2020年将看到芬特参加在德国更多的贸易展览会和活动，国际和全球比以往任何时候都面前。在巴黎的SIMA博览会已经提出了从2021春秋季到2020年，与中央农业节在慕尼黑，2020年交易会日历正在果然很旺。芬特还规划了欧洲巡演在2020年夏天持续数月，在与AGRITECHNICA推出新的芬特300 VARIO和芬特700 VARIO系列，加上FendtONE系统达到高潮。鉴于这样一个繁忙的议程，主办方Saaten，联盟公司和AGCO /芬特已经决定推迟下一个伟大的芬特场日在Wadenbrunn直到2022年。 https://www.fendt.com/int/next-fendt-saaten-union-field-day-in-august-2022.html 周五，2020年2月7日12:00:00 GMT https://www.futurefarming.com/Machinery/Articles/2020/2/Fendt-Momentum-planter-launched-in-North-America-535480E/ 新闻 <！[CDATA []]> AGCO 芬特 北美 技术 作物护理/播种耕整 全球 智能农业 星期三，2020年2月12日14时35分五十五秒GMT 动量播种机的设计和多功能性是建立种子贴装精度的新标准。 未来农业 https://www.futurefarming.com/Machinery/Articles/2020/2/Fendt-Momentum-planter-launched-in-North-America-535480E/ 周四，2020年2月6日16时24分00秒GMT http://www.cpm-magazine.co.uk/2020/02/06/lamma-show-cream-of-the-crop/ 新闻 <！[CDATA []]> AGCO 芬特 维美德 欧洲 技术 拖拉机及器具 联合收割机 全球 智能农业 周五，2020年2月7日16时二十分43秒GMT 今年的LAMMA一直被誉为另一种成功，比以往任何时候填充NEC的大厅更套件。CPM球探看台上挑选出创新的最新进展。 作物生产杂志 http://www.cpm-magazine.co.uk/2020/02/06/lamma-show-cream-of-the-crop/ 周四，2020年2月6日16时十七分00秒GMT https://news.agcocorp.com/news/agco-reports-fourth-quarter-results-6789983 发布

您的农业公司AGCO（纽约证券交易所：AGCO）是一家全球农业设备和解决方案的制造商和分销商，报告2019年第四季度的净销售额约为25亿美元，与2018年第四季度相比下降约3.0%。2019年第四季度报告的净亏损为每股1.17美元，扣除非现金减值费用、重组费用和税收收益后的调整后净收入为每股0.94美元。这些结果与报告的2018年第四季度每股净收入1.26美元和调整后净收入（不包括重组费用、债务退休成本和美国税收改革福利）相比，为每股1.31美元。剔除约2.4%的不利货币换算影响，2019年第四季度的净销售额与2018年第四季度相比下降约0.6%。2019年第四季度，AGCO记录的非现金商誉和无形资产减值费用约为1.766亿美元，或每股2.33美元，主要与公司的欧洲谷物和蛋白质业务有关。

2019年全年净销售额约为90亿美元，与2018年相比，下降了约3.3%。剔除约4.2%的不利货币换算影响，2019年全年净销售额较2018年增长约0.8%。2019年全年，报告的净收入为每股1.63美元，调整后净收入^（3），不包括非现金减值费用、重组费用和某些税费和收益，为每股4.44美元。这些结果与报告的2018年每股净收入3.58美元和调整后净收入（不包括重组费用、债务退休成本和美国税收改革福利）相比，每股净收入为3.89美元。

亮点

• 报告的第四季度区域销售业绩^（1）：欧洲/中东（“EME”）0.2%，北美1.8%，南美20.0%，亚太/非洲13.3%
• 第四季度固定货币区域销售业绩^{（1）（2）（3）}：EME 3.0%，北美1.6%，南美14.6%，APA 10.8%
• 第四季度调整后每股收益受到负面影响EME、APA和南美市场需求低于预期；保修费用较高；与2018年第四季度相比，谷物和蛋白质设备的品牌和产品合理化成本以及更高的有效税率
• 保修费用增加了约2300万美元，主要原因是支持新收获产品的现场产品改进活动成本
• 谷物和蛋白质品牌和产品合理化导致约700万美元的费用，以减少复杂性和改善产品供应
• 产生约6.96亿美元的运营现金流和约4.23亿美元的自由现金流^（3）在2019年
• 股份回购计划减少了约1.8股流通股与2018年第四季度相比，2019年全年盈利预测仍在每股5.00美元至5.20美元之间。
AGCO董事长、总裁兼首席执行官Martin Richenhagen表示：“AGCO第四季度的业绩反映了具有挑战性的市场环境的影响，特别是在欧洲和南美。”。&“此外，我们的业绩还受到新产品保修成本高于预期以及与我们的谷物和蛋白质业务中的品牌和产品合理化相关的费用的影响。尽管销售额较低，但我们在提高利润率方面取得了扎实进展，全年实现了调整后的利润增长和强劲的现金流。为了提高我们的全球市场地位，我们将继续投资于高端技术、智能农业解决方案和增强我们客户的数字能力。展望2020年，我们预计全球市场需求将相对平稳，在定价、采购、工厂生产力和新产品开发领域的利润率开发行动推动下，收入将进一步提高。在我们进入新的十年之际，我对我们的行业充满信心GCO’s long-term strategies to deliver growth and improved returns.”

Market Update

（1）。

		Industry Unit Retail Sales
		Tractors		Combines
Year ended December 31, 2019		Change from Prior Year Period		Change from Prior Year Period
North America(1)		(1)%		(6)%
South America		(16)%		(5)%
Western Europe(2)		(2)%		(18)%

(1) Excludes compact tractors.

(2) Based on Company estimates.

