Chrysler 2011 Annual Report Download - page 82

81
At 31 December 2011, consolidated net debt totaled €8,898 million, up €6,145 million from €2,753 million at 31 December 2010. Excluding Chrysler
(consolidated from June), net debt increased €3,065 million. Cash outflows relating to the purchase of additional ownership interests in Chrysler (€1.4
billion), investments (€3.6 billion), dividend payments (€179 million) and an increase in net volumes financed by the Financial Services companies were only
partially offset by positive operating cash flow.
31.12.2011 31.12.2010 (*)
(€ million)
Fiat with
Chrysler Chrysler
Fiat excluding
Chrysler Fiat
Debt: (26,772) (10,537) (16,245) (20,804)
Asset-backed financing (710) (31) (679) (533)
Debt payable to Discontinued Operations ---(2,865)
Other debt (26,062) (10,506) (15,566) (17,406)
Current financial receivables from jointly-controlled financial services companies (a) 21 - 21 12
Intersegment financial receivables (b) - 10 - -
Financial receivables from Discontinued Operations - - - 5,626
Debt, net of current financial receivables from
jointly-controlled financial services companies (26,751) (10,527) (16,224) (15,166)
Other financial assets (c) 557 127 430 516
Other financial liabilities (c) (429) (100) (329) (255)
Current securities 199 - 199 185
Cash and cash equivalents 17,526 7,420 10,106 11,967
Net (debt)/cash (8,898) (3,080) (5,818) (2,753)
Industrial Activities (5,529) (3,080) (2,449) (542)
Financial Services (3,369) - (3,369) (2,211)
(*) Includes impacts of the Demerger which took effect 1 January 2011
(a) Includes current financial receivables from FGA Capital
(b) Includes the value of intercompany agreements recognized as finance leases (IFRIC 4)
(c) Includes fair value of derivative financial instruments
Other debt increased €8.7 billion in 2011. Excluding Chrysler, other debt was down €1.8 billion primarily due to bank credit lines that were repaid at expiry
or transferred to Fiat Industrial as a consequence of the Demerger, as well as payment of €2.4 billion in bond maturities. Those reductions were partially
offset by 3 bond issues totaling €2.5 billion, completed in April and July, by Fiat Finance and Trade Ltd S.A. (a wholly-owned subsidiary of Fiat S.p.A.) under
its GMTN program.
In addition, the net financial position existing between Fiat and Fiat Industrial was settled in January 2011, resulting in a net cash inflow of approximately
€2.8 billion.
Cash and cash equivalents and current securities totaled €17.7 billion at 31 December 2011, of which €7.4 billion related to Chrysler. For Fiat excluding
Chrysler, cash, cash equivalents and current securities totaled €10.3 billion at 31 December 2011, a decrease of approximately €1 billion for the year.
Total available liquidity, inclusive of undrawn committed credit lines (€1.95 billion for Fiat excluding Chrysler and €1 billion for Chrysler), totaled €20.7
billion, of which €12.3 billion related to Fiat excluding Chrysler (€12.2 billion at 31 December 2010 when all committed credit lines were fully drawn) and
€8.4 billion to Chrysler.
Report on Operations