LONDON, Oct. 31, 2017 /PRNewswire/ --
Financial results presented under U.S. GAAP (1)
- Industrial Activities' revenues up 16% (up 12% on a constant currency basis) led by solid improvements in all
segments
- Operating profit(2)(3) of Industrial Activities increased 41% to $351
million, with an operating margin of 5.5%, with positive performance in Agricultural Equipment,
Construction Equipment and Powertrain
- Adjusted net income increased to $148 million in the third quarter of 2017, with adjusted
diluted EPS(2)(3) of $0.11
- Net industrial debt was $2.6 billion at September 30, 2017,
up $0.5 billion compared to June 30, 2017, due to the typical
seasonal increase in net working capital
- In the quarter, the Company repurchased a total of €800 million in principal amount of 6.250% Notes due 2018 and 2.750%
Notes due 2019 issued by CNH Industrial Finance Europe S.A., and issued €650 million in principal amount of 1.750% Notes due
2025
- Today the Company announced the early redemption of all of the outstanding $600 million in
principal amount of CNH Industrial Capital LLC 3⅞% Notes due July 2018
- On October 24, Fitch Ratings initiated coverage of CNH Industrial N.V. and assigned its
long-term issuer default rating of "BBB-" with stable outlook; CNH Industrial securities will be eligible for the main
investment grade indices in the U.S. market
- Full year guidance for Industrial Activities revenues increased to $25.0 to $25.5 billion
and Adjusted diluted EPS increased to $0.44 to $0.46; year-end net industrial debt increased to
$1.5 to $1.7 billion as a result of the strengthening euro to the U.S. dollar
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Summary of Results ($ million except
EPS)
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Nine Months Ended September 30,
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Three Months Ended September 30,
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|
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2017
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2016
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Change
|
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2017
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2016
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Change
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|
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19,259
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17,874
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7.7%
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Revenues
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6,630
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5,749
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15.3%
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|
|
353
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(345)
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698
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Net income (loss)
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57
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39
|
18
|
|
|
472
|
285
|
187
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Adjusted net income
|
148
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68
|
80
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|
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0.25
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(0.25)
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0.50
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Basic EPS ($)
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0.04
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0.03
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0.01
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|
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0.25
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(0.25)
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0.50
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Diluted EPS ($)
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0.04
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0.03
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0.01
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|
|
0.34
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0.21
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0.13
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Adjusted diluted EPS ($)
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0.11
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0.05
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0.06
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CNH Industrial N.V. (NYSE:CNHI / MI:CNHI) today announced consolidated revenues of $6,630
million for the third quarter of 2017, up 15.3% compared to the third quarter of 2016. Net sales of Industrial Activities
were $6,331 million in the third quarter of 2017, up 15.9% compared to the third quarter of 2016.
Net income was $57 million for the third quarter of 2017 and includes $53
million of restructuring charges as part of the Company's Efficiency Program. It also includes a charge of
$39 million related to the September 2017 repurchase of an aggregate nominal amount of
€800 million of the outstanding CNH Industrial Finance Europe S.A. Notes due 2018 and 2019. Adjusted net income was
$148 million for the third quarter compared to $68 million in the third quarter of 2016.
Adjusted diluted EPS in the third quarter was $0.11, up 120% compared to the third quarter of
2016.
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(1)
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CNH Industrial reports quarterly and annual consolidated financial
results under U.S. GAAP and EU-IFRS. The tables and discussion related to the financial results of the Company and its
segments shown in this press release are prepared in accordance with U.S. GAAP. Financial results under EU-IFRS are shown
in specific tables at the end of this press release.
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(2)
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This item is a non-GAAP financial measure. Refer to the "Non-GAAP
Financial Information" section of this press release for information regarding non-GAAP financial measures.
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(3)
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Refer to the specific table in the "Other Supplemental Financial
Information" section of this press release for the reconciliation between the non-GAAP financial measure and the most
comparable GAAP financial measure.
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Operating profit of Industrial Activities increased 41% to $351 million for the third quarter of
2017 compared to the $248 million in the third quarter of 2016, with an operating margin of 5.5%, up 1.0 percentage
points ("p.p.") compared to the third quarter of 2016.
Income taxes were $64 million in the third quarter of 2017 ($32
million in the third quarter of 2016). Adjusted income taxes(1)(2) for the third quarter of 2017 were
$65 million ($47 million in the third quarter of 2016). The adjusted
effective tax rate (adjusted ETR)(1)(2) was 34%, down from 46% in the third quarter of 2016, primarily due to
favorable changes in our jurisdictional profit mix.
Net industrial debt was $2.6 billion at September 30, 2017, up
$0.5 billion compared to June 30, 2017, due to the typical seasonal increase in net working
capital. Total debt was $25.5 billion at September 30, 2017, in
line with June 30, 2017. At September 30, 2017, available liquidity(1)(2) was $7.9
billion, down $0.4 billion compared to June 30, 2017.
During the quarter, CNH Industrial Finance Europe S.A. issued €650 million in principal amount of 1.750% Notes due 2025. In
addition, CNH Industrial Finance Europe S.A. repurchased €347 million of its outstanding €1.2 billion 6.250% Notes due 2018, and
€453 million of its outstanding €1.0 billion 2.750% Notes due 2019. The $39 million one-time charge related to the
repurchase of the Notes will be offset by interest cost savings achieved through the remaining original term of the notes. In
addition, the Company announced today the early redemption of all of the outstanding $600 million
in principal amount of CNH Industrial Capital LLC 3⅞% Notes due July 2018.
On October 24, 2017, Fitch Ratings assigned CNH Industrial N.V. and CNH Industrial Capital LLC
long-term issuer default ratings of "BBB-". The outlook of both companies is stable. Fitch Ratings also assigned a short-term
issuer default rating to CNH Industrial Capital LLC of "F3". This rating action follows the upgrade of Standard and Poor's, on
June 15, 2017, of the long-term corporate rating of CNH Industrial N.V. and CNH Industrial Capital
LLC to "BBB-" with stable outlook. These two actions will make the Company's securities eligible for the main investment grade
indices in the U.S. market.
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(1)
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This item is a non-GAAP financial measure. Refer to the "Non-GAAP
Financial Information" section of this press release for information regarding non-GAAP financial measures.
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(2)
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Refer to the specific table in the "Other Supplemental Financial
Information" section of this press release for the reconciliation between the non-GAAP financial measure and the most
comparable GAAP financial measure.
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Segment Results
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CNH INDUSTRIAL
Revenues by Segment ($ million)
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|
Nine Months Ended September 30,
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Three Months Ended September 30,
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2017
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2016
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%
change
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% change
excl. FX(1)
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2017
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2016
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%
change
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% change
excl. FX(1)
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|
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7,890
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7,291
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8.2
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6.8
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Agricultural Equipment
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2,651
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2,359
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12.4
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9.4
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|
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1,841
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1,726
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6.7
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5.9
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Construction Equipment
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642
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595
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7.9
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6.0
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|
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7,203
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6,754
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6.6
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6.6
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Commercial Vehicles
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2,537
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2,114
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20.0
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14.7
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|
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3,213
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2,755
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16.6
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16.8
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Powertrain
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1,075
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850
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26.5
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20.4
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(1,777)
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(1,539)
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-
|
-
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Eliminations and other
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(574)
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(457)
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-
|
-
|
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18,370
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16,987
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8.1
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7.5
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Total Industrial Activities
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6,331
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5,461
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15.9
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12.0
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1,205
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1,173
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2.7
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0.8
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Financial Services
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409
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386
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6.0
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3.4
|
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(316)
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(286)
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-
|
-
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Eliminations and other
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(110)
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(98)
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-
|
-
|
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19,259
|
17,874
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7.7
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7.0
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Total
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6,630
|
5,749
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15.3
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11.5
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(1) "Change excl. FX" or "constant currency" is a
non-GAAP financial measure. Refer to the "Non-GAAP Financial Information" section of this press release for information
regarding non-GAAP financial measures.
