Chrysler 2014 Annual Report Download - page 199

2014 | ANNUAL REPORT 197
The only material joint venture for the Group is FCA Bank: a 50/50 joint venture with Crédit Agricole Consumer Finance
S.A. FCA Bank operates in 14 European countries including Italy, France, Germany, UK and Spain. In July 2013, the
Group reached an agreement with Crédit Agricole to extend the term of that joint venture through to December 31,
2021. Under the agreement, FCA Bank will continue to benefit from the financial support of the Crédit Agricole Group
while continuing to strengthen its position as an active player in the securitization and debt markets. FCA Bank
provides retail and dealer financing and long-term rental services in the automotive sector, directly or through its
subsidiaries as a partner of the Group’s car mass-market brands and for Maserati.
Summarized financial information relating to FCA Bank was as follows:
At December 31,
2014 2013
(€ million)
Financial assets 14,604 14,484
Of which: Cash and cash equivalents ——
Other assets 2,330 2,079
Financial liabilities 14,124 13,959
Other liabilities 896 802
Equity (100%) 1,914 1,802
Net assets attributable to owners of the parent 1,899 1,788
Group’s share of net assets 950 894
Elimination of unrealized profits and other adjustments (56) (55)
Carrying amount of interest in the joint venture 894 839
For the years ended December 31,
2014 2013
(€ million)
Interest and similar income 737 752
Interest and similar expenses (373) (381)
Income tax expense (74) (76)
Profit from continuing operations 182 172
Net profit 182 172
Net profit attributable to owners of the parent (A) 181 170
Group’s share of net profit 91 85
Elimination of unrealized profits ——
Group’s share of net profit in the joint venture 91 85
Other comprehensive income/(loss) attributable to owners of the parent (B) 12 (1)
Total comprehensive income attributable to owners of the parent (A+B) 193 169
Tofas, which is registered with the Turkish Capital Market Board (“CMB”) and listed on the Istanbul Stock Exchange
(“ISE”) since 1991, is classified as a joint venture as the Group and the other partner each have a shareholding of 37.9
percent. As at December 31, 2014 the fair value of the Group’s interest in Tofas was €1,076 million (€857 million at
December 31, 2013).