Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document And Entity information [Abstract] | |
Entity Registrant Name | Fiat Chrysler Automobiles N.V. |
Entity Central Index Key | 1,605,484 |
Current Fiscal Year End Date | --12-31 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Filer Category | Large Accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Well-known Seasoned Issuer | Yes |
Entity Common Stock, Shares Outstanding | 1,550,617,563 |
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Profit or loss [abstract] | |||
Net revenues | € 110,412 | € 105,730 | € 105,798 |
Cost of revenues | 95,011 | 89,710 | 90,927 |
Selling, general and other costs | 7,318 | 7,177 | 7,388 |
Research and development costs | 3,051 | 2,903 | 2,930 |
Result from investments: | 235 | 399 | 310 |
Share of the profit of equity method investees | 240 | 400 | 308 |
Other income from investments | (5) | (1) | 2 |
Reversal of a Brazilian indirect tax liability | 0 | 895 | 0 |
Gains on disposal of investments | 0 | 76 | 13 |
Restructuring costs | 103 | 86 | 68 |
Net financial expenses | 1,056 | 1,345 | 1,858 |
Profit before taxes | 4,108 | 5,879 | 2,950 |
Tax expense | 778 | 2,588 | 1,237 |
Net profit from continuing operations | 3,330 | 3,291 | 1,713 |
Profit from discontinued operations, net of tax | 302 | 219 | 101 |
Net profit | 3,632 | 3,510 | 1,814 |
Net profit attributable to: | |||
Owners of the parent | 3,608 | 3,491 | 1,803 |
Non-controlling interests | 24 | 19 | 11 |
Net profit from continuing operations attributable to: | |||
Net profit from continuing operations attributable to owners of the parent | 3,323 | 3,281 | 1,708 |
Non-controlling interests | € 7 | € 10 | € 5 |
Earnings per share [abstract] | |||
Basic earnings per share (in EUR per share) | € 2.33 | € 2.27 | € 1.19 |
Diluted earnings per share (in EUR per share) | 2.30 | 2.24 | 1.18 |
Earnings per share for Net profit from continuing operations: | |||
Basic earnings per share from continuing operations (in EUR per share) | 2.15 | 2.14 | 1.13 |
Diluted earnings per share (in EUR per share) | € 2.12 | € 2.11 | € 1.12 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of comprehensive income [abstract] | |||
Net profit | € 3,632 | € 3,510 | € 1,814 |
Items that will not be reclassified to the Consolidated Income Statement in subsequent periods: | |||
Gains/(losses) on remeasurement of defined benefit plans | 317 | (72) | 616 |
Share of gains/(losses) on remeasurement of defined benefit plans for equity method investees | 0 | 2 | (5) |
Other comprehensive income, before tax, financial assets measured at fair value through other comprehensive income | (4) | 14 | 15 |
Related tax impact | (76) | (18) | (265) |
Items relating to discontinued operations, net of tax | 2 | 5 | (28) |
Total items that will not be reclassified to the Consolidated Income Statement in subsequent periods (B1) | 239 | (69) | 333 |
Items that may be reclassified to the Consolidated Income Statements in subsequent periods: | |||
Gains/(losses) on cash flow hedging instruments | (9) | 129 | (240) |
Exchange (losses)/gains on translating foreign operations | 126 | (1,982) | 509 |
Share of Other comprehensive (loss) for equity method investees | (103) | (121) | (122) |
Related tax impact | (6) | (12) | 69 |
Items relating to discontinued operations, net of tax | (91) | 60 | (60) |
Total items that may be reclassified to the Consolidated Income Statement in subsequent periods (B2) | (83) | (1,926) | 156 |
Total Other comprehensive income/(loss), net of tax (B1)(B2)(B) | 156 | (1,995) | 489 |
Total Comprehensive income (A)(B) | 3,788 | 1,515 | 2,303 |
Total Comprehensive income attributable to: | |||
Owners of the parent | 3,763 | 1,491 | 2,288 |
Non-controlling interests | 25 | 24 | 15 |
Total Comprehensive income (A)(B) | 3,788 | 1,515 | 2,303 |
Total Comprehensive income attributable to owners of the parent: | |||
Continuing operations | 3,558 | 1,212 | 2,281 |
Discontinued operations | 205 | 279 | 7 |
Owners of the parent | € 3,763 | € 1,491 | € 2,288 |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | |||||
Goodwill and intangible assets with indefinite useful lives | € 13,970 | € 13,390 | € 13,390 | ||
Other intangible assets | 11,749 | 11,542 | 11,542 | ||
Property, plant and equipment | 26,307 | 29,014 | 29,014 | ||
Investments accounted for using the equity method | 2,002 | 1,999 | 2,008 | ||
Other financial assets | 362 | 423 | 482 | ||
Deferred tax assets | 1,814 | 1,999 | 2,004 | ||
Other receivables | 1,484 | 666 | 666 | ||
Tax receivables | 71 | 83 | 83 | ||
Prepaid expenses and other assets | 266 | 328 | 328 | ||
Other non-current assets | 556 | 508 | 508 | ||
Total Non-current assets | 58,581 | 59,952 | 60,025 | ||
Inventories | 10,694 | 12,922 | 12,922 | ||
Assets sold with a buy-back commitment | 1,707 | 1,460 | 1,748 | ||
Trade and other receivables | 7,188 | 7,887 | 7,887 | ||
Tax receivables | 419 | 215 | 215 | ||
Prepaid expenses and other assets | 418 | 377 | 377 | ||
Other financial assets | 615 | 546 | 487 | ||
Cash and cash equivalents | 12,450 | 12,638 | 12,638 | ||
Assets held for sale | 4,801 | 0 | |||
Total Current assets | 38,292 | 36,045 | 36,274 | ||
Total Assets | 96,873 | 95,997 | 96,299 | ||
Equity | |||||
Equity attributable to owners of the parent | 24,702 | 20,840 | 20,819 | ||
Non-controlling interests | 201 | 168 | 168 | ||
Total Equity | 24,903 | 21,008 | 20,987 | € 19,353 | € 16,968 |
Liabilities | |||||
Long-term debt | 8,667 | 10,726 | 10,726 | ||
Employee benefits liabilities | 7,875 | 8,584 | 8,584 | ||
Provisions | 5,561 | 5,770 | 5,770 | ||
Other financial liabilities | 3 | 1 | 1 | ||
Deferred tax liabilities | 937 | 390 | 388 | ||
Tax payables | 1 | 74 | 74 | ||
Other liabilities | 2,452 | 2,483 | 2,500 | ||
Total Non-current liabilities | 25,496 | 28,028 | 28,043 | ||
Trade payables | 19,229 | 21,866 | 21,939 | ||
Short-term debt and current portion of long-term debt | 5,861 | 7,245 | 7,245 | ||
Employee benefit liabilities | 595 | 694 | 694 | ||
Provisions | 10,483 | 9,010 | 9,009 | ||
Other financial liabilities | 204 | 138 | 138 | ||
Tax payables | 114 | 309 | 309 | ||
Other liabilities | 7,057 | 7,699 | 7,935 | ||
Liabilities held for sale | 2,931 | 0 | |||
Total Current liabilities | 46,474 | 46,961 | 47,269 | ||
Total Equity and liabilities | € 96,873 | € 95,997 | € 96,299 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net profit from continuing operations | € 3,330 | € 3,291 | € 1,713 |
Amortization and depreciation | 5,507 | 5,474 | 5,549 |
Net losses on disposal of tangible and intangible assets | 1 | 16 | 14 |
Net gains on disposal of investments | 0 | (76) | (13) |
Other non-cash items | 129 | (197) | 87 |
Dividends received | 75 | 102 | 123 |
Change in provisions | 913 | 545 | 1,453 |
Change in deferred taxes | 457 | 1,075 | 435 |
Change due to assets sold with buy-back commitments and GDP vehicles | 158 | (11) | (95) |
Change in inventories | 1,399 | (1,596) | (494) |
Change in trade receivables | 19 | (157) | 131 |
Change in trade payables | (1,240) | 937 | 729 |
Change in other payables and receivables | (1,284) | 277 | 280 |
Cash flows from operating activities - discontinued operations | 484 | 705 | 682 |
Total | 9,948 | 10,385 | 10,594 |
Cash flows used in investing activities: | |||
Investments in property, plant and equipment and intangible assets | (5,392) | (8,105) | (8,241) |
Investments in joint ventures, associates and unconsolidated subsidiaries | (3) | (9) | (113) |
Proceeds from the sale of tangible and intangible assets | 47 | 54 | 25 |
Proceeds from disposal of other investments | 0 | 4 | 55 |
Net change in receivables from financing activities | (676) | (836) | (488) |
Change in securities | (75) | 174 | 301 |
Other changes | (7) | (8) | (29) |
Cash flows used in investing activities - discontinued operations | (632) | (570) | (549) |
Total | (6,738) | (9,296) | (9,039) |
Cash flows used in financing activities: | |||
Issuance of notes | 0 | 0 | 1,250 |
Repayment of notes | (1,850) | (2,235) | (2,373) |
Proceeds of other long-term debt | 935 | 811 | 1,309 |
Repayment of other long-term debt | (2,852) | (3,421) | (4,605) |
Net change in short-term debt and other financial assets/liabilities | 1,062 | 561 | (570) |
Distributions paid | (1) | (1) | (18) |
Other changes | 11 | (2) | (119) |
Cash flows used in financing activities - discontinued operations | (90) | (186) | (1) |
Total | (2,785) | (4,473) | (5,127) |
Translation exchange differences | 106 | (1,296) | 228 |
Total change in Cash and cash equivalents | 531 | (4,680) | (3,344) |
Cash and cash equivalents at beginning of the period | 12,638 | 17,318 | 20,662 |
Total change in Cash and cash equivalents | 531 | (4,680) | (3,344) |
Less: Cash and cash equivalents at end of the period - included within Assets held for sale | 719 | 0 | 0 |
Cash and cash equivalents at end of the period | € 12,450 | € 12,638 | € 17,318 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - EUR (€) € in Millions | Total | Share capital | Other reserves | Cash flow hedge reserve | Currency translation differences | Financial Assets measured at FVOCI | Remeasure-ment of defined benefit plans | Cumulative share of OCI of equity method investees | Non-controlling interests |
Equity, beginning balance at Dec. 31, 2015 | € 16,968 | € 17 | € 15,455 | € 70 | € 2,492 | € (26) | € (1,098) | € (105) | € 163 |
Capital increase | 18 | 18 | |||||||
Mandatory convertible shares | 0 | 2 | (2) | ||||||
Share-based compensation | 98 | 98 | |||||||
Net profit | 1,814 | 1,803 | 11 | ||||||
Other comprehensive income/(loss) | 489 | (182) | 456 | 15 | 324 | (128) | 4 | ||
Other changes | (34) | (42) | 49 | (36) | 6 | (11) | |||
Equity, ending balance at Dec. 31, 2016 | 19,353 | 19 | 17,312 | (63) | 2,912 | (11) | (768) | (233) | 185 |
Capital increase | 3 | 3 | |||||||
Demerger of Itedi S.p.A | (87) | (64) | 5 | (28) | |||||
Dividends recognised as distributions to owners | (1) | (1) | |||||||
Share-based compensation | 115 | 115 | |||||||
Net profit | 3,510 | 3,491 | 19 | ||||||
Other comprehensive income/(loss) | (1,995) | 131 | (1,942) | 14 | (84) | (119) | 5 | ||
Other changes | 89 | 67 | 37 | (15) | |||||
Equity, ending balance (Previously stated) at Dec. 31, 2017 | 20,987 | 19 | 20,921 | 68 | 970 | 3 | (810) | (352) | 168 |
Equity, ending balance at Dec. 31, 2017 | 20,987 | ||||||||
Equity, beginning balance (Previously stated) at Dec. 31, 2017 | 20,987 | 19 | 20,921 | 68 | 970 | 3 | (810) | (352) | 168 |
Equity, beginning balance at Dec. 31, 2017 | 20,987 | ||||||||
Capital increase | 11 | 11 | |||||||
Dividends recognised as distributions to owners | (1) | (1) | |||||||
Share-based compensation | 82 | 82 | |||||||
Net profit | 3,632 | 3,608 | 24 | ||||||
Other comprehensive income/(loss) | 156 | (22) | 41 | (4) | 243 | (103) | 1 | ||
Other changes | 15 | 18 | (1) | (2) | |||||
Equity, ending balance at Dec. 31, 2018 | € 24,903 | € 19 | € 24,650 | € 45 | € 1,011 | € (1) | € (567) | € (455) | € 201 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Disclosure of detailed information about financial instruments [abstract] | |
Reclassification of gains/losses from other comprehensive income to inventories | € 1 |
Principal activities
Principal activities | 12 Months Ended |
Dec. 31, 2018 | |
General Information About Financial Statements [Abstract] | |
Principal Activities | Principal activities On January 29, 2014, the Board of Directors of Fiat S.p.A. (“Fiat”) approved a proposed corporate reorganization resulting in the formation of Fiat Chrysler Automobiles N.V. and establishing Fiat Chrysler Automobiles N.V., organized in the Netherlands, as the parent of the Group with its principal executive offices located at 25 St. James's Street, London SW1A 1HA, United Kingdom. Fiat Chrysler Automobiles N.V. was incorporated as a public limited liability company ( naamloze vennootschap ) under the laws of the Netherlands on April 1, 2014 under the name Fiat Investments N.V. On October 12, 2014, the cross-border legal merger of Fiat into its 100 percent owned direct subsidiary Fiat Investments N.V. (the “Merger”) became effective. The Merger, which took the form of a reverse merger, resulted in Fiat Investments N.V. being the surviving entity and it was renamed Fiat Chrysler Automobiles N.V. (“FCA NV”). Unless otherwise specified, the terms “Group”, “FCA Group”, “Company” and “FCA”, refer to FCA NV, together with its subsidiaries and its predecessor prior to the completion of the Merger, or any one or more of them, as the context may require. Any references to “Fiat” refer solely to Fiat S.p.A., the predecessor of FCA NV prior to the Merger. The Group and its subsidiaries, of which the most significant is FCA US LLC (“FCA US”), together with its subsidiaries, are engaged in the design, engineering, manufacturing, distribution and sale of automobiles and light commercial vehicles, engines, transmission systems, metallurgical products and production systems. In addition, the Group is also involved in certain other activities, including (mainly captive) services, which represent an insignificant portion of the Group's business. Refer to Note 3, Scope of consolidation for information on the presentation of Magneti Marelli as a discontinued operation. FCA has filed a list of subsidiaries and associated companies, prepared in accordance with Sections 379 and 414, Book 2, Dutch Civil Code, at the Dutch trade register of Amsterdam. All references in this report to “Euro” and “€” refer to the currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as amended. The Group’s financial information is presented in Euro. All references to “U.S. Dollars”, “U.S. Dollar”, “U.S.$” and “$” refer to the currency of the United States of America (“U.S.”). |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of Presentation | Basis of preparation Authorization of Consolidated Financial Statements and compliance with International Financial Reporting Standards The Consolidated Financial Statements, together with the notes thereto, of FCA as of and for the year ended December 31, 2018 were authorized for issuance by the Board of Directors on February 22, 2019 and have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), as well as IFRS as adopted by the European Union. There is no effect on these consolidated financial statements resulting from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union. The designation “IFRS” includes International Accounting Standards (“IAS”) as well as all interpretations of the IFRS Interpretations Committee (“IFRIC”). Basis of preparation The Consolidated Financial Statements are prepared under the historical cost method, modified for the measurement of certain financial instruments as required, as well as on a going concern basis. In this respect, the Group’s assessment is that no material uncertainties (as defined in IAS 1 - Presentation of Financial Statements ) exist about its ability to continue as a going concern. For presentation of the Consolidated Income Statement, the Group uses a classification based on the function of expenses rather than based on their nature as it is more representative of the format used for internal reporting and management purposes and is consistent with international practice in the automotive sector. Significant accounting policies Basis of consolidation Subsidiaries Subsidiaries are entities over which the Group has control. Control is achieved when the Group has power over the investee, when it is exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of the investor’s returns. Subsidiaries are consolidated on a line by line basis from the date which control is achieved by the Group. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. The Group recognizes a non-controlling interest in the acquiree on a transaction-by-transaction basis, either at fair value or at the non-controlling interest’s share of the recognized amounts of the acquiree’s identifiable net assets. Net profit or loss and each component of Other comprehensive income/(loss) are attributed to Equity attributable to owners of the parent and to Non-controlling interests. Total comprehensive income/(loss) of subsidiaries is attributed to Equity attributable to the owners of the parent and to the non-controlling interest even if this results in a deficit balance in Non-controlling interests. Changes in the Group’s ownership interests in a subsidiary that do not result in the Group losing control over the subsidiary are accounted for as equity transactions. The carrying amounts of Equity attributable to owners of the parent and Non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of the consideration paid or received in the transaction is recognized directly in Equity attributable to the owners of the parent. Subsidiaries are deconsolidated from the date on which control ceases. When the Group ceases to have control over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary and recognizes the fair value of any consideration received from the transaction. Any retained interest in the former subsidiary is then remeasured to its fair value. All intra-group balances and transactions, and any unrealized gains and losses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements. Interests in Joint Ventures and Associates A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control over those policies. Joint ventures and associates are accounted for using the equity method of accounting from the date joint control or significant influence is obtained. On acquisition, any excess of the investment over the share of the net fair value of the investee's identifiable assets and liabilities is recognized as goodwill and is included in the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the Group’s share of the investee’s profit/(loss) in the acquisition period. Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Group’s share of the investee’s profit/(loss) is recognized in the Consolidated Income Statement. Distributions received from an investee reduce the carrying amount of the investment. Post-acquisition movements in Other comprehensive income/(loss) are recognized in Other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment. Unrealized gains arising on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group’s interest in the joint venture or associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of the losses of a joint venture or associate exceeds the Group’s interest in that joint venture or associate, the Group discontinues recognizing its share of further losses. Additional losses are provided for and a liability is recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture or associate. The Group discontinues the use of the equity method from the date the investment ceases to be an associate or a joint venture, or when it is classified as available-for-sale. Interests in Joint Operations A joint operation is a type of joint arrangement whereby the parties that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. When the Group undertakes its activities under joint operations, it recognizes its related interest in the joint operation including: (i) its assets, including its share of any assets held jointly, (ii) its liabilities, including its share of any liabilities incurred jointl y, (iii) its revenue from the sale of its share of the output arising from the joint operation, (iv) its share of the revenue from the sale of the output by the joint operation and (v) its expenses, including its share of any expenses incurred jointly. Assets held for sale, Assets held for distribution and Discontinued Operations Pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations , non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal group is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such an asset or disposal group, and the sale is highly probable, with the sale expected to be completed within one year from the date of classification. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and are presented separately in the Consolidated Statement of Financial Position. Non-current assets and disposal groups are not classified as held for sale within the comparative period presented for the Consolidated Statement of Financial Position. A discontinued operation is a component of the Group that either has been disposed of or is classified as held for sale and (i) represents either a separate major line of business or a geographical area of operations, (ii) is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations, or (iii) is a subsidiary acquired exclusively with a view to resell and the disposal involves loss of control. Classification as a discontinued operation occurs upon disposal or, if earlier, when the asset or disposal group meets the criteria to be classified as held for sale. When the asset or disposal group is classified as a discontinued operation, the comparative information is reclassified within the Consolidated Income Statement and the Consolidated Statement of Cash Flows as if the asset or disposal group had been discontinued from the start of the earliest comparative period presented. In addition, when an asset or disposal group is classified as held for sale, depreciation and amortization cease. The classification, presentation and measurement requirements of IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations outlined above also apply to an asset or disposal group that is classified as held for distribution to owners, whereby there must be commitment to the distribution, the asset or disposal group must be available for immediate distribution and the distribution must be highly probable. Foreign currency The functional currency of the Group’s entities is the currency used in their respective primary economic environments. In individual companies, transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing at the date of the Consolidated Statement of Financial Position. Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different from those initially recorded, are recognized in the Consolidated Income Statement. All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and expenses are translated into Euro at the average exchange rate for the period. Translation differences arising from the application of this method are classified within Other comprehensive income/(loss) until the disposal of the subsidiary. Average exchange rates for the period are used in preparing the Consolidated Statement of Cash Flows to translate the cash flows of foreign subsidiaries. The principal exchange rates used to translate other currencies into Euro were as follows: 2018 2017 2016 Average At December 31 Average At December 31 Average At December 31 U.S. Dollar (U.S.$) 1.181 1.145 1.130 1.199 1.107 1.054 Brazilian Real (BRL) 4.308 4.444 3.605 3.973 3.857 3.431 Chinese Renminbi (CNY) 7.808 7.875 7.629 7.804 7.352 7.320 Canadian Dollar (CAD) 1.529 1.561 1.465 1.504 1.466 1.419 Mexican Peso (MXN) 22.705 22.492 21.329 23.661 20.664 21.772 Polish Zloty (PLN) 4.261 4.301 4.257 4.177 4.363 4.410 Argentine Peso (ARS) (1) 43.074 43.074 18.683 22.595 16.327 16.707 Pound Sterling (GBP) 0.885 0.895 0.877 0.887 0.819 0.856 Swiss Franc (CHF) 1.155 1.127 1.112 1.170 1.090 1.074 ________________________________________________________________________________________________________________________________________________ (1) From July 1, 2018, Argentina’s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the Argentinian Peso as the functional currency were translated using the December 31, 2018 closing spot rate. Intangible assets Goodwill Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair value of net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Intangible assets with indefinite useful lives Intangible assets with indefinite useful lives consist principally of brands which have no legal, contractual, competitive, economic or other factors that limit their useful lives. Intangible assets with indefinite useful lives are not amortized but are tested for impairment annually, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Development expenditures Development expenditures for vehicle production and related components, engines and production systems are recognized as an asset if both of the following conditions within IAS 38 – Intangible assets are met: (i) that development expenditure can be measured reliably and (ii) that the technical feasibility of the product, projected volumes and pricing support the view that the development expenditure will generate future economic benefits. Capitalized development expenditures include all direct and indirect costs that may be directly attributed to the development process. All other development expenditures are expensed as incurred. Capitalized development expenditures are amortized on a straight-line basis from the beginning of production over the expected life cycle of the models (generally 5-6 years ) or powertrains (generally 10-12 years ) developed. Property, plant and equipment Cost Property, plant and equipment is initially recognized at cost and includes the purchase price, any costs directly attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by management and any initial estimate of the costs of dismantling and removing the asset and restoring the site on which it is located. Self-constructed assets are initially recognized at production cost. Subsequent expenditures and the cost of replacing parts of an asset are capitalized only if they increase the future economic benefits embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs are capitalized, the carrying amount of the parts that are replaced is expensed to the Consolidated Income Statement. Assets held under finance leases, which provide the Group with substantially all the risks and rewards of ownership, are recognized as assets of the Group at their fair value or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the Consolidated Statement of Financial Position within Debt. Depreciation During the years ended December 31, 2018 , 2017 and 2016 , assets depreciated on a straight-line basis over their estimated useful lives used the following depreciation rates: Depreciation rates Buildings 3% - 8% Plant, machinery and equipment 3% - 33% Other assets 5% - 33% Leases under which the lessor retains substantially all the risks and rewards of ownership of the leased assets are classified as operating leases. Operating lease expenditures are expensed on a straight-line basis over the respective lease term. Borrowing Costs Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or equipment or an intangible asset that is deemed to be a qualifying asset as defined in IAS 23 - Borrowing Costs are capitalized. The amount of borrowing costs eligible for capitalization corresponds to the actual borrowing costs incurred during the period, less any investment income on the temporary investment of any borrowed funds not yet used. The amount of borrowing costs capitalized in the year ended December 31, 2018 and 2017 was € 155 million and € 225 million , respectively. Impairment of long-lived assets Annually, or more frequently if facts or circumstances indicate otherwise, the Group assesses whether there is any indication that its finite-lived intangible assets (including capitalized development expenditures) and its property, plant and equipment may be impaired. If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount which is the higher of fair value less costs of disposal and its value in use. The recoverable amount is determined for the individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the asset is tested as part of the cash-generating unit (“CGU”) to which the asset belongs. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. In assessing the value in use of an asset or CGU, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognized if the recoverable amount is lower than the carrying amount. When an impairment loss for assets no longer exists or has decreased, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount but not in excess of the carrying amount that would have been recorded had no impairment loss been recognized. The reversal of an impairment loss is recognized in the Consolidated Income Statement. Refer to the section Use of estimates below for additional information. Financial assets and liabilities Refer to New standards and amendments effective January 1, 2018 below for information on the Group's adoption of IFRS 9 - Financial Instruments . Transfers of financial assets Refer to New standards and amendments effective January 1, 2018 below for information on the Group's adoption of IFRS 9 - Financial Instruments . Inventories Raw materials, semi-finished products and finished goods inventories are stated at the lower of cost and net realizable value, with cost being determined on a first-in, first-out (“FIFO”) basis. The measurement of Inventories includes the direct cost of materials and labor as well as indirect costs (variable and fixed). A provision is made for obsolete and slow-moving raw materials, finished goods, spare parts and other supplies based on their expected future use and realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs for sale and distribution. The measurement of production systems construction contracts is based on the stage of completion, which is determined as the proportion of cost incurred at the balance sheet date over the estimated total contract cost. These items are presented net of progress billings received from customers. Any losses on such contracts are recorded in the Consolidated Income Statement in the period in which they are identified. Employee benefits Defined contribution plans Costs arising from defined contribution plans are expensed as incurred. Defined benefit plans The Group’s net obligations are determined separately for each defined benefit plan by estimating the present value of future benefits that employees have earned and deducting the fair value of any plan assets. The present value of defined benefit obligations is measured using actuarial techniques and actuarial assumptions that are unbiased, mutually compatible and attribute benefits to periods in which the obligation to provide post-employment benefits arise by using the Projected Unit Credit Method. Plan assets are recognized and measured at fair value. When the net obligation is a potential asset, the recognized amount is limited to the present value of any economic benefits available in the form of future refunds or reductions in future contributions to the plan (asset ceiling). The components of defined benefit cost are recognized as follows: • Service cost is recognized in the Consolidated Income Statement by function and is presented within the relevant line items (Cost of revenues, Selling, general and other costs, and Research and development costs); • Net interest expense on the defined benefit liability/(asset) is recognized in the Consolidated Income Statement within Net financial expenses and is determined by multiplying the net liability/(asset) by the discount rate used to discount obligations taking into account the effect of contributions and benefit payments made during the year; and • Remeasurement components of the net obligation, which comprise actuarial gains and losses, the return on plan assets (excluding interest income recognized in the Consolidated Income Statement) and any change in the effect of the asset ceiling are recognized immediately in Other comprehensive income/(loss). These remeasurement components are not reclassified to the Consolidated Income Statement in a subsequent period. Past service costs arising from plan amendments and curtailments and gains and losses on the settlement of a plan are recognized immediately in the Consolidated Income Statement. Other long term employee benefits The Group’s obligations represent the present value of future benefits that employees have earned in return for their service. Remeasurement components on other long term employee benefits are recognized in the Consolidated Income Statement in the period in which they arise. Share-based compensation The Group has several compensation plans that provide for the granting of share-based compensation to certain employees and directors. Share-based compensation plans are accounted for in accordance with IFRS 2 - Share-based Payment, which requires the recognition of share-based compensation expense based on fair value. Compensation expense for equity-classified awards is measured at the grant date based on the fair value of the award using the Monte Carlo simulation model, which requires the input of subjective assumptions, including the expected volatility of our common shares, interest rates and a correlation coefficient between our common shares and the relevant market index. For those awards with post-vesting contingencies, we apply an adjustment to account for the probability of meeting the contingencies. Management uses its best estimates incorporating both publicly observable data and discounted cash flow methodologies in the measurement of fair value for liability-classified awards, which are remeasured to fair value at each balance sheet date until the award is settled. Compensation expense is recognized over the vesting period with an offsetting increase to equity or other liabilities depending on the nature of the award. Share-based compensation expense related to plans with graded vesting is recognized using the graded vesting method. Share-based compensation expense is recognized within Selling, general and other costs within the Consolidated Income Statement. Revenue recognition Refer to New standards and amendments effective January 1, 2018 below for information on the Group's adoption of IFRS 15 - Revenue from contracts with customers . Cost of revenues Cost of revenues comprises expenses incurred in the manufacturing and distribution of vehicles and parts. The most significant element is the cost of materials and components and the remaining costs include labor (consisting of direct and indirect wages), transportation costs, depreciation of property, plant and equipment and amortization of other intangible assets relating to production. In addition, expenses which are directly attributable to the financial services companies, including interest expense related to their financing as a whole and provisions for risks and write-downs of assets, are recorded within Cost of revenues (€ 75 million , € 68 million and € 91 million for the years ended December 31, 2018 , 2017 and 2016 , respectively). Cost of revenues also included € 293 million , € 397 million and € 384 million related to the decrease in value for assets sold with buy-back commitments for the years ended December 31, 2018 , 2017 and 2016 , respectively. In addition, estimated costs related to product warranty and recall campaigns are recorded within Cost of revenues (refer to the section Use of estimates below for further information). Government Grants Government grants are recognized in the Consolidated Financial Statements when there is reasonable assurance of the Group's compliance with the conditions for receiving such grants and that the grants will be received. Government grants are recognized as income over the same periods as the related costs which they are intended to offset. The benefit of a government loan at a below-market rate of interest is treated as a government grant. The benefit of the below-market rate of interest is measured as the difference between the initial carrying amount of the loan (fair value plus transaction costs) and the proceeds received, and it is accounted for in accordance with the policies used for the recognition of government grants. Taxes Income taxes include all taxes which are based on the taxable profits of the Group. Current and deferred taxes are recognized as a benefit or expense and are included in the Consolidated Income Statement for the period, except for tax arising from (i) a transaction or event which is recognized, in the same or a different period, either in Other comprehensive income/(loss) or directly in Equity, or (ii) a business combination. Deferred taxes are accounted for under the full liability method. Deferred tax liabilities are recognized for all taxable temporary differences between the carrying amounts of assets or liabilities and their tax base, except to the extent that the deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilized, unless the deferred tax assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit. Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions in which the Group operates that are expected to apply to the period when the asset is realized or liability is settled. The Group recognizes deferred tax liabilities associated with the existence of a subsidiary’s undistributed profits when it is probable that this temporary difference will not reverse in the foreseeable future, except when it is able to control the timing of the reversal of the temporary difference. The Group recognizes deferred tax assets associated with the deductible temporary differences on investments in subsidiaries only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized. Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from deductible temporary differences, are recognized to the extent that it is probable that future profits will be available against which they can be utilized. The Group monitors unrecognized deferred tax assets at each reporting date and recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Current income taxes and deferred taxes are offset when they relate to the same taxation jurisdiction and there is a legally enforceable right of offset. Other taxes not based on income, such as property taxes and capital taxes, are included within Selling, general and other costs. Refer to Note 7, Tax expense , for additional information on tax expense and deferred tax assets. Fair Value Measurement Fair value for measurement and disclosure purposes is determined as the consideration that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using a valuation technique. Fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • in the principal market for the asset or liability; or • in the absence of a principal market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their own economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. In estimating fair value, we use market-observable data to the extent it is available. When market-observable data is not available, we use valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. IFRS 13 - Fair Value Measurement establishes a hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets and liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (level 3 inputs). In some cases, the inputs used to measure the fair value of an asset or a liability might be categorized within different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy at the lowest level input that is significant to the entire measurement. Levels used in the hierarchy are as follows: • Level 1 inputs include quoted prices (unadjusted) in active markets for identical assets and liabilities that the Group can access at the measurement date. Level 1 primarily consists of financial instruments such as cash and cash equivalents and certain available-for-sale and held-for-trading securities. • Level 2 inputs include those which are directly or indirectly observable as of the measurement date. Level 2 instruments include commercial paper and non-exchange-traded derivatives such as over-the-counter currency and commodity forwards, swaps and option contracts, which are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for similar instruments in active markets, quoted prices for identical or similar inputs not in active markets, and observable inputs. • Level 3 inputs are unobservable from objective sources in the market and reflect management judgment about the assumptions market participants would use in pricing the instruments. Instruments in this category include non-exchange-traded derivatives such as certain over-the-counter commodity option and swap contracts. Refer to Note 23 , Fair value measurement , for additional information on fair value measurements. The Consolidated Financial Statements are prepared in accordance with IFRS which requ |
Scope of consolidation
Scope of consolidation | 12 Months Ended |
Dec. 31, 2018 | |
Interests In Other Entities [Abstract] | |
Scope of consolidation | Scope of consolidation The following table sets forth a list of the principal subsidiaries of FCA, which are grouped by our reportable segments, as well as our holding and other companies: Name Country Percentage NAFTA FCA US LLC USA (Delaware) 100.00 FCA Canada Inc. Canada 100.00 FCA Mexico, S.A. de C.V. Mexico 100.00 LATAM FCA Fiat Chrysler Automoveis Brasil LTDA Brazil 100.00 FCA Automobiles Argentina S.A. Argentina 100.00 Banco Fidis S.A. Brazil 100.00 APAC Chrysler Group (China) Sales Limited People’s Republic of China 100.00 FCA Japan Ltd. Japan 100.00 FCA Australia Pty Ltd. Australia 100.00 FCA Automotive Finance Co. Ltd. People’s Republic of China 100.00 Alfa Romeo (Shanghai) Automobiles Sales Co. Ltd. People’s Republic of China 100.00 EMEA FCA Italy S.p.A. Italy 100.00 FCA Melfi S.r.l. Italy 100.00 FCA Poland Spólka Akcyjna Poland 100.00 FCA Powertrain Poland Sp. z o.o. Poland 100.00 FCA Serbia d.o.o. Kragujevac Serbia 66.67 FCA Germany AG Germany 100.00 FCA France S.A.S. France 100.00 Fiat Chrysler Automobiles UK Ltd. United Kingdom 100.00 Fiat Chrysler Automobiles Spain S.A. Spain 100.00 Fidis S.p.A. Italy 100.00 Maserati Maserati S.p.A. Italy 100.00 Maserati (China) Cars Trading Co. Ltd. People's Republic of China 100.00 Maserati North America Inc. USA (Delaware) 100.00 Holding Companies and Other Companies FCA North America Holdings LLC USA (Delaware) 100.00 Fiat Chrysler Finance S.p.A. Italy 100.00 Fiat Chrysler Finance Europe S.A. Luxembourg 100.00 Magneti Marelli Held for Sale and Discontinued Operations On April 5, 2018, the FCA Board of Directors announced that it had authorized FCA management to develop and implement a plan to separate the Magneti Marelli business from the Group. At September 30, 2018, the separation within the next twelve months became highly probable and Magneti Marelli operations met the criteria to be classified as a disposal group held for sale. It also met the criteria to be classified as a discontinued operation pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations. On October, 22, 2018, FCA announced that it has entered into a definitive agreement to sell its Magneti Marelli business to CK Holdings, Ltd. Subject to regulatory approvals and other customary closing conditions, the transaction is expected to close in the second quarter of 2019. The presentation of the Magneti Marelli business is as follows: • The operating results of Magneti Marelli have been excluded from the Group’s continuing operations and are presented net of taxes as a single line item within the Consolidated Income Statement for the years ended December 31, 2018, 2017 and 2016. In order to present the financial effects of a discontinued operation, revenues and expenses arising from intercompany transactions were eliminated except for those revenues and expenses that are considered to continue after the disposal of the discontinued operation. However, no profit or loss is recognized for intercompany transactions within the Consolidated Income Statement. • The assets and liabilities of Magneti Marelli have been classified as Assets held for sale and Liabilities held for sale within the Consolidated Statement of Financial Position at December 31, 2018, while the assets and liabilities of Magneti Marelli have not been reclassified for the comparative Consolidated Statement of Financial Position at December 31, 2017. • Cash flows arising from Magneti Marelli have been presented separately as discontinued cash flows from operating, investing and financing activities within the Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017 and 2016. These cash flows represent those arising from transactions with third parties. • In accordance with the IFRS 5, depreciation and amortization on the assets of Magneti Marelli ceased as at September 30, 2018. The impact of ceasing depreciation of the property, plant and equipment and amortization of the intangible assets of Magneti Marelli was €96 million , net of tax of €20 million . The following table represents the assets and liabilities of the Magneti Marelli business which were classified as held for sale at December 31, 2018: At December 31, 2018 (1) (€ million) Assets classified as held for sale Total Current Non-current Intangible assets € 717 € — € 717 Property, plant and equipment 1,793 — 1,793 Deferred tax assets 127 — 127 Inventories 766 766 — Trade and other receivables 545 492 53 Cash and cash equivalents 719 719 — Other assets 129 27 102 Total Assets held for sale (2) € 4,796 Liabilities classified as held for sale Debt € 177 € 64 € 113 Employee benefits liabilities 300 55 245 Provisions 210 100 110 Deferred tax liabilities 99 — 99 Trade and other payables 1,788 1,788 — Other liabilities 357 305 52 Total Liabilities held for sale € 2,931 ________________________________________________________________________________________________________________________________________________ (1) Amounts presented are not representative of the financial position of Magneti Marelli on a stand-alone basis; amounts are net of transactions between Magneti Marelli and other companies of the Group. (2) Assets held for sale as presented on the face of the Consolidated Statement of Financial Position at December 31, 2018, includes €5 million not related to the Magneti Marelli business. The following table summarizes the operating results of Magneti Marelli that were excluded from the Consolidated Income Statement for the years ended December 31, 2018, 2017 and 2016: Years ended December 31 (1) 2018 2017 2016 (€ million) Net revenues € 4,998 € 5,204 € 5,220 Expenses 4,493 4,798 4,906 Net financial expenses 85 124 158 Profit before taxes from discontinued operations 420 282 156 Tax expense 118 63 55 Profit from discontinued operations, net of tax € 302 € 219 € 101 ________________________________________________________________________________________________________________________________________________ (1) Amounts presented are not representative of the income statement of Magneti Marelli on a stand-alone basis; amounts are net of transactions between Magneti Marelli and other companies of the Group. Itedi S.p.A Held for Sale On August 1, 2016, FCA announced the signing of a framework agreement setting out the terms of the proposed merger between FCA's consolidated media and publishing subsidiary, Italiana Editrice S.p.A (“Itedi”), in which FCA had a 77 percent ownership interest, and the Italian media group, GEDI Gruppo Editoriale S.p.A. (“GEDI”), previously known as Gruppo Editoriale L’Espresso S.p.A. All the necessary steps for the merger, including regulatory approvals from Italian state authorities, were completed and on June 27, 2017, FCA and Itedi’s non-controlling shareholder, Ital Press Holding S.p.A. (“Ital Press”), transferred 100 percent of the shares of Itedi to GEDI in exchange for newly issued GEDI shares, resulting in CIR S.p.A., the controlling shareholder of GEDI, holding a 43.4 percent ownership interest in GEDI, FCA holding 14.63 percent and Ital Press holding 4.37 percent. Following the completion of the merger on June 27, 2017, FCA distributed its entire interest in GEDI to holders of FCA common shares on July 2, 2017 in the ratio of 0.0484 GEDI ordinary shares for each FCA common share. As a result, the Group recorded a gain of €49 million within Gains on disposal in the Consolidated Income Statement for the year ended December 31, 2017. Deconsolidation of FCA Venezuela Throughout 2017, macroeconomic conditions in Venezuela continued to deteriorate. In the second quarter of 2017, asset impairment charges of €21 million relating to certain real estate assets in Venezuela were recognized, recorded within Selling, general and other costs. In December 2017, due to the restrictive monetary policy in Venezuela coupled with the inability to pay dividends and U.S. Dollar obligations, as well as the deteriorating economic conditions, which constrained the ability to maintain normal production in Venezuela, we concluded we were no longer able to exert control over our Venezuelan operations in order to affect our returns. As such, in accordance with IFRS 10 - Consolidated Financial Statements , as of December 31, 2017, we deconsolidated our subsidiary FCA Venezuela LLC (“FCA Venezuela”), resulting in a pre-tax, non-cash charge of €42 million recorded within Selling, general and other costs in the Consolidated Income Statement for the year ended December 31, 2017. Upon deconsolidation, FCA's investment in FCA Venezuela was recognized at fair value, which was nil at December 31, 2017 and has been accounted for at cost in subsequent periods. In 2016, the “floating” Sistema de Divisa Complementaria, or “DICOM” exchange rate was used to complete the majority of FCA Venezuela's transactions to exchange VEF for U.S. Dollars. At December 31, 2016, the DICOM exchange rate was 674 VEF per U.S. Dollar and total remeasurement charges, including the devaluation and the write-down of SICAD receivables, of €19 million were recorded within Cost of revenues in the Consolidated Income Statement for the year ended December 31, 2016. The following significant transactions with non-controlling interests occurred: 2018 • There were no significant transactions with non-controlling interests. 2017 • Disposal of the 16.0 percent of the Group's interest in FMM Pernambuco to the minority interest in January 2017, and subsequent loss of control during the third quarter of 2017, resulting in a gain on disposal of €19 million . 2016 • There were no significant transactions with non-controlling interests. |
Net revenues
Net revenues | 12 Months Ended |
Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |
Net revenues | Net revenues Net revenues were as follows: Years ended December 31, 2018 2017 2016 (€ million) Revenues from: Sales of goods € 104,990 € 102,029 € 102,279 Services provided 3,871 2,182 2,212 Contract revenues 958 935 746 Lease installments from assets sold with a buy-back commitment 394 421 405 Interest income of financial services activities 199 163 156 Total Net revenues € 110,412 € 105,730 € 105,798 Net revenues by geographical area were as follows: Years ended December 31, 2018 2017 2016 (€ million) Net revenues in: North America € 73,405 € 67,500 € 70,199 Italy 8,815 8,407 8,137 Brazil 6,452 5,982 4,584 France 3,204 3,121 2,811 Germany 2,755 2,804 2,825 China 1,974 3,562 3,942 Spain 1,397 1,306 1,173 Argentina 1,384 1,791 1,380 United Kingdom 1,136 1,267 1,513 Turkey 896 1,244 1,488 Japan 718 735 624 Australia 418 496 472 Other countries 7,858 7,515 6,650 Total Net revenues € 110,412 € 105,730 € 105,798 Net revenues attributed by segment for the year ended December 31, 2018 were as follows: Mass-Market Vehicles NAFTA LATAM APAC EMEA Maserati Other activities Total (€ million) Revenues from: Sale of goods € 69,908 € 7,756 € 2,560 € 21,516 € 2,606 € 644 € 104,990 Services provided 2,287 270 21 945 39 309 3,871 Construction contract revenues — — — — — 958 958 Revenues from goods and services 72,195 8,026 2,581 22,461 2,645 1,911 109,819 Lease installments from assets sold with a buy-back commitment 158 — — 235 — 1 394 Interest income from financial services activities — 116 65 18 — — 199 Total Net revenues € 72,353 € 8,142 € 2,646 € 22,714 € 2,645 € 1,912 € 110,412 The Group recognized a net decrease in Net revenues of €14 million during the year ended December 31, 2018 from performance obligations satisfied in the prior year. This was primarily due to changes in the estimated cost of sales incentive programs occurring after the Group had transferred control of vehicles to the dealers. |
Research and development costs
Research and development costs | 12 Months Ended |
Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |
Research and development costs | Research and development costs Research and development costs were as follows: Years ended December 31, 2018 2017 2016 (€ million) Research and development expenditures expensed € 1,448 € 1,506 € 1,467 Amortization of capitalized development expenditures 1,456 1,294 1,357 Impairment and write-off of capitalized development expenditures 147 103 106 Total Research and development costs € 3,051 € 2,903 € 2,930 The impairment and write-off of capitalized development expenditures during the year ended December 31, 2018 , primarily in EMEA, was due to changes in product plans in connection with the 2018-2022 business plan. The impairment and write-off of capitalized development expenditures during the year ended December 31, 2017 mainly related to global product portfolio changes in EMEA and changes in the LATAM product portfolio. The impairment and write-off of capitalized development expenditures during the year ended December 31, 2016 mainly related to the Group's capacity realignment to SUV production in China, which resulted in an impairment charge of €90 million for the locally produced Fiat Viaggio and Ottimo vehicles. Refer to Note 10 , Other intangible assets , for information on capitalized development expenditures. |
Net financial expenses
Net financial expenses | 12 Months Ended |
Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |
Net financial expenses | Net financial expenses The following table summarizes the Group’s financial income and expenses, included within Net financial expenses: Years ended December 31, 2018 2017 2016 (€ million) Interest income and other financial income € 249 € 220 € 279 Financial expenses: Interest expense and other financial expenses: 929 1,084 1,452 Interest expense on notes 422 568 749 Interest expense on borrowings from bank 259 350 450 Other interest cost and financial expenses 248 166 253 Write-down of financial assets 6 21 76 Losses on disposal of securities 6 5 6 Net interest expense on employee benefits provisions 276 304 341 Total Financial expenses 1,217 1,414 1,875 Net expenses from derivative financial instruments and exchange rate differences 88 151 262 Total Financial expenses and Net expenses from derivative financial instruments and exchange rate differences 1,305 1,565 2,137 Net Financial expenses € 1,056 € 1,345 € 1,858 |
Tax expense
Tax expense | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Tax expense | Tax expense The following table summarizes Tax expense: Years ended December 31, 2018 2017 2016 (€ million) Current tax expense € 592 € 832 € 797 Deferred tax expense 520 1,776 433 Tax expense/(benefit) relating to prior periods (334 ) (20 ) 7 Total Tax expense € 778 € 2,588 € 1,237 The applicable tax rate used to determine theoretical income taxes was the statutory rate in the United Kingdom (“UK”), the tax jurisdiction in which FCA NV is resident. The reconciliation between the theoretical income taxes calculated on the basis of the theoretical tax rate of 19.0 percent in 2018 ( 19.25 percent in 2017 and 20 percent in 2016 ) and income taxes recognized was as follows: Years ended December 31, 2018 2017 2016 (€ million) Theoretical income taxes € 781 € 1,126 € 590 Tax effect on: Recognition and utilization of previously unrecognized deferred tax assets — (161 ) (42 ) Permanent differences (416 ) (397 ) (217 ) Tax credits (135 ) (23 ) (340 ) Deferred tax assets not recognized and write-downs 633 1,053 520 Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays 207 970 633 Taxes relating to prior years (334 ) (20 ) 7 Tax rate changes — (22 ) — Withholding tax 41 78 54 Other differences (15 ) (8 ) (9 ) Total Tax expense, excluding IRAP 762 2,596 1,196 Effective tax rate 18.5 % 44.2 % 40.5 % IRAP (current and deferred) 16 (8 ) 41 Total Tax expense € 778 € 2,588 € 1,237 As the IRAP taxable basis differs from Profit before taxes, it is excluded from the effective tax rates above. The decrease in the effective tax rate to 19 percent in 2018 from 44 percent in 2017 was mainly due to: (i) tax expense of €734 million recorded in 2017 as a result of the decrease in recognized deferred tax assets in Brazil; (ii) net tax benefits of €673 million recognized in 2018 for impacts of the Tax Act; and (iii) net tax benefits of €334 million recognized for prior years' tax positions finalized in 2018; partially offset by (iv) tax impacts from the recognition of a provision for costs related to final settlements reached on civil, environmental and consumer claims related to U.S. diesel emissions matters. The net tax benefits of €334 million for prior years’ tax positions finalized in 2018 is composed of: (i) tax benefit of €447 million for U.S. provision to return adjustments (including a reduction to the estimated 2017 U.S. one-time deemed repatriation tax expense of €70 million and tax benefit of €94 million from an accelerated discretionary pension contribution, refer to Note 19, Employee benefits liabilities for additional detail); partially offset by (ii) net tax expense of €113 million primarily for the impact of uncertain tax positions and other prior years’ tax positions. The Group recognizes the amount of Deferred tax assets less the Deferred tax liabilities of the individual companies within Deferred tax assets, where these may be offset. Amounts recognized were as follows: At December 31 2018 2017 (€ million) Deferred tax assets € 1,814 € 2,004 Deferred tax liabilities (937 ) (388 ) Total Net deferred tax assets € 877 € 1,616 The decrease in Net deferred tax assets at December 31, 2018 from December 31, 2017 was mainly due to: (i) a €481 million decrease in NAFTA related to provisions, acceleration of tax depreciation and amortization on capital expenditures and utilization of U.S. tax credit carryforwards; (ii) a €142 million decrease in Net deferred tax assets recognized in Equity, primarily related to employee benefits and foreign currency translation; (iii) a €28 million decrease in Net deferred tax assets for balances transferred to Held for sale; and (iv) €39 million for reductions to other net deferred tax assets. The significant components of Deferred tax assets and liabilities and their changes during the years ended December 31, 2018 and 2017 were as follows: At January 1, 2018 Recognized in Consolidated Income Statement Recognized in Equity Transferred to Assets/(Liabilities) Held for Sale Translation At December 31, 2018 (€ million) Deferred tax assets arising on: Provisions € 3,848 € 240 € — € (55 ) € 94 € 4,127 Provision for employee benefits 1,828 (280 ) (77 ) (31 ) 47 1,487 Intangible assets 192 (24 ) — (2 ) — 166 Impairment of financial assets 169 (1 ) — (13 ) — 155 Inventories 252 22 — (24 ) (4 ) 246 Allowances for doubtful accounts 122 (6 ) — (7 ) (13 ) 96 Other 387 48 4 (77 ) 323 685 Total Deferred tax assets € 6,798 € (1 ) € (73 ) € (209 ) € 447 € 6,962 Deferred tax liabilities arising on: Accelerated depreciation € (1,891 ) € (386 ) € — € 29 € (48 ) € (2,296 ) Capitalized development assets (2,116 ) (103 ) — 81 (302 ) (2,440 ) Other Intangible assets and Intangible assets with indefinite useful lives (849 ) (20 ) — 2 (45 ) (912 ) Provision for employee benefits (50 ) (2 ) (1 ) 3 (41 ) (91 ) Other (314 ) (103 ) 5 86 (98 ) (424 ) Total Deferred tax liabilities € (5,220 ) € (614 ) € 4 € 201 € (534 ) € (6,163 ) Deferred tax asset arising on tax loss carry-forwards € 4,718 € 708 € — € (328 ) € (135 ) € 4,963 Unrecognized deferred tax assets (4,680 ) (662 ) (12 ) 308 161 (4,885 ) Total Net deferred tax assets € 1,616 € (569 ) € (81 ) € (28 ) € (61 ) € 877 At January 1, 2017 Recognized in Recognized in Equity Translation At December 31, 2017 (€ million) Deferred tax assets arising on: Provisions € 6,149 € (1,742 ) € — € (559 ) € 3,848 Provision for employee benefits 2,851 (364 ) (16 ) (643 ) 1,828 Intangible assets 211 (19 ) — — 192 Impairment of financial assets 195 (25 ) — (1 ) 169 Inventories 251 3 — (2 ) 252 Allowances for doubtful accounts 117 19 — (14 ) 122 Other 385 (13 ) (14 ) 29 387 Total Deferred tax assets € 10,159 € (2,141 ) € (30 ) € (1,190 ) € 6,798 Deferred tax liabilities arising on: Accelerated depreciation € (2,770 ) € 430 € — € 449 € (1,891 ) Capitalized development expenditures (2,742 ) 399 — 227 (2,116 ) Other Intangible assets and Intangible assets with indefinite useful lives (1,493 ) 238 — 406 (849 ) Provision for employee benefits (14 ) (30 ) — (6 ) (50 ) Other (331 ) 4 (10 ) 23 (314 ) Total Deferred tax liabilities € (7,350 ) € 1,041 € (10 ) € 1,099 € (5,220 ) Deferred tax asset arising on tax loss carry-forwards € 4,444 € 522 € — € (248 ) € 4,718 Unrecognized deferred tax assets (3,748 ) (1,195 ) 9 254 (4,680 ) Total Net deferred tax assets € 3,505 € (1,773 ) € (31 ) € (85 ) € 1,616 As of December 31, 2018 , the Group had total Deferred tax assets on deductible temporary differences of €6,962 million ( €6,798 million at December 31, 2017 ), of which €898 million was not recognized ( €940 million at December 31, 2017 ). As of December 31, 2018 , the Group also had Deferred tax assets on tax loss carry-forwards of €4,963 million ( €4,718 million at December 31, 2017 ), of which €3,987 million was not recognized ( €3,740 million at December 31, 2017 ). As of December 31, 2018 , the Group had net recognized and unrecognized deferred tax assets of € 3,370 million (€ 3,256 million at December 31, 2017 ) in Italy primarily attributable to Italian tax loss carry-forwards that can be carried forward indefinitely. A deferred tax asset is recognized for Italian tax loss carry-forwards to the extent the realization of the related tax benefit is supported through achievement of the Group’s 2018-2022 business plan. The Group continues to recognize Italian Net deferred tax assets of €884 million ( €898 million at December 31, 2017 ) as the Group considers it probable that we will have sufficient taxable income in the future that will allow realization of these net deferred tax assets. The utilization of Italian tax loss carry-forwards for which currently no deferred tax asset is recognized is subject to future sustained profitability, as well as, the achievement of taxable income in periods which are beyond the Group’s 2018-2022 business plan and therefore this utilization is uncertain. As a result, €2,486 million of Net deferred tax assets in Italy were not recognized as of December 31, 2018 ( €2,358 million at December 31, 2017 ). As of December 31, 2018 , the Group had net recognized and unrecognized deferred tax assets of €1,532 million in Brazil ( €1,287 million at December 31, 2017 ) primarily attributable to Brazilian tax loss carry-forwards which can be carried forward indefinitely. A deferred tax asset is recognized for Brazilian tax loss carry-forwards to the extent the realization of the related tax benefit is supported through achievement of the Group’s 2018-2022 business plan. The Group continues to recognize Brazilian Net deferred tax assets of €133 million ( €148 million at December 31, 2017 ) as the Group considers it probable that we will have sufficient taxable income in the future that will allow realization of these net deferred tax assets. The utilization of Brazilian tax loss carry-forwards for which currently no deferred tax asset is recognized is subject to future sustained profitability, as well as, the achievement of taxable income in periods which are beyond the Group’s 2018-2022 business plan and therefore this utilization is uncertain. As a result, €1,399 million of Net deferred tax assets in Brazil, which include Brazil tax losses, were not recognized as of December 31, 2018 ( €1,139 million at December 31, 2017 ). The realization of these deferred tax assets is sensitive to the assumptions and judgments used in the determination of the taxable income in the future, as well as, our ability to effect tax planning strategies, as necessary. Certain jurisdictions within EMEA in which the Group operates may begin to generate profits or taxable income in the future. While we have not yet recognized deferred tax assets in these jurisdictions, it is possible our assessment of realizability could change, resulting in the recognition of deferred tax assets in our Balance Sheet and the related income tax benefit in our Income Statement. Refer to Note 2, Use of estimates - Recoverability of deferred tax assets for additional detail. Deferred tax liabilities on the undistributed earnings of subsidiaries have not been recognized, except in cases where it is probable the distribution will occur in the foreseeable future. Total gross deductible and taxable temporary differences and accumulated tax losses at December 31, 2018 , together with the amounts for which deferred tax assets have not been recognized, analyzed by year of expiration, were as follows: Year of expiration At December 31, 2018 2019 2020 2021 2022 Beyond 2022 Unlimited/ (€ million) Temporary differences and tax losses relating to corporate taxation: Deductible temporary differences € 28,300 € 3,793 € 3,143 € 3,084 € 3,478 € 14,689 € 113 Taxable temporary differences (25,749 ) (2,484 ) (2,451 ) (2,450 ) (2,499 ) (12,730 ) (3,135 ) Tax losses 18,978 152 151 111 292 1,868 16,404 Amounts for which deferred tax assets were not recognized (18,295 ) (132 ) (67 ) (130 ) (248 ) (3,201 ) (14,517 ) Temporary differences and tax losses relating to corporate taxation € 3,234 € 1,329 € 776 € 615 € 1,023 € 626 € (1,135 ) Temporary differences and tax losses relating to local taxation (i.e. IRAP in Italy): Deductible temporary differences € 9,761 € 1,241 € 827 € 722 € 1,176 € 5,758 € 37 Taxable temporary differences (8,123 ) (657 ) (650 ) (649 ) (700 ) (5,363 ) (104 ) Tax losses 4,211 8 1 65 231 250 3,656 Amounts for which deferred tax assets (5,054 ) (42 ) (15 ) (77 ) (270 ) (1,335 ) (3,315 ) Temporary differences and tax losses relating to local taxation € 795 € 550 € 163 € 61 € 437 € (690 ) € 274 |
Other information by nature
Other information by nature | 12 Months Ended |
Dec. 31, 2018 | |
Additional information [abstract] | |
Other information by nature | Other information by nature Personnel costs for the Group continuing operations for the years ended December 31, 2018 , 2017 and 2016 amounted to € 11.7 billion , € 11.7 billion and € 11.8 billion , respectively, and included costs that were capitalized mainly in connection with product development activities. For the years ended December 31, 2018 , 2017 and 2016 , the Group continuing operations had an average number of employees of 203,122 , 197,040 and 198,102 , respectively. |
Goodwill and intangible assets
Goodwill and intangible assets with indefinite useful lives | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets [Abstract] | |
Goodwill and intangible assets with indefinite useful lives | Goodwill and intangible assets with indefinite useful lives Goodwill and intangible assets with indefinite useful lives at December 31, 2018 and 2017 are summarized below: At January 1, 2018 Transfers to Assets held for sale Translation At December 31, 2018 (€ million) Gross amount € 10,850 € (96 ) € 500 € 11,254 Accumulated impairment losses (454 ) 33 1 (420 ) Goodwill 10,396 (63 ) 501 10,834 Brands 2,994 — 142 3,136 Total Goodwill and intangible assets with indefinite useful lives € 13,390 € (63 ) € 643 € 13,970 At January 1, 2017 Translation At December 31, 2017 (€ million) Gross amount € 12,299 € (1,449 ) € 10,850 Accumulated impairment losses (482 ) 28 (454 ) Goodwill 11,817 (1,421 ) 10,396 Brands 3,405 (411 ) 2,994 Total Goodwill and intangible assets with indefinite useful lives € 15,222 € (1,832 ) € 13,390 Translation differences in 2018 and 2017 primarily related to foreign currency translation of the U.S. Dollar to the Euro. Brands Brands, composed of the Chrysler, Jeep, Dodge, Ram and Mopar brands, resulted from the acquisition of FCA US and are allocated to the NAFTA segment. These rights are protected legally through registration with government agencies and through their continuous use in commerce. As these rights have no legal, contractual, competitive or economic term that limits their useful lives, they are classified as intangible assets with indefinite useful lives and are therefore not amortized but are instead tested annually for impairment. For the purpose of impairment testing, the carrying value of Brands is tested jointly with the goodwill allocated to the NAFTA segment. Goodwill At December 31, 2018 , Goodwill included €10,801 million from the acquisition of FCA US ( €10,311 million at December 31, 2017 ). At December 31, 2018, € 63 million of goodwill was classified within Assets held for sale as a result of Magneti Marelli meeting the held for sale criteria (see Note 3 , Scope of consolidation ). There were no impairment charges recognized in respect of Goodwill and intangible assets with indefinite lives during the years ended December 31, 2018 , 2017 and 2016 . Refer to Note 2, Basis of preparation - Use of estimates for discussion of the assumptions and judgments relating to goodwill impairment testing. The following table summarizes the allocation of Goodwill between FCA's reportable segments: At December 31 2018 2017 (€ million) NAFTA € 8,855 € 8,453 APAC 1,152 1,099 LATAM 552 529 EMEA 264 253 Other activities 11 62 Total Goodwill € 10,834 € 10,396 Other intangible assets Capitalized development expenditures Patents, Other Total (€ million) Gross carrying amount at January 1, 2017 € 18,739 € 3,552 € 801 € 23,092 Additions 2,586 356 65 3,007 Divestitures (329 ) (16 ) (1 ) (346 ) Translation differences and other changes (1,097 ) (309 ) (61 ) (1,467 ) At December 31, 2017 19,899 3,583 804 24,286 Additions 2,235 639 93 2,967 Divestitures (568 ) (224 ) (89 ) (881 ) Transfer to Assets held for sale (1,553 ) (132 ) (131 ) (1,816 ) Translation differences and other changes 215 133 (41 ) 307 At December 31, 2018 20,228 3,999 636 24,863 Accumulated amortization and impairment losses 9,380 1,808 482 11,670 Amortization 1,424 371 61 1,856 Impairment losses and asset write-offs 110 — — 110 Divestitures (324 ) (10 ) — (334 ) Translation differences and other changes (388 ) (140 ) (30 ) (558 ) At December 31, 2017 10,202 2,029 513 12,744 Amortization 1,543 379 50 1,972 Impairment losses and asset write-offs 153 — — 153 Divestitures (553 ) (30 ) (89 ) (672 ) Transfer to Assets held for sale (973 ) (98 ) (91 ) (1,162 ) Translation differences and other changes 31 82 (34 ) 79 At December 31, 2018 10,403 2,362 349 13,114 Carrying amount at December 31, 2017 € 9,697 € 1,554 € 291 € 11,542 Carrying amount at December 31, 2018 € 9,825 € 1,637 € 287 € 11,749 Capitalized development expenditures include both internal and external costs that are directly attributable to the internal product development process, primarily consisting of material costs and personnel related expenses relating to engineering, design and development focused on content enhancement of existing vehicles, new models and powertrain programs. In 2018 , € 153 million of impairment losses and asset write-offs were recognized as described in Note 5 , Research and development costs . In 2017 , of the total € 110 million impairment losses and asset write-offs were recognized as described in Note 5 , Research and development costs . Refer to Note 2, Use of estimates - Recoverability of non-current assets with definite useful lives for additional detail regarding the assumptions and judgments used when testing these assets for impairment. Translation differences primarily related to foreign currency translation of the U.S. Dollar to the Euro. Amortization of capitalized development expenditures is recognized within Research and development costs within the Consolidated Income Statement, as described in Note 5 , Research and development costs . Amortization of Patents, concessions, licenses and credits and Other intangibles are recognized within Cost of revenues and Selling, general and other costs. At December 31, 2018 and 2017 , the Group had contractual commitments for the purchase of intangible assets amounting to €215 million and €601 million , respectively. |
Other intangible assets
Other intangible assets | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets [Abstract] | |
Other intangible assets | Goodwill and intangible assets with indefinite useful lives Goodwill and intangible assets with indefinite useful lives at December 31, 2018 and 2017 are summarized below: At January 1, 2018 Transfers to Assets held for sale Translation At December 31, 2018 (€ million) Gross amount € 10,850 € (96 ) € 500 € 11,254 Accumulated impairment losses (454 ) 33 1 (420 ) Goodwill 10,396 (63 ) 501 10,834 Brands 2,994 — 142 3,136 Total Goodwill and intangible assets with indefinite useful lives € 13,390 € (63 ) € 643 € 13,970 At January 1, 2017 Translation At December 31, 2017 (€ million) Gross amount € 12,299 € (1,449 ) € 10,850 Accumulated impairment losses (482 ) 28 (454 ) Goodwill 11,817 (1,421 ) 10,396 Brands 3,405 (411 ) 2,994 Total Goodwill and intangible assets with indefinite useful lives € 15,222 € (1,832 ) € 13,390 Translation differences in 2018 and 2017 primarily related to foreign currency translation of the U.S. Dollar to the Euro. Brands Brands, composed of the Chrysler, Jeep, Dodge, Ram and Mopar brands, resulted from the acquisition of FCA US and are allocated to the NAFTA segment. These rights are protected legally through registration with government agencies and through their continuous use in commerce. As these rights have no legal, contractual, competitive or economic term that limits their useful lives, they are classified as intangible assets with indefinite useful lives and are therefore not amortized but are instead tested annually for impairment. For the purpose of impairment testing, the carrying value of Brands is tested jointly with the goodwill allocated to the NAFTA segment. Goodwill At December 31, 2018 , Goodwill included €10,801 million from the acquisition of FCA US ( €10,311 million at December 31, 2017 ). At December 31, 2018, € 63 million of goodwill was classified within Assets held for sale as a result of Magneti Marelli meeting the held for sale criteria (see Note 3 , Scope of consolidation ). There were no impairment charges recognized in respect of Goodwill and intangible assets with indefinite lives during the years ended December 31, 2018 , 2017 and 2016 . Refer to Note 2, Basis of preparation - Use of estimates for discussion of the assumptions and judgments relating to goodwill impairment testing. The following table summarizes the allocation of Goodwill between FCA's reportable segments: At December 31 2018 2017 (€ million) NAFTA € 8,855 € 8,453 APAC 1,152 1,099 LATAM 552 529 EMEA 264 253 Other activities 11 62 Total Goodwill € 10,834 € 10,396 Other intangible assets Capitalized development expenditures Patents, Other Total (€ million) Gross carrying amount at January 1, 2017 € 18,739 € 3,552 € 801 € 23,092 Additions 2,586 356 65 3,007 Divestitures (329 ) (16 ) (1 ) (346 ) Translation differences and other changes (1,097 ) (309 ) (61 ) (1,467 ) At December 31, 2017 19,899 3,583 804 24,286 Additions 2,235 639 93 2,967 Divestitures (568 ) (224 ) (89 ) (881 ) Transfer to Assets held for sale (1,553 ) (132 ) (131 ) (1,816 ) Translation differences and other changes 215 133 (41 ) 307 At December 31, 2018 20,228 3,999 636 24,863 Accumulated amortization and impairment losses 9,380 1,808 482 11,670 Amortization 1,424 371 61 1,856 Impairment losses and asset write-offs 110 — — 110 Divestitures (324 ) (10 ) — (334 ) Translation differences and other changes (388 ) (140 ) (30 ) (558 ) At December 31, 2017 10,202 2,029 513 12,744 Amortization 1,543 379 50 1,972 Impairment losses and asset write-offs 153 — — 153 Divestitures (553 ) (30 ) (89 ) (672 ) Transfer to Assets held for sale (973 ) (98 ) (91 ) (1,162 ) Translation differences and other changes 31 82 (34 ) 79 At December 31, 2018 10,403 2,362 349 13,114 Carrying amount at December 31, 2017 € 9,697 € 1,554 € 291 € 11,542 Carrying amount at December 31, 2018 € 9,825 € 1,637 € 287 € 11,749 Capitalized development expenditures include both internal and external costs that are directly attributable to the internal product development process, primarily consisting of material costs and personnel related expenses relating to engineering, design and development focused on content enhancement of existing vehicles, new models and powertrain programs. In 2018 , € 153 million of impairment losses and asset write-offs were recognized as described in Note 5 , Research and development costs . In 2017 , of the total € 110 million impairment losses and asset write-offs were recognized as described in Note 5 , Research and development costs . Refer to Note 2, Use of estimates - Recoverability of non-current assets with definite useful lives for additional detail regarding the assumptions and judgments used when testing these assets for impairment. Translation differences primarily related to foreign currency translation of the U.S. Dollar to the Euro. Amortization of capitalized development expenditures is recognized within Research and development costs within the Consolidated Income Statement, as described in Note 5 , Research and development costs . Amortization of Patents, concessions, licenses and credits and Other intangibles are recognized within Cost of revenues and Selling, general and other costs. At December 31, 2018 and 2017 , the Group had contractual commitments for the purchase of intangible assets amounting to €215 million and €601 million , respectively. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment Land Industrial Plant, machinery and equipment Other Advances and Total (€ million) Gross carrying amount at January 1, 2017 € 948 € 8,930 € 50,389 € 3,223 € 3,648 € 67,138 Additions 20 256 3,768 187 1,428 5,659 Divestitures (11 ) (17 ) (1,163 ) (88 ) (4 ) (1,283 ) Change in the scope of consolidation (2 ) (104 ) (618 ) (21 ) (5 ) (750 ) Translation differences (71 ) (639 ) (3,167 ) (301 ) (325 ) (4,503 ) Other changes 1 68 1,844 3 (1,930 ) (14 ) At December 31, 2017 885 8,494 51,053 3,003 2,812 66,247 Additions 7 183 1,976 84 811 3,061 Divestitures (11 ) (16 ) (872 ) (40 ) (5 ) (944 ) Translation differences (10 ) (34 ) 123 57 47 183 Transfer to Assets held for sale (21 ) (401 ) (3,870 ) (294 ) (299 ) (4,885 ) Other changes 1 113 1,607 56 (1,838 ) (61 ) At December 31, 2018 851 8,339 50,017 2,866 1,528 63,601 Accumulated depreciation and impairment losses at January 1, 2017 41 3,213 31,694 1,744 15 36,707 Depreciation — 313 3,440 279 — 4,032 Divestitures (2 ) (11 ) (1,126 ) (78 ) — (1,217 ) Impairment losses and asset write-offs 1 22 83 6 7 119 Change in the scope of consolidation (1 ) (76 ) (287 ) (18 ) — (382 ) Translation differences (1 ) (163 ) (1,693 ) (152 ) (1 ) (2,010 ) Other changes (1 ) — (29 ) 19 (5 ) (16 ) At December 31, 2017 37 3,298 32,082 1,800 16 37,233 Depreciation — 283 3,303 262 — 3,848 Divestitures (5 ) — (851 ) (34 ) — (890 ) Impairment losses and asset write-offs — — 140 — 4 144 Translation differences — (1 ) 89 30 — 118 Transfer to Assets held for sale — (204 ) (2,663 ) (223 ) (2 ) (3,092 ) Other changes — (11 ) (68 ) 20 (8 ) (67 ) At December 31, 2018 32 3,365 32,032 1,855 10 37,294 Carrying amount at December 31, 2017 € 848 € 5,196 € 18,971 € 1,203 € 2,796 € 29,014 Carrying amount at December 31, 2018 € 819 € 4,974 € 17,985 € 1,011 € 1,518 € 26,307 For the year ended December 31, 2018 , the Group recognized a total of €144 million of impairment losses and asset write-offs, primarily in EMEA, resulting from changes in product plans in connection with the 2018-2022 business plan. Refer to Note 2, Use of estimates - Recoverability of non-current assets with definite useful lives for additional detail regarding the assumptions and judgments used when testing these assets for impairment. For the year ended December 31, 2017 , the Group recognized a total of € 119 million of impairment losses and asset write-offs, of which €21 million related to certain of FCA Venezuela's assets due to the continued deterioration of the economic conditions in Venezuela prior to deconsolidation. The remaining impairment losses related to changes in the global product portfolio in EMEA and product portfolio changes in LATAM. These impairment charges were recognized within Selling, administrative and other expenses in the Consolidated Income Statement for the years ended December 31, 2018 , and 2017 . In 2018 , translation differences of €65 million primarily reflected the strengthening of the U.S Dollar against Euro partially offset by the weakness of the Brazilian Real. In 2017 , translation differences of €2,493 million primarily reflected the weakening of the U.S Dollar, Mexican Peso and the Brazilian Real against the Euro. The net carrying amount of assets leased under finance lease agreements includes assets that are legally owned by suppliers but which are recognized in the Consolidated Financial Statements with the recognition of a corresponding financial lease payable in accordance with IFRIC 4 - Determining Whether an Arrangement Contains a Lease, as the arrangement conveys a right to control the use of a specific asset even if that asset is not explicitly referred to in the arrangement. The total net carrying amount of assets leased under finance lease agreements included in Property, plant and equipment was as follows: At December 31 2018 2017 (€ million) Industrial buildings € 197 € 209 Plant, machinery and equipment 129 193 Total Property, plant and equipment under finance leases € 326 € 402 The carrying amounts of Property, plant and equipment of the Group reported as pledged as security for debt and other commitments, primarily relating to our operations in Brazil, are summarized as follows: At December 31 2018 2017 (€ million) Land and industrial buildings pledged as security for debt € 892 € 1,031 Plant and machinery pledged as security for debt and other commitments 1,241 1,324 Other assets pledged as security for debt and other commitments 81 17 Total Property, plant and equipment pledged as security for debt and other commitments € 2,214 € 2,372 In addition to the amounts above, at December 31, 2017, FCA US's Tranche B term loan maturing December 31, 2018 (the “Tranche B Term Loan due 2018”) was secured by a senior priority security interest against substantially all of FCA US’s assets and the assets of its U.S. subsidiary guarantors, subject to certain exceptions. This security interest expired on prepayment of the Tranche B Term Loan due 2018 in November 2018. For additional details, refer Note 21, Debt . At December 31, 2018 and 2017 , the Group had contractual commitments for the purchase of Property, plant and equipment amounting to €539 million and €540 million , respectively. |
Investments accounted for using
Investments accounted for using the equity method | 12 Months Ended |
Dec. 31, 2018 | |
Interests In Other Entities [Abstract] | |
Investments accounted for using the equity method | Investments accounted for using the equity method The following table summarizes Investments accounted for using the equity method: At December 31 2018 2017 (€ million) Joint ventures € 1,866 € 1,866 Associates 96 94 Other 40 48 Total Investments accounted for using the equity method € 2,002 € 2,008 FCA's ownership percentages and the carrying value of investments in joint ventures accounted for under the equity method were as follows: Ownership percentage Investment balance At December 31 At December 31 2018 2017 2018 2017 Joint ventures Ownership percentage (€ million) FCA Bank S.p.A. 50.0% 50.0% € 1,360 € 1,178 Tofas-Turk Otomobil Fabrikasi A.S. 37.9% 37.9% 233 298 GAC Fiat Chrysler Automobiles Co. 50.0% 50.0% 216 287 Others 57 103 Total € 1,866 € 1,866 FCA Bank is a joint venture with Crédit Agricole Consumer Finance S.A. (“CACF”) which operates in Europe, primarily in Italy, France, Germany, UK and Spain. The Group has agreed with Credit Agricole to extend its term through December 31, 2022, which may be automatically renewed up to December 31, 2024 unless a termination notice is served in the period from January 1, 2019 to June 30, 2019. FCA Bank provides retail and dealer financing and long-term rental services in the automotive sector, directly or through its subsidiaries as a partner of the Group's mass-market vehicle brands and for Maserati vehicles. The financial statements of FCA Bank as at and for the year ended December 31, 2018 have not been authorized for issuance as of the date of issuance of the FCA Consolidated Financial Statements. As such, the most recent publicly available financial information is included in the tables below. The most recently available information was used to estimate FCA's share of FCA Bank net income and net equity. Any difference between this data and actual results will be adjusted in the 2019 FCA Consolidated Financial Statements when available. The following tables include summarized financial information relating to FCA Bank: At June 30, 2018 At December 31, 2017 (€ million) Financial assets € 25,496 € 23,434 Of which: Cash and cash equivalents — 1 Other assets 4,175 3,753 Financial liabilities 25,634 23,424 Other liabilities 1,346 1,250 Equity (100%) 2,691 2,512 Net assets attributable to owners of the parent 2,645 2,469 Group's share of net assets 1,323 1,235 Elimination of unrealized profits and other adjustments 37 (57 ) Carrying amount of interest in FCA Bank (1) € 1,360 € 1,178 ________________________________________________________________________________________________________________________________________________ (1) Amounts as at December 31, 2018 and 2017 respectively. Six months ended June 30 Years ended December 31 2018 2017 2016 (€ million) Interest and similar income € 471 € 855 € 764 Interest and similar expenses (144 ) (266 ) (263 ) Income tax expense (80 ) (139 ) (105 ) Profit from continuing operations 201 383 312 Net profit 201 383 312 Net profit attributable to owners of the parent (A) 199 378 309 Other comprehensive income/(loss) attributable to owners of the parent (B) (5 ) (8 ) (64 ) Total Comprehensive income attributable to owners of the parent (A+B) € 194 € 370 € 245 Group’s share of net profit (1) € 195 € 189 € 154 ________________________________________________________________________________________________________________________________________________ (1) Amounts for the years ended December 31, 2018 , 2017 and 2016 respectively Tofas-Turk Otomobil Fabrikasi A.S. (“Tofas”), is a joint venture with Koç Holding which is registered with the Turkish Capital Market Board and listed on the İstanbul Stock Exchange. At December 31, 2018 , the fair value of the Group’s interest in Tofas was €531 million ( €1,375 million at December 31, 2017 ). GAC Fiat Chrysler Automobiles Co. (“GAC FCA JV”) is a joint venture with Guangzhou Automobile Group Co., Ltd., which locally produces Jeep vehicles for the Chinese market. The Group's proportionate share of the earnings of our joint ventures, associates and interests in unconsolidated subsidiaries accounted for using the equity method is included within Result from investments in the Consolidated Income Statement. The following table summarizes the share of profits of equity method investees included within Result from investments : Years ended December 31, 2018 2017 2016 (€ million) Joint Ventures € 221 € 381 € 288 Associates 6 9 7 Other 13 10 13 Total Share of the profit of equity method investees € 240 € 400 € 308 Immaterial Joint Ventures and Associates The aggregate amounts recognized for the Group’s share in all individually immaterial joint ventures and associates accounted for using the equity method were as follows: Years ended December 31, 2018 2017 2016 (€ million) Joint ventures: Profit from continuing operations € 27 € 192 € 134 Net profit 27 192 134 Other comprehensive income/(loss) (91 ) (105 ) (90 ) Total Other comprehensive income € (64 ) € 87 € 44 Associates: Income/(loss) from continuing operations € 6 € 9 € 7 Net income/(loss) 6 9 7 Other comprehensive income/(loss) (3 ) (3 ) (1 ) Total Other comprehensive income/(loss) € 3 € 6 € 6 |
