duetz fahr

ANNUAL REPORT 2015
Key figures
Production sites
Key financial indicators
(Thousand euros)
LAUINGEN (D)
CHÂTEAUBERNARD (F)
2015
2014
Revenue
1,390,175
1,210,214
EBITDA
125,354
110,404
EBIT
80,418
74,547
Net profit
49,835
40,627
Cash flow from operating activities (net profit + amortisation/depreciation) 89,410
72,191
Net financial position
(114,221)
(127,849)
Equity
334,687
287,274
Earnings per share (EUR)
1.56
1.27
2015
2014
19.98
20.81
Gross margin
SUIHUA (CN)
BANDIRMA (TR)
TREVIGLIO (I)
ŽUPANJA (HR)
TRACTORS
LINSHU (CN)
RANIPET (IND)
EBITDA
9.02
9.12
EBIT
5.78
6.16
Net profit
3.58
3.36
Cost of sales
80.02
79.19
Commercial expenses
8.21
8.76
General and administrative expenses
3.34
3.09
Research and Development expenses (excluding capitalisation)
3.55
3.79
Cash flow from operating activities (net profit + amortisation/depreciation) 6.43
5.97
Working capital*
14.59
19.25
Days of sales outstanding
57
52
Inventory turnover
3.1
2.4
Revenue per headcount (EUR/000)
334.58
294.10
Staff costs (EUR/000)
159,543
152,455
Staff costs per headcount (EUR/000)
38.29
35.16
Headcount as of 31-12-2015
4,167
4,336
ENGINES
COMBINE HARVESTERS
GRAPES AND OLIVES HARVESTERS
* trade receivables + inventory - trade payables
Key figures
Key performance indicators
(As % of revenue)
SDF
SAME DEUTZ-FAHR
ITALIA
(ITALY)
SAME DEUTZ-FAHR
INDIA
(INDIA)
SAME DEUTZ-FAHR
DEUTSCHLAND
(GERMANY)
SHANDONG CHANGLIN
DEUTZ-FAHR*
(CHINA)
SAME DEUTZ-FAHR
ŽETELICE
(CROATIA)
GRÉGOIRE
(FRANCE)
SAME DEUTZ-FAHR TRAKTÖR
SANAYİ VE TİCARET
(TURKEY)
SAME DEUTZ-FAHR
FRANCE
(FRANCE)
SAME DEUTZ-FAHR
IBÉRICA
(SPAIN)
SAME DEUTZ-FAHR
UK
(GREAT BRITAIN)
SAME DEUTZ-FAHR
PORTUGAL
(PORTUGAL)
SAME DEUTZ-FAHR
BENELUX
(NETHERLANDS)
SAME DEUTZ-FAHR
SCHWEIZ
(SWITZERLAND)
SAME DEUTZ-FAHR
POLSKA
(POLAND)
SAME DEUTZ-FAHR
NORTH AMERICA
(USA)
SAME DEUTZ-FAHR
RUSSIA**
(RUSSIA)
SUPERVISORY
BOARD
Vittorio Carozza
Chairman
Francesco Carozza
Vice Chairman
Luisella Cassani Carozza
MANAGEMENT
BOARD
Aldo Carozza
Chairman
Lodovico Bussolati
Chief Executive Officer
Filippo Simonetti
Fabio Gaggini
Antonio Ortolani
Edoardo Spezzotti
Holding companies
INDEPENDENT
AUDITORS
Deloitte & Touche S.p.A.
Production and sales companies
* joint venture at 95%.
** joint venture at 50%.
Sales companies
ANNUAL REPORT 2015
Our mission
is to supply customers worldwide
with tractors, diesel engines
and agricultural equipment of
acknowledged reliability, quality
and performance. Our strategy
is focused on improving both
productivity and the well-being
of the end users.
Vittorio Carozza
Technology leads the way.
Our company has been supplying innovative products since
1927, developed as a result of continuous technological
research, encompassing tractors and agricultural machinery
to satisfy customers’ growing needs for better performance,
safety and comfort.
The company has therefore decided to change its name from
SAME DEUTZ-FAHR to SDF, to make a more precise distinction
between institutional activities and those linked to the
individual brands, and also to include a pay-off in the brand
name, a brief descriptive text which summarises our mission.