“A late harvest and lower crop production in North America were mostly offset by better production in Brazil and the European Union, keeping grain inventories relatively high and pressuring commodity prices during 2019,” continued Mr. Richenhagen. “Global industry retail sales of farm equipment in 2019 were lower across AGCO’s key markets with fourth quarter industry retail sales significantly lower than the prior year in both Europe and South America. For the full year, industry retail sales were down modestly in North America during 2019 due to a difficult growing season and concerns involving trade. The USDA is projecting 2020 farm income in the U.S. to remain challenged due to low commodity prices and uncertainty with Market Facilitation Program payments. We project North American industry tractor sales to be modestly down in 2020 compared to 2019. In Western Europe, industry demand trended progressively lower throughout 2019 due to the impact of lower wheat and milk prices and higher input costs for dairy producers. Industry sales declines across most of Western Europe were partially offset by growth in France, Finland and Spain. For 2020, EU farm income is expected to be down modestly driven primarily by lower milk prices, partially offset by more normal crop production. Based on these assumptions, we expect sentiment to remain weak and 2020 industry demand to continue to soften modestly across the European markets. Industry sales in Australia and New Zealand were down significantly in 2019 from 2018 levels to due drought conditions and will likely remain down in 2020. Fourth quarter industry retail sales in Brazil did not recover as we expected, resulting in a strong decline for the full year. Industry demand is expected to improve in Brazil in 2020. Brazilian farmers should benefit from a weaker Real and strong crop production, however, uncertainty around export demand and potential changes to the subsidized financing program are likely to temper farmer sentiment. Our long-term global view remains positive. Increasing demand for commodities, driven by the growing world population, rising emerging market protein consumption and biofuel use, are expected to support elevated farm income and healthy conditions in our industry.”

Regional Results

AGCO Regional Net Sales (in millions)

Three Months Ended December 31,		2019				2018				% change from 2018		% change from 2018 due to currency translation(1)		% change excluding currency translation
North America		$	540.5			$	531.2			1.8%		0.1%		1.6%
South America		220.9				276.2				(20.0)%		(5.4)%		(14.6)%
EME		1,515.3				1,511.7				0.2%		(2.7)%		3.0%
APA		236.9				273.1				(13.3)%		(2.5)%		(10.8)%
Total		$	2,513.6			$	2,592.2			(3.0)%		(2.4)%		(0.6)%
Year Ended December 31,		2019				2018				% change from 2018		% change from 2018 due to currency translation(1)		% change excluding currency translation
North America		$	2,191.8			$	2,180.1			0.5%		(0.4)%		0.9%
South America		802.2				959.0				(16.4)%		(5.2)%		(11.1)%
EME		5,328.8				5,385.1				(1.0)%		(5.5)%		4.4%
APA		718.6				827.8				(13.2)%		(4.3)%		(8.9)%
Total		$	9,041.4			$	9,352.0			(3.3)%		(4.2)%		0.8%
(1) See Footnotes for additional disclosures

North America

Net sales in the North American region increased 0.9% for the full year of 2019 compared to 2018, excluding the negative impact of currency translation. Increased sales of compact tractors, combines and parts were mostly offset by lower sales of protein production equipment and utility tractors. Income from operations for the full year of 2019 improved approximately $18.5 million compared to 2018. The benefit of improved pricing and cost control initiatives contributed to operating margin improvement.

South America

AGCO’s South American net sales decreased 11.1% for the full year of 2019 compared to 2018, excluding the impact of unfavorable currency translation. The loss from operations increased approximately $29.3 million for the full year of 2019 compared to 2018. The South America results reflect low levels of industry demand and company production, as well as unfavorable cost impacts of newer product technology into our Brazilian factories.

Europe/Middle East

AGCO’s Europe/Middle East net sales increased 4.4% in the full year of 2019 compared to 2018, excluding unfavorable currency translation impacts. Sales growth in France, Germany and Italy was partially offset by declines in the United Kingdom and Eastern Europe. Income from operations increased approximately $37.1 million for the full year of 2019 compared to 2018, due to the benefit of higher sales and margin improvement resulting from pricing, improved factory productivity and a favorable sales mix.

Asia/Pacific/Africa

Asia/Pacific/Africa net sales decreased 8.9%, excluding the negative impact of currency translation, in the full year of 2019 compared to 2018. Lower sales in China, South East Asia and Africa accounted for most of the decline. Income from operations dropped approximately $6.2 million for the full year of 2019 compared to 2018, due to lower sales and production.

Outlook

AGCO’s net sales for 2020 are expected to reach approximately $9.2 billion reflecting improved sales volumes and positive pricing. Gross and operating margins are expected to improve from 2019 levels, reflecting the positive impact of pricing and cost reduction efforts. Based on these assumptions, 2020 earnings per share is targeted in a range from $5.00 to $5.20.

* * * * *

AGCO will host a conference call with respect to this earnings announcement at 10:00 a.m. Eastern Time on Thursday, February 6^th. The Company will refer to slides on its conference call. Interested persons can access the conference call and slide presentation via AGCO’s website at www.namstec.com in the “Events” section on the “Company/Investors” page of our website. A replay of the conference call will be available approximately two hours after the conclusion of the conference call for twelve months following the call. A copy of this press release will be available on AGCO’s website for at least twelve months following the call.

* * * * *

Safe Harbor Statement

Statements that are not historical facts, including the projections of earnings per share, sales, industry demand, market conditions, commodity prices, currency translation, farm income levels, margin levels, investments in product and technology development, new product introductions, restructuring and other cost reduction initiatives, production volumes, tax rates and general economic conditions, are forward-looking and subject to risks that could cause actual results to differ materially from those suggested by the statements. The following are among the factors that could cause actual results to differ materially from the results discussed in or implied by the forward-looking statements.

