Month: July 2022

Posted on

Minister expects deeper defense cooperation between Indonesia, Morocco

Jakarta Indonesian Minister of Defense Prabowo Subianto, through his press statement on Saturday, expressed keenness for defense cooperation between Indonesia and Morocco to be boosted in future.

On Friday, Subianto received a visit from Morocco’s Ambassador to Indonesia Ouadia Benabdellah at the Ministry of Defense Office, here.

The minister lauded the visit made by Morocco’s ambassador to Indonesia and the defense cooperation established with Morocco.

“Indonesia lauds the good relations and defense cooperation built with Morocco, which is based on three pillars,” he remarked.

These pillars comprise developing mutual trust, bolstering defense capacity, and encouraging independence of the defense industry.

Meanwhile, Benabdellah expects that the meeting can further solidify diplomatic relations between Indonesia and Morocco in a more strategic direction in the defense and security sector.

Source: Antara News

Posted on

Amid global uncertainty lies an opportunity for textile sector: govt

Bandung, West Java The Indonesian textile sector has an opportunity to cater to global clothing demand amid the current global situation, which is marked by post-pandemic uncertainty and the Russia-Ukraine crisis, the Industry Ministry has said.

The ongoing global crises have presented an opportunity that the country must seize to meet the world’s clothing demand, Industry Ministry’s Secretary General Dody Widodo stressed here on Saturday.

Thus far, the textile sector has accounted for around 12.5 percent of the country’s economic growth. This growth has been propelled by major exports, he noted.

However, amid the post-pandemic period, domestic textile demand is still quite high. Hence, the production of textiles for domestic consumers must be done in parallel with that for the global audience.

“So that we can develop domestic and export demand as well as share it with the world,” he remarked.

To bolster Indonesia’s textile industry, the ‘Love for Domestic Products Movement’ must be expanded consistently so that the country’s textile industry can continue to compete with overseas products on the global stage.

“If we do not appreciate our market, do not expect that we can maintain this growth. The textile industry is one of the things that has assisted the growth of the national economy,” Widodo said.

In addition, the ministry is continuing its efforts to reduce imports that can weaken the domestic industry. The efforts include the import substitution program, he noted.

The government controls imports through commodity balance, wherein it figures out the quantum of supply and demand within society, he explained.

Earlier, Minister of Industry Agus Gumiwang Kartasasmita noted that the national textile industry is targeted to meet most of the domestic demand by 2025.

It is also expected to boost exports by 15 percent per year, he added in a statement issued on Friday.

Source: Antara News

Posted on

Vice President to officially open 2022 ASEAN Para Games

Jakarta Vice President Ma’ruf Amin, accompanied by his wife, Wury Ma’ruf Amin, and a limited entourage left for Solo, Central Java, on Saturday to officially open the 2022 XI ASEAN Para Games.

They boarded a Boeing 736-400 Indonesian Air Force aircraft from Halim Perdanakusuma Airport, Jakarta, around 4.30 p.m. local time.

Central Java Governor Ganjar Pranowo and his wife, Siti Atiqoh Ganjar Pranowo, will welcome them at Adi Soemarmo Air Force Base, Boyolali, Central Java.

From the air force base, Amin and his entourage are scheduled to directly proceed to the venue of the 2022 APG at Manahan Stadium, Solo, by car.

Minister of Youth and Sports, Zainudin Amali; president of the ASEAN Para Sports Federation (APSF), Osoth Bhalivai; as well as the Mayor of Surakarta and chair of the Indonesian ASEAN Para Games Organizing Committee (INASPOC), Gibran Rakabuming Raka, will join the Vice President at the venue.

Amin is scheduled to witness the entire procession at the opening ceremony for the 2022 APG, which will be attended by participants from 11 countries in the Southeast Asian region.

The APG is the largest disabled sports event in Southeast Asia, and will be held in Solo and Semarang, Central Java, from July 30 to August 6, 2022.

The participants will compete in 14 sports, namely athletics, swimming, badminton, table tennis, chess, powerlifting, boccia, blind judo, goalball, wheelchair tennis, archery, CP football, wheelchair basketball, and sitting volleyball.

Manpower Minister Ida Fauziyah; head of the Vice President Secretariat Office, Ahmad Erani Yustika; deputy for human development policy support and equal development, Suprayoga Hadi; special staff to the Vice President, Masduki Baidlowi; and the Vice President’s expert team staff Farhat Brachma, accompanied the Vice President to Solo.

Source: Antara News

Posted on

Job Creation Law derivative regulation supporting MSME growth: KSP

Jakarta The implementation of the Job Creation Law through its derivative regulation, Government Regulation (PP) No. 7/2021, has helped expedite the growth of micro, small, and medium enterprises (MSMEs), the Presidential Staff Office (KSP) has said.

PP No. 7/2021 on cooperatives and MSME convenience, protection, and empowerment has provided major support to MSMEs in various aspects, Head of the KSP’s job creation law monitoring and evaluation (Monev) team, Edy Priyono, informed.

These aspects include assistance in obtaining capital, permits, certification, marketing support, and partnership encouragement, he said in a statement issued on Saturday.

In addition, the KSP lauded the Cooperatives and Small and Medium Enterprises (SMEs) Ministry for encouraging the implementation of PP No. 7 of 2021.

In terms of permits, the government has helped 1.3 million micro and small enterprises (MSEs) obtain business identification numbers (NIBs) through the Online Single Submission Risk-Based Approach (OSS-RBA).

MSMEs have also received legal assistance and counseling, Priyono, who is also KSP’s main expert staff, added.

Legal counseling is being provided to micro-enterprises in 15 provinces and has been availed of by 600 micro and small enterprises.

“The Cooperatives and SMEs Ministry is also providing legal assistance to 18 micro-enterprises through advocates and LBHs (Legal Assistance Institutions),” Priyono informed.

To provide promotional spaces to MSMEs, the ministry has encouraged partnerships between micro and small enterprises with terminal managers through MoU inking with several ministries.

Currently, MSMEs’ promotional provision at various public facilities has reached 30 percent, he noted.

As of the end of June 2022, the Cooperatives and SMEs Ministry has expedited data gathering for MSMEs’ single database. Data on at least 857,281 MSMEs from 226 districts or cities and 33 provinces has been recorded in the database so far.

To bolster the competency of MSME human resources, the government is proactively providing training on various aspects such as vocation, e-commerce, financial management, and training for competency-based micro-enterprises.

As of July, 1,110 entrepreneurs have participated in such training.

Source: Antara News

Posted on

Pertamina to help Papuan customers register for subsidized fuel

The consumers will be educated so they can easily understand the registration process as well as the actual implementation (of the subsidized fuel purchase)

Jayapura, Papua PT Pertamina Patra Niaga will disseminate information among the Papuan community, especially owners of four-wheeled vehicles, on how to register on the subsiditepat.mypertamina.id website for purchasing subsidized fuel.

The state-run oil and gas corporation PT Pertamina’s (Persero’s) commercial and trading sub-holding will carry out the information dissemination in Nabire, Merauke, and Biak Numfor districts.

The sub-holding’s area manager, communication relations and corporate social responsibility for Papua and Maluku regions, Edi Mangun, said here on Saturday that the activity will be held from August 1 to 5, 2022.

Registration booths will be prepared at several gas stations to help customers register for the subsidized fuel.

“The consumers will be educated so they can easily understand the registration process as well as the actual implementation (of the subsidized fuel purchase),” the official said.

In addition to booths, people can also register directly on the website, he added.

Once their registration and verification on the website are completed, applicants will get a quick response (QR) code, which can be used to buy subsidized fuel, he informed.

The code will be scanned by gas station officers every time customers buy subsidized fuel.

