CNH Full Year 2012 Net Sales of $19.4 Billion, Net Income Before Restructuring and Exceptional Items Up 28%

CNH Full Year 2012 Net Sales of $19.4 Billion, Net Income Before Restructuring 
and Exceptional Items Up 28% 
BURR RIDGE, IL -- (Marketwire) -- 01/31/13 --  CNH Global N.V. (NYSE:
CNH) 


 
--  Full year Net Sales of $19.4 billion +8% (+12% constant currency
    basis)
    --  Agricultural equipment net sales of $15.7 billion +10% (+15%
        constant currency basis)
    --  Construction equipment net sales of $3.8 billion -3% (+2% constant
        currency basis)
--  Full year Equipment Operations' Operating Profit of $1.7 billion, at a
    margin of 8.6% for the period
--  Full year diluted EPS (before restructuring and exceptional items)
    attributable to CNH common shareholders at $4.83 per share, compared
    to $3.82 per share in 2011
--  Special Dividend of $10 per common share paid on December 28, 2012 in
    connection to the combination transaction between CNH Global N.V. and
    Fiat Industrial S.p.A.

 
                                                                            
                   Quarter Ended                    Year Ended              
               ---------------------          ---------------------         
               12/31/2012 12/31/2011  Change  12/31/2012 12/31/2011  Change 
               ---------- ---------- -------- ---------- ---------- --------
                 (US $ in millions, except per share data and percentages)  
Net Sales of                                                                
 Equipment     $    4,929 $    4,768       3% $   19,427 $   18,059       8%
Equipment                                                                   
 Operations                                                                 
 Operating                                                                  
 Profit        $      280 $      238      18% $    1,674 $    1,465      14%
Equipment                                                                   
 Operations                                                                 
 Operating                                                                  
 Margin              5.7%       5.0%  0.7 pts       8.6%       8.1%  0.5 pts
Financial                                                                   
 Services Net                                                               
 Income        $       79 $       66      20% $      301 $      225      34%
Net Income                                                                  
 Attributable                                                               
 to CNH        $      195 $      193       1% $    1,142 $      939      22%
Net Income                                                                  
 Before                                                                     
 Restructuring                                                              
 and                                                                        
 Exceptional                                                                
 Items         $      230 $      189      22% $    1,179 $      918      28%
Diluted EPS                                                                 
 Before                                                                     
 Restructuring                                                              
 and                                                                        
 Exceptional                                                                
 Items         $     0.92 $     0.79      16% $     4.83 $     3.82      26%

 
CNH Global N.V. (NYSE: CNH) today announced financial results for the
quarter and year ended December 31, 2012. Net sales for the year
increased 8% (12% on a constant currency basis) to $19.4 billion as
solid global demand for agricultural equipment more than offset the
negative effects of the more difficult trading conditions in the
construction equipment segment and foreign currency translation.
Equipment Operations posted an operating profit of $1.7 billion, or
8.6% of net sales for the year, as increased volumes and positive net
pricing in both segments compensated for increased SG&A expenditures
and R&D expense (+24%), primarily related to significant investments
in new products and Tier 4 engine emissions compliance programs. 
Equipment net sales in 2012 were 81% agricultural equipment and 19%
construction equipment. The geographic distribution of net sales in
the year was 44% North America, 31% EAME & CIS, 15% Latin America,
and 10% APAC markets. 
Equipment Operations generated $979 million in cash flow from
operations for the full year, down $118 million or 11% from 2011, as
the increased net working capital needed to support increased
business activity more than offset improved net sales and operating
performance. Full year capital expenditures totaled $556 million, a
36% increase from 2011, largely as a result of investments in new
manufacturing sites and product launches in both the agricultural and
construction equipment segments. Capital expenditures on new product
development (inclusive of interim and final Tier 4 emission compliant
equipment) and production capacity represented 61% of the total CAPEX
spent during the year. 
CNH's Equipment Operations ended the period with a net cash position
of $3.0 billion. The Group's 29% effective tax rate for 2012 is lower
than its full year 2012 forecast effective tax rate of 32% to 35% as
a result of certain favorable tax items during the fourth quarter.
For 2013, the CNH Group forecasts a full year effective tax rate of
31% to 34%. 
Full year net income, before restructuring and exceptional items, was
$1.2 billion, an increase of 28%, driven by continued solid market
conditions in the agricultural sector, satisfactory industrial
performance, and improved results by the Group's financial services
business, offsetting the increased costs of research and development
and the negative currency translation in the period. This resulted in
the Group generating diluted earnings per share of $4.83 (before
restructuring and exceptional items), up 26% compared to $3.82 per
share for the full year 2011. 
On December 26, 2012, CNH, as a result of an ongoing strategic review
of its construction equipment business, announced it is moving into
the next phase of its business relationship with Kobelco Construction
Machinery Co., Ltd. Effective January 1, 2013, the non-exclusive
licensing and supply agreements will allow CNH to pursue a global
strategy leveraging the industry-leading technologies and resources
available to it as part of the Fiat Industrial Group. The new
business relationship includes the unwinding of all the joint
ventures between the parties, which resulted in CNH recording an
exceptional non-cash charge of $35 million during the period. 
2013 Full Year Market Outlook  


 
--  Agricultural equipment unit volume is expected to be flat to up 5%
--  Construction equipment unit volume is expected to be flat to up 5%

  
CNH Announces Its Guidance For The Full Year 2013  


 
--  Revenues up ~5%
--  Operating Margin between 8.5% and 9.0%

  
SEGMENT RESULTS
 Agricultural Equipment  


 
                                                                            
                   Quarter Ended                    Year Ended              
               ---------------------          ---------------------         
               12/31/2012 12/31/2011  Change  12/31/2012 12/31/2011  Change 
               ---------- ---------- -------- ---------- ---------- --------
                           (US $ in millions, except percentages)           
Net Sales of                                                                
 Equipment     $    4,014 $    3,695       9% $   15,657 $   14,183      10%
Gross Profit   $      803 $      685      17% $    3,359 $    2,904      16%
Gross Margin        20.0%      18.5%  1.5 pts      21.5%      20.5%    1 pts
Operating                                                                   
 Profit        $      322 $      241      34% $    1,680 $    1,410      19%
Operating                                                                   
 Margin              8.0%       6.5%  1.5 pts      10.7%       9.9%  0.8 pts

