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

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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).
Toro Assicurazioni (35 million euros; 79 million euros in the first half of 2002), five months for the Fidis Retail Italia activities (39 million euros; 15 million euros in the first six months of 2002), the first quarter for the Brazilian retail financing operations of Fiat Auto (7 million euros; 49 million euros in the first half of 2002), the entire first half for the foreign companies that will be sold to Fidis Retail Italia once the competent local authorities grant the necessary approval (42 million euros; 43 million euros in the corresponding period of 2002). The contribution of IPI (16 16 Operating Performance and Financial Position of the Fiat Group and Fiat S.p.A. in the First Half of 2003 million euros) and Fraikin (10 million euros) was also included in the first half of 2002. Cash and cash equivalents collected by the centralized treasury in the course of its activities have been recorded at the item “Financial payables net of intersegment activities” in the Industrial Activities column. Funds transferred to other activity segments, particularly Financial Activities, were posted net of the related intersegment balances, as shown in the following table: At 6/30/2003 At 12/31/2002 (in millions of euros) Consolidated Industrial Activities Financial Activities Discontinuing Operations Consolidated Industrial Activities Financial Discontinuing Activities Operations Financial payables to third parties 26,275 21,798 2,619 1,858 28,923 21,598 3,170 4,155 (Intersegment financial receivables) – (10,530) (434) (107) – (12,547) (490) (514) Intersegment financial payables – 541 9,562 968 – 1,000 9,949 2,602 Financial payables net of intersegment activities 26,275 11,809 11,747 2,719 28,923 10,051 12,629 6,243 Industrial Activities The financial position of the Group’s industrial operations shows an increase in financial receivables from third parties caused mainly by a receivable booked in connection with the sale of Toro Assicurazioni (2,378 million euros), which was collected at the end of July. The decrease in liquid assets and the rise in financial payables are due to an increase in working capital and other operational funding requirements. Financial Activities The financial position of the Group’s financial services companies is characterized by a relatively stable portfolio of financial receivables and financial asset leases (taking into account the impact of the devaluation of the U.S. dollar on currency translations) and a decrease in indebtedness made possible primarily by the sale of Fraikin. Discontinuing Operations At June 30, 2003, the assets of the discontinuing operations totaled 5,429 million euros, including 1,439 million euros for FiatAvio and 3,990 million euros for the foreign subsidiaries of Fidis Retail Italia. At June 30, 2003, the net financial position of the discontinuing operations showed net liquid assets of 686 million euros, broken down as follows: FiatAvio 51 million euros and the foreign subsidiaries of Fidis Retail Italia 635 million euros.
Page 1 and 2: Report of the Board of Directors on
Page 3 and 4: 2 Financial Highlights of the Fiat
Page 5 and 6: KEY DEVELOPMENTS Despite the weakne
Page 7 and 8: INTRODUCTION In order to facilitate
Page 9 and 10: posted in the first half of 2002, m
Page 11 and 12: EBIT (Earnings Before Interest and
Page 13 and 14: Reserves At June 30, 2003, the rese
Page 15: statement of operations is illustra
Page 19 and 20: In July 2003, Fiat S.p.A. and Avio
Page 21 and 22: leading operator of call centers. T
Page 23 and 24: During the first half of 2003, the
Page 25 and 26: The key development in the first ha
Page 27 and 28: The general economic slowdown conti
Page 29 and 30: The difficulties encountered in the
Page 31 and 32: Based on preliminary estimates, sal
Page 34 and 35: Fiat Group — Consolidated Financi
Page 36 and 37: (in millions of euros) 35 Fiat Grou
Page 38 and 39: ACCOUNTING PRINCIPLES AND METHODS T
Page 40 and 41: December 31, 2002), Naveco Ltd. 113
Page 42 and 43: Other securities at June 30, 2003 i
Page 44 and 45: euros, change in the scope of conso
Page 46 and 47: The decrease of 13,592 million euro
Page 48 and 49: Other financial income (in millions
Page 50: 18 Income taxes for the period Inco
Page 53 and 54: (in millions of euros) 52 Fiat S.p.
Page 56 and 57: 55 Annex
Page 58 and 59: Subsidiaries consolidated on a line
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Subsidiaries consolidated on a line
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Subsidiaries valued by the equity m
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Subsidiaries valued at cost ❚ Aut
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Subsidiaries valued at cost (contin
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Subsidiaries valued at cost (contin
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Associated companies valued by the
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Associated companies valued at cost
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Other companies valued at cost ❚
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Significant investments sold effect
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Report of the Board of Directors on
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in the First Half of 2003 98th Fiscal Year - FIAT SpA

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