Sales growth has maintained the momentum of recent years.
In 2007 sales grew 25% to €648.1 million and current operating income 20% to €113.7 million, resulting in a current operating margin approaching 18%.
These excellent performances were made possible by the Group's unswerving commitment to pursuing improvements in all areas.
Our objectives remain constant :
- Strenghten existing procedures and controls to prevent the smallest operating incident;
- Actively pursue research and development and innovation;
- Increase focus on rigor and the highest standards to achieve further improvements in the quality of service customers are entitled to expect.

With overall trends confirming our fourcasts for flat growth worldwide, we must continue to outperform the market. We are however fully prepared to meet this challenge. In effect, we believe that we made the necessary choices at the right time to ensure the Group's sustainable and strong expansion in an environment where rigorous standards make a decisive difference. To this purpose, in 2007 we launched two manufacturing plants to sustain strong expansion in emerging countries, particularly in Eastern Europe and the Middle East, and to develop the telehandler line in a market where we had not historically been present.
Initial performances of these two plants in Spain and Romania have been particularly satisfactory. As a result, measures to further support and build on this success in Romania are currently under study.
In the 2006 annual report, we emphasized the Group's strategy of international to strengthen our position as number three worldwilde.
As we continue to reinforce our commercial network, this strategy remains just as pertinent. Accordingly, in 2007 three new offices were opened in Mexico, Dubai and Argentina.
We have also increased our presence at major worldwide exhibtions. Haulotte Group has thus participated in many trade fairs throughout the world, progressively building brand recognition over the years through strong marketing and original communication initiatives. In the area of innovation and the continuing expansion of the product offering, noteworthy achievements include a worldwide premiere 28-metre telescopic big boom with a telescopic jib to be presented in early 2008. This work platform with its oscillating axle is adapted to a wide range of working environments.

It will be a period of consolidation in all areas for all projects launched in 2007.
As indicated, trends worldwide will be less favourable in 2008 and we anticipate a drop in sales in the US. in this context, it is important however to recall that Europe to date accounts for 90% of Haulotte Group'sales compared with less than 5% for North America. In addition, new markets are providing opportunites that were virtually unknown territories at the time of the sector's last downturn.These markets are extremely large and offer significant growth potential and above all prospects for contributions significantly greater than initially expected. As such, they could if necessary offset eventual declines in revenue from traditional markets, a scenario however that we do not anticipate.
These growth markets include Eastern Europe, South America and to a lesser degree in the short term, Asia.
Anticipating these tectonic shifts, we created sales subsidiaries in each of the major regions where we must be present and active.
We have also adapted our production capacity to respond more rapidly, with greater flexibility and provide more local service to end customers. By 2009, our production capacity will have been increased by more than 50%.
Beginning in 2008, the ramp up of the telehandler line will offer another growth driver. Finally we obtained a €280 million credit line to ensure that we have the resources to pursue both internal growth projects and acquisition opportunities that will certainly arise in the coming years.
In conclusion, we take the opportunity to confirm our confidence in Haulotte Group's long-term prospects. This confidence is based on the solid foundations that we seek to strenghten every day with our partners, shareholders and service providers, on behalf of and with the support of our employees around the world. In this way, we will continue to introduce improvements in the solutions we propose to our customers in order to meet their needs and contribute to their success.