> Financial release, February the 13th of 1998

1997 RESULTS :
1997 CONSOLIDATED TURNOVER INCREASE BY 38%

The consolidated turnover for the year ended 31 December 1997 is 1 911 MF, an increase of 38% compared with the prior year, including 125 MF coming from companies that joined the group in 1997.

A french company and an italian company joined the group during the 4^th quarter of 1997, representing 24.8 MF of turnover earned in the quarter. The primary activities of these companies is similar to those of the other companies in the group.

Without the impact of these acquisitions the growth in 4^th quarter turnover is 38,6% (the turnover of 4^th quarter 1996 acquisitions was 17.9 MF compared with 24.8 MF for the acquisitions in the 4^th quarter 1997).
The growth rate comparing the second semester 1997 with that of 1996 is 46,5 %.

The accomplishments in the reinforcement of structures, investment in the commercial team, and integration and profitability of the subsidiaries have allowed us:

to be one year ahead of schedule in reaching our target of 2 billion turnover expected for 1999,

to obtain already in the second semester of 1997 the profitability rates of the past.

COMPARATIVE EVOLUTION OF TURNOVER 1997/1996

CONSOLIDATED TURNOVER
(in thousands of francs) 1997
1996

First quarter 381 933 308 167

Second quarter 445 014 332 781

Third quarter 476 574 319 124

Fourth quarter 607 346 420 439

TOTAL 1 910 867 1 380 511