“Later, it (the code) can be printed, saved, or even attached to the vehicles,” Mangun said.

The payment for the transaction can still be made using cash, he added.

The confidentiality of customers’ data will be guaranteed, and the data will be useful for the government to develop energy policies and prevent the potential of subsidized fuel misuse, he said.

The company is also coordinating with local governments and other agencies so that the actual implementation of the subsidized fuel purchase policy is not hampered.

Earlier, president director of PT Pertamina Patra Niaga, Alfian Nasution, said that people who wish to buy subsidized Pertalite and Solar diesel fuel, will need to register on the company’s application MyPertamina or on the subsiditepat.mypertamina.id website.

The trial of the application and webpage was launched on July 1 at a number of locations in West Sumatra, West Java, South Kalimantan, Yogyakarta, and North Sulawesi provinces.

Source: Antara News

Posted on

Eight investors show interest in eastern Indonesian fisheries sector

Jakarta Eight domestic investors have expressed interest in channeling Rp156 billion in funds to develop the fishing industry in eastern Indonesia, the Ministry of Maritime Affairs and Fisheries (KKP) has informed.

“Praise God, there are eight investors interested in investing in the marine and fisheries sector in eastern Indonesia,” Director-General of Strengthening the Competitiveness of Marine and Fishery Products (PDSPKP) at KKP Artati Widiarti said in a written statement received here on Saturday.

Specifically, the investors will develop businesses involved in shrimp cultivation, fish processing, and seaweed marketing, she informed.

The investment area will include Sumbawa District in West Nusa Tenggara (NTB), with investment interest in shrimp cultivation reaching Rp80 billion and tuna and crab processing Rp10 billion, Widiarti said.

Other investments cover the construction of an ice factory worth Rp500 million and the construction of a fish processing unit (UPI) worth Rp45 billion for fresh fish products and frozen fish in Mimika District, Central Papua, she added.

Meanwhile, in East Flores district, East Nusa Tenggara (NTT), investors have evinced interest in pumping in Rp20 billion for a fish processing unit (UPI) and Rp500 million for building an ice factory.

“We will definitely follow up this good news,” she remarked.

Director of Business and Investment at the Directorate General of PDSPKP Catur Sarwanto said that his office will coordinate with the local government. At the same time, he said he is ready to help investors who have submitted their investment interest to realize their investment plan promptly.

At an investment promotion activity in Makassar some time ago, Sarwanto assured that PDSPKP is also offering investors an opportunity to invest in Parepare City, South Sulawesi. The city is designated to be a Regional Activity Center (PKW), specifically, as a center for the processing industry.

This is aimed at encouraging economic and agro-industry activities in surrounding areas such as Barru, Pinrang, Sidrap, and Enrekang Districts. In addition, Parepare City has also been included in the list of national strategic areas.

“Parepare’s fishery potential consists of fishing, fish processing, and fish cultivation in a pond with a potential of 64 hectares and 3,355 hectares. This is also an investment opportunity that we offer,” he disclosed.

Based on data from the KKP, the realization of investment in the first half of 2022 has been estimated at Rp4.04 trillion, an increase of 36.29 percent compared to the same period of 2021.

Source: Antara News

Posted on

KSP highlights importance of sorghum research in managing food crisis

Almost all countries are facing challenges in food supply…There is one plant that has great potential, namely sorghum, that needs to be developed.

Jakarta Chief of the Presidential Staff (KSP) Moeldoko has emphasized the importance of strengthening research on sorghum as an alternative to rice amid the current global food crisis.

He conveyed this while welcoming food researchers from 12 countries—Indonesia, Malaysia, Thailand, the Philippines, Vietnam, Laos, Myanmar, Bangladesh, Cambodia, Jordan, Mongolia, and Pakistan—in Jakarta on Saturday.

“Almost all countries are facing challenges in food supply. Therefore, I encourage food collaboration from food researchers from various countries. There is one plant that has great potential, namely sorghum, that needs to be developed,” he said in a press statement received here the same day.

Indonesian researchers are starting to develop superior varieties of sorghum that are more durable and have higher productivity, he informed.

According to Moeldoko, sorghum is a very useful or superior plant since it offers many benefits, both in terms of nutrition and health.

“Sorghum is very good for people who want to consume foods with high protein while avoiding diabetes and choosing gluten-free options,” he added.

On the same occasion, Indonesian food researcher Soeronto Human said that sorghum is a superior food and suitable to be cultivated in Indonesia. Unfortunately, until now, most Indonesian people are continuing to choose rice and wheat as their main staples.

Therefore, the government and the community must pay more attention to sorghum development and promote sorghum as an alternative food.

Earlier, food researchers from 12 countries participated in joint training and research related to the sorghum plant in Jonggol, West Java, on Wednesday (July 27, 2022).

During the training, food researchers shared their knowledge and experience in the development and processing of sorghum into food sources, bioenergy, and natural sweeteners.

Sorghum seeds can be made into rice and processed into flour, and the stems of sorghum can be processed into liquid sugar, crystal sugar, or bioethanol.

Afterward, the remaining stems, leaves, and roots of sorghum can be further processed into agricultural fertilizers and animal feed.

Source: Antara News

Posted on

CNH Industrial reports strong second quarter performance

Record consolidated revenues of $6,082 million (up 17.5% compared to Q2 2021 for continuing operations, up 20% at constant currency)

Net income of $552 million, Adjusted Net Income of $583 million, with adjusted diluted EPS of $0.43

Adjusted EBIT of Industrial Activities of $654 million (up $82 million compared to Q2 2021)

Free cash flow generation of $404 million (Industrial Activities)

Board approved additional $300 million share buy-back program

Financial results presented under U.S. GAAP

“Our robust second quarter results highlighted the CNH Industrial team’s focus on execution, as they excelled in both tactically ensuring we continued to meet customer commitments and making notable progress on our strategic initiatives. These considerations and strong price realization contributed to our impressive sales and adjusted diluted EPS growth, up 17.5% and 16.2% respectively. Pricing, volumes, and favorable mix offset significant cost escalation and gross profit increased $174 million year over year. Component shortages again impacted production, resulting in Free Cash Flow of $404 million which, though a tremendous sequential improvement, was still down almost 50% versus Q2 2021. Despite this, we continue to expect to deliver more than $1 billion of free cash flow for 2022.

Looking forward, we have exciting new products to unveil at the upcoming trade shows and our Tech Day late in the year. Raven and our Precision team are making great strides and helping to drive Agriculture’s growth, and Construction Equipment, bolstered by Sampierana, is significantly increasing its profitability. With this ever-stronger foundation, we expect to meet our Full Year guidance, but anticipate a decidedly less advantageous climate for the next several quarters. The strengthening US dollar is impacting soft commodity prices, risking further deterioration in farmer sentiment and income, while we see the likelihood of declining European industrial demand due to the war in Ukraine, energy risk and inflation. In the Americas, steady demand from cash crop customers indicates that the market may be more stable, but overall we are positioning for a recession. Our team has proven that, regardless of the environment, they will continue to execute our strategic priorities and deliver for our customers and shareholders.”