The company currently has 8 plants worldwide, 15 sales
companies, over 3,000 dealers and over 4,100 employees. The
mission remains the same. What has changed is the degree of
internationalisation, in terms of production and distribution,
the extent of the product range and the brand portfolio.
The new logo is a development of the previous one, with a
new and more succinct language, the same colour and symbol
and a pay-off which encompasses and summarises what
has always inspired the company’s work, from the very first
innovations of Francesco and Eugenio Cassani.
Designed to face the challenges of the future.
The aim of DEUTZ-FAHR is to supply farmers and contractors with leading edge agricultural machines to optimise productivity.
In 2015, the brand presence was consolidated in both the high power tractor and combine harvester segments, confirming
its distinguishing traits: efficiency, performance and technology.
DEUTZ-FAHR 9 Series cultivating and DEUTZ-FAHR C7000 harvesting. Bavaria, Germany.
Innovation reaches the vineyards.
Our customers look for comfortable machinery, with high safety standards and top performance even when operating in
vineyards and orchards. We have based the ActiveDrive system with independent front wheel suspension for the new SAME
Frutteto model on the most evolved high-power tractor technology, creating the best solution the market has to offer in
terms of comfort for the user and control of the vehicle in all ground conditions.
SAME Frutteto S ActiveDrive spraying in the vineyard. Franciacorta, Italy.
The excellence of style reaches new dimensions.
Technology, design, performance. Once again in 2015, Lamborghini Trattori was presented to the market focusing on those
distinguishing traits which have always supported its development and complemented the restyling of the range. The new tractors
are a perfect combination of performance and attention to detail, offering the total excellence of Lamborghini Trattori.
Lamborghini C. Six, Lamborghini Spark and Lamborghini Ego.
The best technology is in control of the key components.
One of the cornerstones of the SDF strategic plan is development of the product range. That is why a large part of investment
has been allocated to Research & Development, with the aim of designing the key components of our products in-house and
in synergy: Farmotion engines, CVT transmissions, state-of-the-art cabs and front axles.
Transmission assembly line. Treviglio, Italy.
Towards an increasingly global agriculture.
Internationalisation is a key element of the company’s development strategy. Turkey and China made a major contribution to
this aspect in 2015, due in part to the introduction of new products in the local market, with SDF considerably increasing its
position in Turkey. In China, the year saw the acquisition and full control of the joint venture activities, the creation of a new
product platform and a considerable increase in production.
DEUTZ-FAHR Agrolux. Marmara, Turkey.
The strategic plan behind growth in 2015.
Revenue
(million euros)
1,390
Net profit
(million euros)
50
Investments
(million euros)
103
Statement of the Chairman.
Dear readers,
In 2015, in order to allow our collaborators, customers,
suppliers and anyone who has relations with us to understand
our activities more clearly, we have decided to make two
important changes, the first relating to our “Brand” and the
second to the company’s “Corporate Governance Model”.
In the case of our “Brand”, the previous one “SAME DEUTZFAHR” has been replaced with the new one “SDF”, with
addition of the pay-off “Farming Technology. Since 1927.”
We believe this change makes our activity more identifiable
and easier to understand at a worldwide level.
Two brief comments are needed to explain the second
point, the “Corporate Governance Model”. The first relates
both to its weight and to geographical development of
the individual brands. The DEUTZ-FAHR trademark has been
developing very well for many years now in various parts of the
world, but particularly in Germany. This country has therefore
become extremely important for us. This is confirmed by
the fact that DEUTZ-FAHR products have developed in the
European agricultural mechanisation market, which has been
in crisis for many years, bucking the trend and allowing all
our activities to flourish despite these difficulties. The second
point relates to the company’s current size and complexity.
We believe it is necessary to make a greater distinction
between the responsibilities of shareholders and those of
management, in line with what is now a well-established
custom for German companies.
Therefore, as a result of both these aspects, we have
decided to adopt the German two-tier board system, with
a “Supervisory Board” of which all shareholders and nonexecutive directors are members, tasked with defining
strategies for the company’s future and periodically
checking that said strategies are correctly implemented and
a “Management Board” which will be responsible for
implementing company strategies and reporting to the
“Supervisory Board”.
We believe this two-tier board system will be beneficial to the
company’s future.
