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STATEMENT OF OPERATIONS<br />
(in millions of euros)<br />
1999 Fiscal year 1st half 2000 1st half 1999<br />
Value of production<br />
81 Revenues from sales and services 45 40<br />
6 Change in contract work in progress 4 2<br />
72 Other income and revenues 6 24<br />
159 Total Value of production 55 66<br />
Costs of production<br />
88 Services 32 34<br />
2 Leases and rentals – –<br />
57 Personnel costs 33 29<br />
4 Amortization, depreciation and writedowns 2 3<br />
23 Other charges 6 7<br />
174 Total Costs of production 73 73<br />
(15) Difference between the Value and Costs of production (18) (7)<br />
Financial income and expenses<br />
608 Investment income 197 224<br />
26 Other financial income 8 18<br />
11 Interest and other financial expenses 16 4<br />
623 Total Financial income and expenses 189 238<br />
Adjustments to financial assets<br />
210 Writedowns – –<br />
(210) Total Adjustments to financial assets – –<br />
Extraordinary income and expenses<br />
81 Extraordinary income – 73<br />
81 Total Extraordinary income and expenses – 73<br />
479 Income for the period before taxes (*) 171 304<br />
83 Income taxes<br />
396 Net income<br />
(*) The result for the six-month period does not include the tax credit on dividends, since no income tax computation has been made.<br />
In 1999, the tax credits was included in “Investment income”.<br />
Turin, September 15, 2000<br />
The Board of Directors, by:<br />
Paolo Fresco<br />
Chairman<br />
Fiat S.p.A. – Financial Statements at June 30, 2000<br />
43
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