MIRA INFORM REPORT

Report No. :	493798
Report Date :	28.02.2018

IDENTIFICATION DETAILS

Name :	SIEGWERK FRANCE SAS
Registered Office :	Siegwerk France Sas,13 Route De Taninges,74100 Vetraz Monthoux
Country :	France
Financials (as on) :	31.12.2016
Date of Incorporation :	December 1958
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of paints, varnishes, inks and sealants
No. of Employees :	280

RATING & COMMENTS

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

MIRA’s Rating :

A

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

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

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

FRANCE - ECONOMIC OVERVIEW

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

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

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

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

Source : CIA

company name and address

SIRET	796 080 851 00010	Click to view full map.
Name	SIEGWERK FRANCE SAS
Acronym	-
Trade name	-
Status	Economically active
Postal Address	SIEGWERK FRANCE SAS 13 ROUTE DE TANINGES 74100 VETRAZ MONTHOUX FRANCE
Share Capital	16,830,000 Euros
Telephone	04 50 87 74 00
Activity (APE)	Manufacture of paints, varnishes, inks and sealants (2030Z)	RCS Registration	-
Formation Date	01/1960	EUR VAT Number	FR36796080851
Deregistration Date	-	Last account Date	31/12/2016
Court Registry Number	19 6 0B00085	Incorporiation Date	12/1958
Registration Court	-	Fax	04 50 87 74 01
Nationality	France	Legal form	Simplified joint stock company
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2016	107,785,357 €	7.77% Turnover	22,962,431 €	4,477,247 €	280 employees
31/12/2015	109,220,527 €	4.84% Turnover	18,968,463 €	4,671,003 €	13 employees
31/12/2014	111,194,278 €	4.32% Turnover	15,099,963 €	-6,888,592 €	325 employees

View details

Directors

Current Directors

5

View Details

Ultimate Holding Company

Name	Safe Number	Country	Company Number
SIEGWERK HOLDING LUXEMBOURG SA	LU00157023		B66882
Affiliation links. View Details
3 companies in the international Group Structure from 4 countries. View Details

Judgment and Preferential

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

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	2030Z	Activity	Manufacture of paints, varnishes, inks and sealants
Formation Date	-	Reason for Formation	-
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	13 ROUTE DE TANINGES 74100 VETRAZ MONTHOUX	Department	Haute-Savoie (74)
Location Surface	-	District	3
City	VETRAZ MONTHOUX	Status	Economically active
Business Pages FT®	MATERIEL ET FOURNITURES POUR IMPRIMERIE, INDUSTRIES GRAPHIQUES	Region	-
		Area	09
		Size of Urban Area	Urban unit with 100 000 to 199 999 inhabitants

Other Establishment(s)

Regionality	Legal unit with multiple establishments in many areas having at least 80% of workforce in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	4 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
SIEGWERK FRANCE SAS	Head Office	2030Z	Manufacture of paints, varnishes, inks and sealants	VETRAZ MONTHOUX	74100
SIEGWERK FRANCE SAS	Branch	2030Z	Manufacture of paints, varnishes, inks and sealants	SAINT YRIEIX SUR CHARENTE	16710
SIEGWERK FRANCE SAS	Branch	2030Z	Manufacture of paints, varnishes, inks and sealants	VILLEFRANCHE SUR SAONE	69400
SIEGWERK FRANCE SAS	Branch	2030Z	Manufacture of paints, varnishes, inks and sealants	MOREUIL	80110
SIEGWERK FRANCE SAS	Branch	2030Z	Manufacture of paints, varnishes, inks and sealants	LONGVIC	21600

View Details

Workforces

Workforce at address	200 to 249 employees	Company workforce	250 to 499 employees
		Workforce account	250 to 499 employees
		31/12/2016

Commentary

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

The company has 5 directors

The decrease in the gearing percentage over the last two accounting periods is 44 %

Department code with low risk rating

Low risk workforce size

The net turnover is 107,785,357 €

The pre-tax profit is 4,389,688 €

The creditor days are 49.96

The total assets are 61,972,590 €

The shareholder's equity is 22,962,431 €

The net current assets are 33,528,103 €

The liabilities are 36,936,244 €

The risk provisions are 2,073,916 €

The ratio total assets to total liabilities is 1.59

The stock to turnover ratio is 7

The return on total assets employed is 7.08

The sales to current assets ratio is 3.21

Industry comparison

Activity (APE)

Manufacture of paints, varnishes, inks and sealants (2030Z)

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	10/11/2010
Status of Monitoring	No social security and tax office preferential right to date

Preferential rights details and history

Summary of preferential rights

Company monitored since	10/11/2010
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	SIEGWERK HOLDING LUXEMBOURG SA
Direct parent	SIEGWERK HOLDING LUXEMBOURG SA - 100 %
Group – Number of companies	3
Linkages – Number of companies	3
Number of countries	4

Group Structure

Go directly to the current company

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

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

Rating Information

	Name	Safe Number		SIREN	Parts	Rating	Limit	Last account published
1	SIEGWERK HOLDING LUXEMBOURG S.A.	LU00157023		B66882	-	68	50,000 €	31/12/2016
2	SIEGWERK FRANCE SAS	FR12118216		796080851	100 %	76	690,000 €	31/12/2016
3	GIEM	-		-	100 %	-	-	-
Ultimate parent company			SIEGWERK HOLDING LUXEMBOURG SA
Direct parent			SIEGWERK HOLDING LUXEMBOURG SA - 100 %
Group – Number of companies			3
Linkages – Number OF companies			3
Number of countries			4

Lnkages

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

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

Rating Information

Company Name	Siren	Last Account Published	Turnover
SIEGWERK DRUCKFARBEN AG & CO. KGAA	HRB 11500	31/12/2015	442,666,759 €
SIEGWERK UK LIMITED	01959082	31/12/2016	838,756 £
SIEGWERK SCANDINAVIA AB	5561839183	31/12/2016	59,772 KSEK

Director(s)

Name	M. ERNOULT VINCENT
Manager position	Managing director	Date of birth	27/12/1958
Place of birth	MEKNES (MAROC)
Type	Individual	Name at birth
				View Details
Name	Mme. DANOIS VÉRONIQUE
Manager position	President	Date of birth	16/11/1962
Place of birth	NOUMÉA - NOUVELLE CALÉDONIE(PAPOUASIE NOUVELLE GUINEE)
Type	Individual	Name at birth
				View Details

Name	Mme. CLARISSE ANNE-CHRISTEL
Manager position	Managing director	Date of birth	08/12/1978
Place of birth	ROUBAIX
Type	Individual	Name at birth
				View Details
Name	M. MERINDOL FABRICE ROBERT
Manager position	Managing director	Date of birth	08/04/1971
Place of birth	BOURG-EN-BRESSE
Type	Individual	Name at birth
				View Details

Statutory Auditor

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

Previous Directors

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

Manager position	Title and name	Date of Birth/Place of Birth
President	Mme. DANOIS VÉRONIQUE	16/11/1962 - NOUMÉA - NOUVELLE CALÉDONIE(PAPOUASIE NOUVELLE GUINEE)	View Details
President	M. HARRAP PAUL	26/06/1972 - OAKLEIGH(AUSTRALIE)	View Details
President	M. HARRAP PAUL	26/06/1972 - OAKLEIGH(AUSTRALIE)	View Details
Chief Executive Officer	M. KOEHNEMANN MARC	WIESBADEN-SONNENBERG(ALLEMAGNE)	View Details
Managing director	M. AGHASSIAN XAVIER	06/05/1977 - CLAMART (92)	View Details
Managing director	Mme. CLARISSE ANNE-CHRISTEL	08/12/1978 - ROUBAIX (59)	View Details
Managing director	Mme. DANOIS VÉRONIQUE	16/11/1962 - NOUMÉA - NOUVELLE CALÉDONIE(PAPOUASIE NOUVELLE GUINEE)	View Details
Managing director	Mme. DANOIS VÉRONIQUE	16/11/1962 - NOUMÉA - NOUVELLE CALÉDONIE(PAPOUASIE NOUVELLE GUINEE)	View Details
Managing director	M. ERNOULT VINCENT	27/12/1958 - MEKNES (MAROC)	View Details
Managing director	M. MERINDOL FABRICE ROBERT	08/04/1971 - BOURG-EN-BRESSE (01)	View Details
Delegated managing director	MME. BARTHEL KRISTIN	-	View Details
Delegated managing director	BARTHEL KRISTIN	QUERFURT(ALLEMAGNE)	View Details
Delegated managing director	M. CHARDINY HENRI	-	View Details
Delegated managing director	M. ERNOULT VINCENT	-	View Details
Delegated managing director	M. ERNOULT VINCENT	MEKNES (MAROC)	View Details
Delegated managing director	M. HILPERT PETER	-	View Details
Delegated managing director	M. HILPERT PETER	WINTERTHUR(SUISSE)	View Details
Delegated managing director	M. KINKEAD ROBERT	-	View Details
Delegated managing director	M. WEIGEL WULF MATHIAS	PIRMASENS(ALLEMAGNE)	View Details
Administrator	ERNOULT	-	View Details
Administrator	M. FORKER HERBERT GEORG	MUNICH(ALLEMAGNE)	View Details
Administrator	M. KOEHNEMANN MARC	WIESBADEN-SONNENBERG(ALLEMAGNE)	View Details
Administrator	M. WITTMANN OLIVER	BERLIN(ALLEMAGNE)	View Details
Administrator	M. WITTMANN OLIVIER	-	View Details
Deputy auditor	CABINET AUDITEX	-	View Details

