Net revenues of Industrial Activities of €12,520 million, up 21%, mainly due to higher volumes and positive price realization. Adjusted EBIT of Industrial Activities of €302 million (€89 million loss in 2020), with €403 million increase in Commercial and Specialty Vehicles. Powertrain adjusted EBIT of €208 million (€195 million in 2020).
Adjusted net income of €140 million, with adjusted diluted earnings per share of €0.43 (adjusted net loss of €167 million in 2020, with adjusted diluted loss per share of €0.76).
Reported income tax expense of €104 million, with adjusted effective tax rate (adjusted ETR) of 47% for the year ended 31st December 2021. The ETR reflects the impact of unbenefited losses in certain jurisdictions and certain other discrete items.
Free cash flow of Industrial Activities was negative €125 million due to working capital affected by higher inventory driven by supply chain disruptions. Total third-party Debt of €2.7 billion at 31st December 2021 (€2.8 billion at 31st December 2020). Industrial Activities net cash position at €1.1 billion, a decrease of €0.1 billion from 31st December 2020.
Available liquidity at €1.4 billion as of 31st December 2021, including net financial receivables from CNH Industrial Post-Demerger.