All of the group’s divisions continued to suffer falling revenue numbers in Q4 15 which translated into a sales fall of 15% to $7.14bn, or of 20% to $25.9bn for the full-year (we had expected $26.3bn). In spite of the above, Agricultural Equipment (+44% to $348m in Q4), Construction Equipment (+100% to $18m) and Commercial Vehicles (+55% to $155m) all generated higher operating earnings than a year ago. Powertrain (-6% to $62m) and Financial Services (-20% to $118m) did, however, experi
