SCOPE OF CONSOLIDATION

The Consolidated Financial Statements of the Group as of December 31, 2014 include CNH Industrial N.V. and 192 consolidated subsidiaries in which CNH Industrial N.V., directly or indirectly, has a majority of the voting rights, over which it exercises control, or from which it is able to derive benefi t by virtue of its power to govern corporate fi nancial and operating policies. A total of 199 subsidiaries were consolidated at December 31, 2013.

Excluded from consolidation are 17 subsidiaries that are either dormant or generate a negligible volume of business: their proportion of the Group’s assets, liabilities, fi nancial position and earnings is immaterial. In particular, 15 of such subsidiaries are accounted for using the cost method, and represent in aggregate less than 0.01 percent of Group revenues, equity and total assets.

The Group has not subsidiaries with material non-controlling interests and has no unconsolidated structured entities.

There have been no signifi cant changes in the scope of consolidation during 2014.

Interests in joint ventures consist of 17 companies at December 31, 2014 (16 companies at December 31, 2013) and mainly include:

• Turk Traktor Ve Ziraat Makineleri A.S., Turkey: listed entity (37.5% CNH Industrial and 37.5% Koç Holding) for the production of tractors under the Case IH Agriculture and New Holland Agriculture brands, and import and distribution of agricultural equipment in Turkey; 
• Naveco (Nanjing IVECO Motor Co.) Ltd, People’s Rep. of China: joint venture (50% Iveco S.p.A. and 50% Nanjing Automotive Corporation, a subsidiary of the SAIC Group) which designs, produces and sells Daily model and light trucks.

Interests in joint ventures are all accounted for using the equity method.

Summarized financial information relating to the material joint ventures of the Group, prepared in accordance with IFRS, is as follows:

This summarized financial information may be reconciled to the carrying amount of the % interest held in the joint ventures as follows:

Summarized fi nancial information relating to the % interest held in the other joint ventures that are not individually material, is as follows:

At December 31, 2014, 5 associates are accounted for using the equity method (6 associates at December 31, 2013), and mainly include CNH Industrial Capital Europe S.a.S. (49.9% CNH Industrial N. V. and 50.1% BNP Paribas Group), managing end-customer fi nancing in Europe.

At December 31, 2014, 4 associates (4 associates at December 31, 2013), that are not individually material, are accounted for using the cost method.

Summarized fi nancial information relating to CNH Industrial Capital Europe S.a.S., material associate of the Group, is as follows:

This summarized financial information may be reconciled to the carrying amount of the % interest held in the associate as follows:

Summarized financial information relating to the Group’s pro-rata interest in associates that are not individually material, accounted for using the equity method, is as follows: