ARGO S.p.A.: 2015 CONSOLIDATED RESULTS

For the second year running, in 2015 the global tractor market experienced broad-based contraction with very few countries being the exception. Despite this, Argo S.p.A. Group was still able to maintain its volumes and achieve satisfactory budgetary outcomes.

Sales in 2015 allowed Argo to preserve its turnover, thanks to excellent business results in America, Asia and Oceania. Argo also maintained its market share in Africa and Europe, with a significant increase in Italy.

Revenues amounted to 461 million euros, in line with 2014 results (465 million) which is exceptionally good considering the severe contraction in the global market.

EBITDA steadied at 41 million euros, i.e. about 9% of the turnover (45 million in 2014).

Earnings before taxes were 19 million euros (25 in 2014), while the operating result of the year was 12.1 million euros (15.8 in 2014).

New product families were launched on the market in 2015, e.g. the Valpadana 4600 ARM; Landini REX new style; Landini 4 Series compact; Landini 5H new cab Series; McCormick X7.4 Series and X7.6 VT-Drive with continuously variable transmission.

Lastly, the McCormick X8, a tractor rated at over 300 HP, was presented to the public for the first time.

During the course of 2015, Argo Tractors developed several new product ranges and updated existing product to improve performance and increase technological features. The main focus of these changes was product enhancement and a continuation of ever increasing attention to customer requirements. These elements are authentic Assets of a Group that has always been a standard-bearer of the true "Made in Italy" concept world-wide.

Valerio Morra, Chairman of Argo Group underscores how “the R&D investment process established by Argo S.p.A. will continue without limitations because consolidation in our process, product and distribution activities is essential if we are to achieve the growth targets we have set ourselves and that our business partners share with us each day”.