Consolidated Statement of Financial Position for Fiat Group at 31 December 2012

Total assets amounted to €82,119 million at 31 December 2012, increasing €2,088 million over the €80,031 million at the beginning of the year.

Non-current assets totaled €45,477 million, €2 billion higher than the prior year mainly due to the €3.2 billion increase in property, plant & equipment and intangible assets, net of depreciation and amortization, partially offset by negative currency translation differences (approximately €0.7 billion) and the decrease in investments and other financial assets of approximately €0.4 billion.

At year-end 2011, investments and other financial assets included €320 million representing the value of Fiat’s right to receive an additional 5% stake in Chrysler upon achievement of the Ecological Event. At the beginning of 2012, the performance conditions set forth in the agreement were met and that amount was subsequently reversed to equity.

Current assets totaled €36,587 million, substantially in line with 31 December 2011 (€36,488 million). Net of currency translation differences, current assets were approximately €900 million higher due to increases in cash and cash equivalents (+€550 million) and inventory.

Working capital (net of items relating to vehicles sold under buy-back commitments) was a negative €9,931 million, representing a €238 million decrease over the negative €9,693 million at 31 December 2011.

(€ million)
  31.12.2012 31.12.2011Change
Inventory (a) 8,340 7,729 611
Trade receivables
  2,702 2,625 77
Trade payables
  (16,558) (16,418) -140
Current taxes receivable/(payable) & Other current receivables/(payables)
(b) (4,415) (3,629) -786
Working capital
  (9,931) (9,693) -238
(a) Inventory is reported net of the value of vehicles sold under buy-back commitments, which includes vehicles still in use by customers and those that have been repurchased and are held for sale. (b) Other current payables, included under current taxes receivable/(payable) & other current receivables/(payables), 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.

At 31 December 2012, receivables falling due after that date and sold without recourse – and, therefore, eliminated from the statement of financial position pursuant to the derecognition requirements of IAS 39 – totaled €3,631 million (€3,858 million at 31 December 2011). That amount includes €2,179 million in receivables (€2,495 million at 31 December 2011), primarily from the dealer network, that were sold to jointly-controlled financial services companies (FGA Capital Group).

At constant exchange rates, working capital decreased €0.7 billion, with Chrysler reporting a €1.3 billion decrease and Fiat excluding Chrysler reporting an approximately €0.6 billion increase that reflected reduced business volumes in Europe.

At 31 December 2012, consolidated net debt totaled €9,600 million, up €702 million over the beginning of the year. Excluding Chrysler, net debt increased by €2.3 billion over 31 December 2011 to €8,103 million, primarily as a result of €3.2 billion in capital expenditure and around €0.6 billion in working capital absorption, both of which were only partially offset by income-related cash inflows (€1.1 billion) and currency translation differences (€0.2 billion).

For Chrysler, net debt was down €1.6 billion, reflecting €5.9 billion in cash flow from operations net of €4.3 billion in capital expenditure for the period.

   31.12.2012 31.12.2011
(€ million)
 Fiat
with
Chrysler
ChryslerFiat
excluding
Chrysler
Fiat
with
Chrysler
ChryslerFiat
excluding
Chrysler
Debt:
  (27,889) (10,312) (17,586) (26,772) (10,537) (16,245)
Asset-backed financing 
  (449)  -  (449) (710) (31) (679)
Other debt
  (27,440) (10,312) (17,137) (26,062) (10,506) (15,566)
Current financial receivables from jointly-controlled financial services companies
(a) 58  -  58 21  -  21
Intersegment financial receivables
(b)  -  9  -   -  10  - 
Debt, net of current financial receivables from
jointly-controlled financial services companies
  (27,831) (10,303) (17,528) (26,751) (10,527) (16,224)
Other financial assets 
 (c)  519 45 474 557 127 430
Other financial liabilities 
 (c)  (201) (42) (159) (429) (100) (329)
Current securities 
  256  -  256 199  -  199
Cash and cash equivalents 
  17,657 8,803 8,854 17,526 7,420 10,106
Net debt
  (9,600) (1,497) (8,103) (8,898) (3,080) (5,818)
 Industrial Activities
   (6,545)  (1,497) (5,048) (5,529) (3,080) (2,449)
 Financial Services
  (3,055)  -  (3,055) (3,369)  -  (3,369)
Cash, cash equivalents and current securities
 17,9138,8039,11017,7257,42010,305
Undrawn committed credit lines 
  2,935 985 1,950 2,955 1,005 1,950
Total available liquidity 
  20,848 9,788 11,060 20,680 8,425 12,255
(a) Includes current financial receivables from FGA Capital Group. (b) Includes value of intercompany agreements recognized as finance leases (IFRIC 4). (c) Includes fair value of derivative financial instruments.

Debt increased €1.1 billion over year-end 2011 to €27.9 billion. Excluding Chrysler, debt amounted to €17.6 billion: the decrease in asset-backed financing (-€0.2 billion) only partially offset the increase in other debt (+€1.6 billion) resulting from the €2.5 billion in new bond issuances net of repayments totaling approximately €1.5 billion, in addition to net increases in bank loans and other financing of approximately €0.6 billion.

At 31 December 2012, cash, cash equivalents and current securities totaled €17.9 billion, of which €8.8 billion related to Chrysler. Excluding Chrysler, cash, cash equivalents and current securities totaled €9.1 billion. The decrease of approximately €1.2 billion over 31 December 2011 was due to operating requirements and capital expenditure for the year, only partially offset by the increase in external funding. For Chrysler, there was an increase of €1.4 billion, driven by strong cash flow from operations.

Total available liquidity, inclusive of undrawn committed credit lines (€1.95 billion for Fiat excluding Chrysler and around €1 billion for Chrysler), totaled €20.8 billion, of which €9.8 billion related to Chrysler (€8.4 billion at 31 December 2011) and €11.1 billion to Fiat excluding Chrysler (€12.3 billion at 31 December 2011).

Fiat SpA | Site Map | Legal Notes | Privacy | Contacts | Accessibility | FAQs | Glossary | General Archive   ©2011 FIAT S.p.A. - P.IVA 00469580013