• Our financial results depend entirely upon the agricultural industry, and factors that adversely affect the agricultural industry generally, including declines in the general economy, adverse weather, tariffs, increases in farm input costs, lower commodity prices, lower farm income and changes in the availability of credit for our retail customers, will adversely affect us.
• A majority of our sales and manufacturing take place outside the United States, and, many of our sales involve products that are manufactured in one country and sold in a different country, and as a result, we are exposed to risks related to foreign laws, taxes and tariffs, trade restrictions, economic conditions, labor supply and relations, political conditions and governmental policies. These risks may delay or reduce our realization of value from our international operations. Among these risks are the uncertain consequences of Brexit, Russian sanctions and tariffs imposed on exports to and imports from China.
• Most retail sales of the products that we manufacture are financed, either by our joint ventures with Rabobank or by a bank or other private lender. Our joint ventures with Rabobank, which are controlled by Rabobank and are dependent upon Rabobank for financing as well, finance over 50% of the retail sales of our tractors and combines in the markets where the joint ventures operate. Any difficulty by Rabobank to continue to provide that financing, or any business decision by Rabobank as the controlling member not to fund the business or particular aspects of it (for example, a particular country or region), would require the joint ventures to find other sources of financing (which may be difficult to obtain), or us to find another source of retail financing for our customers, or our customers would be required to utilize other retail financing providers. As a result of the recent economic downturn, financing for capital equipment purchases generally has become more difficult in certain regions and in some cases, can be expensive to obtain. To the extent that financing is not available or available only at unattractive prices, our sales would be negatively impacted.
• Both AGCO and our finance joint ventures have substantial accounts receivable from dealers and end customers, and we would be adversely impacted if the collectability of these receivables was not consistent with historical experience; this collectability is dependent upon the financial strength of the farm industry, which in turn is dependent upon the general economy and commodity prices, as well as several of the other factors listed in this section.
• We have experienced substantial and sustained volatility with respect to currency exchange rate and interest rate changes, which can adversely affect our reported results of operations and the competitiveness of our products.
• Our success depends on the introduction of new products, particularly engines that comply with emission requirements, which requires substantial expenditures.
• Our production levels and capacity constraints at our facilities, including those resulting from plant expansions and systems upgrades at our manufacturing facilities, could adversely affect our results.
• Our expansion plans in emerging markets, including establishing a greater manufacturing and marketing presence and growing our use of component suppliers, could entail significant risks.
• Our business increasingly is subject to regulations relating to privacy and data protection, and if we violate any of those regulations or otherwise are the victim of a cyber attack, we could incur significant losses and liability.
• We depend on suppliers for components, parts and raw materials for our products, and any failure by our suppliers to provide products as needed, or by us to promptly address supplier issues, will adversely impact our ability to timely and efficiently manufacture and sell products. It remains unclear, how, if at all, the recent outbreak of the coronavirus will impact the agricultural industry, our suppliers, or our global operations.
• We are subject to raw material price fluctuations, which can adversely affect our manufacturing costs.
• We face significant competition, and if we are unable to compete successfully against other agricultural equipment manufacturers, we would lose customers and our net sales and profitability would decline.
• We have a substantial amount of indebtedness, and, as a result, we are subject to certain restrictive covenants and payment obligations that may adversely affect our ability to operate and expand our business.

Further information concerning these and other factors is included in AGCO’s filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2018 and subsequent Form 10-Qs. AGCO disclaims any obligation to update any forward-looking statements except as required by law.

* * * * *

About AGCO

AGCO (NYSE: AGCO) is a global leader in the design, manufacture and distribution of agricultural solutions and delivers high-tech solutions for farmers feeding the world through its full line of equipment and related services. AGCO products are sold through five core brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®, supported by Fuse® smart farming solutions. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of $9.0 billion in 2019. For more information, visit http://www.AGCOcorp.com. For company news, information and events, please follow us on Twitter: @AGCOCorp. For financial news on Twitter, please follow the hashtag #AGCOIR.

