MIRA INFORM REPORT

Report No. :	494022
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	SALZGITTER MANNESMANN STAINLESS TUBES FRANCE
Registered Office :	Salzgitter Mannesmann Stainless, Route De Semur, 21500 Montbard
Country :	France
Financials (as on) :	31.12.2016
Date of Incorporation :	December 1996
Legal Form :	Simplified Joint Stock Company with Single Associate
Line of Business :	Manufacture of tubes, pipes, hollow profiles and related accessories of steel
No. of Employees :	310 [2016]

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+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

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

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

FRANCE - ECONOMIC OVERVIEW

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

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

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

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

Source : CIA

COMPANY SUMMARY

SIRET	410 351 118 00022
Name	SALZGITTER MANNESMANN STAINLESS TUBES FRANCE
Acronym	-
Trade name	-
Status	Economically active
Postal Address	SALZGITTER MANNESMANN STAINLESS ROUTE DE SEMUR 21500 MONTBARD FRANCE
Share Capital	15,127,260 Euros
Telephone	03 80 89 52 00
Activity (APE)	Manufacture of tubes, pipes, hollow profiles and related accessories of steel (2420Z)
Formation Date	12/1996
Deregistration Date	-
Court Registry Number	20 0 5B00784
Registration Court	Dijon (21)
Nationality	France
RCS Registration	RCS Dijon B 410 351 118
EUR VAT Number	FR79410351118
Last account Date	31/12/2016
Incorporiation Date	12/1996
Fax	03 80 89 52 37
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	109,924,208 €	1.27% Turnover	77,831,160 €	4,190,043 €	310 employees
31/12/2015	138,809,907 €	7.38% Turnover	72,924,485 €	5,764,141 €	315 employees
31/12/2014	171,853,775 €	7.90% Turnover	67,060,220 €	7,984,395 €	322 employees

View details

Directors

Current Directors

3

View Details

Ultimate Holding Company

Name	Country	Company Number
SALZGITTER AG
Affiliation links. View Details
271 companies in the international Group Structure from 26 countries. View Details

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	2420Z	Activity	Manufacture of tubes, pipes, hollow profiles and related accessories of steel
Formation Date	09/2005	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	-
Trading Address	ROUTE DE SEMUR 21500 MONTBARD	Department	Côte-d'Or (21)
Location Surface	-	District	3
City	MONTBARD	Status	Economically active
Business Pages FT®	TUYAUTERIE INDUSTRIELLE	Region	-
		Area	19
		Size of Urban Area	-

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
SALZGITTER MANNESMANN STAINLESS TUBES FRANCE	Head Office	2420Z	Manufacture of tubes, pipes, hollow profiles and related accessories of steel	MONTBARD	21500
SALZGITTER MANNESMANN STAINLESS ...	Branch	2420Z	Manufacture of tubes, pipes, hollow profiles and related accessories of steel	COURBEVOIE	92400

Workforces

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

Commentary

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

The company has 3 directors

The increase of tangible fixed assets over the last two accounting periods is 11 %

Low risk workforce size

The net turnover is 109,924,208 €

The ratio total assets to total liabilities is 3.68

The creditor days are 57.65

The total assets are 106,918,681 €

The net current assets are 78,621,140 €

The liabilities are 22,887,443 €

The risk provisions are 6,185,180 €

The shareholder's equity is 77,831,160 €

The return on total assets employed is 0.89

The pre-tax profit is 951,626 €

The stock to turnover ratio is 24.11

The sales to current assets ratio is 1.40

Industry comparison

Activity (APE)

Manufacture of tubes, pipes, hollow profiles and related accessories of steel (2420Z)

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	06/01/2010
Status of Monitoring	No social security and tax office preferential right to date

Social security, pension funds preferential rights

Number of preferential rights	0
Total amount	-
Due remaining amount	-
Date of last preferential right	-

Historical

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

Hide

200900477

17/07/2009

17/01/2012

ALTEA 50 ROUTE DE LA REINE 92100BOULOGNE-BILLANCOURT

507 EUR

-

Reason for closure	Void
Court	Dijon
Creditor	ALTEA 50 ROUTE DE LA REINE 92100BOULOGNE-BILLANCOURT
Debtor	SALZGITTER MANNESMANN STAINLESS TUBES FRANCE S.A.S. 21500 R0UTE DE SEMUR, MONTBARD

Tax office preferential rights

Number of preferential rights	0
Total amount	-
Due remaining amount	-
Date of last preferential right	-

Historical

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

Hide

201300003

21/01/2013

03/06/2013

RECEVEUR REGIONAL DES DOUANES DE BOURGOGNE - 12 RUE MONTMARTRE - CS41071 - 21010 DIJON CEDEX

230,776 EUR

-

Reason for closure	Crossed Off
Court	Dijon
Creditor	RECEVEUR REGIONAL DES DOUANES DE BOURGOGNE - 12 RUE MONTMARTRE - CS41071 - 21010 DIJON CEDEX
Debtor	SALZGITTER MANNESMANN STAINLESS TUBES FRANCE S.A.S. 21500 R0UTE DE SEMUR, MONTBARD
Pledges
Interest rate	0

Preferential rights details and history

Summary of preferential rights

Company monitored since	06/01/2010
Status of Monitoring	No social security and tax office preferential right to date

Social security, pension funds preferential rights

Number of preferential rights	0
Total amount	-
Due remaining amount	-
Date of last preferential right	-

Historical

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

Hide

200900477

17/07/2009

17/01/2012

ALTEA 50 ROUTE DE LA REINE 92100BOULOGNE-BILLANCOURT

507 EUR

-

Reason for closure	Void
Court	Dijon
Creditor	ALTEA 50 ROUTE DE LA REINE 92100BOULOGNE-BILLANCOURT
Debtor	SALZGITTER MANNESMANN STAINLESS TUBES FRANCE S.A.S. 21500 R0UTE DE SEMUR, MONTBARD

Tax office preferential rights

Number of preferential rights	0
Total amount	-
Due remaining amount	-
Date of last preferential right	-

Historical

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

Hide

201300003

21/01/2013

03/06/2013

RECEVEUR REGIONAL DES DOUANES DE BOURGOGNE - 12 RUE MONTMARTRE - CS41071 - 21010 DIJON CEDEX

230,776 EUR

-

Reason for closure	Crossed Off
Court	Dijon
Creditor	RECEVEUR REGIONAL DES DOUANES DE BOURGOGNE - 12 RUE MONTMARTRE - CS41071 - 21010 DIJON CEDEX
Debtor	SALZGITTER MANNESMANN STAINLESS TUBES FRANCE S.A.S. 21500 R0UTE DE SEMUR, MONTBARD
Pledges
Interest rate	0

Group Data

Ultimate parent company	SALZGITTER AG
Direct parent	SALZGITTER MANNESMANN STAINLESS TUBES GMBH - 100 %
Group – Number of companies	16
Linkages – Number of companies	271
Number of countries	26

Group Structure

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Rating Information

		Name	SIREN	Parts	Last account published
1		SALZGITTER-GAS		-	-
2		NMP SYSTEMS GMBH	HRB 14933	100 %	31/12/2015
3		SALZGITTER MANNESMANN (FRANCE) SARL	784845257	100 %	31/12/2016
2		MANNESMANN VERWALTUNG GMBH	HRB 17993	100 %	-
3		MANNESMANN PRECISION TUBES GMBH	HRB 20198	100 %	-
4		MANNESMANN PRECISION TUBES FRANCE	426420162	100 %	31/12/2016
		SALZGITTER MANNESMANN PRECISION SA DE CV	-	100 %	-
		SALZGITTER MANNESMANN PRÄZISROHR GMBH	HRB 5965	100 %	-
		MANNESMANNRÖHREN-WERK GMBH	HRB 25504	100 %	-
2		SALZGITTER MANNESMANN GMBH	HRB 200012	100 %	-
3		HÜTTENWERKE KRUPP MANNESMANN GMBH	-	30 %	-
		EUROPIPE GMBH	HRB 17840	50 %	31/12/2016
3		RSE PROJEKTENTWICKLUNGS-GMBH	HRB 25628	100 %	31/12/2011
4		KHS GMBH	HRB 23042	100 %	31/12/2009
5		KHS FRANCE	732071808	100 %	31/12/2016
2		MANNESMANN STAINLESS TUBES GMBH	HRB 18154	100 %	-
3		SALZGITTER MANNESMANN STAINLESS TUBES FRANCE	410351118	100 %	31/12/2016
SALZGITTER MANNESMANN STAINLESS TUBES GMBH	100

