Chrysler 2013 Annual Report Download - page 177

176 Consolidated
Financial Statements
at 31 December 2013
Notes
Investments measured at fair value
At 31 December 2013, Investments at fair value with changes recognized directly in Other comprehensive income/(losses), include the
investment in CNH Industrial N.V. (the entity resulting from the merger of Fiat Industrial S.p.A. with and into CNH Industrial N.V.) for €131 million
(€130 million at 31 December 2012), the investment in Fin. Priv. S.r.l. for €14 million (€10 million at 31 December 2012) and the investment
in Assicurazioni Generali S.p.A. for €3 million (€2 million at 31 December 2012).
Overall, at 31 December 2013, the investment in CNH Industrial N.V. consists of 34,007,650 ordinary shares (34,216,027 ordinary shares
at 31 December 2012), corresponding to 3.72% voting rights, for an amount of €282 million (€283 million at 31 December 2012), of which
18,160,000 shares of CNH Industrial N.V., for an amount of €151 million, will be used for the stock option plans and are measured at fair value
through profit or loss and 15,847,650 shares, for an amount of €131 million, are classified as available-for-sale and measured at fair value
through Other comprehensive income/(losses). In addition, in the context of the above mentioned merger, the Group received 33,955,402
special voting shares, which cannot directly or indirectly be sold, disposed of or transferred, and over which the Group cannot create or permit
to exist any pledge, lien, fixed or floating charge or other encumbrance.
Other securities and other financial assets
At 31 December 2012, Other securities and other financial assets included €57 million ($75 million) relating to the amount paid for the
contractual rights arising from the Equity Recapture Agreement and the VEBA Call Option. Considering the agreement with the VEBA Trust to
purchase the remaining minority equity stake in Chrysler, which closed on 21 January 2014, the equivalent amount at 31 December 2013 of
the $75 million amount paid for these rights (€56 million) was written-off and recognized within the unusual charges (see Note 8).
17. Inventories
(€ million) At 31 December 2013 At 31 December 2012
Raw materials, supplies and finished goods 8,859 8,160
Assets sold with a buy-back commitment 1,253 952
Gross amount due from customers for contract work 118 183
Total Inventories 10,230 9,295
At 31 December 2013, Inventories increased by €935 million in line with the trend in production and sales volumes for the period in the various
markets in which the Group operates. The increase in 2013 is primarily related to the launch of the new models in NAFTA during the last months
of the year.
At 31 December 2013, Inventories include those measured at net realizable value (estimated selling price less the estimated costs of completion
and the estimated costs necessary to make the sale) amounting to €1,341 million (€1,293 million at 31 December 2012).
The amount of inventory write-downs recognized as an expense during 2013 is €570 million (€634 million in 2012).
The amount of inventories of Chrysler at 31 December 2013 is €4,958 million (€4,200 million at 31 December 2012). Substantially all of the
inventories of Chrysler and its U.S. subsidiary guarantors are unconditionally pledged as securities for certain debts of Chrysler (see Note 27).