Many factors contributed to these positive results. The diverse and extensive portfolio of products, the customers and markets that we serve, and the focus on customer service, including the development of tailor made products in benefit of our clients, together with a 42% increase in our sales volume (tons and liters), allowed us to grow our sales despite the more than 15% decrease in the prices of the Company’s product portfolio throughout the year. The growth in volume allowed the Company to partially offset the impact on sales of the deflation of the prices of raw materials. Another important factor was the cost reduction program we implemented, which included merging several of Pocheca’s facilities with Mardupol's facilities.

Expansion Strategy

On general terms, the distribution business is constructed on an adequate purchasing practice, an aggressive working capital management, critical mass expansion organically or through acquisitions, as well as impeccable management of distribution logistics, among other practices recognized worldwide.

A crucial piece in our strategy has been the acquisition of competitors, from which our company has obtained expertise and critical mass, for a better competitive interaction in the industry.

We acquired Productos Químicos Mardupol and Coremal, a Brazilian company, in February and December, 2013, respectively. Through these transactions we gained critical mass, improved our product portfolio and expanded our market reach.

Financial Position

Due to the solid results obtained in the year and a well-managed indebtedness policy, our net debt equaled 2.20 times the Company’s last twelve months EBITDA (including Coremal on a pro-forma basis). Cash flow projections for 2014 indicate that our expansion strategy will take this ratio towards 2.0 times by the end of 2014.

2014 Outlook

We do not expect the Mexican economy to improve significantly in the next year. However, Pochteca will take advantage of the Coremal acquisition, as well as of the adjustments implemented at the organizational level, along with synergies and operating improvements implemented during 2013.

At the same time, the Company will continue exploring expansion opportunities in Mexico and Latin America for an aggressive growth in the region.

Operating efficiencies, sale force training, and a better customer service will continue to be strategic for the business. Through these we consider that the Company’s Administration will continue to deliver sustained value to our shareholders.

Finally, I wish to thank all our associates for their drive and dedication demonstrated to the business along the year.