514 575 761 831 2001 2000 2002 2002 pro forma The record growth in sales was mainly due to the integration of Ascom Hasler and Stielow. On a pro forma basis, i.e. including these two companies over the full-year in 2002, sales would have been euro 831 million. Acquisitions increased Neopost’s scale by 45% in 2002. Sales (in euro million) Document and logistics systems Mailing systems 68% 32% There was strong growth in both mailing systems and document and logistics systems. Growth was driven by additions to the product range as well as acquisitions. Sales by business line (% of pro forma 2002 sales) > Sales: euro 761 million + 32.3% > Operating profit: euro 133 million + 59.5% > Net profit: euro 70 million + 82.9% <4> North America Germany France UK 43% 9% 10% 25% 13% Rest of the world Neopost has an even spread of sales, similar to the geographical spread of the market itself.The company has strengthened its positions in the UK, the USA and Germany, where it has become a major player. Sales by country (% of pro forma 2002 sales) > Limited US dollar exposure In Neopost’s accounts, there is a good balance between the various US dollar amounts (revenue, cost of sales, operating expenses and debt).This limits the sensitivity of Neopost’s earnings to fluctuations in the US dollar.