|(€ million)||At 31 December 2013||At 31 December 2012|
|Investments in jointly controlled entities||1,405||1,416|
|Investments in associates||123||58|
|Investments in subsidiaries||33||33|
|Equity method investees||1,561||1,507|
|Investments at fair value with changes directly in Other comprehensive income/(losses)||148||142|
|Investments at fair value with changes in Income statement||151||153|
|Investments at fair value||299||295|
|Investment in subsidiaries||18||18|
|Investments in associates||19||23|
|Investments in other entities||15||15|
|Investments measured at cost||52||56|
|Non-current financial receivables||292||310|
|Other securities and other financial assets||56||119|
|Total Investments and other financial assets||2,260||2,287|
Changes in Investments in 2013 are set out below:
At 31 December 2012
Purchases/ capital increases
Change in the scope of consolidation
At 31 December 2013
|Equity method investees||1,507||87||202||(35)||(87)||(113)||1,561|
|Investments at fair value||295||-||1||-||-||3||299|
|Investments measured at cost||56||(5)||9||(5)||(4)||1||52|
For equity method investees, revaluations and write-downs in 2013 mainly reflect the share of the net profit/(loss) recognized in the period. Other changes in investments consisting of a net decrease of €109 million mainly relates to dividends distributed by equity method investees for €92 million (of which €72 million relate to Tofas-Turk Otomobil Fabrikasi A.S. and €15 million relate to FGA Capital), to the negative change in the cash flow hedge reserve of €14 million, partially offset by the positive change in fair value of available-for-sale investments of €5 million.
Investments accounted for using the equity method
The equity method investees are as follows:
|At 31 December 2013||At 31 December 2012|
|Operating segment||% of interest||(€ million)||% of interest||(€ million)|
|FGA Capital S.p.A.||EMEA||50.0||839||50.0||770|
|Tofas-Turk Otomobil Fabrikasi A.S.||EMEA||37.9||240||37.9||329|
|Società Europea Veicoli Leggeri-Sevel S.p.A.||EMEA||50.0||104||50.0||102|
|GAC Fiat Automobiles Co. Ltd.||APAC||50.0||85||50.0||90|
|Fiat India Automobiles Limited||APAC||50.0||76||50.0||35|
|VM Motori S.p.A. (*)||EMEA||-||-||50.0||37|
|Total Investments in jointly controlled entities||1,405||1,416|
|RCS MediaGroup S.p.A.||OTHER ACTIVITIES||16.4||87||10.1||28|
|Total Investments in associates||123||58|
|Total Investments in subsidiaries||33||33|
|Total investments accounted for using the equity method||1,561||1,507|
(*) This investment was consolidated on a line by line basis from the 1st July 2013.
On 30 July 2013 the Group, Crédit Agricole and Crédit Agricole Consumer Finance reached an agreement to extend the 50/50 Joint venture in FGA Capital S.p.A. up to 31 December 2021.
Tofas-Turk Otomobil Fabrikasi A.S., which is a listed entity, is classified as a jointly controlled entity as both partners have a shareholding of 37.9%.
With reference to the interest in RCS MediaGroup S.p.A. (“RCS”), as a result of the subscriptions of the share capital in 2013 Fiat increased its ownership to 16.4% of the whole capital (representing a 20.55% of ordinary shares) with a €94 million cash investment. In order to account for this investment, reference was made to the company’s most recent published financial statements, being the “Interim Management Statements at 30 September 2013”.
At 31 December 2013, the stock market price of equity investments in listed entities is as follows:
|Carryng value||Stock market price|
|Tofas-Turk Otomobil Fabrikasi A.S.||240||857|
|RCS MediaGroup S.p.A.||87||115|
Investments measured at fair value
At 31 December 2013, Investments at fair value with changes recognized directly in Other comprehensive income/(losses), include the investment in CNH Industrial N.V. (the entity resulting from the merger of Fiat Industrial S.p.A. with and into CNH Industrial N.V.) for €131 million (€130 million at 31 December 2012), the investment in Fin. Priv. S.r.l. for €14 million (€10 million at 31 December 2012) and the investment in Assicurazioni Generali S.p.A. for €3 million (€2 million at 31 December 2012).
Overall, at 31 December 2013, the investment in CNH Industrial N.V. consists of 34,007,650 ordinary shares (34,216,027 ordinary shares at 31 December 2012), corresponding to 3.72% voting rights, for an amount of €282 million (€283 million at 31 December 2012), of which 18,160,000 shares of CNH Industrial N.V., for an amount of €151 million, will be used for the stock option plans and are measured at fair value through profit or loss and 15,847,650 shares, for an amount of €131 million, are classified as available-for-sale and measured at fair value through Other comprehensive income/(losses). In addition, in the context of the above mentioned merger, the Group received 33,955,402 special voting shares, which cannot directly or indirectly be sold, disposed of or transferred, and over which the Group cannot create or permit to exist any pledge, lien, fixed or floating charge or other encumbrance.
Other securities and other financial assets
At 31 December 2012, Other securities and other financial assets included €57 million ($75 million) relating to the amount paid for the contractual rights arising from the Equity Recapture Agreement and the VEBA Call Option. Considering the agreement with the VEBA Trust to purchase the remaining minority equity stake in Chrysler, which closed on 21 January 2014, the equivalent amount at 31 December 2013 of the $75 million amount paid for these rights (€56 million) was written-off and recognized within the unusual charges (see Note 8).