Société Fermière du Casino Municipal de Cannes

Annual Report • Jan 21, 2013

Société Fermière du Casino Municipal de Cannes Document de référence et Rapport financier annuel 2012

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SOMMAIRE

1.	PERSONNES RESPONSABLES	$\overline{7}$
1.1.	RESPONSABLE DU DOCUMENT DE REFERENCE ET RAPPORT FINANCIER	7
1.2.	ATTESTATION DU RESPONSABLE DU DOCUMENT DE RÉFÉRENCE	$\overline{7}$
1.3.	RESPONSABLE DE L'INFORMATION	$\overline{7}$
2.	RESPONSABLES DU CONTRÔLE DES COMPTES	9
3.	INFORMATIONS FINANCIERES SELECTIONNEES	11
4.	FACTEURS DE RISQUES	15
4.1.	RISQUES DE MARCHE	16
4.2.	RISQUES JURIDIQUES ET FISCAUX	17
4.3.	RISQUES SPECIFIQUES A L'EXPLOITATION	18
4.4.	CONTRATS D'ASSURANCE	23
5.	INFORMATIONS CONCERNANT L'EMETTEUR	25
5.1.	HISTOIRE ET EVOLUTION DE LA SOCIETE	26
5.2.	INVESTISSEMENTS	27
6.	APERCU DES ACTIVITES	29
6.1.	ACTIVITES PRINCIPALES	30
6.2.	PRINCIPAUX MARCHES	31
7.	ORGANIGRAMME	39
7.1.	PRESENTATION DU GROUPE SFCMC	39
7.2.	RELATIONS ENTRE LA SOCIETE MERE ET SES FILIALES ET LE GROUPE LUCIEN BARRIERE	40
7.3.	PRESENTATION DE GROUPE LUCIEN BARRIERE	42
8.	PROPRIETES IMMOBILIERES ET EQUIPEMENTS	43
8.1.	IMMOBILISATIONS CORPORELLES IMPORTANTES EXISTANTES OU PLANIFIEES	44
8.2.	IMPACT ENVIRONNEMENTAL DE L'UTILISATION DE CES IMMOBILISATIONS	44
9.	EXAMEN DE LA SITUATION FINANCIERE ET DU RESULTAT	49
9.1.	SITUATION FINANCIERE	50
9.2.	RESULTAT	54
10.	TRESORERIE ET CAPITAUX	55
10.1.	INFORMATION SUR LES CAPITAUX	56
10.2.	SOURCE ET MONTANT DES FLUX DE TRESORERIE ET DESCRIPTION DES FLUX DE TRESORERIE	56
10.3.	AUTRES INFORMATIONS	57
10.4.	INFORMATIONS SUR LES CONDITIONS D'EMPRUNT ET LA STRUCTURE DE FINANCEMENT	57
10.5.	INFORMATIONS CONCERNANT TOUTE RESTRICTION
	A L'UTILISATION DES CAPITAUX AYANT INFLUE SENSIBLEMENT OU POUVANT
10.6.	INFLUER SENSIBLEMENT, DE MANIERE DIRECTE OU INDIRECTE, SUR LES OPERATIONS	57
	INFORMATIONS CONCERNANT LES SOURCES DE FINANCEMENT ATTENDUES QUI SERONT NECESSAIRES POUR HONORER LES ENGAGEMENTS	57
11.	RECHERCHE ET DEVELOPPEMENT, BREVETS ET LICENCES	59
12.	INFORMATION SUR LES TENDANCES
		61
12.1.	EVOLUTIONS RECENTES ET PERSPECTIVES D'AVENIR	61
13.	PREVISIONS OU ESTIMATIONS DU BENEFICE	63
14.	ORGANES D'ADMINISTRATION, DE DIRECTION
	ET DE SURVEILLANCE ET DIRECTION GENERALE	65
	14.1.GOUVERNEMENT D'ENTREPRISE	65

	14.2. CONFLITS D'INTERETS AU NIVEAU DES ORGANES D'ADMINISTRATION,
	DE DIRECTION ET DE LA DIRECTION GENERALE	70
15.	REMUNERATION ET AVANTAGES	71
	15.1. MONTANT DE LA REMUNERATION VERSEE ET LES AVANTAGES
	EN NATURE OCTROYES	71
	15.2. MONTANT TOTAL DES SOMMES PROVISIONNEES OU CONSTATEES AUX FINS
	DU VERSEMENT DE PENSIONS, DE RETRAITES OU D'AUTRES AVANTAGES	75
16.	FONCTIONNEMENT DES ORGANES D'ADMINISTRATION ET DE DIRECTION	77
	16.1. DATE D'EXPIRATION DU MANDAT ACTUEL DES ORGANES D'ADMINISTRATION
	ET DE DIRECTION	78
	16.2. INFORMATIONS SUR LES CONTRATS DE SERVICE
	LIANT LES MEMBRES DES ORGANES D'ADMINISTRATION ET DE DIRECTION	78
	16.3. INFORMATIONS SUR LES COMITES D'AUDIT ET DE REMUNERATION	84
	16.4. GOUVERNEMENT D'ENTREPRISE	85
	17. SALARIES	93
	17.1. INFORMATIONS SOCIALES	93
	17.2. PARTICIPATION ET STOCK OPTIONS 17.3. PARTICIPATION DES SALARIES DANS LE CAPITAL	99 99
18.	PRINCIPAUX ACTIONNAIRES	101
	18.1. REPARTITION DU CAPITAL ET DES DROITS DE VOTE	102
	18.2. DROIT DE VOTE DOUBLE	103
	18.3. LIMITATION DES DROITS DE VOTE	103
	18.4. AUTOCONTROLE	103
	18.5. EVOLUTION DE LA REPARTITION DU CAPITAL AU COURS DES TROIS DERNIERES ANNEES	103
19.	OPERATIONS AVEC LES APPARENTES	105
20.	INFORMATIONS FINANCIERES CONCERNANT LE PATRIMOINE,
	LA SITUATION FINANCIERE ET LES RESULTATS DE LA SOCIETE	107
	20.1. INFORMATIONS FINANCIERES HISTORIQUES	109
	20.2. INFORMATIONS FINANCIERES PRO FORMA	109
	20.3. ETATS FINANCIERS	109
	20.4. VERIFICATION DES INFORMATIONS FINANCIERES HISTORIQUES ANNUELLES	169
	20.5. DATE DES DERNIERES INFORMATIONS FINANCIERES	171
	20.6. INFORMATIONS FINANCIERES INTERMEDIAIRES ET AUTRES	171
	20.7. POLITIQUE DE DISTRIBUTION DES DIVIDENDES	172
	20.8. PROCEDURES JUDICIAIRES ET D'ARBITRAGE	172
	20.9. CHANGEMENT SIGNIFICATIF DE LA SITUATION FINANCIERE OU COMMERCIALE	172
	20.10. HONORAIRES VERSES AUX COMMISSAIRES AUX COMPTES (MONTANT HT)	173
	20.11. RESOLUTIONS PRESENTEES EN ASSEMBLEE GENERALE MIXTE	174
21.	INFORMATIONS COMPLEMENTAIRES	177
	21.1. CAPITAL SOCIAL	178
	21.2. ACTE CONSTITUTIF ET STATUTS	181
22.	CONTRATS IMPORTANTS	183
23.	INFORMATIONS PROVENANT DE TIERS, DECLARATIONS D'EXPERTS
	ET DECLARATIONS D'INTERETS	185
24.	DOCUMENTS ACCESSIBLES AU PUBLIC	187
	24.1. DOCUMENTS ACCESSIBLES AU PUBLIC	189
	24.2. RESPONSABLE DE L'INFORMATION	189
	24.3. CALENDRIER DES PUBLICATIONS A VENIR	189
25.	INFORMATIONS SUR LES PARTICIPATIONS	191
26.	TABLE DE CONCORDANCE AVEC LES INFORMATIONS REQUISES
	PAR LE RAPPORT FINANCIER ANNUEL	193

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4. FACTEURS DE RISQUES

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6. APERCU DES ACTIVITES

29

$6.1.$ ACTIVITES PRINCIPALES

Le groupe exploite à la fois deux hôtels et deux casinos dans les établissements suivants.

Concernant les casinos :

Casino		Entité juridique Nombre de tables à jeux Nombre de machines à sous	Restaurants
Barrière de Cannes Croisette	SFCMC	270
Barrière Les Princes	SCLC.