Linkages

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

Rating Information

Company Name	Siren	Last Account Published	Turnover
VALLOUREC TUBES	411373525	31/12/2016	49,049,000 €
VALLOUREC	552142200	31/12/2016	5,758,000 €
VALLOUREC ONE	442485066	31/12/2016	0 €
VALLOUREC SERVICES	411373707	31/12/2016	0 €
SALZGITTER KLÖCKNER-WERKE GMBH	HRB 203250	31/12/2010	-
AKTIEN-GESELLSCHAFT DER DILLINGER HÜTTENWERKE (SOCIÉTÉ ANONYME DES FORGES ET ACIÉRIES DE DILLING)	HRB 23001	31/12/2015	1,756,460,000 €
DHS-DILLINGER HÜTTE SAARSTAHL AG	HRB 24874	31/12/2016	1,797,400,000 €
SALZGITTER AKTIENGESELLSCHAFT	HRB 9207	31/12/2016	45,343,000 €
BORSIG AKTIENGESELLSCHAFT HOLDING	HRB 32338	30/09/2016	-
CITRA TUBINDO	-	31/12/2016	68,349,643 €
BABCOCK BORSIG AG	HRB 13564	30/09/2009	594,000 €
DILLINGER FRANCE	331620096	31/12/2016	328,027,079 €
SERIMAX HOLDINGS	453293243	31/12/2016	17,044,430 €
RSE GRUNDBESITZ UND BETEILIGUNGS-GMBH	HRB 25015	31/12/2016	5,899,000 €
VALLOUREC TUBES FRANCE	652044991	31/12/2016	527,574,000 €
VALLOUREC BEARING TUBES	652052531	31/12/2016	46,225,979 €
VALINOX NUCLEAIRE	388353765	31/12/2014	136,354,000 €
ROGESA ROHEISENGESELLSCHAFT SAAR MIT BESCHRÄNKTER HAFTUNG	HRB 24162	31/12/2015	1,009,060,000 €
ANCOFER STAHLHANDEL GMBH	HRB 14512	31/12/2016	87,300,610 €
VERKEHRSBETRIEBE PEINE-SALZGITTER GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 6008	31/12/2016	119,011,000 €
MÜLHEIM PIPECOATINGS GMBH	HRB 15450	31/12/2016	41,660,210 €
SALZGITTER ANLAGENBAU GMBH	HRB 6401	30/09/2008	-
VALLOUREC OIL & GAS UK LTD.	SC147386	31/12/2016	85,389,000 £
SERIMAX LIMITED	SC073616	31/12/2016	17,243,637 £
VALLOUREC OIL AND GAS FRANCE	384627170	31/12/2016	400,127,000 €
CHEMA ANLAGENBAU GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 100393	30/09/2007	-
VALLOUREC FITTINGS	331408591	31/12/2016	13,874,000 €
SALZGITTER MANNESMANN STAINLESS TUBES ITALIA S.R.L.	BG276608	31/12/2016	114,010,847 €
PWT ZWINGENBERG GMBH	HRB 25393	30/09/2016	-
MSG MINERALSTOFFGESELLSCHAFT SAAR MBH	HRB 17148	31/12/2013	17,738,261 €
ANCOFERWALDRAM STEELPLATES B.V.	20031659	31/12/2016	88,266,743 €
SALZGITTER MANNESMANN STAALHANDEL B.V.	20061312	31/12/2016	115,500,632 €
VALLOUREC UMBILICALS	414947796	31/12/2016	150,000 €
SALZGITTER HYDROFORMING GMBH & CO KG	HRA 3466	31/12/2008	-
SALZGITTER MANNESMANN UK LIMITED	02442586	31/12/2016	29,760,458 £
DILLINGER HÜTTE VERTRIEB GMBH	HRB 19177	31/12/2006	489,570,958 €
EUROPIPE FRANCE	380877340	31/12/2016	9,257,663 €
EURODECOUPE	380608307	31/12/2016	11,016,298 €
HSP HOESCH SPUNDWAND UND PROFIL GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 19928	31/12/2016	26,028,000 €
SALZGITTER MANNESMANN STAHLSERVICE GMBH	HRB 715114	31/12/2012	153,168,000 €
DILLINGER INTERNATIONAL	428868343	31/12/2016	6,843,436 €
MANNESMANN PRECISION TUBES NETHERLANDS B.V.	17002101	31/12/2015	19,037,761 €
SCHEDLER STAHLHANDEL GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 101181	30/09/2008	-
HILDESHEIMER STAHLHANDEL GMBH & CO KG	HRA 1641	31/12/2014	-
KHS UK LTD.	01131717	31/12/2016	6,167,907 £
RSE PROJEKTMANAGEMENT GMBH	HRB 25667	31/12/2016	-
UNIVERSAL ACIERS	378090864	31/12/2016	8,647,491 €
SERIMAX	400039954	31/12/2016	57,402,434 €
KHS NORDIC APS	80870817	31/12/2016	-
SERIMAX RUSSIA	499235919	31/12/2016	125,340 €
KHS PLASMAX GMBH	HRB 94769	31/12/2010	12,831,000 €
GVG GRUNDBESITZ- UND VERMÖGENSVERWALTUNGSGESELLSCHAFT MBH	HRB 203332	31/12/2016	-
SRT SAAR-RHEIN-TRANSPORTGESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 4932	31/12/2006	-
SHS SERVICES GMBH	HRB 14092	31/12/2013	13,148,000 €
SALZGITTER MANNESMANN (ITALIA) S.R.L.	MI587814	31/12/2016	1,427,441 €
RSE PHOENIX HOLDING GMBH	HRB 25656	31/12/2016	-
DHC-CONSULT GMBH	HRB 25221	31/12/2016	-
BABCOCK-BORSIG INDUSTRIEPARK-DIENSTLEISTUNGS GMBH	HRB 53801	30/09/2016	-
SESTA STAHL GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 29923	30/09/2012	-
BSH BRAUNSCHWEIGER SCHROTTHANDEL GMBH	HRB 3670	31/12/2016	-
NOELL GMBH	HRB 7576	30/09/2007	-
KHS CORPOPLAST (UK) LIMITED	05290549	31/12/2012	-
BABCOCK ENERGIE GRUNDSTÜCKSVERWALTUNGS GMBH	HRB 13529	30/09/2012	-
SALZGITTER FORSCHUNGSWASSERKRAFTANLAGE BANNETZE-HORNBOSTEL GMBH	HRB 6608	31/12/2016	-
TRANS-SAAR B.V.	24167117	31/12/2016	-
SALZGITTER MANNESMANN (SCANDINAVIA) AB	5566299615	31/12/2016	14,742 KSEK
VALLOUREC UNIVERSITY FRANCE	415008721	31/12/2016	919,509 €
SBH STAHLBLECHHANDEL GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 1312	31/12/2012	-
MANNESMANNRÖHREN-WERKE QUALIFIZIERUNGSGESELLSCHAFT MBH	HRB 15278	31/12/2016	-
RSE BORSIGGELÄNDE GMBH	HRB 25616	31/12/2011	454 €
SALZGITTER MANNESMANN DRITTE VERWALTUNGSGESELLSCHAFT MBH	HRB 202266	31/12/2016	-
SALZGITTER BUSINESS SERVICE GMBH	HRB 205358	31/12/2013	10,498,000 €
RSE FALKENHAGEN GMBH	HRB 25620	31/12/2016	-
SALZGITTER HYDROFORMING VERWALTUNGS GMBH	HRB 15571	31/12/2016	-
GEWERBEPARK AM BORSIGTURM GMBH	HRB 25644	31/12/2016	-
SALZGITTER AUTOMOTIVE ENGINEERING IMMOBILIEN VERWALTUNGSGESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 18165	31/12/2016	-
SALZGITTER AUTOMOTIVE ENGINEERING VERWALTUNGSGESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 15541	31/12/2016	-
SEITZ ENZINGER NOLL GMBH	HRB 2379	30/09/2015	-
STAHLHANDEL GMBH	HRB 472	31/12/2011	-
EUROPIPE PROJEKT GMBH	HRB 17848	31/12/2016	-
PIPE-TEC GMBH & CO. KG	HRA 9076	30/09/2009	-
HOLSTEIN UND KAPPERT GMBH	HRB 14254	30/09/2016	-
PIPE-TEC VERWALTUNGS GMBH	HRB 23793	30/09/2009	-
BABCOCK EBUSINESS SOLUTIONS GMBH	HRB 1356	30/09/2012	-
EUROPIPE 1. VERWALTUNGSGESELLSCHAFT MBH	HRB 17153	31/12/2016	-
KHS HENSEN PACKAGING GMBH	HRB 23587	31/12/2010	-
PHOENIX OFFICE GARDEN GMBH	HRB 25872	31/12/2016	-
KLÖCKNER PET-TECHNOLOGIE GMBH	HRB 203269	31/12/2010	-
KLÖCKNER PET INTERNATIONAL GMBH	HRB 203277	31/12/2016	-
RSE GRUNDSTÜCKSVERWALTUNGS-GMBH	HRB 25634	31/12/2013	-
KHS CORPOPLAST VERWALTUNGSGESELLSCHAFT MBH	HRB 104586	31/12/2016	-
TUMA MDE GMBH	HRB 17770	30/11/2010	-
VPS INFRASTRUKTUR GMBH	HRB 200134	31/12/2016	11,420,000 €
RSE PROJEKTMANAGEMENT HOLDING-VERWALTUNGS-GMBH	HRB 25629	31/12/2016	1,250 €
SALZGITTER FINANCE B.V.	20159985	31/12/2016	-
DILLINGER HÜTTE SERVICES B.V.	24420436	31/12/2016	-
KHS CORPOPLAST GMBH	HRB 115595	31/12/2010	129,007 €
DILLINGER NORDIC AB	5567658439	31/12/2016	3,099 KSEK
ASSURVAL	311427132	31/12/2016	574,074 €
ANCOFED	438301210	31/12/2016	2,072,697 €
KHS BENELUX B.V.	20028740	31/12/2016	-
KHS MOLDTEC GMBH & CO. KG	HRA 7176	31/12/2008	15,418 €
DILLINGER HUTTE UK LIMITED	06560022	31/12/2016	371,467 £
SERIMAX FIELD JOINT COATING LIMITED	08727536	31/12/2016	4,170,874 £
FORMTEC GMBH UMFORMTECHNIK	HRB 35317	31/12/2007	-
SERIMAX ANGOLA LIMITED	SC273793	31/12/2016	0 £
IRKAS BETEILIGUNGS GMBH & CO. VERMIETUNGS-KG	HRA 67220	31/08/2009	-
PHOENIX IMMOBILIENVERWALTUNGSGESELLSCHAFT MBH & CO. KG	HRA 45307	31/12/2013	1,632,943 €
KHS CORPOPLAST GMBH	MI2070188	-	-
SALZGITTER MANNESMANN ESPAÑA	1299607	-	-
KHS SCHWEIZ GMBH	151168	-	-
KLOCKNER HOLSTEIN SEITZ	215189	31/12/2016	8,252,793 €
UNIVERSAL STEEL HOLLAND B.V.	23057271	31/12/2016	-
ASCOVAL	823141890	-	-
SALZGITTER MANNESMANN STAHLHANDEL GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 39902	-	-
HÖVELMANN & LUEG VERMÖGENSVERWALTUNG GMBH	HRB 6969	-	-
TELCAT KOMMUNIKATIONSTECHNIK GMBH	HRB 6004	-	-
SALZGITTER MANNESMANN STAINLESS TUBES DEUTSCHLAND GMBH	HRB 11874	-	-
