CNH Industrial N.V 6-K, filed Nov 4, 2021

CNH Industrial N.V. (CNH)

6-K 2021-11-04 For: 2021-11-04

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Added on April 12, 2026

About this 6-K

CNH Industrial N.V filed this 6-K on November 4, 2021.

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Exhibit 99.1		Press release, dated November 4, 2021, titled: “CNH Industrial reports solid third quarter performance. Consolidated revenues of $8.0 billion (up 23% compared to Q3 2020), net income of $329 million, adjusted diluted EPS of $0.36, and adjusted EBIT of Industrial Activities of $469 million (up $231 million or some 100%). Free cash flow of Industrial Activities negative $0.7 billion.”

Exhibit 99.2		CNH Industrial N.V. Third Quarter 2021 Results Review Presentation


CNH Industrial N.V.

By:		/s/ Michael P. Going
Name:		Michael P. Going
Title:		Corporate Secretary


Exhibit Number		Description of Exhibit
Exhibit 99.1		Press release, dated November 4, 2021, titled: “CNH Industrial reports solid third quarter performance. Consolidated revenues of $8.0 billion (up 23% compared to Q3 2020), net income of $329 million, adjusted diluted EPS of $0.36, and adjusted EBIT of Industrial Activities of $469 million (up $231 million or some 100%). Free cash flow of Industrial Activities negative $0.7 billion.”

Exhibit 99.2		CNH Industrial N.V. Third Quarter 2021 Results Review Presentation


	Three Months Ended September 30,						Nine Months Ended September 30,
($ million)	2021			2020			2021			2020
Revenues
Net sales		7,537			6,107			23,070			16,250
Finance, interest and other income		435			385			1,286			1,281
TOTAL REVENUES		7,972			6,492			24,356			17,531
Costs and Expenses
Cost of goods sold		6,235			5,178			18,835			14,706
Selling, general and administrative expenses		560			501			1,722			1,511
Research and development expenses		290			226			882			643
Restructuring expenses		22			7			32			19
Interest expense		143			161			451			512
Goodwill impairment charge		-			-			-			585
Other, net⁽¹⁾		352			1,388			650			290
TOTAL COSTS AND EXPENSES		7,602			7,461			22,572			18,266
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		370			(969	)		1,784			(735	)
Income tax (expense) benefit		(79	)		15			(424	)		78
Equity in income of unconsolidated subsidiaries and affiliates		38			22			93			32
NET INCOME (LOSS)		329			(932	)		1,453			(625	)
Net income attributable to noncontrolling interests		6			10			32			32
NET INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL N.V.		323			(942	)		1,421			(657	)

(in $)
Earnings (loss) per share attributable to common shareholders
Basic		0.24			(0.70	)		1.05			(0.49	)
Diluted		0.24			(0.70	)		1.04			(0.49	)

Cash dividends declared per common share		-			-			0.132			-


($ million)	September 30, 2021		December 31, 2020
ASSETS
Cash and cash equivalents		7,149		8,785
Restricted cash		765		844
Trade receivables, net		439		506
Financing receivables, net		17,943		18,457
Inventories, net		7,687		6,022
Property, plant and equipment, net		4,556		4,923
Investments in unconsolidated subsidiaries and affiliates		578		529
Investments at fair value through profit and loss		274		392
Equipment under operating leases		1,851		1,978
Goodwill, net		1,918		1,924
Other intangible assets, net		776		772
Deferred tax assets		1,375		1,451
Derivative assets		159		160
Other assets		2,223		1,976
TOTAL ASSETS		47,693		48,719
LIABILITIES AND EQUITY
Debt		23,749		26,053
Trade payables		6,273		6,357
Deferred tax liabilities		94		112
Pension, postretirement and other postemployment benefits		1,427		1,617
Derivative liabilities		131		139
Other liabilities		9,727		9,412
Total Liabilities		41,401		43,690
Redeemable noncontrolling interest		47		40
Equity		6,245		4,989
TOTAL LIABILITIES AND EQUITY		47,693		48,719


Refer to section “Notes” at page 4 for an explanation of the items referenced on this page and to page 12 onwards for the reconciliations		2


