Sei sulla pagina 1di 36

A Progressive Digital Media business

MarketLine Industry Profile

Agricultural
Machinery in
Germany
October 2015

Reference Code: 0165-0824

Publication Date: October 2015

WWW.MARKETLINE.COM
MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1


EXECUTIVE SUMMARY
Market value
The German agricultural machinery market shrank by 3.7% in 2014 to reach a value of $3,267.4 million.

Market value forecast


In 2019, the German agricultural machinery market is forecast to have a value of $3,323.5 million, an increase of 1.7%
since 2014.

Market volume
The German agricultural machinery market shrank by 4.9% in 2014 to reach a volume of 36.4 thousand units.

Market volume forecast


In 2019, the German agricultural machinery market is forecast to have a volume of 34.1 thousand units, a decrease of
6.4% since 2014.

Category segmentation
Tractors >50 hp is the largest segment of the agricultural machinery market in Germany, accounting for 81.6% of the
market's total volume.

Geography segmentation
Germany accounts for 17.8% of the European agricultural machinery market value.

Market rivalry
Manufacturers may sell primarily to dealers, but are likely to experience strong pull-through of demand from end-users.
Even in developed economies with a high degree of farm mechanization, the agricultural sector tends to be fragmented,
reducing buyer power. Manufacturers may value long-term supplier partnerships, to assure them of high quality raw
materials, which strengthens supplier power. New entrants will find it difficult to challenge the position of the small
number of large, established manuacturers of agricultural machinery. The main substitute for machinery is labor, but
especially in developed economies, this does not pose a major threat to sales of machinery.

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2


TABLE OF CONTENTS
Executive Summary ....................................................................................................................................................... 2

Market value............................................................................................................................................................... 2

Market value forecast ................................................................................................................................................. 2

Market volume............................................................................................................................................................ 2

Market volume forecast .............................................................................................................................................. 2

Category segmentation .............................................................................................................................................. 2

Geography segmentation ........................................................................................................................................... 2

Market rivalry.............................................................................................................................................................. 2

Market Overview ............................................................................................................................................................ 7

Market definition ......................................................................................................................................................... 7

Market analysis .......................................................................................................................................................... 7

Market Data ................................................................................................................................................................... 8

Market value............................................................................................................................................................... 8

Market volume............................................................................................................................................................ 9

Market Segmentation ................................................................................................................................................... 10

Category segmentation ............................................................................................................................................ 10

Geography segmentation ......................................................................................................................................... 11

Market Outlook ............................................................................................................................................................. 12

Market value forecast ............................................................................................................................................... 12

Market volume forecast ............................................................................................................................................ 13

Five Forces Analysis .................................................................................................................................................... 14

Summary .................................................................................................................................................................. 14

Buyer power ............................................................................................................................................................. 15

Supplier power ......................................................................................................................................................... 16

New entrants ............................................................................................................................................................ 17

Threat of substitutes................................................................................................................................................. 18

Degree of rivalry ....................................................................................................................................................... 19

Leading Companies ..................................................................................................................................................... 20

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3


AGCO Corporation ................................................................................................................................................... 20

CNH Industrial N.V. .................................................................................................................................................. 23

Deere & Company.................................................................................................................................................... 26

Same Deutz-Fahr Group S.p.A. ............................................................................................................................... 30

Macroeconomic Indicators ........................................................................................................................................... 31

Country Data ............................................................................................................................................................ 31

Methodology................................................................................................................................................................. 33

Industry associations ................................................................................................................................................ 34

Related MarketLine research ................................................................................................................................... 34

Appendix ...................................................................................................................................................................... 35

About MarketLine ..................................................................................................................................................... 35

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4


LIST OF TABLES
Table 1: Germany agricultural machinery market value: $ million, 201014 .................................................................. 8

Table 2: Germany agricultural machinery market volume: thousand units, 201014 ..................................................... 9

Table 3: Germany agricultural machinery market category segmentation: thousand units, 2014 ................................ 10

Table 4: Germany agricultural machinery market geography segmentation: $ million, 2014 ....................................... 11

Table 5: Germany agricultural machinery market value forecast: $ million, 201419 .................................................. 12

Table 6: Germany agricultural machinery market volume forecast: thousand units, 201419 ..................................... 13

Table 7: AGCO Corporation: key facts ......................................................................................................................... 20

Table 8: AGCO Corporation: key financials ($) ............................................................................................................ 21

Table 9: AGCO Corporation: key financial ratios ......................................................................................................... 21

Table 10: CNH Industrial N.V.: key facts ...................................................................................................................... 23

Table 11: CNH Industrial N.V.: key financials ($) ......................................................................................................... 24

Table 12: CNH Industrial N.V.: key financial ratios....................................................................................................... 24

Table 13: Deere & Company: key facts ........................................................................................................................ 26

Table 14: Deere & Company: key financials ($) ........................................................................................................... 28

Table 15: Deere & Company: key financial ratios ........................................................................................................ 28

Table 16: Same Deutz-Fahr Group S.p.A.: key facts ................................................................................................... 30

Table 17: Germany size of population (million), 201014 ............................................................................................ 31

Table 18: Germany gdp (constant 2005 prices, $ billion), 201014 ............................................................................. 31

Table 19: Germany gdp (current prices, $ billion), 201014 ........................................................................................ 31

Table 20: Germany inflation, 201014 ......................................................................................................................... 32

