Chrysler 2014 Annual Report Download - page 267

2014 | ANNUAL REPORT 265
At December 31, 2014, other equity investments include the investment in CNH Industrial N.V. for €107 million (€282
million at December 31, 2013), the investment in Fin. Priv. S.r.l. for €14 million (€14 million at December 31, 2013) and the
investment in Assicurazioni Generali S.p.A. for €3 million (€3 million at December 31, 2013). At December 31, 2014, the
investment in CNHI consisted of 15,948,275 common shares for an amount of €107 million. During 2014, 18,059,375
CNHI shares of the investment balance existing at December 31, 2013 were sold following the exercise of stock options.
9. Other financial assets
At December 31, 2014, Other financial assets amounted to €1,329 million, as represented below:
At December 31,
2014 2013 Change
(€ million)
Other financial assets 1,313 — 1,313
Fees receivable for guarantees given 16 14 2
Total other financial assets 1,329 14 1,315
Other financial assets is represented by the USD 1.5 billion loan extended in January 2014 and expiring in September
2016, to Fiat Chrysler Automobiles North America Holdings LLC (previously named Fiat North America LLC) to fund
partially the acquisition of 41.5% of FCA US. The amount of €1,313 million includes principal of €1,236 million and
accrued interest of €77 million, both translated into euro at the year end exchange rate of 1.2141. The loan is hedged
into euro by a currency swap with Fiat Chrysler Finance Europe S.A. resulting in a €135 million intercompany payable
at December 31, 2014 reported under other financial liabilities.
10. Trade receivables
At December 31, 2014, trade receivables totaled €14 million (of which €7 million from Group companies) a net
increase of €7 million over year-end 2013.
The carrying amount of trade receivables is deemed to approximate their fair value.
All trade receivables are due within one year and there are no overdue balances.
11. Other current receivables
At December 31, 2014, other current receivables amounted to €326 million, a net increase of €135 million compared
to December 31, 2013, and consisted of the following:
At December 31,
2014 2013 Change
(€ million)
Receivable from Group companies for consolidated Italian corporate tax 141 119 22
VAT receivables 136 22 114
Italian corporate tax receivables 38 42 (4)
Other 11 8 3
Total other current receivables 326 191 135
Receivables from Group companies for consolidated Italian corporate tax relate to tax calculated on the taxable
income contributed by Italian subsidiaries participating in the domestic tax consolidation program.
VAT receivables essentially relate to VAT credits for Italian subsidiaries participating in the VAT tax consolidation.
Italian corporate tax receivables include credits transferred to FCA. by Italian subsidiaries participating in the domestic
tax consolidation program in 2014 and prior years.