FLACHFORM STAHL GMBH	HRB 4745	-	-
KRANTZ-TKT CLEANROOM TECHNOLOGY GMBH	HRB 46683	-	-
SYNTAS ENERGIEMANAGEMENT GMBH	HRB 47195	-	-
SALZGITTER MANNESMANN GROBBLECH GMBH	HRB 15471	-	-
ABC INDUSTRIESERVICE GMBH	HRB 44254	-	-
SAARLUX STAHL GMBH & CO. KG	HRA 13639	31/12/2016	-
BIB-BABCOCK INDUSTRIAL BOILER GMBH	HRB 13362	-	-
BORSIG ENERGY GMBH	HRB 13332	-	-
SALZGITTER BAUELEMENTE GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 200434	-	-
ILSENBURGER GROBBLECH GMBH	HRB 112552	-	-
BKT BETEILIGUNGS GMBH	HRB 44002	-	-
SALZGITTER MANNESMANN INTERNATIONAL GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 30081	-	-
PEINER TRÄGER GMBH	HRB 101405	-	-
KLÖCKNER HÄNSEL PROCESSING GMBH	HRB 4322	-	-
BABCOCK BORSIG GRUNDSTÜCKSVERMIETUNGSGESELLSCHAFT MBH & CO. OBJEKT OBERHAUSEN KG	HRA 19966	30/09/2016	-
BABCOCK BORSIG GRUNDSTÜCKSVERMIETUNGSGESELLSCHAFT MBH & CO. OBJEKT FRIEDRICHSFELD KG	HRA 19921	30/09/2016	-
BAICKE-DÜRR PROZEßTECHNIK GMBH	HRB 44036	-	-
OMNICAL GMBH	HRB 3477	-	-
GLÜCKAUF IMMOBILIEN GMBH	HRB 100804	-	-
SALZGITTER MANNESMANN FORSCHUNG GMBH	HRB 9622	-	-
SALZGITTER STAHL GMBH	HRB 6610	-	-
RETEG INGENIEURGESELLSCHAFT FÜR REINRAUM-ENERGIE UND GEBÄUDETECHNIK MBH	HRB 47813	-	-
KLÖCKNER DESMA ELASTOMER- TECHNIK GMBH	HRB 450796	-	-
BABCOCK KRAFTWERKSTECHNIK GMBH	HRB 12610	-	-
SMS IMMOBILIE RHEINHAFEN VERWALTUNGS-GMBH	HRB 701037	31/12/2016	-
GESIS GESELLSCHAFT FÜR INFORMATIONSSYSTEME MIT BESCHRÄNKTER HAFTUNG	HRB 6194	-	-
ARS ANLAGEN UND ROHRSYSTEME MERSEBURG GMBH & CO. KG	HRA 31943	-	-
BE SYSTEC GMBH	HRB 43824	-	-
UNIVERSAL EISEN UND STAHL GMBH	HRB 6780	-	-
VEREINIGTE KESSELWERKE GMBH	HRB 13461	-	-
BABCOCK IMMOBILIENMANAGEMENT GMBH	HRB 13123	-	-
RSE GEWERBEPARK BORSIGTURM GMBH & CO. KG	HRA 42196	-	-
FISCHER H.C. EISEN, GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 925	-	-
SIG CORPOPLAST GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 17075	-	-
VEREINIGTE KESSELWERKE AKTIENGESELLSCHAFT	HRB 2806	-	-
BKT TECHNOLOGIE GMBH	HRB 19663	-	-
SALZGITTER EUROPLATINEN GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 6464	-	-
WITT HAUSTECHNIK GMBH	HRB 55429	-	-
DILLINGER HÜTTE UND SAARSTAHL VERMÖGENSVERWALTUNGS-UND BETEILIGUNGS-OHG	HRA 9297	31/12/2016	-
PHOENIX IMMOBILIENVERWALTUNGSGESELLSCHAFT MBH & CO. KG	HRA 11470	31/12/2016	5,541,309 €
MAGDEBURGER ARMATURENWERKE MAW GMBH	HRB 16800	-	-
BORSIG BETEILIGUNGS GMBH	HRB 13193	-	-
BABCOCK ENERGIE BETEILIGUNGS GMBH	HRB 13524	-	-
SALZGITTER AUTOMOTIVE ENGINEERING BETEILIGUNGSGESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 100380	-	-
PST SPEZIALTIEFBAU GMBH	HRB 57092	-	-
WITT TIEF- UND KANALBAU GMBH	HRB 58917	-	-
BABCOCK VERWALTUNGSDIENSTE GMBH	HRB 3280	-	-
BABCOCK BORSIG POWER GMBH	HRB 13191	-	-
BIB LIQUIDATIONSGESELLSCHAFT MBH	HRB 13349	-	-
SIT SALZGITTER INFORMATION UND TELEKOMMUNIKATION GMBH	HRB 6607	-	-
SALZGITTER FLACHSTAHL GMBH	HRB 6609	-	-
BETTERCALL GMBH	HRB 201623	31/12/2014	-
KRANTZ AIR + FILTRATION SYSTEMS GMBH	HRB 8642	-	-
PWR WASSER UND ROHRTECHNIK GMBH	HRB 51394	-	-
SALZGITTER MANNESMANN HANDEL GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 8372	-	-
WITT GAS- UND INDUSTRIE- ROHRTECHNIK GMBH	HRB 58001	-	-
NORTHSTAR TELECOM GMBH	HRB 201378	31/12/2014	-
BABCOCK PROZEßAUTOMATION GMBH	HRB 13430	-	-
SZST SALZGITTER SERVICE UND TECHNIK GMBH	HRB 6423	-	-
SIG BARRIER TECHNOLOGIES GMBH	HRB 8650	-	-
KHS ASBOFILL GMBH	HRB 12425	-	-
STAHL-CENTER BAUNATAL GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 5118	-	-
SALZGITTER AUTOMOTIVE ENGINEERING BETEILIGUNGSGESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 200319	-	-
MANNESMANNRÖHREN-WERKE 3. VERWALTUNGSGESELLSCHAFT MBH	HRB 19928	-	-
RECOMA GMBH	HRB 18760	-	-
MANNESMANN LINE PIPE GMBH	HRB 1435	-	-
DEUMU DEUTSCHE ERZ- UND METALL-UNION GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 101327	-	-
KRANTZ TKT GEBÄUDETECHNIK GMBH	HRB 47553	-	-
RSE PROJEKTMANAGEMENT HOLDING GMBH & CO. KG	HRA 11435	31/12/2016	-
KRANTZ - TKT GMBH	HRB 45511	-	-
REAL ESTATE MANAGEMENT GMBH	HRB 3591	-	-
MANNESMANNRÖHREN-WERKE AKTIENGESELLSCHAFT	HRB 15111	-	-
TELCAT MULTICOM GMBH	HRB 6386	-	-
B T E BRAUEREI - TECHNIK ESSEN GMBH	HRB 2190	-	-
HSP HOESCH SPUNDWAND UND PROFIL GMBH	HRB 11265	-	-
KHS TILL GMBH	HRB 49174	-	-
APV ROSISTA NÜRNBERG GMBH	HRB 2358	-	-
MANNESMANN LINE PIPE GMBH	HRB 2538	-	-
BLOME GMBH	HRB 239	-	-
TELEFONBAU MARIENFELD GMBH & CO. KG	HRA 3723	31/12/2013	4,916,906 €
BBP ENERGY GMBH	HRB 13278	-	-
KLÖCKNER MERCATOR MASCHINENBAU GMBH	HRB 3460	-	-
ABWICKLUNGSGESELLSCHAFT BORSIG MBH	HRB 31778 B	-	-
DESMA SCHUHMASCHINEN GMBH	HRB 121162	-	-
MANNESMANN GROSSROHR GMBH	HRB 6615	-	-
PREUSSAG WASSERTECHNIK GMBH	HRB 16848	-	-
BABCOCK KRAFTWERKSTECHNIK GMBH	HRB 2273	-	-
HANSAPORT HAFENBETRIEBSGESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 16851	-	-
KHS MEXICO SA	KME960701B5A	-	-
VALLOUREC USA CORPORATION	-	-	-
EB PIPE COATING INC	-	-	12,606,000 $
DESMA USA INC	-	-	24,999,999 $
KHS USA INC	-	-	100,000,000 $
VALLOUREC TUBE-ALLOY, LLC	-	-	37,350,000 $
SALZGITTER MANNESMANN STAINLESS TUBES USA, INC.	-	-	28,860,000 $
SALZGITTER MANNESMANN INTL. USA	-	-	5,100,000 $
KHS CORPOPLAST NORTH AMERICA INC.	-	-	-
BERG EURO PIPE CORP	-	-	500,000 $
BERG STEEL PIPE CORP.	-	-	300,000,000 $
UNIVERSAL STEEL AMERICA, INC.	-	-	30,000,000 $
BERG SPIRAL PIPE CORP.	-	-	100,000,000 $
BERG EUROPIPE HOLDING CORP.	-	-	50,000,000 $
ANHUI TIANDA OIL PIPE COMPANY LIMITED	-	-	-
BERG EUROPIE CORPORATION	-	-	-
CARGO-RAIL GMBH	-	-	-
DILLINGER HÜTTE GTS NEDERLAND B.V	-	-	-
DILLINGER HÜTTE ITALY S.R.L.	-	-	-
DILLINGER HÜTTE NORGE AS	-	-	-
DILLINGER HÜTTE SPAIN S.L.U	-	-	-
DILLINGER MIDDLE EAST FZE	-	-	-
DILLINGER PROJEKT GMBH	-	-	-
JEBENS GMBH, KORNTAL MUNCHINGEN	-	-	-
KESTREL WAVE INVESTMENT LTD	-	-	-
SALZGITTER AG	-	-	-
SANTRANS SPEDITIONSGESELLSCHAFT MBH	-	-	-
SANTRANS SPEDITIONSGESELLSCHAFT MBH	-	-	-
SERIMAX AUSTRALIA PTY LTD	-	-	-
SERIMAX DO BRAZIL SERVIÇOS DE SOLDAGEM E FABRICAÇAO LTDA	-	-	-
SERIMAX NORTH AMERICA LLC	-	-	-
SERIMAX OOO RUSSIE	-	-	-
SERIMAX SOUTH EAST ASIA PTE LTD	-	-	-
SERIMAX WELDING SERVICES MALAYSIA SDN BHD	-	-	-
TUBOS SOLDADOS ATLÂNTICO LTDA	-	-	-
UNIVERSAL EISEN UND STAHL GMBH	-	-	-
VALINOX NUCLÉAIRE TUBES GUANGZHOU CO LTD	-	-	-
VALLOUREC (CHANGZHOU) CO. LTD	-	-	-
VALLOUREC AL QAHTANI TUBES LLC	-	-	-
VALLOUREC ASIA PACIFIC CORP PTE LTD	-	-	-
VALLOUREC BEIJING CO LTD	-	-	-
VALLOUREC CANADA INC	-	-	-
VALLOUREC DRILLING OIL EQUIPMENT MANUFACTURING LLC	-	-	-
VALLOUREC DRILLING PRODUCTS MIDDLE EAST FZE	-	-	-
VALLOUREC DRILLING PRODUCTS USA INC	-	-	-
VALLOUREC FLORESTAL LTDA	-	-	-
VALLOUREC HOLDINGS INC	-	-	-
VALLOUREC MIDDLE EAST FZE	-	-	-
VALLOUREC MINERAÇÃO LTDA	-	-	-
VALLOUREC NIGERIA LTD	-	-	-
VALLOUREC O AND G NIGERIA LIMITED	-	-	-
VALLOUREC OIL & GAS (CHINA) CO LTD	-	-	-
VALLOUREC OIL & GAS KENYA LIMITED	-	-	-
VALLOUREC OIL & GAS MEXICO SA DE CV	-	-	-
VALLOUREC RUSSIA	-	-	-
VALLOUREC SAUDI ARABIA LLC	-	-	-
VALLOUREC SOLUÇÕES TUBULARES DO BRASIL	-	-	-
VALLOUREC STAR LP	-	-	-
VALLOUREC TRANSPORTES E SERVIÇOS DO BRASIL LTDA	-	-	-
VALLOUREC TUBOS DO BRASIL S.A.	-	-	-
VAM CHANGZHOU OIL & GAS PREMIUM EQUIPMENTS CO LTD	-	-	-
VAM FAR EAST PTE LTD	-	-	-
VAM FIELD SERVICES ANGOLA	-	-	-
VAM FIELD SERVICES BEIJING CO LTD	-	-	-
VAM HOLDING HONG KONG LTD	-	-	-