Table 21: Germany consumer price index (absolute), 201014 ................................................................................... 32

Table 22: Germany exchange rate, 201014 ............................................................................................................... 32

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5


LIST OF FIGURES
Figure 1: Germany agricultural machinery market value: $ million, 201014 ................................................................. 8

Figure 2: Germany agricultural machinery market volume: thousand units, 201014 .................................................... 9

Figure 3: Germany agricultural machinery market category segmentation: % share, by volume, 2014 ....................... 10

Figure 4: Germany agricultural machinery market geography segmentation: % share, by value, 2014 ....................... 11

Figure 5: Germany agricultural machinery market value forecast: $ million, 201419 ................................................. 12

Figure 6: Germany agricultural machinery market volume forecast: thousand units, 201419 .................................... 13

Figure 7: Forces driving competition in the agricultural machinery market in Germany, 2014 ..................................... 14

Figure 8: Drivers of buyer power in the agricultural machinery market in Germany, 2014 ........................................... 15

Figure 9: Drivers of supplier power in the agricultural machinery market in Germany, 2014 ....................................... 16

Figure 10: Factors influencing the likelihood of new entrants in the agricultural machinery market in Germany, 2014 17

Figure 11: Factors influencing the threat of substitutes in the agricultural machinery market in Germany, 2014 ......... 18

Figure 12: Drivers of degree of rivalry in the agricultural machinery market in Germany, 2014 ................................... 19

Figure 13: AGCO Corporation: revenues & profitability ................................................................................................ 22

Figure 14: AGCO Corporation: assets & liabilities........................................................................................................ 22

Figure 15: CNH Industrial N.V.: revenues & profitability ............................................................................................... 25

Figure 16: CNH Industrial N.V.: assets & liabilities....................................................................................................... 25

Figure 17: Deere & Company: revenues & profitability ................................................................................................ 28

Figure 18: Deere & Company: assets & liabilities ........................................................................................................ 29

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 6


MARKET OVERVIEW
Market definition
For the purposes of this profile, the agricultural machinery market consists of sales of new tractors, above and below 50
HP, and new combine harvesters, valued at MSP. All currency conversions were calculated at constant average annual
2014 exchange rates.

For the purposes of this report, North America consists of Canada, Mexico, and the United States.

South America comprises Argentina, Brazil, Chile, Colombia, and Venezuela.

Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.

Scandinavia comprises Denmark, Finland, Norway, and Sweden.

Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.

Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.

The global market consists of North America, South America, Europe, Asia-Pacific, Middle East, South Africa and
Nigeria

Market analysis
Considering the maturity of the market, demand for agricultural machinery grew strongly overall during the years 2010-
2014. This is unlikely to persist going forward to 2019.

The German agricultural machinery market had total revenues of $3,267.4m in 2014, representing a compound annual
growth rate (CAGR) of 10.3% between 2010 and 2014. In comparison, the French and UK markets grew with CAGRs of
5.6% and 3.7% respectively, over the same period, to reach respective values of $2,756.6m and $2,781.9m in 2014.

Market consumption volume increased with a CAGR of 7.8% between 2010-2014, to reach a total of 36.4 thousand units
in 2014. The market's volume is expected to fall to 34.1 thousand units by the end of 2019, representing a compound
annual rate of change (CARC) of -1.3% for the 2014-2019 period.

A major driver of demand in Germany is farm incomes, which can fluctuate according to the prices of agricultural
commodities, government payments and other factors. The European Union's Common Agricultural Policy plans a
EUR8.3 bn ($11.1 bn) investment in German agriculture over the 2014-2020 period, which may permit more spending on
agricultural machinery than is predicted from past performance.

Tractors >50 HP sales had the highest volume in the German agricultural machinery market in 2014, with total sales of
29.7 thousand units, equivalent to 81.6% of the market's overall volume. In comparison, sales of tractors <50 HP had a
volume of 4.2 thousand units in 2014, equating to 11.6% of the market total.

The performance of the market is forecast to decelerate, with an anticipated CAGR of 0.3% for the five-year period 2014
- 2019, which is expected to drive the market to a value of $3,323.5m by the end of 2019. Comparatively, the French and
UK markets will grow with CAGRs of 7.3% and 1% respectively, over the same period, to reach respective values of
$3,928.9m and $2,917.6m in 2019.

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 7


MARKET DATA
Market value
The German agricultural machinery market shrank by 3.7% in 2014 to reach a value of $3,267.4 million.

The compound annual growth rate of the market in the period 201014 was 10.3%.

Table 1: Germany agricultural machinery market value: $ million, 201014

Year $ million million % Growth


2010 2,209.1 1,664.6
2011 2,900.4 2,185.5 31.3%
2012 3,306.5 2,491.5 14.0%
2013 3,392.4 2,556.2 2.6%
2014 3,267.4 2,462.0 (3.7%)

CAGR: 201014 10.3%

SOURCE: MARKETLINE MARKETLINE

Figure 1: Germany agricultural machinery market value: $ million, 201014

SOURCE: MARKETLINE MARKETLINE

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 8


Market volume
The German agricultural machinery market shrank by 4.9% in 2014 to reach a volume of 36.4 thousand units.

The compound annual growth rate of the market in the period 201014 was 7.8%.

