SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K/A
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2012
Commission File No. 333-05752
CNH GLOBAL N.V.
(Translation of Registrant’s Name Into English)
World Trade Center Airport
Schiphol Boulevard 217
1118 BH Schiphol, Amsterdam
The Netherlands
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(7): ¨
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes ¨ No x
(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .)
CNH GLOBAL N.V.
Form 6-K/A for the month of February 2012
Explanatory Note: Registrant has amended its Form 6-K filed on January 31, 2012 (“CNH Full Year 2011 Earnings Press Release”). This amendment is necessary only to correct certain information in the table summarizing CNH outstanding debt and certain information contained in the table summarizing IFRS trading profit for 2010 (appearing on Pages 30 and 36 of the Analyst Deck) which is an attachment to the CNH Full Year 2011 Earnings Press Release.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CNH Global N.V. | ||
| By: | /s/ CAMILLO ROSSOTTO | |
| Camillo Rossotto Chief Financial Officer | ||
February 3, 2012
 2011
Fourth Quarter and Full Year Financial Results
January 31, 2012 |
 Management Participants
Richard Tobin
President and Chief Executive Officer
Camillo Rossotto
Chief Financial Officer
Andrea Paulis
Treasurer
Manfred Markevitch
Head of Investor Relations
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
2 |
 Forward
Looking Statement This
presentation
includes
"forward-looking
statements"
within
the
meaning
of
the
Private
Securities
Litigation
Reform
Act
of
1995.
All
statements
other
than
statements
of
historical
fact
contained
in
this
presentation,
including
statements
regarding
our
competitive
strengths,
business
strategy,
future
financial
position,
operating
results,
budgets,
projected
costs
and
plans
and
objectives
of
management,
are
forward-looking
statements.
These
statements
may
include
terminology
such
as
"may,"
"will,"
"expect,"
"could,"
"should,"
"intend,"
"estimate,"
"anticipate,"
"believe,"
"outlook,"
"continue,"
"remain,"
"on
track,"
"goal,"
or
similar
terminology.
Our
outlook
is
predominantly
based
on
our
interpretation
of
what
we
consider
key
economic
assumptions
and
involves
risks
and
uncertainties
that
could
cause
actual
results
to
differ.
Crop
production
and
commodity
prices
are
strongly
affected
by
weather
and
can
fluctuate
significantly.
Housing
starts
and
other
construction
activity
are
sensitive
to
the
availability
of
credit
and
to
interest
rates
and
government
spending.
Some
of
the
other
significant
factors
which
may
affect
our
results
include
general
economic
and
capital
market
conditions,
the
cyclical
nature
of
our
business,
customer
buying
patterns
and
preferences,
foreign
currency
exchange
rate
movements,
our
hedging
practices,
our
customers'
access
to
credit,
restrictive
covenants
in
our
debt
agreements,
actions
by
rating
agencies
concerning
the
ratings
of
our
debt
securities
and
asset
backed
securities,
risks
related
to
our
relationship
with
Fiat
Industrial
S.p.A.,
the
effect
of
the
demerger
transaction
consummated
by
Fiat
S.p.A.
pursuant
to
which
CNH
was
separated
from
Fiat
S.p.A.'s
automotive
business
and
has
become
a
subsidiary
of
Fiat
Industrial
S.p.A,
political
uncertainty
and
civil
unrest
or
war
in
various
areas
of
the
world,
pricing,
product
initiatives
and
other
actions
by
competitors,
disruptions
in
production
capacity,
excess
inventory
levels,
the
effect
of
changes
in
laws
and
regulations
(including
those
related
to
tax,
healthcare,
retiree
benefits,
government
subsidies
and
international
trade),
the
results
of
legal
proceedings,
technological
difficulties,
results
of
our
research
and
development
activities,
changes
in
environmental
laws,
employee
and
labor
relations,
pension
and
health
care
costs,
relations
with
and
the
financial
strength
of
dealers
and
critical
suppliers,
the
cost
and
availability
of
supplies
from
our
suppliers,
raw
material
costs
and
availability,
energy
prices,
real
estate
values,
animal
diseases,
crop
pests,
harvest
yields,
government
farm
programs
and
consumer
confidence,
housing
starts
and
construction
activity,
concerns
related
to
modified
organisms
and
fuel
and
fertilizer
costs.
