Dear Sir/Madam,

Once again I am particularly proud to present our excellent interim results. These excellent results were not achieved by chance… They reflect the success of a company that is built for the long term, based on strong values.

An American ornithologist, MacMillan, said that "We must save the condors. Not so much because we need the condors but because we need to develop the human qualities needed to save them. Because these will be the same qualities we need to save ourselves."

I like this quotation, one of several in our corporate responsibility report. It clearly underlines the development strategy of Séché Environnement, founded on lasting values that guarantee long-term performance. These stem from the idea that human beings are the starting point and human beings are the end.

At Séché Environnement, these lasting values have been brought to fruition in the patient construction of a coherent Environmental services group. Our group has developed, not in response to the latest trends, but to provide appropriate responses to the long-term growth in the fundamental needs of local authorities and companies.

Its range of activities, today, is the fruit of the developments that we have successfully introduced in the eternal business of protection of the environment and human health.

The developments that we plan for tomorrow, in the area of energy recovery, for instance, but also in our exploration of other growth opportunities, result from this considered process of moving into businesses that meet strict criteria for durability and long-term profitability.

Our commercial and industrial performance flowing from our environmental qualifications, and the strong growth in earnings flowing from our social commitment, underline the soundness of this approach to economic development, in which our shareholders also have an active stake.

Joël Séché
Chairman and Chief Executive Officer