Chrysler 2014 Annual Report Download - page 66

64 2014 | ANNUAL REPORT
Operating Results
2013 compared to 2012
Other unusual expenses for the year ended December 31, 2013 were €499 million, an increase of €361 million, from
€138 million for the year ended December 31, 2012.
Other unusual expenses for the year ended December 31, 2013 included other unusual expenses of €686 million, and
other unusual income of €187 million.
Other unusual expenses for the year ended December 31, 2013 mainly included (i) impairments of €385 million,
(ii) €115 million related to voluntary safety recalls and customer satisfaction actions in the NAFTA segment, and
(iii) €43 million related to the devaluation of the Venezuelan Bolivar, or VEF, against the U.S. Dollar. In particular,
impairments for 2013 include €272 million related to the rationalization of architectures (the combination of systems
that enables the generation of specific vehicle platforms for the different models in a certain segment), associated with
the new product strategy for the Alfa Romeo, Maserati and Fiat brands, €57 million related to asset impairments for
the cast iron business in Teksid and €56 million related to write-off of certain equity recapture rights resulting from the
acquisition of the remaining 41.5 interest in FCA US that was not previously owned. Refer to the Consolidated financial
statements included elsewhere in this report for further information on the acquisition of the remaining 41.5 percent
interest in FCA US.
Other unusual income for the year ended December 31, 2013 mainly included the impacts of curtailment gains and plan
amendments of €166 million related to changes made to FCA US’s U.S. and Canadian defined benefit pension plans.
Other unusual expenses for the year ended December 31, 2012 primarily consisted of costs arising from disputes
relating to operations terminated in prior years, costs related to the termination of the Sevelnord Société Anonyme joint
venture and to the rationalization of relationships with certain suppliers.
EBIT
For the Years Ended December 31, Increase/(decrease)
(€ million, except percentages) 2014 2013 2012 2014 vs. 2013 2013 vs. 2012
EBIT 3,223 3,002 3,434 221 7.4% (432) (12.6)%
2014 compared to 2013
EBIT for the year ended December 31, 2014 was €3,223 million, an increase of €221 million, or 7.4 percent
(9.4 percent on a constant currency basis), from €3,002 million for the year ended December 31, 2013.
The increase in EBIT was primarily attributable to the combined effect of (i) a €397 million decrease in EMEA loss, (ii) a
€202 million increase in APAC (iii) a €169 million increase in Maserati, (iv) a €114 million increase in Components and
(v) the non-cash and non-taxable gain of €223 million on the remeasurement to fair value of the previously exercised
options on approximately 10 percent of FCA US’s membership interest in connection with the acquisition of the
remaining 41.5 percent interest in FCA US that was not previously owned, which were partially offset by (vi) a
€643 million decrease in NAFTA and (vii) a €315 million decrease in LATAM.
2013 compared to 2012
EBIT for the year ended December 31,2013 was €3,002 million, a decrease of €432 million, or 12.6 percent
(7.2 percent on a constant currency basis), from €3,434 million for the year ended December 31, 2012.
The decrease in EBIT was primarily attributable to the combined effect of (i) a €533 million decrease in LATAM
segment EBIT and (ii) a €201 million decrease in NAFTA segment EBIT, which were partially offset by (iii) a
€219 million decrease in EMEA segment EBIT loss, (iv) a €49 million increase in Maserati segment EBIT.
See —Segments for a detailed discussion of EBIT by segment.