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

18 Income taxes for the period
Income taxes on the consolidated statement of operations in the first half of 2003 consisted of the following:
(in millions of euros) 1st half 2003 1st half 2002
Current taxes:
49 Fiat Group Consolidated Financial Statements and Notes at June 30, 2003
IRAP 58 70
Other taxes 28 345
Total Current taxes 86 415
Deferred taxes for the period 81 (140)
Total Income taxes for the period 167 275
Due to the negative result for the first half of 2003 and the first half of 2002, the comparison between the actual tax rate applicable
to the Group and the theoretical rate has no significance.
19 Other information
❚ During the first half of 2003, the Group had an average number of 178,102 employees, compared to 201,788 during the first six
months of 2002.
❚ A list of the principal exchange rates used to convert the amounts reported by companies outside the Euro zone into the Euro
currency is provided below:
1st half 2003 1st half 2002
Average At June 30 Average At June 30
US dollar 1.105 1.143 0.897 0.998
Pound sterling 0.686 0.693 0.621 0.650
Swiss franc 1.492 1.554 1.469 1.472
Polish zloty 4.269 4.457 3.666 4.009
Brazilian real 3.578 3.281 2.189 2.837
Argentine peso 3.331 3.200 2.373 3.840
Agricultural and Other Other Other
Construction Commercial Automotive Diversified Companies and
(in millions euros)
1st half of 2003
Net revenues:
Automobiles Equipment Vehicles Sectors Insurance Sectors Eliminations (**) Consolidation
Third parties 10,052 4,794 4,068 2,866 1,626 1,287 81 24,774
Intersegment (*) 97 6 107 890 28 471 (1,599) –
Total 10,149 4,800 4,175 3,756 1,654 1,758 (1,518) 24,774
Operating income/(loss) (568) 105 22 (15) 44 75 (30) (367)
Depreciation and amortization 486 227 149 195 16 63 49 1,185
Capital expenditures 396 102 86 156 – 39 (8) 771
Total Assets (at June 30, 2003)
1st half of 2002
Net revenues:
25,187 14,766 9,616 8,724 – 7,698 4,591 70,582
Third parties 11,664 5,690 4,255 3,168 2,405 1,335 238 28,755
Intersegment (*) 106 1 253 1,145 41 555 (2,101) –
Total 11,770 5,691 4,508 4,313 2,446 1,890 (1,863) 28,755
Operating income/(loss) (823) 161 36 7 105 156 (68) (426)
Depreciation and amortization 511 289 216 230 23 61 51 1,381
Capital expenditures 434 228 270 179 5 27 14 1,157
Total Assets (at December 31, 2002) 30,026 14,434 10,846 9,269 19,041 6,534 2,371 92,521
(*) Intersegment net sales and revenues include revenues between consolidated Group companies relating to different Sectors. Intersegment sales are accounted for at transfer prices that
are substantially in line with market conditions.
(**) The operating income (loss) of “Other Companies” amounts to -40 million euros in the first half of 2003 (-77 million euros in the first half of 2002).