ALL IN A DAY’S WORK
2014 ANNUAL REPORT
Fellow Shareholders
Martin Richenhagen —
Chairman, President and Chief Executive Officer
Like our farmers and producers,
we’re focused on making every
day at AGCO a productive day.
In 2014, this involved innovating
new technologies, forging
stronger relationships, extending
our global reach and investing
in what we believe is a future
filled with opportunity.
1
ALL IN A DAY’S WORK Fellow Shareholders:
excluding restructuring and other infrequent expenses
farmers to take full advantage of the growing amount
around the world. Africa, Brazil and Eastern Europe all
Our vision at AGCO is to provide high-tech solutions for
of $0.34 per share. Our financial discipline enabled us to
of data they now have available. Through Fuse, AGCO
present significant growth opportunities. We are investing
professional farmers feeding the world. As we design,
generate over $130 million in free cash flow after funding
is well-positioned to benefit from the technological
in new products, improved distribution and enhanced
manufacture and support equipment that increases farmers’
significant investments in new product development,
revolution now taking place in the agricultural
dealer service capabilities to capture growth in these areas.
efficiency and productivity, we also help solve one of our
Tier 4 emission compliance and a new factory in China.
equipment industry.
planet’s greatest challenges – feeding a population that
is expected to grow from 7 billion today to nearly 10 billion
by 2050. To meet this demand, farmers will have to grow
as much food over the next 50 years as they have over
the full course of recorded history. To support this effort,
AGCO must be at its best.
Focused on Shareholder Returns
Strategic Priorities Remain in Place
With a healthy balance sheet, AGCO completed a
Despite the market challenges, our priorities remain
$500 million share repurchase plan during 2014.
unchanged, focusing on margin performance and cash
distribution capabilities.
I am also pleased to report that a new $500 million
generation, while providing superior products and services
plan was authorized in December 2014 to support future
to our customers. Balancing near-term cost reductions
repurchases. We expect to generate strong cash flow
with continued investment in longer-term growth initiatives
in 2015 and beyond to fund this plan. This new share
is our goal. In addition to adjusting our costs and workforce
...we have put initiatives in place to
repurchase program demonstrates our commitment
to better match the current demand environment, our
grow our sales, improve distribution
to driving attractive returns for our shareholders. Going
ongoing cost reduction efforts focused on materials and
and reduce expenses in order to
forward, we also are committed to taking a disciplined
direct labor productivity remain intact. Through our AGCO
enhance margins and produce higher
approach to maintaining our investment-grade credit
Production Systems initiatives, we are improving direct labor
returns on invested capital.
rating and growing our dividend.
efficiency through our investments in new manufacturing
In addition, there are opportunities to grow outside our
tractor business. AGCO is a global leader in tractor sales,
and we are working to leverage our strong brands with
new and improved harvesting products and enhanced
Despite the market challenges,
our priorities remain unchanged,
focusing on margin performance
and cash generation, while providing
superior products and services to
our customers.
2014 Performance
The past year was a challenging year for our industry and
AGCO due to weakened market demand. The record grain
harvest in the U.S., combined with healthy crop production
across Western Europe and Brazil, resulted in increased
grain inventories, which pressured soft commodity prices.
Deteriorating farm economics negatively impacted farmer
sentiment, and we experienced softer industry equipment
demand in all major markets.
We took aggressive actions to manage our working capital
and align our cost structure with weaker market conditions.
Our disciplined inventory reduction program resulted in year-
end inventories below 2013 levels, on a constant currency
basis, despite falling demand. These and other actions
helped make AGCO a leaner, more focused company better
positioned for leadership in our competitive industry.
Over the past decades, we have worked to have the right
products and the right technology to compete effectively in
today’s dynamic marketplace. To support this commitment,
we have put initiatives in place to grow our sales, improve
distribution and reduce expenses in order to enhance
margins and produce higher returns on invested capital.
Precision Farming Innovation
Increasingly, farmers are operating their farms like modern
factories as they accelerate the use of precision farming
and fleet management technology to improve productivity.
Consequently, adoption rates for our Fuse® Technologies
products have increased dramatically over the last 18 months.
Our customers view Fuse guidance and telemetry as top-of-
the-line technology, and they will expect AGCO to lead the
way to further enhance these established technologies.
They also will expect us to deliver new technology solutions
that help them manage their operations. From implement
control to monitoring and improved mobility, AGCO plans
AGCO completed 2014 generating net sales of $9.7 billion,
to continue to deliver new products in 2015 and beyond.
which was approximately 10 percent below 2013 levels.
We expect to also begin to integrate technology products
Adjusted net income for 2014 was $4.70 per share,
and services to create complete solutions that allow
2
technology and continuous improvement efforts. Our
More Potential Ahead
Global Purchasing Excellence (GPE) program, which
AGCO has grown significantly during the past decade,
transformed our factory-based purchasing function into
and I’m proud to be part of our organization’s progress.
new global commodity-based purchasing teams, is also
We have accomplished a great deal, with much yet to
attacking material costs. These commodity-based teams
achieve to realize our full potential. AGCO is in an excellent
have better market and product knowledge, which, along
position to help agriculture meet the daunting challenge
with global sourcing expertise, helps us make better
of feeding a growing planet. Our high-tech solutions are
purchasing decisions and lower costs.
making professional farmers more productive, and this
bodes well for all of our stakeholders.
