Chrysler 2015 Annual Report Download - page 247

2015 | ANNUAL REPORT 247
8. Investments in Group companies and other equity investments
The following table summarizes Investments in Group companies and other equity investments:
At December 31,
2015 2014 Change
(€ million)
Investments in Group companies 21,320 22,103 (783)
Other equity investments 203 124 79
Total Investments in Group companies and equity investments 21,523 22,227 (704)
Investments in Group companies were subject to the following changes during 2015 and 2014:
2015 2014
(€ million)
Balance at beginning of year 22,103 12,397
Acquisition of minorities 17 1,325
Capital injection into joint ventures 99 —
Transactions related to Ferrari reorganization (2,509) —
Disposal of subsidiaries to Group companies (726) —
Net contributions made to subsidiaries 10 6,537
Result from investments in continuing operations 625 883
Result from investments in discontinued operations 251 241
Cumulative translation adjustments and other OCI movements 1,534 738
Other (84) (18)
Balance at end of year 21,320 22,103
The main change for 2015 relates to the transactions carried on the investments in Ferrari where, before the IPO, FCA
sold the original 90 percent ownership held in Ferrari S.p.A. to Ferrari N.V., then subscribing a capital increase in the
same company. The sale originated a capital gain which was eliminated in the equity valuation of the investment (refer
to Principal Activities in the Consolidated Financial Statements for further detail on the Ferrari transactions).
The other significant movement in 2015 was the disposal of the US subsidiaries acquired in 2014, referred to below.
The main change for 2014 related to the acquisition of minorities, through which Chrysler became fully owned by
the Group.
Net contributions made to subsidiaries in 2014 related to the following intercompany transactions:
acquisition of 100% of Fiat Chrysler Automobiles North America Holdings LLC from FCA Italy S.p.A for a
consideration of €7,250 million;
acquisition of Magneti Marelli Inc., Comau Inc and Alfa Romeo USA Inc. for an aggregate of €725 million;
sale of Fiat Partecipazioni S.p.A.to FCA Italy S.p.A. for an amount of €1,450 million.
At December 31, 2015, Other equity investments mainly included the investment in CNHI for €101 million (€107 million
at December31, 2014). At December31, 2015, the investment in CNHI consisted of 15,948,275 common shares for
an amount of €101 million. During 2014, 18,059,375 CNHI shares of the investment balance existing at December 31,
2013, were sold following the exercise of stock options.