Annual report 2007 - Euler Hermes

6 – ANNUAL REPORT 2007
Editorial
2007 confirmed
Euler Hermes’
very good
performance in
terms of both
profitability and
growth.
Against an economic background of slowing
growth, the group achieved net income of
€407 million, after minority interests,
corresponding to an increase of 24.8%.
Euler Hermes’ strategy, which combines
selective risk underwriting, dynamic sales
efforts and an enhanced offer so as to
meet the needs of
each market segment,
has come to fruition
and enables us to look
forward to the future
with confidence.
Its ongoing international
expansion
enables the group to
accompany the business
development of
its clients, whether SMEs or multinational
companies, and provide them with topquality
services and real added value
for their trade receivables management.
Group turnover came to €2,099.4 million
in 2007, up by 4.4%.
Euler Hermes consolidated its leadership in
Western Europe, its traditional market.
Growth was particularly dynamic, more
than 20% in Central Europe where the
group has become a key player. Growth
was also robust and promising in the
United States, where Euler Hermes is also
the market leader. Lastly, Euler Hermes
managed to strengthen its positions
in emerging markets.
These positive results
are attributable to
the Euler Hermes staff
and their commitment,
their attention to clients
and their capacity to
deliver a high quality
service. The Supervisory
Board, together
with the Group
Management Board, would like to congratulate
them, to thank them and to assure
them of its confidence in their ability to
meet the challenges awaiting them in 2008.
Jean-Philippe Thierry
Chairman of the Supervisory Board