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

Feb 27, 2014, 11:32 ET from CNH Industrial

BASILDON, England, Feb. 27, 2014 /PRNewswire/ -- 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

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.

 

SOURCE CNH Industrial



RELATED LINKS

http://www.cnhindustrial.com