	Nine Months Ended September 30,
($ million)	2021			2020
Operating activities:
Net income (loss)		1,453			(625	)
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		452			460
Depreciation and amortization expense of assets under operating leases and assets sold under buy-back commitments		405			390
Loss on repurchase of notes		8			-
(Gain) Loss from disposal of assets		(43	)		6
Undistributed income (loss) of unconsolidated subsidiaries		(12	)		-
Goodwill impairment charge		-			585
Other non-cash items⁽¹⁾		218			276
Changes in operating assets and liabilities:
Provisions		165			(127	)
Deferred income taxes		(9	)		(245	)
Trade and financing receivables related to sales, net		453			1,745
Inventories, net		(1,477	)		753
Trade payables		130			(543	)
Other assets and liabilities		149			88
NET CASH PROVIDED BY OPERATING ACTIVITIES		1,892			2,763
Investing activities:
Additions to retail receivables		(3,704	)		(3,235	)
Collections of retail receivables		3,335			2,959
Proceeds from sale of assets, net of assets under operating leases and assets sold under buy-back commitments		16			3
Expenditures for property, plant and equipment and intangible assets, net of assets under operating leases and assets sold under buy-back commitments		(364	)		(229	)
Expenditures for assets under operating leases and assets sold under buy-back commitments		(888	)		(761	)
Other		19			(281	)
NET CASH USED IN INVESTING ACTIVITIES		(1,586	)		(1,544	)
Financing activities:
Net increase (decrease) in debt		(1,508	)		148
Dividends paid		(184	)		(4	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(1,692	)		144
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash		(329	)		(3	)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(1,715	)		1,360
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR		9,629			5,773
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD		7,914			7,133


($ million)	Three Months Ended September 30, 2021												Three Months Ended September 30, 2020
($ million)	Industrial Activities⁽¹⁾			Financial Services			Eliminations			Consolidated			Industrial Activities⁽¹⁾			Financial Services			Eliminations			Consolidated
Revenues
Net sales		7,537			-			-			7,537			6,107			-			-			6,107
Finance, interest and other income		17			450			(32	)⁽²⁾		435			15			408			(38	)⁽²⁾		385
TOTAL REVENUES		7,554			450			(32	)		7,972			6,122			408			(38	)		6,492
Costs and Expenses
Cost of goods sold		6,235			-			-			6,235			5,178			-			-			5,178
Selling, general and administrative expenses		518			42			-			560			429			72			-			501
Research and development expenses		290			-			-			290			226			-			-			226
Restructuring expenses		22			-			-			22			7			-			-			7
Interest expense		72			103			(32	)⁽³⁾		143			78			121			(38	)⁽³⁾		161
Other, net		196			156			-			352			1,245			143			-			1,388
TOTAL COSTS AND EXPENSES		7,333			301			(32	)		7,602			7,163			336			(38	)		7,461
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		221			149			-			370			(1,041	)		72			-			(969	)
Income tax (expense) benefit		(40	)		(39	)		-			(79	)		39			(24	)		-			15
Equity in income of unconsolidated subsidiaries and affiliates		30			8			-			38			14			8			-			22
NET INCOME (LOSS)		211			118			-			329			(988	)		56			-			(932	)


($ million)	Nine Months Ended September 30, 2021												Nine Months Ended September 30, 2020
($ million)	Industrial Activities⁽¹⁾			Financial Services			Eliminations			Consolidated			Industrial Activities⁽¹⁾			Financial Services			Eliminations			Consolidated
Revenues
Net sales		23,070			-			-			23,070			16,250			-			-			16,250
Finance, interest and other income		50			1,337			(101	)⁽²⁾		1,286			43			1,338			(100	)⁽²⁾		1,281
TOTAL REVENUES		23,120			1,337			(101	)		24,356			16,293			1,338			(100	)		17,531
Costs and Expenses
Cost of goods sold		18,835			-			-			18,835			14,706			-			-			14,706
Selling, general and administrative expenses		1,584			138			-			1,722			1,289			222			-			1,511
Research and development expenses		882			-			-			882			643			-			-			643
Restructuring expenses		32			-			-			32			19			-			-			19
Interest expense		230			322			(101	)⁽³⁾		451			224			388			(100	)⁽³⁾		512
Goodwill impairment charge		-			-			-			-			585			-			-			585
Other, net		163			487			-			650			(195	)		485			-			290
TOTAL COSTS AND EXPENSES		21,726			947			(101	)		22,572			17,271			1,095			(100	)		18,266
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		1,394			390			-			1,784			(978	)		243			-			(735	)
Income tax (expense) benefit		(322	)		(102	)		-			(424	)		152			(74	)		-			78
Equity in income of unconsolidated subsidiaries and affiliates		73			20			-			93			12			20			-			32
NET INCOME (LOSS)		1,145			308			-			1,453			(814	)		189			-			(625	)



Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities by segment under U.S. GAAP *($ million)*

		Three Months ended September 30, 2021
		Agriculture		Construction			Commercial and Specialty Vehicles			Powertrain		Unallocated items, eliminations and other			Total
	Consolidated Net income															329
	Less: Consolidated Income tax (expense) benefit															(79	)
	Consolidated Income before taxes															408
	Less: Financial Services
	Financial Services Net income															118
	Financial Services Income taxes															39
	Add back of the following Industrial Activities items:

	Interest expenses, net of interest income and eliminations															55
	Foreign exchange (gains) losses, net															8
	Finance and non-service component of Pension and other post-employment benefit costs⁽¹⁾															(34	)
	Adjustments for the following Industrial Activities items:

	Restructuring expenses		4		11			6			1		-			22

	Other discrete items⁽²⁾		-		-			(55	)		-		32			(23)
	Nikola investment fair value adjustment		-		-			-			-		190			190
	Adjusted EBIT of Industrial Activities		415		21			51			44		(62	)		469

		Three Months ended September 30, 2020
		Agriculture		Construction			Commercial and Specialty Vehicles			Powertrain		Unallocated items, eliminations and other			Total
	Consolidated Net income (loss)															(932	)
	Less: Consolidated Income tax (expense) benefit															15
	Consolidated Income (loss) before taxes															(947)
	Less: Financial Services
	Financial Services Net income															56
	Financial Services Income taxes															24
	Add back of the following Industrial Activities items:
	Interest expenses, net of interest income and eliminations															63
	Foreign exchange (gains) losses, net															17
	Finance and non-service component of Pension and other post-employment benefit costs⁽¹⁾															(29	)
	Adjustments for the following Industrial Activities items:
	Restructuring expenses		2		3			1			1		-			7
	Nikola investment fair value adjustment		-		-			-			-		1,207			1,207
	Adjusted EBIT of Industrial Activities		274		(24	)		(7	)		60		(65	)		238

	(1) In the three months ended September 30, 2021 and 2020, this item includes the pre-tax gain of $30 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S.
	(2) In the three months ended September 30, 2021, this item includes the pre- and after-tax gain of $42 million from the sale of the 30.1% interest in Naveco, as well as the positive impact of $13 million from the sale of investments by a joint venture accounted for under the equity method, presented in column “Commercial and Specialty Vehicles”. This item also includes $30 million separation costs in connection with the spin-off of the Iveco Group business, presented in column “Unallocated items, eliminations and other”.



Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities by segment under U.S. GAAP *($ million)*

		Nine Months ended September 30, 2021
		Agriculture		Construction			Commercial and Specialty Vehicles			Powertrain		Unallocated items, eliminations and other			Total
	Consolidated Net income															1,453
	Less: Consolidated Income tax (expense) benefit															(424	)
	Consolidated Income before taxes															1,877
	Less: Financial Services
	Financial Services Net income															308
	Financial Services Income taxes															102
	Add back of the following Industrial Activities items:

	Interest expenses, net of interest income and eliminations															180
	Foreign exchange (gains) losses, net															30
	Finance and non-service component of Pension and other post-employment benefit costs⁽¹⁾															(104	)
	Adjustments for the following Industrial Activities items:

	Restructuring expenses		8		13			9			2		-			32

	Other discrete items⁽²⁾		-		-			(55	)		-		45			(10)
	Nikola investment fair value adjustment		-		-			-			-		118			118
	Adjusted EBIT of Industrial Activities		1,396		70			227			233		(213	)		1,713

