ARGO S.p.A.: 2014 CONSOLIDATED RESULTS

Despite the marked downward turn sustained by the global tractor market in 2014, the Argo Group was able to maintain its volumes and achieved more than positive budgetary outcomes. The sales trend in 2014 allowed Argo to maintain a substantially steady turnover thanks to good business performance in Africa, Latin America, Asia and North America plus a distinct improvement in the countries of Western Europe. Revenues amounted to 465 million euros, slightly less than in 2013 (477 mm). Nevertheless, the result must be interpreted in a positive light in view of market shrinkage. EBITDA reached 45.2 million euros, i.e. 9.7% of the turnover (47.6 million in 2013).Earnings before taxes were 25.1 million euros (21.6 in 2013), while the operating result of the year was 15.8 million euros (13.1 in 2013) and confirmed how the operational management was able to create value. A satisfactory result made possible at a time that coincided with several new families of low, medium and high-range open-field tractors having been launched on the market (e.g. Landini's 4 Series and 6C Series; McCormick's X7.4 and X7.6 series). Throughout 2014, the design department focused on updating the ranges by improving their performance, comfort levels and styling. The medium- and long-term goals were innovation and enhancement, i.e. added value able to consolidate the Group's competitiveness, develop the dealer network to a further extent and promote customer satisfaction.

“We will continue to invest in the development of new products," explained Valerio Morra, Chairman of Argo Group, “to strengthen our distribution network and increase our productivity so as to ensure that not only are our results able to grow, but also those of our dealers and importers, fundamental business partners of Argo throughout the World”.

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