Supervisory Board:
from left
Vittorio Carozza
Chairman
Francesco Carozza
Vice Chairman
Luisella Cassani Carozza
Vittorio Carozza
Chairman
Antonio Ortolani
Fabio Gaggini
Edoardo Spezzotti
Letter from the Chief Executive Officer.
Management Board:
from left
Lodovico Bussolati
Chief Executive Officer
Aldo Carozza
Chairman
Filippo Simonetti
In 2015, the world agricultural machinery market experienced a
drop of around 10% in sales volumes, principally as a result of
the extremely low prices of the main agricultural commodities,
a factor, which unfortunately has also been confirmed in the
first months of 2016. North and South America were the most
heavily hit regions, with market reductions of 13% and 28%
respectively. Europe registered an average fall of 5%. Volumes
were basically stable in Asia and in Africa, while Turkey registered
an important market increase, exceeding 66,000 units. However,
our company successfully increased its revenue in 2015 and
confirmed the good profit levels achieved over recent years,
reaping the rewards of the strategic plan started in 2010, which
included extraordinary investment to complete the range of
products manufactured for traditional markets and to start
production and sales activities in China and Turkey. The company
considers it essential to base its actions and decisions on the
market in implementing the strategic plan and therefore focuses
on knowing and understanding customers’ requirements and
needs in the regions where we operate.
We have consequently created organisational and operational
structures which guarantee that markets, products and
distribution models are analysed properly, to ensure that the
right operating and product development choices are made.
The results achieved in 2015 show 25% growth of revenue in
China, achieved through the new products developed to satisfy
demand on the local market for machines over 90 horsepower and
an improvement of overall company management. Our market
share in Turkey increased by a further 21% and therefore reached
6.2%, while revenue increased by 47%, making this the fifth
most important market for the company, after Germany, France,
China and Italy.
Sales of combine harvesters confirmed the positive volumes
reached in 2014, consolidating the growth of recent years.
Saturation of production capacity at the Croatian plant is our
priority objective for the coming years and will be achievable as a
result of new products and commercial strengthening. The vine
growing sector is flourishing worldwide and the grape harvesters
and sprayers manufactured by Grégoire benefited particularly
from this situation, thanks partly to the launch of new products
and overall improvement in management. Revenue increased
by 7% and the net result by over 90%.
Spare parts activities were positive and made the usual
essential contribution to both turnover and to the final result.
The new products added to the range in Europe over recent
years allowed us to increase our market share from 10.7% in
2014 to 11.4% in 2015.
The result was that, despite the 5% fall of the European market,
our revenue in Europe increased by 8% to 990 million euros.
On the whole, in 2015 we have manufactured 33,494 tractors
and 6,784 harvesting machines, in comparison to 30,247
tractors and 5,736 harvesting machines for the previous year.
According to those figures, in 2015, the production for the
Chinese market accounted for 23% of the tractor total and 91%
of the harvesting machines. Total revenue increased by 15%
to 1,390 million euros, compared with 1,210 million euros the
previous year, as a result of both the increase in volumes sold
and 100% consolidation of the company in China, compared
with the previous 50%, due to acquisition of 45% of the shares
from our local partner in 2015. Growth would have been 8%
with the same area of consolidation. The total workforce in
2015 was 4,167 people, compared with 4,336 the previous year,
which allowed a recovery of overall efficiency, due particularly to
activities in China and in India, where the workforce decreased
from 1,692 to 1,503 employees in 2015, despite the increase
in volumes manufactured. Recruitment of young graduates
continued apace, as did the “High Potential People” project for
internal growth of talent. Profitability in 2015 was in line with
expectations and confirmed the excellent growth of recent years.
The group EBITDA was 9%, totalling 125 million euros, compared
with 110 million euros in 2014, and the net result increased by
23% to 50 million euros, compared with 41 million euros the
previous year.
The gross industrial margin decreased from 20.81% to 19.98%, a
slight drop caused by the increased contribution to group revenue
of China, a market which typically returns lower profit levels and
therefore has a diluting effect on the consolidated profitability
indicators. Commercial expenses in 2015 increased by a total
of 8 million euros, around 5.5 million euros of which related to
the Chinese affiliate, due to both increased sales volumes and to
total consolidation. The ratio of these expenses on total revenue
therefore decreased from 8.76% to 8.21%. The percentage of
general and administrative expenses on total revenue increased
from left
Filippo Simonetti
Chief Financial Officer & I.T.
