Cnh Global N.V

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Cnh Global N.V SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ¨ © REGISTRATION STATEMENT PURSUANT TO SECTIONS 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ¨X© ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 1999 or ¨ © TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-14528 CNH GLOBAL N.V. (Formerly New Holland N.V.) (Exact name of registrant as speciÑed in its charter) Kingdom of The Netherlands (State or other jurisdiction of incorporation or organization) World Trade Center Tower B, 10th Floor Amsterdam Airport The Netherlands (Address of principal executive oÇces) Securities registered pursuant to Section 12(b) of the Act: Name of Each Exchange Title of Each Class on which Registered Common Shares, par value Euro 0.45 New York 1 Case Corporation 7 /4% Notes due 2016 New York Securities registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d)of the Act: None Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 149,660,000 Common Shares Indicate by check mark whether the registrant has (1) Ñled all reports required to be Ñled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to Ñle such reports), and (2) been subject to such Ñling requirements for the past 90 days. ² Indicate by check mark which Ñnancial statement item the registrant has elected to follow: Item 17 n or Item 18 ². TABLE OF CONTENTS Page PART I Item 1. Description of Business ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5 Item 2. Description of Property ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 17 Item 3. Legal ProceedingsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 19 Item 4. Control of Registrant ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 19 Item 5. Nature of Trading MarketÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20 Item 6. Exchange Controls and Other Limitations AÅecting Security Holders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20 Item 7. TaxationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20 Item 8. Selected Financial Data ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 24 Item 9. Management's Discussion and Analysis of Financial Condition and Results of 26 Operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Item 9(a). Quantitative and Qualitative Disclosures About Market RiskÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 42 Item 10. Directors and OÇcers of Registrant ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 44 Item 11. Compensation of Directors and OÇcers ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 45 Item 12. Options to Purchase Securities from Registrant or Subsidiaries ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 46 Item 13. Interest of Management in Certain Transactions ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 46 PART II Item 14. Description of Securities to be RegisteredÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 47 PART III Item 15. Defaults Upon Senior SecuritiesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 47 Item 16. Changes in Securities and Changes in Security for Registered SecuritiesÏÏÏÏÏÏÏÏÏÏÏÏ 47 PART IV Item 17. Financial Statements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 47 Item 18. Financial Statements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 47 Item 19. Financial Statements and Exhibits ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 48 Item 19(a). Index to Financial Statements and Exhibits ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 48 Item 19(b). Index to Exhibits ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 93 2 PRESENTATION OF FINANCIAL AND CERTAIN OTHER INFORMATION CNH Global N.V. combines the operations of New Holland N.V. (""New Holland'') and Case Corporation (""Case'') as a result of their business merger (""the merger'') on November 12, 1999 (""the merger date''). EÅective with the closing of the merger, New Holland changed its name to CNH Global N.V. As used in this report, ""CNH'' refers to CNH Global N.V. and its consolidated subsidiaries. The annual consolidated Ñnancial statements of New Holland were historically prepared in accordance with International Accounting Standards or IAS. CNH has prepared its annual consolidated Ñnancial statements in accordance with generally accepted accounting principles in the United States or U.S. GAAP, and certain reclassiÑcations have been made to conform the historical Ñnancial statements to the CNH presentation. The accompanying Ñnancial statements reÖect the historical operating results of CNH, including the results of operations of Case since the merger date. CNH has prepared its consolidated Ñnancial statements in U.S. dollars and, unless otherwise indicated, all Ñnancial data set forth in this report is expressed in U.S. dollars. Certain information in this report has been presented separately by geographic area. CNH deÑnes its geographic areas as (1) North America, (2) Western Europe, (3) Latin America, and (4) Rest of World. As used in this report, all references to ""North America,'' ""Western Europe,'' ""Latin America'' and ""Rest of World'' are deÑned as follows: ‚ North America Ì United States and Canada. ‚ Western Europe Ì Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, The Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. ‚ Latin America Ì Mexico, Central and South America, and the Caribbean Islands. ‚ Rest of World Ì Those areas not included in North America, Western Europe and Latin America, as deÑned above. In this report, management estimates of market share information are generally based on registrations of equipment in most of Europe and on retail data collected by a central information bureau from equipment manufacturers in North America, as well as on shipment data collected by an independent service bureau. Not all agricultural and construction equipment is registered, and registration data may thus underestimate actual retail demand. In many countries, there may also be a period of time between the delivery, sale and registration of a vehicle; as a result, delivery or registration data for a particular period may not correspond directly to retail sales in such a period. 3 ***** Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 The information included in this report contains certain forward-looking statements and involves risks and uncertainties that could cause actual results to diÅer materially from those in the forward-looking statements. CNH's outlook is predominantly based on its interpretation of what it considers key economic assumptions. Crop production and commodity prices are strongly aÅected by weather and can Öuctuate signiÑcantly. Housing starts and other construction activity are sensitive to interest rates and government spending. Some of the other signiÑcant factors for CNH include general economic and capital market conditions, the cyclical nature of its business, foreign currency movements, CNH's and its customers' access to credit, political uncertainty and civil unrest in various areas of the world, pricing, product initiatives and other actions taken by competitors, disruptions in production capacity, excess inventory levels, the eÅect of changes in laws and regulations (including government subsidies and international trade regulations), the eÅect of conversion to the Euro, technological diÇculties, changes in environmental laws, and employee and labor relations. Additionally, CNH's achievement of the anticipated beneÑts of the merger of New Holland and Case, including the realization of expected annual operating synergies, depends upon, among other things, its ability to integrate eÅectively the operations and employees of New Holland and Case, and to execute its multi-branding strategy. Further information concerning factors that could signiÑcantly impact expected results is included in the following sections of this Form 20-F: Business Ì Business Strategy, Employees, Environmental Matters, Seasonality and Production Schedules and Competition; Legal Proceedings; and Management's Discussion and Analysis of Financial Condition and Results of Operations. 4 PART I Item 1. Description of Business. CNH, a corporation organized under the laws of the Kingdom of The Netherlands, is a leader in the agricultural equipment, construction equipment and Ñnancial services industries. CNH is the largest manufacturer of agricultural equipment in the world, the third largest manufacturer of construction equipment and has one of the world's largest equipment Ñnance companies. CNH distributes its strong, globally recognized brands in over 160 markets through an extensive network of approximately 10,000 dealers and distributors. CNH combines the operations of New Holland and Case as a result of their business merger on November 12, 1999. EÅective with the closing of the merger, New Holland changed its name to CNH. As used in this report, all references to ""New Holland'' or ""Case'' refer to (1) the pre-merger business and/or operating results of either New Holland or Case on a stand-alone basis, or (2) the CNH multi-branding strategy that supports the continued use of the New Holland and Case product brands. CNH has three business segments: Agricultural
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