Please visit our website at www.namstec.com

AGCO CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited and in millions)
	December 31, 2019				December 31, 2018
ASSETS
Current Assets:
Cash and cash equivalents	$	432.8			$	326.1
Accounts and notes receivable, net	800.5				880.3
Inventories, net	2,078.7				1,908.7
Other current assets	417.1				422.3
Total current assets	3,729.1				3,537.4
Property, plant and equipment, net	1,416.3				1,373.1
Right-of-use lease assets	187.3				—
Investment in affiliates	380.2				400.0
Deferred tax assets	93.8				104.9
Other assets	153.0				142.4
Intangible assets, net	501.7				573.1
Goodwill	1,298.3				1,495.5
Total assets	$	7,759.7			$	7,626.4
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term debt	$	2.9			$	72.6
Short-term borrowings	150.5				138.0
Accounts payable	914.8				865.9
Accrued expenses	1,654.2				1,522.4
Other current liabilities	162.1				167.8
Total current liabilities	2,884.5				2,766.7
Long-term debt, less current portion and debt issuance costs	1,191.8				1,275.3
Operating lease liabilities	148.6				—
Pension and postretirement health care benefits	232.1				223.2
Deferred tax liabilities	107.0				116.3
Other noncurrent liabilities	288.7				251.4
Total liabilities	4,852.7				4,632.9
Stockholders’ Equity:
AGCO Corporation stockholders’ equity:
Common stock	0.8				0.8
Additional paid-in capital	4.7				10.2
Retained earnings	4,443.5				4,477.3
Accumulated other comprehensive loss	(1,595.2		)		(1,555.4		)
Total AGCO Corporation stockholders’ equity	2,853.8				2,932.9
Noncontrolling interests	53.2				60.6
Total stockholders’ equity	2,907.0				2,993.5
Total liabilities and stockholders’ equity	$	7,759.7			$	7,626.4
See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited and in millions, except per share data)
	Three Months Ended December 31,
	2019				2018
Net sales	$	2,513.6			$	2,592.2
Cost of goods sold	2,000.1				2,053.5
Gross profit	513.5				538.7
Selling, general and administrative expenses	272.4				272.5
Engineering expenses	89.1				88.0
Impairment charges	176.6				—
Amortization of intangibles	15.5				15.5
Restructuring expenses	6.0				1.9
Bad debt expense	3.7				1.7
(Loss) income from operations	(49.8		)		159.1
Interest expense, net	4.0				15.3
Other expense, net	20.1				17.1
(Loss) income before income taxes and equity in net earnings of affiliates	(73.9		)		126.7
Income tax provision	25.0				37.1
(Loss) income before equity in net earnings of affiliates	(98.9		)		89.6
Equity in net earnings of affiliates	9.3				8.0
Net (loss) income	(89.6		)		97.6
Net loss attributable to noncontrolling interests	1.3				1.1
Net (loss) income attributable to AGCO Corporation and subsidiaries	$	(88.3	)		$	98.7
Net (loss) income per common share attributable to AGCO Corporation and subsidiaries:
Basic	$	(1.17	)		$	1.28
Diluted	$	(1.17	)		$	1.26
Cash dividends declared and paid per common share	$	0.16			$	0.15
Weighted average number of common and common equivalent shares outstanding:
Basic	75.6				77.4
Diluted	75.6				78.6
See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited and in millions, except per share data)
	Years Ended December 31,
	2019				2018
Net sales	$	9,041.4			$	9,352.0
Cost of goods sold	7,057.1				7,355.3
Gross profit	1,984.3				1,996.7
Selling, general and administrative expenses	1,040.3				1,069.4
Engineering expenses	343.4				355.2
Impairment charges	176.6				—
Amortization of intangibles	61.1				64.7
Restructuring expenses	9.0				12.0
Bad debt expense	5.8				6.4
Income from operations	348.1				489.0
Interest expense, net	19.9				53.8
Other expense, net	67.1				74.9
Income before income taxes and equity in net earnings of affiliates	261.1				360.3
Income tax provision	180.8				110.9
Income before equity in net earnings of affiliates	80.3				249.4
Equity in net earnings of affiliates	42.5				34.3
Net income	122.8				283.7
Net loss attributable to noncontrolling interests	2.4				1.8
Net income attributable to AGCO Corporation and subsidiaries	$	125.2			$	285.5
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic	$	1.64			$	3.62
Diluted	$	1.63			$	3.58
Cash dividends declared and paid per common share	$	0.63			$	0.60
Weighted average number of common and common equivalent shares outstanding:
Basic	76.2				78.8
Diluted	77.0				79.7
See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in millions)
	Years Ended December 31,
	2019				2018
Cash flows from operating activities:
Net income	$	122.8			$	283.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	210.9				225.2
Impairment charges	176.6				—
Amortization of intangibles	61.1				64.7
Stock compensation expense	41.3				46.3
Equity in net earnings of affiliates, net of cash received	—				(3.2		)
Deferred income tax provision (benefit)	15.1				(14.7		)
Loss on extinguishment of debt	—				24.5
Other	6.9				2.6
Changes in operating assets and liabilities:
Accounts and notes receivable, net	63.8				63.3
Inventories, net	(216.3		)		(214.3		)
Other current and noncurrent assets	(14.4		)		(85.6		)
Accounts payable	35.7				(24.3		)
Accrued expenses	114.5				161.3
Other current and noncurrent liabilities	77.9				66.4
Total adjustments	573.1				312.2
Net cash provided by operating activities	695.9				595.9
Cash flows from investing activities:
Purchases of property, plant and equipment	(273.4		)		(203.3		)
Proceeds from sale of property, plant and equipment	4.9				3.2
Investment in unconsolidated affiliates	(3.1		)		(5.8		)
Other	—				0.4
Net cash used in investing activities	(271.6		)		(205.5		)
Cash flows from financing activities:
Repayments of indebtedness, net	(108.4		)		(176.1		)
Purchases and retirement of common stock	(130.0		)		(184.3		)
Payment of dividends to stockholders	(48.0		)		(47.1		)
Payment of minimum tax withholdings on stock compensation	(28.1		)		(4.0		)
Payment of debt issuance costs	(0.5		)		(2.7		)
Investments by noncontrolling interests, net	1.6				0.9
Net cash used in financing activities	(313.4		)		(413.3		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(4.2		)		(18.7		)
Increase (decrease) in cash, cash equivalents and restricted cash	106.7				(41.6		)
Cash, cash equivalents and restricted cash, beginning of year	326.1				367.7
Cash, cash equivalents and restricted cash, end of year	$	432.8			$	326.1
See accompanying notes to condensed consolidated financial statements.

 

AGCO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, in millions, except share amounts, per share data and employees)

1. STOCK COMPENSATION EXPENSE

The Company recorded stock compensation expense as follows (in millions):

	Three Months Ended December 31,								Years Ended December 31,
	2019				2018				2019				2018
Cost of goods sold	$	0.4			$	(0.4	)		$	1.7			$	2.3
Selling, general and administrative expenses	8.0				13.7				40.0				44.3
Total stock compensation expense	$	8.4			$	13.3			$	41.7			$	46.6

2. GOODWILL AND OTHER INTANGIBLES IMPAIRMENT CHARGES

During the three months ended December 31, 2019, the Company recorded a non-cash impairment charge of approximately $173.6 million within “Impairment charges” in the Company’s Condensed Consolidated Statements of Operations related to goodwill associated with its grain storage and protein production system operations (“grain and protein business”) in Europe/Middle East. As part of the Company’s annual impairment evaluation of goodwill, the Company concluded that it was more likely than not that the fair value of the reporting unit was less than its carrying amount. This was primarily as a result of a review of current and recently projected market conditions and operating results of the business. The quantitative goodwill impairment analysis was performed in accordance with the provisions of Accounting Standards Codification (“ASC”) 350, “Intangibles - Goodwill and Other” and Accounting Standards Update (“ASU”) 2017-04, “Simplifying the Test for Goodwill Impairment” (“ASU 2017 - 04”).

