MIRA INFORM REPORT

Report No. :	498452
Report Date :	22.03.2018

IDENTIFICATION DETAILS

Name :	H REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES
Registered Office :	H Reynaud Fils Matier Premier Aromat La Cheminade, 26570 Montbrun Les Bains
Country :	France
Financials (as on) :	31.12.2016
Date of Incorporation :	May, 1956
Com. Reg. No.:	RCS Romans B 602 980 369
Legal Form :	Public limited company with board of directors
Line of Business :	Manufacture of Essential Oils
No. of Employees :	50 to 99 Employees

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	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

H REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES

Company Summary

H REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES - 602 980 369 00014

SIRET	602 980 369 00014	Click to view full map.
Name	H REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES
Acronym	-
Trade name	-
Status	Economically active
Postal Address	H REYNAUD FILS MATIER PREMIER AROMAT LA CHEMINADE 26570 MONTBRUN LES BAINS FRANCE
Share Capital	600,000 Euros
Telephone	04 75 28 86 00
Activity (APE)	Manufacture of essential oils (2053Z)	RCS Registration	RCS Romans B 602 980 369
Formation Date	01/1960	EUR VAT Number	FR50602980369
Deregistration Date	-	Last account Date	31/12/2016
Court Registry Number	19 6 0B70036	Incorporation Date	05/1956
Registration Court	Romans (26)	Fax	04 75 28 84 66
Nationality	France	Legal form	Public limited company with board of directors
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2016	63,164,195 €	5.46% Turnover	22,746,198 €	2,182,068 €	50 to 99 employees
31/12/2015	59,960,012 €	7.14% Turnover	20,854,130 €	2,825,676 €	50 to 99 employees
31/12/2014	49,805,794 €	7.90% Turnover	18,288,454 €	2,457,192 €	78 employees

View details

Directors

Current Directors

5

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	2053Z	Activity	Manufacture of essential oils
Formation Date	01/1900	Reason for Formation	-
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	CHEMINADE 26570 MONTBRUN LES BAINS	Department	Drôme (26)
Location Surface	-	District	2
City	MONTBRUN LES BAINS	Status	Economically active
Business Pages FT®	DISTILLERIES AGRICOLES ET INDUSTRIELLES	Region	-
		Area	10
		Size of Urban Area	Establishment in a rural municipality

Other Establishment(s)

Rationality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	2 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
H REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES	Head Office	2053Z	Manufacture of essential oils	MONTBRUN LES BAINS	26570
H REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES	Branch	2053Z	Manufacture of essential oils	SAINT DIDIER	84210

Workforces

Workforce at address	20 to 49 employees	Company workforce	50 to 99 employees
		Workforce account	Workforce unknown

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 8 directors

The increase of tangible fixed assets over the last two accounting periods is 63 %

Department code with low risk rating

Industry code with low risk rating

The ratio total assets to total liabilities is 2.34

The creditor days are 21.41

The total assets are 39,999,138 €

The shareholder's equity is 22,746,198 €

The net current assets are 35,199,655 €

The net turnover is 63,164,195 €

The pre-tax profit is 3,097,505 €

The liabilities are 17,110,020 €

The return on total assets employed is 7.74

The risk provisions are 0 €

The sales to current assets ratio is 1.79

The stock to turnover ratio is 31.50

High risk workforce size

Rating evolution

Today's score

Industry comparison

Activity (APE)	Manufacture of essential oils (2053Z)
Industry average credit rating	56
Industry average credit limit	106,507

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	31/07/2012
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	31/07/2012
Status of Monitoring	No social security and tax office preferential right to date

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

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

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

Rating Information

Company Name	Siren	Last Account Published	Turnover
H. REYNAUD ET FILS (UK) LIMITED	01741785	31/12/2016	-

Director(s)

Name	M. LALANDE BRUNO
Manager position	Chairman of the Board, Managing director, Administrator	Date of birth	29/05/1949
Place of birth	CHATEAURENARD(13)
Type	Individual	Name at birth
				View Details
Name	M. LALANDE OLIVIER
Manager position	Delegated managing director, Administrator	Date of birth	12/09/1952
Place of birth	AVIGNON(84)
Type	Individual	Name at birth
				View Details

Name	M. LALANDE JEAN-FRANÇOIS
Manager position	Administrator	Date of birth	14/09/1924
Place of birth	CHATEAURENARD(13)
Type	Individual	Name at birth

Statutory Auditor

Name	DELTA FINANCES EXPERTISES
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Individual	Name at birth
				View Details
Name	M. RUINET JACQUES OLIVIER
Manager position	Deputy auditor	Date of birth	-
Place of birth
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Chairman of the Board	M. LALANDE JEAN FRANCOIS	14/09/1924 - CHATEAURENARD(13)	View Details
Chief Executive Officer	M. LALANDE JEAN-FRANCOIS	-	View Details
Delegated managing director	M. LALANDE BRUNO	-	View Details
Delegated managing director	M. LALANDE BRUNO	29/05/1949 - CHATEAURENARD(13)	View Details
Delegated managing director	M. LALANDE OLIVIER	-	View Details
Administrator	M. LALANDE JEAN FRANCOIS	14/09/1924 - CHATEAURENARD(13)	View Details