Les casinos proposent également des activités de loisirs telles que des animations, des spectacles et des organisations de banquets.

Concernant les hôtels :

Hôtel	Entité juridique	Catégorie '	Nombre de chambres	Restaurants
Majestic	SIEHM	5 étoiles	349
Gray d'Albion	HGAC	4 étoiles	199

Ce resort propose également deux restaurants situés sur la plage, des activités de loisirs telles que piscine, un SPA, des salles de réunion permettant l'organisation de séminaires et de réceptions ainsi qu'une salle de projection en 3D.

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9. EXAMEN DE LA SITUATION FINANCIERE ET DU RESULTAT

Les informations et analyses pour les exercices clos le 31 octobre 2011 et le 31 octobre 2010 présentées dans les documents de référence n° D. 12-0011 en section 4,7,9,10,12,15 et 21 et n° D. 11-0019 de la page 35 à la page 49 sont incorporées par référence.

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$9.1.3.$ ANALYSES DES RESULTATS CONSOLIDES DU GROUPE

(en millions d'euros)	2011/2012	2010/2011	Ecart en M $\epsilon$	Ecart en $\%$
Chiffre d'affaires (*)	133.6	128.6	5,0	$3.9\%$
Chiffre d'affaires net de prélèvements	103,1	99.5	3,6	3,6%
Excédent Brut d'exploitation	24,7	23,9	0.8	3,3%
Résultat opérationnel	15,8	15,2	0.6	3,9%
Résultat global des opérations	15,4	14,1	1.3	$9,2\%$
Résultat net part du groupe	9,1	8.3	0.8	$9.6\%$
Marge hrute d'autofinancement	177	175	02	$11\%$

Les comptes consolidés du groupe clos le 31 octobre 2012 se présentent ainsi :

(*) Le chiffre d'affaires représente les recettes avant les prélèvements de l'Etat et de la Commune sur les recettes des jeux qui sont déduits pour la détermination du chiffre d'affaires net.

Le chiffre d'affaires annuel consolidé avant prélèvement jeux s'élève en 2012 à 133,6 M€ contre 128,6 M€ au titre de l'exercice précédent. La progression observée de +3,9% provient :

• de l'activité hébergement dont l'évolution des recettes moyennes liée aux segments de clientèle permet de palier la baisse des taux d'occupation des hôtels engendrée par la diminution du marché séminaire,

• du développement de l'activité Poker sur le Casino Croisette et des jeux de table sur le Casino Les Princes, le secteur machines à sous étant en décroissance sur les deux casinos.

(en millions d'euros)	2011/2012	2010/2011	Ecart en M $\epsilon$	Ecart en $\%$
Produit brut Jeux de table	15,0	11,5	3,5	30,4%
Produit brut Machines à sous	39,8	41,0	$-1,2$	$-2,9%$
Total Produit Brut	54.8	52,5	2.3	4,4%
Prélèvements	$-30.5$	$-29,1$	$-1,4$	4,8%
Chiffre d'affaires Autres	1,0	1,2	$-0,2$	$-16,6%$
Chiffre d'Affaires Jeux	25,4	24.6	0.8	3,3%
Chiffre d'affaires Restauration	5,6	5,2	0,4	$7.7\%$
Chiffre d'affaires Autres	0,5	0,4	0,1	$25.0\%$
Chiffre d'Affaires Activités Périphériques	6,1	5,6	0,5	8,9%
Chiffre d'Affaires Activité Casino	31,5	30,2	1,3	4,3%

Chiffre d'affaires Activité casino

Avec 625 000 entrées en 2012, les casinos enregistrent une diminution des entrées de 2,4%.

Malgré des investissements soutenus pour renouveler et moderniser le parc machines à sous, le produit brut des jeux généré par cette activité est en baisse de 2,9%.

Le produit brut jeux de table augmente de 30,4% en 2012. Sur le Casino Croisette, la croissance de 24% provient essentiellement de l'activité poker qui poursuit son développement grâce aux nombreux tournois organisés tout au long de l'année. Sur le casino les Princes, la croissance est de 35% suite à une saison estivale favorable et des nouveaux joueurs.

