Good morning. My name is Mike, and I will be your conference operator today. At this time, I would like to welcome everyone to the AGCO 2015 Fourth Quarter Earnings Release Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you. I will now turn the call over to Greg Peterson, AGCO Head of Investor Relations. You may begin your conference.

Thanks, Mike, and good morning. Welcome to those of you joining us for our fourth quarter 2015 earnings release. We will refer to a slide presentation this morning, which is posted on our website at www.agcocorp.com. The non-GAAP measures used in the slide presentation are reconciled to GAAP measures in the appendix of the presentation. We will make forward-looking statements this morning, including demand, product development plans and timing of those plans, acquisition, expansion and modernization plans and our expectations with respect to the cost and benefits of those plans and timing of those benefits, and our future revenue earnings and other financial metrics. We wish to caution you that these statements are predictions and that actual events may differ materially. We refer you to the periodic reports that we file from time to time with the Securities and Exchange Commission, including the company's Form 10-K for the year ended December 31, 2014 and subsequent Form 10-Qs. These documents discuss important factors that could cause the actual results to differ materially from those contained in our forward-looking statements. A replay of this call will be available on our corporate website. On the call with me this morning are Martin Richenhagen, our Chairman, President and Chief Executive Officer; and Andy Beck, our Senior Vice President and Chief Financial Officer. With that, Martin, please go ahead. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Thank you, and good morning, everybody. My comments start on slide three, where you can see that in the fourth quarter of 2015, AGCO sales were down approximately 21%. While our products are performing well in all markets, our results reflect the impact from softer industry-wide demand, production cuts and the negative impact of currency translation. The year was highlighted by the progress we made with…

And your first question is from Nicole Deblase with Morgan Stanley. Nicole Deblase - Morgan Stanley & Co. LLC: Yeah, thanks. Good morning, guys. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Good morning. Nicole Deblase - Morgan Stanley & Co. LLC: So my first question is around the quarterly production build that you guys talked about, that was really helpful. But, I guess, my question is, it seems like – just can you clarify or do you expect production to return to growth in the second half of the year? And then, the quarterly build, what inventory movement on the used side – does that require that you guys are in really good shape with respect to used equipment inventory by year-end? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yes. I think we're in pretty good shape, all included our in-house inventories and also dealer inventories. And when it comes to the second quarter, I think we expect growth. Andrew H. Beck - Chief Financial Officer & Senior Vice President: So, on the production, we expect – the production did decline significantly in the first quarter and it starts to level off for the balance of the year in terms of our production levels, down a little in the second quarter, in the third quarter, and then actually right now we've got our production slightly up in the fourth quarter compared to last year. With regard to – as Martin mentioned on our inventories, we were able to get our dealer inventories lower in Western Europe, and also our used inventories and our dealer inventories in North America are down from the prior year. But as the market decline, it was so significant our month supply as we mentioned went up. So we still…

The next question is from Robert Wertheimer with Barclays.

Hey, good morning, and thanks for the answers on the prior question. I wonder if you could say, is there an issue with the channel inventory industry-wide on smaller equipment, utility tractors 40 horsepower to 100 horsepower, let's say, or is it just a large stuff? And Martin, you're helpful in sort of talking about your best-in-class and what you can do. Do you have a sense as to whether you think the industry channel inventory will be cleared up this year or not? There's a lot of crosscurrent on what's really going on there with the rest of us. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Well, it depends very much on the manufacturer, so there are some who really have a major problem. I don't want to mention name here, we talk about AGCO. When it comes to smaller tractors, I think this might also be an issue for the guys who basically didn't plan properly, mainly companies from Asia.

Okay. Interesting. Thank you. Also just real quickly on Brazil, we can't really see retail sales very well. Has the government made any shift in processing paperwork faster and helping retails push along or is that more of a hope that that flips in the future? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: I think they try to improve, but they don't want to, because I think the fact that they slowed down the process, they used so to say in order to also make less money available. We are not satisfied with the performance at all. We try to lobby, politicians right now don't listen, so the government in Brazil is in very bad shape. They don't know what they are doing, they don't have a strategy, they are corrupt, and this damaging not only our business but business in general.

