Chrysler 2014 Annual Report Download - page 176

174 2014 | ANNUAL REPORT
Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
SCOPE OF CONSOLIDATION
FCA is the parent company of the Group and it holds, directly and indirectly, interests in the Group’s main operating
companies. The Consolidated financial statements at December 31, 2014, 2013 and 2012 include FCA and its
subsidiaries over which it has control.
At December 31, 2014 and December 31, 2013, FCA had the following significant direct and indirect interests in the
following subsidiaries:
At December 31, 2014 At December 31, 2013
Name Country
Shares held
by the
Group
Shares
held by
NCI
Shares held
by the
Group
Shares
held by
NCI
(%)
Directly held interests
FCA Italy S.p.A. (previously Fiat Group Automobiles S.p.A.) Italy 100.0 — 100.0 —
Ferrari S.p.A. Italy 90.0 10.0 90.0 10.0
Maserati S.p.A. Italy 100.0 — 100.0 —
Magneti Marelli S.p.A. Italy 99.99 0.01 99.99 0.01
Teksid S.p.A. Italy 84.79 15.21 84.79 15.21
Comau S.p.A. Italy 100.00 — 100.00 —
Indirectly held interests
FCA US LLC (previously Chrysler Group LLC) USA 100.0 — 58.5 41.5
Each of these subsidiaries holds direct or indirect interests in other Group companies. The Consolidated
financial statements include 306 subsidiaries consolidated on a line-by-line basis at December 31, 2014 (303 at
December 31, 2013).
Certain minor subsidiaries (mainly dealership, captive service, dormant and companies under liquidation) are excluded
from consolidation on a line-by-line basis and are accounted for at cost or using the equity method. Their aggregate
assets and revenues represent less than 1.0 percent of the Group’s respective amounts for each period and at each
date presented within the Consolidated financial statements.
Non-Controlling Interests
The total Non-controlling interest at December 31, 2014 of €313 million primarily relates to the 10.0 percent interest
held by third parties in Ferrari S.p.A. of €194 million. The total Non-controlling interest at December 31, 2013 of
€4,258 million primarily related to the 41.5 percent interest held by the International Union, United Automobile,
Aerospace, and Agricultural Implement Workers of America (“UAW”) Retiree Medical Benefits Trust (the “VEBA Trust”)
in FCA US of €3,944 million (see section —Acquisition of the remaining ownership in FCA US below) and to the 10.0
percent interest held for Ferrari S.p.A. of €215 million.
Financial information (before intra-group eliminations) for FCA US and Ferrari S.p.A. are summarized below. No financial
information is presented as of and for the year ended December 31, 2014 for FCA US as a result of FCA US becoming a
wholly-owned subsidiary of the Group (see section —Acquisition of the remaining ownership in FCA US below).
As of December 31,
2013 2014 2013
FCA US Ferrari S.p.A.
(€ million)
Non-current assets 27,150 988 896
Current assets 16,870 2,835 2,217
Total assets 44,020 3,823 3,113
Debt 9,565 614 322
Other liabilities 24,943 1,490 1,264
Equity (100%) 9,512 1,719 1,527