Director(s)

Name	M. CHASSAIGNE JEAN-CHRISTOPHE
Manager position	President	Date of birth	03/01/1968
Place of birth	BOULOGNE BILLANCOURT
Type	Individual	Name at birth

Statutory Auditor

Name	PRICEWATERHOUSECOOPERS AUDIT
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth
Name	M. GEORGHIOU JEAN-CHRISTOPHE
Manager position	Deputy auditor	Date of birth	-
Place of birth
Type	Individual	Name at birth

Previous Directors

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

Manager position	Title and name	Date of Birth/Place of Birth
President	M. CHASSAIGNE JEAN-CHRISTOPHE	03/01/1968 - BOULOGNE BILLANCOURT (92)	View Details
President	M. MATTEI FRÉDÉRIC NOEL RENÉ	20/07/1973 - TOURS (37)	View Details
President	M. ZAHRAI MICHEL PARVIZ	15/11/1962 - VERSAILLES (78)	View Details
President	M. ZAHRAI MICHEL	15/11/1962 - VERSAILLES	View Details

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	13/07/2017	Bodacc C	Comptes annuels et rapports
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 385 - 410351118 RCS. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Adresse : route de Semur 21500 Montbard. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
Hide	29/06/2016	Bodacc C	Comptes annuels et rapports
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 1099 - 410351118 RCS. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Adresse : route de Semur 21500 Montbard. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
Hide	29/09/2015	Bodacc B	Modification et mutation diverse
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 262 - 410 351 118 RCS Dijon. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Administration : Président : CHASSAIGNE Jean-Christophe Membre du conseil de surveillance : BELLINGHAUSEN Michael, Hans, Joseph Membre du conseil de surveillance : LE RIGOLEUR Christophe, Louis Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT (SA) Commissaire aux comptes suppléant : GEORGHIOU Jean-Christophe. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	22/08/2015	Bodacc C	Comptes annuels et rapports
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 684 - 410351118 RCS. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Adresse : route de Semur 21500 Montbard. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
Hide	17/09/2014	Bodacc C	Comptes annuels et rapports
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 724 - 410351118 RCS. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Adresse : route de Semur 21500 Montbard. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	22/06/2014	Bodacc B	Modification et mutation diverse
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 142 - 410 351 118 RCS Dijon. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Administration : Président : CHASSAIGNE Jean-Christophe Membre du conseil de surveillance : BELLINGHAUSEN Michael, Hans, Joseph Membre du conseil de surveillance : LE RIGOLEUR Christophe, Louis Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT (SA) Commissaire aux comptes suppléant : NICOLAS Yves. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	06/06/2014	JAL	Resignation / Revocation of the social representative
Terres de Bourgogne Date de décision : 22/05/2014 La société 410351118 - SALZGITTER MANNESMANN STAINLESS ..., RTE DE SEMUR, 21500 MONTBARD Fait l'objet du départ de Monsieur Frédéric Mattei
Hide	06/06/2014	JAL	Appointment of the social representative
Terres de Bourgogne Date de décision : 22/05/2014 Société faisant l'objet d'une nomination : 410351118 - SALZGITTER MANNESMANN STAINLESS ..., RTE DE SEMUR, 21500 MONTBARD Nominé : Monsieur Jean Christophe Chassaigne, 60460 PRECY SUR OISE En la fonction de : Président
Hide	03/09/2013	Bodacc B	Modification et mutation diverse
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 303 - 410 351 118 RCS Dijon. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Administration : Président : MATTEI Frédéric, Noel, René Membre du conseil de surveillance : BELLINGHAUSEN Michael, Hans, Joseph Membre du conseil de surveillance : LE RIGOLEUR Christophe, Louis Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT (SA) Commissaire aux comptes suppléant : NICOLAS Yves. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	21/08/2013	Bodacc C	Comptes annuels et rapports
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 4687 - 410351118 RCS. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Adresse : route de Semur 21500 Montbard. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	05/08/2013	JAL	Appointment of the social representative
Journal du Palais de Bourgogne (Le) Date de décision : 29/06/2013 Société faisant l'objet d'une nomination : 410351118 - SALZGITTER MANNESMANN STAINLESS ..., RTE DE SEMUR, 21500 MONTBARD Nominé : Monsieur Christophe Le Rigoleur, 940474 DUSSELDORF En la fonction de : Membre du Conseil de Surveillance Nominé : Monsieur Michael BELLINGHAUSSEN, 58119 HAGNE En la fonction de : Membre du Conseil de Surveillance
Hide	14/07/2013	Bodacc B	Modification et mutation diverse
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 196 - 410 351 118 RCS Dijon. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Administration : Président : MATTEI Frédéric, Noel, René Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT (SA) Commissaire aux comptes suppléant : NICOLAS Yves. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	14/06/2013	JAL	Appointment of the social representative
Terres de Bourgogne Date de décision : 03/06/2013 Société faisant l'objet d'une nomination : 410351118 - SALZGITTER MANNESMANN STAINLESS ..., RTE DE SEMUR, 21500 MONTBARD Nominé : Monsieur Frédéric Mattei, 71100 CHALON SUR SAONE En la fonction de : Président
Hide	14/06/2013	JAL	Resignation / Revocation of the social representative
Terres de Bourgogne Date de décision : 03/06/2013 La société 410351118 - SALZGITTER MANNESMANN STAINLESS ..., RTE DE SEMUR, 21500 MONTBARD Fait l'objet du départ de Monsieur Michel Zahrai
Hide	25/03/2013	Bodacc C	Comptes annuels et rapports
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 1625 - 410351118 RCS. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Adresse : route de Semur 21500 Montbard. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	25/03/2013	Bodacc C	Comptes annuels et rapports
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 1626 - 410351118 RCS. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Adresse : route de Semur 21500 Montbard. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
Hide	25/03/2013	Bodacc C	Comptes annuels et rapports
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 1627 - 410351118 RCS. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Adresse : route de Semur 21500 Montbard. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	13/10/2008	Bodacc B	Modification et mutation diverse
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 307 - 410 351 118 RCS Dijon. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Commentaires : Modification survenue sur la dénomination.
Hide	02/09/2008	Bodacc C	Comptes annuels et rapports
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 2861 - 410351118 RCS. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Adresse : route de Semur 21500 Montbard. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	04/05/2008	Bodacc B	Modification et mutation diverse
21 - COTE-D'OR GREFFE DU TRIBUNAL DE COMMERCE DE DIJON 309 - 410 351 118 RCS Dijon. SALZGITTER MANNESMANN STAINLESS TUBES FRANCE. Forme : Société par actions simplifiée. Commentaires : Modification survenue sur la dénomination.
Hide	01/12/2007	Bodacc C	Avis de dépôt des comptes
3889 - 410 351 118. RCS Dijon MANNESMANN DMV STAINLESS FRANCE. Forme: Société par actions simplifiée. Adresse du siège social: route de Semur 21500 Montbard. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
Hide	26/01/2007	Bodacc B	Modifications et mutations diverses
0658 - RCS Dijon B 410 351 118. RC 05-B 784. MANNESMANN DMV STAINLESS FRANCE. Forme : S.A.S. Capital : 15 127 260 euros. Adresse du siège social : route de Sémur,, 21500 Commentaires : modification survenue sur le capital (diminution). Date d'effet : 14 novembre 2006.
Hide	02/11/2006	Bodacc C	Avis de dépôt des comptes
2011 - RCS Dijon B 410 351 118. RC 05-B 784. MANNESMANN DMV STAINLESS FRANCE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: route de Semur,21500 Montbard. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	03/09/2006	Bodacc B	Modifications et mutations diverses
0595 - RCS Dijon B 410 351 118. RC 05-B 784. MANNESMANN DMV STAINLESS FRANCE. Forme : S.A.S. Adresse du siège social : route de Sémur,, 21500 Commentaires : modification survenue sur la dénomination. Date d'effet : 30 juin 2006.
Hide	28/04/2006	Bodacc B	Modifications et mutations diverses
0414 - RCS Dijon B 410 351 118. RC 05-B 784. DMV STAINLESS FRANCE. Forme : S.A.S. Adresse du siège social : route de Sémur,, 21500 Commentaires : modification survenue sur la dénomination et l'administration. Administration : président : ZAHRAI (Michel, Parviz) (Nom d'usage : ZAHRAI). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : NICOLAS (Yves) (Nom d'usage : NICOLAS). Date d'effet : 2 février 2006.
Hide	18/04/2006	Bodacc B	Modifications et mutations diverses
0304 - RCS Dijon B 410 351 118. RC 05-B 784. DMV STAINLESS S.A.S. Forme : S.A.S. Capital : 20 527 125 euros. Adresse du siège social : route de Sémur,, 21500 Commentaires : modification survenue sur le capital (diminution). Date d'effet : 31 décembre 2005.
Hide	20/10/2005	Bodacc B	Modifications et mutations diverses
306 - RCS B 410 351 118. RC 05-B 784. DMV STAINLESS S.A.S. Forme : S.A.S. Capital : 30 637 500 euros. Adresse du siège social : route de Sémur, 21500 Montbard. Administration : président et membre du directoire : STOLTEN (Harald, Lambert) (Nom d'usage : STOLTEN). Directeur général et membre du directoire : BELLINGHAUSSEN (Michaël, Hans, Josef) (Nom d'usage : BELLINGHAUSSEN). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : NICOLAS (Yves) (Nom d'usage : NICOLAS). Etablissement principal - Activité : prise de participations dans toutes entreprises qui fabriquent et distribuent des tubes et des produits similaires à partir d'acier inoxydable ou de tous autres matériaux ou alliages. Financement, exploitation desdites entreprises, distribution, commercialisation des produits visés à l'alinéa ci-dessus. Fourniture de prestations de services aux sociétés du GROUPE DMV STAINLESS, ainsi que toutes opérations pouvant se rattacher ou contribuer à l'objet sus-décrit, en ce compris toutes opérations de crédit dans les limites de la loi française relative aux opérations de crédit . Adresse : route de Sémur, 21500 Montbard. Commentaires : immatriculation d'une personne morale suite au transfert du siège hors ressort. Date d'effet : 1er septembre 2005.
Hide	19/06/2005	Bodacc C	Avis de dépôt des comptes
4582 - RCS Nanterre B 410 351 118. RC 96-B 7046. DMV STAINLESS S A S. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: tour Neptune - 20, place de Seine,92400 Courbevoie. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	16/06/2005	Bodacc B	Modifications et mutations diverses
1330 - RCS Nanterre B 410 351 118. RC 96-B 7046. DMV STAINLESS S.A.S. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : membre du directoire et directeur général partant : HARTMANN (Marc).
Hide	11/02/2005	Bodacc B	Modifications et mutations diverses
1134 - RCS Nanterre B 410 351 118. RC 96-B 7046. DMV STAINLESS S.A.S. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : président partant et membre : BOSCHITSCH (Fritz). Nomination du directeur général, membre du directoire : BELLINGHAUSEN (Michaël, Hans, Josef). Nomination du président et membre du directoire : STOLTEN (Harald, Lambert).
Hide	24/02/2004	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 410351118 RC 96-B 7046 DMV STAINLESS S.A.S. Forme : S.A.S. Capital : 30 637 500 euros. Commentaires : modification survenue sur le capital ( augmentation).
Hide	28/12/2003	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 410351118 RC 96-B 7046 DMV STAINLESS S.A.S. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : COOPERS AND LYBRAND AUDIT. Commissaire aux comptes suppléant partant : GUFFLET (Gilles). Nomination d'un commissaire aux comptes suppléant : NICOLAS (Yves). Nomination d'un commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT.
Hide	14/01/2003	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 410351118 RC 96-B 7046 D. M.V. STAINLESS S.A.S. Forme : S.A.S. Capital : 16 387 500 euros. Commentaires : modification survenue sur le capital ( diminution) et l'administration. Administration : nomination d'un membre du directoire et directeur général : HARTMANN (Marc).
Hide	26/04/2002	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 410351118 RC 96-B 7046 D. M.V. STAINLESS SOCIETE PAR ACTIONS SIMPLIFIEE. Forme : S.A.S. Capital : 53 122 515 euros. Commentaires : modification survenue sur le capital (augmentation).
Hide	25/01/2001	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 410351118 RC 96-B 7046 D. M.V. STAINLESS. Forme : S.A.S. Capital : 35 122 515 euros. Commentaires : modification survenue sur le capital ( augmentation).
Hide	13/08/2000	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 410351118 RC 96-B 7046 D. M.V. STAINLESS S.A.S. Forme : S.A.S. Capital : 30 622 515 euros. Commentaires : modification survenue sur le capital ( augmentation).
Hide	21/05/2000	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 410351118 RC 96-B 7046 D. M.V. STAINLESS S.A.S. Forme : S.A.S. Capital : 29 122 515 euros. Commentaires : modification survenue sur le capital ( diminution).
Hide	18/08/1997	Bodacc B	Modifications et mutations diverses
RCS *. RCS Nanterre B 410 351 118 RC RC 96-B 7046 D.M.V. STAINLESS S.A.S. Forme : Société par actions simplifiée. Capital : 194 150 100 F. Commentaires : modification survenue sur le capital ( augmentation).

Company events history

Date	Description
17/07/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
13/07/2017	Bodacc C : Deposit accounts notice
13/02/2017	Updated articles of association
13/02/2017	Amendment
31/12/2016	New accounts available
01/07/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
29/06/2016	Bodacc C : Deposit accounts notice
31/12/2015	New accounts available
29/09/2015	Bodacc B: Various editing or changing
11/09/2015	New auditor
11/09/2015	Amendment
27/08/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
22/08/2015	Bodacc C : Deposit accounts notice
14/03/2015	Payment incident closed
23/02/2015	Payment incident detected
03/01/2015	New ultimate parent
03/01/2015	New parent detected
31/12/2014	New accounts available
19/11/2014	Payment incident closed
22/10/2014	Payment incident detected
25/09/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
17/09/2014	Bodacc C : Deposit accounts notice
22/06/2014	Bodacc B: Various editing or changing
11/06/2014	New chairman (CEO, CoB)
11/06/2014	Amendment
06/06/2014	Legal Gazette: Resignation / Revocation of the social representative
22/05/2014	Legal Gazette: Appointment of the social representative
19/03/2014	Updated articles of association
19/03/2014	Amendment
31/12/2013	New accounts available
03/09/2013	Bodacc B: Various editing or changing
22/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
21/08/2013	Bodacc C : Deposit accounts notice
16/08/2013	Amendment
14/07/2013	Bodacc B: Various editing or changing
04/07/2013	New legal form – new category
04/07/2013	Amendment
04/07/2013	New chairman (CEO, CoB)
29/06/2013	Legal Gazette: Appointment of the social representative
14/06/2013	Legal Gazette: Resignation / Revocation of the social representative
03/06/2013	Update of Company Legal Form
03/06/2013	Modification to Company Identifier
03/06/2013	Legal Gazette: Appointment of the social representative
16/04/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
13/04/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
25/03/2013	Bodacc C : Deposit accounts notice
07/03/2013	Amendment
21/01/2013	Unfiling of a Tax Office preferential right
21/01/2013	New Filling of Tax Office preferential right
31/12/2012	New accounts available
31/12/2011	New accounts available
19/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
06/01/2010	Collection of preferential rights activated for this company
31/12/2009	New accounts available
17/07/2009	Filling of Social Security Preferential Right
17/07/2009	New Filling of Social Security preferential right
31/12/2008	New accounts available
13/10/2008	Bodacc B: Various editing or changing
13/10/2008	New Bodacc B ads detected
02/09/2008	Bodacc C : Deposit accounts notice
04/05/2008	New Bodacc B ads detected
04/05/2008	Bodacc B: Various editing or changing
24/04/2008	Updated articles of association
24/04/2008	Private document
24/04/2008	New company name
24/04/2008	New company name
24/04/2008	Minutes of general meeting of shareholders
24/04/2008	Amendment
24/04/2008	Updated articles of association
02/04/2008	Modification to Company Identifier
02/04/2008	Update of Company Name
31/12/2007	New accounts available
31/12/2006	New accounts available
14/12/2006	Amendment
14/12/2006	Capital reduction
14/12/2006	Capital reduction
14/12/2006	Minutes of general meeting of shareholders
14/12/2006	Private document
14/12/2006	Updated articles of association
14/12/2006	Updated articles of association
16/08/2006	Updated articles of association
16/08/2006	Private document
16/08/2006	New company name
16/08/2006	New company name
16/08/2006	Minutes of general meeting of shareholders
16/08/2006	Amendment
16/08/2006	Updated articles of association
04/04/2006	Updated articles of association
04/04/2006	Updated articles of association
04/04/2006	Private document
04/04/2006	New company name
04/04/2006	New company name
04/04/2006	Minutes of general meeting of shareholders
04/04/2006	Amendment
04/04/2006	Appointment/resignation of company officers
22/03/2006	Capital reduction
22/03/2006	Minutes of general meeting of shareholders
22/03/2006	Private document
22/03/2006	Updated articles of association
22/03/2006	Updated articles of association
22/03/2006	Amendment
22/03/2006	Audit or Management Report
22/03/2006	Audit or Management Report
22/03/2006	Capital reduction
31/12/2005	New accounts available
26/09/2005	Registered office transferred inside jurisdiction of the Commercial Court
26/09/2005	Private document
26/09/2005	Registration after transfer
26/09/2005	Updated articles of association
26/09/2005	Minutes of general meeting of shareholders
26/05/2005	Amendment
26/05/2005	Appointment/resignation of company officers
26/05/2005	Changes to the Board of Directors
26/05/2005	Minutes of general meeting of shareholders
26/05/2005	Private document
24/01/2005	Amendment
24/01/2005	Appointment/resignation of company officers
24/01/2005	Minutes of general meeting of shareholders
24/01/2005	New chairman (CEO, CoB)
24/01/2005	Private document
24/01/2005	Updated articles of association
24/01/2005	Changes to the Board of Directors
31/12/2004	New accounts available
12/02/2004	Updated articles of association
12/02/2004	Private document
12/02/2004	Minutes of general meeting of shareholders
12/02/2004	Fund deposit certificate
12/02/2004	Capital increase
31/12/2003	New accounts available
16/12/2003	Minutes of general meeting of shareholders
16/12/2003	New auditor
16/12/2003	Private document
16/12/2003	Amendment
30/12/2002	Updated articles of association
30/12/2002	Private document
30/12/2002	Minutes of general meeting of shareholders
30/12/2002	Changes to the Board of Directors
30/12/2002	Capital reduction
30/12/2002	Appointment/resignation of company officers
30/12/2002	Reconstitution of net assets
13/04/2002	Updated articles of association
13/04/2002	Minutes of general meeting of shareholders
13/04/2002	Capital increase
13/04/2002	Amendment
13/04/2002	Private document
11/01/2001	Amendment
11/01/2001	Capital increase
11/01/2001	Fund deposit certificate
11/01/2001	Minutes of general meeting of shareholders
11/01/2001	Updated articles of association
11/01/2001	Private document
28/07/2000	Amendment
28/07/2000	Capital increase
28/07/2000	Fund deposit certificate
28/07/2000	Minutes of general meeting of shareholders
28/07/2000	Updated articles of association
28/07/2000	Private document
04/05/2000	Private document
04/05/2000	Minutes of general meeting of shareholders
04/05/2000	Conversion of equity to euro
04/05/2000	Continuation of business despite loss of equity
04/05/2000	Capital reduction
04/05/2000	Appointment/resignation of company officers
04/05/2000	Updated articles of association
01/08/1997	Capital increase
01/08/1997	Audit or Management Report
01/08/1997	Amendment
01/08/1997	Private document
01/08/1997	Minutes of general meeting of shareholders
01/08/1997	Updated articles of association
27/06/1997	Private document
27/06/1997	Audit or Management Report
11/04/1997	Application and court order
11/04/1997	Amendment
11/04/1997	Private document
23/12/1996	Minutes of general meeting of shareholders
23/12/1996	Fund deposit certificate
23/12/1996	Company formation
23/12/1996	Articles of association
23/12/1996	Private document