Growing AGCO around the world also remains a major
focus. We are continuing to pursue growth opportunities
In closing, I want to thank our customers and dealers
with our GSI business. Inefficiencies in handling crops
for their business and support, our shareholders for their
after harvest create significant opportunities for our grain
confidence in our Company and over 20,000 employees
storage and handling business, especially in the developing
worldwide for their dedication. It is AGCO’s people who
markets. On the protein production side of the business,
are turning our vision into reality everywhere we do
increasing global protein consumption presents a major
business, every day.
opportunity. Significant differences in productivity levels
exist based upon degree of use of modern pork and chicken
production practices, including genetics, nutrition, health,
housing, feeding and environmental control. We also are
targeting growth for our traditional agricultural equipment
products. Tremendous opportunity exists for our equipment
to help improve yields in emerging agricultural regions
Martin Richenhagen
Chairman, President and Chief Executive Officer
3
About AGCO
On thousands of farms around the world, AGCO helps support those whose daily work is to provide the food,
fuel and fiber needed to sustain a growing world.
GLOBAL
2014 Sales by Geographic Region
DIVERSIFIED
2014 Sales by Product
Our five core brands – Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra® – and approximately 3,100 dealers
located in over 140 countries make us one of the most respected names in global agriculture.
AGCO’s innovative, productive farming equipment includes tractors, combines, hay tools, sprayers, planters, forage
equipment, grain storage and protein production solutions, seeding and tillage implements, as well as replacement
parts. Beyond making products and parts, we also are doing our part in making the world a better, more
sustainable place to be.
No job is too big for us. No challenge too daunting. It is with this attitude and spirit that we do what we do,
each and every day. For farmers. For our shareholders. For ourselves. For the future.
Our Brands
53% – EAME
25% – North America
17% – South America
5% – Asia/Pacific
57% – Tractors
14% – Replacement Parts
9% – Other Machinery
9% – Grain Storage and Protein
Production Equipment
6% – Combines
5% – Application Equipment
We have an established presence throughout the
world’s agricultural growing regions.
Our product portfolio provides customers with
comprehensive solutions to support their farms.
Challenger®
Fendt®
GSI®
Massey Ferguson®
Valtra®
A comprehensive range of
high-performance machines
designed and built to
maximize returns.
From tractors to harvesters
to balers, when it comes to
Fendt, it’s always high quality;
it’s always high-tech.
World-class grain storage,
material handling, conditioning
and structures, as well as a
full line of swine and poultry
production equipment.
From simple performance to
high-specification machines,
Massey Ferguson is a force
in global agriculture.
Valtra equipment is specifically
designed for farmers and
contractors who value close
customer relationships as
well as solutions that handle
demanding working conditions.
4
5
ALL IN A DAY’S WORK SOWING EFFICIENCIES
WE ESTIMATE THAT
FARMER DOWNTIME
HAS IMPROVED BY
31
SINCE 2004
Less downtime means more profit potential for
farmers and more food for the world. This is why
we are so focused on offering farmers the technology,
service, resources and equipment that they need
to maximize uptime.
6
7
ALL IN A DAY’S WORK MAXIMIZING
OPERATIONAL
EFFICIENCY
At AGCO, we work hard to have the right products and the right
technology to compete effectively in today’s dynamic marketplace.
We maintain a strong level of investment
new AGCO plant in China. The series
of our world markets. It will offer
in research, engineering and development
comprises a range of modular engines,
farmers and producers a modern,
to ensure that farmers have the
transmissions, rear axles, cabs and
competitive and consistent choice
leading-edge technology required to
operator stations. The modular design
of products while allowing us to build
maximize productivity and profitability.
allows for combinations of units that
and assemble locally in all-important
We also are dedicated to delivering
provide a broad spectrum of modern,
markets, together with leveraging
the best value to farmers by leveraging
cost-efficient tractors, ranging from a
the sourcing of critical components
manufacturing processes and tools that
simple three-cylinder, 55-horsepower
and the production volumes globally
reduce costs and time-to-market while
machine for African markets to a
in low-cost country environments.
increasing reliability and quality. In 2014,
four-cylinder Tier 4/Stage IV-compliant,
this effort resulted in the introduction of
130-horsepower cab tractor for
a new family of mid-sized tractors based
European and North American markets.
on a modular design and more flexible
This new family of tractors also
manufacturing approach.
includes full brand differentiation and
This new global series of tractors
unique positioning to retain traditional
consolidates five manufacturing
character and operating features
platforms for mid-sized tractors and
and will replace the diverse portfolio
sources major components from our
of products sold in a large number
A Better Way to Build
Utilizing common components is a more effective and
efficient way that we can offer more competitive solutions
and advance our business and relationships through:
The Massey Ferguson Global Series, which debuted
in 2014, has been developed to provide dependable
operation across a wide range of applications to meet
farmer needs.
ENHANCED SPEED
AND EFFICIENCY
IMPROVED TOOLS AND
PARTS AVAILABILITY
SUPERIOR INNOVATION
INCREASED SUSTAINABILITY
Improving Sustainability
and Innovation
This improved way of thinking allows our
engineers throughout the globe to provide more
game-changing innovation in less time. Likewise,
we can positively affect our sustainability – both
from an environmental and financial standpoint.
8
9
HARVESTING OPPORTUNITIES
BY 2030, DEMAND
FOR FOOD WILL BE
60%
HIGHER THAN TODAY*
An increasing global population is driving food demand,
much of which is for protein. As incomes rise in emerging
markets, so too does meat consumption. This drives more
demand for grain production in the form of feedstock in
addition to grain for food.
10
* Source: Solving the Global Food Challenge, 2013.
11
ALL IN A DAY’S WORK EXTENDING
OUR GLOBAL
REACH
We continue to work to expand our presence around the world, including
key global growth markets such as South America, Africa, Russia
and China.
