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Executives

Manfred Markevitch – Head of Investor Relations

Richard J. Tobin – President, Chief Executive Officer and Executive Director

Pablo Di Si – Chief Financial Officer

Analysts

Michael Shlisky– JPMorgan Securities LLC

Peter Reilly – Deutsche Bank

Alexander Virgo – Berenberg Bank

Michael Tyndall - Barclays Capital

Brian Sponheimer – Gabelli & Company

David Raso – ISI

CNH Global N.V. (CNH) Q1 2013 Earnings Call April 30, 2013 9:30 AM ET

Operator

Good afternoon ladies and gentlemen and welcome to today's CNH 2013 First Quarter Conference Call. For your information, today's conference is being recorded. At this time, I would like to turn the conference over to Manfred Markevitch, Head of CNH Investor Relations. Mr. Markevitch, please go ahead, sir.

Manfred Markevitch

Thank you, Zorka. Good morning and good afternoon, everyone. We would like to welcome you to the CNH 2013 first quarter conference call. Let me make a brief introduction. I would like to remind everybody they can refer to Page 3 of our presentation, which was distributed earlier today and posted on the Internet regarding certain forward-looking statements. Also, all information that will be used in the conference call today is available on our website at www.cnh.com.

Today, we will have the presentation followed by a short Q&A session. We are pleased to have our President and CEO Rich Tobin; our CFO Pablo Di Si; and our Treasurer, Andrea Paulis, with us on the call today. We would like to begin with a brief presentation.

With that, I will hand over the call to Rich.

Richard J. Tobin

Thank you, Manfred. Good morning, everybody, good afternoon whatever the case might be. I will move directly to slide 4. For the first quarter results for CNH net sales up 3% on a constant currency basis and 1% on a reported basis to $4.7 billion. For the quarter both of the sectors performed with the state of their individual markets. So agricultural equipment up 9% or 11% at constant currency basis and construction equipment down 26% to 24% on a constant currency basis. Equipment operating profit at $443million, it’s an increase of 9%. Q-to-Q at an operating margin of 9.4%, predominantly on some good execution at the industrial level and good product mix overall.

So we’ll get into a little bit further in the presentation. Equipment operations net cash position at $2.7 billion for the end of the quarter. Net income before restructuring and exceptional items of $326 million, a plus 21% for Q1, and then you see the EPS is the bottom. So overall, generally a good quarter, I mean in terms of market performance a very good quarter, in terms of industrial execution on the agricultural side. And a very good mix that we’ll talk about further later in the presentation. In terms of high horse power equipment and combines when you take a look at the geographical spread. So a good start to the year overall. And then construction equipment is going to be what it is. It looks like through 2013, so we are not going to really be forecasting much to happen there or despite the fact that we will work on the cost basis and watch our inventory closely as possible. And then on the Ag side, it has been quite a good start.

Sure there is lots of Q&A in terms of where we stand, I mean in terms of the season and everything else. But actually a better than expected performance I think in terms of market demand in Q1, because we had guided that quarter-to-quarter that we expected Q1 to be a little bit lower this year on the agricultural side. But it has held up quite nicely and as I mentioned the mix has been beneficial.

So at this point, I’ll hand over the presentation to Pablo, who will take you through some of the more detailed slides and then I’ll take it back and then continue. So, Pablo, over to you.

Pablo Di Si

Thank you Rich, good morning, good afternoon everyone. So I am on slide 5, as you can see, we posted very strong growth in the Latin American markets, 43% change year-over-year at constant currency, this was primarily due to both the industry growth in tractors plus 24% and the combined industry which grew at 54%. Combine with market share gains in the tractor, the combined and the construction equipment business.

Partially offsetting these increases in Latin America were the weaker construction equipment market and a negative foreign exchange that I would be discussing on the following slides.

The North American sales decreased by 1% primarily due to the construction equipment weaker markets. In the Europe, Africa and Middle-East the decrease was 3% which was driven by the lower industry volumes in both the Ag and CE businesses, and same thing for the Asia-Pacific region where the decline was 17%.

Moving on to page 6, you can see that the organic growth of 3% was partially offset by the impact of the foreign exchange on our net sales due to the weakening of the Brazilian Real. As I mentioned before, these was the main impact on the exchange year-over-year, the average rate of the Real weakened by 13% and we also have provided you with the sensitivity of the change of plus or minus 10% from the Q1 2013 averages on page 6.