Establishment events history

Date	Description
03/06/2013	Modification of Head office
19/05/2008	Update of phone numbers
02/04/2008	Modification of Head office
16/10/2007	Update of phone numbers

FINANCIALS

Synthesized Accounts

Annual Accounts

	31/12/2016	31/12/2015	31/12/2014
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	10/07/2017	30/06/2016	26/08/2015
Activity Code	2420Z	2420Z	2420Z
Employees	310	315	322

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	28,297,544 28,298 K	11.0%	25,500,026 25,500 K	30.6%	19,526,398 19,526 K	6,725,742.78 6,725.74 K	320.7%	133,286 133 K	21130.7%
Intangible assets	1,348 1 K	0%	0 0 K	0%	16,289 16 K	242,981.46 242.98 K	-99.4%	22 0 K	6027.3%
Tangible assets	27,539,863 27,540 K	11.2%	24,757,614 24,758 K	31.9%	18,776,807 18,777 K	5,751,794.01 5,751.79 K	378.8%	84,481 84 K	32498.9%
Financial assets	756,332 756 K	1.9%	742,411 742 K	1.2%	733,301 733 K	731,241.83 731.24 K	3.4%	8,093 8 K	9246.1%
Net current assets	78,621,140 78,621 K	0.1%	78,551,618 78,552 K	-15.2%	92,606,451 92,606 K	12,968,888.61 12,968.89 K	506.2%	750,983 751 K	10369.1%
Stocks	26,499,956 26,500 K	5.1%	25,217,660 25,218 K	-25.7%	33,921,446 33,921 K	5,048,126.95 5,048.13 K	424.9%	76,116 76 K	34715.5%
Advanced payments	498,047 498 K	-91.2%	5,663,931 5,664 K	168.9%	2,106,215 2,106 K	23,396.64 23.40 K	2028.7%	0 0 K	0%
Receivables	51,622,073 51,622 K	8.4%	47,622,712 47,623 K	-15.8%	56,578,790 56,579 K	7,370,375.97 7,370.38 K	600.4%	296,479 296 K	17311.7%
Securities and cash	1,064 1 K	-97.8%	47,315 47 K	0%	0 0 K	526,506.99 526.51 K	-99.8%	56,222 56 K	-98.1%
Prepaid expenses	- -	-	- -	-	- -	1,618.91 1.62 K	-	100 0 K	-
Accounts of regularization	0 0 K	0%	192,048 192 K	-46.3%	357,433 357 K	32,209.26 32.21 K	0%	0 0 K	0%
Total Assets	106,918,681 106,919 K	2.6%	104,243,692 104,244 K	-7.3%	112,490,282 112,490 K	19,717,530.01 19,717.53 K	442.3%	830,717 831 K	12770.7%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Shareholders' equity	77,831,160 77,831 K	6.7%	72,924,485 72,924 K	8.7%	67,060,220 67,060 K	4,904,634.93 4,904.63 K	1486.9%	220,027 220 K	35273.5%
Share capital	15,127,260 15,127 K	0%	15,127,260 15,127 K	0%	15,127,260 15,127 K	1,893,671.04 1,893.67 K	698.8%	51,000 51 K	29561.3%
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	12,145.70 12.15 K	0%	0 0 K	0%
Risk Provisions	6,185,180 6,185 K	10.6%	5,591,086 5,591 K	-28.5%	7,814,430 7,814 K	1,901,003.92 1,901.00 K	225.4%	0 0 K	0%
Liabilities	22,887,443 22,887 K	-11.0%	25,728,119 25,728 K	-31.6%	37,615,632 37,616 K	12,648,594.12 12,648.59 K	80.9%	616,175 616 K	3614.4%
Financial liabilities	60,117 60 K	-50.0%	120,235 120 K	-60.0%	300,721 301 K	5,800,383.83 5,800.38 K	-99.0%	61,075 61 K	-1.6%
Advanced payments received	0 0 K	0%	0 0 K	0%	148,454 148 K	357,794.33 357.79 K	0%	0 0 K	0%
Trade account payables	17,363,101 17,363 K	-3.9%	18,059,843 18,060 K	-24.0%	23,777,968 23,778 K	3,721,551.99 3,721.55 K	366.6%	191,579 192 K	8963.2%
Tax and social liabilities	5,048,915 5,049 K	-15.5%	5,976,093 5,976 K	-50.5%	12,081,136 12,081 K	3,227,945.70 3,227.95 K	56.4%	338,033 338 K	1393.6%
Other debts and fixed assets liabilities	430,209 430 K	-53.6%	927,494 927 K	-29.1%	1,307,352 1,307 K	698,584.21 698.58 K	-38.4%	33,492 33 K	1184.5%
Account regularization	0 0 K	0%	644,455 644 K	0%	0 0 K	44,005.00 44.01 K	0%	0 0 K	0%
Total liabilities	106,918,681 106,919 K	2.6%	104,243,690 104,244 K	-7.3%	112,490,282 112,490 K	19,717,516.84 19,717.52 K	442.3%	830,717 831 K	12770.7%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sales of Goods	113,590,514 113,591 K	-18.5%	139,299,457 139,299 K	-25.3%	186,377,457 186,377 K	25,495,877.45 25,495.88 K	345.5%	1,119,956 1,120 K	10042.4%
Net turnover	109,924,208 109,924 K	-20.8%	138,809,907 138,810 K	-19.2%	171,853,775 171,854 K	22,908,867.36 22,908.87 K	379.8%	1,118,164 1,118 K	9730.8%
of which net export turnover	94,555,700 94,556 K	0%	0 0 K	0%	138,662,938 138,663 K	2,920,387.55 2,920.39 K	3137.8%	0 0 K	0%
Operating charges	112,267,996 112,268 K	-14.2%	130,881,667 130,882 K	-24.0%	172,253,037 172,253 K	27,245,818.42 27,245.82 K	312.1%	1,051,438 1,051 K	10577.6%
Operating profit/loss	1,322,517 1,323 K	-84.3%	8,417,790 8,418 K	-40.4%	14,124,420 14,124 K	-1,749,940.96 -1,749.94 K	175.6%	18,075 18 K	7217.0%
Financial income	934,727 935 K	-44.8%	1,691,834 1,692 K	47.6%	1,146,566 1,147 K	1,411,026.20 1,411.03 K	-33.8%	184 0 K	507903.8%
Financial charges	827,212 827 K	-73.1%	3,073,039 3,073 K	47.3%	2,085,725 2,086 K	1,553,863.14 1,553.86 K	-46.8%	3,925 4 K	20978.2%
Financial profit/loss	107,515 108 K	107.8%	-1,381,204 -1,381 K	-47.1%	-939,159 -939 K	-142,836.92 -142.84 K	175.3%	-742 -1 K	14599.7%
Pretax net operating income	1,430,032 1,430 K	-79.7%	7,036,586 7,037 K	-46.6%	13,185,261 13,185 K	-1,892,605.13 -1,892.61 K	175.6%	13,693 14 K	10343.5%
Extraordinary income	762,914 763 K	51.9%	502,226 502 K	-9.2%	552,932 553 K	1,528,719.63 1,528.72 K	-50.1%	4,851 5 K	15628.6%
Extraordinary charges	1,241,320 1,241 K	80.9%	686,040 686 K	-56.1%	1,562,242 1,562 K	2,391,699.04 2,391.70 K	-48.1%	2,999 3 K	41298.0%
Extraordinary profit/loss	-478,406 -478 K	-160.3%	-183,813 -184 K	81.8%	-1,009,310 -1,009 K	-862,979.47 -862.98 K	44.6%	0 0 K	0%
Net result	4,190,043 4,190 K	-27.3%	5,764,141 5,764 K	-27.8%	7,984,395 7,984 K	-2,623,824.26 -2,623.82 K	259.7%	20,153 20 K	20691.2%

Accounts - Active

Normal Account

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

Grand Total - Active Accounts (I to VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Grand Total (I to VI)	Net	106,918,681 106,919 K	2.6%	104,243,692 104,244 K	-7.3%	112,490,282 112,490 K
Gross	CO	140,642,886 140,643 K	1.4%	138,707,697 138,708 K	-3.2%	143,225,452 143,225 K
Amortisation	1A	33,724,205 33,724 K	-2.1%	34,464,006 34,464 K	12.1%	30,735,170 30,735 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	28,297,544 28,298 K	11.0%	25,500,026 25,500 K	30.6%	19,526,398 19,526 K
Gross	BJ	57,632,129 57,632 K	10.3%	52,262,360 52,262 K	18.1%	44,248,519 44,249 K
Amortisation	BK	29,334,585 29,335 K	9.6%	26,762,334 26,762 K	8.3%	24,722,121 24,722 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	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AF	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AG	0 0 K	0%	0 0 K	0%	0 0 K
Goodwill	Net	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	1,348 1 K	0%	0 0 K	0%	16,289 16 K
Gross	AJ	342,893 343 K	2.8%	333,406 333 K	0%	333,406 333 K
Amortisation	AK	341,545 342 K	2.4%	333,406 333 K	5.1%	317,118 317 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	1,348 1 K	0%	0 0 K	0%	16,289 16 K

Tangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Lands	Net	397,650 398 K	0%	397,650 398 K	0%	397,650 398 K
Gross	AN	397,650 398 K	0%	397,650 398 K	0%	397,650 398 K
Amortisation	AO	0 0 K	0%	0 0 K	0%	0 0 K
Buildings	Net	3,548,941 3,549 K	-13.0%	4,081,183 4,081 K	-11.7%	4,621,719 4,622 K
Gross	AP	10,146,847 10,147 K	0.3%	10,116,347 10,116 K	0.3%	10,087,897 10,088 K
Amortisation	AQ	6,597,906 6,598 K	9.3%	6,035,164 6,035 K	10.4%	5,466,177 5,466 K
Plant	Net	22,894,361 22,894 K	17.8%	19,432,642 19,433 K	42.6%	13,628,067 13,628 K
Gross	AR	44,383,673 44,384 K	13.6%	39,086,049 39,086 K	22.3%	31,960,046 31,960 K
Amortisation	AS	21,489,312 21,489 K	9.3%	19,653,406 19,653 K	7.2%	18,331,978 18,332 K
Other tangible fixed assets	Net	250,535 251 K	-37.5%	400,616 401 K	277.5%	106,116 106 K
Gross	AT	1,156,358 1,156 K	1.3%	1,140,974 1,141 K	60.0%	712,964 713 K
Amortisation	AU	905,822 906 K	22.3%	740,358 740 K	22.0%	606,848 607 K
Fixed assets in construction	Net	448,376 448 K	0.6%	445,523 446 K	1815.8%	23,255 23 K
Gross	AV	448,376 448 K	0.6%	445,523 446 K	1815.8%	23,255 23 K
Amortisation	AW	0 0 K	0%	0 0 K	0%	0 0 K
Advances and payments on account	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AX	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AY	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Tangible asset	Net	27,539,863 27,540 K	11.2%	24,757,614 24,758 K	31.9%	18,776,807 18,777 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	733,965 734 K	2.5%	715,878 716 K	1.9%	702,601 703 K
Gross	BF	733,965 734 K	2.5%	715,878 716 K	1.9%	702,601 703 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	22,367 22 K	-15.7%	26,533 27 K	-13.6%	30,700 31 K
Gross	BH	22,367 22 K	-15.7%	26,533 27 K	-13.6%	30,700 31 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	756,332 756 K	1.9%	742,411 742 K	1.2%	733,301 733 K

