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| MESSAGE FROM THE PRESIDENT |
Alexis, Grigori and Serge ZASLAVOGLOU. |
The 2006/2007 fiscal year was marked by the
recovery of our margins and by commercial and
operational success.
After a difficult 2006 marked by the beginning of
the implementation of an unusually high number of
multiyear contracts in France, the first commercial
fallout from these projects allowed us, as early as
the first half, to quickly return to profitability.
This improvement was also the result of a rationali-
sation of our plant.
The income thus obtained was used to strengthen
a healthy financial structure characterised by
€ 19.41 million in capital, a net cash position of
€ 7.85 million, and a total absence of debt.
In addition, during the past fiscal year several
successes came to reconfirm GEA’s recognised
expertise in its field of activity, particularly in the
area of toll collection automation.
In France it is appropriate to emphasise that all of
the motorway concessionaries have chosen GEA as
their automatic equipment supplier. |
Commercially, the VINCI Group renewed its confidence in GEA by entrusting it with the implementation of two new
major multiyear contracts to automate the ASF and ESCOTA road networks (Southern France motorway Company
and the Esterel and Cote d’Azur motorway Company, respectively).
In the area of electronic toll collection, this year we produced our millionth tag.
We should like to add that GEA tags have been selected by the main issuers of tags for heavy trucks (AXXES, DKV,
EUROTOLL).
In exports we remained very busy with the implementation of toll equipment for several motorways in Morocco,
Brazil, China, and Croatia.
New contracts were also signed in China, Brazil, and in Mexico.
On 30 September 2007, our order book, 86% of which consisted of French contracts, came to 51 million Euros,
a marked increase on the previous year.
I should now like to discuss the reorganisation of GEA, last 15 November, into a Company with a Board of Directors
and Supervisory Board.
Following this change, the operational management of the company was entrusted to Mr. Alexis Zaslavoglou,
Chairman of the Managing Board, and to Mr. Grigori Zaslavoglou, Managing Director.
I wish to assure them of my complete support in their new assignments, and for my part I will continue to support
the development of the company as Chairman of the Supervisory Board.
Finally I would like to thank all of the GEA employees for their efforts and accomplishments during the fiscal year.
Serge ZASLAVOGLOU
Président
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