Month: July 2022

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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.

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EV Technology Group’s Strategic Partner MOKE International Launches New Direct-to-Consumer Web Platform

MOKE International’s new direct-to-consumer web platform

MOKE International’s new direct-to-consumer web platform

TORONTO, July 29, 2022 (GLOBE NEWSWIRE) — EV Technology Group Ltd. (the “Company” or “EV Technology Group”) (NEO: EVTG, OTCQB: EVTGF, DE: B96A) announces today that its strategic partner MOKE International Limited (“MIL”), with which the Company just signed a definitive agreement to acquire up to 100% of MIL’s share capital, has launched a new direct-to-consumer website www.mokeinternational.com, offering customers the ability to configure, pre-order, test drive and arrange delivery of the Electric MOKE.

MOKE International has officially announced the launch of its consumer web platform. The website completes the MOKE brand’s offering of an end-to-end customer experience, extending from the real world experience offered by the recently opened flagship store Casa MOKE in St Tropez. This online experience gives customers the ability to experience the brand’s highest level of service, from pre-sales, purchase and aftersales. This website offers customers the ability to pre-order an Electric MOKE, with a deposit order of GBP£990 required to secure a spot. The site also offers delivery options including Casa MOKE in Saint-Tropez, the Hendy Group’s dealership location based on the UK’s south coast, or delivery directly to their home in the UK or Europe.

In addition, the configurator feature on the website allows customers to style their own vehicle, from choosing from an extra canopy, and five playful colorways are currently available including; Granite Grey, Sunlight Yellow, Sunset Orange, Scuba Blue and Wave Blue.

MOKE New WebsiteMOKE International’s new direct-to-consumer web platform

The MOKE brand was founded in 1964 by Sir Alec Issigonis and is synonymous with care-free living and treasured for its unique styling. The MOKE brand quickly gained its own celebrity status, with many icons of the era being pictured behind the wheel and gained in exclusive Caribbean and French locations, such as Brigitte Bardot, The Beach Boys, and James Bond. During its conception, nearly 50,000 MOKE vehicles have been sold to a global market that includes the USA, Europe, UK, Caribbean, Australia and New Zealand.

Isobel Dando, CEO of MOKE International said “The future is a seamless omni-channel experience for customers. That is why we are so pleased to be able to offer the ease of purchasing an Electric MOKE through our new website, complemented by the ability to feel and touch our product in our flagship store of ‘Casa MOKE’ in Saint-Tropez. We want to offer deep personalisation to the experience – whether that is using our configurator to select your favourite colour, or booking in for a test drive on the French Riviera at your convenience.”

Wouter Witvoet, CEO and founder of EV Technology Group added “It is key that the Electric MOKE offers a customer experience worthy of the iconic MOKE brand. Starting from their first visit to the website to experiencing in store. The brand’s fun spirit is contagious, and the MOKE International team have really captured this in our online platform.”

EV Technology Group
EV Technology Group was founded in 2021 with the vision to electrify iconic brands – and the mission to redefine the joy of motoring for the electric age. By acquiring iconic brands and bringing beloved motoring experiences to the electric age, EV Technology Group is driving the EV revolution forward. Backed by a diversified team of passionate entrepreneurs, engineers and driving enthusiasts, EV Technology Group creates value for its customers by owning the total customer experience — acquiring and partnering with iconic brands with significant growth potential in unique markets, and controlling end-to-end capabilities. To learn more visit: https://evtgroup.com/

MOKE
MOKE and the MOKE logo are trademarks or registered trademarks of MOKE International Limited (“MOKE International”) in the European Union and other territories. MOKE International, a company registered in England, is the only manufacturer of genuine MOKE vehicles worldwide. The mark was acquired from Casti S.p.A. and derives from the original 1964 British Motor Corporation registration. MOKE France is the official French licensee. For more information visit:  https://mokeinternational.com

Media
Rachael D’Amore
rachael@talkshopmedia.com
+1519-564-9850

Investor Relations
Dave Gentry
dave@redchip.com
+14074914498

EV Technology Group
Wouter Witvoet
CEO and Chairman of the Board
wouter@evtgroup.com

Forward-Looking Information
This news release contains forward-looking statements including, but not limited to: the direct-to-consumer website of MIL, online orders for the Electric MOKE and the definitive agreement between EV Technology Group and the shareholders of MIL. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements, including those factors discussed under “Risk Factors” in the filing statement of the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except where required by law. There can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

THE NEO STOCK EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c5614b17-2ef5-4842-b249-56adf2ea7ac4


Copyright © 2022 GlobeNewswire, Inc.