Moving on to page seven, the equipment operations evolution for the first quarter, our operating profit increased by $37 million or 9.1% due to the increased volume primarily in the North American and Latin American market and as Rich mentioned before, by a better mix and better pricing across all regions in the agricultural sector. We also experienced a purchasing efficiency of $8 million with contributions from steel, cast iron and rubber. We also had additional SG&A to support the efficiency growth in the agricultural sector. The main driver on the other bar, as you can see 36 is $30 million of exchange primarily depreciating the real as mentioned before.

Moving onto page eight, you can see that the cash utilization in the first quarter was $160 million better than last year, primarily due to the higher operating profit from operations, and lower cash utilization of $309 million for working capital. Our CapEx capital spending reached $84 million, which is a 17% reduction versus 2012, as some efficiency and additional capacity project in Latin America were implemented last year and maybe will occur this year. And this year the year-over-year volumes of $218 million in others, is primarily driven by currency impact on our cash and debt positions.

With that I’ll turn it over to Rich.

Richard J. Tobin

Thanks again, Pablo. Moving to slide nine with the charts that we issued, so, first quarter over production retail 19% in the Ag sector, which is generally in preparation, for Q2 and Q3 in the season and a little bit influenced by the fact that there was some production and ahead for certainly that – it really – we spend a little bit weak, especially in North America just because of the wet weather. We expect to liquidate a porion of that over the following couple of quarters.

So, in construction equipment a little bit different story where we are trying to align production capacity. We’ve forecasted seasonal demand as you can see, we’re just going to have to be very disciplined in how much product we put in the marketplace and because of the weak conditions there. And it really doesn’t make any sense at this juncture to build ahead for a market that we don’t expect to increase demonstrably over the year, and in the current pricing environment. So we are going to work on that progressively over the year, but we don’t expect those to decouple at all with the exception of forecasted shutdown periods in the summertime.

Moved to Slide 10, just an overall breakdown of CapEx by category, and region, nothing really different there. I mean we’ve talked about the new industrial projects progressing in Argentina, China, and India. The Cordoba plant is scheduled to open – as its official opening is next Tuesday, so we’ll be down in Cordoba, Argentina.

So everything seems to be going as planned, despite as Pablo mentioned the cash CapEx being down. I think that some of that’s timing in our forecast for cash utilization, CapEx of the year remains as we forecasted for the full year, so it’s just a little bit of a timing difference, which we are working on with the retrofit of our Brazilian operations last year.

I won’t spend a lot of time on Slide 11, just because the numbers are so volatile, I mean you saw the corn price go up quite a bit yesterday, and until the planting season begins in earnest in North America, you probably are going to see some volatility. In terms of the pricing of the underlying commodities, but where they stand right now at farming income is in the profit zone, and that is what’s driving the consumption of agricultural equipment in North America and Brazil. We can talk about Europe a little bit in the following on slides.

So moving to Slide 12, you've got different units, remember it's not revenue, it's units industry change for Q1, and then the full year forecast with a variety of different acceleration – deceleration depending on seasonality, and alike on the ag side, but overall – I mean there’s a couple of anomalies, I mean we’ve forecasted and tried to guide you on combines with Q1, that's based on comparable launch time and schedules of the industry last year. So I’d take the total market as not expected to grow anywhere near that and that’s just a comparative figure. And overall, Latin America started off as Pablo mentioned, quite strong. In the Latin American side, we're forecasting a full-year growth in units of 10% to 15% which implies some deceleration that's really going to be depending on what the state of financing is for the full year. So again I am hopefully that doesn't decline as much as what we’re forecasting here in terms of units.

And as I mentioned on the first slide in terms of construction equipment, it’s down across the board Q1-to-Q1. Specifically for CNH, we had told you at the end of last year that Q1 was going to be a difficult comp because of the amount of pre Tier IV rental units that were shifted in Q1 of 2012 that we didn't expect to repeat themselves and they didn't because purchasing activity in the rental sector comparatively Q1-to-Q1 was weak. And as you can see for the full-year expectation, we are not expecting any kind of improvement in unit demand of construction equipment for the full year with the exception of Latin America.

