Annual Report 2009
1
POSITIONING FOR THE FUTURE
In February 2009, AGCO moved forward with our biggest North American tractor launch in history
when we revealed our all-new, 200+ hp tractor line-up. Industry awards rolled in, building on the
excitement that began when we fi rst introduced our clean-air e3 technology in Europe in late
2008. We are continuing our investment in new product development, putting farmer-driven
concepts to work in our products. Throughout 2009, we made necessary cost reductions, improved
manufacturing productivity and reduced inventory levels – all moves designed to protect our
resources and ensure AGCO emerges from the current economic downturn stronger and powered
for continued growth.
We also built momentum in our quest to improve global crop yields. This was a year for forging
relationships in China. A time for strengthening distribution and service in Russia, Ukraine and
Kazakhstan. A chance to lay the foundation for training farmers in Africa. An opportunity to help
growers in Brazil who are mechanizing for the fi rst time. Without question, as the worldwide
demand for food barrels forward, we continue to position ourselves for future growth.
AGCO is the largest pure play, full-line equipment manufacturer focused exclusively on agriculture.
Just as our logo implies, we understand agriculture. Our dedication and synergies across our family
of brands result in a unique responsiveness to the many changes affecting our industry and our
customers today.
Financial Highlights
(In millions, except per share amounts)
Years Ended December 31,
2009
2008
Net sales ..............................................................................................................................
$
6,630.4
$ 8,424.6
Income from operations ....................................................................................................
Net income .........................................................................................................................
Total assets ..........................................................................................................................
Stockholders’ equity ...........................................................................................................
Earnings per share(1) ...........................................................................................................
Adjusted earnings per share(2) ...........................................................................................
219.3
135.7
5,062.2
2,400.8
1.44
1.55
$
$
565.0
385.9
4,954.8
2,020.0
3.95
3.95
$
$
(1) On a diluted basis.
(2) For a reconciliation of adjusted earnings per share, see footnote 2 on page 29.
Our Vision
High-tech solutions for professional farmers feeding the world.
Our Mission
Profi table growth through superior customer service, innovation, quality and commitment.
Adjusted earnings per share
Sales by product
Sales by geographic region
2009 $1.55
2007 $2.38
2008 $3.95
Parts 14%
Implements and other 6%
Combines 6%
Application equipment 4%
Hay and forage 4%
Tractors 66%
EAME* 57%
North America 22%
South America 18%
Asia Pacific 3%
* Europe, Africa, Middle East
Core Values
• Exceed customer expectations
• Be the preferred supplier for our dealers
• Be the preferred employer in our industry
• Deliver highest quality products and services
• Maintain high ethics and act as a good corporate citizen
• Preserve the traditions and value of our brands
• Provide superior returns to our stockholders
CONTENTS
Management
Chairman’s Message
Board of Directors | Senior Management
Company
Global Presence
Our Brands
Full Line of Products
Our Support
Worldwide Customer Success
Global Employee Innovation
Social Responsibility
Financial Review
Forward-Looking Statements
Selected Financial Information
Consolidated Statements of Operations
Consolidated Balance Sheets
Consolidated Statements of Stockholders’ Equity
Consolidated Statements of Cash Flows
Contact Information
4
6
8
10
18
20
22
24
26
28
29
30
31
32
34
35
2
3
POSITIONING FOR THE FUTURE
In February 2009, AGCO moved forward with our biggest North American tractor launch in history
when we revealed our all-new, 200+ hp tractor line-up. Industry awards rolled in, building on the
excitement that began when we fi rst introduced our clean-air e3 technology in Europe in late
2008. We are continuing our investment in new product development, putting farmer-driven
concepts to work in our products. Throughout 2009, we made necessary cost reductions, improved
manufacturing productivity and reduced inventory levels – all moves designed to protect our
resources and ensure AGCO emerges from the current economic downturn stronger and powered
for continued growth.
We also built momentum in our quest to improve global crop yields. This was a year for forging
relationships in China. A time for strengthening distribution and service in Russia, Ukraine and
Kazakhstan. A chance to lay the foundation for training farmers in Africa. An opportunity to help
growers in Brazil who are mechanizing for the fi rst time. Without question, as the worldwide
demand for food barrels forward, we continue to position ourselves for future growth.
AGCO is the largest pure play, full-line equipment manufacturer focused exclusively on agriculture.
Just as our logo implies, we understand agriculture. Our dedication and synergies across our family
of brands result in a unique responsiveness to the many changes affecting our industry and our
customers today.
Financial Highlights
(In millions, except per share amounts)
Years Ended December 31,
2009
2008
Net sales ..............................................................................................................................
$
6,630.4
$ 8,424.6
Income from operations ....................................................................................................
Net income .........................................................................................................................
Total assets ..........................................................................................................................
Stockholders’ equity ...........................................................................................................
Earnings per share(1) ...........................................................................................................
Adjusted earnings per share(2) ...........................................................................................
219.3
135.7
5,062.2
2,400.8
1.44
1.55
$
$
565.0
385.9
4,954.8
2,020.0
3.95
3.95
$
$
(1) On a diluted basis.
(2) For a reconciliation of adjusted earnings per share, see footnote 2 on page 29.
Our Vision
High-tech solutions for professional farmers feeding the world.
Our Mission
Profi table growth through superior customer service, innovation, quality and commitment.
Adjusted earnings per share
Sales by product
Sales by geographic region
2009 $1.55
2007 $2.38
2008 $3.95
Parts 14%
Implements and other 6%
Combines 6%
Application equipment 4%
Hay and forage 4%
Tractors 66%
EAME* 57%
North America 22%
South America 18%
Asia Pacific 3%
* Europe, Africa, Middle East
Core Values
• Exceed customer expectations
• Be the preferred supplier for our dealers
• Be the preferred employer in our industry
• Deliver highest quality products and services
• Maintain high ethics and act as a good corporate citizen
• Preserve the traditions and value of our brands
• Provide superior returns to our stockholders
CONTENTS
Management
Chairman’s Message
Board of Directors | Senior Management
Company
Global Presence
Our Brands
Full Line of Products
Our Support
Worldwide Customer Success
Global Employee Innovation
Social Responsibility
Financial Review
Forward-Looking Statements
Selected Financial Information
Consolidated Statements of Operations
Consolidated Balance Sheets
Consolidated Statements of Stockholders’ Equity
Consolidated Statements of Cash Flows
Contact Information
4
6
8
10
18
20
22
24
26
28
29
30
31
32
34
35
2
3
CHAIRMAN’S MESSAGE
important research and development efforts
and capital expenditure programs at high levels.
Our fi nancial discipline enabled us to generate
over $100 million in free cash fl ow, fi nishing the
year with the strongest balance sheet in AGCO’s
history. Our credit rating was lifted to investment
grade on March 5, 2010, in recognition of
AGCO’s fi nancial accomplishments.
Positive Outlook
In 2010, we expect slow economic recovery and soft
end-market demand. Longer term, we continue
to see signifi cant opportunities. The world’s
population is growing rapidly and the demand
for food is increasing. Economic expansion in Asia
is shifting dietary preferences toward meat-based
protein. Growing food consumption, combined
with the demands for renewable energy, are
lowering grain reserves, resulting in higher
commodity prices and stimulating farm productivity.
Professional farm machinery will be one of the
key factors in producing increased crop yields in
future years. Our line-up of advanced products
has AGCO well-positioned to make our
customers more productive.
Better Solutions for Our Customers
Our innovative products provide our customers
with high-tech solutions to meet the need for
improved productivity and profi tability. AGCO
SISU POWER introduced an important innovation
in engine technology for farm equipment, the e3
Selective Catalytic Reduction (SCR) engine, which
offers an effective method for emission control
while producing a substantial improvement in
fuel economy. AGCO’s new Hybrid combine was
previewed in 2009 at Europe‘s premier farm
show, Agritechnica, and boasts an innovative
Fellow Stockholders,
We are starting 2010 a stronger, better positioned
company than a year ago. In 2009, we faced a
diffi cult economic environment and challenging
business conditions for our customers, our dealers
and our industry. AGCO’s fi nancial strength and
prudent investment approach enabled us to meet
the challenge head-on. Our employees
demonstrated signifi cant fl exibility in adapting to
changing market conditions, and through hard
work, they delivered solid profi tability, generated
strong cash fl ow and improved our balance sheet.
During 2009, AGCO also made important
progress in the key areas of product development
and technological innovation to position us for
success in the years ahead.
2009 Results
AGCO completed 2009 generating net sales of
$6.6 billion, 21% below 2008. Net income for 2009
was $1.55 per share, excluding restructuring and
other infrequent expenses of $0.11 per share.
Our disciplined inventory reduction program cut
company and dealer inventories by more than $550
million on a constant currency basis, compared to
December 2008. We maintained our strategically
processing method, producing signifi cantly more
output than conventional machines. The new
hybrid combine received Agritechnica’s
prestigious “Machine of the Year” award.
AGCO’s new high-horsepower tractor lines for the
Challenger, Massey Ferguson and Valtra brands
utilize AGCO’s industry-leading CVT transmission,
driving fuel effi ciency and productivity. The
redesigned cab is the largest in the industry,
providing more comfort, convenience and control
to the operator. These tractors were one of fi ve
AGCO products to receive AE50 Awards from the
American Society of Agricultural and Biological
Engineers for engineering innovation.
Investments to Improve Operating Performance
We are executing a number of initiatives aimed
at growing our sales, reducing expenses and
better utilizing capital. AGCO is investing in new
products, strengthening distribution and
expanding in developing markets to grow our
sales. Our manufacturing team is focused on
enhancing the effi ciency and productivity of our
production facilities by implementing the AGCO
Production System (APS), which drives a global
approach to continuous improvement in our
factories. We are working to better leverage the
scale of our business with global purchasing
initiatives, including our best-cost country
sourcing from Asia and Eastern Europe.
Developing Market Opportunities
AGCO also is pursuing global growth
opportunities. Developing markets in the CIS
countries provide signifi cant growth potential.
Investments in dealer training and parts and
service support are targeted at improving our
distribution and the service experience of our
customers. We expect to increase our production
capabilities in Russia over the next few years to
further strengthen our position in this market.
Farm consolidation in China is expected to
provide an opportunity for larger, more
productive farm machinery in the coming years.
AGCO is investing in production facilities in China
to serve the local market and to source to other
regions. Africa also has signifi cant potential for
increasing agricultural production. By leveraging
our existing distribution network in Africa, we
will be in position to benefi t from positive
trends in this market.
Commitment to Our Communities
Our social responsibility efforts are focused in
three areas: demonstrating good citizenship,
maintaining strong ethical standards and
offering a workplace that protects our
employees and provides advancement
opportunities. AGCO works to have a positive
impact in the communities where we operate.
As we approach AGCO’s 20th anniversary on
June 20, 2010, I would like to thank our
employees and dealers for their continued
dedication to achieving our goals and for the
important role they play in accomplishing our
mission of profi table growth through superior
customer service, innovation, quality and
commitment. Together, we are laying the
foundation for growth in the next 20 years.
Finally, I thank my fellow shareholders for your
continuing confi dence. We have substantial
opportunities ahead to deliver more for our
customers and build value for you. I look forward
to reporting on our continuing progress.
4
Martin Richenhagen
Chairman, President and Chief Executive Offi cer
5
CHAIRMAN’S MESSAGE
important research and development efforts
and capital expenditure programs at high levels.
Our fi nancial discipline enabled us to generate
over $100 million in free cash fl ow, fi nishing the
year with the strongest balance sheet in AGCO’s
history. Our credit rating was lifted to investment
grade on March 5, 2010, in recognition of
AGCO’s fi nancial accomplishments.
Positive Outlook
In 2010, we expect slow economic recovery and soft
end-market demand. Longer term, we continue
to see signifi cant opportunities. The world’s
population is growing rapidly and the demand
for food is increasing. Economic expansion in Asia
is shifting dietary preferences toward meat-based
protein. Growing food consumption, combined
with the demands for renewable energy, are
lowering grain reserves, resulting in higher
commodity prices and stimulating farm productivity.