AGCO is already a global leader in
working to add new dealers and making
through Massey Ferguson on the
tractor sales, and we have a significant
investments to localize production of
African continent enables us to
opportunity to leverage our reputable
an extended line of high-horsepower
leverage alliances with governments
brands with new and improved
tractors and combines in the country.
and foreign investors and to provide
harvesting products and improved
We’re also improving parts availability
leadership in improving agricultural
distribution capabilities. Consider Brazil,
to ensure that our dealers are providing
practices. Last year, Martin Richenhagen,
where farm production is expanding.
timely service to our retail customers.
AGCO’s Chairman, President and
Today, Brazil’s Mato Grosso region is
responsible for nearly 50 percent of
the country’s grain production. Over
the next 10 years, that production is
expected to increase more than
70 percent, with the planted area
In Africa, our strategy is focused
on improving distribution and parts
support, as well as providing farmers
with the tools they need to farm more
efficiently, including on-farm training;
CEO, was appointed to the U.S.
President’s Advisory Council on Doing
Business in Africa, which will advise
the President through the Secretary of
Commerce on strengthening commercial
engagement between the United
growing by more than 40 percent
expanding product offerings; leveraging
States and Africa.
compared with the most recent
growing season. Because farming in
Brazil is done mostly by very large
professional operations, AGCO is
our production capability in Algeria;
and promoting international investment
by sponsoring an annual Africa Summit
in Berlin. Our 50+ years of experience
Eighteen Valtra combine harvesters run through soybean
fields at Campo Novo do Parecis, Mato Grosso, Brazil. The
farmer is one of the most prominent in the region owning
more than 55,000 hectares, with 20,000 hectares for
corn and soy farming.
The “Future Farm”
Debuts in Zambia
In 2015, we’re officially opening our Future Farm concept in
Zambia with a goal to establish new standards for agricultural
education in Africa. The farm will educate customers, dealers
and distributors on agricultural solutions that meet local
needs and how to develop a sustainable food production
system by utilizing agricultural resources more efficiently.
12
13
MAXIMIZING YIELD
IN 2020, ONE FARMER
WILL NEED TO FEED
200
PEOPLE*
Compare that to a generation ago. In 1980, one farmer
needed to feed just 76 people. With a limited amount
of arable land to cultivate, farmers are dependent on
more efficient technologies and agribusiness techniques
to meet this daunting task.
14
* Source: 2013 Iron Solutions, Inc.
15
ALL IN A DAY’S WORK INNOVATING
LEADING-EDGE
TECHNOLOGY
Our next generation approach to precision agriculture gives mixed
fleet farming operations improved access to their farm data so they
can make more informed business decisions to enhance productivity
and profitability.
Across the globe, efforts are underway
To meet the increasing demand
Fuse’s approach to precision farming
to boost farm productivity. These
for precision agriculture, we have
is differentiated by offering solutions
efforts center on the use of improved
focused our business priorities
for mixed fleets and across product
fertilizer and feed technology, upgraded
on machinery and, increasingly,
categories; working to ensure data
storage and handling capabilities
the technology that enhances that
privacy by separating agronomy data
and the adoption of precision farming
machinery. We call our strategic
from machine data; providing mobile
practices. In today’s world, precision
approach to precision farming Fuse
functionality and diagnostic services
farming is essential to reducing costs
Technologies, which is designed to
that give farmers the flexibility to
and improving efficiencies and results.
leverage farming data that boosts
manage their operations when, where
No wonder the precision agriculture
agricultural productivity and
and how they want; and delivering
market is growing by 13 percent
profitability. We’re also helping our
an open approach that leverages
in the U.S. and by double that rate
dealers transform themselves into
best-in-class partnerships with other
outside the U.S., where the need to
proactive service providers. This
key companies in the industry.
improve productivity is even greater.
entails providing service packages
16
based on operational and machine
data that can help customers optimize
their farms by reducing downtime,
cutting waste and improving yields.
A key goal of the Fuse connected strategy has
been to build industry partnerships. In 2014, we
announced collaborations with DuPont Pioneer
and Appareo Systems, LLC, to enhance data collection
and transfer, wireless communication, advanced
sensors and intelligent machine control.
Maximizing Technology Investments
As technology increases its hold in the agricultural industry,
AGCO’s customers will need more support and more expertise
to learn the best ways to optimize their operations. That’s why
AGCO is arming dealers with the information they need to
provide effective service to their customers. In addition, AGCO
launched the global Fuse Contact Center that helps customers
set up, calibrate and receive operational support on AGCO
precision and machine communication technology products.
17
GROWING RESPONSIBLY
FARMING EMISSIONS
WILL DECREASE
90%*
BY 2015
It’s a farmer’s job to care for the land. More fuel-efficient
equipment helps farmers conserve natural resources,
lower operating costs and meet emission regulations –
all while providing the heavy-duty power needed to get
the job done.
18
* Engine Particulate Matter and Nitrous Oxide emissions for new machinery,
per U.S. EPA.
19
ALL IN A DAY’S WORK CULTIVATING
CHANGE IN
OUR BUSINESS
As we focus on high-tech solutions to help farmers satisfy the world’s
growing need for food, fuel and fiber, we’re also looking for ways to
make sustainability part of every area of our organization.
We believe that by working smarter
Enhancing energy usage is an important
Today, 17 AGCO sites are participating
and leaner, we can minimize not
goal for us, and the key to achieving
in the program. Combined, they have
only our own environmental footprint,
an enterprise-wide energy target
implemented projects that have
but also the impact of agricultural
begins with our facilities around the
resulted in more than $300,000 in
operations around the world. That’s
world. We’ve developed a program to
annual energy savings and identified
why we’re pleased with our progress
help local operational and maintenance
additional projects expected to yield
against our internal sustainability
managers reduce energy usage as we
in excess of $2.5 million in savings.
targets and goals during 2014.
all work toward an overall 10 percent
Just as important, the program
2013 progress was reported in our
energy intensity reduction by 2017.
is proving to be an excellent way
third annual Sustainability Report,
The program consists of easy ways
to engage employees in an energy-
which we invite you to download
to identify, plan and implement
efficient culture.
at www.agcocorp.com.
energy-reduction projects with little
or no direct project costs, along with
strategies to share best practices
among manufacturing sites.
Our “Focus” program is a great example of how we’re
working to foster health and safety on the job. Focus
emphasizes continuous improvement and individual
responsibility and is built around five principles:
involvement; prevention; continuous improvement;
education and training; promotion and communication.
Focus has contributed to the overall reduction of
workplace injuries.
Leading with Biomass Solutions
Biomass is organic material that can be processed into
electricity, heat and fuel. There is enough biomass in the
U.S. to produce the amount of electricity needed to run half
of the homes in the U.S. annually. For over five years, AGCO
Biomass Solutions has been refining harvesting practices
and equipment solutions – along with the resulting biomass
feedstock – for optimum efficiency and reliability. We’re
also working with researchers at institutions such as Iowa
State and Oklahoma State, as well as supporting industry
leaders at DuPont; POET LLC and Abengoa, S.A., to improve
biomass feedstock supply chain logistics.
20
21
OFFICERS & DIRECTORS
SENIOR MANAGEMENT
BOARD OF DIRECTORS
Martin H. Richenhagen
Chairman, President and
Chief Executive Officer
AGCO
Roy V. Armes
Executive Chairman, President and CEO
Cooper Tire and Rubber Company
Michael C. Arnold
President and CEO
Ryerson Inc.
P. George Benson
Former President
College of Charleston
Wolfgang Deml
Former President and
Chief Executive Officer
BayWa Corporation
Luiz Fernando Furlan
Former Minister of Development,
Industry and Foreign Trade of Brazil
George E. Minnich
Former Senior Vice President and CFO
ITT Corporation
Gerald L. Shaheen
Former Group President
Caterpillar Inc.
Mallika Srinivasan
Chairman and CEO
Tractors and Farm Equipment Limited (TAFE)
Hendrikus Visser
Chairman
Royal Huisman Shipyards N.V.
Martin H. Richenhagen
Chairman, President and
Chief Executive Officer
Roger N. Batkin
Vice President,
General Counsel
and Corporate Secretary
Andrew H. Beck
Senior Vice President,
Chief Financial Officer
Andre M. Carioba*
Former Senior Vice President,
General Manager, South America
Gary L. Collar
Senior Vice President,
General Manager, Asia Pacific
Robert B. Crain
Senior Vice President,
General Manager, Americas
Helmut R. Endres
Senior Vice President,
Engineering
Eric P. Hansotia
Senior Vice President,
Global Harvesting and
Advanced Technology Solutions
Lucinda B. Smith
Senior Vice President,
Global Business Services
Rob Smith
Senior Vice President,
General Manager, Europe,
Africa and Middle East
Hans-Bernd Veltmaat
Senior Vice President,
Chief Supply Chain Officer
Thomas F. Welke
Senior Vice President,
Global Grain and Protein, GSI
AGCO
2014 BOARD
COMMITTEES
Executive
Committee
Martin H. Richenhagen, Chairman
P. George Benson
Wolfgang Deml
George E. Minnich
Gerald L. Shaheen
Hendrikus Visser
Audit Committee
George E. Minnich, Chairman
Michael C. Arnold
P. George Benson
Hendrikus Visser
Compensation
Committee
Gerald L. Shaheen, Chairman
Roy V. Armes
Luiz Fernando Furlan
George E. Minnich
Finance Committee
Hendrikus Visser, Chairman
George E. Minnich
Gerald L. Shaheen
Governance
Committee
P. George Benson, Chairman
Michael C. Arnold
Wolfgang Deml
Mallika Srinivasan (Guest)
Hendrikus Visser
Succession
Planning Committee
Wolfgang Deml, Chairman
Roy V. Armes
Luiz Fernando Furlan
Martin H. Richenhagen
Gerald L. Shaheen
Mallika Srinivasan
* Mr. Carioba retired from the Company effective December 31, 2014.
22
23
2014 Women in Manufacturing STEP (Science, Technology, Engineering
and Production) Award – Washington, D.C., U.S.
- Erin Cuellar, Production Supervisor, Beloit, KS, U.S.
- Carla Gasparin, Manager, Product Management, ATS Integration/Harvesting, Duluth, GA, U.S.
- Peggy Gulick, Director, Continuous Improvement, Jackson, MN, U.S.
- Kitae Kim, Global Sustainability Manager, Duluth, GA, U.S.