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CNH INDUSTRIAL
Operating Profit (loss)(1) by Segment ($
million)
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|
Nine Months Ended September 30,
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Three Months Ended September 30,
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2017
Profit
|
2016
Profit
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$
change
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2017
Margin
|
2016
Margin
|
|
2017
Profit
|
2016
Profit
|
$
change
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2017
Margin
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2016
Margin
|
|
|
670
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546
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124
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8.5%
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7.5%
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Agricultural Equipment
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208
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155
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53
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7.8%
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6.6%
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8
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32
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-24
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0.4%
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1.9%
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Construction Equipment
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13
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1
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12
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2.0%
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0.2%
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|
|
178
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202
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-24
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2.5%
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3.0%
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Commercial Vehicles
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59
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64
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-5
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2.3%
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3.0%
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260
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171
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89
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8.1%
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6.2%
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Powertrain
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88
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52
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36
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8.2%
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6.1%
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(65)
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(72)
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7
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-
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-
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Eliminations and other
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(17)
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(24)
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7
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-
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-
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1,051
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879
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172
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5.7%
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5.2%
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Total Industrial
Activities
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351
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248
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103
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5.5%
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4.5%
|
|
|
365
|
363
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2
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30.3%
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30.9%
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Financial Services
|
120
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114
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6
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29.3%
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29.5%
|
|
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(248)
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(244)
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-4
|
-
|
-
|
Eliminations and other
|
(83)
|
(84)
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1
|
-
|
-
|
|
|
1,168
|
998
|
170
|
6.1%
|
5.6%
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Total
|
388
|
278
|
110
|
5.9%
|
4.8%
|
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(1) Operating profit of Industrial Activities (a
non-GAAP financial measure) is defined as net sales less cost of goods sold, selling, general and administrative
expenses, and research and development expenses. Operating profit of Financial Services (a non-GAAP financial measure) is
defined as revenues less selling, general and administrative expenses, interest expense and certain other operating
expenses.
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Agricultural Equipment's net sales increased 12.4% in the third quarter of 2017 compared to the third quarter of 2016
(up 9.4% on a constant currency basis). Net sales increased in EMEA, primarily due to improved volume for combines and low
horsepower tractors and to favorable net price realization. Net sales also increased in APAC, mainly in India, and in LATAM, mainly in Brazil and Argentina. Net sales in NAFTA were flat, as stable row crop market conditions and improved tractor mix were
offset by reduced market demand for hay and forage products.
Operating profit was $208 million in the third quarter of 2017, a 34% increase over the
$155 million in the third quarter of 2016. Operating margin increased 1.2 p.p. to 7.8% as a result
of the favorable volume and product mix, the positive net price realization more than offsetting raw material cost increases, and
improved quality costs, while the Company increased its investments in research and development.
Construction Equipment's net sales increased 7.9% in the third quarter of 2017 compared to the third quarter of 2016
(up 6.0% on a constant currency basis), driven by market growth in all regions, particularly in light equipment in NAFTA and in
APAC, where we have seen a sustained rebound in demand since last year. The current worldwide order book is over 50% higher than
the previous year.
Operating profit was $13 million in the third quarter of 2017, a $12
million increase compared to the third quarter of 2016, with an operating margin of 2.0% (up 1.8 p.p. compared to the
third quarter of 2016). The increase was mainly driven by higher volumes and favorable product mix, as well as slightly positive
price realization.
Commercial Vehicles' net sales increased 20.0% in the third quarter of 2017 compared to the third quarter of 2016 (up
14.7% on a constant currency basis). In EMEA, net sales increased as a result of price realization, fleet-related sales of heavy
tractor trucks and commercial vans, and timing of specialty vehicle deliveries. In LATAM and APAC, net sales improved as a result
of favorable industry trends in Argentina, Turkey, and
Australia.
Operating profit was $59 million for the third quarter of 2017 ($64 million in the third
quarter of 2016), with an operating margin of 2.3% (down 0.7 p.p. compared to the third quarter of 2016), and was affected by
unfavorable product and channel mix, more than offsetting the favorable volume impact, as well as increased investments in
research and development on new product programs. The price realization achieved was more than offset by Euro 6 emissions content costs and the impact of the devaluation of the British pound. In general, pricing
conditions in the main European markets remained very competitive during the quarter.
At the end of the quarter, the Company initiated additional capacity realignments in its firefighting business as part of the
Efficiency Program. The Company recognized a total pre-tax restructuring charge of $47 million, of which $14 million is non-cash charge, and will result in $18 million of total annual
pre-tax savings which the Company anticipates will be fully realized by 2019.
Powertrain's net sales increased 26.5% in the third quarter of 2017 compared to the third quarter of 2016
(up 20.4% on a constant currency basis), due to higher sales volumes with both captive and external customers. Sales to
external customers accounted for 48% of total net sales, in line with the third quarter of 2016.
Operating profit was $88 million for the third quarter of 2017, a $36
million increase compared to the third quarter of 2016 as a result of higher volume, favorable engine mix, and
manufacturing efficiencies. Operating margin increased 2.1 p.p. to 8.2%, the highest third quarter margin ever reported in
the segment's history, reflecting the profitability of a well-balanced portfolio of engine applications.
Financial Services' revenues totaled $409 million in the third quarter of 2017, an
increase of 6.0% compared to the third quarter of 2016 (up 3.4% on a constant currency basis), due to higher activity in LATAM
and APAC. Retail loan originations (including unconsolidated joint ventures) were $2.3 billion,
flat compared to the third quarter of 2016. The managed portfolio (including unconsolidated joint ventures) was $26.0 billion as of September 30, 2017 (of which retail was 63% and wholesale
37%), up $1.2 billion compared to September 30, 2016 (up
$0.5 billion on a constant currency basis).
Net income was $86 million in the third quarter of 2017, an increase of $9 million compared to the third quarter of 2016, primarily due to the higher activity in LATAM and APAC, lower
provisions for credit losses, and the positive impact of currency translation.
2017 Outlook
Market conditions across our major segments have been solid year-to-date, despite continued inventory destocking efforts in
high horsepower tractors in the NAFTA row crop market segment and weakened demand in hay and forage products. The weakening of
the U.S. dollar against most of our trading currencies, especially the euro, has had a positive translation impact on our
revenues. However, the strengthening of the euro has had an unfavorable translation impact on the euro-denominated portion of our
net industrial debt. The exchange impacts on profit have been less significant due to balanced foreign currency positions between
revenue and costs. Therefore, the Company is increasing its 2017 guidance for sales and EPS, and is slightly increasing the net
industrial debt guidance as follows:
- Net sales of Industrial Activities of $25.0 to $25.5 billion;
- Adjusted diluted EPS(1) of $0.44 to $0.46;
- Net industrial debt at the end of 2017 at $1.5 to $1.7 billion.
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(1)
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Outlook is not provided on diluted EPS, the most comparable GAAP financial
measure of this non-GAAP financial measure, as the income or expense excluded from the calculation of adjusted diluted
EPS and instead included in the calculation of diluted EPS are, by definition, not predictable and uncertain.
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About CNH Industrial
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 Company 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
Additional Information
Today, at 2:30 p.m. CET / 1:30 p.m. GMT / 9:30 a.m. EDT, management will hold a conference call to present 2017 third quarter and first nine months
results. The call can be followed live online at: http://bit.ly/CNH_Industrial_Q3_2017 and a recording will be available later on the Company's website (www.cnhindustrial.com). A presentation will be made available on
the CNH Industrial website prior to the conference call.
Non-GAAP Financial Information
CNH Industrial monitors its operations through the use of several non-GAAP financial measures. CNH Industrial's management
believes that these non-GAAP financial measures provide useful and relevant information regarding its results and allow
management and investors to assess CNH Industrial's operating trends, financial performance and financial position. Management
uses these non-GAAP measures to identify operational trends, as well as make decisions regarding future spending, resource
allocations and other operational decisions as they provide additional transparency with respect to our core operations. These
non-GAAP financial measures have no standardized meaning presented in U.S. GAAP or EU-IFRS and are unlikely to be comparable to
other similarly titled measures used by other companies due to potential differences between the companies in calculations. As a
result, the use of these non-GAAP measures has limitations and they should not be considered as substitutes for measures of
financial performance and financial position as prepared in accordance with U.S. GAAP and/or EU-IFRS.
CNH Industrial non-GAAP financial measures are defined as follows:
- Operating Profit under U.S. GAAP: Operating Profit of Industrial Activities is defined as net sales less cost of goods
sold, selling, general and administrative expenses, and research and development expenses. Operating Profit of Financial
Services is defined as revenues less selling, general and administrative expenses, interest expense and certain other operating
expenses.
- Trading Profit under EU-IFRS: Trading Profit is derived from financial information prepared in accordance with EU-IFRS and
is defined as net revenues less cost of sales, selling, general and administrative costs, research and development costs, and
other operating income and expenses.
- Operating Profit under EU-IFRS: Operating Profit under EU-IFRS is computed starting from Trading Profit under EU-IFRS
plus/minus restructuring costs, other income (expenses) that are unusual in the ordinary course of business (such as gains and
losses on the disposal of investments and other unusual items arising from infrequent external events or market
conditions).
- Adjusted Net Income (Loss): is defined as net income (loss), less restructuring charges and non-recurring items, after tax.
In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are
infrequent in nature and not reflective of on-going operational activities.
