MIRA INFORM REPORT

Report No. :	495123
Report Date :	13.03.2018

IDENTIFICATION DETAILS

Name :	MATY
Registered Office :	5 Boulevard John Kennedy, 25049 Besancon Cedex
Country :	France
Financials (as on) :	31.12.2016
Date of Incorporation :	September 1995
Legal Form :	Simplified joint stock company
Line of Business :	Remote sales on specialized catalog
No. of Employees :	463

RATING & COMMENTS

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

MIRA’s Rating :

A

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

Status :	Satisfactory
Payment Behaviour :	Slow
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	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	402 327 597 00025	Click to view full map.
Name	MATY
Acronym	-
Trade name	MATY
Status	Economically active
Postal Address	MATY 5 BOULEVARD JOHN KENNEDY 25049 BESANCON CEDEX FRANCE
Share Capital	20,000,000 Euros
Telephone	03 81 50 81 41
Activity (APE)	Remote sales on specialized catalog (4791B)	RCS Registration	RCS Besancon B 402 327 597
Formation Date	10/1995	EUR VAT Number	FR66402327597
Deregistration Date	-	Last account Date	31/12/2016
Court Registry Number	19 9 5B00387	Incorporiation Date	09/1995
Registration Court	Besancon (25)	Fax	03 81 53 71 14
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	72,527,823 €	-6.53% Turnover	14,706,293 €	-863,127 €	463 employees
31/12/2015	78,205,239 €	-1.89% Turnover	15,535,421 €	-3,357,314 €	527 employees
31/12/2014	84,700,672 €	2.53% Turnover	18,771,359 €	-1,384,989 €	548 employees

View details

Directors

Current Directors

3

View Details

Ultimate Holding Company

Name	Safe Number	Country	Company Number
GEMAFI	FR11778034		592820518
Affiliation links. View Details

Judgment and Preferential

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

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4791B	Activity	Remote sales on specialized catalog
Formation Date	09/1996	Reason for Formation	Contribution
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	5 BOULEVARD JOHN F KENNEDY 25000 BESANCON	Department	Doubs (25)
Location Surface	-	District	1
City	BESANCON	Status	Economically active
Business Pages FT®	BIJOUTERIE FANTAISIE (DETAIL)	Region	-
		Area	99
		Size of Urban Area	Urban unit with 100 000 to 199 999 inhabitants

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
GEMAFI	Commerce de détail d'articles d'horlogerie et de bijouterie en magasin spécialisé	4777Z	BESANCON	25000

Other Establishment(s)

Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 50 to 80% of workforce
Branches	34 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
MATY	Head Office	4791B	Remote sales on specialized catalog	BESANCON	25000
MATY	Branch	4791B	Remote sales on specialized catalog	BREST	29200
MATY	Branch	4791B	Remote sales on specialized catalog	LILLE	59800
MATY	Branch	4791B	Remote sales on specialized catalog	COQUELLES	62231
MATY	Branch	4791B	Remote sales on specialized catalog	MULHOUSE	68100

View Details

Workforces

Workforce at address	250 to 499 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 total assets are 64,901,006 €

The decrease in the gearing percentage over the last two accounting periods is 10 %

Low risk workforce size

The net turnover is 72,527,823 €

The shareholder's equity is 14,706,293 €

The company has 3 directors

The net current assets are 35,749,141 €

The liabilities are 48,778,760 €

The risk provisions are 1,415,953 €

The creditor days are 52.41

The sales to current assets ratio is 2.03

The ratio total assets to total liabilities is 1.29

The stock to turnover ratio is 34.37

The decrease of tangible fixed assets over the last two accounting periods is 16 %

The return on total assets employed is -1

The pre-tax profit is -889,859 €

Industry comparison

Activity (APE)

Remote sales on specialized catalog (4791B)

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	01/01/2007
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	01/01/2007
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	GEMAFI
Direct parent	GEMAFI - 100 %
Group – Number of companies	5
Linkages – Number of companies	-
Number countries of	-

Group Structure

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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

	Name	Safe Number		SIREN	Parts	Last account published
1	GEMAFI	FR11778034		592820518	-	31/12/2016	GEMAFI	59282051800153
2	MATY	FR03941358		402327597	100 %	31/12/2016	MATY	40232759700025
	GEM'SERVICES	FR05052496		420332009	100 %	31/12/2016	GEM'SERVICES	42033200900018
	SFM	FR00770172		314175530	100 %	31/12/2016	SFM	31417553000026
	BIJOO.COM	FR09060371		490859303	100 %	31/12/2016	BIJOO.COM	49085930300011
Ultimate parent company			GEMAFI
Direct parent			GEMAFI - 100 %
Group – Number of companies			5
Linkages – Number of companies			-
Number of countries			-

Linkages

No Linkages information available for the company.

Shareholder(s)

Name	GEMAFI
Name of representative	M CORDIER PATRICK
Manager position	President	Date of birth	21/06/1956
Place of birth	BESANCON
Type	Moral person	Name at birth
				View Details

Statutory Auditor

Name	ACE
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth
Name	Mme. GENIN MURIELLE, MONIQUE
Manager position	Deputy auditor	Date of birth	04/09/1963
Place of birth	NEUFCHÂTEAU
Type	Individual	Name at birth
				View Details

Previous Directors

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

Manager position	Title and name	Date of Birth/Place of Birth
President	GEMAFI SA	14/05/1947 - BESANCON	View Details
President	GEMAFI	21/06/1956 - BESANCON (25)	View Details
President	GEMAFI	21/06/1956 - BESANCON	View Details
President	GEMAFI	21/06/1956 - BESANCON (25)	View Details
President	GEMAFI	14/05/1947 - BESANCON	View Details
President	GEMAFI	14/05/1947 - BESANCON (DOUBS)	View Details
Deputy auditor	Mme. GENIN MURIELLE, MONIQUE	04/09/1963 - NEUFCHÂTEAU	View Details
Deputy auditor	Mme. GENIN MURIELLE, MONIQUE	04/09/1963 - NEUFCHÂTEAU (88)	View Details