 
CNH Agricultural Equipment Full Year Results 
 CNH's full year net
sales of agricultural equipment increased 15% on a constant currency
basis (10% on a reported basis) driven by increased volume, positive
net pricing, and favorable product mix. All of the Group's geographic
regions reported increased revenue on a constant currency basis.
Operating profit increased by $270 million to $1.7 billion at an
operating margin of 10.7%, up 80 basis points compared to 2011. 
Worldwide agricultural equipment market share performance was in line
with the market for both tractors and combines. 
CNH worldwide production of agricultural equipment trailed retail
sales in the fourth quarter, resulting in a strong cash generation
from working capital in the quarter, as the Group implemented the
scheduled production slowdown to reduce company and dealer inventory
to year-end desired levels. 
During 2012, Case IH Agriculture continued its introduction of
Efficient Power Tier 4A/Stage IIIB emission compliant equipment in
Europe and North America with the launch of Maxxum and Steyr Profi
ecotech tractors, 30 and 40 Series Titan floaters, 920 and 930
Nutri-Placer applicators, the 950 Nutri-Tiller strip-till system, six
new models of Axial-Flow combines and the new narrow track 4WD
Steiger Rowtrac. The new 30 Series Efficient Power Axial Flow
combines were introduced in Australia, China, Russia and Ukraine. The
Module Express 635 cotton pickers, the Axial-Flow 7120 and 8120
combine models and, through a strategic alliance with Semeato, an
expanded no-till planter offering were introduced in the Brazilian
market. 
Case IH's Axial-Flow 9230 combine harvester was awarded the PUCHAR,
or "highest honor" award by the Polish Ministry of Agriculture and
Rural Development at AGROTECH 2012 for offering the newest rotor
threshing solution for multiple operating conditions in the industry
and the Puma 145 tractor, with Efficient Power, was awarded "HIT of
the Fair" at the XIII Mazowieckie Dni Rolnictwa (Mazovian
Agricultural Days) exhibition in Poland. In Brazil, Revista Rural
magazine honored the Case IH sugar cane harvester with the "Top of
Mind" award. As announced in November 2012, the American Society of
Agricultural and Biological Engineers (ASABE) recognized Case IH for
innovation with the 2013 AE50 awards, specifically for the new 2013
Axial-Flow combine cab, the pivoting grain spout on the Axial-Flow
combine, the Nutri-Placer 920 and the Precision Disk 500 air disk
drill.  
During 2012, New Holland Agriculture introduced the new BigBaler
range, with up to 20% increased capacity and up to 5% denser bales,
in Europe, Australia and North America. New Holland Agriculture
leveraged the newly signed agreements with Semeato and Orkel,
launching the new SOLTT planting equipment in Brazil and the Roll
Baler, the new series of professional fixed chamber roll balers, in
Europe. In Brazil, New Holland Agriculture completed the introduction
of the CR5080, CR6080SL and CR9080 Twin Rotor combines with models
from class 5 to class 9 and launched the T9 4WD and T7 tractors. In
Europe, New Holland Agriculture introduced new FR forage harvesters,
including two Tier 4A/Stage IIIB models from 450 to 824 hp and
several new tractors including the ground care Boomer Compact 3000
range, upgraded with the EasyDrive continuously variable
transmission, the compact T3F, dedicated to small and mid-sized
orchard and viticulture operators, the TI3 and TI4 equal sized wheel
tractors, designed for hay-making operations and field maintenance,
and new additions to the Tier 4A/Stage IIIB T5 range, now also
available with the 4 step powershift Electro Command transmission. In
North America, New Holland Agriculture launched the Tier 4A/Stage
IIIB compliant T6 tractors, the new MegaCutter tractor mounted disc
mower-conditioners, the new ProRotor rotary rakes and the new 840CD
rigid draper head specifically designed to match the CR series Twin
Rotor and the CX8000 super-conventional combines, which provide
uniform crop flow up to 45-foot cutting widths. New Holland
Agriculture launched the new fuel efficient TD5 tractor series in
South Africa and Far East markets. In addition, New Holland
Agriculture introduced the TT Compact tractor series, with
fuel-efficient engines from 35 to 47 hp, in key African markets
including South Africa, Morocco and Tunisia. In the Far East, New
Holland Agriculture also launched the new TS6 tractor series,
featuring four models ranging from 110 to 139 hp. In China, New
Holland Agriculture displayed its Braud 9080L, the first grape
harvester ever to be presented in the country. 
In Europe, New Holland Agriculture won a FIMA outstanding innovation
award for the SynchroKnife central header drive and four technical
innovation awards for the Intelligent Trailer Braking system, the
Smart Key technology, the Braud 9090X olive harvester and the
Steering-O-Matic Plus system for the TK4000 range of crawler
tractors. In Brazil, the ISOBUS communication system between tractor
and the SOLTT planter received the top prize in the Innovation
Category at Expointer, the largest fair in Southern Brazil. Also in
North America, New Holland Agriculture won six 2013 AE50 awards for
Engineering Innovation for the 840CD rigid draper head, the Advanced
Operator Control System for H8000 Series Speedrower self-propelled
windrowers, the BigBaler Series, the IntelliFill System for FR Series
forage harvesters, the ABS SuperSteer anti-lock braking system for T7
Series tractors, and the homologation option for T9 Series tractors
granting free road circulation in the EU. In Europe, the new BigBaler
series was recognized with the SIMA Silver Innovation Medal and the
T4060F tractor with the 2013 Best of Specialized tractor award. 
Construction Equipment  


 
                                                                            
                   Quarter Ended                    Year Ended              
               ---------------------          ---------------------         
               12/31/2012 12/31/2011  Change  12/31/2012 12/31/2011  Change 
               ---------- ---------- -------- ---------- ---------- --------
                           (US $ in millions, except percentages)           
Net Sales of                                                                
 Equipment     $      915 $    1,073     -15% $    3,770 $    3,876      -3%
Gross Profit   $      102 $      132     -23% $      502 $      529      -5%
Gross Margin        11.1%      12.3% -1.2 pts   
   13.3%      13.6% -0.3 pts
Operating                                                                   
 Profit        $     (42) $      (3)      N/A $      (6) $       55      N/A
Operating                                                                   
 Margin            (4.6)%     (0.3)% -4.3 pts     (0.2)%       1.4% -1.6 pts

