Throughout the world, the railway industry continues to grow rapidly, spurred by the public and private sectors’ current investments. Faiveley knows how to take advantage of this climate. The Group’s vitality is clear, with sales up by 11.8% and a roster of orders that totalled more than one billion euros at the end of our fiscal year. Operating margins remain robust, allowing us to respond to our customers’ increasing demands with continually improved reliability, quality and cost.

We have made major investments in tools and working methods that will help to increase our efficiency and a great deal of energy has been mobilized for the “Moving Forward” ERP project, which will be deployed fully over the next three years.

By the end of the 2007-2008 fiscal year, our economic performance allowed the Group to reduce our debt to nearly zero. There is no doubt that Faiveley has all of the resources it needs to accelerate growth and continue expanding internationally.

Throughout the world, across our 40 different sites located in 20 countries, the Group continues to grow efficiently with both new and returning customers. Our engineers in research and engineering and our project managers innovate to find technical solutions adapted to new configurations in both original and renovated equipment. Moreover, the Group has been adept in making strategic acquisitions that give us up-to-minute technology we need to provide equipment and service offers that are more integrated, high-performance and competitive than ever before. In addition to China, Eastern Europe, India and Australia all offer great potential for organic growth.

Faiveley provides access to cutting edge technology and dedicated equipment for each of its customers – no matter what their size. The growth of high speed trains, the liberalisation of transport networks, the European freight programs, and the world’s awareness that sustainable development is an urgent priority, all offer the Group an excellent outlook for growth.

Further reason for optimism is in the determination, the devotion and the skills of our teams. Our workforce’s dedication should be acknowledged and saluted.

Finally, our shareholders’ thorough understanding of the work we do, their unflagging support, and their renewed confidence in the strategy we are implementing, all provide strong encouragement to bring the Faiveley Group to new levels of performance – both in terms of market and of results.