/FIRST AND FINAL ADD -- NYW080 -- CNH Earnings/
25 Januar 2006 - 2:52PM
PR Newswire (US)
CNH GLOBAL N.V. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
SUPPLEMENTAL INFORMATION (Unaudited) EQUIPMENT FINANCIAL
CONSOLIDATED OPERATIONS SERVICES Years Ended Years Ended Years
Ended December 31, December 31, December 31, 2005 2004 2005 2004
2005 2004 (In Millions, except per share data) Revenues Net sales
$11,806 $11,545 $11,806 $11,545 $- $- Finance and interest income
769 634 129 82 801 672 Total 12,575 12,179 11,935 11,627 801 672
Costs and Expenses Cost of goods sold 9,934 9,782 9,934 9,782 - -
Selling, general and administrative 1,184 1,110 971 929 213 181
Research and development 296 267 296 267 - - Restructuring 73 104
71 102 2 2 Interest expense 551 492 341 318 267 208 Interest
compensation to Financial Services - - 159 113 - - Other, net 280
265 188 186 36 52 Total 12,318 12,020 11,960 11,697 518 443 Income
(loss) before income taxes, minority interest and equity in income
of unconsolidated subsidiaries and affiliates 257 159 (25) (70) 283
229 Income tax provision (benefit) 116 39 24 (39) 92 78 Minority
interest 26 23 27 23 - - Equity in income of unconsolidated
subsidiaries and affiliates: Financial Services 9 8 200 159 9 8
Equipment Operations 39 20 39 20 - - Net income $163 $125 $163 $125
$200 $159 Weighted average shares outstanding: Basic 134.3 133.3
Diluted 234.4 233.5 Basic and diluted earnings per share ("EPS"):
Basic: EPS before restructuring, net of tax $1.01 $1.45 EPS $0.77
$0.94 Diluted: EPS before restructuring, net of tax $0.95 $0.83 EPS
$0.70 $0.54 Dividends per share $0.25 $0.25 See Notes to Condensed
Financial Statements. CNH GLOBAL N.V. CONDENSED CONSOLIDATED
BALANCE SHEETS AND SUPPLEMENTAL INFORMATION (Unaudited) EQUIPMENT
FINANCIAL CONSOLIDATED OPERATIONS SERVICES December December
December December December December 31, 2005 31, 2004 31, 2005 31,
2004 31, 2005 31, 2004 (In Millions) Assets Cash and cash
equivalents $1,245 $931 $858 $637 $387 $294 Deposits in Fiat
affiliates cash management pools 580 1,151 578 1,136 2 15 Accounts,
notes receivable and other - net 5,841 5,895 1,243 1,596 4,670
4,393 Intersegment notes receivable - - 1,067 1,114 - 24
Inventories 2,466 2,515 2,466 2,515 - - Property, plant and
equipment - net 1,311 1,478 1,303 1,470 8 8 Equipment on operating
leases - net 180 215 - - 180 215 Investment in Financial Services -
- 1,587 1,419 - - Investments in unconsolidated affiliates 449 457
353 373 96 84 Goodwill and intangibles 3,163 3,236 3,018 3,090 145
146 Other assets 2,083 2,202 1,486 1,644 597 599 Total Assets
$17,318 $18,080 $13,959 $14,994 $6,085 $5,778 Liabilities and
Equity Short-term debt $1,522 $2,057 $826 $1,064 $696 $993
Intersegment short-term debt - - - 24 1,067 414 Accounts payable
1,609 1,657 1,641 1,679 32 66 Long-term debt 4,765 4,906 2,396
3,084 2,369 1,822 Intersegment long-term debt - - - - - 700 Accrued
and other liabilities 4,370 4,431 4,044 4,114 334 364 Total
Liabilities 12,266 13,051 8,907 9,965 4,498 4,359 Equity 5,052
5,029 5,052 5,029 1,587 1,419 Total Liabilities and Equity $17,318
$18,080 $13,959 $14,994 $6,085 $5,778 Total debt less cash and cash
equivalents, deposits in Fiat affiliates cash management pools and
intersegment notes receivables ("Net Debt") $4,462 $4,881 $719
$1,285 $3,743 $3,596 See Notes to Condensed Financial Statements.
CNH GLOBAL N.V. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND
SUPPLEMENTAL INFORMATION (Unaudited) EQUIPMENT FINANCIAL
CONSOLIDATED OPERATIONS SERVICES Years Ended Years Ended Years
Ended December 31, December 31, December 31, 2005 2004 2005 2004
2005 2004 (In Millions) Operating Activities: Net income $163 $125
$163 $125 $200 $159 Adjustments to reconcile net income to net cash
from operating activities: Depreciation and amortization 309 325
263 261 46 64 Intersegment activity - - 56 (97) (56) 97 Changes in
operating assets and liabilities (88) 560 292 588 (380) (28) Other,
net 165 (40) 75 2 (50) (92) Net cash from operating activities 549
970 849 879 (240) 200 Investing Activities: Expenditures for
property, plant and equipment (155) (180) (152) (179) (3) (1)
Expenditures for equipment on operating leases (111) (81) - - (111)
(81) Net (additions) collections from retail receivables and
related securitizations 171 (569) - - 171 (569) Net (deposits in)
withdrawals from Fiat affiliates cash management pools 506 217 493
221 13 (4) Other, net (primarily acquisitions and divestitures) 105
217 (10) (20) 102 152 Net cash from investing activities 516 (396)
331 22 172 (503) Financing Activities: Intersegment activity - - 23
(72) (23) 72 Net increase (decrease) in indebtedness (739) (243)
(941) (648) 202 405 Dividends paid (34) (33) (34) (33) (60) (109)
Other, net - (1) - (1) 13 85 Net cash from financing activities
(773) (277) (952) (754) 132 453 Other, net 22 15 (7) 4 29 11
Increase (decrease) in cash and cash equivalents 314 312 221 151 93
161 Cash and cash equivalents, beginning of year 931 619 637 486
294 133 Cash and cash equivalents, end of year $1,245 $931 $858
$637 $387 $294 See Notes to Condensed Financial Statements.
PRNewswire -- Jan. 25 First Call Analyst: FCMN Contact:
albert.trefts@cnh.com END FIRST AND FINAL ADD DATASOURCE: CNH
Global N.V. Web site: http://www.cnh.com/
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