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	78,621,140 78,621 K	0.1%	78,551,618 78,552 K	-15.2%	92,606,451 92,606 K
Gross	CJ	83,010,760 83,011 K	-3.8%	86,253,290 86,253 K	-12.5%	98,619,500 98,620 K
Amortisation	CK	4,389,620 4,390 K	-43.0%	7,701,672 7,702 K	28.1%	6,013,049 6,013 K

Stocks

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Raw materials	Net	14,274,663 14,275 K	31.0%	10,895,002 10,895 K	-36.4%	17,138,407 17,138 K
Gross	BL	16,879,436 16,879 K	-0.1%	16,901,230 16,901 K	-22.9%	21,918,107 21,918 K
Amortisation	BM	2,604,773 2,605 K	-56.6%	6,006,228 6,006 K	25.7%	4,779,700 4,780 K
Work in progress (goods)	Net	6,224,845 6,225 K	-3.3%	6,439,823 6,440 K	-22.8%	8,337,940 8,338 K
Gross	BN	6,224,845 6,225 K	-7.6%	6,737,261 6,737 K	-21.6%	8,598,440 8,598 K
Amortisation	BO	0 0 K	0%	297,438 297 K	14.2%	260,500 261 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	6,000,448 6,000 K	-23.9%	7,882,835 7,883 K	-6.7%	8,445,099 8,445 K
Gross	BR	7,661,591 7,662 K	-16.3%	9,151,494 9,151 K	-1.1%	9,256,499 9,256 K
Amortisation	BS	1,661,143 1,661 K	30.9%	1,268,659 1,269 K	56.4%	811,400 811 K
Goods for resale	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BT	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BU	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Stocks	Net	26,499,956 26,500 K	5.1%	25,217,660 25,218 K	-25.7%	33,921,446 33,921 K

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	498,047 498 K	-91.2%	5,663,931 5,664 K	168.9%	2,106,215 2,106 K
Gross	BV	498,047 498 K	-91.2%	5,663,931 5,664 K	168.9%	2,106,215 2,106 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	28,987,030 28,987 K	30.3%	22,238,832 22,239 K	-41.6%	38,089,425 38,089 K
Gross	BX	29,110,734 29,111 K	30.1%	22,368,179 22,368 K	-41.5%	38,250,874 38,251 K
Amortisation	BY	123,704 124 K	-4.4%	129,347 129 K	-19.9%	161,449 161 K
Other debtors	Net	22,600,224 22,600 K	-10.9%	25,374,473 25,374 K	37.7%	18,425,133 18,425 K
Gross	BZ	22,600,224 22,600 K	-10.9%	25,374,473 25,374 K	37.7%	18,425,133 18,425 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	51,587,254 51,587 K	8.3%	47,613,305 47,613 K	-15.8%	56,514,558 56,515 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	1,064 1 K	-97.8%	47,315 47 K	0%	0 0 K
Gross	CF	1,064 1 K	-97.8%	47,315 47 K	0%	0 0 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	1,064 1 K	-97.8%	47,315 47 K	0%	0 0 K

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	34,819 35 K	270.1%	9,407 9 K	-85.4%	64,232 64 K
Gross	CH	34,819 35 K	270.1%	9,407 9 K	-85.4%	64,232 64 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Expenses of loan issue to be spread	CW3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Premiums on redemption of bonds	CM3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Currency differential gain	CN3	0 0 K	0%	192,048 192 K	-46.3%	357,433 357 K
Gross		0 0 K	0%	192,048 192 K	-46.3%	357,433 357 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	106,918,681 106,919 K	2.6%	104,243,690 104,244 K	-7.3%	112,490,282 112,490 K

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	77,831,160 77,831 K	6.7%	72,924,485 72,924 K	8.7%	67,060,220 67,060 K
Equity and shareholders' equity	DA	15,127,260 15,127 K	0%	15,127,260 15,127 K	0%	15,127,260 15,127 K
Issue and merger premiums	DB	182,288 182 K	0%	182,288 182 K	0%	182,288 182 K
Revaluation differentials	DC	0 0 K	0%	0 0 K	0%	0 0 K
Of which equity differential	EK	0 0 K	0%	0 0 K	0%	0 0 K
Legal reserve	DD	1,512,726 1,513 K	0%	1,512,726 1,513 K	0%	1,512,726 1,513 K
Statutory or contractual reserve	DE	0 0 K	0%	0 0 K	0%	0 0 K
Special regulated reserves	DF	475,477 475 K	0%	475,477 475 K	0%	475,477 475 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	51,488,693 51,489 K	12.6%	45,724,552 45,725 K	21.2%	37,740,157 37,740 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	0 0 K	0%	0 0 K	0%	0 0 K
Profit or loss for the period	DI	4,190,043 4,190 K	-27.3%	5,764,141 5,764 K	-27.8%	7,984,395 7,984 K
Investment grants	DJ	66,227 66 K	-13.9%	76,884 77 K	431.1%	14,477 14 K
Special tax-allowable reserves	DK	4,788,446 4,788 K	17.9%	4,061,157 4,061 K	0.9%	4,023,440 4,023 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	6,185,180 6,185 K	10.6%	5,591,086 5,591 K	-28.5%	7,814,430 7,814 K
Risk provisions	DP	3,830,950 3,831 K	16.3%	3,292,656 3,293 K	-37.3%	5,255,475 5,255 K
Reserves for charges	DQ	2,354,230 2,354 K	2.4%	2,298,430 2,298 K	-10.2%	2,558,955 2,559 K

Liabilities (IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Liabilities (Total IV)	EC	22,887,443 22,887 K	-11.0%	25,728,119 25,728 K	-31.6%	37,615,632 37,616 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%	118,082 118 K
Sundry loans and financial liabilities	DV	60,117 60 K	-50.0%	120,235 120 K	-34.2%	182,639 183 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	0 0 K	0%	0 0 K	0%	148,454 148 K
Trade accounts payables	DX	17,363,101 17,363 K	-3.9%	18,059,843 18,060 K	-24.0%	23,777,968 23,778 K
Tax and social security liabilities	DY	5,048,915 5,049 K	-15.5%	5,976,093 5,976 K	-50.5%	12,081,136 12,081 K
Fixed asset liabilities	DZ	0 0 K	0%	0 0 K	0%	0 0 K
Other debts	EA	415,310 415 K	-55.2%	927,494 927 K	-29.1%	1,307,352 1,307 K

Translation loss (V)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Translation loss (Total V)	ED	14,899 15 K	0%	0 0 K	0%	0 0 K

Equalization accounts

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Deferred income	EB	0 0 K	0%	644,455 644 K	0%	0 0 K

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	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	1,322,517 1,323 K	-84.3%	8,417,790 8,418 K	-40.4%	14,124,420 14,124 K

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	107,515 108 K	107.8%	-1,381,204 -1,381 K	-47.1%	-939,159 -939 K

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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	1,430,032 1,430 K	-79.7%	7,036,586 7,037 K	-46.6%	13,185,261 13,185 K

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	-478,406 -478 K	-160.3%	-183,813 -184 K	81.8%	-1,009,310 -1,009 K

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	4,190,043 4,190 K	-27.3%	5,764,141 5,764 K	-27.8%	7,984,395 7,984 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	115,288,155 115,288 K	-18.5%	141,493,517 141,494 K	-24.8%	188,076,955 188,077 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	111,098,111 111,098 K	-18.1%	135,729,377 135,729 K	-24.6%	180,092,560 180,093 K

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	113,590,514 113,591 K	-18.5%	139,299,457 139,299 K	-25.3%	186,377,457 186,377 K

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Sale of goods for resale	FC	2,584,522 2,585 K	-52.3%	5,413,142 5,413 K	-33.1%	8,089,895 8,090 K
France	FA	1,610,381 1,610 K	-70.3%	5,413,142 5,413 K	-10.1%	6,018,409 6,018 K
Export	FB	974,141 974 K	0%	0 0 K	0%	2,071,486 2,071 K
Sale of goods produced	FF	101,256,108 101,256 K	-18.7%	124,556,328 124,556 K	-18.8%	153,436,937 153,437 K
France	FD	8,393,589 8,394 K	-93.3%	124,556,328 124,556 K	583.5%	18,222,357 18,222 K
Export	FE	92,862,519 92,863 K	0%	0 0 K	0%	135,214,580 135,215 K
Sale of services	FI	6,083,578 6,084 K	-31.2%	8,840,436 8,840 K	-14.4%	10,326,943 10,327 K
France	FG	5,364,538 5,365 K	-39.3%	8,840,436 8,840 K	-1.2%	8,950,071 8,950 K
Export	FH	719,040 719 K	0%	0 0 K	0%	1,376,872 1,377 K
Net turnover	FL	109,924,208 109,924 K	-20.8%	138,809,907 138,810 K	-19.2%	171,853,775 171,854 K
France	FJ	15,368,508 15,369 K	-88.9%	138,809,907 138,810 K	318.2%	33,190,836 33,191 K
Export	FK	94,555,700 94,556 K	0%	0 0 K	0%	138,662,938 138,663 K
Stocked production	FM	-2,002,319 -2,002 K	-1.8%	-1,966,184 -1,966 K	-675.4%	341,709 342 K
Self-constructed assets	FN	0 0 K	0%	0 0 K	0%	0 0 K
Operating grants	FO	4,428 4 K	71.0%	2,589 3 K	-86.3%	18,852 19 K
Release of reserves and provisions	FP	5,615,321 5,615 K	130.9%	2,431,796 2,432 K	-82.6%	14,003,837 14,004 K
Other income	FQ	48,876 49 K	128.9%	21,350 21 K	-86.6%	159,285 159 K

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	112,267,996 112,268 K	-14.2%	130,881,667 130,882 K	-24.0%	172,253,037 172,253 K

Exploitation charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Purchase of goods for resale	FS	2,699,373 2,699 K	-45.2%	4,923,040 4,923 K	-36.1%	7,708,005 7,708 K
Change in stocks of goods for resale	FT	0 0 K	0%	0 0 K	0%	0 0 K
Purchase of raw materials	FU	72,022,182 72,022 K	-10.6%	80,540,116 80,540 K	-23.5%	105,341,286 105,341 K
Change in stocks of raw materials	FV	21,794 22 K	-99.6%	5,016,877 5,017 K	2458.8%	-212,691 -213 K
Other external purchases and charges	FW	16,331,182 16,331 K	-20.8%	20,610,381 20,610 K	-25.8%	27,772,950 27,773 K
Tax, duty and similar payments	FX	1,261,918 1,262 K	23.1%	1,025,101 1,025 K	-20.7%	1,292,437 1,292 K
Payroll	FY	10,049,399 10,049 K	4.7%	9,594,280 9,594 K	-9.7%	10,629,364 10,629 K
Social security costs	FZ	4,149,569 4,150 K	-15.1%	4,890,246 4,890 K	-20.0%	6,109,128 6,109 K

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	2,572,251 2,572 K	16.1%	2,216,460 2,216 K	-4.9%	2,331,036 2,331 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	908,673 909 K	-47.2%	1,720,725 1,721 K	-70.6%	5,851,600 5,852 K
Provisions for risks and charges	GD	2,170,308 2,170 K	535.1%	341,736 342 K	-93.6%	5,329,429 5,329 K

Other charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Other charges	GE	81,348 81 K	2907.3%	2,705 3 K	-97.3%	100,493 100 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	934,727 935 K	-44.8%	1,691,834 1,692 K	47.6%	1,146,566 1,147 K
Share financial income	GJ	0 0 K	0%	0 0 K	0%	0 0 K
Other investment income & capitalised receivables	GK	5,786 6 K	-70.7%	19,781 20 K	9.0%	18,147 18 K
Other interest and similar income	GL	0 0 K	0%	0 0 K	0%	0 0 K
Released provisions and transferred charges	GM	192,047 192 K	16.1%	165,386 165 K	0%	0 0 K
Exchange gains	GN	736,894 737 K	-51.1%	1,506,668 1,507 K	33.5%	1,128,418 1,128 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	827,212 827 K	-73.1%	3,073,039 3,073 K	47.3%	2,085,725 2,086 K
Financial reserves and provisions	GQ	0 0 K	0%	0 0 K	0%	399,305 399 K
Interest and similar charges	GR	2,485 2 K	-88.0%	20,688 21 K	30082.6%	-69 0 K
Exchange losses	GS	824,727 825 K	-73.0%	3,052,350 3,052 K	81.0%	1,686,489 1,686 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	762,914 763 K	51.9%	502,226 502 K	-9.2%	552,932 553 K
Extraordinary operating income	HA	490,792 491 K	726.4%	59,387 59 K	-51.2%	121,653 122 K
Extraordinary income from capital transactions	HB	10,657 11 K	-13.3%	12,296 12 K	-38.7%	20,048 20 K
Released provisions and transferred charges	HC	261,465 261 K	-39.3%	430,543 431 K	4.7%	411,231 411 K