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	10/11/2017	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 2885 - 796 080 851 RCS Thonon-les-Bains. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Administration : Président : DANOIS Véronique ; Directeur général : ERNOULT Vincent ; Directeur général : CLARISSE Anne-Christel ; Directeur général : MERINDOL Fabrice, Robert. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	10/11/2017	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 2928 - 796 080 851 RCS Thonon-les-Bains. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Administration : Président : DANOIS Véronique ; Directeur général : ERNOULT Vincent ; Directeur général : CLARISSE Anne-Christel ; Directeur général : MERINDOL Fabrice, Robert ; Commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES (SAS). Activité : . Commentaires : Modification survenue sur l'administration.
Hide	02/11/2017	JAL	Miscellaneous updates
L'Eco des Pays de Savoie Date de décision : 30/06/2017 Entreprise :796080851 - SIEGWERK FRANCE S.A., RTE DE BELLEVUE, 16710, SAINT YRIEIX SUR CHARENTE Description :Nomination d'un administrateur€
Hide	29/08/2017	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 3309 - 796080851 RCS. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Adresse : 13 route de Taninges 74100 Vetraz Monthoux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
Hide	30/12/2016	Bodacc A	Vente et cession : Acheteur
57 - MOSELLE GREFFE DU TRIBUNAL D'INSTANCE DE SARREGUEMINES 489 - 796 080 851 RCS Sarreguemines. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Administration : dirigeant(s) associé(s) : DAROIS (Véronique). Capital : 16830000 EUR. Adresse : 13 route de Taninges, Vetraz Monthoux, 74100 Annemasse. Origine du fonds : Etablissement principal acquis par achat au prix stipulé de 1 383 658 euros. Etablissement : Etablissement principal. Activité : activité de commercialisation. Adresse : Parc d'Activités Communautaires, Henriville, 57450 Faresbersviller. Précédent propriétaire : SIEGWERK HENRIVILLE SARL. 451 159 073 RCS Sarreguemines. Date de commencement de l’activité : 01/12/2016. Publication légale : Les Affiches Moniteur du 16/12/2016. Oppositions : A siège social du cédant. Descriptif : par acte sous seing priv¿ en date du 25 novembre 2016 et 1 d¿cembre 2016 enregistr¿ au SIE de Sarreguemines le 6 d¿cembre 2016 bordereau n¿2016/1 072 case n¿1 est 8826 ; les oppositions seront re¿ues dans les dix jours de la derni¿re publications l¿gales ¿ l'adresse du si¿ge social du c¿dant. Commentaires : Achat d'un établissement principal par une personne morale lors de l'immatriculation.
Hide	16/12/2016	JAL	Activity or goodwill cession: Buyer
Affiches d'Alsace et de Lorraine (Les Affiches - Le Moniteur) Date de décision : 25/11/2016 Cédant : 451159073 - SIEGWERK HENRIVILLE SARL, 130 RUE DES FOUGERES, PARC D ACTIVITE COMMUNAUTAIRE 1, 57450 HENRIVILLE Cessionnaire : 796080851 - SIEGWERK FRANCE S.A., RTE DE BELLEVUE, 16710 SAINT YRIEIX SUR CHARENTE Prix de vente : 1383658 € Date d’effet : 12/01/2016
Hide	14/10/2016	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 6515 - 796080851 RCS. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Adresse : 13 route de Taninges 74100 Vetraz Monthoux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
Hide	26/06/2016	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 690 - 796 080 851 RCS Thonon-les-Bains. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Administration : Président : DANOIS Véronique Directeur général : ERNOULT Vincent Directeur général : CLARISSE Anne-Christel Directeur général : MERINDOL Fabrice, Robert Commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES (SAS) Commissaire aux comptes suppléant : CABINET AUDITEX. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	31/03/2016	JAL	Resignation / Revocation of the social representative
L Eco des Pays de Savoie Date de décision : 15/03/2016 La société 796080851 - SIEGWERK FRANCE S.A., RTE DE BELLEVUE, 16710 SAINT YRIEIX SUR CHARENTE Fait l'objet du départ de Monsieur Paul HARRAP
Hide	31/03/2016	JAL	Appointment of the social representative
L Eco des Pays de Savoie Date de décision : 15/03/2016 Société faisant l'objet d'une nomination : 796080851 - SIEGWERK FRANCE S.A., RTE DE BELLEVUE, 16710 SAINT YRIEIX SUR CHARENTE Nominé : Monsieur Fabrice MÉRINDOL, 01210 FERNEY VOLTAIRE En la fonction de : Directeur général
Hide	19/08/2015	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 5129 - 796080851 RCS. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Adresse : 13 route de Taninges 74100 Vetraz Monthoux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
Hide	13/11/2014	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 3918 - 796 080 851 RCS Thonon-les-Bains. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Administration : Président : HARRAP Paul Directeur général : ERNOULT Vincent Directeur général : DANOIS Véronique Directeur général : CLARISSE Anne-Christel Commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES (SAS) Commissaire aux comptes suppléant : CABINET AUDITEX. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	07/10/2014	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 6621 - 796080851 RCS. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Adresse : 13 route de Taninges 74100 Vetraz Monthoux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	03/10/2014	JAL	Resignation / Revocation of the social representative
Eco des Pays de Savoie (L ) Date de décision : 30/09/2014 La société 796080851 - SIEGWERK FRANCE SAS, 13 RTE DE TANINGES, 74100 VETRAZ MONTHOUX Fait l'objet du départ de Monsieur Xavier AGHASSIAN
Hide	03/10/2014	JAL	Appointment of the social representative
Eco des Pays de Savoie (L ) Date de décision : 30/09/2014 Société faisant l'objet d'une nomination : 796080851 - SIEGWERK FRANCE SAS, 13 RTE DE TANINGES, 74100 VETRAZ MONTHOUX Nominé : Madame Anne-Christel CLARISSE, 74380 CRANVES SALES En la fonction de : Directeur général
Hide	27/08/2013	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 10864 - 796080851 RCS. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Adresse : 13 route de Taninges 74100 Vetraz Monthoux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	30/08/2012	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 633 - 796 080 851 RCS Thonon-les-Bains. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Administration : Président : HARRAP Paul Directeur général : ERNOULT Vincent Directeur général : DANOIS Véronique Directeur général : AGHASSIAN Xavier Commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES (SAS) Co-commissaire aux comptes suppléant : CABINET AUDITEX. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	27/07/2012	JAL	Appointment of the social representative
Eco des Pays de Savoie (L ) Date de décision : 27/04/2012 Société faisant l'objet d'une nomination : 796080851 - SIEGWERK FRANCE SAS, 13 RTE DE TANINGES, 74100 VETRAZ MONTHOUX Nominé : Monsieur Paul HARRAP, 3193 VICTORIA En la fonction de : Président
Hide	27/07/2012	JAL	Resignation / Revocation of the social representative
Eco des Pays de Savoie (L ) Date de décision : 27/04/2012 La société 796080851 - SIEGWERK FRANCE SAS, 13 RTE DE TANINGES, 74100 VETRAZ MONTHOUX Fait l'objet du départ de Monsieur Marc KOEHNEMANN
Hide	27/07/2012	JAL	Resignation / Revocation of the social representative
Eco des Pays de Savoie (L ) Date de décision : 27/04/2012 La société 796080851 - SIEGWERK FRANCE SAS, 13 RTE DE TANINGES, 74100 VETRAZ MONTHOUX Fait l'objet du départ de Monsieur Marc KOEHNEMANN
Hide	27/07/2012	JAL	Appointment of the social representative
Eco des Pays de Savoie (L ) Date de décision : 27/04/2012 Société faisant l'objet d'une nomination : 796080851 - SIEGWERK FRANCE SAS, 13 RTE DE TANINGES, 74100 VETRAZ MONTHOUX Nominé : Monsieur Paul HARRAP, 3193 VICTORIA En la fonction de : Président
Hide	05/07/2012	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 8351 - 796080851 RCS. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Adresse : 13 route de Taninges 74100 Vetraz Monthoux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	08/04/2012	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 656 - 796 080 851 RCS Thonon-les-Bains. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Administration : Président : KOEHNEMANN Marc Directeur général : ERNOULT Vincent Directeur général : DANOIS Véronique Directeur général : AGHASSIAN Xavier Commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES (SAS) Co-commissaire aux comptes suppléant : CABINET AUDITEX. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	02/03/2012	JAL	Resignation / Revocation of the social representative
Eco des Pays de Savoie (L ) Date de décision : 23/02/2012 La société 796080851 - SIEGWERK FRANCE SAS, 13 RTE DE TANINGES, 74100 VETRAZ MONTHOUX Fait l'objet du départ de Monsieur Gilles FERRIER
Hide	02/03/2012	JAL	Appointment of the social representative
Eco des Pays de Savoie (L ) Date de décision : 23/02/2012 Société faisant l'objet d'une nomination : 796080851 - SIEGWERK FRANCE SAS, 13 RTE DE TANINGES, 74100 VETRAZ MONTHOUX Nominé : Monsieur Xavier AGHASSIAN, 74940 ANNECY LE VIEUX En la fonction de : Directeur général
Hide	02/03/2012	JAL	Appointment of the social representative
Eco des Pays de Savoie (L ) Date de décision : 23/02/2012 Société faisant l'objet d'une nomination : 796080851 - SIEGWERK FRANCE SAS, 13 RTE DE TANINGES, 74100 VETRAZ MONTHOUX Nominé : Monsieur Xavier AGHASSIAN, 74940 ANNECY LE VIEUX En la fonction de : Directeur général
Hide	02/03/2012	JAL	Resignation / Revocation of the social representative
Eco des Pays de Savoie (L ) Date de décision : 23/02/2012 La société 796080851 - SIEGWERK FRANCE SAS, 13 RTE DE TANINGES, 74100 VETRAZ MONTHOUX Fait l'objet du départ de Monsieur Gilles FERRIER
Hide	30/09/2011	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 911 - 796 080 851 RCS Thonon-les-Bains. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Administration : Président : KOEHNEMANN Marc Directeur général : ERNOULT Vincent Directeur général : FERRIER Gilles Directeur général : DANOIS Véronique Commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES (SAS) Co-commissaire aux comptes suppléant : CABINET AUDITEX. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	13/09/2011	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 9175 - 796080851 RCS. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Adresse : 13 route de Taninges 74100 Vetraz Monthoux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
Hide	25/08/2011	JAL	Resignation / Revocation of the social representative
Messager (Le) - L'Essor savoyard Date de décision : 30/06/2011 La société 796080851 - SIEGWERK FRANCE SAS, 13 RTE DE TANINGES, 74100 VETRAZ MONTHOUX Fait l'objet du départ de Non renseignée Ernst & Young Audit Madame Kristin Barthel Date d'effet : 30/06/2011
Hide	28/10/2010	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 2965 - 796 080 851 RCS Thonon-les-Bains. SIEGWERK FRANCE SAS. Forme : Société par actions simplifiée. Administration : Président : KOEHNEMANN Marc Directeur général : ERNOULT Vincent Directeur général : BARTHEL Kristin Directeur général : FERRIER Gilles Directeur général : DANOIS Véronique Commissaire aux comptes titulaire : CABINET ERNEST ET YOUNG Co-commissaire aux comptes suppléant : CABINET AUDITEX. Commentaires : Modification survenue sur la dénomination, la forme juridique, l'administration.
Hide	11/10/2010	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 10244 - 796080851 RCS. SIEGWERK FRANCE S.A.. Forme : Société anonyme. Adresse : 13 route de Taninges 74100 Vetraz Monthoux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	16/09/2010	JAL	Appointment of the social representative
ED. HTE SAVOIE Société faisant l'objet d'une nomination : 796080851 - SIEGWERK FRANCE S.A., 13 RTE DE TANINGES, 74100 ANNEMASSE Nominé : Monsieur Marc KOEHNEMANN En la fonction de : Président
Hide	16/09/2010	JAL	Appointment of the social representative
ED. HTE SAVOIE Société faisant l'objet d'une nomination : 796080851 - SIEGWERK FRANCE S.A., 13 RTE DE TANINGES, 74100 ANNEMASSE Nominé : Monsieur Gilles FERRIER, 4 RUE ADOLPHE MAGNIN, 74100 ANNEMASSE En la fonction de : DG - Directeur Général
Hide	16/09/2010	JAL	Appointment of the social representative
ED. HTE SAVOIE Société faisant l'objet d'une nomination : 796080851 - SIEGWERK FRANCE S.A., 13 RTE DE TANINGES, 74100 ANNEMASSE Nominé : Madame Véronique DANOIS, 63 CHEMIN DE PAVILLON, 74140 ST CERGUES En la fonction de : DG - Directeur Général
Hide	16/09/2010	JAL	Appointment of the social representative
