CNH Industrial N.V 6-K, filed Jul 30, 2020

CNH Industrial N.V. (CNH)

6-K 2020-07-30 For: 2020-07-30

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Added on April 12, 2026

About this 6-K

CNH Industrial N.V filed this 6-K on July 30, 2020.

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Exhibit 99.1		Press release, dated July 30, 2020 titled: “With all plants and depots up and running by the end of the second quarter, CNH Industrial reported consolidated revenues of $5.6 billion, net income of $361 million and adjusted net loss⁽²⁾⁽³⁾ of $85 million. Net debt of Industrial Activities⁽²⁾⁽³⁾ at $2.3 billion, with positive free cash flow⁽²⁾⁽³⁾ of $97 million helped by end-demand resuming in most markets and the Company’s cost reduction and cash preservation measures. CNH Industrial ended the quarter with strong available liquidity⁽²⁾⁽³⁾ of $11.5 billion.”

Exhibit 99.2		CNH Industrial N.V. Second Quarter and Half-Year 2020 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 July 30, 2020, titled: “With all plants and depots up and running by the end of the second quarter, CNH Industrial reported consolidated revenues of $5.6 billion, net income of $361 million and adjusted net loss⁽²⁾⁽³⁾ of $85 million. Net debt of Industrial Activities⁽²⁾⁽³⁾ at $2.3 billion, with positive free cash flow⁽²⁾⁽³⁾ of $97 million helped by end-demand resuming in most markets and the Company’s cost reduction and cash preservation measures. CNH Industrial ended the quarter with strong available liquidity⁽²⁾⁽³⁾ of $11.5 billion.”

Exhibit 99.2		CNH Industrial N.V. Second Quarter and Half-Year 2020 Results Review Presentation


Six Months ended June 30,										Three Months ended June 30,
2020			2019		$ change		% change			2020			2019		$ change		% change
	11,039			14,024		-2,985		-21.3	Consolidated revenues		5,578			7,567		-1,989		-26.3
	307			691		-384		-55.6	Net income (loss)		361			427		-66		-15.5
	(151	)		678		-829		-122.3	Adjusted net income (loss)		(85	)		430		-515		-119.8
	0.21			0.50		-0.29		-58.0	Basic EPS ($)		0.26			0.31		-0.05		-16.1
	0.21			0.50		-0.29		-58.0	Diluted EPS ($)		0.26			0.31		-0.05		-16.1
	(0.13	)		0.49		-0.62		-126.5	Adjusted diluted EPS ($)		(0.07	)		0.31		-0.38		-122.6


Six Months ended June 30,											Three Months ended June 30,
2020			2019			% change		% change excl. FX⁽¹⁾			2020			2019			% change		% change excl. FX⁽¹⁾
	4,785			5,585			-14.3		-11.0	Agriculture		2,541			3,095			-17.9		-14.1
	842			1,397			-39.7		-36.7	Construction		420			757			-44.5		-40.8
	3,760			5,112			-26.4		-23.5	Commercial and Specialty Vehicles		1,739			2,698			-35.5		-32.8
	1,516			2,169			-30.1		-27.8	Powertrain		763			1,133			-32.7		-30.6
	(760	)		(1,189	)		—		—	Eliminations and other		(313	)		(615	)		—		—

	10,143			13,074			-22.4		-19.3	Total Industrial Activities		5,150			7,068			-27.1		-23.8

	930			993			-6.3		-2.9	Financial Services		441			519			-15.0		-11.0
	(34	)		(43	)		—		—	Eliminations and other		(13	)		(20	)		—		—

	11,039			14,024			-21.3		-18.2	Total		5,578			7,567			-26.3		-22.9


Media Inquiries		Investor Relations

United Kingdom		United Kingdom

Richard Gadeselli		Federico Donati
Tel: +44 207 7660 346		Tel: +44 207 7660 386

Laura Overall		United States
Tel: +44 207 7660 338
		Noah Weiss
		Tel: +1 630 887 3745

E-mail: mediarelations@cnhind.com www.cnhindustrial.com


($ million)	Three Months Ended June 30,						Six Months Ended June 30,
($ million)	2020			2019			2020			2019
Revenues
Net sales		5,150			7,068			10,143			13,074
Finance, interest and other income		428			499			896			950