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US, Japan to Set Up Research Center for Next Semiconductors

The United States and Japan launched a new high-level economic dialogue Friday aimed at pushing back against China and countering the disruption caused by Russia’s invasion of Ukraine.

The two longtime allies agreed to establish a new joint research center for next-generation semiconductors during the so-called economic “two-plus-two” ministerial meeting in Washington, Japanese Trade Minister Koichi Hagiuda said.

U.S. Secretary of State Antony Blinken, U.S. Commerce Secretary Gina Raimondo, Japanese Foreign Minister Yoshimasa Hayashi and Hagiuda also discussed energy and food security, the officials said in a news briefing.

“As the world’s first- and third-largest economies, it is critical that we work together to defend the rules-based economic order, one in which all countries can participate, compete and prosper,” Blinken told the opening session.

Hagiuda said “Japan will quickly move to action” on next-generation semiconductor research and said Washington and Tokyo had agreed to launch a “new R&D organization” to establish a secure source of the vital components.

The research hub would be open for other “like-minded” countries to participate in, he said.

The two countries did not immediately release additional details of the plan, but Japan’s Nikkei Shimbun newspaper earlier said it would be set up in Japan by the end of this year to research 2-nanometer semiconductor chips. It will include a prototype production line and should begin producing semiconductors by 2025, the newspaper said.

“As we discussed today, semiconductors are the linchpin of our economic and national security,” said Raimondo, adding that the officials had discussed collaboration on semiconductors, “especially with respect to advanced semiconductors.”

Taiwan now makes the vast majority of semiconductors under 10 nanometers, which are used in products such as smart phones, and there is concern about the stability of supply should trouble arise involving Taiwan and China, which views the island as part of its territory.

The United States and Japan said in a joint statement they would work together “to foster supply chain resilience in strategic sectors, including, in particular, semiconductors, batteries, and critical minerals.” They vowed to “build a strong battery supply chain to lead collaboration between like-minded countries.”

On ties with Russia, Hagiuda said he gained U.S. understanding about Japan’s intention to keep its stake in the Sakhalin-2 oil and gas project despite sanctions against Moscow by Washington, Tokyo and others following the Ukraine invasion.

“There are voices calling for withdrawal. But it would mean our stake goes to a third country and Russia earns an enormous profit. We explained how keeping our stake is in line with sanctions, and I believe we gained U.S. understanding,” he said.

Japanese trading houses Mitsui & Co and Mitsubishi Corp hold a combined 22.5% stake in the project.


Source: Voice of America

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US Rules Out Summer COVID Boosters for Adults Under 50 to Focus on Fall

U.S. regulators said Friday they are no longer considering authorizing a second COVID-19 booster shot for all adults under 50 this summer, focusing instead on revamped vaccines for the fall that will target the newest viral subvariants.

Pfizer and Moderna expect to have updated versions of their shots available as early as September, the Food and Drug Administration said in a statement. That would set the stage for a fall booster campaign to strengthen protection against the latest versions of omicron.


The announcement means the U.S. won’t pursue a summer round of boosters using the current vaccines for adults under 50, as some Biden administration officials and outside experts previously suggested. They had argued that another round of shots now could help head off rising cases and hospitalizations caused by the highly transmissible omicron strains.

Currently, all Americans ages 5 and over are eligible for a booster shot five months after their initial primary series. Fourth doses of the Pfizer or Moderna shots — a second booster — are recommended for Americans 50 and older and for younger people with serious health issues that make them more vulnerable to COVID-19.

The FDA urged eligible adults who haven’t been boosted to get their extra shot now: “You can still benefit from existing booster options and leave time to receive an updated booster in the fall,” the agency said in a statement.

The White House has also emphasized that getting a fourth dose now won’t impact anyone’s ability to get omicron-targeted shots once they’re made available — although how long it’s been since their last dose will play a role in how soon they’re eligible.

Two omicron subvariants, BA.4 and BA.5, are even more contagious than their predecessors and have pushed new daily cases above 125,000 and hospitalizations to 6,300. Those are the highest levels since February, though deaths have remained low at about 360 per day, thanks to widespread immunity and improved treatments against the virus.

The subvariants are offshoots of the strain responsible for nearly all of the virus spread in the U.S. this year.

All the COVID-19 vaccines given in the U.S. until now have been based on the original version of the virus that began spreading across the country in early 2020.

