Chrysler 2012 Annual Report Download - page 116

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Report on Operations
Net debt totaled €2,647 million at 31 December 2012, a reduction of €216 million over year-end 2011, primarily attributable to dividends received, net
of recapitalization and acquisition of additional interests in subsidiaries, as commented on previously, and other cash outflows. Net debt consisted of the
following:
(€ million) 31.12.2012 31.12.2011
Current financial assets, cash and cash equivalents (59) (375)
Current financial liabilities 1,294 1,075
Non-current financial liabilities 1,412 2,163
NET DEBT/(CASH) 2,647 2,863
Current financial assets at 31 December 2012 consisted mainly of receivables from the subsidiary Fiat Finance S.p.A. relating to the positive fair value of
two equity swaps on Fiat and Fiat Industrial ordinary shares.
Current financial liabilities at 31 December 2012 consisted principally of the following items payable to the subsidiary Fiat Finance S.p.A.:
a current account overdraft
a short-term loan for €900 million provided at market rates
liabilities representing the negative fair value of the remaining equity swaps on Fiat and Fiat Industrial ordinary shares
Non-current financial liabilities consisted almost entirely of loans from Fiat Finance S.p.A., at market rates of interest, which are repayable in 2013 and 2014.
A more detailed analysis of cash flows is provided in the statutory financial statements for Fiat S.p.A.
Reconciliation between equity and net profit of the Parent Company and the Group
As required by the Consob Communication of 28 July 2006, the following table provides a reconciliation between the net result and equity of Fiat S.p.A. for
the years ended 31 December 2012 and 2011 and the comparable items on a consolidated basis (portion attributable to owners of Fiat S.p.A.):
(€ million)
Equity at
31.12.2012
2012
Profit/(Loss)
Equity at
31.12.2011
2011
Profit/(Loss)
FINANCIAL STATEMENTS OF FIAT S.P.A. 8,902 (152) 9,053 99
Elimination of carrying amount of interests in consolidated entities and related dividends (11,454) (1,024) (11,700) (388)
Elimination of impairment losses (net of reversals) on consolidated entities - 962 - (157)
Equity and profit/(loss) of consolidated entities 13,372 615 13,111 1,805
Consolidation adjustments:
Elimination of intercompany profit/loss on inventories and fixed assets, dividends paid
between subsidiaries and other adjustments (1,761) (53) (1,737) (25)
CONSOLIDATED FINANCIAL STATEMENTS
(PORTION ATTRIBUTABLE TO OWNERS OF FIAT S.P.A.) 9,059 348 8,727 1,334