Other financial assets
Other financial assets | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of financial assets [abstract] | |
Other Financial assets | Other Financial assets Other financial assets consisted of the following: At December 31 2018 2017 Note Current Non-current Total Current Non-current Total (€ million) Derivative financial assets 16 € 283 € 14 € 297 € 265 € 19 € 284 Debt securities measured at fair value through other comprehensive income 23 — — — 4 — 4 Debt securities measured at fair value through profit or loss 23 230 — 230 172 59 231 Debt securities measured at amortized cost 61 2 63 — — — Debt securities held-to-maturity — — — — 2 2 Equity instruments measured at cost — — — — 43 43 Equity instruments measured at fair value through other comprehensive income 23 — 31 31 — 23 23 Equity instruments mandatorily designated at fair value through profit and loss 23 41 2 43 — — — Held-for-trading investments — — — 46 — 46 Financial receivables — 252 252 — 275 275 Collateral deposits (1) 23 — 61 61 — 61 61 Total Other financial assets € 615 € 362 € 977 € 487 € 482 € 969 ________________________________________________________________________________________________________________________________________________ (1) Collateral deposits are held in connection with derivative transactions and debt obligations. On March 21, 2017, the Group completed the sale of its investment of 15,948,275 common shares in CNH Industrial N.V. (“CNHI”), representing 1.17 percent of CNHI’s common shares, for an amount of €144 million which was previously reported within Equity instruments measured at fair value through other comprehensive income . The sale did not result in a material gain. The additional 15,948,275 special voting shares owned by the Group which had not been attributed any value, expired upon the sale of the CNHI common shares. Refer to Note 2 , Basis of preparation for information on the impact of the adoption of IFRS 9 on the balances disclosed above. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Inventories | Inventories At December 31 2018 2017 (€ million) Finished goods and goods for resale € 6,776 € 8,261 Work-in-progress, raw materials and manufacturing supplies 3,783 4,476 Amount due from customers for contract work 135 185 Total Inventories € 10,694 € 12,922 The amount of inventory write-downs recognized within Cost of revenues during the years ended December 31, 2018 , 2017 and 2016 was €669 million , € 626 million and € 607 million , respectively. Additionally, during the year ended December 31, 2018 , impairments of Inventory totaling €129 million were recognized in APAC in connection with the accelerated adoption of new emission standards in China and slower than expected sales. The Construction contracts, net asset/(liability) relates to the design and production of industrial automation systems and related products and is summarized as follows: At December 31 2018 2017 (€ million) Aggregate amount of costs incurred and recognized profits (less recognized losses) to date € 954 € 881 Less: Progress billings (912 ) (886 ) Construction contracts, net asset/(liability) 42 (5 ) Construction contract assets 135 185 Less: Construction contract liabilities (Note 22) (93 ) (190 ) Construction contracts, net asset/(liability) € 42 € (5 ) Changes in the Group's construction contracts, net asset/(liability) for the year ended December 31, 2018 , were as follows: At January 1, 2018 Advances received from customers Amounts recognized within revenue Transfers to Assets/(Liabilities) held for sale Other Changes At December 31, 2018 (€ million) Construction contracts, net asset/(liability) € (5 ) € (878 ) € 958 € — € (33 ) € 42 The entire amount of Construction contracts, net asset/(liability) is expected to be recognized as revenue in the following twelve months. |
Trade, other receivables and ta
Trade, other receivables and tax receivables | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other receivables [abstract] | |
Trade, other receivables and tax receivables | Trade, other receivables and tax receivables The following table summarizes Trade, other receivables and tax receivables by due date: At December 31 2018 2017 Total due within one year (current) Due between one and five years Due beyond five years Total due after one year (non-current) Total Total due within one year (current) Due between one and five years Due beyond five years Total due after one year (non-current) Total (€ million) Trade receivables € 2,048 € — € — € — € 2,048 € 2,460 € — € — € — € 2,460 Receivables from financing activities 3,304 297 13 310 3,614 2,946 194 — 194 3,140 Other receivables 1,836 1,086 88 1,174 3,010 2,481 414 58 472 2,953 Total Trade and other receivables € 7,188 € 1,383 € 101 € 1,484 € 8,672 € 7,887 € 608 € 58 € 666 € 8,553 Tax receivables € 419 € 53 € 18 € 71 € 490 € 215 € 62 € 21 € 83 € 298 Trade receivables Trade receivables are shown net of an ECL allowance, which is calculated using the simplified approach. Changes in the allowance for trade receivables were as follows: At January 1, 2018 Provision Use and Transferred to Assets held for sale At December 31, 2018 (€ million) ECL allowance - Trade receivables € 269 € 56 € (47 ) € (31 ) € 247 Trade receivables of an immaterial amount were written off during the year ended December 31, 2018 , and are still subject to enforcement activities. As a result of the impairment methodology implemented under IFRS 9, there was an immaterial impact to the ECL allowance at December 31, 2018 . The following table provides information about the exposure to credit risk and ECLs for trade receivables: At December 31, 2018 Current and less than 90 days past due 90 days or more past due Total Gross amount 1,920 310 2,230 ECL allowance (65 ) (182 ) (247 ) Carrying amount 1,855 128 1,983 In addition to the amounts above, a further €65 million of trade receivables were measured at FVPL. Refer to Note 23 , Fair value measurement . Receivables from financing activities Receivables from financing activities mainly relate to the business of financial services companies fully consolidated by the Group and are summarized as follows: At December 31 2018 2017 (€ million) Dealer financing € 2,654 € 2,295 Retail financing 601 420 Finance leases 3 4 Other 356 421 Total Receivables from financing activities € 3,614 € 3,140 Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for receivables from financing activities were as follows: At January 1, 2018 Provision Use and Transferred to Assets held for sale At December 31, 2018 (€ million) ECL allowance - Receivables from financing activities € 45 € 87 € (105 ) € — € 27 Receivables from financing activities of an immaterial amount were written off during the year ended December 31, 2018 , and are still subject to enforcement activities. As a result of the impairment methodology implemented under IFRS 9, there was an immaterial impact to the ECL allowance at December 31, 2018 . The following table provides information about the exposure to credit risk and ECLs for receivables from financing activities: At December 31, 2018 Stage 1 Stage 2 Stage 3 Total Gross amount 2,465 168 35 2,668 ECL allowance (13 ) (2 ) (12 ) (27 ) Carrying amount 2,452 166 23 2,641 In addition to the amounts above, a further €973 million of receivables from financing activities were measured at FVPL. Refer to Note 23 , Fair value measurement . Other receivables At December 31, 2018 , Other receivables primarily consisted of tax receivables for VAT and other indirect taxes of €2,149 million ( €2,153 million at December 31, 2017 ). Transfer of financial assets At December 31, 2018 , the Group had receivables due after that date amounting to €8,523 million ( €7,866 million at December 31, 2017 ) which had been transferred without recourse and which were derecognized in accordance with IFRS 9 – Financial Instruments . The transfers related to trade receivables and other receivables for €6,847 million ( €6,752 million at December 31, 2017 ) and receivables from financing activities for €1,676 million ( €1,114 million at December 31, 2017 ). These amounts included receivables of €5,517 million ( €4,933 million at December 31, 2017 ), mainly due from the sales network, transferred to FCA Bank, our jointly controlled financial services company. At December 31, 2018 and 2017 , the carrying amount of transferred financial assets not derecognized and the related liabilities were as follows: At December 31 2018 2017 Trade receivables Receivables financing Total Trade receivables Receivables financing Total (€ million) Carrying amount of assets transferred and not derecognized € 30 € 427 € 457 € 22 € 335 € 357 Carrying amount of the related liabilities (Note 21) € 30 € 427 € 457 € 22 € 335 € 357 |
Derivative financial assets and
Derivative financial assets and liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Derivative financial assets and liabilities | Derivative financial assets and liabilities The following table summarizes the fair value of the Group's derivative financial assets and liabilities: At December 31 2018 2017 Positive fair Negative fair Positive fair Negative fair (€ million) Fair value hedges: Interest rate risk - interest rate swaps € — € — € 2 € — Total Fair value hedges — — 2 — Cash flow hedges: Currency risks - forward contracts, currency swaps and currency options 149 (75 ) 100 (95 ) Interest rate risk - interest rate swaps 22 (16 ) 4 (7 ) Interest rate and currency risk - combined interest rate and currency swaps 17 — 9 — Commodity price risk – commodity swaps and commodity options 41 (59 ) 30 (1 ) Total Cash flow hedges 229 (150 ) 143 (103 ) Net investment hedges: Currency risks - forward contracts, currency swaps and currency options — — 5 — Total Net investment hedges — — 5 — Derivatives for trading 68 (57 ) 134 (36 ) Total Fair value of derivative financial assets/(liabilities) € 297 € (207 ) € 284 € (139 ) Financial derivative assets/(liabilities) - current € 283 € (204 ) € 265 € (138 ) Financial derivative assets/(liabilities) - non-current € 14 € (3 ) € 19 € (1 ) The following table summarizes the outstanding notional amounts of the Group's derivative financial instruments by due date: At December 31 2018 2017 Due within one year Due between one and Due beyond Total Due within one year Due between Due Total (€ million) Currency risk management € 12,782 € 75 € — € 12,857 € 14,142 € 154 € — € 14,296 Interest rate risk management 1,630 1,144 — 2,774 1,581 1,753 101 3,435 Interest rate and currency risk management 236 34 — 270 — 291 71 362 Commodity price risk management 919 28 — 947 455 6 — 461 Other derivative financial instruments — 14 — 14 — 14 — 14 Total Notional amount € 15,567 € 1,295 € — € 16,862 € 16,178 € 2,218 € 172 € 18,568 Fair value hedges The gains and losses arising from the valuation of outstanding interest rate derivatives (for managing interest rate risk) and currency derivatives (for managing currency risk) are recognized in accordance with fair value hedge accounting and the gains and losses arising from the respective hedged items are summarized as follows: Years ended December 31, 2018 2017 2016 (€ million) Currency risk Net gains/(losses) on qualifying hedges € — € 104 € (13 ) Fair value changes in hedged items — (104 ) 13 Interest rate risk Net (losses) on qualifying hedges (2 ) (9 ) (26 ) Fair value changes in hedged items 2 10 26 Net gains/(losses) € — € 1 € — Cash flow hedges Amounts recognized in the Consolidated Income Statement mainly relate to currency risk management and, to a lesser extent, hedges regarding commodity price risk management and cash flows that are exposed to interest rate risk. The Group's policy for managing currency risk normally requires hedging of projected future flows from trading activities which will occur within the following twelve months and from orders acquired (or contracts in progress), regardless of their due dates. The hedging effect arising from this is recorded in the Cash flow hedge reserve within Other comprehensive (loss)/income and will be subsequently recognized in the Consolidated Income Statement, primarily during the following year. Derivatives relating to interest rate and currency risk management are treated as cash flow hedges and are entered into for the purpose of hedging notes issued in foreign currencies. The amount recorded in Other comprehensive income and within the Cash flow hedge reserve is recognized in the Consolidated Income Statement according to the timing of the cash flows of the underlying notes. In 2017, the Group entered in interest rate swaps in order to hedge against the increase in interest rates in relation to future debt issuances. In 2018, the maturity dates for a portion of these interest rate swaps were extended. The swaps are designated as a cash flow hedge. For the year ended December 31, 2018 , gains of €31 million (for the year ended December 31, 2017 , losses of €3 million ) relating to such derivatives were recognized in the Cash flow hedge reserve within Other comprehensive (loss)/income. The Group reclassified gains/(losses) arising on Cash flow hedges, net of the tax effect, from Other comprehensive income and Inventories to the Consolidated Income Statement as follows: Years ended December 31, 2018 2017 2016 (€ million) Currency risk Increase in Net revenues € 100 € 8 € 243 (Increase)/Decrease in Cost of revenues (17 ) (96 ) (31 ) Net financial income/(expenses) 2 (22 ) 34 Result from investments 24 28 26 Interest rate risk Result from investments 1 (1 ) (1 ) Net financial expenses — (3 ) (4 ) Commodity price risk (Increase)/Decrease in Cost of revenues 29 28 (39 ) Ineffectiveness and discontinued hedges (5 ) 4 12 Tax expense/(benefit) (36 ) 27 (48 ) Items relating to discontinued operations, net of tax 9 1 (21 ) Total recognized in the Consolidated Income Statement € 107 € (26 ) € 171 Net investment hedges In order to manage the Group's foreign currency risk related to its investments in foreign operations, the Group enters into net investment hedges, in particular foreign currency swaps and forward contracts. For the year ended December 31, 2018 , net gains of €17 million related to net investment hedges were recognized in Currency translation differences within Other comprehensive (loss)/income. At December 31, 2018 , there were no outstanding net investment hedges. For the year ended December 31, 2017 , gains of €15 million related to net investment hedges were recognized in Currency translation differences within Other comprehensive (loss)/income. There was no ineffectiveness for the year ended December 31, 2017 . Derivatives for trading At December 31, 2018 and 2017 , Derivatives for trading primarily consisted of derivative contracts entered into for hedging purposes which do not qualify for hedge accounting and one embedded derivative in a bond issuance in which the yield is determined as a function of trends in the inflation rate and related hedging derivative, which converts the exposure to a floating rate (the total value of the embedded derivative is offset by the value of the hedging derivative). Information on the Group's risk management strategy and additional information on the Group's hedging activities is provided in Note 30 , Qualitative and quantitative information on financial risks . |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consisted of the following: At December 31 2018 2017 (€ million) Cash at banks € 4,774 € 6,396 Money market securities 4,352 6,242 Other cash equivalents € 3,324 — Total Cash and cash equivalents € 12,450 € 12,638 Cash and cash equivalents held in certain foreign countries (primarily in China and Argentina) are subject to local exchange control regulations providing for restrictions on the amount of cash, other than dividends, that can leave the country. Refer to Note 2, Basis of preparation for details on the impact of the adoption of IFRS 9. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2018 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based compensation | Share-based compensation FCA - Performance Share Units During the year ended December 31, 2018, FCA awarded a total of 2.40 million Performance Share Units (“PSU”) to certain key employees under the framework equity incentive plan, as described in (Note 26 , Equity ). The PSU awards, which represent the right to receive FCA common shares, include a total shareholder return (“TSR”) target. These awards (“2018 PSU TSR awards”) will vest based upon market conditions covering a five -year performance period from January 2017 through December 2021. Accordingly, the total number of shares that will eventually be issued may vary from the original award of 2.40 million units. One third of the total PSU TSR awards will vest in the first quarter of 2020, a cumulative two-thirds in the first quarter of 2021 and a cumulative 100 percent in the first quarter of 2022 if the respective performance goals for the years 2017 to 2019, 2017 to 2020 and 2017 to 2021 are achieved. In addition, during the year ended December 31, 2018, FCA awarded an additional 0.1 million PSU awards to certain key employees, which were granted with the same terms as those granted in 2015, as described below. These awards will vest in the first quarter of 2019. During the year ended December 31, 2017, FCA awarded a total of 2.26 million PSUs to certain key employees under the framework equity incentive plan. The PSU awards, which represent the right to receive FCA common shares, have financial performance goals that include a net income target as well as total shareholder return target, with each weighted at 50 percent and settled independently of the other. Half of the award will vest based on our achievement of the targets for net income (“2017 PSU NI awards”) covering a three -year period from 2016 to 2018 and will have a payout scale ranging from 0 percent to 100 percent . The remaining half of the PSU awards, (“2017 PSU TSR awards”) are based on market conditions and have a payout scale ranging from 0 percent to 150 percent . The PSU TSR awards performance period covers a two -year period starting in December 2016 through 2018. Accordingly, the total number of shares that will eventually be issued may vary from the original award of 2.26 million units. The PSU awards will vest in the first quarter of 2019 with the achievement of the performance goals for the years 2016 to 2018. During the year ended December 31, 2015, FCA awarded a total of 14.71 million PSU awards to certain key employees under the equity incentive plan. The PSU awards, which represent the right to receive FCA common shares, have financial performance goals covering a five -year period from 2014 to 2018. The performance goals include a net income target as well as a TSR target, with each weighted at 50 percent and settled independently of the other. Half of the awards will vest based on our achievement of the targets for net income and will have a payout scale ranging from 0 percent to 100 percent (“2015 PSU NI awards”). T|he remaining half of the awards are based on market conditions and have a payout scale ranging from 0 percent to 150 percent (“2015 PSU TSR awards”). Accordingly, the total number of shares that will eventually be issued may vary from the original award of 14.71 million shares. One third of the total PSU awards vested in 2017 and a cumulative two-thirds of the total PSU awards have vested in the first quarter of 2018 with the achievement of the performance goal for the years 2014 to 2017. A cumulative 100 percent will vest in the first quarter of 2019 with the achievement of the performance goals for the years 2014 to 2018. The vesting of the 2017 PSU NI awards and the 2015 PSU NI awards will be determined by comparing the Group's net profit excluding unusual items to the net income targets derived from the Group's business plan for the corresponding period. The performance period for the 2017 PSU NI awards commenced on January 1, 2016, and on January 1, 2014 for the 2015 PSU NI awards. As the performance period commenced substantially prior to the commencement of the service period, which coincides with the grant date, the Company determined that the net income target did not meet the definition of a performance condition under IFRS 2 - Share-based Payment , and therefore is required to be accounted for as a non-vesting condition. As such, the fair values of the PSU NI awards were calculated using a Monte Carlo simulation model. Changes during 2018 , 2017 and 2016 for the PSU NI awards under the framework equity incentive plan were as follows: 2018 2017 2016 PSU NI Weighted PSU NI Weighted PSU NI Weighted Outstanding shares unvested at January 1 8,803,826 € 5.89 11,379,445 € 5.65 7,356,550 € 8.78 Anti-dilution adjustment 32,855 5.87 65,751 5.62 4,001,962 5.68 Granted 71,136 9.73 1,136,250 7.91 168,593 3.61 Vested (3,857,502 ) 5.58 (3,758,870 ) 5.65 — — Canceled — — — — (147,660 ) 5.83 Forfeited (481,485 ) 6.27 (18,750 ) 7.91 — — Outstanding shares unvested at December 31 4,568,830 € 6.14 8,803,826 € 5.89 11,379,445 € 5.65 The key assumptions utilized to calculate the grant-date fair values for the PSU NI awards are summarized below: Key assumptions 2017 PSU NI Awards Range 2015 PSU NI Awards Range Grant date stock price €9.74 - €10.39 €13.44 - €15.21 Expected volatility 40 % 40 % Risk-free rate (0.8 )% 0.7 % The expected volatility was based on the observed historical volatility for common shares of FCA. The risk-free rate was based on the yields of government and treasury bonds with similar terms to the vesting date of each PSU NI award. Changes during 2018 , 2017 and 2016 for the PSU TSR awards under the framework equity incentive plan were as follows: 2018 2017 2016 PSU TSR Weighted PSU TSR Weighted PSU TSR Weighted Outstanding shares unvested at January 1 8,803,827 € 10.58 11,379,446 € 10.64 7,356,550 € 16.52 Anti-dilution adjustment 32,855 10.54 65,750 10.58 4,001,962 10.70 Granted 2,473,637 13.15 1,136,250 10.84 168,593 6.71 Vested (3,857,502 ) 10.51 (3,758,869 ) 10.63 — — Canceled — — — — (147,659 ) 10.84 Forfeited (526,404 ) 11.50 (18,750 ) 10.84 — — Outstanding shares unvested at December 31 6,926,413 € 11.42 8,803,827 € 10.58 11,379,446 € 10.64 The weighted average fair value of the PSU TSR awards granted during the years ended December 31, 2018, 2017 and 2015 was calculated using a Monte Carlo simulation model. The key assumptions utilized to calculate the grant date fair values for the PSU TSR awards issued are summarized below: Key assumptions 2018 PSU TSR Awards Range 2017 PSU TSR Awards Range 2015 PSU TSR Awards Range Grant date stock price € 18.79 €9.74 - €10.39 €13.44 - €15.21 Expected volatility 41 % 44 % 37% - 39% Dividend yield — % — % — % Risk-free rate (0.3 )% (0.8 )% 0.7% - 0.8% The expected volatility was based on the observed historical volatility for common shares of FCA. The risk-free rate was based on the yields of government and treasury bonds with similar terms to the vesting date of each PSU TSR award. In addition, since the volatility of each member of the defined peer group are not wholly independent of one another, a correlation coefficient was developed based on historical share price changes for FCA and the defined peer group over a three -year period leading up to the grant date of the awards. FCA - Restricted Share Units During the year ended December 31, 2018, FCA awarded 0.58 million Restricted Share Units (“RSUs”) to certain key employees of the Company, which represent the right to receive FCA common shares. These shares will vest in three equal tranches in 2019, 2020 and 2021. The fair values of the awards were measured using the FCA stock price on the grant date. In addition, during the year ended December 31, 2018, FCA awarded 0.05 million RSUs to certain key employees of the Company, which represent the right to receive FCA common shares. These additional awards will vest in the first quarter of 2019. During the year ended December 31, 2017, FCA awarded 2.29 million RSUs to certain key employees of the Company which represent the right to receive FCA common shares. Half of the awards vested in the first quarter of 2018 with the remaining tranche to vest in the first quarter of 2019. The fair values of the awards were measured using the FCA stock price on the grant date. During the year ended December 31, 2016, FCA awarded 0.09 million RSUs to certain key employees of the Company, which represent the right to receive FCA common shares. Half of the awards vested in the first quarter of 2018 with the remaining tranche to vest in the first quarter of 2019. The fair values of the awards were measured using the FCA stock price on the grant date. During the year ended December 31, 2015, FCA awarded 5.20 million RSUs to certain key employees of the Company, which represent the right to receive FCA common shares. One third of the awards vested in the first quarter of 2017, and a cumulative two-thirds of the awards vested in the first quarter 2018 with the remaining tranche to vest in the first quarter of 2019. The fair values of the awards were measured using the FCA stock price on the grant date. Changes during 2018 , 2017 and 2016 for the RSU awards under the framework equity incentive plan were as follows: 2018 2017 2016 RSUs Weighted RSUs Weighted RSUs Weighted Outstanding shares unvested at January 1 7,600,313 € 9.17 7,969,623 € 8.69 5,196,550 € 13.49 Anti-dilution adjustment 28,299 9.12 46,189 8.64 2,826,922 8.74 Granted 627,081 18.54 2,293,940 10.43 94,222 5.73 Vested (3,690,050 ) 9.09 (2,671,939 ) 8.64 — — Canceled — — — — (148,071 ) 9.25 Forfeited (274,657 ) 10.28 (37,500 ) 10.39 — — Outstanding shares unvested at December 31 4,290,986 € 10.47 7,600,313 € 9.17 7,969,623 € 8.69 Anti-dilution adjustments - PSU awards and RSU awards The documents governing FCA's long-term incentive plans contain anti-dilution provisions which provide for an adjustment to the number of awards granted under the plans in order to preserve, or alternatively prevent the enlargement of, the benefits intended to be made available to the recipients of the awards should an event occur that impacts our capital structure. In January 2018, as a result of the distribution of the Company's entire interest in GEDI Gruppo Editoriale S.p.A. to holders of FCA common shares on July 2, 2017, the Compensation Committee of FCA approved a conversion factor of 1.003733 that was applied to outstanding awards under the Long Term Incentive Plan to make equity award holders whole for the resulting diminution in the value of an FCA common share. There was no change to the total cost of these awards to be amortized over the remaining vesting period as a result of these adjustments. Similarly, in January 2017, as a result of the distribution of the Company's 16.7 percent ownership interest in RCS Media Group S.p.A. to holders of its common shares on May 1, 2016, the Compensation Committee of FCA approved a conversion factor of 1.005865 that was applied to outstanding PSU awards and RSU awards issued prior to December 31, 2016 to make equity award holders whole for the resulting diminution in the value of an FCA common share. There was no change to the total cost of these awards to be amortized over the remaining vesting period as a result of these adjustments. Similarly, in January 2016, as a result of the spin-off of Ferrari N.V., a conversion factor of 1.5440 was approved by FCA's Compensation Committee and applied to outstanding PSU awards and RSU awards as an equitable adjustment to make equity award holders whole for the resulting diminution in the value of an FCA share. For the PSU NI awards, FCA's Compensation Committee also approved an adjustment to the net income targets for the years 2016-2018 to account for the net income of Ferrari in order to preserve the economic benefit intended to be provided to each participant. There was no change to the total cost of these awards to be amortized over the remaining vesting period as a result of these adjustments. The following table reflects the changes resulting from the anti-dilution adjustments: 2018 Anti-dilution adjustment 2017 Anti-dilution adjustment 2016 Anti-dilution adjustment PSU Awards: Number of awards - as adjusted 17,673,363 22,890,392 22,717,024 Key assumptions - as adjusted: Grant date stock price - for PSU NI and PSU TSR €5.71 - €10.35 €8.66 - €9.79 €8.71 - €9.85 RSU Awards: Number of awards - as adjusted 7,628,612 8,015,812 8,023,472 Total expense for the PSU awards and RSU awards of approximately €54 million , €85 million and €96 million was recorded for the years ended December 31, 2018 , 2017 and 2016 , respectively. At December 31, 2018 , the Group had unrecognized compensation expense related to the non-vested PSU awards and RSU awards of approximately €28 million based on current forfeiture assumptions, which will be recognized over a weighted-average period of 1.8 years. |
Employee benefits liabilities
Employee benefits liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefits [Abstract] | |
Employee benefits liabilities | Employee benefits liabilities Employee benefits liabilities consisted of the following: At December 31 2018 2017 Current Non-current Total Current Non-current Total (€ million) Pension benefits € 34 € 4,475 € 4,509 € 34 € 4,789 € 4,823 Health care and life insurance plans 134 2,082 2,216 126 2,153 2,279 Other post-employment benefits 82 737 819 109 878 987 Other provisions for employees 345 581 926 425 764 1,189 Total Employee benefits liabilities € 595 € 7,875 € 8,470 € 694 € 8,584 € 9,278 The Group continuing operations recognized a total expense of €1,518 million for defined contribution and state plans for the year ended December 31, 2018 ( €1,472 million in 2017 and €1,372 million in 2016 ). The following table summarizes the fair value of defined benefit obligations and the fair value of related plan assets: At December 31 2018 2017 (€ million) Present value of defined benefit obligations: Pension benefits € 22,767 € 25,528 Health care and life insurance plans 2,216 2,279 Other post-employment benefits 819 987 Total present value of defined benefit obligations (a) 25,802 28,794 Fair value of plan assets (b) 18,819 21,218 Asset ceiling (c) 13 14 Total net defined benefit plans (a - b + c) 6,996 7,590 of which: Net defined benefit liability (d) 7,544 8,089 Defined benefit plan asset (548 ) (499 ) Other provisions for employees (e) 926 1,189 Total Employee benefits liabilities (d + e) € 8,470 € 9,278 Pension benefits Liabilities arising from the Group's defined benefit plans are usually funded by contributions made by Group subsidiaries, and at times by their employees, into legally separate trusts from which the employee benefits are paid. The Group’s funding policy for defined benefit pension plans is to contribute the minimum amounts required by applicable laws and regulations. Occasionally, additional discretionary contributions are made in excess of those legally required to achieve certain desired funding levels. In the U.S., these excess amounts are tracked and the resulting credit balance can be used to satisfy minimum funding requirements in future years. At December 31, 2018 , the combined credit balances for the U.S. and Canada qualified pension plans were approximately €2.5 billion , and the usage of the credit balances to satisfy minimum funding requirements is subject to the plans maintaining certain funding levels. During the year ended December 31, 2018 , 2017 and 2016 , the Group made pension contributions in the U.S. and Canada totaling €724 million , € 124 million and € 445 million , respectively, including an accelerated discretionary contribution in September 2018 of €670 million ( $800 million ) to certain of our U.S. pension plans, which resulted in tax benefits (refer to Note 7 , Tax expense for further information). The Group's contributions to pension plans for 2019 are expected to be €508 million , of which €479 million relate to the U.S. and Canada, with €438 million being discretionary contributions and €41 million which will be made to satisfy minimum funding requirements. The expected benefit payments for pension plans are as follows: Expected benefit (€ million) 2019 € 1,507 2020 € 1,486 2021 € 1,471 2022 € 1,460 2023 € 1,451 2024-2028 € 7,285 The following table summarizes changes in the pension plans: 2018 2017 Obligation Fair value of plan assets Asset ceiling Liability/ (Asset) Obligation Fair value of plan assets Asset ceiling Liability/ (€ million) At January 1 € 25,528 € (21,218 ) € 14 € 4,324 € 28,065 € (23,049 ) € 12 € 4,668 Included in the Consolidated Income Statement 1,189 (680 ) — 509 1,259 (817 ) — 442 Included in Other comprehensive income: Actuarial (gains)/losses from: Demographic and other assumptions (196 ) — — (196 ) (42 ) — — (42 ) Financial assumptions (1,530 ) — — (1,530 ) 1,567 — — 1,567 Return on assets — 1,530 — 1,530 — (1,589 ) — (1,589 ) Changes in the effect of limiting net assets — — (1 ) (1 ) — — 3 3 Changes in exchange rates 792 (584 ) — 208 (3,006 ) 2,445 (1 ) (562 ) Other: Employer contributions — (756 ) — (756 ) — (141 ) — (141 ) Plan participant contributions 2 (2 ) — — — (3 ) — (3 ) Benefits paid (1,568 ) 1,556 — (12 ) (1,751 ) 1,735 — (16 ) Settlements paid (1,187 ) 1,187 — — (563 ) 563 — — Transfer to Liabilities held for sale (268 ) 126 — (142 ) — — — — Other changes 5 22 — 27 (1 ) (2 ) — (3 ) At December 31 € 22,767 € (18,819 ) € 13 € 3,961 € 25,528 € (21,218 ) € 14 € 4,324 Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2018 2017 2016 (€ million) Current service cost € 172 € 169 € 172 Interest expense 925 1,083 1,148 Interest income (759 ) (907 ) (939 ) Other administration costs 79 94 95 Past service costs/(credits) and (gains)/losses arising from settlements/curtailments 92 (3 ) (9 ) Items relating to discontinued operations — 6 6 Total recognized in the Consolidated Income Statement € 509 € 442 € 473 During the year ended December 31, 2018, the Group settled a portion of the supplemental retirement plan in NAFTA, resulting in a refund of excess assets of €22 million . The corresponding settlement charge of €78 million was recognized within Selling, general and other in the Consolidated Income Statement for the year ended December 31, 2018. During the year ended December 31, 2018, the Group also entered into an annuity buyout relating to two of its U.S. defined benefit plans. A total of €841 million was paid to a third-party insurance company in settlement of FCA's obligations, resulting in a settlement loss of €12 million that was recognized within Selling, general and other in the Consolidated Income Statement for the year ended December 31, 2018. During the year ended December 31, 2017, the Group entered into an annuity buyout relating to two of its U.S. defined benefit plans. A total of €563 million was paid to a third-party insurance company in settlement of FCA's obligations, resulting in a settlement loss of €1 million that was recognized within Cost of revenues and Selling, general and other in the Consolidated Income Statement for the year ended December 31, 2017. During the year ended December 31, 2016, the Group amended its U.S. defined benefit plan for salaried employees to allow certain terminated vested participants to accept a lump-sum amount. A total of €214 million was paid to participants who accepted the offer in December 2016. The plan amendment resulted in a settlement gain of €29 million that was recognized within Selling, general and other costs in the Consolidated Income Statement for the year ended December 31, 2016. The fair value of plan assets by class was as follows: At December 31 2018 2017 Amount of which have a Amount of which have a (€ million) Cash and cash equivalents € 672 € 615 € 628 € 611 U.S. equity securities 1,286 1,284 1,426 1,426 Non-U.S. equity securities 784 757 1,098 1,098 Commingled funds 1,833 606 2,684 1,138 Equity instruments 3,903 2,647 5,208 3,662 Government securities 2,717 916 2,601 803 Corporate bonds (including convertible and high yield bonds) 4,944 — 5,864 — Other fixed income 1,307 86 1,071 114 Fixed income securities 8,968 1,002 9,536 917 Private equity funds 2,066 — 1,962 — Commingled funds 56 53 165 162 Real estate funds 1,392 3 1,374 13 Hedge funds 1,676 26 1,893 49 Investment funds 5,190 82 5,394 224 Insurance contracts and other 86 12 452 50 Total fair value of plan assets € 18,819 € 4,358 € 21,218 € 5,464 Non-U.S. equity securities are invested broadly in developed international and emerging markets. Fixed income securities are debt instruments primarily comprised of long-term U.S. Treasury and global government bonds, as well as U.S., developed international and emerging market companies’ debt securities diversified by sector, geography and through a wide range of market capitalizations. Private equity funds include those in limited partnerships that invest primarily in the equity of companies that are not publicly traded on a stock exchange. Private debt funds include those in limited partnerships that invest primarily in the debt of companies and real estate developers. Commingled funds include common collective trust funds, mutual funds and other investment entities. Real estate fund investments include those in limited partnerships that invest in various commercial and residential real estate projects both domestically and internationally. Hedge fund investments include those seeking to maximize absolute return using a broad range of strategies to enhance returns and provide additional diversification. The investment strategies and objectives for pension assets primarily in the U.S. and Canada reflect a balance of liability-hedging and return-seeking investment considerations. The investment objectives are to minimize the volatility of the value of pension assets relative to pension liabilities and to ensure that assets are sufficient to pay plan obligations. The objective of minimizing the volatility of assets relative to liabilities is addressed primarily through asset diversification, partial asset-liability matching and hedging. Assets are broadly diversified across many asset classes to achieve risk-adjusted returns that, in total, lower asset volatility relative to the liabilities. Additionally, in order to minimize pension asset volatility relative to the pension liabilities, a portion of the pension plan assets are allocated to fixed income securities. The Group policy for these plans ensures actual allocations are in line with target allocations as appropriate. Assets are actively monitored and managed primarily by external investment managers. Investment managers are not permitted to invest outside of the asset class or strategy for which they have been appointed. The Group uses investment guidelines to ensure investment managers invest solely within the mandated investment strategy. Certain investment managers use derivative financial instruments to mitigate the risk of changes in interest rates and foreign currencies impacting the fair values of certain investments. Derivative financial instruments may also be used in place of physical securities when it is more cost-effective and/or efficient to do so. Plan assets do not include FCA shares or properties occupied by Group companies, with the possible exception of commingled investment vehicles where FCA does not control the investment guidelines. Sources of potential risk in pension plan assets relate to market risk, interest rate risk and operating risk. Market risk is mitigated by diversification strategies and as a result, there are no significant concentrations of risk in terms of sector, industry, geography, market capitalization, manager or counterparty. Interest rate risk is mitigated by partial asset-liability matching. The fixed income target asset allocation partially matches the bond-like and long-dated nature of the pension liabilities. Interest rate increases generally will result in a decline in the fair value of the investments in fixed income securities and the present value of the obligations. Conversely, interest rate decreases will generally increase the fair value of the investments in fixed income securities and the present value of the obligations. Operating risks are mitigated through ongoing oversight of external investment managers’ style adherence, team strength, firm health and internal controls. The weighted average assumptions used to determine defined benefit obligations were as follows: At December 31 2018 2017 U.S. Canada UK U.S. Canada UK Discount rate 4.4 % 3.8 % 2.8 % 3.8 % 3.5 % 2.7 % Future salary increase rate — % 3.5 % 3.0 % — % 3.5 % 3.2 % The average duration of U.S. and Canadian liabilities was approximately 11 years and 13 years, respectively. The average duration of UK pension liabilities was approximately 20 years. Health care and life insurance plans Liabilities arising from these unfunded plans comprise obligations for retiree health care and life insurance granted to employees and to retirees in the U.S. and Canada. Upon retirement from the Group, these employees may become eligible for continuation of certain benefits. Benefits and eligibility rules may be modified periodically. The expected benefit payments for unfunded health care and life insurance plans are as follows: Expected benefit payments (€ million) 2019 € 134 2020 € 133 2021 € 133 2022 € 133 2023 € 133 2024-2028 € 668 Changes in net defined benefit obligations for healthcare and life insurance plans were as follows: 2018 2017 (€ million) Present value of obligations at January 1 € 2,279 € 2,466 Included in the Consolidated Income Statement 110 120 Included in Other comprehensive income: Actuarial (gains)/losses from: - Demographic and other assumptions 37 (52 ) - Financial assumptions (161 ) 160 Effect of movements in exchange rates 81 (278 ) Other: Benefits paid (128 ) (137 ) Transfer to Liabilities held for sale (2 ) — Present value of obligations at December 31 € 2,216 € 2,279 Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31 2018 2017 2016 (€ million) Current service cost € 22 € 22 € 26 Interest expense 88 98 107 Past service costs/(credits) and losses/(gains) arising from settlements — — (3 ) Total recognized in the Consolidated Income Statement € 110 € 120 € 130 Health care and life insurance plans are accounted for on an actuarial basis, which requires the selection of various assumptions. In particular, it requires the use of estimates of the present value of the projected future payments to all participants, taking into consideration the likelihood of potential future events such as health care cost increases and demographic experience. The weighted average assumptions used to determine the defined benefit obligations were as follows: At December 31 2018 2017 U.S. Canada U.S. Canada Discount rate 4.4 % 3.8 % 3.9 % 3.6 % Salary growth 1.5 % 1.0 % 1.5 % 1.0 % Weighted average ultimate healthcare cost trend rate 4.4 % 4.0 % 4.5 % 4.5 % The average duration of the U.S. and Canadian liabilities was approximately 12 years and 16 years, respectively. The annual rate of increase in the per capita cost of covered U.S. health care benefits assumed for next year and used in the 2018 plan valuation was 6.4 percent ( 6.8 percent in 2017 ). The annual rate was assumed to decrease gradually to 4.4 percent through 2037 and remain at that level thereafter. The annual rate of increase in the per capita cost of covered Canadian health care benefits assumed for next year and used in the 2018 plan valuation was 4.4 percent ( 4.8 percent in 2017 ). The annual rate was assumed to decrease gradually to 4.0 percent through 2040 and remain at that level thereafter. Other post-employment benefits Other post-employment benefits comprises other employee benefits granted to Group employees in Europe and includes the Italian employee severance indemnity ( trattamento di fine rapporto , or “TFR”) obligation required under Italian Law, amounting to €664 million at December 31, 2018 and €752 million at December 31, 2017 . The amount of TFR to which each employee is entitled must be paid when the employee leaves the Group and is calculated based on the period of employment and the taxable earnings of each employee. Under certain conditions, the entitlement may be partially advanced to an employee during their working life. The legislation governing this scheme was amended by Law 296 of December 27, 2006 and subsequent decrees and regulations issued in 2007. Under these amendments, companies with at least 50 employees were obliged to transfer the TFR obligation to the “Treasury fund” managed by the Italian state-owned social security body (“INPS”) or to supplementary pension funds. Prior to the amendments, accruing TFR for employees of all Italian companies could be managed by the company itself. Consequently, the Italian companies’ obligation to INPS and the contributions to supplementary pension funds take the form of defined contribution plans under IAS 19 - Employee Benefits, whereas the amounts recorded in the provision for employee severance pay retain the nature of defined benefit plans. Accordingly, the provision for employee severance indemnity in Italy consisted of the residual TFR obligation through December 31, 2006. This is an unfunded defined benefit plan as the benefits have already been entirely earned, with the sole exception of future revaluations. Since 2007, the scheme has been classified as a defined contribution plan and the Group recognizes the associated cost over the period in which the employee renders service. Changes in defined benefit obligations for other post-employment benefits were as follows: 2018 2017 (€ million) Present value of obligations at January 1 € 987 € 987 Included in the Consolidated Income Statement 23 23 Included in Other comprehensive income: Actuarial (gains)/losses from: - Demographic and other assumptions 2 18 - Financial assumptions (5 ) (3 ) Effect of movements in exchange rates (3 ) (5 ) Other: Benefits paid (50 ) (48 ) Transfer to Liabilities held for sale (98 ) — Other changes (37 ) 15 Present value of obligations at December 31 € 819 € 987 Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2018 2017 2016 (€ million) Current service cost € 9 € 9 € 6 Interest expense 14 11 14 Past service costs/(credits) and losses/(gains) arising from settlements — — 1 Items relating to discontinued operations — 3 5 Total recognized in the Consolidated Income Statement € 23 € 23 € 26 The discount rates used for the measurement of the Italian TFR obligation are based on yields of high-quality (AA rated) fixed income securities for which the timing and amounts of maturities match the timing and amounts of the projected benefit payments. For this plan, the single weighted average discount rate that reflects the estimated timing and amount of the scheme future benefit payments for 2018 was 1.4 percent ( 1.2 percent in 2017 ). The average duration of the Italian TFR is approximately 7 years. Retirement or employee leaving rates are developed to reflect actual and projected Group experience and legal requirements for retirement in Italy. Other provisions for employees Other provisions for employees primarily include long-term disability benefits, supplemental unemployment benefits, variable and other deferred compensation, as well as bonuses granted for tenure at the Company. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2018 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Provisions | Provisions Provisions consisted of the following: At December 31 2018 2017 Current Non-current Total Current Non-current Total (€ million) Product warranty and recall campaigns € 2,745 € 4,015 € 6,760 € 2,676 € 4,049 € 6,725 Sales incentives 5,999 — 5,999 5,377 — 5,377 Legal proceedings and disputes 849 428 1,277 125 551 676 Commercial risks 442 272 714 481 334 815 Restructuring 134 31 165 26 44 70 Other risks 314 815 1,129 324 792 1,116 Total Provisions € 10,483 € 5,561 € 16,044 € 9,009 € 5,770 € 14,779 Changes in Provisions were as follows: At Additional Settlements Unused Translation differences Transfer to Liabilities held for sale Other At (€ million) Product warranty and recall campaigns € 6,725 € 3,241 € (3,272 ) € — € 180 € (118 ) € 4 € 6,760 Sales incentives 5,377 14,514 (14,014 ) (35 ) 162 — (5 ) 5,999 Legal proceedings and disputes 676 971 (113 ) (67 ) (6 ) (59 ) (125 ) 1,277 Commercial risks 815 426 (457 ) (65 ) 21 (27 ) 1 714 Restructuring costs 70 105 (26 ) (3 ) — (4 ) 23 165 Other risks 1,116 323 (230 ) (84 ) 17 (2 ) (11 ) 1,129 Total Provisions € 14,779 € 19,580 € (18,112 ) € (254 ) € 374 € (210 ) € (113 ) € 16,044 Product warranty and recall campaigns At December 31, 2018, the Product warranty and recall campaigns provision was substantially in line with 2017. During the year ended December 31, 2018, an additional amount of €114 million was accrued in relation to costs for recall campaigns related to Takata airbag inflators, net of recovery. At December 31, 2017, the Product warranty and recall campaigns provision included €102 million of charges recognized within Cost of revenues in the Consolidated Income Statement for the year ended December 31, 2017 for the estimated costs associated with an expansion of the recall campaigns related to an industry-wide recall of airbag inflators resulting from parts manufactured by Takata, of which €29 million related to the previously announced recall in NAFTA and €73 million related to the preventative safety campaigns in LATAM. Refer to Note 25 , Guarantees granted, commitments and contingent liabilities , for additional information. The cash outflow for the non-current portion of the Product warranty and recall campaigns provision is primarily expected within a period through 2021. Sales incentives As described within Note 2 , Basis of preparation - Use of estimates , the Group records the estimated cost of sales incentive programs offered to dealers and consumers as a reduction to revenue at the time of sale of the vehicle to the dealer. Legal proceedings and disputes None of the provisions within the total Legal proceedings and disputes provision are individually significant except for the provision of €748 million recognized during the year ended December 31, 2018, for costs related to final settlements reached on civil, environmental and consumer claims related to U.S. diesel emissions matters (refer to Note 25, Guarantees granted, commitments and contingent liabilities ). As described within Note 2 , Basis of preparation - Use of estimates , a provision for legal proceedings is recognized when it is deemed probable that the proceedings will result in an outflow of resources. As the ultimate outcome of pending litigation is uncertain, the timing of cash outflows for the Legal proceedings and disputes provision is also uncertain. Commercial risks Commercial risks arise in connection with the sale of products and services, such as onerous maintenance contracts, and as a result of certain regulatory emission requirements. For items such as onerous maintenance contracts, a provision is recognized when the expected costs to complete the services under these contracts exceed the revenues expected to be realized. A provision for fines related to certain regulatory emission requirements that can be settled with cash fines is recognized at the time vehicles are sold based on the estimated cost to settle the obligation, measured as the sum of the cost of regulatory credits previously purchased plus the amount, if any, of the fine expected to be paid in cash. The cash outflow for the non-current portion of the Commercial risks provision is primarily expected within a period through 2021. Other risks Other risks includes, among other items: provisions for disputes with suppliers related to supply contracts or other matters that are not subject to legal proceedings, provisions for product liabilities arising from personal injuries including wrongful death and potential exemplary or punitive damages alleged to be the result of product defects, disputes with other parties relating to contracts or other matters not subject to legal proceedings and management's best estimate of the Group’s probable environmental obligations, which also includes costs related to claims on environmental matters. The cash outflow for the non-current portion of the Other risks provision is primarily expected within a period through 2021. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Debt | Debt Debt classified within current liabilities includes short-term borrowings from banks and other financing with an original maturity date falling within twelve months, as well as the current portion of long-term debt. Debt classified within non-current liabilities includes borrowings from banks and other financing with maturity dates greater than twelve months (long-term debt), net of the current portion. The following table summarizes the Group's current and non-current Debt by maturity date (amounts include accrued interest): At December 31 2018 2017 Due Due Due Total (non-current) Total Debt Due within Due Due Total (non-current) Total Debt (€ million) Notes € 1,598 € 4,977 € 1,250 € 6,227 € 7,825 € 2,054 € 5,071 € 2,501 € 7,572 € 9,626 Borrowings from banks 2,935 2,012 234 2,246 5,181 4,132 2,278 502 2,780 6,912 Asset-backed financing (Note 15) 457 — — — 457 357 — — — 357 Other debt 871 151 43 194 1,065 702 347 27 374 1,076 Total Debt € 5,861 € 7,140 € 1,527 € 8,667 € 14,528 € 7,245 € 7,696 € 3,030 € 10,726 € 17,971 Notes The following table summarizes the notes outstanding at December 31, 2018 and 2017: At December 31 Currency Face value of Coupon % Maturity 2018 2017 Medium Term Note Programme: (€ million) Fiat Chrysler Finance Europe S.A. (1) EUR 1,250 6.625 March 15, 2018 — 1,250 Fiat Chrysler Finance Europe S.A. (1) EUR 600 7.375 July 9, 2018 — 600 Fiat Chrysler Finance Europe S.A. (2) CHF 250 3.125 September 30, 2019 222 213 Fiat Chrysler Finance Europe S.A. (1) EUR 1,250 6.750 October 14, 2019 1,250 1,250 Fiat Chrysler Finance Europe S.A. (1) EUR 1,000 4.750 March 22, 2021 1,000 1,000 Fiat Chrysler Finance Europe S.A. (1) EUR 1,350 4.750 July 15, 2022 1,350 1,350 FCA NV (1) EUR 1,250 3.750 March 29, 2024 1,250 1,250 Other (3) EUR 7 7 7 Total Medium Term Note Programme 5,079 6,920 Other Notes: FCA NV (1) U.S.$ 1,500 4.500 April 15, 2020 1,310 1,251 FCA NV (1) U.S.$ 1,500 5.250 April 15, 2023 1,310 1,251 Total Other Notes 2,620 2,502 Hedging effect, accrued interest and amortized cost valuation 126 204 Total Notes € 7,825 € 9,626 ________________________________________________________________________________________________________________________________________________ (1) Listing on the Irish Stock Exchange was obtained. (2) Listing on the SIX Swiss Exchange was obtained. (3) Medium Term Notes with amounts outstanding equal to or less than the equivalent of €50 million . Notes Issued Through the Medium Term Note Programme Certain notes issued by the Group are governed by the terms and conditions of the Medium Term Note (“MTN”) Programme (previously known as the Global Medium Term Note Programme, or “GMTN” Programme). A maximum of €20 billion may be used under this programme, of which notes of € 5.1 billion were outstanding at December 31, 2018 (€ 6.9 billion at December 31, 2017 ). Notes under the MTN Programme are issued, or otherwise guaranteed, by FCA NV. From time to time, we may buy back notes in the market that have been issued. Such buybacks, if made, depend upon market conditions, the Group's financial situation and other factors which could affect such decisions. Changes in notes issued under the MTN Programme during the year ended December 31, 2018 were due to the repayment at maturity: • in March 2018 of a note with a principal amount of €1,250 million ; and • in July 2018 of a note with a principal amount of €600 million . Changes in notes issued under the MTN Programme during the year ended December 31, 2017 were due to the repayment at maturity: • in March 2017 of a note with a principal amount of €850 million ; • in June 2017 of a note with a principal amount of €1,000 million ; and • in November 2017 of a note with a principal amount of CHF 450 million ( €385 million ). Notes issued under the MTN Programme impose covenants on the issuer and, in certain cases, on FCA NV as guarantor, which include: (i) negative pledge clauses which require that in the case that any security interest upon assets of the issuer and/or FCA NV is granted in connection with other notes or debt securities having the same ranking, such a security should be equally and ratably extended to the outstanding notes; (ii) pari passu clauses, under which the notes rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of the issuer and/or FCA NV; (iii) periodic disclosure obligations; (iv) cross-default clauses which require immediate repayment of the notes under certain events of default on other financial instruments issued by FCA's main entities; and (v) other clauses that are generally applicable to securities of a similar type. A breach of these covenants may require the early repayment of the notes. As of December 31, 2018 , FCA was in compliance with the covenants under the MTN Programme. Other Notes In 2015, FCA NV issued U.S.$ 1.5 billion (€ 1.4 billion ) principal amount of 4.5 percent unsecured senior debt securities due April 15, 2020 (the “2020 Notes”) and U.S.$ 1.5 billion (€ 1.4 billion ) principal amount of 5.25 percent unsecured senior debt securities due April 15, 2023 (the “2023 Notes”) at an issue price of 100 percent of their principal amount. The 2020 Notes and the 2023 Notes, collectively referred to as the “Notes”, rank pari passu in right of payment with respect to all of FCA NV's existing and future senior unsecured indebtedness and senior in right of payment to any of FCA NV's future subordinated indebtedness and existing indebtedness, which is by its terms subordinated in right of payment to the Notes. Interest on the 2020 Notes and the 2023 Notes is payable semi-annually in April and October. The Notes impose covenants on FCA NV including: (i) negative pledge clauses which require that in the case that any security interest upon assets of FCA NV is granted in connection with other notes or debt securities having the same ranking, such a security should be equally and ratably extended to the outstanding Notes; (ii) pari passu clauses, under which the Notes rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of FCA NV; (iii) periodic disclosure obligations; (iv) cross-default clauses which require immediate repayment of the Notes under certain events of default on other financial instruments issued by FCA’s main entities; and (v) other clauses that are generally applicable to securities of a similar type. A breach of these covenants may require the early repayment of the Notes. As of December 31, 2018 , FCA was in compliance with the covenants of the Notes. Fiat Chrysler Finance US Inc. On March 6, 2017, Fiat Chrysler Finance US Inc. (“FCF US”) was incorporated under the laws of Delaware and became an indirect, 100 percent owned subsidiary of the Company. If FCF US issues debt securities, they will be fully and unconditionally guaranteed by the Company. No other subsidiary of the Company will guarantee such indebtedness. Borrowings from banks FCA US Tranche B Term Loans On November 13, 2018, FCA US prepaid the U.S. $1,009 million ( €893 million ) outstanding principal and accrued interest on its Tranche B term loan maturing December 31, 2018 (the “Tranche B Term Loan due 2018”). The prepayment was made with cash on hand and resulted in a €1 million loss on extinguishment. At December 31, 2017 , €836 million , including accrued interest, was outstanding under FCA US's Tranche B Term Loan maturing December 31, 2018. On February 24, 2017, FCA US prepaid the U.S.$ 1,826 million (€ 1,721 million ) outstanding principal and accrued interest on its tranche B term loan maturing May 24, 2017 (the “Tranche B Term Loan due 2017”). The prepayment was made with cash on hand and resulted in a €3 million loss on extinguishment. On April 12, 2017, FCA US amended the credit agreement that governs the Tranche B Term Loan due 2018, reducing the applicable interest rate spreads by 0.50 percent per annum and reduced the LIBOR floor by 0.75 percent per annum, to 0.00 percent . For the years ended December 31, 2018, 2017 and 2016, interest was accrued based on LIBOR. On March 15, 2016, FCA US entered into amendments to the credit agreements that govern the Tranche B Term Loans to, among other items, eliminate covenants restricting the provision of guarantees and payment of dividends by FCA US for the benefit of the rest of the Group, to enable a unified financing platform and to provide free flow of capital within the Group. In conjunction with these amendments, FCA US made a U.S.$ 2.0 billion (€ 1.8 billion ) voluntary prepayment of principal at par with cash on hand, of which U.S.$ 1,288 million (€ 1,159 million ) was applied to the Tranche B Term Loan due 2017 and U.S.$ 712 million (€ 641 million ) was applied to the Tranche B Term Loan due 2018. Accrued interest related to the portion of principal prepaid of the Tranche B Term Loans and related transaction fees were also paid. The prepayments of principal were accounted for as debt extinguishments and, as a result, a non-cash charge of €10 million was recorded within Net financial expenses in the Consolidated Income Statement for the year ended December 31, 2016 which consisted of the write-off of the remaining unamortized debt issuance costs. The amendments to the remaining principal balance were analyzed on a lender-by-lender basis and accounted for as debt modifications in accordance with IAS 39 . As such, the debt issuance costs for each of the amendments were capitalized and amortized over the respective remaining terms of the Tranche B Term Loans. European Investment Bank Borrowings FCA has financing agreements with the European Investment Bank (“EIB”) for a total of €0.7 billion outstanding at December 31, 2018 ( €1.1 billion outstanding at December 31, 2017 ), which included the residual debt due under the following facilities: • €250 million (maturing in December 2019) entered into in December 2016 to support the Group's investment plan (2017-2019) in research and development centers in Italy, which includes a number of key objectives such as greater fuel efficiency, a reduction in CO 2 emissions by petrol and alternative fuel engines and the study of new hybrid architectures, as well as certain capital expenditures for facilities located in southern Italy; • €500 million (maturing in June 2021), entered into in May 2011 (guaranteed by SACE and the Serbian Authorities) for an investment program relating to the modernization and expansion of production capacity of an automotive plant in Serbia; and • €420 million (maturing in June 2022), entered into in June 2018 to support research and development projects to be implemented by FCA during the period 2018-2020. Brazil Our Brazilian subsidiaries have access to various local bank facilities in order to fund investments and operations. Total debt outstanding under those facilities amounted to a principal amount of €2.3 billion at December 31, 2018 ( €3.2 billion at December 31, 2017 ). The loans primarily include subsidized loans granted by public financing institutions, such as Banco Nacional do Desenvolvimento (“BNDES”), with the aim to support industrial projects in certain areas. This has provided the Group with the opportunity to fund large investments in Brazil with loans of sizeable amounts at attractive rates. At December 31, 2018 , outstanding subsidized loans amounted to €1.4 billion ( €2.1 billion at December 31, 2017 ), of which approximately €1.0 billion ( €1.3 billion at December 31, 2017 ) related to the construction of the plant in Pernambuco (Brazil), which was supported by subsidized credit lines totaling Brazilian Real (“BRL”) 6.5 billion ( €1.5 billion ). Approximately €0.1 billion ( €0.1 billion at December 31, 2017 ) of committed credit lines contracted to fund scheduled investments in the area were undrawn at December 31, 2018 . Revolving Credit Facilities In March 2018, the Group amended its syndicated revolving credit facility originally signed in June 2015 and previously amended in March 2017 (as amended, the “RCF”). The amendment extended the RCF’s final maturity to March 2023. The RCF is available for general corporate purposes and for the working capital needs of the Group and is structured in two tranches: €3.125 billion , with a 37 -month tenor and two extension options of 1 -year and of 11 -months exercisable on the first and second anniversary of the amendment signing date, respectively, and €3.125 billion , with a 60 -month tenor. This amendment was accounted for as a debt modification and, as a result, the new costs associated with the March 2018 amendment, as well as the remaining unamortized debt issuance costs related to the original €5.0 billion RCF and the previous March 2017 amendment, will be amortized over the life of the amended RCF. At December 31, 2018 , the € 6.25 billion RCF was undrawn. In the March 2017 amendment, the original RCF was increased from €5.0 billion to € 6.25 billion and the final maturity extended to March 2022. The amendment was accounted for as a debt modification and, as a result, the remaining unamortized debt issuance costs related to the original €5.0 billion RCF and the new costs associated with the amendment were amortized over the life of the RCF. The covenants of the RCF include financial covenants as well as negative pledge, pari passu , cross-default and change of control clauses. Failure to comply with these covenants, and in certain cases if not suitably remedied, can lead to the requirement of early repayment of any outstanding amounts. As of December 31, 2018 , FCA was in compliance with the covenants of the RCF. At December 31, 2018 , undrawn committed credit lines totaling €7.7 billion included the € 6.25 billion RCF and approximately €1.5 billion of other revolving credit facilities. At December 31, 2017 , undrawn committed credit lines totaling €7.6 billion included the € 6.25 billion RCF and approximately €1.3 billion of other revolving credit facilities. Mexico Bank Loan FCA Mexico, S.A. de C.V. (“FCA Mexico”), our principal operating subsidiary in Mexico, has a non-revolving loan agreement (“Mexico Bank Loan”) maturing on March 20, 2022 and bears interest at one-month LIBOR plus 3.35 percent per annum. At December 31, 2018 , the Mexico Bank Loan had an outstanding balance of €0.3 billion ( €0.4 billion at December 31, 2017 ). As of December 31, 2018 , we may prepay all or any portion of the loan without premium or penalty. The Mexico Bank Loan requires FCA Mexico to maintain certain fixed assets as collateral and comply with certain covenants, including, but not limited to, financial maintenance covenants, limitations on liens, incurrence of debt and asset sales. As of December 31, 2018 , FCA Mexico was in compliance with the covenants under the Mexico Bank Loan. Asset-backed financing Asset-backed financing represents the amount of financing received through factoring transactions which do not meet the IFRS 9 derecognition requirements and are recognized with assets of the same amount of €457 million ( €357 million at December 31, 2017 ) within Trade and other receivables in the Consolidated Statement of Financial Position (Note 15 , Trade, other receivables and tax receivables ). Other debt During the year ended December 31, 2017, FCA US's Canadian subsidiary made payments on the Canada Health Care Trust (“HCT”) Tranche B Note totaling €272 million , which included a scheduled payment of principal and accrued interest and the prepayment of the remaining scheduled payments due on the note. The prepayment of €226 million was accounted for as a debt extinguishment and, as a result, a gain on extinguishment of €9 million was recorded within Net financial expenses in the Consolidated Income Statement for the year ended December 31, 2017. This Canada HCT Note represented FCA US’s principal Canadian subsidiary’s remaining financial liability to the Canadian Health Care Trust arising from the settlement of its obligations for postretirement health care benefits for the National Automobile, Aerospace, Transportation and General Workers Union of Canada “CAW” (now part of Unifor), which represented employees, retirees and dependents. Other debt also included funds raised from financial services companies, primarily in Latin America, deposits from dealers in Brazil and China and the Group's payables for finance leases, which is summarized in the table below: At December 31 2018 2017 Due Due Due Due Total Due Due Due Due Total (€ million) Minimum future lease € 73 € 106 € 54 € 80 € 313 € 90 € 134 € 19 € 74 € 317 Interest expense (17 ) (18 ) (11 ) (6 ) (52 ) (15 ) (15 ) (3 ) (3 ) (36 ) Present value of minimum € 56 € 88 € 43 € 74 € 261 € 75 € 119 € 16 € 71 € 281 Debt secured by assets At December 31, 2018 , debt secured by assets of the Group amounted to €1,095 million ( €1,348 million at December 31, 2017 ), of which €261 million ( €281 million at December 31, 2017 ) was due to creditors for assets acquired under finance leases and the remaining amount mainly related to subsidized financing in Latin America. The total carrying amount of assets acting as security for loans for the Group amounted to €2,214 million at December 31, 2018 ( €2,372 million at December 31, 2017 , excluding the amounts secured in relation to the Tranche B Term Loan). At December 31, 2017 , debt secured by assets of FCA US, in relation the Tranche B Term Loan amounted to €836 million . Refer to Note 11 , Property, plant and equipment . |
Other liabilities and tax payab
Other liabilities and tax payable | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other liabilities and Tax payable | Other liabilities consisted of the following: At December 31 2018 2017 Current Non-current Total Current Non-current Total (€ million) Payables for GDP and buy-back agreements € 2,362 € — € 2,362 € 2,234 € — € 2,234 Accrued expenses and deferred income 783 697 1,480 1,573 2,260 3,833 Indirect tax payables 681 16 697 799 19 818 Payables to personnel 956 16 972 988 16 1,004 Social security payables 265 4 269 313 6 319 Construction contract liabilities (Note 14) 93 — 93 190 — 190 Service contract liability 568 1,521 2,089 — — — Other 1,349 198 1,547 1,838 199 2,037 Total Other liabilities € 7,057 € 2,452 € 9,509 € 7,935 € 2,500 € 10,435 The impact of the adoption of IFRS 15 on Other liabilities as at January 1, 2018, was as follows: At December 31, 2017 (as previously reported) Adjustments/Reclassifications At January 1, 2018 (as adjusted) Current Non-Current Total Current Non-Current Total Current Non-Current Total (€ million) Payables for GDP and buy-back agreements € 2,234 € — € 2,234 € (293 ) € — € (293 ) € 1,941 € — € 1,941 Accrued expenses and deferred income 1,573 2,260 3,833 (440 ) (1,414 ) (1,854 ) 1,133 846 1,979 Service contract liability — — — 497 1,397 1,894 497 1,397 1,894 Balances unaffected by IFRS 15 adoption 4,128 240 4,368 — — — 4,128 240 4,368 Total Other liabilities € 7,935 € 2,500 € 10,435 € (236 ) € (17 ) € (253 ) € 7,699 € 2,483 € 10,182 Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were as follows: At December 31 2018 2017 Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total (€ million) Other liabilities (excluding Accrued expenses, deferred income and service contract liability) € 5,706 € 221 € 13 € 234 € 5,940 € 6,362 € 227 € 13 € 240 € 6,602 Payables for GDP and buy-back agreements relate to buy-back agreements entered into by the Group and includes the price received for the product, recognized as an advance at the date of the sale and, subsequently, the repurchase price and the remaining lease installments yet to be recognized. Accrued expenses and deferred income includes the remaining portion of government grants that will be recognized as income in the Consolidated Income Statement over the same periods as the related costs which they are intended to offset. On March 15, 2017, the Brazilian Supreme Court ruled that state value added tax should be excluded from the basis for calculating a federal tax on revenue. At June 30, 2017, the Group determined that the likelihood of economic outflow related to such indirect taxes was no longer probable and the total liability of €895 million that FCA had accrued but not paid for such taxes for the period from 2007 to 2014 was reversed. Due to the materiality of this item and its effect on our results, the amount is presented separately in the line Reversal of a Brazilian indirect tax liability in the Consolidated Income Statement for the year ended December 31, 2017, and is composed of €547 million , originally recognized as a reduction to Net revenues, and €348 million , originally recognized within Net financial expenses. The Brazilian Supreme Court issued summary written minutes of its ruling on September 29, 2017 and Trial Minutes on October 2, 2017. On October 19, 2017, the Brazilian government filed its appeal against the PIS/COFINS over ICMS decision. At December 31, 2017, due to the uncertainty of scope of the application of the Supreme Court ruling taking into account the government’s appeal and request for modulation, and due to Brazil’s current heightened political and economic uncertainty, management believed a risk of economic outflow was still greater than remote. On August 18, 2018, the litigation concerning PIS over ICMS had its final and definitive favorable decision. At September 30, 2018, the Group determined that the likelihood of economic outflow related to such indirect taxes was no longer probable and the total liability of €54 million accrued and paid will be recovered. At December 31, 2018, management believes a risk of economic outflow for COFINS over ICMS is still greater than remote. The service contract liability is mainly comprised of maintenance plans and extended warranties. Changes in the Group's service contract liability for the year ended December 31, 2018 , were as follows: At January 1, 2018 Advances received from customers Amounts recognized within revenue Transfers to Assets/(Liabilities) held for sale Other Changes At December 31, 2018 (€ million) Service contract liability € 1,894 € 879 € (658 ) € — € (26 ) € 2,089 Of the total Service contract liability at December 31, 2018 , the Group expects to recognize approximately €512 million in 2019, €440 million in 2020, €362 million in 2021 and €775 million thereafter Tax payables Tax payables by due date were as follows: At December 31 2018 2017 Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total (€ million) Tax payables € 114 € 1 € — € 1 € 115 € 309 € 32 € 42 € 74 € 383 |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurement [Abstract] | |
Fair value measurements | Fair value measurement Assets and liabilities that are measured at fair value on a recurring basis The following table shows the fair value hierarchy, based on observable and unobservable inputs, for financial assets and liabilities that are measured at fair value on a recurring basis: At December 31 2018 2017 Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (€ million) Debt securities and equity instruments measured at FVOCI 13 € 3 € 15 € 13 € 31 € 3 € 24 € — € 27 Debt securities and equity instruments measured at FVPL 13 270 — 3 273 275 — 2 277 Derivative financial assets 16 — 256 41 297 — 254 30 284 Collateral deposits 13 61 — — 61 61 — — 61 Receivables from financing activities 15 — — 973 973 — — — — Trade receivables 15 — 65 — 65 — — — — Cash at banks (1) 17 — — — — 6,396 — — 6,396 Money market securities (1) 17 4,352 — — 4,352 4,404 1,838 — 6,242 Total Assets € 4,686 € 336 € 1,030 € 6,052 € 11,139 € 2,116 € 32 € 13,287 Derivative financial liabilities 16 — 205 2 207 — 138 1 139 Total Liabilities € — € 205 € 2 € 207 € — € 138 € 1 € 139 ________________________________________________________________________________________________________________________________________________ (1) Amounts relating to Cash at banks and certain Money market securities were reclassified to amortized cost as January 1, 2018. Refer to Note 2 , Basis of preparation - New standards and amendments effective January 1, 2018 . The impact of the adoption of IFRS 9 on the fair value hierarchy as at January 1, 2018 was as follows: At December 31, 2017 (as previously reported) Adjustments/Reclassifications At January 1, 2018 (as adjusted) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (€ million) Debt securities and equity instruments measured at FVOCI € 3 € 24 € — € 27 € — € (4 ) € 23 € 19 € 3 € 20 € 23 € 46 Debt securities and equity instruments measured at FVPL 275 — 2 277 — — 20 20 275 — 22 297 Derivative financial assets — 254 30 284 — — — — — 254 30 284 Collateral deposits 61 — — 61 — — — — 61 — — 61 Receivables from financing activities — — — — — — 700 700 — — 700 700 Trade receivables — — — — — 28 — 28 — 28 — 28 Cash at banks (1) 6,396 — — 6,396 (6,396 ) — — (6,396 ) — — — — Money market securities (1) 4,404 1,838 — 6,242 (1,692 ) (1,838 ) — (3,530 ) 2,712 — — 2,712 Total Assets € 11,139 € 2,116 € 32 € 13,287 € (8,088 ) € (1,814 ) € 743 € (9,159 ) € 3,051 € 302 € 775 € 4,128 Derivative financial liabilities — 138 1 139 — — — — — 138 1 139 Total Liabilities € — € 138 € 1 € 139 € — € — € — € — € — € 138 € 1 € 139 In 2018 , there were no transfers between Levels in the fair value hierarchy. For assets and liabilities recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization at the end of each reporting period. The fair value of derivative financial assets and liabilities is measured by taking into consideration market parameters at the balance sheet date and using valuation techniques widely accepted in the financial business environment, as described below: • the fair value of forward contracts and currency swaps is determined by taking the prevailing exchange rates and interest rates at the balance sheet date; • the fair value of interest rate swaps and forward rate agreements is determined by taking the prevailing interest rates at the balance sheet date and using the discounted expected cash flow method; • the fair value of combined interest rate and currency swaps is determined using the exchange and interest rates prevailing at the balance sheet date and the discounted expected cash flow method; and • the fair value of swaps and options hedging commodity price risk is determined by using suitable valuation techniques and taking market parameters at the balance sheet date (in particular, underlying prices, interest rates and volatility rates). The fair value of money market securities is also based on available market quotations. Where appropriate, the fair value of cash equivalents is determined with discounted expected cash flow techniques using observable market yields (categorized as Level 2). The fair value of Receivables from financing activities, which are classified in Level 3 of the fair value hierarchy, has been estimated using discounted cash flow models. The most significant inputs used in this measurement are market discount rates that reflect conditions applied in various reference markets on receivables with similar characteristics, adjusted in order to take into account the credit risk of the counterparties. The following table provides a reconciliation of the changes in items measured at fair value and categorized within Level 3: 2018 2017 Receivables from financing activities Debt securities and equity instruments Derivative financial Debt securities and equity instruments Derivative financial (€ million) At January 1 700 45 29 12 19 Gains/(Losses) recognized in Consolidated Income Statement — (1 ) 30 1 27 Gains/(Losses) recognized in Other comprehensive income/(loss) — — 9 (1 ) 18 Issues/Settlements 273 — (29 ) — (35 ) Transfers to Assets/(Liabilities) held for sale — (28 ) — — — At December 31 € 973 € 16 € 39 12 29 The gains/(losses) included in the Consolidated Income Statements were recognized within Cost of revenues. Of the total gains/(losses) recognized in Other comprehensive income, € 7 million was recognized within Cash flow reserves and € 2 million was recognized within Currency translation differences. Assets and liabilities not measured at fair value on recurring basis The carrying value of debt securities measured at amortized cost, financial receivables, current receivables and payables is a reasonable approximation of fair value as the present value of future cash flows does not differ significantly from the carrying amount. The carrying value of Cash at banks and Other cash equivalents usually approximates fair value due to the short maturity of these instruments (refer to Note 17 , Cash and cash equivalents ). The following table provides the carrying amount and fair value of financial assets and liabilities not measured at fair value on a recurring basis: At December 31 2018 2017 Note Carrying Fair Carrying Fair (€ million) Dealer financing € 1,681 € 1,682 € 2,295 € 2,295 Retail financing 601 584 420 405 Finance lease 3 3 4 4 Other receivables from financing activities 356 355 421 421 Total Receivables from financing activities (1) 15 € 2,641 € 2,624 € 3,140 € 3,125 Asset backed financing € 457 € 457 € 357 € 357 Notes 7,825 8,152 9,626 10,365 Other debt 6,246 6,229 7,988 8,001 Total Debt 21 € 14,528 € 14,838 € 17,971 € 18,723 ________________________________________________________________________________________________________________________________________________ (1) Amount at December 31, 2018 excludes receivables measured at FVPL The fair value of Receivables from financing activities, which are categorized within Level 3 of the fair value hierarchy, has been estimated with discounted cash flows models. The most significant inputs used in this measurement are market discount rates that reflect conditions applied in various reference markets on receivables with similar characteristics, adjusted in order to take into account the credit risk of the counterparties. Notes that are traded in active markets for which close or last trade pricing is available are classified within Level 1 of the fair value hierarchy. Notes for which such prices are not available are valued at the last available price or based on quotes received from independent pricing services or from dealers who trade in such securities and are categorized as Level 2. At December 31, 2018 , €8,145 million and €7 million of notes were classified within Level 1 and Level 2, respectively. At December 31, 2017 , €10,358 million and €7 million of notes were classified within Level 1 and Level 2, respectively. The fair value of Other debt included in Level 2 of the fair value hierarchy has been estimated using discounted cash flow models. The main inputs used are year-end market interest rates, adjusted for market expectations of the Group’s non-performance risk implied in quoted prices of traded securities issued by the Group and existing credit derivatives on Group liabilities. The fair value of Other debt that requires significant adjustment using unobservable inputs is categorized within Level 3. At December 31, 2018 , €5,241 million and €988 million of Other Debt was classified within Level 2 and Level 3, respectively. At December 31, 2017 , €6,796 million and €1,205 million of Other Debt was classified within Level 2 and Level 3, respectively. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party [Abstract] | |
Related party transactions | Related party transactions In accordance with IAS 24 - Related Party Disclosures , the related parties of the Group are determined as those entities and individuals capable of exercising control, joint control or significant influence over the Group and its subsidiaries. Related parties include companies belonging to Exor N.V. (the largest shareholder of FCA through its 28.98 percent common shares shareholding interest and 42.11 percent voting power at December 31, 2018 ), which include Ferrari N.V. and CNHI. Related parties also include associates, joint ventures and unconsolidated subsidiaries of the Group, members of the FCA Board of Directors, executives with strategic responsibilities and certain members of their families. Transactions carried out by the Group with its related parties are on commercial terms that are normal in the respective markets, considering the characteristics of the goods or services involved, and primarily relate to: • the purchase of engines and engine components for Maserati vehicles from Ferrari N.V.; • transactions related to the display of FCA brand names on Ferrari N.V. Formula 1 cars; • the sale of vehicles to the leasing and renting subsidiaries of the joint ventures Koc Fiat Kredi and FCA Bank; • the sale of engines, other components and production systems to and the purchase of light commercial vehicles from the joint operation Sevel S.p.A. Refer to Note 31, Subsequent events for additional detail; • the sale of engines, other components and production systems to the companies of CNHI; • the purchase of vehicles from, the provision of services and the sale of goods to the joint operation Fiat India Automobiles Private Limited; • the provision of services and the sale of goods to the GAC FCA JV; • the provision of services (accounting, payroll, tax administration, information technology, purchasing and security) to the companies of CNHI; • the purchase of light commercial vehicles and passenger cars from the joint venture Tofas; and • the sale of automotive lighting and automotive components, which is included within discontinued operations, to Ferrari N.V. The most significant financial transactions with related parties generated Receivables from financing activities of the Group’s financial services companies from joint ventures and Asset-backed financing relating to amounts due to FCA Bank for the sale of receivables, which do not qualify for derecognition under IFRS 9 – Financial Instruments . The amounts for significant transactions with related parties recognized in the Consolidated Income Statements were as follows: Years ended December 31, 2018 2017 2016 Net Cost of Selling, and costs, net Net Financial Net Cost of Selling, and costs, net Net Financial Net Cost of Selling, and costs, net Net Financial (€ million) Tofas € 926 € 2,572 € 7 € — € 1,287 € 2,779 € 9 € — € 1,536 € 2,811 € 3 € — Sevel S.p.A. 402 1 4 — 392 — 5 — 381 — 5 — FCA Bank 1,611 28 (21 ) 56 1,715 26 (20 ) 36 1,571 18 (21 ) 39 GAC FCA JV 419 11 (49 ) — 569 — (105 ) — 683 — (82 ) — Fiat India Automobiles 2 — — — 25 1 — — 23 1 (1 ) (1 ) Other 27 6 (4 ) 1 35 2 (4 ) 2 36 5 (3 ) — Total joint arrangements 3,387 2,618 (63 ) 57 4,023 2,808 (115 ) 38 4,230 2,835 (99 ) 38 Total associates 30 229 (2 ) (1 ) 73 52 (3 ) (1 ) 91 47 — — CNHI 501 326 6 — 526 329 2 — 543 422 3 — Ferrari N.V. 64 218 4 — 82 320 1 — 81 246 — — Directors and Key Management — — 77 — — — 114 — — — 143 — Other 2 26 1 — 26 — — — 26 — Total CNHI, Ferrari, Directors and other 567 544 113 — 609 649 143 — 624 668 172 — Total unconsolidated 7 8 4 1 61 8 3 1 57 7 8 1 Total transactions with related parties € 3,991 € 3,399 € 52 € 57 € 4,766 € 3,517 € 28 € 38 € 5,002 € 3,557 € 81 € 39 Total for the Group € 110,412 € 95,011 € 7,318 € 1,056 € 105,730 € 89,710 € 7,177 € 1,345 € 105,798 € 90,927 € 7,388 € 1,858 Assets and liabilities from significant transactions with related parties were as follows: At December 31 2018 2017 Trade and other Trade Other Asset- Debt (1) Trade Trade Other Asset- Debt (1) (€ million) Tofas € 11 € 176 € 40 € — € — € 34 € 240 € 50 € — € — Sevel S.p.A. 20 — 2 — 11 23 — 6 — 1 FCA Bank 395 258 232 449 28 466 206 199 319 32 GAC FCA JV 63 22 1 — — 58 15 1 — — Fiat India Automobiles Limited — — 6 — — 7 13 5 — — Other 19 1 — — — 20 1 — — — Total joint arrangements 508 457 281 449 39 608 475 261 319 33 Total associates 34 33 10 — — 36 32 13 — — CNHI 53 71 12 — — 47 86 11 — — Ferrari N.V. 25 45 3 — — 23 75 — — — Other 2 2 — — — 1 2 — — — Total CNHI, Ferrari N.V. and other 80 118 15 — — 71 163 11 — — Total unconsolidated subsidiaries 17 7 1 — 26 83 8 1 — 28 Total originating from related parties € 639 € 615 € 307 € 449 € 65 € 798 € 678 € 286 € 319 € 61 Total for the Group € 8,672 € 19,229 € 9,509 € 457 € 14,071 € 8,553 € 21,939 € 10,435 € 357 € 17,614 ________________________________________________________________________________________________________________________________________________ 1) Relating to Debt excluding Asset-backed financing, refer to Note, 21 Debt . Commitments and Guarantees As of December 31, 2018 , the Group had a take-or-pay commitment with Tofas with future minimum expected obligations as follows: (€ million) 2019 € 299 2020 € 291 2021 € 267 2022 € 152 2023 € — 2024 and thereafter € — We provided guarantees to FCA Bank related to certain dealer financing arrangements FCA Bank has with dealers. The amount of the guarantees outstanding at December 31, 2018 was approximately €86 million . The fair value of these guarantees is immaterial due to the value of vehicles in the dealers' stock pledged to FCA. Compensation to Directors and Key Management The fees of the Directors of the Group for carrying out their respective functions, including those in other consolidated companies, were as follows: Years ended December 31, 2018 2017 2016 (€ thousand) Directors (1) € 18,830 € 29,861 € 39,329 Total Compensation € 18,830 € 29,861 € 39,329 ________________________________________________________________________________________________________________________________________________ (1) Including the notional compensation cost arising from long-term share-based compensation granted to the Chief Executive Officer and share-based compensation to non-executive Directors. Refer to Note 18 , Share-based compensation , for information related to the special recognition award granted to the Chief Executive Officer on April 16, 2015 and the PSU and RSU awards granted to certain key employees. The aggregate compensation expense for remaining executives with strategic responsibilities was approximately €58 million for 2018 ( €81 million in 2017 and €103 million in 2016 ), which, in addition to base compensation, included: • approximately €28 million in 2018 (approximately €49 million in 2017 and approximately €73 million in 2016 ) for share-based compensation expense; • approximately €7 million in 2018 (approximately €8 million in 2017 and approximately €8 million in 2016 ) for short-term employee benefits; and • €10 million in 2018 ( €9 million in 2017 and €6 million in 2016 ) for pension and similar benefits. |
