Navico is a specialist electronics company; its brands operate in navigation, fish finding equipment and value-added applications for the marine industry.Our focus on making boating safer, easier and more fun has resulted in the release of a number of leading products in 2013. Innovation is at the heart of Navico’s business model and culture, this is coupled with an unprecedented product launch schedule that enables us to deliver real benefits to consumers across a broad range of recreational boating activities.Navico on average launches a new product every 20 days. The majority of our revenues come from products launched during the past 24 months, which underlines the importance of innovation for profitable growth. We have continued to see success in our design-to-value engineering, as well as in our sourcing strategies, and have managed to improve our margins despite the average selling price reducing in the market. The lean efforts in the manufacturing facility in Ensenada, Mexico are another contributor to improved margins, and an average employee in the facility today produces ten times as many products as in 2007.