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

(in millions of euros)
36 Fiat Group Consolidated Financial Statements and Notes at June 30, 2003
Consolidated Statement of Operations
2002 Fiscal year 1st half 2003 1st half 2002
Value of production (note 13)
55,427 Revenues from sales and services
Change in work in progress, semi-finished
24,393 28,332
(816) and finished products inventories 199 244
222 Change in contract work in progress 381 423
1,107 Additions to internally produced fixed assets 386 591
2,152 Other income and revenues 793 939
58,092 Total Value of production 26,152 30,529
Costs of production (note 14)
30,289 Raw materials, supplies and merchandise 14,177 15,618
9,890 Services 4,891 5,819
468 Leases and rentals 186 199
7,554 Personnel costs 3,587 4,055
2,983 Amortization, depreciation and writedowns
Change in raw materials, supplies and
1,313 1,528
38 merchandise inventories (195) 72
1,138 Provisions for risks 411 523
30 Other provisions – 2
1,304 Other operating costs 425 564
1,115 Expenses of financial services companies 367 509
4,045 Insurance claims and other costs 1,357 2,066
58,854 Total Costs of production 26,519 30,955
(762) Difference between the Value and Costs of production (367) (426)
Financial income and expenses (note 15)
156 Investment income 17 80
2,219 Other financial income 710 1,041
3,046 Interest and other financial expenses 1,137 1,535
(671) Total Financial income and expenses (410) (414)
Adjustments to financial assets (note 16)
75 Revaluations 74 77
956 Writedowns 130 282
(881) Total Adjustments to financial assets (56) (205)
Extraordinary income and expenses (nota 17)
1,235 Extraordinary income 598 787
3,738 Extraordinary expenses 335 270
(2,503) Total Extraordinary income and expenses 263 517
(4,817) Income (Loss) before taxes (570) (528)
(554) Income taxes for the period (note 18) 167 275
(4,263) Income (Loss) for the period before minority interest (737) (803)
315 Minority interest 29 240
(3,948) Net income (Loss) for the period (708) (563)