Chrysler 2015 Annual Report Download - page 216

216 2015 | ANNUAL REPORT
Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
Asset-backed financing
Asset-backed financing represents the amount of financing received through factoring transactions which do not meet
IAS 39 derecognition requirements and are recognized as assets of the same amount in the Consolidated Statement
of Financial Position within Current receivables and other current assets (Note 15). At December31, 2015 the Group’s
assets include current receivables to settle Asset-backed financing of €206 million (€469 million at December31, 2014).
Debt secured by assets
At December31, 2015, debt secured by assets of the Group (excluding FCA US) amounted to €747 million (€777
million at December31, 2014), of which €373 million (€379 million at December31, 2014) was due to creditors
for assets acquired under finance leases and the remaining amount mainly related to subsidized financing in Latin
America. The total carrying amount of assets acting as security for loans for the Group (excluding FCA US) amounted
to €1,400 million at December31, 2015 (€1,670 million at December31, 2014) (Note 12).
At December31, 2015, debt secured by assets of FCA US amounted to €5,254 million and included €4,437 million
relating to the Senior Credit Facilities, €243 million due to creditors for assets acquired under finance leases and €574
million for other debt and financial commitments. At December 31, 2014 debt secured by assets of FCA US of €9,881
million included €9,093 million relating to the Secured Senior Notes and Senior Credit Facilities, €251 million due to
creditors for assets acquired under finance leases and €537 million for other debt and financial commitments.
Other debt
The following table summarizes the Group’s payables for finance leases:
At December 31,
2015 2014
Due
within
one
year
Due
between
one and
three
years
Due
between
three
and
five
years
Due
beyond
five
years Total
Due
within
one
year
Due
between
one and
three
years
Due
between
three
and
five
years
Due
beyond
five
years Total
(€ million)
Minimum future lease
payments 115 211 182 190 698 114 209 188 243 754
Interest expense (25) (37) (16) (4) (82) (33) (51) (31) (9) (124)
Present value of
minimum lease
payments 90 174 166 186 616 81 158 157 234 630
At December31, 2015 and 2014, the Group (excluding FCA US) had outstanding financial lease agreements for
assets whose overall net carrying amount totaled €379 million and €383 million, respectively. FCA US had outstanding
financial lease agreements for assets whose net carrying amount totaled €470 million and €414 million at December
31, 2015 and 2014, respectively (Note 12).