Cnh Industrial N.v. · NYSE:CNH
Cnh Industrial — Investor Presentation (December 2021)
33 slides from Cnh Industrial's investor presentation, Dec 20, 2021
Slide 1: Off-Highway & On-Highway businesses – Combined Financial Figures
CNH Industrial | Off-Highway & On-Highway businesses – Combined Financial Figures (2019-2020 and Sep YTD 2021) December 17th, 2021 Exhibit 99.2
Slide 2: Background
Background CNH Industrial N.V. (CNH Industrial) owns and controls the Commercial and Specialty Vehicles business and the Powertrain business as well as the related Financial Services business (together the Iveco Group Business or the On-Highway Business) as well as the Agriculture equipment business
Slide 3: Off-Highway business – Combined Financial Figures
Off-Highway business – Combined Financial Figures (2019-2020 and Sep YTD 2021) December 17th, 2021
Slide 4: Basis of the Presentation
Basis of the Presentation The unaudited pro forma financial information provided on the following slides has been prepared to represent the combined historical results of operations, financial position and cash flows of the Off-Highway Business structure that will be controlled by CNH Industrial N.V
Slide 5: Forward-looking statements
All statements other than statements of historical fact contained in this presentation including statements ; competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expendit
Slide 6: Financial Summary
Financial Summary FY 2019 FY 2020 Sep YTD 21 Pro Forma Combined Off-Highway Business (under U.S. GAAP) Revenues ($mn) 15,535 14,779 14,016 Financial Services 1,789 1,660 1,194 Net Sales | Industrial Activities ($mn) 13,708 13,083 12,808 Agriculture 10,959 10,923 10,571 Construction 2,768 2,170 2,237
Slide 7: Reconciliations
_——--- all Reconciliations
Slide 8: Net Income (Loss) to Adj. EBIT of Industrial Activities by Segment – FY 2019
Net Income (Loss) to Adj. EBIT of Industrial Activities by Segment This item includes the pre-tax gain of $119 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S. This item also includes a $11
Slide 9: Net Income (Loss) to Adj. EBIT by Segment – FY 2020
This item includes the pre-tax gain of $119 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S. This item also includes a pre-tax non-cash settlement charge of $124 million resulting from the
Slide 10: Net Income to Adj. EBIT by Segment – Sep YTD 2021
This item includes the pre-tax gain of $90 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S. This item also includes $31 million separation costs in connection with the spin-off of the Iveco
Slide 11: Reconciliation of Adj. net income and Adj. diluted EPS under U.S. GAAP
FY 2019 – FY 2020 – Sep YTD 2021 Reconciliation of Adj. net income and Adj. income tax to Net Income (loss) and Income tax (expense) benefit and calculation of Adj. diluted EPS and Adj. ETR under U.S.GAAP U.S. GAAP ($mn) Unaudited FY 2019 FY 2020 Sep YTD 2021 Pro forma Combined Net income (loss) 797
Slide 12: Reconciliation of Adj. net income adjustments under U.S. GAAP
FY 2019 – FY 2020 – Sep YTD 2021 Reconciliation of Adj. net income and Adj. income tax to Net Income (loss) and Income tax (expense) benefit and calculation of Adj. diluted EPS and Adj. ETR under U.S.GAAP U.S. GAAP ($mn) Unaudited FY 2019 FY 2020 Sep YTD 2021 (a) Adjustments impacting Income (loss)
Slide 13: Total (Debt) to Net Cash (Debt)
Total (Debt) to Net Cash (Debt) Consolidated Industrial Activities Financial Services U.S. GAAP ($mn) Unaudited Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $646 million, $501 million and $690 million as of December 31, 2019, 2020 and September 3
Slide 14: Reconciliation to Free Cash Flow of Industrial Activities
FY 2019 FY 2020 Sep YTD 2021 Net cash provided by (used in) Operating Activities 995 4,189 1,480 Less: Cash flows from Operating Activities of Financial Services net of eliminations (747) (1,855) (554) Change in derivatives hedging debt of Industrial Activities and other 7 9 (8) Investments in asset
Slide 15: Reconciliation of Cash to Available Liquidity
December 31, 2019 December 31, 2020 September 30, 2021 Cash and cash equivalents 4,455 8,199 6,483 Restricted cash 850 788 711 Undrawn committed facilities 5,438 6,089 5,260 Other current financial assets(1) - 10 - I/C net vs On-Highway (Treasury Vehicles/FS) (*) (1,502) (1,202) (217) Available Liqu
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures 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’ abil
Slide 17: On-Highway business – Combined Financial Figures
On-Highway business – Combined Financial Figures (2019-2020 and Sep YTD 2021) December 17th, 2021
Slide 18: Disclaimer (1/2)
Disclaimer (1/2) Advertisement: This presentation is an advertisement for the purposes of Regulation (EU) 2017/1129, as amended (the “Prospectus Regulation”) relating to the intention of Iveco Group N.V. (the "Company") to proceed with the proposed first admission to listing and trading of all of th
Slide 19: Disclaimer (2/2)
Disclaimer (2/2) This announcement does not constitute an offer of securities to the public in the United Kingdom. This announcement is being distributed to and is directed only at (i) persons who are outside the United Kingdom or (ii) persons who are investment professionals within the meaning of A
Slide 20: Safe Harbor Statement and Disclosures
Safe Harbor Statement and Disclosures All statements other than statements of historical fact contained in the slides presented today including statements regarding our competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to reve
Slide 21: Basis of the Presentation
Basis of the Presentation The financial information provided on the following slides has been prepared to represent the combined historical results of operations, financial position and cash flows of the On-Highway Business structure that will be controlled by Iveco Group following the Demerger. Thi
Slide 22: Financial Summary
Financial Summary FY 2019(1) FY 2020(1) Sep YTD 21(2) IFRS (3) Net Revenues (€mn) 11,948 10,411 9,276 Financial Services 224 165 139 Net Revenues | Industrial Activities (€mn) 11,792 10,314 9,183 Commercial & Specialty Vehicles 9,326 8,247 7,460 Powertrain 3,675 3,180 2,912 Profit/(loss) (€mn) 101 (
Slide 23: Iveco Group Reconciliations
1VECO+GROUP ————I_ Reconciliations
Slide 24: Consolidated Profit/(loss) to Adj. EBIT by Segment – FY 2019
This item mainly included the other asset optimization charges for €148 million. FY 2019 C&SV PT Unallocated Items, Elim. & Other Total Consolidated Profit/(loss) - - - 101 Less: Consolidated Income tax (expense) benefit - - - (74) Consolidated Profit/(loss) before taxes - - - 175 Less: Financial Se
Slide 25: Consolidated Profit/(loss) to Adj. EBIT by Segment – FY 2020
FY 2020 C&SV PT Unallocated Items, Elim. & Other Total Consolidated Profit/(loss) - - - (372) Less: Consolidated Income tax (expense) benefit - - - 116 Consolidated Profit/(loss) before taxes - - - (488) Less: Financial Services Financial Services Net income - - - 13 Financial Services Income taxes
Slide 26: Consolidated Profit/(loss) to Adj. EBIT by Segment – Sep YTD 2021
Sep YTD 2021 C&SV PT Unallocated Items, Elim. & Other Total Consolidated Profit/(loss) - - - 167 Less: Consolidated Income tax (expense) benefit - - - (72) Consolidated Profit/(loss) before taxes - - - 239 Less: Financial Services Financial Services Net income - - - 42 Financial Services Income taxe
Slide 27: Reconciliation of Adj. net profit and Adj. ETR under IFRS
FY 2019 FY 2020 Sep YTD 2021 Profit/(loss) 101 (372) 167 Adjustments impacting Profit /(loss) before income tax (expense) benefit(a) 204 302 (4) Adjustments impacting Income tax (expense) benefit (b) (43) (97) (2) Adjusted net profit/(loss) 262 (167) 161 Profit/ (loss) before taxes 175 (488) 239 Adj
Slide 28: Reconciliation of Adj. net profit adjustments under IFRS
FY 2019 – FY 2020 – Sep YTD 2021 Reconciliation of Adj. net profit / (loss) and Adj. income tax (expense) benefit to Consolidated Profit/(loss) and Income tax (expense) benefit and calculation Adj. ETR under IFRS IFRS (€mn) FY 2019 FY 2020 Sep YTD 2021 (a) Adjustments impacting Profit/(loss) before
Slide 29: Total (Debt) to Net Cash (Debt)
Total (Debt) to Net Cash (Debt) Consolidated Industrial Activities Financial Services IFRS (€mn) As a result of the role played by the central treasury, debt for Industrial Activities also includes funding raised by the central treasury on behalf of Financial Services (included under Intersegment fi
Slide 30: Reconciliation to Free Cash Flow of Industrial Activities
FY 2019 FY 2020 Sep YTD 2021 Net cash provided by (used in) Operating Activities 709 559 (219) Less: Cash flows from Operating Activities of Financial Services net of eliminations (19) (51) (76) Operating cash flow of Industrial Activities 690 508 (295) Investments in property, plant and equipment,
Slide 31: Reconciliation of Cash to Available Liquidity
December 31, 2019 December 31, 2020 September 30, 2021 Cash and cash equivalents 374 418 576 Restricted cash 43 45 46 Undrawn committed facilities 32 48 67 Other current financial assets 52 128 193 I/C net vs Off-Highway (Treasury Vehicles/FS)(*) 1,336 980 188 Available Liquidity 1,837 1,619 1,070 (
Slide 32: Non-IFRS Financial Measures
Non-IFRS Financial Measures The Presentation also contains non-IFRS financial measures including adjusted EBIT of Industrial Activities, adjusted net profit (loss), free cash flow of Industrial Activities and net cash (debt) of Industrial Activities. The non-IFRS financial measures presented are not
Slide 33: Investor Relations Team
Investor Relations Team e-mail: investor.relations@cnhind.com website: www.cnhindustrial.com and www.ivecogroup.com
CNH Industrial — Investor Presentation (December 2021) on 6ix