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	14/08/2017	Bodacc C	Comptes annuels et rapports
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 1427 - 602980369 RCS. H. REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES. Forme : Société Anonyme à Conseil d'Administration. Adresse : 26570 Montbrun-les-Bains. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
Hide	22/08/2016	Bodacc C	Comptes annuels et rapports
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 1967 - 602980369 RCS. H. REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES. Forme : Société Anonyme à Conseil d'Administration. Adresse : 26570 Montbrun-les-Bains. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
Hide	29/03/2016	Bodacc B	Modification et mutation diverse
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 594 - Réctificatif. Parution avis précédent : BODACC B. Numéro de parution : . Date de parution : 16 février 2016. Numéro d’annonce : 490. Cet avis est annulé et remplacé par le suivant. 602 980 369 RCS Romans. H. REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES. Forme : Société Anonyme à Conseil d'Administration. Enseigne : H. REYNAUD ET FILS - JULIEN GUIGUE - LA LAVANDE FRANCAISE ET DISTILLERIE ALTHEN. Administration : LALANDE Jean Francois nom d'usage : LALANDE n'est plus président du conseil d'administration. LALANDE Bruno nom d'usage : LALANDE n'est plus directeur général délégué. LALANDE Bruno nom d'usage : LALANDE devient président du conseil d'administration. LALANDE Bruno nom d'usage : LALANDE devient directeur général. LALANDE Bruno nom d'usage : LALANDE devient administrateur. LALANDE Olivier nom d'usage : LALANDE devient administrateur. Activité : . Commentaires : Modification de l'administration.
Hide	16/02/2016	Bodacc B	Modification et mutation diverse
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 490 - 602 980 369 RCS Romans. H. REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES. Forme : Société Anonyme à Conseil d'Administration. Enseigne : H. REYNAUD ET FILS - JULIEN GUIGUE - LA LAVANDE FRANCAISE ET DISTILLERIE ALTHEN. Administration : LALANDE Jean Francois nom d'usage : LALANDE n'est plus président du conseil d'administration. LALANDE Jean Francois nom d'usage : LALANDE n'est plus administrateur. LALANDE Bruno nom d'usage : LALANDE n'est plus directeur général délégué. LALANDE Bruno nom d'usage : LALANDE devient président du conseil d'administration. LALANDE Bruno nom d'usage : LALANDE devient directeur général. LALANDE Bruno nom d'usage : LALANDE devient administrateur. LALANDE Olivier nom d'usage : LALANDE devient administrateur. Activité : . Commentaires : Modification de l'administration.
Hide	23/01/2016	JAL	Resignation / Revocation of the social representative
Echo, Le Valentinois (L ) Date de décision : 05/01/2016 La société 602980369 - H REYNAUD FILS MATIER PREMIER AROMAT, CHEMINADE, 26570 MONTBRUN LES BAINS Fait l'objet du départ de Monsieur Jean-François LALANDE
Hide	23/01/2016	JAL	Appointment of the social representative
Echo, Le Valentinois (L ) Date de décision : 05/01/2016 Société faisant l'objet d'une nomination : 602980369 - H REYNAUD FILS MATIER PREMIER AROMAT, CHEMINADE, 26570 MONTBRUN LES BAINS Nominé : Monsieur Bruno LALANDE, 84200 CARPENTRAS En la fonction de : Président Directeur Général Nominé : Monsieur Olivier LALANDE, 26570 FERRASSIERES
Hide	12/08/2015	Bodacc C	Comptes annuels et rapports
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 952 - 602980369 RCS. H. REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES. Forme : Société Anonyme. Adresse : 26570 Montbrun-les-Bains. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
Hide	05/08/2014	Bodacc C	Comptes annuels et rapports
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 1264 - 602980369 RCS. H. REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES. Forme : Société Anonyme. Adresse : 26570 Montbrun-les-Bains. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	22/10/2013	Bodacc C	Comptes annuels et rapports
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 2969 - 602980369 RCS. H. REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES. Forme : Société Anonyme. Adresse : 26570 Montbrun-les-Bains. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	25/10/2012	Bodacc C	Comptes annuels et rapports
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 2815 - 602980369 RCS. H. REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES. Forme : Société Anonyme. Adresse : 26570 Montbrun-les-Bains. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	07/11/2011	Bodacc C	Comptes annuels et rapports
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 3889 - 602980369 RCS. H. REYNAUD ET FILS. Forme : Société Anonyme. Adresse : 26570 Montbrun-les-Bains. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
Hide	29/10/2010	Bodacc C	Comptes annuels et rapports
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 3370 - 602980369 RCS. H. REYNAUD ET FILS. Forme : Société Anonyme. Adresse : 26570 Montbrun-les-Bains. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	11/12/2009	Bodacc B	Modification et mutation diverse
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 627 - 602 980 369 RCS Romans. H. REYNAUD ET FILS. Forme : Société Anonyme. Enseigne : H. REYNAUD ET FILS - JULIEN GUIGUE - LA LAVANDE FRANCAISE ET DISTILLERIE ALTHEN. Administration : LALANDE Olivier nom d'usage : LALANDE Olivier devient administrateur. REYNAUD Jane nom d'usage : LALANDE Jane n'est plus administrateur. Commentaires : Modification de l'administration.
Hide	25/11/2009	Bodacc C	Comptes annuels et rapports
26 - DROME GREFFE DU TRIBUNAL DE COMMERCE DE ROMANS 3182 - 602980369 RCS. H. REYNAUD ET FILS. Forme : Société Anonyme. Adresse : 26570 Montbrun-les-Bains. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	09/12/2008	Bodacc C	Comptes annuels et rapports
26 - DROME GREFFE DU TRIBUNAL DE GRANDE INSTANCE DE VALENCE 641 - 602980369 RCS. H. REYNAUD ET FILS. Forme : S.A. Adresse : 26570 Montbrun-les-Bains. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	23/05/2008	Bodacc C	Comptes annuels et rapports
26 - DROME GREFFE DU TRIBUNAL DE GRANDE INSTANCE DE VALENCE 632 - 602980369 RCS. H. REYNAUD ET FILS. Forme : S.A. Adresse : 26570 Montbrun-les-Bains. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
Hide	28/02/2007	Bodacc C	Avis de dépôt des comptes
479 - RCS Valence B 602 980 369. RC 60-B 36. H. REYNAUD ET FILS. Forme: S.A. Adresse du siège social: 26570 Montbrun-les-Bains. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	24/11/2005	Bodacc C	Avis de dépôt des comptes
170 - RCS Valence B 602 980 369. RC 60-B 36. H. REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES. Forme: S.A. Adresse du siège social: 26570 Montbrun-les-Bains. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	13/12/2002	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Valence 602980369 RC 60-B 36 H. REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES. Forme : S.A. Capital : 365 877,64 euros Nom commercial: H. Reynaud et Fils Julien Guigue La Lavande Française et Distillerie Althen. Adresse : 26570 Montbrun-les-Bains Nouvelle situation du siège social. Capital : 600 000 euros. Administration : nouveau directeur général : LALANDE (Jean-François), déjà président du conseil d'administration. Nouveaux directeurs généraux délégués : LALANDE (Bruno), déjà administrateur et ancien directeur général et LALANDE ( Olivier), déjà administrateur et ancien directeur général. Commentaires : mise en harmonie des statuts suivant la loi N.R. E. Date d'effet : 16 mai 2002.
Hide	27/03/1999	Bodacc B	Modifications et mutations diverses
RCS Valence B 602 980 369 RC 60-B 36 H. REYNAUD ET FILS MATIERES PREMIERES AROMATIQUES. Forme : S.A. Capital : 24 000 000 de F Nom commercial: H. Reynaud et Fils-Julien Guigue-La Lavande Française - Distillerie Althen. Adresse du siège social : 26570 Montbrun-les-Bains. Administration : administrateur démissionnaire : Mme REYANDU, née AUBERY (Cécile) à compter du:19 avril 1996 Commissaire aux comptes titulaire partant : CAZALET (Roger). Commissaire aux comptes suppléant partant : SYREC. Novueau commissaire aux comptes titulaire : DELTA FINANCEMENT EXPERTISES. Nouveau commissaire aux comptes suppléant : RUINET (Jacques). Date d'effet : 20 octobre 1998.

Company events history

Date	Description
24/08/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
22/08/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
14/08/2017	Bodacc C : Deposit accounts notice
31/12/2016	New accounts available
22/08/2016	Bodacc C : Deposit accounts notice
13/08/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
29/03/2016	Bodacc B: Various editing or changing
16/02/2016	Bodacc B: Various editing or changing
28/01/2016	Amendment
23/01/2016	Legal Gazette: Resignation / Revocation of the social representative
05/01/2016	Legal Gazette: Appointment of the social representative
31/12/2015	New accounts available
12/08/2015	Bodacc C : Deposit accounts notice
11/08/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2014	New accounts available
14/08/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/08/2014	Bodacc C : Deposit accounts notice
30/07/2014	Minutes of general meeting of shareholders
30/07/2014	Updated articles of association
31/12/2013	New accounts available
22/10/2013	Bodacc C : Deposit accounts notice
12/10/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2012	New accounts available
25/10/2012	Bodacc C : Deposit accounts notice
13/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/07/2012	Collection of preferential rights activated for this company
31/12/2011	New accounts available
07/11/2011	Bodacc C : Deposit accounts notice
26/10/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
29/10/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
11/12/2009	Bodacc B: Various editing or changing
25/11/2009	Bodacc C : Deposit accounts notice
29/10/2009	Minutes of general meeting of shareholders
31/12/2008	New accounts available
09/12/2008	Bodacc C : Deposit accounts notice
23/05/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
18/10/2002	Minutes of general meeting of shareholders
18/10/2002	Private document
18/10/2002	Conversion of equity to euro
18/10/2002	Capital increase
18/10/2002	Updated articles of association
18/10/2002	Appointment/resignation of company officers
17/10/2002	Minutes of general meeting of shareholders
17/10/2002	Minutes of Board meeting
17/10/2002	Amendment
17/10/2002	Updated articles of association
22/01/1999	Appointment/resignation of company officers
22/01/1999	Minutes of general meeting of shareholders
22/01/1999	Private document
24/03/1998	Donation/partition
24/03/1998	Amendment
24/03/1998	Office copy
22/12/1997	Office copy
22/12/1997	Donation/partition
22/12/1997	Amendment

