Chrysler 2013 Annual Report Download - page 188

187
Consolidated
Financial Statements
at 31 December 2013
Treasury Shares
Treasury shares consist of 34,577,867 Fiat S.p.A. ordinary shares for an amount of €259 million (34,577,766 ordinary shares for an amount of
€259 million at 31 December 2012). There has been an increase of 101 in the number of treasury shares over 31 December 2012 as a result
of the adjustment arising from the conversion of preference and savings shares into ordinary shares resolved in 2012.
In addition, at their annual general meeting of 9 April 2013, the shareholders renewed their authorization for the purchase and sale of treasury
shares, including through subsidiaries. The previous authorization provided on 4 April 2012 was revoked. The authorization provides for the
purchase of a maximum number of shares not to exceed the legally established percentage of share capital or an aggregate value of €1.2
billion, inclusive of the €259 million in Fiat shares already held. As announced, the buy-back program is currently on hold and Fiat has no
obligation to buy-back shares under the authorization. The buy-back authorization is valid for a period of 18 months and any buy-backs must
be carried out in the manner established by law and at a purchase price per share which may not be more than 10% higher or 10% lower than
the reference price reported by Borsa Italiana on the day prior to purchase.
On 27 February 2014, the Board of Directors proposed to Shareholders to revoke the previous resolution, for the part not already utilized at
the date of the General Meeting, and approve a new resolution for the purchase of own shares for a further period of 18 months and for an
amount not to exceed the legally established percentage of share capital and the maximum amount of approximately €1.2 billion, inclusive
of the equity reserves allocated for treasury shares already held for €259 million. Should renewal of the program be approved, the Company
would, however, have no obligation to buy back shares. The authorization is being requested to ensure the Company the flexibility to pursue
any strategic opportunities that may arise for all purposes permitted by law.
Earnings reserves
The main earnings reserves include:
the legal reserve of Fiat S.p.A. of €529 million at 31 December 2013 (€529 million at 31 December 2012);
retained earnings of €3,225 million at 31 December 2013 (retained earnings of €3,256 million at 31 December 2012);
the profit attributable to owners of the parent of €904 million at 31 December 2013 (a profit of €44 million for the year ended 31 December
2012);
the reserve for share-based payments of €63 million at 31 December 2013 (€54 million at 31 December 2012).