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preseen Information Flashcards

1
Q

Number of tractors sold last year

A

31,150

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2
Q

Revenue last year

A

2,990 million

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3
Q

Gross margin

A

25.9%

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4
Q

Operating margin

A

8.7%

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5
Q

Market growth areas

A

Small, mini tractors, alternative fuel sources in Europe (landscaping and grass cutting)

Increased mechanisation and automation in some parts of the world ie Asia. Typically, larger, tractors designed for heavy work better the lower spec than those in Europe.

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6
Q

Profits from yeah 21 to 22

A

Up 31% after tax

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7
Q

Inventory holding

A

Down on previous year

29 days

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8
Q

Trade receivables

A

2022 _ 37 days
2021 - 34 days

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9
Q

Trade payables

A

Down on previous year

67 days

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10
Q

Working capital cycle

A

-1 days

Negative working cycle, indicating an increasing cash flow situation

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11
Q

Tax depreciation rate

A

25% on a reducing balance basis. A full years allowance is available in the first year that the asset is acquired. Tax depreciation allowances are not available for property assets.

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12
Q

Corporation tax rate

A

30%

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13
Q

AgRI, overview

A

Parent company with numerous subsidiaries

Experience established in 1860

Generally operates as a parent company and sets up subsidiaries beneath it

Launched its first engine powered tractor in North America in 1920 

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14
Q

Tracks America coverage

A

America, Australia, and parts of Asia

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15
Q

Overview of dealers

A

All sales of three dealers

Very strong relationship with dealers.

Sales team can provide discounts of up to 15%

Sales team earn commission on sales.

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16
Q

Finance, director

A

Karl Lomas

Good connections with finance providers

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17
Q

Production, director

A

Jack Newman

Passionate about quality and TQM

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18
Q

Product development, director

A

Jo Steiner

Embraces new technologies and ultimate fuel sources

19
Q

Costing system

A

Operate a standard absorption costing system

Uses either direct labour or machine hours

Production overheads are allocated and apportioned to one of five production cost centres and absorbed on either direct labour or machine our basis.

Uses current standards which are reviewed once per year.

ABC, not a good idea as all tractors are similar processes.

Normal raw material losses are included in standard costs 

20
Q

Budget setting

A

Currently done by the board on an annual basis using an incremental process.

There is currently no input from managers.

21
Q

Relationship with dealers

A

Payment terms for 30 days.

Some large dealers have a longer

Very good relationship with dealers, all paid on time.

Contract with dealers specify that the price The dealer charges to the end user should be the price agreed between the dealer and the sales team plus an agreed percentage to give the dealer a margin. 

Tracks Europe also sells parts components and subassemblies to dealers who deal with the servicing and repairs for the tractors

22
Q

Production site in Europe

A

Oh production from the one site in Europe for tracks Europe

Strength, because this involves minimal transport costs.

Efficient.

There are five production departments at this site 

The production facility includes the tractor product, development centre, warehousing for various raw materials, a huge assembly plant, a testing facility, and the finish goods warehouse 

23
Q

Steel plate and paint sourcing

A

Steel plate all comes from one supplier. This is both the strength and weakness.

Strengthen that they built have a good relationship and probably negotiated a very good cost with a supplier

Weakness because they are reliant on this one supplier, and if there was any sort of problems, they do not have a secondary supplier to fall back on

Both suppliers are large companies that service a lot of the vehicle manufacturers that operate in Teeland

24
Q

Direct labour, overtime

A

The premium is treated as a variable production overhead

Idle time is not budgeted for 

25
Q

Tractor fashion

A

Upgrading tractors to extend their life.

That all tractor owners have the right of repair a paragraph

pre-cycling of tractors– making tractors in such a way that they are easily recyclable.

Designed for disassembly, tractors designed in a way that makes it easy to dissemble and reuse.

26
Q

Red diesel alternatives

A

Electric - issues regarding space for batteries

Hydrogen – issues regarding space for the electrolytes needed. Possibly only suitable for larger operations. 

27
Q

Tractor demanding into the future

A

More compact with integrated telematics

Where there is an increased demand for mechanisation, generally due to labour shortages. These can be caused by the following

restrictions on movement of people between countries.

Change to exchange rates, making it less beneficial for people to work in different countries.

Foreign policies discouraging the use of foreign labour 

28
Q

Supplier issues, with raw materials for tractors

A

 Semiconductors – shutdowns in China, leading to shortage of semiconductors across the world

Steel and aluminium costs, – prices have increased, which is expected to raise prices and slow market development in the coming months 

29
Q

Tracks Europe sourcing policy

A

Tracks Europe sources parts, components and subassemblies from suppliers are mainly located close to tracks Europe production facility. Many of the components and sub assemblies are specific to tracks Europe and are made by the suppliers using dies and tooling that has been approved for use by tracks Europe 

30
Q

Supply discounts

A

Where feasible, the company does seek to take advantage of bulk discounts. Payment terms, ranging from 30 days to 60 days depending on the supplier.

31
Q

Total number of employees

A

4120

32
Q

Product development

A

Development for all AgRi tractors is undertaken at the tractor product development centre located in Thailand.

This involves developing new tractor ranges and models as well as refining existing models.

There are mechanics, technicians, mechanical engineers and vehicle designers, who work together to develop parts components and subassemblies that are incorporated into new or refined models. within the centre, there is a small foundry which allows parts and components to be cast from molten metal and workshops which all parts components and subassemblies are created.

Once a part of assemblies developed the team in the development team works closely with suppliers to ensure the exact specifications are achieved.

33
Q

Revenue increase from, 21 to 22

A

Up 7%

34
Q

Profit for, 2022

A

T€159 million

35
Q

2022 cash flow movement

A

Net increase of T$35 million 

36
Q

Tractor popularity within ranges

A

A+, most popular. Followed by A and A++

The regular model is most popular in the A++ and A+ range. In the A range, the premium model is most popular.

A++ is the most profitable tractor followed by A+ and then A.

37
Q

Tracks Europe market share, percentage

A

20% market share

Third largest supplier of six in Europe 

38
Q

Mini tractors

A

Not currently produced by tracks Europe

Sam, but not all of the manufacturers of agricultural tractors also manufacture and sell, compact and mini tractors.

The market though is dominated by specialist small, mechanical equipment, manufacturers. 

39
Q

Three channels, a farmer can use to buy new tractor

A

Visits are tracks Europe dealers showroom

Enquiries on the tracks Europe website – this enquiries pass on to a dealer

Enquiries at tracks Europe stand at an agricultural trade show – this inquiry is passed on to a dealer 

40
Q

Cash and cash equivalents available at tracks Europe

A

T$49

41
Q

a+ power standard cost card

A

Shows that production overheads account for 32% of total production cost of production, using mainly direct labour hours, and to a lesser degree direct machine hours.

42
Q

Debt, gearing

A

83% 

43
Q

Current ratio

A

0.92

44
Q

Quick ratio

A

0.62 

OCS (6 decks)

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