Guarantees granted, commitments
Guarantees granted, commitments and contingent liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Guarantees granted, commitments and contingent liabilities | Guarantees granted, commitments and contingent liabilities Guarantees granted At December 31, 2018 , the Group had pledged guarantees on the debt or commitments of third parties totaling €7 million ( €5 million at December 31, 2017 ), as well as guarantees of €3 million on related party debt ( €4 million at December 31, 2017 ). SCUSA Private-label financing agreement In February 2013 , FCA US entered into a private-label financing agreement (the “SCUSA Agreement”) with Santander Consumer USA Inc. (“SCUSA”), an affiliate of Banco Santander, which launched on May 1, 2013. Under the SCUSA Agreement, SCUSA provides a wide range of wholesale and retail financing services to FCA US's dealers and consumers in accordance with its usual and customary lending standards, under the Chrysler Capital brand name. The SCUSA Agreement has a ten -year term from February 2013, subject to early termination in certain circumstances, including the failure by a party to comply with certain of its ongoing obligations under the SCUSA Agreement. In accordance with the terms of the agreement, SCUSA provided an upfront, non-refundable payment of €109 million (U.S. $150 million ) in May 2013, which was recognized as deferred revenue and is amortized over ten years. At December 31, 2018, €57 million (U.S. $65 million ) remained in deferred revenue. From time to time, FCA US works with certain lenders to subsidize interest rates or cash payments at the inception of a financing arrangement to incentivize customers to purchase its vehicles, a practice known as “subvention”. FCA US has provided SCUSA with limited exclusivity rights to participate in specified minimum percentages of certain of its retail financing rate subvention programs. SCUSA has committed to certain revenue sharing arrangements, as well as to consider future revenue sharing opportunities. SCUSA bears the risk of loss on loans contemplated by the SCUSA Agreement. The parties share in any residual gains and losses in respect of consumer leases, subject to specific provisions in the SCUSA Agreement, including limitations on FCA US participation in gains and losses. Other repurchase obligations In accordance with the terms of other wholesale financing arrangements in Mexico, FCA Mexico is required to repurchase dealer inventory financed under these arrangements, upon certain triggering events and with certain exceptions, including in the event of an actual or constructive termination of a dealer’s franchise agreement. These obligations exclude certain vehicles including, but not limited to, vehicles that have been damaged or altered, that are missing equipment or that have excessive mileage or an original invoice date that is more than one year prior to the repurchase date. In December 2015, FCA Mexico entered into a ten -year private label financing agreement with FC Financial, S.A De C.V., Sofom, E.R., Grupo Financiaro Inbursa (“FC Financial”), a wholly owned subsidiary of Banco Inbursa, under which FC Financial provides a wide range of financial wholesale and retail financial services to FCA Mexico's dealers and retail customers under the FCA Financial Mexico brand name. The wholesale repurchase obligation under the new agreement will be limited to wholesale purchases in case of actual or constructive termination of a dealer's franchise agreement. At December 31, 2018 , the maximum potential amount of future payments required to be made in accordance with these wholesale financing arrangements was approximately €206 million ( US$236 million ) and was based on the aggregate repurchase value of eligible vehicles financed through such arrangements in the respective dealer’s stock. If vehicles are required to be repurchased through such arrangements, the total exposure would be reduced to the extent the vehicles can be resold to another dealer. The fair value of the guarantee was nil at December 31, 2018 . Arrangements with key suppliers From time to time and in the ordinary course of our business, the Group enters into various arrangements with key third party suppliers in order to establish strategic and technological advantages. A limited number of these arrangements contain unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/or services with fixed and determinable price provisions. Future minimum purchase obligations under these arrangements at December 31, 2018 were as follows for the Group's continuing operations: (€ million) 2019 € 804 2020 € 508 2021 € 349 2022 € 216 2023 € 32 2024 and thereafter € 42 Operating lease contracts The Group has operating lease contracts for the right to use industrial buildings and equipment with an average term of 10-20 years and 3-5 years , respectively. The following table summarizes the total future minimum lease payments under non-cancellable lease contracts for the Group's continuing operations: At December 31, 2018 Due within one year Due between Due between Due Total (€ million) Future minimum lease payments under operating lease agreements € 325 € 331 € 172 € 199 € 1,027 During 2018 , the Group recognized lease payments expense of €423 million ( €284 million in 2017 and €280 million in 2016 ). Other commitments, arrangements and contractual rights UAW Labor Agreement In October 2015, FCA US and the UAW agreed to a four -year national collective bargaining agreement, which will expire in September 2019. The provisions of the new agreement continue certain opportunities for success-based compensation upon meeting certain quality and financial performance metrics. The agreement closes the pay gap between “Traditional” and “In-progression” employees over an eight -year period and will continue to provide UAW-represented employees with a simplified adjusted profit sharing plan. The adjusted profit sharing plan was effective for the 2016 plan year and is directly aligned with NAFTA profitability. The agreement included lump-sum payments in lieu of further wage increases of primarily U.S. $4,000 for “Traditional” employees and U.S. $3,000 for “In-progression” employees totaling approximately U.S. $141 million ( €127 million ) that was paid to UAW members on November 6, 2015. These payments are being amortized ratably over the four -year labor agreement period. Italian labor agreement In April 2015, a four -year compensation agreement was signed by FCA companies within the automobiles business in Italy. The compensation agreement was subsequently included into the labor agreement and was extended to all FCA companies in Italy on July 7, 2015. The compensation arrangement was effective retrospectively from January 1, 2015 through December 31, 2018 and incentivized all employees toward achievement of the productivity, quality and profitability targets established in the 2015-2018 period of the 2014-2018 business plan developed in May 2014 by adding two variable additional elements to base pay: • an annual bonus, calculated on the basis of production efficiencies achieved and the plant’s World Class Manufacturing audit status; and • a component linked to achievement of the financial targets established in the 2015-2018 period of the 2014-2018 business plan for the EMEA region, including the activities of the premium brands Alfa Romeo and Maserati. A total of €72 million , €105 million and €101 million related to the additional variable elements above was recorded as an expense included within Net profit from continuing operations for the years ended December 31, 2018 , 2017 and 2016 , respectively. Negotiations for the renewal of this labor contract commenced on November 29, 2018. As of February 22, 2019 , negotiations are ongoing. Canada labor agreement FCA entered into a four -year labor agreement with Unifor in Canada that was ratified on October 16, 2016. The terms of this agreement provide a two percent wage increase in the first and fourth years of the agreement for employees hired prior to September 24, 2012 and will continue to close the pay gap for employees hired on or after September 24, 2012 by revising a ten -year progressive pay scale plan. The agreement includes a lump sum payment in lieu of further wage increases of 6,000 Canadian dollars (“CAD$”) per employee totaling approximately CAD $55 million (approximately €38 million ) that was paid to Unifor members on November 4, 2016. These payments will be amortized ratably over the four -year labor agreement period. The agreement expires September 2020. Contingent liabilities In connection with significant asset divestitures carried out in prior years, the Group provided indemnities to purchasers with the maximum amount of potential liability under these contracts generally capped at a percentage of the purchase price. These liabilities refer principally to potential liabilities arising from possible breaches of representations and warranties provided in the contracts and, in certain instances, environmental or tax matters, generally for a limited period of time. Potential obligations with respect to these indemnities were approximately €160 million and a total of €50 million has been recognized within Provisions related to these obligations as of December 31, 2018 and 2017 . The Group has provided certain other indemnifications that do not limit potential payment and as such, it was not possible to estimate the maximum amount of potential future payments that could result from claims made under these indemnities. Takata airbag inflators We are aware of putative class action lawsuits filed in March 2018 against FCA US in the U.S. District Courts for the Southern District of Florida and the Eastern District of Michigan, asserting claims under federal and state laws alleging economic loss due to Takata airbag inflators installed in certain of our vehicles. At this early stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. Rear Impact Litigation On July 9, 2012, a lawsuit was filed against FCA US in the Superior Court of Decatur County, Georgia, U.S., with respect to a March 2012 fatality in a rear-impact collision involving a 1999 Jeep Grand Cherokee. Plaintiffs alleged that the manufacturer had acted in a reckless and wanton fashion when it designed and sold the vehicle due to the placement of the fuel tank behind the rear axle and had breached a duty to warn of the alleged danger. On April 2, 2015, a jury found in favor of the plaintiffs and the trial court entered a judgment against FCA US in the amount of U.S. $148.5 million ( €141 million ). On July 24, 2015, the Court issued a remittitur reducing the judgment against FCA US to U.S. $40 million ( €38 million ). While FCA US respects the decision of the jury, the Company appealed the final judgment issued by the judge. FCA US believes the judgment was not supported by the evidence or the law. FCA US maintains that the 1999 Jeep Grand Cherokee is not defective, and its fuel system does not pose an unreasonable risk to motor vehicle safety. The vehicle met or exceeded all applicable Federal Motor Vehicle Safety Standards, including the standard governing fuel system integrity. Furthermore, FCA US has submitted extensive data to NHTSA validating that the vehicle performs as well as, or better than, peer vehicles in impact studies. During the trial, however, the judge did not permit FCA US to introduce for the jury’s consideration, all data previously provided to NHTSA along with other key evidence, demonstrating the vehicle’s fuel system is not defective. On November 15, 2016, the Georgia Court of Appeals affirmed the Court’s verdict and judgment of U.S. $40 million ( €38 million ). On March 15, 2018, the Georgia Supreme Court affirmed the judgment of the Georgia Court of Appeals. FCA US declined to pursue further appeals and the final amount of the outstanding judgment, including accrued interest, did not materially exceed our existing provisions. Emissions Matters On January 10, 2019, we announced that FCA US reached final settlements on civil, environmental and consumer claims with the U.S. Environmental Protection Agency (“EPA”) , U.S. Department of Justice, the California Air Resources Board, the State of California, 49 other States and U.S. Customs and Border Protection, for which we have accrued €748 million , of which approximately €350 million will be paid in civil penalties to resolve differences over diesel emissions requirements. We also announced that FCA US had reached settlements in connection with a putative class action on behalf of consumers in connection with which FCA US agreed to pay an average of $2,800 per vehicle for each eligible customer affected by the recall. We remain subject to diesel emissions-related investigations by the U.S. Securities and Exchange Commission and the U.S. Department of Justice, Criminal Division. In addition, we remain subject to a number of related private lawsuits and the potential for additional claims by consumers who choose not to participate in the class action settlement. We have also received inquiries from other regulatory authorities in a number of jurisdictions as they examine the on-road tailpipe emissions of several automakers’ vehicles and, when jurisdictionally appropriate, we continue to cooperate with these governmental agencies and authorities. In Europe, we have been working with the Italian Ministry of Transport (“MIT”) and the Dutch Vehicle Regulator (“RDW”), the authorities that certified FCA diesel vehicles for sale in the European Union, and the UK Driver and Vehicle Standards Agency. We also initially responded to inquiries from the German authority, the Kraftfahrt-Bundesamt (“KBA”), regarding emissions test results for our vehicles, and we discussed the KBA reported test results, our emission control calibrations and the features of the vehicles in question. After these initial discussions, the MIT, which has sole authority for regulatory compliance of the vehicles it has certified, asserted its exclusive jurisdiction over the matters raised by the KBA, tested the vehicles, determined that the vehicles complied with applicable European regulations and informed the KBA of its determination. Thereafter, mediations have been held under European Commission (“EC”) rules, between the MIT and the German Ministry of Transport and Digital Infrastructure, which oversees the KBA, in an effort to resolve their differences. The mediation was concluded with no action being taken with respect to FCA. In May 2017, the EC announced its intention to open an infringement procedure against Italy regarding Italy's alleged failure to respond to EC's concerns regarding certain FCA emission control calibrations. The MIT has responded to the EC's allegations by confirming that the vehicles' approval process was correctly performed. In addition, at the request of the French Consumer Protection Agency, the Juge d’Instruction du Tribunal de Grande Instance of Paris is investigating diesel vehicles of a number of automakers including FCA, regarding whether the sale of those vehicles violated French consumer protection laws. In December 2018, the Korean Ministry of Environment announced its determination that 2,428 FCA vehicles imported in Korea during 2015, 2016 and 2017 were not emissions compliant and that the vehicles with a subsequent update of the emission control calibrations voluntarily performed by FCA, although compliant, would have required re-homologation of the vehicles concerned. The results of the unresolved inquiries and private litigation cannot be predicted at this time and these inquiries and litigation may lead to further enforcement actions, penalties or damage awards, any of which may have a material adverse effect on our business, results of operations and reputation. It is possible that the resolution of these matters may adversely affect our reputation with consumers, which may negatively impact demand for our vehicles and could have a material adverse effect on our business, financial condition and results of operations. At this stage, we are unable to evaluate the likelihood that a loss will be incurred with regard to the unresolved inquiries and private litigation or estimate a range of possible loss. Safety Recall and Emissions-related Securities Class Action Lawsuit On September 11, 2015, a putative securities class action complaint was filed in the U.S. District Court for the Southern District of New York against us alleging material misstatements regarding our compliance with regulatory requirements and that we failed to timely disclose certain expenses relating to our vehicle recall campaigns. On October 5, 2016, the district court dismissed the claims relating to the disclosure of vehicle recall campaign expenses but ruled that claims regarding the alleged misstatements regarding regulatory requirements would be allowed to proceed. On February 17, 2017, the plaintiffs amended their complaint to allege material misstatements regarding emissions compliance. On November 13, 2017, the Court denied our motion to dismiss the emissions-related claims. On June 15, 2018, the Court certified a class of our stockholders in the case. On February 4, 2019, we entered into an agreement in principle to settle the litigation contingent on court approval and our insurers' confirmation for an amount within the coverage limits of our applicable insurance policies. As such, any potential loss is not material to the Group. U.S. Sales Reporting Investigations On July 18, 2016, we confirmed that the U.S. Securities and Exchange Commission had commenced an investigation into our reporting of vehicle unit sales to end customers in the U.S. and that inquiries into similar issues have been received from the U.S. Department of Justice. These vehicle unit sales reports relate to unit sales volumes primarily by dealers to consumers while we generally recognize revenues based on shipments to dealers and other customers and not on vehicle unit sales to consumers. We continue to cooperate with these investigations; however their outcome is uncertain and cannot be predicted at this time. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. As previously reported, two putative securities class action lawsuits were filed against us in the U.S. District Court for the Eastern District of Michigan making allegations with regard to our reporting of vehicle unit sales to end consumers in the U.S. These lawsuits have been consolidated into a single action and on October 4, 2018, we entered into an agreement in principle to settle the consolidated litigation, subject to court approval, for an amount that is not material to the Group. National Training Center In connection with an on-going government investigation into matters at the UAW-Chrysler National Training Center, the U.S. Department of Justice has brought charges against a number of individuals including former FCA US employees and individuals associated with the UAW for, among other things, tax fraud and conspiring to provide money or other things of value to a UAW officer and UAW employees while acting in the interests of FCA US, in violation of the Labor Management Relations (Taft-Hartley) Act. We continue to cooperate with this investigation. Several putative class action lawsuits have been filed against FCA US in U.S. federal court alleging harm to UAW workers as a result of these acts. Those actions have been dismissed at the trial court stage, but remain subject to appeal. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Equity | Equity Share capital At December 31, 2018 , the authorized share capital of FCA was forty million Euro ( €40,000,000 ), divided into two billion ( 2,000,000,000 ) FCA common shares, nominal value of one Euro cent ( €0.01 ) per share and two billion ( 2,000,000,000 ) special voting shares, nominal value of one Euro cent ( €0.01 ) per share. At December 31, 2018 , fully paid-up share capital of FCA amounted to € 19 million (€ 19 million at December 31, 2017 ) and consisted of 1,550,617,563 common shares and of 408,941,767 s pecial voting shares, all with a par value of €0.01 each ( 1,540,089,690 common shares and 408,941,767 special voting shares, all with a par value of €0.01 each at December 31, 2017 ). The following table summarizes the changes in the number of outstanding common shares and special voting shares of FCA during the year ended December 31, 2018 : Common Shares Special Voting Shares Total Balance at January 1, 2018 1,540,089,690 408,941,767 1,949,031,457 Shares issued to Key management 10,527,873 — 10,527,873 Balance at December 31, 2018 1,550,617,563 408,941,767 1,959,559,330 On October 29, 2014, the Board of Directors of FCA resolved to authorize the issuance of up to a maximum of 90,000,000 common shares under the equity incentive plan and the long-term incentive program which had been adopted before the closing of the Merger and under which equity awards can be granted to eligible individuals. Any issuance of shares during the period from 2014 to 2018 are subject to the satisfaction of certain performance/retention requirements and any issuances to directors are subject to FCA shareholders' approval (refer to Note 18 , Share-based compensation ). Mandatory Convertible Securities On December 15, 2016, each U.S. $100 notional amount of the Mandatory Convertible Securities that had been issued in December 2014 was converted to 8.3077 of FCA's common shares based upon the average volume weighted average prices of FCA common shares on the New York Stock Exchange during the 20 consecutive trading day period beginning November 14, 2016 and ending on December 12, 2016 (inclusive), which resulted in the issuance of total of 238,846,375 FCA common shares. Other reserves: Other reserves comprised the following: • a legal reserve of €12,831 million at December 31, 2018 ( €11,594 million at December 31, 2017 ) determined in accordance to the Dutch law and primarily relating to development expenditures capitalized by subsidiaries and their earnings, subject to certain restrictions on distributions to FCA; • capital reserves of €5,920 million at December 31, 2018 ( €5,817 million at December 31, 2017 ); • retained earnings, after the separation of the legal reserve, of positive €1,836 million (negative €333 million at December 31, 2017 ); and • profit attributable to owners of the parent of € 3,608 million for the year ended December 31, 2018 (€ 3,491 million for the year ended December 31, 2017 ). Other comprehensive income Other comprehensive income was as follows: Years ended December 31, 2018 2017 2016 (€ million) Items that will not be reclassified to the Consolidated Income Statement in subsequent periods: (Losses)/gains on remeasurement of defined benefit plans € 317 € (72 ) € 616 Share of gains/(losses) on remeasurement of defined benefit plans for equity method investees — 2 (5 ) Gains/(losses) on equity instruments measured at fair value through other comprehensive income (4 ) 14 15 Items relating to discontinued operations 1 8 (32 ) Total Items that will not be reclassified to the Consolidated Income Statement (B1) 314 (48 ) 594 Items that may be reclassified to the Consolidated Income Statement in subsequent periods: Gains/(losses) on cash flow hedging instruments arising during the period 99 47 (25 ) Gains/(losses) on cash flow hedging instruments reclassified to the Consolidated Income Statement (108 ) 82 (215 ) Total Gains/(losses) on cash flow hedging instruments (9 ) 129 (240 ) Foreign exchange gains/(losses) 126 (1,982 ) 509 Share of Other comprehensive income/(loss) for equity method investees arising during the period (77 ) (94 ) (97 ) Share of Other comprehensive income/(loss) for equity method investees reclassified to the Consolidated Income Statement (26 ) (27 ) (25 ) Total Share of Other comprehensive (loss)/income for equity method investees (103 ) (121 ) (122 ) Items relating to discontinued operations (91 ) 58 (60 ) Total Items that may be reclassified to the Consolidated Income Statement (B2) (77 ) (1,916 ) 87 Total Other comprehensive income (B1)+(B2)=(B) 237 (1,964 ) 681 Tax effect (82 ) (30 ) (196 ) Tax effect - discontinued operations 1 (1 ) 4 Total Other comprehensive income, net of tax € 156 € (1,995 ) € 489 Gains and losses arising from the remeasurement of defined benefit plans primarily include actuarial gains and losses arising during the period, the return on plan assets (net of interest income recognized in the Consolidated Income Statement) and any changes in the effect of the asset ceiling. These gains and losses are offset against the related defined benefit plan's net liabilities or assets (Note 19 , Employee benefits liabilities ). The following table summarizes the tax effect relating to Other comprehensive income: Years ended December 31, 2018 2017 2016 Pre-tax Tax Net Pre-tax Tax Net Pre-tax Tax Net (€ million) (Losses)/gains on remeasurement of defined benefit plans € 317 € (76 ) € 241 € (72 ) € (18 ) € (90 ) € 616 € (265 ) € 351 Gains/(Losses) on cash flow hedging instruments (9 ) (6 ) (15 ) 129 (12 ) 117 (240 ) 69 (171 ) Gains/(losses) on equity instruments measured at fair value through other comprehensive income (4 ) — (4 ) 14 — 14 15 — 15 Foreign exchange (losses)/gains 126 — 126 (1,982 ) — (1,982 ) 509 — 509 Share of Other comprehensive income/(loss) for equity method investees (103 ) — (103 ) (119 ) — (119 ) (127 ) — (127 ) Items relating to discontinued operations (90 ) 1 (89 ) 66 (1 ) 65 (92 ) 4 (88 ) Total Other comprehensive income € 237 € (81 ) € 156 € (1,964 ) € (31 ) € (1,995 ) € 681 € (192 ) € 489 Policies and processes for managing capital The objectives identified by the Group for managing capital are to create value for shareholders as a whole, safeguard business continuity and support the growth of the Group. As a result, the Group endeavors to maintain an adequate level of capital that, at the same time, enables it to obtain a satisfactory economic return for its shareholders and guarantee economic access to external sources of funds, including by means of achieving an adequate credit rating. The Group constantly monitors the ratio between debt and equity, particularly the level of net debt and the generation of cash from its industrial activities. In order to reach these objectives, the Group continues to aim for improvement in the profitability of its operations. Furthermore, the Group may sell part of its assets to reduce the level of its debt, while the Board of Directors may make proposals to FCA shareholders at a general meeting of FCA shareholders to reduce or increase share capital or, where permitted by law, to distribute reserves. The Group may also make purchases of treasury shares, without exceeding the limits authorized at a general meeting of FCA shareholders, under the same logic of creating value, compatible with the objectives of achieving financial equilibrium and an improvement in the Group's rating. The FCA Board intends to recommend to the upcoming Annual General Meeting of Shareholders an annual ordinary dividend distribution to holders of FCA common shares of €0.65 per common share (a total distribution of approximately €1 billion). The distribution, from the Company's 2018 profits, will be subject to the approval by the Annual General Meeting of Shareholders, which is scheduled to be held on April 12, 2019. If the dividend proposal is approved by shareholders, FCA common shares will be traded ex-dividend as of April 23, 2019 at the NYSE and the MTA. In compliance with the listing requirements of the NYSE and the MTA, the dividend record date will be April 24, 2019. The payment of the dividend is expected to be during May 2019. No dividends have been declared or paid by FCA in the preceding five years. Proposed dividends on ordinary shares are not recognized as a liability as at December 31, 2018. The FCA loyalty voting structure The purpose of the loyalty voting structure is to reward long-term ownership of FCA common shares and to promote stability of the FCA shareholder base by granting long-term FCA shareholders with special voting shares to which one voting right is attached in addition to the one granted by each FCA common share that they hold. In connection with the Merger, FCA issued 408,941,767 special voting shares with a nominal value of €0.01 each to those eligible shareholders of Fiat who had elected to participate in the loyalty voting structure upon completion of the Merger in addition to FCA common shares. In addition, an FCA shareholder may, at any time, elect to participate in the loyalty voting structure by requesting that FCA register all or some of the number of FCA common shares held by such an FCA shareholder in the Loyalty Register. Only a minimal dividend accrues to the special voting shares, which is allocated to a separate special dividend reserve, and they shall not carry any entitlement to any other reserve of FCA. Having only immaterial economic entitlements, the special voting shares do not impact earnings per share. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per share [abstract] | |
Earnings per share | Earnings per share Basic earnings per share The basic earnings per share for the years ended December 31, 2018 , 2017 and 2016 was determined by dividing the Net profit attributable to the equity holders of the parent by the weighted average number of shares outstanding during each period. The following tables provide the amounts used in the calculation of basic earnings per share: Years ended December 31, 2018 2017 2016 Net profit attributable to owners of the parent million € 3,608 € 3,491 € 1,803 Weighted average number of shares outstanding thousand 1,548,439 1,535,988 1,513,019 Basic earnings per share € € 2.33 € 2.27 € 1.19 Years ended December 31, 2018 2017 2016 Net profit from continuing operations attributable to owners of the parent million € 3,323 € 3,281 € 1,708 Weighted average number of shares outstanding thousand 1,548,439 1,535,988 1,513,019 Basic earnings per share from continuing operations € € 2.15 € 2.14 € 1.13 Years ended December 31, 2018 2017 2016 Net profit from discontinued operations attributable to owners of the parent million € 285 € 210 € 95 Weighted average number of shares outstanding thousand 1,548,439 1,535,988 1,513,019 Basic earnings per share from discontinued operations € € 0.18 € 0.14 € 0.06 Diluted earnings per share In order to calculate the diluted earnings per share, the weighted average number of shares outstanding was increased to take into consideration the theoretical effect of potential common shares that would be issued for the restricted and performance share units outstanding and unvested at December 31, 2018 , 2017 and 2016 (Note 18 , Share-based compensation ), as determined using the treasury stock method. For the year ended December 31, 2017, the theoretical effect that would arise if some of the PSU NI awards granted in 2015 and 2016 and some of the RSU awards granted in 2017 (refer to Note 18 , Share-based compensation ) were exercised was not taken into consideration in the calculation of diluted earnings per share as this would have had an anti-dilutive effect. There were no instruments excluded from the calculation of diluted earnings per share because of an anti-dilutive impact for the years ended December 31, 2018 and 2016. The following tables provide the amounts used in the calculation of diluted earnings per share: Years ended December 31, 2018 2017 2016 Net profit attributable to owners of the parent million 3,608 € 3,491 € 1,803 Weighted average number of shares outstanding thousand 1,548,439 1,535,988 1,513,019 Number of shares deployable for share-based compensation thousand 19,400 20,318 13,357 Weighted average number of shares outstanding for diluted earnings per share thousand 1,567,839 1,556,306 1,526,376 Diluted earnings per share € € 2.30 € 2.24 € 1.18 Years ended December 31, 2018 2017 2016 Net profit from continuing operations attributable to owners of the parent million € 3,323 € 3,281 € 1,708 Weighted average number of shares outstanding for diluted earnings per share thousand 1,567,839 1,556,306 1,526,376 Diluted earnings per share from continuing operations € € 2.12 € 2.11 € 1.12 Years ended December 31, 2018 2017 2016 Net profit from discontinued operations attributable to owners of the parent million € 285 € 210 € 95 Weighted average number of shares outstanding for diluted earnings per share thousand 1,567,839 1,556,306 1,526,376 Diluted earnings per share from discontinued operations € € 0.18 € 0.13 € 0.06 |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2018 | |
Operating segments [Abstract] | |
Segment reporting | Segment reporting Reportable segments reflect the operating segments of the Group that are regularly reviewed by the Chief Executive Officer (the “chief operating decision maker” as defined under IFRS 8 – Operating Segments) for making strategic decisions, allocating resources and assessing performance and that exceed the quantitative thresholds provided in IFRS 8 , or whose information is considered useful for the users of the financial statements. The Group's reportable segments include the four regional mass-market vehicle operating segments (NAFTA, LATAM, APAC and EMEA) and the Maserati global luxury brand operating segment, which are described as follows: • NAFTA designs, engineers, develops, manufactures and distributes vehicles. NAFTA mainly earns its revenues from the sale of vehicles under the Chrysler, Jeep, Dodge, Ram, Fiat and Alfa Romeo brand names and from sales of the related parts and accessories in the United States, Canada, Mexico and Caribbean islands. • LATAM designs, engineers, develops, manufactures and distributes vehicles. LATAM mainly earns its revenues from the sale of passenger cars and light commercial vehicles and related spare parts under the Fiat and Jeep brand names in South and Central America as well as from the distribution of the Chrysler, Dodge and Ram brand cars in the same region. In addition, the segment provides financial services to the dealer network in Brazil and to the dealer network and retail customers in Argentina. • APAC mainly earns its revenues from the distribution and sale of cars and related spare parts under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat and Jeep brands mostly in China, Japan, Australia, South Korea and India. These activities are carried out through both subsidiaries and joint ventures. In addition, the segment provides financial services to the dealer network and retail customers in China. • EMEA designs, engineers, develops, manufactures and distributes vehicles. EMEA mainly earns its revenues from the sale of passenger cars and light commercial vehicles under the Fiat, Alfa Romeo, Lancia, Abarth, Jeep and Fiat Professional brand names, the sale of the related spare parts in Europe, Middle East and Africa, and from the distribution of the Chrysler, Dodge and Ram brand vehicles in these areas. In addition, the segment provides financial services related to the sale of cars and light commercial vehicles in Europe, primarily through the FCA Bank joint venture and Fidis S.p.A., a fully owned captive finance company that is mainly involved in the factoring business. • Maserati designs, engineers, develops, manufactures and distributes vehicles. Maserati earns its revenues from the sale of luxury vehicles under the Maserati brand. Transactions among the mass-market vehicle segments generally are presented on a “where-sold” basis, which reflects the profit/(loss) on the ultimate sale to third party customer within the segment. This presentation generally eliminates the effect of the legal entity transfer price within the segments. Revenues of the other segments, aside from the mass-market vehicle segments, are those directly generated by or attributable to the segment as the result of its usual business activities and include revenues from transactions with third parties as well as those arising from transactions with segments, recognized at normal market prices. The results of our Magneti Marelli business were previously reported within the Components segment along with our industrial automation systems design and production business and our cast iron and aluminum components business. Following the classification of Magneti Marelli as a discontinued operation for the years ended December 31, 2018 and 2017 (refer to Note 3 , Scope of consolidation ), the remaining activities within Components segment are no longer considered a separate reportable segment as defined by IFRS 8 and are reported within “Other activities” below. Other activities include the results of our industrial automation systems design and production business and our cast iron and aluminum components business, as well as the activities and businesses that are not operating segments under IFRS 8 – Operating Segments. In addition, Unallocated items and eliminations include consolidation adjustments, eliminations, as well as costs related to the launch of the Alfa Romeo Giulia platform which were not allocated to the mass-market vehicle segments due to the limited number of shipments. Financial income and expenses and income taxes are not attributable to the performance of the segments as they do not fall under the scope of their operational responsibilities. Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”) is the measure used by the chief operating decision maker to assess performance, allocate resources to the Group's operating segments and to view operating trends, perform analytical comparisons and benchmark performance between periods and among the segments. Adjusted EBIT excludes certain adjustments from Net profit from continuing operations including gains/(losses) on the disposal of investments, restructuring, impairments, asset write-offs and unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature, and also excludes Net financial expenses and Tax expense/(benefit). See below for a reconciliation of Net profit from continuing operations, which is the most directly comparable measure included in our Consolidated Income Statement, to Adjusted EBIT. Operating assets are not included in the data reviewed by the chief operating decision maker, and as a result and as permitted by IFRS 8 – Operating Segments , the related information is not provided. The following tables summarize selected financial information by segment for the years ended December 31, 2018 , 2017 and 2016 : Mass-Market Vehicles 2018 NAFTA LATAM APAC EMEA Maserati Other activities Unallocated items & eliminations FCA (€ million) Revenues € 72,384 € 8,152 € 2,703 € 22,815 € 2,663 € 2,888 € (1,193 ) € 110,412 Revenues from transactions with other segments (31 ) (10 ) (57 ) (101 ) (18 ) (976 ) 1,193 — Revenues from third party customers € 72,353 € 8,142 € 2,646 € 22,714 € 2,645 € 1,912 € — € 110,412 Net profit from continuing operations € 3,330 Tax expense € 778 Net financial expenses € 1,056 Adjustments: Charge for U.S. diesel emission matters (1) € € € € € € € 748 € 748 Impairment expense and supplier obligations (2) € 16 € 8 € 11 € 307 € € € 11 € 353 China inventory impairment (3) € € € 129 € € € € € 129 Costs for recall, net of recovery - airbag inflators (4) € 114 € € € € € € € 114 U.S. special bonus payment (5) € 109 € € € € € 2 € € 111 Restructuring costs, net of reversals (6) € € (28 ) € — € 123 € — € 8 € — € 103 Employee benefits settlement losses (7) € 92 € € € € € € € 92 Port of Savona (Italy) fire and flood (8) € € — € — € 2 € 11 € 30 € — € 43 (Recovery of)/costs for recall - contested with supplier (9) € (50 ) € € € € € € € (50 ) NAFTA capacity realignment (10) € (60 ) € — € — € — € — € — € € (60 ) Brazil indirect tax - reversal of liability/recognition of credits (11) € € (54 ) € € € € (18 ) € € (72 ) Other € 1 € — € — € 30 € — € 12 € 20 € 63 Adjusted EBIT € 6,230 € 359 € (296 ) € 406 € 151 € (40 ) € (72 ) € 6,738 Share of profit of equity method investees € € € (67 ) € 284 € € 22 € 1 € 240 ________________________________________________________________________________________________________________________________________________ (1) A provision of €748 million was recognized for costs related to final settlements reached on civil, environmental and consumer claims related to U.S. diesel emissions matters. Refer to Note 25 , Guarantees granted, commitments and contingent liabilities ; (2) Impairment expense of €297 million and supplier obligations of €56 million , primarily in EMEA, resulting from changes in product plans in connection with the 2018-2022 business plan; (3) Impairment of inventory in connection with acceleration of new emissions standards in China and slower than expected sales. Refer to Note 14 , Inventories ; (4) Accrual in relation to costs for recall campaigns related to Takata airbag inflators, net of recovery; (5) Special bonus payment of $2,000 to approximately 60,000 employees in NAFTA as a result of the U.S. Tax Cuts and Jobs Act; (6) Restructuring costs primarily consisting of €123 million in EMEA, partially offset by the reversal of €28 million of previously recorded restructuring costs in LATAM; (7) Charges arising on settlement of a portion of a supplemental retirement plan and an annuity buyout in NAFTA. Refer to Note 19 , Employee benefits liabilities ; (8) Costs in relation to the Port of Savona (Italy) flood and fire; (9) Recovery of amounts accrued in 2016 in relation to costs for recall contested with a supplier; (10) Reduction of costs in relation to the NAFTA capacity realignment which were accrued in 2015; (11) Credits recognized related to indirect taxes in Brazil. Mass-Market Vehicles 2017 NAFTA LATAM APAC EMEA Maserati Other activities Unallocated items & eliminations FCA (€ million) Revenues € 66,094 € 8,004 € 3,250 € 22,700 € 4,058 € 3,248 € (1,624 ) € 105,730 Revenues from transactions with other segments (47 ) (10 ) (32 ) (116 ) (21 ) (1,398 ) 1,624 — Revenues from third party customers € 66,047 € 7,994 € 3,218 € 22,584 € 4,037 € 1,850 € — € 105,730 Net profit from continuing operations € 3,291 Tax expense € 2,588 Net financial expenses € 1,345 Adjustments: Reversal of a Brazilian indirect tax liability (1) € € € € € € € € (895 ) Impairment expense (2) € € 77 € € 142 € € € € 219 Recall campaigns - airbag inflators (3) € 29 € 73 € € € € € € 102 Restructuring costs/(reversal) (4) € (1 ) € 75 € € € € 11 € 1 € 86 Deconsolidation of Venezuela (5) € € 42 € € € € € € 42 NAFTA capacity realignment (6) € (38 ) € € € € € € € (38 ) Tianjin (China) port explosion, net of insurance recoveries (7) € € € (68 ) € € € € € (68 ) Gain on disposal of investments (8) € € € € € € (27 ) € (49 ) € (76 ) Other € (1 ) € € 1 € € € 12 € 1 € 13 Adjusted EBIT € 5,227 € 151 € 172 € 735 € 560 € (98 ) € (138 ) € 6,609 Share of profit of equity method investees € — € — € 75 € 306 € — € 18 € 1 € 400 ________________________________________________________________________________________________________________________________________________ (1) As this liability related to the Group’s Brazilian operations in multiple segments, it was not attributed to the results of the related segments; (2) Impairment expense in EMEA relates to changes in global product portfolio. Impairment expense in LATAM relates to product portfolio changes and the impairment of certain real estate assets in Venezuela, in the second quarter of 2017 due to the continued deterioration of the economic conditions; (3) Refer to Note 20 , Provisions and Note 25 , Guarantees granted, commitments and contingent liabilities ; (4) Primarily related to workforce restructuring costs related to LATAM; (5) Refer to Note 3 , Scope of consolidation ; (6) Income related to adjustments to reserves for the NAFTA capacity realignment plan; (7) Insurance recoveries related to losses incurred in connection with the explosions at the Port of Tianjin (China) in August 2015 are excluded from Adjusted EBIT to the extent the insured loss to which the recovery relates was excluded from Adjusted EBIT. Insurance recoveries are included in Adjusted EBIT to the extent they relate to costs, increased incentives or business interruption losses that were included in Adjusted EBIT; (8) Refer to Note 3 , Scope of consolidation . Mass-Market Vehicles 2016 NAFTA LATAM APAC EMEA Maserati Other activities Unallocated items & eliminations FCA (€ million) Revenues € 69,094 € 6,197 € 3,662 € 21,860 € 3,479 € 3,116 € (1,610 ) € 105,798 Revenues from transactions with other segments (40 ) (39 ) (24 ) (127 ) (9 ) (1,371 ) 1,610 — Revenues from third party customers € 69,054 € 6,158 € 3,638 € 21,733 € 3,470 € 1,745 € — € 105,798 Net profit from continuing operations € 1,713 Tax expense € 1,237 Net financial expenses € 1,858 Adjustments: Recall campaigns - airbag inflators (1) € 414 € € € € € € € 414 Costs for recall, net of supplier recoveries - contested with supplier (2) € 132 € € € € € € € 132 NAFTA capacity realignment (3) € 156 € € € € € € € 156 Tianjin (China) port explosions, net of insurance recoveries (4) € € € (55 ) € € € € € (55 ) Currency devaluation € € 19 € € € € € € 19 Restructuring costs/(reversal) (5) € (10 ) € 68 € € 5 € € 5 € € 68 Impairment expense (6) € € 52 € 109 € 7 € € 9 € € 177 Gains on disposal of investments € € € € € € (13 ) € € (13 ) Other € (25 ) € 3 € (10 ) € € € (1 ) € 7 € (26 ) Adjusted EBIT € 5,133 € 5 € 105 € 540 € 339 € (175 ) € (267 ) € 5,680 Share of profit of equity method investees € 2 € — € 30 € 272 € — € 3 € 1 € 308 ________________________________________________________________________________________________________________________________________________ (1) Refer to Note 20 , Provisions and Note 25 , Guarantees granted, commitments and contingent liabilities .; (2) Refer to Note 20 , Provisions .; (3) Refer to Note 5 , Research and development costs and Note 11 , Property plant and equipment ; (4) Insurance recoveries related to losses incurred in connection with the explosions at the Port of Tianjin (China) in August 2015 are excluded from Adjusted EBIT to the extent the insured loss to which the recovery relates was excluded from Adjusted EBIT. Insurance recoveries are included in Adjusted EBIT to the extent they relate to costs, increased incentives or business interruption losses that were included in Adjusted EBIT. Through December 31, 2016, no significant insurance recoveries related to Tianjin have been recognized in Adjusted EBIT; (5) Restructuring costs within LATAM and Components primarily relate to cost reduction initiatives to right-size to market volume in Brazil; (6) Refer to Note 5 , Research and development costs . and Note 11 , Property plant and equipment . Information about geographical area The following table summarizes the non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) attributed to certain geographic areas: At December 31 2018 2017 (€ million) North America € 35,493 € 34,099 Italy 11,478 12,458 Brazil 4,125 5,137 Poland 937 1,151 Serbia 571 639 Other countries 1,456 2,536 Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) € 54,060 € 56,020 |
Explanatory notes to the consol
Explanatory notes to the consolidated statements of cash flows | 12 Months Ended |
Dec. 31, 2018 | |
Statement of cash flows [abstract] | |
Explanatory notes to the Consolidated Statement of Cash Flows | Explanatory notes to the Consolidated Statement of Cash Flows Non-cash items For the year ended December 31, 2018 , Other non-cash items of € 129 million primarily included € 297 million of impairments, partially offset by €240 million related to the revaluation of investments accounted for by using the equity method and other amounts that were not individually material. For the year ended December 31, 2017 , Other non-cash items of € (197) million primarily included €400 million related to the revaluation of investments accounted for by using the equity method, partially offset by €219 million of impairments and other amounts that were not individually material. For the year ended December 31, 2016 , Other non-cash items of € 87 million primarily included €177 million of impairments, which were partially offset by other amounts that were not individually material. Operating activities For the year ended December 31, 2018 , net cash from operating activities of € 9,948 million was primarily the result of: (i) net profit from continuing operations of €3,330 million adjusted to add back € 5,507 million for depreciation and amortization expense; in addition to (ii) a net increase of €913 million in provisions primarily due to a provision of €748 million recognized for costs related to final settlements reached on civil,environmental and consumer claims related to U.S. diesel emissions matters; (iii) an increase of € 457 million in net deferred tax assets, mainly due to increased deferred tax liabilities in NAFTA; and (iv) cash flow from operating activities of discontinued operations for €484 million . These positive impacts were partially offset by negative effect of the change in working capital of € 1,106 million primarily driven by (a) decrease in trade payables of €1,240 million related to lower production volumes in EMEA in December 2018 compared to the same month in 2017 in addition to lower capital expenditure, (b) decrease in other payables net of receivables of €1,284 million mainly as a result of higher indirect tax receivable in LATAM, decreased income tax payable in NAFTA and lower advances from customers in LATAM and EMEA, and (c) decrease in inventories of €1,399 million due to inventory management actions across all the regions. For the year ended December 31, 2017 the €1,596 million increase in inventories related to ramp-up of new models at year end, including the all-new Alfa Romeo Stelvio and the new Jeep Wrangler, as well as volume increases in LATAM and Maserati. The increase in trade payables of € 937 million primarily related to increased production volumes in NAFTA and LATAM in the fourth quarter of 2017 as compared to the same period in 2016. For the year ended December 31, 2016 , the net increase of € 1,453 million in provisions was mainly due to the increase in the warranty provision of €414 million in NAFTA for recall campaigns related to an industry wide recall for airbag inflators resulting from parts manufactured by Takata, an increase in accrued sales incentives primarily related to NAFTA and EMEA, as well as estimated net costs of €132 million associated with a recall for which costs are being contested with a supplier. In addition, the € 494 million increase in inventories primarily related to the increased production of new vehicle models in EMEA and the € 729 million increase in trade payables mainly related to increased production levels in EMEA, which was partially offset by reduced activity in LATAM and the effect of localized Jeep production in China. Furthermore, the change in other payables and receivables of 280 million primarily reflected the net payment of taxes and deferred expenses. Financing activities For the year ended December 31, 2018 , net cash used in financing activities of € 2,785 million was primarily the result of; (i) the voluntary prepayment in November 2018 of the outstanding principal and accrued interest of U.S. $1,009 million ( €893 million ) of FCA US's tranche B term loan maturing December 31, 2018 (the “Tranche B Term Loan due 2018”); and (ii) the repayment at maturity of two notes under the Medium Term Note Programme (“MTN Programme”, previously referred to as the Global Medium Term Note Programme, or “GMTN” Programme), one with a principal amount of €1,250 million and one with a principal amount of €600 million . For the year ended December 31, 2017 , net cash used in financing activities was primarily the result of: (i) the voluntary prepayment in February 2017 of the outstanding principal and accrued interest of U.S.$ 1,826 million (€ 1,721 million ) of FCA US's Tranche B Term Loan due 2017; (ii) the repayment of three notes at maturity under the MTN Programme, one with a principal amount of €850 million , one with a principal amount of €1,000 million and one with a principal amount of CHF 450 million (€ 385 million ), as described in Note 21 , Debt; and (iii) the repayment of other long-term debt, net of proceeds, of a principal amount of € 889 million . For the year ended December 31, 2016 , net cash used in financing activities was primarily the result of the (i) the repayment at maturity of three notes issued under the MTN Programme, two of which were for an aggregate principal amount of €2,000 million and one for a principal amount of CHF 400 million ( €373 million ) as described in Note 21 , Debt and (ii) the repayment of other long-term debt for a total of € 4,605 million , which included (a) the voluntary prepayments of principal of the FCA US Tranche B Term Loans of U.S.$ 2.0 billion (€ 1.8 billion ) as described in Note 21 , Debt , (b) the payment of the financial liability related to the Mandatory Convertible Securities of €213 million upon their conversion to FCA shares and (c) repayments at maturity of other long-term debt of € 2,605 million primarily in Brazil, which were partially offset by (iii) the issuance of a new note under the MTN Programme for a principal amount of € 1,250 million and (iv) proceeds from other long-term debt for a total of € 1,309 million , which included the proceeds from the €250 million loan entered into with the EIB in December 2016 as described in Note 21 , Debt . The following is a reconciliation of liabilities arising from financing activities for the year ended December 31, 2018 and 2017 : Years ended December 31 2018 2017 (€ million) Total Debt at January 1 € 17,971 € 24,048 Derivative (assets)/liabilities and collateral at January 1 (206 ) 150 Total Liabilities from financing activities at January 1 € 17,765 € 24,198 Cash flows € (2,795 ) € (4,470 ) Foreign exchange effects € (226 ) € (1,311 ) Fair value changes € (136 ) € (286 ) Changes in scope of consolidation € (3 ) € (83 ) Transfer to (Assets)/Liabilities held for sale € (177 ) € — Other changes € (51 ) € (283 ) Total Liabilities from financing activities at December 31 € 14,377 € 17,765 Derivative (assets)/liabilities and collateral at December 31 (151 ) (206 ) Total Debt at December 31 € 14,528 € 17,971 Interest expense and taxes paid During the years ended December 31, 2018 , 2017 and 2016, the Group paid interest of € 1,024 million and received interest of € 308 million , € 1,190 million and € 299 million , and € 1,676 million and € 370 million , respectively. Amounts indicated are also inclusive of interest rate differentials paid or received on interest rate derivatives. During the years ended December 31, 2018, 2017 and 2016, the Group made income tax payments, net of refunds, totaling €750 million , €533 million and €622 million , respectively. |
Qualitative and quantitative in
Qualitative and quantitative information on financial risk | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Qualitative and quantitative information on financial risks | Qualitative and quantitative information on financial risks The Group is exposed to the following financial risks connected with its operations: • credit risk, principally arising from its normal commercial relations with final customers and dealers, and its financing activities; • liquidity risk, with particular reference to the availability of funds and access to the credit market and to financial instruments in general; • financial market risk (principally relating to exchange rates, interest rates and commodity prices), since the Group operates at an international level in different currencies and uses financial instruments which generate interest. The Group is also exposed to the risk of changes in the price of certain commodities and of certain listed shares. These risks could significantly affect the Group’s financial position and results and for this reason, the Group systematically identifies and monitors these risks in order to detect potential negative effects in advance and take the necessary action to mitigate them, primarily through its operating and financing activities and if required, through the use of derivative financial instruments in accordance with established risk management policies. Financial instruments held by the funds that manage pension plan assets are not included in this analysis (refer to Note 19 , Employee benefits liabilities ). The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon the Group. The quantitative data reported in the following does not have any predictive value, in particular the sensitivity analysis on finance market risks does not reflect the complexity of the market or the reaction which may result from any changes that are assumed to take place. Credit risk Overall, the credit risk regarding the Group’s trade receivables and receivables from financing activities is concentrated mainly in NAFTA, EMEA and LATAM. The maximum credit risk to which the Group is potentially exposed at December 31, 2018 is represented by the carrying amounts of financial assets in the financial statements as discussed in Note 15 , Trade, other receivables and tax receivables and the nominal value of the guarantees provided on liabilities and commitments to third parties as discussed in Note 25 , Guarantees granted, commitments and contingent liabilities . The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each counterparty. The Group monitors these exposures and establishes credit lines with single or homogeneous categories of counterparties. Dealers and final customers for which the Group provides financing are subject to specific assessments of their creditworthiness under a detailed scoring system. To mitigate this risk, the Group could obtain financial and non-financial guarantees. These guarantees are further strengthened where possible by reserve of title clauses on financed vehicle sales to the sales network made by Group financial service companies and on vehicles assigned under finance and operating lease agreements. Receivables from financing activities amounting to €3,140 million at December 31, 2017 , contained balances totaling €5 million , which have been written down on an individual basis. Of the remainder, balances totaling €46 million were past due by up to one month, while balances totaling €21 million were past due by more than one month. In the event of installment payments, even if only one installment is overdue, the entire receivable balance is classified as overdue. Trade receivables and other receivables amounting to € 5,413 million at December 31, 2017 contained balances totaling €15 million , which have been written down on an individual basis. Of the remainder, balances totaling €271 million were past due by up to one month, while balances totaling €233 million were past due by more than one month. For further information regarding the exposure to credit risk and ECLs of Trade receivables, other receivables and financial receivables at December 31, 2018 , refer to Note 15 , Trade, other receivables and tax receivables . Even though our current securities and Cash and cash equivalents consist of balances spread across various primary national and international banking institutions and money market funds that are measured at fair value, there was no exposure to sovereign debt securities at December 31, 2018 which might lead to significant risk of repayment. Liquidity risk Liquidity risk is the risk the Group is unable to obtain the funds needed to carry out its operations and meet its obligations. Any actual or perceived limitations on the Group’s liquidity may affect the ability of counterparties to do business with the Group or may require additional amounts of cash and cash equivalents to be allocated as collateral for outstanding obligations. The continuation of challenging economic conditions in the markets in which the Group operates and the uncertainties that characterize the financial markets, necessitate special attention to the management of liquidity risk. In that sense, measures taken to generate funds through operations and to maintain a conservative level of available liquidity are important factors for ensuring operational flexibility and addressing strategic challenges over the next few years. The main factors that determine the Group’s liquidity situation are the funds generated by or used in operating and investing activities, the debt lending period and its renewal features or the liquidity of the funds employed and market terms and conditions. The Group has adopted a series of policies and procedures whose purpose is to optimize the management of funds and to reduce liquidity risk as follows: • centralizing the management of receipts and payments where it may be economical in the context of the local civil, currency and fiscal regulations of the countries in which the Group is present; • maintaining a conservative level of available liquidity; • diversifying the means by which funds are obtained and maintaining a continuous and active presence in the capital markets; • obtaining adequate credit lines; and • monitoring future liquidity on the basis of business planning. The Group manages liquidity risk by monitoring cash flows and keeping an adequate level of funds at its disposal. The operating cash management and liquidity investment of the Group are centrally coordinated in the Group's treasury companies, with the objective of ensuring effective and efficient management of the Group’s funds. These companies obtain funds in the financial markets from various funding sources. Certain notes issued by FCA and its treasury subsidiaries include covenants which may be affected by circumstances related to certain subsidiaries; in particular, there are cross-default clauses which may accelerate repayments in the event that such subsidiaries fail to pay certain of their debt obligations. Details of the repayment structure of the Group’s financial assets and liabilities are provided in Note 15 , Trade, other receivables and tax receivables , Note 22 , Other liabilities and Tax payables and in Note 21 , Debt . Details of the repayment structure of derivative financial instruments are provided in Note 16 , Derivative financial assets and liabilities . The Group believes that the Group's total available liquidity, in addition to the funds that will be generated from operating and financing activities, will enable the Group to satisfy the requirements of its investing activities and working capital needs, fulfill its obligations to repay its debt at the natural due dates and ensure an appropriate level of operating and strategic flexibility. Financial market risks Due to the nature of our business, the Group is exposed to a variety of market risks, including foreign currency exchange rate risk, interest rate risk and commodity price risk. The Group’s exposure to foreign currency exchange rate risk arises both in connection with the geographical distribution of the Group’s industrial activities compared to the markets in which it sells its products, and in relation to the use of external borrowing denominated in foreign currencies. The Group’s exposure to interest rate risk arises from the need to fund industrial and financial operating activities and the necessity to deploy surplus funds. Changes in market interest rates may have the effect of either increasing or decreasing the Group’s Net profit , thereby indirectly affecting the costs and returns of financing and investing transactions. The Group’s exposure to commodity price risk arises from the risk of changes in the price of certain raw materials and energy used in production. Changes in the price of raw materials could have a significant effect on the Group’s results by indirectly affecting costs and product margins. These risks could significantly affect the Group’s financial position and results and for this reason, these risks are systematically identified and monitored, in order to detect potential negative effects in advance and take the necessary actions to mitigate them, primarily through its operating and financing activities and if required, through the use of derivative financial instruments in accordance with its established risk management policies. The Group’s policy permits derivatives to be used only for managing the exposure to fluctuations in foreign currency exchange rates and interest rates as well as commodities prices connected with future cash flows and assets and liabilities, and not for speculative purposes. The Group utilizes derivative financial instruments designated as fair value hedges mainly to hedge: • the foreign currency exchange rate risk on financial instruments denominated in foreign currency; and • the interest rate risk on fixed rate loans and borrowings. The instruments used for these hedges are mainly foreign currency forward contracts, interest rate swaps and combined interest rate and foreign currency financial instruments. The Group uses derivative financial instruments as cash flow hedges for the purpose of pre-determining: • the exchange rate at which forecasted transactions denominated in foreign currencies will be accounted for; • the interest paid on borrowings, both to match the fixed interest received on loans (customer financing activity), and to achieve a targeted mix of floating versus fixed rate funding structured loans; and • the price of certain commodities. The foreign currency exchange rate exposure on forecasted commercial flows is hedged by foreign currency swaps and forward contracts. Interest rate exposures are usually hedged by interest rate swaps and, in limited cases, by forward rate agreements. Exposure to changes in the price of commodities is generally hedged by using commodity swaps and commodity options. In addition, in order to manage the Group’s foreign currency risk related to its investments in foreign operation, the Group enters into net investment hedges, in particular foreign currency swaps and forward contracts. Counterparties to these agreements are major financial institutions. Information on the fair value of derivative financial instruments held at the balance sheet date is provided in Note 16 , Derivative financial assets and liabilities . Quantitative information on foreign currency exchange rate risk The Group is exposed to risk resulting from changes in foreign currency exchange rates, which can affect its earnings and equity. In particular: • where a Group company incurs costs in a currency different from that of its revenues, any change in exchange rates can affect the operating results of that company. • the principal exchange rates to which the Group is exposed are: ◦ EUR/U.S.$, relating to sales and purchases in U.S.$ made by Italian companies (primarily for Maserati and Alfa Romeo vehicles) and to sales and purchases in Euro made by FCA US; ◦ U.S.$/CAD, primarily relating to FCA Canada's sales of U.S. produced vehicles, net of FCA US sales of Canadian produced vehicles; ◦ CNY, in relation to sales in China originating from FCA US and from Italian companies (primarily for Maserati and Alfa Romeo vehicles); ◦ GBP, AUD, MXN, CHF, and ARS in relation to sales in the UK, Australian, Mexican, Swiss and Argentinian markets; ◦ PLN and TRY, relating to manufacturing costs incurred in Poland and Turkey; ◦ JPY mainly in relation to purchase of parts from Japanese suppliers and sales of vehicles in Japan; and ◦ U.S.$/BRL, EUR/BRL, relating to Brazilian manufacturing operations and the related import and export flows. The Group’s policy is to use derivative financial instruments to hedge a percentage of certain exposures subject to foreign currency exchange rate risk for the upcoming 12 months (including such risk before or beyond that date where it is deemed appropriate in relation to the characteristics of the business) and to hedge the exposure resulting from firm commitments unless not deemed appropriate. Group companies may have trade receivables or payables denominated in a currency different from their respective functional currency. In addition, in a limited number of cases, it may be convenient from an economic point of view, or it may be required under local market conditions, for Group companies to obtain financing or use funds in a currency different from their respective functional currency. Changes in exchange rates may result in exchange gains or losses arising from these situations. The Group’s policy is to hedge, whenever deemed appropriate, the exposure resulting from receivables, payables and securities denominated in foreign currencies different from the respective Group companies' functional currency. Certain of the Group’s companies are located in countries which are outside of the Eurozone, in particular the U.S., Brazil, Canada, Poland, Serbia, Turkey, Mexico, Argentina, the Czech Republic, India, China, Australia and South Africa. As the Group's reporting currency is the Euro, the income statements of those entities that have a reporting currency other than the Euro are translated into Euro using the average exchange rate for the period. In addition, the assets and liabilities of these consolidated companies are translated into Euro at the period-end foreign exchange rate. The effects of these changes in foreign exchange rates are recognized directly in the Cumulative translation adjustments reserve included in Other comprehensive income. Changes in exchange rates may lead to effects on the translated balances of revenues, costs and assets and liabilities reported in Euro, even when corresponding items are unchanged in the respective local currency of these companies. The Group monitors its principal exposure to conversion exchange risk and, in certain circumstances, enters into derivatives for the purpose of hedging the specific risk. There have been no substantial changes in 2018 in the nature or structure of exposure to foreign currency exchange rate risk or in the Group’s hedging policies. The potential loss in fair value of derivative financial instruments held for foreign currency exchange rate risk management (currency swaps/forwards) at December 31, 2018 resulting from a 10 percent change in the exchange rates would have been approximately €704 million ( €1,010 million at December 31, 2017 ). This analysis assumes that a hypothetical, unfavorable 10 percent change in exchange rates as at year-end is applied in the measurement of the fair value of derivative financial instruments. Receivables, payables and future trade flows whose hedging transactions have been analyzed were not included in this analysis. It is reasonable to assume that changes in market exchange rates will produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. Quantitative information on interest rate risk The manufacturing companies and treasuries of the Group make use of external borrowings and invest in monetary and financial market instruments. In addition, Group companies sell receivables resulting from their trading activities on a continuing basis. Changes in market interest rates can affect the cost of the various forms of financing, including the sale of receivables, or the return on investments and the employment of funds, thus negatively impacting the net financial expenses incurred by the Group. In addition, the financial services companies provide loans (mainly to customers and dealers), financing themselves using various forms of direct debt or asset-backed financing (e.g. factoring of receivables). Where the characteristics of the variability of the interest rate applied to loans granted differ from those of the variability of the cost of the financing obtained, changes in the current level of interest rates can affect the operating result of those companies and the Group as a whole. In order to manage these risks, the Group uses interest rate derivative financial instruments, mainly interest rate swaps and forward rate agreements, when available in the market, with the objective of mitigating, under economically acceptable conditions, the potential variability of interest rates on the Group's Net profit . In assessing the potential impact of changes in interest rates, the Group segregates fixed rate financial instruments (for which the impact is assessed in terms of fair value) from floating rate financial instruments (for which the impact is assessed in terms of cash flows). The fixed rate financial instruments used by the Group consist principally of part of the portfolio of the financial services companies (principally customer financing and financial leases) and part of debt (including subsidized loans and notes). The potential loss in fair value of fixed rate financial instruments (including the effect of interest rate derivative financial instruments) held at December 31, 2018 , resulting from a hypothetical 10 percent change in market interest rates, would have been approximately €83 million (approximately €71 million at December 31, 2017 ). Floating rate financial instruments consist principally of cash and cash equivalents, loans provided by the financial services companies to the sales network and part of debt. The effect of the sale of receivables is also considered in the sensitivity analysis as well as the effect of hedging derivative instruments. A hypothetical 10 percent change in short-term interest rates at December 31, 2018 , applied to floating rate financial assets and liabilities, operations for the sale of receivables and derivative financial instruments, would have resulted in increased net financial expenses before taxes, on an annual basis, of approximately €25 million ( €27 million at December 31, 2017 ). This analysis is based on the assumption that there is an unfavorable change of 10 percent proportionate to interest rate levels across homogeneous categories. A homogeneous category is defined on the basis of the currency in which the financial assets and liabilities are denominated. In addition, the sensitivity analysis applied to floating rate financial instruments assumes that cash and cash equivalents and other short-term financial assets and liabilities which expire during the projected 12-month period will be renewed or reinvested in similar instruments, bearing the hypothetical short-term interest rates. Quantitative information on commodity price risk The Group has entered into derivative contracts for certain commodities to hedge its exposure to commodity price risk associated with buying raw materials and energy used in its normal operations. In connection with the commodity price derivative contracts outstanding at December 31, 2018 , a hypothetical 10 percent change in the price of the commodities at that date would have caused a fair value loss of €91 million ( €51 million at December 31, 2017 ). Future trade flows whose hedging transactions have been analyzed were not considered in this analysis. It is reasonable to assume that changes in commodity prices will produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2018 | |
Events After Reporting Period [Abstract] | |
Subsequent events | Subsequent events The Group has evaluated subsequent events through February 22, 2019 , which is the date the financial statements were authorized for issuance. On February 14, 2019, FCA Italy and Groupe PSA announced a signed agreement to extend the Sevel cooperation agreement to 2023 and increase production capacity from 2019. The terms of the new agreement also include continued manufacture by Sevel of Fiat Ducato, Peugeot Boxer and Citroën Jumper large vans as well as additional versions to cover the needs of the Opel and Vauxhall brands. |
Basis of presentation (Policies
Basis of presentation (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Statement of IFRS compliance | The Consolidated Financial Statements, together with the notes thereto, of FCA as of and for the year ended December 31, 2018 were authorized for issuance by the Board of Directors on February 22, 2019 and have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), as well as IFRS as adopted by the European Union. There is no effect on these consolidated financial statements resulting from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union. The designation “IFRS” includes International Accounting Standards (“IAS”) as well as all interpretations of the IFRS Interpretations Committee (“IFRIC”). |
Basis of presentation | Basis of preparation The Consolidated Financial Statements are prepared under the historical cost method, modified for the measurement of certain financial instruments as required, as well as on a going concern basis. In this respect, the Group’s assessment is that no material uncertainties (as defined in IAS 1 - Presentation of Financial Statements ) exist about its ability to continue as a going concern. For presentation of the Consolidated Income Statement, the Group uses a classification based on the function of expenses rather than based on their nature as it is more representative of the format used for internal reporting and management purposes and is consistent with international practice in the automotive sector. |
Subsidiaries | Subsidiaries Subsidiaries are entities over which the Group has control. Control is achieved when the Group has power over the investee, when it is exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of the investor’s returns. Subsidiaries are consolidated on a line by line basis from the date which control is achieved by the Group. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. The Group recognizes a non-controlling interest in the acquiree on a transaction-by-transaction basis, either at fair value or at the non-controlling interest’s share of the recognized amounts of the acquiree’s identifiable net assets. Net profit or loss and each component of Other comprehensive income/(loss) are attributed to Equity attributable to owners of the parent and to Non-controlling interests. Total comprehensive income/(loss) of subsidiaries is attributed to Equity attributable to the owners of the parent and to the non-controlling interest even if this results in a deficit balance in Non-controlling interests. Changes in the Group’s ownership interests in a subsidiary that do not result in the Group losing control over the subsidiary are accounted for as equity transactions. The carrying amounts of Equity attributable to owners of the parent and Non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of the consideration paid or received in the transaction is recognized directly in Equity attributable to the owners of the parent. Subsidiaries are deconsolidated from the date on which control ceases. When the Group ceases to have control over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary and recognizes the fair value of any consideration received from the transaction. Any retained interest in the former subsidiary is then remeasured to its fair value. All intra-group balances and transactions, and any unrealized gains and losses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements. |
Interest in joint ventures and associates | Interests in Joint Ventures and Associates A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control over those policies. Joint ventures and associates are accounted for using the equity method of accounting from the date joint control or significant influence is obtained. On acquisition, any excess of the investment over the share of the net fair value of the investee's identifiable assets and liabilities is recognized as goodwill and is included in the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the Group’s share of the investee’s profit/(loss) in the acquisition period. Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Group’s share of the investee’s profit/(loss) is recognized in the Consolidated Income Statement. Distributions received from an investee reduce the carrying amount of the investment. Post-acquisition movements in Other comprehensive income/(loss) are recognized in Other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment. Unrealized gains arising on transactions between the Group and its joint ventures and associates are eliminated to the extent of the Group’s interest in the joint venture or associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of the losses of a joint venture or associate exceeds the Group’s interest in that joint venture or associate, the Group discontinues recognizing its share of further losses. Additional losses are provided for and a liability is recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture or associate. The Group discontinues the use of the equity method from the date the investment ceases to be an associate or a joint venture, or when it is classified as available-for-sale. |
Interests in joint operations | Interests in Joint Operations A joint operation is a type of joint arrangement whereby the parties that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. When the Group undertakes its activities under joint operations, it recognizes its related interest in the joint operation including: (i) its assets, including its share of any assets held jointly, (ii) its liabilities, including its share of any liabilities incurred jointl y, (iii) its revenue from the sale of its share of the output arising from the joint operation, (iv) its share of the revenue from the sale of the output by the joint operation and (v) its expenses, including its share of any expenses incurred jointly. |
Assets held for sale, Assets held for distribution and Discontinued Operations | Assets held for sale, Assets held for distribution and Discontinued Operations Pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations , non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal group is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such an asset or disposal group, and the sale is highly probable, with the sale expected to be completed within one year from the date of classification. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and are presented separately in the Consolidated Statement of Financial Position. Non-current assets and disposal groups are not classified as held for sale within the comparative period presented for the Consolidated Statement of Financial Position. A discontinued operation is a component of the Group that either has been disposed of or is classified as held for sale and (i) represents either a separate major line of business or a geographical area of operations, (ii) is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations, or (iii) is a subsidiary acquired exclusively with a view to resell and the disposal involves loss of control. Classification as a discontinued operation occurs upon disposal or, if earlier, when the asset or disposal group meets the criteria to be classified as held for sale. When the asset or disposal group is classified as a discontinued operation, the comparative information is reclassified within the Consolidated Income Statement and the Consolidated Statement of Cash Flows as if the asset or disposal group had been discontinued from the start of the earliest comparative period presented. In addition, when an asset or disposal group is classified as held for sale, depreciation and amortization cease. The classification, presentation and measurement requirements of IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations outlined above also apply to an asset or disposal group that is classified as held for distribution to owners, whereby there must be commitment to the distribution, the asset or disposal group must be available for immediate distribution and the distribution must be highly probable. |
Functional currency | Foreign currency The functional currency of the Group’s entities is the currency used in their respective primary economic environments. In individual companies, transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing at the date of the Consolidated Statement of Financial Position. Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different from those initially recorded, are recognized in the Consolidated Income Statement. All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and expenses are translated into Euro at the average exchange rate for the period. Translation differences arising from the application of this method are classified within Other comprehensive income/(loss) until the disposal of the subsidiary. Average exchange rates for the period are used in preparing the Consolidated Statement of Cash Flows to translate the cash flows of foreign subsidiaries. |