    Scott W. Wine, Chief Executive Officer

2022 Second Quarter Results

(all amounts $ million, comparison vs Q2 2021 continuing operations – unless otherwise stated)

US-GAAP Q2 2022 PY(1) Change Change at c.c.(3) Consolidated revenue 6,082 5,174 +17.5% +20% of which Net sales of Industrial Activities 5,613 4,778 +17.5% +20% Net income 552 514 +38 Diluted EPS $ 0.40 0.38 +0.02 Cash flow from operating activities (271) 560 (831) Cash and cash equivalents(6) 2,855 3,219 (364) Gross profit margin of Industrial Activities 22.0% 22.2% -20bps NON-GAAP(2) Q2 2022 PY(1) Change Adjusted EBIT of Industrial Activities 654 572 +82 Adjusted EBIT Margin of Industrial Activities 11.7% 12.0% -30bps Adjusted net income 583 507 +76 Adjusted diluted EPS $ 0.43 0.37 +0.06 Free Cash flow of Industrial Activities 404 785 (381) Available liquidity(6) 8,795 9,399 (604) Adjusted gross margin of Industrial Activities 22.0% 22.2% -20bps

Net sales of Industrial Activities of $5,613 million, up 17.5% mainly due to favorable price realization, offsetting almost 3% adverse currency conversion.

Adjusted EBIT of Industrial Activities of $654 million ($572 million in Q2 2021), with both segments up year over year. Agriculture adjusted EBIT margin at 14% and Construction at 3.8%.

Adjusted net income of $583 million, with adjusted diluted earnings per share of $0.43 (adjusted net income of $507 million in Q2 2021, with adjusted diluted earnings per share of $0.37).

Gross profit margin of Industrial Activities of 22.0%, (22.2% in Q2 2021) with improvement in Construction despite continued cost pressures.

Reported income tax expense of $228 million and adjusted income tax expense(1) of $185 million, with adjusted effective tax rate (adjusted ETR(1)) of 25.0%,

Free cash flow of Industrial Activities was $404 million. Manufacturing inventories remain high, amid supply chain constraints, while finished goods inventories are lean relative to sales. Total Debt of $20.8 billion at June 30, 2022 ($20.9 billion at December 31, 2021).

Industrial Activities Net Debt(1) position at $1.6 billion, an increase of $438 million from December 31, 2021.

Available liquidity at $8,795 million as of June 30, 2022. In April, CNH Industrial Capital LLC’s 4.375% $500 million notes matured. In May, CNH Industrial Capital LLC issued a 3.950% $500 million notes due in 2025. In May, CNH Industrial paid €379 million (~$412 million) in dividends to shareholders. During the quarter, CNH Industrial received proceeds of $350 million for the sale of the Raven Engineered Films Division.

The Board of Directors approved a $300 million share buyback program to be launched at the completion of the existing $100 million program.

Agriculture
Q2 2022 Q2 2021(1) Change Change at c.c.(3)
Net sales ($ million) 4,722 3,970 +19% +22%
Adjusted EBIT ($ million) 663 582 +81
Adjusted EBIT margin 14.0% 14.7% -70 bps

In North America, industry volume was flat for tractors over 140 HP and was down 16% for tractors under 140 HP; combines were up 3%. In Europe, Middle East and Africa (EMEA), tractor and combine demand was down 1% and 24%, respectively, with combine demand up when excluding Turkey and Russia. South America tractor demand was up 4% and combine demand was down 14%. Asia Pacific tractor demand was up 11% and combine demand was up 21%.

Net sales were up 19%, due to favorable price realization and better mix, mostly driven by North America and South America.

Gross profit margin was 23.4%, with Gross Profit $150 million higher than in Q2 2021, mainly due to better mix and favorable price realization primarily in North America and South America, partially offset by higher production and raw material costs across all regions.

Adjusted EBIT was $663 million ($582 million for Q2 2021), with Adjusted EBIT margin at 14.0%. The $81 million increase was driven by higher gross profit, partially offset by higher SG&A costs, and increased R&D spend.

Order book in Agriculture was up almost 5% year over year for tractors. Order book for combines was down almost 6%, with declines in North America and South America offset partially by growth in EMEA. At more than 3 times the pre-pandemic levels, order books remain strong in all regions and key products, with the company accepting orders only through Q1 2023 in most regions as cost uncertainties remain.

Construction
Q2 2022 Q2 2021(1) Change Change at c.c.(3)
Net sales ($ million) 891 808 +10% +12%
Adjusted EBIT ($ million) 34 24 +10
Adjusted EBIT margin 3.8% 3.0% +80 bps

Global industry volume for construction equipment decreased in both Heavy and Light sub-segments, with Heavy down 18% and Light down 12%, mostly driven by a 29% decrease in Light and Heavy equipment demand for Asia Pacific, particularly in China. Demand decreased 3% in North America, 3% in EMEA and increased 22% in South America.

Net sales were up 10%, driven by price realization and contribution from the Sampierana business, partially offset by lower volume in all regions except South America.

Gross profit margin was 13.8%, up 1.4% compared to Q2 2021, mainly due to higher volumes and favorable price realization, partially offset by unfavorable fixed costs absorption and higher freight and raw material costs.

Adjusted EBIT increased $10 million due to favorable volume and mix and positive price realization, partially offset by higher freight and raw material costs and increased SG&A spend. Adjusted EBIT margin at 3.8%.

Construction order book up more than 20% year over year in both Heavy and Light sub-segments, with increases in the North America, EMEA and South America regions.

Financial Services
Q2 2022 Q2 2021(1) Change Change at c.c.(3)
Revenue ($ million) 471 392 +20% +20%
Net income ($ million) 95 85 +10
Equity at quarter-end ($ million) 2,211 2,185 +26
Retail loan originations ($ million) 2,440 2,407 +1.4%

Revenues were up 20% due to higher used equipment sales, higher base rates in South America and higher average portfolios in all regions, partially offset by lower average retail yields in North America.

Net income increased $10 million to $95 million, primarily as a result of higher recoveries on used equipment sales, higher base rates in South America, and higher average portfolios in all regions, offset by increased income taxes and unfavorable risk costs.

The managed portfolio (including unconsolidated joint ventures) was $21.1 billion as of June 30, 2022 (of which retail was 70% and wholesale 30%), up $0.6 billion compared to June 30, 2021 (up $1.7 billion on a constant currency basis).

The receivable balance greater than 30 days past due as a percentage of receivables was 1.5% (1.5% as of June 30, 2021).

2022 Outlook

The Company is substantially confirming the following 2022 outlook for its Industrial Activities:

  • Net sales(5) up between 12% and 14% year on year including currency translation effects
  • SG&A expenses lower or equal to 7.5% of net sales
  • Free cash flow in excess of $1.0 billion
  • R&D expenses and capital expenditures at around $1.4 billion

Significant uncertainties remain in all regions, linked to rising inflation, geopolitical instability, the war in Ukraine and continuing COVID-19 infection waves, all these factors may affect our forecast for the year.

RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2022

Consolidated revenues of $10,727 million (up 15.7% year on year, up 18% at constant currency), net income of $888 million, with adjusted diluted EPS of $0.70, adjusted EBIT of Industrial Activities of $1,083 million, and free cash flow absorption of $655 million (Industrial Activities).

Results for the Six Months Ended June 30, 2022

(all amounts $ million, comparison vs Q2 2021 continuing operations – unless otherwise stated)

US-GAAP
Q2 2022 PY(1) Change Change at c.c.(3)
Consolidated revenue 10,727 9,270 +15.7% +18%
of which Net sales of Industrial Activities 9,793 8,472 +15.6% +18%
Net income 888 877 +11
Diluted EPS $ 0.65 0.64 +0.01
Cash flow from operating activities (1,158) 801 (1,959)
Cash and cash equivalents(7) 2,855 5,044 (2,189)
Gross profit margin of Industrial Activities 21.8% 22.0% -20bps
NON-GAAP(2)
Q2 2022 PY(1) Change
Adjusted EBIT of Industrial Activities 1,083 965 +118
Adjusted EBIT Margin of Industrial Activities 11.1% 11.4% -30bps
Adjusted net income 961 859 +102
Adjusted diluted EPS $ 0.70 0.63 +0.07
Free Cash flow of Industrial Activities (655) 772 (1,427)
Available liquidity(7) 8,795 10,521 (1,726)
Adjusted gross margin of Industrial Activities 22.1% 22.0% +10bps
Agriculture
YTD Q2 2022 YTD Q2 2021(1) Change Change at c.c.(3)
Net sales ($ million) 8,099 7,008 +16% +18%
Adjusted EBIT ($ million) 1,089 981 +108
Adjusted EBIT margin 13.4% 14.0% -60bps
Construction
YTD Q2 2022 YTD Q2 2021(1) Change Change at c.c.(3)
Net sales ($ million) 1,694 1,464 +16% +17%
Adjusted EBIT ($ million) 66 49 +17
Adjusted EBIT margin 3.9% 3.3% +60bps
Financial Services
YTD Q2 2022 YTD Q2 2021(1) Change Change at c.c.(3)
Revenues ($ million) 937 789 +19% +19%
Net income ($ million) 177 163 +14

Notes

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.

