"For Arval, 2008 was a year of very mixed fortunes. Despite initial signs of economic tension during the second half of the year, we significantly improved our performance in terms of vehicles purchased, leased and managed. All around the world, Arval teams can be proud of these strong results, which obviously reflect the general health of the corporate vehicle market but more importantly reward our day-to-day efforts and the trust our customers place in us year after year. Through them, Arval has retained its position as European No. 2 in full service leasing.

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In recent months, however, due to the crisis in the global economy, the motor industry has borne the full brunt of considerable structural change.

Against this uncertain backdrop, we wanted to take action quickly and introduce firm measures to confront the financial impact of the crisis, with a view to supporting our customers and helping companies deal with the higher cost of owning corporate vehicles, whatever the management or financing option chosen. There was one simple reason for this: we are convinced that, when combined with a broad range of top-level services, full service leasing is the most appropriate solution for companies and professionals, today more than ever. This was reflected in an estimated growth of more than 3% in the European full service leasing market in 2008.

In 2009, it is essential that, as a car leasing company, we continue to build on our role of experts to help customers further optimise the management of their corporate vehicles. The weakness of the second-hand car market and volatility of oil prices, as well as environmental considerations, should all be kept in mind when assessing the total cost of using a vehicle. They increase the complexity of fleet management and highlight the need for expert advice in order to control costs and assume the risks attached to fleet ownership. This is where Arval provides added value, in a business that is changing every day, requiring solutions that combine operational efficiency with economic reality.

Once again this year, we shall be using our experience to support customers as they seek to optimise their transport facilities. They will then be able to focus all of their energy on their core business."