CNH

(27.11% stake.
Fiat also holds a 2.49% stake)

 

 

The main consolidated figures of the CNH Industrial Group for the first quarter of 2014 (drawn up in accordance with IFRS) are as follows:

  QI
Change
$ million 2014 2013  
Net revenues 7,644 7,658 (14)
Trading profit/(loss) 510 538 (28)
Profit/(loss) for the period 146 226 (80)
Profit/(loss) attributable to owners of the parent
145 182 (37)
 
$ million 3.31.2014 12.31.2013
Total assets 57,293 56,462
Net debt
(25,363) (23,290)
- of which: Net industrial (debt) / cash3.977 (2.195)
Equity attributable to owners of the parent7.758 7.591

Net revenues

CNH Industrial posted revenues of $7,644 million for the first quarter 2014, a decrease of 0.2% from the same quarter in 2013 (+1.7% on a constant currency basis)

       QI Change
$ million 2014 2013 %
Agricultural Equipment 3,706 3,944 -6.0
Construction Equipment 774 754 2.7
Commercial Vehicles 2,354 2,363 -0.4
Powertrain 1,205 977 23.3
Eliminations and other (776) (736)  
Total of Industrial Activities 7,263 7,302 -0.5
Financial Services 509 491 3.7
Eliminations and other (128) (135)  
Net revenues7,644 
7,658
-0.2

Trading profit/(loss)

Trading profit was $510 million for the first quarter, down $28 million or -5.2% from the first quarter of 2013 (-1.1% on a constant currency basis). Trading margin for the first quarter decreased 0.3 percentage points to 6.7%.

     QI Change
$ million 2014 2013 %
Agricultural Equipment 442 446 -0.9
Construction Equipment 1 (28) -103.6
Commercial Vehicles (74) (23) 221.7
Powertrain 30 15 100.0
Eliminations and other (19) (7)  
Total of Industrial Activities 380 403 -5.7
Financial Services 130 135 -3.7
Eliminations and other 0 0  
Trading profit 510 538 -5.2

Agricultural Equipment trading profit was $442 million ($446 million in the first quarter of 2013), with a trading margin of 11.9% (11.3% in the first quarter of 2013). Construction Equipment reported a trading profit of $1 million ($28 million loss in the first quarter of 2013). Commercial Vehicles closed the first quarter with a trading loss of $74 million (trading loss of $23 million for the first quarter of 2013).  Powertrain closed the first quarter with a trading profit of $30 million, compared to $15 million for the same period in 2013, with a trading margin of 2.5% (1.5% for the first quarter of 2013).  Financial Services reported a trading profit of $130 million, down $5 million over the same period in 2013.

Profit/(loss) for the period

Profit before taxes totaled $291 million ($364 million for the first quarter of 2013), down $73 million mainly reflecting the $28 million reduction in trading profit, as well as higher net financial expense which totaled $215 million for the quarter (inclusive of the $64 million pre-tax charge for the re-measurement of Venezuelan assets), compared to $149 million for the same period in 2013: excluding this exceptional charge, net financial expenses totaled $151 million, in line with the first quarter of 2013, as increased financial expenses deriving from higher average net industrial debt were offset by lower foreign exchange losses. Result from investments totaled $26 million, in line with the first quarter of 2013.

Income taxes for the first quarter totaled $145 million ($138 million for the first quarter of 2013), representing an effective tax rate of 49.8% for the quarter. The significant increase over the 37.9%for the first quarter of 2013 effective tax rate is mainly due to the exceptional charge relating to Venezuela, for which no corresponding tax impact can be recorded. Excluding this item, the effective tax rate was 40.8%, higher than the company’s 2014 forecast range of 36% to 40% due to not booking the benefit of tax losses in certain jurisdictions.

Consolidated net profit was $146 million, or $0.11 per share, compared to $226 million, or $0.15 per share for the first quarter of 2013.

Profit attributable to the owners of the parent for the first quarter of 2014 was $145 million compared to a profit of $182 million for the same period of 2013.

Equity attributable to owners of the parent of CNH Industrial at March 31, 2014 amounted to €7,758 million compared to €7,591 million at December 31, 2013.

Net debt

At March 31, 2014 consolidated net debt was $25,363 million, up $2,073 million compared to $23,290 million at the beginning of the year. Net industrial debt of $3,977 million was $1,782 million higher than at December 31,  013 ($2,195 million).

Significant events

On May 8 the CEO of CNH Industrial N.V. Richard Tobin along with members of the senior management of the Group presented the Group’s 2014-2018 Business Plan to financial analysts and institutional investors at Auburn Hills (Michigan, U.S.). All the materials delivered in the course of the event were made available on the corporate website of CNH Industrial (www.cnhindustrial.com).

Commercial Register No.64236277 Legal notes | Credits