2020年，Fendt将在德国参加更多的贸易展会和活动，在国际上和全球范围内比以往任何时候都要多。随着巴黎国际农业博览会(SIMA)从2021年春季提前至2020年秋季，以及慕尼黑中央农业节(Central Agricultural Festival)的到来，2020年的交易会日程看起来确实非常繁忙。Fendt还计划在2020年夏天进行为期几个月的欧洲巡演，最终在Agritechnica推出新的Fendt 300 Vario和Fendt 700 Vario系列，以及FendtONE系统。考虑到如此繁忙的日程，主办方Saaten-Union GmbH和AGCO/Fendt决定将Wadenbrunn下一次Fendt田径日推迟到2022年
AGCO，您的农业公司（纽约证券交易所：AGCO），一家全球农业设备和解决方案制造商和分销商，报告2019年第四季度净销售额约为25亿美元，与2018年第四季度相比下降约3.0%。报告2019年第四季度净亏损为每股1.17美元，调整后净收入（3），不包括非现金减值费用、重组费用和税收收益，每股为0.94美元。相比之下，2018年第四季度报告的每股净收入为1.26美元，调整后的每股净收入为1.31美元，不包括重组费用、债务退休成本和美国税收改革福利。不包括UNVAV可预见货币折算影响约为2.4%，2019年第四季度的净销售额较2018年第四季度下降约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，主要与该公司的欧洲谷物和蛋白质业务。
2019年全年的净销售额约为90亿美元，与2018年相比减少了约3.3%。除去不利的货币折算影响（约4.2%），2019年全年的净销售额与201年相比增加了约0.8%8.2019年全年，报告净收入为每股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及收益，每股为4.44美元。这些结果与2018年报告的每股3.58美元净收入和调整后的每股3.89美元净收入（不包括重组费用、债务退休成本和美国税改福利）相比。
高ights- 报告的第四季度区域销售结果（1）：欧洲/中东（&ldquo；EME&rdquo；）0.2%，北美1.8%，南美洲（20.0%），亚太/非洲（&ldquo；APA&rdquo；）（13.3）
- 固定货币第四季度区域销售结果（1）（2）（3）：欧洲、中东和非洲3.0%，北美1.6%，南美14.6%，亚太地区10.8%%
- 第四季度调整后每股收益受到以下因素的负面影响：EME、APA和南美市场需求较预期疲软；较高的保修费用；谷物和蛋白质设备的品牌和产品合理化成本以及较高的有效税率
- 保修费用相比增加了约2300万美元d至2018年第四季度，主要由于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，用于降低复杂性和改进产品供应，由此产生约6.96亿美元的现金流2019年的运营和约4.23亿美元的自由现金流（3）股份回购计划使2019年的流通股减少了约180万股
- 2020年全年盈利预测仍在每股5.00美元至5.20美元之间>与2018年第四季度相比，
（1）。
<2）
（3）请参见附录中的非公认会计原则措施调整。
“AGCO的第四季度业绩反映了挑战性市场条件的影响，特别是在欧洲和南美洲，”AGCO的主席、总裁兼首席执行官Martin Richenhagen说ion，我们的业绩受到比预期更高的新产品保修成本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，但我们在利润率提高方面取得了坚实的进展，并实现了调整后的利润增长和强劲的现金流l年。我们仍处于有利地位，将继续投资于优质技术、智能农业解决方案和增强的客户数字能力，以提高我们的全球市场地位。展望2020年，我们预计全球市场需求将相对持平，利润增长将推动收入进一步提高在定价、采购、工厂生产率和新产品开发等领域，我的目标是。随着我们进入新的十年，我对我们的行业和未来充满信心GCO’s long-term strategies to deliver growth and improved returns.”