ED. HTE SAVOIE Société faisant l'objet d'une nomination : 796080851 - SIEGWERK FRANCE S.A., 13 RTE DE TANINGES, 74100 ANNEMASSE Nominé : Madame Kristin BARTHEL, 12 RUE VALLON, 74200 THONON LES BAINS En la fonction de : DG - Directeur Général
Hide	16/09/2010	JAL	Appointment of the social representative
ED. HTE SAVOIE Société faisant l'objet d'une nomination : 796080851 - SIEGWERK FRANCE S.A., 13 RTE DE TANINGES, 74100 ANNEMASSE Nominé : Monsieur Vincent ERNOULT, 396 ROUTE DE TALLOIRES, 74290 MENTHON ST BERNARD En la fonction de : DG - Directeur Général
Hide	15/01/2010	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 1057 - 796 080 851 RCS Thonon-les-Bains. SIEGWERK FRANCE S.A. Forme : Société anonyme. Capital : 16830000 EUR. Commentaires : Modification survenue sur le capital.
Hide	04/10/2009	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 1018 - 796 080 851 RCS Thonon-les-Bains. SIEGWERK FRANCE S.A. Forme : Société anonyme. Administration : Président directeur général et administrateur : KOEHNEMANN Marc Directeur général délégué : WEIGEL Wulf Mathias Directeur général délégué : ERNOULT Vincent Directeur général délégué : BARTHEL Kristin Directeur général délégué : HILPERT Peter Administrateur : NOORDHOEK-HEGT Frederik, Hugo Administrateur : WITTMANN Oliver Administrateur : FORKER Herbert Georg Commissaire aux comptes titulaire : CABINET ERNEST ET YOUNG Co-commissaire aux comptes suppléant : CABINET AUDITEX. Commentaires : Modification survenue sur l'administration.
Hide	26/08/2009	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 11362 - 796080851 RCS. SIEGWERK FRANCE S.A.. Forme : Société anonyme. Adresse : 13 route de Taninges 74100 Vetraz Monthoux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	02/08/2009	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 2164 - 796 080 851 RCS Thonon-les-Bains. SIEGWERK FRANCE S.A. Forme : Société anonyme. Administration : Président directeur général et administrateur : NOORDHOEK-HEGT Frederik, Hugo Directeur général délégué : WEIGEL Wulf Mathias Administrateur : NONN Ansgar Directeur général délégué : ERNOULT Vincent Directeur général délégué : PAWLOTSKY Catherine Directeur général délégué : BARTHEL Kristin Directeur général délégué : HILPERT Peter Directeur général délégué : KOEHNEMANN Marc Administrateur : WITTMANN Oliver Commissaire aux comptes titulaire : CABINET ERNST& YOUNG Co-commissaire aux comptes suppléant : CABINET AUDITEX. Commentaires : Modification survenue sur l'administration.
Hide	02/08/2009	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 2172 - 796 080 851 RCS Thonon-les-Bains. SIEGWERK FRANCE S.A. Forme : Société anonyme. Administration : Président directeur général et administrateur : NOORDHOEK-HEGT Frederik, Hugo Directeur général délégué : WEIGEL Wulf Mathias Administrateur : NONN Ansgar Directeur général délégué : ERNOULT Vincent Directeur général délégué : BARTHEL Kristin Directeur général délégué : HILPERT Peter Directeur général délégué : KOEHNEMANN Marc Administrateur : WITTMANN Oliver Commissaire aux comptes titulaire : CABINET ERNEST ET YOUNG Co-commissaire aux comptes suppléant : CABINET AUDITEX. Commentaires : Modification survenue sur l'administration.
Hide	02/08/2009	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 2166 - 796 080 851 RCS Thonon-les-Bains. SIEGWERK FRANCE S.A. Forme : Société anonyme. Administration : Président directeur général et administrateur : NOORDHOEK-HEGT Frederik, Hugo Directeur général délégué : WEIGEL Wulf Mathias Administrateur : NONN Ansgar Directeur général délégué : ERNOULT Vincent Directeur général délégué : PAWLOTSKY Catherine Directeur général délégué : BARTHEL Kristin Directeur général délégué : HILPERT Peter Directeur général délégué : KOEHNEMANN Marc Administrateur : WITTMANN Oliver Commissaire aux comptes titulaire : CABINET ERNST& YOUNG Co-commissaire aux comptes suppléant : CABINET AUDITEX. Commentaires : Modification survenue sur l'administration.
Hide	30/12/2008	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE GRANDE INSTANCE DE THONON-LES-BAINS 3526 - 796080851 RCS. SIGWERK FRANCE S.A.. Forme : S.A. Adresse : 13, route de Taninges, 74100 Vétraz-Monthoux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	07/11/2008	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE GRANDE INSTANCE DE THONON-LES-BAINS 775 - 796 080 851 RCS Thonon. SIEGWERK FRANCE S.A. Forme : Société anonyme. Administration : modification sur les dirigeants, révocation immédiate de CHARDINY (Henri) et de KINKEAD (Robert) directeur généraux délégués ; nomination en qualité de directeurs généraux délégués : BARTHEL (Kristin) et HILPERT (Peter). Capital : 7650000 EUR. Activité : non précisée. Adresse du siège social : 13 route de Taninges, 74100 Vetraz Monthoux. Commentaires : modification sur l'administration, date d'effet : 15/05/2008.
Hide	27/05/2008	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE GRANDE INSTANCE DE THONON-LES-BAINS 922 - 796 080 851 RCS Thonon. SIEGWERK FRANCE S.A. Forme : Société anonyme. Administration : démission du commissaire aux comptes : ancienne mention : titulaire : le Cabinet PRICEWATERHOUSECOOPERS AUDIT, suppléant : NICOLAS (Yves) ; nouvelle mention : titulaire : CABINET ERNEST & YOUNG AUDIT , suppléant : CABINET AUDITEX. Capital : 7650000 EUR. Activité : non précisée. Adresse du siège social : 13 route de Taninges, 74100 Vetraz-Monthoux. Commentaires : modification survenue sur l'administration ; le 29/12/06.
Hide	27/05/2008	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE GRANDE INSTANCE DE THONON-LES-BAINS 923 - 796 080 851 RCS Thonon. SIEGWERK FRANCE S.A. Forme : Société anonyme. Administration : modification sur les dirigeants, par décision prise lors de l'Age du 13/12/2007 : nomination de NONN (Ansgar), en qualité de président du CA et directeur général ; nomination de CHARDINY (Henri), en qualité de directeur général délégué ; nomination de ERNOULT (Vincent), en qualité de directeur général délégué ; nomination de KINKEAD (Robert), en qualité de directeur général délégué ; nomination de PAWLOTSKY (Catherine), en qualité de directeur général délégué suite à la démission de DESCAILLOT (Philippe) et FORKER (Herbert). Capital : 7650000 EUR. Activité : non précisée. Adresse du siège social : 13 route de Taninges, 74100 Vetraz-Monthoux. Commentaires : modification survenue sur l'administration ; le 13/12/07.
Hide	06/02/2008	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE GRANDE INSTANCE DE THONON-LES-BAINS 3251 - 796080851 RCS. SIGWERK FRANCE S.A.. Forme : S.A. Adresse : 13, route de Taninges, 74100 Vétraz-Monthoux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
Hide	26/12/2006	Bodacc C	Avis de dépôt des comptes
3792 - RCS Thonon-les-Bains B 796 080 851. RC 60-B 85. SIGWERK FRANCE S.A.. Forme: S.A. Adresse du siège social: 13, route de Taninges,74100 Vétraz-Monthoux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	28/04/2006	Bodacc C	Avis de dépôt des comptes
3315 - RCS Thonon-les-Bains B 796 080 851. RC 60-B 85. SIGWERK FRANCE S.A.. Forme: S.A. Adresse du siège social: 13, route de Taninges,74100 Vétraz-Monthoux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	21/03/2006	Bodacc B	Modifications et mutations diverses
2288 - RCS Thonon-les-Bains 796 080 851. RC 60-B 85. SICPA. Forme : S.A. Capital : 7 650 000 euros. Adresse du siège social : 13 route de Taninges,, 74100 Administration : administrateur démissionnaire : SECHER (Jan), à compter du 8 septembre 2005. Administrateurs démissionnaires : AMON (Philippe) ROSTAGNO (Michel) et AMON (Maurice-A.). Président du conseil d'administration démissionnaire. Nouveaux administrateurs : WITTMANN (Oliver) NOORDHOEK-HEGT (Frederik, Hugo) et FORKER (Herbert), également nouveau président du conseil d'administration. Date d'effet : 9 septembre 2005.
Hide	06/07/2005	Bodacc B	Modifications et mutations diverses
1490 - RCS Thonon-les-Bains 796 080 851. RC 60-B 85. SICPA. Forme : S.A. Adresse du siège social : 13 route de Taninges,, 74100 Administration : ancien administrateur : DALOGLOU (Jean). Nouvel administrateur : SECHER (Jan). Date d'effet : 31 décembre 2003.
Hide	19/12/2003	Bodacc B	Modifications et mutations diverses
RCS Thonon-les-Bains 796080851 RC 60-B 85 SICPA. Forme : S.A. Capital : 7 650 000 euros. Adresse du siège social : 13 route de Taninges, 74100 Vétraz-Monthoux. Administration : nomination de ROSTAGNO ( Michel) en qualité d'administrateur. Ancien commissaire aux comptes suppléant : GUFFLET (Gilles). Nouveau commissaire aux comptes suppléant : S.A. PRICEWATERHOUSECOOPERS AUDIT. Date d'effet : 23 mai 2003.
Hide	10/12/2003	Bodacc B	Modifications et mutations diverses
RCS Thonon-les-Bains 796080851 RC 60-B 85 SICPA. Forme : S.A. Capital : 7 650 000 euros. Adresse du siège social : 13 route de Taninges, 74100 Vétraz-Monthoux. Administration : ancien directeur général et administrateur : DE SAINT- POL (Marc). Nouveau directeur général et administrateur : DESCAILLOT ( Philippe), ancien directeur général délégué. Date d'effet : 9 septembre 2003.
Hide	10/12/2003	Bodacc B	Modifications et mutations diverses
RCS Thonon-les-Bains 796080851 RC 60-B 85 SICPA. Forme : S.A. Capital : 7 650 000 euros. Adresse du siège social : 13 route de Taninges, 74100 Vétraz-Monthoux. Administration : nomination en qualité de directeur général délégué : DESCAILLOT (Philippe). Date d'effet : 2 avril 2003.
Hide	02/04/2003	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Thonon-les-Bains 796080851 RC 60-B 85 SICPA. Forme : S.A. Capital : 50 000 000 de F. Adresse : 13 route de Taninges, 74100 Annemasse Nouvelle situation du siège social. Capital : 7 650 000 euros. Administration : président du conseil d' administration partant : LOLIGER (Hans J.). Administrateur partant : AMON ( Philippe), à compter du 11 janvier 2001. Nouveau président du conseil d' administration : AMON (Maurice), ancien administrateur, à compter du 28 mars 2002. Date d'effet : 27 juin 2001.
Hide	16/10/2001	Bodacc A	Création d'établissement
RCS Thonon-les-Bains 796080851 A dater du: 26 septembre 2001 RC 01-B 00281 SICPA. Forme : S.A. Adresse du siège social : 13 route de Taninges, 74100 Vétraz-Montoux ETABLISSEMENT SECONDAIRE. Activité : distribution de machines, d' accessoires, d'encres d'imprimerie, de laques et de vernis destinés à l' industrie graphique. Adresse : 153 rue Grenette, 69400 Villefranche-sur-Saone Etablissement secondaire acquis par achat au prix stipulé de 403 694 F. Date d'effet : 21 mai 2001. Précédent propriétaire : SCIPA-SINCLAIR B.V. RCS Thonon-les-Bains 796080851 Publication légale: La Voix de l'Ain du 13 juillet 2001. Oppositions : au fonds pour la correspondance et à l'ancien lieu d' exploitation du fonds, Les Communaux, Villeneuve, 01480 Jassans-Riottier, pour la validité.
Hide	03/08/2001	Bodacc A	Création d'établissement
RCS Thonon-les-Bains B 796080851 A dater du: 12 juillet 2001 SICPA. Forme : S.A. Capital : 50 000 000 F. Adresse du siège social : 74100 Vétraz-Monthoux Etablissement principal: Activité : distribution de machines, d'accessoires, d'encre d'imprimerie, de laques, de vernis destinés à l'industrie. Adresse : Les Communaux, 01480 Villeneuve Etablissement principal acquis par achat au prix stipulé de 403 694 F. Date d'effet : 1 e r mars 2001. Précédent propriétaire : SICPA SINCLAIR B.V Publication légale: La Voix de l'Ain du 13 juillet 2001. Oppositions : au fonds pour la validité et 153 rue Grenette, 69400 Villefranche-sur-Saone pour la correspondance.
Hide	13/08/1998	Bodacc B	Modifications et mutations diverses
RCS Thonon-les-Bains B 796 080 851 RC 60-B 85 S.I.C.P.A. Forme : S.A. Capital : 50 000 000 de F (fixe). Adresse du siège social : 13 route de Taninges, 74100 Vetraz-Monthoux. Administration : ancien directeur général et administrateur : DELPON DE VISSEC (François) nouveau directeur général et administrateur : DE SAINT-POL (Marc) à compter du:31 décembre 1997 Ancien commissaire aux comptes suppléant : GORNET (Jacques) nouveau commissaire aux comptes suppléant : GUFFLET (Gilles). Date d'effet : 27 avril 1998.
Hide	14/10/1997	Bodacc B	Modifications et mutations diverses
RCS Thonon-les-Bains B 796 080 851 RC 60-B 85 SICPA. Forme : S.A. Capital : 50 000 000 de F. Adresse du siège social : 13 route de Taninges 74100 Vétraz- Monthoux. Administration : ancien président du conseil d'administration : AMON (Albert). Nouveau président du conseil d'administration : LOLIGER ( Hans) à compter du:28 avril 1997 Anciens administrateurs : AMON (Monique) et AMON (Philippe). Nouveaux administrateurs : LOLIGER (Hans) et DALOGLOU (Jean) à compter du:26 février 1997 Ancien commissaire aux comptes titulaire : CEREC. Nouveau commissaire aux comptes titulaire : COOPERS ET LYBRAND AUDIT. Date d'effet : 31 mars 1997.

