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, 2018
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 2018
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 2018, 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, 2018 | From January 1, 2017 | |||
to December 31,2018 | to December 31,2017 | |||||
SALES OF MAIN OPERATIONS | IV(II) (1) | 12 | 464 | 682 | 12 | 421 570 |
Less:cost of main operations | IV(II) (2) | -9 | 043 | 257 | -8 | 862 566 |
GROSS PROFIT | 3 421 425 | 3 559 004 | ||||
Add: Income from other operations | IV(II) (3) | 180 783 | 102 578 | ||||
Less: Selling | expenses | IV(II) (4) | -561 196 | -567 936 | |||
Less: General | and administrative expenses | IV(II) | (5) | -3 | 190 727 | -2 | 262 870 |
Less: Financial expenses | IV(II) | (6) | -1 | 389 182 | -1 | 333 446 | |
OPERATING INCOME | -1 538 897 | -502 670 | |||||
Investment income(loss expressed with "-") | 3 586 | -149 236 | ||
Non-operating income | IV(II) (7) | 183 | 111 | 197 749 |
Less:Sales tax and additions | -103 | 762 | -68 611 | |
Less:Non-operating expenses | IV(II) (8) | -270 | 929 | -14 233 |
PROFIT BEFORE TAX (LOSS EXPRESSED WITH "-") | -1 726 891 | -537 001 | ||
Less: Income tax | -4 | 469 | -32 568 | |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | -1 731 360 | -569 569 | ||
PROFIT PER SHARE (BASIC AND DILUTED) | -0,99 | -0,32 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(euros)
From January 1, 2018 to December 31, 2018
TOOLUX SANDING SA
ITEMS | NOTE | December 31,2018 | December 31,2017 |
NON CURRENT ASSETS : | |||
Property, plant and equipment | IV(I) (6) | 17 488 948 | 17 640 654 |
Less:Accumulated depreciation | IV(I) (6) | -6 272 726 | -5 873 617 |
Property, plant and equipment (net value) | IV(I) (6) | 11 216 222 | 11 767 037 |
Construction in progress | IV(I) (7) | 657 593 | 428 567 |
Intangible assets | IV(I) (8) | 812 151 | 830 015 |
Long-term investment | 155 842 | 157 254 | |
Long-term prepaid assets | 35 792 | 114 524 | |
Deferred tax assets | |||
TOTAL NON CURRENT ASSETS | 12 877 600 | 13 297 397 | |
CURRENT ASSETS: | |||
Inventories | IV(I) (5) | 2 577 569 | 1 546 142 |
Trade debtors | IV(I) (2) | 2 142 345 | 2 627 365 |
Other receivable | IV(I) (3) | 7 844 402 | 8 925 163 |
Advances to suppliers | IV(I) (4) | 6 192 181 | 6 977 970 |
Cash and cash equivalents | IV(I) (1) | 7 520 701 | 6 026 307 |
TOTAL CURRENT ASSETS | 26 277 198 | 26 102 947 | |
TOTAL ASSETS | 39 154 798 | 39 400 344 | |
CURRENT LIABILITIES: | |||
Bank borrowings | IV(I) (11) | 19 962 921 | 20 501 256 |
Notes payable | IV(I) (12) | 1 523 790 | 256 266 |
Trade creditors | IV(I) (13) | 2 214 040 | 1 465 596 |
Advances received from customers | IV(I) (14) | 1 834 041 | 199 843 |
Welfare benefits payable | 178 250 | 165 437 | |
Taxes payable | IV(I) (15) | 144 944 | 192 308 |
Other levies payable | 7 111 | 10 502 | |
Other payable | IV(I) (16) | 2 871 133 | 4 351 221 |
TOTAL CURRENT LIABILITIES | 28 736 230 | 27 142 429 | |
OWNERS'/SHAREHOLDERS' EQUITY | |||
Subscribed capital | 1 753 667 | 1 753 667 | |
Other reserves | 6 191 682 | 7 923 042 | |
Exchange differences on translating foreign operations | 2 396 823 | 2 688 689 | |
TOTAL OWNERS' EQUITY | 10 342 172 | 12 365 398 | |
Non-controlling interests | 76 396 | -107 483 | |
TOTAL LIABILITIES & OWNERS' EQUITY | 39 154 798 | 39 400 344 |
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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 03:43:01 UTC.