Total assets were €86.8 billion at 31 December 2013, increasing €4.7 billion over year-end 2012 (€82.1 billion).
Non-current assets2 totaled €47.6 billion, €2.1 billion higher than year-end 2012 (€4.3 billion net of currency translation impacts). The increase related primarily to the change in deferred tax assets (€1.3 billion net of currency effects), including a €1.7 billion positive impact from the recognition of deferred tax assets related to Chrysler, a €2.6 billion increase in fixed assets (net of depreciation and amortization) and consolidation of the assets of VM Motori from 1 July 20133.
Current assets4 totaled €39.2 billion, an increase of €2.6 billion for the year. At constant exchange rates, current assets were €4.6 billion higher, primarily due to increases in net inventory (€1.4 billion) and cash and cash equivalents (€2.7 billion, excluding currency translation effects).
Working capital (net of items relating to vehicles sold under buy-back commitments) was a negative €10,935 million, representing a €1,004 million decrease over the negative €9,931 million at 31 December 2012.
2 Non-Currents assets include: Intangible assets, Property, plant and equipment, Investments and other financial assets, Leased assets, Defined benefit plan assets and Deferred tax assets. See also Fiat Group Consolidated Financial Statements and Notes.
3 Fiat acquired an initial 50% interest in VM Motori in 2011. On 1 July 2013, following exercise of the put option held by the JV partner, Fiat acquired control, pursuant to IAS 27 – Consolidated and Separate Financial Statements, and the investee was consolidated on a line-by-line basis from that date. For more information, see Notes to the Consolidated Financial Statements at 31 December 2013 – “Scope of consolidation” .
4Current assets include: Inventories, Trade receivables, Receivables from financing activities, Current tax receivables, Other current assets, Current financial assets and Cash and cash equivalent. See also Fiat Group Consolidated Financial Statements and Notes.
|Other current receivables/(payables) & current taxes receivable/(payable)||(b)||(5,081)||(4,415)||(666)|
(a) Inventory is reported net of the value of vehicles sold under buy-back commitments, which includes vehicles still in use by customers and vehicles that have been repurchased and are held for sale.
(b) Other current payables, included under other current receivables/(payables) & current taxes receivable/(payable), are stated net of amounts due to customers in relation to vehicles sold under buy-back commitments, which consist of the repurchase amount payable at the end of the lease period, together with the value of any lease installments received in advance. The value at the beginning of the contract period, equivalent to the difference between the sale price and the repurchase amount, is recognized on a straight-line basis over the contract period.
Excluding currency translation effects and changes in the scope of consolidation:
- inventories (net of vehicles sold under buy-back commitments) increased by approximately €1 billion, mainly in relation to higher activity levels for NAFTA, APAC and Luxury Brands
- trade receivables decreased by approximately €0.2 billion, which includes payment of amounts receivable from the Indian JV and volume contractions in EMEA and LATAM
- trade payables increased €1.4 billion, mainly due to an increase in production levels in NAFTA and for the Luxury Brands
- other current receivables/(payables) was approximately €0.8 billion lower, mainly due to increases in accrued expenses and deferred income, as well as indirect taxes payable.
At 31 December 2013, trade receivables, other receivables and receivables from financing activities maturing after that date and sold without recourse – and, therefore, eliminated from the statement of financial position pursuant to the derecognition requirements of IAS 39 – Financial Instruments: Recognition and Measurement – totaled €3,576 million (€3,631 million at 31 December 2012). That amount includes €2,177 million in receivables (€2,179 million at 31 December 2012), primarily financing to the dealer network, that were sold to jointly-controlled financial services companies (FGA Capital Group).
At 31 December 2013, consolidated net debt1 totaled €9,793 million, an increase of €193 million over year-end 2012. For Fiat excluding Chrysler, net debt was €10,008 million, €1,905 million higher than 2012 year-end. Capital expenditure for the year (€3.9 billion), an increase in the financial services portfolio (€0.5 billion), equity investments and a change in the scope of operations (€0.4 billion) were only partially compensated for by income-related cash inflows (€2.4 billion) and positive currency translation differences (€0.4 billion).
Chrysler reported a net cash position of €215 million, compared with net debt of €1.5 billion at year-end 2012, with €5.2 billion in operating cash flow more than offsetting €3.6 billion in capital expenditure.
1 See “Key Performance Indicators” for a description of this measure.
|(€ million)||Fiat||Chrysler||Fiat excluding Chrysler||Fiat||Chrysler||Fiat excluding Chrysler|
|Bonds, bank loans and other debt||(29,306)||(9,544)||(19,855)||(27,44)||(10,312)||(17,137)|
|Current financial receivables from jointly-controlled financial services companies||(a)||27||-||27||58||-||58|
|Intersegment financial receivables||(b)||-||7||86||-||9||-|
|Debt, net of current financial receivables from jointly-controlled financial services companies and intersegment financial receivables||(29,875)||(9,537)||(20,338)||(27,831)||(10,303)||(17,528)|
|Other financial assets||(c)||533||97||436||519||45||474|
|Other financial liabilities||(c)||(137)||-21||(116)||(201)||(42)||(159)|
|Cash and cash equivalents||19,439||9,676||9,763||17,657||8,803||8,854|
|Cash, cash equivalents and current securities||19,686||9,676||10,01||17,913||8,803||9,11|
|Undrawn committed credit lines||3,043||943||2,1||2,935||985||1,95|
|Total available liquidity||22,729||10,619||12,11||20,848||9,788||11,06|
(a) Includes current financial receivables from FGA Capital Group, an associate recognized using the equity method.
(b) Relates to intragroup manufacturing agreements classified as finance leases in accordance with IFRIC 4 – Determining Whether an Arrangement Contains a Lease, in addition to receivables relating to factoring transactions between Chrysler Group companies and Fiat Group Financial Services companies in EMEA.
(c) Includes fair value of derivative financial instruments.
Debt (bonds, bank loans and other debt) increased by approximately €1.9 billion to €29.3 billion. The Group issued bonds totaling €2.9 billion during the year and repaid €1 billion at maturity. Excluding bonds, currency translation impacts (‐€1.3 billion), and assets acquired and consolidated during the period (approximately €0.2 billion), debt was €1.1 billion higher.
At 31 December 2013, cash, cash equivalents and current securities totaled €19.7 billion, an increase of approximately €1.8 billion over year-end 2012, despite €900 million in negative currency translation impacts (relating primarily to depreciation of the U.S. dollar and Brazilian real against the euro).
Total available liquidity, inclusive of €3.0 billion in undrawn committed credit lines, was €22.7 billion, a €1.9 billion increase over 31 December 2012, reflecting the positive contribution from financing activities throughout the year, including the increase of the syndicated revolving credit facility of Fiat, net of €1.0 billion in negative currency translation effects. For Fiat excluding Chrysler, total available liquidity was €12.1 billion (€11.1 billion at 2012 year-end) and for Chrysler the total was €10.6 billion, negatively impacted by currency translation of €0.6 billion for the full year.