Chrysler 2015 Annual Report Download - page 190

190 2015 | ANNUAL REPORT
Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
18. Cash and cash equivalents
The following table summarizes the Group’s Cash and cash equivalents:
At December 31,
2015 2014
(€ million)
Cash at banks 9,274 10,645
Money market securities 11,388 12,195
Total Cash and cash equivalents 20,662 22,840
Cash and cash equivalents includes cash at banks, units in money market funds and other money market securities,
primarily comprised of commercial paper, bankers’ acceptances and certificate of deposits that are readily convertible
into cash, with original maturities of three months or less at the date of purchase. Cash and cash equivalents are
subject to an insignificant risk of changes in value, and consist of balances spread across various primary national and
international banking institutions, and money market instruments.
Cash at banks included bank deposits which may be used exclusively by Group companies entitled to perform
specific operations (cash with a pre-determined use) amounting to €3 million at December 31, 2015 and 2014.
The Group has a subsidiary operating in Venezuela with a U.S.$ functional currency. Pursuant to certain Venezuelan
foreign currency exchange control regulations, the Central Bank of Venezuela centralizes all foreign currency
transactions in the country. Under these regulations, the purchase and sale of foreign currency must be made through
the Centro Nacional de Comercio Exterior en Venezuela from January1, 2014. The cash and cash equivalents
denominated in VEF amounted to €9 million (VEF 2,055 million) at December 31, 2015 and €123 million (VEF 1,785
million) at December 31, 2014. The reduction, in Euro terms, was essentially due to the adoption of the SIMADI
exchange rate for the conversion of the VEF denominated monetary items (see Note 30 for further discussion on
Venezuelan currency regulations).
In addition, cash and cash equivalents held in certain foreign countries (primarily, China and Argentina) are subject to
local exchange control regulations providing for restrictions on the amount of cash other than dividends that can leave
the country.
19. Equity
Consolidated shareholders’ equity at December31, 2015 increased by €2,517 million from December31, 2014,
primarily as a result of Net profit for the period of €377 million, the net proceeds received from the Ferrari IPO of €866
million, the increase in cumulative exchange differences on translating foreign operations of €923 million and the
remeasurement of defined benefit plans of €479 million.
Consolidated shareholders’ equity at December31, 2014 increased by €1,154 million from December31, 2013,
mainly due to the issuance of mandatory convertible securities (described below) resulting in an increase of €1,910
million, the placement of 100,000,000 common shares (described below) resulting in an aggregate increase of €994
million, net profit for the period of €632 million and the increase in cumulative exchange differences on translating
foreign operations of €782 million. The increase was partially offset by the decrease of €2,665 million arising from the
acquisition of the 41.5 percent non-controlling interest in FCA US and the disbursement to Fiat shareholders who
exercised the Cash Exit Rights.