Foreign currency translation | Foreign currency The functional currency of the Group’s entities is the currency used in their respective primary economic environments. In individual companies, transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing at the date of the Consolidated Statement of Financial Position. Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different from those initially recorded, are recognized in the Consolidated Income Statement. All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and expenses are translated into Euro at the average exchange rate for the period. Translation differences arising from the application of this method are classified within Other comprehensive income/(loss) until the disposal of the subsidiary. Average exchange rates for the period are used in preparing the Consolidated Statement of Cash Flows to translate the cash flows of foreign subsidiaries. |
Intangible assets | Intangible assets Goodwill Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair value of net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Intangible assets with indefinite useful lives Intangible assets with indefinite useful lives consist principally of brands which have no legal, contractual, competitive, economic or other factors that limit their useful lives. Intangible assets with indefinite useful lives are not amortized but are tested for impairment annually, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Development expenditures Development expenditures for vehicle production and related components, engines and production systems are recognized as an asset if both of the following conditions within IAS 38 – Intangible assets are met: (i) that development expenditure can be measured reliably and (ii) that the technical feasibility of the product, projected volumes and pricing support the view that the development expenditure will generate future economic benefits. Capitalized development expenditures include all direct and indirect costs that may be directly attributed to the development process. All other development expenditures are expensed as incurred. Capitalized development expenditures are amortized on a straight-line basis from the beginning of production over the expected life cycle of the models (generally 5-6 years ) or powertrains (generally 10-12 years ) developed. |
Property, plant and equipment | Property, plant and equipment Cost Property, plant and equipment is initially recognized at cost and includes the purchase price, any costs directly attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by management and any initial estimate of the costs of dismantling and removing the asset and restoring the site on which it is located. Self-constructed assets are initially recognized at production cost. Subsequent expenditures and the cost of replacing parts of an asset are capitalized only if they increase the future economic benefits embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs are capitalized, the carrying amount of the parts that are replaced is expensed to the Consolidated Income Statement. Assets held under finance leases, which provide the Group with substantially all the risks and rewards of ownership, are recognized as assets of the Group at their fair value or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the Consolidated Statement of Financial Position within Debt. Depreciation During the years ended December 31, 2018 , 2017 and 2016 , assets depreciated on a straight-line basis over their estimated useful lives used the following depreciation rates: Depreciation rates Buildings 3% - 8% Plant, machinery and equipment 3% - 33% Other assets 5% - 33% Leases under which the lessor retains substantially all the risks and rewards of ownership of the leased assets are classified as operating leases. Operating lease expenditures are expensed on a straight-line basis over the respective lease term. |
Borrowing costs | Borrowing Costs Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or equipment or an intangible asset that is deemed to be a qualifying asset as defined in IAS 23 - Borrowing Costs are capitalized. The amount of borrowing costs eligible for capitalization corresponds to the actual borrowing costs incurred during the period, less any investment income on the temporary investment of any borrowed funds not yet used. |
Impairment of long-lived assets | Impairment of long-lived assets Annually, or more frequently if facts or circumstances indicate otherwise, the Group assesses whether there is any indication that its finite-lived intangible assets (including capitalized development expenditures) and its property, plant and equipment may be impaired. If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount which is the higher of fair value less costs of disposal and its value in use. The recoverable amount is determined for the individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the asset is tested as part of the cash-generating unit (“CGU”) to which the asset belongs. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. In assessing the value in use of an asset or CGU, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognized if the recoverable amount is lower than the carrying amount. When an impairment loss for assets no longer exists or has decreased, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount but not in excess of the carrying amount that would have been recorded had no impairment loss been recognized. The reversal of an impairment loss is recognized in the Consolidated Income Statement. |
Financial assets and liabilities | Financial assets and liabilities IFRS 9 - Financial Instruments IFRS 9 - Financial Instruments (“IFRS 9”) replaces IAS 39 - Financial Instruments (“IAS 39”) . In particular, it amends the previous guidance in three main areas: • The classification and measurement of financial assets, which is driven by cash flow characteristics and the business model in which an asset is held; • The accounting for impairment of financial assets through the introduction of an “expected credit loss” impairment model, replacing the incurred loss method under IAS 39; and • Hedge accounting, in particular removing some of the restrictions in applying hedge accounting under IAS 39 and to more closely align the accounting for hedge instruments with risk management policies. In accordance with the transitional provisions in IFRS 9, the Group did not restate prior periods. For hedge accounting, the Group applied the standard prospectively. Comparative figures have not been restated for the classification and measurement provisions of the standard, including impairment, and continue to be reported under the accounting standards in effect for periods prior to January 1, 2018. The impact of adoption on our Consolidated Financial Statements was not material. Financial assets and liabilities Financial assets primarily include trade receivables, receivables from financing activities, investments in other companies, derivative financial instruments, cash and cash equivalents, and debt securities that represent temporary investments of available funds and do not satisfy the requirements for being classified as cash equivalents. Financial liabilities primarily consist of debt, derivative financial instruments, trade payables and other liabilities. The classification of financial liabilities under IFRS 9 is unchanged compared with the previous accounting requirements under IAS 39. Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed under dealer network financing programs as a component of the portfolio of the Group's financial services companies. These receivables are interest bearing with the exception of an initial, limited, non-interest bearing period. The contractual terms governing the relationships with the dealer networks vary according to market and payment terms, which range from two to twelve months. Classification and measurement (policy applicable from January 1, 2018) The classification of a financial asset is dependent on the Group’s business model for managing such financial assets and their contractual cash flows. The Group considers whether the contractual cash flows represent solely payments of principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are classified and measured at fair value through profit or loss (“FVPL”). Financial asset cash flow business model Initial measurement (1) Measurement category (3) Solely to collect the contractual cash flows (Held to Collect) Fair Value including transaction costs Amortized Cost (2) Collect both the contractual cash flows and generate cash flows arising from the sale of assets (Held to Collect and Sell) Fair Value including transaction costs Fair value through other comprehensive income (“FVOCI”) Generate cash flows primarily from the sale of assets (Held to Sell) Fair Value FVPL ______________________________________________________________________________________________________________________________ (1) A trade receivable without a significant financing component, as defined by IFRS 15, is initially measured at the transaction price. (2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are discounted using market rates. (3) On initial recognition, the Group may irrevocably designate a financial asset at FVPL that otherwise meets the requirements to be measured at amortized cost or at FVOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Factors considered by the Group in determining the business model for a group of financial assets include: • past experience on how the cash flows for these assets were collected; • the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and future sales activity expectations; • how the asset’s performance is evaluated and reported to key management personnel; and • how risks are assessed and managed and how management is compensated. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Cash and cash equivalents include cash at banks, units in money market funds and other money market securities, commercial paper and certificate of deposits that are readily convertible into cash, with original maturities of three months or less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in value and consist of balances across various primary national and international money market instruments. Money market funds consist of investments in high quality, short-term, diversified financial instruments that can generally be liquidated on demand and are measured at FVPL. Cash at banks and Other cash equivalents are measured at amortized cost. Investments in other companies are measured at fair value. Equity investments for which there is no quoted market price in an active market and there is insufficient financial information in order to determine fair value may be measured at cost as an estimate of fair value, as permitted by IFRS 9. The Group may irrevocably elect to present subsequent changes in the investment’s fair value in Other comprehensive income (“OCI”) upon the initial recognition of an equity investment that is not held to sell. This election is made on an investment-by-investment basis. Generally, any dividends from these investments are recognized in Other income from investments within Result from investments when the Group’s right to receive payment is established. Other net gains and losses are recognized in OCI and will not be reclassified to the Consolidated Income Statement in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value in OCI. Impairment of financial assets (policy applicable from January 1, 2018) The Group’s credit risk differs in relation to the type of activity. In particular, receivables from financing activities, such as dealer and retail financing that are carried out through the Group’s financial services companies, are exposed both to the direct risk of default and the deterioration of the creditworthiness of the counterparty, whereas trade receivables arising from the sale of vehicles and spare parts, are mostly exposed to the direct risk of counterparty default. These risks are mitigated by different kinds of securities received and the fact that collection exposure is spread across a large number of counterparties. The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (“ECL”) model. ECL is a probability-weighted estimate of the present value of cash shortfalls. The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by taking into account the information available at the end of each reporting period as to the counterparty’s solvency, the fair value of any guarantees and the Group’s historical experience. The Group considers a financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full and without consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset is more than 90 days past due. The Group applies two impairment models for financial assets as set out in IFRS 9: the simplified approach and the general approach. The table below indicates the impairment model used for each of our financial asset categories. Impairment losses on financial assets are recognized in the Consolidated Income Statement within the corresponding line items, based on the classification of the counterparty. Financial asset IFRS 9 impairment model Trade receivables Simplified approach Receivables from financing activities General approach Other receivables General approach In order to test for impairment, individually significant receivables and receivables for which collectability is at risk are assessed individually, while all other receivables are grouped into homogeneous risk categories based on shared risk characteristics such as instrument type, industry or geographical location of the counterparty. The simplified approach for determining the lifetime ECL allowance is performed in two steps: • All trade receivables that are in default, as defined above, are individually assessed for impairment; and • A general reserve is recognized for all other trade receivables (including those not past due) based on historical loss rates. The Group applies the general approach as determined by IFRS 9 by assessing at each reporting date whether there has been a significant increase in credit risk on the financial instrument since initial recognition. The Group considers receivables to have experienced a significant increase in credit risk when certain quantitative or qualitative indicators have been met or the borrower is more than 30 days past due on its contractual payments. The “three-stages” for determining and measuring the impairment based on changes in credit quality since initial recognition are summarized below: Stage Description Time period for measurement of ECL Stage 1 A financial instrument that is not credit-impaired on initial recognition 12-month ECL Stage 2 A financial instrument with a significant increase in credit risk since initial recognition Lifetime ECL Stage 3 A financial instrument that is credit-impaired or has defaulted Lifetime ECL Considering forward-looking economic information, ECL is determined by projecting the probability of default, exposure at default and loss given default for each future contractual period and for each individual exposure or collective portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since adoption, there have been no significant changes in estimation techniques or significant assumptions that led to material changes in the ECL allowance. The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that a debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written off could still be subject to enforcement activities. Derivative financial instruments (policy applicable from January 1, 2018) Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest rate and market price risks (primarily related to commodities). In accordance with IFRS 9 , derivative financial instruments are recognized on the basis of the settlement date and, upon initial recognition, are measured at fair value less (in case a financial asset is not measured at FVPL) transaction costs that are directly attributable to the acquisition of the financial assets. Subsequent to initial recognition, all derivative financial instruments are measured at fair value. Furthermore, derivative financial instruments qualify for hedge accounting when (i) there is formal designation and documentation of the hedging relationship and the Group’s risk management objective and strategy for undertaking the hedge at inception of the hedge and (ii) the hedge is expected to be effective. When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply: • Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a recognized asset or liability attributable to a particular risk that could affect the Consolidated Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is recognized in the Consolidated Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the hedged item and is recognized in the Consolidated Income Statement. • Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at the same time as the economic effect arising from the hedged item that affects the Consolidated Income Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is recognized in the Consolidated Income Statement immediately. When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the Consolidated Income Statement at the same time as the underlying transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/(loss) is recognized in the Consolidated Income Statement immediately. • Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a net investment in a foreign operation, the effective portion of the gain or loss on the derivative financial instrument is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified from Other comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign operation. Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match closely or exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match closely or perfectly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging instrument. The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Group’s derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be one for one. If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial instruments are recognized immediately in the Consolidated Income Statement. Refer to Note 16 , Derivative financial assets and liabilities , for additional information on fair value measurements. |
Transfers of financial assets | ransfers of financial assets Refer to New standards and amendments effective January 1, 2018 below for information on the Group's adoption of IFRS 9 - Financial Instruments . Transfers of financial assets The Group derecognizes financial assets when the contractual rights to the cash flows arising from the asset are no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On derecognition of financial assets, the difference between the carrying amount of the asset and the consideration received or receivable for the transfer of the asset is recognized in the Consolidated Income Statement. The Group transfers certain of its financial, trade and tax receivables, mainly through factoring transactions. Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred payment clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price is dependent on the total amount collected from the receivables), whereby the transferor has priority participation in the losses, or requires a significant exposure to the variability of cash flows arising from the transferred receivables to be retained. These types of transactions do not meet the requirements of IFRS 9 for the derecognition of the assets since the risks and rewards connected with ownership of the financial asset are not substantially transferred, and accordingly the Group continues to recognize these receivables within the Consolidated Statement of Financial Position and recognizes a financial liability for the same amount under Asset-backed financing, which is included within Debt. These types of receivables are classified as held-to-collect, since the business model is consistent with the Group’s continuing recognition of the receivables. |
Inventories | nventories Raw materials, semi-finished products and finished goods inventories are stated at the lower of cost and net realizable value, with cost being determined on a first-in, first-out (“FIFO”) basis. The measurement of Inventories includes the direct cost of materials and labor as well as indirect costs (variable and fixed). A provision is made for obsolete and slow-moving raw materials, finished goods, spare parts and other supplies based on their expected future use and realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs for sale and distribution. The measurement of production systems construction contracts is based on the stage of completion, which is determined as the proportion of cost incurred at the balance sheet date over the estimated total contract cost. These items are presented net of progress billings received from customers. Any losses on such contracts are recorded in the Consolidated Income Statement in the period in which they are identified. Employee benefits |
Employee benefits | Defined contribution plans Costs arising from defined contribution plans are expensed as incurred. Defined benefit plans The Group’s net obligations are determined separately for each defined benefit plan by estimating the present value of future benefits that employees have earned and deducting the fair value of any plan assets. The present value of defined benefit obligations is measured using actuarial techniques and actuarial assumptions that are unbiased, mutually compatible and attribute benefits to periods in which the obligation to provide post-employment benefits arise by using the Projected Unit Credit Method. Plan assets are recognized and measured at fair value. When the net obligation is a potential asset, the recognized amount is limited to the present value of any economic benefits available in the form of future refunds or reductions in future contributions to the plan (asset ceiling). The components of defined benefit cost are recognized as follows: • Service cost is recognized in the Consolidated Income Statement by function and is presented within the relevant line items (Cost of revenues, Selling, general and other costs, and Research and development costs); • Net interest expense on the defined benefit liability/(asset) is recognized in the Consolidated Income Statement within Net financial expenses and is determined by multiplying the net liability/(asset) by the discount rate used to discount obligations taking into account the effect of contributions and benefit payments made during the year; and • Remeasurement components of the net obligation, which comprise actuarial gains and losses, the return on plan assets (excluding interest income recognized in the Consolidated Income Statement) and any change in the effect of the asset ceiling are recognized immediately in Other comprehensive income/(loss). These remeasurement components are not reclassified to the Consolidated Income Statement in a subsequent period. Past service costs arising from plan amendments and curtailments and gains and losses on the settlement of a plan are recognized immediately in the Consolidated Income Statement. Other long term employee benefits The Group’s obligations represent the present value of future benefits that employees have earned in return for their service. Remeasurement components on other long term employee benefits are recognized in the Consolidated Income Statement in the period in which they arise. |
Share-based compensation | hare-based compensation The Group has several compensation plans that provide for the granting of share-based compensation to certain employees and directors. Share-based compensation plans are accounted for in accordance with IFRS 2 - Share-based Payment, which requires the recognition of share-based compensation expense based on fair value. Compensation expense for equity-classified awards is measured at the grant date based on the fair value of the award using the Monte Carlo simulation model, which requires the input of subjective assumptions, including the expected volatility of our common shares, interest rates and a correlation coefficient between our common shares and the relevant market index. For those awards with post-vesting contingencies, we apply an adjustment to account for the probability of meeting the contingencies. Management uses its best estimates incorporating both publicly observable data and discounted cash flow methodologies in the measurement of fair value for liability-classified awards, which are remeasured to fair value at each balance sheet date until the award is settled. Compensation expense is recognized over the vesting period with an offsetting increase to equity or other liabilities depending on the nature of the award. Share-based compensation expense related to plans with graded vesting is recognized using the graded vesting method. Share-based compensation expense is recognized within Selling, general and other costs within the Consolidated Income Statement. |
Revenue recognition | evenue recognition Refer to New standards and amendments effective January 1, 2018 below for information on the Group's adoption of IFRS 15 - Revenue from contracts with customers . Revenue recognition Revenue is recognized when control of our vehicles, services or parts has been transferred and the Group’s performance obligations to our customers have been satisfied. Revenue is measured as the amount of consideration the Group expects to receive in exchange for transferring goods or providing services. The timing of when the Group transfers the goods or services to the customer may differ from the timing of the customer’s payment. The Group recognizes a contract liability when it invoices an amount to a customer prior to the transfer of the goods or services provided. When the Group gives our customers the right to return eligible goods, the Group estimates the expected returns based on an analysis of historical experiences. Sales, value added and other taxes that the Group collects on behalf of others concurrently with revenue generating activities are excluded from revenue and are recognized within the Other liabilities and the Tax payables line items in the Consolidated Statement of Financial Position. Incidental items that are immaterial in the context of the contract are recognized as expense. The Group also enters into contracts with multiple performance obligations. For these contracts, the Group allocates revenue from the transaction price to the distinct goods and services in the contract on a relative standalone selling price basis. To the extent that the Group sells the good or service separately in the same market, the standalone selling price is the observable price at which the Group sells the good or service separately. For all other goods or services, the Group estimates the standalone selling price using a cost-plus-margin approach. Sales of goods The Group has determined that our customers from the sale of vehicles and service parts are generally dealers, distributors or fleet customers. Transfer of control, and therefore revenue recognition, generally corresponds to the date when the vehicles or service parts are made available to the customer, or when the vehicles or service parts are released to the carrier responsible for transporting them to the customer. This is also the point at which invoices are issued, with payment for vehicles typically due immediately and payment for service parts typically due in the following month. For component part sales, revenue recognition is consistent with that of service parts. The Group also sells tooling, with control transferring at the point in time when the customer accepts the tooling. The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will ultimately be paid and is recognized as a reduction to revenue at the time of the sale. If a vehicle contract transaction has multiple performance obligations, the cost of incentives is allocated entirely to the vehicle as the intent of the incentives is to encourage sales of vehicles. If the estimate of the incentive changes following the sale to the customer, the change in estimate is recognized as an adjustment to revenue in the period of the change. Refer to the Use of estimates - Sales incentives for more information on these programs. New vehicle sales through GDP are recognized as revenue when control of the vehicle transfers to the fleet customer, except in situations where the Group issues a put option for which there is a significant economic incentive to exercise, as discussed below. Upon recognition of the vehicle revenue, the Group establishes a liability equal to the estimated amount of any residual value guarantee. The Group also sells vehicles where, in addition to guaranteeing the residual value, the contract includes a put option whereby the fleet customer can require the Group to repurchase the vehicles. For these types of arrangements, the Group assesses whether a significant economic incentive exists for the customer to exercise its put option. If the Group determines that a significant economic incentive does not exist for the customer to exercise its put option, then revenue is recognized when control of the vehicle transfers to the fleet customer and a liability is recognized equal to the estimated amount of the residual value guarantee. If the Group determines that a significant economic incentive exists, then the arrangement is accounted for similarly to a repurchase obligation, as described in Lease installments from assets sold with buy-back commitments . Services provided When control of a good transfers to the customer prior to the completion of shipping activities for which the Group is responsible, this represents a separate performance obligation for which the shipping revenue is recognized when the shipping service is complete. Other revenues from services provided are primarily comprised of maintenance plans and extended warranties, and are recognized over the contract period in proportion to the costs expected to be incurred based on our historical experience. These services are either included in the selling price of the vehicle or separately priced. Revenue for services is allocated based on the estimated stand-alone selling price. Costs associated with the sale of contracts are deferred and are subsequently amortized to expense consistent with how the related revenue is recognized. The Group had €200 million of deferred service contract costs at December 31, 2018 and recognized €88 million of amortization expense during the year ended December 31, 2018 . Contract revenues Revenue from construction contracts, which is comprised of industrial automation systems, included within “Other activities”, is recognized as revenue over the contract period in proportion to the costs expected to be incurred based on our historical experience. A loss is recognized if the sum of the expected costs for services under the contract exceeds the transaction price. Lease installments from assets sold with buy-back commitments Vehicle sales to fleet customers can include a repurchase obligation, whereby the Group is required to repurchase the vehicles at a given point in time. The Group accounts for such sales as an operating lease. Upon the transfer of vehicles to the fleet customer, the Group records a liability equal to the proceeds received within Other liabilities in the Consolidated Statement of Financial Position. The difference between the proceeds received and the guaranteed repurchase amount is recognized as revenue over the contractual term on a straight-line basis. The cost of the vehicle is recorded within Assets sold with a buy-back commitment in the Consolidated Statement of Financial Position and the difference between the cost of the vehicle and the estimated residual value is recognized within Cost of revenues in the Consolidated Income Statement over the contractual term. Interest income of financial services activities Interest income, which is primarily generated from the Group by providing dealer and retail financing, is recognized using the effective interest method. |
Cost of revenues | ost of revenues Cost of revenues comprises expenses incurred in the manufacturing and distribution of vehicles and parts. The most significant element is the cost of materials and components and the remaining costs include labor (consisting of direct and indirect wages), transportation costs, depreciation of property, plant and equipment and amortization of other intangible assets relating to production. In addition, expenses which are directly attributable to the financial services companies, including interest expense related to their financing as a whole and provisions for risks and write-downs of assets, are recorded within Cost of revenues (€ 75 million , € 68 million and € 91 million for the years ended December 31, 2018 , 2017 and 2016 , respectively). Cost of revenues also included € 293 million , € 397 million and € 384 million related to the decrease in value for assets sold with buy-back commitments for the years ended December 31, 2018 , 2017 and 2016 , respectively. In addition, estimated costs related to product warranty and recall campaigns are recorded within Cost of revenues (refer to the section Use of estimates below for further information). |
Government grants | overnment Grants Government grants are recognized in the Consolidated Financial Statements when there is reasonable assurance of the Group's compliance with the conditions for receiving such grants and that the grants will be received. Government grants are recognized as income over the same periods as the related costs which they are intended to offset. The benefit of a government loan at a below-market rate of interest is treated as a government grant. The benefit of the below-market rate of interest is measured as the difference between the initial carrying amount of the loan (fair value plus transaction costs) and the proceeds received, and it is accounted for in accordance with the policies used for the recognition of government grants. |
Taxes | axes Income taxes include all taxes which are based on the taxable profits of the Group. Current and deferred taxes are recognized as a benefit or expense and are included in the Consolidated Income Statement for the period, except for tax arising from (i) a transaction or event which is recognized, in the same or a different period, either in Other comprehensive income/(loss) or directly in Equity, or (ii) a business combination. Deferred taxes are accounted for under the full liability method. Deferred tax liabilities are recognized for all taxable temporary differences between the carrying amounts of assets or liabilities and their tax base, except to the extent that the deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilized, unless the deferred tax assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit. Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions in which the Group operates that are expected to apply to the period when the asset is realized or liability is settled. The Group recognizes deferred tax liabilities associated with the existence of a subsidiary’s undistributed profits when it is probable that this temporary difference will not reverse in the foreseeable future, except when it is able to control the timing of the reversal of the temporary difference. The Group recognizes deferred tax assets associated with the deductible temporary differences on investments in subsidiaries only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized. Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from deductible temporary differences, are recognized to the extent that it is probable that future profits will be available against which they can be utilized. The Group monitors unrecognized deferred tax assets at each reporting date and recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Current income taxes and deferred taxes are offset when they relate to the same taxation jurisdiction and there is a legally enforceable right of offset. Other taxes not based on income, such as property taxes and capital taxes, are included within Selling, general and other costs. |
Fair Value Measurement | air Value Measurement Fair value for measurement and disclosure purposes is determined as the consideration that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using a valuation technique. Fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • in the principal market for the asset or liability; or • in the absence of a principal market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their own economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. In estimating fair value, we use market-observable data to the extent it is available. When market-observable data is not available, we use valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. IFRS 13 - Fair Value Measurement establishes a hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets and liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (level 3 inputs). In some cases, the inputs used to measure the fair value of an asset or a liability might be categorized within different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy at the lowest level input that is significant to the entire measurement. Levels used in the hierarchy are as follows: • Level 1 inputs include quoted prices (unadjusted) in active markets for identical assets and liabilities that the Group can access at the measurement date. Level 1 primarily consists of financial instruments such as cash and cash equivalents and certain available-for-sale and held-for-trading securities. • Level 2 inputs include those which are directly or indirectly observable as of the measurement date. Level 2 instruments include commercial paper and non-exchange-traded derivatives such as over-the-counter currency and commodity forwards, swaps and option contracts, which are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for similar instruments in active markets, quoted prices for identical or similar inputs not in active markets, and observable inputs. • Level 3 inputs are unobservable from objective sources in the market and reflect management judgment about the assumptions market participants would use in pricing the instruments. Instruments in this category include non-exchange-traded derivatives such as certain over-the-counter commodity option and swap contracts. |
Use of estimates | The Consolidated Financial Statements are prepared in accordance with IFRS which requires the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and liabilities and the amounts of income and expenses recognized. The estimates and associated assumptions are based on management's best judgment of elements that are known when the financial statements are prepared, on historical experience and on any other factors that are considered to be relevant. Estimates and underlying assumptions are reviewed by the Group periodically and when circumstances require. Actual results could differ from the estimates, which would require adjustment accordingly. The effects of any changes in estimates are recognized in the Consolidated Income Statement in the period in which the adjustment is made, or in future periods. Items requiring estimates for which there is a risk that a material difference may arise in the future in respect of the carrying amounts of assets and liabilities are discussed below. Employee Benefits The Group provides post-employment benefits for certain of its active employees and retirees, which vary according to the legal, fiscal and economic conditions of each country in which the Group operates and may change periodically. The plans are classified by the Group on the basis of the type of benefit provided as follows: pension benefits, health care and life insurance plans and other post-employment benefits. Group companies provide certain post-employment benefits, such as pension or health care benefits, to their employees under defined contribution plans whereby the Group pays contributions to public or private plans on a legally mandatory, contractual, or voluntary basis. The Group recognizes the cost for defined contribution plans as incurred and classifies this by function within Cost of revenues, Selling, general and other costs, and Research and development costs in the Consolidated Income Statement. Pension plans The Group sponsors both non-contributory and contributory defined benefit pension plans primarily in the U.S. and Canada, the majority of which are funded. Non-contributory pension plans cover certain hourly and salaried employees and the benefits are based on a fixed rate for each year of service. Additionally, contributory benefits are provided to certain salaried employees under the salaried employees’ retirement plans. The Group’s defined benefit pension plans are accounted for on an actuarial basis, which requires the use of estimates and assumptions to determine the net liability or net asset. The Group estimates the present value of the projected future payments to all participants by taking into consideration parameters of a financial nature such as discount rates, the rate of salary increases and the likelihood of potential future events estimated by using demographic assumptions, which may have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates, which are developed to reflect actual and projected plan experience. Mortality rates are developed using our plan-specific populations, recent mortality information published by recognized experts in this field, primarily the U.S. Society of Actuaries and the Canadian Institute of Actuaries, and other data where appropriate to reflect actual and projected plan experience. The expected amount and timing of contributions is based on an assessment of minimum funding requirements. From time to time, contributions are made beyond those that are legally required. Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any potential future changes to benefit provisions beyond those to which the Group is presently committed are not made. Significant differences in actual experience or significant changes in the following key assumption may affect the pension obligations and pension expense: • Discount rates . Our discount rates are based on yields of high-quality (AA-rated) fixed income investments for which the timing and amounts of maturities match the timing and amounts of the projected benefit payments. The effects of actual results differing from assumptions and of amended assumptions are included in Other comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit obligation for the defined benefit plans were 4.3 percent and 3.7 percent at December 31, 2018 and 2017 , respectively. At December 31, 2018 , the effect on the defined benefit obligation of a decrease or increase in the discount rate, holding all other assumptions constant, is as follows: Effect on pension benefit ( € million) 10 basis point decrease in discount rate 257 10 basis point increase in discount rate (252 ) Refer to Note 19 , Employee benefits liabilities , for additional information on the Group’s pension plans. Other post-employment benefits The Group provides health care, legal, severance, indemnity life insurance benefits and other post-retirement benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a continuation of certain benefits. Benefits and eligibility rules may be modified periodically. These other post-employment benefits (“OPEB”) are accounted for on an actuarial basis, which requires the selection of various assumptions. The estimation of the Group’s obligations, costs and liabilities associated with OPEB requires the use of estimates of the present value of the projected future payments to all participants, taking into consideration the likelihood of potential future events estimated by using demographic assumptions, which may have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates, which are developed to reflect actual and projected plan experience, as well as legal requirements for retirement in respective countries. Mortality rates are developed using our plan-specific populations, recent mortality information published by recognized experts in this field and other data where appropriate to reflect actual and projected plan experience. Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future changes to benefit provisions beyond those to which the Group is presently committed are not made. Significant differences in actual experience or significant changes in the following key assumptions may affect the OPEB obligation and expense: • Discount rates . Our discount rates are based on yields of high-quality (AA-rated) fixed income investments for which the timing and amounts of maturities match the timing and amounts of the projected benefit payments. • Health care cost trends . The Group’s health care cost trend assumptions are developed based on historical cost data, the near-term outlook and an assessment of likely long-term trends. At December 31, 2018 , the effect of a decrease or increase in the key assumptions affecting the health care, life insurance plans and Italian severance indemnity ( trattamento di fine rapporto or “TFR”), holding all other assumptions constant, is shown below: Effect on health Effect on the TFR (€ million) 10 basis point / (100 basis point for TFR) decrease in discount rate 27 46 10 basis point / (100 basis point for TFR) increase in discount rate (27 ) (41 ) 100 basis point decrease in health care cost trend rate (38 ) — 100 basis point increase in health care cost trend rate 45 — Refer to Note 19 , Employee benefits liabilities , for additional information on the Group’s OPEB liabilities. Recoverability of non-current assets with definite useful lives Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related to the NAFTA and EMEA segments. The Group periodically reviews the carrying amount of non-current assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The recoverability of non-current assets with definite useful lives is based on the estimated future cash flows, using the Group’s current business plan, of the CGUs to which the assets relate. The global automotive industry is experiencing significant change as a result of evolving regulatory requirements for fuel efficiency, greenhouse gas emissions and other tailpipe emissions and emerging technology changes, such as electrification and autonomous driving. Our business plan could change in response to these evolving requirements and emerging technologies. As we continue to assess the potential impacts of these evolving requirements, emerging technologies and of operationalizing and implementing the strategic targets set out in the business plan, including re-allocation of our resources, the recoverability of certain of our assets or CGUs may be impacted in future periods. For example, our product development strategies may be affected by regulatory changes as well as changes in the expected costs of implementing electrification, including the cost of batteries. As relevant circumstances change, we expect to adjust our product plans which may result in changes to the expected use of certain of the Group's vehicle platforms. In addition, recoverability of certain vehicle platforms, particularly in EMEA, depends on the development and launch of additional vehicles with forecasted volumes and margins largely in line with our business plan. These uncertainties could result in either impairments of, or reductions to the expected useful lives of, these platforms, or both. Any change in recoverability would be accounted for at the time such change to the business plan occurs. For the years ended December 31, 2018 , 2017 and 2016 , the impairment tests performed compared the carrying amount of the assets included in the respective CGUs to their value in use. The value in use of the CGUs was determined using a discounted cash flow methodology based primarily on unobservable inputs, including estimated pre-tax future cash flows attributable to the CGUs and a pre-tax discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs. During the year ended December 31, 2018, impairment losses totaling € 297 million were recognized. The most significant component of this impairment loss was in EMEA, primarily resulting from changes in product plans in connection with the 2018-2022 business plan. It was determined that the carrying amount of the CGUs exceeded their value in use and accordingly, an impairment charge of €262 million was recognized in EMEA, €16 million in NAFTA, €11 million in APAC and €8 million in LATAM. During the year ended December 31, 2017, impairment losses totaling € 219 million were recognized. The most significant components of this impairment loss were in EMEA, related to changes in the global product portfolio, and in LATAM, related to product portfolio changes. It was determined that the carrying amount of the CGUs exceeded their value in use and accordingly, an impairment charge of €142 million was recognized in EMEA and €56 million in LATAM. In addition, during the second quarter of 2017, due to the continued deterioration of the economic conditions in Venezuela, certain of FCA Venezuela's assets were impaired to their fair value using a market approach, resulting in an impairment loss of €21 million . During the year ended December 31, 2016, impairment losses totaling € 177 million were recognized. The most significant component of this impairment loss related to the impairment of capitalized development expenditures for the locally produced Fiat Viaggio and Ottimo vehicles as a result of the Group's capacity realignment to SUV production in China. It was determined that the carrying amount of the CGUs exceeded their fair value in use resulting in an impairment charge of € 90 million. In addition, due to the continued deterioration of the economic conditions in Venezuela, certain of FCA Venezuela's assets were impaired to their fair value using a market approach, resulting in an impairment charge of € 43 million. Recoverability of Goodwill and Intangible assets with indefinite useful lives In accordance with IAS 36 - Impairment of Assets , goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the operating segments. The impairment test is performed by comparing the carrying amount (which mainly comprises property, plant and equipment, goodwill, brands and capitalized development expenditures) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value in use. The balance of Goodwill and intangible assets with indefinite useful lives recognized by the Group primarily relates to the acquisition of FCA US. Goodwill from the acquisition of FCA US has been allocated to the NAFTA, EMEA, APAC and LATAM operating segments. The assumptions used in the impairment test represent management’s best estimate for the period under consideration. • The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the operating segments was determined using fair value less costs of disposal for the year ended December 31, 2018 and was based on the following assumptions: ◦ The expected future cash flows covering the period from 2019 through 2022. These expected cash flows reflect the current expectations regarding economic conditions and market trends as well as the Group’s initiatives for the period 2019 to 2022. These cash flows relate to the respective CGUs in their current condition when preparing the financial statements and exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable and represent the best estimate of expected conditions regarding market trends and segment, brand and model share for the respective operating segment over the period considered. With regards to: ▪ The APAC operating segment, expected future cash flows are sensitive to certain assumptions, primarily the expected margins for the terminal period, such that a reduction of 0.7 percent in the margin for the terminal period would reduce the fair value down to its carrying value. While the assumptions used are considered reasonable and achievable and represent the best estimate of expected conditions in the operating segment, management is actively implementing measures to improve operating results by addressing commercial performance and cost structure to allow the achievement of the expected margins and cash flow in APAC. ▪ The LATAM operating segment, expected future cash flows also include the extension of tax benefits though 2025 and other government grants, which were signed into law in Brazil during the fourth quarter of 2018. ◦ The expected future cash flows include a normalized terminal period to estimate the future result beyond the time period explicitly considered which incorporates a long-term growth rate assumption of 2 percent. The long-term EBIT margins have been set considering the margins incorporated into the five-years plan, as adjusted for the stage in the economic cycle of the regions and any specific circumstances (for example, in LATAM, the long-term EBIT margin has been adjusted to assume no extension of the Brazilian tax benefits beyond 2025). ◦ Post-tax cash flows have been discounted using a post-tax discount rate which reflects the current market assessment of the time value of money for the period being considered and the risks specific to the operating segment and cash flows under consideration. The Weighted Average Cost of Capital (“WACC”) ranged from approximately 13.7 percent to approximately 21.7 percent. The WACC was calculated using the Capital Asset Pricing Model technique. The values estimated as described above were determined to be in excess of the book value of the net capital employed for each operating segment to which Goodwill has been allocated. As such, no impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2018 . There were no impairment charges resulting from the impairment tests performed for the years ended December 31, 2017 and 2016 . Recoverability of deferred tax assets Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets is dependent on the Group’s ability to generate sufficient future taxable income in the period in which it is assumed that the deductible temporary differences reverse and tax losses carried forward can be utilized. In making this assessment, the Group considers future taxable income arising based on the most recent business plan. Moreover, the Group estimates the impact of the reversal of taxable temporary differences on earnings and it also considers the period over which these deferred tax assets could be recovered. The estimates and assumptions used in the assessment are subject to uncertainty especially as it relates to the Group’s future performance as compared to the business plan, particularly in LATAM and EMEA. Therefore, changes in current estimates due to unanticipated events could have a significant impact on our Consolidated Financial Statements. Refer to Note 7 , Tax expense for additional detail. Sales incentives The Group records the estimated cost of sales incentive programs offered to dealers and consumers as a reduction to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs offered to dealers and consumers, as well as the expected modifications to these programs in order to facilitate sales of the dealer inventory. Subsequent adjustments to sales incentive programs related to vehicles previously sold to dealers are recognized as an adjustment to Net revenues in the period the adjustment is determinable. The Group uses price discounts to adjust vehicle pricing in response to a number of market and product factors, including pricing actions and incentives offered by competitors, economic conditions, the amount of excess industry production capacity, the intensity of market competition, consumer demand for the product and the desire to support promotional campaigns. The Group may offer a variety of sales incentive programs at any given point in time, including cash offers to dealers and consumers and subvention programs offered to customers, or lease subsidies, which reduce the retail customer’s monthly lease payment or cash due at the inception of the financing arrangement, or both. Sales incentive programs are generally brand, model and region specific for a defined period of time. Multiple factors are used in estimating the future incentive expense by vehicle line, including the current incentive programs in the market, planned promotional programs and the normal incentive escalation incurred as the model year ages. The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly, thereby impacting revenues. As there are a multitude of inputs affecting the calculation of the estimate for sales incentives, an increase or decrease of any of these variables could have a significant effect on Net revenues. Product warranties, recall campaigns and product liabilities The Group establishes reserves for product warranties at the time the related sale is recognized. The Group issues various types of product warranties under which the performance of products delivered is generally guaranteed for a certain period or term. The accrual for product warranties includes the expected costs of warranty obligations imposed by law or contract, as well as the expected costs for policy coverage, recall actions and buyback commitments. The estimated future costs of these actions are principally based on assumptions regarding the lifetime warranty costs of each vehicle line and each model year of that vehicle line, as well as historical claims experience for the Group’s vehicles. In addition, the number and magnitude of additional service actions expected to be approved and policies related to additional service actions are taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the assumptions used could materially affect the results of operations. The Group periodically initiates voluntary service and recall actions to address various customer satisfaction as well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of these service and recall actions. In NAFTA, we accrue estimated costs for recalls at the time of sale, which are based on historical claims experience as well as an additional actuarial analysis that gives greater weight to the more recent calendar year trends in recall campaign activity. In other regions and sectors, however, there generally is not sufficient historical data to support the application of an actuarial-based estimation technique. As a result, estimated recall costs for the other regions and sectors are accrued at the time when they are probable and reasonably estimable, which typically occurs once a specific recall campaign is approved and is announced. Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of new laws and regulations, the number of vehicles affected by a service or recall action and the nature of the corrective action. It is reasonably possible that the ultimate cost of these service and recall actions may require the Group to make expenditures in excess of (or less than) established reserves over an extended period of time and in a range of amounts that cannot be reasonably estimated. The estimate of warranty and additional service and recall action obligations is periodically reviewed during the year. Experience has shown that initial data for any given model year can be volatile; therefore, our process relies upon long-term historical averages until sufficient data is available. As actual experience becomes available, it is used to modify the historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals are then compared with current spending rates to ensure that the balances are adequate to meet expected future obligations. In addition, the Group makes provisions for estimated product liability costs arising from property damage and personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product defects. By nature, these costs can be infrequent, difficult to predict and have the potential to vary significantly in amount. The valuation of the reserve is actuarially determined on an annual basis based on, among other factors, the number of vehicles sold and product liability claims incurred. Costs associated with these provisions are recorded in the Consolidated Income Statement and any subsequent adjustments are recorded in the period in which the adjustment is determined. Litigation Various legal proceedings, claims and governmental investigations are pending against the Group on a wide range of topics, including vehicle safety, emissions and fuel economy, competition, tax and securities laws, labor, dealer, supplier and other contractual relationships, intellectual property rights, product warranties and environmental matters. Some of these proceedings allege defects in specific component parts or systems (including airbags, seats, seat belts, brakes, ball joints, transmissions, engines and fuel systems), in various vehicle models or allege general design defects relating to vehicle handling and stability, sudden unintended movement or crashworthiness. These proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include a claim for exemplary or punitive damages. Adverse decisions in one or more of these proceedings could require the Group to pay substantial damages, or undertake service actions, recall campaigns or other costly actions. Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. Moreover, the cases and claims against the Group are often derived from complex legal issues that are subject to differing degrees of uncertainty, including the facts and circumstances of each particular case, the manner in which the applicable law is likely to be interpreted and applied and the jurisdiction and the different laws involved. A provision is established in connection with pending or threatened litigation if it is probable there will be an outflow of funds and when the amount can be reasonably estimated. If an outflow of funds becomes probable, but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial Statements. Since these provisions represent estimates, the resolution of some of these matters could require the Group to make payments in excess of the amounts accrued or may require the Group to make payments in an amount or range of amounts that could not be reasonably estimated. The Group monitors the status of pending legal proceedings and consults with experts on legal and tax matters on a regular basis. As such, the provisions for the Group’s legal proceedings and litigation may vary as a result of future developments in pending matters. |
New standards and amendments effective from January 1, 2018 | The impact of adoption on our Consolidated Income Statement for the year ended December 31, 2018 and Consolidated Statement of Financial Position at December 31, 2018 was as follows: Year ended December 31, 2018 As reported Amounts without adoption of IFRS 15 Effect of change higher/(lower) (€ million) Consolidated Income Statement Net revenues 110,412 110,533 (121 ) Cost of revenues 95,011 95,127 (116 ) Tax expense 778 779 (1 ) Profit from discontinued operations, net of tax 302 303 (1 ) Net profit 3,632 3,637 (5 ) At December 31, 2018 As reported Balances without adoption of IFRS 15 Effect of change higher/(lower) (€ million) Consolidated Statement of Financial Position Assets Deferred tax assets 1,814 1,814 — Inventories 10,694 10,694 — Assets sold with a buy-back commitment 1,707 1,890 (183 ) Assets held for sale 4,801 4,805 (4 ) Equity Equity attributable to owners of the parent 24,702 24,679 23 Liabilities Deferred tax liabilities 937 937 — Other liabilities (non-current) 2,452 2,453 (1 ) Trade payables 19,229 19,280 (51 ) Provisions (current) 10,483 10,483 — Tax payables (current) 114 114 — Other liabilities (current) 7,057 7,186 (129 ) Liabilities held for sale 2,931 2,960 (29 ) On January 1, 2018, the financial instruments of the Group were reclassified into the appropriate IFRS 9 categories. The main effects resulting from the reclassification between measurement categories are as follows: Financial statement line item IAS 39 measurement category (D) At December 31, 2017 Reclassification At January 1, 2018 IFRS 9 measurement category Financial statement line item (€ million) Other financial assets (non-current) Other financial assets (non-current) Derivative financial assets FVPL (E) € 19 € — € 19 FVPL (E) Derivative financial assets Debt securities measured at fair value through profit or loss FVPL 59 (59 ) (A) Debt securities held-to-maturity AC 2 (2 ) 2 2 AC Other assets Equity instruments measured at cost Cost 43 (43 ) (B) 20 (B) 20 FVPL Equity instruments measured at FVPL Equity instruments measured at fair value through other comprehensive income FVOCI (AFS) 23 23 (B) 46 FVOCI Equity instruments measured at FVOCI Financial receivables AC (L&R) 275 — 275 AC Financial receivables Collateral deposits FVPL 61 — 61 FVPL Collateral deposits Total Other financial assets € 482 € (59 ) € 423 Total Other financial assets Financial statement line item IAS 39 measurement category (D) At December 31, 2017 Reclassification At January 1, 2018 IFRS 9 measurement category Financial statement line item (€ million) Other receivables (non-current) Other receivables (non-current) Receivables from financing activities AC (L&R) € 194 € — € 194 AC Receivables from financing activities Other receivables AC (L&R) 472 — 472 AC Other receivables Total Other receivables € 666 € — € 666 Total Other receivables Trade and other receivables (current) Trade and other receivables (current) Trade receivables AC (L&R) € 2,460 € (28 ) (C) € 2,432 AC Trade receivables 28 (C) 28 FVPL Trade receivables Receivables from financing activities AC (L&R) 2,946 (700 ) (C) 2,246 AC Receivables from financing activities 700 (C) 700 FVPL Receivables from financing activities Other receivables AC (L&R) 2,481 — 2,481 AC Other receivables Total Trade and other receivables € 7,887 € — € 7,887 Total Trade and other receivables Other financial assets (current) Other financial assets (current) Derivative financial assets FVPL (E) € 265 € — € 265 FVPL (E) Derivative financial assets Debt securities measured at fair value through other comprehensive income FVOCI (AFS) 4 (4 ) 4 4 AC Other financial assets Debt securities measured at fair value through profit or loss FVPL (HFT) 172 59 (A) 231 FVPL Debt securities measured at FVPL Held-for-trading investments FVPL (HFT) 46 (46 ) 46 46 FVPL Equity instruments measured at FVPL Total Other financial assets € 487 € 59 € 546 Total Other financial assets Cash and cash equivalents Cash and cash equivalents Cash at banks FVPL € 6,396 € — € 6,396 AC Cash at banks Money market securities FVPL 6,242 (3,530 ) 2,712 FVPL Money market securities 3,530 3,530 AC Other cash equivalents Total Cash and cash equivalents € 12,638 € — € 12,638 Total Cash and cash equivalents ______________________________________________________________________________________________________________________________ (A) As of January 1, 2018, debt securities of €59 million were reclassified from non-current to current to reflect the held to sell business model with no impact on retained earnings. (B) As permitted by IFRS 9, the Group has designated certain investments in other companies at the date of initial application as measured at FVOCI (C) Certain trade receivables and receivables from financing activities, mainly attributable to the EMEA region, were reclassified from amortized cost to FVPL as a result of the held to sell business model. (D) AFS: available-for-sale; HTM: held-to-maturity; L&R: Loans & Receivables; HFT: held-for-trading; FV: fair value. (E) Except for derivatives designated in cash flow hedging relationship, as described above. New standards and amendments effective January 1, 2018 The cumulative effect of the changes made to our Consolidated Statement of Financial Position as of January 1, 2018 for the adoption of IFRS 15 - Revenue from Contracts with Customers and IFRS 9 - Financial Instruments is as follows: (€ million) At December 31, 2017 (as previously reported) IFRS 15 Adoption Effect IFRS 9 Adoption Effect At January 1, 2018 (as adjusted) Assets Goodwill and intangible assets with indefinite useful lives € 13,390 € — € — € 13,390 Other intangible assets 11,542 — — 11,542 Property, plant and equipment 29,014 — — 29,014 Investments accounted for using the equity method 2,008 — (9 ) 1,999 Other financial assets 482 — (59 ) 423 Deferred tax assets 2,004 (5 ) — 1,999 Trade and other receivables 666 — — 666 Tax receivables 83 — — 83 Prepaid expenses and other assets (1) 328 — — 328 Other non-current assets 508 — — 508 Total Non-current assets 60,025 (5 ) (68 ) 59,952 Inventories 12,922 — — 12,922 Assets sold with a buy-back commitment 1,748 (288 ) — 1,460 Trade and other receivables 7,887 — — 7,887 Tax receivables 215 — — 215 Prepaid expenses and other assets (1) 377 — — 377 Other financial assets 487 — 59 546 Cash and cash equivalents 12,638 — — 12,638 Total Current assets 36,274 (288 ) 59 36,045 Total Assets € 96,299 € (293 ) € (9 ) € 95,997 Equity and liabilities Equity Equity attributable to owners of the parent € 20,819 € 30 € (9 ) € 20,840 Non-controlling interests 168 — — 168 Total Equity 20,987 30 (9 ) 21,008 Liabilities Long-term debt 10,726 — — 10,726 Employee benefits liabilities 8,584 — — 8,584 Provisions 5,770 — — 5,770 Other financial liabilities 1 — — 1 Deferred tax liabilities 388 2 — 390 Tax payables 74 — — 74 Other liabilities 2,500 (17 ) — 2,483 Total Non-current liabilities 28,043 (15 ) — 28,028 Trade payables 21,939 (73 ) — 21,866 Short-term debt and current portion of long-term debt 7,245 — — 7,245 Employee benefits liabilities 694 — — 694 Provisions 9,009 1 — 9,010 Other financial liabilities 138 — — 138 Tax payables 309 — — 309 Other liabilities 7,935 (236 ) — 7,699 Total Current liabilities 47,269 (308 ) — 46,961 Total Equity and liabilities € 96,299 € (293 ) € (9 ) € 95,997 2018 The cumulative effect of the changes made to our Consolidated Statement of Financial Position as of January 1, 2018 for the adoption of IFRS 15 - Revenue from Contracts with Customers and IFRS 9 - Financial Instruments is as follows: (€ million) At December 31, 2017 (as previously reported) IFRS 15 Adoption Effect IFRS 9 Adoption Effect At January 1, 2018 (as adjusted) Assets Goodwill and intangible assets with indefinite useful lives € 13,390 € — € — € 13,390 Other intangible assets 11,542 — — 11,542 Property, plant and equipment 29,014 — — 29,014 Investments accounted for using the equity method 2,008 — (9 ) 1,999 Other financial assets 482 — (59 ) 423 Deferred tax assets 2,004 (5 ) — 1,999 Trade and other receivables 666 — — 666 Tax receivables 83 — — 83 Prepaid expenses and other assets (1) 328 — — 328 Other non-current assets 508 — — 508 Total Non-current assets 60,025 (5 ) (68 ) 59,952 Inventories 12,922 — — 12,922 Assets sold with a buy-back commitment 1,748 (288 ) — 1,460 Trade and other receivables 7,887 — — 7,887 Tax receivables 215 — — 215 Prepaid expenses and other assets (1) 377 — — 377 Other financial assets 487 — 59 546 Cash and cash equivalents 12,638 — — 12,638 Total Current assets 36,274 (288 ) 59 36,045 Total Assets € 96,299 € (293 ) € (9 ) € 95,997 Equity and liabilities Equity Equity attributable to owners of the parent € 20,819 € 30 € (9 ) € 20,840 Non-controlling interests 168 — — 168 Total Equity 20,987 30 (9 ) 21,008 Liabilities Long-term debt 10,726 — — 10,726 Employee benefits liabilities 8,584 — — 8,584 Provisions 5,770 — — 5,770 Other financial liabilities 1 — — 1 Deferred tax liabilities 388 2 — 390 Tax payables 74 — — 74 Other liabilities 2,500 (17 ) — 2,483 Total Non-current liabilities 28,043 (15 ) — 28,028 Trade payables 21,939 (73 ) — 21,866 Short-term debt and current portion of long-term debt 7,245 — — 7,245 Employee benefits liabilities 694 — — 694 Provisions 9,009 1 — 9,010 Other financial liabilities 138 — — 138 Tax payables 309 — — 309 Other liabilities 7,935 (236 ) — 7,699 Total Current liabilities 47,269 (308 ) — 46,961 Total Equity and liabilities € 96,299 € (293 ) € (9 ) € 95,997 ________________________________________________________________________________________________________________________________________________ (1) Caption previously reported as “Accrued income and prepaid expenses” IFRS 15 - Revenue from contracts with customers IFRS 15 - Revenue from contracts with customers ( “IFRS 15” ) requires companies to recognize revenue upon transfer of control of goods or services to a customer at an amount that reflects the consideration it expects to receive for those goods or services. The Group adopted IFRS 15 and all the related amendments using the modified retrospective method, with the cumulative effect of initially applying the standard recognized as an adjustment to the Group’s opening equity balance on January 1, 2018. The comparative period has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. There was no material impact on our Consolidated Financial Statements from the adoption of this standard in 2018 and we do not expect a material impact on an ongoing basis. The majority of our revenue continues to be recognized in a manner consistent with prior years. Revenue from the sale of vehicles and service parts is recognized upon transfer of control to our customers, which generally corresponds to the date when the vehicles and service parts are made available to dealers or distributors, or when the vehicles and service parts are released to the carrier responsible for transporting them to dealers or distributors. Under IFRS 15, however, new vehicle sales through our Guarantee Depreciation Program (“GDP”), under which the Group guarantees the residual value or otherwise assumes responsibility for the minimum resale value of the vehicle, as well as those vehicles which include a put option for which the customer does not have a significant economic incentive to exercise, will be recognized as revenue when the vehicles are shipped, rather than being accounted for as an operating lease. The impact of adoption on our Consolidated Income Statement for the year ended December 31, 2018 and Consolidated Statement of Financial Position at December 31, 2018 was as follows: Year ended December 31, 2018 As reported Amounts without adoption of IFRS 15 Effect of change higher/(lower) (€ million) Consolidated Income Statement Net revenues 110,412 110,533 (121 ) Cost of revenues 95,011 95,127 (116 ) Tax expense 778 779 (1 ) Profit from discontinued operations, net of tax 302 303 (1 ) Net profit 3,632 3,637 (5 ) At December 31, 2018 As reported Balances without adoption of IFRS 15 Effect of change higher/(lower) (€ million) Consolidated Statement of Financial Position Assets Deferred tax assets 1,814 1,814 — Inventories 10,694 10,694 — Assets sold with a buy-back commitment 1,707 1,890 (183 ) Assets held for sale 4,801 4,805 (4 ) Equity Equity attributable to owners of the parent 24,702 24,679 23 Liabilities Deferred tax liabilities 937 937 — Other liabilities (non-current) 2,452 2,453 (1 ) Trade payables 19,229 19,280 (51 ) Provisions (current) 10,483 10,483 — Tax payables (current) 114 114 — Other liabilities (current) 7,057 7,186 (129 ) Liabilities held for sale 2,931 2,960 (29 ) Revenue recognition Revenue is recognized when control of our vehicles, services or parts has been transferred and the Group’s performance obligations to our customers have been satisfied. Revenue is measured as the amount of consideration the Group expects to receive in exchange for transferring goods or providing services. The timing of when the Group transfers the goods or services to the customer may differ from the timing of the customer’s payment. The Group recognizes a contract liability when it invoices an amount to a customer prior to the transfer of the goods or services provided. When the Group gives our customers the right to return eligible goods, the Group estimates the expected returns based on an analysis of historical experiences. Sales, value added and other taxes that the Group collects on behalf of others concurrently with revenue generating activities are excluded from revenue and are recognized within the Other liabilities and the Tax payables line items in the Consolidated Statement of Financial Position. Incidental items that are immaterial in the context of the contract are recognized as expense. The Group also enters into contracts with multiple performance obligations. For these contracts, the Group allocates revenue from the transaction price to the distinct goods and services in the contract on a relative standalone selling price basis. To the extent that the Group sells the good or service separately in the same market, the standalone selling price is the observable price at which the Group sells the good or service separately. For all other goods or services, the Group estimates the standalone selling price using a cost-plus-margin approach. Sales of goods The Group has determined that our customers from the sale of vehicles and service parts are generally dealers, distributors or fleet customers. Transfer of control, and therefore revenue recognition, generally corresponds to the date when the vehicles or service parts are made available to the customer, or when the vehicles or service parts are released to the carrier responsible for transporting them to the customer. This is also the point at which invoices are issued, with payment for vehicles typically due immediately and payment for service parts typically due in the following month. For component part sales, revenue recognition is consistent with that of service parts. The Group also sells tooling, with control transferring at the point in time when the customer accepts the tooling. The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will ultimately be paid and is recognized as a reduction to revenue at the time of the sale. If a vehicle contract transaction has multiple performance obligations, the cost of incentives is allocated entirely to the vehicle as the intent of the incentives is to encourage sales of vehicles. If the estimate of the incentive changes following the sale to the customer, the change in estimate is recognized as an adjustment to revenue in the period of the change. Refer to the Use of estimates - Sales incentives for more information on these programs. New vehicle sales through GDP are recognized as revenue when control of the vehicle transfers to the fleet customer, except in situations where the Group issues a put option for which there is a significant economic incentive to exercise, as discussed below. Upon recognition of the vehicle revenue, the Group establishes a liability equal to the estimated amount of any residual value guarantee. The Group also sells vehicles where, in addition to guaranteeing the residual value, the contract includes a put option whereby the fleet customer can require the Group to repurchase the vehicles. For these types of arrangements, the Group assesses whether a significant economic incentive exists for the customer to exercise its put option. If the Group determines that a significant economic incentive does not exist for the customer to exercise its put option, then revenue is recognized when control of the vehicle transfers to the fleet customer and a liability is recognized equal to the estimated amount of the residual value guarantee. If the Group determines that a significant economic incentive exists, then the arrangement is accounted for similarly to a repurchase obligation, as described in Lease installments from assets sold with buy-back commitments . Services provided When control of a good transfers to the customer prior to the completion of shipping activities for which the Group is responsible, this represents a separate performance obligation for which the shipping revenue is recognized when the shipping service is complete. Other revenues from services provided are primarily comprised of maintenance plans and extended warranties, and are recognized over the contract period in proportion to the costs expected to be incurred based on our historical experience. These services are either included in the selling price of the vehicle or separately priced. Revenue for services is allocated based on the estimated stand-alone selling price. Costs associated with the sale of contracts are deferred and are subsequently amortized to expense consistent with how the related revenue is recognized. The Group had €200 million of deferred service contract costs at December 31, 2018 and recognized €88 million of amortization expense during the year ended December 31, 2018 . Contract revenues Revenue from construction contracts, which is comprised of industrial automation systems, included within “Other activities”, is recognized as revenue over the contract period in proportion to the costs expected to be incurred based on our historical experience. A loss is recognized if the sum of the expected costs for services under the contract exceeds the transaction price. Lease installments from assets sold with buy-back commitments Vehicle sales to fleet customers can include a repurchase obligation, whereby the Group is required to repurchase the vehicles at a given point in time. The Group accounts for such sales as an operating lease. Upon the transfer of vehicles to the fleet customer, the Group records a liability equal to the proceeds received within Other liabilities in the Consolidated Statement of Financial Position. The difference between the proceeds received and the guaranteed repurchase amount is recognized as revenue over the contractual term on a straight-line basis. The cost of the vehicle is recorded within Assets sold with a buy-back commitment in the Consolidated Statement of Financial Position and the difference between the cost of the vehicle and the estimated residual value is recognized within Cost of revenues in the Consolidated Income Statement over the contractual term. Interest income of financial services activities Interest income, which is primarily generated from the Group by providing dealer and retail financing, is recognized using the effective interest method. IFRS 9 - Financial Instruments IFRS 9 - Financial Instruments (“IFRS 9”) replaces IAS 39 - Financial Instruments (“IAS 39”) . In particular, it amends the previous guidance in three main areas: • The classification and measurement of financial assets, which is driven by cash flow characteristics and the business model in which an asset is held; • The accounting for impairment of financial assets through the introduction of an “expected credit loss” impairment model, replacing the incurred loss method under IAS 39; and • Hedge accounting, in particular removing some of the restrictions in applying hedge accounting under IAS 39 and to more closely align the accounting for hedge instruments with risk management policies. In accordance with the transitional provisions in IFRS 9, the Group did not restate prior periods. For hedge accounting, the Group applied the standard prospectively. Comparative figures have not been restated for the classification and measurement provisions of the standard, including impairment, and continue to be reported under the accounting standards in effect for periods prior to January 1, 2018. The impact of adoption on our Consolidated Financial Statements was not material. Financial assets and liabilities Financial assets primarily include trade receivables, receivables from financing activities, investments in other companies, derivative financial instruments, cash and cash equivalents, and debt securities that represent temporary investments of available funds and do not satisfy the requirements for being classified as cash equivalents. Financial liabilities primarily consist of debt, derivative financial instruments, trade payables and other liabilities. The classification of financial liabilities under IFRS 9 is unchanged compared with the previous accounting requirements under IAS 39. Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed under dealer network financing programs as a component of the portfolio of the Group's financial services companies. These receivables are interest bearing with the exception of an initial, limited, non-interest bearing period. The contractual terms governing the relationships with the dealer networks vary according to market and payment terms, which range from two to twelve months. Classification and measurement (policy applicable from January 1, 2018) The classification of a financial asset is dependent on the Group’s business model for managing such financial assets and their contractual cash flows. The Group considers whether the contractual cash flows represent solely payments of principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are classified and measured at fair value through profit or loss (“FVPL”). Financial asset cash flow business model Initial measurement (1) Measurement category (3) Solely to collect the contractual cash flows (Held to Collect) Fair Value including transaction costs Amortized Cost (2) Collect both the contractual cash flows and generate cash flows arising from the sale of assets (Held to Collect and Sell) Fair Value including transaction costs Fair value through other comprehensive income (“FVOCI”) Generate cash flows primarily from the sale of assets (Held to Sell) Fair Value FVPL ______________________________________________________________________________________________________________________________ (1) A trade receivable without a significant financing component, as defined by IFRS 15, is initially measured at the transaction price. (2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are discounted using market rates. (3) On initial recognition, the Group may irrevocably designate a financial asset at FVPL that otherwise meets the requirements to be measured at amortized cost or at FVOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Factors considered by the Group in determining the business model for a group of financial assets include: • past experience on how the cash flows for these assets were collected; • the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and future sales activity expectations; • how the asset’s performance is evaluated and reported to key management personnel; and • how risks are assessed and managed and how management is compensated. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Cash and cash equivalents include cash at banks, units in money market funds and other money market securities, commercial paper and certificate of deposits that are readily convertible into cash, with original maturities of three months or less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in value and consist of balances across various primary national and international money market instruments. Money market funds consist of investments in high quality, short-term, diversified financial instruments that can generally be liquidated on demand and are measured at FVPL. Cash at banks and Other cash equivalents are measured at amortized cost. Investments in other companies are measured at fair value. Equity investments for which there is no quoted market price in an active market and there is insufficient financial information in order to determine fair value may be measured at cost as an estimate of fair value, as permitted by IFRS 9. The Group may irrevocably elect to present subsequent changes in the investment’s fair value in Other comprehensive income (“OCI”) upon the initial recognition of an equity investment that is not held to sell. This election is made on an investment-by-investment basis. Generally, any dividends from these investments are recognized in Other income from investments within Result from investments when the Group’s right to receive payment is established. Other net gains and losses are recognized in OCI and will not be reclassified to the Consolidated Income Statement in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value in OCI. Impairment of financial assets (policy applicable from January 1, 2018) The Group’s credit risk differs in relation to the type of activity. In particular, receivables from financing activities, such as dealer and retail financing that are carried out through the Group’s financial services companies, are exposed both to the direct risk of default and the deterioration of the creditworthiness of the counterparty, whereas trade receivables arising from the sale of vehicles and spare parts, are mostly exposed to the direct risk of counterparty default. These risks are mitigated by different kinds of securities received and the fact that collection exposure is spread across a large number of counterparties. The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (“ECL”) model. ECL is a probability-weighted estimate of the present value of cash shortfalls. The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by taking into account the information available at the end of each reporting period as to the counterparty’s solvency, the fair value of any guarantees and the Group’s historical experience. The Group considers a financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full and without consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset is more than 90 days past due. The Group applies two impairment models for financial assets as set out in IFRS 9: the simplified approach and the general approach. The table below indicates the impairment model used for each of our financial asset categories. Impairment losses on financial assets are recognized in the Consolidated Income Statement within the corresponding line items, based on the classification of the counterparty. Financial asset IFRS 9 impairment model Trade receivables Simplified approach Receivables from financing activities General approach Other receivables General approach In order to test for impairment, individually significant receivables and receivables for which collectability is at risk are assessed individually, while all other receivables are grouped into homogeneous risk categories based on shared risk characteristics such as instrument type, industry or geographical location of the counterparty. The simplified approach for determining the lifetime ECL allowance is performed in two steps: • All trade receivables that are in default, as defined above, are individually assessed for impairment; and • A general reserve is recognized for all other trade receivables (including those not past due) based on historical loss rates. The Group applies the general approach as determined by IFRS 9 by assessing at each reporting date whether there has been a significant increase in credit risk on the financial instrument since initial recognition. The Group considers receivables to have experienced a significant increase in credit risk when certain quantitative or qualitative indicators have been met or the borrower is more than 30 days past due on its contractual payments. The “three-stages” for determining and measuring the impairment based on changes in credit quality since initial recognition are summarized below: Stage Description Time period for measurement of ECL Stage 1 A financial instrument that is not credit-impaired on initial recognition 12-month ECL Stage 2 A financial instrument with a significant increase in credit risk since initial recognition Lifetime ECL Stage 3 A financial instrument that is credit-impaired or has defaulted Lifetime ECL Considering forward-looking economic information, ECL is determined by projecting the probability of default, exposure at default and loss given default for each future contractual period and for each individual exposure or collective portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since adoption, there have been no significant changes in estimation techniques or significant assumptions that led to material changes in the ECL allowance. The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that a debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written off could still be subject to enforcement activities. Derivative financial instruments (policy applicable from January 1, 2018) Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest rate and market price risks (primarily related to commodities). In accordance with IFRS 9 , derivative financial instruments are recognized on the basis of the settlement date and, upon initial recognition, are measured at fair value less (in case a financial asset is not measured at FVPL) transaction costs that are directly attributable to the acquisition of the financial assets. Subsequent to initial recognition, all derivative financial instruments are measured at fair value. Furthermore, derivative financial instruments qualify for hedge accounting when (i) there is formal designation and documentation of the hedging relationship and the Group’s risk management objective and strategy for undertaking the hedge at inception of the hedge and (ii) the hedge is expected to be effective. When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply: • Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a recognized asset or liability attributable to a particular risk that could affect the Consolidated Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is recognized in the Consolidated Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the hedged item and is recogniz |