Market Update
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
translationNorth 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
translationNorth 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 6th. 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 EastAsia/
Pacific/AfricaConsolidated
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 EastAsia/
Pacific/AfricaConsolidated
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
OperationsNet
Income(1)(2)Net Income
Per Share(1)Income From
OperationsNet
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
OperationsNet
Income(1)(2)Net Income
Per Share(1)(2)Income From
OperationsNet
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
新的操作概念fendtone将熟悉的拖拉机控件链接到传统上是基于办公室的任务。除了在Agritechnica展示的Profi +版本，Fendtone现在可以在电源，电源+和Profi型号上提供。包括在Agritechnica颁发的扶手，配有新的多功能操纵杆和可自由分配的按钮。Fendt 700 Vario符合欧洲排放阶段v。
“我们很高兴履行一年前在博韦3号物流中心开幕式上做出的承诺，宣布从2019年9月19日起收购隔壁ex Froneri场地的15.7公顷，以巩固我们在博韦的业务，”主席、总裁兼首席执行官Martin Richenhagen说AGCO Corporation的执行官。
&ldquo；通过这次新收购，我们现在正考虑在开发尖端工业4.0网站的同时再投资4000万欧元。这将在2018年9月博韦3已经创造的100多个就业岗位的基础上增加200个新的可持续就业岗位。在新投资计划结束时在我看来，AGCO将为其当地的博韦社区创造300个新的就业机会，因为我们打算让博韦成为麦赛-弗格森品牌的全球总部。
收购15.7公顷的ex Froneri场地，其中包括4.5公顷的建筑，这表明AGCO对继续投资的强烈兴趣，这将使麦赛-弗格森能够与我合作et对其直观可靠的设备的需求不断增长。
该扩展将通过垂直整合支持新活动的整合，包括：
- 拖拉机定制车间为我们的客户提供更广泛的选择，安装特定的定制设备和配件退出生产线，以满足任何单个客户的需求，得益于所获得的原型零件3D打印专业知识，用于生产小型系列、复杂和定制零件，以支持拖拉机定制车间ty将于2020年2月开始生产塑料零件，并于2021年开始生产金属零件。液压管道的内部生产目前由欧洲和亚洲的供应商外包。我们的目标是在博韦生产这些软管，集成先进的生产、质量控制和斯道拉技术ge-ndash；这项活动将于2020年4月开始
- 齿轮箱再制造，为客户提供一种成本效益高的全新替代品。再制造的齿轮箱将与原始设备制造商一样出厂，并按照相同的规格重新制造（原始设备制造商）标准。
这一额外空间还将允许AGCO推出一系列新的农业机械，这是公司为麦赛福格森发展计划的一个关键部分。麦赛福格森自2015年以来推出了18个新的拖拉机系列，到2023年将推出10个新的拖拉机系列，以满足农民的不同需求ng将投资于简单可靠的设备。该项目将允许AGCO通过以下方式加速创新：
- 利用当地商业环境，与供应商保持密切联系将促进更高效的“准时”生产方法，这将有助于在整个制造过程中提升价值，优化新产品设计和测试的可用资源，通过改进研发中心加快上市时间。
- 将博韦综合大楼重新定义为麦赛福格森公司的扩展卓越中心squo的拖拉机工程和制造通过提供必要的空间来提高质量、加速研发和从单个站点推出创新
- 通过更高效的站点结构推动更大的价值，使公司能够重新定位其工程和采购活动，currentl“梅西·福格森是一个世界领先的拖拉机品牌，已经有60多年的历史了，”马丁·里森哈根评论道，“梅西·福格森在法国博韦制造拖拉机已有60多年的历史。”法国上奥伊斯博韦斯gglo du BOUAVISIS和代表当地法国政府的法国上奥伊斯公共关系内阁一直是AGCO的支持来源，也是我们作为皮卡迪地区最大私人雇主的地位。这不是巧合。他们创造了一个有利于商业的环境，使洛杉矶成为可能rge国际companies such as AGCO to invest in France. This new, single unified site presents opportunities for AGCO and Massey Ferguson to implement growth plans, previously limited by a lack of space,” adds Martin Richenhagen.
“After refurbishment, the newly created and unified Massey Ferguson Centre of Excellence for Engineering and Manufacturing will cover a total area of 54ha and employ up to 2,500 people, including in its GIMA and AGCO Finance joint ventures. This project will create the conditions for the revitalisation of the area’s economic activity by creating new jobs. More than €250 million has been invested in Beauvais in the past eight years. Our growth strategy is gaining momentum, and the proximity and availability of a skilled workforce makes this new investment programme even more compelling,” concludes Martin Richenhagen.
The single, unified Beauvais campus will encompass the full design, build, testing and manufacture of new models, and it is the Company’s intention to ramp up the site’s production volumes to 18,000 tractors/year to meet market demand.
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 $9.4 billion in 2018. 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.