Additionally,
our
achievement
of
the
anticipated
benefits
of
our
margin
improvement
initiatives
depends
upon,
among
other
things,
industry
volumes
as
well
as
our
ability
to
effectively
rationalize
our
operations
and
to
execute
our
brand
strategy.
Further
information
concerning
factors
that
could
significantly
affect
expected
results
is
included
in
our
annual
report
on
Form
20-F
for
the
year
ended
December
31,
2010.
We
can
give
no
assurance
that
the
expectations
reflected
in
our
forward-looking
statements
will
prove
to
be
correct.
Our
actual
results
could
differ
materially
from
those
anticipated
in
these
forward-looking
statements.
All
written
and
oral
forward-looking
statements
attributable
to
us
are
expressly
qualified
in
their
entirety
by
the
factors
we
disclose
that
could
cause
our
actual
results
to
differ
materially
from
our
expectations.
We
undertake
no
obligation
to
update
or
revise
publicly
any
forward-looking
statements.
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
3 |
 Highlights
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
4 |
 Financial
Highlights – Full Year
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
5
* See Appendix for Definition and U.S. GAAP Reconciliation
U.S. GAAP, US$ in mils. - Except per share data and percentages
Percent
2011
2010
Change
Net Sales of Equipment
18,059
$
14,474
$
25
%
Equipment Operations Operating Profit *
1,465
$
889
$
65
%
Financial Services Net Income
225
$
159
$
42
%
Net Income Before Restructuring and Exceptional Items *
918
$
496
$
85
%
Diluted EPS Before Restructuring and Exceptional Items *
3.82
$
2.08
$
84
%
Equipment Operations Operating Cash Flow
1,097
$
1,811
$
(39)%
Equipment Operations Net (Cash) *
(2,731)
$
(2,195)
$
24
%
Full Year |
 Net Sales
by Geographic Region* –
Full Year
* See Appendix for Geographic Information
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
6 |
 Net Sales
and Operating Profit* Review –
Full Year
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
7
Operating Profit
Net Sales
* See Appendix for Definition and U.S. GAAP Reconciliation
Agricultural Equipment
Construction Equipment
(U.S. GAAP, US$ in mils.) |
 Equipment
Operations Operating Profit* Evolution –
Full Year
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
8
* See Appendix for Definition and U.S. GAAP Reconciliation
(U.S. GAAP, US$ in mils.)
•
Improvements in both AG and CE operating profit
•
Solid demand supported higher volumes in both AG and CE, more efficient industrial
utilization, better product mix and positive net pricing
•
Emission regulations changes and introduction of new products drove the increase in
R&D |
    2
•
$90mn initial investment
•
New plant will be producing high horsepower
tractors, combine harvesters and other
machinery featuring advanced technology
•
Additional manufacturing capacity to current
high horsepower tractors and other
agricultural equipment assembly lines in
Harbin and low and medium horsepower
tractors plant in Shanghai
•
Total Investment in excess of US$100mn
including:
•
Expansion of Fiat Industrial complex in
Cordoba
•
Launch of new, localized product lines for
both brands:
•
Class 8/9 Combines: expansion of
LA capacity
•
Specialty Tractors: currently not
manufactured in LA
•
Production capacity: up to 6,000
units/year
•
FPT engines: supplied from same
industrial complex
New Industrial project in Argentina
New Manufacturing plant in Harbin, China
CNH Agricultural Equipment Geographical
Expansion |
 Equipment
Operations Change in Net Debt (Cash)* –
Full Year
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
10
*
See Appendix for Definition and US GAAP Reconciliation
**
Net change in receivables, inventories and payables including inter-segment
receivables and payables ***
Excluding Net (Deposits In) Withdrawals from Fiat and Fiat Industrial Cash
Management Systems, as they are part of Net Debt (Cash) (U.S. GAAP, US$ in mils.)