New standards, amendments and interpretations not yet effective | New standards and amendments not yet effective The following new standards and amendments were issued by the IASB. We will comply with the relevant guidance no later than their respective effective dates: • In January 2016, the IASB issued IFRS 16 - Leases (“IFRS 16”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract and replaces the previous leases standard, IAS 17 - Leases . IFRS 16 is not applicable to service contracts but only to leases or lease components of a contract and defines a lease as a contract that conveys to the customer (lessee) the right to use an asset for a period of time in exchange for consideration. IFRS 16 eliminates the classification of leases for the lessee as either operating leases or finance leases as required by IAS 17 and introduces a single lessee accounting model whereby a lessee is required to recognize assets and liabilities for all leases. IFRS 16 is effective from January 1, 2019. The Group has elected to adopt IFRS 16 under the Modified Retrospective approach and as such prior-year comparatives will not be restated. As IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17, we will continue to classify our leases where FCA is a lessor as operating leases or finance leases and account for them accordingly. We are finalizing the implementation and assessment of the impact of the adoption of the standard on our Consolidated Financial Statements. Based on current information, the estimated impact of the standard on the Group’s Consolidated Statement of Financial Position at January 1, 2019, is an increase in both the right-of-use assets and the lease liabilities of approximately €1.3 billion of which approximately €0.2 billion will be included in Assets and Liabilities held for sale. The impact of adoption on Net Profit is expected to be immaterial over time but a timing effect will occur due to the front-loading of interest expense as compared to IAS 17. There will be a reclassification from rent expense to depreciation and amortization expense and to interest expense. As a result of this reclassification, cash flows from operating activities will increase and be offset by a decrease in cash flows from financing activities and, accordingly, there will be an immaterial change in the underlying cash flows for the year. The estimated impact on the Consolidated Income Statement from continuing and discontinued operations for 2019 is expected to be immaterial. The opening balance of lease liabilities as at January 1, 2019 will exclude short-term leases, leases of low value assets and will be discounted as compared with the minimum operating lease payments under IAS 17 at December 31, 2018. • In May 2017, the IASB issued IFRS 17 - Insurance Contracts (“IFRS 17”), which replaces IFRS 4 - Insurance Contracts . IFRS 17 requires all insurance contracts to be accounted for in a consistent manner and insurance obligations to be accounted for using current values, instead of historical cost. The new standard requires current measurement of the future cash flows and the recognition of profit over the period that services are provided under the contract. IFRS 17 also requires entities to present insurance service results (including presentation of insurance revenue) separately from insurance finance income or expenses, and requires an entity to make an accounting policy choice of whether to recognize all insurance finance income or expenses in profit or loss or to recognize some of those income or expenses in other comprehensive income. The standard is effective for annual periods beginning on or after January 1, 2021 with earlier adoption permitted. We do not expect a material impact to our Consolidated Financial Statements or disclosures upon adoption of the amendments. • In June 2017, the IASB issued IFRIC Interpretation 23 - Uncertainty over Income Tax Treatment , (the “Interpretation”), which clarifies application of recognition and measurement requirements in IAS 12 - Income Taxes when there is uncertainty over income tax treatments. The Interpretation specifically addresses the following: (i) whether an entity considers uncertain tax treatments separately, (ii) the assumptions an entity makes about the examination of tax treatments by taxation authorities, (iii) how an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates and (iv) how an entity considers changes in facts and circumstances. The Interpretation does not add any new disclosure requirements, however it highlights the existing requirements in IAS 1 - Presentation of Financial Statements , related to disclosure of judgments, information about the assumptions made and other estimates and disclosures of tax-related contingencies within IAS 12 - Income Taxes. The Interpretation is applicable for annual reporting periods beginning on or after January 1, 2019 and it provides a choice of two transition approaches: (i) retrospective application using IAS 8 - Accounting Policies , Changes in Accounting Estimates and Errors, only if the application is possible without the use of hindsight, or (ii) retrospective application with the cumulative effect of the initial application recognized as an adjustment to equity on the date of initial application and without restatement of the comparative information. The Group will apply IFRIC 23 from January 1, 2019 under the retrospective approach with the cumulative effect of the initial application recognized as an adjustment to equity on the date of initial application. We do not expect a material impact to our Consolidated Financial Statements or disclosures upon application of the interpretation. • In October 2017, the IASB issued Prepayment Features with Negative Compensation (Amendments to IFRS 9), allowing companies to measure particular prepayable financial assets with so-called negative compensation at amortized cost or at fair value through other comprehensive income if a specified condition is met, instead of at fair value through profit or loss, effective January 1, 2019. We do not expect a material impact to our Consolidated Financial Statements or disclosures upon adoption of the amendments. • In October 2017, the IASB issued Long-term interests in associates and joint ventures (Amendments to IAS 28), which clarifies that companies account for long-term interests in an associate or joint venture, to which the equity method is not applied, using IFRS 9, effective January 1, 2019. We do not expect a material impact to our Consolidated Financial Statements or disclosures upon adoption of the amendments. • In December 2017, the IASB issued the Annual Improvements to IFRSs 2015-2017, a series of amendments to IFRSs in response to issues raised mainly on IFRS 3 - Business Combinations , which clarifies that a company remeasure its previously held interest in a joint operation when it obtains control of the business, on IFRS 11 - Joint Arrangements , a company does not remeasure its previously held interest in a joint operation when it obtains joint control of the business, on IAS 12 - Income Taxes , which clarifies that all income tax consequences of dividends (i.e. distribution of profits) should be recognized in profit or loss, regardless of how the tax arises, and on IAS 23 - Borrowing Costs , which clarifies that a company treats as part of general borrowing any borrowing originally made to develop an asset when the asset is ready for its intended use or sale. The effective date of the amendments is January 1, 2019. We do not expect a material impact to our Consolidated Financial Statements or disclosures upon adoption of the amendments. • In February 2018, the IASB issued Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) which specifies how companies determine pension expenses when changes to a defined benefit pension plan occur. IAS 19 - Employee Benefits specifies how a company accounts for a defined benefit plan. When a change to a plan-an amendment, curtailment or settlement-takes place, IAS 19 requires a company to remeasure its net defined benefit liability or asset. The amendments require a company to use the updated assumptions from this remeasurement to determine current service cost and net interest for the remainder of the reporting period after the change to the plan. The amendments are effective for plan amendments, curtailments or settlements occurring on or after the beginning of the first annual reporting period that begins on or after January 1, 2019. We do not expect a material impact to our Consolidated Financial Statements or disclosures upon adoption of the amendments. • In October 2018, the IASB issued amendments to IFRS 3 - Business Combinations which change the definition of a business to enable entities to determine whether an acquisition is a business combination or an asset acquisition. The amendments are effective for annual periods beginning on or after January 1, 2020 with earlier adoption permitted. We do not expect a material impact to our Consolidated Financial Statements or disclosures upon adoption of the amendments. • In October 2018, the IASB issued amendments to its definition of material in IAS 1, Presentation of Financial Statements and IAS 8, Accounting Policies, Changes in Accounting Estimates clarifying the definition of materiality to aid in application. The amendments are effective for annual periods beginning on or after January 1, 2020 with earlier adoption permitted. We do not expect a material impact to our Consolidated Financial Statements or disclosures upon adoption of the amendments. |
Basis of presentation (Tables)
Basis of presentation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Disclosure of principal exchange rates used to translate other currencies | The principal exchange rates used to translate other currencies into Euro were as follows: 2018 2017 2016 Average At December 31 Average At December 31 Average At December 31 U.S. Dollar (U.S.$) 1.181 1.145 1.130 1.199 1.107 1.054 Brazilian Real (BRL) 4.308 4.444 3.605 3.973 3.857 3.431 Chinese Renminbi (CNY) 7.808 7.875 7.629 7.804 7.352 7.320 Canadian Dollar (CAD) 1.529 1.561 1.465 1.504 1.466 1.419 Mexican Peso (MXN) 22.705 22.492 21.329 23.661 20.664 21.772 Polish Zloty (PLN) 4.261 4.301 4.257 4.177 4.363 4.410 Argentine Peso (ARS) (1) 43.074 43.074 18.683 22.595 16.327 16.707 Pound Sterling (GBP) 0.885 0.895 0.877 0.887 0.819 0.856 Swiss Franc (CHF) 1.155 1.127 1.112 1.170 1.090 1.074 |
Disclosure of detailed information about property, plant and equipment | During the years ended December 31, 2018 , 2017 and 2016 , assets depreciated on a straight-line basis over their estimated useful lives used the following depreciation rates: Depreciation rates Buildings 3% - 8% Plant, machinery and equipment 3% - 33% Other assets 5% - 33% Land Industrial Plant, machinery and equipment Other Advances and Total (€ million) Gross carrying amount at January 1, 2017 € 948 € 8,930 € 50,389 € 3,223 € 3,648 € 67,138 Additions 20 256 3,768 187 1,428 5,659 Divestitures (11 ) (17 ) (1,163 ) (88 ) (4 ) (1,283 ) Change in the scope of consolidation (2 ) (104 ) (618 ) (21 ) (5 ) (750 ) Translation differences (71 ) (639 ) (3,167 ) (301 ) (325 ) (4,503 ) Other changes 1 68 1,844 3 (1,930 ) (14 ) At December 31, 2017 885 8,494 51,053 3,003 2,812 66,247 Additions 7 183 1,976 84 811 3,061 Divestitures (11 ) (16 ) (872 ) (40 ) (5 ) (944 ) Translation differences (10 ) (34 ) 123 57 47 183 Transfer to Assets held for sale (21 ) (401 ) (3,870 ) (294 ) (299 ) (4,885 ) Other changes 1 113 1,607 56 (1,838 ) (61 ) At December 31, 2018 851 8,339 50,017 2,866 1,528 63,601 Accumulated depreciation and impairment losses at January 1, 2017 41 3,213 31,694 1,744 15 36,707 Depreciation — 313 3,440 279 — 4,032 Divestitures (2 ) (11 ) (1,126 ) (78 ) — (1,217 ) Impairment losses and asset write-offs 1 22 83 6 7 119 Change in the scope of consolidation (1 ) (76 ) (287 ) (18 ) — (382 ) Translation differences (1 ) (163 ) (1,693 ) (152 ) (1 ) (2,010 ) Other changes (1 ) — (29 ) 19 (5 ) (16 ) At December 31, 2017 37 3,298 32,082 1,800 16 37,233 Depreciation — 283 3,303 262 — 3,848 Divestitures (5 ) — (851 ) (34 ) — (890 ) Impairment losses and asset write-offs — — 140 — 4 144 Translation differences — (1 ) 89 30 — 118 Transfer to Assets held for sale — (204 ) (2,663 ) (223 ) (2 ) (3,092 ) Other changes — (11 ) (68 ) 20 (8 ) (67 ) At December 31, 2018 32 3,365 32,032 1,855 10 37,294 Carrying amount at December 31, 2017 € 848 € 5,196 € 18,971 € 1,203 € 2,796 € 29,014 Carrying amount at December 31, 2018 € 819 € 4,974 € 17,985 € 1,011 € 1,518 € 26,307 |
Disclosure of sensitivity analysis for actuarial assumptions | At December 31, 2018 , the effect of a decrease or increase in the key assumptions affecting the health care, life insurance plans and Italian severance indemnity ( trattamento di fine rapporto or “TFR”), holding all other assumptions constant, is shown below: Effect on health Effect on the TFR (€ million) 10 basis point / (100 basis point for TFR) decrease in discount rate 27 46 10 basis point / (100 basis point for TFR) increase in discount rate (27 ) (41 ) 100 basis point decrease in health care cost trend rate (38 ) — 100 basis point increase in health care cost trend rate 45 — At December 31, 2018 , the effect on the defined benefit obligation of a decrease or increase in the discount rate, holding all other assumptions constant, is as follows: Effect on pension benefit ( € million) 10 basis point decrease in discount rate 257 10 basis point increase in discount rate (252 ) |
Disclosure of initial application of standards or interpretations [line items] | |
New standards and amendments effective from January 1, 2018 | The impact of adoption on our Consolidated Income Statement for the year ended December 31, 2018 and Consolidated Statement of Financial Position at December 31, 2018 was as follows: Year ended December 31, 2018 As reported Amounts without adoption of IFRS 15 Effect of change higher/(lower) (€ million) Consolidated Income Statement Net revenues 110,412 110,533 (121 ) Cost of revenues 95,011 95,127 (116 ) Tax expense 778 779 (1 ) Profit from discontinued operations, net of tax 302 303 (1 ) Net profit 3,632 3,637 (5 ) At December 31, 2018 As reported Balances without adoption of IFRS 15 Effect of change higher/(lower) (€ million) Consolidated Statement of Financial Position Assets Deferred tax assets 1,814 1,814 — Inventories 10,694 10,694 — Assets sold with a buy-back commitment 1,707 1,890 (183 ) Assets held for sale 4,801 4,805 (4 ) Equity Equity attributable to owners of the parent 24,702 24,679 23 Liabilities Deferred tax liabilities 937 937 — Other liabilities (non-current) 2,452 2,453 (1 ) Trade payables 19,229 19,280 (51 ) Provisions (current) 10,483 10,483 — Tax payables (current) 114 114 — Other liabilities (current) 7,057 7,186 (129 ) Liabilities held for sale 2,931 2,960 (29 ) On January 1, 2018, the financial instruments of the Group were reclassified into the appropriate IFRS 9 categories. The main effects resulting from the reclassification between measurement categories are as follows: Financial statement line item IAS 39 measurement category (D) At December 31, 2017 Reclassification At January 1, 2018 IFRS 9 measurement category Financial statement line item (€ million) Other financial assets (non-current) Other financial assets (non-current) Derivative financial assets FVPL (E) € 19 € — € 19 FVPL (E) Derivative financial assets Debt securities measured at fair value through profit or loss FVPL 59 (59 ) (A) Debt securities held-to-maturity AC 2 (2 ) 2 2 AC Other assets Equity instruments measured at cost Cost 43 (43 ) (B) 20 (B) 20 FVPL Equity instruments measured at FVPL Equity instruments measured at fair value through other comprehensive income FVOCI (AFS) 23 23 (B) 46 FVOCI Equity instruments measured at FVOCI Financial receivables AC (L&R) 275 — 275 AC Financial receivables Collateral deposits FVPL 61 — 61 FVPL Collateral deposits Total Other financial assets € 482 € (59 ) € 423 Total Other financial assets Financial statement line item IAS 39 measurement category (D) At December 31, 2017 Reclassification At January 1, 2018 IFRS 9 measurement category Financial statement line item (€ million) Other receivables (non-current) Other receivables (non-current) Receivables from financing activities AC (L&R) € 194 € — € 194 AC Receivables from financing activities Other receivables AC (L&R) 472 — 472 AC Other receivables Total Other receivables € 666 € — € 666 Total Other receivables Trade and other receivables (current) Trade and other receivables (current) Trade receivables AC (L&R) € 2,460 € (28 ) (C) € 2,432 AC Trade receivables 28 (C) 28 FVPL Trade receivables Receivables from financing activities AC (L&R) 2,946 (700 ) (C) 2,246 AC Receivables from financing activities 700 (C) 700 FVPL Receivables from financing activities Other receivables AC (L&R) 2,481 — 2,481 AC Other receivables Total Trade and other receivables € 7,887 € — € 7,887 Total Trade and other receivables Other financial assets (current) Other financial assets (current) Derivative financial assets FVPL (E) € 265 € — € 265 FVPL (E) Derivative financial assets Debt securities measured at fair value through other comprehensive income FVOCI (AFS) 4 (4 ) 4 4 AC Other financial assets Debt securities measured at fair value through profit or loss FVPL (HFT) 172 59 (A) 231 FVPL Debt securities measured at FVPL Held-for-trading investments FVPL (HFT) 46 (46 ) 46 46 FVPL Equity instruments measured at FVPL Total Other financial assets € 487 € 59 € 546 Total Other financial assets Cash and cash equivalents Cash and cash equivalents Cash at banks FVPL € 6,396 € — € 6,396 AC Cash at banks Money market securities FVPL 6,242 (3,530 ) 2,712 FVPL Money market securities 3,530 3,530 AC Other cash equivalents Total Cash and cash equivalents € 12,638 € — € 12,638 Total Cash and cash equivalents ______________________________________________________________________________________________________________________________ (A) As of January 1, 2018, debt securities of €59 million were reclassified from non-current to current to reflect the held to sell business model with no impact on retained earnings. (B) As permitted by IFRS 9, the Group has designated certain investments in other companies at the date of initial application as measured at FVOCI (C) Certain trade receivables and receivables from financing activities, mainly attributable to the EMEA region, were reclassified from amortized cost to FVPL as a result of the held to sell business model. (D) AFS: available-for-sale; HTM: held-to-maturity; L&R: Loans & Receivables; HFT: held-for-trading; FV: fair value. (E) Except for derivatives designated in cash flow hedging relationship, as described above. New standards and amendments effective January 1, 2018 The cumulative effect of the changes made to our Consolidated Statement of Financial Position as of January 1, 2018 for the adoption of IFRS 15 - Revenue from Contracts with Customers and IFRS 9 - Financial Instruments is as follows: (€ million) At December 31, 2017 (as previously reported) IFRS 15 Adoption Effect IFRS 9 Adoption Effect At January 1, 2018 (as adjusted) Assets Goodwill and intangible assets with indefinite useful lives € 13,390 € — € — € 13,390 Other intangible assets 11,542 — — 11,542 Property, plant and equipment 29,014 — — 29,014 Investments accounted for using the equity method 2,008 — (9 ) 1,999 Other financial assets 482 — (59 ) 423 Deferred tax assets 2,004 (5 ) — 1,999 Trade and other receivables 666 — — 666 Tax receivables 83 — — 83 Prepaid expenses and other assets (1) 328 — — 328 Other non-current assets 508 — — 508 Total Non-current assets 60,025 (5 ) (68 ) 59,952 Inventories 12,922 — — 12,922 Assets sold with a buy-back commitment 1,748 (288 ) — 1,460 Trade and other receivables 7,887 — — 7,887 Tax receivables 215 — — 215 Prepaid expenses and other assets (1) 377 — — 377 Other financial assets 487 — 59 546 Cash and cash equivalents 12,638 — — 12,638 Total Current assets 36,274 (288 ) 59 36,045 Total Assets € 96,299 € (293 ) € (9 ) € 95,997 Equity and liabilities Equity Equity attributable to owners of the parent € 20,819 € 30 € (9 ) € 20,840 Non-controlling interests 168 — — 168 Total Equity 20,987 30 (9 ) 21,008 Liabilities Long-term debt 10,726 — — 10,726 Employee benefits liabilities 8,584 — — 8,584 Provisions 5,770 — — 5,770 Other financial liabilities 1 — — 1 Deferred tax liabilities 388 2 — 390 Tax payables 74 — — 74 Other liabilities 2,500 (17 ) — 2,483 Total Non-current liabilities 28,043 (15 ) — 28,028 Trade payables 21,939 (73 ) — 21,866 Short-term debt and current portion of long-term debt 7,245 — — 7,245 Employee benefits liabilities 694 — — 694 Provisions 9,009 1 — 9,010 Other financial liabilities 138 — — 138 Tax payables 309 — — 309 Other liabilities 7,935 (236 ) — 7,699 Total Current liabilities 47,269 (308 ) — 46,961 Total Equity and liabilities € 96,299 € (293 ) € (9 ) € 95,997 2018 The cumulative effect of the changes made to our Consolidated Statement of Financial Position as of January 1, 2018 for the adoption of IFRS 15 - Revenue from Contracts with Customers and IFRS 9 - Financial Instruments is as follows: (€ million) At December 31, 2017 (as previously reported) IFRS 15 Adoption Effect IFRS 9 Adoption Effect At January 1, 2018 (as adjusted) Assets Goodwill and intangible assets with indefinite useful lives € 13,390 € — € — € 13,390 Other intangible assets 11,542 — — 11,542 Property, plant and equipment 29,014 — — 29,014 Investments accounted for using the equity method 2,008 — (9 ) 1,999 Other financial assets 482 — (59 ) 423 Deferred tax assets 2,004 (5 ) — 1,999 Trade and other receivables 666 — — 666 Tax receivables 83 — — 83 Prepaid expenses and other assets (1) 328 — — 328 Other non-current assets 508 — — 508 Total Non-current assets 60,025 (5 ) (68 ) 59,952 Inventories 12,922 — — 12,922 Assets sold with a buy-back commitment 1,748 (288 ) — 1,460 Trade and other receivables 7,887 — — 7,887 Tax receivables 215 — — 215 Prepaid expenses and other assets (1) 377 — — 377 Other financial assets 487 — 59 546 Cash and cash equivalents 12,638 — — 12,638 Total Current assets 36,274 (288 ) 59 36,045 Total Assets € 96,299 € (293 ) € (9 ) € 95,997 Equity and liabilities Equity Equity attributable to owners of the parent € 20,819 € 30 € (9 ) € 20,840 Non-controlling interests 168 — — 168 Total Equity 20,987 30 (9 ) 21,008 Liabilities Long-term debt 10,726 — — 10,726 Employee benefits liabilities 8,584 — — 8,584 Provisions 5,770 — — 5,770 Other financial liabilities 1 — — 1 Deferred tax liabilities 388 2 — 390 Tax payables 74 — — 74 Other liabilities 2,500 (17 ) — 2,483 Total Non-current liabilities 28,043 (15 ) — 28,028 Trade payables 21,939 (73 ) — 21,866 Short-term debt and current portion of long-term debt 7,245 — — 7,245 Employee benefits liabilities 694 — — 694 Provisions 9,009 1 — 9,010 Other financial liabilities 138 — — 138 Tax payables 309 — — 309 Other liabilities 7,935 (236 ) — 7,699 Total Current liabilities 47,269 (308 ) — 46,961 Total Equity and liabilities € 96,299 € (293 ) € (9 ) € 95,997 ________________________________________________________________________________________________________________________________________________ (1) Caption previously reported as “Accrued income and prepaid expenses” IFRS 15 - Revenue from contracts with customers IFRS 15 - Revenue from contracts with customers ( “IFRS 15” ) requires companies to recognize revenue upon transfer of control of goods or services to a customer at an amount that reflects the consideration it expects to receive for those goods or services. The Group adopted IFRS 15 and all the related amendments using the modified retrospective method, with the cumulative effect of initially applying the standard recognized as an adjustment to the Group’s opening equity balance on January 1, 2018. The comparative period has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. There was no material impact on our Consolidated Financial Statements from the adoption of this standard in 2018 and we do not expect a material impact on an ongoing basis. The majority of our revenue continues to be recognized in a manner consistent with prior years. Revenue from the sale of vehicles and service parts is recognized upon transfer of control to our customers, which generally corresponds to the date when the vehicles and service parts are made available to dealers or distributors, or when the vehicles and service parts are released to the carrier responsible for transporting them to dealers or distributors. Under IFRS 15, however, new vehicle sales through our Guarantee Depreciation Program (“GDP”), under which the Group guarantees the residual value or otherwise assumes responsibility for the minimum resale value of the vehicle, as well as those vehicles which include a put option for which the customer does not have a significant economic incentive to exercise, will be recognized as revenue when the vehicles are shipped, rather than being accounted for as an operating lease. The impact of adoption on our Consolidated Income Statement for the year ended December 31, 2018 and Consolidated Statement of Financial Position at December 31, 2018 was as follows: Year ended December 31, 2018 As reported Amounts without adoption of IFRS 15 Effect of change higher/(lower) (€ million) Consolidated Income Statement Net revenues 110,412 110,533 (121 ) Cost of revenues 95,011 95,127 (116 ) Tax expense 778 779 (1 ) Profit from discontinued operations, net of tax 302 303 (1 ) Net profit 3,632 3,637 (5 ) At December 31, 2018 As reported Balances without adoption of IFRS 15 Effect of change higher/(lower) (€ million) Consolidated Statement of Financial Position Assets Deferred tax assets 1,814 1,814 — Inventories 10,694 10,694 — Assets sold with a buy-back commitment 1,707 1,890 (183 ) Assets held for sale 4,801 4,805 (4 ) Equity Equity attributable to owners of the parent 24,702 24,679 23 Liabilities Deferred tax liabilities 937 937 — Other liabilities (non-current) 2,452 2,453 (1 ) Trade payables 19,229 19,280 (51 ) Provisions (current) 10,483 10,483 — Tax payables (current) 114 114 — Other liabilities (current) 7,057 7,186 (129 ) Liabilities held for sale 2,931 2,960 (29 ) Revenue recognition Revenue is recognized when control of our vehicles, services or parts has been transferred and the Group’s performance obligations to our customers have been satisfied. Revenue is measured as the amount of consideration the Group expects to receive in exchange for transferring goods or providing services. The timing of when the Group transfers the goods or services to the customer may differ from the timing of the customer’s payment. The Group recognizes a contract liability when it invoices an amount to a customer prior to the transfer of the goods or services provided. When the Group gives our customers the right to return eligible goods, the Group estimates the expected returns based on an analysis of historical experiences. Sales, value added and other taxes that the Group collects on behalf of others concurrently with revenue generating activities are excluded from revenue and are recognized within the Other liabilities and the Tax payables line items in the Consolidated Statement of Financial Position. Incidental items that are immaterial in the context of the contract are recognized as expense. The Group also enters into contracts with multiple performance obligations. For these contracts, the Group allocates revenue from the transaction price to the distinct goods and services in the contract on a relative standalone selling price basis. To the extent that the Group sells the good or service separately in the same market, the standalone selling price is the observable price at which the Group sells the good or service separately. For all other goods or services, the Group estimates the standalone selling price using a cost-plus-margin approach. Sales of goods The Group has determined that our customers from the sale of vehicles and service parts are generally dealers, distributors or fleet customers. Transfer of control, and therefore revenue recognition, generally corresponds to the date when the vehicles or service parts are made available to the customer, or when the vehicles or service parts are released to the carrier responsible for transporting them to the customer. This is also the point at which invoices are issued, with payment for vehicles typically due immediately and payment for service parts typically due in the following month. For component part sales, revenue recognition is consistent with that of service parts. The Group also sells tooling, with control transferring at the point in time when the customer accepts the tooling. The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will ultimately be paid and is recognized as a reduction to revenue at the time of the sale. If a vehicle contract transaction has multiple performance obligations, the cost of incentives is allocated entirely to the vehicle as the intent of the incentives is to encourage sales of vehicles. If the estimate of the incentive changes following the sale to the customer, the change in estimate is recognized as an adjustment to revenue in the period of the change. Refer to the Use of estimates - Sales incentives for more information on these programs. New vehicle sales through GDP are recognized as revenue when control of the vehicle transfers to the fleet customer, except in situations where the Group issues a put option for which there is a significant economic incentive to exercise, as discussed below. Upon recognition of the vehicle revenue, the Group establishes a liability equal to the estimated amount of any residual value guarantee. The Group also sells vehicles where, in addition to guaranteeing the residual value, the contract includes a put option whereby the fleet customer can require the Group to repurchase the vehicles. For these types of arrangements, the Group assesses whether a significant economic incentive exists for the customer to exercise its put option. If the Group determines that a significant economic incentive does not exist for the customer to exercise its put option, then revenue is recognized when control of the vehicle transfers to the fleet customer and a liability is recognized equal to the estimated amount of the residual value guarantee. If the Group determines that a significant economic incentive exists, then the arrangement is accounted for similarly to a repurchase obligation, as described in Lease installments from assets sold with buy-back commitments . Services provided When control of a good transfers to the customer prior to the completion of shipping activities for which the Group is responsible, this represents a separate performance obligation for which the shipping revenue is recognized when the shipping service is complete. Other revenues from services provided are primarily comprised of maintenance plans and extended warranties, and are recognized over the contract period in proportion to the costs expected to be incurred based on our historical experience. These services are either included in the selling price of the vehicle or separately priced. Revenue for services is allocated based on the estimated stand-alone selling price. Costs associated with the sale of contracts are deferred and are subsequently amortized to expense consistent with how the related revenue is recognized. The Group had €200 million of deferred service contract costs at December 31, 2018 and recognized €88 million of amortization expense during the year ended December 31, 2018 . Contract revenues Revenue from construction contracts, which is comprised of industrial automation systems, included within “Other activities”, is recognized as revenue over the contract period in proportion to the costs expected to be incurred based on our historical experience. A loss is recognized if the sum of the expected costs for services under the contract exceeds the transaction price. Lease installments from assets sold with buy-back commitments Vehicle sales to fleet customers can include a repurchase obligation, whereby the Group is required to repurchase the vehicles at a given point in time. The Group accounts for such sales as an operating lease. Upon the transfer of vehicles to the fleet customer, the Group records a liability equal to the proceeds received within Other liabilities in the Consolidated Statement of Financial Position. The difference between the proceeds received and the guaranteed repurchase amount is recognized as revenue over the contractual term on a straight-line basis. The cost of the vehicle is recorded within Assets sold with a buy-back commitment in the Consolidated Statement of Financial Position and the difference between the cost of the vehicle and the estimated residual value is recognized within Cost of revenues in the Consolidated Income Statement over the contractual term. Interest income of financial services activities Interest income, which is primarily generated from the Group by providing dealer and retail financing, is recognized using the effective interest method. IFRS 9 - Financial Instruments IFRS 9 - Financial Instruments (“IFRS 9”) replaces IAS 39 - Financial Instruments (“IAS 39”) . In particular, it amends the previous guidance in three main areas: • The classification and measurement of financial assets, which is driven by cash flow characteristics and the business model in which an asset is held; • The accounting for impairment of financial assets through the introduction of an “expected credit loss” impairment model, replacing the incurred loss method under IAS 39; and • Hedge accounting, in particular removing some of the restrictions in applying hedge accounting under IAS 39 and to more closely align the accounting for hedge instruments with risk management policies. In accordance with the transitional provisions in IFRS 9, the Group did not restate prior periods. For hedge accounting, the Group applied the standard prospectively. Comparative figures have not been restated for the classification and measurement provisions of the standard, including impairment, and continue to be reported under the accounting standards in effect for periods prior to January 1, 2018. The impact of adoption on our Consolidated Financial Statements was not material. Financial assets and liabilities Financial assets primarily include trade receivables, receivables from financing activities, investments in other companies, derivative financial instruments, cash and cash equivalents, and debt securities that represent temporary investments of available funds and do not satisfy the requirements for being classified as cash equivalents. Financial liabilities primarily consist of debt, derivative financial instruments, trade payables and other liabilities. The classification of financial liabilities under IFRS 9 is unchanged compared with the previous accounting requirements under IAS 39. Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed under dealer network financing programs as a component of the portfolio of the Group's financial services companies. These receivables are interest bearing with the exception of an initial, limited, non-interest bearing period. The contractual terms governing the relationships with the dealer networks vary according to market and payment terms, which range from two to twelve months. Classification and measurement (policy applicable from January 1, 2018) The classification of a financial asset is dependent on the Group’s business model for managing such financial assets and their contractual cash flows. The Group considers whether the contractual cash flows represent solely payments of principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are classified and measured at fair value through profit or loss (“FVPL”). Financial asset cash flow business model Initial measurement (1) Measurement category (3) Solely to collect the contractual cash flows (Held to Collect) Fair Value including transaction costs Amortized Cost (2) Collect both the contractual cash flows and generate cash flows arising from the sale of assets (Held to Collect and Sell) Fair Value including transaction costs Fair value through other comprehensive income (“FVOCI”) Generate cash flows primarily from the sale of assets (Held to Sell) Fair Value FVPL ______________________________________________________________________________________________________________________________ (1) A trade receivable without a significant financing component, as defined by IFRS 15, is initially measured at the transaction price. (2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are discounted using market rates. (3) On initial recognition, the Group may irrevocably designate a financial asset at FVPL that otherwise meets the requirements to be measured at amortized cost or at FVOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Factors considered by the Group in determining the business model for a group of financial assets include: • past experience on how the cash flows for these assets were collected; • the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and future sales activity expectations; • how the asset’s performance is evaluated and reported to key management personnel; and • how risks are assessed and managed and how management is compensated. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Cash and cash equivalents include cash at banks, units in money market funds and other money market securities, commercial paper and certificate of deposits that are readily convertible into cash, with original maturities of three months or less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in value and consist of balances across various primary national and international money market instruments. Money market funds consist of investments in high quality, short-term, diversified financial instruments that can generally be liquidated on demand and are measured at FVPL. Cash at banks and Other cash equivalents are measured at amortized cost. Investments in other companies are measured at fair value. Equity investments for which there is no quoted market price in an active market and there is insufficient financial information in order to determine fair value may be measured at cost as an estimate of fair value, as permitted by IFRS 9. The Group may irrevocably elect to present subsequent changes in the investment’s fair value in Other comprehensive income (“OCI”) upon the initial recognition of an equity investment that is not held to sell. This election is made on an investment-by-investment basis. Generally, any dividends from these investments are recognized in Other income from investments within Result from investments when the Group’s right to receive payment is established. Other net gains and losses are recognized in OCI and will not be reclassified to the Consolidated Income Statement in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value in OCI. Impairment of financial assets (policy applicable from January 1, 2018) The Group’s credit risk differs in relation to the type of activity. In particular, receivables from financing activities, such as dealer and retail financing that are carried out through the Group’s financial services companies, are exposed both to the direct risk of default and the deterioration of the creditworthiness of the counterparty, whereas trade receivables arising from the sale of vehicles and spare parts, are mostly exposed to the direct risk of counterparty default. These risks are mitigated by different kinds of securities received and the fact that collection exposure is spread across a large number of counterparties. The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (“ECL”) model. ECL is a probability-weighted estimate of the present value of cash shortfalls. The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by taking into account the information available at the end of each reporting period as to the counterparty’s solvency, the fair value of any guarantees and the Group’s historical experience. The Group considers a financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full and without consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset is more than 90 days past due. The Group applies two impairment models for financial assets as set out in IFRS 9: the simplified approach and the general approach. The table below indicates the impairment model used for each of our financial asset categories. Impairment losses on financial assets are recognized in the Consolidated Income Statement within the corresponding line items, based on the classification of the counterparty. Financial asset IFRS 9 impairment model Trade receivables Simplified approach Receivables from financing activities General approach Other receivables General approach In order to test for impairment, individually significant receivables and receivables for which collectability is at risk are assessed individually, while all other receivables are grouped into homogeneous risk categories based on shared risk characteristics such as instrument type, industry or geographical location of the counterparty. The simplified approach for determining the lifetime ECL allowance is performed in two steps: • All trade receivables that are in default, as defined above, are individually assessed for impairment; and • A general reserve is recognized for all other trade receivables (including those not past due) based on historical loss rates. The Group applies the general approach as determined by IFRS 9 by assessing at each reporting date whether there has been a significant increase in credit risk on the financial instrument since initial recognition. The Group considers receivables to have experienced a significant increase in credit risk when certain quantitative or qualitative indicators have been met or the borrower is more than 30 days past due on its contractual payments. The “three-stages” for determining and measuring the impairment based on changes in credit quality since initial recognition are summarized below: Stage Description Time period for measurement of ECL Stage 1 A financial instrument that is not credit-impaired on initial recognition 12-month ECL Stage 2 A financial instrument with a significant increase in credit risk since initial recognition Lifetime ECL Stage 3 A financial instrument that is credit-impaired or has defaulted Lifetime ECL Considering forward-looking economic information, ECL is determined by projecting the probability of default, exposure at default and loss given default for each future contractual period and for each individual exposure or collective portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since adoption, there have been no significant changes in estimation techniques or significant assumptions that led to material changes in the ECL allowance. The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that a debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written off could still be subject to enforcement activities. Derivative financial instruments (policy applicable from January 1, 2018) Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest rate and market price risks (primarily related to commodities). In accordance with IFRS 9 , derivative financial instruments are recognized on the basis of the settlement date and, upon initial recognition, are measured at fair value less (in case a financial asset is not measured at FVPL) transaction costs that are directly attributable to the acquisition of the financial assets. Subsequent to initial recognition, all derivative financial instruments are measured at fair value. Furthermore, derivative financial instruments qualify for hedge accounting when (i) there is formal designation and documentation of the hedging relationship and the Group’s risk management objective and strategy for undertaking the hedge at inception of the hedge and (ii) the hedge is expected to be effective. When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply: • Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a recognized asset or liability attributable to a particular risk that could affect the Consolidated Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is recognized in the Consolidated Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the hedged item and is recogniz |
Scope of consolidation (Tables)
Scope of consolidation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interests In Other Entities [Abstract] | |
Disclosure of interests in principle subsidiaries | The following table sets forth a list of the principal subsidiaries of FCA, which are grouped by our reportable segments, as well as our holding and other companies: Name Country Percentage NAFTA FCA US LLC USA (Delaware) 100.00 FCA Canada Inc. Canada 100.00 FCA Mexico, S.A. de C.V. Mexico 100.00 LATAM FCA Fiat Chrysler Automoveis Brasil LTDA Brazil 100.00 FCA Automobiles Argentina S.A. Argentina 100.00 Banco Fidis S.A. Brazil 100.00 APAC Chrysler Group (China) Sales Limited People’s Republic of China 100.00 FCA Japan Ltd. Japan 100.00 FCA Australia Pty Ltd. Australia 100.00 FCA Automotive Finance Co. Ltd. People’s Republic of China 100.00 Alfa Romeo (Shanghai) Automobiles Sales Co. Ltd. People’s Republic of China 100.00 EMEA FCA Italy S.p.A. Italy 100.00 FCA Melfi S.r.l. Italy 100.00 FCA Poland Spólka Akcyjna Poland 100.00 FCA Powertrain Poland Sp. z o.o. Poland 100.00 FCA Serbia d.o.o. Kragujevac Serbia 66.67 FCA Germany AG Germany 100.00 FCA France S.A.S. France 100.00 Fiat Chrysler Automobiles UK Ltd. United Kingdom 100.00 Fiat Chrysler Automobiles Spain S.A. Spain 100.00 Fidis S.p.A. Italy 100.00 Maserati Maserati S.p.A. Italy 100.00 Maserati (China) Cars Trading Co. Ltd. People's Republic of China 100.00 Maserati North America Inc. USA (Delaware) 100.00 Holding Companies and Other Companies FCA North America Holdings LLC USA (Delaware) 100.00 Fiat Chrysler Finance S.p.A. Italy 100.00 Fiat Chrysler Finance Europe S.A. Luxembourg 100.00 |
Disclosure of non-current assets or disposal groups classified as held for sale | The following table represents the assets and liabilities of the Magneti Marelli business which were classified as held for sale at December 31, 2018: At December 31, 2018 (1) (€ million) Assets classified as held for sale Total Current Non-current Intangible assets € 717 € — € 717 Property, plant and equipment 1,793 — 1,793 Deferred tax assets 127 — 127 Inventories 766 766 — Trade and other receivables 545 492 53 Cash and cash equivalents 719 719 — Other assets 129 27 102 Total Assets held for sale (2) € 4,796 Liabilities classified as held for sale Debt € 177 € 64 € 113 Employee benefits liabilities 300 55 245 Provisions 210 100 110 Deferred tax liabilities 99 — 99 Trade and other payables 1,788 1,788 — Other liabilities 357 305 52 Total Liabilities held for sale € 2,931 ________________________________________________________________________________________________________________________________________________ (1) Amounts presented are not representative of the financial position of Magneti Marelli on a stand-alone basis; amounts are net of transactions between Magneti Marelli and other companies of the Group. (2) Assets held for sale as presented on the face of the Consolidated Statement of Financial Position at December 31, 2018, includes €5 million not related to the Magneti Marelli business. |
Disclosure of operating results of discontinued operations | The following table summarizes the operating results of Magneti Marelli that were excluded from the Consolidated Income Statement for the years ended December 31, 2018, 2017 and 2016: Years ended December 31 (1) 2018 2017 2016 (€ million) Net revenues € 4,998 € 5,204 € 5,220 Expenses 4,493 4,798 4,906 Net financial expenses 85 124 158 Profit before taxes from discontinued operations 420 282 156 Tax expense 118 63 55 Profit from discontinued operations, net of tax € 302 € 219 € 101 ________________________________________________________________________________________________________________________________________________ (1) Amounts presented are not representative of the income statement of Magneti Marelli on a stand-alone basis; amounts are net of transactions between Magneti Marelli and other companies of the Group. |
Net revenues (Tables)
Net revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |
Schedule of Revenue by Type | Net revenues were as follows: Years ended December 31, 2018 2017 2016 (€ million) Revenues from: Sales of goods € 104,990 € 102,029 € 102,279 Services provided 3,871 2,182 2,212 Contract revenues 958 935 746 Lease installments from assets sold with a buy-back commitment 394 421 405 Interest income of financial services activities 199 163 156 Total Net revenues € 110,412 € 105,730 € 105,798 |
Schedule of Revenue by Geographical Location | Net revenues by geographical area were as follows: Years ended December 31, 2018 2017 2016 (€ million) Net revenues in: North America € 73,405 € 67,500 € 70,199 Italy 8,815 8,407 8,137 Brazil 6,452 5,982 4,584 France 3,204 3,121 2,811 Germany 2,755 2,804 2,825 China 1,974 3,562 3,942 Spain 1,397 1,306 1,173 Argentina 1,384 1,791 1,380 United Kingdom 1,136 1,267 1,513 Turkey 896 1,244 1,488 Japan 718 735 624 Australia 418 496 472 Other countries 7,858 7,515 6,650 Total Net revenues € 110,412 € 105,730 € 105,798 The following table summarizes the non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) attributed to certain geographic areas: At December 31 2018 2017 (€ million) North America € 35,493 € 34,099 Italy 11,478 12,458 Brazil 4,125 5,137 Poland 937 1,151 Serbia 571 639 Other countries 1,456 2,536 Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) € 54,060 € 56,020 |
Schedule Of Revenue By Segment And Type | Net revenues attributed by segment for the year ended December 31, 2018 were as follows: Mass-Market Vehicles NAFTA LATAM APAC EMEA Maserati Other activities Total (€ million) Revenues from: Sale of goods € 69,908 € 7,756 € 2,560 € 21,516 € 2,606 € 644 € 104,990 Services provided 2,287 270 21 945 39 309 3,871 Construction contract revenues — — — — — 958 958 Revenues from goods and services 72,195 8,026 2,581 22,461 2,645 1,911 109,819 Lease installments from assets sold with a buy-back commitment 158 — — 235 — 1 394 Interest income from financial services activities — 116 65 18 — — 199 Total Net revenues € 72,353 € 8,142 € 2,646 € 22,714 € 2,645 € 1,912 € 110,412 |
Research and development costs
Research and development costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |
Disclosure of research and development costs | Research and development costs were as follows: Years ended December 31, 2018 2017 2016 (€ million) Research and development expenditures expensed € 1,448 € 1,506 € 1,467 Amortization of capitalized development expenditures 1,456 1,294 1,357 Impairment and write-off of capitalized development expenditures 147 103 106 Total Research and development costs € 3,051 € 2,903 € 2,930 |
Net financial expenses (Tables)
Net financial expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |
Disclosure of detailed information about finance income / (cost) | The following table summarizes the Group’s financial income and expenses, included within Net financial expenses: Years ended December 31, 2018 2017 2016 (€ million) Interest income and other financial income € 249 € 220 € 279 Financial expenses: Interest expense and other financial expenses: 929 1,084 1,452 Interest expense on notes 422 568 749 Interest expense on borrowings from bank 259 350 450 Other interest cost and financial expenses 248 166 253 Write-down of financial assets 6 21 76 Losses on disposal of securities 6 5 6 Net interest expense on employee benefits provisions 276 304 341 Total Financial expenses 1,217 1,414 1,875 Net expenses from derivative financial instruments and exchange rate differences 88 151 262 Total Financial expenses and Net expenses from derivative financial instruments and exchange rate differences 1,305 1,565 2,137 Net Financial expenses € 1,056 € 1,345 € 1,858 |
Tax expense (Tables)
Tax expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Summary of tax expense | The following table summarizes Tax expense: Years ended December 31, 2018 2017 2016 (€ million) Current tax expense € 592 € 832 € 797 Deferred tax expense 520 1,776 433 Tax expense/(benefit) relating to prior periods (334 ) (20 ) 7 Total Tax expense € 778 € 2,588 € 1,237 |
Reconciliation between theoretical income taxes and income taxes recognized | Years ended December 31, 2018 2017 2016 (€ million) Theoretical income taxes € 781 € 1,126 € 590 Tax effect on: Recognition and utilization of previously unrecognized deferred tax assets — (161 ) (42 ) Permanent differences (416 ) (397 ) (217 ) Tax credits (135 ) (23 ) (340 ) Deferred tax assets not recognized and write-downs 633 1,053 520 Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays 207 970 633 Taxes relating to prior years (334 ) (20 ) 7 Tax rate changes — (22 ) — Withholding tax 41 78 54 Other differences (15 ) (8 ) (9 ) Total Tax expense, excluding IRAP 762 2,596 1,196 Effective tax rate 18.5 % 44.2 % 40.5 % IRAP (current and deferred) 16 (8 ) 41 Total Tax expense € 778 € 2,588 € 1,237 |
Significant components of deferred tax assets and liabilities and their changes | The significant components of Deferred tax assets and liabilities and their changes during the years ended December 31, 2018 and 2017 were as follows: At January 1, 2018 Recognized in Consolidated Income Statement Recognized in Equity Transferred to Assets/(Liabilities) Held for Sale Translation At December 31, 2018 (€ million) Deferred tax assets arising on: Provisions € 3,848 € 240 € — € (55 ) € 94 € 4,127 Provision for employee benefits 1,828 (280 ) (77 ) (31 ) 47 1,487 Intangible assets 192 (24 ) — (2 ) — 166 Impairment of financial assets 169 (1 ) — (13 ) — 155 Inventories 252 22 — (24 ) (4 ) 246 Allowances for doubtful accounts 122 (6 ) — (7 ) (13 ) 96 Other 387 48 4 (77 ) 323 685 Total Deferred tax assets € 6,798 € (1 ) € (73 ) € (209 ) € 447 € 6,962 Deferred tax liabilities arising on: Accelerated depreciation € (1,891 ) € (386 ) € — € 29 € (48 ) € (2,296 ) Capitalized development assets (2,116 ) (103 ) — 81 (302 ) (2,440 ) Other Intangible assets and Intangible assets with indefinite useful lives (849 ) (20 ) — 2 (45 ) (912 ) Provision for employee benefits (50 ) (2 ) (1 ) 3 (41 ) (91 ) Other (314 ) (103 ) 5 86 (98 ) (424 ) Total Deferred tax liabilities € (5,220 ) € (614 ) € 4 € 201 € (534 ) € (6,163 ) Deferred tax asset arising on tax loss carry-forwards € 4,718 € 708 € — € (328 ) € (135 ) € 4,963 Unrecognized deferred tax assets (4,680 ) (662 ) (12 ) 308 161 (4,885 ) Total Net deferred tax assets € 1,616 € (569 ) € (81 ) € (28 ) € (61 ) € 877 At January 1, 2017 Recognized in Recognized in Equity Translation At December 31, 2017 (€ million) Deferred tax assets arising on: Provisions € 6,149 € (1,742 ) € — € (559 ) € 3,848 Provision for employee benefits 2,851 (364 ) (16 ) (643 ) 1,828 Intangible assets 211 (19 ) — — 192 Impairment of financial assets 195 (25 ) — (1 ) 169 Inventories 251 3 — (2 ) 252 Allowances for doubtful accounts 117 19 — (14 ) 122 Other 385 (13 ) (14 ) 29 387 Total Deferred tax assets € 10,159 € (2,141 ) € (30 ) € (1,190 ) € 6,798 Deferred tax liabilities arising on: Accelerated depreciation € (2,770 ) € 430 € — € 449 € (1,891 ) Capitalized development expenditures (2,742 ) 399 — 227 (2,116 ) Other Intangible assets and Intangible assets with indefinite useful lives (1,493 ) 238 — 406 (849 ) Provision for employee benefits (14 ) (30 ) — (6 ) (50 ) Other (331 ) 4 (10 ) 23 (314 ) Total Deferred tax liabilities € (7,350 ) € 1,041 € (10 ) € 1,099 € (5,220 ) Deferred tax asset arising on tax loss carry-forwards € 4,444 € 522 € — € (248 ) € 4,718 Unrecognized deferred tax assets (3,748 ) (1,195 ) 9 254 (4,680 ) Total Net deferred tax assets € 3,505 € (1,773 ) € (31 ) € (85 ) € 1,616 Total gross deductible and taxable temporary differences and accumulated tax losses at December 31, 2018 , together with the amounts for which deferred tax assets have not been recognized, analyzed by year of expiration, were as follows: Year of expiration At December 31, 2018 2019 2020 2021 2022 Beyond 2022 Unlimited/ (€ million) Temporary differences and tax losses relating to corporate taxation: Deductible temporary differences € 28,300 € 3,793 € 3,143 € 3,084 € 3,478 € 14,689 € 113 Taxable temporary differences (25,749 ) (2,484 ) (2,451 ) (2,450 ) (2,499 ) (12,730 ) (3,135 ) Tax losses 18,978 152 151 111 292 1,868 16,404 Amounts for which deferred tax assets were not recognized (18,295 ) (132 ) (67 ) (130 ) (248 ) (3,201 ) (14,517 ) Temporary differences and tax losses relating to corporate taxation € 3,234 € 1,329 € 776 € 615 € 1,023 € 626 € (1,135 ) Temporary differences and tax losses relating to local taxation (i.e. IRAP in Italy): Deductible temporary differences € 9,761 € 1,241 € 827 € 722 € 1,176 € 5,758 € 37 Taxable temporary differences (8,123 ) (657 ) (650 ) (649 ) (700 ) (5,363 ) (104 ) Tax losses 4,211 8 1 65 231 250 3,656 Amounts for which deferred tax assets (5,054 ) (42 ) (15 ) (77 ) (270 ) (1,335 ) (3,315 ) Temporary differences and tax losses relating to local taxation € 795 € 550 € 163 € 61 € 437 € (690 ) € 274 The Group recognizes the amount of Deferred tax assets less the Deferred tax liabilities of the individual companies within Deferred tax assets, where these may be offset. Amounts recognized were as follows: At December 31 2018 2017 (€ million) Deferred tax assets € 1,814 € 2,004 Deferred tax liabilities (937 ) (388 ) Total Net deferred tax assets € 877 € 1,616 |
Goodwill and intangible asset_2
Goodwill and intangible assets with indefinite useful lives (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets [Abstract] | |
Summary of goodwill and intangible assets with indefinite useful lives | Goodwill and intangible assets with indefinite useful lives at December 31, 2018 and 2017 are summarized below: At January 1, 2018 Transfers to Assets held for sale Translation At December 31, 2018 (€ million) Gross amount € 10,850 € (96 ) € 500 € 11,254 Accumulated impairment losses (454 ) 33 1 (420 ) Goodwill 10,396 (63 ) 501 10,834 Brands 2,994 — 142 3,136 Total Goodwill and intangible assets with indefinite useful lives € 13,390 € (63 ) € 643 € 13,970 At January 1, 2017 Translation At December 31, 2017 (€ million) Gross amount € 12,299 € (1,449 ) € 10,850 Accumulated impairment losses (482 ) 28 (454 ) Goodwill 11,817 (1,421 ) 10,396 Brands 3,405 (411 ) 2,994 Total Goodwill and intangible assets with indefinite useful lives € 15,222 € (1,832 ) € 13,390 |
Summary of allocation of goodwill | The following table summarizes the allocation of Goodwill between FCA's reportable segments: At December 31 2018 2017 (€ million) NAFTA € 8,855 € 8,453 APAC 1,152 1,099 LATAM 552 529 EMEA 264 253 Other activities 11 62 Total Goodwill € 10,834 € 10,396 |
Other intangible assets (Tables
Other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets [Abstract] | |
Detailed Information About Other Intangible Assets | Capitalized development expenditures Patents, Other Total (€ million) Gross carrying amount at January 1, 2017 € 18,739 € 3,552 € 801 € 23,092 Additions 2,586 356 65 3,007 Divestitures (329 ) (16 ) (1 ) (346 ) Translation differences and other changes (1,097 ) (309 ) (61 ) (1,467 ) At December 31, 2017 19,899 3,583 804 24,286 Additions 2,235 639 93 2,967 Divestitures (568 ) (224 ) (89 ) (881 ) Transfer to Assets held for sale (1,553 ) (132 ) (131 ) (1,816 ) Translation differences and other changes 215 133 (41 ) 307 At December 31, 2018 20,228 3,999 636 24,863 Accumulated amortization and impairment losses 9,380 1,808 482 11,670 Amortization 1,424 371 61 1,856 Impairment losses and asset write-offs 110 — — 110 Divestitures (324 ) (10 ) — (334 ) Translation differences and other changes (388 ) (140 ) (30 ) (558 ) At December 31, 2017 10,202 2,029 513 12,744 Amortization 1,543 379 50 1,972 Impairment losses and asset write-offs 153 — — 153 Divestitures (553 ) (30 ) (89 ) (672 ) Transfer to Assets held for sale (973 ) (98 ) (91 ) (1,162 ) Translation differences and other changes 31 82 (34 ) 79 At December 31, 2018 10,403 2,362 349 13,114 Carrying amount at December 31, 2017 € 9,697 € 1,554 € 291 € 11,542 Carrying amount at December 31, 2018 € 9,825 € 1,637 € 287 € 11,749 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | During the years ended December 31, 2018 , 2017 and 2016 , assets depreciated on a straight-line basis over their estimated useful lives used the following depreciation rates: Depreciation rates Buildings 3% - 8% Plant, machinery and equipment 3% - 33% Other assets 5% - 33% Land Industrial Plant, machinery and equipment Other Advances and Total (€ million) Gross carrying amount at January 1, 2017 € 948 € 8,930 € 50,389 € 3,223 € 3,648 € 67,138 Additions 20 256 3,768 187 1,428 5,659 Divestitures (11 ) (17 ) (1,163 ) (88 ) (4 ) (1,283 ) Change in the scope of consolidation (2 ) (104 ) (618 ) (21 ) (5 ) (750 ) Translation differences (71 ) (639 ) (3,167 ) (301 ) (325 ) (4,503 ) Other changes 1 68 1,844 3 (1,930 ) (14 ) At December 31, 2017 885 8,494 51,053 3,003 2,812 66,247 Additions 7 183 1,976 84 811 3,061 Divestitures (11 ) (16 ) (872 ) (40 ) (5 ) (944 ) Translation differences (10 ) (34 ) 123 57 47 183 Transfer to Assets held for sale (21 ) (401 ) (3,870 ) (294 ) (299 ) (4,885 ) Other changes 1 113 1,607 56 (1,838 ) (61 ) At December 31, 2018 851 8,339 50,017 2,866 1,528 63,601 Accumulated depreciation and impairment losses at January 1, 2017 41 3,213 31,694 1,744 15 36,707 Depreciation — 313 3,440 279 — 4,032 Divestitures (2 ) (11 ) (1,126 ) (78 ) — (1,217 ) Impairment losses and asset write-offs 1 22 83 6 7 119 Change in the scope of consolidation (1 ) (76 ) (287 ) (18 ) — (382 ) Translation differences (1 ) (163 ) (1,693 ) (152 ) (1 ) (2,010 ) Other changes (1 ) — (29 ) 19 (5 ) (16 ) At December 31, 2017 37 3,298 32,082 1,800 16 37,233 Depreciation — 283 3,303 262 — 3,848 Divestitures (5 ) — (851 ) (34 ) — (890 ) Impairment losses and asset write-offs — — 140 — 4 144 Translation differences — (1 ) 89 30 — 118 Transfer to Assets held for sale — (204 ) (2,663 ) (223 ) (2 ) (3,092 ) Other changes — (11 ) (68 ) 20 (8 ) (67 ) At December 31, 2018 32 3,365 32,032 1,855 10 37,294 Carrying amount at December 31, 2017 € 848 € 5,196 € 18,971 € 1,203 € 2,796 € 29,014 Carrying amount at December 31, 2018 € 819 € 4,974 € 17,985 € 1,011 € 1,518 € 26,307 |
Disclosure of recognised finance lease as assets by lessee | The total net carrying amount of assets leased under finance lease agreements included in Property, plant and equipment was as follows: At December 31 2018 2017 (€ million) Industrial buildings € 197 € 209 Plant, machinery and equipment 129 193 Total Property, plant and equipment under finance leases € 326 € 402 |
Disclosure of property, plant, and equipment pledged as security | The carrying amounts of Property, plant and equipment of the Group reported as pledged as security for debt and other commitments, primarily relating to our operations in Brazil, are summarized as follows: At December 31 2018 2017 (€ million) Land and industrial buildings pledged as security for debt € 892 € 1,031 Plant and machinery pledged as security for debt and other commitments 1,241 1,324 Other assets pledged as security for debt and other commitments 81 17 Total Property, plant and equipment pledged as security for debt and other commitments € 2,214 € 2,372 |
Investments accounted for usi_2
Investments accounted for using the equity method (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interests In Other Entities [Abstract] | |
Disclosure of interests in associates | The following table summarizes Investments accounted for using the equity method: At December 31 2018 2017 (€ million) Joint ventures € 1,866 € 1,866 Associates 96 94 Other 40 48 Total Investments accounted for using the equity method € 2,002 € 2,008 The aggregate amounts recognized for the Group’s share in all individually immaterial joint ventures and associates accounted for using the equity method were as follows: Years ended December 31, 2018 2017 2016 (€ million) Joint ventures: Profit from continuing operations € 27 € 192 € 134 Net profit 27 192 134 Other comprehensive income/(loss) (91 ) (105 ) (90 ) Total Other comprehensive income € (64 ) € 87 € 44 Associates: Income/(loss) from continuing operations € 6 € 9 € 7 Net income/(loss) 6 9 7 Other comprehensive income/(loss) (3 ) (3 ) (1 ) Total Other comprehensive income/(loss) € 3 € 6 € 6 The following table summarizes the share of profits of equity method investees included within Result from investments : Years ended December 31, 2018 2017 2016 (€ million) Joint Ventures € 221 € 381 € 288 Associates 6 9 7 Other 13 10 13 Total Share of the profit of equity method investees € 240 € 400 € 308 |
Disclosure of interests in joint ventures | The following table summarizes Investments accounted for using the equity method: At December 31 2018 2017 (€ million) Joint ventures € 1,866 € 1,866 Associates 96 94 Other 40 48 Total Investments accounted for using the equity method € 2,002 € 2,008 The following table summarizes the share of profits of equity method investees included within Result from investments : Years ended December 31, 2018 2017 2016 (€ million) Joint Ventures € 221 € 381 € 288 Associates 6 9 7 Other 13 10 13 Total Share of the profit of equity method investees € 240 € 400 € 308 The aggregate amounts recognized for the Group’s share in all individually immaterial joint ventures and associates accounted for using the equity method were as follows: Years ended December 31, 2018 2017 2016 (€ million) Joint ventures: Profit from continuing operations € 27 € 192 € 134 Net profit 27 192 134 Other comprehensive income/(loss) (91 ) (105 ) (90 ) Total Other comprehensive income € (64 ) € 87 € 44 Associates: Income/(loss) from continuing operations € 6 € 9 € 7 Net income/(loss) 6 9 7 Other comprehensive income/(loss) (3 ) (3 ) (1 ) Total Other comprehensive income/(loss) € 3 € 6 € 6 FCA's ownership percentages and the carrying value of investments in joint ventures accounted for under the equity method were as follows: Ownership percentage Investment balance At December 31 At December 31 2018 2017 2018 2017 Joint ventures Ownership percentage (€ million) FCA Bank S.p.A. 50.0% 50.0% € 1,360 € 1,178 Tofas-Turk Otomobil Fabrikasi A.S. 37.9% 37.9% 233 298 GAC Fiat Chrysler Automobiles Co. 50.0% 50.0% 216 287 Others 57 103 Total € 1,866 € 1,866 |
Disclosure of reconciliation of summarised financial information of joint venture accounted for using equity method to carrying amount of interest in joint venture | The following tables include summarized financial information relating to FCA Bank: At June 30, 2018 At December 31, 2017 (€ million) Financial assets € 25,496 € 23,434 Of which: Cash and cash equivalents — 1 Other assets 4,175 3,753 Financial liabilities 25,634 23,424 Other liabilities 1,346 1,250 Equity (100%) 2,691 2,512 Net assets attributable to owners of the parent 2,645 2,469 Group's share of net assets 1,323 1,235 Elimination of unrealized profits and other adjustments 37 (57 ) Carrying amount of interest in FCA Bank (1) € 1,360 € 1,178 ________________________________________________________________________________________________________________________________________________ (1) Amounts as at December 31, 2018 and 2017 respectively. Six months ended June 30 Years ended December 31 2018 2017 2016 (€ million) Interest and similar income € 471 € 855 € 764 Interest and similar expenses (144 ) (266 ) (263 ) Income tax expense (80 ) (139 ) (105 ) Profit from continuing operations 201 383 312 Net profit 201 383 312 Net profit attributable to owners of the parent (A) 199 378 309 Other comprehensive income/(loss) attributable to owners of the parent (B) (5 ) (8 ) (64 ) Total Comprehensive income attributable to owners of the parent (A+B) € 194 € 370 € 245 Group’s share of net profit (1) € 195 € 189 € 154 ________________________________________________________________________________________________________________________________________________ (1) Amounts for the years ended December 31, 2018 , 2017 and 2016 respectively |
Other financial assets (Tables)
Other financial assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of financial assets [abstract] | |
Disclosure of other financial assets | Other financial assets consisted of the following: At December 31 2018 2017 Note Current Non-current Total Current Non-current Total (€ million) Derivative financial assets 16 € 283 € 14 € 297 € 265 € 19 € 284 Debt securities measured at fair value through other comprehensive income 23 — — — 4 — 4 Debt securities measured at fair value through profit or loss 23 230 — 230 172 59 231 Debt securities measured at amortized cost 61 2 63 — — — Debt securities held-to-maturity — — — — 2 2 Equity instruments measured at cost — — — — 43 43 Equity instruments measured at fair value through other comprehensive income 23 — 31 31 — 23 23 Equity instruments mandatorily designated at fair value through profit and loss 23 41 2 43 — — — Held-for-trading investments — — — 46 — 46 Financial receivables — 252 252 — 275 275 Collateral deposits (1) 23 — 61 61 — 61 61 Total Other financial assets € 615 € 362 € 977 € 487 € 482 € 969 ________________________________________________________________________________________________________________________________________________ (1) Collateral deposits are held in connection with derivative transactions and debt obligations. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Disclosure of inventory | Inventories At December 31 2018 2017 (€ million) Finished goods and goods for resale € 6,776 € 8,261 Work-in-progress, raw materials and manufacturing supplies 3,783 4,476 Amount due from customers for contract work 135 185 Total Inventories € 10,694 € 12,922 |
Amounts due from customers for contract work | The Construction contracts, net asset/(liability) relates to the design and production of industrial automation systems and related products and is summarized as follows: At December 31 2018 2017 (€ million) Aggregate amount of costs incurred and recognized profits (less recognized losses) to date € 954 € 881 Less: Progress billings (912 ) (886 ) Construction contracts, net asset/(liability) 42 (5 ) Construction contract assets 135 185 Less: Construction contract liabilities (Note 22) (93 ) (190 ) Construction contracts, net asset/(liability) € 42 € (5 ) |
Explanation of significant changes in contract assets and contract liabilities [text block] | Changes in the Group's construction contracts, net asset/(liability) for the year ended December 31, 2018 , were as follows: At January 1, 2018 Advances received from customers Amounts recognized within revenue Transfers to Assets/(Liabilities) held for sale Other Changes At December 31, 2018 (€ million) Construction contracts, net asset/(liability) € (5 ) € (878 ) € 958 € — € (33 ) € 42 Changes in the Group's service contract liability for the year ended December 31, 2018 , were as follows: At January 1, 2018 Advances received from customers Amounts recognized within revenue Transfers to Assets/(Liabilities) held for sale Other Changes At December 31, 2018 (€ million) Service contract liability € 1,894 € 879 € (658 ) € — € (26 ) € 2,089 |
Trade, other receivables and _2
Trade, other receivables and tax receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other receivables [abstract] | |
Schedule of receivables by due date | The following table summarizes Trade, other receivables and tax receivables by due date: At December 31 2018 2017 Total due within one year (current) Due between one and five years Due beyond five years Total due after one year (non-current) Total Total due within one year (current) Due between one and five years Due beyond five years Total due after one year (non-current) Total (€ million) Trade receivables € 2,048 € — € — € — € 2,048 € 2,460 € — € — € — € 2,460 Receivables from financing activities 3,304 297 13 310 3,614 2,946 194 — 194 3,140 Other receivables 1,836 1,086 88 1,174 3,010 2,481 414 58 472 2,953 Total Trade and other receivables € 7,188 € 1,383 € 101 € 1,484 € 8,672 € 7,887 € 608 € 58 € 666 € 8,553 Tax receivables € 419 € 53 € 18 € 71 € 490 € 215 € 62 € 21 € 83 € 298 |
Disclosure of allowance for credit losses | Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for receivables from financing activities were as follows: At January 1, 2018 Provision Use and Transferred to Assets held for sale At December 31, 2018 (€ million) ECL allowance - Receivables from financing activities € 45 € 87 € (105 ) € — € 27 Trade receivables are shown net of an ECL allowance, which is calculated using the simplified approach. Changes in the allowance for trade receivables were as follows: At January 1, 2018 Provision Use and Transferred to Assets held for sale At December 31, 2018 (€ million) ECL allowance - Trade receivables € 269 € 56 € (47 ) € (31 ) € 247 |
Disclosure of credit risk exposure [text block] | The following table provides information about the exposure to credit risk and ECLs for receivables from financing activities: At December 31, 2018 Stage 1 Stage 2 Stage 3 Total Gross amount 2,465 168 35 2,668 ECL allowance (13 ) (2 ) (12 ) (27 ) Carrying amount 2,452 166 23 2,641 The following table provides information about the exposure to credit risk and ECLs for trade receivables: At December 31, 2018 Current and less than 90 days past due 90 days or more past due Total Gross amount 1,920 310 2,230 ECL allowance (65 ) (182 ) (247 ) Carrying amount 1,855 128 1,983 |
Schedule of receivables from financing activities | Receivables from financing activities mainly relate to the business of financial services companies fully consolidated by the Group and are summarized as follows: At December 31 2018 2017 (€ million) Dealer financing € 2,654 € 2,295 Retail financing 601 420 Finance leases 3 4 Other 356 421 Total Receivables from financing activities € 3,614 € 3,140 |
Disclosure of transferred financial assets that are not derecognised in their entirety | At December 31, 2018 and 2017 , the carrying amount of transferred financial assets not derecognized and the related liabilities were as follows: At December 31 2018 2017 Trade receivables Receivables financing Total Trade receivables Receivables financing Total (€ million) Carrying amount of assets transferred and not derecognized € 30 € 427 € 457 € 22 € 335 € 357 Carrying amount of the related liabilities (Note 21) € 30 € 427 € 457 € 22 € 335 € 357 |
Derivative financial assets a_2
Derivative financial assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Summary of derivative financial assets and liabilities | The following table summarizes the fair value of the Group's derivative financial assets and liabilities: At December 31 2018 2017 Positive fair Negative fair Positive fair Negative fair (€ million) Fair value hedges: Interest rate risk - interest rate swaps € — € — € 2 € — Total Fair value hedges — — 2 — Cash flow hedges: Currency risks - forward contracts, currency swaps and currency options 149 (75 ) 100 (95 ) Interest rate risk - interest rate swaps 22 (16 ) 4 (7 ) Interest rate and currency risk - combined interest rate and currency swaps 17 — 9 — Commodity price risk – commodity swaps and commodity options 41 (59 ) 30 (1 ) Total Cash flow hedges 229 (150 ) 143 (103 ) Net investment hedges: Currency risks - forward contracts, currency swaps and currency options — — 5 — Total Net investment hedges — — 5 — Derivatives for trading 68 (57 ) 134 (36 ) Total Fair value of derivative financial assets/(liabilities) € 297 € (207 ) € 284 € (139 ) Financial derivative assets/(liabilities) - current € 283 € (204 ) € 265 € (138 ) Financial derivative assets/(liabilities) - non-current € 14 € (3 ) € 19 € (1 ) |
Summary of outstanding notional amounts by due date | The following table summarizes the outstanding notional amounts of the Group's derivative financial instruments by due date: At December 31 2018 2017 Due within one year Due between one and Due beyond Total Due within one year Due between Due Total (€ million) Currency risk management € 12,782 € 75 € — € 12,857 € 14,142 € 154 € — € 14,296 Interest rate risk management 1,630 1,144 — 2,774 1,581 1,753 101 3,435 Interest rate and currency risk management 236 34 — 270 — 291 71 362 Commodity price risk management 919 28 — 947 455 6 — 461 Other derivative financial instruments — 14 — 14 — 14 — 14 Total Notional amount € 15,567 € 1,295 € — € 16,862 € 16,178 € 2,218 € 172 € 18,568 |
Summary of fair value hedges | Years ended December 31, 2018 2017 2016 (€ million) Currency risk Net gains/(losses) on qualifying hedges € — € 104 € (13 ) Fair value changes in hedged items — (104 ) 13 Interest rate risk Net (losses) on qualifying hedges (2 ) (9 ) (26 ) Fair value changes in hedged items 2 10 26 Net gains/(losses) € — € 1 € — |
Summary of reclassification adjustments from Other comprehensive income to Consolidated Income Statement | Years ended December 31, 2018 2017 2016 (€ million) Currency risk Increase in Net revenues € 100 € 8 € 243 (Increase)/Decrease in Cost of revenues (17 ) (96 ) (31 ) Net financial income/(expenses) 2 (22 ) 34 Result from investments 24 28 26 Interest rate risk Result from investments 1 (1 ) (1 ) Net financial expenses — (3 ) (4 ) Commodity price risk (Increase)/Decrease in Cost of revenues 29 28 (39 ) Ineffectiveness and discontinued hedges (5 ) 4 12 Tax expense/(benefit) (36 ) 27 (48 ) Items relating to discontinued operations, net of tax 9 1 (21 ) Total recognized in the Consolidated Income Statement € 107 € (26 ) € 171 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents consisted of the following: At December 31 2018 2017 (€ million) Cash at banks € 4,774 € 6,396 Money market securities 4,352 6,242 Other cash equivalents € 3,324 — Total Cash and cash equivalents € 12,450 € 12,638 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-Based Payment Arrangements [Abstract] | |
Disclosure of number and weighted average exercise prices of other equity instruments | Changes during 2018 , 2017 and 2016 for the PSU NI awards under the framework equity incentive plan were as follows: 2018 2017 2016 PSU NI Weighted PSU NI Weighted PSU NI Weighted Outstanding shares unvested at January 1 8,803,826 € 5.89 11,379,445 € 5.65 7,356,550 € 8.78 Anti-dilution adjustment 32,855 5.87 65,751 5.62 4,001,962 5.68 Granted 71,136 9.73 1,136,250 7.91 168,593 3.61 Vested (3,857,502 ) 5.58 (3,758,870 ) 5.65 — — Canceled — — — — (147,660 ) 5.83 Forfeited (481,485 ) 6.27 (18,750 ) 7.91 — — Outstanding shares unvested at December 31 4,568,830 € 6.14 8,803,826 € 5.89 11,379,445 € 5.65 Changes during 2018 , 2017 and 2016 for the RSU awards under the framework equity incentive plan were as follows: 2018 2017 2016 RSUs Weighted RSUs Weighted RSUs Weighted Outstanding shares unvested at January 1 7,600,313 € 9.17 7,969,623 € 8.69 5,196,550 € 13.49 Anti-dilution adjustment 28,299 9.12 46,189 8.64 2,826,922 8.74 Granted 627,081 18.54 2,293,940 10.43 94,222 5.73 Vested (3,690,050 ) 9.09 (2,671,939 ) 8.64 — — Canceled — — — — (148,071 ) 9.25 Forfeited (274,657 ) 10.28 (37,500 ) 10.39 — — Outstanding shares unvested at December 31 4,290,986 € 10.47 7,600,313 € 9.17 7,969,623 € 8.69 Changes during 2018 , 2017 and 2016 for the PSU TSR awards under the framework equity incentive plan were as follows: 2018 2017 2016 PSU TSR Weighted PSU TSR Weighted PSU TSR Weighted Outstanding shares unvested at January 1 8,803,827 € 10.58 11,379,446 € 10.64 7,356,550 € 16.52 Anti-dilution adjustment 32,855 10.54 65,750 10.58 4,001,962 10.70 Granted 2,473,637 13.15 1,136,250 10.84 168,593 6.71 Vested (3,857,502 ) 10.51 (3,758,869 ) 10.63 — — Canceled — — — — (147,659 ) 10.84 Forfeited (526,404 ) 11.50 (18,750 ) 10.84 — — Outstanding shares unvested at December 31 6,926,413 € 11.42 8,803,827 € 10.58 11,379,446 € 10.64 |
Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period | The key assumptions utilized to calculate the grant-date fair values for the PSU NI awards are summarized below: Key assumptions 2017 PSU NI Awards Range 2015 PSU NI Awards Range Grant date stock price €9.74 - €10.39 €13.44 - €15.21 Expected volatility 40 % 40 % Risk-free rate (0.8 )% 0.7 % The key assumptions utilized to calculate the grant date fair values for the PSU TSR awards issued are summarized below: Key assumptions 2018 PSU TSR Awards Range 2017 PSU TSR Awards Range 2015 PSU TSR Awards Range Grant date stock price € 18.79 €9.74 - €10.39 €13.44 - €15.21 Expected volatility 41 % 44 % 37% - 39% Dividend yield — % — % — % Risk-free rate (0.3 )% (0.8 )% 0.7% - 0.8% |
Disclosure of anti-dilutive securities | The following table reflects the changes resulting from the anti-dilution adjustments: 2018 Anti-dilution adjustment 2017 Anti-dilution adjustment 2016 Anti-dilution adjustment PSU Awards: Number of awards - as adjusted 17,673,363 22,890,392 22,717,024 Key assumptions - as adjusted: Grant date stock price - for PSU NI and PSU TSR €5.71 - €10.35 €8.66 - €9.79 €8.71 - €9.85 RSU Awards: Number of awards - as adjusted 7,628,612 8,015,812 8,023,472 |
Employee benefits liabilities (
Employee benefits liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefits [Abstract] | |
Employee benefits liabilities | Employee benefits liabilities consisted of the following: At December 31 2018 2017 Current Non-current Total Current Non-current Total (€ million) Pension benefits € 34 € 4,475 € 4,509 € 34 € 4,789 € 4,823 Health care and life insurance plans 134 2,082 2,216 126 2,153 2,279 Other post-employment benefits 82 737 819 109 878 987 Other provisions for employees 345 581 926 425 764 1,189 Total Employee benefits liabilities € 595 € 7,875 € 8,470 € 694 € 8,584 € 9,278 |