Moving to slide 13, typical of – we still are spending significantly on new product launches during the year on a global basis. So you see some of the examples, we are preparing for Tier IV final and have demonstrated some of our solutions from an engine point of view at the recent trade shows and we will really have the official launch of the solutions during the summer time, AG shows but overall everything is preceding as planned in terms of the product revitalization both on a sector and regional level.

And the final slide is, slide number 14, I’ll just give you some of the execution priorities which were not different than what we had discussed at the full year of 2012. We did some funding transactions out of the CNH Financial Services due in the quarter which is on the back of our trying to move up the credit rating of the CNH Group by having a diversification of funding within CNH Capital. So we’ve had a successful unsecured bond launch that was closed in April. And then you’ve got a reaffirmation of the U.S. GAAP dollar earnings outlook for the full year. And then, for that the last slide, we will open it up for questions.

Pablo Di Si

Thank you, Rich. Zorka, we will now move onto the Q&A please.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) We will now take our first question from Ann Duignan of J.P. Morgan. Please go ahead.

Michael Shlisky– JPMorgan Securities LLC

Good morning. Hi, it’s Mike Shlisky filling in for Ann. Quick question for you about your ag outlook. So, looks like what we can tell you is see if you got in a little more aggressive on ag globally this morning with your guidance, then perhaps you have with your certainly change all that much on an overall basis. I was wondering what might be causing you to maybe not getting, but eventually more positive about ag this year at a such a reasonably good first quarter here.

Richard J. Tobin

Look it’s a realistic assessment on a unit basis, right so I think that that's where we have to call attention to it, our accounting units and profitability and revenue as a function of units is heavily dependent on mix.

I have absolutely no comment on what anybody else's expectation is on for the full-year. I think that what we have here in terms of unit deliveries based on what we have for back orders and performance year-to-date is realistic, but we’ve also got Tier IV final coming, the season is not started yet, so we'd like to see what the call off is in terms of crop production.

So overall, I think that the fact that we’re confirming guidance despite having a pretty weak quarter in construction equipments you can read it the way that we are actually saying that AG is going to be a little bit stronger than we would have expected for the year.

Michael Shlisky– JPMorgan Securities LLC

Okay, thanks. And then just briefly switching on to Brazil, I was wondering – we’ve seen some interest rate increases in Brazil overall, not necessarily from FINAME. But just curious as to, if you've gotten any feedback from farmers as to what they plan to do in this coming year with planting, given after what happened this past year with the pretty good harvest. Any earlier thoughts about this year's investment in the crop?

Richard J. Tobin

I think it’s a little bit too early to tell. I think that it's been a satisfactory performance in terms of what was planted and harvested this year. It’s a double crop in Brazil, predominantly, not another point to dwell, so we’ll see. But as you see there is a lot of noise out in the commodity markets in terms of what the size of the global crop is going to be and what that means to pricing going into 2014 and quite frankly until we get a reading on the North American crop, we will see. But overall from the talking to individual farmers and people that are buying our equipment, they’ve had a very satisfactory result in terms of price realization, so it looks good, I mean, I think that the other outlier in the Brazilian market is this issue of the spread between real inflation and interest rates and Tsunami, and that we always have to wait to see what’s going on, but as the fact that matter is, it’s a source of hard currency and explicit for Brazil, so our expectation is that’s affordably provided throughout the year.

Michael Shlisky– JPMorgan Securities LLC

Rich, thank you so much.

Richard J. Tobin

Welcome.

Operator

We will now take our next question from Peter Reilly of Deutsche Bank. Please go ahead.

Peter Reilly – Deutsche Bank

Good morning. I’ve got two questions, please. Firstly on pricing, you talked about having positive pricing in the ag business, but you haven’t talked much about pricing in construction equipment, is pricing there stable or is it like deteriorating trend, given the weak end-market condition.

And also, still on construction equipment, you talked in the past about the need for a strategic solution, but obviously with a current loss making situation, there is an argument that you need, maybe some more radical short-term restructuring measure, so can you talk about how you balance your product – wanting to find a strategic solution, and the needs to some more restructuring and cost reduction given the weak performance?

Richard J. Tobin

Yeah, pricing is flat to marginally down in construction equipment. But it is an extremely competitive environment, and we’ve taken the position as you can see from the production to retail of not trying to force additional units into a very competitive market place.

So I think from a CNH point of view, we’ve shown some right discipline in the marketplace, and that’s why our expectation in terms of units for the full year, one could argue is less than some of the guidance that’s seen out there, because we’re just not going to chase a declining market, because we’d have to deal with price.

