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Dealers Make Strides in Inventory Reduction Efforts, but Underlying Headwinds Persist Kongskilde Acquisition Fills out New Holl

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Dealers Make Strides in Inventory Reduction Efforts, but Underlying Headwinds Persist Kongskilde Acquisition Fills out New Holl November 15, 2016 Vol. 22, Issue 11 • How Kongskilde Evolved • Kubota’s Ag Sales Flat • Deutz Ups U.S. Presence Dealers Make Strides in Inventory Reduction Efforts, But Underlying Headwinds Persist While supply and demand imbalances continue to plague the improvement came from Cervus’ ag equipment segment, many ag machinery dealers, the three publicly held North which rose by 3% during the period, while its transporta- American farm equipment dealership groups are reporting tion business was flat year-over-year and its commercial and progress in reducing their equipment backlogs. On the other industrial sales were down by 26%. hand, it has come at a price as dealers report that ongoing The company was also able to reduce its inventory low used equipment values offer little or no profit margin. by $62.7 million (18.6%) compared to Sept. 30, 2015. At the same time, factors like lease returns and individual Continued on page 4 farmers selling their own equipment are coming into play, slowing dealers’ efforts to put a meaningful dent in the ongoing overhang of equipment on their lots. Cervus Equipment Corp. Inventory Turns “The major driver of this current dip in used values lies mostly with the increasing number of machinery auctions featuring a lot more one or two used items that individual farmers have been selling to free up some cash,” says Greg Peterson (Machinery Pete) in his Machinery Pete’s Quarterly Used Values Index report for the third quarter 2016. CVL’s Ag Improves. Cervus Equipment Corp. (CVL), John Deere’s largest dealership group in Western Canada, issued its earnings report on Nov. 9, which showed the company generated $10.5 million of net Cervus Equipment, like many of its peers, appears to be addressing the issue income for the third quarter of 2016 compared to of excessive equipment backlogs with inventories falling to a 2 year low and $3.9 million for the same period in 2015. Income from turns rising to a 2 year high. operating activities was $16.1 million, an increase of Note: Inventory turns = cogs (annualized)/average inventory $5.6 million from the third quarter of last year. All of Source: Cervus Equipment Co., Raymond James Ltd. Kongskilde Acquisition Fills Out New Holland’s Product Lineup New Holland Agriculture dealers feeders in a newly refurbished factory Tobin said, “We are proud to wel- will have access to a wider port- in Poland. come the well established products folio of hay tools, tillage machin- The Kongskilde tillage line includes and brands of Kongskilde, Overum ery and forage feeders once CNH moldboard plows built in Sweden, and JF into the CNH Industrial Industrial completes its acquisition powered tillage implements, grain group. It is our intention to build of Kongskilde’s product, brand and drills, precision planters and rock col- upon the proud heritage of these manufacturing assets. lectors also built in Europe. Its large brands and significantly increase The Danish manufacturer, whose scale air seeders, tillage implements their market access as part of our grain handling and industrial convey- and fertilizer placement machinery worldwide distribution network.” ing divisions are not included in the is produced in the group’s newly With the exception of the U.S.-built deal, produces grass mowers, tedders, expanded North American plant in product lines, Kongskilde’s portfo- rakes, tractor-powered forage chop- Hudson, Ill. lio mainly sells into markets within pers and a line of mobile cattle mixer- CNH Industrial CEO Richard Continued on page 3 The contents of this report represent our interpretation and analysis of information generally available to the public or released by responsible individuals in the subject companies, but is not guaranteed as to accuracy or completeness. It does not contain material provided to us in confidence by our clients. Individual companies reported on and analyzed by Lessiter Media, may be clients of this and other Lessiter Media services. This information is not furnished in connection with a sale or offer to sell securities or in connection with the solicitation of an offer to buy securities. Worldwide Fall Off in Farm Tractor Sales ‘Likely to Continue in 2017’ FederUnacoma, the Italian • China –29% in some emerging markets that repre- Agricultural Machinery Manufacturers • Brazil –17% sent the new frontier of agricultural Federation, expects the downturn in • Russia –19% mechanization.” A survey sponsored farm machinery sales experienced • Japan –24% by FederUnacoma and carried out by most countries to move into 2017, Countries where tractor sales by Nomisma on the trend of tractor according to a release issued on Nov. increased during the first 3 quarters import highlights how, regardless of 8, prior to the start of the EIMA ag of the year included: the economic situation of agriculture equipment exhibition in Bologna. • India +17% globally, the demand for mechaniza- “The negative phase for agricul- • Turkey +7% tion is rapidly proceeding in some tural equipment purchases is likely • U.S. +3% new markets. to continue also in 2017, and a recov- The report noted that, while over- Massimo Goldoni, FederUnacoma ery is only expected from 2018,” all unit sales in the U.S. were up, chairman, said, during the 6 years said the association. “The setback the increase was driven by compact from 2010-15, imports of tractors involves many of the major coun- units (under 40 horsepower). Sales of grew in 400% in Vietnam (valued tries, but does not affect the posi- high horsepower tractors (over 100 at $124 million), 250% in Ethiopia tive trends seen in some emerging horsepower) were down during the and 240% in Kenya. “The most strik- markets that represent — after the January through September period ing case is Cuba, which in 2015 emergence of India, China, Brazil and by 22%. alone saw an increase of imports Turkey — the new frontier of agri- By the end of 2016, sales in India by more than 800%,” he said. As cultural mechanization.” are expected to reach 600,000 trac- for other agricultural machinery According to data compiled by tors, China 400,000, U.S. 200,000 and and equipment, the Philippines and Agrievolution, through the first 9 Europe 160,000. Cambodia are the countries with months of 2016, the following coun- Growing Imports. The report the highest growth rates of imports tries and/or regions have experienced notes that the downturn involves (+190% and +210% respectively), declining tractor sales: many of the major countries, but is followed by Vietnam and Ethiopia • Europe –6% not affecting “the positive trends seen (+128% and +117%). Harvest Specialist Grimme Names New Management Team Grimme, a specialist in the harvest- that Grimme Landmaschinenfabrik LLC, which is also a leading manufac- ing and handling of non-combinable plans to open next year to exploit the turer of potato planters and harvest- crops, has taken another step in its country’s substantial potato grow- ers at its Blackfoot, Idaho, facility. succession and future growth plan- ing industry (see Ag Equipment Group company Internorm, which ning by appointing a new manage- Intelligence, March 2016). manufactures molded components, ment team. Current group Managing “The changes give a clear signal such as the star roller elements used Director Franz Grimme, who cele- for further growth and the expan- on harvesters, grading lines and stone/ brated his 70th birthday earlier this sion of the potato, beet and veg- clod separators, harvesters and grading year, is joined by newly appointed etable technology businesses of the lines, was set up from within the core joint managing directors Franz-Bernd Grimme Group,” says Franz Grimme. business to attract OEM sales. Starting Kruthaup and Jens Walter, long-serv- “And I am delighted that my son in 2017, Grimme’s web manufacturing ing managers in the business. Christoph has taken on management business in Germany will also operate Among management appointments responsibility in the machinery man- as a separate company. at the division manufacturing potato ufacturing business.” The Grimme Group also includes and beet machinery, 28 year old engi- The group founded in 1861 is now Danish vegetable harvesting equip- neer Christoph Grimme , son of Franz active in more than 110 countries ment manufacturer ASA-LIFT (rep- Grimme, is appointed “authorized offi- around the world, realizing strong resented in the U.S. by Paul Miller cer” with responsibility for interna- growth in recent years. It comprises Farms Inc., Hancock, Wis., and in tional production. He is also project 12 sales and service subsidiary com- Canada by Univerco (1978) Inc., manager for the new factory in China panies, including Spudnik Equipment Napierville, Que). AG EQUIPMENT INTELLIGENCE is published monthly for the to the address shown above. U.S., Canada and Mexico print farm equipment industry by Lessiter Media, 16655 W. Wisconsin subscriptions are $499 per year. International print subscriptions Ave., Brookfield, WI 53005. © 2016 by Lessiter Media. All rights are $599 per year. Send subscription orders to: Ag Equipment reserved. Reproduction in any form of this newsletter content Intelligence, P.O. Box 624, Brookfield, WI 53008-0624. Fax: is strictly forbidden without the prior written consent of the pub- 262/786-5564. Phone: 262/782-4480 or 866/839-8455 (U.S. lisher. Please send any address changes as soon as possible only). E-mail: [email protected]. 2 Ag Equipment Intelligence/November/2016 Kongskilde Acquisition Fills Out New Holland’s Product Lineup...Continued from page 1 Europe and to Australia and New Zealand. The current dealer and importer network will remain unchanged for How Kongskilde Industries Evolved now, but the products will gradually be assimilated into the 2007 — Danish farmer cooperative DLG takes a majority New Holland Agriculture range, says Carlo Lambro, New stake in Kongskilde Industries Holland brand president.
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