MIRA INFORM REPORT

Report No. :	508189
Report Date :	10.05.2018

IDENTIFICATION DETAILS

Name :	TOURNAIRE SA
Registered Office :	Tournaire Sa, Quartier Du Plan, 50 Route De La Paoute, BP 41001, 06131 Grasse Cedex
Country :	France
Financials (as on) :	31.12.2016
Date of Incorporation :	January 1955
Legal Form :	National public limited company with board of directors
Line of Business :	Manufacture of lightweight metal packaging
No. of Employees :	257

RATING & COMMENTS

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

MIRA’s Rating :

A+

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

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

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

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

FRANCE - ECONOMIC OVERVIEW

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

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

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

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

Source : CIA

Company summary

SIRET	415 550 110 00019
Name	TOURNAIRE SA
Acronym	-
Trade name	-
Status	Economically active
Postal Address	TOURNAIRE SA QUARTIER DU PLAN 50 ROUTE DE LA PAOUTE BP 41001 06131 GRASSE CEDEX FRANCE
Share Capital	3,264,000 Euros
Telephone	04 93 09 34 34
Activity (APE)	Manufacture of lightweight metal packaging (2592Z)
Formation Date	01/1955
Deregistration Date	-
Court Registry Number	19 5 5B00011
Registration Court	Grasse (06)
Nationality	France
RCS Registration	RCS Grasse B 415 550 110
EUR VAT Number	FR37415550110
Last account Date	31/12/2016
Incorporation Date	03/1955
Fax	-
Legal form	National 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	57,796,864 €	11.60% Turnover	44,387,535 €	4,718,908 €	257 employees
31/12/2015	57,203,713 €	11.89% Turnover	40,220,351 €	3,881,719 €	247 employees
31/12/2014	55,830,610 €	9.87% Turnover	36,110,122 €	3,477,901 €	266 employees

View details

Directors

Current Directors

8

View Details

Judgment and Preferential

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

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	2592Z	Activity	Manufacture of lightweight metal packaging
Formation Date	01/1955	Reason for Formation	-
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	70 ROUTE DE LA PAOUTE 06130 GRASSE	Department	Alpes-Maritimes (06)
Location Surface	-	District	1
City	GRASSE	Status	Economically active
Business Pages FT®	EMBALLAGES, CONDITIONNEMENTS METALLIQUES	Region	Côte d'Azur
		Area	98
		Size of Urban Area	Urban unit with 200 000 to 1 999 999 inhabitants

Other Establishment(s)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	1 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
TOURNAIRE SA	Head Office	2592Z	Manufacture of lightweight metal packaging	GRASSE	06130
TOURNAIRE SA	Branch	2592Z	Manufacture of lightweight metal packaging	PEGOMAS	06580

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 company has 8 directors

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

Low risk workforce size

The net turnover is 57,796,864 €

The pre-tax profit is 5,955,363 €

Industry code with low risk rating

The ratio total assets to total liabilities is 4.54

The creditor days are 26.53

The total assets are 56,912,327 €

The net current assets are 33,780,354 €

The risk provisions are 3,416,518 €

The shareholder's equity is 44,387,535 €

The return on total assets employed is 10.46

The liabilities are 9,108,274 €

The stock to turnover ratio is 9.95

The sales to current assets ratio is 1.71

Industry comparison

Activity (APE)

Manufacture of lightweight metal packaging (2592Z)

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	02/10/2008
Status of Monitoring	No social security and tax office preferential right to date

Social security, pension funds preferential rights

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

Historical

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

Hide

30900340

24/09/2009

05/10/2009

Caisse de Retraite des Cadres

4,561 EUR

-

Reason for closure	Crossed Off
Court	Grasse
Description	COTISATION : ANNEE 2008
Creditor	Caisse de Retraite des Cadres 174 rue de Charonne 75128, PARIS Cedex 11
Debtor	TOURNAIRE QUARTIER DU PLAN 06130 50 ROUTE DE LA PAOUTE, GRASSE

Preferential rights details and history

Summary of preferential rights

Company monitored since	02/10/2008
Status of Monitoring	No social security and tax office preferential right to date

Social security, pension funds preferential rights

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

Historical

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

Hide

30900340

24/09/2009

05/10/2009

Caisse de Retraite des Cadres

4,561 EUR

-

Reason for closure	Crossed Off
Court	Grasse
Description	COTISATION : ANNEE 2008
Creditor	Caisse de Retraite des Cadres 174 rue de Charonne 75128, PARIS Cedex 11
Debtor	TOURNAIRE QUARTIER DU PLAN 06130 50 ROUTE DE LA PAOUTE, GRASSE

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Director(s)

Name	M. FORESTIER HENRI
Manager position	Managing director	Date of birth	11/09/1958
Place of birth	GRASSE
Type	Individual	Name at birth
				View Details
Name	M. TOURNAIRE ERIC
Manager position	President	Date of birth	03/06/1952
Place of birth	GRASSE
Type	Individual	Name at birth
				View Details

Name	M. TOURNAIRE CHRISTIAN HENRI ALBERT
Manager position	Vice-president	Date of birth	08/02/1957
Place of birth	BOULOGNE-BILLANCOURT
Type	Individual	Name at birth
				View Details
Name	M. TOURNAIRE LUC JEAN JACQUES
Manager position	President of the management board	Date of birth	03/08/1953
Place of birth	06 GRASSE
Type	Individual	Name at birth

Statutory Auditor

Name	M. REBELLES JEAN MICHEL
Manager position	Deputy auditor	Date of birth	29/06/1966
Place of birth	DIGNE-LES-BAINS
Type	Individual	Name at birth
				View Details
Name	AUDIT FINANCE CLERE ET ASSOCIES
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Name	M. FRANCHI JEAN CHARLES
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Individual	Name at birth
				View Details
Name	M. SICARD DIDIER
Manager position	Deputy auditor	Date of birth	-
Place of birth
Type	Individual	Name at birth