- Adjusted Diluted EPS: is computed by dividing Adjusted Net Income (loss) attributable to CNH Industrial N.V. by a
weighted-average number of common shares outstanding during the period that takes into consideration potential common shares
outstanding deriving from the CNH Industrial share-based payment awards, when inclusion is not anti-dilutive. When we provide
guidance for adjusted diluted EPS, we do not provide guidance on an earnings per share basis because the GAAP measure will
include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior
to year-end.
- Adjusted Income Taxes: is defined as income taxes less the tax effect of restructuring expenses and non-recurring items and
non-recurring tax charges.
- Adjusted Effective Tax Rate (Adjusted ETR): is computed by dividing a) adjusted income taxes by b) income (loss) before
income taxes and equity in income of unconsolidated subsidiaries and affiliates, less restructuring expenses and non-recurring
items.
- Net Debt and Net Debt of Industrial Activities (or Net Industrial Debt): Net Debt is defined as total debt less
intersegment notes receivable, cash and cash equivalents, restricted cash and derivative hedging debt. CNH Industrial provides
the reconciliation of Net Debt to Total Debt, which is the most directly comparable measure included in the consolidated
balance sheets. Due to different sources of cash flows used for the repayment of the debt between Industrial Activities and
Financial Services (by cash from operations for Industrial Activities and by collection of financing receivables for Financial
Services), management separately evaluates the cash flow performance of Industrial Activities using Net Debt of Industrial
Activities.
- Available Liquidity: is defined as cash and cash equivalents plus restricted cash and undrawn committed facilities.
- Change excl. FX or Constant Currency: CNH Industrial discusses the fluctuations in revenues on a constant currency basis by
applying the prior year average exchange rates to current year's revenues expressed in local currency in order to eliminate the
impact of foreign exchange rate fluctuations.
The tables attached to this press release provide reconciliations of the non-GAAP measures used in this press release to the
most directly comparable GAAP measures.
Forward-looking statements
All statements other than statements of historical fact contained in this earning release including statements regarding our
competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to
revenue, income, earnings (or loss) per share, capital expenditures, dividends, capital structure or other financial items;
costs; and plans and objectives of management regarding operations and products, are forward-looking statements. These statements
may include terminology such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe",
"outlook", "continue", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "prospects",
"plan", or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on
current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our
control and are difficult to predict. If any of these risks and uncertainties materialize or other assumptions underlying any of
the forward-looking statements prove to be incorrect, the actual results or developments may differ materially from any future
results or developments expressed or implied by the forward-looking statements. Factors, risks and uncertainties that could cause
actual results to differ materially from those contemplated by the forward-looking statements include, among others: the many
interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products;
general economic conditions in each of our markets; changes in government policies regarding banking, monetary and fiscal
policies; legislation, particularly relating to capital goods-related issues such as agriculture, the environment, debt relief
and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and
investment, including sanctions, import quotas, capital controls and tariffs; actions of competitors in the various industries in
which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of
new, compliance requirements with respect to engine emissions, safety or other aspects of our products; production difficulties,
including capacity and supply constraints and excess inventory levels; labor relations; interest rates and currency exchange
rates; inflation and deflation; energy prices; prices for agricultural commodities; housing starts and other construction
activity; our ability to obtain financing or to refinance existing debt; a decline in the price of used vehicles; the resolution
of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, follow-on private
litigation in various jurisdictions after the settlement of the EU antitrust investigation announced on July 19, 2016, intellectual property rights disputes, product warranty and defective product claims, and
emissions and/or fuel economy regulatory and contractual issues; our pension plans and other post-employment obligations;
political and civil unrest; volatility and deterioration of capital and financial markets, including further deterioration of the
Eurozone sovereign debt crisis, possible effects of "Brexit", terror attacks in Europe and
elsewhere, and other similar risks and uncertainties and our success in managing the risks involved in the foregoing. Further
information concerning factors, risks, and uncertainties that could materially affect the Company's financial results is
included in our annual report on Form 20-F for the year ended December 31, 2016, prepared in
accordance with U.S. GAAP, and in the Company's EU Annual Report at December 31, 2016, prepared in accordance with EU-IFRS.
Investors should refer to and consider the incorporated information on risks, factors, and uncertainties in addition to the
information presented here.
Forward-looking statements are based upon assumptions relating to the factors described in the earnings release, which are
sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Our actual
results could differ materially from those anticipated in such forward-looking statements. Forward-looking statements speak only
as of the date on which such statements are made, and we undertake no obligation to update or revise publicly our forward-looking
statements. Further information concerning CNH Industrial and its businesses, including factors that potentially could materially
affect CNH Industrial's financial results, is included in CNH Industrial's reports and filings with the U.S. Securities and
Exchange Commission ("SEC"), the Autoriteit Financiële Markten ("AFM") and Commissione Nazionale per le Società e la Borsa
("CONSOB").
All future written and oral forward-looking statements by CNH Industrial or persons acting on the behalf of CNH Industrial are
expressly qualified in their entirety by the cautionary statements contained herein or referred to above.
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Contacts
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Media Inquiries
|
Investor Relations
|
|
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United Kingdom
|
United Kingdom
|
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|
Richard Gadeselli
|
Federico Donati
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|
Tel: +44 207 7660 346
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Tel: +44 207 7660 386
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Laura Overall
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United States
|
|
Tel: +44 207 7660 338
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Noah Weiss
|
|
Tel: +1 630 887 3745
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|
E-mail: mediarelations@cnhind.com
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www.cnhindustrial.com
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CNH INDUSTRIAL N.V.
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|
Condensed Consolidated Statements of Operations
|
|
For The Three and Nine Months Ended September 30, 2017 and
2016
|
|
(Unaudited)
|
|
|
(U.S. GAAP)
|
|
|
($ million)
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|
2017
|
|
2016
|
2017
|
|
2016
|
|
Revenues
|
|
|
|
|
|
|
|
Net sales
|
6,331
|
|
5,461
|
18,370
|
|
16,987
|
|
Finance and interest income
|
299
|
|
288
|
889
|
|
887
|
|
TOTAL REVENUES
|
6,630
|
|
5,749
|
19,259
|
|
17,874
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
Cost of goods sold
|
5,242
|
|
4,524
|
15,166
|
|
14,014
|
|
Selling, general and administrative expenses
|
559
|
|
546
|
1,676
|
|
1,687
|
|
Research and development expenses
|
243
|
|
211
|
662
|
|
619
|
|
Restructuring expenses
|
53
|
|
6
|
77
|
|
31
|
|
Interest expense(1)
|
259
|
|
273
|
712
|
|
743
|
|
Other, net(2)
|
174
|
|
131
|
454
|
|
951
|
|
TOTAL COSTS AND EXPENSES
|
6,530
|
|
5,691
|
18,747
|
|
18,045
|
|
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED
SUBSIDIARIES AND AFFILIATES
|
100
|
|
58
|
512
|
|
(171)
|
|
Income tax (expense)
|
(64)
|
|
(32)
|
(225)
|
|
(179)
|
|
Equity in income of unconsolidated subsidiaries and
affiliates(3)
|
21
|
|
13
|
66
|
|
5
|
|
NET INCOME (LOSS)
|
57
|
|
39
|
353
|
|
(345)
|
|
Net income (loss) attributable to noncontrolling interests
|
4
|
|
-
|
12
|
|
2
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL N.V.
|
53
|
|
39
|
341
|
|
(347)
|
|
|
|
|
|
|
|
|
(in $)
|
|
|
|
|
|
|
|
Earnings (loss) per share attributable to common shareholders
|
|
|
|
|
|
|
|
Basic
|
0.04
|
|
0.03
|
0.25
|
|
(0.25)
|
|
Diluted
|
0.04
|
|
0.03
|
0.25
|
|
(0.25)
|
|
Cash dividends declared per common share
|
-
|
|
-
|
0.118
|
|
0.148
|
|
|
|
Notes:
|
|
(1)
|
In the three and nine months ended September 30, 2017, Interest expense
includes the charge of $39 million and $56 million, respectively, related to the repurchase/early redemption of Notes. In
the three and nine months ended September 30, 2016, this item included the charge of $38 million related to the
repurchase of Notes.
|
|
(2)
|
In the nine months ended September 30, 2016, Other, net included the
non-recurring charge of $551 million related to the European Commission settlement.
|
|
(3)
|
In the nine months ended September 30, 2016, Equity in income of
unconsolidated subsidiaries and affiliates included a negative impact of $28 million incurred by the joint venture
Naveco Ltd due to its exit from a line of business.
|
|
These Condensed Consolidated Statements of Operations should be read in
conjunction with the Company's Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2016
included in the Annual Report on Form 20-F. These Condensed Consolidated Statements of Operations represent the
consolidation of all CNH Industrial N.V. subsidiaries.
|
|
CNH INDUSTRIAL N.V.
