U10 : 2015 Annual report – excerpt

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Excerpt from the Annual Report 2015

Translation disclaimer: This document is a free translation of the French language version of the consolidated financial statements for the twelve-month period ended 31 December 2015 produced for the convenience of English speaking readers. In the event of any ambiguity or conflict between statements or other items contained herein and the original French version, the relevant statement or item of the French version shall prevail. While all possible care has been taken to ensure that this translation is an accurate representation of the original French document, this English version has not been audited by the company's statutory auditors and in all matters of interpretation of information, views or opinions expressed therein, only the original language version of the document in French is legally binding. As such, this translation may not be relied upon to sustain any legal claim, nor be used as the basis of any legal opinion and U10 expressly disclaims all liability for any inaccuracy herein.

Figures in presented herein (excluding tables) expressed as "K€" in the original French document have been rounded off accordingly to the nearest thousandth (000s).

CONSOLIDATED FINANCIAL STATEMENTS 2015

at 31 Decembre 2015

1. Consolidated balance sheet 4
2. Consolidated income statement and statement of comprehensive income 5

3. Consolidated income statement 5

4. Statement of comprehensive income 5

5. Consolidated statement of cash flows 6
6. Statement of changes in consolidated shareholders' equity 7
7. Notes to the consolidated financial statements 7

8. Significant accounting policies 7

9. Notes to the balance sheet 11

10. Non-current assets 11

11. Goodwill 12

12. Intangible assets 12

13. Property, plant and equipment 13

14. Financial assets 14

15. Current assets 14

16. Inventories 14

17. Trade receivables 14

18. Cash and cash equivalents 15

19. Shareholders' equity 15

20. Stock option plans 15

21. Share capital information 15

22. Dividends paid to parent company shareholders 16

23. Provisions 16

24. Borrowings and financial liabilities 17

25. Net financial debt 17

26. Current payables 18

27. Financial instruments 19

28. Notes to the income statement 19

29. Revenue 19

30. Current operating income 20

31. Staff costs and workforce 20

32. Other net operating income and expenses 20

33. Allowances for depreciation and reserves 20

34. Non-current operating income and expenses 20

35. Financial expenses and income 20

36. Corporate income tax 21

37. Earnings per share 22

38. Segment reporting 22

39. Pro forma income statement 23

40. Off-balance sheet commitments 23

41. Related parties 24

42. Related parties 24

43. Compensation of directors and officers 24

44. Subsequent events 24

45. Fees paid to Auditors and members of their network by the Group 24

46. Consolidated financial statements 2015 |3

    Consolidated financial statements at 31 December 2015

    1. Consolidated balance sheet

    ASSETS	2015	2014
    (€ thousands)	Note	Gross value	Amortisations	Net	Net
    Goodwill	5.2.1.1	49,465	-	49,465	47,229
    Other intangible assets	5.2.1.2	3,113	2,852	261	277
    Property, plant and equipment	5.2.1.3	31,431	11,588	19,843	10,416
    Financial assets	5.2.1.4	3,472	-	3,472	2,550
    Deferred tax assets	5.3.6	729	-	729	603
    Total non-current assets	88,211	14,440	73,771	61,073
    Inventories	5.2.2.1	56,749	425	56,325	54,266
    Trade receivables	5.2.2.2	40,364	574	39,790	39,003
    Current taxes	5.2.2.2	1,204	-	1,204	655
    Other receivables and prepaid expenses	5.2.2.2	12,828	3,028	9,799	5,963
    Cash and cash equivalents	5.2.2.3	19,388	-	19,388	11,154
    Total current assets	130,533	4,027	126,506	111,041
    TOTAL	218,745	18,467	200,278	172,115
    SHAREHOLDERS' EQUITY AND LIABILITIES	Note	2015	2014
    (€ thousands)
    Capital	18,640	18,640
    Additional paid-in capital	12,807	12,807
    Treasury shares	-98	-71
    Reserves and income	67,239	59,391
    Shareholders' equity attributable to the Group	98,588	90,767
    Non-controlling interests	5,680	5,500
    Total shareholders' equity	104,268	96,267
    Long-term debt	5.2.5.1	11,019	9,996
    Non-current provisions	5.2.4	1,015	907
    Deferred tax liabilities	5.3.6	2,715	1,181
    Total non-current liabilities	14,749	12,084
    Current portion of long-term debt	5.2.5.1	4,444	4,351
    Short-term debt	5.2.5.1	29,540	24,829
    Current provisions	5.2.4	447	244
    Trade payables and related accounts	5.2.5.2	27,596	25,368
    Corporate income tax liabilities	5.2.5.2	15	58
    Other current liabilities	5.2.5.2	19,218	8,913
    Total current liabilities	81,261	63,764
    TOTAL	200,278	172,115

    4 |Consolidated financial statements 2015