Bucher Industries Ag · SIX:BUCN
Bucher Industries — Investor Presentation (July 2014)
74 slides from Bucher Industries's investor presentation, July 2014
Slide 1: Group presentation
Group presentation
Slide 2: Bucher – since 1807
Bucher – since 1807 Kuhn Group Bucher Municipal Bucher Hydraulics Bucher Emhart Glass Bucher Specials Agricultural machinery Municipal vehicles Hydraulic systems Glass container industry Individual businesses • Tillage • Compact and truck- • Mobile and industrial • Glass-forming • Equipment for moun
Slide 3: Number 1 market positions
Number 1 market positions Kuhn Group worldwide in forage harvesting machinery and feed mixers Bucher Municipal in Europe in sweepers Bucher Hydraulics in Europe in special segments of mobile hydraulics Bucher Emhart Glass worldwide in glass container manufacturing equipment Bucher Specials worldwide
Slide 4: Main manufacturing sites worldwide
Main manufacturing sites worldwide Total 5 continents 41 sites Group presentation July 2014 4
Slide 5: Group strategy
Group strategy • Increase in company value (RONOA > WACC) • Diversified group focused on mechanical and vehicle engineering • Strengthening of existing operating segments – Continuous product innovation – Operational efficiency with flexible structures – Internal growth and targeted acquisitions • C
Slide 6: Medium-term earnings targets
Medium-term earnings targets EBIT margin 2009 2010 2011 20121) 2013 targets Kuhn Group 7.53) 9.2 11.3 12.5 14.9 11 Bucher Municipal 3.9 7.3 7.0 9.3 8.6 8 Bucher Hydraulics 4.33) 9.9 8.7 9.0 9.4 11 Bucher Emhart Glass 4.0 1.22) 4.5 0.32) 4.8 9 Bucher Specials 5.3 4.6 6.1 8.1 10.0 9 Bucher Industries
Slide 7: Group at a glance 2013
Group at a glance 2013 • Favourable market environment – Good conditions at high level for agricultural machinery – Low but stable demand for municipal vehicles – Upturn in demand and sales growth through acquisitions at Bucher Hydraulics and Bucher Specials – Subdued first half, picking up in secon
Slide 8: Group at a glance 2013 (continued)
Group at a glance 2013 (continued) • Continuity in investments – CHF 137 million for internal growth – CHF 63 million for acquisitions at Bucher Hydraulics and Bucher Specials • Solid financial situation – Operating free cash flow of CHF 92 million – Zero net debt at the end of 2013 – Increase in eq
Slide 9: Net sales by division and region 2013
Net sales by division and region 2013 CHF 2 691 million Kuhn Group 48% Europe 57% Bucher Municipal 14% Switzerland 5% Bucher Hydraulics 17% Americas 24% Bucher Emhart Glass 13% Asia 9% Bucher Specials 8% Other 5% Group presentation July 2014 9
Slide 10: Number of employees by region 2013
Numer of employees by region 2013 Total 10 916 employees1) Europe 55% Switzerland 9% Americas 21% Asia 12% Other 3% 1) Expressed as full time equivalents Group presentation July 2014 10
Slide 11: Key figures
Key figures CHF million Change in 2013 2012 % %2) %3) Order Intake 2 718 2 490 9.1 9.0 6.6 Net sales 2 691 2 609 3.1 3.0 0.8 Order book 850 795 6.9 6.5 3.3 Operating profit (EBITDA)1) 371 307 20.9 as % of net sales 13.8 11.8 Operating profit (EBIT)1) 287 232 23.9 as % of net sales 10.7 8.9 Profit fo
Slide 12: Investing in the future
Investing in the future CHF million 2013 2012 Change in % Development costs 91 81 12.0 Capital expenditure 137 96 41.6 Acquisitions (cash flow) 55 3 n.a. Group presentation July 2014 12
Slide 13: Results by division
Results by division CHF million 2013 20121) EBIT EBIT margin EBIT EBIT margin Kuhn Group 191 14.9% 153 12.5% Bucher Municipal 33 8.6% 39 9.3% Bucher Hydraulics 42 9.4% 37 9.0% Bucher Emhart Glass 17 4.8% 1 0.3% Bucher Specials 24 10.0% 17 8.1% Other/consolidation -20 -15 Bucher Industries 287 10.7%
Slide 14: Net sales and number of employees
Net sales and number of employees CHF m Employees1) 3600 12000 10788 10383 3000 9380 10000 7618 7639 2691 2400 2609 8000 2336 2142 1800 2034 6000 1200 4000 600 2000 0 0 2009 2010 2011 2012 2013 Net sales Average number of employees during year 1) Expressed as full time equivalents Group presentation