|
|
Condensed Consolidated Balance Sheets
|
|
As of September 30, 2017 and December 31, 2016
|
|
(Unaudited)
|
|
|
(U.S. GAAP)
|
|
|
($ million)
|
|
|
September 30, 2017
|
|
December 31, 2016
|
|
ASSETS
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
4,100
|
|
5,017
|
|
Restricted cash
|
|
|
681
|
|
837
|
|
Trade receivables, net
|
|
|
557
|
|
623
|
|
Financing receivables, net
|
|
|
19,182
|
|
18,662
|
|
Inventories, net
|
|
|
7,283
|
|
5,609
|
|
Property, plant and equipment, net
|
|
|
6,918
|
|
6,397
|
|
Investments in unconsolidated subsidiaries and affiliates
|
560
|
|
487
|
|
Equipment under operating leases
|
|
|
1,874
|
|
1,907
|
|
Goodwill
|
|
|
2,472
|
|
2,449
|
|
Other intangible assets, net
|
|
|
772
|
|
787
|
|
Deferred tax assets
|
|
|
1,014
|
|
937
|
|
Derivative assets
|
|
|
89
|
|
95
|
|
Other assets
|
|
|
2,027
|
|
1,740
|
|
TOTAL ASSETS
|
|
|
47,529
|
|
45,547
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Debt
|
|
|
25,518
|
|
25,276
|
|
Trade payables
|
|
|
5,867
|
|
5,185
|
|
Deferred tax liabilities
|
|
|
98
|
|
84
|
|
Pension, postretirement and other postemployment benefits
|
2,345
|
|
2,276
|
|
Derivative liabilities
|
|
|
84
|
|
249
|
|
Other liabilities
|
|
|
9,136
|
|
8,005
|
|
Total Liabilities
|
|
|
43,048
|
|
41,075
|
|
Redeemable noncontrolling interest
|
|
|
25
|
|
21
|
|
Common shares, €0.01, par value; outstanding 1,363,676,503 common shares
and 396,237,285 special voting shares at 09/30/2017; and outstanding 1,361,630,903 common shares and 412,268,203 special
voting shares at 12/31/2016
|
25
|
|
25
|
|
Treasury stock, at cost: 723,693 common shares at 09/30/2017 and 1,278,708
common shares at 12/31/2016
|
(8)
|
|
(9)
|
|
Additional paid in capital
|
|
|
4,416
|
|
4,408
|
|
Retained earnings
|
|
|
1,967
|
|
1,787
|
|
Accumulated other comprehensive loss
|
|
|
(1,952)
|
|
(1,767)
|
|
Noncontrolling interests
|
|
|
8
|
|
7
|
|
Equity
|
|
|
4,456
|
|
4,451
|
|
TOTAL LIABILITIES AND EQUITY
|
|
|
47,529
|
|
45,547
|
|
These Condensed Consolidated Balance Sheets should be read in conjunction
with the Company's Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2016 included in
the Annual Report on Form 20-F. These Condensed Consolidated Balance Sheets represent the consolidation of all CNH
Industrial N.V. subsidiaries.
|
|
CNH INDUSTRIAL N.V.
|
|
Condensed Consolidated Statements of Cash Flows
|
|
For The Nine Months Ended September 30, 2017 and 2016
|
|
(Unaudited)
|
|
|
(U.S. GAAP)
|
|
|
($ million)
|
Nine Months Ended September 30,
|
|
2017
|
2016
|
|
Operating activities:
|
|
|
|
Net income (loss)
|
353
|
(345)
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used
in) operating activities:
|
|
|
|
Depreciation and amortization expense, net of assets under operating
leases and assets sold under buy-back commitments
|
540
|
537
|
|
Depreciation and amortization expense of assets under operating
leases and assets sold under buy-back commitments
|
430
|
406
|
|
Loss from disposal of assets
|
23
|
2
|
|
Loss on repurchase/early redemption of Notes
|
56
|
38
|
|
Undistributed income (loss) of unconsolidated subsidiaries
|
(22)
|
52
|
|
Other non-cash items
|
130
|
172
|
|
Changes in operating assets and liabilities:
|
|
|
|
Provisions
|
163
|
500
|
|
Deferred income taxes
|
(80)
|
14
|
|
Trade and financing receivables related to sales, net
|
28
|
367
|
|
Inventories, net
|
(1,222)
|
(754)
|
|
Trade payables
|
232
|
(173)
|
|
Other assets and liabilities
|
(26)
|
304
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
605
|
1,120
|
|
Investing activities:
|
|
|
|
Additions to retail receivables
|
(2,857)
|
(2,747)
|
|
Collections of retail receivables
|
3,104
|
3,287
|
|
Proceeds from the sale of assets, net of assets under operating leases
and assets sold under buy-back commitments
|
11
|
8
|
|
Proceeds from the sale of assets previously under operating leases and
assets sold under buy-back commitments
|
594
|
429
|
|
Expenditures for property, plant and equipment and intangible assets, net
of assets under operating leases and assets sold under buy-back commitments
|
(278)
|
(290)
|
|
Expenditures for assets under operating leases and assets sold under
buy-back commitments
|
(1,196)
|
(1,091)
|
|
Other
|
82
|
(42)
|
|
NET CASH USED IN INVESTING ACTIVITIES
|
(540)
|
(446)
|
|
Financing activities:
|
|
|
|
Proceeds from long-term debt
|
11,096
|
8,778
|
|
Payment of long-term debt
|
(11,994)
|
(9,146)
|
|
Net increase (decrease) in other financial liabilities
|
(187)
|
(451)
|
|
Dividends paid
|
(166)
|
(205)
|
|
Other
|
(16)
|
(58)
|
|
NET CASH USED IN FINANCING ACTIVITIES
|
(1,267)
|
(1,082)
|
|
Effect of foreign exchange rate changes on cash and cash
equivalents
|
285
|
157
|
|
DECREASE IN CASH AND CASH EQUIVALENTS
|
(917)
|
(251)
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
5,017
|
5,384
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
4,100
|
5,133
|
|
These Condensed Consolidated Statements of Cash Flows should be read in
conjunction with the Company's Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2016
included in the Annual Report on Form 20-F. These Condensed Consolidated Statements of Cash Flows represent the
consolidation of all CNH Industrial N.V. subsidiaries.
|
|
|
CNH INDUSTRIAL N.V.
|
|
Supplemental Statements of Operations
|
|
For The Three and Nine Months Ended September 30, 2017 and
2016
|
|
(Unaudited)
|
|
|
(U.S. GAAP)
|
|
|
Industrial Activities
|
Financial Services
|
|
($ million)
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|
2017
|
2016
|
2017
|
2016
|
2017
|
2016
|
2017
|
2016
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Net sales
|
6,331
|
5,461
|
18,370
|
16,987
|
-
|
-
|
-
|
-
|
|
Finance and interest income
|
28
|
39
|
93
|
103
|
409
|
386
|
1,205
|
1,173
|
|
TOTAL REVENUES
|
6,359
|
5,500
|
18,463
|
17,090
|
409
|
386
|
1,205
|
1,173
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
5,242
|
4,524
|
15,166
|
14,014
|
-
|
-
|
-
|
-
|
|
Selling, general and administrative expenses
|
495
|
478
|
1,491
|
1,475
|
64
|
68
|
185
|
212
|
|
Research and development expenses
|
243
|
211
|
662
|
619
|
-
|
-
|
-
|
-
|
|
Restructuring expenses
|
53
|
6
|
75
|
30
|
-
|
-
|
2
|
1
|
|
Interest expense
|
173
|
192
|
462
|
494
|
140
|
132
|
408
|
390
|
|
Interest compensation to Financial Services
|
84
|
84
|
250
|
245
|
-
|
-
|
-
|
-
|
|
Other, net
|
88
|
60
|
204
|
741
|
86
|
73
|
251
|
213
|
|
TOTAL COSTS AND EXPENSES
|
6,378
|
5,555
|
18,310
|
17,618
|
290
|
273
|
846
|
816
|
|
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED
SUBSIDIARIES AND AFFILIATES
|
(19)
|
(55)
|
153
|
(528)
|
119
|
113
|
359
|
357
|
|
Income tax (expense)
|
(24)
|
10
|
(106)
|
(54)
|
(40)
|
(42)
|
(119)
|
(125)
|
|
Equity in income of unconsolidated subsidiaries and affiliates
|
14
|
7
|
46
|
(14)
|
7
|
6
|
20
|
19
|
|
Results from intersegment investments
|
86
|
77
|
260
|
251
|
-
|
-
|
-
|
-
|
|
NET INCOME (LOSS)
|
57
|
39
|
353
|
(345)
|
86
|
77
|
260
|
251
|
|
These Supplemental Statements of Operations are presented for informational
purposes. The supplemental Industrial Activities data in these statements (with Financial Services on the equity basis)
include CNH Industrial N.V.'s Agricultural Equipment, Construction Equipment, Commercial Vehicles and Powertrain
segments, as well as Corporate functions. The supplemental Financial Services data in these statements refer to CNH
Industrial N.V.'s Financial Services segment. Transactions between Industrial Activities and Financial Services have been
eliminated to arrive at the consolidated financial statements.