During the three months ended December 31, 2019, the Company also recorded a non-cash impairment charge of approximately $3.0 million within “Impairment charges” in the Company’s Condensed Consolidated Statements of Operations. The impairment charge related to certain long-lived intangible assets associated with the grain and protein business within Europe/Middle East and North America, due to the discontinuation of a certain brand name and related products and customers in accordance with ASC 360 “Impairment and Disposal of Long-Lived Assets.”

3. RESTRUCTURING EXPENSES

From 2014 through 2019, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities and administrative offices located in the U.S., Europe, South America, Africa and China in order to reduce costs in response to softening global market demand and lower production volumes. The aggregate headcount reduction was approximately 3,890 employees for the years 2014 to 2018. The Company had approximately $7.1 million of severance and related costs accrued as of December 31, 2018. During the year ended December 31, 2019, the Company recorded an additional $6.9 million of severance and related costs associated with these rationalizations, as well as the rationalization of its grain and protein business that was initiated during the fourth quarter of 2019. The restructuring expenses recorded during 2019 related to the termination of an additional 270 employees. During 2019, the Company paid approximately $7.3 million of severance and other related costs. The $6.9 million of expenses recorded during the year end December 31, 2019 included a $1.5 million write-down of property, plant and equipment. The remaining $4.8 million of accrued severance and other related costs as of December 31, 2019, inclusive of approximately $0.4 million of negative foreign currency translation impacts, are expected to be paid primarily during 2020.

In addition, during the three months ended December 31, 2019, the Company exited and sold it’s 50% interest in its USC, LLC joint venture to its joint venture partner for approximately $5.1 million. The operations of the joint venture were part of the Company’s grain storage and protein production system operations, and the decision to sell the Company’s 50% interest was a part of its overall rationalization activities of the grain storage and protein production systems operations discussed above. The Company recorded a loss of approximately $2.1 million associated with the sale, which was reflected within “Restructuring expenses” in the Company’s Condensed Consolidated Statements of Operations.

4. INDEBTEDNESS

Long-term debt at December 31, 2019 and 2018 consisted of the following (in millions):

	December 31, 2019				December 31, 2018
Senior term loan due 2022	$	168.1			$	171.5
Credit facility, expires 2023	—				114.4
1.002% Senior term loan due 2025	280.2				—
Senior term loans due between 2021 and 2028(1)	736.2				815.3
1.056% Senior term loan due 2020	—				228.7
Other long-term debt	12.5				20.6
Debt issuance costs	(2.3		)		(2.6		)
	1,194.7				1,347.9
Less:
Current portion of other long-term debt	(2.9		)		(8.8		)
Senior term loans due 2019	—				(63.8		)
Total indebtedness, less current portion	$	1,191.8			$	1,275.3

(1) Maturity date reflected as of December 31, 2019.

As of December 31, 2019 and 2018, the Company had short-term borrowings due within one year of approximately $150.5 million and $138.0 million, respectively.

5. INVENTORIES

Inventories at December 31, 2019 and 2018 were as follows (in millions):

	December 31, 2019				December 31, 2018
Finished goods	$	780.1			$	660.4
Repair and replacement parts	611.5				587.3
Work in process	213.4				217.5
Raw materials	473.7				443.5
Inventories, net	$	2,078.7			$	1,908.7

6. ACCOUNTS RECEIVABLE SALES AGREEMENTS

The Company had accounts receivable sales agreements that permit the sale, on an ongoing basis, of a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. As of December 31, 2019 and 2018, the cash received from receivables sold under the U.S., Canadian, European and Brazilian accounts receivable sales agreements was approximately $1.6 billion and $1.4 billion, respectively.

Losses on sales of receivables associated with the accounts receivable financing facilities discussed above, reflected within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $12.1 million and $42.4 million, respectively, during the three months and year ended December 31, 2019. Losses on sales of receivables associated with the accounts receivable financing facilities discussed above, reflected within “Other expense, net” in the Company’s Condensed Consolidated Statements of Operations, were approximately $11.8 million and $36.0 million, respectively, during the three months and year ended December 31, 2018.

The Company’s finance joint ventures in Europe, Brazil and Australia also provide wholesale financing directly to the Company’s dealers. As of December 31, 2019 and 2018, these finance joint ventures had approximately $104.3 million and $82.5 million, respectively, of outstanding accounts receivable associated with these arrangements. In addition, the Company sells certain trade receivables under factoring arrangements to other financial institutions around the world.

7. NET INCOME PER SHARE

A reconciliation of net (loss) income attributable to AGCO Corporation and subsidiaries and weighted average common shares outstanding for purposes of calculating basic and diluted net (loss) income per share for the three months and years ended December 31, 2019 and 2018 is as follows (in millions, except per share data):

	Three Months Ended December 31,								Years Ended December 31,
	2019				2018				2019				2018
Basic net (loss) income per share:
Net (loss) income attributable to AGCO Corporation and subsidiaries	$	(88.3	)		$	98.7			$	125.2			$	285.5
Weighted average number of common shares outstanding	75.6				77.4				76.2				78.8
Basic net (loss) income per share attributable to AGCO Corporation and subsidiaries	$	(1.17	)		$	1.28			$	1.64			$	3.62
Diluted net (loss) income per share:
Net (loss) income attributable to AGCO Corporation and subsidiaries	$	(88.3	)		$	98.7			$	125.2			$	285.5
Weighted average number of common shares outstanding	75.6				77.4				76.2				78.8
Dilutive stock-settled appreciation rights, performance share awards and restricted stock units	—				1.2				0.8				0.9
Weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net (loss) income per share	75.6				78.6				77.0				79.7
Diluted net (loss) income per share attributable to AGCO Corporation and subsidiaries	$	(1.17	)		$	1.26			$	1.63			$	3.58

The weighted average number of common shares and common share equivalents outstanding for purposes of computing diluted net loss per share above do not include the impact of dilutive stock-settled appreciation rights, performance share awards and restricted stock units for the three months ended December 31, 2019 as the impact would have been antidilutive. The number of shares excluded from the weighted average number of common shares and common share equivalents outstanding was approximately 1.1 million shares for the three months ended December 31, 2019.