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary charges (Total VIII)	HH	1,241,320 1,241 K	80.9%	686,040 686 K	-56.1%	1,562,242 1,562 K
Extraordinary operating charges	HE	252,566 253 K	16.0%	217,780 218 K	-80.7%	1,126,806 1,127 K
Extraordinary charges from capital transactions	HF	0 0 K	0%	0 0 K	0%	0 0 K
Extraordinary reserves and provisions	HG	988,754 989 K	111.2%	468,260 468 K	7.5%	435,436 435 K

Employee profit sharing (IX)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Employee profit sharing (Total IX)	HJ	0 0 K	0%	16,785 17 K	-97.7%	717,433 717 K

Tax on profits (X)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Tax on profits (Total X)	HK	-3,238,417 -3,238 K	-402.1%	1,071,846 1,072 K	-69.1%	3,474,123 3,474 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	398,642 399 K	3986.5%	9,755 10 K	-85.2%	65,893 66 K
Decreasess by transfers	OK2	31,761 32 K	-85.1%	212,773 213 K	0%	0 0 K
Gross value at the end of period	OL	57,632,127 57,632 K	10.3%	52,262,360 52,262 K	18.1%	44,248,518 44,249 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	333,406 333 K	0%	333,406 333 K	5.2%	317,073 317 K
Increasess due to revaluation	KE	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KF	9,486 9 K	0%	0 0 K	0%	16,333 16 K
Decreasess by budget item transfer	LV1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	LV2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	LW	342,892 343 K	2.8%	333,406 333 K	0%	333,406 333 K

Tangible fixed assets (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LN	51,186,542 51,187 K	18.5%	43,181,811 43,182 K	4.6%	41,298,731 41,299 K
Increasess due to revaluation	LO	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LP	5,745,003 5,745 K	-29.9%	8,190,734 8,191 K	320.3%	1,948,973 1,949 K
Decreasess by budget item transfer	NG1	398,642 399 K	3986.5%	9,755 10 K	-85.2%	65,893 66 K
Decreasess by transfers	NG2	0 0 K	0%	176,248 176 K	0%	0 0 K
Gross value at the end of period	NH	56,532,903 56,533 K	10.4%	51,186,542 51,187 K	18.5%	43,181,811 43,182 K

Financial assets (Total IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LQ	742,411 742 K	1.2%	733,301 733 K	1.4%	723,204 723 K
Increasess due to revaluation	LR	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LS	45,682 46 K	0.1%	45,635 46 K	352.0%	10,097 10 K
Decreasess by budget item transfer	NJ1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NJ2	31,761 32 K	-13.0%	36,525 37 K	0%	0 0 K
Gross value at the end of period	NK	756,332 756 K	1.9%	742,411 742 K	1.2%	733,301 733 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	333,406 333 K	5.1%	317,118 317 K	0.5%	315,665 316 K
Increases	PF	8,139 8 K	-50.0%	16,289 16 K	1020.3%	1,454 1 K
Decreasess	PG	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PH	341,545 342 K	2.4%	333,406 333 K	5.1%	317,118 317 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	26,428,928 26,429 K	8.3%	24,405,004 24,405 K	10.6%	22,075,420 22,075 K
Increases	QV	2,564,111 2,564 K	16.5%	2,200,172 2,200 K	-5.6%	2,329,583 2,330 K
Decreases	QW	0 0 K	0%	176,247 176 K	0%	0 0 K
Decreasess by budget item transfer	QX	28,993,039 28,993 K	9.7%	26,428,928 26,429 K	8.3%	24,405,004 24,405 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	17,353,915 17,354 K	-2.8%	17,850,919 17,851 K	0%	0 0 K
Increases	UB	4,067,735 4,068 K	60.7%	2,530,720 2,531 K	0%	0 0 K
Decreases	UC	6,058,404 6,058 K	100.1%	3,027,725 3,028 K	0%	0 0 K
Value at the end of period	UD	15,363,246 15,363 K	-11.5%	17,353,915 17,354 K	0%	0 0 K

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	3,078,981 3,079 K	49.3%	2,062,461 2,062 K	0%	0 0 K
Financial	UG	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UJ	988,754 989 K	111.2%	468,260 468 K	0%	0 0 K

Includes Total Withdrawal

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UF	5,604,892 5,605 K	130.5%	2,431,796 2,432 K	0%	0 0 K
Financial	UH	192,047 192 K	16.1%	165,386 165 K	0%	0 0 K
Exceptional	UK	261,465 261 K	-39.3%	430,543 431 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	4,061,157 4,061 K	0.9%	4,023,440 4,023 K	0%	0 0 K
Increases	TS	988,754 989 K	111.2%	468,259 468 K	0%	0 0 K
Decreases	TT	261,465 261 K	-39.3%	430,543 431 K	0%	0 0 K
Value at the end of period	TU	4,788,446 4,788 K	17.9%	4,061,156 4,061 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	5,591,086 5,591 K	-28.5%	7,814,430 7,814 K	0%	0 0 K
Increases	TV	2,170,308 2,170 K	535.1%	341,736 342 K	0%	0 0 K
Decreases	TW	1,576,214 1,576 K	-38.6%	2,565,080 2,565 K	0%	0 0 K
Value at the end of period	TX	6,185,180 6,185 K	10.6%	5,591,086 5,591 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	7,701,672 7,702 K	28.1%	6,013,049 6,013 K	0%	0 0 K
Increases	TY	908,673 909 K	-47.2%	1,720,725 1,721 K	0%	0 0 K
Decreases	TZ	4,220,725 4,221 K	13047.9%	32,102 32 K	0%	0 0 K
Value at the end of period	UA	4,389,620 4,390 K	-43.0%	7,701,672 7,702 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	52,502,109 52,502 K	8.3%	48,494,471 48,494 K	-15.6%	57,473,540 57,474 K
1 year at most	VU	51,760,444 51,760 K	8.4%	47,752,060 47,752 K	-15.8%	56,740,239 56,740 K
More than one year	VV	741,665 742 K	-0.1%	742,411 742 K	1.2%	733,301 733 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	733,965 734 K	2.5%	715,878 716 K	1.9%	702,601 703 K
Loans (1 year at most)	UR	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets (gross)	UT	22,367 22 K	-15.7%	26,533 27 K	-13.6%	30,700 31 K
Other financial assets (1 year at most)	UV	14,667 15 K	0%	0 0 K	0%	0 0 K

Receivables statement of assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Customers doubtful or disputed	VA	0 0 K	0%	0 0 K	0%	0 0 K
Other claims customer	UX	29,110,734 29,111 K	30.1%	22,368,179 22,368 K	-41.5%	38,250,874 38,251 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	27,875 28 K	109.2%	13,325 13 K	5361.1%	244 0 K
Social Security and other social organizations	UZ	0 0 K	0%	2,063 2 K	-99.7%	593,626 594 K
Income taxes	VM	1,425,763 1,426 K	-16.3%	1,702,972 1,703 K	0%	0 0 K
Value added tax	VB	471,233 471 K	104.1%	230,835 231 K	-88.0%	1,916,855 1,917 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%	65,580 66 K	0%	0 0 K
Group and Associates	VC	20,649,680 20,650 K	-11.2%	23,263,524 23,264 K	50.5%	15,454,866 15,455 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	25,673 26 K	-73.3%	96,175 96 K	-79.1%	459,542 460 K

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	34,819 35 K	270.1%	9,407 9 K	-85.4%	64,232 64 K

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	22,887,443 22,887 K	-11.0%	25,728,120 25,728 K	-31.3%	37,467,177 37,467 K
1 year at most	VZ2	22,887,443 22,887 K	-10.8%	25,668,003 25,668 K	-31.5%	37,467,177 37,467 K
More than 1 year and 5 years at most	VZ3	0 0 K	0%	60,117 60 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%	118,082 118 K
1 year at most	VG2	0 0 K	0%	0 0 K	0%	118,082 118 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	60,117 60 K	-50.0%	120,235 120 K	-34.2%	182,639 183 K
1 year at most	8A2	60,117 60 K	0.0%	60,118 60 K	-67.1%	182,639 183 K
More than 1 year and 5 years at most	8A3	0 0 K	0%	60,117 60 K	0%	0 0 K
Suppliers and associated accounts (gross)	8B1	17,363,101 17,363 K	-3.9%	18,059,843 18,060 K	-24.0%	23,777,968 23,778 K
1 year at most	8B2	17,363,101 17,363 K	-3.9%	18,059,843 18,060 K	-24.0%	23,777,968 23,778 K
More than 1 year and 5 years at most	8B3	17,363,101 17,363 K	-3.9%	18,059,843 18,060 K	-24.0%	23,777,968 23,778 K
Personnel and associated accounts (gross)	8C1	2,562,657 2,563 K	-26.1%	3,467,845 3,468 K	-38.9%	5,677,691 5,678 K
1 year at most	8C2	2,562,657 2,563 K	-26.1%	3,467,845 3,468 K	-38.9%	5,677,691 5,678 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	2,069,539 2,070 K	-11.5%	2,338,372 2,338 K	-32.4%	3,460,969 3,461 K
1 year at most	8D2	2,069,539 2,070 K	-11.5%	2,338,372 2,338 K	-32.4%	3,460,969 3,461 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%	1,007,171 1,007 K
1 year at most	8E2	0 0 K	0%	0 0 K	0%	1,007,171 1,007 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	100,777 101 K	168.0%	37,606 38 K	-97.6%	1,563,369 1,563 K
1 year at most	VW2	100,777 101 K	168.0%	37,606 38 K	-97.6%	1,563,369 1,563 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	315,942 316 K	138.9%	132,270 132 K	-64.4%	371,936 372 K
1 year at most	VQ2	315,942 316 K	138.9%	132,270 132 K	-64.4%	371,936 372 K
More than 1 year and 5 years at most	VQ3	0 0 K	0%	0 0 K	0%	0 0 K
Assets and liabilities associated accounts (gross)	8J1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8J2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8J3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	8J4	0 0 K	0%	0 0 K	0%	0 0 K
Groups and associates (gross)	VI1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VI2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VI3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	V14	0 0 K	0%	0 0 K	0%	0 0 K
Other liabilities (gross)	8K1	415,310 415 K	-55.2%	927,494 927 K	-29.1%	1,307,352 1,307 K
1 year at most	8K2	415,310 415 K	-55.2%	927,494 927 K	-29.1%	1,307,352 1,307 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	0 0 K	0%	644,455 644 K	0%	0 0 K
1 year at most	8L2	0 0 K	0%	644,455 644 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	60,117 60 K	-3.7%	62,404 62 K	0%	62,404 62 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	310 0 K	-1.6%	315 0 K	-2.2%	322 0 K

Groups and Shareholders

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

Ratios

Synthetic financial performance indicators

31/12/2016

31/12/2015

31/12/2014

Score

Situation

Score

Situation

Score

Situation

Hide AFDCC 2

-

-

-

-

-

-

Description

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

Hide Conan & Holder

0.10

30%

0.21

0%

0.18

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	1.97	-2.5%	2.02	-10.6%	2.26	3.92	-49.7%	1.66	18.7%
Global Debt	75 days	11.9%	67 days	-15.2%	79 days	241.01 days	-68.9%	132 days	-43.2%
Working Capital Fund overall net	183 days	32.6%	138 days	17.9%	117 days	72.09 days	153.8%	103 days	77.7%
Financial independence	129,466.14 %	113.5%	60,651.63 %	172.0%	22,299.81 %	36,886.19 %	251.0%	101.41 %	127566.0%
Solvability	72.79 %	4.0%	69.96 %	17.4%	59.61 %	33.53 %	117.1%	33.07 %	120.1%
Capacity debt futures	-	-	-	-	56,791.23 %	45,800.55 %	-	1,962.84 %	-
Coverage of current assets by net working capital overall	67.22 %	9.1%	61.61 %	9.1%	56.46 %	15.32 %	338.8%	49.54 %	35.7%
General Liquidity	2.26	21.5%	1.86	23.2%	1.51	1.02	121.6%	0.86	162.8%
Restricted Liquidity	2.26	21.5%	1.86	23.2%	1.51	1.80	25.6%	1.20	88.3%

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	110 days	46.7%	75 days	-6.3%	80 days	23.19 days	374.3%	47 days	134.0%
Treasury	0 days	0%	0 days	0%	0 days	28.88 days	0%	2 days	0%
Inventory turnover of goods	0 days	0%	0 days	0%	0 days	191.30 days	0%	25 days	0%
Average length of credit granted to customers	95 days	63.8%	58 days	-27.5%	80 days	99.32 days	-4.3%	70 days	35.7%
Average length of credit obtained suppliers	69 days	16.9%	59 days	-3.3%	61 days	586.05 days	-88.2%	60 days	15.0%
Inventory turnover of raw materials in industrial enterprises	83 days	9.2%	76 days	4.1%	73 days	148.00 days	-43.9%	81 days	2.5%
Inventory turnover of intermediate and finished products in the industrial enterprise	194 days	-28.4%	271 days	-31.9%	398 days	273.72 days	-29.1%	182 days	6.6%
Rotation tangible assets	194.44 %	-28.3%	271.18 %	-31.9%	397.98 %	1,834.56 %	-89.4%	290.05 %	-33.0%