Executive Director
Elia Grando Mattiazzi
Communication Manager
Ivano Volpon
Legal & Corporate Affairs
and Internal Audit Director
slightly as a result of the increase in long-term expenses, while
research and development costs were basically stable.
The company registered an unprecedented level of investment
expenditure in 2015, totalling 103 million euros, of which 33
million euros for new products and 41 million euros for the
first phase of construction of the new plant in Lauingen being
the most significant items. 43 million euros was also spent to
acquire a majority stake in the joint venture in China. Despite
this, careful management of working capital allowed us to
achieve a net financial position at the year-end of -114 million
euros, compared with -128 million euros the previous year. As
said, the global market situation in the early months of 2016
remained very similar to the situation of the previous year, with
agricultural commodity prices at historically low levels and
difficulties on the traditional markets, in contrast with China,
Turkey and Africa, which would appear to be maintaining stable
levels, albeit with a greater level of uncertainty over the coming
months. Our company remains optimistic about the positive
trend of the agricultural mechanisation sector over the medium
and long term, in line with the opinion of the principal sector
analysts and operators. We are starting 2016 with confidence
and determination and remain convinced that the company will
reap the rewards of the extraordinary investment of the strategic
plan started in 2010, which is still in progress, not least because
we can count on a group of highly motivated collaborators with
strong ethical and professional qualities. Volumes are expected to
increase slightly, due to the improvement of our tractor market
shares in Europe, Turkey and China, a significant increase in sales
of combine harvesters, a slight increase in sales of spare parts and
the continued positive performance of sales of Grégoire products.
The role of shareholders and board members is increasingly
effective and essential for definition of strategy and as support
for management in creating the best operating conditions. The
financial resources provided to the company for the 2010/2020
strategic plan are truly extraordinary and exceptional and offer
a clear demonstration of the level of confidence and respect for
the skills and professional capabilities of the working group. We
cannot fail to be proud of this and be fully aware of the vital role
we are playing in such a crucial phase of growth and change for
the company.
Lodovico Bussolati
Chief Executive Officer
Massimo Ribaldone
R&D Executive Director
Paolo Ghislandi
Human Resources
& Organisation Director
Massimo Pensa
Purchasing Executive Director
Lodovico Bussolati
Chief Executive Officer
Lodovico Castellani Tarabini
Commercial Extra Europe
Executive Director
Alberto Perfetto
After Market Director
Rainer Morgenstern
Commercial Europe
Executive Director
Christian Tovazzi
Sales Administration
& Development Director
Alessandro Luciani
Quality Director
Andrea Paganelli
Industrial Executive Director
Our work in brief.
Awards
9
Tractors and harvesting
machines manufactured
40,278
Headcount
(as of 31-12-2015)
4,167
Production sites
8
Our brands.
SAME
DEUTZ-FAHR
Lamborghini Trattori
Grégoire
2015 was the year which confirmed the SAME brand’s
leading position in the specialist machinery segment,
boosted by the Best of Specialized award received at Tractor
of the Year 2016 for the Frutteto S ActiveDrive. This new
model increased our technological assets in this segment,
providing a compact tractor not only with independent
front wheel suspension, but also with a system which
can optimise traction in all ground conditions, improving
comfort and safety. In the specialised segment, 2015 was
also the year of the Frutteto Natural, a tractor with an
excellent price-quality ratio designed for both European
and non-European markets. In the first part of the year,
SAME also renewed the Solaris range, a hugely successful
model in the 35 to 55 hp segment.
On the most evolved markets, 2015 saw full production
for the DEUTZ-FAHR 9 Series model; top of the range
in terms of both power and technological content. The
new C6205 compact combine harvester was introduced,
with the new Stage 4 engine, a modern design and a
comfortable new cab. For emerging markets, the new 3E
Series entered production in 2015, a simple and efficient
tractor designed specifically for the needs of global markets
requiring tractors between 35 and 42 hp. In addition, there
were also the P2H platform Chinese produced tractors
from 140 to 170 hp, developed with top components and
quality standards for the domestic market. The 5G LRC
with a SDF 1.000 series Stage 3 engine is the first example
of a global platform which, starting with the 5G and due
to engine interchangeability, can be adapted to the needs
of all markets.