]]> - 通过更高效的站点结构推动更大的价值，使公司能够重新定位其工程和采购活动，currentl“梅西·福格森是一个世界领先的拖拉机品牌，已经有60多年的历史了，”马丁·里森哈根评论道，“梅西·福格森在法国博韦制造拖拉机已有60多年的历史。”法国上奥伊斯博韦斯gglo du BOUAVISIS和代表当地法国政府的法国上奥伊斯公共关系内阁一直是AGCO的支持来源，也是我们作为皮卡迪地区最大私人雇主的地位。这不是巧合。他们创造了一个有利于商业的环境，使洛杉矶成为可能rge国际companies such as AGCO to invest in France. This new, single unified site presents opportunities for AGCO and Massey Ferguson to implement growth plans, previously limited by a lack of space,” adds Martin Richenhagen.
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True mountaineer is a versatile specialist
它是专门为那些在山区和挑战性地形、野外或农家院子周围工作的人设计的，具有高规格的稳定性和舒适性。它也完美的工作在大型葡萄酒应用以及林业，市政和市容应用。
拖拉机配备梅西弗格森的“高效”专业拖拉机高规格，包括更大的液压流量，独特的电子多功能操纵杆和电子控制的连接和滑阀。
宽敞舒适的1.4米宽驾驶室有两种格式，以适应所有的操作。 As standard, with a flat floor, this measures 2.53m high, while this can be reduced to just 2.44m with the low profile option on 420/85 R30 tyres. All MF 3700 AL models are powered by a straightforward 3.4 litre, four-cylinder engine that does not require any AdBlue. Depending on model, this generates 75hp, 85hp and 95hp on the MF 3709 AL.
Massey Ferguson’s sector-leading 24/12 PowerShuttle transmission, equipped with SpeedShift – a two-speed powershift - is standard on all models. This provides eight clutchless changes in three ranges, which are changed simply using buttons on the gear lever.
The unique Multifunction joystick also provides comprehensive transmission and hydraulic control. Mounted on the right-hand console, this operates the front linkage, spool valves and transmission functions including direction changes, powershift steps and a declutch button.
Its strong chassis and 3t capacity, electronically operated three-point linkage make the MF 3700 AL Series strong in-field performers. A 540/540E PTO is standard, while a number of options make it suitable to power a range of implements, including those requiring a ground-speed PTO.
With a maximum flow of 95 litres/min dedicated to the auxiliary hydraulics, there is plenty of hydraulic performance to operate a loader and to power the most modern implements. Two electro-hydraulic spool valves are standard, while there is an option for up to four, including front and mid-mounting points.
“这个奖项是对梅西弗格森在博韦的每一个人的认可，他们贡献了他们的技能和经验，以创造创新的，低成本的和易于操作的拖拉机。这个团队创造了高功率四缸拖拉机的概念，并且是第一个将其提高到200马力的团队。
“新的MF 6700s系列采取了进一步的概念。由于其紧凑的尺寸、卓越的动力重量比和最紧凑的转弯圈，拖拉机结合了最高的性能和最佳的经济性。”他补充道。梅西·弗格森将最新技术和经过良好验证的设计结合在一起，以确保新型MF 6700s拖拉机在拥有成本低的情况下提供更高的性能。< / p >
Five models, from 135hp to 180hp, all benefit from Engine Power Management (EPM), which boosts power up to 20hp, which at 200hp makes the MF 6700 S the most powerful four-cylinder tractor in the world. Thanks to the advanced maintenance-free ‘All-in-One’ after-treatment system the engines comply with the strict Stage V regulations.
The only changed is a new soot catalyst and the entire system is externally mounted, retaining the superb visibility over the slim, narrow bonnet. Indeed, the exhaust pipe is now slimmer than before.
Straightforward servicing reduces running costs with long service intervals - 600 hours for the engine and 1,800 hours for the transmission. New automatic hydraulic tappet adjustment further cuts costs, with the maintenance-free system saving up to €1,950 over 2,400 hours.
from left to right – Eric Hansotia – Senior Vice-President, Chief Operating Officer AGCO Corporation, Francesco Quaranta, Vice-President Sales & Marketing Massey Ferguson EME, Thierry Lhotte, Vice-President & Managing Director Massey Ferguson EME, Torsten Dehner – Senior Vice President & General Manager, AGCO EME (effective January, 1st 2020), Francesco Murro, Director Marketing Massey Ferguson EME
All MF 6700 S Stage V models come with a choice of either the Dyna-VT continuously variable transmission (CVT) or the new Dyna-6 Super-Eco. This latest version of the well-regarded semi-powershift enables the tractors to achieve road speeds of up to 40km/hr at just 1,500rpm, resulting in significant fuel savings.