And the next question is from Andy Casey with Wells Fargo.

Thanks. Good morning. On the North American region, you mentioned orders down significantly in large tractors and you had the drop in GSI revenues in the fourth quarter. Can you kind of help us frame what you're seeing in the GSI order board for grain storage in the region? Is that similar to the large tractor or is it a little bit more of a moderate decline? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Andy, I think the orders on the grain storage side and GSI right now are probably down 20% to 30%. When we package it together with some new businesses that we've – and new business lines that we've set up in GSI, it's more around flat for the year. So as we stand right now, so the protein sector is up a little, we've got some new business lines that are offsetting some of the severe weakness we're seeing on the storage side of the business. Andrew H. Beck - Chief Financial Officer & Senior Vice President: And this was always part of the strategy. So as you'll recall, GSI is a very North American business and we saw the potential to globalize the product. And as a result, we basically so far are in a position to somewhat balance the more – the weaker North American business by getting new business in from outside, mainly from Asia.

Okay, thank you. And then, on the Q1 guidance, the breakeven, should we just assume that North America and South America are kind of the weights or are you looking at trying to decrease inventories pretty much across the board again? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: It's a little bit across the board but I think your assumption is right that most of the decline that we're projecting is focused on North America and South America. The Europe/Africa/Middle East segment we're expecting to be down modestly. So, yeah, we're trying to be as aggressive as we can in terms of our dealer inventory actions in the first quarter. So typically the first quarter is a quarter, especially in North America, where you're building your inventory that your dealers for the spring selling season. And because of where we stand with our inventories and the market conditions, we're trying to limit that build. And so as a result, we're projecting ourselves to be down fairly significantly here in the first quarter of the year in order to make progress towards those inventory goals that we talked about already. And then in South America, the market is just very weak right now and dealers also are working on destocking their inventory levels. And as a result, we have projecting fairly significant sales declines there in the first quarter.

Yeah. Andrew H. Beck - Chief Financial Officer & Senior Vice President: And then lastly, our Asia-Pacific segment is going to look worse in the first quarter than it will for the rest of the year. Our production schedule is tilted more to the second quarter, third quarter and fourth quarter. So we do expect that to get better as we go through the year.

Okay, thanks. And just one follow-up on the South American commentary. If I go back to the Investor Day, it was kind of portrayed as Brazil bad, and I appreciate the comment you've made already on that, Martin. But the rest of South America was okay or look good. Is the rest of South America still looking okay or did that kind of deteriorate between then and now? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah. They are two important factors; one is the election in Argentina where we are very hopeful that the new President with whom we will meet soon comes in with a much more business oriented strategy for farmers. That means that we lobbied many years with Kirchner on basically reducing the export duties. And I think we have chances that this will be done, which would of course help Argentinean farmers a lot. Second, the rather weak real helps us to be more competitive in the surrounding South American market, so we have certain opportunities here. And then there is one other bad exception with this Venezuela, I think Venezuela is close to complete bankruptcy, the political system doesn't work at all, you can't travel there without being killed. So that's really, really a very, very difficult market. Fortunately not a huge market but we generated pretty nice market share, and we think that we also can continue to do so because we handle the business through local importers.

Thank you very much.

Your next question is from Joe O'Dea with Vertical Research Partners.

Hi, good morning. On the aftermarket side of the business, could you just talk about the expectations for how you anticipate revenues there will trend in 2016 and how you think that ends up being as a portion of total revenue in the year? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah. I think Andy can talk about it. What I want to make is a more general statement. When – normally what you see in our industry when new equipment sales go down for a longer period of time, and in the past this was mainly maximum two years. So now we are in year three already, which also creates the hope that we might be through it soon, you will see normally an increase in part because the age of the fleet is going up and farmers still want to be as productive as before. So this downward trend in new might help parts a little bit. Andrew H. Beck - Chief Financial Officer & Senior Vice President: That's right, Martin. And so our projection on parts is, it's going to be relatively flat year-over-year. I think some of the trends that Martin is talking about is a positive, and it's being offset a little by some dealers' desire to get their inventories down, so a little management of dealer inventories is expected in 2016 as well.