2015 was a year of consolidation for this brand and restyling of
the white bodywork continued, on versions for both European
and international markets. The start of the year also saw the
market launch of the new tractor in the 35-55 hp class, called
Lamborghini Ego. The style, attention to detail and exclusivity
of the Lamborghini Trattori brand, identifies a range which will
delight anyone working in open fields, orchards or among the
vineyards, not only for its design, but also for the technological
content and top performance.
Following a revamp of the range of harvester machines
for narrow vineyards, the new Grégoire G4.200 model was
presented to the market. Like the G4.210 and G4.220 models,
the new self propelled grape harvester is a multi-purpose
tractor which can operate in all stages of vineyard growth.
This machine guarantees high performance even in extreme
working conditions, thanks to the 3.6 litre DEUTZ Stage
3B engine, providing 123 hp, and, first of its range, allows
spraying operations to be performed in total safety, due to the
advanced filter system on the 4Class cab.
Hürlimann
Lamborghini Green Pro
Shu-He
The year saw the Swiss brand re-establish its heritage from
1929 and a look that was revamped in 2014, with a return
to the original colours to emphasise the charm of tradition
combined with state-of-the-art technical solutions and quality.
Hürlimann tractors have technological features and power
extensions designed specifically for the Swiss market - livestock
farming, hay making, green space maintenance and specialist
work in vineyards and orchards.
With its range of 23 to 50 hp tractors with specific
equipment and tyres suited to the various conditions of
use, the Lamborghini Green Pro confirms its position as
the ideal solution for the needs of hobby farming, green
space maintenance and greenhouse work. Hydrostatic
transmissions, a high driving seat, ample space for the
operator and the choice between a roll over protection
structure or cab guarantees the best working environment,
in all operating conditions.
2015 saw the introduction of important new elements on the entire 30 to 140 hp range
of this brand, which is produced in China and designed primarily for the local market.
A revamping of the transmission, combined with more powerful engines, created a truly
high-performance range, enhancing overall productivity. A new range of more comfortable
cabs, with carefully chosen components and air conditioning, were introduced onto the
larger models, and a more elegant and contemporary design characterised the revamping
of the entire Shu-He range. The activity linked with harvesters was basically consolidated,
with a range of harvesting machines with mechanical transmission from 32 to 140 hp.
Production sites.
Treviglio
Châteaubernard
Italy
France
2015 marked the introduction of the new IT operating system.
Treviglio was the first SDF plant to implement this system and
major efforts have been made to complete the project within
the established times. The new system has led to considerable
changes, including complete redesign of the materials logistics
flow and implementation of a production bill of materials
designed to facilitate the production process. Activities for
installation of a new and modern painting plant were also started
during late 2015 and this will enter into operation in 2016.
2015 was a year of successes at Châteaubernard (Cognac).
Production capacity of sprayers and grape harvesters increased
and was managed to allow delivery of 20% more products in
terms of volumes, with good cost control. The rationalisation
of processes started in 2014 also continued, with further
improvement of the hourly cost per resource used and a
tangible improvement in terms of production process, allowing
improved quality and increased efficiency and workers’ safety.
The biggest challenge was entry into production of two new
ranges (G3 and G7.200), which accounted for over 45% of the
total number of grape harvesters produced, therefore proving
to be an important achievement.
Anthony Rodier
Cab assembly
Valerio Assesselli and Mario Chignoli
Transmission assembly
Lauingen
Germany
2015 was an important year for the Lauingen plant and will
be remembered for two factors in particular. The first was
production start-up of the DEUTZ-FAHR 9 Series, which
required synergy between all the functions involved to ensure
the required standards were met. The second was the major
work involved in construction of the new, state-of-the-art
production plant in our industry, which will be completed in
2016. The production, technologies and logistics departments
also worked to define the new processes which will be
implemented in the future DEUTZ-FAHR plant and will form
the basis of future products.
Oliver Fritz (in the foreground) and Albert Keis
Final assembly line
Dejan Kesinovic
Transmission assembly
Županja
Croatia
The Županja plant worked in 2015 to adapt the quality standards and production processes
to the major new technological features of the combine harvesters with Stage 4 engines.