TOTAL REVENUES		5,578			7,567			11,039			14,024

Costs and Expenses
Cost of goods sold		5,114			5,751			9,528			10,717
Selling, general and administrative expenses		484			555			1,010			1,094
Research and development expenses		203			273			417			517
Restructuring expenses		7			28			12			36
Interest expense		170			195			351			378
Goodwill impairment charge		585			—			585			—
Other, net⁽¹⁾		(1,295	)		211			(1,098	)		379

TOTAL COSTS AND EXPENSES		5,268			7,013			10,805			13,121

INCOME BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		310			554			234			903

Income tax (expense)		40			(135	)		63			(225	)
Equity in income of unconsolidated subsidiaries and affiliates		11			8			10			13

NET INCOME		361			427			307			691

Net income attributable to noncontrolling interests		11			13			22			20

NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL N.V.		350			414			285			671


(in $)
Earnings per share attributable to common shareholders
Basic		0.26			0.31			0.21			0.50
Diluted		0.26			0.31			0.21			0.50
Cash dividends declared per common share		—			0.203			—			0.203


($ million)	*June 30, 2020()**		December 31, 2019
ASSETS
Cash and cash equivalents		5,145		4,875
Restricted cash		723		898
Trade receivables, net		478		416
Financing receivables, net		17,379		19,428
Inventories, net		6,893		7,082
Property, plant and equipment, net		4,448		5,269
Investments in unconsolidated subsidiaries and affiliates⁽¹⁾		471		631
Investments at fair value through profit or loss⁽¹⁾		1,733		—
Equipment under operating leases		1,813		1,857
Goodwill, net		1,941		2,538
Other intangible assets, net		703		806
Deferred tax assets		1,232		1,134
Derivative assets		170		73
Other assets		1,890		2,345

TOTAL ASSETS		45,019		47,352

LIABILITIES AND EQUITY
Debt		24,449		24,854
Trade payables		4,542		5,632
Deferred tax liabilities		106		172
Pension, postretirement and other postemployment benefits		1,468		1,578
Derivative liabilities		103		121
Other liabilities		8,388		8,839

Total Liabilities		39,056		41,196

Redeemable noncontrolling interest		38		35
Equity		5,925		6,121

TOTAL LIABILITIES AND EQUITY		45,019		47,352


($ million)	Industrial Activities												Financial Services
	Three Months Ended June 30,						Six Months Ended June 30,						Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019			2020			2019			2020			2019
Revenues
Net sales		5,150			7,068			10,143			13,074			—			—			—			—
Finance, interest and other income		13			23			28			53			441			519			930			993

TOTAL REVENUES		5,163			7,091			10,171			13,127			441			519			930			993

Costs and Expenses
Cost of goods sold		5,114			5,751			9,528			10,717			—			—			—			—
Selling, general and administrative expenses		396			497			860			990			88			58			150			104
Research and development expenses		203			273			417			517			—			—			—			—
Restructuring expenses		7			26			12			34			—			2			—			2
Interest expense		72			89			146			172			124			149			267			302
Goodwill impairment charge		585			—			585			—			—			—			—			—
Other, net		(1,455	)		18			(1,440	)		34			160			193			342			345

TOTAL COSTS AND EXPENSES		4,922			6,654			10,108			12,464			372			402			759			753

INCOME BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		241			437			63			663			69			117			171			240

Income tax (expense)		60			(104	)		113			(158	)		(20	)		(31	)		(50	)		(67	)
Equity in income of unconsolidated subsidiaries and affiliates		7			3			(2	)		—			4			5			12			13
Results from intersegment investments		53			91			133			186			—			—			—			—

NET INCOME		361			427			307			691			53			91			133			186


	Three Months ended June 30, 2020
	Agriculture		Construction			Commercial and Specialty Vehicles			Powertrain		Unallocated items, eliminations and other			Total Industrial Activities			Financial Services		Total
Net income⁽¹⁾															308			53		361

Add back:
Interest expenses of Industrial Activities, net of interest income and eliminations															59			—		59
Foreign exchange (gains) losses, net															7			—		7
Finance and non-service component of Pension and other post-employment benefit costs⁽²⁾															(26	)		—		(26	)
Income tax expense															(60	)		20		(40	)
Adjustments:
Restructuring expenses		5		1			1			—		—			7			—		7
Goodwill impairment charge		—		—			—			—		585			585			—		585
Other discrete items⁽³⁾		176		72			289			—		—			537			—		537
Nikola investment fair value adjustment		—		—			—			—		(1,475	)		(1,475	)		—		(1,475	)