Slide 15: Net sales and results
Net sales and results CHF m net sales CHF m results 3500 420 371 3000 2789 2691 360 2609 2459 2500 342 2336 300 2142 2034 307 286 287 2000 260 240 229 246 232 1500 224 180 190 190 196 171 1000 145 151 156 120 127 500 98 60 0 26 0 -500 -24 -60 2007 2008 2009 2010 2011 2012 2013 1) 1) Net sales Profit
Slide 16: Net operating assets (NOA) and RONOA after tax
Net operating assets (NOA) und RONOA after tax CHF m % 1200 60 1114 1000 1061 50 52.0 970 800 891 40 849 828 41.8 39.4 37.2 600 687 35.4 30 27.9 31.9 18.5 19.3 400 23.8 17.0 17.0 20 12.4 200 10 1.5 0 0 2007 2008 2009 2010 2011 2012 2013 Net operating assets (4q-average) as % of net sales RONOA 1) 20
Slide 17: Shareholders' equity and return on equity
Shareholders’ equity and return on equity CHF m % 1200 30 1000 1074 25 21.4 800 873 890 20 846 814 793 20.0 748 18.3 600 16.9 15 16.3 400 12.7 10 200 5 0 0 -200 -3 -5 2007 2008 2009 2010 2011 2012 1) 2013 Shareholder's equity Return on equity Impairment charges: 2008 CHF 39 million, 2009 CHF 86 mill
Slide 18: Operating free cash flow and investments
Operating free cash flow and investments Cash flow from operating activities CHF m 300 260 239 250 224 58 56 200 200 172 95 132 150 117 202 100 183 105 92 50 55 0 2009 2010 2011 2012 2013 Operating free cash flow Investments (net) Cash flow from operating activites Group presentation July 2014 18
Slide 19: Net cash/debt and free cash flow
Net cash/debt and free cash flow CHF m net cash/debt CHF m free cash flow 199 206 210 181 210 140 140 70 70 1 19 0 0 0 -19 -72 -70 -137 -70 -118 -75 -140 -144 -140 -209 -165 -210 -210 2009 2010 2011 1. HY 2012 2. HY 2012 1. HY 2013 2. HY 2013 Net cash/debt Free cash flow Group presentation July 2014
Slide 20: Total assets and equity
Total assets and equity CHF m 2500 2436 2248 2259 2125 2000 1985 1500 1074 1000 890 793 814 748 500 37% 38% 36% 39% 44% 0 1) 2009 2010 2011 2012 2013 Total assets Equity 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) Group presentation July 2014 20
Slide 21: Shareholders' equity / Intangible assets
Shareholders’ equity / Intangible assets CHF m 1200 1074 1000 890 800 793 814 748 600 400 200 165 60 174 75 159 73 181 80 135 53 0 2009 2010 2011 2012 2013 Shareholders' equity 1) Intangible assets Thereof goodwill 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) Gro
Slide 22: Group outlook for 2014
Group outlook for 2014 • No significant change in economic environment anticipated • Confident mood in market segments served by Bucher Industries – Agricultural machinery: slight decline in demand at very high level – Municipal vehicles: positive outlook thanks to major order from Moscow – Hydrauli
Slide 23: Kuhn Group: Specialised agricultural machinery
Kuhn Group Specialised agricultural machinery Ploughing Tillage Seeding Fertilisation Manure spreaders Spraying Hay and forage Feed storage Bedding and Landscape harvesting feeding maintenance Group presentation July 2014 23
Slide 24: Kuhn Group: Net sales and EBIT
Kuhn Group Net sales and EBIT CHF m CHF m 1500 250 1286 1222 1200 200 1026 948 191 851 900 150 153 600 116 100 78 300 71 50 0 0 1) 2009 2010 2011 2012 2013 Nettoumsatz EBIT 2) 1) Before impairment charges 2) 2012: retrospective restatement owing to first application of IAS 19 (revised) Group present
Slide 25: Kuhn Group: Net sales and number of employees 2013
Kuhn Group Net sales and number of employees 2013 Net sales Number of employees CHF 1 286 million 4 699 employees1) Europe 62% France 54% Americas 32% North America 21% Asia 4% Brazil 11% Other 2% Netherlands 8% Other 6% 1) Expressed as full time equivalents Group presentation July 2014 25
Slide 26: Kuhn Group: Market position