Defined benefit obligations | The following table summarizes changes in the pension plans: 2018 2017 Obligation Fair value of plan assets Asset ceiling Liability/ (Asset) Obligation Fair value of plan assets Asset ceiling Liability/ (€ million) At January 1 € 25,528 € (21,218 ) € 14 € 4,324 € 28,065 € (23,049 ) € 12 € 4,668 Included in the Consolidated Income Statement 1,189 (680 ) — 509 1,259 (817 ) — 442 Included in Other comprehensive income: Actuarial (gains)/losses from: Demographic and other assumptions (196 ) — — (196 ) (42 ) — — (42 ) Financial assumptions (1,530 ) — — (1,530 ) 1,567 — — 1,567 Return on assets — 1,530 — 1,530 — (1,589 ) — (1,589 ) Changes in the effect of limiting net assets — — (1 ) (1 ) — — 3 3 Changes in exchange rates 792 (584 ) — 208 (3,006 ) 2,445 (1 ) (562 ) Other: Employer contributions — (756 ) — (756 ) — (141 ) — (141 ) Plan participant contributions 2 (2 ) — — — (3 ) — (3 ) Benefits paid (1,568 ) 1,556 — (12 ) (1,751 ) 1,735 — (16 ) Settlements paid (1,187 ) 1,187 — — (563 ) 563 — — Transfer to Liabilities held for sale (268 ) 126 — (142 ) — — — — Other changes 5 22 — 27 (1 ) (2 ) — (3 ) At December 31 € 22,767 € (18,819 ) € 13 € 3,961 € 25,528 € (21,218 ) € 14 € 4,324 Changes in defined benefit obligations for other post-employment benefits were as follows: 2018 2017 (€ million) Present value of obligations at January 1 € 987 € 987 Included in the Consolidated Income Statement 23 23 Included in Other comprehensive income: Actuarial (gains)/losses from: - Demographic and other assumptions 2 18 - Financial assumptions (5 ) (3 ) Effect of movements in exchange rates (3 ) (5 ) Other: Benefits paid (50 ) (48 ) Transfer to Liabilities held for sale (98 ) — Other changes (37 ) 15 Present value of obligations at December 31 € 819 € 987 Changes in net defined benefit obligations for healthcare and life insurance plans were as follows: 2018 2017 (€ million) Present value of obligations at January 1 € 2,279 € 2,466 Included in the Consolidated Income Statement 110 120 Included in Other comprehensive income: Actuarial (gains)/losses from: - Demographic and other assumptions 37 (52 ) - Financial assumptions (161 ) 160 Effect of movements in exchange rates 81 (278 ) Other: Benefits paid (128 ) (137 ) Transfer to Liabilities held for sale (2 ) — Present value of obligations at December 31 € 2,216 € 2,279 The following table summarizes the fair value of defined benefit obligations and the fair value of related plan assets: At December 31 2018 2017 (€ million) Present value of defined benefit obligations: Pension benefits € 22,767 € 25,528 Health care and life insurance plans 2,216 2,279 Other post-employment benefits 819 987 Total present value of defined benefit obligations (a) 25,802 28,794 Fair value of plan assets (b) 18,819 21,218 Asset ceiling (c) 13 14 Total net defined benefit plans (a - b + c) 6,996 7,590 of which: Net defined benefit liability (d) 7,544 8,089 Defined benefit plan asset (548 ) (499 ) Other provisions for employees (e) 926 1,189 Total Employee benefits liabilities (d + e) € 8,470 € 9,278 |
Disclosure of information about maturity profile of defined benefit obligation | The expected benefit payments for pension plans are as follows: Expected benefit (€ million) 2019 € 1,507 2020 € 1,486 2021 € 1,471 2022 € 1,460 2023 € 1,451 2024-2028 € 7,285 The expected benefit payments for unfunded health care and life insurance plans are as follows: Expected benefit payments (€ million) 2019 € 134 2020 € 133 2021 € 133 2022 € 133 2023 € 133 2024-2028 € 668 |
Amounts recognized in the consolidated income statement | Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2018 2017 2016 (€ million) Current service cost € 9 € 9 € 6 Interest expense 14 11 14 Past service costs/(credits) and losses/(gains) arising from settlements — — 1 Items relating to discontinued operations — 3 5 Total recognized in the Consolidated Income Statement € 23 € 23 € 26 Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31 2018 2017 2016 (€ million) Current service cost € 22 € 22 € 26 Interest expense 88 98 107 Past service costs/(credits) and losses/(gains) arising from settlements — — (3 ) Total recognized in the Consolidated Income Statement € 110 € 120 € 130 Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2018 2017 2016 (€ million) Current service cost € 172 € 169 € 172 Interest expense 925 1,083 1,148 Interest income (759 ) (907 ) (939 ) Other administration costs 79 94 95 Past service costs/(credits) and (gains)/losses arising from settlements/curtailments 92 (3 ) (9 ) Items relating to discontinued operations — 6 6 Total recognized in the Consolidated Income Statement € 509 € 442 € 473 |
Fair value of plan assets by class | The fair value of plan assets by class was as follows: At December 31 2018 2017 Amount of which have a Amount of which have a (€ million) Cash and cash equivalents € 672 € 615 € 628 € 611 U.S. equity securities 1,286 1,284 1,426 1,426 Non-U.S. equity securities 784 757 1,098 1,098 Commingled funds 1,833 606 2,684 1,138 Equity instruments 3,903 2,647 5,208 3,662 Government securities 2,717 916 2,601 803 Corporate bonds (including convertible and high yield bonds) 4,944 — 5,864 — Other fixed income 1,307 86 1,071 114 Fixed income securities 8,968 1,002 9,536 917 Private equity funds 2,066 — 1,962 — Commingled funds 56 53 165 162 Real estate funds 1,392 3 1,374 13 Hedge funds 1,676 26 1,893 49 Investment funds 5,190 82 5,394 224 Insurance contracts and other 86 12 452 50 Total fair value of plan assets € 18,819 € 4,358 € 21,218 € 5,464 |
Weighted average assumptions | The weighted average assumptions used to determine defined benefit obligations were as follows: At December 31 2018 2017 U.S. Canada UK U.S. Canada UK Discount rate 4.4 % 3.8 % 2.8 % 3.8 % 3.5 % 2.7 % Future salary increase rate — % 3.5 % 3.0 % — % 3.5 % 3.2 % The weighted average assumptions used to determine the defined benefit obligations were as follows: At December 31 2018 2017 U.S. Canada U.S. Canada Discount rate 4.4 % 3.8 % 3.9 % 3.6 % Salary growth 1.5 % 1.0 % 1.5 % 1.0 % Weighted average ultimate healthcare cost trend rate 4.4 % 4.0 % 4.5 % 4.5 % |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Disclosure of changes in other provisions | Provisions consisted of the following: At December 31 2018 2017 Current Non-current Total Current Non-current Total (€ million) Product warranty and recall campaigns € 2,745 € 4,015 € 6,760 € 2,676 € 4,049 € 6,725 Sales incentives 5,999 — 5,999 5,377 — 5,377 Legal proceedings and disputes 849 428 1,277 125 551 676 Commercial risks 442 272 714 481 334 815 Restructuring 134 31 165 26 44 70 Other risks 314 815 1,129 324 792 1,116 Total Provisions € 10,483 € 5,561 € 16,044 € 9,009 € 5,770 € 14,779 |
Disclosure of other provisions | Changes in Provisions were as follows: At Additional Settlements Unused Translation differences Transfer to Liabilities held for sale Other At (€ million) Product warranty and recall campaigns € 6,725 € 3,241 € (3,272 ) € — € 180 € (118 ) € 4 € 6,760 Sales incentives 5,377 14,514 (14,014 ) (35 ) 162 — (5 ) 5,999 Legal proceedings and disputes 676 971 (113 ) (67 ) (6 ) (59 ) (125 ) 1,277 Commercial risks 815 426 (457 ) (65 ) 21 (27 ) 1 714 Restructuring costs 70 105 (26 ) (3 ) — (4 ) 23 165 Other risks 1,116 323 (230 ) (84 ) 17 (2 ) (11 ) 1,129 Total Provisions € 14,779 € 19,580 € (18,112 ) € (254 ) € 374 € (210 ) € (113 ) € 16,044 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information about borrowings | The following table summarizes the Group's current and non-current Debt by maturity date (amounts include accrued interest): At December 31 2018 2017 Due Due Due Total (non-current) Total Debt Due within Due Due Total (non-current) Total Debt (€ million) Notes € 1,598 € 4,977 € 1,250 € 6,227 € 7,825 € 2,054 € 5,071 € 2,501 € 7,572 € 9,626 Borrowings from banks 2,935 2,012 234 2,246 5,181 4,132 2,278 502 2,780 6,912 Asset-backed financing (Note 15) 457 — — — 457 357 — — — 357 Other debt 871 151 43 194 1,065 702 347 27 374 1,076 Total Debt € 5,861 € 7,140 € 1,527 € 8,667 € 14,528 € 7,245 € 7,696 € 3,030 € 10,726 € 17,971 Notes The following table summarizes the notes outstanding at December 31, 2018 and 2017: At December 31 Currency Face value of Coupon % Maturity 2018 2017 Medium Term Note Programme: (€ million) Fiat Chrysler Finance Europe S.A. (1) EUR 1,250 6.625 March 15, 2018 — 1,250 Fiat Chrysler Finance Europe S.A. (1) EUR 600 7.375 July 9, 2018 — 600 Fiat Chrysler Finance Europe S.A. (2) CHF 250 3.125 September 30, 2019 222 213 Fiat Chrysler Finance Europe S.A. (1) EUR 1,250 6.750 October 14, 2019 1,250 1,250 Fiat Chrysler Finance Europe S.A. (1) EUR 1,000 4.750 March 22, 2021 1,000 1,000 Fiat Chrysler Finance Europe S.A. (1) EUR 1,350 4.750 July 15, 2022 1,350 1,350 FCA NV (1) EUR 1,250 3.750 March 29, 2024 1,250 1,250 Other (3) EUR 7 7 7 Total Medium Term Note Programme 5,079 6,920 Other Notes: FCA NV (1) U.S.$ 1,500 4.500 April 15, 2020 1,310 1,251 FCA NV (1) U.S.$ 1,500 5.250 April 15, 2023 1,310 1,251 Total Other Notes 2,620 2,502 Hedging effect, accrued interest and amortized cost valuation 126 204 Total Notes € 7,825 € 9,626 ________________________________________________________________________________________________________________________________________________ (1) Listing on the Irish Stock Exchange was obtained. (2) Listing on the SIX Swiss Exchange was obtained. (3) Medium Term Notes with amounts outstanding equal to or less than the equivalent of €50 million . |
Disclosure of finance lease and operating lease by lessee | Other debt also included funds raised from financial services companies, primarily in Latin America, deposits from dealers in Brazil and China and the Group's payables for finance leases, which is summarized in the table below: At December 31 2018 2017 Due Due Due Due Total Due Due Due Due Total (€ million) Minimum future lease € 73 € 106 € 54 € 80 € 313 € 90 € 134 € 19 € 74 € 317 Interest expense (17 ) (18 ) (11 ) (6 ) (52 ) (15 ) (15 ) (3 ) (3 ) (36 ) Present value of minimum € 56 € 88 € 43 € 74 € 261 € 75 € 119 € 16 € 71 € 281 |
Other liabilities and tax pay_2
Other liabilities and tax payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of details about other liabilities | Other liabilities consisted of the following: At December 31 2018 2017 Current Non-current Total Current Non-current Total (€ million) Payables for GDP and buy-back agreements € 2,362 € — € 2,362 € 2,234 € — € 2,234 Accrued expenses and deferred income 783 697 1,480 1,573 2,260 3,833 Indirect tax payables 681 16 697 799 19 818 Payables to personnel 956 16 972 988 16 1,004 Social security payables 265 4 269 313 6 319 Construction contract liabilities (Note 14) 93 — 93 190 — 190 Service contract liability 568 1,521 2,089 — — — Other 1,349 198 1,547 1,838 199 2,037 Total Other liabilities € 7,057 € 2,452 € 9,509 € 7,935 € 2,500 € 10,435 |
Impact of adoption of IFRS 15 | <div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The impact of the adoption of IFRS 15 on Other liabilities as at January 1, 2018, was as follows:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="36" rowspan="1"></td></tr><tr><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">At December 31, 2017 (as previously reported)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Adjustments/Reclassifications</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">At January 1, 2018 (as adjusted)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Non-Current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Non-Current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Non-Current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="35" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">(€ million)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Payables for GDP and buy-back agreements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,234</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,234</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(293</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(293</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,941</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,941</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Accrued expenses and deferred income</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,573</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,260</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,833</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(440</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1,414</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1,854</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,133</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">846</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,979</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Service contract liability</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">497</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,397</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,894</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">497</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,397</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1">&" id="sjs-B5"><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The impact of the adoption of IFRS 15 on Other liabilities as at January 1, 2018, was as follows:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="36" rowspan="1"></td></tr><tr><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:6%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">At December 31, 2017 (as previously reported)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Adjustments/Reclassifications</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">At January 1, 2018 (as adjusted)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Non-Current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Non-Current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Non-Current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="35" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">(€ million)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Payables for GDP and buy-back agreements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,234</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,234</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(293</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(293</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,941</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">€</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,941</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Accrued expenses and deferred income</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,573</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">2,260</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,833</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(440</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1,414</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1,854</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,133</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">846</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,979</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Service contract liability</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">497</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,397</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,894</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">497</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,397</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1">& |
Disclosure of analysis of other liabilities by due date | Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were as follows: At December 31 2018 2017 Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total (€ million) Other liabilities (excluding Accrued expenses, deferred income and service contract liability) € 5,706 € 221 € 13 € 234 € 5,940 € 6,362 € 227 € 13 € 240 € 6,602 |
Explanation of significant changes in contract assets and contract liabilities [text block] | Changes in the Group's construction contracts, net asset/(liability) for the year ended December 31, 2018 , were as follows: At January 1, 2018 Advances received from customers Amounts recognized within revenue Transfers to Assets/(Liabilities) held for sale Other Changes At December 31, 2018 (€ million) Construction contracts, net asset/(liability) € (5 ) € (878 ) € 958 € — € (33 ) € 42 Changes in the Group's service contract liability for the year ended December 31, 2018 , were as follows: At January 1, 2018 Advances received from customers Amounts recognized within revenue Transfers to Assets/(Liabilities) held for sale Other Changes At December 31, 2018 (€ million) Service contract liability € 1,894 € 879 € (658 ) € — € (26 ) € 2,089 |
Disclosure of analysis of tax payables by due date | Tax payables by due date were as follows: At December 31 2018 2017 Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total (€ million) Tax payables € 114 € 1 € — € 1 € 115 € 309 € 32 € 42 € 74 € 383 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurement [Abstract] | |
Assets that are measured at fair value | The following table provides the carrying amount and fair value of financial assets and liabilities not measured at fair value on a recurring basis: At December 31 2018 2017 Note Carrying Fair Carrying Fair (€ million) Dealer financing € 1,681 € 1,682 € 2,295 € 2,295 Retail financing 601 584 420 405 Finance lease 3 3 4 4 Other receivables from financing activities 356 355 421 421 Total Receivables from financing activities (1) 15 € 2,641 € 2,624 € 3,140 € 3,125 Asset backed financing € 457 € 457 € 357 € 357 Notes 7,825 8,152 9,626 10,365 Other debt 6,246 6,229 7,988 8,001 Total Debt 21 € 14,528 € 14,838 € 17,971 € 18,723 At December 31 2018 2017 Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (€ million) Debt securities and equity instruments measured at FVOCI 13 € 3 € 15 € 13 € 31 € 3 € 24 € — € 27 Debt securities and equity instruments measured at FVPL 13 270 — 3 273 275 — 2 277 Derivative financial assets 16 — 256 41 297 — 254 30 284 Collateral deposits 13 61 — — 61 61 — — 61 Receivables from financing activities 15 — — 973 973 — — — — Trade receivables 15 — 65 — 65 — — — — Cash at banks (1) 17 — — — — 6,396 — — 6,396 Money market securities (1) 17 4,352 — — 4,352 4,404 1,838 — 6,242 Total Assets € 4,686 € 336 € 1,030 € 6,052 € 11,139 € 2,116 € 32 € 13,287 Derivative financial liabilities 16 — 205 2 207 — 138 1 139 Total Liabilities € — € 205 € 2 € 207 € — € 138 € 1 € 139 |
Explanation of initial application of IFRS 9 [text block] | The impact of the adoption of IFRS 9 on the fair value hierarchy as at January 1, 2018 was as follows: At December 31, 2017 (as previously reported) Adjustments/Reclassifications At January 1, 2018 (as adjusted) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (€ million) Debt securities and equity instruments measured at FVOCI € 3 € 24 € — € 27 € — € (4 ) € 23 € 19 € 3 € 20 € 23 € 46 Debt securities and equity instruments measured at FVPL 275 — 2 277 — — 20 20 275 — 22 297 Derivative financial assets — 254 30 284 — — — — — 254 30 284 Collateral deposits 61 — — 61 — — — — 61 — — 61 Receivables from financing activities — — — — — — 700 700 — — 700 700 Trade receivables — — — — — 28 — 28 — 28 — 28 Cash at banks (1) 6,396 — — 6,396 (6,396 ) — — (6,396 ) — — — — Money market securities (1) 4,404 1,838 — 6,242 (1,692 ) (1,838 ) — (3,530 ) 2,712 — — 2,712 Total Assets € 11,139 € 2,116 € 32 € 13,287 € (8,088 ) € (1,814 ) € 743 € (9,159 ) € 3,051 € 302 € 775 € 4,128 Derivative financial liabilities — 138 1 139 — — — — — 138 1 139 Total Liabilities € — € 138 € 1 € 139 € — € — € — € — € — € 138 € 1 € 139 |
Liabilities that are measured at fair value | At December 31 2018 2017 Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (€ million) Debt securities and equity instruments measured at FVOCI 13 € 3 € 15 € 13 € 31 € 3 € 24 € — € 27 Debt securities and equity instruments measured at FVPL 13 270 — 3 273 275 — 2 277 Derivative financial assets 16 — 256 41 297 — 254 30 284 Collateral deposits 13 61 — — 61 61 — — 61 Receivables from financing activities 15 — — 973 973 — — — — Trade receivables 15 — 65 — 65 — — — — Cash at banks (1) 17 — — — — 6,396 — — 6,396 Money market securities (1) 17 4,352 — — 4,352 4,404 1,838 — 6,242 Total Assets € 4,686 € 336 € 1,030 € 6,052 € 11,139 € 2,116 € 32 € 13,287 Derivative financial liabilities 16 — 205 2 207 — 138 1 139 Total Liabilities € — € 205 € 2 € 207 € — € 138 € 1 € 139 The following table provides the carrying amount and fair value of financial assets and liabilities not measured at fair value on a recurring basis: At December 31 2018 2017 Note Carrying Fair Carrying Fair (€ million) Dealer financing € 1,681 € 1,682 € 2,295 € 2,295 Retail financing 601 584 420 405 Finance lease 3 3 4 4 Other receivables from financing activities 356 355 421 421 Total Receivables from financing activities (1) 15 € 2,641 € 2,624 € 3,140 € 3,125 Asset backed financing € 457 € 457 € 357 € 357 Notes 7,825 8,152 9,626 10,365 Other debt 6,246 6,229 7,988 8,001 Total Debt 21 € 14,528 € 14,838 € 17,971 € 18,723 |
Disclosure of significant unobservable inputs used in fair value measurement of assets | The following table provides a reconciliation of the changes in items measured at fair value and categorized within Level 3: 2018 2017 Receivables from financing activities Debt securities and equity instruments Derivative financial Debt securities and equity instruments Derivative financial (€ million) At January 1 700 45 29 12 19 Gains/(Losses) recognized in Consolidated Income Statement — (1 ) 30 1 27 Gains/(Losses) recognized in Other comprehensive income/(loss) — — 9 (1 ) 18 Issues/Settlements 273 — (29 ) — (35 ) Transfers to Assets/(Liabilities) held for sale — (28 ) — — — At December 31 € 973 € 16 € 39 12 29 |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities | The following table provides a reconciliation of the changes in items measured at fair value and categorized within Level 3: 2018 2017 Receivables from financing activities Debt securities and equity instruments Derivative financial Debt securities and equity instruments Derivative financial (€ million) At January 1 700 45 29 12 19 Gains/(Losses) recognized in Consolidated Income Statement — (1 ) 30 1 27 Gains/(Losses) recognized in Other comprehensive income/(loss) — — 9 (1 ) 18 Issues/Settlements 273 — (29 ) — (35 ) Transfers to Assets/(Liabilities) held for sale — (28 ) — — — At December 31 € 973 € 16 € 39 12 29 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties | The amounts for significant transactions with related parties recognized in the Consolidated Income Statements were as follows: Years ended December 31, 2018 2017 2016 Net Cost of Selling, and costs, net Net Financial Net Cost of Selling, and costs, net Net Financial Net Cost of Selling, and costs, net Net Financial (€ million) Tofas € 926 € 2,572 € 7 € — € 1,287 € 2,779 € 9 € — € 1,536 € 2,811 € 3 € — Sevel S.p.A. 402 1 4 — 392 — 5 — 381 — 5 — FCA Bank 1,611 28 (21 ) 56 1,715 26 (20 ) 36 1,571 18 (21 ) 39 GAC FCA JV 419 11 (49 ) — 569 — (105 ) — 683 — (82 ) — Fiat India Automobiles 2 — — — 25 1 — — 23 1 (1 ) (1 ) Other 27 6 (4 ) 1 35 2 (4 ) 2 36 5 (3 ) — Total joint arrangements 3,387 2,618 (63 ) 57 4,023 2,808 (115 ) 38 4,230 2,835 (99 ) 38 Total associates 30 229 (2 ) (1 ) 73 52 (3 ) (1 ) 91 47 — — CNHI 501 326 6 — 526 329 2 — 543 422 3 — Ferrari N.V. 64 218 4 — 82 320 1 — 81 246 — — Directors and Key Management — — 77 — — — 114 — — — 143 — Other 2 26 1 — 26 — — — 26 — Total CNHI, Ferrari, Directors and other 567 544 113 — 609 649 143 — 624 668 172 — Total unconsolidated 7 8 4 1 61 8 3 1 57 7 8 1 Total transactions with related parties € 3,991 € 3,399 € 52 € 57 € 4,766 € 3,517 € 28 € 38 € 5,002 € 3,557 € 81 € 39 Total for the Group € 110,412 € 95,011 € 7,318 € 1,056 € 105,730 € 89,710 € 7,177 € 1,345 € 105,798 € 90,927 € 7,388 € 1,858 Assets and liabilities from significant transactions with related parties were as follows: At December 31 2018 2017 Trade and other Trade Other Asset- Debt (1) Trade Trade Other Asset- Debt (1) (€ million) Tofas € 11 € 176 € 40 € — € — € 34 € 240 € 50 € — € — Sevel S.p.A. 20 — 2 — 11 23 — 6 — 1 FCA Bank 395 258 232 449 28 466 206 199 319 32 GAC FCA JV 63 22 1 — — 58 15 1 — — Fiat India Automobiles Limited — — 6 — — 7 13 5 — — Other 19 1 — — — 20 1 — — — Total joint arrangements 508 457 281 449 39 608 475 261 319 33 Total associates 34 33 10 — — 36 32 13 — — CNHI 53 71 12 — — 47 86 11 — — Ferrari N.V. 25 45 3 — — 23 75 — — — Other 2 2 — — — 1 2 — — — Total CNHI, Ferrari N.V. and other 80 118 15 — — 71 163 11 — — Total unconsolidated subsidiaries 17 7 1 — 26 83 8 1 — 28 Total originating from related parties € 639 € 615 € 307 € 449 € 65 € 798 € 678 € 286 € 319 € 61 Total for the Group € 8,672 € 19,229 € 9,509 € 457 € 14,071 € 8,553 € 21,939 € 10,435 € 357 € 17,614 ________________________________________________________________________________________________________________________________________________ 1) Relating to Debt excluding Asset-backed financing, refer to Note, 21 Debt . As of December 31, 2018 , the Group had a take-or-pay commitment with Tofas with future minimum expected obligations as follows: (€ million) 2019 € 299 2020 € 291 2021 € 267 2022 € 152 2023 € — 2024 and thereafter € — We provided guarantees to FCA Bank related to certain dealer financing arrangements FCA Bank has with dealers. The amount of the guarantees outstanding at December 31, 2018 was approximately €86 million . The fair value of these guarantees is immaterial due to the value of vehicles in the dealers' stock pledged to FCA. Compensation to Directors and Key Management The fees of the Directors of the Group for carrying out their respective functions, including those in other consolidated companies, were as follows: Years ended December 31, 2018 2017 2016 (€ thousand) Directors (1) € 18,830 € 29,861 € 39,329 Total Compensation € 18,830 € 29,861 € 39,329 ________________________________________________________________________________________________________________________________________________ (1) Including the notional compensation cost arising from long-term share-based compensation granted to the Chief Executive Officer and share-based compensation to non-executive Directors. |
Guarantees granted, commitmen_2
Guarantees granted, commitments and contingent liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Disclosure of maturity analysis of purchase obligations | Future minimum purchase obligations under these arrangements at December 31, 2018 were as follows for the Group's continuing operations: (€ million) 2019 € 804 2020 € 508 2021 € 349 2022 € 216 2023 € 32 2024 and thereafter € 42 |
Disclosure of maturity analysis of operating lease payments | The following table summarizes the total future minimum lease payments under non-cancellable lease contracts for the Group's continuing operations: At December 31, 2018 Due within one year Due between Due between Due Total (€ million) Future minimum lease payments under operating lease agreements € 325 € 331 € 172 € 199 € 1,027 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share Capital, Reserves And Other [Abstract] | |
Disclosure of number of shares outstanding | The following table summarizes the changes in the number of outstanding common shares and special voting shares of FCA during the year ended December 31, 2018 : Common Shares Special Voting Shares Total Balance at January 1, 2018 1,540,089,690 408,941,767 1,949,031,457 Shares issued to Key management 10,527,873 — 10,527,873 Balance at December 31, 2018 1,550,617,563 408,941,767 1,959,559,330 |
Disclosure of analysis of other comprehensive income by item | Other comprehensive income was as follows: Years ended December 31, 2018 2017 2016 (€ million) Items that will not be reclassified to the Consolidated Income Statement in subsequent periods: (Losses)/gains on remeasurement of defined benefit plans € 317 € (72 ) € 616 Share of gains/(losses) on remeasurement of defined benefit plans for equity method investees — 2 (5 ) Gains/(losses) on equity instruments measured at fair value through other comprehensive income (4 ) 14 15 Items relating to discontinued operations 1 8 (32 ) Total Items that will not be reclassified to the Consolidated Income Statement (B1) 314 (48 ) 594 Items that may be reclassified to the Consolidated Income Statement in subsequent periods: Gains/(losses) on cash flow hedging instruments arising during the period 99 47 (25 ) Gains/(losses) on cash flow hedging instruments reclassified to the Consolidated Income Statement (108 ) 82 (215 ) Total Gains/(losses) on cash flow hedging instruments (9 ) 129 (240 ) Foreign exchange gains/(losses) 126 (1,982 ) 509 Share of Other comprehensive income/(loss) for equity method investees arising during the period (77 ) (94 ) (97 ) Share of Other comprehensive income/(loss) for equity method investees reclassified to the Consolidated Income Statement (26 ) (27 ) (25 ) Total Share of Other comprehensive (loss)/income for equity method investees (103 ) (121 ) (122 ) Items relating to discontinued operations (91 ) 58 (60 ) Total Items that may be reclassified to the Consolidated Income Statement (B2) (77 ) (1,916 ) 87 Total Other comprehensive income (B1)+(B2)=(B) 237 (1,964 ) 681 Tax effect (82 ) (30 ) (196 ) Tax effect - discontinued operations 1 (1 ) 4 Total Other comprehensive income, net of tax € 156 € (1,995 ) € 489 The following table summarizes the tax effect relating to Other comprehensive income: Years ended December 31, 2018 2017 2016 Pre-tax Tax Net Pre-tax Tax Net Pre-tax Tax Net (€ million) (Losses)/gains on remeasurement of defined benefit plans € 317 € (76 ) € 241 € (72 ) € (18 ) € (90 ) € 616 € (265 ) € 351 Gains/(Losses) on cash flow hedging instruments (9 ) (6 ) (15 ) 129 (12 ) 117 (240 ) 69 (171 ) Gains/(losses) on equity instruments measured at fair value through other comprehensive income (4 ) — (4 ) 14 — 14 15 — 15 Foreign exchange (losses)/gains 126 — 126 (1,982 ) — (1,982 ) 509 — 509 Share of Other comprehensive income/(loss) for equity method investees (103 ) — (103 ) (119 ) — (119 ) (127 ) — (127 ) Items relating to discontinued operations (90 ) 1 (89 ) 66 (1 ) 65 (92 ) 4 (88 ) Total Other comprehensive income € 237 € (81 ) € 156 € (1,964 ) € (31 ) € (1,995 ) € 681 € (192 ) € 489 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per share [abstract] | |
Earnings per share | The following tables provide the amounts used in the calculation of basic earnings per share: Years ended December 31, 2018 2017 2016 Net profit attributable to owners of the parent million € 3,608 € 3,491 € 1,803 Weighted average number of shares outstanding thousand 1,548,439 1,535,988 1,513,019 Basic earnings per share € € 2.33 € 2.27 € 1.19 Years ended December 31, 2018 2017 2016 Net profit from continuing operations attributable to owners of the parent million € 3,323 € 3,281 € 1,708 Weighted average number of shares outstanding thousand 1,548,439 1,535,988 1,513,019 Basic earnings per share from continuing operations € € 2.15 € 2.14 € 1.13 Years ended December 31, 2018 2017 2016 Net profit from discontinued operations attributable to owners of the parent million € 285 € 210 € 95 Weighted average number of shares outstanding thousand 1,548,439 1,535,988 1,513,019 Basic earnings per share from discontinued operations € € 0.18 € 0.14 € 0.06 The following tables provide the amounts used in the calculation of diluted earnings per share: Years ended December 31, 2018 2017 2016 Net profit attributable to owners of the parent million 3,608 € 3,491 € 1,803 Weighted average number of shares outstanding thousand 1,548,439 1,535,988 1,513,019 Number of shares deployable for share-based compensation thousand 19,400 20,318 13,357 Weighted average number of shares outstanding for diluted earnings per share thousand 1,567,839 1,556,306 1,526,376 Diluted earnings per share € € 2.30 € 2.24 € 1.18 Years ended December 31, 2018 2017 2016 Net profit from continuing operations attributable to owners of the parent million € 3,323 € 3,281 € 1,708 Weighted average number of shares outstanding for diluted earnings per share thousand 1,567,839 1,556,306 1,526,376 Diluted earnings per share from continuing operations € € 2.12 € 2.11 € 1.12 Years ended December 31, 2018 2017 2016 Net profit from discontinued operations attributable to owners of the parent million € 285 € 210 € 95 Weighted average number of shares outstanding for diluted earnings per share thousand 1,567,839 1,556,306 1,526,376 Diluted earnings per share from discontinued operations € € 0.18 € 0.13 € 0.06 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Operating segments [Abstract] | |
Disclosure of operating segments | The following tables summarize selected financial information by segment for the years ended December 31, 2018 , 2017 and 2016 : Mass-Market Vehicles 2018 NAFTA LATAM APAC EMEA Maserati Other activities Unallocated items & eliminations FCA (€ million) Revenues € 72,384 € 8,152 € 2,703 € 22,815 € 2,663 € 2,888 € (1,193 ) € 110,412 Revenues from transactions with other segments (31 ) (10 ) (57 ) (101 ) (18 ) (976 ) 1,193 — Revenues from third party customers € 72,353 € 8,142 € 2,646 € 22,714 € 2,645 € 1,912 € — € 110,412 Net profit from continuing operations € 3,330 Tax expense € 778 Net financial expenses € 1,056 Adjustments: Charge for U.S. diesel emission matters (1) € € € € € € € 748 € 748 Impairment expense and supplier obligations (2) € 16 € 8 € 11 € 307 € € € 11 € 353 China inventory impairment (3) € € € 129 € € € € € 129 Costs for recall, net of recovery - airbag inflators (4) € 114 € € € € € € € 114 U.S. special bonus payment (5) € 109 € € € € € 2 € € 111 Restructuring costs, net of reversals (6) € € (28 ) € — € 123 € — € 8 € — € 103 Employee benefits settlement losses (7) € 92 € € € € € € € 92 Port of Savona (Italy) fire and flood (8) € € — € — € 2 € 11 € 30 € — € 43 (Recovery of)/costs for recall - contested with supplier (9) € (50 ) € € € € € € € (50 ) NAFTA capacity realignment (10) € (60 ) € — € — € — € — € — € € (60 ) Brazil indirect tax - reversal of liability/recognition of credits (11) € € (54 ) € € € € (18 ) € € (72 ) Other € 1 € — € — € 30 € — € 12 € 20 € 63 Adjusted EBIT € 6,230 € 359 € (296 ) € 406 € 151 € (40 ) € (72 ) € 6,738 Share of profit of equity method investees € € € (67 ) € 284 € € 22 € 1 € 240 ________________________________________________________________________________________________________________________________________________ (1) A provision of €748 million was recognized for costs related to final settlements reached on civil, environmental and consumer claims related to U.S. diesel emissions matters. Refer to Note 25 , Guarantees granted, commitments and contingent liabilities ; (2) Impairment expense of €297 million and supplier obligations of €56 million , primarily in EMEA, resulting from changes in product plans in connection with the 2018-2022 business plan; (3) Impairment of inventory in connection with acceleration of new emissions standards in China and slower than expected sales. Refer to Note 14 , Inventories ; (4) Accrual in relation to costs for recall campaigns related to Takata airbag inflators, net of recovery; (5) Special bonus payment of $2,000 to approximately 60,000 employees in NAFTA as a result of the U.S. Tax Cuts and Jobs Act; (6) Restructuring costs primarily consisting of €123 million in EMEA, partially offset by the reversal of €28 million of previously recorded restructuring costs in LATAM; (7) Charges arising on settlement of a portion of a supplemental retirement plan and an annuity buyout in NAFTA. Refer to Note 19 , Employee benefits liabilities ; (8) Costs in relation to the Port of Savona (Italy) flood and fire; (9) Recovery of amounts accrued in 2016 in relation to costs for recall contested with a supplier; (10) Reduction of costs in relation to the NAFTA capacity realignment which were accrued in 2015; (11) Credits recognized related to indirect taxes in Brazil. Mass-Market Vehicles 2017 NAFTA LATAM APAC EMEA Maserati Other activities Unallocated items & eliminations FCA (€ million) Revenues € 66,094 € 8,004 € 3,250 € 22,700 € 4,058 € 3,248 € (1,624 ) € 105,730 Revenues from transactions with other segments (47 ) (10 ) (32 ) (116 ) (21 ) (1,398 ) 1,624 — Revenues from third party customers € 66,047 € 7,994 € 3,218 € 22,584 € 4,037 € 1,850 € — € 105,730 Net profit from continuing operations € 3,291 Tax expense € 2,588 Net financial expenses € 1,345 Adjustments: Reversal of a Brazilian indirect tax liability (1) € € € € € € € € (895 ) Impairment expense (2) € € 77 € € 142 € € € € 219 Recall campaigns - airbag inflators (3) € 29 € 73 € € € € € € 102 Restructuring costs/(reversal) (4) € (1 ) € 75 € € € € 11 € 1 € 86 Deconsolidation of Venezuela (5) € € 42 € € € € € € 42 NAFTA capacity realignment (6) € (38 ) € € € € € € € (38 ) Tianjin (China) port explosion, net of insurance recoveries (7) € € € (68 ) € € € € € (68 ) Gain on disposal of investments (8) € € € € € € (27 ) € (49 ) € (76 ) Other € (1 ) € € 1 € € € 12 € 1 € 13 Adjusted EBIT € 5,227 € 151 € 172 € 735 € 560 € (98 ) € (138 ) € 6,609 Share of profit of equity method investees € — € — € 75 € 306 € — € 18 € 1 € 400 ________________________________________________________________________________________________________________________________________________ (1) As this liability related to the Group’s Brazilian operations in multiple segments, it was not attributed to the results of the related segments; (2) Impairment expense in EMEA relates to changes in global product portfolio. Impairment expense in LATAM relates to product portfolio changes and the impairment of certain real estate assets in Venezuela, in the second quarter of 2017 due to the continued deterioration of the economic conditions; (3) Refer to Note 20 , Provisions and Note 25 , Guarantees granted, commitments and contingent liabilities ; (4) Primarily related to workforce restructuring costs related to LATAM; (5) Refer to Note 3 , Scope of consolidation ; (6) Income related to adjustments to reserves for the NAFTA capacity realignment plan; (7) Insurance recoveries related to losses incurred in connection with the explosions at the Port of Tianjin (China) in August 2015 are excluded from Adjusted EBIT to the extent the insured loss to which the recovery relates was excluded from Adjusted EBIT. Insurance recoveries are included in Adjusted EBIT to the extent they relate to costs, increased incentives or business interruption losses that were included in Adjusted EBIT; (8) Refer to Note 3 , Scope of consolidation . Mass-Market Vehicles 2016 NAFTA LATAM APAC EMEA Maserati Other activities Unallocated items & eliminations FCA (€ million) Revenues € 69,094 € 6,197 € 3,662 € 21,860 € 3,479 € 3,116 € (1,610 ) € 105,798 Revenues from transactions with other segments (40 ) (39 ) (24 ) (127 ) (9 ) (1,371 ) 1,610 — Revenues from third party customers € 69,054 € 6,158 € 3,638 € 21,733 € 3,470 € 1,745 € — € 105,798 Net profit from continuing operations € 1,713 Tax expense € 1,237 Net financial expenses € 1,858 Adjustments: Recall campaigns - airbag inflators (1) € 414 € € € € € € € 414 Costs for recall, net of supplier recoveries - contested with supplier (2) € 132 € € € € € € € 132 NAFTA capacity realignment (3) € 156 € € € € € € € 156 Tianjin (China) port explosions, net of insurance recoveries (4) € € € (55 ) € € € € € (55 ) Currency devaluation € € 19 € € € € € € 19 Restructuring costs/(reversal) (5) € (10 ) € 68 € € 5 € € 5 € € 68 Impairment expense (6) € € 52 € 109 € 7 € € 9 € € 177 Gains on disposal of investments € € € € € € (13 ) € € (13 ) Other € (25 ) € 3 € (10 ) € € € (1 ) € 7 € (26 ) Adjusted EBIT € 5,133 € 5 € 105 € 540 € 339 € (175 ) € (267 ) € 5,680 Share of profit of equity method investees € 2 € — € 30 € 272 € — € 3 € 1 € 308 ________________________________________________________________________________________________________________________________________________ (1) Refer to Note 20 , Provisions and Note 25 , Guarantees granted, commitments and contingent liabilities .; (2) Refer to Note 20 , Provisions .; (3) Refer to Note 5 , Research and development costs and Note 11 , Property plant and equipment ; (4) Insurance recoveries related to losses incurred in connection with the explosions at the Port of Tianjin (China) in August 2015 are excluded from Adjusted EBIT to the extent the insured loss to which the recovery relates was excluded from Adjusted EBIT. Insurance recoveries are included in Adjusted EBIT to the extent they relate to costs, increased incentives or business interruption losses that were included in Adjusted EBIT. Through December 31, 2016, no significant insurance recoveries related to Tianjin have been recognized in Adjusted EBIT; (5) Restructuring costs within LATAM and Components primarily relate to cost reduction initiatives to right-size to market volume in Brazil; (6) Refer to Note 5 , Research and development costs . and Note 11 , Property plant and equipment . |
Disclosure of geographical areas | Net revenues by geographical area were as follows: Years ended December 31, 2018 2017 2016 (€ million) Net revenues in: North America € 73,405 € 67,500 € 70,199 Italy 8,815 8,407 8,137 Brazil 6,452 5,982 4,584 France 3,204 3,121 2,811 Germany 2,755 2,804 2,825 China 1,974 3,562 3,942 Spain 1,397 1,306 1,173 Argentina 1,384 1,791 1,380 United Kingdom 1,136 1,267 1,513 Turkey 896 1,244 1,488 Japan 718 735 624 Australia 418 496 472 Other countries 7,858 7,515 6,650 Total Net revenues € 110,412 € 105,730 € 105,798 The following table summarizes the non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) attributed to certain geographic areas: At December 31 2018 2017 (€ million) North America € 35,493 € 34,099 Italy 11,478 12,458 Brazil 4,125 5,137 Poland 937 1,151 Serbia 571 639 Other countries 1,456 2,536 Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) € 54,060 € 56,020 |
Explanatory notes to the cons_2
Explanatory notes to the consolidated statements of cash flows (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement of cash flows [abstract] | |
Disclosure of reconciliation of liabilities arising from financing activities | The following is a reconciliation of liabilities arising from financing activities for the year ended December 31, 2018 and 2017 : Years ended December 31 2018 2017 (€ million) Total Debt at January 1 € 17,971 € 24,048 Derivative (assets)/liabilities and collateral at January 1 (206 ) 150 Total Liabilities from financing activities at January 1 € 17,765 € 24,198 Cash flows € (2,795 ) € (4,470 ) Foreign exchange effects € (226 ) € (1,311 ) Fair value changes € (136 ) € (286 ) Changes in scope of consolidation € (3 ) € (83 ) Transfer to (Assets)/Liabilities held for sale € (177 ) € — Other changes € (51 ) € (283 ) Total Liabilities from financing activities at December 31 € 14,377 € 17,765 Derivative (assets)/liabilities and collateral at December 31 (151 ) (206 ) Total Debt at December 31 € 14,528 € 17,971 |
Principal activities (Details)
Principal activities (Details) | Oct. 12, 2014 |
Fiat Investments N.V. | Fiat Chrysler Automobiles N.V. | |
Disclosure of detailed information about financial instruments [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Basis of presentation - princip
Basis of presentation - principal exchange rates (Details) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2018$ / € | Dec. 31, 2018$ / €R$ / € | Dec. 31, 2018$ / €$ / € | Dec. 31, 2018$ / €¥ / € | Dec. 31, 2018$ / €zł / € | Dec. 31, 2018$ / €£ / € | Dec. 31, 2018$ / €SFr / € | Dec. 31, 2018$ / €$ / € | Dec. 31, 2017$ / € | Dec. 31, 2017$ / €R$ / € | Dec. 31, 2017$ / €$ / € | Dec. 31, 2017$ / €¥ / € | Dec. 31, 2017$ / €zł / € | Dec. 31, 2017$ / €£ / € | Dec. 31, 2017$ / €$ / € | Dec. 31, 2017$ / €SFr / € | Dec. 31, 2017$ / €$ / € | Dec. 31, 2016$ / € | Dec. 31, 2016$ / €R$ / € | Dec. 31, 2016$ / €$ / € | Dec. 31, 2016$ / €¥ / € | Dec. 31, 2016$ / €zł / € | Dec. 31, 2016$ / €£ / € | Dec. 31, 2016$ / €$ / € | Dec. 31, 2016$ / €SFr / € | Dec. 31, 2016$ / €$ / € | Dec. 31, 2018R$ / € | Dec. 31, 2018$ / € | Dec. 31, 2018¥ / € | Dec. 31, 2018zł / € | Dec. 31, 2018£ / € | Dec. 31, 2018$ / € | Dec. 31, 2018SFr / € | Dec. 31, 2018$ / € | Dec. 31, 2017R$ / € | Dec. 31, 2017$ / € | Dec. 31, 2017¥ / € | Dec. 31, 2017zł / € | Dec. 31, 2017£ / € | Dec. 31, 2017$ / € | Dec. 31, 2017SFr / € | Dec. 31, 2017$ / € | Dec. 31, 2016R$ / € | Dec. 31, 2016$ / € | Dec. 31, 2016¥ / € | Dec. 31, 2016zł / € | Dec. 31, 2016£ / € | Dec. 31, 2016$ / € | Dec. 31, 2016SFr / € | Dec. 31, 2016$ / € | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Average foreign exchange rate | 1.529 | 4.308 | 22.705 | 7.808 | 4.261 | 0.885 | 1.155 | 1.181 | 1.465 | 3.605 | 21.329 | 7.629 | 4.257 | 0.877 | 18.683 | 1.112 | 1.130 | 1.466 | 3.857 | 20.664 | 7.352 | 4.363 | 0.819 | 16.327 | 1.090 | 1.107 | ||||||||||||||||||||||||
Closing foreign exchange rate | 1.561 | 1.561 | 1.561 | 1.561 | 1.561 | 1.561 | 1.561 | 1.561 | 1.504 | 1.504 | 1.504 | 1.504 | 1.504 | 1.504 | 1.504 | 1.504 | 1.504 | 1.419 | 1.419 | 1.419 | 1.419 | 1.419 | 1.419 | 1.419 | 1.419 | 1.419 | 4.444 | 22.492 | 7.875 | 4.301 | 0.895 | 43.074 | 1.127 | 1.145 | 3.973 | 23.661 | 7.804 | 4.177 | 0.887 | 22.595 | 1.170 | 1.199 | 3.431 | 21.772 | 7.320 | 4.410 | 0.856 | 16.707 | 1.074 | 1.054 |
Basis of presentation - intangi
Basis of presentation - intangible assets (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Models | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful life | 5 years |
Models | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful life | 6 years |
Powertrains | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful life | 10 years |
Powertrains | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful life | 12 years |
Basis of presentation - propert
Basis of presentation - property, plant and equipment (Details) | Dec. 31, 2018 |
Buildings | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage | 3.00% |
Buildings | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage | 8.00% |
Plant, machinery and equipment | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage | 3.00% |
Plant, machinery and equipment | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage | 33.00% |
Other assets | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage | 5.00% |
Other assets | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage | 33.00% |
Basis of presentation - borrowi
Basis of presentation - borrowing costs (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||
Borrowing Costs | € 155 | € 225 |
Basis of presentation - cost of
Basis of presentation - cost of revenues (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |||
Interest expense from financial services and write-downs of assets included in cost of revenue | € 75 | € 68 | € 91 |
Decrease In assets sold with buy-back commitment related in cost of revenue | € 293 | € 397 | € 384 |
Basis of presentation - effect
Basis of presentation - effect on pension obligation (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Pension benefits | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 4.30% | 3.70% |
Pension benefits | Actuarial assumption of discount rates | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 10.00% | |
Percentage of reasonably possible increase in actuarial assumption | 10.00% | |
Decrease in actuarial assumption, effect on pension benefit obligation | € 257 | |
Increase in actuarial assumption, effect on pension benefit obligation | € (252) | |
Health care and life insurance plans | Actuarial assumption of discount rates | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 0.01% | |
Percentage of reasonably possible increase in actuarial assumption | 0.01% | |
Decrease in actuarial assumption, effect on pension benefit obligation | € 27 | |
Increase in actuarial assumption, effect on pension benefit obligation | € (27) | |
Health care and life insurance plans | Actuarial assumption of health care cost trend rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% | |
Decrease in actuarial assumption, effect on pension benefit obligation | € (38) | |
Increase in actuarial assumption, effect on pension benefit obligation | € 45 | |
Other post-employment benefits | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 1.40% | 1.20% |
Other post-employment benefits | Actuarial assumption of discount rates | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% | |
Decrease in actuarial assumption, effect on pension benefit obligation | € 46 | |
Increase in actuarial assumption, effect on pension benefit obligation | € (41) | |
Other post-employment benefits | Actuarial assumption of health care cost trend rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% | |
Decrease in actuarial assumption, effect on pension benefit obligation | € 0 | |
Increase in actuarial assumption, effect on pension benefit obligation | € 0 |
Basis of presentation - impairm
Basis of presentation - impairment (Details) - EUR (€) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of information for cash-generating units [line items] | ||||
Growth rate used to extrapolate cash flow projections | 2.00% | |||
Goodwill and intangible assets with indefinite useful lives | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment loss recognised in profit or loss, intangible assets and goodwill | € 0 | € 0 | € 0 | |
Bottom of range | ||||
Disclosure of information for cash-generating units [line items] | ||||
Discount rate applied to cash flow projections | 13.70% | |||
Top of range | ||||
Disclosure of information for cash-generating units [line items] | ||||
Discount rate applied to cash flow projections | 21.70% | |||
Non-current assets with definite useful lives | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment loss | € 297,000,000 | 219,000,000 | 177,000,000 | |
Accumulated amortization and impairment losses | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment losses and asset write-offs | (144,000,000) | (119,000,000) | ||
Venezuela | Accumulated amortization and impairment losses | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment losses and asset write-offs | 21,000,000 | 43,000,000 | ||
Capitalised development expenditure | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment and write-off of capitalized development expenditures | 147,000,000 | 103,000,000 | 106,000,000 | |
Capitalised development expenditure | Accumulated amortization and impairment losses | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment and write-off of capitalized development expenditures | (153,000,000) | (110,000,000) | ||
Capitalised development expenditure | SUV | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment and write-off of capitalized development expenditures | 90,000,000 | |||
Venezuelan Operations | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment loss | € 21,000,000 | |||
EMEA | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment loss | 262,000,000 | 142,000,000 | ||
EMEA | Operating segments | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment loss | 142,000,000 | 7,000,000 | ||
NAFTA | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment loss | 16,000,000 | |||
NAFTA | Operating segments | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment loss | 0 | 0 | ||
APAC | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment loss | € 11,000,000 | |||
Margin rate reduction to reduce fair value of cash flows to carrying value | 0.70% | |||
APAC | Operating segments | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment loss | 0 | 109,000,000 | ||
LATAM | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment loss | € 8,000,000 | 56,000,000 | ||
LATAM | Operating segments | ||||
Disclosure of information for cash-generating units [line items] | ||||
Impairment loss | € 77,000,000 | € 52,000,000 |
Basis of presentation - impact
Basis of presentation - impact of adoption of IFRS 9 and IFRS 15 on previously reported amounts (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of initial application of standards or interpretations [line items] | |||||
Goodwill and intangible assets with indefinite useful lives | € 13,970 | € 13,390 | € 13,390 | ||
Other intangible assets | 11,749 | 11,542 | 11,542 | ||
Property, plant and equipment | 26,307 | 29,014 | 29,014 | ||
Investments accounted for using the equity method | 2,002 | 1,999 | 2,008 | ||
Other financial assets | 362 | 423 | 482 | ||
Deferred tax assets | 1,814 | 1,999 | 2,004 | ||
Other receivables | 1,484 | 666 | 666 | ||
Tax receivables | 71 | 83 | 83 | ||
Prepaid expenses and other assets | 266 | 328 | 328 | ||
Other non-current assets | 556 | 508 | 508 | ||
Total Non-current assets | 58,581 | 59,952 | 60,025 | ||
Inventories | 10,694 | 12,922 | 12,922 | ||
Assets sold with a buy-back commitment | 1,707 | 1,460 | 1,748 | ||
Trade and other receivables | 7,188 | 7,887 | 7,887 | ||
Tax receivables | 419 | 215 | 215 | ||
Prepaid expenses and other assets | 418 | 377 | 377 | ||
Other financial assets | 615 | 546 | 487 | ||
Cash and cash equivalents | 12,450 | 12,638 | 12,638 | ||
Total Current assets | 38,292 | 36,045 | 36,274 | ||
Total Assets | 96,873 | 95,997 | 96,299 | ||
Equity attributable to owners of the parent | 24,702 | 20,840 | 20,819 | ||
Non-controlling interests | 201 | 168 | 168 | ||
Total Equity | 24,903 | 21,008 | 20,987 | € 19,353 | € 16,968 |
Long-term debt | 8,667 | 10,726 | 10,726 | ||
Employee benefits liabilities | 7,875 | 8,584 | 8,584 | ||
Provisions | 5,561 | 5,770 | 5,770 | ||
Other financial liabilities | 3 | 1 | 1 | ||
Deferred tax liabilities | 937 | 390 | 388 | ||
Tax payables | 1 | 74 | 74 | ||
Other liabilities | 2,452 | 2,483 | 2,500 | ||
Total Non-current liabilities | 25,496 | 28,028 | 28,043 | ||
Trade payables | 19,229 | 21,866 | 21,939 | ||
Short-term debt and current portion of long-term debt | 5,861 | 7,245 | 7,245 | ||
Employee benefit liabilities | 595 | 694 | 694 | ||
Provisions | 10,483 | 9,010 | 9,009 | ||
Other financial liabilities | 204 | 138 | 138 | ||
Tax payables | 114 | 309 | 309 | ||
Other liabilities | 7,057 | 7,699 | 7,935 | ||
Total Current liabilities | 46,474 | 46,961 | 47,269 | ||
Total Equity and liabilities | € 96,873 | 95,997 | 96,299 | ||
Previously stated | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Goodwill and intangible assets with indefinite useful lives | 13,390 | ||||
Other intangible assets | 11,542 | ||||
Property, plant and equipment | 29,014 | ||||
Investments accounted for using the equity method | 2,008 | ||||
Other financial assets | 482 | ||||
Deferred tax assets | 2,004 | ||||
Other receivables | 666 | ||||
Tax receivables | 83 | ||||
Prepaid expenses and other assets | 328 | ||||
Other non-current assets | 508 | ||||
Total Non-current assets | 60,025 | ||||
Inventories | 12,922 | ||||
Assets sold with a buy-back commitment | 1,748 | ||||
Trade and other receivables | 7,887 | ||||
Tax receivables | 215 | ||||
Prepaid expenses and other assets | 377 | ||||
Other financial assets | 487 | ||||
Cash and cash equivalents | 12,638 | ||||
Total Current assets | 36,274 | ||||
Total Assets | 96,299 | ||||
Equity attributable to owners of the parent | 20,819 | ||||
Non-controlling interests | 168 | ||||
Total Equity | 20,987 | ||||
Long-term debt | 10,726 | ||||
Employee benefits liabilities | 8,584 | ||||
Provisions | 5,770 | ||||
Other financial liabilities | 1 | ||||
Deferred tax liabilities | 388 | ||||
Tax payables | 74 | ||||
Other liabilities | 2,500 | ||||
Total Non-current liabilities | 28,043 | ||||
Trade payables | 21,939 | ||||
Short-term debt and current portion of long-term debt | 7,245 | ||||
Employee benefit liabilities | 694 | ||||
Provisions | 9,009 | ||||
Other financial liabilities | 138 | ||||
Tax payables | 309 | ||||
Other liabilities | 7,935 | ||||
Total Current liabilities | 47,269 | ||||
Total Equity and liabilities | € 96,299 | ||||
Increase (decrease) due to application of IFRS 15 | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Deferred tax assets | (5) | ||||
Total Non-current assets | (5) | ||||
Assets sold with a buy-back commitment | (288) | ||||
Total Current assets | (288) | ||||
Total Assets | (293) | ||||
Equity attributable to owners of the parent | 30 | ||||
Total Equity | 30 | ||||
Deferred tax liabilities | 2 | ||||
Other liabilities | (17) | ||||
Total Non-current liabilities | (15) | ||||
Trade payables | (73) | ||||
Provisions | 1 | ||||
Other liabilities | (236) | ||||
Total Current liabilities | (308) | ||||
Total Equity and liabilities | (293) | ||||
Increase (decrease) due to application of IFRS 9 [Member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Investments accounted for using the equity method | (9) | ||||
Other financial assets | (59) | ||||
Total Non-current assets | (68) | ||||
Other financial assets | 59 | ||||
Total Current assets | 59 | ||||
Total Assets | (9) | ||||
Equity attributable to owners of the parent | (9) | ||||
Total Equity | (9) | ||||
Total Equity and liabilities | € (9) |
Basis of presentation - Impac_2
Basis of presentation - Impact of IFRS 15 on Current Year Amounts - Income Statement (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of initial application of standards or interpretations [line items] | |||
Net revenues | € 110,412 | € 105,730 | € 105,798 |
Cost of revenues | 95,011 | 89,710 | 90,927 |
Tax expense | 778 | 2,588 | 1,237 |
Profit from discontinued operations, net of tax | 302 | 219 | 101 |
Net profit | 3,632 | € 3,510 | € 1,814 |
Increase (decrease) due to application of IFRS 15 | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Net revenues | (121) | ||
Cost of revenues | (116) | ||
Tax expense | (1) | ||
Profit from discontinued operations, net of tax | (1) | ||
Net profit | (5) | ||
Previously stated | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Net revenues | 110,533 | ||
Cost of revenues | 95,127 | ||
Tax expense | 779 | ||
Profit from discontinued operations, net of tax | 303 | ||
Net profit | € 3,637 |
Basis of presentation - Impac_3
Basis of presentation - Impact of IFRS 15 on Current Year Amounts - Balance Sheet (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure of initial application of standards or interpretations [line items] | |||
Deferred tax assets | € 1,814 | € 1,999 | € 2,004 |
Inventories | 10,694 | 12,922 | 12,922 |
Assets sold with a buy-back commitment | 1,707 | 1,460 | 1,748 |
Assets held for sale | 4,801 | 0 | |
Equity attributable to owners of the parent | 24,702 | 20,840 | 20,819 |
Deferred tax liabilities | 937 | 390 | 388 |
Other liabilities (Non-current) | 2,452 | 2,483 | 2,500 |
Trade payables | 19,229 | 21,866 | 21,939 |
Provisions | 10,483 | 9,010 | 9,009 |
Tax payables | 114 | 309 | 309 |
Other liabilities (Current) | 7,057 | 7,699 | 7,935 |
Liabilities held for sale | 2,931 | 0 | |
Previously stated | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Deferred tax assets | 1,814 | ||
Inventories | 10,694 | ||
Assets sold with a buy-back commitment | 1,890 | ||
Assets held for sale | 4,805 | ||
Equity attributable to owners of the parent | 24,679 | ||
Deferred tax liabilities | 937 | ||
Other liabilities (Non-current) | 2,453 | 2,500 | |
Trade payables | 19,280 | ||
Provisions | 10,483 | ||
Tax payables | 114 | ||
Other liabilities (Current) | 7,186 | € 7,935 | |
Liabilities held for sale | 2,960 | ||
Increase (decrease) due to application of IFRS 15 | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Deferred tax assets | 0 | ||
Inventories | 0 | ||
Assets sold with a buy-back commitment | (183) | ||
Assets held for sale | (4) | ||
Equity attributable to owners of the parent | 23 | ||
Deferred tax liabilities | 0 | ||
Other liabilities (Non-current) | (1) | (17) | |
Trade payables | (51) | ||
Provisions | 0 | ||
Tax payables | 0 | ||
Other liabilities (Current) | (129) | € (236) | |
Liabilities held for sale | € (29) |
Basis of presentation - deferre
Basis of presentation - deferred service contracts (Details) € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Deferred Service Contracts [Abstract] | |
Deferred income | € 200 |
Amortization of Deferred Income | € 88 |
Basis of presentation - impac_4
Basis of presentation - impact of IFRS 9 on equity method investments (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure of initial application of standards or interpretations [abstract] | |||
Equity attributable to owners of the parent | € 24,702 | € 20,840 | € 20,819 |
Impact on equity method for Equity attributable to owners of the parent | (9) | ||
Adjusted Equity attributable to owners of the parent | € 20,810 |
Basis of presentation - reclass
Basis of presentation - reclassification of gains from OCI to Inventories (Details) € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] | |
Reclassification of gains/losses from other comprehensive income to inventories | € 1 |
Basis of presentation - impac_5
Basis of presentation - impact of IFRS 9 on Previously Reported Amounts (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Non-current) | € 362 | € 423 | € 482 |
Other receivables | 1,484 | 666 | 666 |
Trade and other receivables | 7,188 | 7,887 | 7,887 |
Other financial assets (Current) | 615 | 546 | 487 |
Cash and cash equivalents | € 12,450 | 12,638 | 12,638 |
Cash at bank | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Cash and cash equivalents | 6,396 | 6,396 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Money market securities | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Cash and cash equivalents | 2,712 | 6,242 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (3,530) | ||
Other cash and cash equivalents | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Cash and cash equivalents | 3,530 | ||
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 3,530 | ||
Cash and cash equivalents | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Cash and cash equivalents | 12,638 | 12,638 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Current derivative financial assets | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Current) | 265 | 265 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Current debt securities measured at fair value through other comprehensive income | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Current) | 4 | ||
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (4) | ||
Current other assets | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Current) | 4 | ||
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 4 | ||
Current debt securities measured at fair value through profit or loss | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Current) | 231 | 172 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 59 | ||
Current held for trading investments | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Current) | 46 | ||
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (46) | ||
Current equity instruments measured at fair value through profit or loss | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Current) | 46 | ||
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 46 | ||
Current other financial assets | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Current) | 546 | 487 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 59 | ||
Current trade receivables at amortized cost | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Trade and other receivables | 2,432 | 2,460 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (28) | ||
Current trade receivables measured at fair value through profit or loss | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Trade and other receivables | 28 | ||
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 28 | ||
Current receivables from financing activities measured at amortized cost | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Trade and other receivables | 2,246 | 2,946 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (700) | ||
Current receivables from financing activities measured at fair value through profit or loss | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Trade and other receivables | 700 | ||
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 700 | ||
Current other receivables | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Trade and other receivables | 2,481 | 2,481 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Trade and other receivables | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Trade and other receivables | 7,887 | 7,887 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Non-current receivables from financing activities | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other receivables | 194 | 194 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Non-current other receivables | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other receivables | 472 | 472 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Other receivables | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other receivables | 666 | 666 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Non-current derivative financial assets | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Non-current) | 19 | 19 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Non-current debt securities measured at fair value through profit or loss | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Non-current) | 59 | ||
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (59) | ||
Non-current debt securities held to maturity | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Non-current) | 2 | ||
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (2) | ||
Non-current equity instruments measured at fair value through profit or loss [Member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Non-current) | 20 | ||
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 20 | ||
Non-current equity instruments measured at fair value through other comprehensive income [Member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Non-current) | 46 | 23 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 23 | ||
Non-current financial receivables | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Non-current) | 275 | 275 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Non-current collateral deposits | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Non-current) | 61 | 61 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Non-current other assets | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Non-current) | 2 | ||
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 2 | ||
Non-current equity securities measured at cost | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Non-current) | 43 | ||
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (43) | ||
Non-current other financial assets | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Other financial assets (Non-current) | 423 | € 482 | |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | € (59) |
Basis of presentation - new sta
Basis of presentation - new standards and amendments (Details) - IFRS 16 [Member] € in Billions | Dec. 31, 2018EUR (€) |
Change in accounting policy [Line Items] | |
Cumulative Adjustment That Initial Application Of New IFRS Is Expected To Have On Assets and Liabilities | € 1.3 |
Discontinued operations [member] | |
Change in accounting policy [Line Items] | |
Cumulative Adjustment That Initial Application Of New IFRS Is Expected To Have On Assets and Liabilities | € 0.2 |
Scope of consolidation - list o
Scope of consolidation - list of principal subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2018 | |
FCA US LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Canada Inc. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Mexico, S.A. de C.V. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Fiat Chrysler Automoveis Brasil LTDA | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Automobiles Argentina S.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Banco Fidis S.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Chrysler Group (China) Sales Limited | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Japan Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Australia Pty Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Automotive Finance Co. Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Alfa Romeo (Shanghai) Automobiles Sales Co. Ltd. [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Italy S.p.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Melfi S.r.l. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Poland Spólka Akcyjna | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Powertrain Poland Sp. z o.o. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Serbia d.o.o. Kragujevac | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 66.67% |
FCA Germany AG | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA France S.A.S. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Fiat Chrysler Automobiles UK Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Fiat Chrysler Automobiles Spain S.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Fidis S.p.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Maserati S.p.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Maserati (China) Cars Trading Co. Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Maserati North America Inc. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA North America Holdings LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Fiat Chrysler Finance S.p.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Fiat Chrysler Finance Europe S.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Scope of consolidation - Magnet
Scope of consolidation - Magneti Marelli held for sale (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets And Liabilities Classified As Held For Sale [Line Items] | ||||
Other assets classified as held for sale not included in disposal group | € 5 | |||
Assets classified as held for sale | ||||
Property, plant and equipment | 26,307 | € 29,014 | € 29,014 | |
Deferred tax assets | 1,814 | 1,999 | 2,004 | |
Trade receivables | 2,048 | 2,460 | ||
Cash and cash equivalents | 12,450 | 12,638 | 12,638 | |
Total Assets | 96,873 | 95,997 | 96,299 | |
Current assets [abstract] | ||||
Inventories | 10,694 | 12,922 | 12,922 | |
Current trade and other receivables | 7,188 | 7,887 | 7,887 | |
Non-current assets [abstract] | ||||
Non-current trade and other receivables | 1,484 | 666 | 666 | |
Liabilities classified as held for sale | ||||
Debt and Other | 14,528 | 17,971 | € 24,048 | |
Employee benefit liability | 8,470 | 9,278 | ||
Deferred tax liabilities | 937 | 390 | 388 | |
Other liabilities | 9,509 | 10,435 | ||
Current liabilities [abstract] | ||||
Short-term debt and current portion of long-term debt | 5,861 | 7,245 | 7,245 | |
Current employee benefit liability | 595 | 694 | 694 | |
Non-current liabilities [abstract] | ||||
Long-term debt | 8,667 | 10,726 | 10,726 | |
Non-current employee benefit liability | 7,875 | € 8,584 | € 8,584 | |
Magneti Marelli S.p.A. | Disposal groups classified as held for sale | ||||
Assets classified as held for sale | ||||
Intangible assets and goodwill | 717 | |||
Property, plant and equipment | 1,793 | |||
Deferred tax assets | 127 | |||
Inventories | 766 | |||
Trade receivables | 545 | |||
Cash and cash equivalents | 719 | |||
Other | 129 | |||
Total Assets | 4,796 | |||
Current assets [abstract] | ||||
Current deferred tax assets | 0 | |||
Inventories | 766 | |||
Current trade and other receivables | 492 | |||
Current cash and cash equivalents | 719 | |||
Other current assets | 27 | |||
Non-current assets [abstract] | ||||
Non-current intangible assets and goodwill | 717 | |||
Non-current property, plant and equipment | 1,793 | |||
Non-current deferred tax assets | 127 | |||
Non-current inventories | 0 | |||
Non-current trade and other receivables | 53 | |||
Non-current cash and cash equivalents | 0 | |||
Other non-current assets | 102 | |||
Liabilities classified as held for sale | ||||
Debt and Other | 177 | |||
Employee benefit liability | 300 | |||
Provisions | 210 | |||
Deferred tax liabilities | 99 | |||
Trade payables | 1,788 | |||
Other liabilities | 357 | |||
Total Liabilities held for sale | 2,931 | |||
Current liabilities [abstract] | ||||
Short-term debt and current portion of long-term debt | 64 | |||
Current employee benefit liability | 55 | |||
Current provisions | 100 | |||
Trade and other current payables | 1,788 | |||
Other current liabilities | 305 | |||
Non-current liabilities [abstract] | ||||
Long-term debt | 113 | |||
Non-current employee benefit liability | 245 | |||
Non-current provisions | 110 | |||
Non-current deferred tax liabilities | 99 | |||
Other non-current liabilities | € 52 |
Scope of consolidation - Magn_2
Scope of consolidation - Magneti Marelli discontinued operations (Details) - EUR (€) € in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of non-current assets held for sale and discontinued operations [Abstract] | ||||
Impact of ceasing amortization and depreciation for discontinued operations, net of tax | € 96 | |||
Impact of ceasing amortization and depreciation for discontinued operations, tax effect | € 20 | |||
Revenue, discontinued operations | € 4,998 | € 5,204 | € 5,220 | |
Expenses, discontinued operations | 4,493 | 4,798 | 4,906 | |
Net financial expenses/(income) | 85 | 124 | 158 | |
Profit (loss) before tax, discontinued operations | 420 | 282 | 156 | |
Tax expense relating to profit (loss) from ordinary activities of discontinued operations | 118 | 63 | 55 | |
Profit from discontinued operations, net of tax | € 302 | € 219 | € 101 |
Scope of consolidation - Itedi
Scope of consolidation - Itedi held for sale (Details) € in Millions | Jun. 27, 2017 | Jul. 31, 2016 | Dec. 31, 2017EUR (€) | Jul. 02, 2017 |
Assets And Liabilities Classified As Held For Sale [Line Items] | ||||
Investment, Distribution To Shareholders, Share Ratio | 0.0484 | |||
Italiana Editrice S.p.A [Member] | ||||
Assets And Liabilities Classified As Held For Sale [Line Items] | ||||
Proportion of ownership interest in subsidiary | 77.00% | |||
Proportion Of Ownership Interest In Subsidiary Sold By Entity And Non-controlling Interest Holder | 100.00% | |||
Gains (losses) recognised when control of subsidiary is lost | € 49 | |||
GEDI Gruppo Editoriale S.p.A. [Member] | FCA Group [Member] | ||||
Assets And Liabilities Classified As Held For Sale [Line Items] | ||||
Shareholder ownership percentage | 14.63% | |||
GEDI Gruppo Editoriale S.p.A. [Member] | Ital Press [Member] | ||||
Assets And Liabilities Classified As Held For Sale [Line Items] | ||||
Shareholder ownership percentage | 4.37% | |||
GEDI Gruppo Editoriale S.p.A. [Member] | CIR S.p.A [Member] | ||||
Assets And Liabilities Classified As Held For Sale [Line Items] | ||||
Shareholder ownership percentage | 43.40% |
Scope of consolidation - decons
Scope of consolidation - deconsolidation of FCA Venezuela (Details) € in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2017EUR (€) | Dec. 31, 2018EUR (€)$ / € | Dec. 31, 2017EUR (€)$ / € | Dec. 31, 2016EUR (€)$ / € | Dec. 31, 2018R$ / € | Dec. 31, 2018$ / € | Dec. 31, 2018¥ / € | Dec. 31, 2018zł / € | Dec. 31, 2018£ / € | Dec. 31, 2018$ / € | Dec. 31, 2018SFr / € | Dec. 31, 2018$ / € | Dec. 31, 2017R$ / € | Dec. 31, 2017$ / € | Dec. 31, 2017¥ / € | Dec. 31, 2017zł / € | Dec. 31, 2017£ / € | Dec. 31, 2017$ / € | Dec. 31, 2017SFr / € | Dec. 31, 2017$ / € | Dec. 31, 2016R$ / € | Dec. 31, 2016$ / € | Dec. 31, 2016¥ / € | Dec. 31, 2016zł / € | Dec. 31, 2016£ / € | Dec. 31, 2016$ / € | Dec. 31, 2016SFr / € | Dec. 31, 2016$ / € | Dec. 31, 2016 / $ | |
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||
Deconsolidation, loss | € 42 | ||||||||||||||||||||||||||||
Closing foreign exchange rate | 1.561 | 1.504 | 1.419 | 4.444 | 22.492 | 7.875 | 4.301 | 0.895 | 43.074 | 1.127 | 1.145 | 3.973 | 23.661 | 7.804 | 4.177 | 0.887 | 22.595 | 1.170 | 1.199 | 3.431 | 21.772 | 7.320 | 4.410 | 0.856 | 16.707 | 1.074 | 1.054 | ||
Loss on net monetary position | € 19 | ||||||||||||||||||||||||||||
DICOM | |||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||
Closing foreign exchange rate | / $ | 674 | ||||||||||||||||||||||||||||
Venezuelan Operations | |||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||
Impairment loss | € 21 | ||||||||||||||||||||||||||||
Deconsolidation, loss | € 42 |
Scope of consolidation - non-co
Scope of consolidation - non-controlling interests (Details) - FMM Pernambuco - EUR (€) € in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2017 | Sep. 30, 2017 | |
Disclosure of subsidiaries [line items] | ||
Percent of subsidiary disposed | 16.00% | |
Gains on disposals of investments | € 19 |
Net revenues - summary of reven
Net revenues - summary of revenue (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Analysis of income and expense [abstract] | |||
Sales of goods | € 104,990 | € 102,029 | € 102,279 |
Services provided | 3,871 | 2,182 | 2,212 |
Contract revenues | 958 | 935 | 746 |
Lease installments from assets sold with a buy-back commitment | 394 | 421 | 405 |
Interest income of financial services activities | 199 | 163 | 156 |
Total Net revenues | € 110,412 | € 105,730 | € 105,798 |
Net revenues - summary of rev_2
Net revenues - summary of revenue by geographical area (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of geographical areas [line items] | |||
Net revenues | € 110,412 | € 105,730 | € 105,798 |
North America | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 73,405 | 67,500 | 70,199 |
Italy | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 8,815 | 8,407 | 8,137 |
Brazil | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 6,452 | 5,982 | 4,584 |
France | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 3,204 | 3,121 | 2,811 |
Germany | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 2,755 | 2,804 | 2,825 |
China | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 1,974 | 3,562 | 3,942 |
Spain | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 1,397 | 1,306 | 1,173 |
Argentina | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 1,384 | 1,791 | 1,380 |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 1,136 | 1,267 | 1,513 |
Turkey | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 896 | 1,244 | 1,488 |
Japan | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 718 | 735 | 624 |
Australia | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 418 | 496 | 472 |
Other countries | |||
Disclosure of geographical areas [line items] | |||
Net revenues | € 7,858 | € 7,515 | € 6,650 |
Net revenues - summary of rev_3
Net revenues - summary of revenue by segment and type (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
summary of revenue by type and segment [Line Items] | |||
Sales of goods | € 104,990 | € 102,029 | € 102,279 |
Services provided | 3,871 | 2,182 | 2,212 |
Contract revenues | 958 | 935 | 746 |
Revenues from goods and services | 109,819 | ||
Lease installments from assets sold with a buy-back commitment | 394 | 421 | 405 |
Interest income of financial services activities | 199 | 163 | 156 |
Total Net revenues | 110,412 | 105,730 | 105,798 |
NAFTA | |||
summary of revenue by type and segment [Line Items] | |||
Total Net revenues | 72,353 | 66,047 | 69,054 |
LATAM | |||
summary of revenue by type and segment [Line Items] | |||
Total Net revenues | 8,142 | 7,994 | 6,158 |
APAC | |||
summary of revenue by type and segment [Line Items] | |||
Total Net revenues | 2,646 | 3,218 | 3,638 |
EMEA | |||
summary of revenue by type and segment [Line Items] | |||
Total Net revenues | 22,714 | 22,584 | 21,733 |
Maserati | |||
summary of revenue by type and segment [Line Items] | |||
Total Net revenues | 2,645 | 4,037 | 3,470 |
Other Activities | |||
summary of revenue by type and segment [Line Items] | |||
Total Net revenues | 1,912 | ||
Operating segments [member] | NAFTA | |||
summary of revenue by type and segment [Line Items] | |||
Sales of goods | 69,908 | ||
Services provided | 2,287 | ||
Contract revenues | 0 | ||
Revenues from goods and services | 72,195 | ||
Lease installments from assets sold with a buy-back commitment | 158 | ||
Interest income of financial services activities | 0 | ||
Total Net revenues | 72,384 | 66,094 | 69,094 |
Operating segments [member] | LATAM | |||
summary of revenue by type and segment [Line Items] | |||
Sales of goods | 7,756 | ||
Services provided | 270 | ||
Contract revenues | 0 | ||
Revenues from goods and services | 8,026 | ||
Lease installments from assets sold with a buy-back commitment | 0 | ||
Interest income of financial services activities | 116 | ||
Total Net revenues | 8,152 | 8,004 | 6,197 |
Operating segments [member] | APAC | |||
summary of revenue by type and segment [Line Items] | |||
Sales of goods | 2,560 | ||
Services provided | 21 | ||
Contract revenues | 0 | ||
Revenues from goods and services | 2,581 | ||
Lease installments from assets sold with a buy-back commitment | 0 | ||
Interest income of financial services activities | 65 | ||
Total Net revenues | 2,703 | 3,250 | 3,662 |
Operating segments [member] | EMEA | |||
summary of revenue by type and segment [Line Items] | |||
Sales of goods | 21,516 | ||
Services provided | 945 | ||
Contract revenues | 0 | ||
Revenues from goods and services | 22,461 | ||
Lease installments from assets sold with a buy-back commitment | 235 | ||
Interest income of financial services activities | 18 | ||
Total Net revenues | 22,815 | 22,700 | 21,860 |
Operating segments [member] | Maserati | |||
summary of revenue by type and segment [Line Items] | |||
Sales of goods | 2,606 | ||
Services provided | 39 | ||
Contract revenues | 0 | ||
Revenues from goods and services | 2,645 | ||
Lease installments from assets sold with a buy-back commitment | 0 | ||
Interest income of financial services activities | 0 | ||
Total Net revenues | 2,663 | € 4,058 | € 3,479 |
Operating segments [member] | Other Activities | |||
summary of revenue by type and segment [Line Items] | |||
Sales of goods | 644 | ||
Services provided | 309 | ||
Contract revenues | 958 | ||
Revenues from goods and services | 1,911 | ||
Lease installments from assets sold with a buy-back commitment | 1 | ||
Interest income of financial services activities | € 0 |
Net revenues - narrative (Detai
Net revenues - narrative (Details) € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Disclosure of revenue from contracts with customers [Abstract] | |
Revenue from performance obligations satisfied or partially satisfied in previous periods | € 14 |
Research and development cost_2
Research and development costs (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about intangible assets [line items] | |||
Research and development expenditures expensed | € 1,448 | € 1,506 | € 1,467 |
Total Research and development costs | 3,051 | 2,903 | 2,930 |
Capitalised development expenditure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of capitalized development expenditures | 1,456 | 1,294 | 1,357 |
Impairment and write-off of capitalized development expenditures | € 147 | € 103 | 106 |
Capitalised development expenditure | SUV | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment and write-off of capitalized development expenditures | € 90 |
Net financial expenses (Details
Net financial expenses (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Analysis of income and expense [abstract] | |||
Interest income and other financial income | € 249 | € 220 | € 279 |
Financial expenses: | |||
Interest expense and other financial expenses: | 929 | 1,084 | 1,452 |
Interest expense on notes | 422 | 568 | 749 |
Interest expense on borrowings from bank | 259 | 350 | 450 |
Other interest cost and financial expenses | 248 | 166 | 253 |
Write-down of financial assets | 6 | 21 | 76 |
Losses on disposal of securities | 6 | 5 | 6 |
Net interest expense on employee benefits provisions | 276 | 304 | 341 |
Total Financial expenses | 1,217 | 1,414 | 1,875 |
Net expenses from derivative financial instruments and exchange rate differences | 88 | 151 | 262 |
Total Financial expenses and Net expenses from derivative financial instruments and exchange rate differences | 1,305 | 1,565 | 2,137 |
Net Financial expenses | € 1,056 | € 1,345 | € 1,858 |
Tax expense - tax expense summa
Tax expense - tax expense summary (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Current tax expense | € 592 | € 832 | € 797 |
Deferred tax expense | 520 | 1,776 | 433 |
Tax expense/(benefit) relating to prior periods | (334) | (20) | 7 |
Total Tax expense | € 778 | € 2,588 | € 1,237 |
Tax expense - theoretical and r
Tax expense - theoretical and recognized income tax reconciliation (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Theoretical income taxes | € 781 | € 1,126 | € 590 |
Tax effect on: | |||
Recognition and utilization of previously unrecognized deferred tax assets | 0 | (161) | (42) |
Permanent differences | (416) | (397) | (217) |
Tax credits | (135) | (23) | (340) |
Deferred tax assets not recognized and write-downs | 633 | 1,053 | 520 |
Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays | 207 | 970 | 633 |
Taxes relating to prior years | (334) | (20) | 7 |
Tax rate changes | 0 | (22) | 0 |
Withholding tax | 41 | 78 | 54 |
Other differences | (15) | (8) | (9) |
Total Tax expense, excluding IRAP | € 762 | € 2,596 | € 1,196 |
Effective tax rate | 18.50% | 44.20% | 40.50% |
IRAP (current and deferred) | € 16 | € (8) | € 41 |
Total Tax expense | € 778 | € 2,588 | € 1,237 |
Tax expense - deferred tax asse
Tax expense - deferred tax assets and liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Abstract] | ||||
Deferred tax assets | € 1,814 | € 1,999 | € 2,004 | |
Deferred tax liabilities | (937) | € (390) | (388) | |
Deferred tax asset (liability) | € 877 | € 1,616 | € 3,505 |
Tax expense - deferred tax roll
Tax expense - deferred tax rollforward (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | € 2,004 | |
Deferred tax liabilities | (388) | |
Deferred tax asset (liability) | 1,616 | € 3,505 |
Recognized in Consolidated Income Statement | (569) | (1,773) |
Recognized in Equity | (81) | (31) |
Transferred to Assets/(Liabilities) Held for Sale | (28) | |
Translation differences and other changes | 61 | 85 |
Deferred tax assets | 1,814 | 2,004 |
Deferred tax liabilities | (937) | (388) |
Deferred tax asset (liability) | 877 | 1,616 |
Provisions | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 3,848 | 6,149 |
Recognized in Consolidated Income Statement | (240) | 1,742 |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 55 | |
Translation differences and other changes | 94 | 559 |
Deferred tax assets | 4,127 | 3,848 |
Provision for employee benefits | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 1,828 | 2,851 |
Recognized in Consolidated Income Statement | 280 | 364 |
Recognized in Equity | (77) | (16) |
Transferred to Assets/(Liabilities) Held for Sale | 31 | |
Translation differences and other changes | 47 | 643 |
Deferred tax assets | 1,487 | 1,828 |
Intangible assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 192 | 211 |
Recognized in Consolidated Income Statement | 24 | 19 |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 2 | |
Translation differences and other changes | 0 | 0 |
Deferred tax assets | 166 | 192 |
Impairment of financial assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 169 | 195 |
Recognized in Consolidated Income Statement | 1 | 25 |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 13 | |
Translation differences and other changes | 0 | 1 |
Deferred tax assets | 155 | 169 |
Inventories | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 252 | 251 |
Recognized in Consolidated Income Statement | (22) | (3) |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 24 | |
Translation differences and other changes | (4) | 2 |
Deferred tax assets | 246 | 252 |
Allowances for doubtful accounts | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 122 | 117 |
Recognized in Consolidated Income Statement | 6 | (19) |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 7 | |
