CLAAS ANNOUNCE RECORD SALES YEAR

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Claas have announced that they increased their sales in the 2020 financial year by 3.7 percent to 4.042 billion euros (previous year: 3.898 billion euros).

Pre-tax earnings rose to 158 million euros (previous year: 136 million euros), whilst their free cash flow achieved a substantial turnaround into profit with 308 million euros (previous year: -138 million euros).

"Claas managed to achieve growth in sales and to improve profitability despite the pandemic and shutdowns in production. In the process, our widespread international presence has paid off,” said Thomas Böck, chairman of the Claas Group Executive Board.

Whilst sales in Germany, France and the other Western European countries remained stable on the whole, they grew significantly in Eastern Europe and especially Russia. At around 20%, the company achieved its strongest growth in sales outside of Europe, with North America proving to be the most important growth driver.

Despite the effects of Covid-19, the company says investment in major projects, such as at the company’s Le Mans tractor plant and at Harsewinkel continued. In addition they completed the new Class UK headquarters at Saxham, Suffolk and they launched the new 15ha Technoparc centre in Ymeray, France.

Despite uncertainties including the ongoing pandemic and the political situation for farmers in core markets, Claas say they expect sales and earnings for the current 2021 fiscal year to remain at the previous year's level.