The world market for agricultural machinery closed 2013 with a slight increase and, excluding deflationary risks, the current performance of the agricultural products sector in the world's major areas leads us to forecast investments for the purchase of agricultural implements and machines.

Performance in the United States, Latin America and the developing countries was good, while the tractor market in Europe dropped by about 5% in 2013.

It's Europe, which accounts for 50% of Argo's turnover and influenced the 2013 results in a decisive manner that could weigh on the 2014 prospects, but the new product families, manufacture of which began this year, should allow us to open up new opportunities and overcome the negative effect of the market trends.

Argo's revenues amounted to 480 million euro in 2013, an increase compared to 2012 results, despite the economic-financial difficulties faced in target markets. The 2013 sales volumes allowed Argo to substantially maintain its portion of the global market thanks to a good sales performance in Africa, Latin America, Asia and North America.

In 2013, the group obtained 15.5% of its sales revenues from the Italian market and 84.5% from Export markets, thereby confirming its standing as a big exporter of agricultural machinery.

EBITDA reached 47.6 million euro (43.8 in 2012) and earnings before taxes were 21.6 million euro (17.3 in 2012), proving how operational management is able to create value.

The product policies and new production processes currently being implemented in the Fabbrico, San Martino in Rio and Luzzara manufacturing facilities will help to reduce waste, improve productivity and boost the efficiency of our cost structures as a consequence.

The 2014 economic landscape is still complicated and variable. However, the company is now working on the production of new open-field ranges presented in November 2013 at the Hanover trade fair, where they were applauded and much appreciated. These machines will help to increase our volumes and improve our business results.

Thanks to our dedicated efforts, we're certain that we will continue to deserve the confidence of the market, thereby guaranteeing our role as major player in the future.