EX-99.1 2 d683843dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO   

Corporate Communications

 

 

LOGO

   CNH Industrial N.V. Board of Directors meeting: 2013 Annual Report and calling of Annual General Meeting
  

 

Basildon, 27th February 2014

  

 

Today the Board of Directors of CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) met to:

  

 

•     approve the 2013 Annual Report of the Group which confirms the results announced on January 30, 2014;

  

 

•     approve the statutory accounts of CNH Industrial N.V., which report a net profit of euro 789 million;

  

 

•     call the Annual General Meeting (AGM), which will take place on April 16, 2014.

  

 

The agenda of the AGM will include the approval of the Annual Report, the proposal to adopt a cash dividend of euro 0.20 per common share, the renewal of the Board of Directors.

  

 

The Annual Report, the Agenda of the AGM, the explanatory notes, and the instructions for participating and voting at the AGM will be published on the Company’s website, www.cnhindustrial.com, on or before March 5, 2014 in accordance with the applicable laws and regulations.

  

 

If the proposed cash dividend is approved by shareholders at the AGM on April 16, 2014, CNH Industrial expects that its common shares will be quoted ex-dividend on April 22, 2014; the record date for the dividend will be April 24, 2014 and the dividend will be payable as of April 30, 2014.

  

 

CNH Industrial N.V. (NYSE: CNHI /MI: CNHI) is a global leader in the capital goods sector with established industrial experience, a wide range of products and a worldwide presence. Each of the individual brands belonging to the Group is a major international force in its specific industrial sector: Case IH, New Holland Agriculture and Steyr for tractors and agricultural machinery; Case and New Holland Construction for earth moving equipment; Iveco for commercial vehicles; Iveco Bus and Heuliez Bus for buses and coaches; Iveco Astra for quarry and construction vehicles; Magirus for firefighting vehicles; Iveco Defence Vehicles for defence and civil protection; and FPT Industrial for engines and transmissions. More information can be found on the corporate website: www.cnhindustrial.com

  

 

CNH Industrial N.V.

Corporate Office:

Cranes Farm Road

Basildon, Essex, SS14 3AD

United Kingdom


LOGO  

 

 

  For more information contact:
  Richard Gadeselli
  Tel.: +44 1268 292468
  Maurizio Pignata
  Tel.: +39 011 007 2122
 

Email: mediarelations@cnhind.com

www.cnhindustrial.com


INCOME STATEMENT

of CNH INDUSTRIAL N.V.

Unaudited

 

(€ thousand)

   2013     2012  

Result from investments

     979,967        905,530   

Other operating income

     18,113        17,270   

Personnel costs

     (13,482     (11,285

Other operating costs

     (48,030     (35,548

Financial income/(expense)

     (116,959     (99,487

PROFIT/(LOSS) BEFORE TAXES

     819,609        776,480   

Income taxes

     (30,647     14,730   

PROFIT/(LOSS) FROM CONTINUING OPERATIONS

     788,962        791,210   

Profit/(loss) from discontinued operations

     —          —     

PROFIT/(LOSS)

     788,962        791,210   


STATEMENT OF FINANCIAL POSITION

OF CNH INDUSTRIAL N.V.

Unaudited

 

(€ thousand)

   At December 31, 2013      At December 31, 2012  

ASSETS

     

Intangible assets

     430         457   

Property, plant and equipment

     45         16   

Equity investments

     9,180,971         5,982,243   

Other financial assets

     11,175         111,877   

Deferred tax assets

     3,339         —     

Total Fixed Assets

     9,195,960         6,094,593   

Trade receivables

     5,233         3,346   

Current financial receivables

     366         31,937   

Other current receivables

     149,310         1,743,741   

Cash and cash equivalents

     765         3   

Total current assets

     155,674         1,779,027   

TOTAL ASSETS

     9,351,634         7,873,620   

EQUITY AND LIABILITIES

     

Equity

     

Share capital

     18,245         1,919,433   

Capital reserve

     2,330,703         435,372   

Legal reserve

     2,044,936         1,778,656   

Retained profit/(loss)