Company events history

Date	Description
10/11/2017	Bodacc B: Various editing or changing
02/11/2017	Amendment
02/11/2017	New auditor
02/11/2017	Legal Gazette: Miscellaneous updates
29/08/2017	Bodacc C : Deposit accounts notice
25/08/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2016	New accounts available
30/12/2016	Bodacc A : Sale and transfer
25/11/2016	Legal Gazette: Activity or goodwill cession: Buyer
15/11/2016	Update Rating
15/11/2016	Update Limit
14/10/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
14/10/2016	Bodacc C : Deposit accounts notice
26/06/2016	Bodacc B: Various editing or changing
16/06/2016	Changes to the Board of Directors
16/06/2016	Amendment
16/06/2016	New chairman (CEO, CoB)
31/03/2016	Legal Gazette: Resignation / Revocation of the social representative
15/03/2016	Legal Gazette: Appointment of the social representative
31/12/2015	New accounts available
19/08/2015	Bodacc C : Deposit accounts notice
23/07/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
12/01/2015	Amendment
31/12/2014	New accounts available
13/11/2014	Bodacc B: Various editing or changing
08/11/2014	New subsidiarie(s) detected
08/11/2014	New ultimate parent
08/11/2014	New parent detected
16/10/2014	Amendment
16/10/2014	Changes to the Board of Directors
07/10/2014	Bodacc C : Deposit accounts notice
03/10/2014	Legal Gazette: Resignation / Revocation of the social representative
01/10/2014	Update Rating
01/10/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
30/09/2014	Legal Gazette: Appointment of the social representative
31/12/2013	New accounts available
27/08/2013	Bodacc C : Deposit accounts notice
27/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
01/01/2013	Formation of Establishment
31/12/2012	New accounts available
02/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
30/08/2012	Bodacc B: Various editing or changing
13/08/2012	New chairman (CEO, CoB)
13/08/2012	Amendment
27/07/2012	Legal Gazette: Resignation / Revocation of the social representative
05/07/2012	Bodacc C : Deposit accounts notice
27/04/2012	Legal Gazette: Appointment of the social representative
08/04/2012	Bodacc B: Various editing or changing
08/03/2012	Amendment
02/03/2012	Legal Gazette: Resignation / Revocation of the social representative
23/02/2012	Legal Gazette: Appointment of the social representative
31/12/2011	New accounts available
30/09/2011	Bodacc B: Various editing or changing
16/09/2011	Amendment
16/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
16/09/2011	New auditor
13/09/2011	Bodacc C : Deposit accounts notice
25/08/2011	Legal Gazette: Resignation / Revocation of the social representative
31/12/2010	New accounts available
10/11/2010	Collection of preferential rights activated for this company
28/10/2010	Bodacc B: Various editing or changing
15/10/2010	Changes to the Board of Directors
15/10/2010	Updated articles of association
15/10/2010	New legal form – new category
15/10/2010	New company name
15/10/2010	Minutes of general meeting of shareholders
15/10/2010	Audit or Management Report
11/10/2010	Bodacc C : Deposit accounts notice
25/06/2010	Legal Gazette: Appointment of the social representative
25/06/2010	Modification to Company Identifier
25/06/2010	Update of Company Name
25/06/2010	Update of Company Legal Form
15/01/2010	Bodacc B: Various editing or changing
31/12/2009	New accounts available
23/12/2009	Capital increase
23/12/2009	Updated articles of association
23/12/2009	Minutes of general meeting of shareholders
22/10/2009	Other modification of Establishment
04/10/2009	Bodacc B: Various editing or changing
18/09/2009	Amendment
18/09/2009	Changes to the Board of Directors
18/09/2009	Minutes of Board meeting
18/09/2009	Minutes of general meeting of shareholders
18/09/2009	New chairman (CEO, CoB)
26/08/2009	Bodacc C : Deposit accounts notice
02/08/2009	Bodacc B: Various editing or changing
02/07/2009	Changes to the Board of Directors
02/07/2009	Changes to the Board of Directors
02/07/2009	New chairman (CEO, CoB)
02/07/2009	New chairman (CEO, CoB)
02/07/2009	Private document
02/07/2009	Appointment/resignation of company officers
02/07/2009	Amendment
02/07/2009	Minutes of Board meeting
01/07/2009	Appointment/resignation of company officers
01/07/2009	Changes to the Board of Directors
01/07/2009	Changes to the Board of Directors
01/07/2009	Minutes of Board meeting
01/07/2009	Private document
01/07/2009	Amendment
01/07/2009	Amendment
31/12/2008	New accounts available
30/12/2008	Bodacc C : Deposit accounts notice
07/11/2008	New Bodacc B ads detected
07/11/2008	Bodacc B: Various editing or changing
08/07/2008	Minutes of general meeting of shareholders
08/07/2008	Minutes of Board meeting
08/07/2008	Changes to the Board of Directors
08/07/2008	Appointment/resignation of company officers
08/07/2008	Private document
08/07/2008	New chairman (CEO, CoB)
27/05/2008	Bodacc B: Various editing or changing
27/05/2008	New Bodacc B ads detected
14/02/2008	Appointment/resignation of company officers
14/02/2008	Changes to the Board of Directors
14/02/2008	Minutes of Board meeting
14/02/2008	Minutes of general meeting of shareholders
14/02/2008	Minutes of general meeting of shareholders
14/02/2008	New auditor
14/02/2008	New chairman (CEO, CoB)
14/02/2008	Private document
06/02/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
30/01/2006	Appointment/resignation of company officers
30/01/2006	Updated articles of association
30/01/2006	Private document
30/01/2006	New company name
30/01/2006	New chairman (CEO, CoB)
30/01/2006	New auditor
30/01/2006	Minutes of general meeting of shareholders
30/01/2006	Minutes of Board meeting
30/01/2006	Changes to the Board of Directors
30/01/2006	Amendment
31/12/2005	New accounts available
02/05/2005	Private document
02/05/2005	Minutes of general meeting of shareholders
02/05/2005	Minutes of Board meeting
02/05/2005	Appointment/resignation of company officers
02/05/2005	Amendment
02/05/2005	Changes to the Board of Directors
31/12/2004	New accounts available
20/11/2003	New auditor
20/11/2003	Minutes of general meeting of shareholders
20/11/2003	Changes to the Board of Directors
20/11/2003	Appointment/resignation of company officers
20/11/2003	Amendment
20/11/2003	Private document
07/11/2003	Amendment
07/11/2003	Appointment/resignation of company officers
07/11/2003	Changes to the Board of Directors
07/11/2003	Private document
07/11/2003	Minutes of Board meeting
12/02/2003	Minutes of general meeting of shareholders
12/02/2003	New chairman (CEO, CoB)
12/02/2003	Amendment
12/02/2003	Private document
12/02/2003	Updated articles of association
12/02/2003	Capital increase
12/02/2003	Changes to the Board of Directors
12/02/2003	Conversion of equity to euro
12/02/2003	Minutes of Board meeting
12/02/2003	Appointment/resignation of company officers
25/06/1998	New auditor
25/06/1998	Minutes of general meeting of shareholders
25/06/1998	Minutes of Board meeting
25/06/1998	Changes to the Board of Directors
25/06/1998	Appointment/resignation of company officers
25/06/1998	Private document
02/09/1997	Private document
02/09/1997	New auditor
02/09/1997	Minutes of general meeting of shareholders
02/09/1997	Minutes of Board meeting
02/09/1997	Changes to the Board of Directors
02/09/1997	Appointment/resignation of company officers
02/09/1997	Amendment
02/09/1997	New chairman (CEO, CoB)

Establishment events history

Date	Description
31/03/2016	Update of phone numbers
01/01/2013	Modification of Head office
25/06/2010	Modification of Head office

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	24/08/2017	13/10/2016	22/07/2015
Activity Code	2030Z	2030Z	2030Z
Employees	280	13	325

