Dear shareholders, employees, and customers,

At Ginger, 2007 was marked by a number of actions to improve the Group's organisational structure and operations, building on the advances made under the 2005-2007 Progress Plan. Ginger has continued to streamline its organisation, restructuring its activities not by industry (such as construction, environmental services, and telecommunications, for instance) but rather by business line (expertise studies, engineering, and turnkey and maintenance services).

These restructuring efforts have made our operational management more efficient and our view of the different business lines clearer.

The Expertise Studies Business Unit provides scientific and technical know-how across the entire construction process for all types of building, infrastructure, industrial, and historic structures. The services offered include geotechnical ground investigations, materials studies, product auditing and certification, as well as auditing, diagnostics and recommendations for foundations, structures, facades, materials, roofing, and terraces.

Serving as either prime contractor or project manager, the Engineering Business Unit offers engineering design and construction services for infrastructure, building, and environmental projects. This new, restructured business unit responds effectively to the changing needs of project owners in both the public and private sectors by providing end-to-end services that also address sustainable development issues.

The Turnkey Systems and Maintenance Business Unit includes turnkey construction, public-private partnerships, public service concessions, and lease-related services, as well as structural upkeep and maintenance. Ginger Turnkey Systems and Maintenance services, which round out our Expertise Studies and Engineering business offerings, broaden the palette of services we provide and generate recurring business.

The Telecommunications Division encompasses expertise studies, engineering, and turnkey construction and maintenance services specifically targeted to terrestrial and telecommunications networks.

This new business unit has bolstered Ginger's range of services. It has also strengthened our position in the project engineering market, brought our people together around shared customers, and generated new service offerings to meet the full range of customer needs.

Ginger's professionalism has garnered the recognition of major project owners from the public and private sectors, resulting in some major new business.

The following are meaningful examples of the types of contracts Ginger won in 2007: a geotechnical reconnaissance mission for the east-west highway project in Algeria on behalf of a Japanese consortium; a non-destructive welding test contract for a Goro Nickel metal plant in New Caledonia; geotechnical studies for the Rhine-Rhone high-speed rail line and the Tour Phare tower in Paris-La Défense; rehabilitation studies for the University of Jussieu in Paris; the rollout of safety regulations for the Gaz de France network; prime contracting services for Voiron hospital and the Mulhouse School of Chemistry; a maintenance plan for Voies Navigables de France; a turnkey research laboratory for- Campbell's food corporation; and, at the Telecommunications Division, an urgent network rollout in Bangui, Central African Republic; the rollout of autonomous solar units in Africa and the Indian Ocean region; and maintenance for several major international telecommunications operators.

Our new organisational structure also enhances our transversal capabilities and supports the intra-organisational synergies that drive the Ginger business model. In 2007 the Engineering Business Unit became the Expertise Studies Business Unit's biggest customer. The Turnkey Systems and Maintenance Business Unit has leveraged similarly profitable synergies. The major maintenance project completed for Voies Navigables de France is evidence of the benefits that this kind of internal cooperation can bring.

Therefore, the steps taken by the Group in 2007 have proven effective. At end-2007, Ginger was right on target with its key financial indicators.

Increasing business volumes, enhanced productivity, and solid cost-control resulted in income from continuing operations of €13.8 million, up from €10.9 million in 2006, an increase of 27.5%. The operating margin rose from 4.3% in 2006 to 5.2% in 2007, an increase of 20.9%.

Net profit attributable to parent company shareholders was €6.7 million, up from €5.5 million in 2006, after taking into account non-recurring expenses of €1.1 million arising from the move of CEBTP-Solen's largest site to the Ile-de-France region.

At 31 December 2007, the consolidated equity was €45.1 million, up €5.4 million from the previous year. The Group had net financial liabilities of €25.4 million at end-2007, down from €26.8 million a year earlier. This led to an improved net-debt-to-equity ratio of 56%, compared with 67% at end 2006.

A dividend payout of €0.20 per share for fiscal 2007 was proposed at the Annual General Meeting on 11 June 2008. This represents a 33% increase from the previous year's dividend payout.

Given this solid foundation, Ginger is now well-positioned to pursue growth.

Thanks to our capabilities and teamwork, and as evidenced by our excellent sales performance at the start of 2008, we are confident about the coming year. Our goals for 2008 are to continue to pursue organic growth, increase profitability, improve our capital structure, and leverage our human capital, making further steps towards the objectives of the 2005-2007 Progress Plan.

I would like to thank all of our employees for their sense of commitment and their professionalism. I would also like to thank our shareholders for their renewed trust.

Jean-Luc SCHNOEBELEN
Chairman of the Executive Board