Chrysler 2014 Annual Report Download - page 268

266 2014 | ANNUAL REPORT
Company Financial
Statements
Notes to the Company
Financial Statements
12. Cash and cash equivalents
At December 31, 2014, Cash and cash equivalents totaled €11 million (€1 million as at December 31, 2013) and are
almost entirely represented by amounts held in Euro. The carrying amount of cash and cash equivalents is deemed to
be in line with their fair value.
Credit risk associated with cash and cash equivalents is considered limited as the counterparties are leading national
and international banks.
13. Equity
Changes in shareholders’ equity during 2014 were as follows:
(€ million)
Share
Capital
Capital
Reserves
Legal
Reserves:
Cumulative
translation
adjustment
reserve /
OCI
Legal
Reserves:
Other
Retained
profit/
(loss)
Profit/
(loss) for
the year
Total
equity
At December 31, 2013 4,477 — (618) 6,699 (3,136) 904 8,326
Allocation of prior year result — — — — 904 (904) —
Capital increase 2 989 — — — — 991
Merger (4,269) 4,269 — — — — —
Mandatory convertible — — — 1,910 — — 1,910
Exit Rights (193) (224) — — — — (417)
Share-based payment — 35 — — (31) — 4
Purchase of shares in subsidiaries from non-
controlling interests — — (308) 880 753 — 1,325
Net profit for the year — — — — — 568 568
Current period change in OCI, net of taxes — — 666 — 52 — 718
Legal Reserve — (1,327) — 1,327 — — —
At December 31, 2014 17 3,742 (260) 10,816 (1,458) 568 13,425
Shareholders’ equity increased by €5,099 million in 2014 primarily due to: the issuance of mandatory convertible
securities (see notes to the consolidated financial statements) resulting in an increase of €1,910 million, the placement
of 100 million common shares and the exercise of stock options resulting in an aggregate increase of €991 million, the
positive impact of €1,325 million from the acquisition of the remaining 41.5% of FCA US, the increase in OCI (mainly
driven by cumulative exchange differences on translating foreign operations of €782 million) and profit for the year of
€568 million, net of the €417 million reduction for the reimbursement to Fiat shareholders who exercised the cash exit
rights upon the Merger.
Share capital
At December 31, 2014, fully paid-up share capital of FCA amounted to €17 million (€4,477 million of Fiat at December
31, 2013) and consisted of 1,284,919,505 common shares and of 408,941,767 special voting shares, all with a par
value of €0.01 each (1,250,687,773 ordinary shares with a par value of €3.58 each of Fiat at December 31, 2013).
On December 12, 2014, FCA issued 65,000,000 new common shares and sold 35,000,000 of treasury shares for
aggregate net proceeds of $1,065 million (€849 million) comprised of gross proceeds of $1,100 million (€877 million)
less $35 million (€28 million) of transaction costs.
Upon the completion of the Merger, which took the form of a reverse merger, resulted in FCA being the surviving
entity, all Fiat ordinary shares outstanding as of the Merger date (1,167,181,255 ordinary shares) were canceled and
exchanged. FCA allotted one new FCA common share (each having a nominal value of €0.01) for each Fiat ordinary
share (each having a nominal value of €3.58). The original investment of FCA in Fiat which consisted of 35,000,000
common shares was not canceled resulting in 35,000,000 treasury shares in FCA. On December 12, 2014, FCA
completed the placement of these treasury shares on the market.