09/06/2009
The ARGO Group’s 2008 financial statements are approved
Under the chairmanship of Valerio Morra, the Board of Directors of Argo SpA approved the 2008 financial statements.
In an economic scenario penalized by extremely difficult market conditions, the Argo Group still achieved important developments thanks to its remarkable standing in the world’s markets. The Argo Group’s share of the market became stronger in Western Europe and North America, with significant growth in the Eastern European countries, in Africa, the Middle East and Far East.
Group development is testified by the results of the 2008 business year, which points to a consistent increase as compared to the previous year.
In 2008, Argo SpA achieved a group turnover amounting to 757 million Euros, thus a +12% increase over the previous year. The EBIT was 45 million Euros, while the profit prior to taxation was 14 million Euros.
85% of this turnover was obtained on the foreign markets, testifying to the Group’s increasing degree of internationalization.
In numeric terms, in 2008 the Argo Group manufactured 23,500 tractors and 9,570 agricultural machines, of which 1,040 were combine harvesters.
These values correspond to the following increase in turnover:
- Tractor Division: +10% over 2007
- Agricultural machinery division: +20% over 2007
Thus, the significant drop in the world demand in the sector did not prevent the results of the 2008 business year from being positive.
“Despite the steep downturn the general economy has sustained since the last quarter of 2008,” explained Valerio Morra, chairman of the group, "Argo has been able to embark upon initiatives that have re-organized the corporate processes while keeping the running costs down. This has attenuated the effects of the drop in the demand but without compromising the group's medium-long term development potential.
The 2009 results will be conditioned by the currently unfavourable economic-financial situation. To achieve satisfactory goals, Argo will concentrate its investments on the development of new products, on strengthening the dealer network and on improving the level of service for our customers.”
For more details:
Ruggero Cavatorta
Marketing & Communications Manager
Argo Tractors S.p.A. – Via G. Matteotti, 7 – 42042 Fabbrico (RE)
Tel.: ruggero.cavatorta@argotractors.com