Professional farm machinery will be one of the
key factors in producing increased crop yields in
future years. Our line-up of advanced products
has AGCO well-positioned to make our
customers more productive.
Better Solutions for Our Customers
Our innovative products provide our customers
with high-tech solutions to meet the need for
improved productivity and profi tability. AGCO
SISU POWER introduced an important innovation
in engine technology for farm equipment, the e3
Selective Catalytic Reduction (SCR) engine, which
offers an effective method for emission control
while producing a substantial improvement in
fuel economy. AGCO’s new Hybrid combine was
previewed in 2009 at Europe‘s premier farm
show, Agritechnica, and boasts an innovative
Fellow Stockholders,
We are starting 2010 a stronger, better positioned
company than a year ago. In 2009, we faced a
diffi cult economic environment and challenging
business conditions for our customers, our dealers
and our industry. AGCO’s fi nancial strength and
prudent investment approach enabled us to meet
the challenge head-on. Our employees
demonstrated signifi cant fl exibility in adapting to
changing market conditions, and through hard
work, they delivered solid profi tability, generated
strong cash fl ow and improved our balance sheet.
During 2009, AGCO also made important
progress in the key areas of product development
and technological innovation to position us for
success in the years ahead.
2009 Results
AGCO completed 2009 generating net sales of
$6.6 billion, 21% below 2008. Net income for 2009
was $1.55 per share, excluding restructuring and
other infrequent expenses of $0.11 per share.
Our disciplined inventory reduction program cut
company and dealer inventories by more than $550
million on a constant currency basis, compared to
December 2008. We maintained our strategically
processing method, producing signifi cantly more
output than conventional machines. The new
hybrid combine received Agritechnica’s
prestigious “Machine of the Year” award.
AGCO’s new high-horsepower tractor lines for the
Challenger, Massey Ferguson and Valtra brands
utilize AGCO’s industry-leading CVT transmission,
driving fuel effi ciency and productivity. The
redesigned cab is the largest in the industry,
providing more comfort, convenience and control
to the operator. These tractors were one of fi ve
AGCO products to receive AE50 Awards from the
American Society of Agricultural and Biological
Engineers for engineering innovation.
Investments to Improve Operating Performance
We are executing a number of initiatives aimed
at growing our sales, reducing expenses and
better utilizing capital. AGCO is investing in new
products, strengthening distribution and
expanding in developing markets to grow our
sales. Our manufacturing team is focused on
enhancing the effi ciency and productivity of our
production facilities by implementing the AGCO
Production System (APS), which drives a global
approach to continuous improvement in our
factories. We are working to better leverage the
scale of our business with global purchasing
initiatives, including our best-cost country
sourcing from Asia and Eastern Europe.
Developing Market Opportunities
AGCO also is pursuing global growth
opportunities. Developing markets in the CIS
countries provide signifi cant growth potential.
Investments in dealer training and parts and
service support are targeted at improving our
distribution and the service experience of our
customers. We expect to increase our production
capabilities in Russia over the next few years to
further strengthen our position in this market.
Farm consolidation in China is expected to
provide an opportunity for larger, more
productive farm machinery in the coming years.
AGCO is investing in production facilities in China
to serve the local market and to source to other
regions. Africa also has signifi cant potential for
increasing agricultural production. By leveraging
our existing distribution network in Africa, we
will be in position to benefi t from positive
trends in this market.
Commitment to Our Communities
Our social responsibility efforts are focused in
three areas: demonstrating good citizenship,
maintaining strong ethical standards and
offering a workplace that protects our
employees and provides advancement
opportunities. AGCO works to have a positive
impact in the communities where we operate.
As we approach AGCO’s 20th anniversary on
June 20, 2010, I would like to thank our
employees and dealers for their continued
dedication to achieving our goals and for the
important role they play in accomplishing our
mission of profi table growth through superior
customer service, innovation, quality and
commitment. Together, we are laying the
foundation for growth in the next 20 years.
Finally, I thank my fellow shareholders for your
continuing confi dence. We have substantial
opportunities ahead to deliver more for our
customers and build value for you. I look forward
to reporting on our continuing progress.
4
Martin Richenhagen
Chairman, President and Chief Executive Offi cer
5
BOARD OF DIRECTORS
SENIOR MANAGEMENT
3
5
7
9
13
15
16
18
20
1
2
4
6
8
10
11
12
14
17
19
22
21
1. Martin H. Richenhagen
4.
Chairman, President
and Chief Executive Offi cer
AGCO
Executive and Succession
Planning Committees
Francisco R. Gros
Former CEO, OGX Petróleo
e Gás Participacões, S.A.
Audit and Governance
Committees
2. P. George Benson
President,
College of Charleston
Audit, Executive and
Governance Committees
5.
Herman Cain
President and CEO
T.H.E. New Voice, Inc.
Compensation and
Succession Planning
Committees
7. George E. Minnich
10. Gerald L. Shaheen
12. Lucinda B. Smith
15. Garry L. Ball
18. David L. Caplan
21. Andrew H. Beck
Former Senior Vice President
and CFO, ITT Corporation
Audit, Compensation and
Executive Committees
Former Group President
Caterpillar Inc.
Executive and Succession
Planning Committees
Senior Vice President
Human Resources
Senior Vice President
Engineering
13. André M. Carioba
16. Gary L. Collar
Senior Vice President
General Manager,
South America
14. Robert B. Crain
Senior Vice President
General Manager,
North America
Senior Vice President
General Manager, Europe/
Africa/Middle East;
Australia, New Zealand
17. Randall G. Hoffman
Senior Vice President
Global Sales, Marketing
and Product Management
Senior Vice President
Chief Financial Offi cer
22. Hans-Bernd Veltmaat
Senior Vice President
Manufacturing and Quality
Senior Vice President
Materials Management,
Worldwide
19. Hubertus M. Mühlhäuser
Senior Vice President
Strategy & Integration
General Manager,
Eastern Europe and Asia
20. Debra E. Kuper
Vice President
General Counsel and
Corporate Secretary
8. Wolfgang Deml
11. Curtis E. Moll
Former President and CEO
BayWa Corporation
Governance and Succession
Planning Committees
Chairman and CEO
MTD Holdings, Inc.
Audit and Compensation
Committees
3. Tom W. LaSorda
6.
Former Vice Chairman,
President and member of
the Board of Managers
Chrysler LLC
Audit and Compensation
Committees
Hendrikus Visser
Chairman, Royal Huisman
Shipyards N.V.
Audit and Governance
Committees
9.
Gerald B. Johanneson
Former President and CEO
Haworth, Inc.
Executive, Governance
and Succession Planning
Committees
6
6
7
7
BOARD OF DIRECTORS
SENIOR MANAGEMENT
3
5
7
9
13
15
16
18
20
1
2
4
6
8
10
11
12
14
17
19
22
21
1. Martin H. Richenhagen
4.
Chairman, President
and Chief Executive Offi cer
AGCO
Executive and Succession
Planning Committees
Francisco R. Gros
Former CEO, OGX Petróleo
e Gás Participacões, S.A.
Audit and Governance
Committees
2. P. George Benson
President,
College of Charleston
Audit, Executive and
Governance Committees
5.
Herman Cain
President and CEO
T.H.E. New Voice, Inc.
Compensation and
Succession Planning
Committees
7. George E. Minnich
10. Gerald L. Shaheen
12. Lucinda B. Smith
15. Garry L. Ball
18. David L. Caplan
21. Andrew H. Beck
Former Senior Vice President
and CFO, ITT Corporation
Audit, Compensation and
Executive Committees
Former Group President
Caterpillar Inc.
Executive and Succession
Planning Committees
Senior Vice President
Human Resources
Senior Vice President
Engineering
13. André M. Carioba
16. Gary L. Collar
Senior Vice President
General Manager,
South America
14. Robert B. Crain
Senior Vice President
General Manager,
North America
Senior Vice President
General Manager, Europe/
Africa/Middle East;
Australia, New Zealand
17. Randall G. Hoffman
Senior Vice President
Global Sales, Marketing
and Product Management
Senior Vice President
Chief Financial Offi cer
22. Hans-Bernd Veltmaat
Senior Vice President
Manufacturing and Quality
Senior Vice President
Materials Management,
Worldwide
19. Hubertus M. Mühlhäuser
Senior Vice President
Strategy & Integration
General Manager,
Eastern Europe and Asia
20. Debra E. Kuper
Vice President
General Counsel and
Corporate Secretary
8. Wolfgang Deml
11. Curtis E. Moll
Former President and CEO
BayWa Corporation
Governance and Succession
Planning Committees
Chairman and CEO
MTD Holdings, Inc.
Audit and Compensation
Committees
3. Tom W. LaSorda
6.
Former Vice Chairman,
President and member of
the Board of Managers
Chrysler LLC
Audit and Compensation
Committees
Hendrikus Visser
Chairman, Royal Huisman
Shipyards N.V.
Audit and Governance
Committees
9.
Gerald B. Johanneson
Former President and CEO
Haworth, Inc.
Executive, Governance
and Succession Planning
Committees
6
6
7
7
GLOBAL PRESENCE
1. Duluth, Georgia, US
2. Baltimore, Maryland, US
3. Batavia, Illinois, US
4. Jackson, Minnesota, US
5. Beloit, Kansas, US
6. Hesston, Kansas, US
7. Tacoma, Washington, US
8. Houston, Texas, US
9. Queretaro, Mexico
10. Jundiai, Brazil
11. Santa Rosa, Brazil
12. Ibirubá, Brazil
13. Canoas, Brazil
14. Mogi das Cruzes, Brazil
15. Haedo, Argentina
16. Ennery, France
17. Beauvais, France
18. Desford, Great Britain
19. Grubbenvorst, The Netherlands
20. Linnavuori, Finland
21. Suolahti, Finland
22. Bäumenheim, Germany
23. Marktoberdorf, Germany
24. Breganze, Italy
25. Vladimir, Russia
26. Chennai, India
27. Changzhou, China
28. Shanghai, China
7
4
3
1
2
5
6
8
9
10
12
14
11
13
15
Our global manufacturing
Corporate Headquarters
Light Assembly
Manufacturing
Parts Distribution
Joint Venture
Licensee
20
21
25
18
17
19
16
22
23
24
27
28
26
8
9
GLOBAL PRESENCE
1. Duluth, Georgia, US
2. Baltimore, Maryland, US
3. Batavia, Illinois, US
4. Jackson, Minnesota, US
5. Beloit, Kansas, US
6. Hesston, Kansas, US
7. Tacoma, Washington, US
8. Houston, Texas, US
9. Queretaro, Mexico
10. Jundiai, Brazil
11. Santa Rosa, Brazil
12. Ibirubá, Brazil
13. Canoas, Brazil
14. Mogi das Cruzes, Brazil
15. Haedo, Argentina
16. Ennery, France
17. Beauvais, France
18. Desford, Great Britain
19. Grubbenvorst, The Netherlands
20. Linnavuori, Finland
21. Suolahti, Finland
22. Bäumenheim, Germany
23. Marktoberdorf, Germany
24. Breganze, Italy
25. Vladimir, Russia
26. Chennai, India
27. Changzhou, China
28. Shanghai, China
7
4
3
1
2
5
6
8
9
10
12
14
11
13
15
Our global manufacturing
Corporate Headquarters
Light Assembly
Manufacturing
Parts Distribution
Joint Venture
Licensee
20
21
25
18
17
19
16
22
23
24
27
28
26
8
9
CHALLENGER
Challenger — an ideal choice for the professional and commercial producer— continues to
win new customers by demonstrating competitive performance, power, durability and
support. It is our fastest-growing equipment brand in North America and is quickly building
momentum in Western and Eastern Europe.