Establishment events history

Date	Description
31/03/2016	Update of phone numbers

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	11/08/2017	12/08/2016	10/08/2015
Activity Code	2053Z	2053Z	2053Z
Employees	0	0	78

Active account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Capital not called	0 0 K	0%	0 0 K	0%	0 0 K	0 0 K	0%
Total fixed assets	4,698,441 4,698 K	10.8%	4,241,445 4,241 K	14.1%	3,718,061 3,718 K	275,575 276 K	1605.0%
Intangible assets	80,588 81 K	0%	80,588 81 K	0%	80,588 81 K	6,652 7 K	1111.5%
Tangible assets	1,215,901 1,216 K	63.2%	744,961 745 K	44.9%	514,223 514 K	156,148 156 K	678.7%
Financial assets	3,401,751 3,402 K	-0.4%	3,415,895 3,416 K	9.4%	3,123,248 3,123 K	6,005 6 K	56548.6%
Net current assets	35,199,655 35,200 K	5.1%	33,500,127 33,500 K	15.9%	28,906,973 28,907 K	686,614 687 K	5026.6%
Stocks	19,894,912 19,895 K	-7.4%	21,474,221 21,474 K	36.0%	15,787,059 15,787 K	128,369 128 K	15398.2%
Advanced payments	0 0 K	0%	0 0 K	0%	0 0 K	0 0 K	0%
Receivables	12,694,189 12,694 K	21.7%	10,432,065 10,432 K	-8.6%	11,415,626 11,416 K	245,127 245 K	5078.6%
Securities and cash	2,610,553 2,611 K	63.8%	1,593,841 1,594 K	-6.5%	1,704,289 1,704 K	181,080 181 K	1341.7%
Prepaid expenses	- -	-	- -	-	- -	637 1 K	-
Accounts of regularization	101,042 101 K	4.8%	96,398 96 K	-46.9%	181,613 182 K	0 0 K	0%
Total Assets	39,999,138 39,999 K	5.7%	37,837,970 37,838 K	15.3%	32,806,647 32,807 K	1,180,672 1,181 K	3287.8%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Shareholders' equity	22,746,198 22,746 K	9.1%	20,854,130 20,854 K	14.0%	18,288,454 18,288 K	474,212 474 K	4696.6%
Share capital	600,000 600 K	0%	600,000 600 K	0%	600,000 600 K	100,000 100 K	500.0%
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	0 0 K	0%
Risk Provisions	0 0 K	0%	8,765 9 K	-93.5%	134,271 134 K	0 0 K	0%
Liabilities	17,110,020 17,110 K	1.3%	16,887,442 16,887 K	19.5%	14,126,210 14,126 K	596,645 597 K	2767.7%
Financial liabilities	6,860,710 6,861 K	14.9%	5,973,181 5,973 K	29.5%	4,611,031 4,611 K	127,184 127 K	5294.3%
Advanced payments received	0 0 K	0%	0 0 K	0%	0 0 K	0 0 K	0%
Trade account payables	3,705,534 3,706 K	-6.6%	3,969,250 3,969 K	76.7%	2,245,983 2,246 K	128,122 128 K	2792.2%
Tax and social liabilities	1,617,321 1,617 K	-16.2%	1,930,992 1,931 K	-3.6%	2,002,671 2,003 K	118,173 118 K	1268.6%
Other debts and fixed assets liabilities	5,069,375 5,069 K	-0.6%	5,101,652 5,102 K	-7.6%	5,524,236 5,524 K	23,044 23 K	21898.7%
Account regularization	0 0 K	0%	0 0 K	0%	0 0 K	0 0 K	0%
Total liabilities	39,999,138 39,999 K	5.7%	37,837,970 37,838 K	15.3%	32,806,647 32,807 K	1,180,674 1,181 K	3287.8%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Sales of Goods	63,104,192 63,104 K	2.6%	61,489,488 61,489 K	22.0%	50,386,649 50,387 K	952,014 952 K	6528.5%
Net turnover	63,164,195 63,164 K	5.3%	59,960,012 59,960 K	20.4%	49,805,794 49,806 K	942,963 943 K	6598.5%
of which net export turnover	54,725,250 54,725 K	5.2%	52,008,095 52,008 K	18.1%	44,023,164 44,023 K	44,620 45 K	122547.4%
Operating charges	59,808,129 59,808 K	4.2%	57,372,462 57,372 K	23.2%	46,566,417 46,566 K	1,001,705 1,002 K	5870.6%
Operating profit/loss	3,296,063 3,296 K	-19.9%	4,117,026 4,117 K	7.8%	3,820,232 3,820 K	53,126 53 K	6104.2%
Financial income	152,241 152 K	-58.5%	366,543 367 K	69.5%	216,267 216 K	1,589 2 K	9480.9%
Financial charges	155,647 156 K	-45.1%	283,317 283 K	55.5%	182,224 182 K	2,813 3 K	5433.1%
Financial profit/loss	-3,406 -3 K	-104.1%	83,226 83 K	144.5%	34,043 34 K	-435 0 K	-683.0%
Pretax net operating income	3,292,656 3,293 K	-21.6%	4,200,252 4,200 K	9.0%	3,854,275 3,854 K	51,448 51 K	6300.0%
Extraordinary income	135,083 135 K	-59.7%	335,339 335 K	109.8%	159,825 160 K	3,500 4 K	3759.5%
Extraordinary charges	153,276 153 K	-23.0%	198,943 199 K	33.9%	148,561 149 K	1,329 1 K	11433.2%
Extraordinary profit/loss	-18,193 -18 K	-113.3%	136,396 136 K	1110.8%	11,265 11 K	0 0 K	0%
Net result	2,182,068 2,182 K	-22.8%	2,825,676 2,826 K	15.0%	2,457,192 2,457 K	46,237 46 K	4619.3%

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	39,999,138 39,999 K	5.7%	37,837,970 37,838 K	15.3%	32,806,647 32,807 K
Gross	CO	45,661,472 45,661 K	5.3%	43,348,325 43,348 K	13.4%	38,225,777 38,226 K
Amortisation	1A	5,662,535 5,663 K	2.8%	5,510,355 5,510 K	1.7%	5,419,130 5,419 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	4,698,441 4,698 K	10.8%	4,241,445 4,241 K	14.1%	3,718,061 3,718 K
Gross	BJ	10,224,059 10,224 K	5.8%	9,667,286 9,667 K	6.9%	9,045,200 9,045 K
Amortisation	BK	5,525,618 5,526 K	1.8%	5,425,841 5,426 K	1.9%	5,327,139 5,327 K

Intangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Start-up cost	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AC	0 0 K	0%	0 0 K	0%	0 0 K
R&D expenses	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CX	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CQ	0 0 K	0%	0 0 K	0%	0 0 K
Distributorships, patents	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AF	10,817 11 K	0%	10,817 11 K	0%	10,817 11 K
Amortisation	AG	10,817 11 K	0%	10,817 11 K	0%	10,817 11 K
Goodwill	Net	80,588 81 K	0%	80,588 81 K	0%	80,588 81 K
Gross	AH	80,588 81 K	0%	80,588 81 K	0%	80,588 81 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	80,588 81 K	0%	80,588 81 K	0%	80,588 81 K

Tangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Lands	Net	503,920 504 K	52.4%	330,605 331 K	79.4%	184,330 184 K
Gross	AN	822,358 822 K	28.4%	640,360 640 K	31.3%	487,616 488 K
Amortisation	AO	318,438 318 K	2.8%	309,755 310 K	2.1%	303,285 303 K
Buildings	Net	308,060 308 K	264.7%	84,473 84 K	-4.8%	88,712 89 K
Gross	AP	2,783,183 2,783 K	7.9%	2,578,298 2,578 K	0.3%	2,569,358 2,569 K
Amortisation	AQ	2,475,123 2,475 K	-0.7%	2,493,824 2,494 K	0.5%	2,480,646 2,481 K
Plant	Net	241,924 242 K	44.3%	167,691 168 K	73.3%	96,755 97 K
Gross	AR	1,774,338 1,774 K	7.6%	1,648,898 1,649 K	6.2%	1,552,392 1,552 K
Amortisation	AS	1,532,414 1,532 K	3.5%	1,481,207 1,481 K	1.8%	1,455,637 1,456 K
Other tangible fixed assets	Net	161,997 162 K	-0.1%	162,192 162 K	12.3%	144,426 144 K
Gross	AT	1,350,823 1,351 K	4.5%	1,292,429 1,292 K	5.8%	1,221,180 1,221 K
Amortisation	AU	1,188,826 1,189 K	5.2%	1,130,237 1,130 K	5.0%	1,076,754 1,077 K
Fixed assets in construction	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AV	0 0 K	0%	0 0 K	0%	0 0 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	1,215,901 1,216 K	63.2%	744,961 745 K	44.9%	514,223 514 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	2,294,248 2,294 K	0%	2,294,248 2,294 K	0%	2,294,248 2,294 K
Gross	CU	2,294,248 2,294 K	0%	2,294,248 2,294 K	0%	2,294,248 2,294 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	8,135 8 K	0%	8,135 8 K	0%	8,135 8 K
Gross	BD	8,135 8 K	0%	8,135 8 K	0%	8,135 8 K
Amortisation	BE	0 0 K	0%	0 0 K	0%	0 0 K
Loans	Net	68,750 69 K	175.0%	25,000 25 K	-75.9%	103,759 104 K
Gross	BF	68,750 69 K	175.0%	25,000 25 K	-75.9%	103,759 104 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	1,030,618 1,031 K	-5.3%	1,088,512 1,089 K	51.8%	717,106 717 K
Gross	BH	1,030,618 1,031 K	-5.3%	1,088,512 1,089 K	51.8%	717,106 717 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	3,401,751 3,402 K	-0.4%	3,415,895 3,416 K	9.4%	3,123,248 3,123 K

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	35,199,655 35,200 K	5.1%	33,500,127 33,500 K	15.9%	28,906,973 28,907 K
Gross	CJ	35,336,572 35,337 K	5.2%	33,584,641 33,585 K	15.8%	28,998,964 28,999 K
Amortisation	CK	136,917 137 K	62.0%	84,514 85 K	-8.1%	91,991 92 K

Stocks

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Raw materials	Net	110,527 111 K	-4.2%	115,416 115 K	-17.1%	139,233 139 K
Gross	BL	110,527 111 K	-4.2%	115,416 115 K	-17.1%	139,233 139 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	6,308,585 6,309 K	-2.8%	6,489,943 6,490 K	28.0%	5,070,972 5,071 K
Gross	BR	6,308,585 6,309 K	-2.8%	6,489,943 6,490 K	28.0%	5,070,972 5,071 K
Amortisation	BS	0 0 K	0%	0 0 K	0%	0 0 K
Goods for resale	Net	13,475,800 13,476 K	-9.4%	14,868,862 14,869 K	40.6%	10,576,854 10,577 K
Gross	BT	13,475,800 13,476 K	-9.4%	14,868,862 14,869 K	40.6%	10,576,854 10,577 K
Amortisation	BU	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Stocks	Net	19,894,912 19,895 K	-7.4%	21,474,221 21,474 K	36.0%	15,787,059 15,787 K

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BV	0 0 K	0%	0 0 K	0%	0 0 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	10,775,625 10,776 K	11.5%	9,667,826 9,668 K	-6.4%	10,325,592 10,326 K
Gross	BX	10,912,543 10,913 K	11.9%	9,752,340 9,752 K	-6.4%	10,417,582 10,418 K
Amortisation	BY	136,917 137 K	62.0%	84,514 85 K	-8.1%	91,991 92 K
Other debtors	Net	1,909,906 1,910 K	152.5%	756,485 756 K	-32.1%	1,114,915 1,115 K
Gross	BZ	1,909,906 1,910 K	152.5%	756,485 756 K	-32.1%	1,114,915 1,115 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	12,685,531 12,686 K	21.7%	10,424,311 10,424 K	-8.9%	11,440,507 11,441 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	2,610,553 2,611 K	63.8%	1,593,841 1,594 K	-6.5%	1,704,289 1,704 K
Gross	CF	2,610,553 2,611 K	63.8%	1,593,841 1,594 K	-6.5%	1,704,289 1,704 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	2,610,553 2,611 K	63.8%	1,593,841 1,594 K	-6.5%	1,704,289 1,704 K

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	8,658 9 K	11.7%	7,754 8 K	131.2%	-24,881 -25 K
Gross	CH	8,658 9 K	11.7%	7,754 8 K	131.2%	-24,881 -25 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	101,042 101 K	4.8%	96,398 96 K	-46.9%	181,613 182 K
Gross		101,042 101 K	4.8%	96,398 96 K	-46.9%	181,613 182 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%	124,344 124 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	39,999,138 39,999 K	5.7%	37,837,970 37,838 K	15.3%	32,806,647 32,807 K

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	22,746,198 22,746 K	9.1%	20,854,130 20,854 K	14.0%	18,288,454 18,288 K
Equity and shareholders' equity	DA	600,000 600 K	0%	600,000 600 K	0%	600,000 600 K
Issue and merger premiums	DB	0 0 K	0%	0 0 K	0%	0 0 K
Revaluation differentials	DC	157,658 158 K	0%	157,658 158 K	0%	157,658 158 K
Of which equity differential	EK	0 0 K	0%	0 0 K	0%	0 0 K
Legal reserve	DD	60,000 60 K	0%	60,000 60 K	0%	60,000 60 K
Statutory or contractual reserve	DE	19,746,472 19,746 K	14.7%	17,210,796 17,211 K	14.6%	15,013,604 15,014 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	0 0 K	0%	0 0 K	0%	0 0 K
Profit or loss for the period	DI	2,182,068 2,182 K	-22.8%	2,825,676 2,826 K	15.0%	2,457,192 2,457 K
Investment grants	DJ	0 0 K	0%	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	0 0 K	0%	0 0 K	0%	0 0 K

Other capital resources (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total other capital resources (Total II)	DO	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	0 0 K	0%	8,765 9 K	-93.5%	134,271 134 K
Risk provisions	DP	0 0 K	0%	8,765 9 K	0%	0 0 K
Reserves for charges	DQ	0 0 K	0%	0 0 K	0%	134,271 134 K

Liabilities (IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Liabilities (Total IV)	EC	17,110,020 17,110 K	1.3%	16,887,442 16,887 K	19.5%	14,126,210 14,126 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	5,337,694 5,338 K	17.3%	4,550,416 4,550 K	39.6%	3,258,781 3,259 K
Sundry loans and financial liabilities	DV	1,523,016 1,523 K	7.0%	1,422,765 1,423 K	5.2%	1,352,250 1,352 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	3,705,534 3,706 K	-6.6%	3,969,250 3,969 K	76.7%	2,245,983 2,246 K
Tax and social security liabilities	DY	1,617,321 1,617 K	-16.2%	1,930,992 1,931 K	-3.6%	2,002,671 2,003 K
Fixed asset liabilities	DZ	0 0 K	0%	0 0 K	0%	0 0 K
Other debts	EA	4,926,455 4,926 K	-1.7%	5,014,019 5,014 K	-4.8%	5,266,525 5,267 K

Translation loss (V)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Translation loss (Total V)	ED	142,920 143 K	63.1%	87,633 88 K	-66.0%	257,711 258 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	0 0 K	0%	12,253,320 12,253 K	-12.8%	14,044,290 14,044 K
Of which current bank facilities	EH	3,061,850 3,062 K	33.1%	2,300,416 2,300 K	23.8%	1,858,781 1,859 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	3,296,063 3,296 K	-19.9%	4,117,026 4,117 K	7.8%	3,820,232 3,820 K

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	-3,406 -3 K	-104.1%	83,226 83 K	144.5%	34,043 34 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	3,292,656 3,293 K	-21.6%	4,200,252 4,200 K	9.0%	3,854,275 3,854 K

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	-18,193 -18 K	-113.3%	136,396 136 K	1110.8%	11,265 11 K

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	2,182,068 2,182 K	-22.8%	2,825,676 2,826 K	15.0%	2,457,192 2,457 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	63,391,516 63,392 K	1.9%	62,191,370 62,191 K	22.5%	50,762,740 50,763 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	61,209,448 61,209 K	3.1%	59,365,692 59,366 K	22.9%	48,305,548 48,306 K

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	63,104,192 63,104 K	2.6%	61,489,488 61,489 K	22.0%	50,386,649 50,387 K

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Sale of goods for resale	FC	0 0 K	0%	0 0 K	0%	0 0 K
France	FA	0 0 K	0%	0 0 K	0%	0 0 K
Export	FB	0 0 K	0%	0 0 K	0%	0 0 K
Sale of goods produced	FF	63,164,195 63,164 K	5.3%	59,960,012 59,960 K	20.4%	49,805,794 49,806 K
France	FD	8,438,946 8,439 K	6.1%	7,951,917 7,952 K	37.5%	5,782,630 5,783 K
Export	FE	54,725,250 54,725 K	5.2%	52,008,095 52,008 K	18.1%	44,023,164 44,023 K
Sale of services	FI	0 0 K	0%	0 0 K	0%	0 0 K
France	FG	0 0 K	0%	0 0 K	0%	0 0 K
Export	FH	0 0 K	0%	0 0 K	0%	0 0 K
Net turnover	FL	63,164,195 63,164 K	5.3%	59,960,012 59,960 K	20.4%	49,805,794 49,806 K
France	FJ	8,438,946 8,439 K	6.1%	7,951,917 7,952 K	37.5%	5,782,630 5,783 K
Export	FK	54,725,250 54,725 K	5.2%	52,008,095 52,008 K	18.1%	44,023,164 44,023 K
Stocked production	FM	-181,358 -181 K	-112.8%	1,418,971 1,419 K	176.8%	512,686 513 K
Self-constructed assets	FN	0 0 K	0%	0 0 K	0%	0 0 K
Operating grants	FO	0 0 K	0%	0 0 K	0%	0 0 K
Release of reserves and provisions	FP	114,351 114 K	14.4%	99,930 100 K	71.6%	58,240 58 K
Other income	FQ	7,003 7 K	-33.8%	10,575 11 K	6.5%	9,928 10 K

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	59,808,129 59,808 K	4.2%	57,372,462 57,372 K	23.2%	46,566,417 46,566 K

Exploitation charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Purchase of goods for resale	FS	970,754 971 K	12.4%	863,448 863 K	13.7%	759,573 760 K
Change in stocks of goods for resale	FT	0 0 K	0%	0 0 K	0%	0 0 K
Purchase of raw materials	FU	46,070,455 46,070 K	-7.6%	49,840,133 49,840 K	31.8%	37,814,032 37,814 K
Change in stocks of raw materials	FV	1,397,951 1,398 K	132.8%	-4,268,191 -4,268 K	-155.1%	-1,673,201 -1,673 K
Other external purchases and charges	FW	5,710,651 5,711 K	4.1%	5,484,117 5,484 K	17.0%	4,689,277 4,689 K
Tax, duty and similar payments	FX	515,820 516 K	2.5%	503,163 503 K	14.1%	441,111 441 K
Payroll	FY	3,244,565 3,245 K	4.3%	3,112,233 3,112 K	7.3%	2,899,155 2,899 K
Social security costs	FZ	1,625,366 1,625 K	3.9%	1,564,875 1,565 K	7.7%	1,453,508 1,454 K

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	171,145 171 K	29.5%	132,198 132 K	40.0%	94,394 94 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	81,245 81 K	34.7%	60,336 60 K	8.7%	55,501 56 K
Provisions for risks and charges	GD	0 0 K	0%	0 0 K	0%	0 0 K

Other charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Other charges	GE	20,177 20 K	-74.8%	80,150 80 K	142.4%	33,067 33 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	152,241 152 K	-58.5%	366,543 367 K	69.5%	216,267 216 K
Share financial income	GJ	0 0 K	0%	72,000 72 K	10083.9%	707 1 K
Other investment income & capitalised receivables	GK	981 1 K	12162.5%	8 0 K	-82.2%	45 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	8,765 9 K	0%	0 0 K	0%	21,638 22 K
Exchange gains	GN	142,494 142 K	-51.6%	294,535 295 K	51.9%	193,876 194 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	155,647 156 K	-45.1%	283,317 283 K	55.5%	182,224 182 K
Financial reserves and provisions	GQ	0 0 K	0%	8,765 9 K	0%	0 0 K
Interest and similar charges	GR	107,890 108 K	13.6%	94,993 95 K	18.4%	80,242 80 K
Exchange losses	GS	47,757 48 K	-73.4%	179,559 180 K	76.1%	101,982 102 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	135,083 135 K	-59.7%	335,339 335 K	109.8%	159,825 160 K
Extraordinary operating income	HA	128,000 128 K	-35.0%	196,934 197 K	946.4%	18,820 19 K
Extraordinary income from capital transactions	HB	7,083 7 K	71.3%	4,134 4 K	29.2%	3,200 3 K
Released provisions and transferred charges	HC	0 0 K	0%	134,271 134 K	-2.6%	137,805 138 K

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary charges (Total VIII)	HH	153,276 153 K	-23.0%	198,943 199 K	33.9%	148,561 149 K
Extraordinary operating charges	HE	153,276 153 K	-23.0%	198,943 199 K	1292.2%	14,290 14 K
Extraordinary charges from capital transactions	HF	0 0 K	0%	0 0 K	0%	0 0 K
Extraordinary reserves and provisions	HG	0 0 K	0%	0 0 K	0%	134,271 134 K

Employee profit sharing (IX)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Employee profit sharing (Total IX)	HJ	176,959 177 K	-32.6%	262,534 263 K	1.2%	259,366 259 K

Tax on profits (X)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Tax on profits (Total X)	HK	915,437 915 K	-26.7%	1,248,436 1,248 K	8.7%	1,148,981 1,149 K

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which equipment leases	HP	230,925 231 K	-19.0%	285,040 285 K	17.4%	242,730 243 K
Of which property leases	HQ	0 0 K	0%	0 0 K	0%	0 0 K
Of which transferred charges	A1	83,508 84 K	160.0%	32,117 32 K	-16.1%	38,258 38 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	2,358,084 2,358 K	16.0%	2,033,403 2,033 K	130.2%	883,272 883 K
Gross value at the end of period	OL	10,224,059 10,224 K	5.8%	9,667,286 9,667 K	6.9%	9,045,200 9,045 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	91,406 91 K	0%	91,406 91 K	0%	91,406 91 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	91,406 91 K	0%	91,406 91 K	0%	91,406 91 K

Tangible fixed assets (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LN	6,159,985 6,160 K	5.7%	5,830,546 5,831 K	1.8%	5,725,175 5,725 K
Increasess due to revaluation	LO	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LP	642,285 642 K	77.0%	362,936 363 K	164.8%	137,040 137 K
Decreasess by budget item transfer	NG1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NG2	71,367 71 K	113.1%	33,497 33 K	5.8%	31,669 32 K
Gross value at the end of period	NH	6,730,903 6,731 K	9.3%	6,159,985 6,160 K	5.7%	5,830,546 5,831 K