Table 2: Germany agricultural machinery market volume: thousand units, 201014

Year thousand units % Growth


2010 27.0
2011 34.7 28.5%
2012 37.9 9.4%
2013 38.3 1.0%
2014 36.4 (4.9%)

CAGR: 201014 7.8%

SOURCE: MARKETLINE MARKETLINE

Figure 2: Germany agricultural machinery market volume: thousand units, 201014

SOURCE: MARKETLINE MARKETLINE

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 9


MARKET SEGMENTATION
Category segmentation
Tractors >50 hp is the largest segment of the agricultural machinery market in Germany, accounting for 81.6% of the
market's total volume.

The Tractors <50 hp segment accounts for a further 11.6% of the market.

Table 3: Germany agricultural machinery market category segmentation: thousand units, 2014

Category 2014 %
Tractors >50 HP 29.7 81.6%
Tractors <50 HP 4.2 11.6%
Combine harvesters 2.5 6.9%

Total 36.4 100.1%

SOURCE: MARKETLINE MARKETLINE

Figure 3: Germany agricultural machinery market category segmentation: % share, by volume,


2014

SOURCE: MARKETLINE MARKETLINE

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 10


Geography segmentation
Germany accounts for 17.8% of the European agricultural machinery market value.

United Kingdom accounts for a further 15.2% of the European market.

Table 4: Germany agricultural machinery market geography segmentation: $ million, 2014

Geography 2014 %
Germany 3,267.4 17.8
United Kingdom 2,781.9 15.2
France 2,756.6 15.0
Italy 1,338.0 7.3
Spain 511.1 2.8
Rest of Europe 7,681.5 41.9

Total 18,336.5 100%

SOURCE: MARKETLINE MARKETLINE

Figure 4: Germany agricultural machinery market geography segmentation: % share, by value,


2014

SOURCE: MARKETLINE MARKETLINE

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 11


MARKET OUTLOOK
Market value forecast
In 2019, the German agricultural machinery market is forecast to have a value of $3,323.5 million, an increase of 1.7%
since 2014.

The compound annual growth rate of the market in the period 201419 is predicted to be 0.3%.

Table 5: Germany agricultural machinery market value forecast: $ million, 201419

Year $ million million % Growth


2014 3,267.4 2,462.0 (3.7%)
2015 3,123.1 2,353.2 (4.4%)
2016 3,175.2 2,392.5 1.7%
2017 3,228.8 2,432.9 1.7%
2018 3,277.5 2,469.6 1.5%
2019 3,323.5 2,504.3 1.4%

CAGR: 201419 0.3%

SOURCE: MARKETLINE MARKETLINE

Figure 5: Germany agricultural machinery market value forecast: $ million, 201419

SOURCE: MARKETLINE MARKETLINE

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 12


Market volume forecast
In 2019, the German agricultural machinery market is forecast to have a volume of 34.1 thousand units, a decrease of
6.4% since 2014.

The compound annual rate of change of the market in the period 201419 is predicted to be -1.3%.

Table 6: Germany agricultural machinery market volume forecast: thousand units, 201419

Year thousand units % Growth


2014 36.4 (4.9%)
2015 34.3 (5.8%)
2016 34.3 0.0%
2017 34.3 (0.1%)
2018 34.2 (0.3%)
2019 34.1 (0.3%)

CAGR: 201419 (1.3%)

SOURCE: MARKETLINE MARKETLINE

Figure 6: Germany agricultural machinery market volume forecast: thousand units, 201419

SOURCE: MARKETLINE MARKETLINE

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 13


FIVE FORCES ANALYSIS
The agricultural machinery market will be analyzed taking manufacturers of agricultural machinery as players. The key
buyers will be taken as dealers and farmers, and suppliers of raw materials and components as the key suppliers.

Summary
Figure 7: Forces driving competition in the agricultural machinery market in Germany, 2014

SOURCE: MARKETLINE MARKETLINE

Manufacturers may sell primarily to dealers, but are likely to experience strong pull-through of demand from end-users.
Even in developed economies with a high degree of farm mechanization, the agricultural sector tends to be fragmented,
reducing buyer power. Manufacturers may value long-term supplier partnerships, to assure them of high quality raw
materials, which strengthens supplier power. New entrants will find it difficult to challenge the position of the small
number of large, established manuacturers of agricultural machinery. The main substitute for machinery is labor, but
especially in developed economies, this does not pose a major threat to sales of machinery.

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 14


Buyer power
Figure 8: Drivers of buyer power in the agricultural machinery market in Germany, 2014

SOURCE: MARKETLINE MARKETLINE

Farms are the usual buyers for agricultural machinery. Manufacturers may sell primarily to dealers, but are likely to
experience strong pull-through of demand from end-users. Tractors find applications in all types of farming, whereas
combine harvesters are restricted to farms growing field crops such as wheat. In developed economies, there is a long-
term trend for farm consolidation, and the majority of farmland is held by large-scale farms. The number of farms in
Germany declined by around 25% between 2000 and 2010, to just under 300,000. The total area used in agriculture did
not change significantly, indicating that the farming sector was consolidating. This may be increasing buyer power in the
agricultural machinery market. 11% of farms were in the "greater than 100 hectare" category, and accounted for 55% of
the country's farmland. Despite this, the agricultural sector is fragmented. This weakens buyer power, since agricultural
machinery companies have many potential customers.

John Deere's 2014 annual report states that "sales of agricultural equipment are affected by total farm cash receipts,
which reflect levels of farm commodity prices, acreage planted, crop yields and government policies, including the
amount and timing of government payments". Farmers will forego investment in agricultural machinery which is
expensive - unless their income and debt levels permit it. This increases buyer power.

