-The consolidated turnover for the financial year 2007 is up by 7% as compared with the previous year. The operating margin is only slightly positive at 0.79m EUR. The operating result is negative at -2.07m EUR for the first time since 1993, which reflects extremely difficult operating conditions in 2007 and includes start-up costs of the Bulgarian unit up to 2.6m EUR. The degradation of operating income wholly derives from the French factories that have overshadowed and beyond the improvement of other sites. In the second half-year, Laigneville plant condition began to improve; reorganization underway began to be effective enabling to gradually cope with demand, though more slowly than anticipated. At the opposite, the factory wheels condition in Chateauroux has deteriorated, both in terms of quantities and quality, combining the disruption caused by the installation of machines transferred from Belfast with a sharp deterioration of the process control. This has been worsened as demand has been exceeding the production capacity, and in view of avoiding stopping its customers' assembly lines, the Company has had to bear extraordinary transportation costs. The Company 2007 accounts reflect the impact of the shutdown of the wheels factory in Belfast and of the Irish tooling factory in terms of depreciation of assets, transfers of equipment and costs of layoffs, without having yet registered the profit on sales of the corresponding real-estates.

(in thousand euros)	FY2007	FY2006	FY2005
R&D costs	N.A.	1,972	1,969

R&D focus
-Processes control
-Tooling accuracy (in view of reducing parts dimensional gaps)
-New centers
-In Chateauroux, for the wheels and suspension parts
-In Saragossa for braking parts
-In Laigneville for cylinder-heads. In this unit, an industrial pilot develops every new cylinder-head.