|
|
CNH INDUSTRIAL N.V.
|
|
Supplemental Balance Sheets
|
|
As of September 30, 2017 and December 31, 2016
|
|
(Unaudited)
|
|
|
(U.S. GAAP)
|
|
|
Industrial Activities
|
Financial Services
|
|
($ million)
|
September 30,
2017
|
December 31,
2016
|
September 30,
2017
|
December 31,
2016
|
|
ASSETS
|
|
|
|
|
|
Cash and cash equivalents
|
3,569
|
4,649
|
531
|
368
|
|
Restricted cash
|
-
|
-
|
681
|
837
|
|
Trade receivables
|
549
|
596
|
28
|
58
|
|
Financing receivables
|
1,325
|
1,592
|
19,926
|
19,546
|
|
Inventories, net
|
7,055
|
5,396
|
228
|
213
|
|
Property, plant and equipment, net
|
6,916
|
6,395
|
2
|
2
|
|
Investments in unconsolidated subsidiaries and affiliates
|
3,105
|
2,886
|
195
|
153
|
|
Equipment under operating leases
|
30
|
17
|
1,844
|
1,890
|
|
Goodwill
|
2,316
|
2,296
|
156
|
153
|
|
Other intangible assets, net
|
760
|
772
|
12
|
15
|
|
Deferred tax assets
|
1,127
|
1,060
|
209
|
188
|
|
Derivative assets
|
79
|
98
|
19
|
8
|
|
Other assets
|
1,844
|
1,505
|
366
|
382
|
|
TOTAL ASSETS
|
28,675
|
27,262
|
24,197
|
23,813
|
|
LIABILITY AND EQUITY
|
|
|
|
|
|
Debt
|
7,404
|
7,691
|
20,181
|
20,061
|
|
Trade payables
|
5,715
|
5,042
|
188
|
180
|
|
Deferred tax liabilities
|
98
|
84
|
323
|
310
|
|
Pension, postretirement and other postemployment benefits
|
2,315
|
2,256
|
30
|
20
|
|
Derivative liabilities
|
81
|
239
|
12
|
21
|
|
Other liabilities
|
8,581
|
7,478
|
725
|
669
|
|
Total Liabilities
|
24,194
|
22,790
|
21,459
|
21,261
|
|
Redeemable noncontrolling interest
|
25
|
21
|
-
|
-
|
|
Equity
|
4,456
|
4,451
|
2,738
|
2,552
|
|
TOTAL LIABILITIES AND EQUITY
|
28,675
|
27,262
|
24,197
|
23,813
|
|
These Supplemental Balance Sheets are presented for informational purposes.
The supplemental Industrial Activities data in these statements (with Financial Services on the equity basis) include CNH
Industrial N.V.'s Agricultural Equipment, Construction Equipment, Commercial Vehicles and Powertrain segments, as well as
Corporate functions. The supplemental Financial Services data in these statements refer to CNH Industrial N.V.'s
Financial Services segment. Transactions between Industrial Activities and Financial Services have been eliminated to
arrive at the consolidated financial statements.
|
|
CNH INDUSTRIAL N.V.
|
|
Supplemental Statements of Cash Flows
|
|
For The Nine Months Ended September 30, 2017 and 2016
|
|
(Unaudited)
|
|
|
(U.S. GAAP)
|
|
|
Industrial Activities
|
Financial Services
|
|
($ million)
|
Nine Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|
Operating activities:
|
2017
|
2016
|
2017
|
2016
|
|
Net income (loss)
|
353
|
(345)
|
260
|
251
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used
in) operating activities:
|
|
|
|
|
|
Depreciation and amortization expense, net of assets under operating
leases and assets sold under buy-back commitments
|
536
|
533
|
4
|
4
|
|
Depreciation and amortization expense of assets under operating
leases and assets sold under buy-back commitments
|
232
|
215
|
198
|
191
|
|
Loss from disposal of assets
|
23
|
2
|
-
|
-
|
|
Loss on repurchase/early redemption of Notes
|
56
|
38
|
-
|
-
|
|
Undistributed income (loss) of unconsolidated subsidiaries
|
(4)
|
62
|
(20)
|
(19)
|
|
Other non-cash items
|
70
|
83
|
60
|
89
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Provisions
|
165
|
501
|
(2)
|
(1)
|
|
Deferred income taxes
|
(84)
|
(4)
|
4
|
18
|
|
Trade and financing receivables related to sales, net
|
89
|
(61)
|
(53)
|
428
|
|
Inventories, net
|
(1,208)
|
(740)
|
(14)
|
(14)
|
|
Trade payables
|
228
|
(114)
|
3
|
(59)
|
|
Other assets and liabilities
|
(100)
|
161
|
67
|
143
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
356
|
331
|
507
|
1,031
|
|
Investing activities:
|
|
|
|
|
|
Additions to retail receivables
|
-
|
-
|
(2,857)
|
(2,747)
|
|
Collections of retail receivables
|
-
|
-
|
3,104
|
3,287
|
|
Proceeds from the sale of assets, net of assets sold under operating leases
and assets sold under buy-back commitments
|
11
|
8
|
-
|
-
|
|
Proceeds from the sale of assets previously under operating leases and
assets sold under buy-back commitments
|
236
|
169
|
358
|
260
|
|
Expenditures for property, plant and equipment and intangible assets, net
of assets under operating leases and assets sold under buy-back
commitments
|
(277)
|
(290)
|
(1)
|
-
|
|
Expenditures for assets under operating leases and assets sold under
buy-back commitments
|
(717)
|
(600)
|
(479)
|
(491)
|
|
Other
|
(156)
|
496
|
193
|
(538)
|
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
(903)
|
(217)
|
318
|
(229)
|
|
Financing activities:
|
|
|
|
|
|
Proceeds from long-term debt
|
1,500
|
1,705
|
9,596
|
7,072
|
|
Payment of long-term debt
|
(2,044)
|
(1,291)
|
(9,950)
|
(7,854)
|
|
Net increase (decrease) in other financial liabilities
|
(72)
|
(299)
|
(115)
|
(152)
|
|
Dividends paid
|
(166)
|
(205)
|
(258)
|
(242)
|
|
Other
|
(16)
|
(58)
|
45
|
-
|
|
NET CASH USED IN FINANCING ACTIVITIES
|
(798)
|
(148)
|
(682)
|
(1,176)
|
|
Effect of foreign exchange rate changes on cash and cash
equivalents
|
265
|
115
|
20
|
42
|
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(1,080)
|
81
|
163
|
(332)
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
4,649
|
4,551
|
368
|
833
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
3,569
|
4,632
|
531
|
501
|
|
These Supplemental Statements of Cash Flows are presented for informational
purposes. The supplemental Industrial Activities data in these statements (with Financial Services on the equity basis)
include CNH Industrial N.V.'s Agricultural Equipment, Construction Equipment, Commercial Vehicles and Powertrain
segments, as well as Corporate functions. The supplemental Financial Services data in these statements refer to CNH
Industrial N.V.'s Financial Services segment. Transactions between Industrial Activities and Financial Services have been
eliminated to arrive at the consolidated financial statements.
|
|
CNH INDUSTRIAL N.V.
|
|
Other Supplemental Financial Information
|
|
(Unaudited)
|
|
|
CNH INDUSTRIAL
Reconciliation of Operating Profit (loss) to Net Income (loss) under U.S.
GAAP ($ million)
|
|
Nine Months Ended September 30,
|
|
Three Months Ended September 30,
|
|
|
2017
|
2016
|
|
2017
|
2016
|
|
|
1,168
|
998
|
Total Operating Profit
|
388
|
278
|
|
|
77
|
31
|
Restructuring expenses
|
53
|
6
|
|
|
370
|
392
|
Interest expenses of Industrial Activities, net of interest income and
eliminations(1)
|
145
|
153
|
|
|
(209)
|
(746)
|
Other, net(2)
|
(90)
|
(61)
|
|
|
512
|
(171)
|
Income (loss) before income taxes and equity in income of unconsolidated
subsidiaries and affiliates
|
100
|
58
|
|
|
(225)
|
(179)
|
Income tax (expense)
|
(64)
|
(32)
|
|
|
66
|
5
|
Equity in income of unconsolidated subsidiaries and
affiliates(3)
|
21
|
13
|
|
|
353
|
(345)
|
Net income (loss)
|
57
|
39
|
|
|
(1) In the three and nine months ended
September 30, 2017, Interest expenses includes the charge of $39 million and $56 million, respectively, related to the
repurchase/early redemption of Notes. In the three and nine months ended September 30, 2016, this item included the
charge of $38 million related to the repurchase of Notes.