  1. Effective January 1, 2022, the Iveco Group business was separated from CNH Industrial N.V. by way of a demerger under Dutch law to Iveco Group N.V. and Iveco Group became a public listed company independent from CNH Industrial. Accordingly, that business is presented as discontinued operations beginning in the first quarter of 2022. The Company has reclassified the financial results of Iveco Group to Net income (loss) from discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented. The Company has reclassified the related assets and liabilities as Assets held for distribution and Liabilities held for distribution on the Condensed Consolidated Balance Sheets as of December 31, 2021. Cash flows from the Company’s discontinued operations are presented in the Condensed Consolidated Statements of Cash Flows for all periods. All comparative figures shown exclude the results of the discontinued operations.
  2. 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. 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.
  3. c.c. means at constant currency.
  4. Certain financial information in this report has been presented by geographic area. Our geographical regions are: (1) North America; (2) Europe, Middle East and Africa; (3) South America and (4) Asia Pacific. The geographic designations have the following meanings:
    1. North America: United States, Canada, and Mexico;
    2. Europe, Middle East, and Africa: member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine, Balkans, Russia, Turkey, the African continent, and the Middle East;
    3. South America: Central and South America, and the Caribbean Islands; and
    4. Asia Pacific: Continental Asia (including the Indian subcontinent) and Oceania.
  5. Net sales reflecting the exchange rate of 1.05 EUR/USD
  6. Comparison vs. March 31, 2022
  7. Comparison vs. December 31, 2021

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 operating results and enhance the readers’ ability to assess CNH Industrial’s 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 under U.S. GAAP or EU-IFRS and are unlikely to be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with U.S. GAAP and/or EU-IFRS.

CNH Industrial’s non-GAAP financial measures are defined as follows:

  • Adjusted EBIT of Industrial Activities under U.S. GAAP is defined as net income (loss) before income taxes, Financial Services’ results, Industrial Activities’ interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non-recurring items. 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 EBIT of Industrial Activities under EU-IFRS: is defined as profit/(loss) before taxes, Financial Services’ results, Industrial Activities’ financial expenses, restructuring costs, and certain non-recurring items.
  • Adjusted Net Income (Loss): is defined as net income (loss), less restructuring charges and non-recurring items, after tax.
  • 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 a 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 or benefits.
  • 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.
  • Adjusted Gross Profit Margin of Industrial Activities: is computed by dividing Net sales less Cost of goods sold, as adjusted by non-recurring items, by Net sales.
  • Net Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net Cash (Debt) is defined as total debt less intersegment notes receivable, cash and cash equivalents, restricted cash, other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties) and derivative hedging debt. CNH Industrial provides the reconciliation of Net Cash (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 Cash (Debt) of Industrial Activities.
  • Free Cash Flow of Industrial Activities (or Industrial Free Cash Flow): refers to Industrial Activities only, and is computed as consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in assets sold under operating leases, property, plant and equipment and intangible assets; change in derivatives hedging debt of Industrial Activities; as well as other changes and intersegment eliminations.
  • Available Liquidity: is defined as cash and cash equivalents plus restricted cash, undrawn medium-term unsecured committed facilities, net receivables/payables with Iveco Group N.V. and other current financial assets (primarily current securities, short-term deposits and investments in instruments of high-credit rating counterparties).
  • 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 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, liquidity, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements. Forward looking statements also include statements regarding the future performance of CNH Industrial and its subsidiaries on a standalone basis. 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, including those related to the COVID-19 pandemic, 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 they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, 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 continued uncertainties related to the unknown duration and economic, operational and financial impacts of the global COVID-19 pandemic and the actions taken or contemplated by governmental authorities or others in connection with the pandemic on our business, our employees, customers and suppliers; supply chain disruptions, including delays caused by mandated shutdowns, industry capacity constraints, material availability, and global logistics delays and constraints; disruption caused by business responses to COVID-19, including remote working arrangements, which may create increased vulnerability to cybersecurity or data privacy incidents; our ability to execute business continuity plans as a result of COVID-19; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, including demand uncertainty caused by COVID-19; general economic conditions in each of our markets, including the significant economic uncertainty and volatility caused by the war in the Ukraine and COVID-19; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining 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; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; 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; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH Industrial and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including other pandemics, terrorist attacks in Europe and elsewhere; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing.

Forward-looking statements are based upon assumptions relating to the factors described in this earnings release, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside CNH Industrial’s control. CNH Industrial expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this announcement to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Further information concerning CNH Industrial, 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.

Conference Call and Webcast

Today, at 3:30 p.m. CEST / 2:30 p.m. BST/ 9:30 a.m. EDT, management will hold a conference call to present second quarter 2022 results to financial analysts and institutional investors. The call can be followed live online at https://bit.ly/CNH_Industrial_Q2_2022 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 call.

London, July 29, 2022

CONTACTS

Media Inquiries – Laura Overall Tel +44 207 925 1964 or Rebecca Fabian Tel +1 312 515 2249 (Email mediarelations@cnhind.com)

Investor Relations – Noah Weiss Tel +1 773 896 5242 or Federico Pavesi Tel +39 345 605 6218

CNH INDUSTRIAL N.V.
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021
(Unaudited, U.S.-GAAP)

Three Months Ended June 30, Six Months Ended June 30,
($ million) 2022 2021 2022 2021
Revenues
Net sales 5,613 4,778 9,793 8,472
Finance, interest and other income 469 396 934 798
TOTAL REVENUES 6,082 5,174 10,727 9,270
Costs and Expenses
Cost of goods sold 4,377 3,716 7,663 6,612
Selling, general and administrative expenses 424 355 802 674
Research and development expenses 212 164 396 296
Restructuring expenses 6 5 8 6
Interest expense 162 137 300 290
Other, net 148 156 331 298
TOTAL COSTS AND EXPENSES 5,329 4,533 9,500 8,176
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES 753 641 1,227 1,094
Income tax (expense) benefit (228) (152) (387) (268)
Equity in income (loss) of unconsolidated subsidiaries and affiliates 27 25 48 51
Net income (loss) from continuing operations 552 514 888 877
Net income (loss) from discontinued operations — 185 — 247
NET INCOME (LOSS) 552 699 888 1,124
Net income attributable to noncontrolling interests 4 9 7 26
NET INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL N.V. 548 690 881 1,098
Basic earnings (loss) per share attributable to common shareholders (in $)
Continuing operations 0.40 0.38 0.65 0.64
Discontinued operations — 0.13 — 0.17
Basic earnings per share attributable to CNH Industrial N.V. 0.40 0.51 0.65 0.81
Diluted earnings (loss) per share attributable to common shareholders (in $)
Continuing operations 0.40 0.38 0.65 0.64
Discontinued operations — 0.13 — 0.17
Diluted earnings per share attributable to CNH Industrial N.V. 0.40 0.51 0.65 0.81
Average shares outstanding (in millions)
Basic 1,355 1,354 1,355 1,354
Diluted 1,360 1,361 1,360 1,360
Cash dividends declared per common share 0.302 0.132 0.302 0.132