Major investments were made in the supply of new equipment and in the purchase of
new and more modern machinery, with the aim of guaranteeing the necessary increase in
production capacity and laying the foundations for the start of major insourcing activities
which will allow costs and quality to be further optimised. The second part of the year saw
production start-up for the new C6000 range.
Bandirma
Linshu
Turkey
China
Due to continued growth in demand for tractors in Turkey
and major growth in the market share of SDF brands, the
plant in Bandirma considerably increased production in
2015. The activities developed the previous year were
therefore consolidated, opening the way for projects to
increase production capacity further over the coming years.
In 2015, the Linshu plant worked to revamp the entire Shu-He
range, simultaneously consolidating production of the
tractor range from 140 to 170 hp. Production of the new
DEUTZ-FAHR range from 90 to 130 hp for the domestic
market also started. Total production increased by 40%
compared with 2014, partly due to cooperation with the
other SDF plants, which led to implementation of more
efficient production processes.
Bingbo Feng
Painting
Ismail Gürşat
First assembly
Suihua
China
Ranipet
India
In line with the industrial plan, all production plant installation activities were completed in
2015, including the painting plant. Industrialisation of the new DEUTZ-FAHR of 210 hp was
also completed and production will start in the first quarter of 2016.
The Indian plant continued its major growth phase during
2015 and achieved a record in tractor production. The year also
saw the launch of the new 3E Series tractor, a 35-42 hp tractor
designed for the domestic market, which is also proving to be
interesting for other important foreign markets.
Juan Yang
Cab assembly
R. Logeshwaran
Engine assembly
Research and Development.
Research & Development plays a primary role in the company’s
strategic plan, and development of the product range is one
of the cornerstones of this plan. Control of technological
know-how and in-house development of key components are
the factors that guide the work of SDF engineers.
Four key components were created on this basis. The
Farmotion engine, designed and developed by SDF specifically
for use in agriculture, guarantees benefits in terms of power,
compactness and simplicity of maintenance. The CVT
(continuously variable transmission) is one of the most
advanced technologies in this sector. The cabs, starting with
MaxiVision, which redefined the sector standards in terms
of ergonomics and visibility, providing operators with the
highest levels of comfort and rational use. The front axles,
which include the innovative independent suspension system
for vineyard and orchard tractors on the new SAME Frutteto
ActiveDrive.
4 cylinder Farmotion engine
Designed, produced and tested by SDF
In-house development of key components offers major
advantages. Firstly, it allows greater synergy between
components, as there is a single design philosophy behind
them. Secondly, integration of the design units at the company
has allowed greater control of development costs and times.
Another important effect offered by centralising design is
integration of the various human resources, with growth
of specific and transversal skills. Resources are managed
through a matrix-type organisational structure, through
which the various engine, transmission, hydraulics, cab and
electronic systems development departments support all
the SDF research divisions located in the various production
plants, allowing further production synergies. In conclusion,
this allows the vehicle design units located in Italy, Germany,
France, Croatia, Turkey, India and China to develop specific
platforms by integrating the solutions supplied by the key
component production units.
SDF is therefore able to innovate rationally, reducing the
risks linked with this type of activity and offering the market
products which are both innovative and economically
competitive.
T5100 CVT transmission
Designed, produced and tested by SDF
After sales and spare parts services.
Service
Parts
On an extremely competitive market which requires maximum
productivity of vehicles with minimum machine shut-down
times, the Service division invested significantly in 2015 in
improving the service supplied by the network, improving
the technical skills, instruments and assistance procedures.
The launch of the 9 Series marked the occasion to introduce
a new service model which guarantees the DEUTZ-FAHR
network is ready to provide the maximum level of assistance
to its customers, even before the first tractor reaches the
market, due to detailed technical documentation, a complete
and suitable stock of parts and highly professional technical
training. The increasing presence of highly technological
systems in tractors and harvesting machines requires
improved technical and electronic skills of the network and
its continual retraining to guarantee assistance which always
satisfies the customer’s expectations. The SDF Academy
registered a 30% increase in the number of technical training
days provided to the network.