(2) In the nine months ended September 30,
2016, Other, net included the non-recurring charge of $551 million related to the European Commission settlement.
(3) In the nine months ended September 30,
2016, Equity in income of unconsolidated subsidiaries and affiliates included a negative impact of $28 million
incurred by the joint venture Naveco Ltd due to its exit from a line of business.
|
|
|
|
|
|
|
|
|
|
CNH INDUSTRIAL
Reconciliation of Total Debt to Net debt under U.S. GAAP ($
million)
|
|
|
Consolidated
|
|
Industrial Activities
|
|
Financial Activities
|
|
|
|
September 30,
2017
|
December 31,
2016
|
|
September 30,
2017
|
December 31,
2016
|
|
September 30,
2017
|
December 31,
2016
|
|
|
Third party debt
|
25,518
|
25,276
|
|
6,604
|
6,694
|
|
18,914
|
18,582
|
|
|
Intersegment notes payable
|
-
|
-
|
|
800
|
997
|
|
1,267
|
1,479
|
|
|
Total Debt(1)
|
25,518
|
25,276
|
|
7,404
|
7,691
|
|
20,181
|
20,061
|
|
|
Less:
Cash and cash equivalents
|
4,100
|
5,017
|
|
3,569
|
4,649
|
|
531
|
368
|
|
|
Restricted cash
|
681
|
837
|
|
-
|
-
|
|
681
|
837
|
|
|
Intersegment notes receivable
|
-
|
-
|
|
1,267
|
1,479
|
|
800
|
997
|
|
|
Derivatives hedging debt
|
(7)
|
2
|
|
(7)
|
2
|
|
-
|
-
|
|
|
Net debt (cash)(2)
|
20,744
|
19,420
|
|
2,575
|
1,561
|
|
18,169
|
17,859
|
|
|
(1) Total Debt of Industrial Activities includes
Intersegment notes payable to Financial Services of $800 million and $997 million as of September 30, 2017 and December
31, 2016, respectively. Total Debt of Financial Services includes Intersegment notes payable to Industrial Activities of
$1,267 million and $1,479 million as of September 30, 2017 and December 31, 2016, respectively.
(2) The net intersegment receivable/payable balance
owed by Financial Services to Industrial Activities was $467 million and $482 million as of September 30, 2017 and
December 31, 2016, respectively.
|
|
CNH INDUSTRIAL
Reconciliation of Cash and cash equivalents to Available liquidity under
U.S. GAAP
($ million)
|
|
|
September 30, 2017
|
June 30, 2017
|
December 31, 2016
|
|
|
Cash and cash equivalents
|
4,100
|
4,601
|
5,017
|
|
|
Restricted cash
|
681
|
690
|
837
|
|
|
Undrawn committed facilities
|
3,139
|
3,033
|
2,890
|
|
|
Available liquidity
|
7,920
|
8,324
|
8,744
|
|
|
|
|
|
|
|
|
|
|
|
CNH INDUSTRIAL N.V.
|
|
Other Supplemental Financial Information
|
|
(Unaudited)
|
|
|
CNH INDUSTRIAL
Change in Net Industrial Debt under U.S. GAAP
($ million)
|
|
Nine Months Ended September 30,
|
|
Three Months Ended September 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
(1,561)
|
|
(1,578)
|
Net industrial (debt)/cash at beginning of period
|
(2,064)
|
|
(2,135)
|
|
|
353
|
|
(345)
|
Net income (loss)
|
57
|
|
39
|
|
|
-
|
|
551
|
Add back European Commission settlement
|
-
|
|
-
|
|
|
56
|
|
38
|
Add back cost of repurchase/early redemption of
Notes(1)
|
39
|
|
38
|
|
|
536
|
|
533
|
Amortization and depreciation(2)
|
184
|
|
178
|
|
|
67
|
|
103
|
Changes in provisions and similar(3)
|
116
|
|
4
|
|
|
(1,144)
|
|
(989)
|
Change in working capital
|
(547)
|
|
(505)
|
|
|
(277)
|
|
(290)
|
Investments in property, plant and equipment, and intangible
assets(2)
|
(112)
|
|
(118)
|
|
|
14
|
|
(100)
|
Other changes
|
(22)
|
|
(115)
|
|
|
(395)
|
|
(499)
|
Net industrial cash flow
|
(285)
|
|
(479)
|
|
|
(182)
|
|
(219)
|
Capital increases and dividends(4)
|
(12)
|
|
(1)
|
|
|
(437)
|
|
(377)
|
Currency translation differences and other(5)
|
(214)
|
|
(58)
|
|
|
(1,014)
|
|
(1,095)
|
Change in Net industrial debt
|
(511)
|
|
(538)
|
|
|
(2,575)
|
|
(2,673)
|
Net industrial (debt)/cash at end of period
|
(2,575)
|
|
(2,673)
|
|
|
(1) Add back item to be excluded from the calculation
of net industrial cash flow.
(2) Excluding assets sold under buy-back commitments
and assets under operating leases.
(3) This item also includes changes in items related to
assets sold under buy-back commitments, and assets under operating leases.
(4) This item also includes share buy-back
transactions.
(5) In the three and nine months ended September 30,
2017, this item also includes the charge of $39 million and $56 million, respectively, related to the repurchase/early
redemption of Notes. In the three and nine months ended September 30, 2016, this item included the charge of $38 million
related to the repurchase of Notes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CNH INDUSTRIAL N.V.
|
|
Other Supplemental Financial Information
|
|
(Unaudited)
|
|
|
CNH INDUSTRIAL
Reconciliation of Adjusted net income and Adjusted income tax (expense)
to the most comparable GAAP
financial measures and determination of Adjusted diluted EPS and Adjusted ETR under U.S.GAAP
($ million, except per share data)
|
|
Nine Months Ended September 30,
|
|
|
Three Months Ended September 30,
|
|
|
2017
|
2016
|
|
|
2017
|
2016
|
|
|
353
|
(345)
|
|
Net income (loss)
|
57
|
39
|
|
|
133
|
620
|
|
Adjustments impacting Income (loss) before income tax (expense) and equity
in income of unconsolidated subsidiaries and affiliates (a)
|
92
|
44
|
|
|
(14)
|
(18)
|
|
Adjustments impacting Income tax (expense) (b)
|
(1)
|
(15)
|
|
|
-
|
28
|
|
Adjustments impacting Equity in income of unconsolidated subsidiaries and
affiliates (c)
|
-
|
-
|
|
|
472
|
285
|
|
Adjusted net income
|
148
|
68
|
|
|
460
|
283
|
|
Adjusted net income attributable to CNH Industrial N.V.
|
144
|
68
|
|
|
1,366
|
1,364
|
|
Weighted average shares outstanding – diluted (million)
|
1,367
|
1,364
|
|
|
0.34
|
0.21
|
|
Adjusted diluted EPS ($)
|
0.11
|
0.05
|
|
|
|
|
|
512
|
(171)
|
|
Income (loss) before income tax (expense) and equity in income of
unconsolidated subsidiaries and affiliates
|
100
|
58
|
|
|
133
|
620
|
|
Adjustments impacting Income (loss) before income tax (expense) and equity
in income of unconsolidated subsidiaries and affiliates (a)
|
92
|
44
|
|
|
645
|
449
|
|
Adjusted income (loss) before income tax (expense) and equity in income
of unconsolidated subsidiaries and affiliates (A)
|
192
|
102
|
|
|
|
|
|
(225)
|
(179)
|
|
Income tax (expense)
|
(64)
|
(32)
|
|
|
(14)
|
(18)
|
|
Adjustments impacting Income tax (expense) (b)
|
(1)
|
(15)
|
|
|
(239)
|
(197)
|
|
Adjusted income tax (expense) (B)
|
(65)
|
(47)
|
|
|
|
|
|
37%
|
44%
|
|
Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A)
|
34%
|
46%
|
|
|
|
|
|
a) Adjustments impacting Income
(loss) before income tax (expense) and equity in income of unconsolidated subsidiaries and affiliates
|
|
|
77
|
31
|
|
Restructuring expenses
|
53
|
6
|
|
|
-
|
551
|
|
European Commission settlement
|
-
|
-
|
|
|
56
|
38
|
|
Cost of repurchase/early redemption of Notes
|
39
|
38
|
|
|
133
|
620
|
|
Total
|
92
|
44
|
|
|
b) Adjustments impacting Income tax
(expense)
|
|
|
|
|
|
|
(14)
|
(18)
|
|
Tax effect of adjustments impacting Income (loss) before income tax (expense)
and equity in income of unconsolidated subsidiaries and affiliates
|
(1)
|
(15)
|
|
|
(14)
|
(18)
|
|
Total
|
(1)
|
(15)
|
|
|
c) Adjustments impacting Equity in
income of unconsolidated subsidiaries and affiliates
|
|
|
-
|
28
|
|
Negative impact incurred by the joint venture Naveco Ltd due to its exit from
a line of business
|
-
|
-
|
|
|
-
|
28
|
|
Total
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CNH INDUSTRIAL N.V.