Kuhn Group Market position • World’s leading manufacturer of specialised tractor-related agricultural machinery under one brand • Use of several distribution networks reduces dependence and increases potential for high market share • Broad customer base and independence from large customers • Specia
Slide 27: Kuhn Group: Complete product range under one brand
Kuhn Group Complete product range under one brand Competitors Hay and forage Hedge Feed Tillage equipment Seeders Sprea- Spray- Trac- Harvesters mow- tedders rakes balers cutters mixers driven non-driven drilling precision ders ers tors selfpropelled ers Kuhn Group John Deere CNH AGCO Claas Renault
Slide 28: Kuhn Group: World farm equipment market
Kuhn Group World farm equipment market Market in % Farm tractors 29% Harvesting machinery 16% Hay and forage 6% machinery Tillage 6% Planting and seeding, 10% crop protection, fertilizing machinery Other farm equipment 33% machinery, attach- ments and parts Group presentation July 2014 28
Slide 29: Kuhn Group: World regional farm equipment market
Kuhn Group World regional farm equipment market Europe 33% North America 26% China 20% Central and South America 7% India 8% Japan 2% Other 4% Group presentation July 2014 29
Slide 30: Kuhn Group: 2013 highlights
Kuhn Group 2013 highlights • Positive market trend – Despite downward trend, prices for agricultural produce remained at a high level in long- term comparison – Investment confidence among farmers remained high – Delay in growth cycle in springtime, later recovering to large extent • Successful inte
Slide 31: Kuhn Group: Acquisition of Montana, Brazil
Kuhn Group Acquisition of Montana, Brazil • Family company in Curitiba, Brazil, with subsidiary in Argentina • Key figures: – Sales 2013: BRL 225 million (CHF 96 million) – Two-digit EBITDA margin – 600 employees • Main products (85% of sales): – Self-propelled crop sprayers – Self-propelled fertili
Slide 32: Montana
Montana Self-propelled fertilising equipment Self-propelled crop sprayers Manufacturing site in Curitiba, Brasilien Group presentation July 2014 32
Slide 33: Kuhn Group: Outlook for 2014
Kuhn Group Outlook for 2014 • Good long-term prospects • Market environment still positive, but slight fall in demand – Favourable income situation for farmers continuing, but slightly lower year on year – Main markets: America positive overall, Western Europe with lower demand • Integration of the
Slide 34: Bucher Municipal: Sweepers and winter maintenance equipment
Bucher Municipal Sweepers and winter maintenance equipment Compact sweepers Truck-mounted sweepers Spreaders Refuse collection vehicles Group presentation July 2014 34
Slide 35: Bucher Municipal: Net sales and EBIT
Bucher Municipal Net sales and EBIT CHF m CHF m 600 60 500 50 424 387 373 380 383 400 40 39 300 33 30 27 26 200 25 20 100 10 0 0 1) 2009 2010 2011 2012 2013 2) Net sales EBIT 1) Before restructuring costs 2) 2012: retrospective restatement owing to first application of IAS 19 (revised) Group present
Slide 36: Bucher Municipal: Net sales and number of employees 2013
Bucher Municipal Net sales and number of employees 2013 Net sales Number of employees CHF 383 million 1 523 employees1) Europe 62% UK 31% Switzerland 5% Australia 17% Australia 23% Switzerland 14% Asia 5% Latvia 12% Americas 4% Italy 9% Other 1% Germany 6% Denmark 5% Other 6% 1) Expressed as full ti
Slide 37: Bucher Municipal: Market position
Bucher Municipal Market position • Market leader in Europe and Australia • Market shares: Europe Australia – Compact sweepers: 22% 48% – Truck-mounted sweepers: 56% 77% – Refuse collection vehicles: --- 50% – Winter maintenance equipment: 28% --- • Complete product line for municipal applications in
Slide 38: Bucher Municipal: Complete product range
Bucher Municipal Complete product range Competitors Sweepers Specialised Spreaders range 1m3 2m3 4m3 5m3 6m3 8m3 mounted towed Bucher Municipal Aebi-Schmidt (DE) Boschung (CH) Hako (DE) Faun (DE) Fayat Group (FR) * Elgin (USA) Dulevo (DE) Brock (DE) Tennant (USA) Epoke (DK) Acometis (FR) * Ravo, Sca
Slide 39: Bucher Municipal: 2013 highlights
Bucher Municipal 2013 highlights • Overall stable demand on a low level in Europe • In March 2014, major order worth CHF 53 million from the city of Moscow • Successful merger of production plants in Great Britain and Australia strengthens competitiveness • Innovation project for emission-free compa
Slide 40: Bucher Municipal: Outlook 2014
Bucher Municipal Outlook 2014 • Major order from city of Moscow ensures good performance in 2014 • First tentative signs of recovery in Southern Europe • Start of production in Kaluga, Russia, with local manufacture of spreaders • Marked increase in sales and modest improvement in operating profit G
Slide 41: Bucher Hydraulics: Customised drive systems
Bucher Hydraulics Customised drive systems Agricultural Mining / Energy Industry Municipal Lift gates machinery tunnelling technology vehicles Construction Materials Marine/offshore Elevator High-voltage Dyna-Lift equipment handling technology switch gear Group presentation July 2014 41
Slide 42: Bucher Hydraulics: Net sales and EBIT
Bucher Hydraulics Net sales and EBIT CHF m CHF m 500 60 453 399 407 50 400 371 320 40 42 300 37 37 35 30 200 20 100 14 10 0 0 1) 2009 2010 2011 2012 2013 Net sales EBIT 2) 1) Before impairment charges 2) 2012: retrospective restatement owing to first application of IAS 19 (revised) Group presentatio
Slide 43: Bucher Hydraulics: Net sales and number of employees 2013
Bucher Hydraulics Net sales and number of employees 2013 Net sales Number of employees CHF 453 million 1 984 employees1) Europe 64% Germany 39% Switzerland 4% Switzerland 23% North America 16% Americas 25% Italy 9% Asia 7% Asia 8% Brazil 3% Other 2% 1) Expressed as full time equivalents Group presen
Slide 44: Bucher Hydraulics: Market position
Bucher Hydraulics Market position • Leading specialist in mobile, industrial and elevator hydraulics across Europe • Presence built up in the USA and Brazil • Market share: 10% to 20% across Europe in specialised areas of hydraulic engineering • Focus on customised drive solutions • Main competitors
Slide 45: Bucher Hydraulics: Complete product range
Bucher Hydraulics Complete product range Pumps Valves Motors & Accessories Power cylinders packs Competitors Pis- Vane Gear Indu- Ser- Direc- Car- Mani- Spe- Gea Pis- Cylin- Elec- Accu- Fil- Other Com- Con- ton strial vo tional- tridge folds cial r ton ders tro- mulat- ters pact trac- (Cetop) spool
Slide 46: Bucher Hydraulics: Growth per market segment
Bucher Hydraulics Growth per market segment (2010 = 100) Sales index 150 140 130 120 110 100 90 80 70 60 50 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 Hydraulics Engineering Bucher Hydraulics Source: VDMA Group presentation July 2014 46
Slide 47: Bucher Hydraulics: 2013 highlights
Bucher Hydraulics 2013 highlights • Varied market environment – Western Europe: market positive in mobile machinery, weakening in construction machinery and industrial hydraulics – USA: good level of demand sustained, preparation for series production in 2014 for globally active customers – China: g
Slide 48: Bucher Hydraulics: Outlook for 2014
Bucher Hydraulics Outlook for 2014 • Positive development of business to continue – Developments in Germany decisive for hydraulics sales in Europe – Continuation of good level of demand expected in USA • Series production in Europe and North America underpins sales development • Development of new
Slide 49: Bucher Emhart Glass: Glass container manufacturing equipment
Bucher Emhart Glass Glass container manufacturing equipment Gob forming Glass-forming machine Ware handling Inspection Furnace Forehearth Gob forming Palletizing Forming machine Lehr Lehr Inspection Ware handling Glass container manufacturing process Group presentation July 2014 49
Slide 50: Bucher Emhart Glass: Net sales and EBIT