Challenger MT700E Series, AE50 – Outstanding Innovations Award
American Society of Agricultural and Biological Engineers
Challenger MT775E Tracked Tractor – Tractor of the Year Finalist
EIMA 2014 International Agricultural and Gardening Machinery Exhibition – Bologna, Italy
Challenger MT800E Steerable 3-Point Hitch – Technical Innovation Award
EIMA 2014 International Agricultural and Gardening Machinery Exhibition – Bologna, Italy
Fendt 933 Vario Profi Plus – Silver Medal
AGROSALON – Moscow, Russia
Fendt New Flat-Sealing Hydraulic Coupling System and Integrated Tyre
Pressure Regulation System VarioGrip – Novedad Técnica
FIMA – Zaragoza, Spain
Fendt 800 Vario Tractor Tier 4 Final and Fendt 9490 X Combine –
Innovation Award
Polagra-Premiery International Fair of Agricultural Mechanization – Poznan, Poland
AGCO’s Fuse Technologies and Sustainability – The New Economy Award 2014
Cleantech: Best Agribusiness and Agricultural Solutions
Massey Ferguson MF 8737 Tractor – Tractor of the Year Finalist
EIMA 2014 International Agricultural and Gardening Machinery Exhibition – Bologna, Italy
Massey Ferguson MF 9812 Planter and MF 5611 Tractor –
International Premium Awards
AGROmashExpo – Budapest, Hungary
Massey Ferguson MF 5612 Tractor – Gold Medal
Polagra-Premiery International Fair of Agricultural Mechanization – Poznan, Poland
AGCO
2014
AWARDS
A sampling of honors for
AGCO products and people
Massey Ferguson MF 6600 Tractor – Silver Award
IMMA Awards (International Machinery Manufacturers Awards), Cereals Event –
Nr Lincoln, Lincs, UK
Agricultural Machinery TOP50 Awards
- Massey Ferguson MF 7624 Tractor – Comprehensive Golden Award
- Massey Ferguson MF 1844N Small Square Baler – Market Leading Award
China Association of Agricultural Machinery Manufacturers (CAAMM), the Chinese
Society for Agricultural Machinery (CSAM) and Farm Machinery Magazine – Tianjin, China
Massey Ferguson MF 7180 Tractor – Tractor of the Year 2014 Award,
Special Category
Agrishow – São Paulo, Brazil
Valtra A750 Tractor – Gerdau Melhores da Terra 2014 Award
Expointer – Rio Grande do Sul, Brazil
Valtra’s N103.4 HiTech Dual Fuel Tractor – Silver Medal
AGROSALON – Moscow, Russia
Valtra S Series Tractor with TwinTrac – Exhibition Medal
Ka Pasesi – Kaunas, Lithuania
Valtra S354 Tractor – Gold Medal
Polagra-Premiery International Fair of Agricultural Mechanization – Poznan, Poland
Valtra T Series Tractor – New Product Award
Agromek Show – Herning, Denmark
In 2014, history repeated itself as AGCO
worked with other industry partners to enable
Manon Ossevoort (Tractor Girl) to fulfill a
lifelong goal of driving a tractor to the South
Pole. The feat reprised a similar one by
Sir Edmund Hillary, who made history by
driving a Ferguson TE20 tractor fitted with
tracks to the South Pole in 1958 – the first
time it was ever done. Massey Ferguson was
the official tractor supplier to Antarctica2. We
provided a 110-horsepower MF 5610,
specially prepared to weather the harsh
conditions. AGCO Parts sent a stock of spare
parts for essential maintenance during the
mission, and Fuse Technologies provided a
Prior to its successful overland trek to the
special version of AgCommand® to track
South Pole, the MF 5610 tractor underwent
and monitor the tractor’s performance.
extensive cold-weather testing.
Learn more at www.antarcticatwo.com.
24
25
AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS 2014 AWARDS AGCO ALL IN A DAY’S WORK AGCO ALL IN A DAY’S WORK 2014 AWARDS SELECTED FINANCIAL DATA
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
Years Ended December 31
Net sales
Cost of goods sold
Gross profit
Selling, general and administrative expenses
Engineering expenses
Restructuring and other infrequent expenses
Impairment charge
Amortization of intangibles
Income from operations
Interest expense, net
Other expense, net
Income before income taxes and equity in net earnings of affiliates
Income tax provision
Income before equity in net earnings of affiliates
Equity in net earnings of affiliates
Net income
Net loss attributable to noncontrolling interests
2014
2013
2012
$ 9,723.7
$ 10,786.9
$
9,962.2
7,657.4
2,066.3
995.4
337.0
46.4
—
41.0
646.5
58.4
49.1
539.0
187.7
351.3
52.9
404.2
6.2
8,396.3
2,390.6
1,088.7
353.4
—
—
47.8
900.7
58.0
40.1
802.6
258.5
544.1
48.2
592.3
4.9
7,839.0
2,123.2
1,041.2
317.1
—
22.4
49.3
693.2
57.6
34.8
600.8
137.9
462.9
53.5
516.4
5.7
Net income attributable to AGCO Corporation and subsidiaries
$
410.4
$
597.2
$
522.1
Net income per common share attributable to AGCO Corporation
and subsidiaries:
Basic
Diluted
Cash dividends declared and paid per common share
Weighted average number of common and common equivalent
shares outstanding:
Basic
Diluted
$
$
$
$
$
$
4.39
4.36
0.44
93.4
94.2
$
$
$
6.14
6.01
0.40
97.3
99.4
5.38
5.30
—
97.1
98.6
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.
