EXEL industries - 2019 Universal Registration Document

Presentation of c the c Group

Business overview of the EXEL Industries group

HARDI Group had sales of €128.2 c million in the fi scal year, compared with €133.2 c million the previous fi scal year. PRÉCICULTURE , a company based in Fère-Champenoise in the Marne region, designs and manufactures self-propelled chassis for the BERTHOUD, CARUELLE, SEGUIP and TECNOMA brands. Each company then installs its own spraying equipment on the chassis and markets the end product: a self-propelled sprayer. PRÉCICULTURE also manufactures high-clearance tractors marketed by CMC and TECNOMA, which equip them with their spraying equipment. The company had sales of €34.5 c million, comparedwith €37.8 c million in the previous fi scal year. CMC (Constructions Mécaniques Champenoises) , a company based in Épernay in the Marne department, joined the EXEL Industries group in July c 2006. It markets a complete range of high-clearance tractors for use in vineyards. The company had sales of €2.8 c million in the fi scal year, compared with €2.0 c million the previous fi scal year. VERMOREL , a company based in Ploiesti in Romania, manufactures mechanically-welded sub-assemblies for the rest of the Group. The company had sales of €3.6 c million in the fi scal year, compared with €3.5 c million the previous fi scal year. EMC , a company based in Volgograd in Russia, manufactures and markets agricultural sprayers for the Russian market and sells under di ff erent EXEL Industries brands. The company had sales of €5.8 c million in the fi scal year, compared with €7.3 c million the previous fi scal year. The AGRIFAC group , headquartered in Steenwijk in the Netherlands, was acquired in July c 2012. AGRIFAC manufactures and markets high- end self-propelled sprayers under the Condor brand name and high-end trailed sprayers under the Milan brand name. AGRIFAC also manufactures tanker harvesters marketed under the HOLMER Exxact brand name. The group has one subsidiary in England and one in Australia. AGRIFAC’s sales, which are consolidated in the fi nancial statements of EXEL Industries for the 2018/2019 fiscal year, amounted to €77.5 c million compared with €73.2 c million in the previous fi scal year. ETWorks group , whose headquarters is located in Mooresville in the state of Indiana in the USA, was acquired in January c 2016. ETWorks manufactures and markets high-end self-propelled sprayers under the Apache brand name. The Group has four commercial subsidiaries in the USA and one in Canada. ET Works Group’s sales for the 2018/2019 fiscal year totaled €69.3 c million comparedwith €73.1 c million for the previous fi scal year. Main competitors EXEL Industries group’s main competitors in this market are: „ John Deere (United States) tractor manufacturer which is aiming to build a full line of products; „ CASE (United States) tractor manufacturer which is aiming to build a full line of products; „ Jacto (Brazil) for Large-Scale Crops, Vineyards and Orchards; „ Amazone (Germany) for Large-Scale Crops; „ Horch (Germany) for Large-Scale Crops; „ Kuhn, subsidiary of the Bucher Group (Switzerland) that is seeking to develop a wide range in the Large-Scale Farming sector. However, EXEL Industries is currently the only player on a global scale with the ability to cover the full range of farmers’ requirements.

Trends The challenge for agriculture is to feed the Earth’s population in a healthy and balanced manner, while preserving natural resources. In 2050, the planet will have 9.7 c billion inhabitants compared with a little more than 7.6 c billion today. World agriculture must be able to produce the food necessary to feed the population, two thirds of whom will be living in towns and cities. This food must also be healthy and diverse (plants, proteins, etc.). Moreover, the agriculture of tomorrow must manage the natural resources necessary for life (water, soil, air, biodiversity, etc.), and contribute to combating climate change. Today, the fight against the main scourges (weeds, insects, rodents and diseases) relies mainly on the use of synthetic or natural phytosanitary products. These products are applied by our agricultural sprayers. In France and in some otherWestern European countries, these products are increasingly controversial, subject to strict regulations and in certain cases are destined to disappear ( e.g . the Labbé law and the controversy surrounding Glyphosate) and will be replaced by alternative products. Agricultural spraying must play a part in the agroecological transition by innovating and mastering new technology such as precision agricultural, electronics, automation, con fi ned spraying and arti fi cial intelligence to detect plants to be treated, etc., which will allow a signi fi cant reduction in the doses used. Description of Group companies EXEL Industries has ten direct subsidiaries: AGRIFAC, TECNOMA, BERTHOUD, CARUELLE NICOLAS, HARDI, PRÉCICULTURE, CMC, VERMOREL, EMC and ETW: TECNOMA Technologies , a company based in Épernay in the Marne region, designs, manufactures and markets a wide range of agricultural spraying equipment under the TECNOMA brand name. In addition, it distributes high-clearance tractors for vineyards, used mainly for spraying, under the TECNOMA, LOISEAU and VITI LABEL brand names. It alsomanufactures and distributes components for other companies, and in particular Group companies (tanks, injection components, etc.). The company had sales of €39.0 c million in the fi scal year, compared with €37.8 c million in the previous fi scal year. BERTHOUD Agricole , a company located in Belleville-sur-Saône in the Rhône department, designs, manufactures and markets agricultural spraying equipment for large-scale crops, vineyards, and fruit trees. The BERTHOUD range covers all market requirements with over 120 product groups. BERTHOUD, the leading brand on the French market, recorded sales of €49.1 c million in the fi scal year, compared with €54.7 c million the previous year. CARUELLE NICOLAS , a company located in Saint-Denis-de-l’Hôtel in the Loiret region, designs, manufactures and markets spraying equipment sold under its four brand names: CARUELLE and SEGUIP (spraying equipment with booms for large farms) and NICOLAS and THOMAS (turbine-driven sprayers used to treat vineyards and fruit trees). The company had sales of €8.6 c million in the fi scal year, compared with €7.6 c million the previous fi scal year. The HARDI group , with its head o ffi ce in Nørre Alslev in Denmark, designs, manufactures and markets a very broad range of agricultural sprayers for large-scale crops, vineyards, fruit orchards, golf courses, parks and gardens. The HARDI Group is comprised of nine companies throughout the world. This includes Groupe HARDI France and HARDI Service in France, as well as six production sites in Denmark, France, Australia, USA and Spain. This makes HARDI one of the leading worldwide brands for Agricultural Spraying equipment.

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EXEL Industries Group I 2019 Universal Registration Document 11