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, 2021 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 June 30, 2022 and December 31, 2021
(Unaudited, U.S.-GAAP)

($ million) June 30, 2022 December 31, 2021
ASSETS
Cash and cash equivalents 2,855 5,044
Restricted cash 729 801
Financing receivables, net 16,537 15,376
Receivables from Iveco Group N.V. 281 —
Inventories, net 5,473 4,216
Property, plant and equipment, net and equipment under operating lease 3,043 3,213
Intangible assets, net 4,435 4,417
Other receivables and assets 2,295 2,803
Assets held for distribution — 13,546
TOTAL ASSETS 35,648 49,416
LIABILITIES AND EQUITY
Debt 20,817 20,897
Payables to Iveco Group N.V. 73 502
Other payables and liabilities 8,915 9,272
Liabilities held for distribution — 11,892
Total Liabilities 29,805 42,563
Redeemable noncontrolling interest 49 45
Equity 5,794 6,808
TOTAL LIABILITIES AND EQUITY 35,648 49,416

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, 2021, 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 Statement of Cash Flows for the six months ended June 30, 2022 and 2021
(Unaudited, U.S.-GAAP)

Six Months Ended June 30,
($ million) 2022 2021
Net income (loss) 888 1,124
Less: Net income (loss) of Discontinued Operations — 247
Net income (loss) of Continuing Operations 888 877
Adjustments to reconcile net income (loss) from Continuing Operations to net cash provided by (used in) operating activities from Continuing Operations: (2,046) (76)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS (1,158) 801
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS — 570
TOTAL NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (1,158) 1,371
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS (1,000) (612)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS — (153)
TOTAL NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (1,000) (765)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS 72 (1,111)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS — (370)
TOTAL NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 72 (1,481)
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash (175) (170)
DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (2,261) (1,045)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR 5,845 9,629
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 3,584 8,584
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (Discontinued Operations) — 680
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (Continuing Operations) 3,584 7,904

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, 2021 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 months ended June 30, 2022 and 2021
(Unaudited, U.S.-GAAP)

Three Months Ended June 30, 2022 Three Months Ended June 30, 2021
($ million) Industrial Activities(1) Financial Services Eliminations Consolidated Industrial Activities(1) Financial Services Eliminations Consolidated
Revenues
Net sales 5,613 — — 5,613 4,778 — — 4,778
Finance, interest and other income 15 471 (17)(2) 469 14 392 (10)(2) 396
TOTAL REVENUES 5,628 471 (17) 6,082 4,792 392 (10) 5,174
Costs and Expenses
Cost of goods sold 4,377 — — 4,377 3,716 — — 3,716
Selling, general and administrative expenses 381 43 — 424 333 22 — 355
Research and development expenses 212 — — 212 164 — — 164
Restructuring expenses 6 — — 6 5 — — 5
Interest expense 50 129 (17) (3) 162 45 102 (10) (3) 137
Other, net (21) 169 — 148 (4) 160 — 156
TOTAL COSTS AND EXPENSES 5,005 341 (17) 5,329 4,259 284 (10) 4,533
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES 623 130 — 753 533 108 — 641
Income tax (expense) benefit (190) (38) — (228) (126) (26) — (152)
Equity in income (loss) of unconsolidated subsidiaries and affiliates 24 3 — 27 22 3 — 25
NET INCOME (LOSS) Continuing Operations 457 95 — 552 429 85 — 514
NET INCOME (LOSS) Discontinued Operations — — — — 171 14 — 185
NET INCOME (LOSS) 457 95 — 552 600 99 — 699

(1)   Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.
(2)   Elimination of Financial Services’ interest income earned from Industrial Activities.
(3)  Elimination of Industrial Activities’ interest expense to Financial Services.

CNH INDUSTRIAL N.V.
Supplemental Statements of Operations for the six months ended June 30, 2022 and 2021
(Unaudited, U.S.-GAAP)

Six Months Ended June 30, 2022 Six Months Ended June 30, 2021
($ million) Industrial Activities(1) Financial Services Eliminations Consolidated Industrial Activities(1) Financial Services Eliminations Consolidated
Revenues
Net sales 9,793 — — 9,793 8,472 — — 8,472
Finance, interest and other income 25 937 (28)(2) 934 27 789 (18)(2) 798
TOTAL REVENUES 9,818 937 (28) 10,727 8,499 789 (18) 9,270
Costs and Expenses
Cost of goods sold 7,663 — — 7,663 6,612 — — 6,612
Selling, general and administrative expenses 710 92 — 802 619 55 — 674
Research and development expenses 396 — — 396 296 — — 296
Restructuring expenses 8 — — 8 6 — — 6
Interest expense 95 233 (28) (3) 300 98 210 (18) (3) 290
Other, net (38) 369 — 331 (17) 315 — 298
TOTAL COSTS AND EXPENSES 8,834 694 (28) 9,500 7,614 580 (18) 8,176
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES 984 243 — 1,227 885 209 — 1,094
Income tax (expense) benefit (313) (74) — (387) (216) (52) — (268)
Equity in income (loss) of unconsolidated subsidiaries and affiliates 40 8 — 48 45 6 — 51
NET INCOME (LOSS) Continuing Operations 711 177 — 888 714 163 — 877
NET INCOME (LOSS) Discontinued Operations — — — — 220 27 — 247
NET INCOME (LOSS) 711 177 — 888 934 190 — 1,124

(1)  Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.
(2)   Elimination of Financial Services’ interest income earned from Industrial Activities.
(3)  Elimination of Industrial Activities’ interest expense to Financial Services.

CNH INDUSTRIAL N.V.
Supplemental Balance Sheets as of June 30, 2022 and December 31, 2021
(Unaudited, U.S.-GAAP)

June 30, 2022 December 31, 2021
($ million) Industrial Activities(1) Financial Services Eliminations Consolidated Industrial Activities(1) Financial Services Eliminations Consolidated
ASSETS
Cash and cash equivalents 2,430 425 — 2,855 4,386 658 — 5,044
Restricted cash 144 585 — 729 128 673 — 801
Financing receivables, net 694 16,691 (848)(2) 16,537 199 15,508 (331)(2) 15,376
Receivables from Iveco Group N.V. 220 61 — 281 — — — —
Inventories, net 5,455 18 — 5,473 4,187 29 — 4,216
Property, plant and equipment, net and equipment on operating lease 1,458 1,585 — 3,043 1,504 1,709 — 3,213
Intangible assets, net 4,273 162 — 4,435 4,255 162 — 4,417
Other receivables and assets 2,305 478 (488)(3) 2,295 2,656 345 (198)(3) 2,803
Assets held for distribution — — — — 9,814 4,543 (811) 13,546
TOTAL ASSETS 16,979 20,005 (1,336) 35,648 27,129 23,627 (1,340) 49,416
LIABILITIES AND EQUITY
Debt 4,997 16,668 (848) (2) 20,817 5,485 15,743 (331) (2) 20,897
Payables to Iveco Group N.V. 8 65 — 73 334 168 — 502
Other payables and liabilities 8,342 1,061 (488) (3) 8,915 8,426 1,044 (198) (3) 9,272
Liabilities held for distribution — — — — 8,985 3,718 (811) 11,892
Total Liabilities 13,347 17,794 (1,336) 29,805 23,230 20,673 (1,340) 42,563
Redeemable noncontrolling interest 49 — — 49 45 — — 45
Equity 3,583 2,211 — 5,794 3,854 2,954 — 6,808
TOTAL LIABILITIES AND EQUITY 16,979 20,005 (1,336) 35,648 27,129 23,627 (1,340) 49,416

(1)  Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.
(2)  This item includes the elimination of receivables/payables between Industrial Activities and Financial Services.
(3)  This item primarily represents the reclassification of deferred tax assets/liabilities in the same taxing jurisdiction and elimination of intercompany activity between Industrial Activities and Financial Services.