The Challenger track system utilizes tough rubber tracks and an ingenious suspension
system to give professional farmers the traction and fl otation of steel tracks, combined
with the speed and ride of rubber tires. In fact, the powerful MT875B track tractor holds
a world record for cultivating 1,590 acres in 24 hours with a single operator pulling a
46-foot-wide disc. This demonstrates how Challenger can improve productivity and cut
costs for large-scale agribusinesses across the globe.
The Challenger product family also includes wheeled tractors as well as a full line of
harvesting equipment. The world’s largest agricultural tractors (at 570 hp, in both tracked
and wheeled models) carry the Challenger name. Using revolutionary designs and
groundbreaking technology, Challenger products have earned respect for combining high
specifi cations with superior reliability. This is serious machinery, backed by unmatched
infi eld service and parts support.
10
11
CHALLENGER
Challenger — an ideal choice for the professional and commercial producer— continues to
win new customers by demonstrating competitive performance, power, durability and
support. It is our fastest-growing equipment brand in North America and is quickly building
momentum in Western and Eastern Europe.
The Challenger track system utilizes tough rubber tracks and an ingenious suspension
system to give professional farmers the traction and fl otation of steel tracks, combined
with the speed and ride of rubber tires. In fact, the powerful MT875B track tractor holds
a world record for cultivating 1,590 acres in 24 hours with a single operator pulling a
46-foot-wide disc. This demonstrates how Challenger can improve productivity and cut
costs for large-scale agribusinesses across the globe.
The Challenger product family also includes wheeled tractors as well as a full line of
harvesting equipment. The world’s largest agricultural tractors (at 570 hp, in both tracked
and wheeled models) carry the Challenger name. Using revolutionary designs and
groundbreaking technology, Challenger products have earned respect for combining high
specifi cations with superior reliability. This is serious machinery, backed by unmatched
infi eld service and parts support.
10
11
FENDT
Fendt provides high-tech solutions featuring the best in German engineering. A market
leader in Europe, it is also a premium choice for professional farmers and contractors in
other global markets.
With its highly-engineered tractors and harvesting equipment, and its exceptional dealer
organization, the brand continues to deliver on its commitment to increase farmer
productivity. For example, Fendt’s award-winning CVT (continuously variable transmission)
technology offers low fuel consumption and outstanding effi ciency throughout its entire
product line. Today, more than 100,000 Fendt Vario CVT-equipped tractors have been
delivered worldwide.
Fendt also has led the way in improving front-axle suspension for tractors, developing
advanced braking systems, and re-thinking operator controls to provide exceptional
comfort and greater driving pleasure. Well-regarded innovations, such as the Vario joystick
and the Fendt Tractor Management System, provide more precise and fl exible control of
hydraulics, power take-off and headland management systems.
12
13
FENDT
Fendt provides high-tech solutions featuring the best in German engineering. A market
leader in Europe, it is also a premium choice for professional farmers and contractors in
other global markets.
With its highly-engineered tractors and harvesting equipment, and its exceptional dealer
organization, the brand continues to deliver on its commitment to increase farmer
productivity. For example, Fendt’s award-winning CVT (continuously variable transmission)
technology offers low fuel consumption and outstanding effi ciency throughout its entire
product line. Today, more than 100,000 Fendt Vario CVT-equipped tractors have been
delivered worldwide.
Fendt also has led the way in improving front-axle suspension for tractors, developing
advanced braking systems, and re-thinking operator controls to provide exceptional
comfort and greater driving pleasure. Well-regarded innovations, such as the Vario joystick
and the Fendt Tractor Management System, provide more precise and fl exible control of
hydraulics, power take-off and headland management systems.
12
13
MASSEY FERGUSON
Massey Ferguson, drawing on over 160 years of experience working with farmers, offers a
versatile tractor line, including vineyard, fruit, utility, compact and row crop options for
demanding applications. Extending from the ruggedly simple to high-horsepower/high-
specifi cation models, Massey Ferguson has been one of the world’s leading tractor brands
for more than four decades.
With Massey Ferguson tractors on the job worldwide more than any other brand, it’s vital
to continually update and refi ne the product line. Recent technology enhancements include
the introduction of specialty tractors with pressurized cabs and air-fi ltration systems and
award-winning computer controlled cab suspension systems on high-horsepower tractors.
Massey Ferguson is also a solid force in the global harvesting business. Manufactured in
Europe, North America and South America, its combines and balers are specifi cally tailored
to meet local harvesting conditions. Massey Ferguson 9005 Series axial rotary combines
feature the world’s fastest peak unloading rate at 4.5 bushels per second.
Massey Ferguson is a truly global brand, recognized around the world not only for its
heritage and committed dealer organization, but also for its versatile solutions and
comprehensive range of competitively-priced products.
14
15
MASSEY FERGUSON
Massey Ferguson, drawing on over 160 years of experience working with farmers, offers a
versatile tractor line, including vineyard, fruit, utility, compact and row crop options for
demanding applications. Extending from the ruggedly simple to high-horsepower/high-
specifi cation models, Massey Ferguson has been one of the world’s leading tractor brands
for more than four decades.
With Massey Ferguson tractors on the job worldwide more than any other brand, it’s vital
to continually update and refi ne the product line. Recent technology enhancements include
the introduction of specialty tractors with pressurized cabs and air-fi ltration systems and
award-winning computer controlled cab suspension systems on high-horsepower tractors.
Massey Ferguson is also a solid force in the global harvesting business. Manufactured in
Europe, North America and South America, its combines and balers are specifi cally tailored
to meet local harvesting conditions. Massey Ferguson 9005 Series axial rotary combines
feature the world’s fastest peak unloading rate at 4.5 bushels per second.
Massey Ferguson is a truly global brand, recognized around the world not only for its
heritage and committed dealer organization, but also for its versatile solutions and
comprehensive range of competitively-priced products.
14
15
VALTRA
Valtra is the agricultural machinery brand that epitomizes customization. Based in Finland,
it has earned a dominant market position in the Nordic region and has built a leading
reputation in South America, thanks to its individualized machinery solutions and high
levels of customer service.
Renowned for their versatility and reliability, Valtra tractors are designed specifi cally for
each customer and engineered to withstand harsh climates and deliver high performance
in demanding working conditions. Through its successful modular system of tractor assembly,
Valtra is able to build machines to a farmer’s individual specifi cations. Customers work in
close partnership with their sales representatives to determine the ideal specifi cations for
powering their operations, choosing from a wide array of colors, engines, transmissions,
hydraulics, cabs and other options; they can even visit the Valtra factory to observe their
tractors being custom-built.
True to the Nordic tradition, Valtra operations and products emphasize functionality (inclu-
ding pioneering efforts in ergonomics and safety) and a respect for nature. The ability to
build against confi rmed customer orders represents signifi cant opportunities for the future,
as it is highly effi cient and benefi ts both the customer and manufacturer.
16
17
VALTRA
Valtra is the agricultural machinery brand that epitomizes customization. Based in Finland,
it has earned a dominant market position in the Nordic region and has built a leading
reputation in South America, thanks to its individualized machinery solutions and high
levels of customer service.
Renowned for their versatility and reliability, Valtra tractors are designed specifi cally for
each customer and engineered to withstand harsh climates and deliver high performance
in demanding working conditions. Through its successful modular system of tractor assembly,
Valtra is able to build machines to a farmer’s individual specifi cations. Customers work in
close partnership with their sales representatives to determine the ideal specifi cations for
powering their operations, choosing from a wide array of colors, engines, transmissions,
hydraulics, cabs and other options; they can even visit the Valtra factory to observe their
tractors being custom-built.
True to the Nordic tradition, Valtra operations and products emphasize functionality (inclu-
ding pioneering efforts in ergonomics and safety) and a respect for nature. The ability to
build against confi rmed customer orders represents signifi cant opportunities for the future,
as it is highly effi cient and benefi ts both the customer and manufacturer.
16
17
FULL LINE OF PRODUCTS
Every crop. Every terrain.
Every task.
As a leading global
manufacturer of agricultural
equipment, AGCO offers a
comprehensive line of tractors,
combines, forage and tillage
equipment, implements and hay
tools. Our brands are among the
most recognized and trusted in
the industry. Each brand delivers
its own diversity and range of
products: from ruggedly simple
utility machines for part-time
farmers to ingeniously nimble
solutions for demanding
specialized operations to
jaw-dropping high-horsepower
vehicles for today’s professional
farm fl eets. Increased investment
in research and development,
and a commitment to sharing
knowledge among our brands,
continue to keep AGCO at the
forefront of smart, effi cient
technologies. We build our
equipment to the highest
standards of design and
manufacturing, and our
innovative products continuously
receive awards at international
exhibitions. Our most coveted
recognition, however, is the
endorsement of our wide range
of products by progressive
farmers and successful dealers
around the world.
Massey Ferguson 9795 Combine
RoGator 1184 Sprayer
Valtra A 750 Tractor
Challenger LB34B Baler
Massey Ferguson 509 Planter
Fendt 209 V/F Vario Tractor
18
19
FULL LINE OF PRODUCTS
Every crop. Every terrain.
Every task.
As a leading global
manufacturer of agricultural
equipment, AGCO offers a
comprehensive line of tractors,
combines, forage and tillage
equipment, implements and hay
tools. Our brands are among the
most recognized and trusted in
the industry. Each brand delivers
its own diversity and range of
products: from ruggedly simple
utility machines for part-time
farmers to ingeniously nimble
solutions for demanding
specialized operations to
jaw-dropping high-horsepower
vehicles for today’s professional
farm fl eets. Increased investment
in research and development,
and a commitment to sharing
knowledge among our brands,
continue to keep AGCO at the
forefront of smart, effi cient
technologies. We build our
equipment to the highest
standards of design and
manufacturing, and our
innovative products continuously
receive awards at international
exhibitions. Our most coveted
recognition, however, is the
endorsement of our wide range
of products by progressive
farmers and successful dealers
around the world.
Massey Ferguson 9795 Combine
RoGator 1184 Sprayer
Valtra A 750 Tractor
Challenger LB34B Baler
Massey Ferguson 509 Planter
Fendt 209 V/F Vario Tractor
18
19
OUR SUPPORT
AGCO Finance
In today’s global marketplace, fi nancing and
leasing often play a signifi cant role in farmers’
equipment choices. AGCO Finance offers
fl exible options to enable retail customers to
obtain equipment with all the power, effi ciency
and technology they need. Because every
situation is different, we offer comprehensive
programs based on innovative fi nancial
products to meet individual needs.
Backed by our joint venture partner, Rabobank
Group, which is widely recognized as one of the
world’s leading banks and is AAA-rated by the
major credit-rating agencies, AGCO Finance
now operates in 17 countries in North America,
South America, Europe and Australia/New
Zealand.
AGCO Advanced Technology Solutions
AGCO Advanced Technology Solutions (ATS) is a
dedicated team that delivers leading-edge,
user-friendly and value-added technology
solutions. By partnering with innovative
technology suppliers, we deliver high
performing products that increase customer
satisfaction and loyalty. ATS focuses on three
distinct areas — machine control, machine
management and precision farming —that can
be enhanced by systems designed to ease
workload and deliver valuable management
information. We provide specifi c solutions for
automated steering, data collection and yield
mapping, as well as more comprehensive
solutions for precision farming.
Our primary customers tend to be large
farmers, fl eet managers and custom harvesters
looking to maximize effi ciency and profi tability.
ATS helps them save fuel, improve production,
manage chemical and fertilizer applications,
increase yield, and comply with environmental
regulations.
AGCO Parts
An important part of every farmer’s decision
when purchasing equipment is the availability,
cost and quality of parts. All of our parts are
made to exact standards, tested extensively and
backed by a 12-month warranty. We also
provide effi cient and responsive service,
because we know farmers depend on us to
keep their operations running smoothly. Our
network has more than 1.4 million parts
available for immediate dispatch from our
distribution centers around the world.
AGCOPartsBooks.com is our web-based parts
catalog that provides all the latest parts
information online. Initially launched to
customers in North America, this state-of-the-art
catalog system was made available to customers
in other regions in 2009. Our dealer/distributor
version of electronic parts and service books
has now moved to the web in most markets.