2011
2010
Net Income
924
$
438
$
Depreciation & Amortization
311
291
Account Receivables
(13)
(97)
Inventories
(849)
323
Account Payables
673
560
Cash Change in Working Capital **
(189)
786
Other
51
296
Net Cash From Operating Activities
1,097
1,811
Net Cash From Investing Activities ***
(489)
(313)
All Other, Including FX Impact for the Period
(72)
167
Increase in Net (Cash)
536
$
1,665
$
Full Year |
 Inventory
Reductions (In Units of Equipment)
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
11
•
Fourth Quarter Underproduction vs. Retail 9%
•
4% Reduction in Forward Months of Supply
•
Fourth Quarter Underproduction vs. Retail 1%
•
26% Increase in Forward Months of Supply
* Excluding Joint Ventures
Source: CNH Internal Data |
 Market
Outlook CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
12 |
 Industry
Drivers: AG and CE Equipment –
IHS Global Insight
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
13
Source: IHS Global Insight January 2012
2010
2011 Est.
YoY
2012 F
YoY
2013 F
2014 F
2015 F
Corn
162
229
41.3%
197
-13.9%
185
184
171
Soybeans
365
483
32.3%
478
-1.2%
405
406
401
Wheat
213
285
33.8%
284
-0.4%
270
263
261
IHS Global Insight
79.1
79.2
0.2%
93.7%
18.3%
87.0
87.0
84.7
USDA -
Feb. 2011
79.1
100.9
27.6%
Housing Starts -
Thousand Units
585
610
4.3%
726
19.0%
974
1,345
1,618
Construction Spending -
USD billion
704
$
739
$
5.0%
783
$
5.9%
863
$
1,042
$
1,221
$
World
4.0%
2.8%
2.6%
3.4%
3.9%
3.8%
North America
3.0%
1.8%
1.7%
2.5%
3.5%
3.3%
Europe
2.1%
1.8%
0.5%
1.7%
2.2%
2.4%
Former Soviet Union
4.4%
4.5%
3.9%
4.0%
4.3%
4.2%
Asia less Japan
8.3%
6.5%
6.2%
6.8%
7.0%
6.9%
Latin America
6.3%
4.4%
3.7%
4.9%
5.1%
4.5%
6.89
6.96
1.1%
7.04
1.1%
7.12
7.19
7.27
World Population -
billion
Global Commodity Prices -
USD/metric ton
Net Farm Income -
USD billion
U.S. Construction Activity
Gross Domestic Product Growth -
YoY % Change |
 Industry
CNH
Industry
CNH
(change vs. prior year)
(performance relative to mkt)
(change vs. prior year)
(performance relative to mkt)
WW
12%
WW
30%
NA
2%
NA
39%
<40hp
2%
EAME & CIS
31%
40+hp
2%
LA
30%
EAME & CIS
25%
APAC
24%
LA
(2%)
APAC
12%
WW
16%
WW
23%
NA
(5%)
NA
37%
EAME & CIS
39%
EAME & CIS
42%
LA
21%
LA
21%
APAC
22%
APAC
17%
WW AG
12%
WW CE
27%
FY '11
FY '11
CNH Units Volume* Full Year
Agricultural and Construction Equipment
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
14
* See Appendix for Geographic Information
CNH
Internal
Elaboration
-
Preliminary
Results
Combines
Tractors
Light
Heavy |
 Industry
Units Volume* Full Year Outlook Agricultural and Construction Equipment
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
15
* See Appendix for Geographic Information
CNH
Internal
Elaboration
-
Preliminary
Results
Combines
Tractors
Light
Heavy
FY '12
FY '12
Industry
Industry
(change vs. prior year)
(change vs. prior year)
WW
0-5%
WW
~+10%
NA
Flat
NA
15-20%
<40hp
EAME & CIS
~+5%
40+hp
0-5%
LA
5-10%
EAME & CIS
APAC
5-10%
LA
(5-10%)
APAC
~+5%
WW
0-5%
WW
20-25%
NA
5-10%
NA
10-15%
EAME & CIS
0-5%
EAME & CIS
0-5%
LA
(5-10%)
LA
5-10%
APAC
0-5%
APAC
25-30%
WW AG
0-5%
WW CE
15-20%
Flat
Flat |
 2
Expansion of Tier 4A/Stage IIIB emission compliant offering
Agriculture Equipment
Combines: class 5 and higher
Tractors: High hp and 4WD
New Holland CR Series Combine named
Machine of the Year 2012 at the 2011
Agritechnica show
Case IH Steiger 600 and New Holland T9
Tractors win AE50 innovation awards
from the American Society of Agricultural
and Biological Engineers
Heavy Construction Equipment
Crawler Excavators
Wheel Loader
Construction Equipment Other
Relevant Launches
New Holland 200 Series and
Case Series 3 Skid Steer and
Compact Track loaders range
New Holland B Series Motor
Grader
Road & Bridges magazine named “Contractor’s Choice”
machines for
2011: Case 850L crawler dozer, 580M loader/backhoe, 440 Series 3
skid
steer loader and the 621E wheel loader
Agricultural Equipment Other
Relevant Launches
New Holland mid-range tractor
series TD5, T5 and T6
Case IH Patriot 4430 sprayer
CNH Main Launches and Product Awards
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
16 |
 CNH
Agricultural Equipment Product Introduction Plan
Significant
investment
focused
on
new
model
launches
to
complete
and
strengthen
product
range
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
17 |
 CNH
Construction Equipment Product Introduction Plan
