Chrysler 2012 Annual Report Download - page 168

167
Consolidated
Financial Statements
at 31 December 2012
Changes in Investments in 2012 are set out below:
(€ million)
At 31
December
2011
Revaluations/
(Write-downs)
Change in the
scope of
consolidation
Reclassified
to Assets
held for sale
Translation
differences
Other
changes
At 31
December
2012
Investments accounted for using the equity method 1,579 94 (3) (91) 12 (81) 1,510
Investments at fair value 265 - - - - 30 295
Investments measured at cost 55 (1) 1 - (1) 2 56
Total Investments 1,899 93 (2) (91) 11 (49) 1,861
Revaluations/(Write-downs) include the share of the profit or loss of investees accounted for using the equity method and the impairment losses recognised
during the period for investments measured at cost.
Other changes consisting of a net decrease of €49 million mainly relate to dividends of €89 million distributed by companies accounted for using the equity
method (of which €40 million received from FGA Capital and €41 million received form Tofas-Turk Otomobil Fabrikasi A.S.), a decrease of €27 million in
the investment in Fiat Industrial S.p.A. due to the granting to the Chief Executive Officer of the shares vested under the 2009 Stock Grant Plan and the
decrease of €20 million arising from the liquidation of certain minor investments, partially offset by the positive fair value adjustment of €57 million relating
to the investment classified as available-for-sale, the positive changes in the cash flow hedge reserve of Tofas-Turk Otomobil Fabrikasi A.S. of €12 million
and purchases and capitalisations of €24 million.
Investments accounted for using the equity method
The item Investments accounted for using the equity method comprises the following:
At 31 December 2012 At 31 December 2011
% of interest (€ million) % of interest (€ million)
FGA Capital S.p.A. 50.0 771 50.0 725
Tofas-Turk Otomobil Fabrikasi A.S. 37.9 329 37.9 272
GAC Fiat Automobiles Co. Ltd. 50.0 90 50.0 108
Società Europea Veicoli Leggeri-Sevel S.p.A. 50.0 103 50.0 100
Société Européenne de Véhicules Légers du Nord-Sevelnord Société Anonyme (*) 50.0 - 50.0 89
VM Motori S.p.A. 50.0 38 50.0 38
Fiat India Automobiles Limited 50.0 35 50.0 23
Other 53 45
Total Investments in jointly controlled entities 1,419 1,400
Rizzoli Corriere della Sera MediaGroup S.p.A. 10.1 28 10.1 99
Other 30 32
Total Investments in associates 58 131
Total Investments in subsidiaries 33 48
Total investments accounted for using the equity method 1,510 1,579
(*) Investment classified in 2012 as Asset held for sale.
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
2012”, since those to be issued for 2012 will only be available after the publication of the consolidated financial statements of the Fiat Group. The reduction
of the carrying value in 2012 (down €71 million) reflects the portion of the loss incurred by the associate as a consequence of the write-down recognised
on its assets in Spain.