Under the difficult conditions of 2022, Claas was able to increase sales by 2.7% to a new high of €4.9 billion (previous year: €4.8 billion). The earnings before tax and depreciation margin was 8.8% compared to 11.1% in 2021, while a decrease in earnings from €357.1 million to €166.3 million was due to geopolitical changes and disrupted supply chains.
“The year 2022 has challenged us in every respect. In this difficult mix, we have shown how resilient our business model is. We delivered and proved with a lot of personal commitment that we can measure up to our vision of making customers the best in their field. We have delivered 100% on our harvest promise to our customers. For this, all employees and distribution partners deserve my thanks,” said CEO Thomas Böck.
The strong harvest year and beneficial financing conditions at the start of the year saw strong demand, with positive developments throughout. Claas achieved good sales growth in North America, while in Europe, markets were robust despite slight declines.
|2022 in € million||2021 in € million||Change in %|
|Earnings before interest, taxes, depreciation, and amortization (EBITDA)||435.7||532.1||-18.1|
|EBITDA as a % of net sales||8.8%||11.1%||-2.3pp|
|Income before taxes||166.3||357.1||-53.4|
|Statement of cash flows and balance sheet|
|Operating cash flow||225.5||580.5||-61.2|
|Free cash flow||22.2||381.5||-94.2|
|Employees on reporting date (September 30th)||12,116||11,957||+1.3|
The company has also pushed ahead with its investment programme, spending €130 million on the expansion of global sales and its production network. The modernisation of Harsewinkel was completed, while a project to increase production capacity and modernise the infrastructure at Bad Saulgau is underway.
Research and development reached a new high for the company, rising by 6.4% to €279 million. This included the renewal of harvesting machinery and tractors, as well as investment in electronic architecture for increased connectivity.
As of September 30th, 2022, Claas employed a total of 12,116 people, around 50.4% outside of Germany. The company also employs 792 apprentices, training them in various technical and business professions.
Looking forward the company anticipates double-digit sales and income growth, despite the present uncertainties. It expects demand to remain stable in the main sales regions, with the number of international orders for the coming months reported to be above average.
It forecasts strong growth in North America, thanks to the broader combine and tractor ranges, while investment in global production and sales will strengthen the market position.