Claas net sales increased by 2.7% this year to a new high of €4.9 billion (2021: €4.8b). Profit before tax fell to €166.3m (2021: €357.1m) mainly due to geopolitical changes and massive disruptions to its supply chains in Eastern Europe.
This year’s record net sales were due to the strong harvest year and beneficial financing conditions during the first six months. The company enjoyed strong demand for its products in North America. European markets were down slightly but remain strong.
The 2022 financial year saw continued investment in new products (R&D spend up 6.4% to a record €279m), and its global sales and production network (another €130m). The modernisation of the main plant in Harsewinkel was completed this year, and the project to update the infrastructure at the Bad Saulgau site is going to plan.
Looking ahead, despite the present uncertainties, Claas anticipates double-digit sales and income growth next year. The demand for agricultural equipment is expected to remain stable overall in the main sales regions in Middle and Western Europe, as well as in North America.