Previous Directors

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

Manager position	Title and name	Date of Birth/Place of Birth
President	M. TOURNAIRE ERIC	03/06/1952 - GRASSE	View Details
Managing director	M. FORESTIER HENRI	11/09/1958 - GRASSE	View Details
Vice-president	M. TOURNAIRE CHRISTIAN HENRI ALBERT	08/02/1957 - BOULOGNE BILLANCOURT	View Details
Vice-president	M. TOURNAIRE CHRISTIAN HENRI ALBERT	08/02/1957 - BOULOGNE BILLANCOURT	View Details
Vice-president	M. TOURNAIRE CHRISTIAN HENRI ALBERT	08/02/1957 - BOULOGNE-BILLANCOURT	View Details
President of the management board	M. TOURNAIRE LUC JEAN JACQUES	03/08/1953 - 06 GRASSE	View Details
President of the management board	M. TOURNAIRE LUC	03/08/1953 - GRASSE	View Details
President of the supervisory council	M. TOURNAIRE ERIC	03/06/1952 - GRASSE	View Details
Deputy auditor	M. REBELLES JEAN MICHEL	29/06/1966 - DIGNE-LES-BAINS	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
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 363 - 415550110 RCS. TOURNAIRE. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 70 route de la Paoute le Plan de Grasse 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
Hide	13/08/2017	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 121 - 415 550 110 RCS Grasse. TOURNAIRE. Forme : Société anonyme à directoire et conseil de surveillance. Administration : Président du directoire : TOURNAIRE LUC JEAN JACQUES modification le 31 Janvier 2006 ; Membre du directoire Directeur général : FORESTIER Henri modification le 17 Mars 2006 ; Président Membre du conseil de surveillance : TOURNAIRE Eric modification le 31 Janvier 2006 ; Membre du conseil de surveillance : TOURNAIRE François Dominique Daniel en fonction le 31 Janvier 2006 ; Membre du conseil de surveillance : FORESTIER Brigitte Marie Christine en fonction le 31 Janvier 2006 ; Vice-président Membre du conseil de surveillance : TOURNAIRE Christian Henri Albert en fonction le 31 Janvier 2006 ; Membre du conseil de surveillance : FORESTIER Agnès Marie Nicole en fonction le 31 Janvier 2006 ; Commissaire aux comptes suppléant : REBELLES Jean Michel en fonction le 08 Février 2010 ; Commissaire aux comptes titulaire : AUDIT FINANCE CLERE ET ASSOCIES en fonction le 08 Février 2010 ; Commissaire aux comptes suppléant : FRANCHI Jean Charles en fonction le 08 Février 2010 ; Membre du conseil de surveillance : TOURNAIRE René, Lucien, Gustave en fonction le 09 Janvier 2013 ; Membre du conseil de surveillance : TOURNAIRE Christine, Marie, Elisabeth, Dina en fonction le 09 Janvier 2013 ; Membre du conseil de surveillance : ZELLER Laurent, Marie, Louis en fonction le 03 Septembre 2014. Activité : . Commentaires : Modification de représentant..
Hide	13/08/2017	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 120 - 415 550 110 RCS Grasse. TOURNAIRE. Forme : Société anonyme à directoire et conseil de surveillance. Administration : Président du directoire : TOURNAIRE LUC JEAN JACQUES modification le 31 Janvier 2006 ; Membre du directoire Directeur général : FORESTIER Henri modification le 17 Mars 2006 ; Président Membre du conseil de surveillance : TOURNAIRE Eric modification le 31 Janvier 2006 ; Membre du conseil de surveillance : TOURNAIRE François Dominique Daniel en fonction le 31 Janvier 2006 ; Membre du conseil de surveillance : FORESTIER Brigitte Marie Christine en fonction le 31 Janvier 2006 ; Vice-président Membre du conseil de surveillance : TOURNAIRE Christian Henri Albert en fonction le 31 Janvier 2006 ; Membre du conseil de surveillance : FORESTIER Agnès Marie Nicole en fonction le 31 Janvier 2006 ; Commissaire aux comptes suppléant : REBELLES Jean Michel en fonction le 08 Février 2010 ; Commissaire aux comptes titulaire : AUDIT FINANCE CLERE ET ASSOCIES en fonction le 08 Février 2010 ; Commissaire aux comptes titulaire : FRANCHI Jean Charles modification le 09 Août 2017 ; Membre du conseil de surveillance : TOURNAIRE René, Lucien, Gustave en fonction le 09 Janvier 2013 ; Membre du conseil de surveillance : TOURNAIRE Christine, Marie, Elisabeth, Dina en fonction le 09 Janvier 2013 ; Membre du conseil de surveillance : ZELLER Laurent, Marie, Louis en fonction le 03 Septembre 2014 ; Commissaire aux comptes suppléant : SICARD Didier en fonction le 09 Août 2017. Activité : . Commentaires : Modification de représentant..
Hide	02/09/2016	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 438 - 415550110 RCS. TOURNAIRE. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 70 route de la Paoute le Plan de Grasse 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
Hide	09/09/2015	Bodacc C	Comptes consolidés et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 122 - 415550110 RCS. TOURNAIRE. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 70 route de la Paoute le Plan de Grasse 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
Hide	02/09/2015	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 224 - 415550110 RCS. TOURNAIRE. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 70 route de la Paoute le Plan de Grasse 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
Hide	11/09/2014	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 38 - 415 550 110 RCS Grasse. TOURNAIRE. Forme : Société anonyme à directoire et conseil de surveillance. Administration : Président du directoire : TOURNAIRE LUC JEAN JACQUES modification le 31 Janvier 2006 Membre du directoire Directeur général : FORESTIER Henri modification le 17 Mars 2006 Président Membre du conseil de surveillance : TOURNAIRE Eric modification le 31 Janvier 2006 Membre du conseil de surveillance : TOURNAIRE François Dominique Daniel en fonction le 31 Janvier 2006 Membre du conseil de surveillance : FORESTIER Brigitte Marie Christine en fonction le 31 Janvier 2006 Vice-président Membre du conseil de surveillance : TOURNAIRE Christian Henri Albert en fonction le 31 Janvier 2006 Membre du conseil de surveillance : FORESTIER Agnès Marie Nicole en fonction le 31 Janvier 2006 Commissaire aux comptes titulaire : PONS Romain modification le 08 Février 2010 Commissaire aux comptes suppléant : REBELLES Jean Michel en fonction le 08 Février 2010 Commissaire aux comptes titulaire : AUDIT FINANCE CLERE ET ASSOCIES en fonction le 08 Février 2010 Commissaire aux comptes suppléant : FRANCHI Jean Charles en fonction le 08 Février 2010 Membre du conseil de surveillance : TOURNAIRE René, Lucien, Gustave en fonction le 09 Janvier 2013 Membre du conseil de surveillance : TOURNAIRE Christine, Marie, Elisabeth, Dina en fonction le 09 Janvier 2013 Membre du conseil de surveillance : ZELLER Laurent, Marie, Louis en fonction le 03 Septembre 2014. Activité : . Commentaires : Modification de représentant.
Hide	16/08/2014	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 752 - 415550110 RCS. TOURNAIRE. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 70 route de la Paoute le Plan de Grasse 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	25/07/2014	JAL	Appointment of the social representative
Tribune (La) - Le bulletin de la côte d azur Date de décision : 14/06/2014 Société faisant l'objet d'une nomination : 415550110 - TOURNAIRE SA, 70 RTE DE LA PAOUTE, QUARTIER DU PLAN, 06130 GRASSE Nominé : Monsieur Laurent ZELLER, 78600 MAISONS LAFFITTE En la fonction de : Membre du Conseil de Surveillance
Hide	04/02/2014	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 23 - 415 550 110 RCS Grasse. TOURNAIRE. Forme : Société anonyme à directoire et conseil de surveillance. Administration : Président du directoire : TOURNAIRE LUC JEAN JACQUES modification le 31 Janvier 2006 Membre du directoire Directeur général : FORESTIER Henri modification le 17 Mars 2006 Président Membre du conseil de surveillance : TOURNAIRE Eric modification le 31 Janvier 2006 Membre du conseil de surveillance : TOURNAIRE François Dominique Daniel en fonction le 31 Janvier 2006 Membre du conseil de surveillance : FORESTIER Brigitte Marie Christine en fonction le 31 Janvier 2006 Vice-président Membre du conseil de surveillance : TOURNAIRE Christian Henri Albert en fonction le 31 Janvier 2006 Membre du conseil de surveillance : FORESTIER Agnès Marie Nicole en fonction le 31 Janvier 2006 Commissaire aux comptes titulaire : PONS Romain modification le 08 Février 2010 Commissaire aux comptes suppléant : REBELLES Jean Michel en fonction le 08 Février 2010 Commissaire aux comptes titulaire : AUDIT FINANCE CLERE ET ASSOCIES en fonction le 08 Février 2010 Commissaire aux comptes suppléant : FRANCHI Jean Charles en fonction le 08 Février 2010 Membre du conseil de surveillance : TOURNAIRE René, Lucien, Gustave en fonction le 09 Janvier 2013 Membre du conseil de surveillance : TOURNAIRE Christine, Marie, Elisabeth, Dina en fonction le 09 Janvier 2013. Activité : . Commentaires : Modification de représentant.
Hide	09/09/2013	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 1698 - 415550110 RCS. TOURNAIRE. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 70 route de la Paoute le Plan de Grasse 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	16/08/2013	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 48 - 415 550 110 RCS Grasse. TOURNAIRE. Forme : Société anonyme à directoire et conseil de surveillance. Administration : Président du directoire : TOURNAIRE LUC JEAN JACQUES modification le 31 Janvier 2006 Membre du directoire Directeur général : FORESTIER Henri modification le 17 Mars 2006 Président Membre du conseil de surveillance : TOURNAIRE Eric modification le 31 Janvier 2006 Membre du conseil de surveillance : TOURNAIRE François Dominique Daniel en fonction le 31 Janvier 2006 Membre du conseil de surveillance : FORESTIER Brigitte Marie Christine en fonction le 31 Janvier 2006 Vice-président Membre du conseil de surveillance : TOURNAIRE Christian Henri Albert en fonction le 31 Janvier 2006 Membre du conseil de surveillance : FORESTIER Agnès Marie Nicole en fonction le 31 Janvier 2006 Membre du conseil de surveillance : TOURNAIRE Fabienne Marie Françoise en fonction le 31 Janvier 2006 Commissaire aux comptes titulaire : PONS Romain modification le 08 Février 2010 Commissaire aux comptes suppléant : REBELLES Jean Michel en fonction le 08 Février 2010 Commissaire aux comptes titulaire : AUDIT FINANCE CLERE ET ASSOCIES en fonction le 08 Février 2010 Commissaire aux comptes suppléant : FRANCHI Jean Charles en fonction le 08 Février 2010 Membre du conseil de surveillance : TOURNAIRE René, Lucien, Gustave en fonction le 09 Janvier 2013 Membre du conseil de surveillance : TOURNAIRE Christine, Marie, Elisabeth, Dina en fonction le 09 Janvier 2013. Activité : . Commentaires : Modification de représentant.
Hide	02/08/2013	JAL	Resignation / Revocation of the social representative
Tribune (La) - Le bulletin de la côte d azur Date de décision : 27/06/2013 La société 415550110 - TOURNAIRE SA, 70 RTE DE LA PAOUTE, QUARTIER DU PLAN, 06130 GRASSE Fait l'objet du départ de Madame Fabienne TOURNAIRE
Hide	17/01/2013	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 200 - 415 550 110 RCS Grasse. TOURNAIRE. Forme : Société anonyme à directoire et conseil de surveillance. Administration : Membre du conseil de surveillance : TOURNAIRE GILBERT modification le 31 Janvier 2006 Président du directoire : TOURNAIRE LUC JEAN JACQUES modification le 31 Janvier 2006 Membre du directoire Directeur général : FORESTIER Henri modification le 17 Mars 2006 Président Membre du conseil de surveillance : TOURNAIRE Eric modification le 31 Janvier 2006 Membre du conseil de surveillance : TOURNAIRE François Dominique Daniel en fonction le 31 Janvier 2006 Membre du conseil de surveillance : FORESTIER Brigitte Marie Christine en fonction le 31 Janvier 2006 Vice-président Membre du conseil de surveillance : TOURNAIRE Christian Henri Albert en fonction le 31 Janvier 2006 Membre du conseil de surveillance : FORESTIER Agnès Marie Nicole en fonction le 31 Janvier 2006 Membre du conseil de surveillance : TOURNAIRE Fabienne Marie Françoise en fonction le 31 Janvier 2006 Commissaire aux comptes titulaire : PONS Romain modification le 08 Février 2010 Commissaire aux comptes suppléant : REBELLES Jean Michel en fonction le 08 Février 2010 Commissaire aux comptes titulaire : AUDIT FINANCE CLERE ET ASSOCIES en fonction le 08 Février 2010 Commissaire aux comptes suppléant : FRANCHI Jean Charles en fonction le 08 Février 2010 Membre du conseil de surveillance : TOURNAIRE René, Lucien, Gustave en fonction le 09 Janvier 2013. Activité : . Commentaires : Modification de représentant.
Hide	17/01/2013	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 201 - 415 550 110 RCS Grasse. TOURNAIRE. Forme : Société anonyme à directoire et conseil de surveillance. Administration : Membre du conseil de surveillance : TOURNAIRE GILBERT modification le 31 Janvier 2006 Président du directoire : TOURNAIRE LUC JEAN JACQUES modification le 31 Janvier 2006 Membre du directoire Directeur général : FORESTIER Henri modification le 17 Mars 2006 Président Membre du conseil de surveillance : TOURNAIRE Eric modification le 31 Janvier 2006 Membre du conseil de surveillance : TOURNAIRE François Dominique Daniel en fonction le 31 Janvier 2006 Membre du conseil de surveillance : FORESTIER Brigitte Marie Christine en fonction le 31 Janvier 2006 Vice-président Membre du conseil de surveillance : TOURNAIRE Christian Henri Albert en fonction le 31 Janvier 2006 Membre du conseil de surveillance : FORESTIER Agnès Marie Nicole en fonction le 31 Janvier 2006 Membre du conseil de surveillance : TOURNAIRE Fabienne Marie Françoise en fonction le 31 Janvier 2006 Commissaire aux comptes titulaire : PONS Romain modification le 08 Février 2010 Commissaire aux comptes suppléant : REBELLES Jean Michel en fonction le 08 Février 2010 Commissaire aux comptes titulaire : AUDIT FINANCE CLERE ET ASSOCIES en fonction le 08 Février 2010 Commissaire aux comptes suppléant : FRANCHI Jean Charles en fonction le 08 Février 2010 Membre du conseil de surveillance : TOURNAIRE René, Lucien, Gustave en fonction le 09 Janvier 2013 Membre du conseil de surveillance : TOURNAIRE Christine, Marie, Elisabeth, Dina en fonction le 09 Janvier 2013. Activité : . Commentaires : Modification de représentant.
Hide	26/10/2012	JAL	Appointment of the social representative
Tribune (La) - Le bulletin de la côte d azur Date de décision : 25/06/2011 Société faisant l'objet d'une nomination : 415550110 - TOURNAIRE SA, 70 RTE DE LA PAOUTE, QUARTIER DU PLAN, 06130 GRASSE Nominé : Madame Christine DONNARS, 75016 PARIS 16 En la fonction de : Membre du Conseil de Surveillance Nominé : Monsieur René TOURNAIRE, 06740 CHATEAUNEUF En la fonction de : Membre du Conseil de Surveillance
Hide	26/10/2012	JAL	Resignation / Revocation of the social representative
Tribune (La) - Le bulletin de la côte d azur Date de décision : 25/06/2011 La société 415550110 - TOURNAIRE SA, 70 RTE DE LA PAOUTE, QUARTIER DU PLAN, 06130 GRASSE Fait l'objet du départ de Monsieur Gilbert TOURNAIRE
Hide	21/08/2012	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 456 - 415550110 RCS. TOURNAIRE. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 70 route de la Paoute le Plan de Grasse 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	04/10/2010	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 502 - 415550110 RCS. TOURNAIRE. Forme : Société anonyme à directoire. Adresse : 70 route de la Paoute le Plan de Grasse 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	21/02/2010	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 97 - 415 550 110 RCS Grasse. TOURNAIRE. Forme : Société anonyme à directoire. Administration : Membre du conseil de surveillance : TOURNAIRE GILBERT modification le 31 Janvier 2006 Président du directoire : TOURNAIRE LUC JEAN JACQUES modification le 31 Janvier 2006 Directeur général et membre du directoire : FORESTIER Henri modification le 17 Mars 2006 President et membre du conseil de surveillance : TOURNAIRE Eric modification le 31 Janvier 2006 Membre du conseil de surveillance : TOURNAIRE François Dominique Daniel en fonction le 31 Janvier 2006 Membre du conseil de surveillance : FORESTIER Brigitte Marie Christine en fonction le 31 Janvier 2006 Vice president et membre du conseil de surveillance : TOURNAIRE Christian Henri Albert en fonction le 31 Janvier 2006 Membre du conseil de surveillance : FORESTIER Agnès Marie Nicole en fonction le 31 Janvier 2006 Membre du conseil de surveillance : TOURNAIRE Fabienne Marie Françoise en fonction le 31 Janvier 2006 Commissaire aux comptes titulaire : PONS Romain modification le 08 Février 2010 Commissaire aux comptes suppléant : REBELLES Jean Michel en fonction le 08 Février 2010 Commissaire aux comptes titulaire : AUDIT FINANCE CLERE ET ASSOCIES en fonction le 08 Février 2010 Commissaire aux comptes suppléant : FRANCHI Jean Charles en fonction le 08 Février 2010. Activité : . Commentaires : Modification de représentant.
Hide	23/09/2009	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 463 - 415550110 RCS. TOURNAIRE. Forme : Société anonyme à directoire. Adresse : 70 route de la Paoute le Plan de Grasse 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	12/09/2008	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 313 - 415550110 RCS. TOURNAIRE. Forme : Société anonyme à directoire. Adresse : 70 route de la Paoute le Plan de Grasse, 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	22/11/2007	Bodacc C	Avis de dépôt des comptes
335 - 415 550 110. RCS Grasse TOURNAIRE. Forme: Société anonyme à directoire. Adresse du siège social: 50 route de la Paoute le Plan de Grasse, 06130 Grasse. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
Hide	31/10/2007	Bodacc B	Modifications et mutations diverses
89 - RCS Grasse B 415 550 110. RC 55-B 11. TOURNAIRE. Forme : S.A. à directoire. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes suppléant partant : GAUDRY (Florence). Nomination d'un commissaire aux comptes suppléant : PONS (Romain).
Hide	24/10/2007	Bodacc B	Modifications et mutations diverses
130 - RCS Grasse B 415 550 110. RC 55-B 11. TOURNAIRE. Forme : S.A. à directoire. Adresse du siège social : Le Plan-de-Grasse, 70 route de la Paoute,, 06130 Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l'établissement principal. Etablissement principal - Adresse : quartier du Plan, 70 route de la Paoute, 06130
Hide	25/09/2006	Bodacc C	Avis de dépôt des comptes
93 - RCS Grasse B 415 550 110. RC 55-B 11. TOURNAIRE. Forme: S.A. à directoire. Adresse du siège social: le Plan de Grasse 50, route de la Paoute,06130 Grasse. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	14/04/2006	Bodacc B	Modifications et mutations diverses
0028 - RCS Grasse B 415 550 110. RC 55-B 11. TOURNAIRE. Forme : S.A. à directoire. Commentaires : modification survenue sur l'administration. Administration : modification d'un directeur général et membre du directoire : FORESTIER (Henri).
Hide	09/03/2006	Bodacc B	Modifications et mutations diverses
0060 - RCS Grasse B 415 550 110. RC 55-B 11. TOURNAIRE. Forme : S.A. à directoire. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : modification d'un membre du conseil de surveillance : TOURNAIRE (Gilbert). Administrateur partant : TOURNAIRE (Jean). Modification du président du directoire : TOURNAIRE (Luc, Jean, Jacques). Modification d'un membre du directoire : FORESTIER (Henri). Modification du président et membre du conseil de surveillance : TOURNAIRE (Eric). Administrateur partant : TOURNAIRE (René). Nomination de membres du conseil de surveillance : TOURNAIRE (François, Dominique, Daniel) FORESTIER (Brigitte, Marie, Christine). Nomination d'un vice-président et membre du conseil de surveillance : TOURNAIRE (Christian, Henri, Albert). Nomination de membres du conseil de surveillance : FORESTIER (Agnès, Marie, Nicole) TOURNAIRE (Fabienne, Marie, Françoise) (Nom d'usage : CHALLE).
Hide	02/12/2005	Bodacc B	Modifications et mutations diverses
241 - RCS Grasse B 415 550 110. RC 55-B 11. TOURNAIRE. Forme : S.A. Adresse du siège social : Le Plan-de-Grasse, 50 route de la Paoute,, 06130 Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l'établissement principal. Etablissement principal - Adresse : 70 route de la Paoute, 06130
Hide	22/11/2005	Bodacc C	Avis de dépôt des comptes
611 - RCS Grasse B 415 550 110. RC 55-B 11. TOURNAIRE. Forme: S.A. Adresse du siège social: quartier Plan,50, route de la Paoute, 06130 Grasse. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	30/11/2004	Bodacc B	Modifications et mutations diverses
RCS Grasse B 415550110 RC 55-B 11 TOURNAIRE. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : modification du président du conseil d' administration et directeur général : TOURNAIRE (Luc, Jean, Jacques). Modification d'un directeur général délégué : FORESTIER (Henri).
Hide	30/11/2004	Bodacc B	Modifications et mutations diverses
RCS Grasse B 415550110 RC 55-B 11 TOURNAIRE. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : nomination d'un commissaire aux comptes suppléant : GAUDRY (Florence).
Hide	12/08/2004	Bodacc B	Modifications et mutations diverses
RCS Grasse B 415550110 RC 55-B 11 TOURNAIRE. Forme : S.A. Capital : 3 264 000 euros. Commentaires : modification survenue sur le capital (augmentation).
Hide	29/08/2003	Bodacc B	Modifications et mutations diverses
RCS Grasse B 415550110 RC 55-B 11 TOURNAIRE. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : administrateur partant : FORESTIER ( Jean-Pierre). Nomination d'un commissaire aux comptes suppléant : ABEILLE (Jean, Michel). Nomination d'un administrateur : TOURNAIRE (René). Nomination d'un commissaire aux comptes titulaire : CLERE (Jean, Yves).
Hide	02/04/1999	Bodacc B	Modifications et mutations diverses
RCS *. RCS Grasse B 415 550 110 RC RC 55- B 11 TOURNAIRE. Forme : S.A. Administration : modification : directeur général et administrateur : FORESTIER (Henri). Nomination en qualité d'administrateur : TOURNAIRE ( Eric). Commentaires : modification survenue sur l'administration.

