CNA Financial (TG:CNH)
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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/