AGCO Service
Today’s agricultural equipment has evolved into
highly complex machines. That’s why our
dealers continuously invest in training, tools
and service programs to keep their technicians
up to date. Supporting dealers is AGCO Service,
a global community of technical experts
dedicated to keeping our machines performing
at levels that exceed expectations. Our dealers’
technicians use our state-of-the-art work tools
such as SOURCE, a multilingual, web-based
technical knowledge management system, and
Electronic Diagnostic Tool (EDT), an in-fi eld
diagnostic solution that quickly pinpoints the
cause of a problem to minimize customer
downtime. As a result, customers can be
in cleaner emissions and enhanced fuel economy.
For added fl exibility, we offer engines that
deliver uncompromised performance with
conventional fuels, some of which can even run
on 100% biodiesel.
confi dent their equipment investment is
supported each day with timely and reliable
service.
AGCO SISU POWER
For more than 65 years, AGCO SISU POWER
has manufactured reliable diesel engines for
conditions ranging from the blistering heat of
South America to the harsh winters of Northern
Europe. Using the latest technology, we
currently build a comprehensive family of
sub-10-liter, off-highway engines in Finland and
Brazil at our company-owned facilities and in
Russia, through our joint venture. AGCO SISU
POWER is known for its durable, powerful
engines with industry-leading environmental
performance. Launching the only 7-cylinder
engine in the global, off-road market
demonstrated our innovation in emission
technology, while our e3 Selective Catalytic
Reduction (SCR) Technology sets new standards
20
21
OUR SUPPORT
AGCO Finance
In today’s global marketplace, fi nancing and
leasing often play a signifi cant role in farmers’
equipment choices. AGCO Finance offers
fl exible options to enable retail customers to
obtain equipment with all the power, effi ciency
and technology they need. Because every
situation is different, we offer comprehensive
programs based on innovative fi nancial
products to meet individual needs.
Backed by our joint venture partner, Rabobank
Group, which is widely recognized as one of the
world’s leading banks and is AAA-rated by the
major credit-rating agencies, AGCO Finance
now operates in 17 countries in North America,
South America, Europe and Australia/New
Zealand.
AGCO Advanced Technology Solutions
AGCO Advanced Technology Solutions (ATS) is a
dedicated team that delivers leading-edge,
user-friendly and value-added technology
solutions. By partnering with innovative
technology suppliers, we deliver high
performing products that increase customer
satisfaction and loyalty. ATS focuses on three
distinct areas — machine control, machine
management and precision farming —that can
be enhanced by systems designed to ease
workload and deliver valuable management
information. We provide specifi c solutions for
automated steering, data collection and yield
mapping, as well as more comprehensive
solutions for precision farming.
Our primary customers tend to be large
farmers, fl eet managers and custom harvesters
looking to maximize effi ciency and profi tability.
ATS helps them save fuel, improve production,
manage chemical and fertilizer applications,
increase yield, and comply with environmental
regulations.
AGCO Parts
An important part of every farmer’s decision
when purchasing equipment is the availability,
cost and quality of parts. All of our parts are
made to exact standards, tested extensively and
backed by a 12-month warranty. We also
provide effi cient and responsive service,
because we know farmers depend on us to
keep their operations running smoothly. Our
network has more than 1.4 million parts
available for immediate dispatch from our
distribution centers around the world.
AGCOPartsBooks.com is our web-based parts
catalog that provides all the latest parts
information online. Initially launched to
customers in North America, this state-of-the-art
catalog system was made available to customers
in other regions in 2009. Our dealer/distributor
version of electronic parts and service books
has now moved to the web in most markets.
AGCO Service
Today’s agricultural equipment has evolved into
highly complex machines. That’s why our
dealers continuously invest in training, tools
and service programs to keep their technicians
up to date. Supporting dealers is AGCO Service,
a global community of technical experts
dedicated to keeping our machines performing
at levels that exceed expectations. Our dealers’
technicians use our state-of-the-art work tools
such as SOURCE, a multilingual, web-based
technical knowledge management system, and
Electronic Diagnostic Tool (EDT), an in-fi eld
diagnostic solution that quickly pinpoints the
cause of a problem to minimize customer
downtime. As a result, customers can be
in cleaner emissions and enhanced fuel economy.
For added fl exibility, we offer engines that
deliver uncompromised performance with
conventional fuels, some of which can even run
on 100% biodiesel.
confi dent their equipment investment is
supported each day with timely and reliable
service.
AGCO SISU POWER
For more than 65 years, AGCO SISU POWER
has manufactured reliable diesel engines for
conditions ranging from the blistering heat of
South America to the harsh winters of Northern
Europe. Using the latest technology, we
currently build a comprehensive family of
sub-10-liter, off-highway engines in Finland and
Brazil at our company-owned facilities and in
Russia, through our joint venture. AGCO SISU
POWER is known for its durable, powerful
engines with industry-leading environmental
performance. Launching the only 7-cylinder
engine in the global, off-road market
demonstrated our innovation in emission
technology, while our e3 Selective Catalytic
Reduction (SCR) Technology sets new standards
20
21
WORLDWIDE CUSTOMER SUCCESS
Outstanding service provides
high value
The 14,000-acre Larimer seed
corn operation bought its fi rst
Challenger tractor 10 years
ago from a neighbor. The used
machine impressed the
Larimers so much, they now
own fi ve Challenger tractors,
both track and wheeled
models. “We’ve also had a very
good experience with our
dealer, MacAllister Machinery
Co. To guarantee faster parts
delivery, they put in a drop
box so we could get parts
overnight. Their service makes
all the difference in the world.”
Powering implements and the
bottom line
Alexander Kanny plants and
harvests 1,000 acres and produces
10,000 round bales annually.
Reliability, ease of control and
low fuel consumption are the
main reasons he relies on a
Massey Ferguson fl eet. MF 7400
Series tractors with Dyna-VT
continuously variable
transmissions are easy to operate
and allow him to engage the
engine without high revolutions
despite heavy implements. His
customers know that Massey
Ferguson is recognized for top
performance.
Alexander Kanny, agricultural contractor, Germany
Versatility paves the way to
success
In 2003, Max Wild Company
bought its fi rst Fendt tractor
and discovered an alternative to
operating a costly (and often
idle) fl eet of specialized, self-
propelled construction machines.
“What this tractor accomplishes,
even under constant use, is
enormous. With just one Vario
936 plus milling attachment, we
stabilized 180,000 cubic meters
of soil fast and cost effectively.
And we save up to 20% on fuel.
The Vario is so problem-free and
economical, we plan to sell our
articulated haulers.”
Roland Wild, construction contractor, Germany
John Larimer, corn grower, United States
Tractors transform a village
In 2005, Sun Zhongchai made a
bold move and borrowed money
to replace his locally-made
tractor. The powerful, reliable
Valtra BM 120 improved
productivity and profi ts so
quickly he bought a second
Valtra three years later. More
than 30 villagers followed his
lead, adopted the Valtra T171
technology and saw similar
success. In just four years,
Zhongchai has expanded his
farm, paid for a new home and
sent his son to college. “I was an
ordinary peasant. Valtra tractors
made my dream come true.”
Sun Zhongchai, crop grower, China
22
23
WORLDWIDE CUSTOMER SUCCESS
Outstanding service provides
high value
The 14,000-acre Larimer seed
corn operation bought its fi rst
Challenger tractor 10 years
ago from a neighbor. The used
machine impressed the
Larimers so much, they now
own fi ve Challenger tractors,
both track and wheeled
models. “We’ve also had a very
good experience with our
dealer, MacAllister Machinery
Co. To guarantee faster parts
delivery, they put in a drop
box so we could get parts
overnight. Their service makes
all the difference in the world.”
Powering implements and the
bottom line
Alexander Kanny plants and
harvests 1,000 acres and produces
10,000 round bales annually.
Reliability, ease of control and
low fuel consumption are the
main reasons he relies on a
Massey Ferguson fl eet. MF 7400
Series tractors with Dyna-VT
continuously variable
transmissions are easy to operate
and allow him to engage the
engine without high revolutions
despite heavy implements. His
customers know that Massey
Ferguson is recognized for top
performance.
Alexander Kanny, agricultural contractor, Germany
Versatility paves the way to
success
In 2003, Max Wild Company
bought its fi rst Fendt tractor
and discovered an alternative to
operating a costly (and often
idle) fl eet of specialized, self-
propelled construction machines.
“What this tractor accomplishes,
even under constant use, is
enormous. With just one Vario
936 plus milling attachment, we
stabilized 180,000 cubic meters
of soil fast and cost effectively.
And we save up to 20% on fuel.
The Vario is so problem-free and
economical, we plan to sell our
articulated haulers.”
Roland Wild, construction contractor, Germany
John Larimer, corn grower, United States
Tractors transform a village
In 2005, Sun Zhongchai made a
bold move and borrowed money
to replace his locally-made
tractor. The powerful, reliable
Valtra BM 120 improved
productivity and profi ts so
quickly he bought a second
Valtra three years later. More
than 30 villagers followed his
lead, adopted the Valtra T171
technology and saw similar
success. In just four years,
Zhongchai has expanded his
farm, paid for a new home and
sent his son to college. “I was an
ordinary peasant. Valtra tractors
made my dream come true.”
Sun Zhongchai, crop grower, China
22
23
GLOBAL EMPLOYEE INNOVATION
Cross functional team
responds in Brazil
When the Brazilian government
offered fi nancial support for
the development of low–
horsepower tractors to improve
profi tability for its country’s
smaller farmers, Valtra South
America created a “Series A”
immersion task force to tackle
the challenge. Working
together as a 25-person team
yielded three cost-effective
models (A750, A850 and A950)
with strong market appeal. In
fact, over 2,000 of these
extremely agile tractors were
sold in the fi rst two months.
André Carioba and Orlando Silva, AGCO South America
Good ideas abound in Finland
For three years in a row, Valtra
has been recognized as the most
innovative company in all of
Finland. The secret lies in an
initiative program engaging all
levels within the organization.
Last year, employees generated
an average of 13 suggestions a
piece – more than 10,000 in
just 12 months – and quickly
implemented ideas. This highly
functioning program increases
effi ciency, saves money,
motivates employees and
improves work safety. Typically it
also leads to proposals on
developing better tractors.
Esa Myllymäki (middle), Development Manager, Suolahti, Finland
Web site reaches first-time
small tractor buyers
Recognizing that choosing the
right tractor is often daunting for
fi rst-time buyers, the Massey
Ferguson brand and product
marketing teams in North America
created TractorAdvisor.com.
A consultative and interactive tool
(“Find Your Tractor Match”)
guides users through simple
questions about the tasks they
want to do, then matches them
with an appropriate sub-compact,
compact or utility tractor.
Launched in August 2009, this
one-stop resource has already
educated over 40,000 visitors.
Tammi Wecksler, Manager, Massey Ferguson Brand Marketing, North America
Collaboration leads to award-
winning vineyard solution
The challenge was to develop a
better vineyard and orchard
tractor with lower emissions.
Fendt and AGCO SISU POWER
joined forces to create the Fendt
200 Vario, featuring a
supercharged 3-cylinder engine
with external gas recirculation
and common rail system that
uses 10% less fuel. Though
quieter than previous models,
the 200 Vario has made a lot of
industry show noise – winning
Gold at Demopark, Silver at
SIMA and the 2010 Agritechnica
Tractor of the Year in the
‘specialty tractor’ category.
Product Line Team, AGCO GmbH (Fendt), Germany
24
25
GLOBAL EMPLOYEE INNOVATION
Cross functional team
responds in Brazil
When the Brazilian government
offered fi nancial support for
the development of low–
horsepower tractors to improve
profi tability for its country’s
smaller farmers, Valtra South
America created a “Series A”
immersion task force to tackle
the challenge. Working
together as a 25-person team
yielded three cost-effective
models (A750, A850 and A950)
with strong market appeal. In
fact, over 2,000 of these
extremely agile tractors were
sold in the fi rst two months.