		Nine Months ended September 30, 2020
		Agriculture		Construction			Commercial and Specialty Vehicles			Powertrain		Unallocated items, eliminations and other			Total
	Consolidated Net income (loss)															(625	)
	Less: Consolidated Income tax (expense) benefit															78
	Consolidated Income (loss) before taxes															(703)
	Less: Financial Services
	Financial Services Net income															189
	Financial Services Income taxes															74
	Add back of the following Industrial Activities items:
	Interest expenses, net of interest income and eliminations															181
	Foreign exchange (gains) losses, net															22
	Finance and non-service component of Pension and other post-employment benefit costs⁽¹⁾															(85	)
	Adjustments for the following Industrial Activities items:
	Restructuring expenses		9		5			4			1		-			19
	Goodwill impairment charge		-		-			-			-		585			585
	Other discrete items⁽²⁾		176		72			289			-		7			544
	Nikola investment fair value adjustment		-		-			-			-		(268	)		(268	)
	Adjusted EBIT of Industrial Activities		501		(194	)		(219	)		123		(179	)		32

	(1) In the nine months ended September 30, 2021 and 2020, this item includes the pre-tax gain of $90 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S. (2) In the nine months ended September 30, 2021, this item includes the pre- and after-tax gain of $42 million from the sale of the 30.1% interest in Naveco, as well as the positive impact of $13 million from the sale of investments by a joint venture accounted for under the equity method, presented in column “Commercial and Specialty Vehicles”. This item also includes $39 million separation costs in connection with the spin-off of the Iveco Group business, presented in column “Unallocated items, eliminations and other”. In the nine months ended September 30, 2020, this item mainly included impairment of intangible and other long-lived asset optimization assets, as well as asset optimization charges.


Reconciliation of Total (Debt) to Net Cash (Debt) under U.S. GAAP ($ million)

		Consolidated						Industrial Activities						Financial Services
		September 30, 2021			December 31, 2020			September 30, 2021			December 31, 2020			September 30, 2021			December 31, 2020
	Third party (debt)		(23,749	)		(26,053	)		(5,637	)		(7,271	)		(18,112	)		(18,782	)
	Intersegment notes payable		-			-			(1,150	)		(1,017	)		(951	)		(856	)
	Total (Debt)⁽¹⁾		(23,749	)		(26,053	)		(6,787	)		(8,288	)		(19,063	)		(19,638	)
	Cash and cash equivalents		7,149			8,785			6,229			8,017			920			768
	Restricted cash		765			844			126			99			639			745
	Intersegment notes receivable		-			-			951			856			1,150			1,017
	Other current financial assets⁽²⁾		224			94			224			94			-			-
	Derivatives hedging debt		-			8			-			8			-			-
	Net Cash (Debt)⁽³⁾		(15,611	)		(16,322	)		743			786			(16,354	)		(17,108	)

	(1) Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $1,150 million and $1,017 million as of September 30, 2021 and December 31, 2020, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $951 million and $856 million as of September 30, 2021 and December 31, 2020, respectively. (2) This item includes short-term deposits and investments towards high-credit rating counterparties. (3) The net intersegment receivable/(payable) balance recorded by Financial Services relating to Industrial Activities was $199 million and $161 million as of September 30, 2021 and December 31, 2020, respectively.



Reconciliation of Cash and cash equivalents to Available liquidity under U.S. GAAP *($ million)*

		September 30, 2021	June 30, 2021	December 31, 2020

	Cash and cash equivalents	7,149	7,820	8,785

	Restricted cash	765	764	844

	Undrawn committed facilities	5,338	5,677	6,148

	Other current financial assets⁽¹⁾	224	162	94

	Available liquidity	13,476	14,423	15,871


	(1) This item includes short-term deposits and investments towards high-credit rating counterparties.