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
18 |
 2012
Early Trends and Financial Outlook CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
19
•
Tier 4A/Stage IIIB Emission Compliant 2012 Main Product Launches
•
Agriculture Equipment
•
Significant launch activity slated for 2012 in tractors and harvesting equipment
in developed markets as a result of T4A/SIIIB •
Introductory launches in Brazil, India, China, and Turkey in new
tractor and harvesting equipment segments
•
Revitalization of hay and forage and crop production product line up with 30+
launches in 2012 •
Construction Equipment
•
New product launches in excavator, dozer segments in Europe and North
America •
New Case TLB in Brazil
•
Multiple T4A/SIIIB and companion program launches
•
First new product launch from Case India in compactors
•
Order
Intake
–
January
2012
vs.
January
2011
•
Agricultural Equipment order boards
•
Tractor orders up 50%
•
Combine orders up 25%
•
Construction Equipment order boards
•
Orders up 24%
•
CNH Financial Services main funding transactions in Q4 2011
•
Successful inaugural issuance by CNH Capital LLC of a $500 million 6.25% 5 Year
note •
Continued access to the ABS market with a $811 million retail ABS in the US and a
CAD 451 million retail ABS in Canada •
2012 CNH US GAAP Earnings Outlook
•
Revenues up approximately 5%
•
Operating Margin in excess of 8.6%
•
Investment Grade target supported by strong performance, sound liquidity position and demonstrated
access to diversified sources of funding, both for Equipment Operations and Financial
Services |
 For
Further Information Please Contact Investor Relations:
Manfred Markevitch
Head of Investor Relations
Federico Catasta
Case New Holland Inc.
6900 Veterans Boulevard
Burr Ridge, Illinois 60527
USA
Tel:
+1-630-887-3745
Fax:
+1-630-887-3890
E-mail:
wwinvestorrelations@cnh.com
Website:
www.cnh.com
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
20 |
 Appendix |
 Financial Data –
Fourth Quarter
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
22 |
 Financial Highlights –
Fourth Quarter
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
23
* See Appendix for Definition and U.S. GAAP Reconciliation
U.S. GAAP, US$ in mils. - Except per share data and percentages
Percent
12/31/11
12/31/10
Change
Net Sales of Equipment
4,768
$
3,759
$
27
%
Equipment Operations Operating Profit *
238
$
176
$
35
%
Financial Services Net Income
66
$
28
$
136
%
Net Income Before Restructuring and Exceptional Items *
189
$
216
$
(13)%
Diluted EPS Before Restructuring and Exceptional Items *
0.79
$
0.90
$
(12)%
Equipment Operations Operating Cash Flow
707
$
572
$
NA
Equipment Operations Net (Cash) *
(2,731)
$
(2,195)
$
24
%
Quarter Ended |
 Net Sales
by Geographic Region* –
Fourth Quarter
* See Appendix for Geographic Information
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
24
+9% |
 Net Sales
and Operating Profit* Review –
Fourth Quarter
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
25
Operating Profit
Net Sales
* See Appendix for Definition and U.S. GAAP Reconciliation
Agricultural Equipment
Construction Equipment
(U.S. GAAP, US$ in mils.) |
 Equipment
Operations Operating Profit* Evolution –
Fourth Quarter
•
Improvements in both AG and CE operating profit
•
Solid demand supported higher volumes in both AG and CE, more efficient industrial
utilization, better product mix and positive net pricing
•
Emission regulations changes and introduction of new products drove the increase in
R&D CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
26
* See Appendix for Definition and U.S. GAAP Reconciliation
(U.S. GAAP, US$ in mils.) |
 Geographic Information and Market Share/Position Data
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
27 |
 Definitions
•
Geographic Area as Defined by CNH are:
North
America
–
United
States,
Canada,
and
Mexico
Europe
Africa
Middle
East
&
Commonwealth
of
Independent
States
(EAME
&
CIS)
–
27
EU
countries,
10
CIS
Countries,
Balkans,
African
continent,
and
Middle
East
Latin
America
–
Central
and
South
America,
and
the
Caribbean
Islands
Asia
Pacific
(APAC)
–
Continental
Asia,
and
Oceania
•
Market Share / Market Position Data
Certain
industry
and
market
share
information
in
this
report
has
been
presented
on
a
worldwide
basis
which
includes
all
countries.