8. SEGMENT REPORTING

The Company’s four reportable segments distribute a full range of agricultural equipment and related replacement parts. The Company evaluates segment performance primarily based on income from operations. Sales for each segment are based on the location of the third-party customer. The Company’s selling, general and administrative expenses and engineering expenses are charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income from operations for one segment may not be comparable to another segment. Segment results for the three months and years ended December 31, 2019 and 2018 are as follows (in millions):

Three Months Ended December 31,		North America				South America				Europe/ Middle East				Asia/ Pacific/Africa				Consolidated
2019
Net sales		$	540.5			$	220.9			$	1,515.3			$	236.9			$	2,513.6
Income (loss) from operations		7.1				(18.2		)		179.7				21.5				190.1
2018
Net sales		$	531.2			$	276.2			$	1,511.7			$	273.1			$	2,592.2
Income from operations		6.2				10.6				185.0				22.7				224.5

Years Ended December 31,		North America				South America				Europe/ Middle East				Asia/ Pacific/Africa				Consolidated
2019
Net sales		$	2,191.8			$	802.2			$	5,328.8			$	718.6			$	9,041.4
Income (loss) from operations		121.6				(39.4		)		638.2				43.4				763.8
2018
Net sales		$	2,180.1			$	959.0			$	5,385.1			$	827.8			$	9,352.0
Income (loss) from operations		103.1				(10.1		)		601.1				49.6				743.7

A reconciliation from the segment information to the consolidated balances for income from operations is set forth below (in millions):

	Three Months Ended December 31,								Years Ended December 31,
	2019				2018				2019				2018
Segment income from operations	$	190.1			$	224.5			$	763.8			$	743.7
Corporate expenses	(33.8		)		(34.3		)		(129.0		)		(133.7		)
Impairment charges	(176.6		)		—				(176.6		)		—
Amortization of intangibles	(15.5		)		(15.5		)		(61.1		)		(64.7		)
Stock compensation expense	(8.0		)		(13.7		)		(40.0		)		(44.3		)
Restructuring expenses	(6.0		)		(1.9		)		(9.0		)		(12.0		)
Consolidated (loss) income from operations	$	(49.8	)		$	159.1			$	348.1			$	489.0

RECONCILIATION OF NON-GAAP MEASURES

This earnings release discloses adjusted income from operations, adjusted net income, adjusted net income per share, net sales on a constant currency basis and free cash flow, each of which exclude amounts that are typically included in the most directly comparable measure calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). A reconciliation of each of those measures to the most directly comparable GAAP measure is included below.

The following is a reconciliation of reported income from operations, net income and net income per share to adjusted income from operations, net income and net income per share for the three months and years ended December 31, 2019 and 2018 (in millions, except per share data):

	Three Months Ended December 31,
	2019												2018
	Income From Operations				Net Income(1)(2)				Net Income Per Share(1)				Income From Operations				Net Income(1)				Net Income Per Share(1)(2)
As reported	$	(49.8	)		$	(88.3	)		$	(1.17	)		$	159.1			$	98.7			$	1.26
Impairment charges(3)	176.6				176.6				2.33				—				—				—
Restructuring expenses(4)	6.0				5.8				0.08				1.9				1.4				0.02
Swiss tax reform(5)	—				(21.8		)		(0.29		)		—				—				—
Extinguishment of debt(6)(7)	—				—				—				—				11.7				0.15
U.S. tax reform(8)	—				—				—				—				(8.5		)		(0.11		)
Weighted average share impact(9)	—				—				(0.01		)		—				—				—
As adjusted	$	132.8			$	72.2			$	0.94			$	161.0			$	103.3			$	1.31

(1)	Net income and net income per share amounts are after tax.
(2)	Rounding may impact summation of amounts.
(3)	During the three months ended December 31, 2019, the Company recorded impairment charges of approximately $176.6 million related primarily to its Europe/Middle East grain and protein business.
(4)	The restructuring expenses recorded during the three months ended December 31, 2019 related primarily to severance and other related costs associated with the Company’s rationalization of certain South American, U.S. and Chinese manufacturing operations and various administrative offices, as well as the rationalization of its grain and protein business. The restructuring expenses recorded during the three months ended December 31, 2018 related primarily to severance costs associated with the Company’s rationalization of certain European, South American and Chinese manufacturing operations and various administrative offices.
(5)	During the three months ended December 31, 2019, the Company recognized a one-time income tax gain associated with the finalization of Swiss federal tax reform.
(6)	During the three months ended December 31, 2018, the Company repurchased the remaining principal amount of approximately $114.1 million of its outstanding 57/8% senior notes. The repurchase resulted in a loss on extinguishment of debt of approximately $8.8 million, including associated fees, offset by approximately $1.7 million of accelerated amortization of the deferred gain related to a terminated interest rate swap instrument associated with the senior notes.
(7)	During the three months ended December 31, 2018, the Company repaid its outstanding term loan under its former revolving credit and term loan facility. The Company recorded approximately $0.7 million associated with the write-off of deferred debt issuance costs and a loss of approximately $3.9 million from a terminated interest rate swap instrument related to the term loan.
(8)	During the three months ended December 31, 2018, the Company finalized its calculations related to the December 2017 enactment of U.S. tax reform legislation and recorded a benefit of approximately $8.5 million.
(9)	The weighted average share impact represents the impact of including dilutive common stock equivalents (as described in Note 7 above) in the “As adjusted” earnings per share calculation.

