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

The decrease of 13,592 million euros in transactions involving derivative instruments with respect to the figure at December 31, 2002
is mainly due to the extraordinary transactions during the period that led to deconsolidation of open positions, early reimbursement
of certain loans, and closure of associated hedging positions.
Such transactions, reflecting the notional principal amount, should not be subject to the risk of default by counterparties insofar as
the contracts are entered into with several primary national and international financial institutions.
The consolidated statement of operations for the first half of the year includes the effects both of the contracts that expired during
the first half of 2003 and the accruals for the contracts expiring after June 30, 2003, as indicated in the accounting principles.
Other commitments amounting to 10,291 million euros (9,811 million euros at December 31, 2002) include a commitment of 7,887
million euros (7,718 million euros at December 31, 2002) under the contract between Fiat S.p.A. and Treno Alta Velocità T.A.V. S.p.A.
for the design and construction of high-speed railway lines between Bologna-Florence and Turin-Milan; similar commitments have
been made by the subcontractors in favor of Fiat S.p.A.
Group assets held by third parties
Group assets held by third parties totaled 3,850 million euros at June 30, 2002 (20,757 million euros at December 31, 2002) with a
decrease of 16,907 million euros compared to December 31, 2002, due almost entirely to the deconsolidation of the Toro Assicurazioni
Group. Group assets held by third parties include securities deposited with banks and other financial institutions totaled 870 million
euros (17,558 million euros at December 31, 2002). The decrease of 16,688 million euros stems almost entirely from deconsolidation
of Toro Assicurazioni S.p.A. This item also includes tangible fixed assets, products and goods of some Automotive Sectors held by
outside suppliers for processing, which totaled 2,980 million euros (3,199 million euros at December 31, 2002).
Consolidated Statement of Operations
13 Value of production
The Value of production amounted to 26,152 million euros in the first half of 2003, (30,529 million euros in the first half of 2002)
with a decrease of 14.3% with respect to the first half of 2002.
For more information, please refer to the report on Operating Performance of the Fiat Group.
Revenues from sales and services and Change in contract work in progress
Revenues from sales and services and Change in contract work in progress totaled 24,774 million euros in the first half of 2003 (28,755
million euros in the first half of 2002), with a decrease of 13.8%. This item includes 24,393 million euros for Revenues from sales and
services (28,332 million euros in the first half of 2002) and 381 million euros for the Change in contract work in progress (423 million
euros in the first half of 2002).
The distribution of Revenues from sales and services and the Change in contract work in progress (net of intra-Group transactions)
by business sector and geographical area of destination is as follows:
Net revenues by Sector
45 Fiat Group Consolidated Financial Statements and Notes at June 30, 2003
(in millions of euros) 1st half 2003 1st half 2002
Automobiles 10,052 11,664
Agricultural and Construction Equipment 4,794 5,690
Commercial Vehicles 4,068 4,255
Ferrari 621 580
Components 1,035 1,082
Production Systems 829 658
Metallurgical Products 381 848
Aviation 625 784
Insurance 1,626 2,405
Services 479 378
Publishing and Communications 183 173
Other companies 81 238
Total Net revenues by Sector 24,774 28,755