January 2024

The ending year has been marked by challenges in the face of an unstable global economic context, successive geopolitical crises, and sustained inflation. Our group has demonstrated adaptability to rapid market changes, resulting in some notable business successes.

With a surplus of cash primarily invested in fixed-term deposits, the rise in interest rates has positively impacted our financial results. We anticipate a return to positive financial outcomes for our Group in 2023.

Regarding Gévelot’s real estate activity, we acknowledge the current deep crisis affecting the market. While maintaining an opportunistic approach, our investment criteria remain particularly cautious.

In the coming years, our intention is to enhance operational efficiency through the realization of several significant industrial investments, some of which have already materialized, while others are still under consideration.

Our group maintains a solid financial foundation, and a cautiously optimistic outlook for the future, despite the current geopolitical concerns.

May this new year bring success, growth, and prosperity. Best wishes for 2024!

Mario MARTIGNONI

President – Chief Executive Officer