	Years Ended December 31,
	2019												2018
	Income From Operations				Net Income(1)(2)				Net Income Per Share(1)(2)				Income From Operations				Net Income(1)(2)				Net Income Per Share(1)
As reported	$	348.1			$	125.2			$	1.63			$	489.0			$	285.5			$	3.58
Impairment charges(3)	176.6				176.6				2.29				—				—				—
Deferred income tax adjustment(4)	—				53.7				0.70				—				—				—
Restructuring expenses(5)	9.0				8.3				0.11				12.0				8.7				0.11
Swiss tax reform(6)	—				(21.8		)		(0.28		)		—				—				—
Extinguishment of debt(7)(8)	—				—				—				—				24.4				0.31
U.S. tax reform(9)	—				—				—				—				(8.5		)		(0.11		)
As adjusted	$	533.7			$	341.9			$	4.44			$	501.0			$	310.2			$	3.89

(1)	Net income and net income per share amounts are after tax.
(2)	Rounding may impact summation of amounts.
(3)	During the three months ended December 31, 2019, the Company recorded impairment charges of approximately $176.6 million related primarily to its Europe/Middle East grain and protein business.
(4)	During the three months ended September 30, 2019, the Company recorded a non-cash adjustment to establish a valuation allowance against its Brazilian net deferred income tax assets.
(5)	The restructuring expenses recorded during the year ended December 31, 2019 related primarily to severance and other costs associated with the Company’s rationalization of certain European, South American, U.S., Chinese and African manufacturing operations and various administrative offices, as well as the rationalization of its grain and protein business. The restructuring expenses recorded during the year ended December 31, 2018 related primarily to severance costs associated with the Company’s rationalization of certain U.S., European, South American and Chinese manufacturing operations and various administrative offices.
(6)	During the three months ended December 31, 2019, the Company recognized a one-time income tax gain associated with the finalization of Swiss federal tax reform.
(7)	During the year ended December 31, 2018, the Company repurchased approximately $300.0 million of its outstanding 57/8% senior notes. The repurchase resulted in a loss on extinguishment of debt of approximately $24.5 million, including associated fees, offset by approximately $4.7 million of accelerated amortization of the deferred gain related to a terminated interest rate swap instrument associated with the senior notes.
(8)	During the year ended December 31, 2018 the Company repaid its outstanding term loan under its former revolving credit and term loan facility. The Company recorded approximately $0.7 million associated with the write-off of deferred debt issuance costs and a loss of approximately $3.9 million from a terminated interest rate swap instrument related to the term loan.
(9)	During the year ended December 31, 2018, the Company finalized its calculations related to the December 2017 enactment of U.S. tax reform legislation and recorded a benefit of approximately $8.5 million.

The following tables set forth, for the three months and year ended December 31, 2019 and 2018, the impact to net sales of currency translation by geographical segment (in millions, except percentages):

	Three Months Ended December 31,											Change due to currency translation
	2019				2018				% change from 2018			$				%
North America	$	540.5			$	531.2			1.8	%		$	0.6			0.1	%
South America	220.9				276.2				(20.0	)%		(14.9		)		(5.4	)%
Europe/Middle East	1,515.3				1,511.7				0.2	%		(41.1		)		(2.7	)%
Asia/Pacific/Africa	236.9				273.1				(13.3	)%		(6.8		)		(2.5	)%
	$	2,513.6			$	2,592.2			(3.0	)%		$	(62.2	)		(2.4	)%

	Years Ended December 31,											Change due to currency translation
	2019				2018				% change from 2018			$				%
North America	$	2,191.8			$	2,180.1			0.5	%		$	(8.5	)		(0.4	)%
South America	802.2				959.0				(16.4	)%		(49.9		)		(5.2	)%
Europe/Middle East	5,328.8				5,385.1				(1.0	)%		(295.0		)		(5.5	)%
Asia/Pacific/Africa	718.6				827.8				(13.2	)%		(35.8		)		(4.3	)%
	$	9,041.4			$	9,352.0			(3.3	)%		$	(389.2	)		(4.2	)%

The following is a reconciliation of net cash provided by operating activities to free cash flow for the years ended December 31, 2019 and 2018 (in millions):

		2019				2018
Net cash provided by operating activities		$	695.9			$	595.9
Less: capital expenditures		(273.4		)		(203.3		)
Free cash flow		$	422.5			$	392.6

 



View source version on businesswire.com: https://www.businesswire.com/news/home/20200206005257/en/

Greg Peterson
Vice President, Investor Relations
770-232-8229
greg.peterson@agcocorp.com