André Carioba and Orlando Silva, AGCO South America
Good ideas abound in Finland
For three years in a row, Valtra
has been recognized as the most
innovative company in all of
Finland. The secret lies in an
initiative program engaging all
levels within the organization.
Last year, employees generated
an average of 13 suggestions a
piece – more than 10,000 in
just 12 months – and quickly
implemented ideas. This highly
functioning program increases
effi ciency, saves money,
motivates employees and
improves work safety. Typically it
also leads to proposals on
developing better tractors.
Esa Myllymäki (middle), Development Manager, Suolahti, Finland
Web site reaches first-time
small tractor buyers
Recognizing that choosing the
right tractor is often daunting for
fi rst-time buyers, the Massey
Ferguson brand and product
marketing teams in North America
created TractorAdvisor.com.
A consultative and interactive tool
(“Find Your Tractor Match”)
guides users through simple
questions about the tasks they
want to do, then matches them
with an appropriate sub-compact,
compact or utility tractor.
Launched in August 2009, this
one-stop resource has already
educated over 40,000 visitors.
Tammi Wecksler, Manager, Massey Ferguson Brand Marketing, North America
Collaboration leads to award-
winning vineyard solution
The challenge was to develop a
better vineyard and orchard
tractor with lower emissions.
Fendt and AGCO SISU POWER
joined forces to create the Fendt
200 Vario, featuring a
supercharged 3-cylinder engine
with external gas recirculation
and common rail system that
uses 10% less fuel. Though
quieter than previous models,
the 200 Vario has made a lot of
industry show noise – winning
Gold at Demopark, Silver at
SIMA and the 2010 Agritechnica
Tractor of the Year in the
‘specialty tractor’ category.
Product Line Team, AGCO GmbH (Fendt), Germany
24
25
SOCIAL RESPONSIBILITY
Our goal at AGCO is to run a fi nancially sound business in a socially responsible and sustainable
manner. We focus on three primary areas: 1) ethical conduct, 2) workplace issues such as health,
safety and employee development, and 3) our citizenship in the communities in which we do
business, including environmental initiatives.
As a company dedicated to helping farmers feed the world, we share a close connection to the land:
• A groundbreaking baler design is paving the way for effi ciently harvesting corn cobs, husks and
leaves for fuel production while creating a new revenue stream for growers
• e3 (energy/economy/ecology), our industry-leading SCR emissions treatment, is proving to be
more fuel effi cient and effective than we ever dreamed possible
• The forward-thinking engineering behind our AGCO SISU POWER engines is continuing to put
adoption of biofuel smartly into motion
• Our Advanced Technology Solutions innovations in precision farming are helping reduce use of
chemicals, fertilizers and fuels in bold ways
• AGCO was selected by the U.S. Department of Energy for a grant for the effi cient collection and
transportation of biomass to biofuel production plants
Commitment to safeguarding the environment is also evident in our daily operations. We’ve become
more energy- and water-effi cient, increased recycling and initiated carbon footprint studies. At the
same time, we’ve worked hard to improve employee safety at our facilities.
AGCO cares about the communities where we work and operate. As a company and as individuals,
we contribute time, funds and leadership to local philanthropic efforts and community enhancement.
Often our efforts refl ect our true allegiance to helping farmers succeed, such as:
• Support for youth agriculture education and scholarship programs in the United States
• Participation in a Helping Hand program in Finland, where Valtra employees spend a day working
on local farms
At AGCO, we take ethical conduct seriously. It starts with establishing values and guidelines,
educating our employees, and continues with a focus on maintaining the highest standards of
ethical conduct. In 2009 we were recognized by Corporate Secretary Magazine for our
implementation of best practices and creating an intelligent anti-corruption educational program
across all of our operations.
Our earth-friendly technologies help to position us for the future.
26
27
SOCIAL RESPONSIBILITY
Our goal at AGCO is to run a fi nancially sound business in a socially responsible and sustainable
manner. We focus on three primary areas: 1) ethical conduct, 2) workplace issues such as health,
safety and employee development, and 3) our citizenship in the communities in which we do
business, including environmental initiatives.
As a company dedicated to helping farmers feed the world, we share a close connection to the land:
• A groundbreaking baler design is paving the way for effi ciently harvesting corn cobs, husks and
leaves for fuel production while creating a new revenue stream for growers
• e3 (energy/economy/ecology), our industry-leading SCR emissions treatment, is proving to be
more fuel effi cient and effective than we ever dreamed possible
• The forward-thinking engineering behind our AGCO SISU POWER engines is continuing to put
adoption of biofuel smartly into motion
• Our Advanced Technology Solutions innovations in precision farming are helping reduce use of
chemicals, fertilizers and fuels in bold ways
• AGCO was selected by the U.S. Department of Energy for a grant for the effi cient collection and
transportation of biomass to biofuel production plants
Commitment to safeguarding the environment is also evident in our daily operations. We’ve become
more energy- and water-effi cient, increased recycling and initiated carbon footprint studies. At the
same time, we’ve worked hard to improve employee safety at our facilities.
AGCO cares about the communities where we work and operate. As a company and as individuals,
we contribute time, funds and leadership to local philanthropic efforts and community enhancement.
Often our efforts refl ect our true allegiance to helping farmers succeed, such as:
• Support for youth agriculture education and scholarship programs in the United States
• Participation in a Helping Hand program in Finland, where Valtra employees spend a day working
on local farms
At AGCO, we take ethical conduct seriously. It starts with establishing values and guidelines,
educating our employees, and continues with a focus on maintaining the highest standards of
ethical conduct. In 2009 we were recognized by Corporate Secretary Magazine for our
implementation of best practices and creating an intelligent anti-corruption educational program
across all of our operations.
Our earth-friendly technologies help to position us for the future.
26
27
FORWARD-LOOKING STATEMENTS
This annual report includes forward-looking
statements, including the statements in the
Chairman’s Message and other statements
herein regarding market demand, farmer
productivity and crop yields, production levels,
strategic initiatives and their effects, and
general economic conditions. These statements
are subject to risk that could cause actual results
to differ materially from those suggested by the
statements, including:
Our fi nancial results depend entirely upon the
agricultural industry, and factors that adversely
affect the agricultural industry generally,
including declines in the general economy,
increases in farm input costs, lower commodity
prices and changes in the availability of credit
for our retail customers, will adversely affect us.
The poor performance of the general economy
has adversely impacted our sales and may
continue to have an adverse impact on our sales
in the future, the extent of which we are unable
to predict, and there can be no assurance that
our results will not continue to be affected by
the weakness in global economic conditions.
Our success depends on the introduction of new
products, which require substantial expenditures
and may not be well received in the market
place.
We face signifi cant competition and, if we are
unable to compete successfully against other
agricultural equipment manufacturers, we would
lose customers and our revenues and profi tability
would decline.
Most of our sales depend on the retail customers’
obtaining fi nancing, and any disruption in their
ability to obtain fi nancing, whether due to the
current economic downturn or otherwise, will
result in the sale of fewer products by us. A large
portion of the retail sales of our products are
fi nanced by our retail fi nance joint ventures with
Rabobank, and any diffi culty on Rabobank’s part
to fund the venture would adversely impact sales
if our customers would be required to utilize
other retail fi nancing providers.
The collectability of receivables that are created
from our sales, as well as from fi nancing obtained
by our customers through our retail fi nancing
joint ventures, is critical to our business.
We depend on suppliers for raw materials,
components and parts 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 effi ciently manufacture and sell products.
A majority of our sales and manufacturing take
place outside of the United States, and, as a
result, we are exposed to risks related to foreign
laws, taxes, 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.
Volatility with respect to currency exchange rates
and interest rates can adversely affect our
reported results of operations and the
competitiveness of our products.
We are subject to extensive environmental laws
and regulations, and our compliance with, or our
failure to comply with, existing or future laws
and regulations could delay production of our
products or otherwise adversely affect our
business.
We have signifi cant pension obligations with
respect to our employees, and our available cash
fl ow may be adversely affected in the event that
payments became due under any pension plans
that are unfunded or underfunded. Declines in
the market value of the securities used to fund
these obligations result in increased pension
expense in future periods.
We are subject to raw material price fl uctuations,
which can adversely affect our manufacturing costs.
In connection with our outstanding indebtedness,
we are subject to certain restrictive covenants and
payment obligations that may adversely affect
our ability to operate and expand our business.
SELECTED FINANCIAL INFORMATION
(in millions, except percentages, per share amounts and employees)
Years Ended December 31,
2009
2008(1)
2007(1)
2006(1)
2005(1)
Operating Results
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 6,630.4
$ 8,424.6
$ 6,828.1
$ 5,435.0
$ 5,449.7
Gross profi t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Percent of net sales . . . . . . . . . . . . . . . . . . . . . . . . . .
Income from operations . . . . . . . . . . . . . . . . . . . . . .
Percent of net sales . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) per common share – diluted(2) . .
$
Weighted average shares outstanding – diluted . .
1,072.5
16.2%
219.3
3.3%
135.7
1.44
94.1
1,499.7
17.8%
565.0
6.7%
385.9
3.95
97.7
1,191.0
17.4%
394.8
5.8%
232.9
2.41
96.6
$
$
927.8
17.1%
68.9
1.3%
(71.4
)
$
(0.79
)
$
90.8
933.6
17.1%
274.7
5.0%
28.4
0.31
90.7
Cash fl ows from operations . . . . . . . . . . . . . . . . . . .
$
351.7
$
291.3
$
504.3
$
442.2
$
246.3
Balance Sheet Data
Working capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,070.8
$ 1,026.7
$
709.6
$
715.7
$
825.8
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term debt, less current portion. . . . . . . . . . . .
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . .
5,062.2
454.0
2,653.1
2,400.8
4,954.8
625.0
2,934.8
2,020.0
4,787.6
294.1
2,667.5
2,120.1
4,114.5
523.1
2,530.4
1,584.1
3,861.2
805.1
2,403.7
1,457.5
Other Data
Number of employees. . . . . . . . . . . . . . . . . . . . . . . .
14,456
15,606
13,720
12,804
13,023
(1) Operating results and balance sheet data presented above have been retroactively restated for the years ended December 31, 2008, 2007, 2006
and 2005 to refl ect adjustments made for the equity components of our convertible senior subordinated notes and our noncontrolling interests.
Refer to our audited Consolidated Statements and the accompanying Notes to Consolidated Financial Statements, which are included in our Annual
Report on Form 10-K.
(2) The Company makes reference to adjusted earnings per share, as reconciled below:
2009
2008(1)
2007(1)
2006(1)
2005(1)
$
3.95
$
2.41
$
(0.79
)
$
0.31
Net income (loss) per common share – diluted . . . . . . . . . . . . . . .
$
Restructuring and other infrequent expenses (income)(3) . . . . . .
Goodwill impairment charge(3). . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bond redemption costs(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred income tax valuation allowance adjustment . . . . . . . .
1.44
0.11
—
—
—
Weighted average share impact . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
—
—
(0.03
)
—
—
—
—
Net income per common share – adjusted . . . . . . . . . . . . . . . . . .
$
1.55
$
3.95
$
2.38
$
(3) After tax.
Rounding may impact the summation of certain line items.
0.01
1.81
—
—
0.01
1.04
$
—
—
0.15
0.95
—
1.42
28
29
FORWARD-LOOKING STATEMENTS
This annual report includes forward-looking
statements, including the statements in the
Chairman’s Message and other statements
herein regarding market demand, farmer
productivity and crop yields, production levels,
strategic initiatives and their effects, and
general economic conditions. These statements
are subject to risk that could cause actual results
to differ materially from those suggested by the
statements, including:
Our fi nancial results depend entirely upon the
agricultural industry, and factors that adversely
affect the agricultural industry generally,
including declines in the general economy,
increases in farm input costs, lower commodity
prices and changes in the availability of credit
for our retail customers, will adversely affect us.
The poor performance of the general economy
has adversely impacted our sales and may
continue to have an adverse impact on our sales
in the future, the extent of which we are unable
to predict, and there can be no assurance that
our results will not continue to be affected by
the weakness in global economic conditions.