Translation differences and other changes | (13) | 14 |
Deferred tax assets | 96 | 122 |
Other | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 387 | 385 |
Recognized in Consolidated Income Statement | (48) | 13 |
Recognized in Equity | 4 | (14) |
Transferred to Assets/(Liabilities) Held for Sale | 77 | |
Translation differences and other changes | 323 | (29) |
Deferred tax assets | 685 | 387 |
Deferred tax assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 6,798 | 10,159 |
Recognized in Consolidated Income Statement | 1 | 2,141 |
Recognized in Equity | (73) | (30) |
Transferred to Assets/(Liabilities) Held for Sale | 209 | |
Translation differences and other changes | 447 | 1,190 |
Deferred tax assets | 6,962 | 6,798 |
Accelerated depreciation | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities | (1,891) | (2,770) |
Recognized in Consolidated Income Statement | 386 | (430) |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | (29) | |
Translation differences and other changes | (48) | (449) |
Deferred tax liabilities | (2,296) | (1,891) |
Capitalized development assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities | (2,116) | (2,742) |
Recognized in Consolidated Income Statement | 103 | (399) |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | (81) | |
Translation differences and other changes | (302) | (227) |
Deferred tax liabilities | (2,440) | (2,116) |
Other Intangible assets and Intangible assets with indefinite useful lives | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities | (849) | (1,493) |
Recognized in Consolidated Income Statement | 20 | (238) |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | (2) | |
Translation differences and other changes | (45) | (406) |
Deferred tax liabilities | (912) | (849) |
Provision for employee benefits | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities | (50) | (14) |
Recognized in Consolidated Income Statement | 2 | 30 |
Recognized in Equity | (1) | 0 |
Transferred to Assets/(Liabilities) Held for Sale | (3) | |
Translation differences and other changes | (41) | 6 |
Deferred tax liabilities | (91) | (50) |
Other | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities | (314) | (331) |
Recognized in Consolidated Income Statement | 103 | (4) |
Recognized in Equity | 5 | (10) |
Transferred to Assets/(Liabilities) Held for Sale | (86) | |
Translation differences and other changes | (98) | (23) |
Deferred tax liabilities | (424) | (314) |
Deferred tax liabilities | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities | (5,220) | (7,350) |
Recognized in Consolidated Income Statement | 614 | (1,041) |
Recognized in Equity | 4 | (10) |
Transferred to Assets/(Liabilities) Held for Sale | (201) | |
Translation differences and other changes | (534) | (1,099) |
Deferred tax liabilities | (6,163) | (5,220) |
Deferred tax asset arising on tax loss carry-forwards | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 4,718 | 4,444 |
Recognized in Consolidated Income Statement | (708) | (522) |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 328 | |
Translation differences and other changes | (135) | 248 |
Deferred tax assets | 4,963 | 4,718 |
Unrecognized deferred tax assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | (4,680) | (3,748) |
Recognized in Consolidated Income Statement | 662 | 1,195 |
Recognized in Equity | (12) | 9 |
Transferred to Assets/(Liabilities) Held for Sale | 308 | |
Translation differences and other changes | (161) | (254) |
Deferred tax assets | € (4,885) | € (4,680) |
Tax expense - temporary differe
Tax expense - temporary differences and tax loss maturity schedule (Details) € in Millions | Dec. 31, 2018EUR (€) |
Corporate taxation | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | € (18,295) |
Temporary differences and tax losses | 3,234 |
Corporate taxation | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 28,300 |
Corporate taxation | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (25,749) |
Corporate taxation | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 18,978 |
Corporate taxation | 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (132) |
Temporary differences and tax losses | (1,329) |
Corporate taxation | 2019 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 3,793 |
Corporate taxation | 2019 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (2,484) |
Corporate taxation | 2019 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 152 |
Corporate taxation | 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (67) |
Temporary differences and tax losses | 776 |
Corporate taxation | 2020 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 3,143 |
Corporate taxation | 2020 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (2,451) |
Corporate taxation | 2020 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 151 |
Corporate taxation | 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (130) |
Temporary differences and tax losses | 615 |
Corporate taxation | 2021 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 3,084 |
Corporate taxation | 2021 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (2,450) |
Corporate taxation | 2021 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 111 |
Corporate taxation | 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (248) |
Temporary differences and tax losses | 1,023 |
Corporate taxation | 2022 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 3,478 |
Corporate taxation | 2022 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (2,499) |
Corporate taxation | 2022 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 292 |
Corporate taxation | Beyond 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (3,201) |
Temporary differences and tax losses | 626 |
Corporate taxation | Beyond 2021 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 14,689 |
Corporate taxation | Beyond 2021 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (12,730) |
Corporate taxation | Beyond 2021 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 1,868 |
Corporate taxation | Unlimited/ Indeterminable | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (14,517) |
Temporary differences and tax losses | (1,135) |
Corporate taxation | Unlimited/ Indeterminable | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 113 |
Corporate taxation | Unlimited/ Indeterminable | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (3,135) |
Corporate taxation | Unlimited/ Indeterminable | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 16,404 |
Local taxation | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (5,054) |
Temporary differences and tax losses | 795 |
Local taxation | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 9,761 |
Local taxation | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (8,123) |
Local taxation | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 4,211 |
Local taxation | 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (42) |
Temporary differences and tax losses | 550 |
Local taxation | 2019 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 1,241 |
Local taxation | 2019 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (657) |
Local taxation | 2019 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 8 |
Local taxation | 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (15) |
Temporary differences and tax losses | 163 |
Local taxation | 2020 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 827 |
Local taxation | 2020 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (650) |
Local taxation | 2020 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 1 |
Local taxation | 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (77) |
Temporary differences and tax losses | 61 |
Local taxation | 2021 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 722 |
Local taxation | 2021 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (649) |
Local taxation | 2021 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 65 |
Local taxation | 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (270) |
Temporary differences and tax losses | 437 |
Local taxation | 2022 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 1,176 |
Local taxation | 2022 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (700) |
Local taxation | 2022 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 231 |
Local taxation | Beyond 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (1,335) |
Temporary differences and tax losses | (690) |
Local taxation | Beyond 2021 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 5,758 |
Local taxation | Beyond 2021 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (5,363) |
Local taxation | Beyond 2021 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 250 |
Local taxation | Unlimited/ Indeterminable | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (3,315) |
Temporary differences and tax losses | 274 |
Local taxation | Unlimited/ Indeterminable | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 37 |
Local taxation | Unlimited/ Indeterminable | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (104) |
Local taxation | Unlimited/ Indeterminable | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | € 3,656 |
Tax expense - narrative (Detail
Tax expense - narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Applicable tax rate | 19.00% | 19.25% | 20.00% | |
Effective tax rate | 18.50% | 44.20% | 40.50% | |
Deferred tax expense (income) relating to tax rate changes or imposition of new taxes | € 673 | |||
Taxes relating to prior years | 334 | € 20 | € (7) | |
Reduction in deemed repatriation expense from prior period related to Tax Cuts and Jobs Act of 2017 | 70 | |||
Increase (decrease) in deferred tax liability (asset) | (39) | |||
Deferred tax assets | 1,814 | 2,004 | € 1,999 | |
Net tax benefit from an accelerated discretionary pension contribution | 94 | |||
Other net tax expense relating to prior years tax positions finalized in current period | 113 | |||
Recognized in Equity | (81) | (31) | ||
Transferred to Assets/(Liabilities) Held for Sale | 28 | |||
Currency Translation Differences [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Recognized in Equity | (142) | |||
Deferred tax assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 6,962 | 6,798 | 10,159 | |
Recognized in Equity | (73) | (30) | ||
Transferred to Assets/(Liabilities) Held for Sale | (209) | |||
Unrecognised deferred tax assets, deductible temporary differences | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 898 | 940 | ||
Tax losses | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 4,963 | 4,718 | 4,444 | |
Recognized in Equity | 0 | 0 | ||
Transferred to Assets/(Liabilities) Held for Sale | (328) | |||
Unrecognised deferred tax assets, unused tax losses | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 3,987 | 3,740 | ||
Unrecognized deferred tax assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | (4,885) | (4,680) | € (3,748) | |
Recognized in Equity | (12) | 9 | ||
Transferred to Assets/(Liabilities) Held for Sale | (308) | |||
United States | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Taxes relating to prior years | 447 | |||
Increase (decrease) in deferred tax liability (asset) | 481 | |||
Brazil | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Increase (decrease) in deferred tax liability (asset) | 734 | |||
Deferred tax assets | 1,532 | 1,287 | ||
Brazil | Recognized deferred tax assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 133 | 148 | ||
Brazil | Unrecognized deferred tax assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 1,399 | 1,139 | ||
Italy | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 3,370 | 3,256 | ||
Italy | Recognized deferred tax assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 884 | 898 | ||
Italy | Unrecognized deferred tax assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | € 2,486 | € 2,358 |
Other information by nature (De
Other information by nature (Details) € in Billions | 12 Months Ended | ||
Dec. 31, 2018EUR (€)employee | Dec. 31, 2017EUR (€)employee | Dec. 31, 2016EUR (€)employee | |
Additional information [abstract] | |||
Personnel costs | € | € 11.7 | € 11.7 | € 11.8 |
Average number of employees | employee | 203,122 | 197,040 | 198,102 |
Goodwill and intangible asset_3
Goodwill and intangible assets with indefinite useful lives - schedule of goodwill and intangible assets (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Brands | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | € 2,994 | € 3,405 |
Transfers to Assets held for sale | 0 | |
Translation differences and Other | 142 | (411) |
Intangible assets and goodwill | 3,136 | 2,994 |
Goodwill | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 10,396 | 11,817 |
Transfers to Assets held for sale | 63 | |
Translation differences and Other | 501 | (1,421) |
Intangible assets and goodwill | 10,834 | 10,396 |
Goodwill | Gross amount | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 10,850 | 12,299 |
Transfers to Assets held for sale | 96 | |
Translation differences and Other | 500 | (1,449) |
Intangible assets and goodwill | 11,254 | 10,850 |
Goodwill | Accumulated impairment losses | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | (454) | (482) |
Transfers to Assets held for sale | (33) | |
Translation differences and Other | 1 | 28 |
Intangible assets and goodwill | (420) | (454) |
Goodwill and intangible assets with indefinite useful lives | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 13,390 | 15,222 |
Transfers to Assets held for sale | 63 | |
Translation differences and Other | 643 | (1,832) |
Intangible assets and goodwill | € 13,970 | € 13,390 |
Goodwill and intangible asset_4
Goodwill and intangible assets with indefinite useful lives - narrative (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Acquisitions through business combinations, intangible assets and goodwill | € 10,801,000,000 | € 10,311,000,000 | |
Goodwill and intangible assets with indefinite useful lives | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill classified within assets held for sale | (63,000,000) | ||
Impairment charges, goodwill and intangible assets with indefinite lives | € 0 | € 0 | € 0 |
Goodwill and intangible asset_5
Goodwill and intangible assets with indefinite useful lives - allocation summary (Details) - Goodwill - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of operating segments [line items] | |||
Intangible assets and goodwill | € 10,834 | € 10,396 | € 11,817 |
NAFTA | |||
Disclosure of operating segments [line items] | |||
Intangible assets and goodwill | 8,855 | 8,453 | |
APAC | |||
Disclosure of operating segments [line items] | |||
Intangible assets and goodwill | 1,152 | 1,099 | |
LATAM | |||
Disclosure of operating segments [line items] | |||
Intangible assets and goodwill | 552 | 529 | |
EMEA | |||
Disclosure of operating segments [line items] | |||
Intangible assets and goodwill | 264 | 253 | |
Other activities | |||
Disclosure of operating segments [line items] | |||
Intangible assets and goodwill | € 11 | € 62 |
Other intangible assets (Detail
Other intangible assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | € 11,542 | ||
Intangible assets other than goodwill | 11,749 | € 11,542 | |
Contractual commitments for acquisition of intangible assets | 215 | 601 | |
Development expenditures | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 9,697 | ||
Amortization | 1,456 | 1,294 | € 1,357 |
Impairment losses and asset write-offs | 147 | 103 | 106 |
Intangible assets other than goodwill | 9,825 | 9,697 | |
Development expenditures | SUV | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Impairment losses and asset write-offs | 90 | ||
Development expenditures | Gross amount | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 19,899 | 18,739 | |
Additions | 2,235 | 2,586 | |
Divestitures | (568) | (329) | |
Translation differences and other changes | 215 | (1,097) | |
Transfer to Assets held for sale | 1,553 | ||
Intangible assets other than goodwill | 20,228 | 19,899 | 18,739 |
Development expenditures | Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (10,202) | (9,380) | |
Amortization | (1,543) | (1,424) | |
Impairment losses and asset write-offs | (153) | (110) | |
Divestitures | 553 | 324 | |
Translation differences and other changes | (31) | 388 | |
Transfer to Assets held for sale | 973 | ||
Intangible assets other than goodwill | (10,403) | (10,202) | (9,380) |
Patents, concessions, licenses and credits | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 1,554 | ||
Intangible assets other than goodwill | 1,637 | 1,554 | |
Patents, concessions, licenses and credits | Gross amount | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 3,583 | 3,552 | |
Additions | 639 | 356 | |
Divestitures | (224) | (16) | |
Translation differences and other changes | 133 | (309) | |
Transfer to Assets held for sale | 132 | ||
Intangible assets other than goodwill | 3,999 | 3,583 | 3,552 |
Patents, concessions, licenses and credits | Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (2,029) | (1,808) | |
Amortization | (379) | (371) | |
Impairment losses and asset write-offs | 0 | 0 | |
Divestitures | 30 | 10 | |
Translation differences and other changes | (82) | 140 | |
Transfer to Assets held for sale | 98 | ||
Intangible assets other than goodwill | (2,362) | (2,029) | (1,808) |
Other intangible assets | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 291 | ||
Intangible assets other than goodwill | 287 | 291 | |
Other intangible assets | Gross amount | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 804 | 801 | |
Additions | 93 | 65 | |
Divestitures | (89) | (1) | |
Translation differences and other changes | (41) | (61) | |
Transfer to Assets held for sale | 131 | ||
Intangible assets other than goodwill | 636 | 804 | 801 |
Other intangible assets | Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (513) | (482) | |
Amortization | (50) | (61) | |
Impairment losses and asset write-offs | 0 | 0 | |
Divestitures | 89 | 0 | |
Translation differences and other changes | 34 | 30 | |
Transfer to Assets held for sale | 91 | ||
Intangible assets other than goodwill | (349) | (513) | (482) |
Finite-lived intangible assets | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 11,542 | ||
Intangible assets other than goodwill | 11,749 | 11,542 | |
Finite-lived intangible assets | Gross amount | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 24,286 | 23,092 | |
Additions | 2,967 | 3,007 | |
Divestitures | (881) | (346) | |
Translation differences and other changes | 307 | (1,467) | |
Transfer to Assets held for sale | 1,816 | ||
Intangible assets other than goodwill | 24,863 | 24,286 | 23,092 |
Finite-lived intangible assets | Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (12,744) | (11,670) | |
Amortization | (1,972) | (1,856) | |
Impairment losses and asset write-offs | (153) | 110 | |
Divestitures | 672 | 334 | |
Translation differences and other changes | (79) | 558 | |
Transfer to Assets held for sale | 1,162 | ||
Intangible assets other than goodwill | € (13,114) | € (12,744) | € (11,670) |
Property, plant and equipment -
Property, plant and equipment - summary of property, plant and equipment (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | € 29,014 | |
Translation differences | (65) | € 2,493 |
Property, plant and equipment | 26,307 | 29,014 |
Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 66,247 | 67,138 |
Additions | 3,061 | 5,659 |
Divestitures | (944) | (1,283) |
Changes In Scope Of Consolidation | 750 | |
Translation differences | (183) | 4,503 |
Decrease through classified as held for sale, property, plant and equipment | (4,885) | |
Other changes | (61) | (14) |
Property, plant and equipment | 63,601 | 66,247 |
Accumulated amortization and impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (37,233) | (36,707) |
Divestitures | 890 | 1,217 |
Changes In Scope Of Consolidation | (382) | |
Translation differences | 118 | (2,010) |
Decrease through classified as held for sale, property, plant and equipment | 3,092 | |
Other changes | 67 | 16 |
Depreciation | (3,848) | (4,032) |
Impairment losses and asset write-offs | (144) | (119) |
Property, plant and equipment | (37,294) | (37,233) |
Land | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 848 | |
Property, plant and equipment | 819 | 848 |
Land | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 885 | 948 |
Additions | 7 | 20 |
Divestitures | (11) | (11) |
Changes In Scope Of Consolidation | 2 | |
Translation differences | 10 | 71 |
Decrease through classified as held for sale, property, plant and equipment | (21) | |
Other changes | 1 | 1 |
Property, plant and equipment | 851 | 885 |
Land | Accumulated amortization and impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (37) | (41) |
Divestitures | 5 | 2 |
Changes In Scope Of Consolidation | (1) | |
Translation differences | 0 | (1) |
Decrease through classified as held for sale, property, plant and equipment | 0 | |
Other changes | 0 | 1 |
Depreciation | 0 | 0 |
Impairment losses and asset write-offs | 0 | (1) |
Property, plant and equipment | (32) | (37) |
Industrial buildings | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 5,196 | |
Property, plant and equipment | 4,974 | 5,196 |
Industrial buildings | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 8,494 | 8,930 |
Additions | 183 | 256 |
Divestitures | (16) | (17) |
Changes In Scope Of Consolidation | 104 | |
Translation differences | 34 | 639 |
Decrease through classified as held for sale, property, plant and equipment | (401) | |
Other changes | 113 | 68 |
Property, plant and equipment | 8,339 | 8,494 |
Industrial buildings | Accumulated amortization and impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (3,298) | (3,213) |
Divestitures | 0 | 11 |
Changes In Scope Of Consolidation | (76) | |
Translation differences | (1) | (163) |
Decrease through classified as held for sale, property, plant and equipment | 204 | |
Other changes | 11 | 0 |
Depreciation | (283) | (313) |
Impairment losses and asset write-offs | 0 | (22) |
Property, plant and equipment | (3,365) | (3,298) |
Plant, machinery and equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 18,971 | |
Property, plant and equipment | 17,985 | 18,971 |
Plant, machinery and equipment | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 51,053 | 50,389 |
Additions | 1,976 | 3,768 |
Divestitures | (872) | (1,163) |
Changes In Scope Of Consolidation | 618 | |
Translation differences | (123) | 3,167 |
Decrease through classified as held for sale, property, plant and equipment | (3,870) | |
Other changes | 1,607 | 1,844 |
Property, plant and equipment | 50,017 | 51,053 |
Plant, machinery and equipment | Accumulated amortization and impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (32,082) | (31,694) |
Divestitures | 851 | 1,126 |
Changes In Scope Of Consolidation | (287) | |
Translation differences | 89 | (1,693) |
Decrease through classified as held for sale, property, plant and equipment | 2,663 | |
Other changes | 68 | 29 |
Depreciation | (3,303) | (3,440) |
Impairment losses and asset write-offs | (140) | (83) |
Property, plant and equipment | (32,032) | (32,082) |
Other assets | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 1,203 | |
Property, plant and equipment | 1,011 | 1,203 |
Other assets | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 3,003 | 3,223 |
Additions | 84 | 187 |
Divestitures | (40) | (88) |
Changes In Scope Of Consolidation | 21 | |
Translation differences | (57) | 301 |
Decrease through classified as held for sale, property, plant and equipment | (294) | |
Other changes | 56 | 3 |
Property, plant and equipment | 2,866 | 3,003 |
Other assets | Accumulated amortization and impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (1,800) | (1,744) |
Divestitures | 34 | 78 |
Changes In Scope Of Consolidation | (18) | |
Translation differences | 30 | (152) |
Decrease through classified as held for sale, property, plant and equipment | 223 | |
Other changes | (20) | (19) |
Depreciation | (262) | (279) |
Impairment losses and asset write-offs | 0 | (6) |
Property, plant and equipment | (1,855) | (1,800) |
Advances and tangible assets in progress | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 2,796 | |
Property, plant and equipment | 1,518 | 2,796 |
Advances and tangible assets in progress | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 2,812 | 3,648 |
Additions | 811 | 1,428 |
Divestitures | (5) | (4) |
Changes In Scope Of Consolidation | 5 | |
Translation differences | (47) | 325 |
Decrease through classified as held for sale, property, plant and equipment | (299) | |
Other changes | (1,838) | (1,930) |
Property, plant and equipment | 1,528 | 2,812 |
Advances and tangible assets in progress | Accumulated amortization and impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (16) | (15) |
Divestitures | 0 | 0 |
Changes In Scope Of Consolidation | 0 | |
Translation differences | 0 | (1) |
Decrease through classified as held for sale, property, plant and equipment | 2 | |
Other changes | 8 | 5 |
Depreciation | 0 | 0 |
Impairment losses and asset write-offs | (4) | (7) |
Property, plant and equipment | € (10) | € (16) |
Property, plant and equipment_2
Property, plant and equipment - assets under finance lease agreements (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment under finance lease | € 326 | € 402 |
Industrial buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment under finance lease | 197 | 209 |
Plant, machinery and equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment under finance lease | € 129 | € 193 |
Property, plant and equipment_3
Property, plant and equipment - pledged as security for debt (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, pledged as security | € 2,214 | € 2,372 |
Land and industrial buildings pledged as security for debt | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, pledged as security | 892 | 1,031 |
Plant, machinery and equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, pledged as security | 1,241 | 1,324 |
Other assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, pledged as security | € 81 | € 17 |
Property, plant and equipment_4
Property, plant and equipment - narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Translation differences | € 65 | € (2,493) | |
Contractual commitments for acquisition of property, plant and equipment | 539 | 540 | |
Accumulated amortization and impairment losses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment losses and asset write-offs | (144) | (119) | |
Translation differences | € (118) | 2,010 | |
Accumulated amortization and impairment losses | Venezuela | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment losses and asset write-offs | € 21 | € 43 |
Investments accounted for usi_3
Investments accounted for using the equity method - summary of investments (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Disclosure Of Joint Ventures And Associates [Line Items] | |||
Investments in joint ventures accounted for using equity method | € 1,866 | € 1,866 | |
Investments in associates accounted for using equity method | 96 | 94 | |
Investments in other entities accounted for using equity method | 40 | 48 | |
Investments accounted for using the equity method | 2,002 | 2,008 | € 1,999 |
FCA Bank S.p.A. | |||
Disclosure Of Joint Ventures And Associates [Line Items] | |||
Investments in joint ventures accounted for using equity method | € 1,360 | € 1,178 | |
Ownership percentage | 50.00% | 50.00% | |
Tofas-Turk Otomobil Fabrikasi A.S. | |||
Disclosure Of Joint Ventures And Associates [Line Items] | |||
Investments in joint ventures accounted for using equity method | € 233 | € 298 | |
Ownership percentage | 37.90% | 37.90% | |
GAC Fiat Chrysler Automobiles Co. | |||
Disclosure Of Joint Ventures And Associates [Line Items] | |||
Investments in joint ventures accounted for using equity method | € 216 | € 287 | |
Ownership percentage | 50.00% | 50.00% | |
Others | |||
Disclosure Of Joint Ventures And Associates [Line Items] | |||
Investments in joint ventures accounted for using equity method | € 57 | € 103 |
Investments accounted for usi_4
Investments accounted for using the equity method - financial information of FCA Bank (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Dec. 31, 2015 | |
Disclosure Of Joint Ventures And Associates [Line Items] | ||||||
Cash and cash equivalents | € 12,450 | € 12,638 | € 12,638 | |||
Other liabilities | 9,509 | 10,435 | ||||
Equity | 24,903 | 20,987 | € 19,353 | 21,008 | € 16,968 | |
Net assets attributable to owners of the parent | 24,702 | 20,819 | € 20,840 | |||
Carrying amount of interest in FCA Bank(1) | 1,866 | 1,866 | ||||
Interest and similar expenses | (929) | (1,084) | (1,452) | |||
Income tax expense | (778) | (2,588) | (1,237) | |||
Profit from continuing operations | 3,330 | 3,291 | 1,713 | |||
Profit (loss) | 3,632 | 3,510 | 1,814 | |||
Owners of the parent | 3,763 | 1,491 | 2,288 | |||
Group’s share of net profit | 221 | 381 | 288 | |||
FCA Bank S.p.A. | ||||||
Disclosure Of Joint Ventures And Associates [Line Items] | ||||||
Financial assets | € 25,496 | 23,434 | ||||
Cash and cash equivalents | 0 | 1 | ||||
Other assets | 4,175 | 3,753 | ||||
Financial liabilities | 25,634 | 23,424 | ||||
Other liabilities | 1,346 | 1,250 | ||||
Equity | 2,691 | 2,512 | ||||
Net assets attributable to owners of the parent | 2,645 | 2,469 | ||||
Group's share of net assets | 1,323 | 1,235 | ||||
Elimination of unrealized profits and other adjustments | 37 | (57) | ||||
Carrying amount of interest in FCA Bank(1) | 1,360 | 1,178 | ||||
Interest and similar income | 471 | 855 | 764 | |||
Interest and similar expenses | (144) | (266) | (263) | |||
Income tax expense | (80) | (139) | (105) | |||
Profit from continuing operations | 201 | 383 | 312 | |||
Profit (loss) | 201 | 383 | 312 | |||
Net profit attributable to owners of the parent | 199 | 378 | 309 | |||
Other comprehensive income/(loss) attributable to owners of the parent | (5) | (8) | (64) | |||
Owners of the parent | € 194 | 370 | 245 | |||
Group’s share of net profit | € 195 | € 189 | € 154 |
Investments accounted for usi_5
Investments accounted for using the equity method - narrative (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Tofas-Turk Otomobil Fabrikasi A.S. | ||
Disclosure of joint ventures [line items] | ||
Fair value of investments in joint ventures for which there are quoted market prices | € 531 | € 1,375 |
Investments accounted for usi_6
Investments accounted for using the equity method - share of earnings of investments (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interests In Other Entities [Abstract] | |||
Joint Ventures | € 221 | € 381 | € 288 |
Associates | 6 | 9 | 7 |
Other | 13 | 10 | 13 |
Net profit (loss) | 240 | 400 | € 308 |
Investments accounted for using equity method, revaluation | € 240 | € 400 |
Investments accounted for usi_7
Investments accounted for using the equity method - aggregate amounts of individually immaterial joint ventures and associates (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Joint Ventures And Associates [Line Items] | |||
Net profit (loss) | € 240 | € 400 | € 308 |
Other comprehensive income/(loss) | (103) | (119) | (127) |
Aggregated individually immaterial associates | |||
Disclosure Of Joint Ventures And Associates [Line Items] | |||
Income/(loss) from continuing operations | 6 | 9 | 7 |
Net profit (loss) | 6 | 9 | 7 |
Other comprehensive income/(loss) | (3) | (3) | (1) |
Total Other comprehensive income/(loss) | 3 | 6 | 6 |
Aggregated individually immaterial joint ventures | |||
Disclosure Of Joint Ventures And Associates [Line Items] | |||
Income/(loss) from continuing operations | 27 | 192 | 134 |
Net profit (loss) | 27 | 192 | 134 |
Other comprehensive income/(loss) | (91) | (105) | (90) |
Total Other comprehensive income/(loss) | € (64) | € 87 | € 44 |
Other financial assets - financ
Other financial assets - financial assets (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure of financial assets [abstract] | |||
Current derivative financial assets | € 283 | € 265 | |
Non-current derivative financial assets | 14 | 19 | |
Derivative financial assets | 297 | 284 | |
Current debt securities measured at fair value through other comprehensive income | 4 | ||
Non-current debt securities measured at fair value through profit and loss | 0 | ||
Debt securities measured at fair value through other comprehensive income | 4 | ||
Current debt securities measured at fair value through profit or loss | 230 | 172 | |
Non-current debt securities measured at fair value through profit or loss | 0 | 59 | |
Debt securities measured at fair value through profit or loss | 230 | 231 | |
Current held-to-maturity securities | 0 | ||
Non-current debt held-to-maturity securities | 2 | ||
Held-to-maturity securities | 2 | ||
Current investments measured at cost | 0 | ||
Non-current equity instruments at amortised cost | 43 | ||
Investments measured at cost | 43 | ||
Current equity instruments measured at fair value through other comprehensive income | 0 | 0 | |
Non-current equity instruments measured at fair value through other comprehensive income | 31 | 23 | |
Equity instruments measured at fair value through other comprehensive income | 31 | 23 | |
Current equity instruments measured at fair value through profit or loss | 41 | 0 | |
Non-current equity instruments measured at fair value through profit or loss | 2 | 0 | |
Equity instruments measured at fair value through profit or loss | 43 | 0 | |
Current financial held-for-trading investments | 46 | ||
Non-current held-for-trading investments | 0 | ||
Held-for-trading investments | 46 | ||
Current financial receivables | 0 | 0 | |
Non-current financial receivables | 252 | 275 | |
Financial receivables | 252 | 275 | |
Current collateral deposits | 0 | 0 | |
Non-current collateral deposits | 61 | 61 | |
Collateral deposits | 61 | 61 | |
Current debt securities measured at amortized cost | 61 | 0 | |
Non-current debt securities measured at amortized cost | 2 | 0 | |
Debt securities measured at amortized cost | 63 | 0 | |
Total current other financial assets | 615 | € 546 | 487 |
Total non-current other financial assets | 362 | € 423 | 482 |
Other financial assets | € 977 | € 969 |
Other financial assets - narrat
Other financial assets - narrative (Details) - Available-for-sale investment € in Millions | Mar. 21, 2017EUR (€)shares |
Disclosure of financial assets [line items] | |
Number of shares of investment sold (in shares) | 15,948,275 |
Ownership interest in investment sold | 1.17% |
Proceeds from sale of investment | € | € 144 |
Number of special voting shares expired (in shares) | 15,948,275 |
Inventories - summary of invent
Inventories - summary of inventories (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Inventories [Abstract] | |||
Finished goods and goods for resale | € 6,776 | € 8,261 | |
Work-in-progress, raw materials and manufacturing supplies | 3,783 | 4,476 | |
Construction contract assets | 135 | 185 | |
Total Inventories | € 10,694 | € 12,922 | € 12,922 |
Inventories - narrative (Detail
Inventories - narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory Write-Down [Line Items] | |||
Inventory write-down | € 669 | € 626 | € 607 |
Inventory impairment | 129 | ||
APAC | |||
Inventory Write-Down [Line Items] | |||
Inventory impairment | € 129 |
Inventories - details of amount
Inventories - details of amounts due from customers for contract work (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories [Abstract] | ||
Aggregate amount of costs incurred and recognized profits (less recognized losses) to date | € 954 | € 881 |
Less: Progress billings | (912) | (886) |
Construction contracts, net asset/(liability) | 42 | (5) |
Construction contract assets | 135 | 185 |
Less: Construction contract liabilities (Note 22) | € (93) | € (190) |
Inventories - changes in Group'
Inventories - changes in Group's construction contracts net asset/(liability) (Details) € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Disclosure of changes in Summarized Recognized Revenue from Construction Contracts [Line Items] | |
Receivables from contracts with customers at beginning of period | € (5) |
Receivables from contracts with customers at end of period | 42 |
construction contract net asset (liability) [Domain] | |
Disclosure of changes in Summarized Recognized Revenue from Construction Contracts [Line Items] | |
Receivables from contracts with customers at beginning of period | (5) |
Advances received from customers | (878) |
Revenue from construction contracts | 958 |
Decrease through classified as held for sale, construction contract | 0 |
Other changes to construction contracts liabilities | (33) |
Receivables from contracts with customers at end of period | € 42 |
Inventories - expected timing o
Inventories - expected timing of recognition of construction contract net asset/(liability) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of change in construction contracts net asset (liability) [Abstract] | |
Expected recognition of construction contract net asset/(liability) | 12 months |
Trade, other receivables and _3
Trade, other receivables and tax receivables - analysis by due date (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure of financial assets [line items] | |||
Current trade receivables | € 2,048 | € 2,460 | |
Non-current trade receivables | 0 | 0 | |
Trade receivables | 2,048 | 2,460 | |
Current receivables from financing activities | 3,304 | 2,946 | |
Non-current receivables from financing activities | 310 | 194 | |
Receivables from financing activities | 3,614 | 3,140 | |
Current other receivables | 1,836 | 2,481 | |
Non-current other receivables | 1,174 | 472 | |
Other receivables | 3,010 | 2,953 | |
Current trade and other receivables | 7,188 | € 7,887 | 7,887 |
Non-current trade and other receivables | 1,484 | 666 | 666 |
Total Trade and other receivables | 8,672 | 8,553 | |
Tax receivables | 419 | 215 | 215 |
Non-current tax receivables | 71 | € 83 | 83 |
Tax receivables | 490 | 298 | |
Due between one and five years | |||
Disclosure of financial assets [line items] | |||
Non-current trade receivables | 0 | 0 | |
Non-current receivables from financing activities | 297 | 194 | |
Non-current other receivables | 1,086 | 414 | |
Non-current trade and other receivables | 1,383 | 608 | |
Non-current tax receivables | 53 | 62 | |
Due beyond five years | |||
Disclosure of financial assets [line items] | |||
Non-current trade receivables | 0 | 0 | |
Non-current receivables from financing activities | 13 | 0 | |
Non-current other receivables | 88 | 58 | |
Non-current trade and other receivables | 101 | 58 | |
Non-current tax receivables | € 18 | € 21 |
Trade, other receivables and _4
Trade, other receivables and tax receivables - allowance for trade receivables (Details) - Trade receivables € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |
Allowance, beginning balance | € 269 |
Provision | 56 |
Use and other changes | (47) |
Decrease through classified as held for sale, trade receivables | (31) |
Allowance, ending balance | € 247 |
Trade, other receivables and _5
Trade, other receivables and tax receivables - receivables measured at fair value through profit or loss (Details) € in Millions | Dec. 31, 2018EUR (€) |
Trade receivables | |
Disclosure of financial assets [line items] | |
Current financial assets at fair value through profit or loss | € 65 |
Financing receivables | |
Disclosure of financial assets [line items] | |
Current financial assets at fair value through profit or loss | € 973 |
Trade, other receivables and _6
Trade, other receivables and tax receivables - exposure to credit risk and ECLs for trade receivables (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of credit risk exposure [line items] | ||
Trade receivables | € 2,048 | € 2,460 |
Trade receivables | ||
Disclosure of credit risk exposure [line items] | ||
Trade receivables, gross | 2,230 | |
Allowance account for credit losses of financial assets | (247) | € (269) |
Trade receivables | 1,983 | |
Current and less than 90 days past due [Member] | Trade receivables | ||
Disclosure of credit risk exposure [line items] | ||
Trade receivables, gross | 1,920 | |
Allowance account for credit losses of financial assets | (65) | |
Trade receivables | 1,855 | |
90 days or more past due [Member] | Trade receivables | ||
Disclosure of credit risk exposure [line items] | ||
Trade receivables, gross | 310 | |
Allowance account for credit losses of financial assets | (182) | |
Trade receivables | € 128 |
Trade, other receivables and _7
Trade, other receivables and tax receivables - receivables from financing activities (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and other receivables [abstract] | ||
Dealer financing | € 2,654 | € 2,295 |
Retail financing | 601 | 420 |
Finance leases | 3 | 4 |
Other | 356 | 421 |
Receivables from financing activities | € 3,614 | € 3,140 |
Trade, other receivables and _8
Trade, other receivables and tax receivables - allowance for financing receivables (Details) - Financing receivables € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |
Allowance, beginning balance | € 45 |
Provision | 87 |
Use and other changes | (105) |
Allowance, ending balance | € 27 |
Trade, other receivables and _9
Trade, other receivables and tax receivables - exposure to credit risk and ECLs for receivables from financing (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of credit risk exposure [line items] | ||
Receivables from financing activities | € 3,614 | € 3,140 |
Receivables From Financing Activities | ||
Disclosure of credit risk exposure [line items] | ||
Receivables from financing, gross | 2,668 | |
Allowance account for credit losses of financial assets | (27) | |
Receivables from financing activities | 2,641 | |
Receivables From Financing Activities | Stage 1 | ||
Disclosure of credit risk exposure [line items] | ||
Receivables from financing, gross | 2,465 | |
Allowance account for credit losses of financial assets | (13) | |
Receivables from financing activities | 2,452 | |
Receivables From Financing Activities | Stage 2 | ||
Disclosure of credit risk exposure [line items] | ||
Receivables from financing, gross | 168 | |
Allowance account for credit losses of financial assets | (2) | |
Receivables from financing activities | 166 | |
Receivables From Financing Activities | Stage 3 | ||
Disclosure of credit risk exposure [line items] | ||
Receivables from financing, gross | 35 | |
Allowance account for credit losses of financial assets | (12) | |
Receivables from financing activities | € 23 |
Trade, other receivables and_10
Trade, other receivables and tax receivables - narrative (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of continuing involvement in derecognised financial assets [line items] | ||
Value added and other indirect tax receivables | € 2,149 | € 2,153 |
Fair Value of Assets Representing Derecognised Financial Assets | 8,523 | 7,866 |
FCA Bank S.p.A. | ||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||
Fair Value of Assets Representing Derecognised Financial Assets | 5,517 | € 4,933 |
Trade receivables | ||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||
Current financial assets at fair value through profit or loss | 65 | |
Financing receivables | ||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||
Current financial assets at fair value through profit or loss | € 973 |
Trade, other receivables and_11
Trade, other receivables and tax receivables - carrying amount of assets not derecognised (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Fair Value of Assets Representing Derecognised Financial Assets | € 8,523 | € 7,866 |
Carrying amount of assets transferred and not derecognized | 457 | 357 |
Carrying amount of the related liabilities | 457 | 357 |
Trade receivables | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount of assets transferred and not derecognized | 30 | 22 |
Carrying amount of the related liabilities | 30 | 22 |
Financing receivables | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount of assets transferred and not derecognized | 427 | 335 |
Carrying amount of the related liabilities | 427 | 335 |
Financing receivables | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Fair Value of Assets Representing Derecognised Financial Assets | 1,676 | 1,114 |
FCA Bank S.p.A. | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Fair Value of Assets Representing Derecognised Financial Assets | € 5,517 | € 4,933 |
Derivative financial assets a_3
Derivative financial assets and liabilities - fair value of derivative assets and liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative financial assets | € 297 | € 284 |
Financial derivative assets - current | 283 | 265 |
Financial derivative assets - non-current | 14 | 19 |
Derivative financial liabilities | (207) | (139) |
Financial derivative liabilities - current | (204) | (138) |
Financial derivative liabilities - non-current | (3) | (1) |
Fair value hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 0 | 2 |
Hedging derivative, liabilities | 0 | 0 |
Fair value hedges | Interest rate risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 0 | 2 |
Hedging derivative, liabilities | 0 | 0 |
Cash flow hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 229 | 143 |
Hedging derivative, liabilities | (150) | (103) |
Cash flow hedges | Currency risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 149 | 100 |
Hedging derivative, liabilities | (75) | (95) |
Cash flow hedges | Interest rate risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 22 | 4 |
Hedging derivative, liabilities | (16) | (7) |
Cash flow hedges | Interest rate and currency risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 17 | 9 |
Hedging derivative, liabilities | 0 | 0 |
Cash flow hedges | Commodity price risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 41 | 30 |
Hedging derivative, liabilities | (59) | (1) |
Hedges of net investment in foreign operations | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 0 | 5 |
Hedging derivative, liabilities | 0 | 0 |
Hedges of net investment in foreign operations | Currency risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 0 | 5 |
Hedging derivative, liabilities | 0 | 0 |
Derivatives for trading | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivatives assets for trading | 68 | 134 |
Derivatives liabilities for trading | € (57) | € (36) |
Derivative financial assets a_4
Derivative financial assets and liabilities - summary of notional amounts of derivative financial instruments (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | € 16,862 | € 18,568 |
Currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 12,857 | 14,296 |
Interest rate risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 2,774 | 3,435 |
Interest rate and currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 270 | 362 |
Commodity price risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 947 | 461 |
Other derivative financial instruments | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 14 | 14 |
2,019 | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 15,567 | 16,178 |
2019 | Currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 12,782 | 14,142 |
2019 | Interest rate risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 1,630 | 1,581 |
2019 | Interest rate and currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 236 | 0 |
2019 | Commodity price risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 919 | 455 |
2019 | Other derivative financial instruments | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 0 |
Due between one and five years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 1,295 | 2,218 |
Due between one and five years | Currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 75 | 154 |
Due between one and five years | Interest rate risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 1,144 | 1,753 |
Due between one and five years | Interest rate and currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 34 | 291 |
Due between one and five years | Commodity price risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 28 | 6 |
Due between one and five years | Other derivative financial instruments | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 14 | 14 |
Due beyond five years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 172 |
Due beyond five years | Currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 0 |
Due beyond five years | Interest rate risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 101 |
Due beyond five years | Interest rate and currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 71 |
Due beyond five years | Commodity price risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 0 |
Due beyond five years | Other derivative financial instruments | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | € 0 | € 0 |
Derivative financial assets a_5
Derivative financial assets and liabilities - fair value hedges (Details) - Fair value hedges - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about hedges [line items] | |||
Net gains/(losses) | € 0 | € 1 | € 0 |
Currency risk | |||
Disclosure of detailed information about hedges [line items] | |||
Net gains/(losses) on qualifying hedges | 0 | 104 | (13) |
Fair value changes in hedged items | 0 | (104) | 13 |
Interest rate risk | |||
Disclosure of detailed information about hedges [line items] | |||
Net gains/(losses) on qualifying hedges | (2) | (9) | (26) |
Fair value changes in hedged items | € 2 | € 10 | € 26 |
Derivative financial assets a_6
Derivative financial assets and liabilities - cash flow hedges (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Gains (losses) on cash flow hedges | € 31 | € (3) | |
Cash flow hedges | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Ineffectiveness and discontinued hedges | (5) | 4 | € 12 |
Tax expense/(benefit) | (36) | 27 | (48) |
Items relating to discontinued operations, net of tax | 9 | 1 | (21) |
Total recognized in the Consolidated Income Statement | 107 | (26) | 171 |
Cash flow hedges | Currency risk | Net revenues | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments | 100 | 8 | 243 |
Cash flow hedges | Currency risk | Cost of revenue | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments | (17) | (96) | (31) |
Cash flow hedges | Currency risk | Net financial income (expense) | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments | 2 | (22) | 34 |
Cash flow hedges | Currency risk | Results from investments | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments | 24 | 28 | 26 |
Cash flow hedges | Interest rate risk | Net financial income (expense) | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments | 0 | (3) | (4) |
Cash flow hedges | Interest rate risk | Results from investments | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments | 1 | (1) | (1) |
Cash flow hedges | Commodity price risk | Cost of revenue | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments | € 29 | € 28 | € (39) |
Derivative financial assets a_7
Derivative financial assets and liabilities - net investment hedges (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financial Instruments [Abstract] | ||
Losses on net investment hedges | € 17,000,000 | € 15,000,000 |
Ineffectiveness of net investment hedges | € 0 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Cash and cash equivalents [abstract] | |||
Cash at banks | € 4,774 | € 6,396 | |
Money market securities | 4,352 | 6,242 | |
Other cash and cash equivalents | 3,324 | 0 | |
Total Cash and cash equivalents | € 12,450 | € 12,638 | € 12,638 |
Share-based compensation - addi
Share-based compensation - additional information (Details) € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Jan. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2018EUR (€)shares | Dec. 31, 2017EUR (€)shares | Dec. 31, 2016EUR (€)shares | Dec. 31, 2015shares | Jan. 31, 2018 | Dec. 15, 2016 | Jan. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Convertible securities conversion ratio | 0.083077 | ||||||||||||||||
RCS Media Group S.p.A. | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Ownership interest in investment sold | 16.70% | ||||||||||||||||
Performance share units | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 2,400,000 | 2,264,000 | 14,710,000 | ||||||||||||||
Cumulative vesting percent | 100.00% | 67.00% | 33.00% | ||||||||||||||
Performance share units | Key employees vesting 2019 [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 100,000 | ||||||||||||||||
Performance share units | Key employees | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 2,400,000 | ||||||||||||||||
Performance share units, net income | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 71,136 | 1,136,250 | 168,593 | ||||||||||||||
Percent of units subject to certain criteria | 50.00% | 50.00% | |||||||||||||||
Requisite service period | 3 years | ||||||||||||||||
Performance measurement period | 5 years | ||||||||||||||||
Performance share units, net income | Bottom of range | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Payout scale percent | 0.00% | 0.00% | |||||||||||||||
Performance share units, net income | Top of range | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Payout scale percent | 100.00% | 100.00% | |||||||||||||||
Performance share units, total shareholder return | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 2,473,637 | 1,136,250 | 168,593 | ||||||||||||||
Requisite service period | 5 years | 2 years | |||||||||||||||
Measurement term of expected volatility | 3 years | ||||||||||||||||
Performance share units, total shareholder return | Bottom of range | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Payout scale percent | 0.00% | 0.00% | |||||||||||||||
Performance share units, total shareholder return | Top of range | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Payout scale percent | 150.00% | 150.00% | |||||||||||||||
Restricted share units | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 627,081 | 2,293,940 | 94,222 | ||||||||||||||
Restricted share units | Key employees vesting 2019 [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 50,000 | ||||||||||||||||
Restricted share units | Key employees | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 580,000 | 2,290,000 | 90,000 | 5,200,000 | |||||||||||||
Cumulative vesting percent | 33.00% | 33.00% | 33.00% | 33.00% | 33.00% | 33.00% | |||||||||||
Share-based payment arrangements, vesting period | 3 years | ||||||||||||||||
Performance share units and restricted share units | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Convertible securities conversion ratio | 1.005865 | 1.003733 | 1.5440 | ||||||||||||||
Expense from share-based payment transactions with employees | € | € 54 | € 85 | € 96 | ||||||||||||||
Unrecognized expense from share-based payment transactions with employees | € | € 28 | ||||||||||||||||
Unrecognized expense from share-based payment transactions with employees, period of recognition | 1 year 9 months 18 days |
Share-based compensation - chan
Share-based compensation - change in PSUs and RSUs (Details) | 12 Months Ended | ||
Dec. 31, 2018EUR (€)shares | Dec. 31, 2017EUR (€)shares | Dec. 31, 2016EUR (€)shares | |
Performance share units, net income | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding shares unvested (in shares) | shares | 8,803,826 | 11,379,445 | 7,356,550 |
Outstanding shares unvested (in euros per share) | € | € 5.89 | € 5.65 | € 8.78 |
Anti-dilution adjustment (in shares) | shares | 32,855 | 65,751 | 4,001,962 |
Anti-dilution adjustment (in euros per share) | € | € 5.87 | € 5.62 | € 5.68 |
Granted (in shares) | shares | 71,136 | 1,136,250 | 168,593 |
Granted (in euros per share) | € | € 9.73 | € 7.91 | € 3.61 |
Vested (in shares) | shares | 3,857,502 | 3,758,870 | 0 |
Vested (in euros per share) | € | € 5.58 | € 5.65 | € 0 |
Canceled (in shares) | shares | 0 | 0 | 147,660 |
Canceled (in euros per share) | € | € 0 | € 0 | € 5.83 |
Forfeited (in shares) | shares | 481,485 | 18,750 | 0 |
Forfeited (in euros per share) | € | € 6.27 | € 7.91 | € 0 |
Outstanding shares unvested (in shares) | shares | 4,568,830 | 8,803,826 | 11,379,445 |
Outstanding shares unvested (in euros per share) | € | € 6.14 | € 5.89 | € 5.65 |
Performance share units, total shareholder return | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding shares unvested (in shares) | shares | 8,803,827 | 11,379,446 | 7,356,550 |
Outstanding shares unvested (in euros per share) | € | € 10.58 | € 10.64 | € 16.52 |
Anti-dilution adjustment (in shares) | shares | 32,855 | 65,750 | 4,001,962 |
Anti-dilution adjustment (in euros per share) | € | € 10.54 | € 10.58 | € 10.70 |
Granted (in shares) | shares | 2,473,637 | 1,136,250 | 168,593 |
Granted (in euros per share) | € | € 13.15 | € 10.84 | € 6.71 |
Vested (in shares) | shares | 3,857,502 | 3,758,869 | 0 |
Vested (in euros per share) | € | € 10.51 | € 10.63 | € 0 |
Canceled (in shares) | shares | 0 | 0 | 147,659 |
Canceled (in euros per share) | € | € 0 | € 0 | € 10.84 |
Forfeited (in shares) | shares | 526,404 | 18,750 | 0 |
Forfeited (in euros per share) | € | € 11.50 | € 10.84 | € 0 |
Outstanding shares unvested (in shares) | shares | 6,926,413 | 8,803,827 | 11,379,446 |
Outstanding shares unvested (in euros per share) | € | € 11.42 | € 10.58 | € 10.64 |
Restricted share units | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding shares unvested (in shares) | shares | 7,600,313 | 7,969,623 | 5,196,550 |
Outstanding shares unvested (in euros per share) | € | € 9.17 | € 8.69 | € 13.49 |
Anti-dilution adjustment (in shares) | shares | 28,299 | 46,189 | 2,826,922 |
Anti-dilution adjustment (in euros per share) | € | € 9.12 | € 8.64 | € 8.74 |
Granted (in shares) | shares | 627,081 | 2,293,940 | 94,222 |
Granted (in euros per share) | € | € 18.54 | € 10.43 | € 5.73 |
Vested (in shares) | shares | 3,690,050 | 2,671,939 | 0 |
Vested (in euros per share) | € | € 9.09 | € 8.64 | € 0 |
Canceled (in shares) | shares | 0 | 0 | 148,071 |
Canceled (in euros per share) | € | € 0 | € 0 | € 9.25 |
Forfeited (in shares) | shares | 274,657 | 37,500 | 0 |
Forfeited (in euros per share) | € | € 10.28 | € 10.39 | € 0 |
Outstanding shares unvested (in shares) | shares | 4,290,986 | 7,600,313 | 7,969,623 |
Outstanding shares unvested (in euros per share) | € | € 10.47 | € 9.17 | € 8.69 |
Share-based compensation - anti
Share-based compensation - anti-dilutive securities (Details) - € / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Performance share units | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of awards - as adjusted (in shares) | 17,673,363 | 22,890,392 | 22,717,024 |
Performance share units | Bottom of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Grant date stock price (in euros per share) | € 5.71 | € 8.66 | € 8.71 |
Performance share units | Top of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Grant date stock price (in euros per share) | € 10.35 | € 9.79 | € 9.85 |
Restricted share units | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of awards - as adjusted (in shares) | 7,628,612 | 8,015,812 | 8,023,472 |
Share-based compensation - key
Share-based compensation - key assumptions (Details) - € / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Performance share units, net income | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility, non-options granted | 40.00% | 40.00% | |
Risk free interest rate, non-options granted | (0.80%) | 0.70% | |
Performance share units, net income | Bottom of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Grant date stock price, non-options granted (in euros per share) | € 9.74 | € 13.44 | |
Performance share units, net income | Top of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Grant date stock price, non-options granted (in euros per share) | € 10.39 | € 15.21 | |
Performance share units, total shareholder return | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Grant date stock price, non-options granted (in euros per share) | € 18.79 | ||
Expected volatility, non-options granted | 41.00% | 44.00% | |
Dividend yield, non-options granted | 0.00% | 0.00% | 0.00% |
Risk free interest rate, non-options granted | (0.30%) | (0.80%) | |
Performance share units, total shareholder return | Bottom of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Grant date stock price, non-options granted (in euros per share) | € 9.74 | € 13.44 | |
Expected volatility, non-options granted | 37.00% | ||
Risk free interest rate, non-options granted | 0.70% | ||
Performance share units, total shareholder return | Top of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Grant date stock price, non-options granted (in euros per share) | € 10.39 | € 15.21 | |
Expected volatility, non-options granted | 39.00% | ||
Risk free interest rate, non-options granted | 0.80% |
Employee benefits liabilities -
Employee benefits liabilities - employee benefit liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure of defined benefit plans [line items] | |||
Current employee benefit liability | € 595 | € 694 | € 694 |
Non-current employee benefit liability | 7,875 | € 8,584 | 8,584 |
Employee benefit liability | 8,470 | 9,278 | |
Other provisions for employees | |||
Disclosure of defined benefit plans [line items] | |||
Current employee benefit liability | 345 | 425 | |
Non-current employee benefit liability | 581 | 764 | |
Employee benefit liability | 926 | 1,189 | |
Pension benefits | |||
Disclosure of defined benefit plans [line items] | |||
Current employee benefit liability | 34 | 34 | |
Non-current employee benefit liability | 4,475 | 4,789 | |
Employee benefit liability | 4,509 | 4,823 | |
Health care and life insurance plans | |||
Disclosure of defined benefit plans [line items] | |||
Current employee benefit liability | 134 | 126 | |
Non-current employee benefit liability | 2,082 | 2,153 | |
Employee benefit liability | 2,216 | 2,279 | |
Other post-employment benefits | |||
Disclosure of defined benefit plans [line items] | |||
Current employee benefit liability | 82 | 109 | |
Non-current employee benefit liability | 737 | 878 | |
Employee benefit liability | € 819 | € 987 |
Employee benefits liabilities_2
Employee benefits liabilities - summarized fair value of the defined benefit obligations and fair value of plan assets (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | € 6,996 | € 7,590 | |
Employee benefit liability | 8,470 | 9,278 | |
Other provisions for employees | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefit liability | 926 | 1,189 | |
Defined Benefit Plans1 [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefit liability | 7,544 | 8,089 | |
Net defined benefit asset | (548) | (499) | |
Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 3,961 | 4,324 | € 4,668 |
Employee benefit liability | 4,509 | 4,823 | |
Health care and life insurance plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefit liability | 2,216 | 2,279 | |
Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefit liability | 819 | 987 | |
Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 25,802 | 28,794 | |
Obligation | Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 22,767 | 25,528 | 28,065 |
Obligation | Health care and life insurance plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 2,216 | 2,279 | 2,466 |
Obligation | Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 819 | 987 | 987 |
Fair value of plan assets | Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (18,819) | (21,218) | (23,049) |
Asset ceiling | Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | € 13 | € 14 | € 12 |
Employee benefits liabilities_3
Employee benefits liabilities - schedule of future payments (Details) € in Millions | Dec. 31, 2018EUR (€) |
2019 | Pension benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | € 1,507 |
2019 | Health care and life insurance plans | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 134 |
2020 | Pension benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 1,486 |
2020 | Health care and life insurance plans | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 133 |
2021 | Pension benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 1,471 |
2021 | Health care and life insurance plans | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 133 |
2022 | Pension benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 1,460 |
2022 | Health care and life insurance plans | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 133 |
2023 | Pension benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 1,451 |
2023 | Health care and life insurance plans | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 133 |
2024-2028 | Pension benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 7,285 |
2024-2028 | Health care and life insurance plans | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | € 668 |
Employee benefits liabilities_4
Employee benefits liabilities - changes in the benefit obligations and fair value of plan assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | € 7,590 | ||
Other: | |||
Net defined benefit liability (asset), end of period | 6,996 | € 7,590 | |
Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 28,794 | ||
Other: | |||
Net defined benefit liability (asset), end of period | 25,802 | 28,794 | |
Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 4,324 | 4,668 | |
Included in the Consolidated Income Statement | 509 | 442 | € 473 |
Actuarial (gains)/losses from: | |||
Demographic assumptions | (196) | (42) | |
Financial assumptions | (1,530) | 1,567 | |
Return on assets | 1,530 | (1,589) | |
Changes in the effect of limiting net assets | (1) | 3 | |
Changes in exchange rates | 208 | (562) | |
Other: | |||
Employer contributions | (756) | (141) | |
Plan participant contributions | 0 | (3) | |
Benefits paid | (12) | (16) | |
Settlements paid | 0 | 0 | |
Transfer to Liabilities held for sale | 142 | 0 | |
Other changes | 27 | (3) | |
Net defined benefit liability (asset), end of period | 3,961 | 4,324 | 4,668 |
Pension benefits | Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 25,528 | 28,065 | |
Included in the Consolidated Income Statement | 1,189 | 1,259 | |
Actuarial (gains)/losses from: | |||
Demographic assumptions | (196) | (42) | |
Financial assumptions | (1,530) | 1,567 | |
Return on assets | 0 | 0 | |
Changes in the effect of limiting net assets | 0 | 0 | |
Changes in exchange rates | 792 | (3,006) | |
Other: | |||
Employer contributions | 0 | 0 | |
Plan participant contributions | 2 | 0 | |
Benefits paid | (1,568) | (1,751) | |
Settlements paid | (1,187) | (563) | |
Transfer to Liabilities held for sale | (268) | 0 | |
Other changes | 5 | (1) | |
Net defined benefit liability (asset), end of period | 22,767 | 25,528 | 28,065 |
Pension benefits | Fair value of plan assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | (21,218) | (23,049) | |
Included in the Consolidated Income Statement | (680) | (817) | |
Actuarial (gains)/losses from: | |||
Demographic assumptions | 0 | 0 | |
Financial assumptions | 0 | 0 | |
Return on assets | 1,530 | (1,589) | |
Changes in the effect of limiting net assets | 0 | 0 | |
Changes in exchange rates | (584) | 2,445 | |
Other: | |||
Employer contributions | (756) | (141) | |
Plan participant contributions | (2) | (3) | |
Benefits paid | 1,556 | 1,735 | |
Settlements paid | 1,187 | 563 | |
Transfer to Liabilities held for sale | 126 | 0 | |
Other changes | 22 | (2) | |
Net defined benefit liability (asset), end of period | (18,819) | (21,218) | (23,049) |
Pension benefits | Asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 14 | 12 | |
Included in the Consolidated Income Statement | 0 | 0 | |
Actuarial (gains)/losses from: | |||
Demographic assumptions | 0 | 0 | |
Financial assumptions | 0 | 0 | |
Return on assets | 0 | 0 | |
Changes in the effect of limiting net assets | (1) | 3 | |
Changes in exchange rates | 0 | (1) | |
Other: | |||
Employer contributions | 0 | 0 | |
Plan participant contributions | 0 | 0 | |
Benefits paid | 0 | 0 | |
Settlements paid | 0 | 0 | |
Transfer to Liabilities held for sale | 0 | 0 | |
Other changes | 0 | 0 | |
Net defined benefit liability (asset), end of period | 13 | 14 | 12 |
Health care and life insurance plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Included in the Consolidated Income Statement | 110 | 120 | 130 |
Health care and life insurance plans | Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 2,279 | 2,466 | |
Included in the Consolidated Income Statement | 110 | 120 | |
Actuarial (gains)/losses from: | |||
Demographic assumptions | 37 | (52) | |
Financial assumptions | (161) | 160 | |
Changes in exchange rates | 81 | (278) | |
Other: | |||
Benefits paid | (128) | (137) | |
Transfer to Liabilities held for sale | (2) | 0 | |
Net defined benefit liability (asset), end of period | 2,216 | 2,279 | 2,466 |
Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Included in the Consolidated Income Statement | 23 | 23 | 26 |
Other post-employment benefits | Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 987 | 987 | |
Included in the Consolidated Income Statement | 23 | 23 | |
Actuarial (gains)/losses from: | |||
Demographic assumptions | 2 | 18 | |
Financial assumptions | (5) | (3) | |
Changes in exchange rates | (3) | (5) | |
Other: | |||
Benefits paid | (50) | (48) | |
Transfer to Liabilities held for sale | 98 | 0 | |
Other changes | (37) | 15 | |
Net defined benefit liability (asset), end of period | € 819 | € 987 | € 987 |
Employee benefits liabilities_5
Employee benefits liabilities - recognized In consolidated income statement (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | € 172 | € 169 | € 172 |
Other administration costs | 79 | 94 | 95 |
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments | 92 | (3) | (9) |
Items relating to discontinued operations, net defined liability | 0 | 6 | 6 |
Total recognized in the Consolidated Income Statement | 509 | 442 | 473 |
Pension benefits | Interest expense | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Interest (income) expense | 925 | 1,083 | 1,148 |
Total recognized in the Consolidated Income Statement | 1,189 | 1,259 | |
Pension benefits | Interest income | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Interest (income) expense | (759) | (907) | (939) |
Total recognized in the Consolidated Income Statement | (680) | (817) | |
Health care and life insurance plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 22 | 22 | 26 |
Interest (income) expense | 88 | 98 | 107 |
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments | 0 | 0 | (3) |
Total recognized in the Consolidated Income Statement | 110 | 120 | 130 |
Health care and life insurance plans | Interest expense | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total recognized in the Consolidated Income Statement | 110 | 120 | |
Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 9 | 9 | 6 |
Interest (income) expense | 14 | 11 | 14 |
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments | 0 | 0 | 1 |
Items relating to discontinued operations, net defined liability | 0 | 3 | 5 |
Total recognized in the Consolidated Income Statement | 23 | 23 | € 26 |
Other post-employment benefits | Interest expense | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total recognized in the Consolidated Income Statement | € 23 | € 23 |
Employee benefits liabilities_6
Employee benefits liabilities - fair value of plan assets (Details) - Pension benefits - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of fair value of plan assets [line items] | ||
Cash and cash equivalents | € 672 | € 628 |
Equity instruments | 3,903 | 5,208 |
Fixed income securities | 8,968 | 9,536 |
Investment funds | 5,190 | 5,394 |
Insurance contracts and other | 86 | 452 |
Total fair value of plan assets | 18,819 | 21,218 |
U.S. equity securities | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 1,286 | 1,426 |
Non-U.S. equity securities | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 784 | 1,098 |
Commingled funds | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 1,833 | 2,684 |
Investment funds | 56 | 165 |
Government securities | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 2,717 | 2,601 |
Corporate bonds (including convertible and high yield bonds) | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 4,944 | 5,864 |
Other fixed income | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 1,307 | 1,071 |
Private equity funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 2,066 | 1,962 |
Real estate funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 1,392 | 1,374 |
Hedge funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 1,676 | 1,893 |
Level 1 | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and cash equivalents | 615 | 611 |
Equity instruments | 2,647 | 3,662 |
Fixed income securities | 1,002 | 917 |
Investment funds | 82 | 224 |
Insurance contracts and other | 12 | 50 |
Total fair value of plan assets | 4,358 | 5,464 |
Level 1 | U.S. equity securities | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 1,284 | 1,426 |
Level 1 | Non-U.S. equity securities | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 757 | 1,098 |
Level 1 | Commingled funds | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 606 | 1,138 |
Investment funds | 53 | 162 |
Level 1 | Government securities | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 916 | 803 |
Level 1 | Corporate bonds (including convertible and high yield bonds) | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 0 | 0 |
Level 1 | Other fixed income | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 86 | 114 |
Level 1 | Private equity funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 0 | 0 |
Level 1 | Real estate funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 3 | 13 |
Level 1 | Hedge funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | € 26 | € 49 |
Employee benefits liabilities_7
Employee benefits liabilities - weighted average assumptions (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 4.30% | 3.70% |
U.S. | Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 4.40% | 3.80% |
Future salary increase rate | 0.00% | 0.00% |
U.S. | Health care and life insurance plans | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 4.40% | 3.90% |
Future salary increase rate | 1.50% | 1.50% |
Weighted average ultimate healthcare cost trend rate | 4.40% | 4.50% |
Canada | Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.80% | 3.50% |
Future salary increase rate | 3.50% | 3.50% |
Canada | Health care and life insurance plans | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.80% | 3.60% |
Future salary increase rate | 1.00% | 1.00% |
Weighted average ultimate healthcare cost trend rate | 4.00% | 4.50% |
United Kingdom | Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 2.80% | 2.70% |
Future salary increase rate | 3.00% | 3.20% |
Employee benefits liabilities_8
Employee benefits liabilities - narrative (Details) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018EUR (€)year | Dec. 31, 2018USD ($)year | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | |
Disclosure of defined benefit plans [line items] | ||||
Defined benefit plan cost | € 1,518 | € 1,472 | € 1,372 | |
Gains (losses) arising from settlements | 92 | |||
Net defined benefit liability (asset) | 6,996 | 7,590 | ||
Obligation | ||||
Disclosure of defined benefit plans [line items] | ||||
Net defined benefit liability (asset) | 25,802 | 28,794 | ||
Pension benefits | ||||
Disclosure of defined benefit plans [line items] | ||||
Discretionary credit balance | 2,500 | |||
Employer contributions | 756 | 141 | ||
Estimate of contributions expected to be paid to plan for next annual reporting period | 508 | |||
Payments in respect of settlements | 0 | 0 | ||
Gains (losses) arising from settlements | (12) | (1) | 29 | |
Payments from plan, net defined benefit liability (asset) | 12 | 16 | ||
Net defined benefit liability (asset) | € 3,961 | € 4,324 | 4,668 | |
Discount rate | 4.30% | 3.70% | ||
Pension benefits | Obligation | ||||
Disclosure of defined benefit plans [line items] | ||||
Employer contributions | € 0 | € 0 | ||
Payments in respect of settlements | 1,187 | 563 | ||
Payments from plan, net defined benefit liability (asset) | 1,568 | 1,751 | ||
Net defined benefit liability (asset) | 22,767 | 25,528 | 28,065 | |
Health care and life insurance plans | Obligation | ||||
Disclosure of defined benefit plans [line items] | ||||
Payments from plan, net defined benefit liability (asset) | 128 | 137 | ||
Net defined benefit liability (asset) | € 2,216 | € 2,279 | 2,466 | |
Other post-employment benefits | ||||
Disclosure of defined benefit plans [line items] | ||||
Discount rate | 1.40% | 1.20% | ||
Other post-employment benefits | Obligation | ||||
Disclosure of defined benefit plans [line items] | ||||
Payments from plan, net defined benefit liability (asset) | € 50 | € 48 | ||
Net defined benefit liability (asset) | 819 | 987 | 987 | |
United States And Canada | Pension benefits | ||||
Disclosure of defined benefit plans [line items] | ||||
Employer contributions | 724 | € 124 | 445 | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 479 | |||
Estimate of discretionary contributions expected to be paid to plan for next annual reporting period | 438 | |||
Estimate of minimum funding contributions expected to be paid to plan in next annual reporting period | € 41 | |||
U.S. | Pension benefits | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted average duration of defined benefit obligation | year | 11 | 11 | ||
Discount rate | 4.40% | 3.80% | ||
U.S. | Pension benefits | Obligation | ||||
Disclosure of defined benefit plans [line items] | ||||
Payments from plan, net defined benefit liability (asset) | € 214 | |||
U.S. | Health care and life insurance plans | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted average duration of defined benefit obligation | year | 12 | 12 | ||
Health care cost trend rate assumed for next annual reporting period | 6.40% | 6.80% | ||
Weighted average ultimate healthcare cost trend rate | 4.40% | 4.50% | ||
Discount rate | 4.40% | 3.90% | ||
Canada | Pension benefits | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted average duration of defined benefit obligation | year | 13 | 13 | ||
Discount rate | 3.80% | 3.50% | ||
Canada | Health care and life insurance plans | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted average duration of defined benefit obligation | year | 16 | 16 | ||
Health care cost trend rate assumed for next annual reporting period | 4.40% | 4.80% | ||
Weighted average ultimate healthcare cost trend rate | 4.00% | 4.50% | ||
Discount rate | 3.80% | 3.60% | ||
United Kingdom | Pension benefits | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted average duration of defined benefit obligation | year | 20 | 20 | ||
Discount rate | 2.80% | 2.70% | ||
United States [Member] | Pension benefits | ||||
Disclosure of defined benefit plans [line items] | ||||
Estimate of discretionary contributions expected to be paid to plan for next annual reporting period | € 670 | $ 800 | ||
Italy | Other post-employment benefits | ||||
Disclosure of defined benefit plans [line items] | ||||
Net defined benefit liability (asset) | 664 | |||
Italy | Other post-employment benefits | Obligation | ||||
Disclosure of defined benefit plans [line items] | ||||
Net defined benefit liability (asset) | € 752 | |||
NAFTA | Obligation | ||||
Disclosure of defined benefit plans [line items] | ||||
Refund of excess assets from settlement of supplemental retirement benefit plan | 22 | |||
NAFTA | Pension benefits | ||||
Disclosure of defined benefit plans [line items] | ||||
Gains (losses) arising from settlements | (78) | |||
Annuity buyout [Member] | Pension benefits | Obligation | ||||
Disclosure of defined benefit plans [line items] | ||||
Payments in respect of settlements | € 841 | € 563 |
Provisions - summary of provisi
Provisions - summary of provisions (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure of other provisions [line items] | |||
Current provisions | € 10,483 | € 9,010 | € 9,009 |
Non-current provisions | 5,561 | € 5,770 | 5,770 |
Provisions | 16,044 | 14,779 | |
Product warranty and recall campaigns | |||
Disclosure of other provisions [line items] | |||
Current provisions | 2,745 | 2,676 | |
Non-current provisions | 4,015 | 4,049 | |
Provisions | 6,760 | 6,725 | |
Sales incentives | |||
Disclosure of other provisions [line items] | |||
Current provisions | 5,999 | 5,377 | |
Non-current provisions | 0 | 0 | |
Provisions | 5,999 | 5,377 | |
Legal proceedings and disputes | |||
Disclosure of other provisions [line items] | |||
Current provisions | 849 | 125 | |
Non-current provisions | 428 | 551 | |
Provisions | 1,277 | 676 | |
Commercial risks | |||
Disclosure of other provisions [line items] | |||
Current provisions | 442 | 481 | |
Non-current provisions | 272 | 334 | |
Provisions | 714 | 815 | |
Restructuring | |||
Disclosure of other provisions [line items] | |||
Current provisions | 134 | 26 | |
Non-current provisions | 31 | 44 | |
Provisions | 165 | 70 | |
Other risks | |||
Disclosure of other provisions [line items] | |||
Current provisions | 314 | 324 | |
Non-current provisions | 815 | 792 | |
Provisions | € 1,129 | € 1,116 |
Provisions - changes in provisi
Provisions - changes in provisions (Details) € in Millions | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Reconciliation of changes in other provisions [abstract] | |
Provisions, at beginning of period | € 14,779 |
Additional provisions | 19,580 |
Settlements | (18,112) |
Unused amounts | (254) |
Translation differences | 374 |
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions | 210 |
Other changes | (113) |
Provisions, at end of period | 16,044 |
Product warranty and recall campaigns | |
Reconciliation of changes in other provisions [abstract] | |
Provisions, at beginning of period | 6,725 |
Additional provisions | 3,241 |
Settlements | (3,272) |
Unused amounts | 0 |
Translation differences | 180 |
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions | 118 |
Other changes | 4 |
Provisions, at end of period | 6,760 |
Sales incentives | |
Reconciliation of changes in other provisions [abstract] | |
Provisions, at beginning of period | 5,377 |
Additional provisions | 14,514 |
Settlements | (14,014) |
Unused amounts | (35) |
Translation differences | 162 |
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions | 0 |
Other changes | (5) |
Provisions, at end of period | 5,999 |
Legal proceedings and disputes | |
Reconciliation of changes in other provisions [abstract] | |
Provisions, at beginning of period | 676 |
Additional provisions | 971 |
Settlements | (113) |
Unused amounts | (67) |
Translation differences | (6) |
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions | 59 |
Other changes | (125) |
Provisions, at end of period | 1,277 |
Commercial risks | |
Reconciliation of changes in other provisions [abstract] | |
Provisions, at beginning of period | 815 |
Additional provisions | 426 |
Settlements | (457) |
Unused amounts | (65) |
Translation differences | 21 |
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions | 27 |
Other changes | 1 |
Provisions, at end of period | 714 |
Restructuring costs | |
Reconciliation of changes in other provisions [abstract] | |
Provisions, at beginning of period | 70 |
Additional provisions | 105 |
Settlements | (26) |
Unused amounts | (3) |
Translation differences | 0 |
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions | 4 |
Other changes | 23 |
Provisions, at end of period | 165 |
Other risks | |
Reconciliation of changes in other provisions [abstract] | |
Provisions, at beginning of period | 1,116 |
Additional provisions | 323 |
Settlements | (230) |
Unused amounts | (84) |
Translation differences | 17 |
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions | 2 |
Other changes | (11) |
Provisions, at end of period | € 1,129 |
Provisions - narrative (Details
Provisions - narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of other provisions [line items] | |||
Warranty and recall expense, recall of airbag inflators | € 114 | € 102 | € 414 |
Charge recognized for U.S. diesel emission matters | € 748 | ||
Warranty provision, recall of airbag inflators | |||
Disclosure of other provisions [line items] | |||
Warranty and recall expense, recall of airbag inflators | 414 | ||
Warranty provision, contested with supplier | |||
Disclosure of other provisions [line items] | |||
Warranty and recall expense, recall of airbag inflators | € 132 | ||
NAFTA | |||
Disclosure of other provisions [line items] | |||
Warranty and recall expense, recall of airbag inflators | 29 | ||
LATAM | |||
Disclosure of other provisions [line items] | |||
Warranty and recall expense, recall of airbag inflators | € 73 |
Debt - summary of short-term an
Debt - summary of short-term and long-term debt (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | € 5,861 | € 7,245 | € 7,245 | |
Long-term debt | 8,667 | € 10,726 | 10,726 | |
Borrowings | 14,528 | 17,971 | € 24,048 | |
Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 7,140 | 7,696 | ||
Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 1,527 | 3,030 | ||
Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | 1,598 | 2,054 | ||
Long-term debt | 6,227 | 7,572 | ||
Borrowings | 7,825 | 9,626 | ||
Notes | Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 4,977 | 5,071 | ||
Notes | Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 1,250 | 2,501 | ||
Borrowings from banks | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | 2,935 | 4,132 | ||
Long-term debt | 2,246 | 2,780 | ||
Borrowings | 5,181 | 6,912 | ||
Borrowings from banks | Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 2,012 | 2,278 | ||
Borrowings from banks | Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 234 | 502 | ||
Asset-backed financing | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | 457 | 357 | ||
Long-term debt | 0 | 0 | ||
Borrowings | 457 | 357 | ||
Asset-backed financing | Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 0 | 0 | ||
Asset-backed financing | Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 0 | 0 | ||
Other debt | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | 871 | 702 | ||
Long-term debt | 194 | 374 | ||
Borrowings | 1,065 | 1,076 | ||
Other debt | Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 151 | 347 | ||
Other debt | Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | € 43 | € 27 |
Debt - summary of outstanding n
Debt - summary of outstanding notes (Details) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018CHF (SFr) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) |
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | € 14,528,000,000 | € 17,971,000,000 | € 24,048,000,000 | ||||
Notes | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 7,825,000,000 | 9,626,000,000 | |||||
Medium Term Note Due November 22, 2017 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | 385,000,000 | SFr 450,000,000 | |||||
Medium Term Note Due March 15, 2018 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 1,250,000,000 | ||||||
Coupon % | 6.625% | 6.625% | 6.625% | ||||
Medium Term Note Due July 9, 2018 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 600,000,000 | ||||||
Coupon % | 7.375% | 7.375% | 7.375% | ||||
Medium Term Note Due September 30, 2019 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | SFr | SFr 250,000,000 | ||||||