Years Ended December 31
(in millions, except per share amounts)
Operating Data:
Net sales
Gross profit
Income from operations
Net income
Net loss (income) attributable to noncontrolling interests
Net income attributable to AGCO Corporation and subsidiaries
Net income per common share — diluted
Cash dividends declared and paid per common share
Weighted average shares outstanding — diluted
As of December 31
(in millions, except number of employees)
Balance Sheet Data:
Cash and cash equivalents
Total assets
Total long-term debt, excluding current portion
Stockholders’ equity
Other Data:
Number of employees
2014
2013
2012
2011
2010
$ 9,723.7
$ 10,786.9
$
9,962.2
$
8,773.2
$
6,896.6
2,066.3
2,390.6
2,123.2
1,776.1
1,258.7
646.5
404.2
6.2
410.4
4.36
0.44
94.2
$
$
$
900.7
592.3
4.9
597.2
6.01
0.40
99.4
$
$
$
693.2
516.4
5.7
522.1
5.30
—
98.6
$
$
$
610.3
585.3
(2.0)
583.3
5.95
—
98.1
$
$
$
324.2
220.2
0.3
220.5
2.29
—
96.4
$
$
$
2014
2013
2012
2011
2010
$
363.7
$ 1,047.2
$
781.3
$
724.4
$
719.9
7,395.9
997.6
3,496.9
8,438.8
938.5
4,044.8
7,721.8
1,035.6
3,481.5
7,257.2
1,409.7
3,031.2
5,436.9
443.0
2,659.2
20,828
22,111
20,320
19,294
14,740
(1) The Company makes reference to adjusted earnings per share, as reconciled below:
Net income per common share — diluted
$
Restructuring and other infrequent expenses (2)(3)
Tax adjustments (4)
Impairment charge (2)(5)
GSI acquisition (2)(6)
2014
2013
2012
2011
2010
4.36
0.34
—
—
—
$
6.01
$
5.30
$
5.95
$
—
—
—
—
—
(0.27)
0.22
—
—
—
—
(1.47)
2.29
0.03
—
—
—
Net income per common share — adjusted
$
4.70
$
6.01
$
5.25
$
4.48
$
2.32
The following is a reconciliation of free cash flow to net cash provided by operating activities for the year ended December 31, 2014 (in millions):
Net cash provided by operating activities
Less:
Capital expenditures
Free cash flow
2014
$
438.4
(301.5)
$
136.9
(2) After tax.
(3) The restructuring and other infrequent expenses recorded during 2014 related primarily to severance and other related costs associated with the rationalization of the Company’s
operations in the United States, Brazil, Argentina, Europe and China.
(4) During the fourth quarter of 2012, the Company recorded a non-cash tax gain associated with the recognition of certain U.S. deferred tax assets from the reversal of its U.S. deferred
tax valuation allowance and the recognition of certain U.S. research and development tax credits.
(5) During the fourth quarter of 2012, the Company recorded an impairment charge of approximately $22.4 million with respect to goodwill and certain other identifiable intangible
assets associated with the Company’s Chinese harvesting business.
(6) During 2011, the Company recorded a tax benefit of approximately $149.3 million and acquisition expenses of approximately $5.8 million associated with the GSI acquisition.
The above notes are more fully described in the Company’s audited Consolidated Financial Statements and Notes to its Consolidated Financial Statement, which are included in the
Company’s Annual Report on Form 10-K.
26
27
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
December 31
ASSETS
Current Assets:
Cash and cash equivalents
Accounts and notes receivable, net
Inventories, net
Deferred tax assets
Other current assets
Total current assets
Property, plant and equipment, net
Investment in affiliates
Deferred tax assets
Other assets
Intangible assets, net
Goodwill
Total assets
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term debt
Convertible senior subordinated notes
Accounts payable
Accrued expenses
Other current liabilities
Total current liabilities
Long-term debt, less current portion
Pensions and postretirement health care benefits
Deferred tax liabilities
Other noncurrent liabilities
Total liabilities
Commitments and contingencies
Stockholders’ Equity:
AGCO Corporation stockholders’ equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in
2014 and 2013
Common stock; $0.01 par value, 150,000,000 shares authorized, 89,146,093 and 97,362,466
shares issued and outstanding at December 31, 2014 and 2013, respectively
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Total AGCO Corporation stockholders’ equity
Noncontrolling interests
Total stockholders’ equity
Total liabilities and stockholders’ equity
2014
2013
$
363.7
963.8
1,750.7
217.2
232.5
3,527.9
1,530.4
424.1
25.8
141.1
553.8
$
1,047.2
940.6
2,016.1
241.2
272.0
4,517.1
1,602.3
416.1
24.4
134.6
565.6
1,192.8
1,178.7
$
7,395.9
$
8,438.8
$
94.3
$
—
670.2
1,244.1
208.3
2,216.9
997.6
269.0
238.8
176.7
110.5
201.2
960.3
1,389.2
150.8
2,812.0
938.5
246.4
251.2
145.9
3,899.0
4,394.0
—
0.9
582.5
3,771.6
(906.5)
3,448.5
48.4
3,496.9
—
1.0
1,117.9
3,402.0
(510.7)
4,010.2
34.6
4,044.8
$
7,395.9
$
8,438.8
Years Ended December 31
Cash flows from operating activities:
2014
2013
2012
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
$
404.2
$
592.3
$
516.4
Depreciation
Deferred debt issuance cost amortization
Impairment charge
Amortization of intangibles
Amortization of debt discount
Stock compensation (credit) expense
Equity in net earnings of affiliates, net of cash received
Deferred income tax provision (benefit)
Other
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
Cash flows from investing activities:
Purchases of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of businesses, net of cash acquired
Investments in consolidated affiliates, net of cash acquired
Investments in unconsolidated affiliates
Restricted cash and other
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from debt obligations
Repayments of debt obligations
Purchases and retirement of common stock
Repurchase or conversion of convertible senior subordinated notes
Payment of dividends to stockholders
Payment of minimum tax withholdings on stock compensation
Purchase of or distribution to noncontrolling interests
Payment of debt issuance costs
Excess tax benefit related to stock compensation
Other
Net cash used in financing activities
Effects of exchange rate changes on cash and cash equivalents
(Decrease) increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year
239.4
2.7
—
41.0
—
(10.8)
(25.4)
3.6
2.5
(103.9)
111.4
29.1
(219.4)
(71.2)
35.2
34.2
438.4
(301.5)
2.8
(130.3)
—
(3.9)
—
(432.9)
211.6
3.5
—
47.8
9.2
34.6
(19.0)
21.7
0.3
(36.2)
(356.9)
7.0
54.7
123.4
103.0
204.7
797.0
(391.8)
2.6
(9.5)
—
(10.0)
—
(408.7)
180.6
3.5
22.4
49.3
8.7
36.8
(25.7)
(36.4)
0.6
40.6
(160.9)
(71.8)
(61.7)
154.5
9.5
150.0
666.4
(340.5)
0.9
(2.9)
(20.1)
(15.8)
3.7
(374.7)
1,689.4
(1,588.8)
(499.7)
(201.2)
(40.8)
(13.2)
(6.1)
(1.4)
—
(0.2)
(662.0)
(27.0)
(683.5)
1,047.2
363.7
$
1,135.9
(1,194.0)
(1.0)
—
(38.9)
(17.0)
(3.1)
(0.1)
11.4
—
(106.8)
(15.6)
265.9
781.3
$ 1,047.2
926.3
(1,148.8)
(17.6)
—
—
(0.3)
(1.0)
(0.2)
—
—
(241.6)
6.8
56.9
724.4
781.3
$
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.