 
CNH Construction Equipment Full Year Results
 CNH's construction
equipment full year 2012 net sales increased 2% on a constant
currency basis (-3% on a reported basis) as modest industry recovery
in North America and Eastern Europe did not offset the continued
demand slowdown in the other geographic regions. In response to the
demand downturn, finished goods production in the fourth quarter was
curtailed (21% vs. retail) to reduce company and dealer inventory
levels to the prevailing market conditions which contributed to the
$6 million operating loss for the year. 
CNH's worldwide construction equipment market share was in line with
the market, with gains in Latin America. 
CNH's worldwide production of construction equipment was 21% below
retail sales during the quarter, as the Group continued to balance
inventory levels, as anticipated during the year, in line with the
forecasted worldwide demand levels in 2013. 
During 2012, Case Construction continued its product rejuvenation
plan introducing, in North America, new Tier 4A/Stage IIIB compliant
tractor loader backhoe models, the new CX210C and CX470C crawler
excavator, the 621F wheel loader, the H Series rough-terrain forklift
and 570N XT tractor loader and the 885B motor grader. In Europe, Case
Construction launched the new wheel loader models 1121F and 1021F,
new crawler excavator models CX210C and CX235C and the new WX 8
wheeled excavators series equipped with three-pump hydraulic system.
The new 521F and 621F wheel loaders with Tier 3 engines were
introduced in Africa, the Middle East, the CIS and Central Asia. In
Russia, Case Construction presented its range of Tier 3 compliant SR
and SV skid steer and TR compact track loaders, while in India the
brand launched the SR130 and SR150 models. 
In North America, Construction Equipment magazine recognized the Case
motor grader B Series among the Top 100 products for 2012, while
Better Roads magazine elected the Case 621F wheel loader as one of
the Top 25 products in 2012, due to its fuel efficiency and increased
productivity.  
During 2012, New Holland Construction launched, in Europe, the LM625
telescopic handler, the W270 and W300 wheel loaders, new C series
crawler excavator including short-radius model and the new wheeled
excavator B Series PRO, all Tier 4A/Stage IIIB emission compliant.
The new Tier 4A/Stage IIIB compliant B95C and B110C loader backhoe
tractors were introduced in North America at the World of Concrete
show in Las Vegas, Nevada. New Holland Construction continued to
focus on emerging markets, introducing the new C series crawler
excavator and wheel loader with Tier 3 engines to key markets in
Africa, the Middle East, the CIS and Central Asia. In Latin America,
New Holland Construction launched the new LM1445 and LM1745
telehandlers, extending the lift-height range to 17 meters, and the
new E55B compact excavator. New Holland Construction now offers one
of the most complete compact product lines in Latin America. 
Financial Services 


 
                                                                            
                   Quarter Ended                    Year Ended              
               ---------------------          ---------------------         
               12/31/2012 12/31/2011  Change  12/31/2012 12/31/2011  Change 
               ---------- ---------- -------- ---------- ---------- --------
                           (US $ in millions, except percentages)           
Net Income     $       79 $       66      20% $      301 $      225      34%
On-Book Asset                                                               
 Portfolio     $   16,539 $   14,636      13% $   16,539 $   14,636      13%
Managed Asset                                                               
 Portfolio     $   18,884 $   17,089      11% $   18,884 $   17,089      11%

 
CNH Financial Services Full Year Results 
 Full year net income
attributable to Financial Services increased 34% to $301 million
compared with $225 million in 2011. Increased results were primarily
due to a higher average portfolio, lower general and administrative
expenses and a lower provision for credit losses, partially offset by
narrower financial margins. 
At December 31, 2012, delinquent receivables greater than 30 days
past due were 1.2% of the total managed receivables, down from 2.0%
at December 31, 2011. 
CNH Capital LLC
 The following is disclosed on behalf of CNH's North
American financial services subsidiary, CNH Capital LLC and its
consolidated subsidiaries ("CNH Capital").  


 
                                                                            
                   Quarter Ended                    Year Ended              
               ---------------------          ---------------------         
               12/31/2012 12/31/2011  Change  12/31/2012 12/31/2011  Change 
               ---------- ---------- -------- ---------- ---------- --------
                           (US $ in millions, except percentages)           
Net Income     $       44 $       44       0% $      212 $      200       6%
On-Book Asset                                                               
 Portfolio     $   11,609 $   10,141      14% $   11,609 $   10,141      14%
Managed Asset                                                               
 Portfolio     $   11,656 $   10,249      14% $   11,656 $   10,249      14%

 
CNH Capital LLC Full Year Results
 Full year net income attributable
to CNH Capital was up 6% primarily due to a higher average portfolio,
partially offset by narrower financial margins and a higher provision
for credit losses.  
At December 31, 2012, delinquent receivables greater than 30 days
past due were 0.5% of the total managed receivables, down from 0.8%
at December 31, 2011. 
Unconsolidated Equipment Operations Subsidiaries
 Full year results
for the Group's unconsolidated Equipment Operations subsidiaries were
$91 million, down $13 million from the full year 2011 results. 
Combination Transaction Proposal From Fiat Industrial
 On November
25, 2012, the unconflicted members of CNH's board of directors met
and unanimously determined to recommend the CNH Board of Directors
(acting through its unconflicted members) to approve the revised
offer presented by Fiat Industrial S.p.A. on November 19, 2012 (the
"Final Fiat Industrial Proposal"). Also on November 25, 2012, the CNH
Board of Directors (acting through its unconflicted members)
unanimously approved (1) the Final Fiat Industrial Proposal, (2) that
CNH enter into the definitive merger agreement (the "Merger
Agreement"), (3) the amendment of the company's Articles of
Association (as contemplated in the Merger Agreement), and (4) the
payment of a special dividend in the amount of $10 per common share. 
On December 17, 2012, at an extraordinary meeting of shareholders,
CNH shareholders approved the amendment of the company's Articles of
Association and the payment of a special dividend in the amount of
$10 per common share. The special dividend was paid on December 28,
2012, to the holders of CNH common shares (but not to the holders of
common shares B, the sole owner of which is Fiat Netherlands Holding
N.V., which is a wholly-owned subsidiary of Fiat Industrial S.p.A.). 
Equipment Operations Cash Flow and Net Debt  


 
                                                                      
                                                  Year to Date        
                                          --------------------------- 
                                           12/31/2012     12/31/2011  
                                          ------------   ------------ 
                                               (US $ in millions)     
Net Income                                $      1,133   $        924 
Depreciation & Amortization                        331            311 
Cash Change in Working Capital*                   (329)          (189)
Other                                             (156)            51 
                                          ------------   ------------ 
Net Cash Provided by Operating                                        
 Activities                                        979          1,097 
Net Cash (Used) by Investing                                          
 Activities**                                     (598)          (489)
All Other                                          (92)           (72)
                                          ------------   ------------ 
Increase in Net (Cash)                    $        289   $        536 
                                          ============   ============ 
Net (Cash)                                $     (3,020)  $     (2,731)