Okay. And then on the North America inventory front, based on under production plans, where do you target those months of inventory being at the end of 2016 in the key equipment categories? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah, we're looking for our tractors to be hopefully about six months or slightly below that, combines down about three months to four months, and hay equipment about six months to seven months.

Great. Thanks very much.

Your next question is from Jamie Cook from Credit Suisse. Jamie L. Cook - Credit Suisse Securities (USA) LLC (Broker): Hi, good morning. I guess, a couple quick questions. Andy, could you – what was your price realization, I guess, for 2015? And any color by region, because I'm just trying to see how that ended up relative to your expectation of 2% price in 2016 and whether or not that's realistic. And then, my second question, I think at the Analyst Day, you said AGCO specifically wanted to reduce inventory about $200 million. I want to know if that's still the right number, if it's more than that, and I also think you said, you're going to build a little inventory as you transition to Brazil Tier 3 for 2017, so if there has been any change in that. Thanks. Andrew H. Beck - Chief Financial Officer & Senior Vice President: Yeah, Jamie. I'll take the second one first. The inventory, what we said was that, we do expect that actually an increase in inventory in Brazil associated with that Tier 3 implementation in 2017. And we do expect some reduction in North America to offset that. So inventory would be relatively flat year-over-year... Jamie L. Cook - Credit Suisse Securities (USA) LLC (Broker): Okay. Andrew H. Beck - Chief Financial Officer & Senior Vice President: ...on a constant currency basis. So that's our assumption going into 2016. And then, on the pricing, we talked about 1.5%, I think, to 2% in 2015, which was – we were close to that on a gross basis. On a net basis, we were probably somewhere between 50 bps and 75 bps positive, actually a little more – probably got a little more pricing in South America just due to the inflation…

The next question is from Ann Duignan from JPMorgan.

Hi, good morning. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Good morning, Ann. Andrew H. Beck - Chief Financial Officer & Senior Vice President: Good morning.

Good morning. Just on South America, your outlook there for down 10% to 15%. Given your mix in that market, Martin, would you expect AGCO to perform in line or underperforming, you may have a little bit more skewed towards low horsepower and maybe that's going to be down more. If you just talk about South America, that would be great. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah. In general, our market shares globally look pretty well. So in some markets we could gain or not too many losses. In South America, I think we will be pretty much in line with the industry with the hope to do slightly better and gain market share in combines because that is an area where we somewhat underperformed in the past. And I think part of it is management and the lack of the right distributions.

Okay. That's helpful. Thank you. And then, back to the pricing issue. Could you define gross pricing versus net pricing? I'm assuming your net pricing does not include things like extended warranties or low cost financing and it's just your net of inflation, is that correct? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: So in my definition, the net pricing is the pricing we pass-through to our end customers, less whatever material-related cost increases that we have during the year. So things like the cost of additional warranties or special financing program shows up in our discounts, which in effect would reduce our gross pricing. So, yeah, those kinds of things would be reflected in our pricing.

So they're included in your net pricing or your gross pricing? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Both.

Both? Okay. That's helpful. I appreciate that. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah.

The rest of my questions have been answered. So I'm good. Thank you. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Thank you and have a nice day.

Yeah. I won't go to Venezuela. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Maybe we should invite some of the analysts who have went to Venezuela.

One-way ticket. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: We stay here, Ann.

You saved a lot of money. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Okay.

And the next question is from Jerry Revich with Goldman Sachs. Jerry Revich - Goldman Sachs & Co.: Good morning, everyone. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Good morning, Jerry. Jerry Revich - Goldman Sachs & Co.: I'm wondering if you could talk about what you're seeing in Europe, by country, any distinction between the end markets? Looks like the retail registrations in France really picked up steam over the past couple of months. Do you see that sustainable and any differentiation versus other countries as you look at the overall outlook for 2016? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah. Before Andy talks about funds, I would like to make a general observation. To me, it looks like as if Europe somewhat is close to have bottomed out. And Europe seems to be, in general, a little bit more stable than the other markets. Of course, this varies a lot by countries, and we have the big upside that if the EU would come to terms regarding the sanctions for Russia, which could basically generate a counter effect that the Russians would give up their sanctions, which mainly hit our customers in major markets in Europe, that Europe has kind of a potential to improve. So, I think, the idea of sanctions which to me is a very, very old fashioned way of doing business in politics needs to be reviewed. And I think, the very negative side effect for EU have not been taken into consideration by the European leaders. So business so far doesn't talk so much about it, because we don't want to run our all diplomacy here, but I think this needs to be changed. And I think discussions now are a little bit more constructive than…

Your next question is from Ross Gilardi with Bank of America Merrill Lynch.