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	24/08/2017	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 2451 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
Hide	06/01/2017	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 3205 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
Hide	11/08/2015	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 6945 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
Hide	08/03/2015	Bodacc A	Vente et cession : Acheteur
80 - SOMME GREFFE DU TRIBUNAL DE COMMERCE D'AMIENS 993 - 402 327 597 RCS Besançon. MATY. Forme : Société par Actions Simplifiée. Adresse : boulevard John Kennedy, 25000 Besançon. Origine du fonds : Etablissement secondaire acquis par achat au prix stipulé de 330000 EUR. Etablissement : Etablissement secondaire. Activité : Horlogerie, bijouterie, joaillerie, orfèvrerie. Adresse : 2 rue de la République, 80000 Amiens. Précédent propriétaire : A LA CONFIANCE - BEAUGEZ ET FILS. 561 720 095 RCS Amiens. Date de commencement de l’activité : 06/02/2015. Publication légale : Picardie la Gazette du 20/02/2015. Oppositions : Maître Julien FLAMENT, Notaire associé 18 Place Parmentier 80000 AMIENS. Descriptif : . Commentaires : Achat d'un établissement secondaire ou complémentaire par une personne morale.
Hide	26/02/2015	Bodacc A	Vente et cession : Acheteur
80 - SOMME GREFFE DU TRIBUNAL DE COMMERCE D'AMIENS 1182 - 402 327 597 RCS Besançon. MATY. Forme : Société par Actions Simplifiée. Capital : 20000000 EUR. Adresse : boulevard John Kennedy, 25000 Besançon. Origine du fonds : Etablissement secondaire acquis par achat au prix stipulé de 330000 EUR. Etablissement : Etablissement secondaire. Activité : Bijouterie, horlogerie, Orfévrerie, bibeloterie, Articles de Paris, Verrerie, Etains. Adresse : 2 rue de la République, 80000 Amiens. Précédent propriétaire : A LA CONFIANCE - BEAUGEZ ET FILS. 561 720 095 RCS Amiens. Date de commencement de l’activité : 06/02/2015. Publication légale : Picardie la Gazette du 20/02/2015. Oppositions : SCP BOURBON DAILLEZ WAYMEL MASSY Notaires 18 Place Parmentier 80003 AMIENS CEDEX. Descriptif : . Commentaires : Achat d'un établissement secondaire ou complémentaire par une personne morale.
Hide	20/02/2015	JAL	Activity or goodwill cession: Buyer
Picardie La Gazette Date de décision : 06/02/2015 Cédant : 561720095 - A LA CONFIANCE-BEAUGEZ ET FILS, 2 RUE DE LA REPUBLIQUE, 80000 AMIENS Cessionnaire : 402327597 - MATY, MATY, 5 BD JOHN F KENNEDY, 25000 BESANCON Prix de vente : 330000 € Date d’effet : 06/02/2015
Hide	30/06/2014	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 3500 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	31/07/2012	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 3763 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	15/07/2011	JAL	Appointment of the social representative
Eclaireur de Chateaubriant (L') Société faisant l'objet d'une nomination : 857801914 - JOAILLERIE DAGUZE WILLIAMSON, 2 RUE CREBILLON, 44000 NANTES Nominé : En la fonction de : Président
Hide	13/08/2010	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 2432 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	13/07/2010	Bodacc B	Modification et mutation diverse
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 596 - 402 327 597 RCS Besançon. MATY. Forme : Société par actions simplifiée. Capital : 20000000 EUR. Commentaires : Modification survenue sur le capital.
Hide	03/05/2010	JAL	Proposed merger
LA TERRE DE CHEZ NOUS Date de décision : 28/04/2010 Absorbant : 402327597 - MATY, 5 BD JOHN F KENNEDY, 25000 BESANCON Absorbé : 662047505 - C.S.C., 9 RUE JACQUARD, 25000 BESANCON Prime de fusion : 1 246 890 €
Hide	03/05/2010	JAL	Proposed merger
LA TERRE DE CHEZ NOUS Date de décision : 28/04/2010 Absorbant : 402327597 - MATY, 5 BD JOHN F KENNEDY, 25000 BESANCON Absorbé : 582118683 - COMADIS, MATY, 4 PL DE L OPERA, 75002 PARIS 2 Prime de fusion : 934 427 €
Hide	08/08/2009	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 2466 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	19/08/2008	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 3213 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	29/07/2008	Bodacc B	Modification et mutation diverse
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 272 - 402 327 597 RCS Besançon. MATY. Forme : Société par actions simplifiée. Administration : Président : GEMAFI (SA) représenté par LABOURDETTE PierreCommissaire aux comptes titulaire : EXCO ACE (SA). Commissaire aux comptes suppléant : GENIN Murielle Monique. Commentaires : Modification survenue sur l'administration.
Hide	08/08/2007	Bodacc C	Avis de dépôt des comptes
2661 - 402 327 597. RCS Besançon MATY. Forme: Société par actions simplifiée. Adresse du siège social: boulevard Kennedy 25000 Besançon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
Hide	25/07/2006	Bodacc C	Avis de dépôt des comptes
2400 - RCS Besançon B 402 327 597. RC 95-B 387. MATY. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: boulevard Kennedy,25000 Besancon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	30/08/2005	Bodacc C	Avis de dépôt des comptes
483 - RCS Besançon B 402 327 597. RC 95-B 387. MATY. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: boulevard Kennedy,25000 Besancon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	28/07/2002	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A.S. Capital : 13 005 000 euros Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur la forme juridique et l' administration. Administration : président : GEMAFI, représentée par LABOURDETTE (Pierre) ( Nom d'usage : LABOURDETTE). Commissaire aux comptes titulaire : A.C.E. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 14 juin 2002.
Hide	19/12/2001	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 13 005 000 euros Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : MANTION (Gérard) ( Nom d'usage : MANTION). Directeur général et administrateur : LABOURDETTE (Pierre) ( Nom d'usage : LABOURDETTE). Administrateurs : GEMAFI, représentée par ROTH (Damien) ( Nom d'usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN) MANTION (Frédéric) ( Nom d'usage : MANTION). Commissaire aux comptes titulaire : A.C.E. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 15 novembre 2001.
Hide	31/07/2001	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 13 005 000 euros Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur le capital (augmentation et conversion en euros) et l' administration. Administration : président du conseil d'administration : MANTION (Gérard) ( Nom d'usage : MANTION). Directeur général : LABOURDETTE (Pierre) ( Nom d'usage : LABOURDETTE). Administrateurs : GEMAFI, représentée par ROTH (Damien) ( Nom d' usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN) MANTION (Frédéric) ( Nom d'usage : MANTION). Commissaire aux comptes titulaire : A.C.E. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 9 juin 2001.
Hide	17/06/2001	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : MANTION (Gérard) ( Nom d'usage : MANTION). Directeur général : LABOURDETTE (Pierre) ( Nom d'usage : LABOURDETTE). Administrateurs : ROTH ( Marie, Hélène) ( Nom d'usage : MANTION) GEMAFI, représentée par ROTH (Damien) ( Nom d'usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN). Commissaire aux comptes titulaire : A.C.E. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 23 avril 2001.
Hide	30/01/2001	Bodacc A	Création d'établissement
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F Nom commercial: Maty. Activité : achat, vente d'articles d'horlogerie, de bijouterie, d'orfèvrerie, de joaillerie, de métaux précieux, d'art de la table de tous instruments de précision et de tous appareils ménagers ou domestiques, de tous articles d'ameublement et de décoration, de tous articles cadeaux et jouets, d'articles de luxe ou de prestige concourant à l'équipement de la personne et de la maison. Routage et impression, plus particulièrement de formulaires et d'imprimés commerciaux. Adresse du siège social : boulevard Kennedy, 25000 Besançon ETABLISSEMENT SECONDAIRE. Adresse : 35 rue des Granges, 25000 Besançon Etablissement secondaire acquis par achat au prix stipulé de 780 000 F. Date d'effet : 1er juillet 1999 Date de début d'activité: 31 aout 1999 ( régularisation). Précédent propriétaire : S.A. GEMAFI Publication légale: La Terre de chez-nous du 9 septembre 1999. Oppositions : Me Bercot (Jean-Paul), notaire, 2 D rue Isenbart, 25000 Besançon.
Hide	06/10/2000	Bodacc A	Création d'établissement
RCS Besançon B 402327597 A dater du: 18 septembre 2000 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F. Enseigne : Maty Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Administration : président du conseil d'administration : MANTION ( Gérard). Administrateurs : ROTH-MANTION (Marie-Hélène) ROTH (Damien) et MORMIN-DURIN (Rolande). Commissaire aux comptes titulaire : BERTHET (Michel) Etablissement principal: Activité : bijouterie, horlogerie, joaillerie et orfèvrerie. Adresse : 35 rue des Granges, 25000 Besançon Etablissement principal acquis par achat au prix stipulé de 780 000 F. Date d'effet : 1er juillet 2000. Précédent propriétaire : GEMAFI. RCS Besançon B 592820518 RC 59-B 51 Publication légale: La Terre de chez- nous du 9 septembre 2000. Oppositions : Me Bercot, notaire, 2 D rue Isenbart, 25000 Besançon.
Hide	16/08/2000	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : MANTION (Gérard) ( Nom d'usage : MANTION). Administrateurs : ROTH (Marie, Hélène) ( Nom d'usage : MANTION) GEMAFI, représentée par ROTH (Damien) ( Nom d'usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN) . Commissaire aux comptes titulaire : ACE. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 23 juin 2000.
Hide	04/02/2000	Bodacc A	Création d'établissement
RCS Besançon B 402327597 RC 95-B 00387 MATY. Forme : S.A. Capital : 85 000 000 de F. Activité : achat, vente d'articles d' horlogerie, de bijouterie, d'orfèvrerie, de joaillerie et de métaux précieux. Adresse du siège social : boulevard Kennedy, 25000 Besançon Etablissement principal acquis par fusion-absorption au montant net évalué à 68 193 869,80 F. Date d'effet : 1er janvier 1999. Précédent propriétaire : SOCIETE FRANCAISE DE PARTICIPATIONS S.A Publication légale: L'Est républicain du 17 décembre 1999. Oppositions : au fonds.
Hide	29/09/1999	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : MANTION (Gérard) ( Nom d'usage : MANTION). Directeur général non administrateur : LAPORTE (Bernard) ( Nom d'usage : LAPORTE). Administrateurs : ROTH (Marie, Hélène) ( Nom d'usage : MANTION) GEMAFI, représentée par ROTH (Damien) ( Nom d' usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN). Commissaire aux comptes titulaire : ACE. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 10 aout 1999.
Hide	08/09/1998	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402 327 597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F Nom commercial: Maty. Adresse du siège social : boulevard Kennedy 25000 Besançon. Administration : nomination en qualité de représentant permanent de la S.A. GEMAFI, administrateur : DESQUINS ( Dominique), en remplacement de MARREC ( Guy). Date d'effet : 1er juillet 1998.
Hide	25/04/1998	Bodacc A	Création d'établissement
RCS Besançon B 402 327 597 MATY. Forme : S.A. Adresse du siège social : boulevard Kennedy, 25000 Besançon Droit au bail dépendant du fonds sis 29 avenue des Etats-Unis à Clermont-Ferrand (63), acquis par achat au prix stipulé de 400 000 F et fonds de commerce sis 31 avenue des Etats-Unis à Clermont- Ferrand (63) acquis par achat au prix stipulé de 2 600 000 F. Commentaires : ne forment qu'un seul et meme établissement secondaire ETABLISSEMENT SECONDAIRE RC Clermont-Ferrand 98-B 93. Enseigne : Maty. Activité : horlogerie , bijouterie, joaillerie, orfèvrerie et tous articles, cadeaux. Adresse : 29-31 avenue des Etats-Unis, 63000 Clermont- Ferrand Date de début d'activité: 1er février 1998. Précédent propriétaire : du fonds de commerce ROBERT COUSSEDIERE ET CIE. RCS B 865 200 380 RC 65-B 38. Précédent propriétaire : du droit au bail WOLNIEWICZ Zygmunt. RCS A 410 503 973 RC 97-A 20 Publication légale: L'Auvergne agricole du 12 février 1998. Oppositions : Me Papon (François), notaire, 34 rue Maréchal-de-Lattre-de-Tassigny à Clermont-Ferrand (63).
Hide	18/11/1997	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Besançon B 402 327 597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F. Adresse : boulevard Kennedy 25000 Besançon Nouvelle situation du siège social Adjonction d'activité: entreprise d'impression en général plus particulièrement, impression de formulaires et d'imprimés commerciaux Adjonction d'objet social: entreprise d' impression en général plus particulièrement, impression de formulaires et d'imprimés commerciaux. Administration : nouvel administrateur : Mme DURIN (Rolande). Date d'effet : 18 septembre 1997.
Hide	18/10/1997	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402 327 597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F (fixe). Adresse du siège social : boulevard Kennedy, 25000 Besançon. Administration : nouveau directeur général non administrateur : LAPORTE ( Bernard). Date d'effet : 1er septembre 1997.
Hide	17/11/1996	Bodacc A	Création d'établissement
RCS B 402 327 597 A dater du: 4 novembre 1996 RC 96-B 1274 MATY. Forme : S.A. à conseil d'administration. Capital : . Adresse du siège social : boulevard Kennedy 25000 Besancon ETABLISSEMENT SECONDAIRE. Activité : vente d'horlogerie, de bijouterie, de joaillerie, d' orfèvrerie et d'articles cadeaux. Adresse : 10 rue Boileau 44000 Nantes Etablissement secondaire acquis par apport au montant évalué à 93 350 000 F Date de début d'activité: 1er octobre 1995. Précédent propriétaire : S.A. MATY. RCS B 592 820 518 Publication légale: La Terre de chez-nous du 10 aout 1996 déclaration de créances: au tribunal de commerce de Besançon.
Hide	05/11/1996	Bodacc A	Création d'établissement
RCS Besançon B 402 327 597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F (fixe). Adresse du siège social : boulevard Kennedy, 25000 Besançon Fonds secondaire acquis par apport partiel d'actif, au montant évalué à 93 350 000 F ETABLISSEMENT SECONDAIRE. Activité : vente de montres et articles d' horlogerie , bijouterie, orfèvrerie, joaillerie, métaux précieux. Adresse : centre commercial Valentin, 25480 Ecole-Valentin. Date d'effet : 1er octobre 1995 Précédente propriétaire S. A. GEMAFI Publication légale: La Terre de Chez Nous du 21 septembre 1996. Oppositions : au siège social.
Hide	01/05/1996	Bodacc A	Création d'établissement
RCS. RCS Besançon B 402 327 597 A dater du: 27 septembre 1995 RC RC 95-B 387 YTAM. Forme : E.U.R.L. Capital : 50 000 F ( fixe). Adresse du siège social : 1, rue Gay-Lussac 25000 Besançon. Administration : gérant et associé unique : MANTION (Gérard) Cette société se constitue Etablissement principal: Activité : achat, vente d' articles d' horlogerie , bijouterie, orfèvrerie, joaillerie, métaux précieux, arts de la table, de tous instruments de précision, de tous appareils ménagers ou domestiques, de tous articles d' ameublement et de décoration, de tous articles de cadeaux et jouets, de tous articles de luxe ou de prestige concourant à l'équipement de la personne et de la maison. Adresse : 1, rue Gay-Lussac 25000 Besançon Date de début d'activité: 1er octobre 1995.