 
* Net cash change in receivables, inventories and payables including
inter-segment receivables and payables.
 ** Excluding Net (Deposits
In)/Withdrawals from Fiat Industrial Cash Management Systems, as they
are a part of Net (Cash). 
ABOUT CNH
 CNH Global N.V. is a world leader in the agricultural and
construction equipment businesses. Supported by approximately 11,300
dealers in approximately 170 countries, CNH brings together the
knowledge and heritage of its Case and New Holland brand families
with the strength and resources of its worldwide commercial,
industrial, product support and finance organizations. CNH Global
N.V., whose stock is listed on the New York Stock Exchange (NYSE:
CNH), is a majority-owned subsidiary of Fiat Industrial S.p.A.
(FI.MI). More information about CNH and its Case and New Holland
products can be found online at www.cnh.com. 
CNH CONFERENCE CALL AND WEBCAST
 CNH management will hold a
conference call on January 31, 2013, to review full year and fourth
quarter 2012 results. The conference call webcast will begin at 7:00
a.m. U.S. Central Time (8:00 a.m. U.S. Eastern Time). This call can
be accessed through the investor information section of the company's
website at www.cnh.com and will be transmitted by CCBN.  
NON-GAAP MEASURES
 CNH utilizes various figures that are "Non-GAAP
Financial Measures" as this term is defined under Regulation G, as
promulgated by the SEC. In accordance with Regulation G, CNH has
detailed either the computation of these measures from multiple U.S.
GAAP figures or reconciled these non-GAAP financial measures to the
most relevant U.S. GAAP equivalent in the accompanying tables to this
press release. Some of these measures do not have standardized
meanings and investors should consider that the methodology applied
in calculating such measures may differ among companies and analysts.
CNH's management believes these non-GAAP measures provide useful
supplementary information to investors in order that they may
evaluate CNH's financial performance using the same measures used by
our management. These non-GAAP financial measures should not be
considered as a substitute for, nor superior to, measures of
financial performance prepared in accordance with U.S. GAAP.  
CNH defines "Equipment Operations Gross Profit" as net sales of
equipment less costs classified as cost of goods sold. CNH defines
"Equipment Operations Operating Profit" as gross profit less costs
classified as selling, general and administrative and research and
development costs. CNH defines "Equipment Operations Gross Margin" as
gross profit as a percent of net sales of equipment. CNH defines
"Equipment Operations Operating Margin" as operating profit as a
percent of net sales of equipment. "Net Debt (Cash)" is defined as
total debt (including intersegment debt) less cash and cash
equivalents, deposits in Fiat Industrial affiliates cash management
pool and intersegment notes receivable. CNH defines "Net income
(loss) and diluted EPS before restructuring and exceptional items" as
Net income (loss) attributable to CNH, less restructuring charges and
exceptional items, after tax. Equipment Operations "working capital"
is defined as accounts and notes receivable and other-net, excluding
intersegment notes receivables, plus inventories less accounts
payable. The U.S. dollar computation of cash generated from working
capital, as defined, is impacted by the effect of foreign currency
translation and other non-cash transactions. CNH defines the "change
in net sales on a constant currency basis" as the difference between
prior year actual net sales and current year net sales translated at
prior year average exchange rates. Elimination of the currency
translation effect provides constant comparisons without the
distortion of currency rate fluctuations.  
FORWARD-LOOKING STATEMENTS 
 This press release includes
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact contained in this press release,
including statements regarding our competitive strengths, business
strategy, future financial position, operating results, budgets,
projected costs and plans and objectives of management, are
forward-looking statements. These statements may include terminology
such as "may," "will," "expect," "could," "should," "intend,"
"estimate," "anticipate," "believe," "outlook," "continue," "remain,"
"on track," "goal," or similar terminology.  
Our outlook is largely based on our interpretation of what we
consider to be relevant economic assumptions and involves risks and
uncertainties that could cause actual results to differ (possibly
materially) from such forward-looking statements. Macro-economic
factors including monetary policy, interest rates, currency exchange
rates, inflation, deflation, credit availability and the intervention
by governments and non-governmental organizations in an attempt to
influence such factors can have a material impact on our customers
and the demand for our goods. Crop production and commodity prices
are strongly affected by weather and can fluctuate significantly.
Housing starts and other construction activity are sensitive to,
among other things, credit availability, interest rates and
government spending. Some of the other significant factors that may
affect our results include general economic and capital market
conditions, the cyclical nature of our businesses, customer buying
patterns and preferences, the impact of changes in geographical sales
mix and product sales mix, foreign currency exchange rate movements,
our hedging practices, investment returns, our and our customers'
access to credit, restrictive covenants in our debt agreements,
actions by rating agencies concerning the ratings on our debt and
asset-backed securities and the credit ratings of Fiat Industrial,
risks related to our relationship with Fiat Industrial, the effect of
the demerger transaction consummated by Fiat pursuant to which CNH
was separated from Fiat's automotive business and became a subsidiary
of Fiat Industrial, our ability to consummate the pending business
combination transaction with Fiat Industrial and to realize the
anticipated benefits of such transaction, political uncertainty and
civil unrest or war in various areas of the world, pricing, product
initiatives and other actions taken by competitors, disruptions in
production capacity, excess inventory levels, the effect of changes
in laws and regulations (including those related to tax, healthcare,
retiree benefits, government subsidies, engine emissions, and
international trade regulations), the results of legal proceedings,
technological difficulties, results of our research and development
activities, changes in environmental laws, employee and labor
relations, pension and health care costs, relations with and the
financial strength of dealers, the cost and availability of supplies,
raw material costs and availability, energy prices, real estate
values, animal diseases, crop pests, harvest yields, government farm
programs, consumer confidence, housing starts and construction
activity, concerns related to modified organisms and fuel and
fertilizer costs, and the growth of non-food uses for some crops
(including ethanol and biodiesel production). Additionally, our
achievement of the anticipated benefits of our margin improvement
initiatives depends upon, among other things, industry volumes as
well as our ability to effectively rationalize our operations and to
execute our brand strategy. Further information concerning factors
that could significantly affect expected results is included in our
annual report on Form 20-F for the year ended December 31, 2011.  
Furthermore, in light of ongoing difficult macroeconomic conditions,
both globally and in the industries in which we operate, it is
particularly difficult to forecast our results and any estimates or
forecasts of particular periods that we provide are uncertain. We can
give no assurance that the expectations reflected in our
forward-looking statements will prove to be correct. Our actual
results could differ materially from those anticipated in these
forward-looking statements. All written and oral forward-looking
statements attributable to us are expressly qualified in their
entirety by the factors we disclose that could cause our actual
results to differ materially from our expectations. We undertake no
obligation to update or revise publicly any forward-looking
statements. 