Change in Net Cash (Debt) of Industrial Activities under U.S. GAAP *($ million)*
	Nine Months ended September 30,							Three Months ended September 30,
	2021			2020				2021			2020
		786			(854	)	Net Cash (Debt) of Industrial Activities at beginning of period		1,393			(2,307	)
		1,713			32		Adjusted EBIT of Industrial Activities		469			238
		450			458		Depreciation and Amortization		146			152
		203			198		Depreciation of assets under operating leases and assets sold with buy-back commitments		67			66
		(438	)		(198	)	Cash interest and taxes		(175	)		(81	)
		91			(385	)	Changes in provisions and similar⁽¹⁾		41			(53	)
		(1,715	)		(136	)	Change in working capital		(1,114	)		788
		304			(31	)	Operating cash flow of Industrial Activities		(566	)		1,110
		(361	)		(228	)	Investments in property, plant and equipment, and intangible assets⁽²⁾		(159	)		(96	)
		(34	)		(180	)	Other changes		(3	)		(27	)
		(91	)		(439	)	Free cash flow of Industrial Activities		(728	)		987
		(184	)		(4	)	Capital increases and dividends		(1	)		(1	)
		232			(247	)	Currency translation differences and other⁽³⁾		79			(223	)
		(43	)		(690	)	Change in Net Cash (Debt) of Industrial Activities		(650	)		763
		743			(1,544	)	Net Cash (Debt) of Industrial Activities at end of period		743			(1,544	)
		(1) Including other cash flow items related to operating lease and buy-back activities. (2) Excluding assets sold under buy-back commitments and assets under operating leases. (3) In the nine months ended September 30, 2021, this item also includes the charge of $8 million related to the repurchase of Notes.


Reconciliation of Adjusted net income and Adjusted income tax (expense) benefit to Net income (loss) and
Income tax (expense) benefit and calculation 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,
	2021	2020		2021	2020
	1,453	(625)	Net income (loss)	329	(932	)
	71	790	Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a)	172	1,184
	(13)	-	Adjustments impacting Equity in income of unconsolidated subsidiaries and affiliates	(13)	-
	22	(160)	Adjustments impacting Income tax (expense) benefit (b)	8	(96	)
	1,533	5	Adjusted net income (loss)	496	156
	1,501	(30)	Adjusted net income (loss) attributable to CNH Industrial N.V.	490	146
	1,360	1,351	Weighted average shares outstanding – diluted (million)	1,362	1,352
	1.10	(0.02)	Adjusted diluted EPS ($)	0.36	0.11

	1,784	(735)	Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates	370	(969	)
	71	790	Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a)	172	1,184
	1,855	55	Adjusted income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (A)	542	215

	(424)	78	Income tax (expense) benefit	(79)	15
	22	(160)	Adjustments impacting Income tax (expense) benefit (b)	8	(96	)
	(402)	(82)	Adjusted income tax (expense) benefit (B)	(71)	(81	)

	22%	149%	Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A)	13%	38	%

	a) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates
	118	(268)	Nikola investment fair value adjustment	190	1,207
	32	19	Restructuring expenses	22	7
	8	-	Loss on repurchase of notes	-	-
	(90)	(90)	Pre-tax gain related to the modification of a healthcare plan in the U.S.	(30)	(30	)
	-	585	Goodwill impairment charge	-	-
	-	255	Other assets impairment charges	-	-
	-	282	Optimization charges on asset portfolio relating to vehicles sold under buy-back commitments	-	-
	39	7	Spin-off costs	30	-
	(42)	-	Gain from the sale of 30.1% interest in Naveco	(42)	-
	6	-	Other discrete items	2	-
	71	790	Total	172	1,184

	b) Adjustments impacting Income tax (expense) benefit
	9	(74)	Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates	(5)	(9	)
	-	(82)	Adjustment to valuation allowances on deferred tax assets	-	(82	)
	13	(4)	Other	13	(5	)
	22	(160)	Total	8	(96	)


