Following is a summary statement of cash flows and related comments. A complete statement of cash flows is provided in the Consolidated Financial Statements.
|A) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR||17,657||17,526|
|B) CASH FROM/(USED IN) OPERATING ACTIVITIES||7,589||6,444|
|C) CASH FROM/(USED IN) INVESTING ACTIVITIES||(8,086)||(7,537)|
|D) CASH FROM/(USED IN) FINANCING ACTIVITIES||3,188||1,643|
|Currency translation differences||(909)||(419)|
|E) NET CHANGE IN CASH AND CASH EQUIVALENTS||1,782||131|
|F) CASH AND CASH EQUIVALENTS AT END OF YEAR||19,439||17,657|
Operating activities generated cash of €7,589 million, of which €6,121 million from income-related cash inflows (i.e., net profit plus amortization and depreciation, dividends, changes in provisions and items related to sales with buy‑back commitments, net of gains/losses on disposals and other non-cash items) and €1,468 million from the decrease in working capital.
Investing activities absorbed €8,086 million in cash, consisting primarily of a €7,440 million increase in tangible and intangible fixed assets (including €2,042 million in capitalized development costs) and a €449 million increase in receivables from financing activities, mainly consisting of dealer financing in Latin America and China, as well as a €231 million increase in equity investments. The change in equity investments includes the additional investment in RCS (€94 million), capitalization of the 50% JV interests in Fiat India Automobiles (€46 million) and GAC Fiat Automobiles (€37 million), and the acquisition of the remaining 50% in VM Motori (€34 million).
Financing activities generated €3.2 billion in cash. During the year, Fiat S.p.A. issued bonds totaling €2.9 billion and repaid a €1 billion bond at maturity in February. In addition, there were new medium-term borrowings of approximately €2.6 billion1, which more than covered medium‑term borrowings maturing during the period (€2.0 billion).
1 Excluding approximately €0.6 billion in new notes issued as repayment for existing notes in relation to the renegotiation of the Tranche B Term Loan by Chrysler in June.