 
                                                                            
                               CNH GLOBAL N.V.                              
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS              
                        AND SUPPLEMENTAL INFORMATION                        
            For the Three Months Ended December 31, 2012 and 2011           
                                 (Unaudited)                                
                                                                            
                                               Equipment        Financial   
                           Consolidated       Operations         Services   
                         ----------------  ----------------  ---------------
                           Three Months      Three Months      Three Months 
                               Ended             Ended            Ended     
                           December 31,      December 31,      December 31, 
                         ----------------  ----------------  ---------------
                           2012     2011     2012     2011     2012    2011 
                         -------  -------  -------  -------  ------- -------
                                 (in millions, except per share data)       
Revenues:                                                                   
  Net sales              $ 4,929  $ 4,768  $ 4,929  $ 4,768  $     - $     -
  Finance and interest                                                      
   income                    258      273       39       39      327     342
                         -------  -------  -------  -------  ------- -------
                           5,187    5,041    4,968    4,807      327     342
                         -------  -------  -------  -------  ------- -------
Costs and Expenses:                                                         
  Cost of goods sold       4,024    3,951    4,024    3,951        -       -
  Selling, general and                                                      
   administrative            524      503      444      425       80      78
  Research, development                                                     
   and engineering           181      154      181      154        -       -
  Interest expense           154      193       81       96      108     133
  Interest compensation                                                     
   to Financial Services       -        -       73       72        -       -
  Other, net                 119       67       83       40       36      27
                         -------  -------  -------  -------  ------- -------
Total                      5,002    4,868    4,886    4,738      224     238
                         -------  -------  -------  -------  ------- -------
                                                                            
Income before income                                                        
 taxes and equity in                                                        
 income of                                                                  
 unconsolidated                                                             
 subsidiaries and                                                           
 affiliates                  185      173       82       69      103     104
Income tax provision          26       11       (1)     (29)      27      40
Equity in income of                                                         
 unconsolidated                                                             
 subsidiaries and                                                           
 affiliates:                                                                
  Financial Services           3        2       79       66        3       2
  Equipment Operations        26       25       26       25        -       -
                         -------  -------  -------  -------  ------- -------
Net income                   188      189      188      189       79      66
  Net loss attributable                                                     
   to noncontrolling                                                        
   interests                  (7)      (4)      (7)      (4)       -       -
                         -------  -------  -------  -------  ------- -------
Net income attributable                                                     
 to CNH Global N.V.      $   195  $   193  $   195  $   193  $    79 $    66
                         =======  =======  =======  =======  ======= =======
                                                                            
Weighted average shares                                                     
 outstanding - Basic:                                                       
  Common Shares               30      240                                   
                         =======  =======                                   
  Class B Common Shares      212        -                                   
                         =======  =======                                   
                                                                            
Weighted average shares                                                     
 outstanding - Diluted:                                                     
  Common Shares               31      241                                   
                         =======  =======                                   
  Class B Common Shares      212        -                                   
                         =======  =======                                   
                                                                            
Basic and diluted earnings per share ("EPS") attributable                   
 to Common Shares and Class B Common Shares:                                
  Basic EPS              $  0.78  $  0.81                                   
                         =======  =======                                   
  Diluted EPS            $  0.78  $  0.80                                   
                         =======  =======        
                           
                                                                            
Cash dividends per share                                                    
    Common Shares        $ 10.00  $     -                                   
                         =======  =======                                   
    Class B Common                                                          
     Shares              $     -  $     -                                   
                         =======  =======                                   

 
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, 2011. 
The supplemental Equipment Operations (with Financial Services on the
equity basis) data in these statements include CNH Global N.V.'s
agricultural and construction equipment operations. The supplemental
Financial Services data in these statements include CNH Global N.V.'s
financial services business. Transactions between Equipment
Operations and Financial Services have been eliminated to arrive at
the consolidated data.  


 
                                                                            
                               CNH GLOBAL N.V.                              
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS              
                        AND SUPPLEMENTAL INFORMATION                        
                For the Year Ended December 31, 2012 and 2011               
                                 (Unaudited)                                
                                                                            
                                               Equipment        Financial   
                           Consolidated       Operations         Services   
                         ----------------  ----------------  ---------------
                            Year Ended        Year Ended        Year Ended  
                           December 31,      December 31,      December 31, 
                         ----------------  ----------------  ---------------
                           2012     2011     2012     2011     2012    2011 
                         -------  -------  -------  -------  ------- -------
                                 (in millions, except per share data)       
Revenues:                                                                   
  Net sales              $19,427  $18,059  $19,427  $18,059  $     - $     -
  Finance and interest                                                      
   income                  1,020    1,126      148      172    1,307   1,387
                         -------  -------  -------  -------  ------- -------
                          20,447   19,185   19,575   18,231    1,307   1,387
                         -------  -------  -------  -------  ------- -------
Costs and Expenses:                                                         
  Cost of goods sold      15,566   14,626   15,566   14,626        -       -
  Selling, general and                                                      
   administrative          1,810    1,843    1,535    1,442      275     401
  Research, development                                                     
   and engineering           652      526      652      526        -       -
  Restructuring                2        -        2        -        -       -
  Interest expense           675      786      330      386      482     547
  Interest compensation                                                     
   to Financial Services       -        -      298      286        -       -
  Other, net                 290      253      172      140      118     113
                         -------  -------  -------  -------  ------- -------
Total                     18,995   18,034   18,555   17,406      875   1,061
                         -------  -------  -------  -------  ------- -------
                                                                            
Income before income                                                        
 taxes and equity in                                                        
 income of                                                                  
 unconsolidated                                                             
 subsidiaries and                                                           
 affiliates                1,452    1,151    1,020      825      432     326
Income tax provision         423      343      279      230      144     113
Equity in income of                                                         
 unconsolidated                                                             
 subsidiaries and                                                           
 affiliates:                                                                
  Financial Services          13       12      301      225       13      12
  Equipment Operations        91      104       91      104        -       -
                         -------  -------  -------  -------  ------- -------
Net income                 1,133      924    1,133      924      301     225
  Net loss attributable                                                     
   to noncontrolling                                                        
   interests                  (9)     (15)      (9)     (15)       -       -
                         -------  -------  -------  -------  ------- -------
Net income attributable                                                     
 to CNH Global N.V.      $ 1,142  $   939  $ 1,142  $   939  $   301 $   225
                         =======  =======  =======  =======  ======= =======
                                                                            
Weighted average shares                                                     
 outstanding - Basic:                                                       
  Common Shares               29      239                                   
                         =======  =======                                   
  Class B Common Shares      212        -                                   
                         =======  =======                                   
                                                                            