CNH INDUSTRIAL N.V.
Supplemental Statements of Cash Flows for the six months ended June 30, 2022 and 2021
(Unaudited, U.S.-GAAP)

Six months ended June 30, 2022 Six months ended June 30, 2021
($ million) Industrial Activities(1) Financial Services Eliminations(3) Consolidated Industrial Activities(1) Financial Services Eliminations(3) Consolidated
Net income (loss) 711 177 — 888 934 190 — 1,124
Less: Net income (loss) of Discontinued Operations — — — — 220 27 — 247
Net income (loss) of Continuing Operations 711 177 — 888 714 163 — 877
Adjustments to reconcile net income (loss) from Continuing Operations to net cash provided by (used in) operating activities from Continuing Operations: (1,192) (764) (90)(2) (2,046) 167 (163) (80) (76)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS (481) (587) (90) (1,158) 881 — (80) 801
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS — — — — 342 230 (2) 570
TOTAL NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (481) (587) (90) (1,158) 1,223 230 (82) 1,371
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS (764) (236) — (1,000) (363) (255) 6 (612)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS — — — — (280) 125 2 (153)
TOTAL NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (764) (236) — (1,000) (643) (130) 8 (765)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS (513) 495 90 72 (1,077) (108) 74 (1,111)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS — — — — (20) (350) — (370)
TOTAL NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (513) 495 90(4) 72 (1,097) (458) 74 (1,481)
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash (182) 7 — (175) (168) (2) — (170)
DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (1,940) (321) — (2,261) (685) (360) — (1,045)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR 4,514 1,331 — 5,845 8,116 1,513 — 9,629
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 2,574 1,010 — 3,584 7,431 1,153 — 8,584
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (DISCONTINUED OPERATIONS) — — — — 561 119 — 680
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (CONTINUING OPERATIONS) 2,574 1,010 — 3,584 6,870 1,034 — 7,904

(1)          Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.
(2)         This item includes the elimination of dividends from Financial Services to Industrial Activities, which are included in Industrial Activities net cash used in operating activities.
(3)         This item includes the elimination of certain minor activities between Industrial Activities and Financial Services.
(4)         This item includes the elimination of paid in capital from Industrial Activities to Financial Services.

Other Supplemental Financial Information

(Unaudited)

Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities by segment under U.S.-GAAP
($ million) Three Months ended June 30, 2022
Agriculture Construction Unallocated items, eliminations and other Total
Consolidated Net income 552
Less: Consolidated Income tax (expense) benefit (228)
Consolidated Income before taxes 780
Less: Financial Services
Financial Services Net income 95
Financial Services Income taxes 38
Add back of the following Industrial Activities items:
Interest expenses, net of interest income and eliminations 35
Foreign exchange (gains) losses, net (13)
Finance and non-service component of Pension and other post-employment benefit costs(1) (40)
Adjustments for the following Industrial Activities items:
Restructuring expenses 3 3 — 6
Other discrete items(2) — — 19 19
Adjusted EBIT of Industrial Activities 663 34 (43) 654
Three Months ended June 30, 2021
Agriculture Construction Unallocated items, eliminations and other Total
Consolidated Net income 699
Less: Consolidated Net Income (loss) of Discontinued Operations 185
Consolidated Net income (loss) of Continuing Operations 514
Less: Consolidated Income tax (expense) benefit (152)
Consolidated Income (loss) before taxes (continuing operations) 666
Less: Financial Services
Financial Services Net income 85
Financial Services Income taxes 26
Add back of the following Industrial Activities items:
Interest expenses, net of interest income and eliminations 31
Foreign exchange (gains) losses, net 4
Finance and non-service component of Pension and other post-employment benefit costs(1) (35)
Adjustments for the following Industrial Activities items:
Restructuring expenses 2 3 — 5
Other discrete items(2) — — 12 12
Adjusted EBIT of Industrial Activities 582 24 (34) 572

(1)  In the three months ended June 30, 2022, 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 2018 modification of a healthcare plan in the U.S. and a pre-tax gain of $6 million as a result of the amortization over the 4 years of the $101 million positive impact from the 2021 modifications of a healthcare plan in the U.S. In the three months ended June 30, 2021, this item includes the pre-tax gain of $30 million as a result of the 2018 modification.

(2)  In the three months ended June 30, 2022, this item included $16 million related to the activity of the Raven segments held for sale, including the loss on the sale of the Engineered Films division. In the three months ended June 30, 2021, this item included $8 million separation costs in connection with the spin-off of the Iveco Group business.

Other Supplemental Financial Information
(Unaudited)

Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities by segment under US-GAAP
($ million) Six Months ended June 30, 2022
Agriculture Construction Unallocated items, eliminations and other Total
Consolidated Net income 888
Less: Consolidated Income tax (expense) benefit (387)
Consolidated Income before taxes 1,275
Less: Financial Services
Financial Services Net income 177
Financial Services Income taxes 74
Add back of the following Industrial Activities items:
Interest expenses, net of interest income and eliminations 70
Foreign exchange (gains) losses, net —
Finance and non-service component of Pension and other post-employment benefit costs(1) (77)
Adjustments for the following Industrial Activities items:
Restructuring expenses 5 3 — 8
Other discrete items(2) — — 58 58
Adjusted EBIT of Industrial Activities 1,089 66 (72) 1,083
Six Months ended June 30, 2021
Agriculture Construction Unallocated items, eliminations and other Total
Consolidated Net income 1,124
Less: Consolidated Net Income (loss) of Discontinued Operations 247
Consolidated Net income (loss) of Continuing Operations 877
Less: Consolidated Income tax (expense) benefit (268)
Consolidated Income (loss) before taxes (continuing operations) 1,145
Less: Financial Services
Financial Services Net income 163
Financial Services Income taxes 52
Add back of the following Industrial Activities items:
Interest expenses, net of interest income and eliminations 71
Foreign exchange (gains) losses, net 15
Finance and non-service component of Pension and other post-employment benefit costs(1) (70)
Adjustments for the following Industrial Activities items:
Restructuring expenses 4 2 — 6
Other discrete items(2) — — 13 13
Adjusted EBIT of Industrial Activities 981 49 (65) 965

(1)  In the six months ended June 30, 2022, this item includes the pre-tax gain of $60 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the 2018 modification of a healthcare plan in the U.S. and a pre-tax gain of $12 million as a result of the amortization over the 4 years of the $101 million positive impact from the 2021 modifications of a healthcare plan in the U.S. In the six months ended June 30, 2021, this item includes the pre-tax gain of $60 million as a result of the 2018 modification.

(2)   In the six months ended June 30, 2022, this item included $44 million of asset write-downs, $6 million of separation costs incurred in a connection with our spin-off of the Iveco Group Business and $8 million related to the activity of the Raven segments held for sale, including the loss on the sale of the Engineered Films division. In the six months ended June 30, 2021, this item included $9 million separation costs in connection with the spin-off of the Iveco Group business.

