16. Investments and other financial assets

(€ million)At 31 December 2013At 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
Total Investments 1,912 1,858
     
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:

(€ million)

At 31 December 2012

Revaluations/(Write-downs)

Purchases/ capital increases

Change in the scope of consolidation

Translation differences

Other changes

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
Total Investments 1,858 82 212 (40) (91) (109) 1,912

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 2013At 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
Other     61   53
Total Investments in jointly controlled entities     1,405   1,416
           
RCS MediaGroup S.p.A. OTHER ACTIVITIES 16.4 87 10.1 28
Other     36   30
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:

(€ million)

Carryng valueStock 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).