Weighted average shares                                                     
 outstanding - Diluted:                                                     
  Common Shares               30      240                                   
                         =======  =======                                   
  Class B Common Shares      212        -                                   
                         =======  =======                                   
                                                                            
Basic and diluted earnings per share ("EPS") attributable                   
 to Common Shares and Class B Common Shares:                                
  Basic EPS              $  4.68  $  3.92                                   
                         =======  =======                                   
  Diluted EPS            $  4.68  $  3.91                                   
                         =======  =======                                   
                                                                            
Cash dividends per share                                                    
    Common Shares        $ 10.00  $     -                                   
                         =======  =======                                   
    Class B Common                                                          
     Shares              $     -  $     -                                   
                         =======  =======                                   

 
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, 2011. 
The supplemental Equipment Operations (with Financial Services on the
equity basis) data in these statements include CNH Global N.V.'s
agricultural and construction equipment operations. The supplemental
Financial Services data in these statements include CNH Global N.V.'s
financial services business. Transactions between Equipment
Operations and Financial Services have been eliminated to arrive at
the consolidated data.  


 
                                                                            
                               CNH GLOBAL N.V.                              
                    CONDENSED CONSOLIDATED BALANCE SHEETS                   
                        AND SUPPLEMENTAL INFORMATION                        
                As of December 31, 2012 and December 31, 2011               
                                 (Unaudited)                                
                                                                            
                                          Equipment                         
                     Consolidated         Operations      Financial Services
                 ------------------- ------------------- -------------------
                  Dec. 31,  Dec. 31,  Dec. 31,  Dec. 31,  Dec. 31,  Dec. 31,
                    2012      2011      2012      2011      2012      2011  
                 --------- --------- --------- --------- --------- ---------
                                        (in millions)                       
ASSETS                                                                      
Cash and cash                                                               
 equivalents     $   2,008 $   2,055 $     827 $   1,251 $   1,181 $     804
Deposits in Fiat                                                            
 Industrial                                                                 
 subsidiaries'                                                              
 cash management                                                            
 system              4,232     4,116     4,005     3,980       227       136
Accounts, notes                                                             
 receivable and                                                             
 other, net         16,168    14,491       824       894    15,812    14,072
Intersegment                                                                
 notes                                                                      
 receivable              -         -     2,476     1,993       554       693
Inventories          3,734     3,662     3,734     3,662         -         -
Property, plant                                                             
 and equipment,                                                             
 net                 2,220     1,936     2,218     1,934         2         2
Equipment on                                                                
 operating                                                                  
 leases, net           767       666         -         7       767       659
Investment in                                                               
 Financial                                                                  
 Services                -         -     2,318     2,045         -         -
Investments in                                                              
 unconsolidated                                                             
 affiliates            345       506       244       423       101        83
Goodwill and                                                                
 other                                                                      
 intangibles         3,069     3,084     2,909     2,926       160       158
Other assets         2,883     3,577     1,690     2,065     1,193     1,512
                 --------- --------- --------- --------- --------- ---------
                                                                            
   Total Assets  $  35,426 $  34,093 $  21,245 $  21,180 $  19,997 $  18,119
                 ========= ========= ========= ========= ========= =========
                                                                            
LIABILITIES AND                                                             
 EQUITY                                                                     
Short-term debt  $   3,797 $   4,072 $     361 $     144 $   3,436 $   3,928
Accounts payable     2,821     2,952     2,932     3,219       351       199
Long-term debt,                                                             
 including                                                                  
 current                                                                    
 maturities         14,266    13,038     3,373     3,656    10,893     9,382
Intersegment                                                                
 debt                    -         -       554       693     2,476     1,993
Accrued and                                                                 
 other                                                                      
 liabilities         5,908     6,107     5,392     5,545       522       571
                 --------- --------- --------- --------- --------- ---------
                                                                            
   Total                                                                    
    Liabilities  $  26,792 $  26,169 $  12,612 $  13,257 $  17,678 $  16,073
Equity               8,634     7,924     8,633     7,923     2,319     2,046
                 --------- --------- --------- --------- --------- ---------
                                                                            
   Total                                                                    
    Liabilities                                                             
    and Equity   $  35,426 $  34,093 $  21,245 $  21,180 $  19,997 $  18,119
                 ========= ========= ========= ========= ========= =========

 
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, 2011. 
The supplemental Equipment Operations (with Financial Services on the
equity basis) data in these statements include CNH Global N.V.'s
agricultural and construction equipment operations. The supplemental
Financial Services data in these statements include CNH Global N.V.'s
financial services business. Transactions between Equipment
Operations and Financial Services have been eliminated to arrive at
the consolidated data.  


 
                                                                            
                              CNH GLOBAL N.V.                               
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS               
                        AND SUPPLEMENTAL INFORMATION                        
               For the Year Ended December 31, 2012 and 2011                
                                (Unaudited)                                 
                                                                            
                                             Equipment         Financial    
                         Consolidated       Operations         Services     
                       ----------------  ----------------  ---------------- 
                          Year Ended        Year Ended        Year Ended    
                         December 31,      December 31,      December 31,   
                       ----------------  ----------------  ---------------- 
                         2012     2011     2012     2011     2012     2011  
                       -------  -------  -------  -------  -------  ------- 
                                           (in millions)                    
Operating activities:                                                       
  Net income           $ 1,133  $   924  $ 1,133  $   924  $   301  $   225 
  Adjustments to                                                            
   reconcile net                                                            
   income to net cash                                                       
   provided by (used                                                        
   in) operating                                                            
   activities:                                                              
    Depreciation and                                                        
     amortization          457      426      331      311      126      115 
    Intersegment                                                            
     activity                -        -      (16)      58       16      (58)
    Changes in                                                              
     operating assets                                                       
     and liabilities      (400)    (396)    (193)     (45)    (207)    (351)
    Other, net              (5)      40     (276)    (151)      42       51 
                       -------  -------  -------  -------  -------  ------- 
                                                                            
Net cash provided by                                                        
 (used in) operating                                                        
 activities              1,185      994      979    1,097      278      (18)
                       -------  -------  -------  -------  -------  ------- 
                                                                            
Investing activities:                                                       
  Expenditures for                                                          
   property, plant and                                                      
   equipment              (556)    (408)    (556)    (408)       -        - 
  Expenditures for                                                          
   equipment on                                                             
   operating leases       (476)    (396)      (7)      (2)    (469)    (394)
  Net additions from                                                        
   retail receivables   (1,261)    (455)       -        -   (1,261)    (455)
  Net (deposits in)                                                         
   withdrawals from                                                         
   Fiat Industrial         (57)  (2,419)      32   (2,395)     (89)     (24)
  Other, net               348      128      (35)     (79)     313      207 
                       -------  -------  -------  -------  -------  ------- 
                                                                            
