Message from the leaders Madam, Sir, The “energy transition” promised since the Grenelle de l'Environnement is underway, with a veritable revolution in production methods in its wake. Like our European neighbors, the energy mix of the future will be based more on renewable resources. Faced with this change, wood, as the first source of renewable energy will take an essential place. For more than three years, Moulinvest has decided to support this change. At the industrial level first. Our business model has evolved a lot over the past three years. Alongside the sawmill activity, we are now able, thanks to related products from this business, to generate energy sold to EDF and to produce wood pellets used as heating materials. Alongside our eco-construction division, the wood energy activity thus becomes a full-fledged activity of the Group. However, our orientation towards new activities does not distract us from our historical profession. For more than a century we have been working with wood with the aim of offering optimal quality of products and services to our customers. It is thanks to this that we are also at the forefront of the eco-construction market where we offer new products such as solid wood walls or “passive houses” from the Grenelle de l'environnement. In this area, European consumers are ready to take the plunge and we fully intend to show them that we know how to adapt our know-how to their aspirations. The promotion of this new model of value creation where all the raw material is reused is a good illustration of our new sustainable strategy in which “Nothing is lost, everything is transformed”. In a wood energy market with a promising future, Moulinvest is ready to meet demand, and thus become one of the leading French players in this sector. Maurice Moulin, Chairman of Moulinvest