		2021 THIRD QUARTER RESULTS		PRESS RELEASE


		PRESS RELEASE


		PRESS RELEASE


		PRESS RELEASE


Revenues by Segment under EU-IFRS
*($ million)*
	Nine Months ended September 30,											Three Months ended September 30,
	2021			2020			% change		% change at c.c.			2021			2020			% change		% change at c.c.
		10,586			7,491			41.3		39.1	Agriculture		3,568			2,711			31.6		31.3
		2,237			1,418			57.8		55.6	Construction		773			576			34.2		33.5
		8,925			6,131			45.6		40.1	Commercial and Specialty Vehicles		2,896			2,372			22.1		22.6
		3,483			2,427			43.5		37.5	Powertrain		957			911			5.0		6.3
		(2,113	)		(1,217	)		-		-	Eliminations and other		(629	)		(460	)		-		-
		23,118			16,250			42.3		38.5	Total Industrial Activities		7,565			6,110			23.8		23.8
		1,332			1,329			0.2		-0.7	Financial Services		448			404			10.9		9.9
		(80	)		(85	)		-		-	Eliminations and other		(25	)		(32	)		-		-
		24,370			17,494			39.3		35.8	Total		7,988			6,482			23.2		23.2


Other key data under EU-IFRS
*($ million)*
		September 30, 2021		June 30, 2021		December 31, 2020
	Total Assets	49,410		51,016		50,556
	Total Equity	7,849		7,726		6,735
	Equity attributable to CNH Industrial N.V.	7,833		7,620		6,651
	Net Cash (Debt)	(16,067	)	(16,327	)	(16,874	)
	of which Net Cash (Debt) of Industrial Activities⁽¹⁾	332		882		297
	Net Income of Financial Services	305		197		288
	(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.


Net income (loss) reconciliation U.S. GAAP to EU-IFRS
*($ million)*
	Nine Months ended September 30,					Three Months ended September 30,
	2021		2020			2021	2020
	1,453		(625	)	Net income (loss) in accordance with U.S. GAAP	329	(932)
					Adjustments to conform with EU-IFRS:
	(27	)	(173	)	Development costs	(18)	(42)
	118		(268	)	Nikola investment fair value adjustment	190	1,207
	(136	)	(61	)	Other adjustments⁽¹⁾	(53)	(13)
	21		5		Tax impact on adjustments and other income tax differences	2	(48)
	(24	)	(497	)	Total adjustments	121	1,104
	1,429		(1,122	)	Profit (loss) in accordance with EU-IFRS	450	172
	(1) This item also includes the different accounting impacts from the modification of a healthcare plan in the U.S.


	Nine Months Ended September 30, 2021						Nine Months Ended September 30, 2020
	Average		At September 30		At December 31, 2020		Average		At September 30
Euro		0.836		0.864		0.815		0.889		0.854
Pound sterling		0.722		0.743		0.733		0.787		0.779
Swiss franc		0.912		0.935		0.880		0.949		0.923
Polish zloty		3.801		3.990		3.716		3.931		3.883
Brazilian real		5.330		5.409		5.194		5.075		5.663
Canadian dollar		1.251		1.274		1.274		1.353		1.339
Turkish lira		8.118		8.894		7.427		6.755		7.772


	Three Months Ended September 30,						Nine Months Ended September 30,

($ million)	2021			2020			2021			2020
Net revenues		7,988			6,482			24,370			17,494
Cost of sales		6,503			5,424			19,633			15,546
Selling, general and administrative costs		556			462			1,703			1,395
Research and development costs		310			271			918			826
Result from investments:		34			25			94			37
Share of the profit/(loss) of investees accounted for using the equity method		34			25			94			37
Gains/(losses) on the disposal of investments		9			-			8			-
Restructuring costs		22			5			34			17
Goodwill impairment loss		-			-			-			576
Other income/(expenses)⁽¹⁾		(46	)		(51	)		(143	)		(158	)
Financial income/(expenses)		(67	)		(89	)		(209	)		(218	)
PROFIT/(LOSS) BEFORE TAXES		527			205			1,832			(1,205	)
Income tax (expense) benefit		(77	)		(33	)		(403	)		83
PROFIT/(LOSS) FROM CONTINUING OPERATIONS		450			172			1,429			(1,122	)
PROFIT/(LOSS) FOR THE PERIOD		450			172			1,429			(1,122	)

PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the parent		444			162			1,396			(1,154	)
Non-controlling interests		6			10			33			32

(in $)
BASIC EARNINGS/(LOSS) PER COMMON SHARE		0.33			0.12			1.03			(0.85	)
DILUTED EARNINGS/(LOSS) PER COMMON SHARE		0.33			0.12			1.03			(0.85	)