In June, the FDA told the vaccine makers that any boosters for the fall would have to combine protection against omicron BA.4 and BA.5 and the original coronavirus strain. Both manufacturers have been speeding their production and data gathering to have those so-called bivalent vaccines ready for the fall.

The FDA and the Centers for Disease Control and Prevention would have to sign off on revamped shots before their launch.

The U.S. has a contract to buy 105 million doses of the Pfizer combination shots once they’re ready, and 66 million of Moderna’s version. But how soon large amounts would become available isn’t clear. The government contracts include options to purchase 300 million doses each but reaching that total will require more funding from Congress, the Biden administration said.

As for timing, getting a booster too soon after the previous dose means missing out on its full benefit — something policymakers will have to take into consideration when rolling out revamped shots.

The White House has at times been frustrated by the pace of decision-making at the FDA and CDC, most notably last summer, when the regulators took weeks to decide whether to authorize the first booster dose for U.S. adults. Privately, West Wing officials believe the delay cost lives, preventing optimum protection amid the delta and omicron surges, and also fed into doubts about vaccine and booster effectiveness that affected their uptake.

In recent weeks, some of those frustrations have bubbled up again, as regulators considered whether to recommend a fourth shot for all adults, not just those at highest risk from the virus. Some in the White House believe that the additional dose would have helped somewhat with the rapidly spreading BA.5 subvariant, and also lift the confidence of anyone worried that their protection had waned.

Still, officials across the government have acknowledged the risks of vaccine fatigue among Americans, including tens of millions who still haven’t received their first booster. Government figures show less than half of those eligible for a booster have gotten that third shot.

Source: Voice of America

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Azerbaijani currency rates for July 29

BAKU, Azerbaijan, July 29. The official exchange rate of the US dollar and the euro against the Azerbaijani manat as of July 29, 2022 was set at 1.7 and 1.7361 manat respectively, Trend reports via the Central Bank of Azerbaijan (CBA).

The manat rate in relation to world currencies on July 29:

CurrenciesOfficial exchange rate
1 US dollarUSD1.7
1 EuroEUR1.7361
1 Australian dollarAUD1.1908
1 Argentine pesoARS0.013
100 Belarus rubleBYN0.6734
1 Brazil realBRL0.3279
1 UAE dirhamAED0.4628
1 South African randZAR0.1033
100 South Korean wonKRW0.1308
1 Czech korunaCZK0.0706
1 Chilean pesoCLP0.1867
1 Chinese yuanCNY0.2521
1 Danish kroneDKK0.2332
1 Georgian lariGEL0.615
1 Hong Kong dollarHKD0.2166
1 Indian rupeeINR0.0214
1 British poundGBP2.0724
100 Indonesian rupiahIDR0.0114
100 Iranian rialsIRR0.004
1 Swedish kronaSEK0.1667
1 Swiss francCHF1.7853
1 Israeli shekelILS0.4999
1 Canadian dollarCAD1.3273
1 Kuwaiti dinarKWD5.5348
1 Kazakh tengeKZT0.0036
1 Kyrgyz somKGS0.0206
100 Lebanese poundLBP0.1125
1 Malaysian ringgitMYR0.3822
1 Mexican pesoMXN0.0838
1 Moldovan leuMDL0.0882
1 Egyptian poundEGP0.0898
1 Norwegian kroneNOK0.1749
100 Uzbek soumUZS0.0156
1 Polish zlotyPLN0.3645
1 Russian rubleRUB0.0273
1 Singapore dollarSGD1.2329
1 Saudi riyalSAR0.4526
1 SDR (Special Drawing Rights of IMF)XDR2.2388
1 Turkish liraTRY0.0947
1 Taiwan dollarTWD0.0568
1 Tajik somoniTJS0.1659
1 New Turkmen manatTMT0.4857
1 Ukrainian hryvnaUAH0.0462
100 Japanese yenJPY1.2752
1 New Zealand dollarNZD1.0724

Source: TREND News Agency

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TURNOVER FIGURES 1st HALF OF 2022

        Thursday 28 July 2022

TURNOVER FIGURES 1st HALF OF 2022

AKWEL (FR0000053027, AKW, PEA-eligible), the automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, has posted consolidated turnover of €488.1m in the first half of 2022, stable compared with the first half of 2021.

Consolidated turnover

In € millions – unaudited 2022 2021 Variation Like-for-like variation (1)
1st quarter 245.8 273.3 -10.1% -4.4%
2nd quarter 242.3 214.3 +13.1% +16.9%
1st half-year 488.1 487.6 +0.1% +5.0%

AKWEL recorded a higher level of activity in the second quarter of 2022, with a reported turnover up 13.1%. On a like-for-like basis, the increase was 16.9%.