Net cash used in                                                            
 investing activities   (2,002)  (3,550)    (566)  (2,884)  (1,506)    (666)
                       -------  -------  -------  -------  -------  ------- 
                                                                            
Financing activities:                                                       
  Intersegment                                                              
   activity                  -        -     (616)     391      616     (391)
  Net increase                                                              
   (decrease) in                                                            
   indebtedness          1,011    1,068      (24)    (272)   1,035    1,340 
  Dividends paid          (261)       -     (261)       -      (68)     (85)
  Other, net                54        1       84       33       36      (32)
                       -------  -------  -------  -------  -------  ------- 
                                                                            
Net cash provided by                                                        
 (used in) financing                                                        
 activities                804    1,069     (817)     152    1,619      832 
                       -------  -------  -------  -------  -------  ------- 
                                                                            
Effect of foreign                                                           
 exchange rate changes                                                      
 on cash and cash                                                           
 equivalents               (34)     (76)     (20)     (48)     (14)     (28)
                       -------  -------  -------  -------  -------  ------- 
                                                                            
(Decrease) Increase in                                                      
 cash and cash                                                              
 equivalents               (47)  (1,563)    (424)  (1,683)     377      120 
Cash and cash                                                               
 equivalents,                                                               
 beginning of year       2,055    3,618    1,251    2,934      804      684 
                       -------  -------  -------  -------  -------  ------- 
                                                                            
Cash and cash                                                               
 equivalents, end of                                                        
 year                  $ 2,008  $ 2,055  $   827  $ 1,251  $ 1,181  $   804 
                       =======  =======  =======  =======  =======  ======= 

 
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, 2011.  
The supplemental Equipment Operations (with Financial Services on the
equity basis) data in these statements include CNH Global N.V.'s
agricultural and construction equipment operations. The supplemental
Financial Services data in these statements include CNH Global N.V.'s
financial services business. Transactions between Equipment
Operations and Financial Services have been eliminated to arrive at
the consolidated data.  


 
                                                                            
                               CNH GLOBAL N.V.                              
                       TOTAL DEBT AND NET DEBT (CASH)                       
  For the Year Ended December 31, 2012 and the Year Ended December 31, 2011 
                                 (Unaudited)                                
                                                                            
                                            Equipment          Financial    
                        Consolidated       Operations           Services    
                     ----------------- ------------------  -----------------
                     Dec. 31, Dec. 31, Dec. 31,  Dec. 31,  Dec. 31, Dec. 31,
                       2012     2011     2012      2011      2012     2011  
                     -------- -------- --------  --------  -------- --------
                                          (in millions)                     
Short-term debt:                                                            
  With Fiat                                                                 
   Industrial                                                               
   subsidiaries      $    313 $    325 $    102  $     80  $    211 $    245
  Owed to                                                 
                  
   securitization                                                           
   investors            3,013    2,302        -         -     3,013    2,302
  Other                   471    1,445      259        64       212    1,381
  Intersegment              -        -        -        95     1,922    1,394
                     -------- -------- --------  --------  -------- --------
Total short-term                                                            
 debt                   3,797    4,072      361       239     5,358    5,322
                     -------- -------- --------  --------  -------- --------
Long-term debt:                                                             
  With Fiat                                                                 
   Industrial                                                               
   subsidiaries            44      314       19        65        25      249
  Owed to                                                                   
   securitization                                                           
   investors            7,326    6,511        -         -     7,326    6,511
  Other                 6,896    6,213    3,354     3,591     3,542    2,622
  Intersegment              -        -      554       598       554      599
                     -------- -------- --------  --------  -------- --------
Total long-term debt   14,266   13,038    3,927     4,254    11,447    9,981
                     -------- -------- --------  --------  -------- --------
Total debt:                                                                 
  With Fiat                                                                 
   Industrial                                                               
   subsidiaries           357      639      121       145       236      494
  Owed to                                                                   
   securitization                                                           
   investors           10,339    8,813        -         -    10,339    8,813
  Other                 7,367    7,658    3,613     3,655     3,754    4,003
  Intersegment              -        -      554       693     2,476    1,993
                     -------- -------- --------  --------  -------- --------
Total debt           $ 18,063 $ 17,110 $  4,288  $  4,493  $ 16,805 $ 15,303
                     ======== ======== ========  ========  ======== ========
Less:                                                                       
  Cash and cash                                                             
   equivalents          2,008    2,055      827     1,251     1,181      804
  Deposits in Fiat                                                          
   Industrial                                                               
   subsidiaries'                                                            
   cash management                                                          
   system               4,232    4,116    4,005     3,980       227      136
  Intersegment notes                                                        
   receivable               -        -    2,476     1,993       554      693
                     -------- -------- --------  --------  -------- --------
Net debt (cash)      $ 11,823 $ 10,939 $ (3,020) $ (2,731) $ 14,843 $ 13,670
                     ======== ======== ========  ========  ======== ========

 
Note: Net Debt (Cash) is a non-GAAP financial measure. See description
of non-GAAP measures contained in this release. 


 
                                                                            
                              CNH GLOBAL N.V.                               
                           SUPPLEMENTAL SCHEDULES                           
     For the Three Months and the Year Ended December 31, 2012 and 2011     
                                (Unaudited)                                 
                                                                            
                            Three Months Ended        Twelve Months Ended   
                               December 31,              December 31,       
                         ------------------------  ------------------------ 
                                              %                         %   
                           2012     2011   Change    2012     2011   Change 
                         -------  -------          -------  -------         
                                  (in millions, except percentages)         
1. Revenues and net                                                         
 sales:                                                                     
   Net sales                                                                
     Agricultural                                                           
      equipment          $ 4,014  $ 3,695     8.6% $15,657  $14,183    10.4%
     Construction                                                           
      equipment              915    1,073   -14.7%   3,770    3,876    -2.7%
                         -------  -------          -------  -------         
       Total net sales     4,929    4,768     3.4%  19,427   18,059     7.6%
   Financial services        327      342    -4.4%   1,307    1,387    -5.8%
   Eliminations and                                                         
    other                    (69)     (69)            (287)    (261)        
                         -------  -------          -------  -------         
   Total revenues        $ 5,187  $ 5,041     2.9% $20,447  $19,185     6.6%
                         =======  =======          =======  =======         
                                                                            
                                                                            
2. Net sales on a                                                           
 constant currency                                                          
 basis:                                                                     
                                                                            