|
|
Other Supplemental Financial Information
|
|
(Unaudited)
|
|
|
CNH INDUSTRIAL
Revenues by Segment under EU-IFRS ($
million)
|
|
Nine Months Ended September 30,
|
|
Three Months Ended September 30,
|
|
|
2017
|
2016
|
% change
|
|
2017
|
2016
|
% change
|
|
|
7,890
|
7,291
|
8.2
|
Agricultural Equipment
|
2,651
|
2,359
|
12.4
|
|
|
1,841
|
1,726
|
6.7
|
Construction Equipment
|
642
|
595
|
7.9
|
|
|
7,376
|
6,896
|
7.0
|
Commercial Vehicles
|
2,598
|
2,150
|
20.8
|
|
|
3,214
|
2,760
|
16.4
|
Powertrain
|
1,075
|
851
|
26.3
|
|
|
(1,777)
|
(1,539)
|
-
|
Eliminations and other
|
(574)
|
(457)
|
-
|
|
|
18,544
|
17,134
|
8.2
|
Total of Industrial Activities
|
6,392
|
5,498
|
16.3
|
|
|
1,498
|
1,412
|
6.1
|
Financial Services
|
481
|
462
|
4.1
|
|
|
(377)
|
(349)
|
-
|
Eliminations and other
|
(131)
|
(124)
|
-
|
|
|
19,665
|
18,197
|
8.1
|
Total
|
6,742
|
5,836
|
15.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CNH INDUSTRIAL
Trading profit/(loss)(1) by Segment under EU-IFRS ($
million)
|
|
Nine Months Ended September 30,
|
|
Three Months Ended September 30,
|
|
|
2017
|
2016
|
Change
|
|
2017
|
2016
|
Change
|
|
|
438
|
322
|
116
|
Agricultural Equipment
|
129
|
75
|
54
|
|
|
(50)
|
(26)
|
-24
|
Construction Equipment
|
(8)
|
(17)
|
9
|
|
|
96
|
130
|
-34
|
Commercial Vehicles
|
32
|
37
|
-5
|
|
|
246
|
155
|
91
|
Powertrain
|
86
|
45
|
41
|
|
|
(74)
|
(74)
|
-
|
Eliminations and other
|
(19)
|
(26)
|
7
|
|
|
656
|
507
|
149
|
Total of Industrial Activities
|
220
|
114
|
106
|
|
|
361
|
359
|
2
|
Financial Services
|
119
|
114
|
5
|
|
|
-
|
-
|
-
|
Eliminations and other
|
-
|
-
|
-
|
|
|
1,017
|
866
|
151
|
Total
|
339
|
228
|
111
|
|
|
(1) This item is a non-GAAP financial measure. Refer
to the "Non-GAAP Financial Information" section of this press release for information regarding non-GAAP financial
measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
CNH INDUSTRIAL
Key Balance Sheet data under EU-IFRS ($
million)
|
|
|
September 30, 2017
|
June 30, 2017
|
December 31, 2016
|
|
|
Total Assets
|
49,924
|
49,598
|
47,834
|
|
|
Total Equity
|
6,753
|
6,711
|
6,634
|
|
|
Equity attributable to CNH Industrial N.V.
|
6,741
|
6,699
|
6,623
|
|
|
Net debt
|
20,843
|
(20,301)
|
(19,734)
|
|
|
Of which Net industrial debt(1)
|
(2,629)
|
(2,132)
|
(1,822)
|
|
|
(1) This item is a non-GAAP financial measure. Refer to the
"Non-GAAP Financial Information" section of this press release for information regarding non-GAAP financial
measures.
|
|
|
|
|
|
|
|
|
|
|
CNH INDUSTRIAL N.V.
|
|
Other Supplemental Financial Information
|
|
(Unaudited)
|
|
|
CNH INDUSTRIAL
Net income reconciliation U.S. GAAP to EU-IFRS ($
million)
|
|
Nine Months Ended September 30,
|
|
Three Months Ended September 30,
|
|
|
2017
|
2016
|
|
2017
|
2016
|
|
|
353
|
(345)
|
Net income (loss) in accordance with U.S. GAAP
|
57
|
39
|
|
|
|
|
Adjustments to conform with EU-IFRS:
|
|
|
|
|
(80)
|
(91)
|
Development costs
|
(16)
|
(37)
|
|
|
39
|
44
|
Other adjustments
|
13
|
18
|
|
|
21
|
18
|
Tax impact on adjustments
|
13
|
15
|
|
|
(32)
|
(23)
|
Deferred tax assets and tax contingencies recognition
|
(23)
|
(25)
|
|
|
(52)
|
(52)
|
Total adjustments
|
(13)
|
(29)
|
|
|
301
|
(397)
|
Profit (loss) in accordance with EU-IFRS
|
44
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CNH INDUSTRIAL
Total Equity reconciliation U.S. GAAP to EU-IFRS
($ million)
|
|
|
September 30, 2017
|
December 31, 2016
|
|
|
Total Equity under U.S. GAAP
|
4,456
|
4,451
|
|
|
Adjustments to conform with EU-IFRS:
|
|
|
|
|
Development costs
|
2,489
|
2,374
|
|
|
Other adjustments
|
(141)
|
(121)
|
|
|
Tax impact on adjustments
|
(701)
|
(655)
|
|
|
Deferred tax assets and tax contingencies recognition
|
650
|
585
|
|
|
Total adjustments
|
2,297
|
2,183
|
|
|
Total Equity under EU-IFRS
|
6,753
|
6,634
|
|
|
|
|
|
|
|
|
|
Translation of financial statements denominated in a currency other than the U.S. dollar
The principal exchange rates used to translate into U.S. dollars the financial statements prepared in currencies other
than the U.S. dollar were as follows:
|
Nine Months Ended September 30, 2017
|
|
At December 31, 2016
|
|
Nine Months Ended September 30, 2016
|
|
Average
|
At September 30
|
|
|
|
Average
|
At September 30
|
|
Euro
|
0.898
|
0.847
|
|
0.949
|
|
0.896
|
0.896
|
|
Pound sterling
|
0.784
|
0.747
|
|
0.812
|
|
0.719
|
0.771
|
|
Swiss franc
|
0.983
|
0.970
|
|
1.019
|
|
0.980
|
0.974
|
|
Polish zloty
|
3.829
|
3.646
|
|
4.184
|
|
3.904
|
3.870
|
|
Brazilian real
|
3.173
|
3.188
|
|
3.254
|
|
3.545
|
3.244
|
|
Canadian dollar
|
1.306
|
1.244
|
|
1.346
|
|
1.321
|
1.316
|
|
Argentine peso
|
16.219
|
17.548
|
|
15.850
|
|
14.520
|
15.300
|
|
Turkish lira
|
3.593
|
3.559
|
|
3.517
|
|
2.935
|
3.008
|
|
CNH INDUSTRIAL N.V.