The half-year turnover, up 5% on a like-for-like basis, outperforming the global vehicle production market over the first half of the year.

Products and Functions turnover is €473.2m (+1.8%). The Cooling (+8.3%) and Air (+2.2%) activities continued to grow, driven by market share gains. The Depollution product line limited its decline to -2.6%, and the Aftermarket activities remained strong on SCR tanks.

The Group generated €7.7m in free cash flow during the first half of 2022, reaching a net cash position as of 30 June, excluding rental obligations, of €116m after the dividend payout.

AKWEL confirms its expectation of moderate growth in turnover for the 2022 financial year. However, the supply difficulties disrupting the activities of vehicle and equipment manufacturers, particularly at European sites, and the significant inflation observed in the costs of raw materials, components, energy, transport, and labour will have a major impact on the Group’s operating profitability this year. These various increases cannot be easily passed on to sales prices. In all cases, this requires long negotiation periods. This time lag leads AKWEL to anticipate a significant decrease in its current operating income in both the first half and second half of 2022.

An independent, family-owned group listed on the Euronext Paris Stock Exchange, AKWEL is an automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, offering first-rate industrial and technological expertise in applying and processing materials (plastics, rubber, metal) and mechatronic integration.

Operating in 20 countries across every continent, AKWEL employs 9,700 people worldwide.

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The World’s Only Anonymous Singer-Songwriter, Peter Lake, Drops His Newest Single WIPEOUT in Record Time Merely Weeks After His Acclaimed Release STONES

Peter Lake defies industry norms and releases another single mere weeks after his acclaimed hit STONES. Says Lake, “I can’t follow industry conventions, else I’ll be dead long before my last song comes out.” Lake, known for his guarded privacy, refusal to perform, and for his cross-genre music, continues his push after surpassing 9 million Spotify streams in the first six months of the year. His hit song “Stay Baby Stay” has garnered over 2 millions streams on YouTube alone.

Album Cover

Album Cover

NEW CITY, N.Y., July 28, 2022 (GLOBE NEWSWIRE) — Peter Lake, the self-proclaimed musical “ghost of New York” shows up again with his latest single WIPEOUT. The song, which features Lake’s friend and preeminent drummer, Charley Drayton, represents a change in tone for the artist whose recent successes have come from songs inspired by electronic dance music. His recent hit STAY BABY STAY could not be more different from WIPEOUT. WIPEOUT features live drums played by Charley Drayton. Mr. Drayton, a multi-instrumentalist and producer currently on tour with Bob Dylan, provided key guidance on the track, which was recorded using traditional analog instruments at Atomic Sounds Studio in Brooklyn, New York. Mr. Lake’s composition demonstrates the comfort with which the artist combines genres.

When asked about the meaning of the song, which showcases an upbeat melody perfect for a road trip or a day at the beach, Mr. Lake had this to say: “This song doesn’t have much metaphor. It’s pretty much a literal description of a March break in college. This was before COVID hit, and I stayed on campus to study. A group of upperclassmen saw me around the empty campus and invited me to join them on a surf trip down the Baja Coast of Mexico. It’s pretty funny when I think back to it: the only reason I wanted to go was because I had a crush on a girl in the group. I hadn’t worked up the courage to tell her how I felt, but I thought this was my chance. Of course, when we met in San Diego tragedy hit: the girl I liked didn’t come … she was visiting her boyfriend! Meanwhile, I told the group I didn’t know how to surf! That’s how I became the driver. Mexico is one of the most beautiful countries I’ve ever been to, and I wrote this song so I would never forget it.”

WIPEOUT will be available on Apple, Spotify, Tencent, YouTube and all streaming services beginning July 29, 2022.

For further information about Peter Lake and his music, please message him on Instagram @peterlakemusic

Media enquiries can be directed to

pl@peterlakesounds.com

Artist Biography

Peter Lake is a Canadian-born, New York City-based singer-songwriter who revels in anonymity.

In an age where privacy is rare, Peter is convinced that his ability to create music is protected by his anonymity, and by working with unconventional partners in an attempt to avoid the constraints of traditional record deals, which often consider recorded music as a means to promote tours.

Peter is the first of a kind: an artist who will only do live concerts via a web-based platform, thereby freeing him to focus exclusively on writing and recording new, original music that crosses all genres. In the process, Peter has assembled one of the largest singer-songwriter catalogues in the industry. His musical influences include Neil Young, Max Martin, David Bowie, Motown, and Drake.

