The EBITDA margin of 8.8% (previous year: 11.1%) remains at a high level. The earnings before taxes of €166.3 million (previous year: €357.1 million) is essentially burdened by impairments in Eastern Europe as a result of 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," says CEO Thomas Böck.
- Sales up to €4.9 billion
- Stable EBITDA margin of 8.8% – net income impacted by one-off effect
- Positive free cash flow in challenging environment
- Outlook: significant sales and income growth expected in fiscal year 2023
Strong demand in America, robust market also in Europe
Due to the strong harvest year, and beneficial financing conditions especially in the first half of the financial year, the market for agricultural engineering products in 2022 benefited from continued strong demand and developed largely positively despite significant supply-side disruptions and the war-related slowdown in Eastern Europe. CLAAS achieved particularly dynamic sales growth in North America. In Europe, the markets were robust with slight declines compared to the very positive development in 2021.
Challenges in the supply chains overcome with high commitment
Due to the aftermath of the Corona pandemic and geopolitical upheavals, CLAAS had to contend at times with massive disruptions to its supply chains, which could only be overcome with considerable financial and personnel effort. The 22-week production shutdown in Harsewinkel during the plant modernisation was also a major challenge. However, time-critical deliveries of machines to customers and individual bridging measures could be realised with great efforts by the producing plants and the sales organisation.
Production and sales network strengthened, R&D expenses hit record high
CLAAS has also continued to push ahead with the investment program in 2022 and injected €130 million into the expansion of its global sales and production network: Work to modernise the main plant in Harsewinkel was successfully completed. The project to increase production capacities and modernize the infrastructure at the Bad Saulgau site is going to plan. In Le Mans, France, a new CLAAS Academy for sales partner employees opened its doors.
At the same time, research and development reached a new high in the history of CLAAS. They rose by 6.4% to €279 million and included the development and renewal of harvesting machinery and tractors, investments in electronics architecture for machine control and connectivity, as well as expenses for the digitalization of agricultural processes.