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	28,444,491 28,444 K	18.1%	24,091,980 24,092 K	9.8%	21,938,033 21,938 K	6,501,929.90 6,501.93 K	337.5%	384,558 385 K	7296.7%
Intangible assets	3,289,409 3,289 K	351.7%	728,184 728 K	-34.7%	1,115,632 1,116 K	1,297,425.88 1,297.43 K	153.5%	25,138 25 K	12985.7%
Tangible assets	25,155,080 25,155 K	7.7%	23,358,396 23,358 K	12.2%	20,812,023 20,812 K	1,918,158.24 1,918.16 K	1211.4%	224,020 224 K	11129.0%
Financial assets	0 0 K	0%	5,400 5 K	-48.0%	10,375 10 K	3,291,237.60 3,291.24 K	0%	8,620 9 K	0%
Net current assets	33,528,103 33,528 K	-19.7%	41,758,916 41,759 K	12.0%	37,287,499 37,287 K	8,006,743.48 8,006.74 K	318.7%	1,909,830 1,910 K	1655.6%
Stocks	7,549,405 7,549 K	-7.5%	8,165,819 8,166 K	-16.0%	9,716,804 9,717 K	1,798,779.83 1,798.78 K	319.7%	487,027 487 K	1450.1%
Advanced payments	830,250 830 K	863.1%	86,205 86 K	-85.6%	597,858 598 K	15,581.57 15.58 K	5228.4%	0 0 K	0%
Receivables	22,967,101 22,967 K	-14.7%	26,923,778 26,924 K	11.7%	24,098,682 24,099 K	5,205,004.34 5,205.00 K	341.3%	703,190 703 K	3166.1%
Securities and cash	2,181,343 2,181 K	-66.9%	6,583,110 6,583 K	129.0%	2,874,151 2,874 K	987,004.38 987.00 K	121.0%	154,367 154 K	1313.1%
Prepaid expenses	- -	-	- -	-	- -	4,102.13 4.10 K	-	610 1 K	-
Accounts of regularization	0 0 K	0%	0 0 K	0%	0 0 K	14,202.28 14.20 K	0%	0 0 K	0%
Total Assets	61,972,590 61,973 K	-5.9%	65,850,897 65,851 K	11.2%	59,225,533 59,226 K	14,521,584.65 14,521.58 K	326.8%	2,322,885 2,323 K	2567.9%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Shareholders' equity	22,962,431 22,962 K	21.1%	18,968,463 18,968 K	25.6%	15,099,963 15,100 K	6,504,094.89 6,504.09 K	253.0%	876,744 877 K	2519.1%
Share capital	16,830,000 16,830 K	0%	16,830,000 16,830 K	0%	16,830,000 16,830 K	2,188,669.94 2,188.67 K	669.0%	227,172 227 K	7308.5%
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	33,786.22 33.79 K	0%	0 0 K	0%
Risk Provisions	2,073,916 2,074 K	-52.7%	4,381,101 4,381 K	-27.6%	6,052,884 6,053 K	530,919.47 530.92 K	290.6%	0 0 K	0%
Liabilities	36,936,244 36,936 K	-13.1%	42,501,329 42,501 K	11.6%	38,072,682 38,073 K	7,448,093.59 7,448.09 K	395.9%	944,831 945 K	3809.3%
Financial liabilities	10,985,102 10,985 K	-25.9%	14,816,818 14,817 K	33.7%	11,085,102 11,085 K	3,048,515.88 3,048.52 K	260.3%	125,860 126 K	8628.1%
Advanced payments received	0 0 K	0%	0 0 K	0%	0 0 K	8,348.99 8.35 K	0%	0 0 K	0%
Trade account payables	14,753,588 14,754 K	-7.6%	15,966,059 15,966 K	8.8%	14,674,134 14,674 K	2,248,468.25 2,248.47 K	556.2%	389,402 389 K	3688.8%
Tax and social liabilities	6,040,970 6,041 K	-11.3%	6,809,328 6,809 K	-8.8%	7,468,892 7,469 K	1,080,332.33 1,080.33 K	459.2%	191,581 192 K	3053.2%
Other debts and fixed assets liabilities	5,156,584 5,157 K	5.0%	4,909,124 4,909 K	1.3%	4,844,554 4,845 K	1,155,756.36 1,155.76 K	346.2%	41,550 42 K	12310.7%
Account regularization	0 0 K	0%	0 0 K	0%	0 0 K	13,910.06 13.91 K	0%	0 0 K	0%
Total liabilities	61,972,593 61,973 K	-5.9%	65,850,897 65,851 K	11.2%	59,225,533 59,226 K	14,521,584.74 14,521.58 K	326.8%	2,322,885 2,323 K	2567.9%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sales of Goods	108,913,943 108,914 K	-0.6%	109,529,454 109,529 K	9.9%	99,687,289 99,687 K	17,799,634.98 17,799.63 K	511.9%	3,084,000 3,084 K	3431.6%
Net turnover	107,785,357 107,785 K	-1.3%	109,220,527 109,221 K	-1.8%	111,194,278 111,194 K	17,440,244.01 17,440.24 K	518.0%	3,062,817 3,063 K	3419.2%
of which net export turnover	55,759,067 55,759 K	0.9%	55,264,933 55,265 K	-0.8%	55,715,035 55,715 K	4,884,439.65 4,884.44 K	1041.6%	30,416 30 K	183221.5%
Operating charges	105,775,092 105,775 K	-3.0%	109,023,346 109,023 K	10.0%	99,087,993 99,088 K	16,609,759.96 16,609.76 K	536.8%	3,011,749 3,012 K	3412.1%
Operating profit/loss	3,138,851 3,139 K	520.2%	506,108 506 K	-15.5%	599,293 599 K	1,189,875.01 1,189.88 K	163.8%	78,517 79 K	3897.7%
Financial income	32,275 32 K	-81.0%	169,650 170 K	312.7%	41,109 41 K	335,631.56 335.63 K	-90.4%	1,437 1 K	2146.0%
Financial charges	506,531 507 K	-15.9%	602,606 603 K	-40.7%	1,016,055 1,016 K	225,352.60 225.35 K	124.8%	8,612 9 K	5782.0%
Financial profit/loss	-474,256 -474 K	-9.5%	-432,956 -433 K	55.6%	-974,946 -975 K	110,278.98 110.28 K	-530.1%	-2,904 -3 K	-16231.1%
Pretax net operating income	2,664,595 2,665 K	3542.5%	73,152 73 K	119.5%	-375,650 -376 K	1,296,941.57 1,296.94 K	105.5%	66,276 66 K	3920.5%
Extraordinary income	4,280,824 4,281 K	-38.0%	6,899,855 6,900 K	352.5%	1,524,784 1,525 K	167,027.82 167.03 K	2462.9%	6,060 6 K	70546.5%
Extraordinary charges	2,555,728 2,556 K	5.2%	2,429,397 2,429 K	-70.6%	8,259,240 8,259 K	195,655.10 195.66 K	1206.2%	4,086 4 K	62456.1%
Extraordinary profit/loss	1,725,096 1,725 K	-61.4%	4,470,458 4,470 K	166.4%	-6,734,456 -6,734 K	-28,627.28 -28.63 K	6126.1%	0 0 K	0%
Net result	4,477,247 4,477 K	-4.1%	4,671,003 4,671 K	167.8%	-6,888,592 -6,889 K	879,258.34 879.26 K	409.2%	78,473 78 K	5605.5%

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	61,972,590 61,973 K	-5.9%	65,850,897 65,851 K	11.2%	59,225,533 59,226 K
Gross	CO	98,421,804 98,422 K	-4.0%	102,495,796 102,496 K	7.8%	95,069,787 95,070 K
Amortisation	1A	36,449,214 36,449 K	-0.5%	36,644,902 36,645 K	2.2%	35,844,254 35,844 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	28,444,491 28,444 K	18.1%	24,091,980 24,092 K	9.8%	21,938,033 21,938 K
Gross	BJ	63,688,683 63,689 K	7.4%	59,316,443 59,316 K	5.1%	56,439,361 56,439 K
Amortisation	BK	35,244,192 35,244 K	0.1%	35,224,462 35,224 K	2.1%	34,501,327 34,501 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	2,514,167 2,514 K	397.5%	505,317 505 K	-15.1%	595,512 596 K
Gross	AF	3,227,861 3,228 K	30.1%	2,481,845 2,482 K	10.0%	2,255,865 2,256 K
Amortisation	AG	713,693 714 K	-63.9%	1,976,528 1,977 K	19.0%	1,660,352 1,660 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	775,242 775 K	247.8%	222,867 223 K	-57.2%	520,120 520 K
Gross	AJ	5,055,279 5,055 K	16.2%	4,349,783 4,350 K	4.5%	4,161,997 4,162 K
Amortisation	AK	4,280,036 4,280 K	3.7%	4,126,916 4,127 K	13.3%	3,641,876 3,642 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	3,289,409 3,289 K	351.7%	728,184 728 K	-34.7%	1,115,632 1,116 K

Tangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Lands	Net	2,822,596 2,823 K	0.3%	2,813,150 2,813 K	-3.7%	2,922,406 2,922 K
Gross	AN	4,128,676 4,129 K	3.0%	4,009,189 4,009 K	0%	4,009,189 4,009 K
Amortisation	AO	1,306,080 1,306 K	9.2%	1,196,039 1,196 K	10.1%	1,086,782 1,087 K
Buildings	Net	8,230,616 8,231 K	-1.9%	8,389,014 8,389 K	2.3%	8,197,362 8,197 K
Gross	AP	18,354,232 18,354 K	2.7%	17,868,331 17,868 K	4.6%	17,079,766 17,080 K
Amortisation	AQ	10,123,616 10,124 K	6.8%	9,479,317 9,479 K	6.7%	8,882,403 8,882 K
Plant	Net	12,707,044 12,707 K	28.7%	9,875,019 9,875 K	65.2%	5,978,924 5,979 K
Gross	AR	29,962,100 29,962 K	11.6%	26,837,208 26,837 K	12.9%	23,781,081 23,781 K
Amortisation	AS	17,255,056 17,255 K	1.7%	16,962,189 16,962 K	-4.7%	17,802,157 17,802 K
Other tangible fixed assets	Net	483,222 483 K	163.1%	183,652 184 K	-22.1%	235,628 236 K
Gross	AT	2,048,933 2,049 K	22.9%	1,667,123 1,667 K	0.2%	1,663,382 1,663 K
Amortisation	AU	1,565,711 1,566 K	5.5%	1,483,471 1,483 K	3.9%	1,427,754 1,428 K
Fixed assets in construction	Net	911,602 912 K	-56.5%	2,097,561 2,098 K	-39.7%	3,477,703 3,478 K
Gross	AV	911,602 912 K	-56.5%	2,097,561 2,098 K	-39.7%	3,477,703 3,478 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	25,155,080 25,155 K	7.7%	23,358,396 23,358 K	12.2%	20,812,023 20,812 K

Financial assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Associates at equity	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CS	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CT	0 0 K	0%	0 0 K	0%	0 0 K
Other participations	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CU	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CV	0 0 K	0%	0 0 K	0%	0 0 K
Inter-company receivables	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BC	0 0 K	0%	0 0 K	0%	0 0 K
Other investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BE	0 0 K	0%	0 0 K	0%	0 0 K
Loans	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BF	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	0 0 K	0%	5,400 5 K	-48.0%	10,375 10 K
Gross	BH	0 0 K	0%	5,400 5 K	-48.0%	10,375 10 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	0 0 K	0%	5,400 5 K	-48.0%	10,375 10 K

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	33,528,103 33,528 K	-19.7%	41,758,916 41,759 K	12.0%	37,287,499 37,287 K
Gross	CJ	34,733,125 34,733 K	-19.6%	43,179,356 43,179 K	11.8%	38,630,426 38,630 K
Amortisation	CK	1,205,022 1,205 K	-15.2%	1,420,439 1,420 K	5.8%	1,342,926 1,343 K

Stocks

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Raw materials	Net	2,901,737 2,902 K	-4.1%	3,026,382 3,026 K	-10.0%	3,361,533 3,362 K
Gross	BL	3,057,199 3,057 K	-6.0%	3,252,700 3,253 K	-8.0%	3,533,839 3,534 K
Amortisation	BM	155,462 155 K	-31.3%	226,318 226 K	31.3%	172,306 172 K
Work in progress (goods)	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BN	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BO	0 0 K	0%	0 0 K	0%	0 0 K
Work in progress (services)	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BP	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BQ	0 0 K	0%	0 0 K	0%	0 0 K
Semi-finished and finished products	Net	2,634,020 2,634 K	-8.7%	2,884,922 2,885 K	-32.6%	4,282,071 4,282 K
Gross	BR	2,916,806 2,917 K	-9.7%	3,229,692 3,230 K	-33.7%	4,868,390 4,868 K
Amortisation	BS	282,786 283 K	-18.0%	344,770 345 K	-41.2%	586,319 586 K
Goods for resale	Net	2,013,648 2,014 K	-10.7%	2,254,515 2,255 K	8.7%	2,073,200 2,073 K
Gross	BT	2,099,976 2,100 K	-11.8%	2,380,811 2,381 K	9.5%	2,174,449 2,174 K
Amortisation	BU	86,328 86 K	-31.6%	126,296 126 K	24.7%	101,248 101 K
Sub Total Stocks	Net	7,549,405 7,549 K	-7.5%	8,165,819 8,166 K	-16.0%	9,716,804 9,717 K

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	830,250 830 K	863.1%	86,205 86 K	-85.6%	597,858 598 K
Gross	BV	830,250 830 K	863.1%	86,205 86 K	-85.6%	597,858 598 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	19,927,145 19,927 K	-16.8%	23,940,834 23,941 K	12.1%	21,348,151 21,348 K
Gross	BX	20,607,591 20,608 K	-16.4%	24,663,890 24,664 K	13.0%	21,831,204 21,831 K
Amortisation	BY	680,446 680 K	-5.9%	723,055 723 K	49.7%	483,053 483 K
Other debtors	Net	3,030,743 3,031 K	2.6%	2,952,568 2,953 K	7.7%	2,741,953 2,742 K
Gross	BZ	3,030,743 3,031 K	2.6%	2,952,568 2,953 K	7.7%	2,741,953 2,742 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	22,957,888 22,958 K	-14.6%	26,893,402 26,893 K	11.6%	24,090,104 24,090 K