Company events history

Date	Description
24/08/2017	Bodacc C : Deposit accounts notice
24/08/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
06/01/2017	Bodacc C : Deposit accounts notice
31/12/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2016	New accounts available
11/10/2016	Application and court order
11/10/2016	Extension of term
15/06/2016	Application and court order
15/06/2016	Extension of term
31/12/2015	New accounts available
11/08/2015	Bodacc C : Deposit accounts notice
04/08/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
08/03/2015	Bodacc A : Sale and transfer
26/02/2015	Bodacc A : Sale and transfer
06/02/2015	Legal Gazette: Activity or goodwill cession: Buyer
31/12/2014	New accounts available
02/07/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
30/06/2014	Bodacc C : Deposit accounts notice
31/12/2013	New accounts available
02/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/07/2013	Disengagement in other companies
30/06/2013	Formation of Establishment
04/01/2013	New subsidiarie(s) detected
31/12/2012	New accounts available
01/09/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
01/08/2012	Formation of Establishment
31/07/2012	Bodacc C : Deposit accounts notice
15/03/2012	Formation of Establishment
15/03/2012	Update of Company Workforce
31/12/2011	New accounts available
22/09/2011	Bodacc C : Deposit accounts notice
01/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
15/07/2011	Legal Gazette: Appointment of the social representative
15/06/2011	Formation of Establishment
15/06/2011	Update of Company Workforce
11/03/2011	Collection of preferential rights activated for this company
31/12/2010	New accounts available
13/08/2010	Bodacc C : Deposit accounts notice
13/07/2010	Bodacc B: Various editing or changing
05/07/2010	Amendment
25/06/2010	Capital increase
25/06/2010	Updated articles of association
25/06/2010	Private document
25/06/2010	Minutes of general meeting of shareholders
25/06/2010	Declaration of conformity
25/06/2010	Audit or Management Report
01/06/2010	Update of Company Workforce
01/06/2010	Other modification of Establishment
01/05/2010	Legal Gazette: Proposed merger
28/04/2010	Private document
01/04/2010	Amendment
01/04/2010	Application and court order
31/12/2009	New accounts available
08/08/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
15/09/2008	Payment incident closed
19/08/2008	Bodacc C : Deposit accounts notice
12/08/2008	Payment incident detected
29/07/2008	New Bodacc B ads detected
29/07/2008	Bodacc B: Various editing or changing
01/07/2008	New auditor
01/07/2008	New auditor
01/07/2008	Minutes of general meeting of shareholders
01/07/2008	Minutes of general meeting of shareholders
01/07/2008	Appointment/resignation of company officers
01/07/2008	Private document
31/12/2007	New accounts available
28/09/2007	Articles of association
28/09/2007	Private document
28/09/2007	Amendment
28/09/2007	Company formation
18/07/2007	Modification to Establishment Address or Identifier
10/05/2007	Formation of Establishment
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
11/07/2002	Changes to the Board of Directors
11/07/2002	New legal form – no new category
11/07/2002	Private document
11/07/2002	Updated articles of association
11/07/2002	Minutes of general meeting of shareholders
11/07/2002	New chairman (CEO, CoB)
11/07/2002	New legal form – new category
11/07/2002	Audit or Management Report
11/07/2002	Appointment/resignation of company officers
29/11/2001	Minutes of general meeting of shareholders
29/11/2001	Private document
29/11/2001	Appointment/resignation of company officers
29/11/2001	Changes to the Board of Directors
09/07/2001	Updated articles of association
09/07/2001	Minutes of general meeting of shareholders
09/07/2001	Conversion of equity to euro
09/07/2001	Changes to the Board of Directors
09/07/2001	Capital increase
09/07/2001	Appointment/resignation of company officers
09/07/2001	Amendment
09/07/2001	Private document
21/05/2001	Amendment
21/05/2001	Appointment/resignation of company officers
21/05/2001	Changes to the Board of Directors
21/05/2001	Minutes of Board meeting
21/05/2001	Private document
18/07/2000	Amendment
18/07/2000	Appointment/resignation of company officers
18/07/2000	Changes to the Board of Directors
18/07/2000	Minutes of Board meeting
18/07/2000	Private document
23/12/1999	Minutes of general meeting of shareholders
23/12/1999	Private document
23/12/1999	Merger
23/12/1999	Declaration of conformity
23/12/1999	Amendment
06/12/1999	Amendment
06/12/1999	Private document
06/12/1999	Audit or Management Report
04/11/1999	Amendment
04/11/1999	Planned merger
04/11/1999	Private document
13/09/1999	Amendment
13/09/1999	Appointment/resignation of company officers
13/09/1999	Changes to the Board of Directors
13/09/1999	Minutes of Board meeting
13/09/1999	Minutes of general meeting of shareholders
13/09/1999	Private document
13/09/1999	Updated articles of association
20/04/1998	Private document
20/04/1998	New closing date
20/04/1998	Minutes of general meeting of shareholders
20/04/1998	Updated articles of association
13/10/1997	Appointment/resignation of company officers
13/10/1997	Updated articles of association
13/10/1997	Private document
13/10/1997	Minutes of general meeting of shareholders
13/10/1997	Changes to the Board of Directors
13/10/1997	Change to corporate purpose
04/09/1997	Minutes of Board meeting
04/09/1997	Changes to the Board of Directors
04/09/1997	Appointment/resignation of company officers
04/09/1997	Amendment
04/09/1997	Private document
25/09/1996	Minutes of general meeting of shareholders
25/09/1996	Minutes of Board meeting
25/09/1996	Declaration of conformity
25/09/1996	New company name
25/09/1996	New legal form – new category
25/09/1996	New legal form – no new category
25/09/1996	Private document
25/09/1996	Registered office transferred inside jurisdiction of the Commercial Court
25/09/1996	Change to corporate purpose
25/09/1996	Updated articles of association
25/09/1996	Amendment
25/09/1996	Appointment/resignation of company officers
25/09/1996	Capital increase
30/08/1996	Sale of shares
30/08/1996	Private document
30/08/1996	Minutes of general meeting of shareholders
30/08/1996	Amendment
30/08/1996	Updated articles of association
01/08/1996	Amendment
27/09/1995	Private document
27/09/1995	Company formation
27/09/1995	Articles of association

Establishment events history

Date	Description
05/05/2017	Update of phone numbers
20/11/2016	Update of phone numbers
29/09/2016	Update of phone numbers
03/08/2016	Update of phone numbers
27/11/2015	Modification of Head office
10/06/2015	Update of phone numbers
10/10/2014	Modification of Head office
30/06/2013	Modification of Head office
01/08/2012	Modification of Head office
18/05/2012	Update of phone numbers
15/03/2012	Modification of Head office
15/06/2011	Modification of Head office
23/06/2010	Update of phone numbers
26/02/2010	Update of phone numbers
18/07/2007	Modification of Head office
10/05/2007	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	23/08/2017	30/12/2016	03/08/2015
Activity Code	4791B	4791B	4791B
Employees	463	527	548