2015 was a strategic year for the Parts division of SDF. At
the start of the year, the new IT operating system was
implemented and radically transformed the working processes
and methods. The consequent benefits will further improve
business potential and the level of service provided on SDF
original parts. Economic results of parts sales totalled 237
million euros, an increase of 4% compared to 2014, even
considering that the opening of the parts system was deferred
to the second half of January 2015 to allow complete start-up
of the new IT operating system. Growth in sales of accessories
and complementary products which form part of the StarT and
Agricenter projects, whose revenue totalled 53 million euros,
with a 23% increase over the last two years.
Once again with a view to improving the level of service,
the Compass system was developed in 2015, through which
dealers are able to count on prompt, skilled and professional
support in after-sales activities. The trial phase has been
started with several Italian dealers and the new system will
be extended to the entire network during 2016.
In conclusion, the new Extended Warranty program was
introduced in 2015 to provide customers with complete
control of operating costs, for both the tractor and the
combine harvester ranges. This program is proving to be a
major success and 600 customers had already joined within
six months of its introduction onto the market.
Lubricants
Sales of SDF Lubricants exceeded 7.3 million litres in 2015,
a 3% increase compared with 2014. The Performance
Engine Oil, the new lubricant for high performance engines,
was introduced with the start of production of the new
DEUTZ-FAHR 9 Series. Due to the technological qualities,
the new product can increase protection of the engine and
guarantee its efficiency and performance over time, thus
significantly reducing oil and fuel consumption, with a
positive impact on the customer’s operating costs.
Human resources and collaborations.
2015 was quite a significant year for recruitment at SDF, in
particular in Treviglio. Entry into force of Jobs Act and the new
regulations on employment contracts with a gradual raising
protection have created the foundations for decisive
recommencement of the recruitment policy in Italy and
also at the group headquarters. There were around one
hundred new recruits in Treviglio from March to December, of
whom 32 are white collars and 67 are blue collars. The most
noteworthy figure relates to long-term hiring of plant workers
previously recruited on a temporary basis. This confirms the
social mission of the company which, although it makes modest
use of flexibility procedures, promotes stability and long-term
employment, when the economic situation allows this.
This was a decisive year for continuous training and particularly
for the high-potential human resources development project
started in 2012. The project was also extended to a foreign
organisation, the German branch, for the very first time. A
group of young colleagues at the Lauingen plant were therefore
involved in assessment initiatives using the same methods
adopted for their Italian colleagues. Dynamic assessment,
which was highly appreciated by the participants, highlighted
the excellent quality of the resources and provided useful
information on career and personal development plants.
Activities also continued in Treviglio in the conception,
planning and supply of training targeted at all staff levels.
This included IT and language courses (increasingly provided
to blue collars) and courses on transversal aspects (interpersonnel communication, time management, delegation and
feedback) and more strictly managerial ones (management
of business drivers, management of collaborators).
Besides using expert and qualified consultants on the various
topics, the company organisation also continually promotes
and emphasises in-house training in the different contexts
and the ability to offer positive incentives to its employees,
for example, by sharing the professional testimonials and
experiences of its collaborators. The first company event on
internationalisation held in Treviglio, with participation of
the CEOs of the group’s industrial branches, was of great
value and interest. The purpose of the event was to inform all
employees on the growing internationalisation of SDF and to
further promote exchange of resources between the various
organisations, boosting growth of an international culture.
Consolidated financial statement as of 31st December 2015.
Consolidated income statement
(Thousand euros)
Consolidated balance sheet
(Thousand euros)
2015
2014
Revenue
1,390,175
1,210,214
ASSETS
Cost of sales
(1,112,437)
(958,389)
Gross margin
277,738
Commercial expenses
2015
2014
Current assets
919,569
878,863
251,825
Intangible and tangible fixed assets
343,551
250,752
(114,077)
(105,992)
Financial fixed assets
11,426
10,305
General and administrative expenses
(46,409)
(37,441)
Total assets
1,274,546
1,139,920
Research and Development expenses
(37,043)
(33,980)
LIABILITIES
Other operating income
209
135
Current liabilities
662,485
655,388
EBITDA
125,354
110,404
Non-current liabilities
181,871
106,806
EBIT
80,418
74,547
Provisions
89,439
90,420
Net financial result
(11,784)
(6,297)
Equity
334,687
287,274
Non-operating income/(expenses)
1,991
(6,854)
Minority interests
6,064
32
Result before taxes
70,625
61,396
Total liabilities and equity
1,274,546
1,139,920
Income taxes
(20,451)
(20,764)
Net income including minority interests
50,174
40,632
Return on equity (R.O.E.)
