The group's gross operating profit was 43.9 M€ against 16.7 M€ in 2002, an increase of 163%. The net result for the period was 29 M€.

These results are due, on the one hand, to the strong mobilisation of all the different teams with a real will to progress. This was based on the 6 strategic directions defined in the corporate project “TOP”, deployed at the beginning of 2003. They are also due to the reinforcement of the risk management structure which led to a reduction in the impact of provisions throughout the EUROFACTOR GROUP. This reduction was despite the increase in bankruptcies registered in 2003, especially in France.

The year was also marked by the continuing development of EUROFACTOR in Europe. In all countries, namely Germany, Benelux, Spain, France, Portugal and the UK, the Group recorded both increased activity and profitability. Each country recorded a positive gross operating result and a positive net result.

Finally, 2003 saw a very strong development of innovative products and tools, developed by EUROFACTOR, most notably the new version of its client Web. This allows clients to get funding via the internet and more generally to manage their activity at a distance but with direct access. For France alone, the on-line funding facilities reached 4.2 billion Euros during 2003 and represented 54% of all financings.

In the first quarter of 2004 EUROFACTOR France confirms the continued improvement of its commercial activity since the 3rd quarter of 2003.