2002 marked a new phase in the realisation of Neopost's strategy, with sales rising by 32% to euro 761 million, and net profit by 83% to euro 70 million. The integration of Ascom Hasler and the acquisition of Stielow in Germany have given Neopost new scale. Our share of the world mailing systems market has risen from 15% to 26%. We are now consolidating our position as European leader and world number two in the mail processing market. We have strengthened our position in key markets in North America and the UK, and we are now a major player in countries like Germany and Switzerland. We rank first or second in all markets in which we operate. I can confirm, with great satisfaction, that Neopost is the undisputed challenger in our consolidating industry.

We have worked hard to integrate Ascom Hasler. The process was completed in early 2003, and has been a great success. Product ranges have been harmonised, structures have been merged and new teams have been created. The integration of Stielow is progressing equally rapidly. Our financial performance will benefit from the resulting synergies in 2003.

Nevertheless, Neopost retains its main strength, i.e. the agility and responsiveness of its employees, their relish for a challenge, willingness to take risks, mutual respect and recognition of effort and success. Our management structure remains decentralised. We have small teams that have bottom-line responsibility and that are close to their customers, partners and postal organisations in their respective countries.

Our customers are benefiting more than ever from our technological edge, which results from our constant R&D efforts. Our product ranges have been expanded and renewed. Major companies like Cisco Systems Inc. and General Motors Corporation in the USA and Geodis-Calberson in France use our Internet-based parcel shipping and tracking services. We are naturally transfering this expertise in the parcels business to our mailing activities, where requirement for tracking is also increasing. We are playing an active role in the development of «intelligent mail».

In the next few years, we intend to continue and to accelerate the implementation of our strategy, focusing on the three main sources of our success, i.e. geographical coverage, technological innovation and productivity gains.

We are ideally positioned to take advantage of opportunities in our fast-changing market. The market is being driven by increased use of direct marketing, e-commerce and Internet-based parcel and mail tracking technologies. These developments are also affecting small companies. Decertification of franking machines by postal authorities is leading to faster replacement of mailing systems, and the deregulation of postal services is creating new demand for our services. Two years ago, our sector entered a consolidation phase in which we have been one of the main players. This process is not yet complete and we intend to play a greater role in it.

I would like to share with our shareholders and staff my confidence in Neopost's capabilities, in the opportunities available to our company and in Neopost's ability to continue growing and improving profitability over the long term. This confidence is shared by the entire Board of Directors, which has decided to make a proposal to the shareholders' meeting to pay a substantial first dividend.