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

Investments where the investment risk is borne by policyholders, and those related to pension plan management
(in millions of euros) At 6/30/2003 At 12/31/2002 Change
Investments where the investment risk is borne by
policyholders, and those related to pension plan management – 6,930 (6,930)
Following the sale of the Toro Assicurazioni Group, at June 30, 2003 there were no investments where the investment risk is borne
by policyholders, and those related to pension plan management.
4 Inventories
(in millions of euros) At 6/30/2003 At 12/31/2002
Total Inventories 16,270 15,277
Advance payments on contract work in progress (8,893) (8,227)
Net inventories 7,377 7,050
Inventories of 16,270 million euros at June 30, 2003 (15,277 million euros at December 31, 2002) show an increase of 993 million
euros. Advances of 8,893 million euros (8,227 million euros at December 31, 2002) were received for contract work in progress and
related advances paid and posted under Payables (Note 10). Net of these advances, inventories totaled 7,377 million euros (7,050
million euros at December 31, 2002), for an increase of 327 million euros. The amounts for advances received in connection with
the T.A.V. (High-Speed Railway) project, of which Fiat is General Contractor, are included in the item “Other payables” (Note 10)
and were directly subtracted from Inventories to determine Net inventories.
5 Receivables
At 6/30/2003 At 12/31/2002
(in millions of euros) Trade Other Total Trade Other Total
Total Receivables 5,858 6,436 12,294 5,784 6,850 12,634
Of which:
Receivables included in working capital 5,858 3,373 9,231 5,784 3,351 9,135
Deferred tax assets – 3,063 3,063 – 3,499 3,499
Receivables, which have been broken down into Trade receivables and Other receivables, are net of the respective allowances
for doubtful accounts. Other receivables include amounts due from the Tax Authorities, deferred tax assets, security deposits
and miscellaneous receivables.
Receivables due beyond five years totaled 9 million euros at June 30, 2003 (12 million euros at December 31, 2002).
6 Financial assets not held as fixed assets
40 Fiat Group Consolidated Financial Statements and Notes at June 30, 2003
(in millions of euros) At 6/30/2003 At 12/31/2002
Investments 33 810
Other securities 490 6,769
Treasury stock 18 22
Financial receivables 16,597 18,411
Total Financial assets not held as fixed assets 17,138 26,012
Investments include Investments in other companies for 33 million euros at June 30, 2003 (810 million euros at December 31, 2002),
consisting mainly of securities held by a minor insurance company that is not a part of the Toro Assicurazioni Group to fund insurance
policy liabilities and accruals. The negative change of -777 million euros compared to December 31, 2002 stemmed principally from
the effect of the sale of the Toro Assicurazioni Group for -755 million euros, sale of the investment in Fondiaria-SAI S.p.A. for -21
million euros, and other minor changes for -1 million euros.