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GRET’s level of production, which enjoyed strong growth during the two previous years, slowed down in 2016: it amounted to 25.5 million euros. However, we observed an increase in the volume of production of studies and expert consulting missions compared to 2015. 2016 was also a strong year for new projects in terms of proposals and of projects awarded: the total amount at closure of new projects signed in 2016 was 29 million euros, compared to 16 in 2015.

The year was marked by the launch of four projects for amounts greater than 2.5 million euros, which demonstrates the trust financial partners place in us, and possibly also a change in their funding methods.

Although it increased, the gross margin on activity remains insufficient and makes it difficult to cover all our costs; hence a negative gross surplus. In fine, earnings for the year resulted in a profit, thanks to the positive outcome of the tax inspection conducted in 2016 – for which accrued expenses were recorded in 2015 as a precautionary measure – which demonstrates GRET’s compliance with tax regulations.

The portion of field projects in GRET’s activity remains dominant. In terms of geography, signifi cant changes were observed compared to 2015. These vary according to countries, in terms of project end dates and new projects that
are launched more or less quickly.