In terms of the strategic issues around the construction equipments. And it doesn’t change our position of where we were previously, but clearly we’re going to have to work on our cost basis because making losses on a full year basis is not acceptable.

We’ve seen through 2012 results where we have made a profit for the full year in construction equipment that the difference in unit volume between where we stand today and full year unit volume. We are not very far from breakeven unit volumes, but clearly we’ve got some work to do. I don’t think there is anything radical that we expect to do in 2013 based on current courses be.

Peter Reilly – Deutsche Bank

So does that mean you think there are unlikely to be big restructuring charges during the course of the year?

Richard J. Tobin

That’s correct.

Peter Reilly – Deutsche Bank

Okay. Thank you very much.

Operator

We’ll now take our next question from Alexander Virgo of Berenberg Bank. Please go ahead.

Alexander Virgo – Berenberg Bank

Thanks, good morning, good afternoon. Just a quick one on the sort of the regional shift in your outlook. I mean the biggest difference, if I am looking at this correctly, seems to be in APAC whereas you have held expectations for North America and Latin America are arguably pushed up a little bit. So can you talk a little bit about what's going on in Asia in Ag and what has caused the change in view? Thank you.

Richard J. Tobin

APAC and Ag is a very messy number, because you’ve got a significant amount of unit volume, where quite frankly CNH is not really a large market participant. So when you look at the markets for India and Pakistan and some of the tertiary markets, the unit volume is huge, but it’s all under 50 horsepower tractors where from a CNH point of view we don’t really have a measurable position. So overall while we’re taking down APAC in terms of unit volume, it doesn’t really – in terms of our weight and scale, it doesn’t really have much of any impact in terms of earnings going from.

Alexander Virgo – Berenberg Bank

Okay. And the same could be said presumably for CE as well. As you said I think in the coming Q4 call.

Richard J. Tobin

Yeah. I think that it’s exactly or even more true for CE and I would tell you if there is any number on this chart that is – it’s probably understands it’s the full year outlook for construction equipment in A pack. But quite honestly we are just not a market participant because of the variety of different partnerships that we have.

Alexander Virgo – Berenberg Bank

Okay. And then just on the second point. The level of over production in Q1 on ag. How much do you think that soft of flattering your EBIT performance there, and how much you mentioned you built inventories with the new combine added the season? How much do you expect that to on winding Q2, actually on both businesses as well? I guess construction is probably as you did in Q1 flatter in line. But what about on the ag side? Thank you.

Richard J. Tobin

Yeah, I mean I think as you look back historically we have actually although produced retail less in Q1 of 2013 as we have done in the past. Generally speaking, the absorption

benefit – at the end of the day what we are doing is preparing equipment to be wholesaled and retailed for the buying season in Q2 and Q3. And then you see really what flexes the earnings is when you get to Q4 which is really when we take a look at the position of where we stand inventory wise versus the full year outlook and going into the following year.

So traditionally what you’ve seen is the earnings impact of reduced absorption at the industrial level in Q4 and a huge amount of working capital change in Q4. So I would just guide you back to take a look at the last two years and we will answer your question.

Alexander Virgo – Berenberg Bank

Okay thank you.

Operator

We’ll now take our next question from Michael Tyndall of Barclays. Please go ahead.

Michael Tyndall - Barclays Capital

Yeah, hi, thanks for taking my question. Two questions if I may. I guess, the first one, I'm trying to understand what appears to be a pretty conservative guidance. If I recall rightly, seasonally you tend to have weaker Q1 and Q4 and you’ve just printed what looks like a 9.4% margin to me. So, I guess I'm trying to understand little bit why you’re all quite conservative about the rest of the year. And also, if I can put that in the context of can we talk a bit more about Tier VI final, what the price uplift will be on those tractors, and whether or not you think there will be some pre-buy and is that pre-buy in your market forecast as they stand today?

And then the second question, if I may, relates to farmers have had a number of very good years and we’ve seen pretty strong Ag equipment markets. It's a bit of a wide question, but do you have a sense as to what percentage of the fleet has been refreshed in the last three – four years and are we sitting on a very, very young fleet that could see basically a big slowdown in sales next year if we actually see farmers' incomes start to decline? Thanks.