Bucher Emhart Glass Net sales and EBIT CHF m CHF m 500 50 400 367 40 345 347 304 300 259 30 200 20 17 15 100 12 10 10 8 0 0 1) 1) 2009 2010 2011 2012 2013 2) Net sales EBIT 1) Before restructuring costs 2) 2012: retrospective restatement owing to first application of IAS 19 (revised) Group presentat
Slide 51: Bucher Emhart Glass: Net sales and number of employees 2013
Bucher Emhart Glass Net sales and number of employees 2013 Net sales Number of employees CHF 347 m 1 864 employees1) Europe 38% China 56% Asia 36% Sweden 15% Americas 19% Americas 13% Africa 6% Malaysia 7% Other 1% Switzerland 4% Other 5% 1) Expressed as full time equivalents Group presentation July
Slide 52: Bucher Emhart Glass: Market position
Bucher Emhart Glass Market position • World’s leading supplier of machinery, equipment and services for glass container manufacturers • Market share: 50% worldwide for glass forming machines and services; 25% worldwide for inspection systems • Global partnership with Owens-Illinois (USA), the world’
Slide 53: World's leading machinery manufacturer
Bucher Emhart Glass World’s leading machinery manufacturer Hot End Cold End IS forming machine Competitors Refrac-tory Fore- Feeder NIS BIS AIS IS Ware Lehr Inspec- Palle- Wrap- hearth & shear handling tion tizing ping Emhart Glass Sanjin Bottero (IT) Heye (DE) Sklostroj (CZ) GPS (DE) BDF (IT) China
Slide 54: Bucher Emhart Glass: Glass consumption per capita
Bucher Emhart Glass Glass consumption per capita Group presentation July 2014 54
Slide 55: Functional production line installed at Vetropack Pöchlarn
Bucher Emhart Glass Functional production line installed at Vetropack Pöchlarn, Austria, since mid 2013 May 2013 Finalisation of installation of hard glass production line at Pöchlarn June 2013 Start of first production trials Following months Continuous improvements on tempering lehr and hard
Slide 56: Hardglass bottles with significant strength increase
Bucher Emhart Glass Typical result - Hardglass bottles with significant strength increase over annealed bottles Burst pressure after 25 filling line trips 45 40 Internal Pressure (bar) 35 30 25 20 200g Hardglass 15 200g Annealed 300g Annealed 10 5 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Slide 57: Milestones until full market launch of first bottle
Bucher Emhart Glass Milestones until full market launch of first bottle 2013 2014 Nov Dec Jan Feb Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dec Process Optimization Installation Qualification 15 000 Process validation 50 000 Qua- rantine 10 000 filling & internal consumption test 50 000 production Quarant
Slide 58: Bucher Emhart Glass: 2013 highlights
Bucher Emhart Glass 2013 highlights • Marked project-related fluctuations in capacity utilisation • Varied market development – Demand trend hesitant in first half and then positive in second half – Slump in demand in China • First commercial tempered glass system to Vetropack started operations at
Slide 59: Bucher Emhart Glass: Outlook for 2014
Bucher Emhart Glass Outlook for 2014 • Market environment expected to be comparable with previous year – Continuation of good level of demand in USA – Recovery in Europe – Stable spare part and service business – Persistent weakness of Asian markets, especially in China • Control systems, spare part
Slide 60: Bucher Specials
Bucher Specials Winemaking equipment Fruit juice processing systems and drying equipment Agricultural distributorship in Automation technology and Switzerland control systems Group presentation July 2014 60
Slide 61: Bucher Specials: Net sales and EBIT
Bucher Specials Net sales and EBIT CHF m CHF m 300 35 244 30 250 201 206 188 25 200 187 24 20 150 17 15 100 12 10 10 50 9 5 0 0 2009 2010 2011 2012 2013 1) Net sales EBIT 1) 2012: retrospective restatement owing to first application of IAS 19 (revised) Group presentation July 2014 61
Slide 62: Bucher Specials: Net sales and number of employees 2013
