We are pleased to publish full-year results in line with our expectations. Coface has once again demonstrated the pertinence of its profitable growth model this year. Our innovative product offering, appropriate distribution channels, extensive international presence and prudent risk management have all contributed to the significant improvement in our results.
This panorama first includes a study dealing with new emerging markets. While the 2008-2009 global crisis had highlighted emerging market resilience, gamechanging events have taken place in those emerging countries since May 2013 indeed.