Agriculture and machinery manufacturing are radically difficult industries, and integration between them is rare.

Product differentiation is moderate in this market. Manufacturers usually offer a wide range of products, such as tractors
of different power ratings. Moreover, after-sales service quality is an important differentiator in this market, since buyers
are purchasing a major asset that they will expect to use for many years. There is also some evidence that brand can be
important to buyers, possibly for the same reason: since it is difficult to assess the quality of these products in advance,
many buyers will want the assurance of a leading brand.

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 15


Supplier power
Figure 9: Drivers of supplier power in the agricultural machinery market in Germany, 2014

SOURCE: MARKETLINE MARKETLINE

Manufacturers of agricultural machinery need inputs such as steel, cast and forged metal components, electronics, and
the like. These will generally be available from several suppliers, weakening supplier power. AGCO's 2014 annual report
summarizes the company's approach to selecting its suppliers: "We select third-party suppliers that we believe are low
cost, high quality and possess the most appropriate technology."

John Deere's annual report mentions the importance of "long-term supplier relationships", which suggests that even if
switching costs are not inherently high, there may be a reluctance to change certain key suppliers. This is perhaps
because of the risk that a competing supplier may not be able to provide the quality of products and service that the
manufacturers need.

Substitutes may be available for several of the inputs. However, making use of them could be more difficult. For a given
product, the components and materials needed will have been specified at the design stage; changing from steel to
aluminum, for example, would need a redesign, which is non-trivial.

Overall, supplier power is moderate.

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 16


New entrants
Figure 10: Factors influencing the likelihood of new entrants in the agricultural machinery market
in Germany, 2014

SOURCE: MARKETLINE MARKETLINE

There are relatively few significant players in the agricultural equipment market. Through a long-term trend for the market
leaders to acquire smaller companies, the market is consolidating. The rationale for these deals is often to access new
geographical markets or expand the product range of the acquirer. This means that new entrants are increasingly facing
these large-scale incumbents in any market they aim for.

Tractors, combine harvesters, and similar items are major investments for buyers, and price will be a major factor
influencing their buying decisions. To compete effectively on price, manufacturers need to keep their own costs down.
This market is similar to the automotive industry, in that scale is important if production is to be economic. As a result,
small-scale entry is unlikely to be successful, although less expensive items of agricultural equipment (not covered in
MarketLine's market definition) might be within the reach of smaller entrants.

A further issue is the need to develop a dealer network. For example, as of FY2014, John Deere offered agricultural
equipment through a network of 1,539 independent dealers in the US and Canada alone. A new company would find it
difficult to make its presence felt in the same way.

Overall, the threat of new entrants is moderate.

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 17


Threat of substitutes
Figure 11: Factors influencing the threat of substitutes in the agricultural machinery market in
Germany, 2014

SOURCE: MARKETLINE MARKETLINE

Many farmers in low-income countries continue to use human labor and draught animals with traditional tools and
implements. Subsistence farming remains significant in such countries, and poor, small-scale farmers are unlikely to
have either the funds to buy agricultural machinery or sufficiently large holdings to make it necessary. These substitutes
are much cheaper than modern equipment, but have few other advantages. Their use translates to a lack of demand for
agricultural machinery.

In developed economies, there are few genuine substitutes for agricultural equipment. Farming became mechanized
many decades ago, and it would be impossible to turn the clock back now. Rather, the trend is for average farm sizes to
increase, making the use of machinery even more vital. The threat of substitutes is very weak.

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 18


Degree of rivalry
Figure 12: Drivers of degree of rivalry in the agricultural machinery market in Germany, 2014

SOURCE: MARKETLINE MARKETLINE

The leading players are relatively large companies, offering diverse agricultural machinery products. This makes them
formidable competitors, especially for smaller businesses with fewer product lines. The majors also tend to be
geographically diversified. Demand for agricultural equipment depends a great deal on factors that are somewhat
decoupled from the wider economy, such as weather conditions affecting crop yields and prices. This means that
geographical diversity should help smooth out fluctuations in revenue and profitability, whereas a focus on a single
country would make income more volatile, and competition more intense in a downturn.

Additionally, the large players often diversify away from agricultural machinery into areas such as machinery for forestry,
construction, domestic gardens, and so on. In this way, they leverage their core manufacturing competencies while
reducing dependence on the agricultural machinery market. Again, this should decrease the degree of rivalry between
them. Rivalry is moderate overall.

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 19


LEADING COMPANIES
AGCO Corporation
Table 7: AGCO Corporation: key facts

Head office: 4205 River Green Parkway, Duluth, Georgia 30096, USA
Telephone: 1 770 813 9200
AGCO International GmbH, Victor von Bruns-Strasse 17, CH 8212
Local office:
Neuhausen am Rheinfall, CHE
Telephone: 41 52 725 2200
Website: www.agcocorp.com
Financial year-end: December
Ticker: AGCO
Stock exchange: New York

SOURCE: COMPANY WEBSITE MARKETLINE

AGCO designs, manufactures and distributes agricultural equipment and related replacement parts throughout the world.
The company offers a range of agricultural equipment, including tractors, combine harvesters, self-propelled sprayers,
hay tools, forage equipment, seeding and tillage, implements, and grain storage and protein production systems.
AGCO's products are marketed under Challenger, Fendt, GSI, Massey Ferguson and Valtra brands.

AGCO's operations are organized across four geographical segments: North America; South America;
Europe/Africa/Middle East; and Asia/Pacific. The company operates its business through six product lines, including
tractors, replacement parts, grain storage and protein production systems, combines, application equipment, and other
machinery.

In the tractors product line, the company primarily offers tractors in the high horsepower segment (100 to 590
horsepower). The high horsepower tractors are used on larger farms primarily for row crop production. AGCO also offers
tractors in the utility tractor category (40 to 100 horsepower). The utility tractors are used on small and medium-sized
farms and in specialty agricultural industries, including dairy, livestock, orchards and vineyards. The compact tractors
(less than 40 horsepower) are mainly used on small farms and in specialty agricultural industries, as well as landscaping
and residential uses.

Through its replacements parts product line, the company sells replacement parts, many of which are proprietary, for all
of the company's products.

AGCO manufactures and distributes grain storage and protein production systems, which include grain storage bins and
related drying, and handling equipment systems. It also manufactures and distributes swine and poultry feed storage and
delivery, ventilation and watering systems.

The combines product line primarily sells combine harvesters throughout the world. It offers a variety of crop-harvesting
heads, used in harvesting grain crops such as corn, wheat, soybeans and rice.

The company's application equipment includes self-propelled, three and four-wheeled vehicles and related equipment for
use in the application of liquid and dry fertilizers and crop protection chemicals. In addition, AGCO manufactures
chemical sprayer equipment for use both prior to planting crops and after crops emerge from the ground.

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 20


AGCO's other machinery product line includes hay tools and forage equipment, such as rectangular balers, self-
propelled windrowers, disc mowers, spreaders and mower conditioners, among others. In addition, the company
distributes implements, planters and other equipment, including loaders, used for a variety of tasks, such as lifting and
transporting hay crops.

The company produces diesel engines, gears and generating sets under AGCO Power Engines division. These diesel
engines are manufactured for use in some of the company's tractors, combines and sprayers, and are also sold to third
parties. AGCO Power specializes in the manufacturing of off-road engines in the 50 to 590 horsepower range.

The company distributes most of its products through a combination of approximately 3,100 independent dealers and
distributors in more than 140 countries. In addition, AGCO provides retail financing through its retail finance joint
ventures with Cooperatieve Centrale Raiffeisen-Boerenleenbank (Rabobank).

The Europe, Africa & Middle East (EAME) segment accounted for 51% of AGCO's FY2013 sales. The company has
1,160 dealers in EAME, and core brands in this region are Challenger, Fendt, GSI, Massey Ferguson, and Valtra.

Key Metrics
The company recorded revenues of $9,724 million in the fiscal year ending December 2014, a decrease of 9.9%
compared to fiscal 2013. Its net income was $404 million in fiscal 2014, compared to a net income of $597 million in the
preceding year.

Table 8: AGCO Corporation: key financials ($)

$ million 2010 2011 2012 2013 2014


Revenues 6,896.6 8,773.2 9,962.2 10,786.9 9,723.7
Net income (loss) 220.5 583.3 522.1 597.2 404.2
Total assets 5,436.9 7,257.2 7,721.8 8,438.8 7,395.9
Total liabilities 2,777.7 4,226.0 4,240.3 4,394.0 3,899.0
Employees 14,740 19,294 20,320 22,111 20,828

SOURCE: COMPANY FILINGS MARKETLINE

Table 9: AGCO Corporation: key financial ratios

Ratio 2010 2011 2012 2013 2014


Profit margin 3.2% 6.6% 5.2% 5.5% 4.2%
Revenue growth 5.8% 27.2% 13.6% 8.3% (9.9%)
Asset growth 8.8% 33.5% 6.4% 9.3% (12.4%)
Liabilities growth 6.7% 52.1% 0.3% 3.6% (11.3%)
Debt/asset ratio 51.1% 58.2% 54.9% 52.1% 52.7%
Return on assets 4.2% 9.2% 7.0% 7.4% 5.1%
Revenue per employee $467,883 $454,711 $490,266 $487,852 $466,857
Profit per employee $14,959 $30,232 $25,694 $27,009 $19,407

SOURCE: COMPANY FILINGS MARKETLINE

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 21


Figure 13: AGCO Corporation: revenues & profitability

SOURCE: COMPANY FILINGS MARKETLINE

Figure 14: AGCO Corporation: assets & liabilities

SOURCE: COMPANY FILINGS MARKETLINE

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 22


CNH Industrial N.V.
Table 10: CNH Industrial N.V.: key facts

Head office: Cranes Farm Road, Basildon, Essex SS14 3AD, GBR
Telephone: 44 12 6829 2545
Fax: 44 12 6829 2984
Website: www.cnhindustrial.com
Financial year-end: December
Ticker: CNHI, CNHI
Stock exchange: New York, Borsa Italiana

SOURCE: COMPANY WEBSITE MARKETLINE

CNH Industrial, a company formed by the business combination transaction between Fiat Industrial S.p.A. (Fiat
Industrial) and CNH Global N.V., designs, manufactures, and sells agricultural and construction equipment, trucks,
commercial vehicles, buses and specialty vehicles, in addition to a broad portfolio of powertrain applications. The
company is present in all major markets worldwide. CNH Industrial is present in 190 countries operating through its 12
brands, 62 manufacturing plants, and 48 research and development (R&D) centers.

As of December 2014, CNH Industrial operated and administered 64 plants worldwide either directly, through a joint
venture, or through arrangements with warehouse service providers. This network includes 12 in NAFTA, 34 in EMEA,
10 in Latin America, and eight in Asia Pacific.

The company operates through three business segments: agricultural and construction equipment, trucks and
commercial vehicles, and powertrain.

The agricultural and construction equipment segment produces agricultural equipment such as tractors, combine
harvesters, hay and forage equipment, tillage and sprayer equipment under the Case IH Agriculture, New Holland
Agriculture and Steyr brands. It also produces and sells construction equipment such as excavators, loaders, backhoes,
dozers and graders under the Case Construction and New Holland Construction brands. The segment sells and
distributes products through approximately 9,400 full-line dealers and distributors in approximately 170 countries.

The company's trucks and commercial vehicles segment produces a range of commercial vehicles under the Iveco
brand; buses under the Iveco Bus and Heuliez Bus brands; and firefighting and special purpose vehicles under the
Magirus, Iveco Astra and Iveco Defence Vehicles brands.

The powertrain segment produces engines and transmissions for trucks and commercial vehicles, agricultural and
construction equipment and for marine and other industrial applications. The segment has a network of 100 sales points
and 1,300 service centers in 100 countries that cover its entire product range and related market sectors. The segment
markets its products under FPT Industrial brand.

The company also provides and administers retail financing to customers for the purchase or lease of new and used
industrial equipment or vehicles and other equipment sold by CNH Industrial dealers. In addition, the company provides
wholesale financing to CNH Industrial dealers. The wholesale financing consists primarily of floor plan financing and
allows the dealers to purchase and maintain a representative inventory of products.

NB In FY2014, CNH changed its financial reporting from EUR to $. In order for consistent five-year financials to be
published in this profile, the $-denominated revenues have been converted to EUR using CNH's reported exchange
rates. These were annual average 2014 for revenues and net income, and year-end 2013 and 2014 for assets and
liabilities.

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 23


Key Metrics
The company recorded revenues of $24,817 million in the fiscal year ending December 2014, a decrease of 3.7%
compared to fiscal 2013. Its net income was $690 million in fiscal 2014, compared to a net income of $917 million in the
preceding year.

Table 11: CNH Industrial N.V.: key financials ($)

$ million 2010 2011 2012 2013 2014


Revenues 15,608.0 19,185.0 24,945.4 25,775.9 24,816.6
Net income (loss) 452.0 939.0 875.0 917.2 689.7
Total assets 31,589.0 34,093.0 38,861.0 40,934.9 44,859.4
Total liabilities 24,205.0 26,164.0 33,485.0 35,380.0 38,615.9
Employees 28,800 32,700 33,800 70,034 69,207

SOURCE: COMPANY FILINGS MARKETLINE

Table 12: CNH Industrial N.V.: key financial ratios

Ratio 2010 2011 2012 2013 2014


Profit margin 2.9% 4.9% 3.5% 3.6% 2.8%
Revenue growth 13.4% 22.9% 30.0% 3.3% (3.7%)
Asset growth 36.1% 7.9% 14.0% 5.3% 9.6%
Liabilities growth 47.6% 8.1% 28.0% 5.7% 9.1%
Debt/asset ratio 76.6% 76.7% 86.2% 86.4% 86.1%
Return on assets 1.6% 2.9% 2.4% 2.3% 1.6%
Revenue per employee $541,944 $586,697 $738,029 $368,049 $358,585
Profit per employee $15,694 $28,716 $25,887 $13,096 $9,966

SOURCE: COMPANY FILINGS MARKETLINE

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 24


Figure 15: CNH Industrial N.V.: revenues & profitability

SOURCE: COMPANY FILINGS MARKETLINE

Figure 16: CNH Industrial N.V.: assets & liabilities

SOURCE: COMPANY FILINGS MARKETLINE

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 25


Deere & Company
Table 13: Deere & Company: key facts

Head office: One John Deere Place, Moline, Illinois 61265-8098, USA
Telephone: 1 309 765 8000
Mannheim Regional Center, John Deere Strasse 70, 68163 Mannheim,
Local office:
DEU
Telephone: 49 621 829 01
Website: www.deere.com
Financial year-end: October
Ticker: DE
Stock exchange: New York

SOURCE: COMPANY WEBSITE MARKETLINE

Deere is a provider of a wide range of agricultural, construction, forestry and turf equipment, and related service parts.
The company also provides financial support services for new and used equipment. Its products and services are
marketed primarily through independent retail dealer networks and major retail outlets. Deere operates in the Americas,
Africa, Europe, and Asia.

The company operates through three business segments: agriculture and turf; construction and forestry; and financial
services.

The company's agriculture and turf segment manufactures and distributes a full line of agriculture and turf equipment and
related service parts. The segment's equipment operations are consolidated into five product platforms, including crop
harvesting products, turf and utility products, hay and forage products, crop care products and tractors.

The company's crop harvesting products include combines, corn pickers, cotton and sugarcane harvesters and related
front-end equipment and sugarcane loaders. Its turf and utility products include utility vehicles, riding lawn equipment,
walk-behind mowers, commercial mowing equipment, and golf course equipment. It also provides implements for
mowing, tilling, snow and debris handling, aerating and many other residential, commercial, golf and sports turf care
applications and other outdoor power products. Deere's hay and forage products include self-propelled forage harvesters
and attachments, balers and mowers. The segment's crop care products include tillage, seeding and application
equipment, including sprayers, nutrient management and soil preparation machinery. The company also provides
various types of tractors, including loaders and large, medium and utility tractors and related attachments. Deere
purchases certain products from other manufacturers for resale

In addition, the segment provides integrated agricultural management systems. As well as the John Deere brand, the
agriculture and turf segment purchases and sells a variety of equipment attachments under the Frontier, Kemper and
Green Systems brand names. The business also manufactures and sells walk-behind mowers and scarifiers in select
European countries under the SABO brand name. Deere manufactures its agriculture and turf equipment for sale
primarily through independent retail dealer networks, and also builds products for sale by mass retailers, including The
Home Depot and Lowe's.

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 26


Deere's construction and forestry segment manufactures and distributes a broad range of machines and service parts
used in construction, earthmoving, material handling and timber harvesting. These machines include backhoe loaders,
crawler dozers and loaders, four-wheel-drive loaders, excavators, motor graders, articulated dump trucks, landscape
loaders, skid-steer loaders, log skidders, log feller bunchers, log loaders, log forwarders, log harvesters and a variety of
attachments. The segment's forestry machines are distributed under the John Deere brand name, and forestry
attachments are distributed under the John Deere and Waratah brand names. The segment also provides
comprehensive fleet management telematics solutions.

Bell Equipment Limited licensed Deere to manufacture articulated dump trucks in the US for Deere's distribution under
the John Deere brand name in North, Central and South America. Similarly, Deere licensed Bell to manufacture and sell
certain Deere-designed construction equipment in specified territories of Africa. Bell is also the distributor of certain
Deere-manufactured construction equipment under the Bell brand and forestry equipment under the John Deere brand in
certain territories of Africa.

Deere and Hitachi Construction Machinery Co. (Hitachi) have a joint venture for the manufacture of hydraulic excavators
and tracked forestry equipment and loaders in the US and Canada and a joint venture for the manufacture of excavators
in Brazil. Deere distributes Hitachi brands of construction and mining equipment in North, Central and South America. In
addition, Deere has supply agreements with Hitachi under which a range of construction, earthmoving, material handling
and forestry equipment manufactured by Deere in the US, Finland and New Zealand is distributed by Hitachi in certain
Asian markets. In India, the construction and forestry segment manufactures construction equipment branded Leyland
Deere through its joint venture with Ashok Leyland Limited, known as Ashok Leyland John Deere Construction
Equipment Company Private Limited (ALJD). The segment also has established manufacturing capacity for construction
equipment in China and Brazil.

Deere owns Nortrax, an authorized Deere dealer for construction, earthmoving, material handling and forestry equipment
in a variety of markets in the US and Canada. The company also owns retail forestry sales operations in Australia, Brazil,
Finland, Ireland, New Zealand, Norway, Sweden and the UK.

The financial services segment finances sales and leases by John Deere dealers of new and used agriculture and turf
equipment and construction and forestry equipment. In addition, the segment provides wholesale financing to dealers of
the foregoing equipment, finances retail revolving charge accounts and operating loans and offers crop risk mitigation
products and extended equipment warranties.

In addition, the company's other business includes equipment operations' revenue for finance and interest income, and
other income, net of certain intercompany eliminations.

Key Metrics
The company recorded revenues of $36,067 million in the fiscal year ending October 2014, a decrease of 4.6%
compared to fiscal 2013. Its net income was $3,162 million in fiscal 2014, compared to a net income of $3,537 million in
the preceding year.

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 27


Table 14: Deere & Company: key financials ($)

$ million 2010 2011 2012 2013 2014


Revenues 26,004.6 32,013.0 36,157.1 37,795.0 36,066.9
Net income (loss) 1,865.0 2,799.9 3,064.7 3,537.0 3,161.7
Total assets 43,266.8 48,207.4 56,265.8 59,521.3 61,336.4
Total liabilities 36,963.4 41,392.5 49,403.8 49,253.6 52,270.9
Employees 55,650 61,278 66,859 67,000 59,623

SOURCE: COMPANY FILINGS MARKETLINE

Table 15: Deere & Company: key financial ratios

Ratio 2010 2011 2012 2013 2014


Profit margin 7.2% 8.7% 8.5% 9.4% 8.8%
Revenue growth 12.5% 23.1% 12.9% 4.5% (4.6%)
Asset growth 5.2% 11.4% 16.7% 5.8% 3.0%
Liabilities growth 1.8% 12.0% 19.4% (0.3%) 6.1%
Debt/asset ratio 85.4% 85.9% 87.8% 82.7% 85.2%
Return on assets 4.4% 6.1% 5.9% 6.1% 5.2%
Revenue per employee $467,288 $522,422 $540,796 $564,104 $604,916
Profit per employee $33,513 $45,692 $45,838 $52,791 $53,028

SOURCE: COMPANY FILINGS MARKETLINE

Figure 17: Deere & Company: revenues & profitability

SOURCE: COMPANY FILINGS MARKETLINE

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 28


Figure 18: Deere & Company: assets & liabilities

SOURCE: COMPANY FILINGS MARKETLINE

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 29


Same Deutz-Fahr Group S.p.A.
Table 16: Same Deutz-Fahr Group S.p.A.: key facts

Head office: Viale Francesco Cassani, 14- 24047, Treviglio, ITA


Telephone: 39 03 634211
SAME DEUTZ-FAHR Deutschland, Deutz-Fahr Strasse 1 D, 89415
Local office:
LAUINGEN, DEU
Telephone: 0049 9072 9970
Website: www.samedeutz-fahr.com

SOURCE: COMPANY WEBSITE MARKETLINE

Same Deutz-Fahr (SDF) manufactures tractors, combine harvesters and forage harvesters, diesel engines, and other
farm machinery. In addition to this, the company offers financial solutions and servicing on its vehicles.

The company was established as Societa Accomandita Motori Endotermici (SAME) in 1942, and acquired German
company Deutz-Fahr in 1995.

As of 2015, it is present in Italy, Switzerland, Turkey, Poland, Croatia, Germany, the Netherlands, France, Spain,
Portugal, the UK, Russia, India, China, and the US, through either subsidiaries or joint ventures. Its global sales network
includes 141 importers and more than 3,000 dealers.

It operates under the following brands: Deutz-Fahr, SAME, Lamborghini, Hurlimann, Gregoire, and Lamborghini Green
Pro.

Key Metrics
As a privately owned company, Same Deutz-Fahr is not obliged to release its financial information.

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 30


MACROECONOMIC INDICATORS
Country Data

Table 17: Germany size of population (million), 201014

Year Population (million) % Growth


2010 81.8 (0.1%)
2011 81.6 (0.2%)
2012 81.4 (0.2%)
2013 81.3 (0.2%)
2014 81.1 (0.2%)

SOURCE: MARKETLINE MARKETLINE

Table 18: Germany gdp (constant 2005 prices, $ billion), 201014

Year Constant 2005 Prices, $ billion % Growth


2010 3,043.0 4.1%
2011 3,152.2 3.6%
2012 3,170.6 0.6%
2013 3,177.4 0.2%
2014 3,228.3 1.6%

SOURCE: MARKETLINE MARKETLINE

Table 19: Germany gdp (current prices, $ billion), 201014

Year Current Prices, $ billion % Growth


2010 3,418.4 (0.1%)
2011 3,755.5 9.9%
2012 3,540.7 (5.7%)
2013 3,736.0 5.5%
2014 3,850.3 3.1%

SOURCE: MARKETLINE MARKETLINE

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 31


Table 20: Germany inflation, 201014

Year Inflation Rate (%)


2010 1.2%
2011 2.3%
2012 2.1%
2013 1.6%
2014 0.8%

SOURCE: MARKETLINE MARKETLINE

Table 21: Germany consumer price index (absolute), 201014

Year Consumer Price Index (2005 = 100)


2010 108.4
2011 110.9
2012 113.2
2013 115.0
2014 116.0

SOURCE: MARKETLINE MARKETLINE

Table 22: Germany exchange rate, 201014

Year Exchange rate ($/)


2010 0.7549
2011 0.7188
2012 0.7782
2013 0.7533
2014 0.7535

SOURCE: MARKETLINE MARKETLINE

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 32


METHODOLOGY
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.

Review of in-house databases Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLines in-house databases
provide the foundation for all related industry profiles

Preparatory research We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview

Definitions Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients

Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends

MarketLine aggregates and analyzes a number of secondary information sources, including:

- National/Governmental statistics

- International data (official international sources)

- National and International trade associations

- Broker and analyst reports

- Company Annual Reports

- Business information libraries and databases

Modeling & forecasting tools MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors

Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 33


Industry associations
Association of Equipment Manufacturers
111 E. Wisconsin Ave. Suite 1000, Milwaukee, WI 53202-4806, USA
Tel.: 001 414 272 0943
Fax: 001 414 272 1170
www.aem.org
European Committee of Associations of manufacturers of Agricultural Machinery
19, rue Jacques Bingen, F - 75017 PARIS
Tel.: 0033 1 4212 8590
Fax: 0033 1 4054 9560
www.cema-agri.org

Related MarketLine research


Industry Profile
Agricultural Machinery in Europe

Global Agricultural Machinery

Agricultural Machinery in France

Agricultural Machinery in China

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 34


APPENDIX
About MarketLine
In an information-rich world, finding facts you can rely upon isnt always easy. MarketLine is the solution.

We make it our job to sort through the data and deliver accurate, up-to-date information on companies, industries and
countries across the world. No other business information company comes close to matching our sheer breadth of
coverage.

And unlike many of our competitors, we cut the data padding and present information in easy-to-digest formats, so you
can absorb key facts in minutes, not hours.

What we do

Profiling all major companies, industries and geographies, MarketLine is one of the most prolific publishers of business
information today.

Our dedicated research professionals aggregate, analyze, and cross-check facts in line with our strict research
methodology, ensuring a constant stream of new and accurate information is added to MarketLine every day.

With stringent checks and controls to capture and validate the accuracy of our data, you can be confident in MarketLine
to deliver quality data in an instant.

For further information about our products and services see more at: http://www.marketline.com/overview/

Disclaimer

All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means,
electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, MarketLine.

The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that
the findings, conclusions and recommendations that MarketLine delivers will be based on information gathered in good
faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such
MarketLine can accept no liability whatever for actions taken based on any information that may subsequently prove to
be incorrect.

Germany - Agricultural Machinery 0165 - 0824 - 2014

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 35


MarketLine | John Carpenter House, John Carpenter Street |
London, United Kingdom, EC4Y 0AN
T: +44(0)203 377 3042, F: +44 (0) 870 134 4371

E: reachus@marketline.com