Our success depends on the introduction of new
products, which require substantial expenditures
and may not be well received in the market
place.
We face signifi cant competition and, if we are
unable to compete successfully against other
agricultural equipment manufacturers, we would
lose customers and our revenues and profi tability
would decline.
Most of our sales depend on the retail customers’
obtaining fi nancing, and any disruption in their
ability to obtain fi nancing, whether due to the
current economic downturn or otherwise, will
result in the sale of fewer products by us. A large
portion of the retail sales of our products are
fi nanced by our retail fi nance joint ventures with
Rabobank, and any diffi culty on Rabobank’s part
to fund the venture would adversely impact sales
if our customers would be required to utilize
other retail fi nancing providers.
The collectability of receivables that are created
from our sales, as well as from fi nancing obtained
by our customers through our retail fi nancing
joint ventures, is critical to our business.
We depend on suppliers for raw materials,
components and parts 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 effi ciently manufacture and sell products.
A majority of our sales and manufacturing take
place outside of the United States, and, as a
result, we are exposed to risks related to foreign
laws, taxes, 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.
Volatility with respect to currency exchange rates
and interest rates can adversely affect our
reported results of operations and the
competitiveness of our products.
We are subject to extensive environmental laws
and regulations, and our compliance with, or our
failure to comply with, existing or future laws
and regulations could delay production of our
products or otherwise adversely affect our
business.
We have signifi cant pension obligations with
respect to our employees, and our available cash
fl ow may be adversely affected in the event that
payments became due under any pension plans
that are unfunded or underfunded. Declines in
the market value of the securities used to fund
these obligations result in increased pension
expense in future periods.
We are subject to raw material price fl uctuations,
which can adversely affect our manufacturing costs.
In connection with our outstanding indebtedness,
we are subject to certain restrictive covenants and
payment obligations that may adversely affect
our ability to operate and expand our business.
SELECTED FINANCIAL INFORMATION
(in millions, except percentages, per share amounts and employees)
Years Ended December 31,
2009
2008(1)
2007(1)
2006(1)
2005(1)
Operating Results
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 6,630.4
$ 8,424.6
$ 6,828.1
$ 5,435.0
$ 5,449.7
Gross profi t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Percent of net sales . . . . . . . . . . . . . . . . . . . . . . . . . .
Income from operations . . . . . . . . . . . . . . . . . . . . . .
Percent of net sales . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) per common share – diluted(2) . .
$
Weighted average shares outstanding – diluted . .
1,072.5
16.2%
219.3
3.3%
135.7
1.44
94.1
1,499.7
17.8%
565.0
6.7%
385.9
3.95
97.7
1,191.0
17.4%
394.8
5.8%
232.9
2.41
96.6
$
$
927.8
17.1%
68.9
1.3%
(71.4
)
$
(0.79
)
$
90.8
933.6
17.1%
274.7
5.0%
28.4
0.31
90.7
Cash fl ows from operations . . . . . . . . . . . . . . . . . . .
$
351.7
$
291.3
$
504.3
$
442.2
$
246.3
Balance Sheet Data
Working capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,070.8
$ 1,026.7
$
709.6
$
715.7
$
825.8
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term debt, less current portion. . . . . . . . . . . .
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . .
5,062.2
454.0
2,653.1
2,400.8
4,954.8
625.0
2,934.8
2,020.0
4,787.6
294.1
2,667.5
2,120.1
4,114.5
523.1
2,530.4
1,584.1
3,861.2
805.1
2,403.7
1,457.5
Other Data
Number of employees. . . . . . . . . . . . . . . . . . . . . . . .
14,456
15,606
13,720
12,804
13,023
(1) Operating results and balance sheet data presented above have been retroactively restated for the years ended December 31, 2008, 2007, 2006
and 2005 to refl ect adjustments made for the equity components of our convertible senior subordinated notes and our noncontrolling interests.
Refer to our audited Consolidated Statements and the accompanying Notes to Consolidated Financial Statements, which are included in our Annual
Report on Form 10-K.
(2) The Company makes reference to adjusted earnings per share, as reconciled below:
2009
2008(1)
2007(1)
2006(1)
2005(1)
$
3.95
$
2.41
$
(0.79
)
$
0.31
Net income (loss) per common share – diluted . . . . . . . . . . . . . . .
$
Restructuring and other infrequent expenses (income)(3) . . . . . .
Goodwill impairment charge(3). . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bond redemption costs(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred income tax valuation allowance adjustment . . . . . . . .
1.44
0.11
—
—
—
Weighted average share impact . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
—
—
—
—
(0.03
)
—
—
—
—
Net income per common share – adjusted . . . . . . . . . . . . . . . . . .
$
1.55
$
3.95
$
2.38
$
(3) After tax.
Rounding may impact the summation of certain line items.
0.01
1.81
—
—
0.01
1.04
$
—
—
0.15
0.95
—
1.42
28
29
CONSOLIDATED STATEMENTS
OF OPERATIONS
(in millions, except per share data)
Years Ended December 31,
2009
2008
2007
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 6,630.4
$ 8,424.6
$ 6,828.1
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross profi t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,557.9
1,072.5
6,924.9
1,499.7
5,637.1
1,191.0
Selling, general and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Engineering expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restructuring and other infrequent expenses (income). . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income before income taxes and equity in net earnings of affi liates . . . . . . . . . . . . . . .
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income before equity in net earnings of affi liates . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity in net earnings of affi liates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
630.1
191.9
13.2
18.0
219.3
43.3
22.2
153.8
56.5
97.3
38.4
135.7
720.9
194.5
0.2
19.1
565.0
33.2
20.1
511.7
164.6
347.1
38.8
385.9
Net income attributable to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
625.7
154.9
(2.3
)
17.9
394.8
37.5
43.4
313.9
111.4
202.5
30.4
232.9
—
Net income attributable to AGCO Corporation and subsidiaries . . . . . . . . . . . . . . . . . .
$
135.7
$
385.9
$
232.9
Net income per common share attributable to AGCO Corporation and subsidiaries: . .
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Weighted average number of common and common equivalent shares outstanding: . .
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
$
$
$
1.47
1.44
$
$
4.21
3.95
$
$
92.2
94.1
91.7
97.7
2.55
2.41
91.5
96.6
The Consolidated Statements of Operations should be read in conjunction with the Company’s Management’s Discussion and Analysis of Financial
Condition and Results of Operations and the Company’s audited Consolidated Financial Statements and the accompanying Notes to Consolidated
Financial Statements, which are included in the Company’s Annual Report on Form 10-K.
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts)
December 31,
ASSETS
Current Assets:
2009
2008
Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
652.7
$
512.2
Restricted cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts and notes receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Inventories, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
731.7
1,187.3
63.6
153.6
33.8
815.6
1,389.9
56.6
197.1
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,788.9
3,005.2
Property, plant and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment in affi liates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Intangible assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
943.0
347.5
70.3
111.7
166.8
634.0
811.1
275.1
29.9
69.6
176.9
587.0
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 5,062.2
$ 4,954.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
0.1
$
Convertible senior subordinated notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
193.0
644.3
834.8
45.9
0.1
—
1,027.1
799.8
151.5
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,718.1
1,978.5
Long-term debt, less current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pensions and postretirement health care benefi ts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other noncurrent liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
454.0
279.7
118.7
82.6
625.0
173.6
108.1
49.6
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,653.1
2,934.8
Temporary Equity:
Equity component of redeemable convertible senior subordinated notes . . . . . . . . . . . . . . . . .
8.3
—
STOCKHOLDERS’ EQUITY
AGCO Corporation stockholders’s equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding
in 2009 and 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Common stock; $0.01 par value, 150,000,000 shares authorized, 92,453,665 and
91,844,193 shares issued and outstanding in 2009 and 2008, respectively . . . . . . . . . . . . . . . . . . . .
Additional paid-in capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total AGCO Corporation stockholders’ equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
0.9
1,061.9
1,517.8
(187.4)
2,393.2
7.6
—
0.9
1,067.4
1,382.1
(436.1)
2,014.3
5.7
Total stockholders’ equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,400.8
2,020.0
Total liabilities, temporary equity and stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 5,062.2
$ 4,954.8
The Consolidated Balance Sheets should be read in conjunction with the Company’s Management’s Discussion and Analysis of Financial Condition
and Results of Operations and the Company’s audited Consolidated Financial Statements and the accompanying Notes to Consolidated Financial
Statements, which are included in the Company’s Annual Report on Form 10-K.
30
31
CONSOLIDATED STATEMENTS
OF OPERATIONS
(in millions, except per share data)
Years Ended December 31,
2009
2008
2007
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 6,630.4
$ 8,424.6
$ 6,828.1
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross profi t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5,557.9
1,072.5
6,924.9
1,499.7
5,637.1
1,191.0
Selling, general and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Engineering expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restructuring and other infrequent expenses (income). . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income before income taxes and equity in net earnings of affi liates . . . . . . . . . . . . . . .
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income before equity in net earnings of affi liates . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity in net earnings of affi liates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
630.1
191.9
13.2
18.0
219.3
43.3
22.2
153.8
56.5
97.3
38.4
135.7
720.9
194.5
0.2
19.1
565.0
33.2
20.1
511.7
164.6
347.1
38.8
385.9
Net income attributable to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
625.7
154.9
(2.3
)
17.9
394.8
37.5
43.4
313.9
111.4
202.5
30.4
232.9
—
Net income attributable to AGCO Corporation and subsidiaries . . . . . . . . . . . . . . . . . .
$
135.7
$
385.9
$
232.9
Net income per common share attributable to AGCO Corporation and subsidiaries: . .
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Weighted average number of common and common equivalent shares outstanding: . .
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$
$
$
$
1.47
1.44
$
$
4.21
3.95
$
$
92.2
94.1
91.7
97.7
2.55
2.41
91.5
96.6
The Consolidated Statements of Operations should be read in conjunction with the Company’s Management’s Discussion and Analysis of Financial
Condition and Results of Operations and the Company’s audited Consolidated Financial Statements and the accompanying Notes to Consolidated
Financial Statements, which are included in the Company’s Annual Report on Form 10-K.
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts)
December 31,
ASSETS
Current Assets:
2009
2008
Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
652.7
$
512.2
Restricted cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts and notes receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Inventories, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
731.7
1,187.3
63.6
153.6
33.8
815.6
1,389.9
56.6
197.1
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,788.9
3,005.2
Property, plant and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment in affi liates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Intangible assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
943.0
347.5
70.3
111.7
166.8
634.0
811.1
275.1
29.9
69.6
176.9
587.0
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 5,062.2
$ 4,954.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
0.1
$
Convertible senior subordinated notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
193.0
644.3
834.8
45.9
0.1
—
1,027.1
799.8
151.5
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,718.1
1,978.5
Long-term debt, less current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pensions and postretirement health care benefi ts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other noncurrent liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
454.0
279.7
118.7
82.6
625.0
173.6
108.1
49.6
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,653.1
2,934.8
Temporary Equity:
Equity component of redeemable convertible senior subordinated notes . . . . . . . . . . . . . . . . .
8.3
—
STOCKHOLDERS’ EQUITY
AGCO Corporation stockholders’s equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding
in 2009 and 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Common stock; $0.01 par value, 150,000,000 shares authorized, 92,453,665 and
91,844,193 shares issued and outstanding in 2009 and 2008, respectively . . . . . . . . . . . . . . . . . . . .
Additional paid-in capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total AGCO Corporation stockholders’ equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
0.9
1,061.9
1,517.8
(187.4)
2,393.2
7.6
—
0.9
1,067.4
1,382.1
(436.1)
2,014.3
5.7
Total stockholders’ equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,400.8
2,020.0
Total liabilities, temporary equity and stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 5,062.2
$ 4,954.8
The Consolidated Balance Sheets should be read in conjunction with the Company’s Management’s Discussion and Analysis of Financial Condition
and Results of Operations and the Company’s audited Consolidated Financial Statements and the accompanying Notes to Consolidated Financial
Statements, which are included in the Company’s Annual Report on Form 10-K.