Company events history

Date	Description
24/08/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
24/08/2017	Bodacc C : Deposit accounts notice
22/08/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
13/08/2017	Bodacc B: Various editing or changing
09/08/2017	Minutes of general meeting of shareholders
09/08/2017	New auditor
19/01/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2016	New accounts available
02/09/2016	Bodacc C : Deposit accounts notice
31/12/2015	New accounts available
09/09/2015	Bodacc C : Deposit accounts notice
02/09/2015	Bodacc C : Deposit accounts notice
01/09/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2014	New accounts available
31/12/2014	New consolidated accounts available
11/09/2014	Bodacc B: Various editing or changing
03/09/2014	Minutes of general meeting of shareholders
03/09/2014	Appointment/resignation of company officers
02/09/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
16/08/2014	Bodacc C : Deposit accounts notice
28/07/2014	Updated articles of association
28/07/2014	Minutes of general meeting of shareholders
14/06/2014	Legal Gazette: Appointment of the social representative
04/02/2014	Bodacc B: Various editing or changing
27/01/2014	Minutes of general meeting of shareholders
27/01/2014	Appointment/resignation of company officers
31/12/2013	New accounts available
26/12/2013	Amendment
09/09/2013	Bodacc C : Deposit accounts notice
31/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
16/08/2013	Bodacc B: Various editing or changing
07/08/2013	Minutes of general meeting of shareholders
07/08/2013	Appointment/resignation of company officers
02/08/2013	Legal Gazette: Resignation / Revocation of the social representative
17/01/2013	Bodacc B: Various editing or changing
04/01/2013	Appointment/resignation of company officers
04/01/2013	Minutes of general meeting of shareholders
31/12/2012	New accounts available
26/10/2012	Legal Gazette: Resignation / Revocation of the social representative
21/08/2012	Bodacc C : Deposit accounts notice
09/08/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
18/02/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
25/06/2011	Legal Gazette: Appointment of the social representative
31/12/2010	New accounts available
04/10/2010	Bodacc C : Deposit accounts notice
21/06/2010	Amendment
21/06/2010	Application and court order
21/02/2010	Bodacc B: Various editing or changing
03/02/2010	Minutes of general meeting of shareholders
03/02/2010	New auditor
31/12/2009	New accounts available
05/10/2009	Preferential right lapsed
24/09/2009	New Filling of Social Security preferential right
24/09/2009	Unfiling of a Social Security preferential right
23/09/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
02/10/2008	Collection of preferential rights activated for this company
12/09/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
16/10/2007	Amendment
16/10/2007	Appointment/resignation of company officers
16/10/2007	Minutes of general meeting of shareholders
16/10/2007	Minutes of general meeting of shareholders
16/10/2007	New auditor
16/10/2007	Private document
03/10/2007	Private document
03/10/2007	Updated articles of association
03/10/2007	Minutes of general meeting of shareholders
03/10/2007	Updated articles of association
03/10/2007	Registered office transferred inside jurisdiction of the Commercial Court
03/10/2007	Minutes of general meeting of shareholders
03/10/2007	Registered office transferred inside jurisdiction of the Commercial Court
31/12/2006	New accounts available
15/03/2006	Amendment
15/03/2006	Appointment/resignation of company officers
15/03/2006	Private document
15/03/2006	Minutes of general meeting of shareholders
15/03/2006	Changes to the Board of Directors
15/03/2006	Minutes of general meeting of shareholders
30/01/2006	Change to the administration of a public limited company
30/01/2006	Minutes of Board meeting
30/01/2006	Minutes of general meeting of shareholders
30/01/2006	Minutes of general meeting of shareholders
30/01/2006	New chairman (CEO, CoB)
30/01/2006	Private document
30/01/2006	Updated articles of association
30/01/2006	Updated articles of association
30/01/2006	Amendment
30/01/2006	Appointment/resignation of company officers
30/01/2006	Change to the administration of a public limited company
30/01/2006	Appointment/resignation of company officers
31/12/2005	New accounts available
16/11/2005	Updated articles of association
16/11/2005	Registered office transferred inside jurisdiction of the Commercial Court
16/11/2005	Registered office transferred inside jurisdiction of the Commercial Court
16/11/2005	Private document
16/11/2005	Minutes of general meeting of shareholders
16/11/2005	Minutes of general meeting of shareholders
16/11/2005	Amendment
16/11/2005	Updated articles of association
18/06/2005	Modification to Establishment Address or Identifier
31/12/2004	New accounts available
10/11/2004	Minutes of general meeting of shareholders
10/11/2004	Changes to the Board of Directors
10/11/2004	Appointment/resignation of company officers
10/11/2004	Amendment
10/11/2004	Private document
10/11/2004	New auditor
10/11/2004	Minutes of Board meeting
26/07/2004	Capital increase
26/07/2004	Private document
26/07/2004	Updated articles of association
26/07/2004	Minutes of general meeting of shareholders
31/12/2003	New accounts available
19/08/2003	Private document
19/08/2003	New auditor
19/08/2003	Minutes of general meeting of shareholders
19/08/2003	Minutes of Board meeting
19/08/2003	Changes to the Board of Directors
19/08/2003	Appointment/resignation of company officers
19/08/2003	Amendment
16/03/1999	Minutes of Board meeting
16/03/1999	Private document
16/03/1999	Amendment
16/03/1999	Appointment/resignation of company officers
16/03/1999	Changes to the Board of Directors
07/07/1998	Minutes of general meeting of shareholders
07/07/1998	Private document
07/07/1998	Change to corporate purpose
07/07/1998	Updated articles of association
31/12/1996	Private document
31/12/1996	Changes to the Board of Directors
31/12/1996	Appointment/resignation of company officers
31/12/1996	Amendment
31/12/1996	Minutes of Board meeting
07/07/1993	Minutes of Board meeting
07/07/1993	Changes to the Board of Directors
07/07/1993	Appointment/resignation of company officers
07/07/1993	Amendment
07/07/1993	New chairman (CEO, CoB)
24/07/1992	Minutes of Board meeting
24/07/1992	Appointment/resignation of company officers

Establishment events history

Date	Description
14/11/2012	Update of phone numbers
18/06/2005	Modification of Head office Identification
18/06/2005	Update of Establishment Address

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	18/08/2017	18/01/2017	31/08/2015
Activity Code	2592Z	2592Z	2592Z
Employees	257	247	266

