Chrysler 2013 Annual Report Download - page 62

61
Report on
Operations
Net Debt by Activity for Fiat excluding Chrysler
31.12.2013 31.12.2012
(€ million)
Fiat
excluding
Chrysler
Industrial
Activities
excluding
Chrysler
Financial
Services
Fiat
excluding
Chrysler
Industrial
Activities
excluding
Chrysler
Financial
Services
Debt: (20,451) (18,545) (3,498) (17,586) (15,630) (3,472)
Asset-backed financing (596) (156) (440) (449) (52) (397)
Other debt (19,855) (18,262) (1,593) (17,137) (15,487) (1,650)
Intersegment financial payables - (127) (1,465) - (91) (1,425)
Current financial receivables from jointly-controlled financial
services companies (a) 27 27 - 58 58 -
Intersegment financial receivables (b) 86 1,549 129 - 1,425 91
Debt, net of intersegment and current
financial receivables from jointly-controlled financial
services companies (20,338) (16,969) (3,369) (17,528) (14,147) (3,381)
Other financial assets (c) 436 437 1 474 474 -
Other financial liabilities (c) (116) (114) (4) (159) (156) (3)
Current securities 247 219 28 256 173 83
Cash and cash equivalents 9,763 9,563 200 8,854 8,608 246
Net (debt)/cash (10,008) (6,864) (3,144) (8,103) (5,048) (3,055)
(a) Includes current debt payable by FGA Capital to other Fiat Group companies.
(b) Includes amounts receivable from Chrysler relating to intragroup manufacturing agreements classified as finance leases in accordance with IFRIC 4 – Determining Whether
an Arrangement Contains a Lease.
(c) Includes fair value of derivative financial instruments.
Debt, cash and other financial assets/liabilities pertaining to Financial Services entities are not included in the calculation of Net Debt for
Industrial Activities. In addition to their other activities, treasury companies of Fiat excluding Chrysler raise funds for consolidated Financial
Services companies by incurring debt on their behalf and on-lending it to those companies. Loans from the treasury companies of Fiat
excluding Chrysler (which are included in Industrial Activities) to the consolidated Financial Services companies are included under intersegment
financial receivables and are deducted in the calculation of net debt for Industrial Activities.
Intersegment financial receivables for Financial Services companies, on the other hand, represent deposits with Group treasury as well as
advances to industrial companies – for receivables sold to Financial Services companies that do not meet the derecognition requirements of
IAS 39 – Financial Instruments: Recognition and Measurement.
Net debt for Financial Services companies at 31 December 2013 was up €89 million over year-end 2012 to €3,144 million. A €499 million
increase in the managed portfolio and €16 million in dividends paid to industrial companies were largely offset by €93 million in cash from
operating activities and €334 million in positive currency translation differences.