In
this
report,
management
estimates
of
market
share
information
are
generally
based
on
retail
unit
data
in
North
America,
on
registrations of equipment in most of Europe, Brazil, and various Rest of World markets and on retail
and shipment unit data collected
by
a
central
information
bureau
appointed
by
equipment
manufacturers
associations
including
the
Association
of
Equipment
Manufacturers’
in
North
America,
the
Committee
for
European
Construction
Equipment
in
Europe,
the
ANFAVEA
in Brazil, the Japan Construction Equipment Manufacturers Association and the Korea Construction
Equipment Manufacturers Association, as well as on other shipment data collected by an
independent service bureau. Not all agricultural or construction equipment is registered, and
registration data may thus underestimate, perhaps substantially, actual retail industry unit
sales demand, particularly for local manufacturers in China, Southeast Asia, Eastern Europe,
Russia, Turkey, Brazil and any country where local shipments are not reported . In addition,
there may also be a period of time between the shipment, delivery, sale and/or registration of a unit, which must be
estimated, in making any adjustments to the shipment, delivery, sale, or registration data to
determine our estimates of retail unit data in any period.
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
28 |
 CNH
Agricultural & Construction Equipment –
Net Sales Change Details*
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
29
(U.S. GAAP, US$ in mils.)
% Change
vs 2010
of which
Currency
% Change
vs 2010
of which
Currency
North America
36%
-
25%
1%
AG
25
-
18
1
CE
94
-
69
1
EAME & CIS
26%
(1)%
34%
4%
AG
26
(1)
36
4
CE
24
1
23
5
Latin America
9%
(4)%
9%
4%
AG
17
(3)
11
4
CE
(5)
(5)
4
4
APAC
30%
(2)%
28%
5%
AG
21
(2)
25
6
CE
59
-
39
3
World
27%
(1)%
25%
3%
AG
24
(1)
23
3
CE
39
(1)
32
3
Fourth Quarter 2011
Full Year 2011
* See Appendix for Geographic Information |
 Credit
Lines The following table summarizes CNH credit lines and total debt at
December 31, 2011 and December 31, 2010:
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
30
(U.S. GAAP, US$ in mils.)
Line
Available
Line
Available
Consol.
Eq.Op.
FS
Consol.
Consol.
Eq.Op.
FS
Consol.
Committed Lines with Third Parties
997
897
775
122
100
1,338
1,338
1,216
122
-
ABCP Facilities and BNDES Financing
5,258
3,559
-
3,559
1,699
6,356
4,261
-
4,261
2,095
Uncommitted Lines
with Third Parties
1,813
1,332
58
1,274
481
1,647
1,259
31
1,228
388
with Fiat Group (pre de-merger)
2,643
206
4
202
2,437
with Fiat Industrial
2,564
192
7
185
2,372
-
-
-
-
Total Credit Lines
10,632
5,980
840
5,140
4,652
11,984
7,064
1,251
5,813
4,920
of which with or guaranteed by Fiat Group
4,068
1,562
405
1,157
2,506
of which with or guaranteed by Fiat Industrial
3,474
917
7
910
2,557
Bonds
3,308
2,808
500
2,721
2,721
-
Third Party Loans
7,375
14
7,361
5,940
15
5,925
Fiat Group (pre de-merger) Loans
-
-
-
572
106
466
Fiat Industrial Loans
447
138
309
-
-
-
Intersegment Loans
-
693
1,993
-
562
2,273
Total Notes and Loans
11,130
3,653
10,163
9,233
3,404
8,664
Total Debt
17,110
4,493
15,303
16,297
4,655
14,477
December 31, 2010
Drawn
December 31, 2011
Drawn |
 Equipment
Operations Debt Maturity Schedule
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
31
*
Public Notes are reported net of any premium/discount.
