<2> 2002 marked a new phase in the realisation of Neopost’s strategy, with sales rising by 32% to euro 761 million, and net profit by 83% to euro 70 million. The integration of Ascom Hasler and the acquisition of Stielow in Germany have given Neopost new scale. Our share of the world mailing systems market has risen from 15% to 26%. We are now consolidating our position as European leader and world number two in the mail processing market.We have strengthened our position in key markets in North America and the UK,  and we are now a major player in countries like Germany and Switzerland. We rank first or second in all markets in which  we  operate.  I  can  confirm,  with  great  satisfaction,  that  Neopost  is  the undisputed challenger in our consolidating industry. We have worked hard to integrate Ascom Hasler.The process was completed in early 2003,and has been a great success.Product ranges have been harmonised,structures have been merged and new teams have been created. The integration of Stielow is progressing equally rapidly. Our financial performance will benefit from the resulting synergies in 2003. Nevertheless, Neopost retains its main strength, i.e. the agility and responsiveness of its employees,their relish for a challenge,willingness to take risks,mutual respect and  recognition  of  effort  and  success.   Our  management  structure  remains decentralised.We have small teams that have bottom-line responsibility and that are close  to  their  customers,  partners  and  postal  organisations  in  their  respective countries. Our customers are benefiting more than ever from our technological edge, which results from our constant R&D efforts. Our product ranges have been expanded and renewed. Major companies like Cisco Systems Inc. and General Motors Corporation in the USA and Geodis-Calberson in France use our Internet-based parcel shipping and  tracking  services.  We  are  naturally  transfering  this  expertise  in  the  parcels business to our mailing activities, where requirement for tracking is also increasing. We are playing an active role in the development of «intelligent mail». Chairman’s message SI 30 folder / inserter