Financial assets (Total IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LQ	3,415,895 3,416 K	9.4%	3,123,243 3,123 K	5.0%	2,974,117 2,974 K
Increasess due to revaluation	LR	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LS	2,272,572 2,273 K	-0.9%	2,292,553 2,293 K	129.1%	1,000,734 1,001 K
Decreasess by budget item transfer	NJ1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NJ2	2,286,717 2,287 K	14.3%	1,999,906 2,000 K	134.8%	851,603 852 K
Gross value at the end of period	NK	3,401,751 3,402 K	-0.4%	3,415,895 3,416 K	9.4%	3,123,248 3,123 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	10,817 11 K	0%	10,817 11 K	0%	10,817 11 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	10,817 11 K	0%	10,817 11 K	0%	10,817 11 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	5,415,023 5,415 K	1.9%	5,316,322 5,316 K	1.2%	5,253,597 5,254 K
Increases	QV	171,330 171 K	29.6%	132,198 132 K	40.0%	94,394 94 K
Decreases	QW	71,552 72 K	113.6%	33,497 33 K	5.8%	31,669 32 K
Decreasess by budget item transfer	QX	5,514,801 5,515 K	1.8%	5,415,023 5,415 K	1.9%	5,316,322 5,316 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	93,280 93 K	-58.8%	226,262 226 K	4.8%	215,916 216 K
Increases	UB	81,431 81 K	17.8%	69,102 69 K	-63.6%	189,772 190 K
Decreases	UC	37,793 38 K	-81.3%	202,084 202 K	12.6%	179,426 179 K
Value at the end of period	UD	136,917 137 K	46.8%	93,280 93 K	-58.8%	226,262 226 K

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	81,431 81 K	35.0%	60,336 60 K	8.7%	55,501 56 K
Financial	UG	0 0 K	0%	8,765 9 K	0%	0 0 K
Exceptional	UJ	0 0 K	0%	0 0 K	0%	134,271 134 K

Includes Total Withdrawal

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UF	37,793 38 K	-44.3%	67,813 68 K	239.4%	19,982 20 K
Financial	UH	0 0 K	0%	0 0 K	0%	21,638 22 K
Exceptional	UK	0 0 K	0%	134,271 134 K	-2.6%	137,805 138 K

Total regulated provisions (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	3Z	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TS	185 0 K	0%	0 0 K	0%	0 0 K
Decreases	TT	185 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	TU	0 0 K	0%	0 0 K	0%	0 0 K

Total risk and charge provisions (Total II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	5Z	8,765 9 K	-93.5%	134,271 134 K	-15.8%	159,444 159 K
Increases	TV	0 0 K	0%	8,765 9 K	-93.5%	134,271 134 K
Decreases	TW	8,765 9 K	-93.5%	134,271 134 K	-15.8%	159,444 159 K
Value at the end of period	TX	0 0 K	0%	8,765 9 K	-93.5%	134,271 134 K

Total Provision for depreciation (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7B	84,514 85 K	-8.1%	91,991 92 K	62.9%	56,472 56 K
Increases	TY	81,245 81 K	34.7%	60,336 60 K	8.7%	55,501 56 K
Decreases	TZ	28,843 29 K	-57.5%	67,813 68 K	239.4%	19,982 20 K
Value at the end of period	UA	136,916 137 K	62.0%	84,514 85 K	-8.1%	91,991 92 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	13,930,475 13,930 K	0%	0 0 K	0%	12,328,481 12,328 K
1 year at most	VU	12,668,846 12,669 K	0%	0 0 K	0%	11,383,272 11,383 K
More than one year	VV	1,261,629 1,262 K	0%	0 0 K	0%	945,210 945 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	68,750 69 K	0%	0 0 K	0%	103,759 104 K
Loans (1 year at most)	UR	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets (gross)	UT	1,030,618 1,031 K	0%	0 0 K	0%	717,106 717 K
Other financial assets (1 year at most)	UV	0 0 K	0%	0 0 K	0%	0 0 K

Receivables statement of assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Customers doubtful or disputed	VA	162,261 162 K	0%	0 0 K	0%	124,344 124 K
Other claims customer	UX	10,750,281 10,750 K	0%	0 0 K	0%	10,293,238 10,293 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	3,200 3 K	0%	0 0 K	0%	2,198 2 K
Social Security and other social organizations	UZ	0 0 K	0%	0 0 K	0%	0 0 K
Income taxes	VM	136,718 137 K	0%	0 0 K	0%	181,400 181 K
Value added tax	VB	80,503 81 K	0%	0 0 K	0%	97,916 98 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%	30,405 30 K
Group and Associates	VC	36,733 37 K	0%	0 0 K	0%	31,953 32 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	1,652,753 1,653 K	0%	0 0 K	0%	771,042 771 K

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	8,658 9 K	0%	0 0 K	0%	-24,881 -25 K

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	17,110,022 17,110 K	0%	0 0 K	0%	14,126,210 14,126 K
1 year at most	VZ2	17,024,588 17,025 K	0%	0 0 K	0%	14,044,290 14,044 K
More than 1 year and 5 years at most	VZ3	85,434 85 K	0%	0 0 K	0%	81,920 82 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%	3,258,781 3,259 K
1 year at most	VG2	0 0 K	0%	0 0 K	0%	3,258,781 3,259 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	5,337,694 5,338 K	0%	0 0 K	0%	0 0 K
1 year at most	VH2	5,337,694 5,338 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	85,434 85 K	0%	0 0 K	0%	81,920 82 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	85,434 85 K	0%	0 0 K	0%	81,920 82 K
Suppliers and associated accounts (gross)	8B1	3,705,534 3,706 K	0%	0 0 K	0%	2,245,983 2,246 K
1 year at most	8B2	3,705,534 3,706 K	0%	0 0 K	0%	2,245,983 2,246 K
More than 1 year and 5 years at most	8B3	3,705,534 3,706 K	0%	0 0 K	0%	2,245,983 2,246 K
Personnel and associated accounts (gross)	8C1	708,791 709 K	0%	0 0 K	0%	810,202 810 K
1 year at most	8C2	708,791 709 K	0%	0 0 K	0%	810,202 810 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	489,556 490 K	0%	0 0 K	0%	536,099 536 K
1 year at most	8D2	489,556 490 K	0%	0 0 K	0%	536,099 536 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%	285,659 286 K
1 year at most	8E2	0 0 K	0%	0 0 K	0%	285,659 286 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	212,807 213 K	0%	0 0 K	0%	152,148 152 K
1 year at most	VW2	212,807 213 K	0%	0 0 K	0%	152,148 152 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	206,168 206 K	0%	0 0 K	0%	218,563 219 K
1 year at most	VQ2	206,168 206 K	0%	0 0 K	0%	218,563 219 K
More than 1 year and 5 years at most	VQ3	0 0 K	0%	0 0 K	0%	0 0 K
Assets and liabilities associated accounts (gross)	8J1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8J2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8J3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	8J4	0 0 K	0%	0 0 K	0%	0 0 K
Groups and associates (gross)	VI1	1,437,583 1,438 K	0%	0 0 K	0%	1,270,330 1,270 K
1 year at most	VI2	1,437,583 1,438 K	0%	0 0 K	0%	1,270,330 1,270 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	4,926,455 4,926 K	0%	0 0 K	0%	5,266,525 5,267 K
1 year at most	8K2	4,926,455 4,926 K	0%	0 0 K	0%	5,266,525 5,267 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%	-3 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%	220,000 220 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%	540,551 541 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%	323,194 323 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%	166,071 166 K
Fees, commissions and brokerage	YV	0 0 K	0%	0 0 K	0%	573,915 574 K
Other accounts	ST	0 0 K	0%	0 0 K	0%	3,626,097 3,626 K
Total Other purchases and external	ZJ	0 0 K	0%	0 0 K	0%	4,689,277 4,689 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%	196,257 196 K
Other taxes and payments assimilated	9Z	0 0 K	0%	0 0 K	0%	244,854 245 K
Total taxes and fees	YX	0 0 K	0%	0 0 K	0%	441,111 441 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%	3,403,807 3,404 K
Total VAT on goods and services	YZ	0 0 K	0%	0 0 K	0%	1,049,885 1,050 K