(U.S. GAAP, US$ in mils.)
Equipment Operations
Outstanding
Dec-11
2012
2013
2014
2015
Beyond
Third Parties
847
$
680
$
120
$
30
$
8
$
9
$
Public Notes *
2,808
-
997
-
-
1,811
Fiat Industrial
145
145
-
-
-
-
Intersegment
693
95
-
9
-
589
Total Maturities
4,493
$
920
$
1,117
$
39
$
8
$
2,409
$
Maturities |
 Non-GAAP Measures
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
32 |
 Non-GAAP Measures
CNH
utilizes
various
figures
that
are
“Non-GAAP
Financial
Measures”
as
this
term
is
defined
under
Regulation G as promulgated by the SEC. In accordance with Regulation G, CNH has
detailed either the computation of these financial measures from multiple
U.S. GAAP figures or reconciled these non-GAAP financial measures to the
most relevant U.S. GAAP equivalent in the accompanying tables in this
presentation. Some of these measures do not have standardized meanings and
investors should consider that the methodology applied in calculating such
measures may differ among companies and analysts. CNH’s management
believes these non-GAAP measures provide useful supplementary
information to investors in order that they may evaluate CNH’s financial
performance using the same measures used by our management. These
non-GAAP financial measures should not be considered as a substitute
for, nor superior to, measures of financial performance prepared in accordance with U.S.
GAAP.
Non-GAAP measures include:
•
Net Income Before Restructuring and Exceptional Items
•
Operating Profit
•
Net Debt (Cash)
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
33 |
 Net
Income Before Restructuring and Exceptional Items
(U.S. GAAP, US$ in mils., except per share data)
2011
2010
2011
2010
Net income attributable to CNH
193
$
209
$
939
$
452
$
Restructuring, after tax:
Restructuring
-
8
-
16
Tax benefit
1
(1)
-
(2)
Restructuring, after tax
1
7
-
14
Exceptional items:
(Gain) on purchase/sale of business, net of tax
(5)
-
(21)
(4)
Loss from debt redemption, net of tax
-
-
-
14
Tax charge for Medicare Part D retiree drug subsidy
-
-
-
20
Net Income before restructuring and exceptional items
189
$
216
$
918
$
496
$
Weighted average common shares outstanding - diluted
241
239
240
239
Diluted earnings per share before restructuring and
exceptional items
0.79
$
0.90
$
3.82
$
2.08
$
Fourth Quarter
Full Year
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
34
CNH
defines
net
income
before
restructuring
and
exceptional
item
as
net
income
attributable
to
CNH,
less restructuring charges and exceptional items, after tax. Exceptional items
include charges or income that may mask underlying operating results. We
believe that net income before restructuring and exceptional items is a
useful figure for measuring the performance of our operations. |
 Equipment Operations Operating Profit
CNH
defines
Equipment
Operations
Gross
Profit
as
net
sales
less
of
equipment
cost
of
goods
sold.
CNH
defines
Equipment
Operations
Operating
Profit
as
Gross
Profit
less
selling,
general
and
administrative
and
research
and
development
costs.
Operating
Margin
is
Operating
Profit
expressed
as
a
percentage
of
net
sales
of
equipment.
The
following
table
summarizes
the
computation
of
Equipment
Operations
Gross
and
Operating
Profit
for
all
periods
presented:
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
35
(U.S. GAAP, US$ in mils.)
2011
% of
Net Sales
2010
% of
Net Sales
2011
% of
Net Sales
2010
% of
Net Sales
Net sales
4,768
$
3,759
$
18,059
$
14,474
$
Less:
Cost of goods sold
3,951
3,121
14,626
11,891
Gross Profit
817
17.1%
638
17.0%
3,433
19.0%
2,583
17.8%
Less:
Selling, general and administrative
425
334
1,442
1,243
Research and development
154
128
526
451
Operating Profit
238
$
5.0%
176
$
4.7%
1,465
$
8.1%
889
$
6.1%
U.S. GAAP Operating Profit by Segment
Agricultural Equipment
241
$
6.5%
211
$
7.1%
1,410
$
9.9%
943
$
8.2%
Construction Equipment
(3)
$
(0.3)%
(35)
$
(4.5)%
55
$
1.4%
(54)
$
(1.8)%
Fourth Quarter
Full Year |
 Equipment Operations IFRS to
GAAP Analysis
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
36
The following summarizes trading profit, as reported to Fiat Industrial under IFRS, by
segment: (US$ in mils.)