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9.2. RESULTAT

Excédent brut d'exploitation

(en millions d'euros)	2011/2012	2010/2011	Ecart en M $\epsilon$	Ecart en $\%$
Activité Casino	4.		$-0.3$	$-17,6%$
Activité Hôtel	19,5	18,4	1,1	$6.0\%$
Activité structure et Holding	3,8	3.8	$\sim$	$\sim$
Total	24.	23.9	U.8	$3.3\%$

Activité casino

L'excédent brut d'exploitation de l'activité casino baisse de -0,3 ME. Cette baisse provient essentiellement de l'augmentation des charges sociales sur le Casino Les Princes liée à l'augmentation des pourboires collectés sur l'activité jeux de table au titre de l'exercice 2012.

Activité hôtel

L'excédent brut d'exploitation de l'activité hôtels progresse de 1,1 ME. L'hôtel Majestic représente 73% de cette progression.

Activité Structure et holding

L'excédent brut d'exploitation de l'activité Structure et Holding provient des revenus locatifs de la SCI8CC.

Marge brute d'autofinancement

La marge brute d'autofinancement de 17,7 ME est stable par rapport à l'exercice précédent.

Résultat opérationnel

Le résultat opérationnel atteint 15,8 M€ alors qu'il s'élevait en 2011 à 15,2 M€. Le résultat financier est négatif à -0,4 ME contre -1,2 ME en 2011. Cette amélioration est liée à la diminution de la dette du Groupe, à la baisse des taux et à l'augmentation des produits financiers.

Résultat net, part du groupe

Le résultat net part du groupe est de 9,1 M€ en 2012 contre 8,3 M€ en 2011.

10. TRESORERIE ET CAPITAUX

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13. PREVISIONS OU ESTIMATIONS DU BENEFICE

Néant

14. ORGANES D'ADMINISTRATION, DE DIRECTION ET DE SURVEILLANCE ET DIRECTION GENERALE

$14.1$ GOUVERNEMENT D'ENTREPRISE

ADMINISTRATEURS ET DIRIGEANTS DU GROUPE (au $9$ JANVIER 2013)

CONSEIL D'ADMINISTRATION

Président Dominique Desseigne

Administrateurs

Oatari Diar (dont le représentant permanent est Frédrik Jonsson) Katara Hospitality France (dont le représentant permanent est Delphine Eskenazi) Marc Ladreit de Lacharrière Emmanuel Caux Michel Derbesse Alain Fabre Alain Pinna Philippe Rodriguez

DIRECTION GENERALE

Directeur Général Alain Fabre

Directeur Général Délégué Emmanuel Caux

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18. PRINCIPAUX ACTIONNAIRES

101

RÉPARTITION DU CAPITAL ET DES DROITS DE VOTE $18.1.$

Le présent paragraphe fait partie intégrante du rapport de gestion

Au 31 octobre 2012, le capital social était divisé en 175 182 actions.

Depuis, la société a publié, le 1er décembre 2012, le nombre total des droits de vote qui s'élèvait à 321 692.

A ce jour, la répartition du capital et des droits de vote de la société est la suivante :

	En capital		En droits de vote
	Actions	$\%$	Droits de vote	$\frac{0}{0}$
Famille Desseigne-Barrière	105 681	60,33%	210 913	65,56%
dont famille Desseigne	67 282	38,40%	134 564	41,83%
dont Dominique Desseigne	440	0,26%	446	0,14%
dont SMFA $(1)$	24 642	14,07%	49 28 3	15,32 %
dont SPD SC $(1)$	12 840	7,33%	25 6 6 6	7,98%
dont SOCIPA (1)	477	0,27%	954	0,30%
Casinvest	40 8 94	23,34%	81788	25,42%
Fimalac	17519	$10,00\%$	17519	5,45%
Public $(2)$	11 088	6,33%	11 472	3,57%
TOTAL	175 182	$100\%$	321 692	$100\%$

(1) Les sociétés SMFA (Société Mobilière François André), SPD SC et Socipa sont intégralement détenues par la famille Desseigne-Barrière.

(2) A la connaissance de la société aucun actionnaire ne détient directement, indirectement, seul ou de concert plus de 5 % du capital ou des droits de vote de la société.

La famille Desseigne-Barrière dans son ensemble détient la pleine propriété des actions même si un démembrement existe entre les enfants Desseigne et leur père Dominique Desseigne. Il n'y a pas d'impacts autres que ceux attachés aux conséquences de droit civil de ce démembrement.