It’s no surprise that his songs are hard to place, often flying between (and combining) House beats, crunchy guitar riffs and “traditional chants and natural sounds.” When asked about his goal, he replied as follows:

“My goal is to wake up every day and make music, and one day through that process write and perform what will later be seen as the greatest song in history, a song that will define humankind for centuries.”

Related Images

Image 1: Album Cover

This content was issued through the press release distribution service at Newswire.com.

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Whidbey and Camano Islands Tourism Named Early Adopter by Transformational Travel Council

Destination Marketing Organization in Washington state to develop industry leading road map for regenerative travel

Driftwood Beach Scene

Photo by Suzi Pratt

COUPEVILLE, Wash., July 28, 2022 (GLOBE NEWSWIRE) — Whidbey and Camano Islands Tourism is undergoing strategic planning in partnership with the Transformational Travel Council (TTC) in a bold step to adapt to a forever-changed travel industry, and to lay the groundwork for a future-fit destination. An early adopter of the TTC’s Regenerative Places Program, the year-long process cultivates shared values and vision, builds stakeholder capacity, and facilitates the co-creation of a Regenerative Action Plan. This process is designed to develop the self-regulation of the islands’ tourism systems, and ultimately plant the seeds for a tourism industry that improves the lives of residents, enriches the visitor experience, and benefits the natural environment of the islands.

“Tourism is the third largest industry in Island County, yet with islands being particularly vulnerable to over-tourism, there is a desire to change how this industry affects our sense of place,” says Sherrye Wyatt, PR & marketing manager for Whidbey and Camano Islands Tourism. “We see the early signs of unsustainable visitor trends and we want to mold our strategy in a proactive way that will ensure that our community and environment will thrive alongside our tourism industry for years to come.”

“While the industry is drawn to buzz words like “transformational” or “sustainable” tourism as part of a rebrand or messaging, at this critical moment, it is vital that we walk the walk, even when it is hard. Early adopters of our program, like Whidbey and Camano Islands Tourism, are going through a transformative process that unifies, shifts mindsets, and opens them up to new ways of believing, doing, and being so they can fully embrace transformative and regenerative approaches. We hope that by helping them with sensemaking we’re able to cultivate an emergence from within that fosters a community that works for all and does so long after we’ve left,” says Jake Haupert, CEO of the TTC.

Regenerative tourism development takes a systemic approach to the design and development of the visitor economy starting with shifting mindsets, and working from the inside out and ground up, to co-design innovative legacy solutions that benefit the whole system. This process is not supposed to be quick and easy, but rather meaningful and effective. While the full plan will take effect later this year in response to community surveys and outreach, workshops with key stakeholders and more, Whidbey and Camano Islands Tourism has already revealed programs to support the regenerative effort. A new field guide suggests alternatives to popular, well-loved beaches and trails called 24 Trails off the Beaten Path. It details routes along wooded hideaways, pastoral vistas, and rugged beaches in an effort to lessen the visitor impact on over-visited island spots. Each of the 24 trails are also detailed on the website whidbeycamanoislands.com/24trails.

About Whidbey and Camano Islands 
Drive off the mainland to find two of the most accessible and scenic island destinations in the Pacific Northwest. Camano and Whidbey sit just north of Seattle, a short trip via bridge or ferry. Offering a different experience with each season, the islands provide locally inspired shops and restaurants, dynamic experiences for a variety of interests, recreation, and beach combing. Rich history and a healthy dose of local color in all mediums is provided by the region’s many artists. Lodging options range from nationally renowned hotels to secret spots ideal for a quiet retreat. For more information on amenities, lodging and a calendar of events visit www.whidbeycamanoislands.com. Connect on Twitter, Instagram and Facebook via @GoWhidbeyCamano.

About the Transformational Travel Council
TTC is a growing organization rising to meet the challenges that face a post-pandemic travel industry. TTC members are dedicated to supporting both travelers and the travel industry in transforming lives and changing the world through more mindful and intentional travel experiences. Their mission is to use travel as a catalyst for creating deeper connections with self and nature and as a tool for fostering global citizenry, communication, understanding, stewardship, and real human connection.

Media Contacts:
Erin Osborne / Annie Sullivan
ON Public Relations for Whidbey and Camano Islands Tourism
206-948-6059 / 206-856-5660
erin@onpublicrelations.com / annie@onpublicrelations.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4578b891-b37f-4dec-a00f-fcbcd622b420