Divers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CE	0 0 K	0%	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	2,181,343 2,181 K	-66.9%	6,583,110 6,583 K	129.0%	2,874,151 2,874 K
Gross	CF	2,181,343 2,181 K	-66.9%	6,583,110 6,583 K	129.0%	2,874,151 2,874 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	2,181,343 2,181 K	-66.9%	6,583,110 6,583 K	129.0%	2,874,151 2,874 K

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	9,213 9 K	-69.7%	30,376 30 K	254.1%	8,578 9 K
Gross	CH	9,213 9 K	-69.7%	30,376 30 K	254.1%	8,578 9 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Expenses of loan issue to be spread	CW3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Premiums on redemption of bonds	CM3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Currency differential gain	CN3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Due within one year	CP	0 0 K	0%	0 0 K	0%	10,375 10 K
Due after one year	CR	0 0 K	0%	0 0 K	0%	1,546,425 1,546 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	61,972,593 61,973 K	-5.9%	65,850,897 65,851 K	11.2%	59,225,533 59,226 K

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	22,962,431 22,962 K	21.1%	18,968,463 18,968 K	25.6%	15,099,963 15,100 K
Equity and shareholders' equity	DA	16,830,000 16,830 K	0%	16,830,000 16,830 K	0%	16,830,000 16,830 K
Issue and merger premiums	DB	918,000 918 K	0%	918,000 918 K	0%	918,000 918 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	765,000 765 K	0%	765,000 765 K	0%	765,000 765 K
Statutory or contractual reserve	DE	0 0 K	0%	0 0 K	0%	0 0 K
Special regulated reserves	DF	0 0 K	0%	0 0 K	0%	0 0 K
Of which special reserve of provisions for current fluctuation	B1	0 0 K	0%	0 0 K	0%	0 0 K
Other reserves	DG	0 0 K	0%	0 0 K	0%	0 0 K
Of which reserve for buying originals works from alive artists	EJ	0 0 K	0%	0 0 K	0%	0 0 K
Profits or losses brought forward	DH	-9,869,093 -9,869 K	32.1%	-14,540,097 -14,540 K	-90.0%	-7,651,504 -7,652 K
Profit or loss for the period	DI	4,477,247 4,477 K	-4.1%	4,671,003 4,671 K	167.8%	-6,888,592 -6,889 K
Investment grants	DJ	0 0 K	0%	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	9,841,277 9,841 K	-4.7%	10,324,557 10,325 K	-7.2%	11,127,060 11,127 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	2,073,916 2,074 K	-52.7%	4,381,101 4,381 K	-27.6%	6,052,884 6,053 K
Risk provisions	DP	70,000 70 K	24.0%	56,429 56 K	-46.2%	104,804 105 K
Reserves for charges	DQ	2,003,916 2,004 K	-53.7%	4,324,672 4,325 K	-27.3%	5,948,080 5,948 K

Liabilities (IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Liabilities (Total IV)	EC	36,936,244 36,936 K	-13.1%	42,501,329 42,501 K	11.6%	38,072,682 38,073 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%	1,231,716 1,232 K	0%	0 0 K
Sundry loans and financial liabilities	DV	10,985,102 10,985 K	-19.1%	13,585,102 13,585 K	22.6%	11,085,102 11,085 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	0 0 K	0%	0 0 K	0%	0 0 K
Trade accounts payables	DX	14,753,588 14,754 K	-7.6%	15,966,059 15,966 K	8.8%	14,674,134 14,674 K
Tax and social security liabilities	DY	6,040,970 6,041 K	-11.3%	6,809,328 6,809 K	-8.8%	7,468,892 7,469 K
Fixed asset liabilities	DZ	535,739 536 K	17.8%	454,746 455 K	-6.3%	485,345 485 K
Other debts	EA	4,620,845 4,621 K	3.7%	4,454,378 4,454 K	2.2%	4,359,209 4,359 K

Translation loss (V)

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

Equalization accounts

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

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	25,951,144 25,951 K	0%	0 0 K	0%	26,987,582 26,988 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	3,138,851 3,139 K	520.2%	506,108 506 K	-15.5%	599,293 599 K

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	-474,256 -474 K	-9.5%	-432,956 -433 K	55.6%	-974,946 -975 K

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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	2,664,595 2,665 K	3542.5%	73,152 73 K	119.5%	-375,650 -376 K

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	1,725,096 1,725 K	-61.4%	4,470,458 4,470 K	166.4%	-6,734,456 -6,734 K

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	4,477,247 4,477 K	-4.1%	4,671,003 4,671 K	167.8%	-6,888,592 -6,889 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	113,227,042 113,227 K	-2.9%	116,598,959 116,599 K	15.2%	101,253,184 101,253 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	108,749,792 108,750 K	-2.8%	111,927,957 111,928 K	3.5%	108,141,776 108,142 K

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	108,913,943 108,914 K	-0.6%	109,529,454 109,529 K	9.9%	99,687,289 99,687 K

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Sale of goods for resale	FC	4,106,675 4,107 K	-15.9%	4,883,900 4,884 K	7.6%	4,538,384 4,538 K
France	FA	2,159,484 2,159 K	-22.6%	2,789,486 2,789 K	5.1%	2,654,962 2,655 K
Export	FB	1,947,190 1,947 K	-7.0%	2,094,414 2,094 K	11.2%	1,883,422 1,883 K
Sale of goods produced	FF	95,272,451 95,272 K	-0.9%	96,102,932 96,103 K	-4.1%	100,200,560 100,201 K
France	FD	49,827,720 49,828 K	-2.6%	51,137,346 51,137 K	-2.9%	52,656,213 52,656 K
Export	FE	45,444,731 45,445 K	1.1%	44,965,586 44,966 K	-5.4%	47,544,347 47,544 K
Sale of services	FI	8,406,232 8,406 K	2.1%	8,233,695 8,234 K	27.5%	6,455,334 6,455 K
France	FG	39,085 39 K	35.9%	28,762 29 K	-82.9%	168,068 168 K
Export	FH	8,367,146 8,367 K	2.0%	8,204,933 8,205 K	30.5%	6,287,266 6,287 K
Net turnover	FL	107,785,357 107,785 K	-1.3%	109,220,527 109,221 K	-1.8%	111,194,278 111,194 K
France	FJ	52,026,289 52,026 K	-3.6%	53,955,594 53,956 K	-2.7%	55,479,243 55,479 K
Export	FK	55,759,067 55,759 K	0.9%	55,264,933 55,265 K	-0.8%	55,715,035 55,715 K
Stocked production	FM	-312,885 -313 K	80.9%	-1,638,697 -1,639 K	87.5%	-13,154,449 -13,154 K
Self-constructed assets	FN	221,913 222 K	-34.9%	340,687 341 K	0%	0 0 K
Operating grants	FO	0 0 K	0%	0 0 K	0%	0 0 K
Release of reserves and provisions	FP	454,103 454 K	-19.2%	562,138 562 K	-12.2%	640,597 641 K
Other income	FQ	765,455 765 K	-26.7%	1,044,799 1,045 K	3.8%	1,006,863 1,007 K

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	105,775,092 105,775 K	-3.0%	109,023,346 109,023 K	10.0%	99,087,993 99,088 K

Exploitation charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Purchase of goods for resale	FS	0 0 K	0%	0 0 K	0%	0 0 K
Change in stocks of goods for resale	FT	280,835 281 K	236.1%	-206,362 -206 K	-104.8%	4,280,769 4,281 K
Purchase of raw materials	FU	63,210,934 63,211 K	-0.7%	63,667,602 63,668 K	-2.8%	65,505,047 65,505 K
Change in stocks of raw materials	FV	180,280 180 K	-35.9%	281,139 281 K	101.7%	-16,808,703 -16,809 K
Other external purchases and charges	FW	13,657,737 13,658 K	-14.7%	16,005,273 16,005 K	4.5%	15,315,366 15,315 K
Tax, duty and similar payments	FX	1,959,529 1,960 K	1.7%	1,927,522 1,928 K	-6.5%	2,062,300 2,062 K
Payroll	FY	13,865,258 13,865 K	-4.3%	14,490,562 14,491 K	-8.5%	15,838,823 15,839 K
Social security costs	FZ	6,159,851 6,160 K	-4.7%	6,466,184 6,466 K	-8.2%	7,044,238 7,044 K

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	3,293,038 3,293 K	5.0%	3,137,212 3,137 K	-3.4%	3,247,082 3,247 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	0 0 K	0%	299,521 300 K	318.4%	71,582 72 K
Provisions for risks and charges	GD	236,000 236 K	-76.2%	990,658 991 K	776.5%	113,030 113 K

Other charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Other charges	GE	2,931,630 2,932 K	49.3%	1,964,035 1,964 K	-18.8%	2,418,459 2,418 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	32,275 32 K	-81.0%	169,650 170 K	312.7%	41,109 41 K
Share financial income	GJ	0 0 K	0%	0 0 K	0%	0 0 K
Other investment income & capitalised receivables	GK	0 0 K	0%	0 0 K	0%	0 0 K
Other interest and similar income	GL	0 0 K	0%	0 0 K	0%	0 0 K
Released provisions and transferred charges	GM	0 0 K	0%	0 0 K	0%	0 0 K
Exchange gains	GN	32,275 32 K	-81.0%	169,650 170 K	312.7%	41,108 41 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	506,531 507 K	-15.9%	602,606 603 K	-40.7%	1,016,055 1,016 K
Financial reserves and provisions	GQ	0 0 K	0%	0 0 K	0%	0 0 K
Interest and similar charges	GR	482,796 483 K	-10.7%	540,537 541 K	-44.0%	965,045 965 K
Exchange losses	GS	23,735 24 K	-61.8%	62,069 62 K	21.7%	51,009 51 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	4,280,824 4,281 K	-38.0%	6,899,855 6,900 K	352.5%	1,524,784 1,525 K
Extraordinary operating income	HA	84,745 85 K	-83.8%	524,386 524 K	3645.1%	14,002 14 K
Extraordinary income from capital transactions	HB	10,470 10 K	-99.5%	2,215,798 2,216 K	266.9%	603,847 604 K
Released provisions and transferred charges	HC	4,185,609 4,186 K	0.6%	4,159,671 4,160 K	358.7%	906,934 907 K

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary charges (Total VIII)	HH	2,555,728 2,556 K	5.2%	2,429,397 2,429 K	-70.6%	8,259,240 8,259 K
Extraordinary operating charges	HE	55 0 K	-99.3%	7,368 7 K	-89.1%	67,821 68 K
Extraordinary charges from capital transactions	HF	2,146,336 2,146 K	9.8%	1,955,527 1,956 K	161.4%	748,133 748 K
Extraordinary reserves and provisions	HG	409,337 409 K	-12.3%	466,502 467 K	-93.7%	7,443,286 7,443 K

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Tax on profits (Total X)	HK	-87,559 -88 K	31.3%	-127,392 -127 K	42.5%	-221,516 -222 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%	322,238 322 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%	1,006,863 1,007 K
Of which royalties on licences and patents (charges)	A4	0 0 K	0%	0 0 K	0%	2,388,503 2,389 K

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

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

Research and development Charge (Total I)

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

Other budget item from Intangible fixed assets (Total II)

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

Tangible fixed assets (Total III)

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

Financial assets (Total IV)

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

Reserve for depreciation

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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Reserve for depreciation value at begin of period	ON	0 0 K	0%	0 0 K	0%	0 0 K
Increases	OP	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	OQ	0 0 K	0%	0 0 K	0%	0 0 K
Reserve for depreciation value at the end of period	OR	0 0 K	0%	0 0 K	0%	0 0 K

