assets December 31,						      1995	      1994

__________________________________________________________________________________________

FIXED ASSETS							40 424 207	38 892 613

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Formation expenses						    72 620	    85 314

Intangible fixed assets						   257 558	   148 449

Goodwill							   939 906	   612 696

Tangible fixed assets						30 588 476	29 717 279

-	Land and buildings					 7 337 565	 6 754 829

-	Plant, machinery and equipment				19 921 534	19 361 207

-	Furniture and vehicles					   527 715	   481 989

-	Leasing and other similar rights			    45 045	   181 857

-	Other tangible assets					    84 331	    25 376

-	Assets under construction and advance payments		 2 672 286	 2 912 021

Financial fixed assets						 8 565 647	 8 328 875

-	Investments accounted for under the equity method	 8 363 182	 8 167 201

	 Shares							 8 363 182	 8 167 201

-	Other investments					   202 465	   161 674

	 Shares							   149 626	   118 030

	Amounts receivable					    52 839	    43 644

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CURRENT ASSETS							26 009 043	25 886 740

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Amounts receivable after one year				   834 940	   292 032

-	Trade receivables					   164 191	   144 475

-	Deferred taxes						   670 749	   147 557

Inventories and contracts in progress				11 945 556	10 339 636

-	Inventories						11 945 556	10 339 636

	 Raw materials and consumables, goods purchased

	   for resale and advance payments			 4 922 889	 4 204 723

	 Work in progress and finished goods			 7 022 667	 6 134 913

Amounts receivable within one year				10 681 217	10 590 161

-	Trade receivables					 9 392 316	 9 425 898

-	Other amounts receivable				 1 288 901	 1 164 263

Cash deposits							   700 305	 2 655 120

-	Other investments and deposits				   700 305	 2 655 120

Cash								 1 486 547	 1 676 660

Deferred charges and accrued income				   360 478	   333 131

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TOTAL								66 433 250	64 779 353

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EQUITY AND LIABILITIES  December 31,				      1995	      1994

__________________________________________________________________________________________

EQUITY								32 910 399	32 309 782

__________________________________________________________________________________________

Capital								 6 750 000	 6 750 000

- Issued capital						 6 750 000	 6 750 000

Revaluation surplus						    28 348	    28 164

Reserves and retained earnings					29 234 330	27 581 316

Cumulative translation adjustment				(3 139 402)	(2 085 872)

Investment grants						    37 123	    36 174

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MINORITY INTEREST						 2 694 705	 2 789 705

__________________________________________________________________________________________

PROVISIONS AND DEFERRED TAXES					 7 745 881	 6 928 334

__________________________________________________________________________________________

Provisions							 4 361 665	 3 805 239

- Pensions and similar rights					 3 620 482	 3 279 143

- Other liabilities and charges					   741 183	   526 096

Deferred taxes							 3 384 216	 3 123 095

__________________________________________________________________________________________

CREDITORS							23 082 265	22 751 532

__________________________________________________________________________________________

Amounts payable after one year					 6 287 339	 8 236 499

- Financial debt						 5 579 603	 7 447 029

  Leasing and other similar obligations				    12 198	    16 662

  Credit institutions						 5 567 405	 7 430 367

- Other amounts payable						   707 736	   789 470



Amounts payable within one year					16 582 304	14 289 628

- Current portion of amounts payable after 1 year		 1 694 567	 2 203 147

- Financial debt						 2 945 353	   587 780

  Credit institutions						 2 945 353	   587 780

- Trade payables						 6 249 582	 6 120 758

  Suppliers							 6 249 582	 6 120 758

- Advances received on contracts in progress			   119 891	   150 554

- Taxes, remuneration and social security			 3 925 169	 3 861 269

  Taxes								 1 019 388	 1 327 464

  Remuneration and social security				 2 905 781	 2 533 805

- Other amounts payable						 1 647 742	 1 366 120

Accrued charges and deferred income				   212 622	   225 405

__________________________________________________________________________________________

TOTAL								66 433 250	64 779 353

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The accompanying notes are an integral part of this balance sheet.