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	221.32 0.22 K	0%	0 0 K	0%
Total fixed assets	29,100,276 29,100 K	-14.2%	33,911,152 33,911 K	-0.9%	34,211,077 34,211 K	125,621.85 125.62 K	23065.0%	4,392 4 K	662474.6%
Intangible assets	16,577,288 16,577 K	-10.4%	18,506,244 18,506 K	0.3%	18,453,044 18,453 K	41,336.37 41.34 K	40003.4%	11 0 K	150702518.2%
Tangible assets	11,649,608 11,650 K	-15.6%	13,809,339 13,809 K	-6.3%	14,734,943 14,735 K	29,615.12 29.62 K	39236.7%	813 1 K	1432816.1%
Financial assets	873,380 873 K	-45.3%	1,595,570 1,596 K	56.0%	1,023,091 1,023 K	54,829.85 54.83 K	1492.9%	0 0 K	0%
Net current assets	35,749,141 35,749 K	-4.3%	37,347,720 37,348 K	-2.5%	38,304,074 38,304 K	438,702.86 438.70 K	8048.8%	49,538 50 K	72065.1%
Stocks	24,925,523 24,926 K	-8.1%	27,111,570 27,112 K	-3.5%	28,085,402 28,085 K	180,637.16 180.64 K	13698.7%	11,094 11 K	224575.7%
Advanced payments	11,735 12 K	-94.4%	209,922 210 K	-1.8%	213,768 214 K	8,892.46 8.89 K	32.0%	0 0 K	0%
Receivables	5,696,535 5,697 K	-16.3%	6,803,984 6,804 K	9.0%	6,240,077 6,240 K	145,430.42 145.43 K	3817.0%	7,484 7 K	76016.2%
Securities and cash	5,115,348 5,115 K	58.8%	3,222,245 3,222 K	-14.4%	3,764,827 3,765 K	102,648.89 102.65 K	4883.3%	10,096 10 K	50567.1%
Prepaid expenses	- -	-	- -	-	- -	1,413.11 1.41 K	-	0 0 K	-
Accounts of regularization	51,589 52 K	223.9%	15,928 16 K	-88.1%	133,313 133 K	263.79 0.26 K	19456.8%	0 0 K	0%
Total Assets	64,901,006 64,901 K	-8.9%	71,274,800 71,275 K	-1.9%	72,648,464 72,648 K	564,603.79 564.60 K	11395.0%	62,607 63 K	103564.1%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Shareholders' equity	14,706,293 14,706 K	-5.3%	15,535,421 15,535 K	-17.2%	18,771,359 18,771 K	150,237.73 150.24 K	9688.7%	11,910 12 K	123378.5%
Share capital	20,000,000 20,000 K	0%	20,000,000 20,000 K	0%	20,000,000 20,000 K	79,726.15 79.73 K	24985.9%	7,500 8 K	266566.7%
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	103.36 0.10 K	0%	0 0 K	0%
Risk Provisions	1,415,953 1,416 K	-14.3%	1,652,262 1,652 K	-55.5%	3,711,711 3,712 K	9,833.74 9.83 K	14298.9%	0 0 K	0%
Liabilities	48,778,760 48,779 K	-9.8%	54,087,111 54,087 K	7.8%	50,165,393 50,165 K	404,356.92 404.36 K	11963.3%	42,304 42 K	115205.3%
Financial liabilities	30,690,355 30,690 K	-14.9%	36,045,484 36,045 K	37.0%	26,310,176 26,310 K	121,449.38 121.45 K	25170.1%	4,626 5 K	663331.8%
Advanced payments received	1,357,612 1,358 K	-7.2%	1,463,619 1,464 K	-17.5%	1,773,673 1,774 K	11,885.01 11.89 K	11322.9%	0 0 K	0%
Trade account payables	10,415,107 10,415 K	11.6%	9,332,231 9,332 K	-27.2%	12,823,556 12,824 K	157,218.60 157.22 K	6524.6%	7,357 7 K	141467.3%
Tax and social liabilities	5,896,354 5,896 K	-11.7%	6,674,256 6,674 K	-12.3%	7,611,327 7,611 K	71,795.86 71.80 K	8112.7%	6,441 6 K	91444.1%
Other debts and fixed assets liabilities	419,333 419 K	-26.0%	566,448 566 K	-65.5%	1,644,236 1,644 K	67,325.04 67.33 K	522.8%	2,500 3 K	16673.3%
Account regularization	0 0 K	0%	5,080 5 K	109.5%	2,425 2 K	8,547.27 8.55 K	0%	0 0 K	0%
Total liabilities	64,901,006 64,901 K	-8.9%	71,274,800 71,275 K	-1.9%	72,648,464 72,648 K	564,669.41 564.67 K	11393.6%	62,669 63 K	103461.6%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sales of Goods	74,425,146 74,425 K	-8.3%	81,197,532 81,198 K	-5.7%	86,147,387 86,147 K	1,194,782.40 1,194.78 K	6129.2%	109,610 110 K	67800.0%
Net turnover	72,527,823 72,528 K	-7.3%	78,205,239 78,205 K	-7.7%	84,700,672 84,701 K	1,175,465.74 1,175.47 K	6070.1%	107,530 108 K	67348.9%
of which net export turnover	0 0 K	0%	0 0 K	0%	0 0 K	111,656.68 111.66 K	0%	0 0 K	0%
Operating charges	80,917,878 80,918 K	-3.0%	83,400,064 83,400 K	-3.5%	86,444,638 86,445 K	1,189,256.61 1,189.26 K	6704.1%	110,246 110 K	73297.6%
Operating profit/loss	-6,492,732 -6,493 K	-194.8%	-2,202,532 -2,203 K	-641.0%	-297,251 -297 K	5,576.37 5.58 K	-116532.9%	765 1 K	-848823.1%
Financial income	422,858 423 K	274.6%	112,877 113 K	70.6%	66,153 66 K	7,298.10 7.30 K	5694.1%	0 0 K	0%
Financial charges	763,638 764 K	-32.9%	1,138,288 1,138 K	60.4%	709,457 709 K	6,821.69 6.82 K	11094.3%	45 0 K	1696873.3%
Financial profit/loss	-340,780 -341 K	66.8%	-1,025,411 -1,025 K	-59.4%	-643,304 -643 K	476.43 0.48 K	-71627.8%	0 0 K	0%
Pretax net operating income	-6,833,512 -6,834 K	-111.7%	-3,227,943 -3,228 K	-243.2%	-940,555 -941 K	6,028.87 6.03 K	-113446.5%	555 1 K	-1231363.4%
Extraordinary income	9,538,650 9,539 K	3621.2%	256,336 256 K	-32.9%	382,077 382 K	12,934.07 12.93 K	73648.2%	0 0 K	0%
Extraordinary charges	3,594,998 3,595 K	772.3%	412,135 412 K	-53.1%	877,900 878 K	11,360.62 11.36 K	31544.4%	0 0 K	0%
Extraordinary profit/loss	5,943,653 5,944 K	3914.9%	-155,799 -156 K	68.6%	-495,822 -496 K	1,573.44 1.57 K	377648.9%	0 0 K	0%
Net result	-863,127 -863 K	74.3%	-3,357,314 -3,357 K	-142.4%	-1,384,989 -1,385 K	-6,422.78 -6.42 K	-13338.5%	871 1 K	-99196.1%

Accounts – Active

Normal Account

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

Grand Total - Active Accounts (I to VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Grand Total (I to VI)	Net	64,901,006 64,901 K	-8.9%	71,274,800 71,275 K	-1.9%	72,648,464 72,648 K
Gross	CO	80,085,325 80,085 K	-6.2%	85,348,759 85,349 K	-0.1%	85,423,778 85,424 K
Amortisation	1A	15,184,319 15,184 K	7.9%	14,073,959 14,074 K	10.2%	12,775,314 12,775 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	29,100,276 29,100 K	-14.2%	33,911,152 33,911 K	-0.9%	34,211,077 34,211 K
Gross	BJ	43,736,069 43,736 K	-7.3%	47,202,873 47,203 K	2.4%	46,112,591 46,113 K
Amortisation	BK	14,635,793 14,636 K	10.1%	13,291,721 13,292 K	11.7%	11,901,514 11,902 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	700,927 701 K	-24.0%	921,890 922 K	-16.1%	1,098,690 1,099 K
Gross	AF	2,432,475 2,432 K	1.5%	2,395,866 2,396 K	3.4%	2,317,745 2,318 K
Amortisation	AG	1,731,548 1,732 K	17.5%	1,473,976 1,474 K	20.9%	1,219,055 1,219 K
Goodwill	Net	15,876,361 15,876 K	-9.7%	17,584,354 17,584 K	1.3%	17,354,354 17,354 K
Gross	AH	15,876,361 15,876 K	-9.7%	17,584,354 17,584 K	1.3%	17,354,354 17,354 K
Amortisation	AI	0 0 K	0%	0 0 K	0%	0 0 K
Other intangible fixed assets	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AJ	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AK	0 0 K	0%	0 0 K	0%	0 0 K
Pre-payments and downpayments	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AL	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AM	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Intangible asset	Net	16,577,288 16,577 K	-10.4%	18,506,244 18,506 K	0.3%	18,453,044 18,453 K

Tangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Lands	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AN	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AO	0 0 K	0%	0 0 K	0%	0 0 K
Buildings	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AP	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AQ	0 0 K	0%	0 0 K	0%	0 0 K
Plant	Net	2,592,756 2,593 K	-5.5%	2,743,217 2,743 K	-8.0%	2,981,739 2,982 K
Gross	AR	3,772,479 3,772 K	2.2%	3,692,418 3,692 K	0.5%	3,675,821 3,676 K
Amortisation	AS	1,179,723 1,180 K	24.3%	949,201 949 K	36.8%	694,082 694 K
Other tangible fixed assets	Net	9,056,852 9,057 K	-18.1%	11,064,512 11,065 K	-5.6%	11,716,380 11,716 K
Gross	AT	20,781,375 20,781 K	-5.3%	21,933,056 21,933 K	1.1%	21,704,756 21,705 K
Amortisation	AU	11,724,523 11,725 K	7.9%	10,868,544 10,869 K	8.8%	9,988,377 9,988 K
Fixed assets in construction	Net	0 0 K	0%	1,610 2 K	-95.6%	36,824 37 K
Gross	AV	0 0 K	0%	1,610 2 K	-95.6%	36,824 37 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	11,649,608 11,650 K	-15.6%	13,809,339 13,809 K	-6.3%	14,734,943 14,735 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	99,310 99 K	-85.8%	697,337 697 K	573.6%	103,518 104 K
Gross	CU	99,310 99 K	-85.8%	697,337 697 K	573.6%	103,518 104 K
Amortisation	CV	0 0 K	0%	0 0 K	0%	0 0 K
Inter-company receivables	Net	30,331 30 K	-3.3%	31,354 31 K	17.1%	26,776 27 K
Gross	BB	30,331 30 K	-3.3%	31,354 31 K	17.1%	26,776 27 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	1,863 2 K	0%	1,863 2 K	-51.2%	3,820 4 K
Gross	BF	1,863 2 K	0%	1,863 2 K	-51.2%	3,820 4 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	741,876 742 K	-14.2%	865,016 865 K	-2.7%	888,977 889 K
Gross	BH	741,876 742 K	-14.2%	865,016 865 K	-2.7%	888,977 889 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	873,380 873 K	-45.3%	1,595,570 1,596 K	56.0%	1,023,091 1,023 K

