8. Net financial position

The net financial position at December 31, 2014 is a negative €1,199.7 million, with an increase of €725.5 million from the negative balance of €474.2 million at year-end 2013.

The balance consists of the following:

  12/31/2014 12/31/2013
€ million Current Non current Total Current Non current Total
Financial assets (a) 167.0 26.3 193.3 117.3 83.9 201.2
Financial receivables from subsidiaries 1.1 0.0 1.1 1.0 0.0 1.0
Cash and cash equivalents 276.4 0.0 276.4 585.7 0.0 585.7
Total financial assets 444.5 26.3 470.8 704.0 83.9 787.9
EXOR bonds 2007-2017 (13.2) (438.9) (452.1) (20.7) (687.8) (708.5)
EXOR bonds 2012-2019 (1.5) (147.9) (149.4) (1.5) (147.5) (149.0)
EXOR bonds 2013-2020 (0.9) (198.3) (199.2) (0.9) (198.0) (198.9)
EXOR bonds 2014-2024 (3.8) (648.3) (652.1) 0.0 0.0 0.0
EXOR bonds 2018-2025 (4.8) (98.0) (102.8) (4.8) (97.8) (102.6)
EXOR bonds 2011-2031 (0.7) (68.6) (69.3) (0.7) (68.8) (69.5)
Bank debt and other financial liabilities (45.6) 0.0 (45.6) (33.6) 0.0 (33.6)
Total financial liabilities (70.5) (1,600.0) (1,670.5) (62.2) (1,199.9) (1,262.1)
Net financial position of EXOR S.p.A. 374.0 (1,573.7) (1,199.7) 641.8 (1,116.0) (474.2)
(a) €25 million in the current portion and €26.3 million in the non-current portion (in 2013, €25.7 million in the current portion and €83.5 million in the non-current portion) relate to bonds issued by leading counterparties, listed on active and open markets which the Company intends, and is able, to hold until their natural repayment date as an investment for a part of its available cash, in order to ensure a constant attractive flow of financial income. This designation was decided in accordance with IAS 39, paragraph 9. Such financial instruments are free of whatsoever restriction and, therefore, can be monetized whenever the Company 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.

The net negative change of €725.5 million during 2014 is described in the following table:

€ million      
Net financial position at December 31, 2013     (474.2)
Dividends received from investment holdings     143.5
- CNH Industrial N.V. 73.4    
- EXOR S.A. 70.0    
- Emittenti Titoli 0.1    
Net change in financial assets available-for sale     24.2
Subscription to Fiat Chrysler Automobiles N.V. mandatory convertible securities maturing 12/15/2016    (711.2)
Financial income on Fiat Chrysler Automobiles N.V. mandatory convertible securities maturing 12/15/2016    2.4
Dividends paid by EXOR S.p.A.     (74.5)
Other changes     (109.9)
- Net general expenses (16.3)    
- Non-recurring other income (expenses) and general expenses (4.2)    
- Net financial expenses (75.4) (a)  
- Indirect taxes and duties (0.4)    
- Other net changes (13.6) (b)  
Net change during the year     (725.5)
Net financial position at December 31, 2014     (1,199.7)
(a) Does not include interest income on the mandatory convertible securities (€2.4 million) and interest income on the financial receivable from Alpitour (€0.3 million), which had no impact on the net financial position. (b) Includes the measurement of the cross currency swap on the Japanese yen bonds 2011-2031 of €11.7 million and other net changes of €1.9 million.

 

Commercial Register No.64236277 Note legali | Credits