Il n'existe pas, en dehors de la famille Desseigne-Barrière, d'autres personnes contrôlant directement ou indirectement, le capital de la société.

Ce contrôle s'exerce au travers des décisions du Conseil d'Administration et de l'assemblée générale, prises conformément à la loi et aux statuts.

A la connaissance de la société aucune action SFCMC n'est nantie.

L'ensemble des membres des organes d'administration et de direction détient au 31 octobre 2012 86,34 % du capital et 88,46 % des droits de vote de la société.

Un pacte d'actionnaire a été conclu le 29 juin 2011 entre Messieurs Dominique Desseigne et Marc Ladreit de Lacharrière, qui prévoit :

Un droit de sortie conjointe : Dans l'hypothèse où la famille Desseigne céderait le contrôle de la société FERMIERE DU CASINO MUNICIPAL DE CANNES à un tiers, M. Marc Ladreit de Lacharrière bénéficiera d'un droit de sortie conjointe total aux mêmes conditions que celles faites à la famille Desseigne.

Une clause de cession forcée : M. Marc Ladreit de Lacharrière s'engage, en cas de cession du contrôle de la société FERMIERE DU CASINO MUNICIPAL DE CANNES, à céder ses actions FERMIERE DU CASINO MUNICIPAL DE CANNES à l'acquéreur, dans les mêmes conditions que celles offertes à la famille Desseigne, si ledit acquéreur l'exigeait.

Un droit d'information réciproque : La famille Desseigne et M. Marc Ladreit de Lacharrière se sont engagés réciproquement à se communiquer tout projet de cession d'actions FERMIERE DU CASINO MUNICIPAL DE CANNES.

Durée du pacte : Le pacte est conclu pour une durée de dix ans renouvelable à terme pour des périodes successives de deux ans, sauf faculté pour l'une des parties de dénoncer ledit pacte par voie de notification au moins six mois avant l'arrivée du terme.

Il n'existe à la connaissance de la société aucun autre pacte d'actionnaires ni action de concert conclus entre les actionnaires de la société ainsi que dans ses filiales.

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19. OPERATIONS AVEC LES APPARENTES

Se reporter aux paragraphes 7.2 et 16.2

1. INFORMATIONS FINANCIERES CONCERNANT LE PATRIMOINE, LA SITUATION FINANCIERE ET LES RESULTATS DE LA SOCIETE

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Echéancier des lignes de crédit disponibles non utilisées et découverts confirmés

En milliers d'euros	31/10/11 2011
	7 2 5 1
$\begin{array}{c} 2011 \ 2012 \end{array}$
2013
$2014\,$
2015	9 1 4 0
Au-delà
TOTAL	16 391

NOTE 13

13.1 Fournisseurs

En milliers d'euros	31/10/12	31/10/11
Fournisseurs Biens et Services	7313	7965
Fournisseurs d'immobilisation	1 3 3 3	682
Parties liées	$\theta$	$\overline{0}$
Total	8646	8647
A moins d'1 an	8646	8647

13.2 Autres créditeurs et impôt des sociétés

En milliers d'euros	31/10/12	31/10/11
Avances, acomptes reçus	3 9 0 2	4 6 9 4
Jetons en circulation	172	133
Personnel et organismes sociaux	12898	12 15 1
Etat et collectivités (TVA - Prélèvements jeux - IS) (1)	5 6 1 8	6 8 7 0
Autres créditeurs divers	1 5 9 9	1 2 7 0
Produits constatés d'avance	1 1 1 5	1 1 1 9
Total	25 30 3	26 237
A moins d'1 an	25 303	26 237

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NOTE 19 IMPÔTS SUR LES BÉNÉFICES