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.
28
29
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions, except share amounts)
Common Stock
Accumulated Other Comprehensive Loss
Shares
Amount
Additional
Paid-in Capital
Retained
Earnings
Defined Benefit
Pension Plans
Cumulative
Translation
Adjustment
Deferred
(Losses)
Gains on
Derivatives
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Stockholders’
Equity
Temporary
Equity
Balance, December 31, 2011
Net income (loss)
Issuance of restricted stock
Stock options and SSARs exercised
Stock compensation
Investments by redeemable noncontrolling interest
Distribution to noncontrolling interest
Changes in noncontrolling interests
Purchases and retirement of common stock
Defined benefit pension plans, net of taxes:
Prior service cost arising during year
Net actuarial loss 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
Reclassification to temporary equity – Equity component of convertible senior subordinated notes
Change in cumulative translation adjustment
Balance, December 31, 2012
Net income (loss)
Payment of dividends to shareholders
Issuance of restricted stock
Issuance of performance award stock
SSARs exercised
Stock compensation
Excess tax benefit of stock awards
Conversion of 1¼% convertible senior subordinated notes
Distribution to noncontrolling interest
Changes in noncontrolling interest
Purchases and retirement of common stock
Defined benefit pension plans, net of taxes:
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
Reclassification to temporary equity – Equity component of convertible senior subordinated notes
Change in cumulative translation adjustment
Balance, December 31, 2013
Net income (loss)
Payment of dividends to shareholders
Issuance of restricted stock
Issuance of performance award stock
SSARs exercised
Stock compensation
Shortfall in tax benefit of stock awards
Conversion of 1¼% convertible senior subordinated notes
Investment by noncontrolling interest
Distribution to noncontrolling interest
Changes in noncontrolling interest
Purchases and retirement of common stock
Defined benefit pension plans, net of taxes:
Net loss recognized due to settlement
Net gain recognized due to curtailment
Net actuarial loss 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
Change in cumulative translation adjustment
Balance, December 31, 2014
97,194,732 $
—
13,986
16,287
—
—
—
—
(409,007)
—
—
—
—
—
—
—
96,815,998
—
—
12,059
491,692
61,941
—
—
286
—
—
(19,510)
—
—
—
—
—
—
97,362,466
—
—
14,907
367,100
30,477
—
—
1,437,465
—
—
—
(10,066,322)
—
—
—
—
—
—
—
89,146,093 $
1.0 $
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1.0
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1.0
—
—
—
—
—
—
—
—
—
—
—
(0.1)
—
—
—
—
—
—
—
0.9 $
1,073.2
—
1.0
(0.3)
35.8
—
—
—
(17.6)
—
—
—
—
—
(9.2)
—
1,082.9
—
—
0.6
(14.7)
(2.2)
34.0
11.4
—
—
(2.3)
(1.0)
—
—
—
—
9.2
—
1,117.9
—
—
0.9
(11.8)
(1.2)
(11.7)
(0.2)
—
—
—
(11.8)
(499.6)
—
—
—
—
—
—
—
582.5
$
2,321.6 $
522.1
—
—
—
—
—
—
—
(240.2) $
—
—
—
—
—
—
—
—
(156.1) $
—
—
—
—
—
—
—
—
(4.3) $
—
—
—
—
—
—
—
—
(400.6) $
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2,843.7
597.2
(38.9)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3,402.0
410.4
(40.8)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(2.5)
(28.2)
0.4
7.6
—
—
—
(262.9)
—
—
—
—
—
—
—
—
—
—
—
45.2
0.6
10.7
—
—
—
(206.4)
—
—
—
—
—
—
—
—
—
—
—
—
0.4
(0.4)
(54.8)
0.6
7.3
—
—
$
3,771.6 $
(253.3) $
—
—
—
—
—
—
(61.1)
(217.2)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(86.9)
(304.1)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5.0
—
—
0.7
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(0.9)
—
—
(0.2)
—
—
—
—
—
—
—
—
—
—
—
—
(2.5)
(28.2)
0.4
7.6
5.0
—
(61.1)
(479.4)
—
—
—
—
—
—
—
—
—
—
—
45.2
0.6
10.7
(0.9)
—
(86.9)
(510.7)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(349.0)
(653.1) $
—
—
—
—
—
0.1
—
(0.1) $
0.4
(0.4)
(54.8)
0.6
7.3
0.1
(349.0)
(906.5) $
36.0
3.0
—
—
—
—
(1.7)
(4.0)
—
—
—
—
—
—
—
—
33.3
4.4
—
—
—
—
—
—
—
(3.1)
—
—
—
—
—
—
—
—
34.6
0.1
—
—
—
—
—
—
—
16.1
(2.4)
—
—
—
—
—
—
—
—
—
48.4
$
3,031.2 $
525.1
1.0
(0.3)
35.8
—
(1.7)
(4.0)
(17.6)
(2.5)
(28.2)
0.4
7.6
5.0
(9.2)
(61.1)
3,481.5
601.6
(38.9)
0.6
(14.7)
(2.2)
34.0
11.4
—
(3.1)
(2.3)
(1.0)
45.2
0.6
10.7
(0.9)
9.2
(86.9)
4,044.8
410.5
(40.8)
0.9
(11.8)
(1.2)
(11.7)
(0.2)
—
16.1
(2.4)
(11.8)
(499.7)
0.4
(0.4)
(54.8)
0.6
7.3
0.1
(349.0)
3,496.9 $
$
—
(8.7)
17.6
9.2
(1.6)
16.5
(9.3)
2.3
(9.2)
(0.3)
—
(6.3)
6.6
(0.3)
—
30
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.