14.89%
14.14%
Minority interests
(339)
(5)
Return on sales (R.O.S.)
5.78%
6.16%
Net profit
49,835
40,627
Return on investments (R.O.I.)*
6.31%
6.54%
Fixed investments to revenue
5.53%
3.38%
Equity ratio
26.26%
25.20%
* total assets net of equity investments.
Revenue
(Thousand euros)
2015
Working capital (trade receivables + inventory - trade payables)
(Thousand euros)
2015
2014
By market
2014
Trade receivables
234,885
184,435
Inventory
364,173
403,765
Trade payables
(422,475)
(355,175)
Total
176,583
233,025
2015
2014
76,890
40,849
2015
2014
EU countries
936,468
67.36%
873,062
72.14%
Non-EU countries
453,707
32.64%
337,152
27.86%
Total
1,390,175
100.00%
1,210,214
100.00%
Tractors
1,004,073
72.23%
856,370
70.76%
Combine harvesters
52,217
3.76%
54,253
4.48%
Spare parts
241,248
17.35%
234,529
19.38%
O.E.M.
2,132
0.15%
5,504
0.45%
Grapes and olives harvesters
25,599
1.84%
22,906
1.89%
Others
17,888
1.29%
8,552
0.71%
Small combines
38,567
2.77%
14,049
1.16%
Walking tractors and O.E.M.
8,451
0.61%
14,050
1.17%
Total
1,390,175
100.00%
1,210,214
100.00%
DEUTZ-FAHR
626,363
62.38%
568,879
66.43%
SAME
176,634
17.59%
172,771
20.17%
Lamborghini Trattori
74,983
7.47%
72,871
8.51%
Hürlimann
9,594
0.96%
9,656
1.13%
SHORT TERM LIQUIDITY/(INDEBTEDNESS)
Others
25,899
2.58%
4,093
0.48%
Banks, cash on hand
212,218
211,356
SHU-HE
90,601
9.02%
28,100
3.28%
Due to banks
(142,622)
(220,418)
Total
1,004,073
100.00%
856,370
100.00%
Due to other financial institutions within one year
(1,946)
(11,981)
q.ty
7,396
20.28%
6,576
19.92%
Total short term liquidity/(indebtedness)
67,650
(21,043)
amount
65,947
6.57%
30,363
3.55%
q.ty
18,542
50.85%
16,627
50.37%
Due to other financial institutions after one year
(4,001)
(3,543)
amount
394,096
39.25%
349,527
40.81%
Due to banks after one year
(172,486)
(96,630)
q.ty
7,022
19.26%
7,082
21.45%
Long term financial facilities for technical innovation programs
(5,384)
(6,633)
amount
258,383
25.73%
280,679
32.78%
Total medium/long term indebtedness
(181,871)
(106,806)
Total financial liquidity/(indebtedness)
(114,221)
(127,849)
By product
Fixed investments
(Thousand euros)
Fixed investments
Tractors by brand
Tractors by hp
0/50
50/100
100/150
150/200
> 200
Total
q.ty
2,160
5.92%
2,069
6.27%
amount
146,789
14.62%
137,772
16.09%
q.ty
1,346
3.69%
656
1.99%
amount
138,858
13.83%
58,029
6.78%
q.ty
36,466
100.00%
33,010
100.00%
amount
1,004,073
100.00%
856,370
100.00%
Net financial position
(Thousand euros)
MEDIUM/LONG TERM INDEBTEDNESS
SDF S.p.A.
Viale F. Cassani, 14 - 24047 Treviglio (BG) - Italy
sdfgroup.com
Prepared by Group Communication
[email protected]
Cod. 308.3636.3.9 - 05/16 - Printer: TICOM srl - Graphic project: InTesta - Gruppo Armando Testa
SAME
DEUTZ-FAHR
LAMBORGHINI TRATTORI
HÜRLIMANN
GRÉGOIRE
LAMBORGHINI GREEN PRO
SHU-HE