]]> AGCO 非洲 亚洲 澳大利亚/新西兰 欧洲 中东 北美 南美洲 商业/金融 全球 周四，2020年2月6日12时49分59秒GMT AGCO推出芬特动量播种机北美 伊利诺伊州皮奥里亚（2020年1月30日） - 爱科集团（纽约证券交易所：AGCO），农业设备的全球制造商，引入了新的Fendt®动量™种植北美中耕作物生产。革命性的设计和多功能性这个播种机... https://news.agcocorp.com/news/agco-introduces-fendt-momentum-planter-to-north-america 爱科宣布季度股息 德卢斯，嘎AGCO，你的农机公司（纽约证券交易所：AGCO）是一家全球制造商和经销商农业设备和解决方案，宣布其董事会宣布每普通股$ 0.16定期季度股息支付... https://news.agcocorp.com/news/agco-announces-quarterly-dividend-6788702 。德卢斯，嘎AGCO，你的农机公司（纽约证券交易所：AGCO）是一家全球制造商和经销商农业设备和解决方案，公布的净销售额约为25十亿$ 2019年第四季度，大约减少了... https://news.agcocorp.com/news/agco-reports-fourth-quarter-results-6789983 周四，2020年2月6日12:30:00 GMT https://www.agrinews-pubs.com/2020/02/05/precision-dealers-handled-2019-with-technology/az7c89r/ 新闻 <！[CDATA []]> AGCO 北美 技术 经销商/分销 农民专业 精准农业技术 全球 智能农业 周五，2020年2月7日16时29分03秒GMT 当谈到卖产品，销售人员往往被要求把他们的钱，他们的嘴巴，并试用该产品本身。在狼农场精度的情况下，像其他种植精密经销商总理，那也没问题。 AgriNews https://www.agrinews-pubs.com/2020/02/05/precision-dealers-handled-2019-with-technology/az7c89r/ 星期三，2020年2月5日16时26分零零秒GMT https://www.farmweekly.com.au/story/6593962/fendt-launches-its-biggest-hay-tool-range/ 新闻 <！[CDATA []]> AGCO 芬特 澳大利亚/新西兰 干草和饲料 全球 星期二，2020年1月28日14点42分46秒GMT FENDT已经推出了其史上最大阵容的干草工具，为澳大利亚市场。 农场周刊 https://www.farmweekly.com.au/story/6593962/fendt-launches-its-biggest-hay-tool-range/ 星期二，2020年1月28日14:38:00 GMT https://www.fendt.com/int/700-series-gets-operating-concept-fendtone-as-standard-for-a.html 发布 <！[CDATA []]> 芬特 AGCO 欧洲 技术 拖拉机及器具 全球 星期二，2020年1月28日14时58分59秒GMT

在新的经营理念FendtONE链接熟悉的拖拉机控制与传统上基于办公室的任务。以及在AGRITECHNICA展示了Profi的+版本，FendtONE现在开机，+和Profi的型号。这包括在AGRITECHNICA提出的扶手，完全用新的多功能操纵杆和自由分配的按钮。的芬特700 VARIO符合欧洲排放第五阶段。 https://www.fendt.com/int/700-series-gets-operating-concept-fendtone-as-standard-for-a.html 周一，2020年1月27日15:10:00 GMT http://smilepolitely.com/culture/tech_meets_ag_at_the_agco_hackathon/ 新闻 <！[CDATA []]> AGCO 北美 技术 精准农业技术 全球 2020年1月28日星期二14:50:54 GMT 本周末是第二届AGCO加速编程马拉松 - 这将在国家大剧院将发生超级计算机应用 - 在学生走到一起带来技术创新对农业的世界的挑战。AGCO是，“在设计，制造和农业解决方案分销的全球领导者。 微笑礼貌 http://smilepolitely.com/culture/tech_meets_ag_at_the_agco_hackathon/ 周一，2020年1月27日十四点48分00秒GMT https://www.dtnpf.com/agriculture/web/ag/blogs/machinerylink/blog-post/2020/01/27/fendts-better-idea 新闻 <！[CDATA []]> AGCO 芬特 北美 技术 农民专业 作物护理/播种耕整 精耕细作 全球 智能农业 星期二，2020年1月28日十四点47分14秒GMT 这不是每天工程师们开始一个空白的电脑屏幕和设计设备的从地上爬起来一个新的作品。该AGCO播种队的任务是开始以“全新设计”为建立在全球平台播种机。 进步农夫 https://www.dtnpf.com/agriculture/web/ag/blogs/machinerylink/blog-post/2020/01/27/fendts-better-idea 周一，2020年1月27日14:43:00 GMT https://www.fendt.com/int/new-generation-for-all-models-of-the-fendt-300-vario-series.html 发布 <！[CDATA []]> 芬特 AGCO 拖拉机及器具 全球 星期二，2020年1月28日十四时56分47秒GMT

在更加需要明确的控制和更大的功能范围现在扩展到其他拖拉机，包括芬特300 VARIO系列。其结果是，最高端的型号芬特314 VARIO在AGRITECHNICA 2019推出后，现在可以订购整个芬特300 VARIO系列的新经营理念FendtONE。 https://www.fendt.com/int/new-generation-for-all-models-of-the-fendt-300-vario-series.html 周一，2020年1月27日14:06:00 GMT https://www.agweb.com/article/perfect-planter-agco-uses-blank-canvas-paint-new-planter-design 新闻 <！[CDATA []]> AGCO 芬特 北美 技术 作物护理/农 农民专业 精准农业技术 作物护理/播种耕整 精耕细作 全球 星期四，2020年1月23日19时55分55秒GMT 爱科集团的新FENDT动量播种机包括拥抱地面和移动，丘陵和农田等的变化转变垂直轮廓的工具栏。 公司网站 https://www.agweb.com/article/perfect-planter-agco-uses-blank-canvas-paint-new-planter-design 星期四，2020年1月23日19点50分00秒GMT https://www.oemoffhighway.com/engineering-manufacturing/software/article/21111403/overcoming-design-challenges-with-simulation 新闻 <！[CDATA []]> AGCO ROGATOR / TerraGator 技术 全球 星期四，2020年1月23日十四点39分45秒GMT 重型设备制造商正在使用数字工具在开发过程的早期最大限度地提高可操作性，效率，安全性和舒适性。 OEM非公路 https://www.oemoffhighway.com/engineering-manufacturing/software/article/21111403/overcoming-design-challenges-with-simulation 星期二，2020年1月21日14:37:00 GMT https://www.oemoffhighway.com/market-analysis/industry-news/agriculture/press-release/21111381/agco-agco-to-build-new-state-of-the-art-manufacturing-facility-in-法国 新闻 <！[CDATA []]> AGCO 麦赛福格森 技术 拖拉机及器具 全球 星期四，2020年1月23日14点32分45秒GMT 爱科计划建设一个行业4.0网站，将帮助它满足其农业设备不断增长的需求。 OEM非公路 https://www.oemoffhighway.com/market-analysis/industry-news/agriculture/press-release/21111381/agco-agco-to-build-new-state-of-the-art-manufacturing-facility-in-法国 星期二，2020年1月21日14:29:00 GMT