Average number of employees

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Average number of employees	YP	0 0 K	0%	0 0 K	0%	78 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

-

-

3.17

Healthy +

4.34

Healthy +

Description

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

Hide Conan & Holder

0.14

10%

0.15

10%

0.16

10%

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	3.14	1.3%	3.10	5.8%	2.93	3.56	-11.8%	1.67	88.0%
Global Debt	98 days	-3.0%	101 days	-1.0%	102 days	655.52 days	-85.1%	127 days	-22.8%
Working Capital Fund overall net	125 days	2.5%	122 days	-3.2%	126 days	143.23 days	-12.7%	131 days	-4.6%
Financial independence	331.54 %	-5.0%	349.13 %	-12.0%	396.62 %	197,856.65 %	-99.8%	255.09 %	30.0%
Solvability	56.87 %	3.2%	55.11 %	-1.1%	55.75 %	49.64 %	14.6%	51.45 %	10.5%
Capacity debt futures	426.14 %	-	-	-	561.21 %	354,367.97 %	-99.9%	1,751.78 %	-75.7%
Coverage of current assets by net working capital overall	61.84 %	2.3%	60.44 %	0.5%	60.15 %	48.26 %	28.1%	61.36 %	0.8%
General Liquidity	0.74	-	-	-	0.81	1.12	-33.9%	0.84	-11.9%
Restricted Liquidity	0.90	-	-	-	0.93	6.69	-86.5%	1.37	-34.3%

Management or rotation

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Need background in operating working capital	144 days	-5.3%	152 days	-3.8%	158 days	176.11 days	-18.2%	65 days	121.5%
Treasury	-3 days	25.0%	-4 days	-300.0%	-1 days	85.38 days	-103.5%	36 days	-108.3%
Inventory turnover of goods	4,997 days	-19.4%	6,199 days	23.7%	5,013 days	192.02 days	2502.3%	69 days	7142.0%
Average length of credit granted to customers	62 days	5.1%	59 days	-15.7%	70 days	137.56 days	-54.9%	62 days	0%
Average length of credit obtained suppliers	25 days	-10.7%	28 days	47.4%	19 days	80.69 days	-69.0%	58 days	-56.5%
Inventory turnover of raw materials in industrial enterprises	1 days	0%	1 days	0%	1 days	158.45 days	-99.4%	92 days	-98.9%
Inventory turnover of intermediate and finished products in the industrial enterprise	938 days	-3.6%	973 days	13.9%	854 days	438.34 days	114.0%	303 days	209.6%
Rotation tangible assets	938.42 %	-3.6%	973.38 %	13.9%	854.22 %	683.30 %	37.3%	263.34 %	256.4%

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Margin trading	-1.54 %	-6.9%	-1.44 %	5.9%	-1.53 %	10.03 %	-115.4%	0.00 %	0%
Profitability of the business	5.46 %	-23.5%	7.14 %	-9.6%	7.90 %	4.57 %	19.5%	9.33 %	-41.5%
Net profit	3.45 %	-26.8%	4.71 %	-4.5%	4.93 %	2.99 %	15.4%	4.97 %	-30.6%
Growth rate of turnover (excluding VAT)	5.34 %	-73.8%	20.39 %	33883.3%	0.06 %	31.60 %	-83.1%	6.34 %	-15.8%
Rates integration	13.98 %	-11.4%	15.78 %	-10.0%	17.53 %	39.22 %	-64.4%	33.63 %	-58.4%
Rate leasing furniture	0.37 %	-22.9%	0.48 %	-2.0%	0.49 %	0.14 %	164.3%	0.00 %	0%
Work Factor	55.13 %	11.5%	49.44 %	-0.9%	49.87 %	30.24 %	82.3%	56.08 %	-1.7%
Weight interests	0.25 %	-46.8%	0.47 %	27.0%	0.37 %	2.39 %	-89.5%	0.28 %	-10.7%

Return on capital

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Cash flow from the overall profitability	3.65 %	-20.7%	4.60 %	-8.5%	5.03 %	40.12 %	-90.9%	8.45 %	-56.8%
Rates of economic profitability	12.00 %	-25.0%	16.00 %	-5.9%	17.00 %	17.56 %	-31.7%	15.00 %	-20.0%
Financial profitability	22,746,198.00 %	9.1%	20,854,130.00 %	14.0%	18,288,454.00 %	9,894,872.88 %	129.9%	438,288.00 %	5089.8%
Return on investment	7.90 %	-31.8%	11.59 %	0.5%	11.53 %	6.75 %	17.0%	9.31 %	-15.1%

Management intermediate balances

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Turnover

63,164,195 63,164 K

5.3%

59,960,012 59,960 K

20.4%

49,805,794 49,806 K

11,690,352.21 11,690.35 K

440.3%

942,963 943 K

6598.5%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Sales of goods

0 0 K

0%

0 0 K

0%

0 0 K

-

-

- Purchase of goods

970,754 971 K

12.4%

863,448 863 K

13.7%

759,573 760 K

-

-

+/- Stock of goods variation

0 0 K

0%

0 0 K

0%

0 0 K

-

-

Trading margin

-970,754 € -971 K €

-12.4%

-863,448 € -863 K €

-13.7%

-759,573 € -760 K €

-547,627.44 € -547.63 K €

-77.3%

0 € 0 K €

0%

-1.54 % CA -1.54 % CA

-6.9%

-1.44 % CA -1.44 % CA

5.9%

-1.53 % CA -1.53 % CA

11.48 % CA 11.48 % CA

-113.4%

0.02 % CA 0.02 % CA

-7800.0%

		31/12/2016		Variation		31/12/2015		Variation		31/12/2014	Sector Average 2016		Sector Median 2016
Sale of goods produced		63,164,195 63,164 K		5.3%		59,960,012 59,960 K		20.4%		49,805,794 49,806 K		-		-
+/- Stocked production		-181,358 -181 K		-112.8%		1,418,971 1,419 K		176.8%		512,686 513 K		-		-
+ Self-constructed assets		0 0 K		0%		0 0 K		0%		0 0 K		-		-
Period production		62,982,837 € 62,983 K €		2.6%		61,378,983 € 61,379 K €		22.0%		50,318,480 € 50,318 K €	10,812,374.73 € 10,812.37 K €	482.5%	608,496 € 608 K €	10250.6%
		99.71 % CA 99.71 % CA		-2.6%		102.37 % CA 102.37 % CA		1.3%		101.03 % CA 101.03 % CA	80.04 % CA 80.04 % CA	24.6%	99.75 % CA 99.75 % CA	0.0%
	31/12/2016		Variation		31/12/2015		Variation		31/12/2014		Sector Average 2016		Sector Median 2016
Trading margin	-970,754 -971 K		-12.4%		-863,448 -863 K		-13.7%		-759,573 -760 K		-547,627.44 -547.63 K	-77.3%	0 0 K	0%
+ Period Production	62,982,837 62,983 K		2.6%		61,378,983 61,379 K		22.0%		50,318,480 50,318 K		10,812,374.73 10,812.37 K	482.5%	608,496 608 K	10250.6%
- Purchase of raw materials	46,070,455 46,070 K		-7.6%		49,840,133 49,840 K		31.8%		37,814,032 37,814 K			-		-
+/- Change in stocks of raw materiels	1,397,951 1,398 K		132.8%		-4,268,191 -4,268 K		-155.1%		-1,673,201 -1,673 K			-		-
- Other external purchases and charges	5,710,651 5,711 K		4.1%		5,484,117 5,484 K		17.0%		4,689,277 4,689 K			-		-
Added value	8,833,026 € 8,833 K €		-6.6%		9,459,476 € 9,459 K €		8.4%		8,728,799 € 8,729 K €		3,269,964.38 € 3,269.96 K €	170.1%	291,031 € 291 K €	2935.1%
	13.98 % CA 13.98 % CA		-11.4%		15.78 % CA 15.78 % CA		-10.0%		17.53 % CA 17.53 % CA		37.54 % CA 37.54 % CA	-62.8%	33.63 % CA 33.63 % CA	-58.4%

	31/12/2016		Variation		31/12/2015		Variation		31/12/2014		Sector Average 2016		Sector Median 2016
Added value	8,833,026 € 8,833 K €		-6.6%		9,459,476 € 9,459 K €		8.4%		8,728,799 € 8,729 K €		3,269,964.38 € 3,269.96 K €	170.1%	291,031 € 291 K €	2935.1%
+ Operating grants	0 0 K		0%		0 0 K		0%		0 0 K			-		-
- Tax, duty and similar payments	515,820 516 K		2.5%		503,163 503 K		14.1%		441,111 441 K			-		-
- Personal charges	4,869,931 4,870 K		4.1%		4,677,108 4,677 K		7.5%		4,352,663 4,353 K			-		-
Gross operating surplus	3,447,275 € 3,447 K €		-19.4%		4,279,205 € 4,279 K €		8.7%		3,935,025 € 3,935 K €		571,549.41 € 571.55 K €	503.1%	92,200 € 92 K €	3638.9%
	5.46 % CA 5.46 % CA		-23.5%		7.14 % CA 7.14 % CA		-9.6%		7.90 % CA 7.90 % CA		2.89 % CA 2.89 % CA	88.9%	9.33 % CA 9.33 % CA	-41.5%
		31/12/2016		Variation		31/12/2015		Variation		31/12/2014	Sector Average 2016		Sector Median 2016
Gross operating surplus		3,447,275 € 3,447 K €		-19.4%		4,279,205 € 4,279 K €		8.7%		3,935,025 € 3,935 K €	571,549.41 € 571.55 K €	503.1%	92,200 € 92 K €	3638.9%
+ Release of reserves and provisions		114,351 114 K		14.4%		99,930 100 K		71.6%		58,240 58 K		-		-
+ Other operating income		7,003 7 K		-33.8%		10,575 11 K		6.5%		9,928 10 K		-		-
- Depreciation/ Amortisation		252,390 252 K		31.1%		192,534 193 K		28.4%		149,895 150 K		-		-
- Other charges		20,177 20 K		-74.8%		80,150 80 K		142.4%		33,067 33 K		-		-
Operating result		3,296,062 € 3,296 K €		-19.9%		4,117,026 € 4,117 K €		7.8%		3,820,231 € 3,820 K €	816,218.97 € 816.22 K €	303.8%	51,895 € 52 K €	6251.4%
		5.22 % CA 5.22 % CA		-24.0%		6.87 % CA 6.87 % CA		-10.4%		7.67 % CA 7.67 % CA	-4.32 % CA -4.32 % CA	220.8%	5.34 % CA 5.34 % CA	-2.2%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Operating result

3,296,062 € 3,296 K €

-19.9%

4,117,026 € 4,117 K €

7.8%

3,820,231 € 3,820 K €

816,218.97 € 816.22 K €

303.8%

51,895 € 52 K €

6251.4%

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

0 0 K

0%

0 0 K

0%

0 0 K

-

-

+ Financial income

152,241 152 K

-58.5%

366,543 367 K

69.5%

216,267 216 K

-

-

- Financial charges

155,647 156 K

-45.1%

283,317 283 K

55.5%

182,224 182 K

-

-

Pre-tax result

3,292,656 € 3,293 K €

-21.6%

4,200,252 € 4,200 K €

9.0%

3,854,274 € 3,854 K €

1,168,916.76 € 1,168.92 K €

181.7%

45,094 € 45 K €

7201.8%

5.21 % CA 5.21 % CA

-25.7%

7.01 % CA 7.01 % CA

-9.4%

7.74 % CA 7.74 % CA

15.52 % CA 15.52 % CA

-66.4%

5.58 % CA 5.58 % CA

-6.6%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

Sector Average 2016

Sector Median 2016

Extraordinary income

135,083 135 K

-59.7%

335,339 335 K

109.8%

159,825 160 K

134,962.36 134.96 K

0.1%

3,500 4 K

3759.5%

- Extraordinary charges

153,276 153 K

-23.0%

198,943 199 K

33.9%

148,561 149 K

-

-

Extraordinary result

-18,193 € -18 K €

-113.3%

136,396 € 136 K €

1110.9%

11,264 € 11 K €

-285,503.90 € -285.50 K €

93.6%

0 € 0 K €

0%

-0.03 % CA -0.03 % CA

-113.0%

0.23 % CA 0.23 % CA

1050.0%

0.02 % CA 0.02 % CA

-6.17 % CA -6.17 % CA

99.5%

0.00 % CA 0.00 % CA

0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Pre-tax result	3,292,656 € 3,293 K €	-21.6%	4,200,252 € 4,200 K €	9.0%	3,854,274 € 3,854 K €	1,168,916.76 € 1,168.92 K €	181.7%	45,094 € 45 K €	7201.8%
Extraordinary result	-18,193 € -18 K €	-113.3%	136,396 € 136 K €	1110.9%	11,264 € 11 K €	-285,503.90 € -285.50 K €	93.6%	0 € 0 K €	0%
- Employee profit sharing	176,959 177 K	-32.6%	262,534 263 K	1.2%	259,366 259 K		-		-
- Tax on profits	915,437 915 K	-26.7%	1,248,436 1,248 K	8.7%	1,148,981 1,149 K		-		-
Net result	2,182,067 € 2,182 K €	-22.8%	2,825,678 € 2,826 K €	15.0%	2,457,191 € 2,457 K €	541,409.05 € 541.41 K €	303.0%	46,218 € 46 K €	4621.2%
	3.45 % CA 3.45 % CA	-26.8%	4.71 % CA 4.71 % CA	-4.5%	4.93 % CA 4.93 % CA	8.10 % CA 8.10 % CA	-57.4%	5.00 % CA 5.00 % CA	-31.0%

Key Performance Indicators

Find below a comparison of the company based on the industry code (primary) with other companies from the same industry. The following analysis has been based on the industry code 2053Z - Manufacture of essential oils.

Key Performance Indicators

Net Turnover

Net Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	63,164,195 €	59,960,012 €	49,805,794 €
Sector Average	11,690,352 €	11,971,344 €	10,965,502 €

Net Profit

Net Profit

	31/12/2016	31/12/2015	31/12/2014
Company Result	2,182,068 €	2,825,676 €	2,457,192 €
Sector Average	1,049,231 €	982,946 €	849,528 €

Net Export Turnover

Net Export Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	54,725,250 €	52,008,095 €	44,023,164 €
Sector Average	6,718,794 €	5,734,598 €	5,449,036 €

Account Total

Account Total

	31/12/2016	31/12/2015	31/12/2014
Company Result	39,999,138 €	37,837,970 €	32,806,647 €
Sector Average	16,973,807 €	16,731,438 €	15,609,036 €

Shareholders Equity

Shareholders Equity

	31/12/2016	31/12/2015	31/12/2014
Company Result	22,746,198 €	20,854,130 €	18,288,454 €
Sector Average	9,916,837 €	9,673,084 €	9,060,827 €

Liabilities

Liabilities

	31/12/2016	31/12/2015	31/12/2014
Company Result	17,110,020 €	16,887,442 €	14,126,210 €
Sector Average	6,366,180 €	6,584,200 €	6,215,112 €

Need background in operating working capital

Need background in operating working capital

	31/12/2016	31/12/2015	31/12/2014
Company Result	144 €	152 €	158 €
Sector Average	176 €	157 €	105 €

Gross operating surplus (EBE)

Gross operating surplus (EBE)

	31/12/2016	31/12/2015	31/12/2014
Company Result	3,447,275 €	4,279,205 €	3,935,025 €
Sector Average	571,549 €	1,128,924 €	941,097 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.22
UK Pound	1	INR 91.33
Euro	1	INR 79.96
Euro	1	INR 80.51

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	NIT

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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