2011
2010
2011
2010
Trading Profit Under IFRS
Agricultural Equipment
210
$
174
$
1,264
$
839
$
Construction Equipment
(12)
(18)
27
(43)
Financial Services
100
50
315
205
Trading Profit Under IFRS
298
206
1,606
1,001
The following reconciles trading profit to operating profit under U.S. GAAP:
Equipment Operations Trading Profit Under IFRS
198
$
156
$
1,291
$
796
$
Accounting for Benefit Plans
(8)
(49)
(31)
(62)
Intangible Asset Amortization,
Primarily Development Costs
(45)
(41)
(138)
(176)
IFRS Reclassifications *
55
43
213
170
Other Adjustments
(2)
(10)
(10)
(30)
Total Adjustments
-
(57)
34
(98)
Plus: U.S. GAAP "Other, net"
40
77
140
191
U.S. GAAP Operating Profit
238
$
176
$
1,465
$
889
$
Fourth Quarter
Full Year
* The net reclassification of interest compensation to Financial Services to cost of goods sold
and the interest component of unfunded benefit plans to interest expense |
 Net
Debt The
following
table
sets
forth
total
debt
and
“Net
Debt
(Cash)”
-
total
debt
(including
intersegment
debt)
less cash and cash equivalents, deposits in Fiat and Fiat Industrial subsidiaries
cash management systems
and
intersegment
notes
receivable
-
as
of
December
31,
2011
and
December
31,
2010:
CNH
Global
N.V.
Fourth
Quarter
and
Full
Year
2011
Conference
Call
–
January
31,
2012
37
31-Dec-11
31-Dec-10
31-Dec-11
31-Dec-10
31-Dec-11
31-Dec-10
With Fiat Industrial subsidiaries
325
$
-
$
80
$
-
$
245
$
-
$
With Fiat S.p.A. subsidiaries
-
194
-
43
-
151
Owed to securitization investors
2,302
2,488
-
-
2,302
2,488
Other
1,445
1,181
64
82
1,381
1,099
Intersegment
-
-
95
52
1,394
1,730
Total short-term debt
4,072
$
3,863
$
239
$
177
$
5,322
$
5,468
$
With Fiat Industrial subsidiaries
314
$
-
$
65
$
-
$
249
$
-
$
With Fiat S.p.A. subsidiaries
-
584
-
67
-
517
Owed to securitization investors
6,511
5,868
-
-
6,511
5,868
Other
6,213
5,982
3,591
3,901
2,622
2,081
Intersegment
-
-
598
510
599
543
Total long-term debt
13,038
$
12,434
$
4,254
$
4,478
$
9,981
$
9,009
$
With Fiat Industrial subsidiaries
639
$
-
$
145
$
-
$
494
$
-
$
With Fiat S.p.A. subsidiaries
-
778
-
110
-
668
Owed to securitization investors
8,813
8,356
-
-
8,813
8,356
Other
7,658
7,163
3,655
3,983
4,003
3,180
Intersegment
-
-
693
562
1,993
2,273
Total debt
17,110
$
16,297
$
4,493
$
4,655
$
15,303
$
14,477
$
Cash and cash equivalents
2,055
$
3,618
$
1,251
$
2,934
$
804
$
684
$
Deposits in cash management systems
With Fiat Industrial subsidiaries
4,116
-
3,980
-
136
-
With Fiat S.p.A. subsidiaries
-
1,760
-
1,643
-
117
Intersegment notes receivable
-
-
1,993
2,273
693
562
Net debt (cash)
10,939
$
10,919
$
(2,731)
$
(2,195)
$
13,670
$
13,114
$
Less:
Consolidated
Equipment Operations
Financial Services
(US$ in millions)
Short-term debt:
Long-term debt:
Total debt: |