Coupon % | 3.125% | 3.125% | 3.125% | ||||
Medium Term Note Due October 14, 2019 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 1,250,000,000 | ||||||
Coupon % | 6.75% | 6.75% | 6.75% | ||||
Medium Term Note Due March 22, 2021 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 1,000,000,000 | ||||||
Coupon % | 4.75% | 4.75% | 4.75% | ||||
Medium Term Note Due July 15, 2022 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 1,350,000,000 | ||||||
Coupon % | 4.75% | 4.75% | 4.75% | ||||
Medium Term Note Due March 29, 2024 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 1,250,000,000 | ||||||
Coupon % | 3.75% | 3.75% | 3.75% | ||||
Medium Term Note, Others | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 7,000,000 | ||||||
Medium Term Note, Others | Top of range | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 50,000,000 | ||||||
Other Notes Due April 15, 2020 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | $ 1,500,000,000 | € 1,400,000,000 | $ 1,500,000,000 | ||||
Coupon % | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | ||
Other Notes Due April 15, 2023 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | $ 1,500,000,000 | € 1,400,000,000 | $ 1,500,000,000 | ||||
Coupon % | 5.25% | 5.25% | 5.25% | 5.25% | 5.25% | ||
Gross amount | Medium Term Notes | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | € 5,079,000,000 | 6,920,000,000 | |||||
Gross amount | Medium Term Note Due March 15, 2018 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 0 | 1,250,000,000 | |||||
Gross amount | Medium Term Note Due July 9, 2018 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 0 | 600,000,000 | |||||
Gross amount | Medium Term Note Due September 30, 2019 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 222,000,000 | 213,000,000 | |||||
Gross amount | Medium Term Note Due October 14, 2019 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,250,000,000 | 1,250,000,000 | |||||
Gross amount | Medium Term Note Due March 22, 2021 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,000,000,000 | 1,000,000,000 | |||||
Gross amount | Medium Term Note Due July 15, 2022 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,350,000,000 | 1,350,000,000 | |||||
Gross amount | Medium Term Note Due March 29, 2024 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,250,000,000 | 1,250,000,000 | |||||
Gross amount | Medium Term Note, Others | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 7,000,000 | 7,000,000 | |||||
Gross amount | Other Notes | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 2,620,000,000 | 2,502,000,000 | |||||
Gross amount | Other Notes Due April 15, 2020 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,310,000,000 | 1,251,000,000 | |||||
Gross amount | Other Notes Due April 15, 2023 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,310,000,000 | 1,251,000,000 | |||||
Hedging effect, accrued interest and amortized cost valuation | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | € 126,000,000 | € 204,000,000 |
Debt - notes issued through the
Debt - notes issued through the medium term note programme and other notes (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2018EUR (€) | Mar. 31, 2018EUR (€) | Nov. 30, 2017EUR (€) | Nov. 30, 2017CHF (SFr) | Jun. 30, 2017EUR (€) | Mar. 31, 2017EUR (€) | Nov. 30, 2016EUR (€) | Nov. 30, 2016CHF (SFr) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2015EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018CHF (SFr) | Dec. 31, 2016EUR (€) | Dec. 31, 2015USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Debt and Other | € 14,528,000,000 | € 17,971,000,000 | € 24,048,000,000 | ||||||||||||
Notes Issued Through The Medium Term Note Programme [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Maximum that may be used under the program | 20,000,000,000 | ||||||||||||||
Medium Term Notes | Gross amount | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Debt and Other | 5,079,000,000 | 6,920,000,000 | |||||||||||||
Medium Term Note Due March 15, 2018 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Extinguishment of debt principal amount | € 1,250,000,000 | € 1,250,000,000 | |||||||||||||
Coupon % | 6.625% | 6.625% | 6.625% | ||||||||||||
Face amount | € 1,250,000,000 | ||||||||||||||
Medium Term Note Due March 15, 2018 | Gross amount | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Debt and Other | 0 | 1,250,000,000 | |||||||||||||
Medium Term Note Due July 9, 2018 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Extinguishment of debt principal amount | € 600,000,000 | € 600,000,000 | |||||||||||||
Coupon % | 7.375% | 7.375% | 7.375% | ||||||||||||
Face amount | € 600,000,000 | ||||||||||||||
Medium Term Note Due July 9, 2018 | Gross amount | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Debt and Other | 0 | 600,000,000 | |||||||||||||
Medium Term Note Due March 23, 2017 [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Extinguishment of debt principal amount | € 850,000,000 | 850,000,000 | |||||||||||||
Medium Term Note Due June 12, 2017 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Extinguishment of debt principal amount | € 1,000,000,000 | 1,000,000,000 | |||||||||||||
Medium Term Note Due November 22, 2017 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Extinguishment of debt principal amount | € 385,000,000 | SFr 450,000,000 | |||||||||||||
Face amount | € 385,000,000 | SFr 450,000,000 | |||||||||||||
Medium Term Note Due March 29, 2024 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Coupon % | 3.75% | 3.75% | 3.75% | ||||||||||||
Face amount | € 1,250,000,000 | ||||||||||||||
Medium Term Note Due March 29, 2024 | Gross amount | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Debt and Other | € 1,250,000,000 | 1,250,000,000 | |||||||||||||
Medium Term Note Due November 23, 2016 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Extinguishment of debt principal amount | € 373,000,000 | SFr 400,000,000 | |||||||||||||
Other Notes Due April 15, 2020 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Coupon % | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | ||||||||||
Face amount | € 1,400,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | ||||||||||||
Other Notes Due April 15, 2020 | Gross amount | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Debt and Other | € 1,310,000,000 | 1,251,000,000 | |||||||||||||
Other Notes Due April 15, 2023 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Coupon % | 5.25% | 5.25% | 5.25% | 5.25% | 5.25% | ||||||||||
Face amount | € 1,400,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | ||||||||||||
Proportion of ownership interest in subsidiary | 100.00% | ||||||||||||||
Other Notes Due April 15, 2023 | Gross amount | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Debt and Other | € 1,310,000,000 | € 1,251,000,000 |
Debt - Fiat Chrysler Finance US
Debt - Fiat Chrysler Finance US Inc (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Fiat Chrysler Finance US Inc | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Debt - FCA US tranche B term lo
Debt - FCA US tranche B term loans (Details) € in Millions, $ in Millions | Mar. 15, 2016EUR (€) | Mar. 15, 2016USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2016EUR (€) |
Disclosure of detailed information about borrowings [line items] | |||||||
Debt and Other | € 14,528 | € 17,971 | € 24,048 | ||||
FCA Trance B Term Loans | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Repayments of borrowings | € 1,800 | $ 2,000 | |||||
Gain (loss) on extinguishment of debt | 1 | 3 | € 10 | ||||
FCA US Tranche B Term loan due 2017 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Repayments of borrowings | 1,159 | 1,288 | 1,721 | $ 1,826 | |||
FCA US Tranche B Term Loan Due 2018 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Repayments of borrowings | € 641 | $ 712 | € 893 | $ 1,009 | |||
Debt and Other | € 836 | ||||||
Adjustment to interest rate basis | 0.50% | ||||||
FCA US Tranche B Term Loan Due 2018 | LIBOR | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings, adjustment to interest rate floor | 0.75% | ||||||
Interest rate basis floor | 0.00% |
Debt - european investment bank
Debt - european investment bank borrowings (Details) - EUR (€) | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 02, 2016 | May 31, 2011 |
Disclosure of detailed information about borrowings [line items] | ||||||
Debt and Other | € 14,528,000,000 | € 17,971,000,000 | € 24,048,000,000 | |||
European Investment Bank Borrowings | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Debt and Other | € 700,000,000 | € 1,100,000,000 | ||||
European Investment Bank Maturing, 250 Million Facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Face amount | € 250,000,000 | |||||
European Investment Bank Maturing, 500 Million Facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Face amount | € 500,000,000 | |||||
European Investment Bank Maturing, 420 Million Facility [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Face amount | € 420,000,000 |
Debt - brazil (Details)
Debt - brazil (Details) € in Millions, R$ in Billions | 12 Months Ended | |||
Dec. 31, 2018EUR (€) | Dec. 31, 2018BRL (R$) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | |
Disclosure of detailed information about borrowings [line items] | ||||
Debt and Other | € 14,528 | € 17,971 | € 24,048 | |
Undrawn borrowing facilities | 7,700 | 7,600 | ||
Brazil Loans | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Debt and Other | € 2,300 | 3,200 | ||
Long-term Brazil Credit Facilities | Bottom of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings maturity term | 1 year | |||
Long-term Brazil Credit Facilities | Top of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings maturity term | 2 years | |||
Subsidized Brazil Loans | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Debt and Other | € 1,400 | 2,100 | ||
Subsidized Brazil Loans, Construction Of Plant In Pernambuco | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Debt and Other | 1,000 | 1,300 | ||
Maximum amount available under credit facility | 1,500 | R$ 6.5 | ||
Undrawn borrowing facilities | € 100 | € 100 |
Debt - revolving credit facilit
Debt - revolving credit facilities (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about borrowings [line items] | |||
Undrawn borrowing facilities | € 7,700,000,000 | € 7,600,000,000 | |
Revolving Credit Facilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Maximum amount available under credit facility | 6,250,000,000 | 6,250,000,000 | € 5,000,000,000 |
Undrawn borrowing facilities | 6,250,000,000 | ||
Revolving Credit Facility, Tranche One | |||
Disclosure of detailed information about borrowings [line items] | |||
Maximum amount available under credit facility | € 3,125,000,000 | ||
Borrowings maturity term | 37 months | ||
Revolving Credit Facility, Tranche One | Borrowings Extension Option 1 | |||
Disclosure of detailed information about borrowings [line items] | |||
Extension term | 1 year | ||
Revolving Credit Facility, Tranche One | Borrowings Extension Option 2 | |||
Disclosure of detailed information about borrowings [line items] | |||
Extension term | 11 months | ||
Revolving Credit Facility, Tranche Two | |||
Disclosure of detailed information about borrowings [line items] | |||
Maximum amount available under credit facility | € 3,125,000,000 | ||
Borrowings maturity term | 60 months | ||
Other Revolving Credit Facilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Undrawn borrowing facilities | € 1,500,000,000 | € 1,300,000,000 |
Debt - mexico bank loan (Detail
Debt - mexico bank loan (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | |||
Debt and Other | € 14,528 | € 17,971 | € 24,048 |
Mexico Bank Loan | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt and Other | € 300 | € 400 | |
1-Month LIBOR | Mexico Bank Loan | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 3.35% |
Debt - asset-backed financing (
Debt - asset-backed financing (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Trade and other receivables | € 8,672 | € 8,553 |
Asset-backed financing | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Trade and other receivables | € 457 | € 357 |
Debt - other debt (Details)
Debt - other debt (Details) - EUR (€) € in Millions | Dec. 15, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | ||||
Debt and Other | € 14,528 | € 17,971 | € 24,048 | |
Canada HCT Tranche B Note | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Repayments of borrowings | 272 | |||
Extinguishment of debt principal amount | 226 | |||
Gain (loss) on extinguishment of debt | € 9 | |||
Mandatory Convertible Securities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Repayments of borrowings | € 213 |
Debt - finance Lease (Details)
Debt - finance Lease (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum finance lease payments payable | € 313 | € 317 |
Future finance charge on finance lease | (52) | (36) |
Minimum finance lease payments payable, at present value | 261 | 281 |
Due within one year | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum finance lease payments payable | 73 | 90 |
Future finance charge on finance lease | (17) | (15) |
Minimum finance lease payments payable, at present value | 56 | 75 |
Due between one and three years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum finance lease payments payable | 106 | 134 |
Future finance charge on finance lease | (18) | (15) |
Minimum finance lease payments payable, at present value | 88 | 119 |
Due between three and five years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum finance lease payments payable | 54 | 19 |
Future finance charge on finance lease | (11) | (3) |
Minimum finance lease payments payable, at present value | 43 | 16 |
Due beyond five years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum finance lease payments payable | 80 | 74 |
Future finance charge on finance lease | (6) | (3) |
Minimum finance lease payments payable, at present value | € 74 | € 71 |
Debt - debt secured by assets (
Debt - debt secured by assets (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | |||
Debt and Other | € 14,528 | € 17,971 | € 24,048 |
Property, plant and equipment, pledged as security | 2,214 | 2,372 | |
Secured Debt Excluding FCA US | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt and Other | 1,095 | 1,348 | |
Secured Debt Excluding FCA US, Finance Leases | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt and Other | € 261 | 281 | |
Secured Debt FCA US, Tranche B Term Loan Due 2018 | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt and Other | € 836 |
Other liabilities and tax pay_3
Other liabilities and tax payable - other liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Current | |||
Payables for buy-back agreements, current | € 2,362 | € 1,941 | € 2,234 |
Accrued expenses and deferred income, current | 783 | 1,133 | 1,573 |
Indirect tax payables, current | 681 | 799 | |
Payables to personnel, current | 956 | 988 | |
Social security payables, current | 265 | 313 | |
Amounts due to customers for contract work, current | 93 | 190 | |
Service contract liability, current | 568 | 497 | 0 |
Other, current | 1,349 | 1,838 | |
Total Other liabilities, current | 7,057 | 7,699 | 7,935 |
Non-current | |||
Payables for buy-back agreements, non-current | 0 | 0 | 0 |
Accrued expenses and deferred income, non-current | 697 | 846 | 2,260 |
Indirect tax payables, non-current | 16 | 19 | |
Payables to personnel, non-current | 16 | 16 | |
Social security payables, non-current | 4 | 6 | |
Amounts due to customers for contract work, non-current | 0 | 0 | |
Service contract liability, non-current | 1,521 | 1,397 | 0 |
Other, non-current | 198 | 199 | |
Total Other liabilities, non-current | 2,452 | 2,483 | 2,500 |
Total | |||
Payables for GDP and buy-back agreements | 2,362 | 1,941 | 2,234 |
Accrued expenses and deferred income | 1,480 | 1,979 | 3,833 |
Indirect tax payables | 697 | 818 | |
Payables to personnel | 972 | 1,004 | |
Social security payables | 269 | 319 | |
Construction contract liabilities (Note 14) | 93 | 190 | |
Service contract liability | 2,089 | 1,894 | 0 |
Other | 1,547 | 2,037 | |
Total Other liabilities | € 9,509 | € 10,182 | € 10,435 |
Other liabilities and tax pay_4
Other liabilities and tax payable - impact of adoption of IFRS 15 (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Current | |||
Payables for buy-back agreements, current | € 2,362 | € 1,941 | € 2,234 |
Accrued expenses and deferred income, current | 783 | 1,133 | 1,573 |
Service contract liability, current | 568 | 497 | 0 |
Current other liabilities balances not affected by IFRS 15 adoption | 4,128 | ||
Total Other liabilities, current | 7,057 | 7,699 | 7,935 |
Non-current | |||
Payables for buy-back agreements, non-current | 0 | 0 | 0 |
Accrued expenses and deferred income, non-current | 697 | 846 | 2,260 |
Service contract liability, non-current | 1,521 | 1,397 | 0 |
Non-current other liabilities balances not affected by IFRS 15 adoption | 240 | ||
Total Other liabilities, non-current | 2,452 | 2,483 | 2,500 |
Total | |||
Payables for GDP and buy-back agreements | 2,362 | 1,941 | 2,234 |
Accrued expenses and deferred income | 1,480 | 1,979 | 3,833 |
Service contract liability | 2,089 | 1,894 | 0 |
Other liabilities balances not affected by IFRS 15 adoption | 4,368 | ||
Total Other liabilities | 9,509 | 10,182 | 10,435 |
Previously stated | |||
Current | |||
Payables for buy-back agreements, current | 2,234 | ||
Accrued expenses and deferred income, current | 1,573 | ||
Service contract liability, current | 0 | ||
Current other liabilities balances not affected by IFRS 15 adoption | 4,128 | ||
Total Other liabilities, current | 7,186 | 7,935 | |
Non-current | |||
Payables for buy-back agreements, non-current | 0 | ||
Accrued expenses and deferred income, non-current | 2,260 | ||
Service contract liability, non-current | 0 | ||
Non-current other liabilities balances not affected by IFRS 15 adoption | 240 | ||
Total Other liabilities, non-current | 2,453 | 2,500 | |
Total | |||
Payables for GDP and buy-back agreements | 2,234 | ||
Accrued expenses and deferred income | 3,833 | ||
Other liabilities balances not affected by IFRS 15 adoption | 4,368 | ||
Total Other liabilities | 10,435 | ||
Increase (decrease) due to application of IFRS 15 | |||
Current | |||
Payables for buy-back agreements, current | (293) | ||
Accrued expenses and deferred income, current | (440) | ||
Service contract liability, current | 497 | ||
Current other liabilities balances not affected by IFRS 15 adoption | 0 | ||
Total Other liabilities, current | (129) | (236) | |
Non-current | |||
Payables for buy-back agreements, non-current | 0 | ||
Accrued expenses and deferred income, non-current | (1,414) | ||
Service contract liability, non-current | 1,397 | ||
Non-current other liabilities balances not affected by IFRS 15 adoption | 0 | ||
Total Other liabilities, non-current | (1) | (17) | |
Total | |||
Payables for GDP and buy-back agreements | (293) | ||
Accrued expenses and deferred income | (1,854) | ||
Service contract liability | 1,894 | ||
Other liabilities balances not affected by IFRS 15 adoption | 0 | ||
Total Other liabilities | (253) | ||
service contract liability | |||
Total | |||
Service contract liability | € 2,089 | € 1,894 | |
service contract liability | Previously stated | |||
Total | |||
Service contract liability | € 0 |
Other liabilities and tax pay_5
Other liabilities and tax payable - other liabilities by due date (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | € 5,940 | € 6,602 |
Due within one year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | 5,706 | 6,362 |
Due between one and five years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | 221 | 227 |
Due beyond five years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | 13 | 13 |
Total due after one year (non-current) | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | € 234 | € 240 |
Other liabilities and tax pay_6
Other liabilities and tax payable - narrative (Details) - EUR (€) € in Millions | Jun. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Reversal of a Brazilian indirect tax liability | € 895 | € 0 | € 895 | € 0 | |
Reversal Of Indirect Tax Liabilities | 72 | ||||
Net revenues | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Reversal of a Brazilian indirect tax liability | 547 | ||||
Net financial income (expense) | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Reversal of a Brazilian indirect tax liability | 348 | ||||
LATAM | Operating segments [member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Reversal Of Indirect Tax Liabilities | € 54 | € 54 |
Other liabilities and tax pay_7
Other liabilities and tax payable - changes in group service contract liability (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | |
Other liabilities [Line Items] | ||
Service contract liability at start of period | € 1,894 | € 0 |
Service contract liability at end of period | 2,089 | 2,089 |
service contract liability | ||
Other liabilities [Line Items] | ||
Service contract liability at start of period | 1,894 | |
Advances received from customers | 879 | |
Amounts recognized in revenue | (658) | |
Decrease through transfer to liabilities held for sale, service contract liability | 0 | |
Other changes to service contract liabilities | (26) | |
Service contract liability at end of period | € 2,089 | € 2,089 |
Other liabilities and tax pay_8
Other liabilities and tax payable - expected recognition of service contract liability (Details) € in Millions | Dec. 31, 2018EUR (€) |
2,019 | |
Other liabilities [Line Items] | |
Expected recognition of Service Contract Liability | € 512 |
2,020 | |
Other liabilities [Line Items] | |
Expected recognition of Service Contract Liability | 440 |
2,021 | |
Other liabilities [Line Items] | |
Expected recognition of Service Contract Liability | 362 |
Thereafter | |
Other liabilities [Line Items] | |
Expected recognition of Service Contract Liability | € 775 |
Other liabilities and tax pay_9
Other liabilities and tax payable - taxes payable by due date (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Tax payables | € 114 | € 309 | € 309 |
Tax payables | 1 | € 74 | 74 |
Tax payables | 115 | 383 | |
Due between one and five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Tax payables | 1 | 32 | |
Due beyond five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Tax payables | € 0 | € 42 |
Fair value measurements - asset
Fair value measurements - assets and liabilities measured at fair value on recurring basis (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | € 96,873 | € 95,997 | € 96,299 |
Recurring fair value measurement | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 6,052 | 4,128 | 13,287 |
Liabilities | 207 | 139 | 139 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (9,159) | ||
Recurring fair value measurement | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Liabilities | 207 | 139 | 139 |
Recurring fair value measurement | Debt securities and equity instruments measured at FVOCI | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 31 | 46 | 27 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 19 | ||
Recurring fair value measurement | Debt securities and equity instruments measured at FVPL | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 273 | 297 | 277 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 20 | ||
Recurring fair value measurement | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 297 | 284 | 284 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Collateral deposits | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 61 | 61 | 61 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Receivables From Financing Activities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 973 | 700 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 700 | ||
Recurring fair value measurement | Trade receivables | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 65 | 28 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 28 | ||
Recurring fair value measurement | Cash at bank | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | 6,396 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (6,396) | ||
Recurring fair value measurement | Money market securities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 4,352 | 2,712 | 6,242 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (3,530) | ||
Recurring fair value measurement | Level 1 | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 4,686 | 3,051 | 11,139 |
Liabilities | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (8,088) | ||
Recurring fair value measurement | Level 1 | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Liabilities | 0 | 0 | 0 |
Recurring fair value measurement | Level 1 | Debt securities and equity instruments measured at FVOCI | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 3 | 3 | 3 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 1 | Debt securities and equity instruments measured at FVPL | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 270 | 275 | 275 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 1 | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 1 | Collateral deposits | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 61 | 61 | 61 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 1 | Receivables From Financing Activities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 1 | Trade receivables | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 1 | Cash at bank | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | 6,396 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (6,396) | ||
Recurring fair value measurement | Level 1 | Money market securities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 4,352 | 2,712 | 4,404 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (1,692) | ||
Recurring fair value measurement | Level 2 | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 336 | 302 | 2,116 |
Liabilities | 205 | 138 | 138 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (1,814) | ||
Recurring fair value measurement | Level 2 | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Liabilities | 205 | 138 | 138 |
Recurring fair value measurement | Level 2 | Debt securities and equity instruments measured at FVOCI | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 15 | 20 | 24 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (4) | ||
Recurring fair value measurement | Level 2 | Debt securities and equity instruments measured at FVPL | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 2 | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 256 | 254 | 254 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 2 | Collateral deposits | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 2 | Receivables From Financing Activities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 2 | Trade receivables | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 65 | 28 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 28 | ||
Recurring fair value measurement | Level 2 | Cash at bank | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 2 | Money market securities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | 1,838 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (1,838) | ||
Recurring fair value measurement | Level 3 | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 1,030 | 775 | 32 |
Liabilities | 2 | 1 | 1 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 743 | ||
Recurring fair value measurement | Level 3 | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Liabilities | 2 | 1 | 1 |
Recurring fair value measurement | Level 3 | Debt securities and equity instruments measured at FVOCI | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 13 | 23 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 23 | ||
Recurring fair value measurement | Level 3 | Debt securities and equity instruments measured at FVPL | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 3 | 22 | 2 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 20 | ||
Recurring fair value measurement | Level 3 | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 41 | 30 | 30 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 3 | Collateral deposits | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 3 | Receivables From Financing Activities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 973 | 700 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 700 | ||
Recurring fair value measurement | Level 3 | Trade receivables | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 3 | Cash at bank | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 3 | Money market securities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | € 0 | 0 | € 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | € 0 |
Fair value measurements - expla
Fair value measurements - explanation of changes due to initial application of IFRS 9 (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | € 96,873 | € 95,997 | € 96,299 |
Recurring fair value measurement | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 6,052 | 4,128 | 13,287 |
Liabilities | 207 | 139 | 139 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (9,159) | ||
Increase (decrease) in financial liabilities on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Derivatives | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Liabilities | 207 | 139 | 139 |
Increase (decrease) in financial liabilities on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Debt securities and equity instruments measured at FVOCI | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 31 | 46 | 27 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 19 | ||
Recurring fair value measurement | Debt securities and equity instruments measured at FVPL | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 273 | 297 | 277 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 20 | ||
Recurring fair value measurement | Derivatives | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 297 | 284 | 284 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Collateral deposits | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 61 | 61 | 61 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Receivables From Financing Activities | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 973 | 700 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 700 | ||
Recurring fair value measurement | Trade receivables | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 65 | 28 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 28 | ||
Recurring fair value measurement | Cash at bank | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 0 | 0 | 6,396 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (6,396) | ||
Recurring fair value measurement | Money market securities | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 4,352 | 2,712 | 6,242 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (3,530) | ||
Recurring fair value measurement | Level 1 | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 4,686 | 3,051 | 11,139 |
Liabilities | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (8,088) | ||
Increase (decrease) in financial liabilities on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 1 | Derivatives | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Liabilities | 0 | 0 | 0 |
Increase (decrease) in financial liabilities on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 1 | Debt securities and equity instruments measured at FVOCI | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 3 | 3 | 3 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 1 | Debt securities and equity instruments measured at FVPL | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 270 | 275 | 275 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 1 | Derivatives | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 1 | Collateral deposits | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 61 | 61 | 61 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 1 | Receivables From Financing Activities | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 1 | Trade receivables | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 1 | Cash at bank | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 0 | 0 | 6,396 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (6,396) | ||
Recurring fair value measurement | Level 1 | Money market securities | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 4,352 | 2,712 | 4,404 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (1,692) | ||
Recurring fair value measurement | Level 2 | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 336 | 302 | 2,116 |
Liabilities | 205 | 138 | 138 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (1,814) | ||
Increase (decrease) in financial liabilities on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 2 | Derivatives | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Liabilities | 205 | 138 | 138 |
Increase (decrease) in financial liabilities on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 2 | Debt securities and equity instruments measured at FVOCI | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 15 | 20 | 24 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (4) | ||
Recurring fair value measurement | Level 2 | Debt securities and equity instruments measured at FVPL | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 2 | Derivatives | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 256 | 254 | 254 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 2 | Collateral deposits | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 2 | Receivables From Financing Activities | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 2 | Trade receivables | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 65 | 28 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 28 | ||
Recurring fair value measurement | Level 2 | Cash at bank | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 2 | Money market securities | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 0 | 0 | 1,838 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | (1,838) | ||
Recurring fair value measurement | Level 3 | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 1,030 | 775 | 32 |
Liabilities | 2 | 1 | 1 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 743 | ||
Increase (decrease) in financial liabilities on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 3 | Derivatives | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Liabilities | 2 | 1 | 1 |
Increase (decrease) in financial liabilities on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 3 | Debt securities and equity instruments measured at FVOCI | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 13 | 23 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 23 | ||
Recurring fair value measurement | Level 3 | Debt securities and equity instruments measured at FVPL | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 3 | 22 | 2 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 20 | ||
Recurring fair value measurement | Level 3 | Derivatives | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 41 | 30 | 30 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 3 | Collateral deposits | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 3 | Receivables From Financing Activities | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 973 | 700 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 700 | ||
Recurring fair value measurement | Level 3 | Trade receivables | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 3 | Cash at bank | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | 0 | 0 | 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | 0 | ||
Recurring fair value measurement | Level 3 | Money market securities | |||
IFRS 9 impact on assets and liabilities measured at fair value on recurring basis [Line Items] | |||
Assets | € 0 | 0 | € 0 |
Increase (decrease) in financial assets on basis of measurement category, initial application of IFRS 9 | € 0 |
Fair value measurements - recon
Fair value measurements - reconciliation of changes in items measured at fair value Level 3 (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value of Assets (Liabilities) | ||
Assets, beginning | € 96,299 | |
Assets, ending | 96,873 | € 96,299 |
Recurring fair value measurement | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 13,287 | |
Assets, ending | 6,052 | 13,287 |
Recurring fair value measurement | Receivables From Financing Activities | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 0 | |
Assets, ending | 973 | 0 |
Recurring fair value measurement | Derivatives | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 284 | |
Assets, ending | 297 | 284 |
Recurring fair value measurement | Level 3 | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 32 | |
Assets, ending | 1,030 | 32 |
Recurring fair value measurement | Level 3 | Cash flow hedge reserve | ||
Disclosure of fair value measurement of assets [line items] | ||
Gains (Losses) Recognised In Other Comprehensive Income, Fair Value Measurement, Assets (Liabilities) | 7 | |
Recurring fair value measurement | Level 3 | Currency translation differences | ||
Disclosure of fair value measurement of assets [line items] | ||
Gains (Losses) Recognised In Other Comprehensive Income, Fair Value Measurement, Assets (Liabilities) | 2 | |
Recurring fair value measurement | Level 3 | Receivables From Financing Activities | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 0 | |
Issues/Settlements | 273 | |
Assets, ending | 973 | 0 |
Recurring fair value measurement | Level 3 | Available-for-sale securities | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 12 | 12 |
Gains/(Losses) recognized in Consolidated Income Statement | (1) | 1 |
Gains/(Losses) recognized in Other comprehensive income | (1) | |
Decrease through transfer to assets held for sale | (28) | |
Assets, ending | 16 | 12 |
Recurring fair value measurement | Level 3 | Derivatives | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 30 | |
Assets, ending | 41 | 30 |
Recurring fair value measurement | Level 3 | Derivatives | Derivatives | ||
Fair Value of Assets (Liabilities) | ||
Assets (liabilities), beginning | 19 | |
Gains/(Losses) recognized in Consolidated Income Statement | 30 | 27 |
Gains/(Losses) recognized in Other comprehensive income | 9 | 18 |
Issues/Settlements | (29) | € (35) |
Assets (liabilities), ending | € 39 |
Fair value measurements - finan
Fair value measurements - financial assets and liabilities not measured at fair value on a recurring basis (Details) - Not measured at fair value in statement of financial position but for which fair value is disclosed - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Borrowings [Member] | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities | € 14,528 | € 17,971 |
Financial liabilities, at fair value | 14,838 | 18,723 |
Asset-backed financing | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities | 457 | 357 |
Financial liabilities, at fair value | 457 | 357 |
Notes | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities | 7,825 | 9,626 |
Financial liabilities, at fair value | 8,152 | 10,365 |
Notes | Level 1 | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities, at fair value | 8,145 | 10,358 |
Notes | Level 2 | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities, at fair value | 7 | 7 |
Other debt | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities | 6,246 | 7,988 |
Financial liabilities, at fair value | 6,229 | 8,001 |
Other debt | Level 2 | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities, at fair value | 5,241 | 6,796 |
Other debt | Level 3 | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities, at fair value | 988 | 1,205 |
Receivables From Financing Activities | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial assets | 2,641 | 3,140 |
Financial assets, at fair value | 2,624 | 3,125 |
Dealer financing | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial assets | 1,681 | 2,295 |
Financial assets, at fair value | 1,682 | 2,295 |
Retail financing | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial assets | 601 | 420 |
Financial assets, at fair value | 584 | 405 |
Finance lease | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial assets | 3 | 4 |
Financial assets, at fair value | 3 | 4 |
Other receivables from financing activities | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial assets | 356 | 421 |
Financial assets, at fair value | € 355 | € 421 |
Related party transactions - ad
Related party transactions - additional information (Details) - EUR (€) € in Thousands | Dec. 15, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of transactions between related parties [line items] | ||||
Provision of guarantees or collateral by entity, related party transactions | € 3,000 | € 4,000 | ||
Number of shares issued through conversion (in shares) | 238,846,375 | |||
Key management personnel compensation | 18,830 | 29,861 | € 39,329 | |
FCA Bank S.p.A. | ||||
Disclosure of transactions between related parties [line items] | ||||
Provision of guarantees or collateral by entity, related party transactions | 86,000 | |||
Key employees | ||||
Disclosure of transactions between related parties [line items] | ||||
Key management personnel compensation | 58,000 | 81,000 | 103,000 | |
Key management personnel compensation, share-based payment | 28,000 | 49,000 | 73,000 | |
Short-term employee benefits expense | 7,000 | 8,000 | 8,000 | |
Post-employment benefit expense, defined benefit plans | € 10,000 | € 9,000 | € 6,000 | |
Exor N.V. | Largest shareholder | ||||
Disclosure of transactions between related parties [line items] | ||||
Shareholder ownership percentage | 28.98% | |||
Shareholder voting interest ownership | 42.11% |
Related party transactions - si
Related party transactions - significant transactions with related parties (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Disclosure of transactions between related parties [line items] | ||||
Net revenues | € 110,412 | € 105,730 | € 105,798 | |
Cost of revenues | 95,011 | 89,710 | 90,927 | |
Selling, general and other costs | 7,318 | 7,177 | 7,388 | |
Net financial expenses | 1,056 | 1,345 | 1,858 | |
Trade and other receivables | 8,672 | 8,553 | ||
Trade payables | 19,229 | 21,939 | € 21,866 | |
Other liabilities | 9,509 | 10,435 | ||
Secured bank loans received | 457 | 357 | ||
Debt | 14,071 | 17,614 | ||
Joint ventures | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 3,387 | 4,023 | 4,230 | |
Cost of revenues | 2,618 | 2,808 | 2,835 | |
Selling, general and other costs | (63) | (115) | (99) | |
Net financial expenses | 57 | 38 | 38 | |
Trade and other receivables | 508 | 608 | ||
Trade payables | 457 | 475 | ||
Other liabilities | 281 | 261 | ||
Secured bank loans received | 449 | 319 | ||
Debt | 39 | 33 | ||
Associates | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 30 | 73 | 91 | |
Cost of revenues | 229 | 52 | 47 | |
Selling, general and other costs | (2) | (3) | 0 | |
Net financial expenses | (1) | (1) | 0 | |
Trade and other receivables | 34 | 36 | ||
Trade payables | 33 | 32 | ||
Other liabilities | 10 | 13 | ||
Secured bank loans received | 0 | 0 | ||
Debt | 0 | 0 | ||
Key management personnel of entity or parent | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 567 | 609 | 624 | |
Cost of revenues | 544 | 649 | 668 | |
Selling, general and other costs | 113 | 143 | 172 | |
Net financial expenses | 0 | 0 | 0 | |
Trade and other receivables | 80 | 71 | ||
Trade payables | 118 | 163 | ||
Other liabilities | 15 | 11 | ||
Secured bank loans received | 0 | 0 | ||
Debt | 0 | 0 | ||
Unconsolidated subsidiaries | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 7 | 61 | 57 | |
Cost of revenues | 8 | 8 | 7 | |
Selling, general and other costs | 4 | 3 | 8 | |
Net financial expenses | 1 | 1 | 1 | |
Trade and other receivables | 17 | 83 | ||
Trade payables | 7 | 8 | ||
Other liabilities | 1 | 1 | ||
Secured bank loans received | 0 | 0 | ||
Debt | 26 | 28 | ||
Related parties | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 3,991 | 4,766 | 5,002 | |
Cost of revenues | 3,399 | 3,517 | 3,557 | |
Selling, general and other costs | 52 | 28 | 81 | |
Net financial expenses | 57 | 38 | 39 | |
Trade and other receivables | 639 | 798 | ||
Trade payables | 615 | 678 | ||
Other liabilities | 307 | 286 | ||
Secured bank loans received | 449 | 319 | ||
Debt | 65 | 61 | ||
Tofas | Joint ventures | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 926 | 1,287 | 1,536 | |
Cost of revenues | 2,572 | 2,779 | 2,811 | |
Selling, general and other costs | 7 | 9 | 3 | |
Net financial expenses | 0 | 0 | 0 | |
Trade and other receivables | 11 | 34 | ||
Trade payables | 176 | 240 | ||
Other liabilities | 40 | 50 | ||
Secured bank loans received | 0 | 0 | ||
Debt | 0 | 0 | ||
Sevel S.p.A. | Joint ventures | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 402 | 392 | 381 | |
Cost of revenues | 1 | 0 | 0 | |
Selling, general and other costs | 4 | 5 | 5 | |
Net financial expenses | 0 | 0 | 0 | |
Trade and other receivables | 20 | 23 | ||
Trade payables | 0 | 0 | ||
Other liabilities | 2 | 6 | ||
Secured bank loans received | 0 | 0 | ||
Debt | 11 | 1 | ||
FCA Bank S.p.A. | Joint ventures | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 1,611 | 1,715 | 1,571 | |
Cost of revenues | 28 | 26 | 18 | |
Selling, general and other costs | (21) | (20) | (21) | |
Net financial expenses | 56 | 36 | 39 | |
Trade and other receivables | 395 | 466 | ||
Trade payables | 258 | 206 | ||
Other liabilities | 232 | 199 | ||
Secured bank loans received | 449 | 319 | ||
Debt | 28 | 32 | ||
GAC FCA JV | Joint ventures | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 419 | 569 | 683 | |
Cost of revenues | 11 | 0 | 0 | |
Selling, general and other costs | (49) | (105) | (82) | |
Net financial expenses | 0 | 0 | 0 | |
Trade and other receivables | 63 | 58 | ||
Trade payables | 22 | 15 | ||
Other liabilities | 1 | 1 | ||
Secured bank loans received | 0 | 0 | ||
Debt | 0 | 0 | ||
Fiat India Automobiles Limited | Joint ventures | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 2 | 25 | 23 | |
Cost of revenues | 0 | 1 | 1 | |
Selling, general and other costs | 0 | 0 | (1) | |
Net financial expenses | 0 | 0 | (1) | |
Trade and other receivables | 0 | 7 | ||
Trade payables | 0 | 13 | ||
Other liabilities | 6 | 5 | ||
Secured bank loans received | 0 | 0 | ||
Debt | 0 | 0 | ||
Other related parties | Joint ventures | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 27 | 35 | 36 | |
Cost of revenues | 6 | 2 | 5 | |
Selling, general and other costs | (4) | (4) | (3) | |
Net financial expenses | 1 | 2 | 0 | |
Trade and other receivables | 19 | 20 | ||
Trade payables | 1 | 1 | ||
Other liabilities | 0 | 0 | ||
Secured bank loans received | 0 | 0 | ||
Debt | 0 | 0 | ||
Other related parties | Key management personnel of entity or parent | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 2 | 1 | 0 | |
Cost of revenues | 0 | 0 | ||
Selling, general and other costs | 26 | 26 | 26 | |
Net financial expenses | 0 | 0 | ||
Trade and other receivables | 2 | 1 | ||
Trade payables | 2 | 2 | ||
Other liabilities | 0 | 0 | ||
Secured bank loans received | 0 | 0 | ||
Debt | 0 | 0 | ||
CNHI | Key management personnel of entity or parent | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 501 | 526 | 543 | |
Cost of revenues | 326 | 329 | 422 | |
Selling, general and other costs | 6 | 2 | 3 | |
Net financial expenses | 0 | 0 | 0 | |
Trade and other receivables | 53 | 47 | ||
Trade payables | 71 | 86 | ||
Other liabilities | 12 | 11 | ||
Secured bank loans received | 0 | 0 | ||
Debt | 0 | 0 | ||
Ferrari N.V. | Key management personnel of entity or parent | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 64 | 82 | 81 | |
Cost of revenues | 218 | 320 | 246 | |
Selling, general and other costs | 4 | 1 | 0 | |
Net financial expenses | 0 | 0 | 0 | |
Trade and other receivables | 25 | 23 | ||
Trade payables | 45 | 75 | ||
Other liabilities | 3 | 0 | ||
Secured bank loans received | 0 | 0 | ||
Debt | 0 | 0 | ||
Directors, Statutory Auditors and Key Management | Key management personnel of entity or parent | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 0 | 0 | 0 | |
Cost of revenues | 0 | 0 | 0 | |
Selling, general and other costs | 77 | 114 | 143 | |
Net financial expenses | € 0 | € 0 | € 0 |
Related party transactions - fu
Related party transactions - future minimum expected obligations (Details) - Joint ventures - Tofas-Turk Otomobil Fabrikasi A.S. € in Millions | Dec. 31, 2018EUR (€) |
2,019 | |
Disclosure of transactions between related parties [line items] | |
Related party, future minimum expected obligation | € 299 |
2,020 | |
Disclosure of transactions between related parties [line items] | |
Related party, future minimum expected obligation | 291 |
2,021 | |
Disclosure of transactions between related parties [line items] | |
Related party, future minimum expected obligation | 267 |
2,022 | |
Disclosure of transactions between related parties [line items] | |
Related party, future minimum expected obligation | 152 |
2,023 | |
Disclosure of transactions between related parties [line items] | |
Related party, future minimum expected obligation | 0 |
2024 and thereafter | |
Disclosure of transactions between related parties [line items] | |
Related party, future minimum expected obligation | € 0 |
Related party transactions - co
Related party transactions - compensation to directors (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | |||
Compensation | € 18,830 | € 29,861 | € 39,329 |
Director | |||
Disclosure of transactions between related parties [line items] | |||
Compensation | € 18,830 | € 29,861 | € 39,329 |
Guarantees granted, commitmen_3
Guarantees granted, commitments and contingent liabilities - additional information (Details) € in Millions | Nov. 04, 2016EUR (€) | Nov. 04, 2016CAD ($) | Oct. 16, 2016 | Nov. 06, 2015EUR (€) | Nov. 06, 2015USD ($) | Jul. 24, 2015EUR (€) | Jul. 24, 2015USD ($) | Apr. 02, 2015EUR (€) | Apr. 02, 2015USD ($) | Dec. 31, 2018EUR (€)vehicle | Dec. 31, 2015 | Oct. 31, 2015 | Apr. 30, 2015 | May 31, 2013EUR (€) | Feb. 28, 2013 | Dec. 31, 2018EUR (€)lawsuit | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Dec. 31, 2018USD ($) | May 31, 2013USD ($) |
Disclosure of contingent liabilities [line items] | ||||||||||||||||||||
Financial assets pledged as collateral for liabilities or contingent liabilities | € 7 | € 7 | € 5 | |||||||||||||||||
Provision of guarantees or collateral by entity, related party transactions | 3 | 4 | ||||||||||||||||||
Financing agreement, term (in years) | 10 years | |||||||||||||||||||
Deferred income | 200 | 200 | ||||||||||||||||||
Amortization period | 10 years | |||||||||||||||||||
Ownership period limit for repurchase obligation (in years) | 1 year | |||||||||||||||||||
Repurchase obligation, term (in years) | 10 years | |||||||||||||||||||
Refunds provision | € 206 | 206 | $ 236,000,000 | |||||||||||||||||
Minimum operating lease payments recognised as expense | 423 | 284 | € 280 | |||||||||||||||||
Warranty and recall expense, recall of airbag inflators | € 114 | 102 | 414 | |||||||||||||||||
Loss contingency, number of pending lawsuits | lawsuit | 2 | |||||||||||||||||||
Litigation settlement, amount awarded to other party | € 38 | $ 40,000,000 | € 141 | $ 148,500,000 | ||||||||||||||||
Charge recognized for U.S. diesel emission matters | € 748 | |||||||||||||||||||
LATAM | ||||||||||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||||||||||
Warranty and recall expense, recall of airbag inflators | 73 | |||||||||||||||||||
KOREA, REPUBLIC OF | ||||||||||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||||||||||
Loss contingency, number of vehicles sold that are subject to investigation | vehicle | 2,428 | |||||||||||||||||||
Restructuring contingent liability [member] | ||||||||||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||||||||||
Estimated financial effect of contingent liabilities | € 160 | 160 | ||||||||||||||||||
Provisions | 50 | 50 | ||||||||||||||||||
SCUSA [Domain] | ||||||||||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||||||||||
Deferred income | € 57 | € 109 | 57 | $ 65,000,000 | $ 150,000,000 | |||||||||||||||
UAW Labor Agreement | ||||||||||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||||||||||
Labor agreement, term of agreement (in years) | 4 years | |||||||||||||||||||
Labor agreement, term of pay gap resolution (in years) | 8 years | |||||||||||||||||||
Labor agreement, lump sum payment per traditional employee | $ | $ 4,000 | |||||||||||||||||||
Labor agreement, lump sum payment per in-progression employee | $ | 3,000 | |||||||||||||||||||
Labor agreement, total lump sum payment to employees | € 127 | $ 141,000,000 | ||||||||||||||||||
Italian Labor Agreement | ||||||||||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||||||||||
Labor agreement, term of agreement (in years) | 4 years | |||||||||||||||||||
Compensation agreement, compensation expense | € 72 | € 105 | € 101 | |||||||||||||||||
Canada Labor Agreement | ||||||||||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||||||||||
Labor agreement, term of agreement (in years) | 4 years | |||||||||||||||||||
Labor agreement, total lump sum payment to employees | € 38 | $ 55,000,000 | ||||||||||||||||||
Labor agreement, wage increase in first and fourth years, percent | 2.00% | |||||||||||||||||||
Labor agreement, progressive pay scale plan, term (in years) | 10 years | |||||||||||||||||||
Labor agreement, lump sum payment per employee | $ | $ 6,000 | |||||||||||||||||||
Industrial buildings | Bottom of range | ||||||||||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||||||||||
Operating lease, term (in years) | 10 years | |||||||||||||||||||
Industrial buildings | Top of range | ||||||||||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||||||||||
Operating lease, term (in years) | 20 years | |||||||||||||||||||
Machinery | Bottom of range | ||||||||||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||||||||||
Operating lease, term (in years) | 3 years | |||||||||||||||||||
Machinery | Top of range | ||||||||||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||||||||||
Operating lease, term (in years) | 5 years | |||||||||||||||||||
Civil penalties [Member] | ||||||||||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||||||||||
Charge recognized for U.S. diesel emission matters | € 350 | |||||||||||||||||||
Recall cost per vehicle [Member] | ||||||||||||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||||||||||||
Charge recognized for U.S. diesel emission matters | € 0 |
Guarantees granted, commitmen_4
Guarantees granted, commitments and contingent liabilities - repurchase obligation (Details) € in Millions | Dec. 31, 2018EUR (€) |
2,019 | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum purchase obligation payable | € 804 |
2,020 | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum purchase obligation payable | 508 |
2,021 | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum purchase obligation payable | 349 |
2,022 | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum purchase obligation payable | 216 |
2,023 | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum purchase obligation payable | 32 |
2024 and thereafter | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum purchase obligation payable | € 42 |
Guarantees granted, commitmen_5
Guarantees granted, commitments and contingent liabilities - operating lease contracts (Details) € in Millions | Dec. 31, 2018EUR (€) |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum lease payments payable under non-cancellable operating lease | € 1,027 |
Due within one year | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum lease payments payable under non-cancellable operating lease | 325 |
Due between one and three years | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum lease payments payable under non-cancellable operating lease | 331 |
Due between three and five years | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum lease payments payable under non-cancellable operating lease | 172 |
Due beyond five years | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum lease payments payable under non-cancellable operating lease | € 199 |
Equity - additional information
Equity - additional information (Details) | Dec. 15, 2016dayshares | Dec. 31, 2018EUR (€)€ / sharesshares | Dec. 31, 2017EUR (€)€ / sharesshares | Dec. 31, 2016EUR (€) | Jan. 01, 2018EUR (€) | Dec. 31, 2015EUR (€) | Oct. 29, 2014shares |
Disclosure of classes of share capital [line items] | |||||||
Value of shares authorised | € 40,000,000 | ||||||
Par value per share (in euros per shares) | € / shares | € 0.01 | € 0.01 | |||||
Equity | € 24,903,000,000 | € 20,987,000,000 | € 19,353,000,000 | € 21,008,000,000 | € 16,968,000,000 | ||
Number of shares outstanding (in shares) | shares | 1,959,559,330 | 1,949,031,457 | |||||
Convertible securities conversion ratio | 0.083077 | ||||||
Conversion of stock, number of trading days for valuation | day | 20 | ||||||
Increase (decrease) in number of ordinary shares issued (in shares) | shares | 238,846,375 | ||||||
Statutory reserve | € 12,831,000,000 | € 11,594,000,000 | |||||
Capital reserve | 5,920,000,000 | 5,817,000,000 | |||||
Retained earnings (accumulated deficit) | 1,836,000,000 | (333,000,000) | |||||
Net profit attributable to owners of the parent | 3,608,000,000 | € 3,491,000,000 | 1,803,000,000 | ||||
Share capital | |||||||
Disclosure of classes of share capital [line items] | |||||||
Equity | € 19,000,000 | € 19,000,000 | € 19,000,000 | € 17,000,000 | |||
Common shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares authorised (in shares) | shares | 2,000,000,000 | 90,000,000 | |||||
Par value per share (in euros per shares) | € / shares | € 0.01 | ||||||
Number of shares outstanding (in shares) | shares | 1,550,617,563 | 1,540,089,690 | |||||
Special voting shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares authorised (in shares) | shares | 2,000,000,000 | ||||||
Par value per share (in euros per shares) | € / shares | € 0.01 | ||||||
Number of shares outstanding (in shares) | shares | 408,941,767 | 408,941,767 |
Equity - summary of changes to
Equity - summary of changes to outstanding shares (Details) | 12 Months Ended |
Dec. 31, 2018shares | |
Reconciliation of number of shares outstanding [abstract] | |
Number of shares outstanding (in shares) | 1,949,031,457 |
Number of shares outstanding (in shares) | 1,959,559,330 |
Common shares | |
Reconciliation of number of shares outstanding [abstract] | |
Number of shares outstanding (in shares) | 1,540,089,690 |
Number of shares outstanding (in shares) | 1,550,617,563 |
Special voting shares | |
Reconciliation of number of shares outstanding [abstract] | |
Number of shares outstanding (in shares) | 408,941,767 |
Number of shares outstanding (in shares) | 408,941,767 |
Key employees | |
Reconciliation of number of shares outstanding [abstract] | |
Shares issued to Directors (compensation) (in shares) | 10,527,873 |
Key employees | Common shares | |
Reconciliation of number of shares outstanding [abstract] | |
Shares issued to Directors (compensation) (in shares) | 10,527,873 |
Key employees | Special voting shares | |
Reconciliation of number of shares outstanding [abstract] | |
Shares issued to Directors (compensation) (in shares) | 0 |
Equity - other comprehensive in
Equity - other comprehensive income (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Items that will not be reclassified to the Consolidated Income Statement in subsequent periods: | |||
Gains/(losses) on remeasurement of defined benefit plans | € 317 | € (72) | € 616 |
Share of gains/(losses) on remeasurement of defined benefit plans for equity method investees | 0 | 2 | (5) |
Items relating to discontinued operations | 1 | 8 | (32) |
Total Items that will not be reclassified to the Consolidated Income Statement | 314 | (48) | 594 |
Items that may be reclassified to the Consolidated Income Statement in subsequent periods: | |||
Gains/(losses) on cash flow hedging instruments arising during the period | 99 | 47 | (25) |
Gains/(losses) on cash flow hedging instruments reclassified to the Consolidated Income Statement | (108) | 82 | (215) |
Total Gains/(losses) on cash flow hedging instruments | (9) | 129 | (240) |
Other comprehensive income, before tax, financial assets measured at fair value through other comprehensive income | (4) | 14 | 15 |
Exchange (losses)/gains on translating foreign operations | 126 | (1,982) | 509 |
Share of Other comprehensive income/(loss) for equity method investees arising during the period | (77) | (94) | (97) |
Share of Other comprehensive income/(loss) for equity method investees reclassified to the Consolidated Income Statement | (26) | (27) | (25) |
Total Share of Other comprehensive (loss)/income for equity method investees | (103) | (121) | (122) |
Items relating to discontinued operations | (91) | 58 | (60) |
Total Items that may be reclassified to the Consolidated Income Statement | (77) | (1,916) | 87 |
Total Other comprehensive income | 237 | (1,964) | 681 |
Tax effect | (82) | (30) | (196) |
Tax effect - discontinued operations | 1 | (1) | 4 |
Total Other comprehensive income/(loss), net of tax (B1)(B2)(B) | € 156 | € (1,995) | € 489 |
Equity - tax effect relating to
Equity - tax effect relating to other comprehensive income (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |||
Gains/(Losses) on re-measurement of defined benefit plans, pre-tax balance | € 317 | € (72) | € 616 |
Gains/(Losses) on re-measurement of defined benefit plans, tax income/(expense) | (76) | (18) | (265) |
Gains/(Losses) on re-measurement of defined benefit plans, net balance | 241 | (90) | 351 |
Gains/(Losses) on cash flow hedging instruments, pre-tax balance | (9) | 129 | (240) |
Gains/(Losses) on cash flow hedging instruments, tax income/(expense) | (6) | (12) | 69 |
Gains/(Losses) on cash flow hedging instruments, net balance | (15) | 117 | (171) |
Other comprehensive income, before tax, financial assets measured at fair value through other comprehensive income | (4) | 14 | 15 |
Gains/(Losses) on available- for-sale financial assets, tax income/(expense) | 0 | 0 | 0 |
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income | (4) | 14 | 15 |
Exchange gains/(losses) on translating foreign operations, pre-tax balance | 126 | (1,982) | 509 |
Exchange gains/(losses) on translating foreign operations, tax income/(expense) | 0 | 0 | 0 |
Exchange gains/(losses) on translating foreign operations, net balance | 126 | (1,982) | 509 |
Share of Other comprehensive income/(loss) for equity method investees, pre-tax balance | (103) | (119) | (127) |
Share of Other comprehensive income/(loss) for equity method investees, tax income/(expense) | 0 | 0 | 0 |
Share of Other comprehensive income/(loss) for equity method investees, net balance | (103) | (119) | (127) |
Items relating to discontinued operations, pre-tax balance | (90) | 66 | (92) |
Items relating to discontinued operations, tax income/(expense) | 1 | (1) | 4 |
Items relating to discontinued operations, net balance | (89) | 65 | (88) |
Total Other comprehensive income | 237 | (1,964) | 681 |
Total Other comprehensive income, tax income/(expense) | (81) | (31) | (192) |
Total Other comprehensive income/(loss), net of tax (B1)(B2)(B) | € 156 | € (1,995) | € 489 |
Earnings per share - basic earn
Earnings per share - basic earnings per share (Details) - EUR (€) € / shares in Units, shares in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per share [abstract] | |||
Net profit attributable to owners of the parent | € 3,608 | € 3,491 | € 1,803 |
Weighted average number of shares outstanding (in shares) | 1,548,439 | 1,535,988 | 1,513,019 |
Basic earnings per share (in EUR per share) | € 2.33 | € 2.27 | € 1.19 |
Net profit from continuing operations attributable to owners of the parent | € 3,323 | € 3,281 | € 1,708 |
Basic earnings per share from continuing operations (in EUR per share) | € 2.15 | € 2.14 | € 1.13 |
Net profit from discontinued operations attributable to owners of the parent | € 285 | € 210 | € 95 |
Basic earnings per share from discontinued operations (in EUR per share) | € 0.18 | € 0.14 | € 0.06 |
Earnings per share - diluted ea
Earnings per share - diluted earnings per share (Details) - EUR (€) € / shares in Units, shares in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per share [abstract] | |||
Net profit attributable to owners of the parent | € 3,608 | € 3,491 | € 1,803 |
Weighted average number of shares outstanding (in shares) | 1,548,439 | 1,535,988 | 1,513,019 |
Number of shares deployable for share-based compensation (in shares) | 19,400 | 20,318 | 13,357 |
Weighted average number of shares outstanding for diluted earnings per share (in shares) | 1,567,839 | 1,556,306 | 1,526,376 |
Diluted earnings per share (in EUR per share) | € 2.30 | € 2.24 | € 1.18 |
Net profit from continuing operations attributable to owners of the parent | € 3,323 | € 3,281 | € 1,708 |
Diluted earnings per share from continuing operations (in EUR per share) | € 2.12 | € 2.11 | € 1.12 |
Net profit from discontinued operations attributable to owners of the parent | € 285 | € 210 | € 95 |
Diluted earnings per share from discontinued operations (in EUR per share) | € 0.18 | € 0.13 | € 0.06 |
Segment reporting - selected fi
Segment reporting - selected financial information by segment (Details) € in Millions | Jan. 11, 2018USD ($)employee | Sep. 30, 2018EUR (€) | Dec. 31, 2018EUR (€)segment | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) |
Disclosure of operating segments [line items] | |||||
Supplier obligations | € 56 | ||||
Number of reportable regional operating segments | segment | 4 | ||||
Revenue | € 110,412 | € 105,730 | € 105,798 | ||
Profit from continuing operations | 3,330 | 3,291 | 1,713 | ||
Tax expense | 778 | 2,588 | 1,237 | ||
Net financial expenses | 1,056 | 1,345 | 1,858 | ||
Adjustments: | |||||
Charge recognized for U.S. diesel emission matters | 748 | ||||
Reversal of a Brazilian indirect tax liability | (895) | ||||
Impairment loss | 353 | ||||
Inventory impairment | 129 | ||||
Warranty and recall expense, recall of airbag inflators | 114 | 102 | 414 | ||
Warranty And Recall Expense, Contested With Supplier | (50) | 132 | |||
NAFTA capacity realignment | (60) | (38) | 156 | ||
Losses from catastrophes, net of insurance recoveries | 43 | (68) | (55) | ||
U.S. special bonus payment | 111 | ||||
Restructuring costs | 103 | 86 | 68 | ||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 92 | ||||
Deconsolidation of Venezuela | 42 | ||||
Brazil indirect tax - reversal of liability/recognition of credits | (72) | ||||
Gains on disposal of investments | 0 | (76) | (13) | ||
Other | 63 | 13 | (26) | ||
Adjusted EBIT | 6,738 | 6,609 | 5,680 | ||
Share of the profit of equity method investees | 240 | 400 | 308 | ||
Announced bonus amount per employee | $ | $ 2,000 | ||||
Number of employees eligible for bonus | employee | 60,000 | ||||
NAFTA | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 72,353 | 66,047 | 69,054 | ||
Adjustments: | |||||
Warranty and recall expense, recall of airbag inflators | 29 | ||||
Impairment expense | 16 | ||||
LATAM | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 8,142 | 7,994 | 6,158 | ||
Adjustments: | |||||
Warranty and recall expense, recall of airbag inflators | 73 | ||||
Impairment expense | 8 | 56 | |||
APAC | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 2,646 | 3,218 | 3,638 | ||
Adjustments: | |||||
Inventory impairment | 129 | ||||
Impairment expense | 11 | ||||
EMEA | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 22,714 | 22,584 | 21,733 | ||
Adjustments: | |||||
Impairment expense | 262 | 142 | |||
Maserati | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 2,645 | 4,037 | 3,470 | ||
Other activities | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 1,912 | 1,850 | 1,745 | ||
Operating segments | NAFTA | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 72,384 | 66,094 | 69,094 | ||
Adjustments: | |||||
Charge recognized for U.S. diesel emission matters | 0 | ||||
Reversal of a Brazilian indirect tax liability | 0 | ||||
Impairment loss | 16 | ||||
Inventory impairment | 0 | ||||
Warranty and recall expense, recall of airbag inflators | 114 | 29 | 414 | ||
Warranty And Recall Expense, Contested With Supplier | (50) | 132 | |||
NAFTA capacity realignment | (60) | (38) | 156 | ||
Losses from catastrophes, net of insurance recoveries | 0 | 0 | 0 | ||
Foreign exchange gain (loss) | 0 | ||||
U.S. special bonus payment | 109 | ||||
Restructuring costs | 0 | (1) | (10) | ||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 92 | ||||
Deconsolidation of Venezuela | 0 | ||||
Impairment expense | 0 | 0 | |||
Brazil indirect tax - reversal of liability/recognition of credits | 0 | ||||
Gains on disposal of investments | 0 | 0 | |||
Other | 1 | (1) | (25) | ||
Adjusted EBIT | 6,230 | 5,227 | 5,133 | ||
Share of the profit of equity method investees | 0 | 0 | 2 | ||
Operating segments | LATAM | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 8,152 | 8,004 | 6,197 | ||
Adjustments: | |||||
Charge recognized for U.S. diesel emission matters | 0 | ||||
Reversal of a Brazilian indirect tax liability | 0 | ||||
Impairment loss | 8 | ||||
Inventory impairment | 0 | ||||
Warranty and recall expense, recall of airbag inflators | 0 | 73 | 0 | ||
Warranty And Recall Expense, Contested With Supplier | 0 | 0 | |||
NAFTA capacity realignment | 0 | 0 | 0 | ||
Losses from catastrophes, net of insurance recoveries | 0 | 0 | 0 | ||
Foreign exchange gain (loss) | 19 | ||||
U.S. special bonus payment | 0 | ||||
Restructuring costs | (28) | 75 | 68 | ||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | ||||
Deconsolidation of Venezuela | 42 | ||||
Impairment expense | 77 | 52 | |||
Brazil indirect tax - reversal of liability/recognition of credits | € (54) | (54) | |||
Gains on disposal of investments | 0 | 0 | |||
Other | 0 | 0 | 3 | ||
Adjusted EBIT | 359 | 151 | 5 | ||
Share of the profit of equity method investees | 0 | 0 | 0 | ||
Operating segments | APAC | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 2,703 | 3,250 | 3,662 | ||
Adjustments: | |||||
Charge recognized for U.S. diesel emission matters | 0 | ||||
Reversal of a Brazilian indirect tax liability | 0 | ||||
Impairment loss | 11 | ||||
Inventory impairment | 129 | ||||
Warranty and recall expense, recall of airbag inflators | 0 | 0 | 0 | ||
Warranty And Recall Expense, Contested With Supplier | 0 | 0 | |||
NAFTA capacity realignment | 0 | 0 | 0 | ||
Losses from catastrophes, net of insurance recoveries | 0 | (68) | (55) | ||
Foreign exchange gain (loss) | 0 | ||||
U.S. special bonus payment | 0 | ||||
Restructuring costs | 0 | 0 | 0 | ||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | ||||
Deconsolidation of Venezuela | 0 | ||||
Impairment expense | 0 | 109 | |||
Brazil indirect tax - reversal of liability/recognition of credits | 0 | ||||
Gains on disposal of investments | 0 | 0 | |||
Other | 0 | 1 | (10) | ||
Adjusted EBIT | (296) | 172 | 105 | ||
Share of the profit of equity method investees | (67) | 75 | 30 | ||
Operating segments | EMEA | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 22,815 | 22,700 | 21,860 | ||
Adjustments: | |||||
Charge recognized for U.S. diesel emission matters | 0 | ||||
Reversal of a Brazilian indirect tax liability | 0 | ||||
Impairment loss | 307 | ||||
Inventory impairment | 0 | ||||
Warranty and recall expense, recall of airbag inflators | 0 | 0 | 0 | ||
Warranty And Recall Expense, Contested With Supplier | 0 | 0 | |||
NAFTA capacity realignment | 0 | 0 | 0 | ||
Losses from catastrophes, net of insurance recoveries | 2 | 0 | 0 | ||
Foreign exchange gain (loss) | 0 | ||||
U.S. special bonus payment | 0 | ||||
Restructuring costs | 123 | 0 | 5 | ||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | ||||
Deconsolidation of Venezuela | 0 | ||||
Impairment expense | 142 | 7 | |||
Brazil indirect tax - reversal of liability/recognition of credits | 0 | ||||
Gains on disposal of investments | 0 | 0 | |||
Other | 30 | 0 | 0 | ||
Adjusted EBIT | 406 | 735 | 540 | ||
Share of the profit of equity method investees | 284 | 306 | 272 | ||
Operating segments | Maserati | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 2,663 | 4,058 | 3,479 | ||
Adjustments: | |||||
Charge recognized for U.S. diesel emission matters | 0 | ||||
Reversal of a Brazilian indirect tax liability | 0 | ||||
Impairment loss | 0 | ||||
Inventory impairment | 0 | ||||
Warranty and recall expense, recall of airbag inflators | 0 | 0 | 0 | ||
Warranty And Recall Expense, Contested With Supplier | 0 | 0 | |||
NAFTA capacity realignment | 0 | 0 | 0 | ||
Losses from catastrophes, net of insurance recoveries | 11 | 0 | 0 | ||
Foreign exchange gain (loss) | 0 | ||||
U.S. special bonus payment | 0 | ||||
Restructuring costs | 0 | 0 | 0 | ||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | ||||
Deconsolidation of Venezuela | 0 | ||||
Impairment expense | 0 | 0 | |||
Brazil indirect tax - reversal of liability/recognition of credits | 0 | ||||
Gains on disposal of investments | 0 | 0 | |||
Other | 0 | 0 | 0 | ||
Adjusted EBIT | 151 | 560 | 339 | ||
Share of the profit of equity method investees | 0 | 0 | 0 | ||
Operating segments | Other activities | |||||
Adjustments: | |||||
Foreign exchange gain (loss) | 0 | ||||
Other Activities | Other activities | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 2,888 | 3,248 | 3,116 | ||
Adjustments: | |||||
Charge recognized for U.S. diesel emission matters | 0 | ||||
Reversal of a Brazilian indirect tax liability | 0 | ||||
Impairment loss | 0 | ||||
Inventory impairment | 0 | ||||
Warranty and recall expense, recall of airbag inflators | 0 | 0 | 0 | ||
Warranty And Recall Expense, Contested With Supplier | 0 | 0 | |||
NAFTA capacity realignment | 0 | 0 | 0 | ||
Losses from catastrophes, net of insurance recoveries | 30 | 0 | 0 | ||
Foreign exchange gain (loss) | 0 | ||||
U.S. special bonus payment | 2 | ||||
Restructuring costs | 8 | 11 | 5 | ||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | ||||
Deconsolidation of Venezuela | 0 | ||||
Impairment expense | 0 | 9 | |||
Brazil indirect tax - reversal of liability/recognition of credits | (18) | ||||
Gains on disposal of investments | (27) | (13) | |||
Other | 12 | 12 | (1) | ||
Adjusted EBIT | (40) | (98) | (175) | ||
Share of the profit of equity method investees | 22 | 18 | 3 | ||
Unallocated items & eliminations | |||||
Disclosure of operating segments [line items] | |||||
Revenue | (1,193) | (1,624) | (1,610) | ||
Adjustments: | |||||
Charge recognized for U.S. diesel emission matters | 748 | ||||
Reversal of a Brazilian indirect tax liability | 0 | ||||
Impairment loss | 11 | ||||
Inventory impairment | 0 | ||||
Warranty and recall expense, recall of airbag inflators | 0 | 0 | 0 | ||
Warranty And Recall Expense, Contested With Supplier | 0 | 0 | |||
NAFTA capacity realignment | 0 | 0 | 0 | ||
Losses from catastrophes, net of insurance recoveries | 0 | 0 | 0 | ||
Foreign exchange gain (loss) | 19 | ||||
U.S. special bonus payment | 0 | ||||
Restructuring costs | 0 | 1 | 0 | ||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | ||||
Deconsolidation of Venezuela | 0 | ||||
Impairment expense | 0 | 0 | |||
Brazil indirect tax - reversal of liability/recognition of credits | 0 | ||||
Gains on disposal of investments | (49) | 0 | |||
Other | 20 | 1 | 7 | ||
Adjusted EBIT | (72) | (138) | (267) | ||
Share of the profit of equity method investees | 1 | 1 | 1 | ||
Elimination of intersegment amounts | NAFTA | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 31 | 47 | 40 | ||
Elimination of intersegment amounts | LATAM | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 10 | 10 | 39 | ||
Elimination of intersegment amounts | APAC | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 57 | 32 | 24 | ||
Elimination of intersegment amounts | EMEA | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 101 | 116 | 127 | ||
Elimination of intersegment amounts | Maserati | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 18 | 21 | 9 | ||
Elimination of intersegment amounts | Other activities | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 976 | 1,398 | 1,371 | ||
Non-current assets with definite useful lives | |||||
Adjustments: | |||||
Impairment expense | € 297 | € 219 | € 177 |
Segment reporting - selected _2
Segment reporting - selected financial information by geographic region (Details) - EUR (€) € in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | € 54,060 | € 56,020 |
North America | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 35,493 | 34,099 |
Italy | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 11,478 | 12,458 |
Brazil | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 4,125 | 5,137 |
Poland | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 937 | 1,151 |
Serbia | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 571 | 639 |
Other countries | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | € 1,456 | € 2,536 |
Explanatory notes to the cons_3
Explanatory notes to the consolidated statements of cash flows - additional information (Details) $ in Millions | Dec. 15, 2016EUR (€) | Mar. 15, 2016EUR (€) | Mar. 15, 2016USD ($) | Jul. 31, 2018EUR (€) | Mar. 31, 2018EUR (€) | Nov. 30, 2017EUR (€) | Nov. 30, 2017CHF (SFr) | Jun. 30, 2017EUR (€) | Mar. 31, 2017EUR (€) | Nov. 30, 2016EUR (€) | Nov. 30, 2016CHF (SFr) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2018CHF (SFr) | Dec. 02, 2016EUR (€) |
Disclosure of other provisions [line items] | ||||||||||||||||||
Increase (decrease) in working capital | € (1,106,000,000) | |||||||||||||||||
Other non-cash items | 129,000,000 | € (197,000,000) | € 87,000,000 | |||||||||||||||
Investments accounted for using equity method, revaluation | 240,000,000 | 400,000,000 | ||||||||||||||||
Adjustments for decrease (increase) in inventories | 1,399,000,000 | (1,596,000,000) | (494,000,000) | |||||||||||||||
Increase in trade payables | (1,240,000,000) | 937,000,000 | 729,000,000 | |||||||||||||||
Change in provisions | 913,000,000 | 545,000,000 | 1,453,000,000 | |||||||||||||||
Charge recognized for U.S. diesel emission matters | 748,000,000 | |||||||||||||||||
Warranty and recall expense, recall of airbag inflators | 114,000,000 | 102,000,000 | 414,000,000 | |||||||||||||||
Adjustments for deferred tax expense | 457,000,000 | 1,075,000,000 | 435,000,000 | |||||||||||||||
Cash flows from operating activities - discontinued operations | 484,000,000 | 705,000,000 | 682,000,000 | |||||||||||||||
Net change in other receivables and payables | (1,284,000,000) | 277,000,000 | 280,000,000 | |||||||||||||||
Cash flows from (used in) financing activities | (2,785,000,000) | (4,473,000,000) | (5,127,000,000) | |||||||||||||||
Warranty And Recall Expense, Contested With Supplier | (50,000,000) | 132,000,000 | ||||||||||||||||
Issuance of notes | 0 | 0 | 1,250,000,000 | |||||||||||||||
Proceeds of other long-term debt | 935,000,000 | 811,000,000 | 1,309,000,000 | |||||||||||||||
Interest paid | 1,024,000,000 | 1,190,000,000 | 1,676,000,000 | |||||||||||||||
Interest received | 308,000,000 | 299,000,000 | 370,000,000 | |||||||||||||||
Income taxes paid (refund) | 750,000,000 | 533,000,000 | 622,000,000 | |||||||||||||||
Cash flows from (used in) operating activities | 9,948,000,000 | 10,385,000,000 | 10,594,000,000 | |||||||||||||||
Net profit from continuing operations | 3,330,000,000 | 3,291,000,000 | 1,713,000,000 | |||||||||||||||
Amortization and depreciation | 5,507,000,000 | 5,474,000,000 | 5,549,000,000 | |||||||||||||||
FCA US Tranche B Term Loan Due 2018 | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Repayments of borrowings | € 641,000,000 | $ 712 | 893,000,000 | $ 1,009 | ||||||||||||||
Medium Term Note Due March 15, 2018 | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Extinguishment of debt principal amount | € 1,250,000,000 | 1,250,000,000 | ||||||||||||||||
Face amount | 1,250,000,000 | |||||||||||||||||
Medium Term Note Due July 9, 2018 | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Extinguishment of debt principal amount | € 600,000,000 | 600,000,000 | ||||||||||||||||
Face amount | 600,000,000 | |||||||||||||||||
Other long-term debt | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Repayments of borrowings | 889,000,000 | 4,605,000,000 | ||||||||||||||||
FCA US Tranche B Term loan due 2017 | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Repayments of borrowings | 1,159,000,000 | 1,288 | 1,721,000,000 | $ 1,826 | ||||||||||||||
Medium Term Note Due March 23, 2017 [Member] | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Extinguishment of debt principal amount | € 850,000,000 | 850,000,000 | ||||||||||||||||
Medium Term Note Due June 12, 2017 | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Extinguishment of debt principal amount | € 1,000,000,000 | 1,000,000,000 | ||||||||||||||||
Medium Term Note Due November 22, 2017 | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Extinguishment of debt principal amount | € 385,000,000 | SFr 450,000,000 | ||||||||||||||||
Face amount | 385,000,000 | SFr 450,000,000 | ||||||||||||||||
FCA Trance B Term Loans | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Repayments of borrowings | € 1,800,000,000 | $ 2,000 | ||||||||||||||||
Mandatory Convertible Securities | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Repayments of borrowings | € 213,000,000 | |||||||||||||||||
Other long-term debt matured | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Repayments of borrowings | 2,605,000,000 | |||||||||||||||||
Medium Term Note Due November 23, 2016 | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Repayments of borrowings | 2,000,000,000 | |||||||||||||||||
Extinguishment of debt principal amount | € 373,000,000 | SFr 400,000,000 | ||||||||||||||||
European Investment Bank Maturing, 250 Million Facility | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Face amount | € 250,000,000 | |||||||||||||||||
Warranty provision, recall of airbag inflators | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Warranty and recall expense, recall of airbag inflators | 414,000,000 | |||||||||||||||||
Warranty provision, contested with supplier | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Warranty and recall expense, recall of airbag inflators | 132,000,000 | |||||||||||||||||
NAFTA | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Impairment loss | 16,000,000 | |||||||||||||||||
Warranty and recall expense, recall of airbag inflators | 29,000,000 | |||||||||||||||||
Non-current assets with definite useful lives | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Impairment loss | € 297,000,000 | € 219,000,000 | € 177,000,000 |
Explanatory notes to the cons_4
Explanatory notes to the consolidated statements of cash flows - financing activities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of cash flows [abstract] | |||
Proceeds of other long-term debt | € 935 | € 811 | € 1,309 |
Changes in liabilities arising from financing activities [abstract] | |||
Total Debt at January 1 | 17,971 | 24,048 | |
Derivative (assets)/liabilities and collateral at January 1 | (206) | 150 | |
Total Liabilities from financing activities at January 1 | 17,765 | 24,198 | |
Cash flows | (2,795) | (4,470) | |
Foreign exchange effects | (226) | (1,311) | |
Fair value changes | (136) | (286) | |
Changes in scope of consolidation | (3) | (83) | |
Transfer to liabilities held for sale | (177) | 0 | |
Other changes | (51) | (283) | |
Total Liabilities from financing activities at December 31 | 14,377 | 17,765 | 24,198 |
Derivative (assets)/liabilities and collateral at December 31 | (151) | (206) | 150 |
Total Debt at December 31 | € 14,528 | € 17,971 | € 24,048 |
Qualitative and quantitative _2
Qualitative and quantitative information on financial risk (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of credit risk exposure [line items] | ||
Receivables from financing activities | € 3,614 | € 3,140 |
Trade and other receivables | € 8,672 | 8,553 |
Credit risk | ||
Disclosure of credit risk exposure [line items] | ||
Receivables from financing activities | 3,140 | |
Trade and other receivables | 5,413 | |
Credit risk | Current | ||
Disclosure of credit risk exposure [line items] | ||
Receivables from financing activities | 46 | |
Trade and other receivables | 271 | |
Credit risk | Later Than One Month | ||
Disclosure of credit risk exposure [line items] | ||
Receivables from financing activities | 21 | |
Trade and other receivables | 233 | |
Credit risk | Expected credit losses individually assessed | ||
Disclosure of credit risk exposure [line items] | ||
Receivables from financing activities | 5 | |
Trade and other receivables | 15 | |
Currency risk | ||
Disclosure of credit risk exposure [line items] | ||
Reasonably possible change in risk variable percent | 10.00% | |
Potential loss from 10 percent change in exchange rates | € 704 | 1,010 |
Currency risk | Fixed interest rate | ||
Disclosure of credit risk exposure [line items] | ||
Reasonably possible change in risk variable percent | 10.00% | |
Currency risk | Floating interest rate | ||
Disclosure of credit risk exposure [line items] | ||
Reasonably possible change in risk variable percent | 10.00% | |
Interest rate risk | Fixed interest rate | ||
Disclosure of credit risk exposure [line items] | ||
Potential loss from 10 percent change in market interest rate | € 83 | 71 |
Interest rate risk | Floating interest rate | ||
Disclosure of credit risk exposure [line items] | ||
Potential loss from 10 percent change in exchange rates | € 25 | 27 |
Commodity price risk | ||
Disclosure of credit risk exposure [line items] | ||
Reasonably possible change in risk variable percent | 10.00% | |
Potential loss from 10 percent change in exchange rates | € 91 | € 51 |
Uncategorized Items - fcagroup-
Label | Element | Value |
Increase (decrease) due to changes in accounting policy [member] | ||
Equity | ifrs-full_Equity | € 21,000,000 |
Trade receivables [member] | ||
Fair Value of Assets Representing Derecognised Financial Assets | fcagroup_FairValueofAssetsRepresentingDerecognisedFinancialAssets | 6,752,000,000 |
Fair Value of Assets Representing Derecognised Financial Assets | fcagroup_FairValueofAssetsRepresentingDerecognisedFinancialAssets | 6,847,000,000 |
Reserve of remeasurements of defined benefit plans [member] | ||
Equity | ifrs-full_Equity | (810,000,000) |
Reserve of gains and losses from investments in equity instruments [member] | ||
Equity | ifrs-full_Equity | (352,000,000) |
Other reserves [member] | ||
Equity | ifrs-full_Equity | 20,942,000,000 |
Other reserves [member] | Increase (decrease) due to changes in accounting policy [member] | ||
Equity | ifrs-full_Equity | 21,000,000 |
Reserve of exchange differences on translation [member] | ||
Equity | ifrs-full_Equity | 970,000,000 |
Reserve of cash flow hedges [member] | ||
Equity | ifrs-full_Equity | 68,000,000 |
Non-controlling interests [member] | ||
Equity | ifrs-full_Equity | 168,000,000 |
Reserve of gains and losses on remeasuring available-for-sale financial assets [member] | ||
Equity | ifrs-full_Equity | 3,000,000 |
Available-for-sale Securities1 [Member] | Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | ||
Assets | ifrs-full_Assets | 45,000,000 |
Derivatives [member] | Derivatives [member] | Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | ||
Assets (liabilities) | ifrs-full_NetAssetsLiabilities | € 29,000,000 |