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

PR Newswire

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.

 

Rates

View Comments (0)