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 their revenues come from products launched during the past 24 months, which underlines the importance of innovation for profitable growth. They have continued to see success in their design-to-value engineering, as well as in their sourcing strategies, and have managed to improve their 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.