11. Consolidated net financial position of the Holdings System

At December 31, 2014 the consolidated net financial position of the Holdings System is a positive €563 million, with a decrease of €718.2 million from the balance at year-end 2013 (€1,281.2 million) principally on account of the purchase of mandatory convertible securities issued by FCA (€711.2 million). The balance is composed as follows:

  12/31/2014 12/31/2013 Change
€ million Current Non current Total Current Non current Total Current Non current Total
Financial assets 937.9 76.4 1,014.3 581.7 83.9 665.6 356.2 (7.5) 348.7
Financial receivables  1.9 0.0 1.9 6.1 0.0 6.1 (4.2) 0.0 (4.2)
Cash and cash equivalents 1,217.3 0.0 1,217.3 1,900.2 0.0 1,900.2 (682.9) 0.0 (682.9)
Total financial assets 2,157.1 76.4 2,233.5 2,488.0 83.9 2,571.9 (330.9) (7.5) (338.4)
EXOR bonds  (24.9) (1,600.0) (1,624.9) (28.6) (1,199.9) (1,228.5) 3.7 (400.1) (396.4)
Financial payables to associates 0.0 0.0 0.0 (28.5) 0.0 (28.5) 28.5 0.0 28.5
Other financial liabilities (45.6) 0.0 (45.6) (33.7) 0.0 (33.7) (11.9) 0.0 (11.9)
Total financial liabilities (70.5) (1,600.0) (1,670.5) (90.8) (1,199.9) (1,290.7) 20.3 (400.1) (379.8)
Consolidated net financial position of the Holdings System 2,086.6 (1,523.6) 563.0 2,397.2 (1,116.0) 1,281.2 (310.6) (407.6) (718.2)

During 2014 a part of cash (€685 million) was used to purchase mutual funds, including €338 million that was redeemed at the end of the year.

Current financial assets include bonds issued by leading issuers, listed on active and open markets, and mutual funds. Such financial assets, if held for trading, are measured at fair value on the basis of the trading price at year end or using the value determined by an independent third party in the case of mutual funds, translated, where appropriate, at the year-end exchange rates, with recognition of the fair value in the income statement. They also include the current portion of bonds held to maturity.

Non-current financial assets include bonds issued by leading counterparties and listed on active and open markets which the Group intends, and is able, to hold until their natural repayment date as an investment for a part of its available cash so that it can receive a constant attractive flow of financial income. Such designation was made in accordance with IAS 39, paragraph 9.

These financial instruments are free of whatsoever restriction and, therefore, can be monetized whenever the Group should so decide. Their classification as non-current in the financial position has been adopted only in view of the fact that their natural maturity date is 12 months beyond the closing date of the financial statements. There are no trading restrictions and their degree of liquidity or the degree to which they can be converted into cash is considered high.

 

 

 

Commercial Register No.64236277 Legal notes | Credits