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	35,749,141 35,749 K	-4.3%	37,347,720 37,348 K	-2.5%	38,304,074 38,304 K
Gross	CJ	36,297,667 36,298 K	-4.8%	38,129,958 38,130 K	-2.7%	39,177,874 39,178 K
Amortisation	CK	548,526 549 K	-29.9%	782,238 782 K	-10.5%	873,800 874 K

Stocks

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Raw materials	Net	303,275 303 K	-34.9%	465,924 466 K	36.1%	342,360 342 K
Gross	BL	303,275 303 K	-34.9%	465,924 466 K	36.1%	342,360 342 K
Amortisation	BM	0 0 K	0%	0 0 K	0%	0 0 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	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BR	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BS	0 0 K	0%	0 0 K	0%	0 0 K
Goods for resale	Net	24,622,248 24,622 K	-7.6%	26,645,646 26,646 K	-4.0%	27,743,042 27,743 K
Gross	BT	24,933,144 24,933 K	-8.2%	27,159,669 27,160 K	-4.1%	28,328,081 28,328 K
Amortisation	BU	310,896 311 K	-39.5%	514,023 514 K	-12.1%	585,039 585 K
Sub Total Stocks	Net	24,925,523 24,926 K	-8.1%	27,111,570 27,112 K	-3.5%	28,085,402 28,085 K

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	11,735 12 K	-94.4%	209,922 210 K	-1.8%	213,768 214 K
Gross	BV	11,735 12 K	-94.4%	209,922 210 K	-1.8%	213,768 214 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	2,263,132 2,263 K	-19.9%	2,824,069 2,824 K	21.9%	2,317,232 2,317 K
Gross	BX	2,465,648 2,466 K	-19.5%	3,061,310 3,061 K	18.6%	2,581,558 2,582 K
Amortisation	BY	202,516 203 K	-14.6%	237,241 237 K	-10.2%	264,326 264 K
Other debtors	Net	1,703,932 1,704 K	-8.1%	1,853,688 1,854 K	-18.5%	2,275,684 2,276 K
Gross	BZ	1,739,046 1,739 K	-7.7%	1,884,662 1,885 K	-18.1%	2,300,119 2,300 K
Amortisation	CA	35,114 35 K	13.4%	30,974 31 K	26.8%	24,435 24 K
Capital subscribed and called up	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CC	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total debtors	Net	3,967,064 3,967 K	-15.2%	4,677,757 4,678 K	1.8%	4,592,916 4,593 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	5,115,348 5,115 K	58.8%	3,222,245 3,222 K	-14.4%	3,764,827 3,765 K
Gross	CF	5,115,348 5,115 K	58.8%	3,222,245 3,222 K	-14.4%	3,764,827 3,765 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	5,115,348 5,115 K	58.8%	3,222,245 3,222 K	-14.4%	3,764,827 3,765 K

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	1,729,471 1,729 K	-18.7%	2,126,227 2,126 K	29.1%	1,647,161 1,647 K
Gross	CH	1,729,471 1,729 K	-18.7%	2,126,227 2,126 K	29.1%	1,647,161 1,647 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	51,589 52 K	223.9%	15,928 16 K	-88.1%	133,313 133 K
Gross		51,589 52 K	223.9%	15,928 16 K	-88.1%	133,313 133 K

References

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

Accounts - Passive

Grand Total - Passive Accounts (I to V)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Grand Total (I to V)	EE	64,901,006 64,901 K	-8.9%	71,274,800 71,275 K	-1.9%	72,648,464 72,648 K

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	14,706,293 14,706 K	-5.3%	15,535,421 15,535 K	-17.2%	18,771,359 18,771 K
Equity and shareholders' equity	DA	20,000,000 20,000 K	0%	20,000,000 20,000 K	0%	20,000,000 20,000 K
Issue and merger premiums	DB	0 0 K	0%	0 0 K	0%	0 0 K
Revaluation differentials	DC	0 0 K	0%	0 0 K	0%	0 0 K
Of which equity differential	EK	0 0 K	0%	0 0 K	0%	0 0 K
Legal reserve	DD	1,342,211 1,342 K	0%	1,342,211 1,342 K	0%	1,342,211 1,342 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	1,969,820 1,970 K	0%	1,969,820 1,970 K	0%	1,969,820 1,970 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	-8,651,553 -8,652 K	-63.4%	-5,294,238 -5,294 K	-35.4%	-3,909,250 -3,909 K
Profit or loss for the period	DI	-863,127 -863 K	74.3%	-3,357,314 -3,357 K	-142.4%	-1,384,989 -1,385 K
Investment grants	DJ	6,129 6 K	-20.5%	7,711 8 K	-17.0%	9,293 9 K
Special tax-allowable reserves	DK	902,813 903 K	4.1%	867,231 867 K	16.5%	744,274 744 K

Other capital resources (II)

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

Provisions for risks and charges (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total provisions for risks and charges (Total III)	DR	1,415,953 1,416 K	-14.3%	1,652,262 1,652 K	-55.5%	3,711,711 3,712 K
Risk provisions	DP	403,422 403 K	-37.2%	642,153 642 K	-75.1%	2,574,233 2,574 K
Reserves for charges	DQ	1,012,531 1,013 K	0.2%	1,010,109 1,010 K	-11.2%	1,137,478 1,137 K

Liabilities (IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Liabilities (Total IV)	EC	48,778,760 48,779 K	-9.8%	54,087,111 54,087 K	7.8%	50,165,393 50,165 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%	54,138 54 K	439.4%	10,037 10 K
Sundry loans and financial liabilities	DV	30,690,355 30,690 K	-14.7%	35,991,346 35,991 K	36.8%	26,300,139 26,300 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	1,357,612 1,358 K	-7.2%	1,463,619 1,464 K	-17.5%	1,773,673 1,774 K
Trade accounts payables	DX	10,415,107 10,415 K	11.6%	9,332,231 9,332 K	-27.2%	12,823,556 12,824 K
Tax and social security liabilities	DY	5,896,354 5,896 K	-11.7%	6,674,256 6,674 K	-12.3%	7,611,327 7,611 K
Fixed asset liabilities	DZ	103,377 103 K	-51.2%	212,002 212 K	-80.9%	1,109,644 1,110 K
Other debts	EA	315,956 316 K	-10.9%	354,440 354 K	-33.7%	534,592 535 K

Translation loss (V)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Translation loss (Total V)	ED	0 0 K	0%	6 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%	5,080 5 K	109.5%	2,425 2 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	32,623,883 32,624 K	2.4%	31,873,492 31,873 K	-13.6%	36,891,719 36,892 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	-6,492,732 -6,493 K	-194.8%	-2,202,532 -2,203 K	-641.0%	-297,251 -297 K

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	-340,780 -341 K	66.8%	-1,025,411 -1,025 K	-59.4%	-643,304 -643 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	-6,833,512 -6,834 K	-111.7%	-3,227,943 -3,228 K	-243.2%	-940,555 -941 K

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	5,943,653 5,944 K	3914.9%	-155,799 -156 K	68.6%	-495,822 -496 K

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	-863,127 -863 K	74.3%	-3,357,314 -3,357 K	-142.4%	-1,384,989 -1,385 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	84,386,654 84,387 K	3.5%	81,566,745 81,567 K	-5.8%	86,595,617 86,596 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	85,249,782 85,250 K	0.4%	84,924,059 84,924 K	-3.5%	87,980,606 87,981 K

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	74,425,146 74,425 K	-8.3%	81,197,532 81,198 K	-5.7%	86,147,387 86,147 K

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Sale of goods for resale	FC	67,971,121 67,971 K	-7.2%	73,268,175 73,268 K	-6.7%	78,562,838 78,563 K
France	FA	67,971,121 67,971 K	-7.2%	73,268,175 73,268 K	-6.7%	78,562,838 78,563 K
Export	FB	0 0 K	0%	0 0 K	0%	0 0 K
Sale of goods produced	FF	9,128 9 K	103.3%	4,490 4 K	-3.9%	4,670 5 K
France	FD	9,128 9 K	103.3%	4,490 4 K	-3.9%	4,670 5 K
Export	FE	0 0 K	0%	0 0 K	0%	0 0 K
Sale of services	FI	4,547,574 4,548 K	-7.8%	4,932,575 4,933 K	-19.6%	6,133,164 6,133 K
France	FG	4,547,574 4,548 K	-7.8%	4,932,575 4,933 K	-19.6%	6,133,164 6,133 K
Export	FH	0 0 K	0%	0 0 K	0%	0 0 K
Net turnover	FL	72,527,823 72,528 K	-7.3%	78,205,239 78,205 K	-7.7%	84,700,672 84,701 K
France	FJ	72,527,823 72,528 K	-7.3%	78,205,240 78,205 K	-7.7%	84,700,672 84,701 K
Export	FK	0 0 K	0%	0 0 K	0%	0 0 K
Stocked production	FM	0 0 K	0%	0 0 K	0%	0 0 K
Self-constructed assets	FN	0 0 K	0%	0 0 K	0%	440,913 441 K
Operating grants	FO	22,107 22 K	13.7%	19,442 19 K	-73.9%	74,518 75 K
Release of reserves and provisions	FP	1,590,201 1,590 K	-41.3%	2,708,210 2,708 K	316.9%	649,598 650 K
Other income	FQ	285,015 285 K	7.7%	264,641 265 K	-6.1%	281,686 282 K

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	80,917,878 80,918 K	-3.0%	83,400,064 83,400 K	-3.5%	86,444,638 86,445 K

