> Financial release, April the 14th of 1999

1998 : A 56 % INCREASE OF THE CONSOLIDATED PROFIT AFTER TAX

 The 1998 consolidated profit after tax, before amortisation of the goodwill, amounts to 291.8 MFRF (44.5 M euros) for a consolidated turnover of 2,867 MFRF (437 M euros), that is a 56 % increase compared with last year.

 The operating margin for the year 1998 represents 18.7 % of the turnover against 16.7 % in 1997.

 The profit after tax, before amortisation of the goodwill, represents 10.2 % of the turnover.

 In terms of turnover, the objective for the year 1999 is to carry on with the average growth of the past 10 years, i.e. more than 30 %.


CONSOLIDATED ACCOUNTS : KEY FIGURES
(in thousands of French Francs - Audit of the accounts in process)

  1998 1997 Variance
 
 Thousands
of FRF
   Thousands 
of  		  Thousands
of FRF		   Thousands 
of  

Turnover
 2,867,390    437,131  1,910,867    291,310  + 50 % 

Operating margin
 537,389    81,924  320,827    48,910  + 68 % 

Profit after tax
(before amortisation of goodwill)
 291,828    44,490  187,521    28,587  + 56 % 

Profit after tax
(excl. minority shareholders)
 268,911    40,996  172,198    26,251  + 56 %