Active account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Capital not called	0 0 K	0%	0 0 K	0%	0 0 K	0.00 0.00 K	0%	0 0 K	0%
Total fixed assets	23,131,974 23,132 K	10.7%	20,904,192 20,904 K	-2.5%	21,451,061 21,451 K	30,123,657.36 30,123.66 K	-23.2%	3,682,476 3,682 K	528.2%
Intangible assets	413,036 413 K	0.5%	411,040 411 K	-7.1%	442,485 442 K	1,480,079.79 1,480.08 K	-72.1%	23,814 24 K	1634.4%
Tangible assets	18,699,824 18,700 K	11.0%	16,841,488 16,841 K	-3.5%	17,454,403 17,454 K	9,862,707.36 9,862.71 K	89.6%	1,075,681 1,076 K	1638.4%
Financial assets	4,019,112 4,019 K	10.1%	3,651,663 3,652 K	2.7%	3,554,172 3,554 K	18,781,415.71 18,781.42 K	-78.6%	20,645 21 K	19367.7%
Net current assets	33,780,354 33,780 K	4.0%	32,480,564 32,481 K	17.2%	27,724,682 27,725 K	27,741,907.52 27,741.91 K	21.8%	6,838,742 6,839 K	394.0%
Stocks	5,749,141 5,749 K	-2.6%	5,901,387 5,901 K	18.0%	5,002,692 5,003 K	4,942,652.88 4,942.65 K	16.3%	1,868,388 1,868 K	207.7%
Advanced payments	6,876 7 K	-78.8%	32,428 32 K	799.3%	3,606 4 K	20,780.24 20.78 K	-66.9%	0 0 K	0%
Receivables	14,591,417 14,591 K	13.0%	12,912,847 12,913 K	-4.0%	13,452,270 13,452 K	21,203,340.69 21,203.34 K	-31.2%	3,262,069 3,262 K	347.3%
Securities and cash	13,432,920 13,433 K	-1.5%	13,633,902 13,634 K	47.1%	9,266,113 9,266 K	1,575,133.45 1,575.13 K	752.8%	121,230 121 K	10980.6%
Prepaid expenses	- -	-	- -	-	- -		-		-
Accounts of regularization	0 0 K	0%	215 0 K	-91.8%	2,635 3 K	86,340.29 86.34 K	0%	0 0 K	0%
Total Assets	56,912,327 56,912 K	6.6%	53,384,969 53,385 K	8.6%	49,178,378 49,178 K	57,951,905.24 57,951.91 K	-1.8%	12,485,112 12,485 K	355.8%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Shareholders' equity	44,387,535 44,388 K	10.4%	40,220,351 40,220 K	11.4%	36,110,122 36,110 K	26,458,468.57 26,458.47 K	67.8%	4,003,244 4,003 K	1008.8%
Share capital	3,264,000 3,264 K	0%	3,264,000 3,264 K	0%	3,264,000 3,264 K	12,282,824.88 12,282.82 K	-73.4%	2,286,651 2,287 K	42.7%
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	1,875.00 1.88 K	0%	0 0 K	0%
Risk Provisions	3,416,518 3,417 K	14.1%	2,994,431 2,994 K	16.2%	2,577,598 2,578 K	1,518,387.17 1,518.39 K	125.0%	64,296 64 K	5213.7%
Liabilities	9,108,274 9,108 K	-10.4%	10,169,577 10,170 K	-2.9%	10,470,975 10,471 K	29,893,825.36 29,893.83 K	-69.5%	5,819,565 5,820 K	56.5%
Financial liabilities	139,477 139 K	31.3%	106,207 106 K	9.1%	97,326 97 K	15,092,417.31 15,092.42 K	-99.1%	268,968 269 K	-48.1%
Advanced payments received	66,209 66 K	-6.1%	70,535 71 K	-2.9%	72,605 73 K	38,415.33 38.42 K	72.4%	0 0 K	0%
Trade account payables	4,200,971 4,201 K	-1.5%	4,265,796 4,266 K	-13.3%	4,920,810 4,921 K	7,593,319.19 7,593.32 K	-44.7%	2,006,692 2,007 K	109.3%
Tax and social liabilities	3,700,061 3,700 K	-6.5%	3,959,250 3,959 K	2.2%	3,873,865 3,874 K	2,785,457.90 2,785.46 K	32.8%	721,190 721 K	413.0%
Other debts and fixed assets liabilities	491,534 492 K	-29.0%	692,514 693 K	-16.1%	825,719 826 K	4,399,303.31 4,399.30 K	-88.8%	353,016 353 K	39.2%
Account regularization	510,022 510 K	-52.6%	1,075,885 1,076 K	53.6%	700,333 700 K	64,261.21 64.26 K	693.7%	0 0 K	0%
Total liabilities	56,912,327 56,912 K	6.6%	53,384,969 53,385 K	8.6%	49,178,378 49,178 K	57,951,905.21 57,951.91 K	-1.8%	12,485,112 12,485 K	355.8%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sales of Goods	58,958,307 58,958 K	0.8%	58,493,971 58,494 K	3.2%	56,664,557 56,665 K	42,670,671.64 42,670.67 K	38.2%	14,010,291 14,010 K	320.8%
Net turnover	57,796,864 57,797 K	1.0%	57,203,713 57,204 K	2.5%	55,830,610 55,831 K	41,919,603.05 41,919.60 K	37.9%	14,019,926 14,020 K	312.2%
of which net export turnover	39,705,230 39,705 K	-4.9%	41,747,170 41,747 K	-88.3%	357,997,072 357,997 K	12,777,768.02 12,777.77 K	210.7%	355,352 355 K	11073.5%
Operating charges	54,967,232 54,967 K	0.4%	54,751,146 54,751 K	3.2%	53,057,681 53,058 K	40,226,589.43 40,226.59 K	36.6%	12,755,725 12,756 K	330.9%
Operating profit/loss	3,991,076 3,991 K	6.6%	3,742,826 3,743 K	3.8%	3,606,876 3,607 K	2,444,082.29 2,444.08 K	63.3%	445,062 445 K	796.7%
Financial income	2,157,909 2,158 K	5.2%	2,051,508 2,052 K	80.1%	1,138,848 1,139 K	781,093.95 781.09 K	176.3%	15,085 15 K	14205.5%
Financial charges	10,437 10 K	-35.5%	16,180 16 K	73.0%	9,350 9 K	629,179.71 629.18 K	-98.3%	38,881 39 K	-73.2%
Financial profit/loss	2,147,471 2,147 K	5.5%	2,035,328 2,035 K	80.2%	1,129,498 1,129 K	151,914.19 151.91 K	1313.6%	-4,661 -5 K	46173.2%
Pretax net operating income	6,138,547 6,139 K	6.2%	5,778,154 5,778 K	22.0%	4,736,374 4,736 K	2,595,996.52 2,596.00 K	136.5%	467,413 467 K	1213.3%
Extraordinary income	919,261 919 K	-37.9%	1,480,527 1,481 K	-3.4%	1,533,057 1,533 K	2,502,327.26 2,502.33 K	-63.3%	60,007 60 K	1431.9%
Extraordinary charges	905,300 905 K	-54.2%	1,976,791 1,977 K	9.2%	1,811,001 1,811 K	1,305,947.95 1,305.95 K	-30.7%	31,637 32 K	2761.5%
Extraordinary profit/loss	13,960 14 K	102.8%	-496,264 -496 K	-78.5%	-277,944 -278 K	1,196,379.31 1,196.38 K	-98.8%	649 1 K	2052.7%
Net result	4,718,908 4,719 K	21.6%	3,881,719 3,882 K	11.6%	3,477,901 3,478 K	2,412,138.10 2,412.14 K	95.6%	360,458 360 K	1209.1%

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	56,912,327 56,912 K	6.6%	53,384,969 53,385 K	8.6%	49,178,378 49,178 K
Gross	CO	99,252,740 99,253 K	6.4%	93,250,096 93,250 K	6.5%	87,566,477 87,566 K
Amortisation	1A	42,340,413 42,340 K	6.2%	39,865,128 39,865 K	3.8%	38,388,099 38,388 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	23,131,974 23,132 K	10.7%	20,904,192 20,904 K	-2.5%	21,451,061 21,451 K
Gross	BJ	65,308,159 65,308 K	8.8%	60,041,527 60,042 K	2.1%	58,830,511 58,831 K
Amortisation	BK	42,176,185 42,176 K	7.8%	39,137,335 39,137 K	4.7%	37,379,450 37,379 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	8,405 8 K	31.1%	6,409 6 K	-80.7%	33,229 33 K
Gross	AF	530,313 530 K	5.8%	501,090 501 K	5.1%	476,788 477 K
Amortisation	AG	521,907 522 K	5.5%	494,681 495 K	11.5%	443,559 444 K
Goodwill	Net	404,631 405 K	0%	404,631 405 K	0%	404,631 405 K
Gross	AH	404,631 405 K	0%	404,631 405 K	-59.7%	1,004,631 1,005 K
Amortisation	AI	0 0 K	0%	0 0 K	0%	600,000 600 K
Other intangible fixed assets	Net	0 0 K	0%	0 0 K	0%	4,625 5 K
Gross	AJ	1,003,322 1,003 K	0%	1,003,322 1,003 K	0%	1,003,322 1,003 K
Amortisation	AK	1,003,321 1,003 K	0%	1,003,321 1,003 K	0.5%	998,697 999 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	413,036 413 K	0.5%	411,040 411 K	-7.1%	442,485 442 K

Tangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Lands	Net	3,378,680 3,379 K	0%	3,378,680 3,379 K	0%	3,378,680 3,379 K
Gross	AN	3,378,680 3,379 K	0%	3,378,680 3,379 K	0%	3,378,680 3,379 K
Amortisation	AO	0 0 K	0%	0 0 K	0%	0 0 K
Buildings	Net	2,902,229 2,902 K	-4.6%	3,042,151 3,042 K	-10.4%	3,396,683 3,397 K
Gross	AP	11,218,358 11,218 K	1.6%	11,038,584 11,039 K	0%	11,038,584 11,039 K
Amortisation	AQ	8,316,129 8,316 K	4.0%	7,996,432 7,996 K	4.6%	7,641,900 7,642 K
Plant	Net	8,036,313 8,036 K	7.4%	7,479,320 7,479 K	-8.4%	8,161,584 8,162 K
Gross	AR	33,035,066 33,035 K	9.1%	30,277,040 30,277 K	2.5%	29,539,942 29,540 K
Amortisation	AS	24,998,753 24,999 K	9.7%	22,797,721 22,798 K	6.6%	21,378,358 21,378 K
Other tangible fixed assets	Net	2,089,998 2,090 K	-7.6%	2,261,540 2,262 K	-4.1%	2,357,056 2,357 K
Gross	AT	9,207,823 9,208 K	3.6%	8,888,470 8,888 K	5.1%	8,460,844 8,461 K
Amortisation	AU	7,117,825 7,118 K	7.4%	6,626,930 6,627 K	8.6%	6,103,788 6,104 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	2,292,604 2,293 K	237.2%	679,797 680 K	323.8%	160,400 160 K
Gross	AX	2,292,604 2,293 K	237.2%	679,797 680 K	323.8%	160,400 160 K
Amortisation	AY	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Tangible asset	Net	18,699,824 18,700 K	11.0%	16,841,488 16,841 K	-3.5%	17,454,403 17,454 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	1,711,314 1,711 K	6.1%	1,613,334 1,613 K	0.0%	1,613,936 1,614 K
Gross	CU	1,929,564 1,930 K	5.3%	1,831,584 1,832 K	0.2%	1,827,084 1,827 K
Amortisation	CV	218,250 218 K	0%	218,250 218 K	2.4%	213,148 213 K
Inter-company receivables	Net	2,307,798 2,308 K	13.2%	2,038,329 2,038 K	5.1%	1,940,236 1,940 K
Gross	BB	2,307,798 2,308 K	13.2%	2,038,329 2,038 K	5.1%	1,940,236 1,940 K
Amortisation	BC	0 0 K	0%	0 0 K	0%	0 0 K
Other investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BE	0 0 K	0%	0 0 K	0%	0 0 K
Loans	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BF	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BH	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	4,019,112 4,019 K	10.1%	3,651,663 3,652 K	2.7%	3,554,172 3,554 K

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	33,780,354 33,780 K	4.0%	32,480,564 32,481 K	17.2%	27,724,682 27,725 K
Gross	CJ	33,944,582 33,945 K	2.2%	33,208,356 33,208 K	15.6%	28,733,331 28,733 K
Amortisation	CK	164,228 164 K	-77.4%	727,792 728 K	-27.8%	1,008,649 1,009 K

Stocks

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Raw materials	Net	3,009,051 3,009 K	-5.7%	3,190,398 3,190 K	8.3%	2,945,479 2,945 K
Gross	BL	3,009,051 3,009 K	-5.7%	3,190,398 3,190 K	8.3%	2,945,479 2,945 K
Amortisation	BM	0 0 K	0%	0 0 K	0%	0 0 K
Work in progress (goods)	Net	365,892 366 K	19.9%	305,182 305 K	135.1%	129,787 130 K
Gross	BN	365,892 366 K	19.9%	305,182 305 K	135.1%	129,787 130 K
Amortisation	BO	0 0 K	0%	0 0 K	0%	0 0 K
Work in progress (services)	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BP	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BQ	0 0 K	0%	0 0 K	0%	0 0 K
Semi-finished and finished products	Net	2,374,198 2,374 K	-1.3%	2,405,807 2,406 K	24.8%	1,927,426 1,927 K
Gross	BR	2,374,198 2,374 K	-1.3%	2,405,807 2,406 K	23.4%	1,949,803 1,950 K
Amortisation	BS	0 0 K	0%	0 0 K	0%	22,377 22 K
Goods for resale	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BT	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BU	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Stocks	Net	5,749,141 5,749 K	-2.6%	5,901,387 5,901 K	18.0%	5,002,692 5,003 K

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	6,876 7 K	-78.8%	32,428 32 K	799.3%	3,606 4 K
Gross	BV	6,876 7 K	-78.8%	32,428 32 K	799.3%	3,606 4 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	11,322,394 11,322 K	7.9%	10,489,019 10,489 K	-2.6%	10,769,724 10,770 K
Gross	BX	11,486,622 11,487 K	2.4%	11,216,811 11,217 K	-4.6%	11,755,997 11,756 K
Amortisation	BY	164,228 164 K	-77.4%	727,792 728 K	-26.2%	986,272 986 K
Other debtors	Net	3,156,201 3,156 K	36.9%	2,305,243 2,305 K	-8.8%	2,528,781 2,529 K
Gross	BZ	3,156,201 3,156 K	36.9%	2,305,243 2,305 K	-8.8%	2,528,781 2,529 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	14,478,595 14,479 K	13.2%	12,794,262 12,794 K	-3.8%	13,298,505 13,299 K

Divers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Investment securities	Net	6,814,580 6,815 K	-6.7%	7,302,614 7,303 K	19.1%	6,133,428 6,133 K
Gross	CD	6,814,580 6,815 K	-6.7%	7,302,614 7,303 K	19.1%	6,133,428 6,133 K
Amortisation	CE	0 0 K	0%	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	6,618,340 6,618 K	4.5%	6,331,288 6,331 K	102.1%	3,132,685 3,133 K
Gross	CF	6,618,340 6,618 K	4.5%	6,331,288 6,331 K	102.1%	3,132,685 3,133 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	13,432,920 13,433 K	-1.5%	13,633,902 13,634 K	47.1%	9,266,113 9,266 K

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	112,822 113 K	-4.9%	118,585 119 K	-22.9%	153,765 154 K
Gross	CH	112,822 113 K	-4.9%	118,585 119 K	-22.9%	153,765 154 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Expenses of loan issue to be spread	CW3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Premiums on redemption of bonds	CM3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Currency differential gain	CN3	0 0 K	0%	215 0 K	-91.8%	2,635 3 K
Gross		0 0 K	0%	215 0 K	-91.8%	2,635 3 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	56,912,327 56,912 K	6.6%	53,384,969 53,385 K	8.6%	49,178,378 49,178 K

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	44,387,535 44,388 K	10.4%	40,220,351 40,220 K	11.4%	36,110,122 36,110 K
Equity and shareholders' equity	DA	3,264,000 3,264 K	0%	3,264,000 3,264 K	0%	3,264,000 3,264 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	326,400 326 K	0%	326,400 326 K	0%	326,400 326 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	28,000,000 28,000 K	7.7%	26,000,000 26,000 K	8.3%	24,000,000 24,000 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	3,004,005 3,004 K	69.2%	1,775,086 1,775 K	86.9%	949,987 950 K
Profit or loss for the period	DI	4,718,908 4,719 K	21.6%	3,881,719 3,882 K	11.6%	3,477,901 3,478 K
Investment grants	DJ	0 0 K	0%	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	5,074,222 5,074 K	2.0%	4,973,146 4,973 K	21.5%	4,091,834 4,092 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	3,416,518 3,417 K	14.1%	2,994,431 2,994 K	16.2%	2,577,598 2,578 K
Risk provisions	DP	566,801 567 K	78.6%	317,429 317 K	95.9%	162,000 162 K
Reserves for charges	DQ	2,849,717 2,850 K	6.5%	2,677,002 2,677 K	10.8%	2,415,598 2,416 K