Good morning. Thanks, guys. I just wanted to follow-up on Andy's comments on France. So are you assuming that these tax benefits are extended? And if they're not, would you expect to see a fall-off in demand after April, because presumably some demand is being pulled forward right now? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah. We are not assuming that they are extended in our plan, and in our presentation. If they would be extended, we normally would expect some additional business.

Got it. Thanks, Martin. And then, could you give us a little more color behind the Western European combine market down 10% and 15%, I was little surprised that it was down that much, the tractor data is a little bit easier to follow. How did that unfold as the year progressed? Did it get steadily weaker or where you kind of down at that level for most of the year? And how did CEN (44:35) perform in relation to the down 10% for the market? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: I think it was a steady development. And you only see basically most of the numbers after the harvest. You see early in a year because of the pre-season deals, and then you basically see it confirmed after the harvest. And so, this is a – I think the European combine or the German combine market in special will be (45:06) stable for many years, and now automatically this market is hit as well.

Got it. And then (45:16), just in relation to that minus 10, do you think it – was it more or less in line? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Very much in line. We are working on new technology. So that means as soon as the market comes back, I think we will be in with better products, which is a good growth opportunity in the future. So our new combines will be launched around 2018 and so that means we want to grow market share also in that market.

Got it. And then, could you guys just give a little more color on the increase in CapEx that's budgeted for 2016? You gave some detail in your formal remarks, but if you could just elaborate on that a little bit would be helpful? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: One, I want to mention, when we talk about CapEx, this was not a coincidence. So we plan for lower CapEx for already quite some years, and so we could execute 2015. So the increase... Andrew H. Beck - Chief Financial Officer & Senior Vice President: The increase is mainly around product programs, we are getting launched, getting ready for our Tier 3 product launches in South America, and then some other new products around our Series in China – Global Series in China, and then various products around the world. So our flow of new products continues. And just based on the scheduling and the timing, we think that we may need to spend a little more CapEx than we did this year. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: In general, this is also a nice buffer. So I would not be surprised if we would use this area to do slightly better.

Got it. Thank you.

The next question is from Stephen Volkmann from Jefferies.

Hi, good morning. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Hi, Stephen.

Actually almost all answered but one in the same vein as what you just talked about it. I guess, the Centurion program, we should view that as being pretty much executed at this point. So, I think, you're moving this whole China strategy kind of up the horsepower range, if I'm not mistaken. And Andy, in the past, you gave us some specific financial metrics you thought the Centurion program could drive. And I'm wondering if there's a way to think about what you guys are doing next on your global platform vis-à-vis the margin opportunities and timing and that type of thing. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah. When it comes to the Massey Ferguson Global tractor, you called it Centurion, which was the project name. This project is pretty much completed when it comes to engineering and to the factory layout and so on. Purchasing and all process as such. When it comes to the execution in sales, this is of course an area where I see plenty of opportunities. So that means market introduction in major markets will be in 2016, and then we want to ramp up sales. We have a certain windfall which we did not put into the plan because it's a kind of not very stable situation anyhow. But in our project plan, we had assumed the Chinese currency is going up over time. Now we see the opposite. And when you talk to experts, it seems to be, I'd say, the case not – that seems to be more for a longer period of time. So that would create an additional sales opportunity. So it looks like as if our product from China might be much more competitive than we thought.

