Chrysler 2011 Annual Report Download - page 182

181
Consolidated
Financial Statements
at 31 December 2011
Disposals and other changes, showing an increase of €135 million, mainly consist of a decrease of €105 million as the result of the distribution of dividends
by companies accounted for using the equity method (€40 million by the joint venture Tofas-Turk Otomobil Fabrikasi Tofas A.S. and €50 million by the joint
venture FGA Capital), the negative changes of €23 million in the cash flow hedge reserve of Tofas-Turk Otomobil Fabrikasi Tofas A.S., the reclassification
of €368 million representing the proportion of the carrying amount of Treasury shares recognised as a reduction of Equity in order to recognised the Fiat
Industrial S.p.A. shares arising from the Demerger and the negative adjustment of €95 million made to the investments measured at fair value. In 2010 the
dividends received from Tofas-Turk Otomobil Fabrikasi Tofas A.S. and from FGA Capital amounted to €25 million and €26 million respectively. The changes
in the cash flow hedge reserve of Tofas-Turk Otomobil Fabrikasi Tofas A.S. and FGA Capital were positive for €5 million and €3 million respectively.
Investments accounted for using the equity method
The item Investments accounted for using the equity method comprises the following:
At 31 December 2011 At 31 December 2010 (*)
% of interest (€ million) % of interest (€ million)
FGA Capital S.p.A. 50.0 725 50.0 700
Tofas-Turk Otomobil Fabrikasi Tofas A.S. 37.9 272 37.9 304
GAC Fiat Automobiles Co. Ltd. 50.0 108 50.0 50
Società Europea Veicoli Leggeri-Sevel S.p.A. 50.0 100 50.0 99
Société Européenne de Véhicules Légers du Nord-Sevelnord Société Anonyme 50.0 89 50.0 95
VM Motori S.p.A. 50.0 38
Fiat India Automobiles Limited 50.0 23 50.0 42
Other 45 33
Total Investments in jointly controlled entities 1,400 1,323
Rizzoli Corriere della Sera MediaGroup S.p.A. 10.1 99 10.1 101
Other 32 16
Total Investments in associates 131 117
Total Investments in subsidiaries 48 25
Total investments accounted for using the equity method 1,579 1,465
(*) The amounts relate to Continuing Operations.
Rizzoli Corriere della Sera MediaGroup S.p.A. is a listed company in which Fiat is one of the major shareholders, is represented on the Board of Directors
and is a party to a shareholder agreement. As a result the company is classified as an associate. In order to account for this investment using the equity
method, reference was made to the company’s most recent published financial statements, being its “Interim Management Statements at 30 September
2011”, since those to be issued for 2011 will only be available after the publication of the consolidated financial statements of the Fiat Group.
At 31 December 2011, the stock market quotation of Investments in listed jointly controlled entities and listed associates is as follows:
(€ million) Carrying value
Stock market
quotation
Tofas -Turk Otomobil Fabrikasi Tofas A.S. 272 278
Rizzoli Corriere della Sera MediaGroup S.p.A. 99 52
Total Investments in listed jointly controlled entities and associates 371 330