Liabilities (IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Liabilities (Total IV)	EC	9,108,274 9,108 K	-10.4%	10,169,577 10,170 K	-2.9%	10,470,975 10,471 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%	6,730 7 K	0%	0 0 K
Sundry loans and financial liabilities	DV	139,477 139 K	40.2%	99,477 99 K	2.2%	97,326 97 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	66,209 66 K	-6.1%	70,535 71 K	-2.9%	72,605 73 K
Trade accounts payables	DX	4,200,971 4,201 K	-1.5%	4,265,796 4,266 K	-13.3%	4,920,810 4,921 K
Tax and social security liabilities	DY	3,700,061 3,700 K	-6.5%	3,959,250 3,959 K	2.2%	3,873,865 3,874 K
Fixed asset liabilities	DZ	143,825 144 K	60.6%	89,548 90 K	-82.4%	508,301 508 K
Other debts	EA	347,709 348 K	-42.3%	602,356 602 K	102.3%	297,735 298 K

Translation loss (V)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Translation loss (Total V)	ED	0 0 K	0%	610 1 K	-96.9%	19,683 20 K

Equalization accounts

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Deferred income	EB	510,022 510 K	-52.6%	1,075,885 1,076 K	53.6%	700,333 700 K

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	0 0 K	0%	0 0 K	0%	0 0 K
Of which current bank facilities	EH	0 0 K	0%	0 0 K	0%	0 0 K

Result account

1 - Operating result (I-II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating result (Total I-II)	GG	3,991,076 3,991 K	6.6%	3,742,826 3,743 K	3.8%	3,606,876 3,607 K

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	2,147,471 2,147 K	5.5%	2,035,328 2,035 K	80.2%	1,129,498 1,129 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	6,138,547 6,139 K	6.2%	5,778,154 5,778 K	22.0%	4,736,374 4,736 K

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	13,960 14 K	102.8%	-496,264 -496 K	-78.5%	-277,944 -278 K

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	4,718,908 4,719 K	21.6%	3,881,719 3,882 K	11.6%	3,477,901 3,478 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	62,035,477 62,035 K	0.0%	62,026,006 62,026 K	4.5%	59,336,462 59,336 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	57,316,569 57,317 K	-1.4%	58,144,286 58,144 K	4.1%	55,858,563 55,859 K

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	58,958,307 58,958 K	0.8%	58,493,971 58,494 K	3.2%	56,664,557 56,665 K

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Sale of goods for resale	FC	9,731,924 9,732 K	-2.0%	9,928,441 9,928 K	-2.0%	10,130,503 10,131 K
France	FA	5,055,050 5,055 K	-2.8%	5,198,199 5,198 K	-23.8%	6,819,118 6,819 K
Export	FB	4,676,874 4,677 K	-1.1%	4,730,242 4,730 K	42.8%	3,311,385 3,311 K
Sale of goods produced	FF	46,025,912 46,026 K	2.7%	44,802,829 44,803 K	3.7%	43,204,934 43,205 K
France	FD	12,095,610 12,096 K	27.1%	9,520,038 9,520 K	103.1%	-309,749,002 -309,749 K
Export	FE	33,930,302 33,930 K	-3.8%	35,282,791 35,283 K	-90.0%	352,953,936 352,954 K
Sale of services	FI	2,039,028 2,039 K	-17.5%	2,472,444 2,472 K	-0.9%	2,495,173 2,495 K
France	FG	940,974 941 K	27.5%	738,307 738 K	-3.3%	763,422 763 K
Export	FH	1,098,054 1,098 K	-36.7%	1,734,137 1,734 K	0.1%	1,731,751 1,732 K
Net turnover	FL	57,796,864 57,797 K	1.0%	57,203,713 57,204 K	2.5%	55,830,610 55,831 K
France	FJ	18,091,634 18,092 K	17.0%	15,456,543 15,457 K	105.1%	-302,166,462 -302,166 K
Export	FK	39,705,230 39,705 K	-4.9%	41,747,170 41,747 K	-88.3%	357,997,072 357,997 K
Stocked production	FM	29,101 29 K	-95.4%	631,399 631 K	304.6%	-308,663 -309 K
Self-constructed assets	FN	0 0 K	0%	0 0 K	0%	0 0 K
Operating grants	FO	59,712 60 K	-31.8%	87,579 88 K	-36.6%	138,033 138 K
Release of reserves and provisions	FP	1,024,712 1,025 K	81.2%	565,587 566 K	-43.1%	994,564 995 K
Other income	FQ	47,918 48 K	741.8%	5,692 6 K	-43.2%	10,013 10 K

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	54,967,232 54,967 K	0.4%	54,751,146 54,751 K	3.2%	53,057,681 53,058 K

Exploitation charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Purchase of goods for resale	FS	8,716,150 8,716 K	2.7%	8,484,234 8,484 K	0.7%	8,422,885 8,423 K
Change in stocks of goods for resale	FT	0 0 K	0%	0 0 K	0%	2,650 3 K
Purchase of raw materials	FU	14,949,543 14,950 K	-5.8%	15,864,622 15,865 K	4.9%	15,122,589 15,123 K
Change in stocks of raw materials	FV	181,347 181 K	174.0%	-244,919 -245 K	-134.3%	-104,542 -105 K
Other external purchases and charges	FW	11,938,153 11,938 K	-2.3%	12,213,404 12,213 K	-2.2%	12,482,606 12,483 K
Tax, duty and similar payments	FX	1,211,343 1,211 K	-5.1%	1,276,938 1,277 K	-5.8%	1,355,172 1,355 K
Payroll	FY	9,779,794 9,780 K	4.5%	9,357,514 9,358 K	5.0%	8,908,276 8,908 K
Social security costs	FZ	4,403,339 4,403 K	5.6%	4,170,702 4,171 K	5.3%	3,962,341 3,962 K

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	3,093,875 3,094 K	23.2%	2,511,133 2,511 K	16.1%	2,162,710 2,163 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	693,598 694 K	304.5%	171,451 171 K	-60.4%	433,278 433 K
Provisions for risks and charges	GD	0 0 K	0%	504,139 504 K	62.9%	309,532 310 K

Other charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Other charges	GE	90 0 K	-100.0%	441,928 442 K	240078.3%	184 0 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	2,157,909 2,158 K	5.2%	2,051,508 2,052 K	80.1%	1,138,848 1,139 K
Share financial income	GJ	1,872,201 1,872 K	10.3%	1,697,029 1,697 K	168.7%	631,580 632 K
Other investment income & capitalised receivables	GK	0 0 K	0%	0 0 K	0%	0 0 K
Other interest and similar income	GL	71,126 71 K	-29.7%	101,139 101 K	-0.7%	101,810 102 K
Released provisions and transferred charges	GM	0 0 K	0%	0 0 K	0%	205,380 205 K
Exchange gains	GN	214,582 215 K	-14.4%	250,779 251 K	31.7%	190,371 190 K
Net income from disposal of investment securities	GO	0 0 K	0%	2,561 3 K	-73.6%	9,707 10 K

Financial charge (VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total financial charge (Total VI)	GU	10,437 10 K	-35.5%	16,180 16 K	73.0%	9,350 9 K
Financial reserves and provisions	GQ	0 0 K	0%	5,102 5 K	0%	0 0 K
Interest and similar charges	GR	7,467 7 K	-22.2%	9,598 10 K	9.7%	8,751 9 K
Exchange losses	GS	2,970 3 K	112.8%	1,396 1 K	133.1%	599 1 K
Net loss from disposal of investment securities	GT	0 0 K	0%	84 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	919,261 919 K	-37.9%	1,480,527 1,481 K	-3.4%	1,533,057 1,533 K
Extraordinary operating income	HA	127,943 128 K	-68.0%	399,848 400 K	24.7%	320,760 321 K
Extraordinary income from capital transactions	HB	8,624 9 K	-70.1%	28,844 29 K	-97.6%	1,212,297 1,212 K
Released provisions and transferred charges	HC	782,694 783 K	-25.6%	1,051,835 1,052 K	0%	0 0 K

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary charges (Total VIII)	HH	905,300 905 K	-54.2%	1,976,791 1,977 K	9.2%	1,811,001 1,811 K
Extraordinary operating charges	HE	15,102 15 K	141.1%	6,264 6 K	-55.3%	14,017 14 K
Extraordinary charges from capital transactions	HF	6,429 6 K	-99.0%	637,380 637 K	99.5%	319,560 320 K
Extraordinary reserves and provisions	HG	883,770 884 K	-33.7%	1,333,147 1,333 K	-9.8%	1,477,424 1,477 K

Employee profit sharing (IX)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Employee profit sharing (Total IX)	HJ	197,145 197 K	-14.3%	230,001 230 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	1,236,455 1,236 K	5.7%	1,170,170 1,170 K	19.3%	980,531 981 K

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which equipment leases	HP	478,788 479 K	0%	478,788 479 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%	160,400 160 K	0%	0 0 K
Decreasess by transfers	OK2	61,455 61 K	-93.1%	894,636 895 K	-72.2%	3,212,413 3,212 K
Gross value at the end of period	OL	65,308,158 65,308 K	8.8%	60,041,525 60,042 K	2.1%	58,830,511 58,831 K

Research and development Charge (Total I)

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

Other budget item from Intangible fixed assets (Total II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	KD	1,909,042 1,909 K	-23.2%	2,484,741 2,485 K	1.7%	2,443,875 2,444 K
Increasess due to revaluation	KE	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KF	36,888 37 K	51.8%	24,302 24 K	-64.3%	68,145 68 K
Decreasess by budget item transfer	LV1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	LV2	7,665 8 K	-98.7%	600,000 600 K	2099.5%	27,279 27 K
Gross value at the end of period	LW	1,938,265 1,938 K	1.5%	1,909,043 1,909 K	-23.2%	2,484,741 2,485 K

Tangible fixed assets (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LN	54,262,571 54,263 K	3.2%	52,578,450 52,578 K	5.8%	49,687,540 49,688 K
Increasess due to revaluation	LO	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LP	4,923,750 4,924 K	141.3%	2,040,249 2,040 K	-63.4%	5,576,648 5,577 K
Decreasess by budget item transfer	NG1	0 0 K	0%	160,400 160 K	0%	0 0 K
Decreasess by transfers	NG2	53,790 54 K	-72.5%	195,728 196 K	-92.7%	2,685,738 2,686 K
Gross value at the end of period	NH	59,132,532 59,133 K	9.0%	54,262,570 54,263 K	3.2%	52,578,450 52,578 K

Financial assets (Total IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LQ	3,869,912 3,870 K	2.7%	3,767,320 3,767 K	-11.7%	4,266,716 4,267 K
Increasess due to revaluation	LR	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LS	367,449 367 K	82.4%	201,500 202 K	0%	0 0 K
Decreasess by budget item transfer	NJ1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NJ2	0 0 K	0%	98,908 99 K	-80.2%	499,396 499 K
Gross value at the end of period	NK	4,237,361 4,237 K	9.5%	3,869,912 3,870 K	2.7%	3,767,320 3,767 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	1,498,002 1,498 K	3.9%	1,442,256 1,442 K	1.0%	1,428,388 1,428 K
Increases	PF	34,891 35 K	-37.4%	55,747 56 K	35.5%	41,147 41 K
Decreasess	PG	7,665 8 K	0%	0 0 K	0%	27,279 27 K
Decreasess by budget item transfer	PH	1,525,228 1,525 K	1.8%	1,498,003 1,498 K	3.9%	1,442,256 1,442 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	37,421,083 37,421 K	6.5%	35,124,046 35,124 K	5.8%	33,188,332 33,188 K
Increases	QV	3,058,984 3,059 K	24.6%	2,455,386 2,455 K	-6.9%	2,636,300 2,636 K
Decreases	QW	47,361 47 K	-70.1%	158,349 158 K	-77.4%	700,584 701 K
Decreasess by budget item transfer	QX	40,432,706 40,433 K	8.0%	37,421,083 37,421 K	6.5%	35,124,048 35,124 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	8,913,620 8,914 K	5.0%	8,491,230 8,491 K	-7.4%	9,167,067 9,167 K
Increases	UB	1,597,551 1,598 K	-21.7%	2,039,812 2,040 K	17.6%	1,734,090 1,734 K
Decreases	UC	1,637,953 1,638 K	1.3%	1,617,421 1,617 K	-32.9%	2,409,928 2,410 K
Value at the end of period	UD	8,873,218 8,873 K	-0.5%	8,913,620 8,914 K	5.0%	8,491,230 8,491 K

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	693,598 694 K	-1.1%	701,563 702 K	-5.6%	742,809 743 K
Financial	UG	0 0 K	0%	5,102 5 K	-82.2%	28,594 29 K
Exceptional	UJ	883,770 884 K	-33.7%	1,333,147 1,333 K	38.5%	962,687 963 K

Includes Total Withdrawal

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UF	855,259 855 K	51.2%	565,587 566 K	-43.0%	992,251 992 K
Financial	UH	0 0 K	0%	0 0 K	0%	205,380 205 K
Exceptional	UK	782,694 783 K	-25.6%	1,051,835 1,052 K	-13.2%	1,212,297 1,212 K

Total regulated provisions (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	3Z	4,973,146 4,973 K	21.5%	4,091,834 4,092 K	11.9%	3,656,296 3,656 K
Increases	TS	883,770 884 K	-33.7%	1,333,147 1,333 K	38.5%	962,687 963 K
Decreases	TT	782,694 783 K	73.2%	451,835 452 K	-14.3%	527,149 527 K
Value at the end of period	TU	5,074,222 5,074 K	2.0%	4,973,146 4,973 K	21.5%	4,091,834 4,092 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	2,994,431 2,994 K	16.2%	2,577,598 2,578 K	-26.7%	3,516,553 3,517 K
Increases	TV	713,781 714 K	34.6%	530,112 530 K	56.8%	338,125 338 K
Decreases	TW	291,695 292 K	157.5%	113,278 113 K	-91.1%	1,277,080 1,277 K
Value at the end of period	TX	3,416,517 3,417 K	14.1%	2,994,432 2,994 K	16.2%	2,577,598 2,578 K

Total Provision for depreciation (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7B	946,042 946 K	-48.1%	1,821,797 1,822 K	-8.6%	1,994,219 1,994 K
Increases	TY	0 0 K	0%	176,553 177 K	-59.3%	433,278 433 K
Decreases	TZ	563,564 564 K	-46.4%	1,052,308 1,052 K	73.7%	605,699 606 K
Value at the end of period	UA	382,478 382 K	-59.6%	946,042 946 K	-48.1%	1,821,798 1,822 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	17,063,443 17,063 K	8.8%	15,678,968 15,679 K	-4.3%	16,378,779 16,379 K
1 year at most	VU	17,063,443 17,063 K	25.1%	13,640,639 13,641 K	-5.5%	14,438,543 14,439 K
More than one year	VV	0 0 K	0%	2,038,329 2,038 K	5.1%	1,940,236 1,940 K

State of loans

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Claims related to holdings (gross)	UL	2,307,798 2,308 K	13.2%	2,038,329 2,038 K	5.1%	1,940,236 1,940 K
Claims related to shareholdings (1 year at most)	UM	2,307,798 2,308 K	0%	0 0 K	0%	0 0 K
Loans (gross)	UP	0 0 K	0%	0 0 K	0%	0 0 K
Loans (1 year at most)	UR	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets (gross)	UT	0 0 K	0%	0 0 K	0%	0 0 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	189,068 189 K	-74.9%	752,632 753 K	-40.6%	1,266,831 1,267 K
Other claims customer	UX	11,297,554 11,298 K	8.0%	10,464,179 10,464 K	-0.2%	10,489,166 10,489 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	6,992 7 K	26792.3%	26 0 K	-95.7%	600 1 K
Social Security and other social organizations	UZ	0 0 K	0%	0 0 K	0%	0 0 K
Income taxes	VM	386,976 387 K	140.9%	160,620 161 K	0%	0 0 K
Value added tax	VB	1,549,200 1,549 K	62.1%	955,482 955 K	-25.9%	1,289,411 1,289 K
Other taxes and payments assimilated	VN	0 0 K	0%	0 0 K	0%	0 0 K
State and other public - Miscellaneous	VP	0 0 K	0%	0 0 K	0%	0 0 K
Group and Associates	VC	0 0 K	0%	0 0 K	0%	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	1,213,033 1,213 K	2.0%	1,189,114 1,189 K	-4.0%	1,238,770 1,239 K

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	112,822 113 K	-4.9%	118,585 119 K	-22.9%	153,765 154 K

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	9,042,067 9,042 K	-10.5%	10,099,041 10,099 K	-2.9%	10,398,371 10,398 K
1 year at most	VZ2	9,042,067 9,042 K	-10.5%	10,099,041 10,099 K	-2.9%	10,398,371 10,398 K
More than 1 year and 5 years at most	VZ3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	VZ4	0 0 K	0%	0 0 K	0%	0 0 K

Details

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Convertible bonds (gross)	7Y1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Y2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Y3	0 0 K	0%	0 0 K	0%	0 0 K
Other bonds (gross)	7Z1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Z2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Z3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0 0 K	0%	6,730 7 K	0%	0 0 K
1 year at most	VG2	0 0 K	0%	6,730 7 K	0%	0 0 K
More than 1 year and 5 years at most	VG3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VH2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VH3	0 0 K	0%	0 0 K	0%	0 0 K
Loans and various financial liabilities (gross)	8A1	139,477 139 K	40.2%	99,477 99 K	2.2%	97,326 97 K
1 year at most	8A2	139,477 139 K	40.2%	99,477 99 K	2.2%	97,326 97 K
More than 1 year and 5 years at most	8A3	0 0 K	0%	0 0 K	0%	0 0 K
Suppliers and associated accounts (gross)	8B1	4,200,971 4,201 K	-1.5%	4,265,796 4,266 K	-13.3%	4,920,810 4,921 K
1 year at most	8B2	4,200,971 4,201 K	-1.5%	4,265,796 4,266 K	-13.3%	4,920,810 4,921 K
More than 1 year and 5 years at most	8B3	4,200,971 4,201 K	-1.5%	4,265,796 4,266 K	-13.3%	4,920,810 4,921 K
Personnel and associated accounts (gross)	8C1	1,808,133 1,808 K	1.8%	1,775,541 1,776 K	25.3%	1,417,563 1,418 K
1 year at most	8C2	1,808,133 1,808 K	1.8%	1,775,541 1,776 K	25.3%	1,417,563 1,418 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	1,149,020 1,149 K	-40.5%	1,930,530 1,931 K	10.1%	1,753,763 1,754 K
1 year at most	8D2	1,149,020 1,149 K	-40.5%	1,930,530 1,931 K	10.1%	1,753,763 1,754 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%	77,806 78 K
1 year at most	8E2	0 0 K	0%	0 0 K	0%	77,806 78 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	497,883 498 K	4886.3%	9,985 10 K	-68.9%	32,073 32 K
1 year at most	VW2	497,883 498 K	4886.3%	9,985 10 K	-68.9%	32,073 32 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	245,026 245 K	0.8%	243,193 243 K	-59.0%	592,660 593 K
1 year at most	VQ2	245,026 245 K	0.8%	243,193 243 K	-59.0%	592,660 593 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	143,825 144 K	60.6%	89,548 90 K	-82.4%	508,301 508 K
1 year at most	8J2	143,825 144 K	60.6%	89,548 90 K	-82.4%	508,301 508 K
More than 1 year and 5 years at most	8J3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	8J4	0 0 K	0%	0 0 K	0%	0 0 K
Groups and associates (gross)	VI1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VI2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VI3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	V14	0 0 K	0%	0 0 K	0%	0 0 K
Other liabilities (gross)	8K1	347,709 348 K	-42.3%	602,356 602 K	102.3%	297,735 298 K
1 year at most	8K2	347,709 348 K	-42.3%	602,356 602 K	102.3%	297,735 298 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	510,022 510 K	-52.6%	1,075,885 1,076 K	53.6%	700,333 700 K
1 year at most	8L2	510,022 510 K	-52.6%	1,075,885 1,076 K	53.6%	700,333 700 K
More than 1 year and 5 years at most	8L3	0 0 K	0%	0 0 K	0%	0 0 K

References

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

Table allocation results and other information

Dividends distributed

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

Commitments

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

Other charges Externes

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

Taxes and Fees

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

VAT

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

Average number of employees

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Average number of employees	YP	257 0 K	4.0%	247 0 K	-7.1%	266 0 K

Groups and Shareholders

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

Ratios

Synthetic financial performance indicators

31/12/2016

31/12/2015

31/12/2014

Score

Situation

Score

Situation

Score

Situation

Hide AFDCC 2

-

-

-

-

-

-

Description

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

Hide Conan & Holder

0.31

0%

0.29

0%

0.23

0%

Description

The Conan and Holder (1979) is a recommended method for industrial companies with a turnover of 150 000 to 75 million euros. It is based only on a balance sheet. This calculation allows a classification of the most perilous situation (Score lower than 0.002) to the healthiest situation (score greater than 0.16):
-	Healthy situation: companies which maintain or develop their activity level.
-	Situation to monitor: companies which has to follow remedial measures or find a new strategy.
-	Perilous situation: companies which could have important cash difficulties and have a failure risk.

Hide Altman

-

-

-

-

-

-

Description

The Altman score is a method based only on a complete balance sheet, this calculation allows a classification of the companies in three levels:
-	Good shape: companies which have a low risk (with a score value higher than 2.99).
-	Warning signs: companies which should be approached with caution and with a high risk in the next two years for bankruptcy (with a score value between 2.99 and 1.81).
-	Bankruptcy: companies which are in immediate risk (with a score value lower than 1.81).

Structure and Liquidity

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Fixed Asset Financing	1.38	0.7%	1.37	6.2%	1.29	11.36	-87.9%	1.27	8.7%
Global Debt	57 days	-10.9%	64 days	-5.9%	68 days	622.36 days	-90.8%	133 days	-57.1%
Working Capital Fund overall net	155 days	9.9%	141 days	25.9%	112 days	77.03 days	101.2%	65 days	138.5%
Financial independence	31,824.27 %	-16.0%	37,869.77 %	2.1%	37,102.24 %	126,836.75 %	-74.9%	611.66 %	5102.9%
Solvability	77.99 %	3.5%	75.34 %	2.6%	73.43 %	41.55 %	87.7%	43.17 %	80.7%
Capacity debt futures	-	-	597,627.80 %	-	-	1,615,850.41 %	-	2,590.67 %	-
Coverage of current assets by net working capital overall	61.04 %	10.0%	55.50 %	11.1%	49.94 %	-136,500.98 %	100.0%	37.77 %	61.6%
General Liquidity	1.89	40.0%	1.35	-2.9%	1.39	1.05	80.0%	0.78	142.3%
Restricted Liquidity	3.37	24.8%	2.70	18.4%	2.28	1.28	163.3%	0.96	251.0%

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	57 days	11.8%	51 days	13.3%	45 days	-1.56 days	3753.8%	24 days	137.5%
Treasury	84 days	-2.3%	86 days	43.3%	60 days	26.49 days	217.1%	11 days	663.6%
Inventory turnover of goods	0 days	0%	0 days	0%	0 days	-167.21 days	0%	0 days	0%
Average length of credit granted to customers	72 days	1.4%	71 days	-6.6%	76 days	131.77 days	-45.4%	67 days	7.5%
Average length of credit obtained suppliers	42 days	0%	42 days	-14.3%	49 days	164.57 days	-74.5%	82 days	-48.5%
Inventory turnover of raw materials in industrial enterprises	55 days	-1.8%	56 days	-3.4%	58 days	107.38 days	-48.8%	60 days	-8.3%
Inventory turnover of intermediate and finished products in the industrial enterprise	98 days	-6.7%	105 days	-0.9%	106 days	378.15 days	-74.1%	173 days	-43.4%
Rotation tangible assets	97.74 %	-7.3%	105.42 %	-0.7%	106.19 %	3,021.91 %	-96.8%	175.10 %	-44.2%

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Margin trading	1.76 %	-30.2%	2.52 %	-17.4%	3.05 %	5.41 %	-67.5%	0.00 %	0%
Profitability of the business	11.60 %	-2.4%	11.89 %	20.5%	9.87 %	5.31 %	118.5%	8.42 %	37.8%
Net profit	8.16 %	20.2%	6.79 %	9.0%	6.23 %	0.66 %	1136.4%	4.16 %	96.2%
Growth rate of turnover (excluding VAT)	1.04 %	-57.7%	2.46 %	-71.8%	8.73 %	3.65 %	-71.5%	0.00 %	0%
Rates integration	38.13 %	1.4%	37.62 %	7.2%	35.10 %	29.10 %	31.0%	30.52 %	24.9%
Rate leasing furniture	0.83 %	-1.2%	0.84 %	0%	0.00 %	0.16 %	418.8%	0.00 %	0%
Work Factor	64.35 %	2.4%	62.87 %	-4.3%	65.68 %	55.99 %	14.9%	63.35 %	1.6%
Weight interests	0.02 %	-33.3%	0.03 %	50.0%	0.02 %	1.88 %	-98.9%	0.31 %	-93.5%

