Dear Shareholders,

With over 18% organic growth and an increase in profits of over 70%, our Group has once again exceeded all expectations in 2007.

The sharp drop in the dollar, careful supply management, good performance in the United Kingdom and a significant increase in the quantity of equipment manufactured have all contributed to this combination of growth and profitability, back almost to its highest ever levels, with a net margin of over 9%.

Another cause for satisfaction is the launch right at the end of the year of five new products broadening the POSLIGNE® range, which will open up new market sectors in France and elsewhere.

All of these factors suggest that 2008 will be marked by robust growth. The international breakthrough and success of POSLIGNE® products represents a major challenge for our Group.

Patrick CATHALA
Chairman