Research and development charge (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Reserve for depreciation value at begin of period	CY	0 0 K	0%	0 0 K	0%	0 0 K
Increases	PB	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	PC	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PD	0 0 K	0%	0 0 K	0%	0 0 K

Other intangible assets (Total II)

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

Total fixed assets amotisation (Total III)

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

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	Z91	0 0 K	0%	0 0 K	0%	0 0 K
Increases	Z92	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	Z9	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	B1	0 0 K	0%	0 0 K	0%	0 0 K

Premium refund of obligations

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

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7C	0 0 K	0%	18,806,719 18,807 K	42.7%	13,180,350 13,180 K
Increases	UB	0 0 K	0%	1,756,681 1,757 K	-77.0%	7,627,898 7,628 K
Decreases	UC	0 0 K	0%	4,437,301 4,437 K	272.2%	1,192,028 1,192 K
Value at the end of period	UD	0 0 K	0%	16,126,099 16,126 K	-17.8%	19,616,219 19,616 K

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	0 0 K	0%	1,756,681 1,757 K	851.6%	184,612 185 K
Financial	UG	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UJ	0 0 K	0%	0 0 K	0%	7,443,286 7,443 K

Includes Total Withdrawal

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UF	0 0 K	0%	4,437,301 4,437 K	12161.8%	36,188 36 K
Financial	UH	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UK	0 0 K	0%	0 0 K	0%	906,934 907 K

Total regulated provisions (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	3Z	0 0 K	0%	11,127,062 11,127 K	-2.3%	11,384,793 11,385 K
Increases	TS	0 0 K	0%	466,502 467 K	-24.7%	619,204 619 K
Decreases	TT	0 0 K	0%	1,269,005 1,269 K	44.7%	876,935 877 K
Value at the end of period	TU	0 0 K	0%	10,324,559 10,325 K	-7.2%	11,127,062 11,127 K

Total risk and charge provisions (Total II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	5Z	0 0 K	0%	6,052,884 6,053 K	1140.3%	488,024 488 K
Increases	TV	0 0 K	0%	990,658 991 K	-83.1%	5,877,030 5,877 K
Decreases	TW	0 0 K	0%	2,662,441 2,662 K	854.6%	278,905 279 K
Value at the end of period	TX	0 0 K	0%	4,381,101 4,381 K	-28.0%	6,086,149 6,086 K

Total Provision for depreciation (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7B	0 0 K	0%	1,626,773 1,627 K	24.4%	1,307,533 1,308 K
Increases	TY	0 0 K	0%	299,521 300 K	-73.5%	1,131,664 1,132 K
Decreases	TZ	0 0 K	0%	505,855 506 K	1297.8%	36,189 36 K
Value at the end of period	UA	0 0 K	0%	1,420,439 1,420 K	-40.9%	2,403,008 2,403 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	0 0 K	0%	0 0 K	0%	24,592,110 24,592 K
1 year at most	VU	0 0 K	0%	0 0 K	0%	24,581,745 24,582 K
More than one year	VV	0 0 K	0%	0 0 K	0%	10,365 10 K

State of loans

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Claims related to holdings (gross)	UL	0 0 K	0%	0 0 K	0%	0 0 K
Claims related to shareholdings (1 year at most)	UM	0 0 K	0%	0 0 K	0%	0 0 K
Loans (gross)	UP	0 0 K	0%	0 0 K	0%	0 0 K
Loans (1 year at most)	UR	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets (gross)	UT	0 0 K	0%	0 0 K	0%	10,375 10 K
Other financial assets (1 year at most)	UV	0 0 K	0%	0 0 K	0%	10 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	0 0 K	0%	0 0 K	0%	21,831,204 21,831 K
Receivables represent Loaned Securities	UU	0 0 K	0%	0 0 K	0%	0 0 K
Provision for depreciation previously established	UQ	0 0 K	0%	0 0 K	0%	0 0 K
Personnel and associated accounts	UY	0 0 K	0%	0 0 K	0%	2,739,413 2,739 K
Social Security and other social organizations	UZ	0 0 K	0%	0 0 K	0%	0 0 K
Income taxes	VM	0 0 K	0%	0 0 K	0%	1,546 2 K
Value added tax	VB	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and payments assimilated	VN	0 0 K	0%	0 0 K	0%	0 0 K
State and other public - Miscellaneous	VP	0 0 K	0%	0 0 K	0%	0 0 K
Group and Associates	VC	0 0 K	0%	0 0 K	0%	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	0 0 K	0%	0 0 K	0%	994 1 K

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	0 0 K	0%	0 0 K	0%	8,578 9 K

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	0 0 K	0%	0 0 K	0%	38,072,682 38,073 K
1 year at most	VZ2	0 0 K	0%	0 0 K	0%	38,072,682 38,073 K
More than 1 year and 5 years at most	VZ3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	VZ4	0 0 K	0%	0 0 K	0%	0 0 K

Details

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Convertible bonds (gross)	7Y1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Y2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Y3	0 0 K	0%	0 0 K	0%	0 0 K
Other bonds (gross)	7Z1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Z2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Z3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VG2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VG3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VH2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VH3	0 0 K	0%	0 0 K	0%	0 0 K
Loans and various financial liabilities (gross)	8A1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8A2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8A3	0 0 K	0%	0 0 K	0%	0 0 K
Suppliers and associated accounts (gross)	8B1	0 0 K	0%	0 0 K	0%	14,674,134 14,674 K
1 year at most	8B2	0 0 K	0%	0 0 K	0%	14,674,134 14,674 K
More than 1 year and 5 years at most	8B3	0 0 K	0%	0 0 K	0%	14,674,134 14,674 K
Personnel and associated accounts (gross)	8C1	0 0 K	0%	0 0 K	0%	7,466,752 7,467 K
1 year at most	8C2	0 0 K	0%	0 0 K	0%	7,466,752 7,467 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	0 0 K	0%	0 0 K	0%	2,140 2 K
1 year at most	8D2	0 0 K	0%	0 0 K	0%	2,140 2 K
More than 1 year and 5 years at most	8D3	0 0 K	0%	0 0 K	0%	0 0 K
Taxes on profits (gross)	8E1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8E2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8E3	0 0 K	0%	0 0 K	0%	0 0 K
VAT (Gross)	VW1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VW2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VW3	0 0 K	0%	0 0 K	0%	0 0 K
Backed Obligations (gross)	VX1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VX2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VX3	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and assimilated (gross)	VQ1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VQ2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VQ3	0 0 K	0%	0 0 K	0%	0 0 K
Assets and liabilities associated accounts (gross)	8J1	0 0 K	0%	0 0 K	0%	485,345 485 K
1 year at most	8J2	0 0 K	0%	0 0 K	0%	485,345 485 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%	11,085,102 11,085 K
1 year at most	VI2	0 0 K	0%	0 0 K	0%	11,085,102 11,085 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	0 0 K	0%	0 0 K	0%	4,359,209 4,359 K
1 year at most	8K2	0 0 K	0%	0 0 K	0%	4,359,209 4,359 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%	0 0 K	0%	0 0 K
1 year at most	8L2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8L3	0 0 K	0%	0 0 K	0%	0 0 K

References

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

Table allocation results and other information

Dividends distributed

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

Commitments

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Commitments leasing furniture	YQ	0 0 K	0%	0 0 K	0%	0 0 K
Commitments Real Estate Leasing	YR	0 0 K	0%	0 0 K	0%	0 0 K
Effects brought to the discount and unmatured	YS	0 0 K	0%	0 0 K	0%	0 0 K

Other charges Externes

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Subcontracting	YT	0 0 K	0%	0 0 K	0%	0 0 K
Rentals, rental charges and condominiums	XQ	0 0 K	0%	0 0 K	0%	0 0 K
Staff outside the company	YU	0 0 K	0%	0 0 K	0%	0 0 K
Remuneration intermediaries and fees (excluding fees)	SS	0 0 K	0%	0 0 K	0%	0 0 K
Fees, commissions and brokerage	YV	0 0 K	0%	0 0 K	0%	0 0 K
Other accounts	ST	0 0 K	0%	0 0 K	0%	0 0 K
Total Other purchases and external	ZJ	0 0 K	0%	0 0 K	0%	0 0 K

Taxes and Fees

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Business tax	YW	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and payments assimilated	9Z	0 0 K	0%	0 0 K	0%	0 0 K
Total taxes and fees	YX	0 0 K	0%	0 0 K	0%	0 0 K

VAT

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Amount VAT collected	YY	0 0 K	0%	0 0 K	0%	0 0 K
Total VAT on goods and services	YZ	0 0 K	0%	0 0 K	0%	0 0 K

Average number of employees

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Average number of employees	YP	280 0 K	2053.8%	13 0 K	-96.0%	325 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

0.11

20%

0.08

40%

0.07

40%

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	1.12	-9.7%	1.24	5.1%	1.18	2.57	-56.4%	1.70	-34.1%
Global Debt	123 days	-12.1%	140 days	13.8%	123 days	258.50 days	-52.4%	103 days	19.4%
Working Capital Fund overall net	25 days	-45.7%	46 days	39.4%	33 days	712.65 days	-96.5%	102 days	-75.4%
Financial independence	209.03 %	63.3%	128.02 %	-6.0%	136.22 %	17,052.40 %	-98.8%	384.38 %	-45.6%
Solvability	37.05 %	28.6%	28.81 %	13.0%	25.50 %	30.22 %	22.6%	48.09 %	-23.0%
Capacity debt futures	-	-	-	-	-	287,820.32 %	-	2,411.67 %	-
Coverage of current assets by net working capital overall	21.82 %	-33.1%	32.62 %	22.3%	26.67 %	40.39 %	-46.0%	52.24 %	-58.2%
General Liquidity	-	-	-	-	0.65	1.03	-	0.87	-
Restricted Liquidity	-	-	-	-	0.72	9.26	-	1.26	-

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	25 days	-19.4%	31 days	0%	31 days	56.76 days	-56.0%	47 days	-46.8%
Treasury	7 days	-68.2%	22 days	144.4%	9 days	419.26 days	-98.3%	15 days	-53.3%
Inventory turnover of goods	2,692 days	164.8%	-4,153 days	-2369.4%	183 days	164.28 days	1538.7%	54 days	4931.8%
Average length of credit granted to customers	69 days	-14.8%	81 days	14.1%	71 days	71.92 days	-4.1%	59 days	16.9%
Average length of credit obtained suppliers	69 days	-4.2%	72 days	-6.5%	77 days	61.77 days	11.7%	54 days	29.0%
Inventory turnover of raw materials in industrial enterprises	17 days	-5.6%	18 days	-5.3%	19 days	138.52 days	-87.7%	69 days	-75.4%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	369.78 days	-	309 days	-
Rotation tangible assets	-	-	-	-	-	448.88 %	-	307.25 %	-

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Margin trading	3.55 %	-23.8%	4.66 %	1926.1%	0.23 %	8.34 %	-57.4%	0.10 %	3450.0%
Profitability of the business	7.77 %	60.5%	4.84 %	12.0%	4.32 %	-1.13 %	787.6%	5.36 %	45.0%
Net profit	4.15 %	-3.0%	4.28 %	169.0%	-6.20 %	75.33 %	-94.5%	3.06 %	35.6%
Growth rate of turnover (excluding VAT)	-1.31 %	26.4%	-1.78 %	-184.4%	2.11 %	546.49 %	-100.2%	0.00 %	0%
Rates integration	28.17 %	9.2%	25.80 %	-3.6%	26.75 %	25.95 %	8.6%	31.19 %	-9.7%
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.71 %	0%	0.00 %	0%
Work Factor	65.95 %	-11.3%	74.38 %	-3.3%	76.92 %	79.27 %	-16.8%	73.50 %	-10.3%
Weight interests	0.47 %	-14.5%	0.55 %	-39.6%	0.91 %	2.92 %	-83.9%	0.26 %	80.8%