Richard J. Tobin

Yeah okay let me take the second question first since it was longer. Then I’ll back up into the first question if I may. We’ve seen a variety of different studies on the age of the fleet. The fact of the matter is the age of the fleet is newer than it has been over the last ten years or so and the way that really to measure that and the dynamics around the question about fleet age and market performance going forward. The proxy is to look at the pricing of used equipment in the market place at the end of the day, right? So you’ve got newer turn ins than you’ve seen historically, especially in high horsepower segments, but that’s really farmers chasing productivity and capacity. So, what they’re doing is trading in a lower-capacity machine for a higher-capacity machine and extracting the productivity out of it. So, that’s good news in a certain way.

In terms of what’s going to – is the fleet so new that were running into a cliff, again, I’d point back to used equipment pricing, there is a variety of different market, independent market participants that report on that and use pricing. It held up reasonably well, so that’s a good sign. And that is also going to be one of the touch points to handle your question about Tier 4 final, the uplift in Tier 4 final is going to be similar to what we saw the difference between Tier 3 and Tier 4A. So, depending on the size of the equipment anywhere on the higher horsepower segment between 8 and 10 and the lower horsepower segment, it can be significant, because the engine has a proportion of the selling price is very high. So, Tier 4 final is probably going to have a larger impact on low horsepower tractors than on high horsepower, just because of the uplift proportionally is significantly larger.

So, we’ll see. And in terms of the guidance, yeah, you can make, you could – it’s clear that in terms of the margin performance of the quarter and full-year margins, one could argue that it’s a bit conservative. I would tell you of that Q1 in terms of high horsepower demand, if you look at the combines in Europe, if you look at combines in Latin America and if you look at how well all high horse power segment in North America, it’s been quite the buoyant, I guess in Q1, and we really need to see how that manifest itself over the year because that’s going to be a part of with your question of what happens with Tier VI final? So to the extent that demand remains at current levels, we have the industrial capacity to keep up and we’ll just update you through the year as we see. So the good start, but I don’t think we’re in a position, nor anybody is in a position right now to say that the full year is going to keep at these levels. I think that would be a bit optimistic.

Michael Tyndall - Barclays Capital

All right. Thank you very much.

Operator

We will now take our next question from Brian Sponheimer of Gabelli. Please go ahead.

Brian Sponheimer – Gabelli & Company

Hi, good morning. Thanks for taking my call. I’m just curious as to where we stand relative to the – three months ago as far as the completion of the merger and – what benefits you see for CNH going forward, as you the industrial and CNH truly coming together to perform, or to become this powerhouse global industrial company?

Richard J. Tobin

We’re on track, so somewhere in the late summertime is where we see it right now. But we’re working with a variety of different agencies for that to give us clearance on the time table. So we’ll update you where we stand, but right now, we’re on track in terms of getting this completed. But you’ll see a variety of [new slow] as we pass through certain gates over the next couple of months.

What’s the synergy value? Our synergy value at the end of the day is the drive-train by having a global integrated group that’s sharing the technology and the drive-train is really the number one linchpin between the individual businesses. So I think that it’s – and then you get other counter-cyclical elements within the portfolio. So there’s a variety of different operational benefits, I mean there’s no real restructuring opportunity and your cost take out opportunity because overall between Fiat Industrial and CNH we run relatively lean now. And then there’s the all, the softer issues in terms of capital structuring and depth of liquidity and everything else. So you’ve got that side of it also, but operationally it’s just the further integration and the harmonization of the drive train between the different segments.

Brian Sponheimer – Gabelli & Company

All right, Rich. Thank you very much.

Richard J. Tobin

Welcome.

Operator

We will now take our next question from David Raso of ISI. Please go ahead.

David Raso – ISI

Hi, on the Ag Equipment Business, can you give us some feel for where the backlog is at the end of the quarter, year-over-year or maybe the orders year-over-year, how long the production schedule is filled out with obviously a bit of a mix commentary would be of help as well with a more high horsepower or not?

Richard J. Tobin

Sure, and they’re down quarter-to-quarter, but you got remember we were front loaded in terms of demand in 2012 versus 2013, so there’s been really no change between what we had planed for production for Q1 versus what we’ve been able to supply for the market, and that goes for Q2 and largely Q3, now as we see, based on our lead time.