Exploitation charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Purchase of goods for resale	FS	27,841,895 27,842 K	-7.8%	30,186,910 30,187 K	-5.4%	31,918,701 31,919 K
Change in stocks of goods for resale	FT	2,326,147 2,326 K	99.1%	1,168,412 1,168 K	-7.7%	1,266,195 1,266 K
Purchase of raw materials	FU	212,483 212 K	-20.3%	266,519 267 K	4.7%	254,532 255 K
Change in stocks of raw materials	FV	162,649 163 K	231.6%	-123,564 -124 K	-4766.6%	-2,539 -3 K
Other external purchases and charges	FW	29,663,632 29,664 K	1.1%	29,327,233 29,327 K	-1.3%	29,704,372 29,704 K
Tax, duty and similar payments	FX	1,218,704 1,219 K	-14.8%	1,431,197 1,431 K	-7.8%	1,553,084 1,553 K
Payroll	FY	11,976,381 11,976 K	-8.9%	13,150,076 13,150 K	-4.0%	13,699,078 13,699 K
Social security costs	FZ	3,885,206 3,885 K	-9.6%	4,297,308 4,297 K	-8.2%	4,681,882 4,682 K

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	2,664,955 2,665 K	0.4%	2,654,917 2,655 K	27.0%	2,090,081 2,090 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	6,377 6 K	-74.4%	24,914 25 K	25.0%	19,924 20 K
Provisions for risks and charges	GD	146,300 146 K	-58.4%	351,763 352 K	-36.7%	555,366 555 K

Other charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Other charges	GE	813,150 813 K	22.4%	664,379 664 K	-5.6%	703,962 704 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	422,858 423 K	274.6%	112,877 113 K	70.6%	66,153 66 K
Share financial income	GJ	0 0 K	0%	4,578 5 K	6086.5%	74 0 K
Other investment income & capitalised receivables	GK	229 0 K	0%	0 0 K	0%	0 0 K
Other interest and similar income	GL	389,964 390 K	706.4%	48,356 48 K	448.9%	8,809 9 K
Released provisions and transferred charges	GM	0 0 K	0%	52,333 52 K	0%	0 0 K
Exchange gains	GN	32,487 32 K	326.9%	7,610 8 K	-86.7%	57,270 57 K
Net income from disposal of investment securities	GO	178 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	763,638 764 K	-32.9%	1,138,288 1,138 K	60.4%	709,457 709 K
Financial reserves and provisions	GQ	19,240 19 K	0%	0 0 K	0%	52,333 52 K
Interest and similar charges	GR	709,028 709 K	-11.1%	797,468 797 K	30.5%	611,058 611 K
Exchange losses	GS	35,370 35 K	-89.6%	340,820 341 K	639.9%	46,066 46 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	9,538,650 9,539 K	3621.2%	256,336 256 K	-32.9%	382,077 382 K
Extraordinary operating income	HA	27,633 28 K	-14.5%	32,304 32 K	-22.4%	41,611 42 K
Extraordinary income from capital transactions	HB	9,001,582 9,002 K	21547.8%	41,582 42 K	1860.5%	2,121 2 K
Released provisions and transferred charges	HC	509,436 509 K	179.2%	182,450 182 K	-46.1%	338,345 338 K

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary charges (Total VIII)	HH	3,594,998 3,595 K	772.3%	412,135 412 K	-53.1%	877,900 878 K
Extraordinary operating charges	HE	1,372,054 1,372 K	1973.7%	66,163 66 K	-54.9%	146,647 147 K
Extraordinary charges from capital transactions	HF	2,011,113 2,011 K	1560.7%	121,101 121 K	-56.1%	276,158 276 K
Extraordinary reserves and provisions	HG	211,831 212 K	-5.8%	224,871 225 K	-50.6%	455,095 455 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	-26,732 -27 K	-1.2%	-26,428 -26 K	48.6%	-51,389 -51 K

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which equipment leases	HP	0 0 K	0%	0 0 K	0%	0 0 K
Of which property leases	HQ	0 0 K	0%	0 0 K	0%	0 0 K
Of which transferred charges	A1	0 0 K	0%	0 0 K	0%	0 0 K
Of which trader's own contributions	A2	0 0 K	0%	0 0 K	0%	0 0 K
Of which royalties on licences and patents (income)	A3	0 0 K	0%	0 0 K	0%	0 0 K
Of which royalties on licences and patents (charges)	A4	0 0 K	0%	0 0 K	0%	0 0 K

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	OG	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	OH	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess, acquisitions, creations, contributions	OJ	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	OK1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	OK2	4,077,323 4,077 K	179.5%	1,458,578 1,459 K	-54.2%	3,186,577 3,187 K
Gross value at the end of period	OL	43,736,069 43,736 K	-7.3%	47,202,873 47,203 K	2.4%	46,112,591 46,113 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	19,980,220 19,980 K	1.6%	19,672,099 19,672 K	10.1%	17,863,095 17,863 K
Increasess due to revaluation	KE	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KF	314,984 315 K	-22.8%	408,121 408 K	-78.6%	1,909,004 1,909 K
Decreasess by budget item transfer	LV1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	LV2	1,986,368 1,986 K	1886.4%	100,000 100 K	0%	100,000 100 K
Gross value at the end of period	LW	18,308,836 18,309 K	-8.4%	19,980,220 19,980 K	1.6%	19,672,099 19,672 K

Tangible fixed assets (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LN	25,627,083 25,627 K	0.8%	25,417,402 25,417 K	17.3%	21,665,862 21,666 K
Increasess due to revaluation	LO	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LP	292,645 293 K	-81.0%	1,536,647 1,537 K	-77.4%	6,797,611 6,798 K
Decreasess by budget item transfer	NG1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NG2	1,365,875 1,366 K	2.9%	1,326,965 1,327 K	-56.4%	3,046,071 3,046 K
Gross value at the end of period	NH	24,553,853 24,554 K	-4.2%	25,627,084 25,627 K	0.8%	25,417,402 25,417 K

Financial assets (Total IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LQ	1,595,570 1,596 K	56.0%	1,023,090 1,023 K	0.1%	1,021,587 1,022 K
Increasess due to revaluation	LR	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LS	2,890 3 K	-99.5%	604,092 604 K	1338.0%	42,009 42 K
Decreasess by budget item transfer	NJ1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NJ2	725,080 725 K	2193.6%	31,613 32 K	-22.0%	40,506 41 K
Gross value at the end of period	NK	873,380 873 K	-45.3%	1,595,569 1,596 K	56.0%	1,023,090 1,023 K

Reserve for depreciation

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

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

Research and development charge (Total I)

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

Other intangible assets (Total II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Reserve for depreciation value at begin of period	PE	1,473,976 1,474 K	20.9%	1,219,055 1,219 K	5.7%	1,153,348 1,153 K
Increases	PF	262,102 262 K	2.8%	254,921 255 K	288.0%	65,707 66 K
Decreasess	PG	4,530 5 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PH	1,731,548 1,732 K	17.5%	1,473,976 1,474 K	20.9%	1,219,055 1,219 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	11,817,745 11,818 K	10.6%	10,682,459 10,682 K	6.4%	10,042,681 10,043 K
Increases	QV	2,421,489 2,421 K	0.9%	2,399,995 2,400 K	18.6%	2,024,374 2,024 K
Decreases	QW	1,334,989 1,335 K	5.6%	1,264,711 1,265 K	-8.7%	1,384,596 1,385 K
Decreasess by budget item transfer	QX	12,904,245 12,904 K	9.2%	11,817,743 11,818 K	10.6%	10,682,459 10,682 K

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

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

Premium refund of obligations

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

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7C	2,519,493 2,519 K	0%	0 0 K	0%	0 0 K
Increases	UB	372,000 372 K	0%	0 0 K	0%	0 0 K
Decreases	UC	572,728 573 K	0%	0 0 K	0%	0 0 K
Value at the end of period	UD	2,318,765 2,319 K	0%	0 0 K	0%	0 0 K

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	146,300 146 K	0%	0 0 K	0%	0 0 K
Financial	UG	88,889 89 K	0%	0 0 K	0%	0 0 K
Exceptional	UJ	136,811 137 K	0%	0 0 K	0%	0 0 K

Includes Total Withdrawal

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UF	110,323 110 K	0%	0 0 K	0%	0 0 K
Financial	UH	361,176 361 K	0%	0 0 K	0%	0 0 K
Exceptional	UK	101,229 101 K	0%	0 0 K	0%	0 0 K

Total regulated provisions (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	3Z	867,231 867 K	0%	0 0 K	0%	0 0 K
Increases	TS	136,811 137 K	0%	0 0 K	0%	0 0 K
Decreases	TT	101,229 101 K	0%	0 0 K	0%	0 0 K
Value at the end of period	TU	902,813 903 K	0%	0 0 K	0%	0 0 K

Total risk and charge provisions (Total II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	5Z	1,652,262 1,652 K	0%	0 0 K	0%	0 0 K
Increases	TV	235,189 235 K	0%	0 0 K	0%	0 0 K
Decreases	TW	471,499 471 K	0%	0 0 K	0%	0 0 K
Value at the end of period	TX	1,415,952 1,416 K	0%	0 0 K	0%	0 0 K

Total Provision for depreciation (Total III)

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

State deadlines claims and debts at the end of period

State claims

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value	VT	6,708,235 6,708 K	-15.8%	7,970,431 7,970 K	7.0%	7,448,411 7,448 K
1 year at most	VU	6,068,512 6,069 K	-15.3%	7,166,337 7,166 K	9.2%	6,564,195 6,564 K
More than one year	VV	639,723 640 K	-20.4%	804,094 804 K	-9.1%	884,216 884 K

State of loans

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Claims related to holdings (gross)	UL	30,331 30 K	-3.3%	31,354 31 K	17.1%	26,776 27 K
Claims related to shareholdings (1 year at most)	UM	30,331 30 K	-3.3%	31,354 31 K	17.1%	26,776 27 K
Loans (gross)	UP	1,863 2 K	0%	1,863 2 K	-51.2%	3,820 4 K
Loans (1 year at most)	UR	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets (gross)	UT	741,876 742 K	-14.2%	865,016 865 K	-2.7%	888,977 889 K
Other financial assets (1 year at most)	UV	104,016 104 K	65.7%	62,785 63 K	631.7%	8,581 9 K

Receivables statement of assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Customers doubtful or disputed	VA	2,465,648 2,466 K	-19.5%	3,061,310 3,061 K	18.6%	2,581,558 2,582 K
Other claims customer	UX	0 0 K	0%	0 0 K	0%	0 0 K
Receivables represent Loaned Securities	UU	0 0 K	0%	0 0 K	0%	0 0 K
Provision for depreciation previously established	UQ	0 0 K	0%	0 0 K	0%	0 0 K
Personnel and associated accounts	UY	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations	UZ	0 0 K	0%	0 0 K	0%	0 0 K
Income taxes	VM	0 0 K	0%	0 0 K	0%	0 0 K
Value added tax	VB	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and payments assimilated	VN	0 0 K	0%	0 0 K	0%	0 0 K
State and other public - Miscellaneous	VP	1,739,046 1,739 K	-7.7%	1,884,662 1,885 K	-18.1%	2,300,119 2,300 K
Group and Associates	VC	0 0 K	0%	0 0 K	0%	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	0 0 K	0%	0 0 K	0%	0 0 K

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	1,729,471 1,729 K	-18.7%	2,126,227 2,126 K	29.1%	1,647,161 1,647 K

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	47,421,148 47,421 K	-9.9%	52,623,492 52,623 K	8.7%	48,391,720 48,392 K
1 year at most	VZ2	32,623,883 32,624 K	2.4%	31,873,492 31,873 K	-13.6%	36,891,720 36,892 K
More than 1 year and 5 years at most	VZ3	14,797,265 14,797 K	-28.7%	20,750,000 20,750 K	96.0%	10,587,143 10,587 K
More than 5 years	VZ4	0 0 K	0%	0 0 K	0%	912,857 913 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%	54,138 54 K	439.4%	10,037 10 K
1 year at most	VG2	0 0 K	0%	54,138 54 K	439.4%	10,037 10 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	30,690,355 30,690 K	46.8%	20,901,222 20,901 K	79.3%	11,655,789 11,656 K
1 year at most	8A2	15,893,090 15,893 K	10409.8%	151,222 151 K	-2.9%	155,789 156 K
More than 1 year and 5 years at most	8A3	14,797,265 14,797 K	-28.7%	20,750,000 20,750 K	96.0%	10,587,143 10,587 K
Suppliers and associated accounts (gross)	8B1	10,415,107 10,415 K	11.6%	9,332,231 9,332 K	-27.2%	12,823,556 12,824 K
1 year at most	8B2	10,415,107 10,415 K	11.6%	9,332,231 9,332 K	-27.2%	12,823,556 12,824 K
More than 1 year and 5 years at most	8B3	10,415,107 10,415 K	11.6%	9,332,231 9,332 K	-27.2%	12,823,556 12,824 K
Personnel and associated accounts (gross)	8C1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8C2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8C3	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations (gross)	8D1	5,896,354 5,896 K	-11.7%	6,674,256 6,674 K	-12.3%	7,611,327 7,611 K
1 year at most	8D2	5,896,354 5,896 K	-11.7%	6,674,256 6,674 K	-12.3%	7,611,327 7,611 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	103,377 103 K	-51.2%	212,002 212 K	-80.9%	1,109,644 1,110 K
1 year at most	8J2	103,377 103 K	-51.2%	212,002 212 K	-80.9%	1,109,644 1,110 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%	15,090,124 15,090 K	0%	0 0 K
1 year at most	VI2	0 0 K	0%	15,090,124 15,090 K	0%	0 0 K
More than 1 year and 5 years at most	VI3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	V14	0 0 K	0%	0 0 K	0%	0 0 K
Other liabilities (gross)	8K1	315,956 316 K	-10.9%	354,439 354 K	-97.7%	15,178,942 15,179 K
1 year at most	8K2	315,956 316 K	-10.9%	354,439 354 K	-97.7%	15,178,942 15,179 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%	5,080 5 K	109.5%	2,425 2 K
1 year at most	8L2	0 0 K	0%	5,080 5 K	109.5%	2,425 2 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%	9,400,000 9,400 K	18856.6%	49,587 50 K
Debt repaid during the period	VK	5,550,000 5,550 K	3635.3%	148,584 149 K	-96.8%	4,645,855 4,646 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	463 0 K	-12.1%	527 1 K	-3.8%	548 1 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

0.00

70%

0.06

50%

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

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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	1.40	-0.7%	1.41	6.8%	1.32	15.31	-90.9%	2.34	-40.2%
Global Debt	242 days	-2.8%	249 days	16.9%	213 days	3,399.04 days	-92.9%	124 days	95.2%
Working Capital Fund overall net	88 days	-1.1%	89 days	43.5%	62 days	-26.48 days	432.3%	57 days	54.4%
Financial independence	47.92 %	11.2%	43.10 %	-39.6%	71.35 %	14,061.72 %	-99.7%	73.77 %	-35.0%
Solvability	22.66 %	3.9%	21.80 %	-15.6%	25.84 %	-550.22 %	104.1%	28.04 %	-19.2%
Capacity debt futures	-	-	28,695.96 %	-84.7%	187,021.61 %	35,200.11 %	-	739.15 %	-
Coverage of current assets by net working capital overall	51.24 %	-4.5%	53.67 %	38.1%	38.85 %	-621.37 %	108.2%	44.40 %	15.4%
General Liquidity	0.19	-13.6%	0.22	22.2%	0.18	0.75	-74.7%	0.21	-9.5%
Restricted Liquidity	0.34	3.0%	0.33	17.9%	0.28	1.98	-82.8%	0.72	-52.8%

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	47 days	-19.0%	58 days	61.1%	36 days	311.93 days	-84.9%	18 days	161.1%
Treasury	25 days	66.7%	15 days	-6.3%	16 days	207.23 days	-87.9%	6 days	316.7%
Inventory turnover of goods	298 days	-4.5%	312 days	1.6%	307 days	1,282.82 days	-76.8%	87 days	242.5%
Average length of credit granted to customers	12 days	-14.3%	14 days	27.3%	11 days	34.93 days	-65.6%	6 days	100.0%
Average length of credit obtained suppliers	62 days	12.7%	55 days	-24.7%	73 days	104.21 days	-40.5%	36 days	72.2%
Inventory turnover of raw materials in industrial enterprises	514 days	-18.3%	629 days	30.0%	484 days	-94.03 days	646.6%	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	295 days	-3.3%	305 days	-8.4%	333 days	5,191.32 days	-94.3%	1,436 days	-79.5%
Rotation tangible assets	295.38 %	-3.2%	305.17 %	-8.4%	333.24 %	7,659.66 %	-96.1%	2,032.98 %	-85.5%

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Margin trading	52.12 %	-2.7%	53.59 %	0.0%	53.57 %	24.92 %	109.1%	34.82 %	49.7%
Profitability of the business	-6.53 %	-245.5%	-1.89 %	-174.7%	2.53 %	-241.31 %	97.3%	2.27 %	-387.7%
Net profit	-1.19 %	72.3%	-4.29 %	-161.6%	-1.64 %	-205.39 %	99.4%	1.07 %	-211.2%
Growth rate of turnover (excluding VAT)	-7.26 %	5.3%	-7.67 %	30.7%	-11.07 %	184.44 %	-103.9%	0.70 %	-1137.1%
Rates integration	16.99 %	-23.5%	22.22 %	-14.4%	25.97 %	-197.00 %	108.6%	12.71 %	33.7%
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	-0.45 %	0%	0.00 %	0%
Work Factor	128.74 %	28.2%	100.39 %	20.2%	83.55 %	39.52 %	225.8%	28.00 %	359.8%
Weight interests	1.05 %	-28.1%	1.46 %	73.8%	0.84 %	3.04 %	-65.5%	0.05 %	2000.0%

Return on capital

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Cash flow from the overall profitability	-7.63 %	-1396.1%	-0.51 %	-129.0%	1.76 %	-109.15 %	93.0%	2.57 %	-396.9%
Rates of economic profitability	-10.00 %	-233.3%	-3.00 %	-160.0%	5.00 %	50.63 %	-119.8%	12.88 %	-177.6%
Financial profitability	14,706,293.00 %	-5.3%	15,535,421.00 %	-17.2%	18,771,359.00 %	138,192.58 %	10541.9%	111.59 %	13178762.8%
Return on investment	-0.22 %	94.9%	-4.30 %	-186.7%	-1.50 %	60.58 %	-100.4%	8.94 %	-102.5%

