| € m | Q1 2003 | Q1 2002 | % change |
| France | 9,336 | 9,372 | 0 |
| Europe ex France | 16,524 | 13,445 | +23 |
| Americas | 3,256 | 3,600 | -10 |
| Asia (including CGI) | 2,461 | 1,653 | +49 |
| Total | 31,577 | 28,070 | +12.5 |
2003 sales include €0.7m of sales from the former CGI Japan, which was not consolidated until April 2002. Underlying sales growth was therefore 10% out of the overall 12.5% increase.
Sales from outside the eurozone made up 40% of the total - 55% of this being in GBP, 24% in USD and 19% in Asian currencies. Adverse movements in exchange rates dented consolidated sales by €1.6m, and sales growth by almost 6 percentage points.
Despite the continuing rise in the euro against these other currencies over the last 18 months, GL TRADE has maintained its policy of international expansion. Sales outside France accounted for 70% of the total in Q1 2003 versus 67% in Q1 2002.
Business levels in the first quarter have been affected by the international economic environment, which has meant some clients putting trading room investment plans on hold. This was particularly true in the USA where, despite this, sales grew by 9% in dollar terms. In Europe and Asia, the results were very encouraging with the conclusion of new Trading System and OMS (order management system) projects. The economic environment had a particularly adverse impact on GL Multimedi@'s View-only activity and on the Professional Services business.
Trading System activity remained buoyant, with two new major contract wins offsetting cancellations, and the signature of new OMS and STP contracts. This business trend is encouraging for the second half of the year if market conditions stabilise.
Outlook
GL TRADE maintains its 2003 sales growth forecast of 15% at constant exchange rates. Taking account of the continued strengthening of the euro since the start of the year, full-year sales growth at current exchange rates is likely to be around 10%. The exchange-rate impact on margins remains limited and GL TRADE is keeping a firm grip on costs. GL TRADE therefore anticipates maintaining a net margin before goodwill amortisation of around 13%, barring further significant adverse movement in exchange rates.
The 2002 financial statements will be approved at the shareholders' meeting scheduled for 22 May 2003 in Paris. A dividend of €0.70 per share is proposed.
