Chrysler 2013 Annual Report Download - page 300

299
Fiat S.p.A. Statutory
Financial Statements
at 31 December 2013
A breakdown of investments in associates and changes during the year is as follows:
(€ thousand)
%
interest
31 December
2012 Increases Decreases
Impairment
(losses)/
reversals
31 December
2013
RCS MediaGroup S.p.A. 16.41 96,519 94,392 - (74,000) 116,911
- Gross carrying amount 131,785 94,392 - - 226,177
- Accumulated impairment losses (35,266) - - (74,000) (109,266)
Total investments in associates 96,519 94,392 - (74,000) 116,911
The €94 million increase for the year reflects the subscription to RCS MediaGroup S.p.A.’s capital increase to support its 2013-2015
development plan. As already announced, in addition to subscribing to its pro rata share of the capital increase, Fiat S.p.A. also purchased
additional rights (in part from other participants in the existing shareholder agreement). Following exercise of the rights held, Fiat S.p.A.’s
interest in RCS went from 10.09%, as reported at 31 December 2012, to 16.41% (or 10.50% to 20.55% for ordinary shares only).
At year end, the carrying amount of the investment in RCS MediaGroup S.p.A. was written down by €74 million. Additional information on the
impairment is provided in Note 2.
Investments in other companies and changes during the year were as follows:
(€ thousand)
%
interest
31 December
2012 Increases Decreases
Fair value
adjustments
31 December
2013
CNH Industrial N.V. 2.52(*) 282,453 682 (2,565) 1,183 281,753
Fin. Priv. S.r.l. 14.28 10,249 -- 3,387 13,636
Assicurazioni Generali S.p.A. 0.01 2,579 - - 631 3,210
Total investments in other companies 295,281 682 (2,565) 5,201 298,599
(*) 3.72% of voting rights.
With regard to the investment in Fiat Industrial (now CNH Industrial), following the demerger on 1 January 2011, Fiat S.p.A. received Fiat
Industrial S.p.A. ordinary shares, without consideration, equivalent to the number of own shares held at the date of the demerger. In accordance
with IAS 39 and related interpretations, those shares have been recognized at fair value since initial recognition. On 29 September 2013, Fiat
Industrial S.p.A. and CNH Global N.V. were both merged into CNH Industrial N.V. At closing, CNH Industrial issued new common shares
to Fiat Industrial and CNH Global shareholders on the basis of the exchange ratios established in the merger agreement. For Fiat Industrial
shareholders, the exchange ratio was one CNH Industrial common share for every Fiat Industrial share held.
At 31 December 2013, the Company held 34,007,650 CNH Industrial common shares, representing 2.52% of common shares outstanding,
having a total value of €281.8 million (at 31 December 2012, 34,216,027 Fiat Industrial ordinary shares, or 2.80% of share capital, having a total
value of €282.5 million). Of those shares, 18,160,000 (valued at €150.5 million) were allocated to servicing the stock option and stock grant
plans and recognized at fair value through profit or loss, while the remaining 15,847,650 shares (valued at €131.3 million) were classified as
available-for-sale and recognized at fair value directly in equity. Recognition at fair value, which corresponds to the market price of the shares
held at the balance sheet date, resulted in a €1.2 million increase in the value of the investment during the year, of which €0.8 million was
recognized through profit and loss and entirely offset by an equivalent increase in the related liability (see Note 19, provisions for stock option
and stock grant plans) and €0.4 million directly in equity (see Note 18). At 31 December 2013, the holding in CNH Industrial also included the
33,955,402 special voting shares allotted at the time of the merger of Fiat Industrial into CNH Industrial described above. Those shares cannot