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	12.21 %	3.9%	11.75 %	72.0%	6.83 %	0.17 %	7082.4%	5.48 %	122.8%
Rates of economic profitability	15.00 %	-11.8%	17.00 %	13.3%	15.00 %	52.95 %	-71.7%	15.50 %	-3.2%
Financial profitability	44,387,535.00 %	10.4%	40,220,351.00 %	11.4%	36,110,122.00 %	26,460,343.57 %	67.8%	4,003,243.50 %	1008.8%
Return on investment	10.62 %	9.8%	9.67 %	0.4%	9.63 %	28.24 %	-62.4%	7.07 %	50.2%

Management intermediate balances

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Turnover	57,796,864 57,797 K	1.0%	57,203,713 57,204 K	2.5%	55,830,610 55,831 K	41,919,603.05 41,919.60 K	37.9%	14,019,926 14,020 K	312.2%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sales of goods	9,731,924 9,732 K	-2.0%	9,928,441 9,928 K	-2.0%	10,130,503 10,131 K		-		-
- Purchase of goods	8,716,150 8,716 K	2.7%	8,484,234 8,484 K	0.7%	8,422,885 8,423 K		-		-
+/- Stock of goods variation	0 0 K	0%	0 0 K	0%	2,650 3 K		-		-
Trading margin	1,015,774 € 1,016 K €	-29.7%	1,444,207 € 1,444 K €	-15.3%	1,704,968 € 1,705 K €	286,917.26 € 286.92 K €	254.0%	0 € 0 K €	0%
	1.76 % CA 1.76 % CA	-30.2%	2.52 % CA 2.52 % CA	-17.4%	3.05 % CA 3.05 % CA	5.41 % CA 5.41 % CA	-67.5%	0.00 % CA 0.00 % CA	0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sale of goods produced	48,064,940 48,065 K	1.7%	47,275,273 47,275 K	3.4%	45,700,107 45,700 K		-		-
+/- Stocked production	29,101 29 K	-95.4%	631,399 631 K	304.6%	-308,663 -309 K		-		-
+ Self-constructed assets	0 0 K	0%	0 0 K	0%	0 0 K		-		-
Period production	48,094,041 € 48,094 K €	0.4%	47,906,672 € 47,907 K €	5.5%	45,391,444 € 45,391 K €	38,237,744.17 € 38,237.74 K €	25.8%	11,972,595 € 11,973 K €	301.7%
	83.21 % CA 83.21 % CA	-0.6%	83.75 % CA 83.75 % CA	3.0%	81.30 % CA 81.30 % CA	85.01 % CA 85.01 % CA	-2.1%	98.48 % CA 98.48 % CA	-15.5%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Trading margin	1,015,774 1,016 K	-29.7%	1,444,207 1,444 K	-15.3%	1,704,968 1,705 K	286,917.26 286.92 K	254.0%	0 0 K	0%
+ Period Production	48,094,041 48,094 K	0.4%	47,906,672 47,907 K	5.5%	45,391,444 45,391 K	38,237,744.17 38,237.74 K	25.8%	11,972,595 11,973 K	301.7%
- Purchase of raw materials	14,949,543 14,950 K	-5.8%	15,864,622 15,865 K	4.9%	15,122,589 15,123 K		-		-
+/- Change in stocks of raw materiels	181,347 181 K	174.0%	-244,919 -245 K	-134.3%	-104,542 -105 K		-		-
- Other external purchases and charges	11,938,153 11,938 K	-2.3%	12,213,404 12,213 K	-2.2%	12,482,606 12,483 K		-		-
Added value	22,040,772 € 22,041 K €	2.4%	21,517,772 € 21,518 K €	9.8%	19,595,759 € 19,596 K €	11,735,876.38 € 11,735.88 K €	87.8%	3,128,639 € 3,129 K €	604.5%
	38.13 % CA 38.13 % CA	1.4%	37.62 % CA 37.62 % CA	7.2%	35.10 % CA 35.10 % CA	29.10 % CA 29.10 % CA	31.0%	30.52 % CA 30.52 % CA	24.9%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Added value	22,040,772 € 22,041 K €	2.4%	21,517,772 € 21,518 K €	9.8%	19,595,759 € 19,596 K €	11,735,876.38 € 11,735.88 K €	87.8%	3,128,639 € 3,129 K €	604.5%
+ Operating grants	59,712 60 K	-31.8%	87,579 88 K	-36.6%	138,033 138 K		-		-
- Tax, duty and similar payments	1,211,343 1,211 K	-5.1%	1,276,938 1,277 K	-5.8%	1,355,172 1,355 K		-		-
- Personal charges	14,183,133 14,183 K	4.8%	13,528,216 13,528 K	5.1%	12,870,617 12,871 K		-		-
Gross operating surplus	6,706,008 € 6,706 K €	-1.4%	6,800,197 € 6,800 K €	23.5%	5,508,003 € 5,508 K €	3,259,026.88 € 3,259.03 K €	105.8%	835,386 € 835 K €	702.7%
	11.60 % CA 11.60 % CA	-2.4%	11.89 % CA 11.89 % CA	20.5%	9.87 % CA 9.87 % CA	5.31 % CA 5.31 % CA	118.5%	8.42 % CA 8.42 % CA	37.8%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Gross operating surplus	6,706,008 € 6,706 K €	-1.4%	6,800,197 € 6,800 K €	23.5%	5,508,003 € 5,508 K €	3,259,026.88 € 3,259.03 K €	105.8%	835,386 € 835 K €	702.7%
+ Release of reserves and provisions	1,024,712 1,025 K	81.2%	565,587 566 K	-43.1%	994,564 995 K		-		-
+ Other operating income	47,918 48 K	741.8%	5,692 6 K	-43.2%	10,013 10 K		-		-
- Depreciation/ Amortisation	3,787,473 3,787 K	18.9%	3,186,723 3,187 K	9.7%	2,905,520 2,906 K		-		-
- Other charges	90 0 K	-100.0%	441,928 442 K	240078.3%	184 0 K		-		-
Operating result	3,991,075 € 3,991 K €	6.6%	3,742,825 € 3,743 K €	3.8%	3,606,876 € 3,607 K €	2,444,082.43 € 2,444.08 K €	63.3%	445,062 € 445 K €	796.7%
	6.91 % CA 6.91 % CA	5.7%	6.54 % CA 6.54 % CA	1.2%	6.46 % CA 6.46 % CA	2.54 % CA 2.54 % CA	172.0%	5.68 % CA 5.68 % CA	21.7%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Operating result	3,991,075 € 3,991 K €	6.6%	3,742,825 € 3,743 K €	3.8%	3,606,876 € 3,607 K €	2,444,082.43 € 2,444.08 K €	63.3%	445,062 € 445 K €	796.7%
+/- Result of joint-venture transferred from/to other partners	0 0 K	0%	0 0 K	0%	0 0 K		-		-
+ Financial income	2,157,909 2,158 K	5.2%	2,051,508 2,052 K	80.1%	1,138,848 1,139 K		-		-
- Financial charges	10,437 10 K	-35.5%	16,180 16 K	73.0%	9,350 9 K		-		-
Pre-tax result	6,138,547 € 6,139 K €	6.2%	5,778,153 € 5,778 K €	22.0%	4,736,374 € 4,736 K €	2,595,996.67 € 2,596.00 K €	136.5%	467,414 € 467 K €	1213.3%
	10.62 % CA 10.62 % CA	5.1%	10.10 % CA 10.10 % CA	19.1%	8.48 % CA 8.48 % CA	1.36 % CA 1.36 % CA	680.9%	4.75 % CA 4.75 % CA	123.6%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Extraordinary income	919,261 919 K	-37.9%	1,480,527 1,481 K	-3.4%	1,533,057 1,533 K	2,502,327.26 2,502.33 K	-63.3%	60,007 60 K	1431.9%
- Extraordinary charges	905,300 905 K	-54.2%	1,976,791 1,977 K	9.2%	1,811,001 1,811 K		-		-
Extraordinary result	13,961 € 14 K €	102.8%	-496,264 € -496 K €	-78.5%	-277,944 € -278 K €	1,196,379.31 € 1,196.38 K €	-98.8%	649 € 1 K €	2052.8%
	0.02 % CA 0.02 % CA	102.3%	-0.87 % CA -0.87 % CA	-74.0%	-0.50 % CA -0.50 % CA	2.69 % CA 2.69 % CA	-99.3%	0.10 % CA 0.10 % CA	-80.0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Pre-tax result	6,138,547 € 6,139 K €	6.2%	5,778,153 € 5,778 K €	22.0%	4,736,374 € 4,736 K €	2,595,996.67 € 2,596.00 K €	136.5%	467,414 € 467 K €	1213.3%
Extraordinary result	13,961 € 14 K €	102.8%	-496,264 € -496 K €	-78.5%	-277,944 € -278 K €	1,196,379.31 € 1,196.38 K €	-98.8%	649 € 1 K €	2052.8%
- Employee profit sharing	197,145 197 K	-14.3%	230,001 230 K	0%	0 0 K		-		-
- Tax on profits	1,236,455 1,236 K	5.7%	1,170,170 1,170 K	19.3%	980,531 981 K		-		-
Net result	4,718,908 € 4,719 K €	21.6%	3,881,718 € 3,882 K €	11.6%	3,477,899 € 3,478 K €	2,412,138.43 € 2,412.14 K €	95.6%	360,458 € 360 K €	1209.1%
	8.16 % CA 8.16 % CA	20.2%	6.79 % CA 6.79 % CA	9.0%	6.23 % CA 6.23 % CA	0.66 % CA 0.66 % CA	1136.4%	4.16 % CA 4.16 % CA	96.2%

Synthesized Accounts

	31/12/2014
Account period (month)	12
Account Type	Consolidated
Activity Code	2592Z

Active account

	31/12/2014
Capital not called	0 0 K
Total fixed assets	21,504,916 21,505 K
Intangible assets	442,485 442 K
Tangible assets	21,013,431 21,013 K
Financial assets	49,000 49 K
Net current assets	32,078,879 32,079 K
Stocks	6,793,557 6,794 K
Advanced payments	0 0 K
Receivables	15,018,626 15,019 K
Securities and cash	10,266,696 10,267 K
Accounts of regularization	0 0 K
Total Assets	53,583,795 53,584 K

Passive account

	31/12/2014
Shareholders' equity	36,993,989 36,994 K
Share capital	3,264,000 3,264 K
Other capital resources	0 0 K
Risk Provisions	2,577,598 2,578 K
Liabilities	14,012,209 14,012 K
Financial liabilities	1,440,127 1,440 K
Advanced payments received	0 0 K
Trade account payables	5,947,145 5,947 K
Tax and social liabilities	0 0 K
Other debts and fixed assets liabilities	6,624,937 6,625 K
Account regularization	0 0 K
Total liabilities	53,583,796 53,584 K

Results

	31/12/2014
Sales of Goods	62,509,884 62,510 K
Net turnover	62,620,701 62,621 K
of which net export turnover	0 0 K
Operating charges	56,557,222 56,557 K
Operating profit/loss	5,952,662 5,953 K
Financial income	404,251 404 K
Financial charges	0 0 K
Financial profit/loss	404,251 404 K
Pretax net operating income	6,356,913 6,357 K
Extraordinary income	333,085 333 K
Extraordinary charges	0 0 K
Extraordinary profit/loss	333,085 333 K

Consolidation

	31/12/2014
Net result before amortisation of goodwill	4,143,287 4,143 K
Goodwill amortisation allocation	0 0 K
Net result of equity affiliates companies	0 0 K
Net result of integrated companies	0 0 K
Group result (consolidated net result)	4,143,287 4,143 K
Share of minority interest (Result except group)	0 0 K
Net result - group share (part of parent company)	4,143,287 4,143 K

Accounts - Active

Normal Account

	31/12/2014
Account period (month)	12

Grand Total - Active Accounts (I to VI)

		31/12/2014
Grand Total (I to VI)	Net	53,583,795 53,584 K
Gross	CO	94,947,289 94,947 K
Amortisation	1A	41,363,494 41,363 K

Capital subscribed not called (I)

		31/12/2014
Capital suscribed not called (I)	AA3	0 0 K

Active fixed asset (II)

		31/12/2014
Total Active fixed asset (II)	Net	21,504,916 21,505 K
Gross	BJ	61,859,761 61,860 K
Amortisation	BK	40,354,845 40,355 K

Intangible fixed assets

		31/12/2014
Start-up cost	Net	0 0 K
Gross	AB	0 0 K
Amortisation	AC	0 0 K
R&D expenses	Net	0 0 K
Gross	CX	0 0 K
Amortisation	CQ	0 0 K
Distributorships, patents	Net	0 0 K
Gross	AF	0 0 K
Amortisation	AG	0 0 K
Goodwill	Net	0 0 K
Gross	AH	0 0 K
Amortisation	AI	0 0 K
Other intangible fixed assets	Net	442,485 442 K
Gross	AJ	2,484,741 2,485 K
Amortisation	AK	2,042,256 2,042 K
Pre-payments and downpayments	Net	0 0 K
Gross	AL	0 0 K
Amortisation	AM	0 0 K
Sub Total Intangible asset	Net	442,485 442 K