30
31
CONSOLIDATED STATEMENTS OF
STOCKHOLDERS’ EQUITY
(in millions, except share amounts)
Accumulated Other Comprehensive Income (Loss)
Common Stock
Shares
Amount
Additional
Paid-In Capital
Retained
Earnings
Defi ned
Benefi t
Pension Plans
Cumulative
Translation
Adjustment
Deferred
Gains (Losses)
on Derivatives
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Stockholders‘
Equity
$
— $
5.6
$
Balance, December 31, 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment for equity component of convertible debt and noncontrolling interests . . . . . . .
Adjusted balance, January 1, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock options and SSARs exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Defi ned benefi t pension plans, net of taxes: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prior service cost arising during year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net actuarial gain arising during year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of prior service cost included in net periodic pension cost . . . . . . . . . . . . .
Amortization of net actuarial losses included in net periodic pension cost . . . . . . . . . . . . .
Deferred gains and losses on derivatives, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred gains and losses on derivatives held by affi liates, net . . . . . . . . . . . . . . . . . . . . . .
Change in cumulative translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance, December 31, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of restricted stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of performance award stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock options and SSARs exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Defi ned benefi t pension plans, net of taxes: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prior service cost arising during year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net actuarial loss arising during year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of net actuarial losses included in net periodic pension cost . . . . . . . . . . . . .
Effects of changing pension plan measurement date:
Service cost, interest cost and expected return on plan assets for
October 1 – December 31, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of net actuarial losses for October 1 – December 31, 2007 . . . . . . . . . . . . .
Deferred gains and losses on derivatives, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred gains and losses on derivatives held by affi liates, net . . . . . . . . . . . . . . . . . . . . . .
Change in cumulative translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance, December 31, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of restricted stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of performance award stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock options and SSARs exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments by noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Defi ned benefi t pension plans, net of taxes: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net actuarial loss arising during year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of net actuarial losses included in net periodic pension cost . . . . . . . . . . . . .
Deferred gains and losses on derivatives, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred gains and losses on derivatives held by affi liates, net . . . . . . . . . . . . . . . . . . . . . .
Reclassifi cation to temporary equity –
91,177,903
—
91,177,903
—
6,346
425,646
—
—
—
—
—
—
—
—
91,609,895
—
136,457
62,387
35,454
—
—
—
—
—
—
—
—
—
91,844,193
—
26,388
581,393
1,691
—
—
—
—
—
—
Equity component of convertible senior subordinated notes . . . . . . . . . . . . . . . . . . . . . .
Change in cumulative translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance, December 31, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
92,453,665
$
0.9
—
0.9
—
—
—
—
—
—
—
—
—
—
—
0.9
—
—
—
—
—
—
—
—
—
—
—
—
—
0.9
—
—
—
—
—
—
—
—
—
—
—
—
0.9
$
908.9
94.2
1,003.1
—
0.2
8.0
25.6
—
—
—
—
—
—
—
1,036.9
—
1.6
(2.6
(0.3
31.8
)
)
—
—
—
—
—
—
—
—
1,067.4
—
0.6
(5.2
—
7.4
—
)
—
—
—
—
$
$
774.1
(9.7
)
764.4
232.9
—
—
—
—
—
—
—
—
—
—
997.3
385.9
—
—
—
—
—
—
—
)
)
(0.2
(0.9
—
—
—
1,382.1
135.7
—
—
—
—
—
—
—
—
—
$
(170.3
)
0.4
(169.9
)
—
—
—
—
1.4
71.1
0.1
10.5
—
—
—
(86.8
)
—
—
—
—
—
(0.2
)
(57.6
)
5.6
—
0.9
—
—
—
(138.1
)
—
—
—
—
—
—
(75.6
)
5.4
—
—
$
(22.0
)
—
(22.0
)
—
—
—
—
—
—
—
—
—
—
182.5
160.5
—
—
—
—
—
—
—
—
—
—
—
—
(418.4
)
(257.9
)
—
—
—
—
—
—
—
—
—
—
)
(8.3
—
1,061.9
$
—
—
1,517.8
$
—
—
(208.3
)
$
$
—
282.9
25.0
$
2.0
—
2.0
—
—
—
—
)
—
—
—
—
7.7
(4.4
—
5.3
—
—
—
—
—
—
—
—
)
)
)
—
—
(44.4
(1.0
—
(40.1
—
—
—
—
—
—
—
—
35.4
0.6
—
—
(4.1
)
$
(190.3
)
0.4
(189.9
)
—
—
—
—
1.4
71.1
0.1
10.5
7.7
(4.4
)
182.5
79.0
—
—
—
—
—
(0.2
)
(57.6
)
5.6
—
0.9
(44.4
)
(1.0
)
(418.4
)
(436.1
)
—
—
—
—
—
—
(75.6
)
5.4
35.4
0.6
5.6
—
—
—
—
—
—
—
0.1
—
—
0.3
6.0
—
—
—
—
—
—
—
—
)
—
—
—
—
(0.3
5.7
—
—
—
—
—
1.3
)
(0.1
0.1
—
—
—
0.6
7.6
Comprehensive
Income (Loss)
attributable to
AGCO
Corporation
and subsidiaries
Comprehensive
Income (Loss)
attributable to
Noncontrolling
Interests
$
232.9
$
—
1.4
71.1
0.1
10.5
7.7
(4.4
)
182.5
501.8
385.9
(0.2
)
(57.6
)
5.6
0.9
(44.4
)
(1.0
)
(418.4
)
(129.2
)
135.7
(75.6
)
5.4
35.4
0.6
0.1
0.3
0.4
—
)
)
(0.3
(0.3
—
)
(0.1
0.1
1,493.6
90.5
1,584.1
232.9
0.2
8.0
25.6
1.4
71.1
0.1
10.6
7.7
(4.4
182.8
2,120.1
385.9
1.6
(2.6
(0.3
31.8
)
)
)
)
)
(0.2
(57.6
5.6
)
)
)
)
)
(0.2
—
(44.4
(1.0
(418.7
2,020.0
135.7
0.6
(5.2
—
7.4
1.3
)
(75.7
5.5
35.4
0.6
—
282.9
(187.4
)
$
$
)
(8.3
283.5
2,400.8
$
282.9
384.4
$
$
0.6
0.6
32
33
The Consolidated Statements of Stockholders’ Equity should be read in conjunction with the Company’s Management’s Discussion and Analysis of Financial
Condition and Results of Operations and the Company’s audited Consolidated Financial Statements and the accompanying Notes to Consolidated Financial
Statements, which are included in the Company’s Annual Report on Form 10-K.
CONSOLIDATED STATEMENTS OF
STOCKHOLDERS’ EQUITY
(in millions, except share amounts)
Accumulated Other Comprehensive Income (Loss)
Common Stock
Shares
Amount
Additional
Paid-In Capital
Retained
Earnings
Defi ned
Benefi t
Pension Plans
Cumulative
Translation
Adjustment
Deferred
Gains (Losses)
on Derivatives
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Stockholders‘
Equity
$
— $
5.6
$
Balance, December 31, 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustment for equity component of convertible debt and noncontrolling interests . . . . . . .
Adjusted balance, January 1, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock options and SSARs exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Defi ned benefi t pension plans, net of taxes: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prior service cost arising during year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net actuarial gain arising during year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of prior service cost included in net periodic pension cost . . . . . . . . . . . . .
Amortization of net actuarial losses included in net periodic pension cost . . . . . . . . . . . . .
Deferred gains and losses on derivatives, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred gains and losses on derivatives held by affi liates, net . . . . . . . . . . . . . . . . . . . . . .
Change in cumulative translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance, December 31, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of restricted stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of performance award stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock options and SSARs exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Defi ned benefi t pension plans, net of taxes: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prior service cost arising during year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net actuarial loss arising during year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of net actuarial losses included in net periodic pension cost . . . . . . . . . . . . .
Effects of changing pension plan measurement date:
Service cost, interest cost and expected return on plan assets for
October 1 – December 31, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of net actuarial losses for October 1 – December 31, 2007 . . . . . . . . . . . . .
Deferred gains and losses on derivatives, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred gains and losses on derivatives held by affi liates, net . . . . . . . . . . . . . . . . . . . . . .
Change in cumulative translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance, December 31, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of restricted stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of performance award stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock options and SSARs exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments by noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Defi ned benefi t pension plans, net of taxes: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net actuarial loss arising during year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of net actuarial losses included in net periodic pension cost . . . . . . . . . . . . .
Deferred gains and losses on derivatives, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred gains and losses on derivatives held by affi liates, net . . . . . . . . . . . . . . . . . . . . . .
Reclassifi cation to temporary equity –
91,177,903
—
91,177,903
—
6,346
425,646
—
—
—
—
—
—
—
—
91,609,895
—
136,457
62,387
35,454
—
—
—
—
—
—
—
—
—
91,844,193
—
26,388
581,393
1,691
—
—
—
—
—
—
Equity component of convertible senior subordinated notes . . . . . . . . . . . . . . . . . . . . . .
Change in cumulative translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance, December 31, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
—
92,453,665
$
0.9
—
0.9
—
—
—
—
—
—
—
—
—
—
—
0.9
—
—
—
—
—
—
—
—
—
—
—
—
—
0.9
—
—
—
—
—
—
—
—
—
—
—
—
0.9
$
908.9
94.2
1,003.1
—
0.2
8.0
25.6
—
—
—
—
—
—
—
1,036.9
—
1.6
(2.6
(0.3
31.8
)
)
—
—
—
—
—
—
—
—
1,067.4
—
0.6
(5.2
—
7.4
—
)
—
—
—
—
$
$
774.1
(9.7
)
764.4
232.9
—
—
—
—
—
—
—
—
—
—
997.3
385.9
—
—
—
—
—
—
—
)
)
(0.2
(0.9
—
—
—
1,382.1
135.7
—
—
—
—
—
—
—
—
—
$
(170.3
)
0.4
(169.9
)
—
—
—
—
1.4
71.1
0.1
10.5
—
—
—
(86.8
)
—
—
—
—
—
(0.2
)
(57.6
)
5.6
—
0.9
—
—
—
(138.1
)
—
—
—
—
—
—
(75.6
)
5.4
—
—
$
(22.0
)
—
(22.0
)
—
—
—
—
—
—
—
—
—
—
182.5
160.5
—
—
—
—
—
—
—
—
—
—
—
—
(418.4
)
(257.9
)
—
—
—
—
—
—
—
—
—
—
)
(8.3
—
1,061.9
$
—
—
1,517.8
$
—
—
(208.3
)
$
$
—
282.9
25.0
$
2.0
—
2.0
—
—
—
—
)
—
—
—
—
7.7
(4.4
—
5.3
—
—
—
—
—
—
—
—
)
)
)
—
—
(44.4
(1.0
—
(40.1
—
—
—
—
—
—
—
—
35.4
0.6
—
—
(4.1
)
$
(190.3
)
0.4
(189.9
)
—
—
—
—
1.4
71.1
0.1
10.5
7.7
(4.4
)
182.5
79.0
—
—
—
—
—
(0.2
)
(57.6
)
5.6
—
0.9
(44.4
)
(1.0
)
(418.4
)
(436.1
)
—
—
—
—
—
—
(75.6
)
5.4
35.4
0.6
5.6
—
—
—
—
—
—
—
0.1
—
—
0.3
6.0
—
—
—
—
—
—
—
—
)
—
—
—
—
(0.3
5.7
—
—
—
—
—
1.3
)
(0.1
0.1
—
—
—
0.6
7.6
Comprehensive
Income (Loss)
attributable to
AGCO
Corporation
and subsidiaries
Comprehensive
Income (Loss)
attributable to
Noncontrolling
Interests
$
232.9
$
—
1.4
71.1
0.1
10.5
7.7
(4.4
)
182.5
501.8
385.9
(0.2
)
(57.6
)
5.6
0.9
(44.4
)
(1.0
)
(418.4
)
(129.2
)
135.7
(75.6
)
5.4
35.4
0.6
0.1
0.3
0.4
—
)
)
(0.3
(0.3
—
)
(0.1
0.1
1,493.6
90.5
1,584.1
232.9
0.2
8.0
25.6
1.4
71.1
0.1
10.6
7.7
(4.4
182.8
2,120.1
385.9
1.6
(2.6
(0.3
31.8
)
)
)
)
)
(0.2
(57.6
5.6
)
)
)
)
)
(0.2
—
(44.4
(1.0
(418.7
2,020.0
135.7
0.6
(5.2
—
7.4
1.3
)
(75.7
5.5
35.4
0.6
—
282.9
(187.4
)
$
$
)
(8.3
283.5
2,400.8
$
282.9
384.4
$
$
0.6
0.6
32
33
The Consolidated Statements of Stockholders’ Equity should be read in conjunction with the Company’s Management’s Discussion and Analysis of Financial
Condition and Results of Operations and the Company’s audited Consolidated Financial Statements and the accompanying Notes to Consolidated Financial
Statements, which are included in the Company’s Annual Report on Form 10-K.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in millions)
Years Ended December 31,
2009
2008
2007
Cash fl ows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
135.7
$
385.9
$
232.9
Adjustments to reconcile net income to net cash provided by operating activities:
Net income attributable to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . .
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred debt issuance cost amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of debt discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity in net earnings of affi liates, net of cash received . . . . . . . . . . . . . . . . . . .
Deferred income tax (benefi t) provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loss (gain) on sale of property, plant and equipment . . . . . . . . . . . . . . . . . . . . .
Changes in operating assets and liabilities, net of effects from purchase
of businesses:
Accounts and notes receivable, net . . . . . . . .
Inventories, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other current and noncurrent assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other current and noncurrent liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total adjustments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
129.6
2.8
18.0
15.0
8.0
(20.7
)
(21.9
)
1.4
265.9
292.8
38.5
(411.3
)
(82.3
)
(19.8
)
216.0
351.7
—
127.4
3.2
19.1
14.1
33.3
(11.0
)
7.3
)
(0.2
)
(208.4
)
(374.2
)
(75.6
284.4
127.4
)
(41.4
)
(94.6
291.3
—
115.6
4.7
17.9
13.4
25.7
(3.5
)
2.5
(2.9
)
(3.0
)
10.7
(41.4
)
54.1
86.4
(8.8
)
271.4
504.3
Cash fl ows from investing activities: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchases of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(215.3
)
(251.3
)
(141.4
)
Proceeds from sale of property, plant and equipment . . . . . . . . . . . . . . . . . . . . .
Sale (purchase) of businesses, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . .
Investments in unconsolidated affi liates, net . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restricted cash and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash fl ows from fi nancing activities: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from debt obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayments of debt obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payment of minimum tax withholdings on stock compensation . . . . . . . . . . . . .
Payment of debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments by noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash (used in) provided by fi nancing activities . . . . . . . . . . . . . . . . . . . . . . . .
Effects of exchange rate changes on cash and cash equivalents . . . . . . . . . . . . . . . . . . .
Increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.6
0.5
(17.6
)
37.1
(192.7
)
282.3
(343.6
)
—
(5.2
)
(0.1
)
1.3
(65.3
)
46.8
140.5
512.2
4.9
—
)
(0.6
)
(32.5
)
(279.5
76.5
)
(38.1
0.3
)
(3.2
)
(1.4
—
34.1
(116.1
)
)
(70.2
582.4
Cash and cash equivalents, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
652.7
$
512.2
$
6.0
(17.8
)
(68.0
)
(2.7
)
(223.9
)
208.8
(329.5
)
8.2
—
(0.3
)
—
(112.8
)
13.7
181.3
401.1
582.4
The Consolidated Statements of Cash Flows should be read in conjunction with the Company’s Management’s Discussion and Analysis of Financial
Condition and Results of Operations and the Company’s audited Consolidated Financial Statements and the accompanying Notes to Consolidated
Financial Statements, which are included in the Company’s Annual Report on Form 10-K.
Corporate Headquarters
4205 River Green Parkway
Duluth, Georgia 30096 US
770-813-9200
Transfer Agent & Registrar
Computershare Investor Services, LLC
250 Royall Street
Canton, MA 02021 US
Stock Exchange
AGCO Corporation common stock
(trading symbol is “AGCO”) is traded
on the New York Stock Exchange.
Independent Registered
Public Accounting Firm
KPMG LLP
Atlanta, Georgia US
Form 10-K
The Form 10-K annual report to the Securities
and Exchange Commission is available in the
“Investors” Section of our corporate web site
(www.agcocorp.com), under the heading “SEC
Filings”, or upon request from the Investor
Relations Department at corporate headquarters.
Annual Meeting
The annual shareholders meeting is scheduled
for April 22, 2010 at 9am at the offi ces of AGCO
Corporation, 4205 River Green Parkway, Duluth,
Georgia 30096 US
© 2010 AGCO Corporation
All Rights Reserved. Incorporated in Delaware. An Equal Opportunity Employer.
AGCO®, Fendt®, Massey Ferguson®, Valtra® and their respective logos as well as corporate and product identity used herein are
trademarks of AGCO or its subsidiaries and may not be used without permission. Challenger® is a registered trademark of Caterpil-
lar, Inc. and may not be used without permission.
Comparison of 5-year cumulative
total return among AGCO Corporation, S&P MidCap Index and Custom Peer Group
s
r
a
l
l
o
D
$ 350
$ 300
$ 250
$ 200
$ 150
$ 100
$ 50
$0
AGCO Corporation
Custom Peer Group
S&P MidCap Index
2004
2005
2006
2007
2008
2009
Performance graph
The graph shown (above) is a line graph presentation of the Company’s cumulative stockholder
returns on an indexed basis as compared to the S&P Mid-Cap 400 Index and a self-constructed peer
group of the companies listed in footnote 1 to the performance graph (“Peer Group”). Returns for
the Company in the graph are not necessarily indicative of future performance.
Assumes $100 invested on January 1, 2005. Assumes dividend reinvested. Fiscal year ending December 31, 2009.
(1) Based on information for a self-constructed peer group of companies which includes the following: Caterpillar Inc., CNH Global NV, Cummins Inc.,
Deere & Company, Eaton Corporation, Ingersoll-Rand Company, Navistar International Corporation, PACCAR Inc,
Parker-Hannifi n Corporation and Terex Corporation.
34
35
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in millions)
Years Ended December 31,
2009
2008
2007
Cash fl ows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
135.7
$
385.9
$
232.9
Adjustments to reconcile net income to net cash provided by operating activities:
Net income attributable to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . .
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred debt issuance cost amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of debt discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity in net earnings of affi liates, net of cash received . . . . . . . . . . . . . . . . . . .
Deferred income tax (benefi t) provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loss (gain) on sale of property, plant and equipment . . . . . . . . . . . . . . . . . . . . .
Changes in operating assets and liabilities, net of effects from purchase
of businesses:
Accounts and notes receivable, net . . . . . . . .
Inventories, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other current and noncurrent assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other current and noncurrent liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total adjustments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
129.6
2.8
18.0
15.0
8.0
(20.7
)
(21.9
)
1.4
265.9
292.8
38.5
(411.3
)
(82.3
)
(19.8
)
216.0
351.7
—
127.4
3.2
19.1
14.1
33.3
(11.0
)
7.3
)
(0.2
)
(208.4
)
(374.2
)
(75.6
284.4
127.4
)
(41.4
)
(94.6
291.3
—
115.6
4.7
17.9
13.4
25.7
(3.5
)
2.5
(2.9
)
(3.0
)
10.7
(41.4
)
54.1
86.4
(8.8
)
271.4
504.3
Cash fl ows from investing activities: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchases of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(215.3
)
(251.3
)
(141.4
)
Proceeds from sale of property, plant and equipment . . . . . . . . . . . . . . . . . . . . .
Sale (purchase) of businesses, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . .
Investments in unconsolidated affi liates, net . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restricted cash and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash fl ows from fi nancing activities: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from debt obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayments of debt obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payment of minimum tax withholdings on stock compensation . . . . . . . . . . . . .
Payment of debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments by noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash (used in) provided by fi nancing activities . . . . . . . . . . . . . . . . . . . . . . . .
Effects of exchange rate changes on cash and cash equivalents . . . . . . . . . . . . . . . . . . .
Increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.6
0.5
(17.6
)
37.1
(192.7
)
282.3
(343.6
)
—
(5.2
)
(0.1
)
1.3
(65.3
)
46.8
140.5
512.2
4.9
—
)
(0.6
)
(32.5
)
(279.5
76.5
)
(38.1
0.3
)
(3.2
)
(1.4
—
34.1
(116.1
)
)
(70.2
582.4
Cash and cash equivalents, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
652.7
$
512.2
$
6.0
(17.8
)
(68.0
)
(2.7
)
(223.9
)
208.8
(329.5
)
8.2
—
(0.3
)
—
(112.8
)
13.7
181.3
401.1
582.4
The Consolidated Statements of Cash Flows should be read in conjunction with the Company’s Management’s Discussion and Analysis of Financial
Condition and Results of Operations and the Company’s audited Consolidated Financial Statements and the accompanying Notes to Consolidated
Financial Statements, which are included in the Company’s Annual Report on Form 10-K.
Corporate Headquarters
4205 River Green Parkway
Duluth, Georgia 30096 US
770-813-9200
Transfer Agent & Registrar
Computershare Investor Services, LLC
250 Royall Street
Canton, MA 02021 US
Stock Exchange
AGCO Corporation common stock
(trading symbol is “AGCO”) is traded
on the New York Stock Exchange.
Independent Registered
Public Accounting Firm
KPMG LLP
Atlanta, Georgia US
Form 10-K
The Form 10-K annual report to the Securities
and Exchange Commission is available in the
“Investors” Section of our corporate web site
(www.agcocorp.com), under the heading “SEC
Filings”, or upon request from the Investor
Relations Department at corporate headquarters.
Annual Meeting
The annual shareholders meeting is scheduled
for April 22, 2010 at 9am at the offi ces of AGCO
Corporation, 4205 River Green Parkway, Duluth,
Georgia 30096 US
© 2010 AGCO Corporation
All Rights Reserved. Incorporated in Delaware. An Equal Opportunity Employer.
AGCO®, Fendt®, Massey Ferguson®, Valtra® and their respective logos as well as corporate and product identity used herein are
trademarks of AGCO or its subsidiaries and may not be used without permission. Challenger® is a registered trademark of Caterpil-
lar, Inc. and may not be used without permission.
Comparison of 5-year cumulative
total return among AGCO Corporation, S&P MidCap Index and Custom Peer Group
s
r
a
l
l
o
D
$ 350
$ 300
$ 250
$ 200
$ 150
$ 100
$ 50
$0
AGCO Corporation
Custom Peer Group
S&P MidCap Index
2004
2005
2006
2007
2008
2009
Performance graph
The graph shown (above) is a line graph presentation of the Company’s cumulative stockholder
returns on an indexed basis as compared to the S&P Mid-Cap 400 Index and a self-constructed peer
group of the companies listed in footnote 1 to the performance graph (“Peer Group”). Returns for
the Company in the graph are not necessarily indicative of future performance.
Assumes $100 invested on January 1, 2005. Assumes dividend reinvested. Fiscal year ending December 31, 2009.
(1) Based on information for a self-constructed peer group of companies which includes the following: Caterpillar Inc., CNH Global NV, Cummins Inc.,
Deere & Company, Eaton Corporation, Ingersoll-Rand Company, Navistar International Corporation, PACCAR Inc,
Parker-Hannifi n Corporation and Terex Corporation.
34
35