Bucher Specials Net sales and number of employees 2013 Net sales Number of employees CHF 244 m 785 employees1) Europe 44% France 37% Switzerland 37% Germany 29% Americas 10% Switzerland 27% Asia 7% Chile 3% Other 2% Italy 2% Other 2% 1) Expressed as full time equivalents Group presentation July 2014
Slide 63: Bucher Vaslin: Market position
Bucher Vaslin Market position • World market leader in winemaking equipment • Strong global distributor network • Specialised production facilities in France and Chile • Market share: 35% to 45% worldwide • Main competitors: Pera (FR), Della Toffola (IT), Diemme (IT), and further Italian and German
Slide 64: Bucher Vaslin: World market leader
Bucher Vaslin World market leader Wine production Competitors Reception Crushing Pressing Fermentation Filtration Filling Bucher Vaslin Diemme (IT) Della/Toffola (IT) Gai (IT) Willmes (DE) Velo (IT) Bankruptcy in 2013 Group presentation July 2014 64
Slide 65: Wine production
Bucher Vaslin Wine production Northern hemisphere Southern hemisphere million hl CAGR million hl CAGR 50 35% 50 35% 45 30% 45 30% 40 25% 40 25% 35 20% 35 20% 30 15% 30 15% 25 10% 25 10% 20 5% 20 5% 15 0% 15 0% 10 -5% 10 -5% 5 -10% 5 -10% 0 -15% 0 -15% USA France Italy Spain Germany Austria Greece Po
Slide 66: Bucher Unipektin: Market position
Bucher Unipektin Market position • World market leader in fruit, berry and vegetable juice processing equipment • Market share: 35% to 50% worldwide • Entry into beer filtration market with Bucher Filtrox Systems • Established product range for dewatering of municipal sewage and industrial sludges •
Slide 67: Bucher Unipektin: World market leader
Bucher Unipektin World market leader Juice production Competitors Reception Milling Mash Dejuicing Pasteuri- Filtration Adsorp- Evapo- heating zation tion ration Bucher Unipektin Flottweg (DE) Bauer & Partners (PL) GEA Group (DE) Alfa Laval (SE) Schmidt-Bretten (DE) Bellmer (DE) Kaimi (CN) Group pre
Slide 68: Apple production
Bucher Unipektin Apple production million tonnes 90 Others 80 South America 70 North America 60 South Europe 50 Western Europe 40 East Europe 30 Southern Asia 20 East Asia 10 0 2000 2002 2004 2006 2008 2010 2012 Group presentation July 2014 68
Slide 69: Bucher Landtechnik: Market position (in Switzerland)
Bucher Landtechnik Market position (in Switzerland) • Distributorship of tractors and agricultural machinery • Well established among farmers and distributors • Professional distributor network and high quality of service • Wide range of tractors (New Holland, Case, Steyr), attachments (Kuhn) and wh
Slide 70: Bucher Landtechnik: Market leader in Switzerland
Bucher Landtechnik Market leader in Switzerland Competitors Hay and forage Hedge Feed Tillage equipment Seeders Sprea- Spray- Trac- Harvesters Wheel- Mowers Tedders Rakes Balers cutters mixers driven non- drilling precision ders ers tors self - loaders driven propelled Bucher Weide- Kuhn Kuhn Kuhn K
Slide 71: Jetter - Market entry into automation technology
Bucher Specials Jetter - Market entry into automation technology Industrial automation Mobile automation - Glass container production - Agricultural machinery - Window manufacturing - Municipal vehicles - Filling systems - Packaging systems - Assembly / handling systems Group presentation July 2014
Slide 72: Bucher Specials: 2013 highlights
Bucher Specials 2013 highlights • Stable market environment overall – Upturn in demand for winemaking equipment – Positive performance in equipment for fruit juice processing, dewatering sewage sludge and beer filtration – Sales of equipment for dewatering sewage sludge exceeded CHF 10 million for t
Slide 73: Bucher Specials: Outlook for 2014
Bucher Specials Outlook for 2014 • Market outlook – Continuation of brisk demand for winemaking equipment – Stabilization on high level in fruit juice processing equipment – Increase in projects for dewatering sewage sludge and beer filtration – Swiss distributorship for agricultural machinery at a
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