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196 2014 | ANNUAL REPORT
Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
16. Investments and other financial assets
At December 31,
2014 2013
(€ million)
Interest in joint ventures 1,329 1,225
Interest in associates 105 123
Interests in unconsolidated subsidiaries 37 40
Equity method investments 1,471 1,388
Available-for-sale investments 124 148
Equity Investments at fair value —151
Investments at fair value 124 299
Other Investments measured at cost 59 52
Total Investments 1,654 1,739
Non-current financial receivables 296 257
Other securities and other financial assets 70 56
Total Investments and other financial assets 2,020 2,052
Investments in joint ventures
The Group’s interests in joint ventures, amounting to €1,329 million at December 31, 2014 (€1,225 million at
December 31, 2013) are all accounted for using the equity method of accounting and at December 31, 2014 mainly
include the Group’s interests in FCA Bank S.p.A. (“FCA Bank”) (formerly known as FGA Capital S.p.A) amounting to
€894 million (€839 million at December 31, 2013), the Group’s interest in Tofas-Turk Otomobil Fabrikasi A.S. (“Tofas”)
amounting to €299 million (€240 million at December 31, 2013) and the Group’s interest in GAC Fiat Chrysler
Automobiles Co.Ltd (previously known as GAC Fiat Automobiles Limited) amounting to €45 million (€85 million at
December 31, 2013).
Changes in interests in joint ventures in 2014 and 2013 are as follows:
Investments in
joint ventures
(€ million)
Balance at December 31, 2012 1,282
Share of the net profit 112
Acquisitions, Capitalizations (Refunds) 44
Change in the scope of consolidation (37)
Translations differences (69)
Other changes (107)
Balance at December 31, 2013 1,225
Share of the net profit 127
Acquisitions, Capitalizations (Refunds) 14
Change in the scope of consolidation 2
Translations differences 33
Other changes (72)
Balance at December 31, 2014 1,329
In 2014, Other changes consisting of a net decrease of €72 million mainly relates to dividends distributed by FCA
Bank for €41 million and by Tofas for €42 million, and to the positive change in the cash flow hedge reserve of Tofas
of €13 million.
In 2013, Other changes consisting of a net decrease of €107 million mainly relates to dividends distributed by FCA
Bank for €15 million and by Tofas for €72 million, and to the negative change in the cash flow hedge reserve of Tofas
of €17 million.