in the First Half of 2003 98th Fiscal Year - FIAT SpA

Discontinuing Operations
The revenues from discontinuing operations totaled 2,648
million euros in the first half of 2003 and they included the
contribution of FiatAvio for the six months (625 million euros;
768 million euros in the corresponding period of 2002), Toro
Assicurazioni for the first four months of 2003 (1,654 million
euros; 2,446 million euros in the first half of 2002), Fidis Retail
Italia activities for five months (110 million euros; 147 million
euros in the first half of 2002), Brazilian retail financing activities
of Fiat Auto for the first quarter (55 million euros; 216 million
Financial Position by Activity Segment
15 Operating Performance and Financial Position of the Fiat Group and Fiat S.p.A.
in the First Half of 2003
euros in the first half of last year), the foreign companies that
will be sold to Fidis Retail Italia once the competent local
authorities grant the necessary approval for the entire first half
(204 million euros; 224 million euros in the first half of 2002). The
revenues of IPI (14 million euros) and Fraikin (245 million euros)
were also present in the first half of 2002.
In the first half of 2003 operating income from discontinuing
operations totaled 176 million euros, broken down as follows:
six months for FiatAvio (53 million euros; 120 million euros in
the corresponding period of 2002), the first four months for
At 6/30/2003 At 12/31/2002
(in millions of euros)
❚ ASSETS
Consolidated
Industrial
Activities
Financial
Activities
Discontinuing
Operations Consolidated
Industrial
Activities
Financial Discontinuing
Activities Operations
Intangible fixed assets 4,198 3,937 156 105 5,200 4,242 157 801
Property, plant and equipment 10,407 8,989 1,090 328 12,106 9,450 1,179 1,477
Financial fixed assets
Investments where the investment risk
4,123 6,209 555 4 6,638 7,912 692 3,053
is borne by policyholders, and those
related to pension plan management – – – – 6,930 – – 6,930
Financial receivables held as fixed assets (*) 21 21 – – 48 46 1 1
Financial leasing of Group assets (*) 3,060 – 2,067 993 2,947 – 1,462 1,485
Financial assets not held as fixed assets 114 114 – – 6,094 143 – 5,956
Net inventories (1) 7,377 6,730 33 614 7,050 6,423 37 590
Trade receivables 5,858 4,564 1,250 327 5,784 3,946 1,371 1,059
Other receivables 3,373 2,516 815 131 3,351 2,371 663 507
Financial receivables from others (*) 16,597 5,405 8,416 2,776 18,411 2,457 9,478 6,476
Net deferred tax assets (2) 2,082 2,047 30 5 2,263 2,252 46 (28)
Cash and securities (*) 2,630 2,142 429 59 4,996 3,132 491 1,373
Trade accruals and deferrals 493 395 51 50 579 402 64 117
Financial accruals and deferrals (*) 375 309 29 37 661 414 51 196
❚ TOTAL ASSETS 60,708 43,378 14,921 5,429 83,058 43,190 15,692 29,993
❚ LIABILITIES AND STOCKHOLDERS' EQUITY
Total Stockholders’ Equity 7,457 7,422 1,875 805 8,679 8,351 1,504 3,676
Reserve for net deferred tax assets – – – – – – 7 –
Reserve for risks and charges 5,465 5,241 152 72 15,390 5,532 314 9,716
Reserve for employee severance indemnities
Policy liabilities and accruals where the investment
1,581 1,461 10 110 1,609 1,437 9 163
risk is borne by policyholders, and those related
to pension plan management – – – – 7,000 – – 7,000
Trade payables 12,741 12,207 389 429 13,267 12,503 459 883
Other payables (1) 4,430 3,368 394 759 4,771 3,546 246 1,187
Financial payables net of intersegment activities (*) 26,275 11,809 11,747 2,719 28,923 10,051 12,629 6,243
Trade accruals and deferrals 1,539 1,376 88 75 1,499 1,145 205 149
Financial accruals and deferrals (*) 1,220 494 266 460 1,920 625 319 976
❚ TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY 60,708 43,378 14,921 5,429 83,058 43,190 15,692 29,993
❚ NET FINANCIAL POSITION (*) (4,812) (4,426) (1,072) 686 (3,780) (4,627) (1,465) 2,312
(1) Net of advances received for contract work in progress (8,893 million euros at June 30, 2003 and 8,227 million euros at December 31, 2002).
(2) Net of deferred income tax reserve (981 million euros at June 30, 2003 and 1,236 million euros at December 31, 2002).