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

Other financial income
(in millions of euros) 1st half 2003 1st half 2002
Interest earned and other income 248 385
Interest from customers and lease payments 771 1,088
Income from derivative financial instruments 424 656
Foreign exchange gains, net 38 –
Total Other financial income 1,481 2,129
of which:
Other financial income excluding financial activities 710 1,041
Interest and other financial expenses
(in millions of euros) 1st half 2003 1st half 2002
Bond interest 343 345
Bank interest 364 539
Interest paid and other financial expenses 452 512
Expenses from derivative financial instruments 345 599
Foreign exchange losses, net – 49
Total Interest and other financial expenses 1,504 2,044
of which:
Interest and other financial expenses, excluding financial activities 1,137 1,535
In the first half of 2003 the total of Other financial income of 1,481 million euros (2,129 million euros in the first half of 2002) net of
total Interest and other financial expenses of 1,504 million euros (2,044 million euros in the first half of 2002) resulted in net financial
expenses of 23 million euros, compared to net financial income of 85 million euros in the first half of 2002. The -108 million euro
difference includes -102 million euros due to changes in the scope of consolidation upon disposal of the Brazilian financing activities,
IPI S.p.A., Fraikin, Fidis Retail Italia and the Toro Assicurazioni Group.
Interest and other financial expenses include receivables discounting and securitization expenses for 148 million euros in the first
half of 2003 (190 million euros in the first six months of 2002).
16 Adjustments to financial assets
(in millions of euros) 1st half 2003 1st half 2002
Revaluations of:
Equity investments 60 54
Securities held as current assets other than equity investments 14 23
Total Revaluations 74 77
Writedowns of:
47 Fiat Group Consolidated Financial Statements and Notes at June 30, 2003
Equity investments 119 237
Securities held as current assets other than equity investments 10 43
Financial receivables 1 2
Total Writedowns 130 282
Total Adjustments to financial assets (56) (205)
The Revaluations and Writedowns of equity investments include the Group’s interest in net income and losses of the companies
accounted for using the equity method.
Revaluations of equity investments in the first half of 2003 amounted to 60 million euros (54 million euros in the first half of 2002)
and refer to the following companies (in millions of euros): BUC-Banca Unione di Credito 8 (19 in 2002), various companies in the
Automobile Sector 14 (1 in 2002); various companies of CNH Global N.V. 6 (13 in 2002); investments in insurance companies 3
(5 in 2002), and other companies 29 (16 in 2002).
Writedowns of equity investments in the first half of 2003 amounted to 119 million euros (237 million euros in the first half of 2002)
and refer to the following companies (in millions of euros): Italenergia Bis S.p.A. 16 (50 in 2002), various companies in the Automobile