So I think that we’ve planned appropriately, and we really haven’t missed anything in terms of market opportunity versus what our customers and dealers want and what we have at the industrial level. Now from a seasonality point of view, our expectation like every, most other years for Q2 and Q3 are going to be the heavy buying season, and we’ll see I guess, we’ll take a position of let’s wait and see on Q4, once you get through Q2. In terms of – so overall backlogs, on a consolidated basis are down year-over-year.

David Raso – ISI

It that just an ag comment, Rich or…

Richard J. Tobin

Yeah, that’s an ag comment. That’s an ag comment.

David Raso – ISI

Thank you. Can you help me a little bit with the backlog, is it down 5, down 15. I know the comp is not an easy.

Richard J. Tobin

Yeah, I mean, I think David, if I get into the numbers, they’re all over the map depending on the market place, quite honestly, and I think they’re reflected in the, if you just look at the growth rates for Q1 versus what we’re saying for the full year. I mean, unit volume itself, if you look at some of the markets, they’re behaving interestingly, I guess it’s the best way to put it.

I mean combine demand in Europe is very good, but tractors are down for example. So, what does one read from the market that way; our expectation would be tractor volume as we said at the full year comparatively tractor volume is going to be down in Europe year-over-year, although we’re getting buffered right now, because of some very good performance on the combine side.

And then – and from a North America point of view in terms of backlogs where really it’s the only the region world wide where there’s really any kind of, let’s call it pre-buy, we’re doing quite well.

So Q2 is covered in, and we’re in a ways into Q3. So pretty healthy in terms of the mix of what’s going on. I mean it’s purely going to be a question of whether, when and if they get out in the fields now, because even you can make an argument, that we may miss a hay in forage season, we missed one last year, because it was dry and now we’re stacking up to possibly miss one, because it’s wet. But we’ll see how the weather develops over next couple of months.

David Raso – ISI

And production versus retail for ag for the full year? What’s your thought there?

Richard J. Tobin

It should be perfectly balanced. If we do it correctly with the exception of when we make a call for 2014, if 2014 looks like it’s going to be up, then we’d have to do a Q4 build in advance of it, but based on we are doing it right now like every other year we’ll build for projected market demand and then we will true up in Q4.

David Raso – ISI

And did I miss a revenue forecast for each business segment and the context of the total company revenue guidance, up about 5%?

Richard J. Tobin

No you didn’t miss it we just didn’t give it to you.

David Raso – ISI

Okay. Can we…

Richard J. Tobin

No.

David Raso – ISI

Well you noticed, I mean Richard, if I give you flat Ag revenues the rest of the year

Richard J. Tobin

Yeah.

David Raso – ISI

And I give you the same margin, year-over-year. And I have construction down the rest of the year 20% and you lose as much money in construction every quarter that you did in the first quarter. Your margins are still in the upper half of the range. So I’m just trying to understand are we missing something more challenging to the mix maybe in the backlog of Ag, or you don’t think construction can minimize the loss at all from the first quarter level? I’m just trying to understand the concept.

Richard J. Tobin

I think that it’s mix for sure. So the margins in Q1 are very much influenced by mix, because if we had been shipping more and forage, for example...

David Raso – ISI

And I am capturing that by saying flat margins year-over-year, the rest of the year after this first quarter, your margins were up a 160 basis points in Ag.

Richard J. Tobin

I know.

David Raso – ISI

I think the captured the mix comment I believe.

Richard J. Tobin

Now I think that you, let’s go back to what you said, I don’t want to get augmented here, but if you do the math and I am not arguing about the math, because I think it is a fair estimation, puts us within the range of the guidance in terms of trading profit margin. And we always like to be on the upper hand if we can. That’s our goal.

David Raso – ISI

Okay. And I appreciate it. Thank you.

Richard J. Tobin

On a constant currency basis.

Operator

We will now take our final question from Aashish Gupta of CLSA. Please go ahead. Please go ahead caller, your line is open.

Richard J. Tobin

Okay Aashish, if you are on mute, you better come off mute or we’re going to have to move on. Hi, let’s move forward

Operator

We have no further questions in the queue

Richard J. Tobin

Okay, all right. Thank you, Zorka. I’d like to thank you for joining today’s call and as always the information is available as well on our website at www.cnh.com. Thank you.

Operator

Okay. That will conclude today’s conference call. Thank you for participation ladies and gentlemen. You may now disconnect.

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