Other Supplemental Financial Information

(Unaudited)

Reconciliation of Total (Debt) to Net Cash (Debt) under US-GAAP
($ million) Consolidated Industrial Services Financial Services
June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021
Third party (debt) (20,817) (20,897) (4,828) (5,335) (15,989) (15,562)
Intersegment notes payable — — (169) (150) (679) (181)
Payable to Iveco Group N.V.(4) (73) (3,986) (8) (3,764) (65) (222)
Total (Debt)(1) (20,890) (24,883) (5,005) (9,249) (16,733) (15,965)
Cash and cash equivalents 2,855 5,044 2,430 4,386 425 658
Restricted cash 729 801 144 128 585 673
Intersegment notes receivable — — 679 181 169 150
Receivables from Iveco Group N.V.(4) 281 3,484 220 3,430 61 54
Other current financial assets(2) 1 1 1 1 — —
Derivatives hedging debt (33) (3) (33) (3) — —
Net Cash (Debt)(3) (17,057) (15,556) (1,564) (1,126) (15,493) (14,430)

(1)  Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $169 million and $150 million as of June 30, 2022 and December 31, 2021, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $679 million and $181 million as of June 30, 2022 and December 31, 2021, 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 ($510) million and ($31) million as of June 30, 2022 and December 31, 2021, respectively.
(4)   For December 31, 2021, this item is shown net on the CNH Industrial balance sheet.

Reconciliation of Cash and cash equivalents to Available liquidity under US-GAAP
($ million) June 30, 2022 March 31, 2022 December 31, 2021
Cash and cash equivalents 2,855 3,219 5,044
Restricted cash 729 842 801
Undrawn committed facilities 5,002 5,087 5,177
Receivables from Iveco Group N.V. 281 297 3,484
Payables to Iveco Group N.V. (73) (47) (3,986)
Other current financial assets(1) 1 1 1
Available liquidity 8,795 9,399 10,521

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

Other Supplemental Financial Information

(Unaudited)

Change in Net Cash (Debt) of Industrial Activities under US-GAAP
Six Months ended June 30, Three Months ended June 30,
2022 2021 ($ million) 2022 2021
(1,126) (893) Net Cash (Debt) of Industrial Activities at beginning of period (2,086) (688)
1,083 965 Adjusted EBIT of Industrial Activities 654 572
166 146 Depreciation and Amortization 84 74
1 1 Depreciation of assets under operating leases — 1
(316) (179) Cash interest and taxes (196) (125)
100 144 Changes in provisions and similar(1) 199 173
(1,550) (211) Change in working capital (254) 121
(516) 866 Operating cash flow of Industrial Activities – Continuing operations 487 816
(137) (105) Investments in property, plant and equipment, and intangible assets (84) (69)
(2) 11 Other changes 1 38
(655) 772 Free cash flow of Industrial Activities – Continuing operations 404 785
(455) (183) Capital increases and dividends(3) (434) (182)
672 156 Currency translation differences and other(2) 552 (63)
(438) 745 Change in Net Cash (Debt) of Industrial Activities – Continuing operations 522 540
(1,564) (148) Net Cash (Debt) of Industrial Activities at end of period (1,564) (148)

(1)         Including other cash flow items related to operating lease.

(2)         In the three and six months ended June 30, 2022 this item also includes the proceed of Raven Engineered Films Division for $350 million. In the six months ended June 30, 2021, this item also includes the charge of $8 million related to the repurchase of notes.
(3)         In the three and six months ended June 30, 2022, this item also includes share buy-back transactions.

Reconciliation of Net cash provided by (used in) Operating Activities to Free cash flow of Industrial Activities under US-GAAP
Six Months ended June 30, Three Months ended June 30,
2022 2021 ($ million) 2022 2021
(1,158) 801 Net cash provided by (used in) Operating Activities (Continuing Operations) (271) 560
677 80 Less: Cash flows from Operating Activities of Financial Services net of eliminations 773 256
(29) (7) Change in derivatives hedging debt of Industrial Activities and other (11) 5
(6) (8) Investments in assets sold under operating lease assets of Industrial Activities (4) (5)
(516) 866 Operating cash flow of Industrial Activities 487 816
(137) (105) Investments in property, plant and equipment, and intangible assets of Industrial Activities (84) (69)
(2) 11 Other changes(1) 1 38
(655) 772 Free cash flow of Industrial Activities 404 785

(1)         This item primarily includes change in intersegment financial receivables and capital increases in intersegment investments.

Other Supplemental Financial Information

(Unaudited)

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 US-GAAP
Six Months ended June 30, Three Months ended June 30,
2022 2021 ($ million) 2022 2021
888 877 Net income (loss) – Continuing Operations 552 514
9 (34) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a) (12) (13)
64 16 Adjustments impacting Income tax (expense) benefit (b) 43 6
961 859 Adjusted net income (loss) 583 507
954 855 Adjusted net income (loss) attributable to CNH Industrial N.V. 579 506
1,360 1,360 Weighted average shares outstanding – diluted (million) 1,360 1,361
0.70 0.63 Adjusted diluted EPS ($) 0.43 0.37
1,227 1,094 Income (loss) from continuing operations before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates 753 641
9 (34) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a) (12) (13)
1,236 1,060 Adjusted income (loss) from continuing operations before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (A) 741 628
(387) (268) Income tax (expense) benefit (228) (152)
64 16 Adjustments impacting Income tax (expense) benefit (b) 43 6
(323) (252) Adjusted income tax (expense) benefit (B) (185) (146)
26.1% 23.7% Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A) 25.0% 23.2%
a) Adjustments impacting Income (loss) from continuing operations before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates
8 5 Restructuring expenses 5 5
— 8 Loss on repurchase of notes — —
(60) (60) Pre-tax gain related to the 2018 modification of a healthcare plan in the U.S. (30) (30)
(12) — Pre-tax gain related to the 2021 modification of a healthcare plan in the U.S. (6) —
44 — Asset write-down: Industrial Activities, Russia Operations — —
15 — Asset write-down: Financial Services, Russia Operations — —
6 9 Spin related costs 3 8
— 4 Other discrete items — 4
8 — Activity of the Raven Segments held for sale, including loss on sale of the Engineered Films Division 16 —
9 (34) Total (12) (13)
b) Adjustments impacting Income tax (expense) benefit
61 14 Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates(1) 39 7
3 2 Other 4 (1)
64 16 Total 43 6

(1)         Includes $12 million of increase to the valuation allowances on historical deferred tax assets as a result of the suspension of operations in Russia.


Other Supplemental Financial Information
(Unaudited)

Reconciliation of Adjusted gross profit to gross profit under US-GAAP
Six Months ended June 30, Three Months ended June 30,
2022 2021 ($ million) 2022 2021
9,793 8,472 Net Sales (A) 5,613 4,778
7,663 6,612 Cost of goods sold 4,377 3,716
2,130 1,860 Gross profit (B) 1,236 1,062
34 — Asset write down (Russia operations) — —
2,164 1,860 Adjusted gross profit (C) 1,236 1,062
21.8% 22.0% Gross profit margin (B ÷ A) 22.0% 22.2%
22.1% 22.0% Adjusted gross profit margin (C ÷ A) 22.0% 22.2%
Revenues by Segment under EU-IFRS
Six Months ended June 30, Three Months ended June 30,
2022 2021 % Change ($ million) 2022 2021 % Change
8,099 7,018 15.4% Agriculture 4,722 3,979 18.7%
1,694 1,464 15.7% Construction 891 808 10.3%
— (1) — Eliminations and other — (1) —
9,793 8,481 15.5% Total Industrial Activities of Continuing Operations 5,613 4,786 17.3%
933 786 18.7% Financial Services 468 390 20.0%
(19) (12) 58.3% Eliminations and other (11) (7) —
10,707 9,255 15.7% Total of Continuing Operations 6,070 5,169 17.4%
Adjusted EBIT of Industrial Activities(1) by Segment under EU-IFRS
Three Months ended June 30,
2022 2021 $ Change 2022 adjusted EBIT margin 2021 adjusted EBIT margin
Agriculture 662 573 89 14.0% 14.4%
Construction 31 23 8 3.5% 2.8%
Unallocated items, eliminations and other (43) (37) (6) — —
Adjusted EBIT of Industrial Activities of Continuing Operations 650 559 91 11.6% 11.7%

(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.