|
|
Condensed Consolidated Income Statement
|
|
For The Three and Nine Months Ended September 30, 2017 and
2016
|
|
(Unaudited)
|
|
|
(EU-IFRS)
|
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|
($ million)
|
2017
|
2016
|
2017
|
2016
|
|
Net revenues
|
6,742
|
5,836
|
19,665
|
18,197
|
|
Cost of sales
|
5,569
|
4,824
|
16,205
|
14,966
|
|
Selling, general and administrative costs
|
535
|
515
|
1,609
|
1,588
|
|
Research and development costs
|
265
|
255
|
760
|
725
|
|
Other income/(expenses)
|
(34)
|
(14)
|
(74)
|
(52)
|
|
TRADING PROFIT/(LOSS)
|
339
|
228
|
1,017
|
866
|
|
Gains/(losses) on the disposal of investments
|
-
|
-
|
-
|
-
|
|
Restructuring costs
|
53
|
6
|
76
|
31
|
|
Other unusual income/(expenses)(1)
|
-
|
(6)
|
8
|
(560)
|
|
OPERATING PROFIT/(LOSS)
|
286
|
216
|
949
|
275
|
|
Financial income/(expenses)(2)
|
(191)
|
(178)
|
(483)
|
(483)
|
|
Result from investments(3):
|
23
|
14
|
71
|
(5)
|
|
Share of the profit/(loss) of investees accounted for using the equity
method
|
23
|
14
|
71
|
(5)
|
|
Other income/(expenses) from investments
|
-
|
-
|
-
|
-
|
|
PROFIT/(LOSS) BEFORE TAXES
|
118
|
52
|
537
|
(213)
|
|
Income tax (expense)
|
(74)
|
(42)
|
(236)
|
(184)
|
|
PROFIT/(LOSS) FROM CONTINUING OPERATIONS
|
44
|
10
|
301
|
(397)
|
|
PROFIT/(LOSS) FOR THE PERIOD
|
44
|
10
|
301
|
(397)
|
|
|
|
|
|
|
PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO:
|
|
|
|
|
|
Owners of the parent
|
41
|
11
|
290
|
(399)
|
|
Non-controlling interests
|
3
|
(1)
|
11
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in $)
|
|
|
|
|
|
BASIC EARNINGS/(LOSS) PER COMMON SHARE
|
0.03
|
0.01
|
0.21
|
(0.29)
|
|
DILUTED EARNINGS/(LOSS) PER COMMON SHARE
|
0.03
|
0.01
|
0.21
|
(0.29)
|
|
|
|
Notes:
|
|
|
(1)
|
In the nine months ended September 30, 2016, Other unusual
income/(expenses) included the non-recurring charge of $551 million related to the European Commission
settlement.
|
|
(2)
|
In the three and nine months ended September 30, 2017, Financial
income/(expenses) includes the charge of $ 39 million and $56 million, respectively, related to the
repurchase/early redemption of Notes. In the three and nine months ended September 30, 2016, this item included the
charge of $38 million related to the repurchase of Notes.
|
|
(3)
|
In the nine months ended September 30, 2016, Result from investments
included a negative impact of $42 million incurred by the joint venture Naveco Ltd due to its exit from a line of
business.
|
|
This Condensed Consolidated Income Statement should be read in conjunction
with the Company's Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2016 included in
the EU Annual Report. This Condensed Consolidated Income Statement represents the consolidation of all CNH Industrial
N.V. subsidiaries.
|
|
CNH INDUSTRIAL N.V.
|
|
Condensed Consolidated Statement of Financial Position
|
|
As of September 30, 2017 and December 31, 2016
|
|
(Unaudited)
|
|
|
(EU-IFRS)
|
|
|
($ million)
|
|
September 30, 2017
|
December 31, 2016
|
|
ASSETS
|
|
|
|
|
Intangible assets
|
|
5,632
|
5,504
|
|
Property, plant and equipment
|
|
6,754
|
6,278
|
|
Investments and other financial assets:
|
|
628
|
554
|
|
Investments accounted for using the equity method
|
|
586
|
505
|
|
Other investments and financial assets
|
|
42
|
49
|
|
Leased assets
|
|
1,874
|
1,907
|
|
Defined benefit plan assets
|
|
6
|
5
|
|
Deferred tax assets
|
|
1,014
|
959
|
|
Total Non-current assets
|
|
15,908
|
15,207
|
|
Inventories
|
|
7,450
|
5,732
|
|
Trade receivables
|
|
557
|
623
|
|
Receivables from financing activities
|
|
19,182
|
18,662
|
|
Current tax receivables
|
|
329
|
430
|
|
Other current assets
|
|
1,609
|
1,209
|
|
Current financial assets:
|
|
89
|
95
|
|
Current securities
|
|
-
|
-
|
|
Other financial assets
|
|
89
|
95
|
|
Cash and cash equivalents
|
|
4,781
|
5,854
|
|
Total Current assets
|
|
33,997
|
32,605
|
|
Assets held for sale
|
|
19
|
22
|
|
TOTAL ASSETS
|
|
49,924
|
47,834
|
|
EQUITY AND LIABILITIES
|
|
|
|
|
Issued capital and reserves attributable to owners of the parent
|
|
6,741
|
6,623
|
|
Non-controlling interests
|
|
12
|
11
|
|
Total Equity
|
|
6,753
|
6,634
|
|
Provisions:
|
|
6,220
|
5,687
|
|
Employee benefits
|
|
2,582
|
2,532
|
|
Other provisions
|
|
3,638
|
3,155
|
|
Debt:
|
|
25,629
|
25,434
|
|
Asset-backed financing
|
|
11,552
|
11,784
|
|
Other debt
|
|
14,077
|
13,650
|
|
Other financial liabilities
|
|
84
|
249
|
|
Trade payables
|
|
5,867
|
5,185
|
|
Current tax payables
|
|
179
|
229
|
|
Deferred tax liabilities
|
|
149
|
188
|
|
Other current liabilities
|
|
5,043
|
4,228
|
|
Liabilities held for sale
|
|
-
|
-
|
|
Total Liabilities
|
|
43,171
|
41,200
|
|
TOTAL EQUITY AND LIABILITIES
|
|
49,924
|
47,834
|
|
This Condensed Consolidated Statement of Financial Position should be read
in conjunction with the Company's Audited Consolidated Financial Statements and Notes for the Year Ended December 31,
2016 included in the EU Annual Report. This Condensed Consolidated Statement of Financial Position represents the
consolidation of all CNH Industrial N.V. subsidiaries.
|
|
CNH INDUSTRIAL N.V.
|
|
Condensed Consolidated Statement of Cash Flows
|
|
For The Nine Months Ended September 30, 2017 and 2016
|
|
(Unaudited)
|
|
|
(EU-IFRS)
|
|
|
Nine Months Ended September 30,
|
|
($ million)
|
2017
|
2016
|
|
A) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
5,854
|
6,311
|
|
B) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES:
|
|
|
|
Profit/(loss) for the period
|
301
|
(397)
|
|
Amortization and depreciation (net of vehicles sold under buy-back
commitments and operating leases)
|
885
|
893
|
|
(Gains)/losses on disposal of non-current assets (net of vehicles sold
under buy-back commitments)
|
6
|
1
|
|
Other non-cash items
|
(2)
|
134
|
|
Loss on repurchase/early redemption of Notes
|
56
|
38
|
|
Dividends received
|
42
|
57
|
|
Change in provisions
|
102
|
459
|
|
Change in deferred income taxes
|
(87)
|
38
|
|
Change in items due to buy-back commitments(1)
|
24
|
98
|
|
Change in operating lease items(2)
|
47
|
(52)
|
|
Change in working capital
|
(876)
|
(1,185)
|
|
TOTAL
|
498
|
84
|
|
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 leases)
|
(550)
|
(561)
|
|
Consolidated subsidiaries and other equity investments
|
(7)
|
5
|
|
Proceeds from the sale of non-current assets (net of vehicles sold under
buy-back commitments)
|
10
|
8
|
|
Net change in receivables from financing activities
|
237
|
871
|
|
Change in current securities
|
-
|
33
|
|
Other changes
|
(161)
|
(145)
|
|
TOTAL
|
(471)
|
211
|
|
D) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES:
|
|
|
|
Bonds issued
|
1,917
|
1,714
|
|
Repayment of bonds
|
(2,146)
|
(751)
|
|
Issuance of other medium-term borrowings (net of repayment)
|
100
|
(17)
|
|
Net change in other financial payables and other financial
assets/liabilities
|
(1,094)
|
(1,569)
|
|
Capital increase
|
13
|
-
|
|
Dividends paid
|
(166)
|
(205)
|
|
(Purchase)/sale of treasury shares
|
(29)
|
(14)
|
|
(Purchase)/sale of ownership interests in subsidiaries
|
-
|
(44)
|
|
TOTAL
|
(1,405)
|
(886)
|
|
Translation exchange differences
|
305
|
153
|
|
E) TOTAL CHANGE IN CASH AND CASH EQUIVALENTS
|
(1,073)
|
(438)
|
|
F) CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
4,781
|
5,873
|
|
|
|
|
|
(1)
|
Cash generated from the sale of vehicles under buy-back commitments, net
of amounts included in Profit/(loss) for the period, is recognized under operating activities in a single line item,
which includes changes in working capital, capital expenditure, depreciation and impairment losses. The item also
includes gains and losses arising from the sale of vehicles subject to buy-back commitments before the end of the
agreement and without repossession of the vehicle.
|
|
(2)
|
Cash from operating lease is recognized under operating activities in a
single line item, which includes capital expenditure, depreciation, write-downs and changes in inventory.
|
|
These Condensed Consolidated Statement of Cash Flows should be read in
conjunction with the Company's Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2016
included in the EU Annual Report. This Condensed Consolidated Statement of Cash Flows represents the consolidation of all
CNH Industrial N.V. subsidiaries.
|
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SOURCE CNH Industrial N.V.