Chrysler 2013 Annual Report Download - page 117

116 Report on Operations
Statement of Financial Position
The principal components of the statement of financial position were as follows:
(€ million) 31.12.2013 31.12.2012
Non-current assets 13,106 11,809
of which: Investments 13,060 11,765
Working capital (220) (261)
NET CAPITAL INVESTED 12,886 11,548
EQUITY 8,693 8,901
NET DEBT 4,193 2,647
Non-current assets consisted almost entirely of shareholdings in the Group’s principal subsidiaries. The €1,295 million increase in investments
over 31 December 2012 related primarily to the recapitalization of subsidiaries (€1,738 million, of which €1,650 million for Fiat Group
Automobiles S.p.A.), capital subscriptions (€94 million related to the associate company RCS MediaGroup S.p.A.) and fair value revaluation
of investments in other companies, net of the €540 million in impairments commented on above.
Working capital was a negative €220 million and consisted of trade receivables/payables, other receivables/payables (from/to tax authorities,
employees, etc.), contract work in progress net of advances, and provisions for the period. The €41 million difference over 31 December 2012
mainly reflects changes in the receivable/payable position with subsidiaries arising from the domestic tax consolidation and the consolidated
VAT settlement.
Equity totaled €8,693 million at 31 December 2013, a net decrease of €208 million over 31 December 2012, mainly reflecting the €227 million
loss for the year, partially offset by gains recognized directly to reserves and other positive items.
A more detailed analysis of changes in equity is provided in the notes to Fiat S.p.A.’s statutory financial statements.
Net debt totaled €4,193 million at 31 December 2013, representing a €1,546 million increase over year-end 2012 due primarily to
recapitalizations and capital subscriptions in investees, net of the dividends commented on above and other cash items. Net debt consisted
of the following:
(€ million) 31.12.2013 31.12.2012
Current financial assets, cash and cash equivalents (1) (59)
Current financial liabilities 3,780 1,294
Non-current financial liabilities 414 1,412
NET DEBT/(CASH) 4,193 2,647
Current financial liabilities at 31 December 2013 consisted principally of the following items payable to the subsidiary Fiat Finance S.p.A.:
a current account overdraft
a short-term €3,000 million loan provided at market terms
At 31 December 2012, current financial assets and liabilities also consisted of receivables and payables from/to the subsidiary Fiat Finance
S.p.A. relating to the positive fair value of equity swaps on Fiat and Fiat Industrial shares expiring in 2013, as described above.
Financial Review – Fiat S.p.A.