Tangible fixed assets

		31/12/2014
Acquisition difference	Net	0 0 K
Gross	A11	0 0 K
Amortisation	A12	0 0 K
Goodwill	Net	0 0 K
Gross	A21	0 0 K
Amortisation	A22	0 0 K
Difference from the first consolidation	Net	0 0 K
Gross	A31	0 0 K
Amortisation	A32	0 0 K
Lands	Net	0 0 K
Gross	AN	0 0 K
Amortisation	AO	0 0 K
Buildings	Net	0 0 K
Gross	AP	0 0 K
Amortisation	AQ	0 0 K
Plant	Net	0 0 K
Gross	AR	0 0 K
Amortisation	AS	0 0 K
Other tangible fixed assets	Net	21,013,431 21,013 K
Gross	AT	59,326,020 59,326 K
Amortisation	AU	38,312,589 38,313 K
Fixed assets in construction	Net	0 0 K
Gross	AV	0 0 K
Amortisation	AW	0 0 K
Advances and payments on account	Net	0 0 K
Gross	AX	0 0 K
Amortisation	AY	0 0 K
Sub Total Tangible asset	Net	21,013,431 21,013 K

Financial assets

		31/12/2014
Associates at equity	Net	0 0 K
Gross	CS	0 0 K
Amortisation	CT	0 0 K
Other participations	Net	0 0 K
Gross	CU	0 0 K
Amortisation	CV	0 0 K
Inter-company receivables	Net	0 0 K
Gross	BB	0 0 K
Amortisation	BC	0 0 K
Other investment securities	Net	0 0 K
Gross	BD	0 0 K
Amortisation	BE	0 0 K
Loans	Net	0 0 K
Gross	BF	0 0 K
Amortisation	BG	0 0 K
Other financial assets	Net	49,000 49 K
Gross	BH	49,000 49 K
Amortisation	BI	0 0 K
Other financial assets	Net	0 0 K
Gross	A41	0 0 K
Amortisation	A42	0 0 K
Sub Total Financial assets	Net	49,000 49 K

Current Assets (III)

		31/12/2014
Total Assets	Net	32,078,879 32,079 K
Gross	CJ	33,087,528 33,088 K
Amortisation	CK	1,008,649 1,009 K

Stocks

		31/12/2014
Raw materials	Net	0 0 K
Gross	BL	0 0 K
Amortisation	BM	0 0 K
Work in progress (goods)	Net	0 0 K
Gross	BN	0 0 K
Amortisation	BO	0 0 K
Work in progress (services)	Net	0 0 K
Gross	BP	0 0 K
Amortisation	BQ	0 0 K
Semi-finished and finished products	Net	0 0 K
Gross	BR	0 0 K
Amortisation	BS	0 0 K
Goods for resale	Net	6,793,557 6,794 K
Gross	BT	6,815,934 6,816 K
Amortisation	BU	22,377 22 K
Sub Total Stocks	Net	6,793,557 6,794 K

Advance payments to suppliers

		31/12/2014
Advance payments to suppliers	Net	0 0 K
Gross	BV	0 0 K
Amortisation	BW	0 0 K

Debtors

		31/12/2014
Trade accounts receivable	Net	11,880,148 11,880 K
Gross	BX	12,866,420 12,866 K
Amortisation	BY	986,272 986 K
Other debtors	Net	3,138,478 3,138 K
Gross	BZ	3,138,478 3,138 K
Amortisation	CA	0 0 K
Capital subscribed and called up	Net	0 0 K
Gross	CB	0 0 K
Amortisation	CC	0 0 K
Sub Total debtors	Net	15,018,626 15,019 K

Divers

		31/12/2014
Investment securities	Net	6,133,428 6,133 K
Gross	CD	6,133,428 6,133 K
Amortisation	CE	0 0 K
Cash and cash equivalents	Net	4,133,268 4,133 K
Gross	CF	4,133,268 4,133 K
Amortisation	CG	0 0 K
Sub Total Divers	Net	0 0 K

Prepaid expenses

		31/12/2014
Prepaid expenses	Net	0 0 K
Gross	CH	0 0 K
Amortisation	CI	0 0 K

Equalization accounts (IV to VI)

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

References

		31/12/2014
Due within one year	CP	0 0 K
Due after one year	CR	0 0 K

Accounts - Passive

Grand Total - Passive Accounts (I to IV)

		31/12/2014
Grand Total (I to IV)	EE	53,583,796 53,584 K

Shareholder Equity (I)

		31/12/2014
Total shareholders' equity (Total I)	DL	36,993,989 36,994 K
Equity and shareholders' equity	DA	3,264,000 3,264 K
Issue and merger premiums	DB	0 0 K
Revaluation differentials	DC	0 0 K
Of which equity differential	EK	0 0 K
Legal reserve	DD	29,261,333 29,261 K
Statutory or contractual reserve	DE	0 0 K
Special regulated reserves	DF	0 0 K
Other reserves	DG	325,370 325 K
Profits or losses brought forward	DH	0 0 K
Conversion differences	P1	0 0 K
Net result - group part	P2	4,143,286 4,143 K
Investment grants	DJ	0 0 K
Special tax-allowable reserves	DK	0 0 K

Other capital resources (II)

		31/12/2014
Total other capital resources (Total II)	DO	0 0 K
Income from participating securities	DM	0 0 K
Conditional loans	DN	0 0 K
Others	P3	0 0 K

Provisions for risks and charges (III)

		31/12/2014
Total provisions for risks and charges (Total III)	DR	2,577,598 2,578 K
Conversion differences	P4	0 0 K
In reserves	P5	0 0 K
In results	P6	0 0 K
Total III	P7	0 0 K
Delayed tax	P8	0 0 K
Acquisition differences	P9	0 0 K
Risk provisions	DP	0 0 K
Reserves for charges	DQ	2,577,598 2,578 K

Liabilities (IV)

		31/12/2014
Total Liabilities (Total IV)	EC	14,012,209 14,012 K
Convertible debentures	DS	0 0 K
Other debentures	DT	0 0 K
Bank loans and liabilities	DU	0 0 K
Sundry loans and financial liabilities	DV	1,440,127 1,440 K
Of which participating loans	EI	0 0 K
Advance payments received for current orders	DW	0 0 K
Trade accounts payables	DX	5,947,145 5,947 K
Tax and social security liabilities	DY	0 0 K
Fixed asset liabilities	DZ	0 0 K
Other debts	EA	6,624,937 6,625 K

Translation loss (V)

		31/12/2014
Translation loss (Total V)	ED	0 0 K

Equalization accounts

		31/12/2014
Deferred income	EB	0 0 K

References

		31/12/2014
Of which tax-allowable reserve	EF	0 0 K
Deferred income and liabilities	EG	0 0 K
Of which current bank facilities	EH	0 0 K

Result account

1- Operating result (I-II)

		31/12/2014
Operating result (Total I-II)	GG	5,952,662 5,953 K

2 - Financial result (V - VI)

		31/12/2014
Financial result (Total V-VI)	GV	404,251 404 K

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

		31/12/2014
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	6,356,913 6,357 K

4 - Extraordinary result (VII-VIII)

		31/12/2014
Extraordinary result (Total VII-VIII)	HI	333,085 333 K

Consolidation

		31/12/2014
Delayed tax	R1	0 0 K
Net result before amortisation of acquisition differences	R2	4,143,287 4,143 K
Endowment to amortisation of acquisition differences	R3	0 0 K
Net result of companies set in equivalence	R4	0 0 K
Net result of integrated companies	R5	0 0 K
Group result (consolidated net result)	R6	4,143,287 4,143 K
Cross-reference : equipment leasing	R7	0 0 K
Cross-reference : property leasing	R8	4,143,287 4,143 K

Operating income (I)

		31/12/2014
Total operating income (Total I)	FR	62,509,884 62,510 K

Operating income (details)

		31/12/2014
Sale of goods for resale	FC	62,620,701 62,621 K
France	FA	62,620,701 62,621 K
Export	FB	0 0 K
Sale of goods produced	FF	0 0 K
France	FD	0 0 K
Export	FE	0 0 K
Sale of services	FI	0 0 K
France	FG	0 0 K
Export	FH	0 0 K
Net turnover	FL	62,620,701 62,621 K
France	FJ	62,620,701 62,621 K
Export	FK	0 0 K
Stocked production	FM	0 0 K
Self-constructed assets	FN	0 0 K
Operating grants	FO	0 0 K
Release of reserves and provisions	FP	0 0 K
Other income	FQ	-110,817 -111 K

Operating charges (II)

		31/12/2014
Total operating charges (Total II)	GF	56,557,222 56,557 K

Exploitation charges

		31/12/2014
Purchase of goods for resale	FS	36,815,755 36,816 K
Change in stocks of goods for resale	FT	0 0 K
Purchase of raw materials	FU	0 0 K
Change in stocks of raw materials	FV	0 0 K
Other external purchases and charges	FW	0 0 K
Tax, duty and similar payments	FX	1,558,935 1,559 K
Payroll	FY	0 0 K
Social security costs	FZ	15,248,846 15,249 K

Depreciation

		31/12/2014
Depreciation of fixed assets	GA	2,932,800 2,933 K
Amortisation of fixed assets	GB	0 0 K
Depreciation/amortisation of current assets	GC	0 0 K
Provisions for risks and charges	GD	0 0 K

Other charges

		31/12/2014
Other charges	GE	886 1 K

Operating charges (III-IV)

		31/12/2014
Share of joint-venture transferred to other partner(s) (Total III)	GH	0 0 K
Share of joint venture transferred from other partner(s) (Total IV)	GI	0 0 K

Financial income (V)

		31/12/2014
Total financial income (Total V)	GP	404,251 404 K
Share financial income	GJ	404,251 404 K
Other investment income & capitalised receivables	GK	0 0 K
Other interest and similar income	GL	0 0 K
Released provisions and transferred charges	GM	0 0 K
Exchange gains	GN	0 0 K
Net income from disposal of investment securities	GO	0 0 K

Financial charge (VI)

		31/12/2014
Total financial charge (Total VI)	GU	0 0 K
Financial reserves and provisions	GQ	0 0 K
Interest and similar charges	GR	0 0 K
Exchange losses	GS	0 0 K
Net loss from disposal of investment securities	GT	0 0 K

Extraordinary income (VII)

		31/12/2014
Total extraordinary income (Total VII)	HD	333,085 333 K
Extraordinary operating income	HA	333,085 333 K
Extraordinary income from capital transactions	HB	0 0 K
Released provisions and transferred charges	HC	0 0 K

Extraordinary charges (VIII)

		31/12/2014
Total extraordinary charges (Total VIII)	HH	0 0 K
Extraordinary operating charges	HE	0 0 K
Extraordinary charges from capital transactions	HF	0 0 K
Extraordinary reserves and provisions	HG	0 0 K

Employee profit sharing (IX)

		31/12/2014
Employee profit sharing (Total IX)	HJ	0 0 K

Tax on profits (X)

		31/12/2014
Tax on profits (Total X)	HK	-2,546,711 -2,547 K

References

		31/12/2014
Of which equipment leases	HP	0 0 K
Of which property leases	HQ	0 0 K

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 2592Z - Manufacture of light metal packaging.

Key Performance Indicators

Graphical analysis

Net Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	57,796,864 €	57,203,713 €	55,830,610 €
Sector Average	41,919,603 €	43,875,515 €	46,374,489 €

Net Profit

	31/12/2016	31/12/2015	31/12/2014
Company Result	4,718,908 €	3,881,719 €	3,477,901 €
Sector Average	2,412,138 €	1,877,502 €	3,046,081 €

Net Export Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	39,705,230 €	41,747,170 €	357,997,072 €
Sector Average	12,777,768 €	13,120,371 €	25,876,390 €

Account Total

	31/12/2016	31/12/2015	31/12/2014
Company Result	56,912,327 €	53,384,969 €	49,178,378 €
Sector Average	57,951,905 €	54,136,947 €	53,769,770 €

Shareholders Equity

	31/12/2016	31/12/2015	31/12/2014
Company Result	44,387,535 €	40,220,351 €	36,110,122 €
Sector Average	26,458,469 €	23,860,575 €	23,587,301 €

Liabilities

	31/12/2016	31/12/2015	31/12/2014
Company Result	9,108,274 €	10,169,577 €	10,470,975 €
Sector Average	29,893,825 €	28,927,936 €	28,906,141 €

Need background in operating working capital

	31/12/2016	31/12/2015	31/12/2014
Company Result	57 €	51 €	45 €
Sector Average	-2 €	-41 €	30 €

Gross operating surplus (EBE)

	31/12/2016	31/12/2015	31/12/2014
Company Result	6,706,008 €	6,800,197 €	5,508,003 €
Sector Average	3,259,027 €	3,404,967 €	3,650,944 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.38
UK Pound	1	INR 91.09
Euro	1	INR 79.75
Euro	1	INR 79.76

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	SYL

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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