For optimum control is the Dyna-VT, which enables operators to set any forward speed at any engine rpm to maximise productivity, increase efficiency and improve work quality. It operates in intuitive driving modes that are easy to adjust to suit all tasks and conditions. The latest Super Eco version reduces fuel consumption by achieving 40km/hr road speeds at just 1,450rpm.
Massey Ferguson’s latest Datatronic 5, 9” touch-screen terminal is standard in the Exclusive specification and an option on the Efficient models. This easy to use ISOBUS compatible terminal offers tablet-style operation, enabling operators to access and change settings quickly and easily.
As well as providing full tractor and implement control, Datatronic 5 can also build into a comprehensive precision farming suite to include MF Guide to MF Section Control and MF Rate Control.
Alternatively, the Fieldstar 5 option is available on Essential and Efficient specifications. This uses the same intuitive touch-screen terminal to deliver ISOBUS compatibility as well as being able
Fendt 900 Vario于11月12日在2020年颁奖典礼上挑选了两次奖品。Fendt为新Fendt 900 Vario赢得了高马力拖拉机类别的Audience Choice奖（前所是观众奖）和机器。
AGCO将继续超过farmers s’随着数字客户体验计划(DCX)的贡献，人们的期望越来越高。该业务转型计划正在开发新的方式，通过显著改善AGCO及其分销合作伙伴的参与流程，为我们的客户提供最佳体验。DCX正利用新技术的力量，打造整合的数字平台，以支持AGCO&rsquo核心品牌的数字战略。< / p >
The DCX program is enhancing the complete customer journey, starting from when customers learn about AGCO’s products and farming solutions through their entire performance life cycle. From their smartphones, tablets and desktops, customers will have new ways to interact with their brand, from the convenience of their home or on the move. They will be able to learn about new solutions available for their farms, configure their machines to suit their requirements, manage their fleet and purchase services and accessories, a breakthrough in the agricultural OEM industry. A new and modern collaborative eCommerce platform will make ordering parts to their preferred dealer even easier.
The new solutions will also ensure a consistent, high-quality and more effective selling process for AGCO’s distribution partners. Together with its dealers, AGCO will be able to continuously improve value propositions to the customers based on analytics. If customers give permissions and consent to access and use their data, dealers will be able to reach new customer segments and offer tailored, relevant solutions to them, identifying immediate needs, and anticipating them throughout the customer journey.
Agritechnica 2019 will be an opportunity for AGCO’s visitors to get a taste of new digital products and services. Successfully presented to the press and dealer network in July, FendtOne will be showed at the exhibition in Hannover. FendtOne is a unique platform that seamlessly connects the office with machines, merges them into a new operating unit, and offers an unprecedented, integrated user experience. The platform will be available for Fendt customers in Germany, France and the UK from March 2020.
Valtra will demonstrate the Customer Portal, an easy to use online platform that allows customers to manage their business seamlessly and access all the information they need to connect with their dealers and brand. Early this year, Valtra has launched this new product for a select set of customers in the UK and will roll it out to the German market after Agritechnica.
Massey Ferguson has recently embraced a new digital approach, to provide an immersive, meaningful and seamless, Zero Distance® Experience to its business partners and customers improving their productivity and close connection with the Massey Ferguson brand. MyMF, the brand-new Customer Portal, is only one of the results of this new journey and will be available in the UK from the first half of 2020, followed by a roll-out in Germany and France.
During the next year, the DCX program team will continue to develop digital solutions for the rest of Europe and Middle East (EME) markets and the other AGCO regions, starting with Asia-Pacific (APA). The creative hub supporting digital operations will continue to be Marktoberdorf, where the team will positively transform the customer journey through the development of the new best-in-class digital ecosystem, bringing new opportunities to AGCO, its core brands, dealers and customers, making business easier, faster and more efficient globally.
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 $9.4 billion in 2018. 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