31
FORWARD-LOOKING STATEMENTS
SHAREHOLDER INFORMATION
This annual report includes forward-looking statements,
result in the sale of fewer products by us. A large portion
including the statements in the Chairman’s Message
of the retail sales of our products is financed by our retail
and other statements in this report regarding market
finance joint ventures with Rabobank, and any difficulty
demand, population growth, farm productivity, new product
on Rabobank’s part to fund the venture would adversely
and technology introductions, strategic initiatives and
impact sales if our customers would be required to utilize
their effects, energy savings, cash flows, credit rating
other retail financing providers. We depend on suppliers for
maintenance, dividend growth, margin performance and
raw materials, components and parts for our products, and
general economic conditions. These statements are subject
any failure by our suppliers to provide products as needed,
to risks that could cause actual results to differ materially
or by us to promptly address supplier issues, will adversely
from those suggested by the statements, including:
impact our ability to timely and efficiently manufacture
Our financial results depend entirely upon the agricultural
and sell products.
industry, and factors that adversely affect the agricultural
A majority of our sales and manufacturing takes place outside
industry generally, including declines in the general economy,
the United States, and, as a result, we are exposed to risks
increases in farm input costs, lower commodity prices and
related to foreign laws, taxes, economic conditions, labor
changes in the availability of credit for our retail customers,
supply and relations, political conditions and governmental
will adversely affect us. The poor performance of the general
policies. These risks may delay or reduce our realization of
economy has adversely impacted our sales and may continue
value from our international operations.
to have an adverse impact on our sales in the future, the
extent of which we are unable to predict, and there can
Volatility with respect to currency exchange rates and
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 requires substantial expenditures and may not be
well received in the marketplace.
We face significant competition, and if we are unable to
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
compete successfully against other agricultural equipment
our business.
manufacturers, we would lose customers and our revenues
and profitability would decline.
We are subject to raw material price fluctuations, which
can adversely affect our manufacturing costs.
Most of our sales depend on the retail customers’ obtaining
financing, and any disruption in their ability to obtain financing,
whether due to economic downturns or otherwise, will
We disclaim any obligation to update forward-looking
statements except as required by law.
Form 10-K
The Form 10-K Annual Report filed with the Securities and Exchange Commission is
available in the “Investors” Section of our corporate website (www.agcocorp.com), under
the heading “SEC Filings,” or upon request from the Investor Relations Department at
corporate headquarters.
Annual Meeting
The annual meeting of the Company’s stockholders will be held at 9:00 a.m. ET
on April 23, 2015 at the offices of AGCO Corporation, 4205 River Green Parkway,
Duluth, Georgia 30096 U.S.
Follow us on Twitter @agcocorp.
Corporate Headquarters
4205 River Green Parkway
Duluth, Georgia 30096 U.S.
+1-770-813-9200
Transfer Agent & Registrar
Computershare Trust Company, N.A.
211 Quality Circle, Suite 210
College Station, Texas 77845 U.S.
+1-800-962-4284
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 U.S.
© 2015 AGCO Corporation
All rights reserved. Incorporated in Delaware. An Equal Opportunity Employer.
AGCO®, Fendt®, GSI®, 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 Caterpillar, Inc. and may not be used without permission.
Comparison of Cumulative Total Return
US$
350
300
250
200
150
100
50
0
AGCO Corporation
Custom Peer Group1
S&P Midcap 400 Index
2009
2010
2011
2012
2013
2014
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, 2009. Assumes dividends reinvested. Year ending December 31, 2014.
(1) Based on information for a self-constructed peer group of companies that includes: Caterpillar Inc., CNH Industrial NV, Cummins Inc., Deere & Company, Eaton Corporation Plc.,
Ingersoll-Rand Plc., Navistar International Corporation, PACCAR Inc., Parker-Hannifin Corporation and Terex Corporation.
32
33
AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO
ALL IN A DAY’S WORK
ALL IN A DAY’S WORK
ALL IN A DAY’S WORK
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
AGCO AGCO AGCO
AGCO AGCO AGCO AGCO AGCO
4205 River Green Parkway
Duluth, GA 30096
(770) 813-9200
www.AGCOcorp.com
ALL IN A DAY’S WORK
ALL IN A DAY’S WORK
ALL IN A DAY’S WORK
2014 ANNUAL REPORT