B.C.R.H. & Associés
Société d'Expertise Comptable et de Commissariat aux Comptes
Toolux Sanding SA
3B, boulevard du Prince Henri
L-1724 Luxembourg
RCS Luxembourg B 142 041
INDEPENDENT AUDITOR'S
REVIEW REPORT
CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2017
SARL au capital de 1 300 000 Euros - 35 rue de Rome - 75008 PARIS - Tél : 01.45.61.20.40 - Fax : 01.45.61.21.04
RCS PARIS B 490 092 574
INDEPENDENT AUDITOR'S REPORT ON
CONSOLIDATED FINANCIAL STATEMENTS
OF TOOLUX SANDING SA AS AT 31 DECEMBER 2017
To the shareholders of Toolux Sanding SA,
Following the Company's request, we have audited the accompanying consolidated financial statements of Toolux Sanding SA (" the Company ") and its subsidiaries (together the "Group") which comprise the consolidated statement of financial position as at December 31st 2017, the consolidated statement of comprehensive income, the consolidated statement of cash flows and the consolidated statement of changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory notes.
Director's responsibility for the financial statements
The directors of the Company are responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the European Union. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditor's responsibility
Our responsibility is to express an opinion on these consolidated financial statement based on our audit. We conducted our audit in accordance with International Standards of Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the judgement of the auditor, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of the entity's internal control.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(euros)
TOOLUX SANDING SA
ITEMS | NOTE | From January 1, 2017 | From January 1, 2016 | |||
to December 31,2017 | to December 31,2016 | |||||
SALES OF MAIN OPERATIONS | IV(II) (1) | 12 | 421 | 570 | 10 | 809 265 |
Less:cost of main operations | IV(II) (2) | -8 | 862 | 566 | -7 | 606 072 |
GROSS PROFIT | 3 559 004 | 3 203 193 | ||||
Add: Income from other operations | IV(II) (3) | 102 578 | 120 929 | ||||
Less: Selling | expenses | IV(II) (4) | -567 936 | -411 589 | |||
Less: General | and administrative expenses | IV(II) | (5) | -2 | 262 870 | -1 | 922 565 |
Less: Financial expenses | IV(II) | (6) | -1 | 333 446 | -1 | 407 050 | |
OPERATING INCOME | -502 670 | -417 082 | |||||
Investment income(loss expressed with "-") | -149 | 236 | 101 608 | |
Non-operating income | IV(II) (7) | 197 749 | 50 994 | |
Less:Sales tax and additions | -68 | 611 | -56 960 | |
Less:Non-operating expenses | IV(II) (8) | -14 | 233 | -32 185 |
PROFIT BEFORE TAX (LOSS EXPRESSED WITH "-") | -537 001 | -353 625 | ||
Less: Income tax | -32 | 568 | -225 934 | |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | -569 569 | -579 559 | ||
PROFIT PER SHARE (BASIC AND DILUTED) | -0,32 | -0,33 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(euros)
From January 1, 2017 to December 31, 2017
TOOLUX SANDING SA
ITEMS | NOTE | December 31,2017 | December 31,2016 |
NON CURRENT ASSETS : | |||
Property, plant and equipment | IV(I) (6) | 17 640 654 | 11 874 475 |
Less:Accumulated depreciation | IV(I) (6) | -5 873 617 | -5 524 724 |
Property, plant and equipment (net value) | IV(I) (6) | 11 767 037 | 6 349 751 |
Construction in progress | IV(I) (7) | 428 567 | 6 922 163 |
Intangible assets | IV(I) (8) | 830 015 | 896 118 |
Long-term investment | 157 254 | 167 655 | |
Long-term prepaid assets | 114 524 | 56 820 | |
Deferred tax assets | |||
TOTAL NON CURRENT ASSETS | 13 297 397 | 14 392 507 | |
CURRENT ASSETS: | |||
Inventories | IV(I) (5) | 1 546 142 | 1 108 850 |
Trade debtors | IV(I) (2) | 2 627 365 | 2 381 832 |
Other receivable | IV(I) (3) | 8 925 163 | 11 641 996 |
Advances to suppliers | IV(I) (4) | 6 977 970 | 6 343 569 |
Cash and cash equivalents | IV(I) (1) | 6 026 307 | 8 936 665 |
TOTAL CURRENT ASSETS | 26 102 947 | 30 412 912 | |
TOTAL ASSETS | 39 400 344 | 44 805 419 | |
CURRENT LIABILITIES: | |||
Bank borrowings | IV(I) (11) | 20 501 256 | 22 649 654 |
Notes payable | IV(I) (12) | 256 266 | 1 092 866 |
Trade creditors | IV(I) (13) | 1 465 596 | 1 523 959 |
Advances received from customers | IV(I) (14) | 199 843 | 577 561 |
Welfare benefits payable | 165 437 | 132 553 | |
Taxes payable | IV(I) (15) | 192 308 | 178 711 |
Other levies payable | 10 502 | ||
Other payable | IV(I) (16) | 4 351 221 | 5 065 063 |
TOTAL CURRENT LIABILITIES | 27 142 429 | 31 220 367 | |
OWNERS'/SHAREHOLDERS' EQUITY | |||
Subscribed capital | 1 753 667 | 1 753 667 | |
Other reserves | 7 923 042 | 8 492 610 | |
Exchange differences on translating foreign operations | 2 688 689 | 3 206 985 | |
TOTAL OWNERS' EQUITY | 12 365 398 | 13 453 262 | |
Non-controlling interests | -107 483 | 131 790 | |
TOTAL LIABILITIES & OWNERS' EQUITY | 39 400 344 | 44 805 419 |
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Toolux Sanding SA published this content on 08 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2022 02:53:02 UTC.