Okay. And the next iteration of these global platforms, is that another time saving potential (49:08)? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah. The next potential, as we've talked about in our December Analyst Meeting is that we're working on platforms, primarily on the high horsepower tractor side kind of that middle range is somewhere between 150 horsepower and 250 horsepower. So we're trying to get that. We're working on that from an engineering development standpoint. Those products will be ready by probably 2018 or 2019 in accordance with the Tier 5 implementation. And then, as Martin mentioned, some new combines that we're working on also have an element of product platform as well. And so, we're looking for those to be major margin improvement opportunities for the company. Andrew H. Beck - Chief Financial Officer & Senior Vice President: Steve, I think it would be most probably a good idea if we brought our expert to Wall Street in December to have a presentation on our platform projects, because I think this is very exciting for investors to know.

Sounds good. Thank you.

The next question is from Mike Shlisky with Seaport Global.

Good morning guys. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Morning, Mike.

Good morning. So, during this call, you have kind of alluded to some certain opportunities in South America as well as Europe and even in Asia. I kind of wondering if you can maybe share with us your plans for any share gains in North America. Is there any way you kind of pick off some share from some of the, let's say, moreover inventory peers out there? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah. In terms of share gains in North America where our focus is on some of the new products that we're introducing this year, as Martin mentioned. We have our new global series, which is the new line of low horsepower tractors that we will be launching very soon in North America. And so we think that, that will be a big opportunity for us. Other than that, we're looking for share opportunities on the professional producer segment, which is the high horsepower segment, and that is around new products. But also the development of our distribution network, which we think is developing very well and will give us some opportunities for growth in the future. Andrew H. Beck - Chief Financial Officer & Senior Vice President: To be honest, I'm not satisfied with the development. So we talk about share gains in North America for many years, but I don't think that we were really very successful and that we saw a breakthrough. And that is why I ask management to come to me with a strategy, and I want to see that being done faster, because in these difficult times, we need to focus not only on cost control and head count reduction, you also need to look for growth opportunities. And I think, the share situation in North America is not to my satisfaction and it is also the lowest when you look into our global market. So why do we have 40%, 50% in Brazil and in some of the European markets at around 10% or something in North America, I don't accept that and I want to see that being addressed.

Okay, great. I also wanted to ask about grain storage. Can you maybe update us on just how well supply are the U.S. markets for grain storage, if we see another large crop next year, is there any chance of the overall capacity being challenged at any point or are we pretty well supplied here right now? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: No, the grain capacity – there is a lot of old grain elevator around the country, so we have plenty of opportunities. I think it's more of the lack of liquidity or the fact that farmers handle their business a little bit more careful right now. Andrew H. Beck - Chief Financial Officer & Senior Vice President: The other opportunity, Mike that we have is, around the commercial grain storage and handling especially we made an acquisition a couple of years ago, that improved our capabilities with the high-speed conveyance and that piece of it should help us as we now are computing for more of the commercial part of that business. That's another opportunity, especially as you look at export volumes of grain around the world increasing that should help us. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: And GSI grain drying technology is by far advanced compared to any competitor globally.

Got it. Thanks so much guys.

Your last question comes from Tim Thein with Citigroup.

Great, thanks. Andy, just on the outlook for North America in 2016, just based on your comments earlier from – with respect to the underproduction that you expect. Just if you kind of peel out the profits from GSI. Would you expect the equipment? Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Tim, are you still there? Andrew H. Beck - Chief Financial Officer & Senior Vice President: No, I think the question is whether the there is a difference between or, let's say, what the farm equipment goals only is as we've about a year time. But, that's a guess. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Yeah. The outlook that we gave on the sales came down 10% to 15% is on that market. And overall, we're expecting our revenues to be down about 10% on... Andrew H. Beck - Chief Financial Officer & Senior Vice President: And one could say, it's somewhat equally spread between GSI and from equipment wise CSI doing slightly better.

GSI is flatter than the protein production. Andrew H. Beck - Chief Financial Officer & Senior Vice President: Yeah. I think that's what we said also at the beginning of the call. Martin H. Richenhagen - Chairman, President & Chief Executive Officer: Tim, hopefully that that answered your question.

And with that, we'd like to thank everyone for their interest in AGCO this morning, and for those of you that have follow-up questions, I will available for the balance of the day to handle those for you. Thank you, and have a great day.

This concludes today's conference call. You may now disconnect.