Adjusted EBIT		203		(87	)		(156	)		32		(50	)		(58	)		73		15

Depreciation and Amortization		61		12			46			30		2			151			1		152
Depreciation of assets under operating leases and assets sold with buy-back commitments		1		—			66			—		—			67			64		131

Adjusted EBITDA		265		(75	)		(44	)		62		(48	)		160			138		298


	Three Months ended June 30, 2019
	Agriculture		Construction			Commercial and Specialty Vehicles			Powertrain		Unallocated items, eliminations and other			Total Industrial Activities			Financial Services		Total
Net income⁽¹⁾															336			91		427

Add back:
Interest expenses of Industrial Activities, net of interest income and eliminations															66			—		66
Foreign exchange (gains) losses, net															11			—		11
Finance and non-service component of Pension and other post-employment benefit costs⁽²⁾															(16	)		—		(16	)
Income tax expense															104			31		135
Adjustments:
Restructuring expenses		15		4			6			—		1			26			2		28

Adjusted EBIT		341		25			100			102		(41	)		527			124		651

Depreciation and Amortization		69		15			47			31		—			162			1		163
Depreciation of assets under operating leases and assets sold with buy-back commitments		—		—			79			—		—			79			59		138

Adjusted EBITDA		410		40			226			133		(41	)		768			184		952


	Six Months ended June 30, 2020
	Agriculture		Construction			Commercial and Specialty Vehicles			Powertrain		Unallocated items, eliminations and other			Total Industrial Activities			Financial Services		Total
Net income⁽¹⁾															174			133		307

Add back:
Interest expenses of Industrial Activities, net of interest income and eliminations															118			—		118
Foreign exchange (gains) losses, net															5			—		5
Finance and non-service component of Pension and other post-employment benefit costs⁽²⁾															(56	)		—		(56	)
Income tax expense															(113	)		50		(63	)
Adjustments:
Restructuring expenses		7		2			3			—		—			12			—		12
Goodwill impairment charge		—		—			—			—		585			585			—		585
Other discrete items⁽³⁾		176		72			289			—		7			544			—		544
Nikola investment fair value adjustment		—		—			—			—		(1,475	)		(1,475	)		—		(1,475	)

Adjusted EBIT		227		(170	)		(212	)		63		(114	)		(206	)		183		(23	)

Depreciation and Amortization		125		25			95			59		2			306			1		307
Depreciation of assets under operating leases and assets sold with buy-back commitments		1		—			131			—		—			132			127		259

Adjusted EBITDA		353		(145	)		14			122		(112	)		232			311		543


	Six Months ended June 30, 2019
	Agriculture		Construction			Commercial and Specialty Vehicles			Powertrain		Unallocated items, eliminations and other			Total Industrial Activities			Financial Services		Total
Net income⁽¹⁾															505			186		691

Add back:
Interest expenses of Industrial Activities, net of interest income and eliminations															119			—		119
Foreign exchange (gains) losses, net															20			—		20
Finance and non-service component of Pension and other post-employment benefit costs⁽²⁾															(31	)		—		(31	)
Income tax expense															158			67		225
Adjustments:
Restructuring expenses		18		4			11			—		1			34			2		36

Adjusted EBIT		509		38			151			198		(91	)		805			255		1,060

Depreciation and Amortization		144		29			94			63		—			330			2		332
Depreciation of assets under operating leases and assets sold with buy-back commitments		—		—			158			—		—			158			124		282

Adjusted EBITDA		653		67			403			261		(91	)		1,293			381		1,674


	Consolidated					Industrial Activities					Financial Services
	June 30, 2020		December 31, 2019			June 30, 2020		December 31, 2019			June 30, 2020		December 31, 2019
Third party debt		24,449		24,854			6,990		5,226			17,459		19,628
Intersegment notes payable		—		—			968		1,332			825		1,120

Total Debt⁽¹⁾		24,449		24,854			7,958		6,558			18,284		20,748

Less:
Cash and cash equivalents		5,145		4,875			4,638		4,407			507		468
Restricted cash		723		898			77		120			646		778
Intersegment notes receivable		—		—			825		1,120			968		1,332
Other current financial assets		106		58			106		58			—		—
Derivatives hedging debt		5		(1	)		5		(1	)		—		—

Net debt (cash)⁽²⁾		18,470		19,024			2,307		854			16,163		18,170


	June 30, 2020		March 31, 2020		December 31, 2019
Cash and cash equivalents		5,145		3,850		4,875
Restricted cash		723		854		898
Undrawn committed facilities		5,647		5,176		5,474
Available liquidity		11,515		9,880		11,247


	June 30, 2020			December 31, 2019
Total Equity under U.S. GAAP		5,925			6,121

Adjustments to conform with EU-IFRS:
Development costs		2,101			2,260
Other adjustments		(39	)		(87	)
Tax impact on adjustments and other income tax differences		(433	)		(431	)

Total adjustments		1,629			1,742

Total Equity under EU-IFRS		7,554			7,863


	Six Months Ended June 30, 2020						Six Months Ended June 30, 2019
	Average		At June 30,		At December 31, 2019		Average		At June 30,
Euro		0.907		0.893		0.890		0.885		0.879
Pound sterling		0.794		0.815		0.757		0.773		0.788
Swiss franc		0.966		0.951		0.966		1.000		0.976
Polish zloty		4.003		3.979		3.789		3.799		3.734
Brazilian real		4.909		5.458		4.020		3.843		3.823
Canadian dollar		1.364		1.368		1.299		1.334		1.309
Turkish lira		6.487		6.855		5.950		5.626		5.769


		Exhibit 99.1

		2020 SECOND QUARTER RESULTS


	Three Months Ended June 30,						Six Months Ended June 30,
($ million)	2020			2019			2020			2019
Net revenues		5,562			7,577			11,012			14,011
Cost of sales		5,393			6,146			10,122			11,311
Selling, general and administrative costs		431			538			933			1,071
Research and development costs		307			281			555			555
Result from investments:		12			13			12			17
Share of the profit/(loss) of investees accounted for using the equity method		12			13			12			17
Gains/(losses) on the disposal of investments		—			—			—			—
Restructuring costs		7			30			12			36
Goodwill impairment loss		576			—			576			—
Other income/(expenses)		(61	)		(26	)		(107	)		(50	)
Financial income/(expenses)		(75	)		(63	)		(129	)		(135	)
PROFIT/(LOSS) BEFORE TAXES		(1,276	)		506			(1,410	)		870
Income tax (expense)		81			(123	)		116			(216	)
PROFIT/(LOSS) FROM CONTINUING OPERATIONS		(1,195	)		383			(1,294	)		654
PROFIT/(LOSS) FOR THE PERIOD		(1,195	)		383			(1,294	)		654

PROFIT/(LOSS) FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the parent		(1,206	)		371			(1,316	)		635
Non-controlling interests		11			12			22			19

(in $)
BASIC EARNINGS/(LOSS) PER COMMON SHARE		(0.89	)		0.27			(0.97	)		0.47
DILUTED EARNINGS/(LOSS) PER COMMON SHARE		(0.89	)		0.27			(0.97	)		0.47


($ million)	June 30, 2020		December 31, 2019
ASSETS
Intangible assets		4,689		5,522
Property, plant and equipment		4,891		5,769
Investments and other financial assets:		2,298		707
Investments accounted for using the equity method		518		550
Equity investments measured at fair value through other comprehensive income		1,733		108
Other investments and financial assets		47		49
Leased assets		1,813		1,857
Defined benefit plan assets		23		28
Deferred tax assets		924		806

Total Non-current assets		14,638		14,689

Inventories		6,868		7,065
Trade receivables		472		408
Receivables from financing activities		17,424		19,429
Current tax receivables		195		260
Other current assets		1,139		1,475
Other financial assets		170		73
Cash and cash equivalents		5,868		5,773

Total Current assets		32,136		34,483

Assets held for sale		16		10

TOTAL ASSETS		46,790		49,182

EQUITY AND LIABILITIES
Issued capital and reserves attributable to owners of the parent		7,500		7,819
Non-controlling interests		54		44

Total Equity		7,554		7,863

Provisions:		4,599		4,787
Employee benefits		1,606		1,701
Other provisions		2,993		3,086
Debt:		24,959		25,413
Asset-backed financing		11,078		11,757
Other debt		13,881		13,656
Other financial liabilities		103		121
Trade payables		4,544		5,635
Tax liabilities		227		181
Deferred tax liabilities		213		274
Other current liabilities		4,591		4,908
Liabilities held for sale		—		—

Total Liabilities		39,236		41,319

TOTAL EQUITY AND LIABILITIES		46,790		49,182