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

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

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.