Management intermediate balances

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Turnover

72,527,823 72,528 K

-7.3%

78,205,239 78,205 K

-7.7%

84,700,672 84,701 K

1,175,465.74 1,175.47 K

6070.1%

107,530 108 K

67348.9%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Sales of goods

67,971,121 67,971 K

-7.2%

73,268,175 73,268 K

-6.7%

78,562,838 78,563 K

-

-

- Purchase of goods

27,841,895 27,842 K

-7.8%

30,186,910 30,187 K

-5.4%

31,918,701 31,919 K

-

-

+/- Stock of goods variation

2,326,147 2,326 K

99.1%

1,168,412 1,168 K

-7.7%

1,266,195 1,266 K

-

-

Trading margin

37,803,079 € 37,803 K €

-9.8%

41,912,853 € 41,913 K €

-7.6%

45,377,942 € 45,378 K €

346,395.72 € 346.40 K €

10813.3%

27,640 € 28 K €

136669.5%

52.12 % CA 52.12 % CA

-2.7%

53.59 % CA 53.59 % CA

0.0%

53.57 % CA 53.57 % CA

26.16 % CA 26.16 % CA

99.2%

36.18 % CA 36.18 % CA

44.1%

		31/12/2016		Variation		31/12/2015		Variation		31/12/2014	Sector Average 2016		Sector Median 2016
Sale of goods produced		4,556,702 4,557 K		-7.7%		4,937,065 4,937 K		-19.6%		6,137,834 6,138 K		-		-
+/- Stocked production		0 0 K		0%		0 0 K		0%		0 0 K		-		-
+ Self-constructed assets		0 0 K		0%		0 0 K		0%		440,913 441 K		-		-
Period production		4,556,702 € 4,557 K €		-7.7%		4,937,065 € 4,937 K €		-25.0%		6,578,747 € 6,579 K €	149,623.44 € 149.62 K €	2945.4%	2,963 € 3 K €	153686.8%
		6.28 % CA 6.28 % CA		-0.5%		6.31 % CA 6.31 % CA		-18.8%		7.77 % CA 7.77 % CA	31.35 % CA 31.35 % CA	-80.0%	6.37 % CA 6.37 % CA	-1.4%
	31/12/2016		Variation		31/12/2015		Variation		31/12/2014		Sector Average 2016		Sector Median 2016
Trading margin	37,803,079 37,803 K		-9.8%		41,912,853 41,913 K		-7.6%		45,377,942 45,378 K		346,395.72 346.40 K	10813.3%	27,640 28 K	136669.5%
+ Period Production	4,556,702 4,557 K		-7.7%		4,937,065 4,937 K		-25.0%		6,578,747 6,579 K		149,623.44 149.62 K	2945.4%	2,963 3 K	153686.8%
- Purchase of raw materials	212,483 212 K		-20.3%		266,519 267 K		4.7%		254,532 255 K			-		-
+/- Change in stocks of raw materiels	162,649 163 K		231.6%		-123,564 -124 K		-4766.6%		-2,539 -3 K			-		-
- Other external purchases and charges	29,663,632 29,664 K		1.1%		29,327,233 29,327 K		-1.3%		29,704,372 29,704 K			-		-
Added value	12,321,017 € 12,321 K €		-29.1%		17,379,730 € 17,380 K €		-21.0%		22,000,324 € 22,000 K €		147,077.43 € 147.08 K €	8277.2%	13,719 € 14 K €	89709.9%
	16.99 % CA 16.99 % CA		-23.5%		22.22 % CA 22.22 % CA		-14.4%		25.97 % CA 25.97 % CA		-197.01 % CA -197.01 % CA	108.6%	12.66 % CA 12.66 % CA	34.2%

	31/12/2016		Variation		31/12/2015		Variation		31/12/2014		Sector Average 2016		Sector Median 2016
Added value	12,321,017 € 12,321 K €		-29.1%		17,379,730 € 17,380 K €		-21.0%		22,000,324 € 22,000 K €		147,077.43 € 147.08 K €	8277.2%	13,719 € 14 K €	89709.9%
+ Operating grants	22,107 22 K		13.7%		19,442 19 K		-73.9%		74,518 75 K			-		-
- Tax, duty and similar payments	1,218,704 1,219 K		-14.8%		1,431,197 1,431 K		-7.8%		1,553,084 1,553 K			-		-
- Personal charges	15,861,587 15,862 K		-9.1%		17,447,384 17,447 K		-5.1%		18,380,960 18,381 K			-		-
Gross operating surplus	-4,737,167 € -4,737 K €		-220.2%		-1,479,409 € -1,479 K €		-169.1%		2,140,798 € 2,141 K €		18,506.60 € 18.51 K €	-25697.2%	2,023 € 2 K €	-234265.4%
	-6.53 % CA -6.53 % CA		-245.5%		-1.89 % CA -1.89 % CA		-174.7%		2.53 % CA 2.53 % CA		-241.31 % CA -241.31 % CA	97.3%	2.27 % CA 2.27 % CA	-387.7%
		31/12/2016		Variation		31/12/2015		Variation		31/12/2014	Sector Average 2016		Sector Median 2016
Gross operating surplus		-4,737,167 € -4,737 K €		-220.2%		-1,479,409 € -1,479 K €		-169.1%		2,140,798 € 2,141 K €	18,506.60 € 18.51 K €	-25697.2%	2,023 € 2 K €	-234265.4%
+ Release of reserves and provisions		1,590,201 1,590 K		-41.3%		2,708,210 2,708 K		316.9%		649,598 650 K		-		-
+ Other operating income		285,015 285 K		7.7%		264,641 265 K		-6.1%		281,686 282 K		-		-
- Depreciation/ Amortisation		2,817,632 2,818 K		-7.1%		3,031,594 3,032 K		13.7%		2,665,371 2,665 K		-		-
- Other charges		813,150 813 K		22.4%		664,379 664 K		-5.6%		703,962 704 K		-		-
Operating result		-6,492,733 € -6,493 K €		-194.8%		-2,202,531 € -2,203 K €		-641.0%		-297,251 € -297 K €	6,527.24 € 6.53 K €	-99571.3%	783 € 1 K €	-829312.4%
		-8.95 % CA -8.95 % CA		-217.4%		-2.82 % CA -2.82 % CA		-705.7%		-0.35 % CA -0.35 % CA	-261.47 % CA -261.47 % CA	96.6%	1.05 % CA 1.05 % CA	-952.4%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Operating result

-6,492,733 € -6,493 K €

-194.8%

-2,202,531 € -2,203 K €

-641.0%

-297,251 € -297 K €

6,527.24 € 6.53 K €

-99571.3%

783 € 1 K €

-829312.4%

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

0 0 K

0%

0 0 K

0%

0 0 K

-

-

+ Financial income

422,858 423 K

274.6%

112,877 113 K

70.6%

66,153 66 K

-

-

- Financial charges

763,638 764 K

-32.9%

1,138,288 1,138 K

60.4%

709,457 709 K

-

-

Pre-tax result

-6,833,513 € -6,834 K €

-111.7%

-3,227,942 € -3,228 K €

-243.2%

-940,555 € -941 K €

7,001.81 € 7.00 K €

-97696.4%

581 € 1 K €

-1176264.0%

-9.42 % CA -9.42 % CA

-128.1%

-4.13 % CA -4.13 % CA

-272.1%

-1.11 % CA -1.11 % CA

-263.36 % CA -263.36 % CA

96.4%

0.92 % CA 0.92 % CA

-1123.9%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Extraordinary income

9,538,650 9,539 K

3621.2%

256,336 256 K

-32.9%

382,077 382 K

12,934.07 12.93 K

73648.2%

0 0 K

0%

- Extraordinary charges

3,594,998 3,595 K

772.3%

412,135 412 K

-53.1%

877,900 878 K

-

-

Extraordinary result

5,943,652 € 5,944 K €

3914.9%

-155,799 € -156 K €

68.6%

-495,823 € -496 K €

1,573.45 € 1.57 K €

377646.5%

0 € 0 K €

0%

8.19 % CA 8.19 % CA

4195.0%

-0.20 % CA -0.20 % CA

66.1%

-0.59 % CA -0.59 % CA

72.94 % CA 72.94 % CA

-88.8%

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	-6,833,513 € -6,834 K €	-111.7%	-3,227,942 € -3,228 K €	-243.2%	-940,555 € -941 K €	7,001.81 € 7.00 K €	-97696.4%	581 € 1 K €	-1176264.0%
Extraordinary result	5,943,652 € 5,944 K €	3914.9%	-155,799 € -156 K €	68.6%	-495,823 € -496 K €	1,573.45 € 1.57 K €	377646.5%	0 € 0 K €	0%
- Employee profit sharing	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Tax on profits	-26,732 -27 K	-1.2%	-26,428 -26 K	48.6%	-51,389 -51 K		-		-
Net result	-863,129 € -863 K €	74.3%	-3,357,313 € -3,357 K €	-142.4%	-1,384,989 € -1,385 K €	-5,450.46 € -5.45 K €	-15735.9%	894 € 1 K €	-96646.9%
	-1.19 % CA -1.19 % CA	72.3%	-4.29 % CA -4.29 % CA	-161.6%	-1.64 % CA -1.64 % CA	-205.65 % CA -205.65 % CA	99.4%	1.10 % CA 1.10 % CA	-208.2%

Key Performance Indicators

Key Performance Indicators

	31/12/2016	31/12/2015	31/12/2014
Company Result	72,527,823 €	78,205,239 €	84,700,672 €
Sector Average	1,175,466 €	6,047,661 €	1,453,040 €

Net Profit

	31/12/2016	31/12/2015	31/12/2014
Company Result	-863,127 €	-3,357,314 €	-1,384,989 €
Sector Average	-6,423 €	1,489 €	8,119 €

Net Export Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	0 €	0 €	0 €
Sector Average	111,657 €	139,641 €	138,054 €

Account Total

	31/12/2016	31/12/2015	31/12/2014
Company Result	64,901,006 €	71,274,800 €	72,648,464 €
Sector Average	564,669 €	646,017 €	669,887 €

Shareholders Equity

	31/12/2016	31/12/2015	31/12/2014
Company Result	14,706,293 €	15,535,421 €	18,771,359 €
Sector Average	150,238 €	185,433 €	188,886 €

Liabilities

	31/12/2016	31/12/2015	31/12/2014
Company Result	48,778,760 €	54,087,111 €	50,165,393 €
Sector Average	404,357 €	446,687 €	462,840 €

Need background in operating working capital

	31/12/2016	31/12/2015	31/12/2014
Company Result	47 €	58 €	36 €
Sector Average	312 €	413 €	215 €

Gross operating surplus (EBE)

	31/12/2016	31/12/2015	31/12/2014
Company Result	-4,737,167 €	-1,479,409 €	2,140,798 €
Sector Average	18,507 €	802,807 €	28,943 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.02
UK Pound	1	INR 90.12
Euro	1	INR 80.91
Euro	1	INR 80.13

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

INFORMATION DETAILS

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