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