     321,677         (296,229

Profit/(loss) for the year

     788,962         791,210   

Total equity

     5,504,523         4,628,442   

Provisions for employee benefits and other provisions

     7,778         2,874   

Non-current debt

     11,175         165,725   

Total non-current liabilities

     18,953         168,599   

Trade payables

     16,567         9,051   

Current debt

     3,675,564         2,994,277   

Other debt

     136,027         73,251   

Total current liabilities

     3,828,158         3,076,579   

TOTAL EQUITY AND LIABILITIES

     9,351,634         7,873,620   


CONSOLIDATED INCOME STATEMENT

Unaudited

 

(€ million)

   2013     2012 (*)  

Net revenues

     25,778        25,785   

Cost of sales

     20,897        20,931   

Selling, general and administrative costs

     2,230        2,187   

Research and development costs

     600        560   

Other income/(expenses)

     (66     (44

TRADING PROFIT/(LOSS)

     1,985        2,063   

Gains/(losses) on the disposal of investments

     (19     (38

Restructuring costs

     40        166   

Other unusual income/(expenses)

     (58     (13

OPERATING PROFIT/(LOSS)

     1,868        1,846   

Financial income/(expenses)

     (463     (467

Result from investments:

     102        81   

Share of the profit/(loss) of investees accounted for using the equity method

     101        86   

Other income/(expenses) from investments

     1        (5

PROFIT/(LOSS) BEFORE TAXES

     1,507        1,460   

Income taxes

     590        560   

PROFIT/(LOSS) FROM CONTINUING OPERATIONS

     917        900   

Profit/(loss) from discontinued operations

     —          —     

PROFIT/(LOSS)

     917        900   

PROFIT/(LOSS) ATTRIBUTABLE TO:

    

Owners of the parent

     789        791   

Non-controlling interests

     128        109   

(in €)

            

BASIC EARNINGS/(LOSS) PER COMMON SHARE

     0.63        0.65   

DILUTED EARNINGS/(LOSS) PER COMMON SHARE

     0.63        0.65   

 

(*) Following the retrospective application of the amendment to IAS 19 from January 1, 2013 the figures reported for the year 2012 have been recast for comparative purposes as required by IAS 1. Reference should be made to the section Accounting standards, amendments and interpretations adopted from January 1, 2013 for further details.


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Unaudited

 

(€ million)

  2013     2012 (*)  

PROFIT/(LOSS) (A)

    917        900   

Other comprehensive income that will not be reclassified subsequently to profit or loss:

   

Gains/(losses) on the remeasurement of defined benefits plans

    116        (196

Income tax relating to Other comprehensive income that will not be reclassified subsequently to profit or loss

    (67     25   

Total Other comprehensive income that will not be reclassified subsequently to profit or loss, net of tax (B1)

    49        (171

Other comprehensive income that may be reclassified subsequently to profit or loss:

   

Gains/(losses) on cash flow hedges

    109        45   

Gains/(losses) on fair value of available-for-sale financial assets

    —          —     

Gains/(losses) on exchange differences on translating foreign operations

    (615     (223

Share of other comprehensive income of entities consolidated by using the equity method

    (40     (47

Income tax relating to components of Other comprehensive income that may be reclassified subsequently to profit or loss

    (31     (10

Total Other comprehensive income that may be reclassified subsequently to profit or loss, net of tax (B2)

    (577     (235

TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX (B) = (B1) + (B2)

    (528     (406

TOTAL COMPREHENSIVE INCOME (A)+(B)

    389        494   

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:

   

Owners of the parent

    299        421   

Non-controlling interests

    90        73   

 

(*) Following the retrospective application of the amendments to IAS 19 and to IAS 1 from January 1, 2013 the figures reported for 2012 have been recast for comparative purposes as required by IAS 1. Reference should be made to the paragraph Accounting standards, amendments and interpretations adopted from January 1, 2013 for further details.


CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Unaudited

 

(€ million)

   At December 31, 2013      At December 31, 2012 (*)      At January 1, 2012 (*)  

ASSETS

        

Intangible assets

     4,384         4,174         3,909   

Property, plant and equipment

     5,052         4,572         4,177   

Investments and other financial assets:

     550         531         666   

Investments accounted for using the equity method

     489         464         614   

Other investments and financial assets

     61         67         52   

Leased assets

     768         622         558   

Defined benefit plan assets

     32         38         27   

Deferred tax assets

     1,212         1,228         1,284   

Total Non-current assets

     11,998         11,165         10,621   

Inventories

     5,464         4,843         4,865   

Trade receivables

     988         1,436         1,562   

Receivables from financing activities

     15,943         15,237         13,946   

Current tax receivables

     252         302         685   

Other current assets

     1,377         1,117         1,053   

Current financial assets:

     189         125         186   

Current securities

     —           4         68   

Other financial assets

     189         121         118   

Cash and cash equivalents

     4,705         4,611         5,639   

Total Current assets

     28,918         27,671         27,936   

Assets held for sale

     25         25         15   

TOTAL ASSETS

     40,941         38,861         38,572   

EQUITY AND LIABILITIES

        

Issued capital and reserves attributable to owners of the parent

     5,504         4,628         4,414   

Non-controlling interests

     52         748         838   

Total Equity

     5,556         5,376         5,252   

Provisions:

     4,733         4,861         4,628   

Employee benefits

     1,967         2,213         2,158   

Other provisions

     2,766         2,648         2,470   

Debt:

     21,714         20,633         20,217   

Asset-backed financing

     10,679         9,708         9,479   

Other debt

     11,035         10,925         10,738   

Other financial liabilities

     68         97         157   

Trade payables

     5,344         4,843         5,052   

Current tax payables

     303         217         660   

Deferred tax liabilities

     219         168         111   

Other current liabilities

     3,004         2,666         2,495   

Liabilities held for sale

     —           —           —     

Total Liabilities

     35,385         33,485         33,320   

TOTAL EQUITY AND LIABILITIES

     40,941         38,861         38,572   

 

(*) Following the retrospective application of the amendment to IAS 19 from January 1, 2013 the comparative figures at January 1 and December 31, 2012 have been recast as required by IAS 1. Reference should be made to the paragraph Accounting standards, amendments and interpretations adopted from January 1, 2013 for further details.


CONSOLIDATED STATEMENT OF CASH FLOWS

Unaudited

 

(€ million)

   2013     2012 (*)  

A) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

     4,611        5,639   

B) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES DURING THE YEAR:

    

Profit/(loss)

     917        900   

Amortization and depreciation (net of vehicles sold under buy-back commitments and operating lease)

     751        719   

(Gains)/losses on disposal of:

    

Property plant and equipment and intangible assets (net of vehicles sold under buy-back commitments)

     2        (8

Investments

     19        38   

Other non-cash items

     29        213   

Dividends received

     61        80   

Change in provisions

     99        73   

Change in deferred income taxes

     (37     103   

Change in items due to buy-back commitments

     79        (117

Change in operating lease items

     (158     (89

Change in working capital

     73        (214

TOTAL

     1,835        1,698   

C) CASH FLOWS FROM/(USED IN) INVESTMENT ACTIVITIES:

    

Investments in:

    

Property, plant and equipment and intangible assets (net of vehicles sold under buy-back commitments and operating lease)

     (1,495     (1,349

Consolidated subsidiaries, net of cash acquired

     —          —     

Other investments

     (85     (4

Proceeds from the sale of:

    

Property, plant and equipment and intangible assets (net of vehicles sold under buy-back commitments)

     5        32   

Other investments

     —          44   

Net change in receivables from financing activities

     (1,807     (1,749

Change in current securities

     4        61   

Other changes

     (52     (9

TOTAL

     (3,430     (2,974

D) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES:

    

Bonds issued

     828        584   

Repayment of bonds

     (753     —     

Issuance of other medium-term borrowings

     1,898        2,113   

Repayment of other medium-term borrowings

     (1,730     (1,791

Net change in other financial payables and other financial assets/liabilities

     1,946        (109

Capital increase

     3        10   

Dividends paid

     (277     (480

(Purchase)/sale of treasury shares

     6        —     

(Purchase)/sale of ownership interests in subsidiaries

     (14     —     

TOTAL

     1,907        327   

Translation exchange differences

     (218     (79

E) TOTAL CHANGE IN CASH AND CASH EQUIVALENTS

     94        (1,028

F) CASH AND CASH EQUIVALENTS AT END OF YEAR

     4,705        4,611   

 

(*) Following the retrospective application of the amendment to IAS 19 from January 1, 2013 the figures reported for the year 2012 have been recast for comparative purposes as required by IAS 1. Reference should be made to the paragraph Accounting standards, amendments and interpretations adopted from January 1, 2013 for further details.