Adjusted EBIT of Industrial Activities(1) by Segment under EU-IFRS
Six Months ended June 30,
2022 2021 $ Change 2022 adjusted EBIT margin 2021 adjusted EBIT margin
Agriculture 1,083 963 120 13.4% 13.7%
Construction 61 47 14 3.6% 3.2%
Unallocated items, eliminations and other (73) (71) (2) — —
Adjusted EBIT of Industrial Activities of Continuing Operations 1,071 939 132 10.9% 11.1%

(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.

Other Supplemental Financial Information

(Unaudited)

Other key data under EU-IFRS
June 30, 2022 March 31, 2022 December 31, 2021
Total Assets 36,403 37,272 51,122
Total Equity 6,428 6,258 8,426
Equity attributable to CNH Industrial N.V. 6,421 6,251 8,393
Net Cash (Debt) of Continuing Operations (17,422) (17,454) (15,840)
Net Cash (Debt) of Discontinued Operations — — (1,480)
Net Cash (Debt) of CNH Industrial (17,422) (17,454) (17,320)
of which Net Cash (Debt) of Industrial Activities(1) of Continuing Operations (1,892) (2,452) (1,374)
of which Net Cash (Debt) of Industrial Activities(1) of Discontinued Operations — — 1,204
of which Net Cash (Debt) of Industrial Activities(1) (1,892) (2,452) (170)
Net Income of Financial Services of Continuing Operations 159 73 357
Net Income of Financial Services of Discontinued Operations — — 71
Net Income of Financial Services of CNH Industrial Pre-Demerger 159 73 428

(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 US-GAAP to EU-IFRS
Six Months ended June 30, Three Months ended June 30,
2022 2021 ($ million) 2022 2021
888 877 Net income (loss) in accordance with U.S. GAAP 552 514
Adjustments to conform with EU-IFRS:
(11) (20) Development costs (4) (9)
(108) (66) Other adjustments(1) (56) (35)
22 16 Tax impact on adjustments and other income tax differences 11 6
(97) (70) Total adjustments (49) (38)
791 807 Profit (loss) in accordance with EU-IFRS 503 476

(1)         This item also includes the different accounting impacts from the modifications of a healthcare plan in the U.S.

Total Equity reconciliation US-GAAP to EU-IFRS
June 30, 2022 March 31, 2022 December 31, 2021
Total Equity under U.S. GAAP 5,794 5,609 6,808
Adjustments to conform with EU-IFRS:
Development costs 751 783 2,058
Other adjustments 45 41 28
Tax impact on adjustments and other income tax differences (162) (175) (468)
Total adjustments 634 649 1,618
Total Equity under EU-IFRS 6,428 6,258 8,426

Other Supplemental Financial Information
(Unaudited)

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:
Six months Ended June 30, 2022 Six months Ended June 30, 2021
Average At June 30 At December 31, 2021 Average At June 30,
Euro 0.915 0.963 0.883 0.830 0.841
Pound sterling 0.770 0.826 0.742 0.720 0.722
Swiss franc 0.944 0.959 0.912 0.908 0.924
Polish zloty 4.239 4.506 4.059 3.764 3.804
Brazilian real 5.082 5.279 5.571 5.384 4.969
Canadian dollar 1.271 1.292 1.271 1.247 1.239
Turkish lira 14.870 16.738 13.450 7.900 8.685
Condensed Consolidated Income Statement for the three and six months ended June 30, 2022 and 2021
(Unaudited, EU-IFRS) Three Months Ended June 30, Six Months Ended June 30,
($ million) 2022 2021 2022 2021
Net revenues 6,070 5,169 10,707 9,255
Cost of sales 4,685 3,975 8,294 7,134
Selling, general and administrative costs 414 355 772 664
Research and development costs 219 175 412 319
Result from investments:
Share of the profit/(loss) of investees accounted for using the equity method 28 27 50 53
Restructuring costs 6 7 8 8
Other income/(expenses) (30) (32) (39) (45)
Financial income/(expenses) (24) (30) (76) (79)
PROFIT/(LOSS) BEFORE TAXES 720 622 1,156 1,059
Income tax (expense) benefit (217) (146) (365) (252)
PROFIT/(LOSS) FROM CONTINUING OPERATIONS 503 476 791 807
PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX — 90 — 172
PROFIT/(LOSS) FOR THE PERIOD 503 566 791 979
PROFIT/(LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS ATTRIBUTABLE TO:
Owners of the parent 499 475 784 803
Non-controlling interests 4 1 7 4
(in $)
BASIC EARNINGS/(LOSS) PER COMMON SHARE 0.37 0.41 0.58 0.70
Basic earnings/(loss) per common share from continuing operations — 0.35 — 0.59
DILUTED EARNINGS/(LOSS) PER COMMON SHARE 0.37 0.41 0.58 0.70
Diluted earnings/(loss) per common share from continuing operations — 0.35 — 0.59

Other Supplemental Financial Information
(Unaudited)

Condensed Consolidated Statement of Financial Position as of June 30, 2022 and December 31, 2021
(Unaudited, EU-IFRS)
($ million) June 30, 2022 December 31, 2021
ASSETS
Intangible assets 5,141 5,159
Property, plant and equipment and Leased assets 3,294 3,435
Inventories 5,533 4,228
Receivables from financing activities 16,871 15,443
Cash and cash equivalents 3,584 5,845
Other receivables and assets 1,980 2,535
Assets held for distribution(*) — 14,477
TOTAL ASSETS 36,403 51,122
EQUITY AND LIABILITIES
Issued capital and reserves attributable to owners of the parent 6,421 8,393
Non-controlling interests 7 33
Total Equity 6,428 8,426
Debt 21,199 21,689
Other payables and liabilities 8,776 9,148
Liabilities held for distribution(*) — 11,859
Total Liabilities 29,975 42,696
TOTAL EQUITY AND LIABILITIES 36,403 51,122
Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2022 and 2021
(Unaudited, EU-IFRS)
($ million) June 30, 2022 June 30, 2021
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 5,845 9,629
Profit/(loss) from Continuing Operations 791 807
Adjustment to reconcile profit/(loss) from Continuing Operation to cash flows from/(used in) operating activities from Continuing Operations (1,055) 395
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM CONTINUING OPERATIONS (264) 1,202
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS — 219
TOTAL (264) 1,421
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM CONTINUING OPERATIONS (1,936) (988)
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS — 244
TOTAL (1,936) (744)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM CONTINUING OPERATIONS 116 (1,135)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES FROM DISCONTINUED OPERATIONS — (414)
TOTAL 116 (1,549)
Translation exchange differences (177) (173)
TOTAL CHANGE IN CASH AND CASH EQUIVALENTS (2,261) (1,045)
Less:
CASH AND EQUIVALENTS AT END OF THE PERIOD – INCLUDED WITHIN ASSETS HELD FOR DISTRIBUTION AT THE END OF THE PERIOD — 680
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 3,584 7,904

Notes:

(*) The 2021 data have been re-presented following the classification of the Iveco Group Business as Discontinued Operations for the quarter ended June 30, 2021, as requested by the IFRS 5 – Non-current assets held for sale and discontinued operations.

Attachment

Proudly powered by WordPress