raw materials	13,803,106 13,803 K		19.1%		11,589,706 11,590 K		2.1%		11,354,734 11,355 K			-		-
+/- Change in stocks of raw materiels	-348,510 -349 K		-309.3%		-85,157 -85 K		-151.8%		164,444 164 K			-		-
- Other external purchases and charges	5,971,189 5,971 K		12.1%		5,328,484 5,328 K		10.6%		4,817,448 4,817 K			-		-
Added value	10,467,791 € 10,468 K €		13.3%		9,242,002 € 9,242 K €		2.5%		9,017,772 € 9,018 K €		25,793,854.70 € 25,793.85 K €	-59.4%	15,724,700 € 15,725 K €	-33.4%
	17.55 % CA 17.55 % CA		2.2%		17.18 % CA 17.18 % CA		-2.8%		17.68 % CA 17.68 % CA		32.26 % CA 32.26 % CA	-45.6%	35.38 % CA 35.38 % CA	-50.4%

	31/12/2016		Variation		31/12/2015		Variation		31/12/2014		Sector Average 2016		Sector Median 2016
Added value	10,467,791 € 10,468 K €		13.3%		9,242,002 € 9,242 K €		2.5%		9,017,772 € 9,018 K €		25,793,854.70 € 25,793.85 K €	-59.4%	15,724,700 € 15,725 K €	-33.4%
+ Operating grants	0 0 K		0%		0 0 K		0%		5,433 5 K			-		-
- Tax, duty and similar payments	536,672 537 K		11.5%		481,310 481 K		-13.8%		558,629 559 K			-		-
- Personal charges	6,480,434 6,480 K		8.5%		5,970,705 5,971 K		7.3%		5,562,218 5,562 K			-		-
Gross operating surplus	3,450,685 € 3,451 K €		23.7%		2,789,987 € 2,790 K €		-3.9%		2,902,358 € 2,902 K €		7,707,185.80 € 7,707.19 K €	-55.2%	4,052,381 € 4,052 K €	-14.8%
	5.79 % CA 5.79 % CA		11.6%		5.19 % CA 5.19 % CA		-8.8%		5.69 % CA 5.69 % CA		8.21 % CA 8.21 % CA	-29.5%	6.29 % CA 6.29 % CA	-7.9%
		31/12/2016		Variation		31/12/2015		Variation		31/12/2014	Sector Average 2016		Sector Median 2016
Gross operating surplus		3,450,685 € 3,451 K €		23.7%		2,789,987 € 2,790 K €		-3.9%		2,902,358 € 2,902 K €	7,707,185.80 € 7,707.19 K €	-55.2%	4,052,381 € 4,052 K €	-14.8%
+ Release of reserves and provisions		257,146 257 K		91.4%		134,336 134 K		-16.2%		160,270 160 K		-		-
+ Other operating income		81,373 81 K		193.2%		27,750 28 K		-37.3%		44,241 44 K		-		-
- Depreciation/ Amortisation		999,059 999 K		-2.0%		1,019,795 1,020 K		-11.3%		1,149,573 1,150 K		-		-
- Other charges		635,257 635 K		6689.1%		9,357 9 K		-88.1%		78,825 79 K		-		-
Operating result		2,154,888 € 2,155 K €		12.1%		1,922,921 € 1,923 K €		2.4%		1,878,471 € 1,878 K €	7,731,562.70 € 7,731.56 K €	-72.1%	1,314,446 € 1,314 K €	63.9%
		3.61 % CA 3.61 % CA		1.1%		3.57 % CA 3.57 % CA		-3.0%		3.68 % CA 3.68 % CA	6.41 % CA 6.41 % CA	-43.7%	6.80 % CA 6.80 % CA	-46.9%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Operating result