Return on capital

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Cash flow from the overall profitability	9.57 %	191.8%	3.28 %	21.5%	2.70 %	59.00 %	-83.8%	4.74 %	101.9%
Rates of economic profitability	25.00 %	56.3%	16.00 %	-11.1%	18.00 %	13.96 %	79.1%	13.00 %	92.3%
Financial profitability	22,962,431.00 %	21.1%	18,968,463.00 %	25.6%	15,099,963.00 %	6,524,501.57 %	251.9%	905,489.50 %	2435.9%
Return on investment	14.68 %	-6.0%	15.61 %	169.6%	-22.43 %	12.20 %	20.3%	7.96 %	84.4%

Management intermediate balances

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Turnover

107,785,357 107,785 K

-1.3%

109,220,527 109,221 K

-1.8%

111,194,278 111,194 K

17,440,244.01 17,440.24 K

518.0%

3,062,817 3,063 K

3419.2%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Sales of goods

4,106,675 4,107 K

-15.9%

4,883,900 4,884 K

7.6%

4,538,384 4,538 K

-

-

- Purchase of goods

0 0 K

0%

0 0 K

0%

0 0 K

-

-

+/- Stock of goods variation

280,835 281 K

236.1%

-206,362 -206 K

-104.8%

4,280,769 4,281 K

-

-

Trading margin

3,825,840 € 3,826 K €

-24.8%

5,090,262 € 5,090 K €

1875.9%

257,615 € 258 K €

1,301,905.41 € 1,301.91 K €

193.9%

2,535 € 3 K €

150820.7%

3.55 % CA 3.55 % CA

-23.8%

4.66 % CA 4.66 % CA

1926.1%

0.23 % CA 0.23 % CA

8.65 % CA 8.65 % CA

-59.0%

0.33 % CA 0.33 % CA

975.8%

		31/12/2016		Variation		31/12/2015		Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sale of goods produced		103,678,683 103,679 K		-0.6%		104,336,627 104,337 K		-2.2%	106,655,894 106,656 K		-		-
+/- Stocked production		-312,885 -313 K		80.9%		-1,638,697 -1,639 K		87.5%	-13,154,449 -13,154 K		-		-
+ Self-constructed assets		221,913 222 K		-34.9%		340,687 341 K		0%	0 0 K		-		-
Period production		103,587,711 € 103,588 K €		0.5%		103,038,617 € 103,039 K €		10.2%	93,501,445 € 93,501 K €	14,123,548.90 € 14,123.55 K €	633.4%	2,162,443 € 2,162 K €	4690.3%
		96.11 % CA 96.11 % CA		1.9%		94.34 % CA 94.34 % CA		12.2%	84.09 % CA 84.09 % CA	85.71 % CA 85.71 % CA	12.1%	98.24 % CA 98.24 % CA	-2.2%
	31/12/2016		Variation		31/12/2015		Variation		31/12/2014	Sector Average 2016		Sector Median 2016
Trading margin	3,825,840 3,826 K		-24.8%		5,090,262 5,090 K		1875.9%		257,615 258 K	1,301,905.41 1,301.91 K	193.9%	2,535 3 K	150820.7%
+ Period Production	103,587,711 103,588 K		0.5%		103,038,617 103,039 K		10.2%		93,501,445 93,501 K	14,123,548.90 14,123.55 K	633.4%	2,162,443 2,162 K	4690.3%
- Purchase of raw materials	63,210,934 63,211 K		-0.7%		63,667,602 63,668 K		-2.8%		65,505,047 65,505 K		-		-
+/- Change in stocks of raw materiels	180,280 180 K		-35.9%		281,139 281 K		101.7%		-16,808,703 -16,809 K		-		-
- Other external purchases and charges	13,657,737 13,658 K		-14.7%		16,005,273 16,005 K		4.5%		15,315,366 15,315 K		-		-
Added value	30,364,600 € 30,365 K €		7.8%		28,174,865 € 28,175 K €		-5.3%		29,747,350 € 29,747 K €	4,951,426.07 € 4,951.43 K €	513.2%	934,444 € 934 K €	3149.5%
	28.17 % CA 28.17 % CA		9.2%		25.80 % CA 25.80 % CA		-3.6%		26.75 % CA 26.75 % CA	25.95 % CA 25.95 % CA	8.6%	31.19 % CA 31.19 % CA	-9.7%

	31/12/2016		Variation		31/12/2015		Variation		31/12/2014		Sector Average 2016		Sector Median 2016
Added value	30,364,600 € 30,365 K €		7.8%		28,174,865 € 28,175 K €		-5.3%		29,747,350 € 29,747 K €		4,951,426.07 € 4,951.43 K €	513.2%	934,444 € 934 K €	3149.5%
+ Operating grants	0 0 K		0%		0 0 K		0%		0 0 K			-		-
- Tax, duty and similar payments	1,959,529 1,960 K		1.7%		1,927,522 1,928 K		-6.5%		2,062,300 2,062 K			-		-
- Personal charges	20,025,109 20,025 K		-4.4%		20,956,746 20,957 K		-8.4%		22,883,061 22,883 K			-		-
Gross operating surplus	8,379,962 € 8,380 K €		58.4%		5,290,597 € 5,291 K €		10.2%		4,801,989 € 4,802 K €		1,602,981.28 € 1,602.98 K €	422.8%	125,163 € 125 K €	6595.3%
	7.77 % CA 7.77 % CA		60.5%		4.84 % CA 4.84 % CA		12.0%		4.32 % CA 4.32 % CA		-1.13 % CA -1.13 % CA	787.6%	5.36 % CA 5.36 % CA	45.0%
		31/12/2016		Variation		31/12/2015		Variation		31/12/2014	Sector Average 2016		Sector Median 2016
Gross operating surplus		8,379,962 € 8,380 K €		58.4%		5,290,597 € 5,291 K €		10.2%		4,801,989 € 4,802 K €	1,602,981.28 € 1,602.98 K €	422.8%	125,163 € 125 K €	6595.3%
+ Release of reserves and provisions		454,103 454 K		-19.2%		562,138 562 K		-12.2%		640,597 641 K		-		-
+ Other operating income		765,455 765 K		-26.7%		1,044,799 1,045 K		3.8%		1,006,863 1,007 K		-		-
- Depreciation/ Amortisation		3,529,038 3,529 K		-20.3%		4,427,391 4,427 K		29.0%		3,431,694 3,432 K		-		-
- Other charges		2,931,630 2,932 K		49.3%		1,964,035 1,964 K		-18.8%		2,418,459 2,418 K		-		-
Operating result		3,138,852 € 3,139 K €		520.2%		506,108 € 506 K €		-15.5%		599,296 € 599 K €	1,189,875.35 € 1,189.88 K €	163.8%	78,517 € 79 K €	3897.7%
		2.91 % CA 2.91 % CA		532.6%		0.46 % CA 0.46 % CA		-14.8%		0.54 % CA 0.54 % CA	-4.59 % CA -4.59 % CA	163.4%	3.37 % CA 3.37 % CA	-13.6%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Operating result

3,138,852 € 3,139 K €

520.2%

506,108 € 506 K €

-15.5%

599,296 € 599 K €

1,189,875.35 € 1,189.88 K €

163.8%

78,517 € 79 K €

3897.7%

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

0 0 K

0%

0 0 K

0%

0 0 K

-

-

+ Financial income

32,275 32 K

-81.0%

169,650 170 K

312.7%

41,109 41 K

-

-

- Financial charges

506,531 507 K

-15.9%

602,606 603 K

-40.7%

1,016,055 1,016 K

-

-

Pre-tax result

2,664,596 € 2,665 K €

3542.5%

73,152 € 73 K €

119.5%

-375,650 € -376 K €

1,296,941.91 € 1,296.94 K €

105.5%

66,278 € 66 K €

3920.4%

2.47 % CA 2.47 % CA

3428.6%

0.07 % CA 0.07 % CA

120.6%

-0.34 % CA -0.34 % CA

56.30 % CA 56.30 % CA

-95.6%

2.92 % CA 2.92 % CA

-15.4%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Extraordinary income

4,280,824 4,281 K

-38.0%

6,899,855 6,900 K

352.5%

1,524,784 1,525 K

167,027.82 167.03 K

2462.9%

6,060 6 K

70546.5%

- Extraordinary charges

2,555,728 2,556 K

5.2%

2,429,397 2,429 K

-70.6%

8,259,240 8,259 K

-

-

Extraordinary result

1,725,096 € 1,725 K €

-61.4%

4,470,458 € 4,470 K €

166.4%

-6,734,456 € -6,734 K €

-28,627.28 € -28.63 K €

6126.1%

0 € 0 K €

0%

1.60 % CA 1.60 % CA

-60.9%

4.09 % CA 4.09 % CA

167.5%

-6.06 % CA -6.06 % CA

22.68 % CA 22.68 % CA

-92.9%

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	2,664,596 € 2,665 K €	3542.5%	73,152 € 73 K €	119.5%	-375,650 € -376 K €	1,296,941.91 € 1,296.94 K €	105.5%	66,278 € 66 K €	3920.4%
Extraordinary result	1,725,096 € 1,725 K €	-61.4%	4,470,458 € 4,470 K €	166.4%	-6,734,456 € -6,734 K €	-28,627.28 € -28.63 K €	6126.1%	0 € 0 K €	0%
- Employee profit sharing	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Tax on profits	-87,559 -88 K	31.3%	-127,392 -127 K	42.5%	-221,516 -222 K		-		-
Net result	4,477,251 € 4,477 K €	-4.1%	4,671,002 € 4,671 K €	167.8%	-6,888,590 € -6,889 K €	879,258.86 € 879.26 K €	409.2%	78,475 € 78 K €	5605.4%
	4.15 % CA 4.15 % CA	-3.0%	4.28 % CA 4.28 % CA	169.0%	-6.20 % CA -6.20 % CA	75.33 % CA 75.33 % CA	-94.5%	3.06 % CA 3.06 % CA	35.6%

Key Performance Indicators

	31/12/2016	31/12/2015	31/12/2014
Company Result	107,785,357 €	109,220,527 €	111,194,278 €
Sector Average	17,440,244 €	15,969,941 €	16,209,938 €

Net Profit

	31/12/2016	31/12/2015	31/12/2014
Company Result	4,477,247 €	4,671,003 €	-6,888,592 €
Sector Average	879,258 €	754,277 €	660,774 €

Net Export Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	55,759,067 €	55,264,933 €	55,715,035 €
Sector Average	4,884,440 €	4,148,369 €	3,655,682 €

Account Total

	31/12/2016	31/12/2015	31/12/2014
Company Result	61,972,593 €	65,850,897 €	59,225,533 €
Sector Average	14,521,585 €	12,927,297 €	15,337,260 €

Shareholders Equity

	31/12/2016	31/12/2015	31/12/2014
Company Result	22,962,431 €	18,968,463 €	15,099,963 €
Sector Average	6,504,095 €	6,008,153 €	6,384,969 €

Liabilities

	31/12/2016	31/12/2015	31/12/2014
Company Result	36,936,244 €	42,501,329 €	38,072,682 €
Sector Average	7,448,094 €	6,412,852 €	8,397,992 €

Need background in operating working capital

	31/12/2016	31/12/2015	31/12/2014
Company Result	25 €	31 €	31 €
Sector Average	57 €	2,304 €	250 €

Gross operating surplus (EBE)

	31/12/2016	31/12/2015	31/12/2014
Company Result	8,379,962 €	5,290,597 €	4,801,989 €
Sector Average	1,602,981 €	1,307,123 €	1,203,330 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.85
UK Pound	1	INR 90.58
Euro	1	INR 79.97
Euro	1	INR 79.64

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

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	KET

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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