Chrysler 2013 Annual Report Download - page 52

51
Report on
Operations
Teksid closed the year with a trading loss of €13 million, compared to break-even for 2012. The decrease was primarily attributable to volume declines.
EBIT was a negative €70 million (positive €4 million in 2012), including €60 million in unusual charges mainly related to asset impairments for
the Cast Iron business unit.
Comau
Comau posted 2013 revenues of €1,463 million, substantially in line with the prior year.
Order intake for the Systems activities totaled €1,454 million, an 18% increase over 2012. At 31 December 2013, the order backlog totaled
€1,022 million, a 17% increase over year-end 2012 attributable primarily to the Body Welding business.
Trading profit for the year totaled €48 million, up €15 million over 2012, with the increase primarily driven by the Body Welding operations.
EBIT was €47 million, compared with €30 million for 2012.
Consolidated Statement of Cash Flows
Following is a summary statement of cash flows and related comments. A complete statement of cash flows is provided in the Consolidated
Financial Statements.
(€ million) 2013 2012
A) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 17,657 17,526
B) CASH FROM/(USED IN) OPERATING ACTIVITIES 7,589 6,444
C) CASH FROM/(USED IN) INVESTING ACTIVITIES (8,086) (7,537)
D) CASH FROM/(USED IN) FINANCING ACTIVITIES 3,188 1,643
Currency translation differences (909) (419)
E) NET CHANGE IN CASH AND CASH EQUIVALENTS 1,782 131
F) CASH AND CASH EQUIVALENTS AT END OF YEAR 19,439 17,657
Operating activities generated cash of €7,589 million, of which €6,121 million from income-related cash inflows (i.e., net profit plus
amortization and depreciation, dividends, changes in provisions and items related to sales with buy-back commitments, net of gains/losses on
disposals and other non-cash items) and €1,468 million from the decrease in working capital.
Investing activities absorbed €8,086 million in cash, consisting primarily of a €7,440 million increase in tangible and intangible fixed assets
(including €2,042 million in capitalized development costs) and a €449 million increase in receivables from financing activities, mainly consisting
of dealer financing in Latin America and China, as well as a €231 million increase in equity investments. The change in equity investments
includes the additional investment in RCS (€94 million), capitalization of the 50% JV interests in Fiat India Automobiles (€46 million) and GAC
Fiat Automobiles (€37 million), and the acquisition of the remaining 50% in VM Motori (€34 million).
Financing activities generated €3.2 billion in cash. During the year, Fiat S.p.A. issued bonds totaling €2.9 billion and repaid a €1 billion
bond at maturity in February. In addition, there were new medium-term borrowings of approximately €2.6 billion(1), which more than covered
medium-term borrowings maturing during the period (€2.0 billion).
(1) Excluding approximately €0.6 billion in new notes issued as repayment for existing notes in relation to the renegotiation of the Tranche B Term Loan by Chrysler in June.