2,154,888 € 2,155 K €

12.1%

1,922,921 € 1,923 K €

2.4%

1,878,471 € 1,878 K €

7,731,562.70 € 7,731.56 K €

-72.1%

1,314,446 € 1,314 K €

63.9%

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

0 0 K

0%

0 0 K

0%

0 0 K

-

-

+ Financial income

269,733 270 K

-25.5%

362,063 362 K

28.5%

281,671 282 K

-

-

- Financial charges

213,863 214 K

6.9%

199,989 200 K

28.8%

155,282 155 K

-

-

Pre-tax result

2,210,758 € 2,211 K €

6.0%

2,084,995 € 2,085 K €

4.0%

2,004,860 € 2,005 K €

10,380,779.20 € 10,380.78 K €

-78.7%

1,932,002 € 1,932 K €

14.4%

3.71 % CA 3.71 % CA

-4.4%

3.88 % CA 3.88 % CA

-1.3%

3.93 % CA 3.93 % CA

10.20 % CA 10.20 % CA

-63.6%

5.45 % CA 5.45 % CA

-31.9%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Extraordinary income

299,418 299 K

7.7%

278,080 278 K

4.1%

267,174 267 K

2,086,620.70 2,086.62 K

-85.7%

349,583 350 K

-14.3%

- Extraordinary charges

143,844 144 K

10.8%

129,808 130 K

-11.5%

146,745 147 K

-

-

Extraordinary result

155,574 € 156 K €

4.9%

148,272 € 148 K €

23.1%

120,429 € 120 K €

-871,698.20 € -871.70 K €

117.8%

3,412 € 3 K €

4459.6%

0.26 % CA 0.26 % CA

-7.1%

0.28 % CA 0.28 % CA

16.7%

0.24 % CA 0.24 % CA

-0.45 % CA -0.45 % CA

157.8%

0.13 % CA 0.13 % CA

100.0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Pre-tax result	2,210,758 € 2,211 K €	6.0%	2,084,995 € 2,085 K €	4.0%	2,004,860 € 2,005 K €	10,380,779.20 € 10,380.78 K €	-78.7%	1,932,002 € 1,932 K €	14.4%
Extraordinary result	155,574 € 156 K €	4.9%	148,272 € 148 K €	23.1%	120,429 € 120 K €	-871,698.20 € -871.70 K €	117.8%	3,412 € 3 K €	4459.6%
- Employee profit sharing	239,481 239 K	86.6%	128,320 128 K	-20.3%	161,086 161 K		-		-
- Tax on profits	659,856 660 K	13.6%	580,693 581 K	-23.0%	754,017 754 K		-		-
Net result	1,466,995 € 1,467 K €	-3.8%	1,524,254 € 1,524 K €	26.0%	1,210,186 € 1,210 K €	9,277,038.70 € 9,277.04 K €	-84.2%	1,646,160 € 1,646 K €	-10.9%
	2.46 % CA 2.46 % CA	-13.1%	2.83 % CA 2.83 % CA	19.4%	2.37 % CA 2.37 % CA	8.96 % CA 8.96 % CA	-72.5%	5.15 % CA 5.15 % CA	-52.2%

Key Performance Indicators

	31/12/2016	31/12/2015	31/12/2014
Company Result	59,645,305 €	53,789,725 €	51,006,544 €
Sector Average	85,440,268 €	78,191,648 €	72,023,433 €

Net Profit

	31/12/2016	31/12/2015	31/12/2014
Company Result	1,466,995 €	1,524,255 €	1,210,185 €
Sector Average	9,277,039 €	931,133 €	-1,999,520 €

Net Export Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	33,132,520 €	27,552,747 €	25,994,792 €
Sector Average	24,494,135 €	20,273,725 €	19,004,278 €

Account Total

	31/12/2016	31/12/2015	31/12/2014
Company Result	16,295,935 €	24,502,531 €	23,135,225 €
Sector Average	202,427,565 €	169,162,863 €	178,503,619 €

Shareholders Equity

	31/12/2016	31/12/2015	31/12/2014
Company Result	9,677,734 €	17,643,781 €	16,266,012 €
Sector Average	49,295,188 €	38,462,676 €	36,291,038 €

Liabilities

	31/12/2016	31/12/2015	31/12/2014
Company Result	5,548,262 €	5,833,183 €	5,884,193 €
Sector Average	150,363,687 €	128,028,926 €	139,823,990 €

Need background in operating working capital

	31/12/2016	31/12/2015	31/12/2014
Company Result	17 €	17 €	16 €
Sector Average	24 €	24 €	37 €

Gross operating surplus (EBE)

	31/12/2016	31/12/2015	31/12/2014
Company Result	3,450,685 €	2,789,987 €	2,902,358 €
Sector Average	7,707,186 €	5,779,027 €	5,054,162 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.82
Euro	1	INR 79.81

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

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	KET

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.