Chrysler 2014 Annual Report Download - page 89

2014 | ANNUAL REPORT 87
Change in Net Industrial Debt
The following section sets forth an explanation of the changes in our Net Industrial Debt for the historical periods.
2014
In 2014 Net Industrial Debt increased by €640 million, from €7,014 million at December 31, 2013 to €7,654 million at
December 31, 2014. The movements in Net Industrial Debt were primarily driven by:
payments for the acquisition of the remaining 41.5 percent interest in FCA US previously not owned, inclusive
of approximately 10 percent of previously exercised options subject to ongoing litigation, of €2,691 million
(U.S.$3,650 million);
investments in industrial activities of €8,119 million representing investments in property, plant and equipment and
intangible assets;
The increases noted above were partially offset by the reductions in Net Industrial Debt primarily driven by:
contribution of the mandatory convertible securities issuance due 2016 of €1,910 million (net proceeds of €2,245
million net of the liability component of €335 million) and the net proceeds from the offering of 100 million common
shares of €849 million, net of the exercise of cash exit rights in connection with the Merger for a net aggregate cash
disbursement of €417 million;
cash flow from industrial operating activities of €8,017 million which represents the consolidated cash flow from
operating activities of €8,169 million net of the cash flows from operating activities attributable to financial services
of €152 million. For an explanation of the drivers in consolidated cash flows from operating activities see the —
Cash Flows section above.
2013
In 2013 Net Industrial Debt increased by €64 million, from €6,950 million at December 31, 2012 to €7,014 million at
December 31, 2013. The movements in Net Industrial Debt were primarily driven by:
Cash flow from industrial operating activities of €7,534 million which represents the consolidated cash flow from
operating activities of €7,618 million net of the cash flows from operating activities attributable to financial services
of €84 million. For an explanation of the drivers in consolidated cash flows from operating activities see —Operating
Activities —Year Ended December 31, 2013 above;
Investments in industrial activities property, plant and equipment of €7,486 million, representing the majority of the
Group’s investments in property, plant and equipment of €7,492 million; and
Additional investments in RCS MediaGroup S.p.A. for an amount of €94 million.
2012
In 2012 Net Industrial Debt increased by €1,090 million, from €5,860 million at January 1, 2012 to €6,950 million at
December 31, 2012. The movements in Net Industrial Debt were primarily driven by:
Cash flow from industrial operating activities of €6,390 million which represents the consolidated cash flow from
operating activities of €6,492 million net of the cash flows from operating activities attributable to financial services
of €102 million. For an explanation of the drivers in consolidated cash flows from operating activities see —
Operating Activities —Year Ended December 31, 2012;
Investments in industrial activities property, plant and equipment of €7,560 million, representing almost all of the
Group’s investments in property, plant and equipment of €7,564 million; and
Proceeds from disposals of property, plant and equipment of €127 million representing almost all of the
consolidated total of €130 million.