   Agricultural                                                             
    equipment net sales  $ 4,014  $ 3,695     8.6% $15,657  $14,183    10.4%
   Effect of currency                                                       
    translation               98              2.7%     624              4.4%
                         -------  -------          -------  -------         
     Agricultural                                                           
      equipment net                                                         
      sales on a                                                            
      constant currency                                                     
      basis              $ 4,112  $ 3,695    11.3% $16,281  $14,183    14.8%
                         =======  =======          =======  =======         
                                                                            
   Construction                                                             
    equipment net sales  $   915  $ 1,073   -14.7% $ 3,770  $ 3,876    -2.7%
   Effect of currency                                                       
    translation               30              2.8%     186              4.8%
                         -------  -------          -------  -------         
     Construction                                                           
      equipment net                                                         
      sales on a                                                            
      constant currency                                                     
      basis              $   945  $ 1,073   -11.9% $ 3,956  $ 3,876     2.1%
                         =======  =======          =======  =======         
                                                                            
     Total Equipment                                                        
      Operations net                                                        
      sales on a                                                            
      constant currency                                                     
      basis              $ 5,057  $ 4,768     6.1% $20,237  $18,059    12.1%
                         =======  =======          =======  =======         

 
Note: Net sales on a constant currency basis is a non-GAAP financial
measure. See description of non-GAAP measures contained in this
release. 


 
                                                                            
                               CNH GLOBAL N.V.                              
                           SUPPLEMENTAL SCHEDULES                           
     For the Three Months and the Year Ended December 31, 2012 and 2011     
                                 (Unaudited)                                

 
3. Equipment Operations gross and operating profit and margin: 


 
                                                                            
                       Three Months Ended               Year Ended          
                          December 31,                 December 31,         
                   --------------------------  ---------------------------- 
                       2012          2011           2012           2011     
                   ------------  ------------  -------------  ------------- 
                               (in millions, except percentages)            
                                                                            
Net sales          $4,929 100.0% $4,768 100.0% $19,427 100.0% $18,059 100.0%
Less:                                                                       
  Cost of goods                                                             
   sold             4,024  81.6%  3,951  82.9%  15,566  80.1%  14,626  81.0%
                   ------        ------        -------        -------       
Equipment                                                                   
 Operations gross                                                           
 profit            $  905  18.4% $  817  17.1% $ 3,861  19.9% $ 3,433  19.0%
Less:                                                                       
  Selling, general                                                          
   and                                                                      
   administrative     444   9.0%    425   8.9%   1,535   7.9%   1,442   8.0%
  Research and                                                              
   development        181   3.7%    154   3.2%     652   3.4%     526   2.9%
                   ------        ------        -------        -------       
Equipment                                                                   
 Operations                                                                 
 operating profit  $  280   5.7% $  238   5.0% $ 1,674   8.6% $ 1,465   8.1%
                   ======        ======        =======        =======       
                                                                            
Gross profit and                                                            
 margin:                                                                    
  Agricultural                                                              
   equipment       $  803  20.0% $  685  18.5% $ 3,359  21.5% $ 2,904  20.5%
  Construction                                                              
   equipment          102  11.1%    132  12.3%     502  13.3%     529  13.6%
                   ------        ------        -------        -------       
Equipment                                                                   
 Operations gross                                                           
 profit            $  905  18.4% $  817  17.1% $ 3,861  19.9% $ 3,433  19.0%
                   ======        ======        =======        =======       
                                                                            
Operating profit                                                            
 and margin:                                                                
  Agricultural                                                              
   equipment       $  322   8.0% $  241   6.5% $ 1,680  10.7% $ 1,410   9.9%
  Construction                                                              
   equipment          (42) -4.6%     (3) -0.3%      (6) -0.2%      55   1.4%
                   ------        ------        -------        -------       
Equipment                                                                   
 Operations                                                                 
 operating profit  $  280   5.7% $  238   5.0% $ 1,674   8.6% $ 1,465   8.1%
                   ======        ======        =======        =======       
                                                                            
                                                                            
                                                                            
                               CNH GLOBAL N.V.                              
                           SUPPLEMENTAL SCHEDULES                           
         For the Three Months and the Year Ended December 31, 2012          
                                 (Unaudited)                                

 
4. Net income and diluted earnings per share before restructuring and
exceptional items: 


 
                                                                            
                                   Three Months Ended       Year Ended      
                                       December 31,         December 31,    
                                   -------------------  ------------------- 
                                      2012      2011       2012      2011   
                                   --------- ---------  --------- --------- 
                                     (in millions, except per share data)   
                                                                            
  Net income attributable to CNH   $     195 $     193  $   1,142 $     939 
                                   --------- ---------  --------- --------- 
                                                                            
  Restructuring, net of tax                -         1          1         - 
  Exceptional item:                                                         
    Loss on sale of business              35         -         35         - 
    (Gain) on purchase of                                                   
     business, net of tax                  -        (5)         -       (21)
                                   --------- ---------  --------- --------- 
  Net income before restructuring                                           
   and exceptional items           $     230 $     189  $   1,178 $     918 
                                   ========= =========  ========= ========= 
                                                                            
Weighted average shares                                                     
 outstanding - Diluted:                                                     
    Common Shares                         31       241         30       240 
    Class B Common Shares                212         -        212         - 
                                                                            
                                   --------- ---------  --------- --------- 
    Diluted EPS before                               
                       
     restructuring and exceptional                                          
     items for Common Shares and                                            
     Class B Common Shares         $    0.92 $    0.79  $    4.83 $    3.82 
                                   ========= =========  ========= ========= 

 
5. Equipment Operations cash (used) by working capital: 


 
                                                                            
                                                                     Cash   
                   Balance    Effect of                 Balance   generated 
                    as of      Foreign                   as of    (used) by 
                   December    Currency    Non-Cash     December   Working  
                   31, 2011  Translation Transactions   31, 2012   Capital  
                  ---------  ----------- ------------  ---------  --------- 
                                        (in millions)                       
                                                                            
Accounts, notes                                                             
 receivable and                                                             
 other - net -                                                              
 Total            $     894  $        45 $        (88) $     824  $     113 
Inventories           3,662           19           49      3,734       (140)
Accounts payable                                                            
 - Total             (3,219)          15            -     (2,932)      (302)
                  ---------  ----------- ------------  ---------  --------- 
Working Capital   $   1,337  $        79 $        (39) $   1,626  $    (329)
                  =========  =========== ============  =========  ========= 

 
Note: Working Capital is a non-GAAP financial measure. See description
of non-GAAP measures contained in this release. 
For more information contact:
CNH Investor Relations
+1 (630) 887-3745
 
 
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