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Margin trading	-0.10 %	-128.6%	0.35 %	59.1%	0.22 %	1.91 %	-105.2%	0.00 %	0%
Profitability of the business	1.27 %	-82.8%	7.38 %	-6.6%	7.90 %	2.43 %	-47.7%	4.41 %	-71.2%
Net profit	3.81 %	-8.2%	4.15 %	-10.8%	4.65 %	-0.24 %	1687.5%	3.37 %	13.1%
Growth rate of turnover (excluding VAT)	-20.81 %	-8.2%	-19.23 %	-304.0%	-4.76 %	32.63 %	-163.8%	0.00 %	0%
Rates integration	15.33 %	-17.4%	18.55 %	0.9%	18.38 %	38.67 %	-60.4%	38.96 %	-60.7%
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.28 %	0%	0.00 %	0%
Work Factor	84.28 %	49.9%	56.24 %	6.1%	52.99 %	-87.72 %	196.1%	83.15 %	1.4%
Weight interests	0.75 %	-66.1%	2.21 %	82.6%	1.21 %	1.09 %	-31.2%	0.32 %	134.4%

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	1.53 %	-60.8%	3.90 %	-39.8%	6.48 %	2.58 %	-40.7%	4.08 %	-62.5%
Rates of economic profitability	2.00 %	-85.7%	14.00 %	-30.0%	20.00 %	24.68 %	-91.9%	10.50 %	-81.0%
Financial profitability	77,831,160.00 %	6.7%	72,924,485.00 %	8.7%	67,060,220.00 %	4,891,525.97 %	1491.1%	197,358.50 %	39336.4%
Return on investment	6.44 %	-46.8%	12.10 %	-19.1%	14.95 %	124.12 %	-94.8%	8.48 %	-24.1%

Management intermediate balances

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Turnover

109,924,208 109,924 K

-20.8%

138,809,907 138,810 K

-19.2%

171,853,775 171,854 K

22,908,867.36 22,908.87 K

379.8%

1,118,164 1,118 K

9730.8%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Sales of goods

2,584,522 2,585 K

-52.3%

5,413,142 5,413 K

-33.1%

8,089,895 8,090 K

-

-

- Purchase of goods

2,699,373 2,699 K

-45.2%

4,923,040 4,923 K

-36.1%

7,708,005 7,708 K

-

-

+/- Stock of goods variation

0 0 K

0%

0 0 K

0%

0 0 K

-

-

Trading margin

-114,851 € -115 K €

-123.4%

490,102 € 490 K €

28.3%

381,890 € 382 K €

-1,263,962.12 € -1,263.96 K €

90.9%

0 € 0 K €

0%

-0.10 % CA -0.10 % CA

-128.6%

0.35 % CA 0.35 % CA

59.1%

0.22 % CA 0.22 % CA

2.52 % CA 2.52 % CA

-104.0%

0.00 % CA 0.00 % CA

0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sale of goods produced	107,339,686 107,340 K	-19.5%	133,396,764 133,397 K	-18.5%	163,763,880 163,764 K		-		-
+/- Stocked production	-2,002,319 -2,002 K	-1.8%	-1,966,184 -1,966 K	-675.4%	341,709 342 K		-		-
+ Self-constructed assets	0 0 K	0%	0 0 K	0%	0 0 K		-		-
Period production	105,337,367 € 105,337 K €	-19.9%	131,430,580 € 131,431 K €	-19.9%	164,105,589 € 164,106 K €	22,457,028.59 € 22,457.03 K €	369.1%	957,685 € 958 K €	10899.2%
	95.83 % CA 95.83 % CA	1.2%	94.68 % CA 94.68 % CA	-0.8%	95.49 % CA 95.49 % CA	92.31 % CA 92.31 % CA	3.8%	100.00 % CA 100.00 % CA	-4.2%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Trading margin	-114,851 -115 K	-123.4%	490,102 490 K	28.3%	381,890 382 K	-1,263,962.12 -1,263.96 K	90.9%	0 0 K	0%
+ Period Production	105,337,367 105,337 K	-19.9%	131,430,580 131,431 K	-19.9%	164,105,589 164,106 K	22,457,028.59 22,457.03 K	369.1%	957,685 958 K	10899.2%
- Purchase of raw materials	72,022,182 72,022 K	-10.6%	80,540,116 80,540 K	-23.5%	105,341,286 105,341 K		-		-
+/- Change in stocks of raw materiels	21,794 22 K	-99.6%	5,016,877 5,017 K	2458.8%	-212,691 -213 K		-		-
- Other external purchases and charges	16,331,182 16,331 K	-20.8%	20,610,381 20,610 K	-25.8%	27,772,950 27,773 K		-		-
Added value	16,847,358 € 16,847 K €	-34.6%	25,753,308 € 25,753 K €	-18.5%	31,585,934 € 31,586 K €	3,447,288.01 € 3,447.29 K €	388.7%	407,035 € 407 K €	4039.0%
	15.33 % CA 15.33 % CA	-17.4%	18.55 % CA 18.55 % CA	0.9%	18.38 % CA 18.38 % CA	38.67 % CA 38.67 % CA	-60.4%	38.96 % CA 38.96 % CA	-60.7%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Added value	16,847,358 € 16,847 K €	-34.6%	25,753,308 € 25,753 K €	-18.5%	31,585,934 € 31,586 K €	3,447,288.01 € 3,447.29 K €	388.7%	407,035 € 407 K €	4039.0%
+ Operating grants	4,428 4 K	71.0%	2,589 3 K	-86.3%	18,852 19 K		-		-
- Tax, duty and similar payments	1,261,918 1,262 K	23.1%	1,025,101 1,025 K	-20.7%	1,292,437 1,292 K		-		-
- Personal charges	14,198,968 14,199 K	-2.0%	14,484,526 14,485 K	-13.5%	16,738,492 16,738 K		-		-
Gross operating surplus	1,390,900 € 1,391 K €	-86.4%	10,246,270 € 10,246 K €	-24.5%	13,573,857 € 13,574 K €	-2,074,132.99 € -2,074.13 K €	167.1%	33,561 € 34 K €	4044.4%
	1.27 % CA 1.27 % CA	-82.8%	7.38 % CA 7.38 % CA	-6.6%	7.90 % CA 7.90 % CA	2.43 % CA 2.43 % CA	-47.7%	4.41 % CA 4.41 % CA	-71.2%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Gross operating surplus	1,390,900 € 1,391 K €	-86.4%	10,246,270 € 10,246 K €	-24.5%	13,573,857 € 13,574 K €	-2,074,132.99 € -2,074.13 K €	167.1%	33,561 € 34 K €	4044.4%
+ Release of reserves and provisions	5,615,321 5,615 K	130.9%	2,431,796 2,432 K	-82.6%	14,003,837 14,004 K		-		-
+ Other operating income	48,876 49 K	128.9%	21,350 21 K	-86.6%	159,285 159 K		-		-
- Depreciation/ Amortisation	5,651,232 5,651 K	32.1%	4,278,921 4,279 K	-68.3%	13,512,065 13,512 K		-		-
- Other charges	81,348 81 K	2907.3%	2,705 3 K	-97.3%	100,493 100 K		-		-
Operating result	1,322,517 € 1,323 K €	-84.3%	8,417,790 € 8,418 K €	-40.4%	14,124,421 € 14,124 K €	-1,749,927.70 € -1,749.93 K €	175.6%	18,076 € 18 K €	7216.6%
	1.20 % CA 1.20 % CA	-80.2%	6.06 % CA 6.06 % CA	-26.3%	8.22 % CA 8.22 % CA	0.97 % CA 0.97 % CA	23.7%	2.68 % CA 2.68 % CA	-55.2%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Operating result	1,322,517 € 1,323 K €	-84.3%	8,417,790 € 8,418 K €	-40.4%	14,124,421 € 14,124 K €	-1,749,927.70 € -1,749.93 K €	175.6%	18,076 € 18 K €	7216.6%
+/- Result of joint-venture transferred from/to other partners	0 0 K	0%	0 0 K	0%	0 0 K		-		-
+ Financial income	934,727 935 K	-44.8%	1,691,834 1,692 K	47.6%	1,146,566 1,147 K		-		-
- Financial charges	827,212 827 K	-73.1%	3,073,039 3,073 K	47.3%	2,085,725 2,086 K		-		-
Pre-tax result	1,430,032 € 1,430 K €	-79.7%	7,036,585 € 7,037 K €	-46.6%	13,185,262 € 13,185 K €	-1,892,552.41 € -1,892.55 K €	175.6%	13,694 € 14 K €	10342.8%
	1.30 % CA 1.30 % CA	-74.4%	5.07 % CA 5.07 % CA	-33.9%	7.67 % CA 7.67 % CA	0.56 % CA 0.56 % CA	132.1%	2.18 % CA 2.18 % CA	-40.4%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Extraordinary income	762,914 763 K	51.9%	502,226 502 K	-9.2%	552,932 553 K	1,528,719.63 1,528.72 K	-50.1%	4,851 5 K	15628.6%
- Extraordinary charges	1,241,320 1,241 K	80.9%	686,040 686 K	-56.1%	1,562,242 1,562 K		-		-
Extraordinary result	-478,406 € -478 K €	-160.3%	-183,814 € -184 K €	81.8%	-1,009,310 € -1,009 K €	-862,979.41 € -862.98 K €	44.6%	0 € 0 K €	0%
	-0.44 % CA -0.44 % CA	-238.5%	-0.13 % CA -0.13 % CA	78.0%	-0.59 % CA -0.59 % CA	-0.13 % CA -0.13 % CA	-238.5%	0.00 % CA 0.00 % CA	0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Pre-tax result	1,430,032 € 1,430 K €	-79.7%	7,036,585 € 7,037 K €	-46.6%	13,185,262 € 13,185 K €	-1,892,552.41 € -1,892.55 K €	175.6%	13,694 € 14 K €	10342.8%
Extraordinary result	-478,406 € -478 K €	-160.3%	-183,814 € -184 K €	81.8%	-1,009,310 € -1,009 K €	-862,979.41 € -862.98 K €	44.6%	0 € 0 K €	0%
- Employee profit sharing	0 0 K	0%	16,785 17 K	-97.7%	717,433 717 K		-		-
- Tax on profits	-3,238,417 -3,238 K	-402.1%	1,071,846 1,072 K	-69.1%	3,474,123 3,474 K		-		-
Net result	4,190,043 € 4,190 K €	-27.3%	5,764,140 € 5,764 K €	-27.8%	7,984,396 € 7,984 K €	-2,623,810.79 € -2,623.81 K €	259.7%	20,153 € 20 K €	20691.2%
	3.81 % CA 3.81 % CA	-8.2%	4.15 % CA 4.15 % CA	-10.8%	4.65 % CA 4.65 % CA	-0.24 % CA -0.24 % CA	1687.5%	3.37 % CA 3.37 % CA	13.1%

Key Performance Indicators

Find below a comparison of the company based on the industry code (primary) with other companies from the same industry. The following analysis has been based on the industry code 2420Z - Manufacture of tubes, pipes, hollow profiles and related fittings, of steel.

Key Performance Indicators

Graphical analysis

Net Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	109,924,208 €	138,809,907 €	171,853,775 €
Sector Average	22,908,867 €	22,672,479 €	32,117,379 €

Net Profit

	31/12/2016	31/12/2015	31/12/2014
Company Result	4,190,043 €	5,764,141 €	7,984,395 €
Sector Average	-2,623,824 €	-4,007,460 €	-2,360,926 €

Net Export Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	94,555,700 €	0 €	138,662,938 €
Sector Average	2,920,388 €	2,409,477 €	4,689,516 €

Account Total

	31/12/2016	31/12/2015	31/12/2014
Company Result	106,918,681 €	104,243,690 €	112,490,282 €
Sector Average	19,717,517 €	18,296,908 €	23,199,772 €

Shareholders Equity

	31/12/2016	31/12/2015	31/12/2014
Company Result	77,831,160 €	72,924,485 €	67,060,220 €
Sector Average	4,904,635 €	1,912,806 €	4,127,231 €

Liabilities

	31/12/2016	31/12/2015	31/12/2014
Company Result	22,887,443 €	25,728,119 €	37,615,632 €
Sector Average	12,648,594 €	14,425,693 €	17,480,289 €

Need background in operating working capital

	31/12/2016	31/12/2015	31/12/2014
Company Result	110 €	75 €	80 €
Sector Average	23 €	48 €	102 €

Gross operating surplus (EBE)

	31/12/2016	31/12/2015	31/12/2014
Company Result	1,390,900 €	10,246,270 €	13,573,857 €
Sector Average	-2,074,133 €	-1,595,525 €	180,721 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.83
Euro	1	INR 79.82

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	SYL

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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