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View Annual Report REPORT ANNUAL REPORT ANNUAL REPORT ANNUAL AT DECEMBER 31, 2O17 OUR SOLID 2017 RESULTS SAW US ACHIEVE SIGNIFICANTLY POSITIVE DEVELOPMENTS IN ALL OUR OPERATING SEGMENTS, COUPLED WITH A GLOBAL MARKET SHOWING SIGNS OF INCREASED DEMAND. WE ARE CONTINUING TO INVEST IN THE TECHNOLOGIES SECURING OUR FUTURE WITH STRATEGIES TO MEET THE COMPETITION HEAD ON. SERGIO MARCHIONNE CHAIRMAN CONTNTS CONTENTS CONTENTS CONTENTS 4 BOARD OF DIRECTORS AND AUDITOR 6 LETTER FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER 8 PRESENTATION OF FINANCIAL AND CERTAIN OTHER INFORMATION 10 OUR COMMITMENT TO SUSTAINABLE DEVELOPMENT 14 REPORT ON OPERATIONS 16 Selected Financial Data 69 Risk Management, Risks 17 Risk Factors and Control System 30 Business Overview 74 Corporate Governance 50 Research and Development 92 Remuneration Report 51 Human Resources 107 Major Shareholders 53 Operating and Financial Review 108 Subsequent Events and Prospects and Outlook 110 CNH INDUSTRIAL CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2017 112 Consolidated Income Statement 116 Consolidated Statement 113 Consolidated Statement of Cash Flows of Comprehensive Income 117 Consolidated Statement 114 Consolidated Statement of Changes in Equity of Financial Position 118 Notes to the Consolidated Financial Statements CONTNTS CONTENTS 190 COMPANY FINANCIAL STATEMENTS AT DECEMBER 31, 2017 192 Company Income Statement 193 Company Statement of Financial Position CONTENTS CONTENTS 194 Notes to the Company Financial Statements 214 Other Information 216 APPENDIX 218 CNH Industrial Group Companies At December 31, 2017 224 INDEPENDENT AUDITOR’S REPORT 226 Independent Auditor’s Report 3 BOARD OF DIRECTORS AND AUDITOR BOARD OF DIRECTORS AND AUDITOR BOARD INDEPENDENT OF DIRECTORS AUDITOR CHAIRMAN ERNST & YOUNG SERGIO MARCHIONNE ACCOUNTANTS LLP CHIEF EXECUTIVE OFFICER RICHARD J. TOBIN DIRECTORS JACQUELINE A. TAMMENOMS BAKKER(2)(**) MINA GEROWIN(2)(**) SUZANNE HEYWOOD(2)(3) LÉO W. HOULE(2)(3)(*) PETER KALANTZIS(1)(3)(**) JOHN LANAWAY(1)(**) SILKE C. SCHEIBER(1)(**) GUIDO TABELLINI(3)(**) JACQUES THEURILLAT(1)(**) (1) Member of the Audit Committee (2) Member of the Governance and Sustainability Committee (3) Member of the Compensation Committee (*) Independent Director and Senior Non-Executive Director (**) Independent Director 4 Disclaimer All statements other than statements of historical fact contained in this filing, including statements regarding our 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, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, 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”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “prospects”, “plan”, or similar terminology. Forward-looking statements 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 other assumptions underlying any of the forward-looking statements prove to be incorrect, 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 many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products; general economic conditions in each of our markets; changes in government policies regarding banking, monetary and fiscal policies; legislation, particularly relating 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; 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; a decline in the price of used vehicles; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, follow-on private litigation in various jurisdictions after the settlement of the EU antitrust investigation announced on July 19, 2016, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; the Company’s pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including possible effects of “Brexit”, terror attacks in Europe and elsewhere, and other similar risks and uncertainties and our success in managing the risks involved in the foregoing. Forward-looking statements are based upon assumptions and on known risks and uncertainties. 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 such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, and we undertake no obligation to update or revise publicly our forward-looking statements. Additional factors which could cause actual results and developments to differ from those expressed or implied by the forward-looking statements are included in the section “Risk Factors” of this Annual Report. Further information concerning CNH Industrial and its businesses, 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. 5 LETTER FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER LETTER FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER Dear Shareholders, The solid results we attained in 2017 are a result of the full engagement of our employees executing our business strategy, one which strives to position CNH Industrial among the leaders in the industries where we compete. Across our business segments, we are continuing to invest in the technologies securing our future; while further solidifying the capital structure of the Group. The full year 2017 results of CNH Industrial were as follows: Net revenues of $28 billion; A trading profit of approximately $1,440 million, with a trading margin of 5.1%; Net income of $477 million. It was a year that saw us grow our consolidated revenues by 10%, net revenues of Industrial Activities by 11%, and our trading profit by 15% relative to the prior year, while reducing our net industrial debt by 46%. These results were accomplished through solid performance across the segments and increased activity levels in the majority of our operating geographies. Our results in 2017 saw CNH Industrial achieve significantly positive developments in our operating segments, each of them recording an increase in net sales. Furthermore, our commitment to research and development saw our brands reap industry accolades: A sample of our 2017 achievements are as follows: S&P Global Ratings raised its long-term corporate credit rating on CNH Industrial N.V. from “BB+” to “BBB-”. The long-term corporate credit rating of CNH Industrial Capital LLC was also raised to “BBB-.“ The short-term rating of CNH Industrial N.V. was raised from “B” to “A-3”. The outlook of both companies is “stable”; Fitch Ratings assigned CNH Industrial N.V. and CNH Industrial Capital LLC long-term issuer default ratings of “BBB-“. The outlook of both companies is “stable”. Fitch Ratings also assigned a short-term issuer default rating to CNH Industrial Capital LLC of “F3”; The Dow Jones Sustainability World and Europe Indices named CNH Industrial N.V. as the Industry Leader in the Machinery and Electrical Equipment sector for the seventh consecutive year. The Company was named Industry Group Leader in Capital Goods for the second time; CDP recognized CNH Industrial N.V. as a global leader in sustainable water management with inclusion in the CDP Water A-List comprising 74 organizations; th Case IH and CASE Construction Equipment
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