Note 19.1

Réconciliation entre la charge d'impôt théorique et la charge d'impôt réelle

En milliers d'euros	2011/2012	2010/2011
Résultat net des sociétés intégrées	9449	8 5 8 1
Dont charge totale d'impôt	(5932)	(5470)
Résultat théorique taxable	15 3 81	14 051
Taux d'impôt en France	34,43 %	34,43 %
Charge / produit d'impôt théorique (a)	(5296)	(4838)
Incidence des différences permanentes	41	(65)
Impact du reclassement de la CVAE	(714)	(652)
Incidence d'impôt sur résultats taxés à taux réduits
Incidence du taux d'impôt différé	38	31
Avoirs fiscaux, crédits d'impôts et autres réductions d'impôts	22	55
Autres compléments d'impôts	(12)
Déficits fiscaux antérieurs imputés
Incidences des différences temporaires non activées
Autres	(10)
Total des incidences (b)	(635)	(631)
Charge / produit d'impôt calculée $(a) + (b)$	(5932)	(5470)
CHARGE / PRODUIT D'IMPOT REEL	(5932)	(5470)
Taux d'impôt effectif	$-39%$	$-39%$
Note 19 2

Note 19.2
Ventilation de la charge d'impôt

En milliers d'euros	2011/2012	2010/2011
Impôt exigible	(6733)	(5905)
Impôts différés nets	801	435
Total	(5932)	(5470)
Impôt sur résultat opérationnel	(6065)	(5872)
Impôt sur résultat financier	133	402
Total	(5932)	$(5\,470)$

Note 19.3

Analyse par nature des impôts différés inscrits au bilan

En milliers d'euros	31/10/12	31/10/11
Reports déficitaires
Engagements de retraites	1 1 5 8	886
Charges déductibles sur exercices suivants	451	386
Instruments financiers	16	10
Impôts différés actifs	1 624	1 2 8 2
Ecarts d'évaluation Terrain	78 537	78 537
Ecarts d'évaluation Constructions	4 4 7 3	4 5 9 5
Subventions internes retraitées	4 3 2 8	4 8 4 5
Amortissements	731	647
CVAE	452	542
Impôts différés passifs	88 523	89 166
NET	86 899	87884

NOTE 20 RETRAITES ET ENGAGEMENTS ASSIMILÉS

Les principales hypothèses actuarielles utilisées pour l'évaluation sont :

En milliers d'euros	31/10/12	31/10/11
Taux actualisation	$3,10\%$	4,80 $\%$
Taux de rendement des fonds	$4,50\%$	4,50 $\%$
Taux d'inflation	$2,10\%$	$2,10\%$
Taux de départ	$0\%$ à 35% en fonction de la tranche
		d'âge et les catégories de personne
Taux de charges sociales	45,00 $\%$	45.00 $\%$
Modalité de départ en retraite		départ volontaire à l'initiative du salarié
Table de mortalité issue de	TG 05 H/F	TG 05 H/F
Durée résiduelle de vie active moyenne	12	12
Prestations attendues	167	161

La charge ou le produit constaté au titre des retraites et engagements assimilés sur l'exercice se décompose comme suit :

En milliers d'euros	31/10/12	31/10/11
Coût des services	(157)	(152)
Coût de l'actualisation	(124)	(103)
Rendement attendu des fonds d'assurance
Amortissement du coût des services passés	(2)	$\left( 2\right)$
Impact lié à la mise en œuvre du plan de sauvegarde des emplois
Charge / Produit de la période	(281	(251)
Prestations payées par l'employeur
Transferts d'effectifs
Dotation / Reprise de provision	(281	(251)

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NOTE 24 EFFECTIF MOYEN

	31/10/12	31/10/11
Cadres	113	110
Employés / Maîtrise	638	635
Total	75.

NOTE 25 RÉMUNÉRATION DES MANDATAIRES SOCIAUX ET DES DIRIGEANTS (Y COMPRIS NON MANDATAIRES, Y COMPRIS COMITÉ DE DIRECTION)

Rémunération globale et avantages des mandataires sociaux de la société mère, provenant de la société mère et de toutes les sociétés du groupe.

En milliers d'euros	2011/2012	2010/2011
Avantages à court terme Avantages postérieurs à l'emploi Charges relatives aux stocks options attribuées	1 261	l 282
Total	261	282

NOTE 26 EVÉNEMENTS POSTÉRIEURS À LA CLÔTURE

La SFCMC fait l'objet d'un avis de vérification portant sur la période du 1er novembre 2008 au 31 octobre 2011.

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COMPTES SOCIAUX - BILAN SOCIAL

PASSIF

En milliers d'euros	Notes	31/10/2012	31/10/2011
Capital social		2102	2102
Primes d'émission, de fusion, d'apport		19 721	19 721
Ecarts de réévaluation		7 1 7 1	7 1 7 1
Réserve légale		210	210
Réserves réglementées
Autres réserves
Report à nouveau		33 389	28 5 7 5
Résultat de l'exercice		9625	7442
Total	Note 6	72 218	65 221
Provisions pour risques et charges	Note 7	1 1 2 2	85
Emprunts et dettes financières	Notes 5-8	30 775	37 475
Dettes d'exploitation	Note 5	9 1 6 4	11 489
Autres dettes	Note 5	1 0 2 4	10 121
Dettes		40 963	59 085
Total du passif		114 303	124 391

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NOTE 5 - ECHEANCES DES CREANCES ET DES DETTES

En milliers d'euros
CREANCES	31/10/2012	A 1 AN AU PLUS	A PLUS DE 1 AN	31/10/2011
Actif immobilisé
Créances rattachées à des participations
Prêts
Autres immobilisations financières	13	10	3	3
Total	13	$\overline{10}$	3	$\overline{3}$
Clients et comptes rattachés
Clients douteux ou litigieux	225	225		206
Autres créances clients	1 24 1	1 2 4 1		1845
Total	1466	1466	٠	2 0 5 1
Autres créances
Personnel et comptes rattachés	$\theta$	$\Omega$		7
Sécurité sociale et autres organismes sociaux
Avances et acomptes versés	232	232		113
Etat - Impôts sur les bénéfices
Etat - Produits divers à recevoir	34	34
Etat et autres collectivités publiques : TVA	86	86		104
Subventions Art.34 à recevoir (3)	2 7 8 7	1 2 9 7	1490	5979
Groupe et associés (1)	32 259	32 259		38 205
Débiteurs divers	390	390		234
Total	35 789	34 299	1490	44 642
Compte de régularisation
Charges constatées d'avance (2)	238	174	64	309
Total général	37 506	35 938	1 557	47 005

$\overline{(1)}$ Dont intégration fiscale

$(2)$ : dont 91 KE de loyer

(3) : la variation par rapport à l'exercice précédent correspond aux remboursements des subventions Art. 34.

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21.1.8. MARCHE DES INSTRUMENTS FINANCIERS DE L'EMETTEUR

L'action SFCMC est cotée sur le compartiment B d'Euronext Paris (code : FR0000062101). Le tableau ci-dessous retrace l'évolution des cours de l'action SFCMC au cours des 18 derniers mois :

Mois	Cours moyens pondérés (en euros)	Plus haut (en euros)	Plus bas (en euros)	Volume mensuel en titres	Volume mensuel en capitaux (en milliers d'euros)
Mai	913,27	987,99	881,00	70	63,93
Juin	1 006,58	1 088,99	990,00	157	158,03
Juillet	1 304,80	1 473,00	1 179,99	64	83,51
Août	1459,00	1 459,00	1458,99	40	58,36
Septembre	1 167,00	1 167,00	1 167,00	9	10,50
Octobre	1 230,00	1 275,00	1 200,00	5	6,15
2012
Novembre	1 260,00	1 260,00	1 260,00	2	2,52
Décembre	1 118,52	1 260,00	1 0 30, 11	73	81,65
Janvier	1 233,02	1 359,90	1 199,00	23	28,36
Février	1 3 3 5 , 6 5	1 349,99	1 224,00	23	30,72
Mars	1 406,21	1 483,00	1 3 3 5 , 0 0	77	108,28
Avril	1 3 1 0 , 6 7	1 3 3 5 , 0 0	1 202,00	6	7,86
Mai	1 2 2 6, 27	1 322,00	1 100,00	11	13,49
Juin	1 075,32	1 199,00	1 002,03	54	58,07
Juillet	995,29	1 000,00	920,00	34	33,84
Août	988,40	990,00	966,00	45	44,48
Septembre	1 0 3 0 , 4 9	1 010,00	1 010,00	45	46,37
Octobre	1 068,52	1 100,00	1 050,00	27	28,85

Source : Eurolist.

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22. CONTRATS IMPORTANTS

Néant

23. INFORMATIONS PROVENANT DE TIERS, DECLARATIONS D'EXPERTS ET DECLARATIONS D'INTERETS

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1. DOCUMENTS ACCESSIBLES AU PUBLIC

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25. INFORMATIONS SUR LES PARTICIPATIONS

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