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:

($ million) At December 31, 2014 At December 31, 2013 
Naveco Ltd.Turk Traktor Ve Ziraat
Makineleri A.S.
Naveco Ltd.Turk Traktor Ve Ziraat
Makineleri A.S.
Cash and cash equivalents 434 142 463 66
Non-current assets 211 245 221 145
Current assets 665 448 699 382
Total Assets 1,310 835 1,383 593
Debt 256 298 230 95
Other liabilities 624 246 679 186
Total Liabilities 880 544 909 281
Total Equity 430 291 474 312

($ million)2014  2013
Naveco Ltd.Turk Traktor Ve Ziraat
Makineleri A.S.
Naveco Ltd.Turk Traktor Ve Ziraat
Makineleri A.S.
Net revenues 1,307 1,228 1,422 1,066
Depreciation and amortization 53 16 41 13
Trading profit/(loss) 8 140 57 168
Operating profit/(loss) 10 140 59 168
Net Financial income/(expenses) 11 (8) 9 (12)
Profit/(loss) before taxes 21 137 68 156
Income taxes 3 17 9 21
Profit/(loss) from continuing operations 18 120 59 135
Profit/(loss) from discontinued operations - - - -
Profit/(loss) 18 120 59 135
Total Other comprehensive income, net of tax - - - -
Total Comprehensive income 18 120 59 135

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

($ million) At December 31, 2014 At December 31, 2013 
Naveco Ltd.Turk Traktor Ve Ziraat
Makineleri A.S.
Naveco Ltd.Turk Traktor Ve Ziraat
Makineleri A.S.
Total Equity 430 291 474 312
Group’s interest (%) 50.0 37.5 50.0 37.5
Pro-quota equity 215 109 237 117
Adjustments made by using the equity method - (2) - 9
Carrying amount 215 107 237 126

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

($ million)20142013
Profit/(loss) from continuing operations 21 36
Profit/(loss) from discontinued operations - -
Profit/(loss) 21 36
Total Other comprehensive income, net of tax - -
Total Comprehensive income 21 36

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:

($ million)At December 31, 2014At December 31, 2013
Non-current assets - -
Current assets 2,836 2,492
Total Assets 2,836 2,492
Debt 2,465 2,117
Other liabilities 155 170
Total Liabilities 2,620 2,287
Total Equity 216 205

($ million)20142013
Net revenues 79 66
Trading profit/(loss) 50 39
Operating profit/(loss) 50 39
Profit/(loss) before taxes 50 39
Profit/(loss) from continuing operations 33 28
Profit/(loss) from discontinued operations - -
Profit/(loss) 33 28
Total Other comprehensive income, net of tax - -
Total Comprehensive income 33 28

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

($ million)At December 31, 2014At December 31, 2013
Total Equity 216 205
Group’s interest (%) 49.9 49.9
Pro-quota equity 108 102
Adjustments made by using the equity method 2 6
Carrying amount 110 108

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:

($ million)20142013
Profit/(loss) from continuing operations (2) 8
Profit/(loss) from discontinued operations - -
Profit/(loss) (2) 8
Total Other comprehensive income, net of tax - -
Total Comprehensive income (2) 8