2006 Annual Report - Fiat SpA
2006 Annual Report - Fiat SpA
2006 Annual Report - Fiat SpA
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The item also includes an amount of 29 million euros (32 million euros at December 31, 2005) for certain properties and industrial<br />
buildings owned by CNH and no longer being used as a result of the restructuring process set up in prior years following the acquisition<br />
of the Case Group, and certain properties and industrial buildings of <strong>Fiat</strong> Auto and Iveco for an overall amount of 7 million euros.<br />
The items included in Assets held for sale and Liabilities held for sale as of December 31, <strong>2006</strong>, may be summarized as follows:<br />
(in millions of euros) At December 31, <strong>2006</strong><br />
Intangible assets 8<br />
Property, plant and equipment 173<br />
Leased assets 7<br />
Deferred tax assets 6<br />
Inventories 37<br />
Trade receivables 80<br />
Receivables from financing activities 6<br />
Other receivables, Accrued income and prepaid expenses 10<br />
Cash and cash equivalents 5<br />
Total Assets 332<br />
Employee benefits 13<br />
Other provisions 42<br />
Asset-backed financing –<br />
Other debt 34<br />
Trade payables 172<br />
Deferred tax liabilities 4<br />
Other payables, Accrued expenses and deferred income 44<br />
Total Liabilities 309<br />
25. Stockholders’ equity<br />
Stockholders’ equity at December 31, <strong>2006</strong> increased by 623 million euros over that at December 31, 2005 mainly due to net<br />
income for the period (1,151 million euros) and foreign exchange losses from the translation into euros of the financial statements<br />
of subsidiaries denominated in other currencies (552 million euros).<br />
Capital stock<br />
At December 31, <strong>2006</strong>, the capital stock of <strong>Fiat</strong> S.p.A. is as follows:<br />
(number of shares) At December 31, <strong>2006</strong> At December 31, 2005<br />
Shares issued and fully paid<br />
- Ordinary shares 1,092,246,316 1,092,246,316<br />
- Preference shares 103,292,310 103,292,310<br />
- Saving shares 79,912,800 79,912,800<br />
Total shares issued 1,275,451,426 1,275,451,426<br />
144<br />
<strong>Fiat</strong> Group Consolidated Financial Statements at December 31, <strong>2006</strong> - Notes<br />
Issued shares have a nominal value of 5 euros, with each category having rights as follows:<br />
Each share conveys the right to a proportionate share of the earnings available for distribution and of the residual net assets upon<br />
liquidation, without harming the rights of preference and savings shares on the allocation of the earnings as described in the<br />
following paragraph.<br />
Each ordinary share conveys the right to vote without any restrictions whatsoever. Each preference share conveys the right to vote<br />
only on issues that are within the purview of the Extraordinary Stockholders’ Meeting and on resolutions concerning Regulations<br />
for Stockholders’ Meetings. Savings shares are not entitled to vote.<br />
The net income for the year resulting from the annual financial statements of <strong>Fiat</strong> S.p.A. is allocated as follows:<br />
■ to the Legal Reserve, 5% of net income until this reserve reaches one fifth of the capital stock;<br />
■ to savings shares, a dividend of up to 0.31 euros per share;<br />
■ to the Legal Reserve (additional allocation), to the Extraordinary Reserve and/or to retained earnings, such allocations as shall be<br />
decided by the <strong>Annual</strong> General Meeting of Stockholders;<br />
■ to preference shares, a dividend of up to 0.31 euros per share;<br />
■ to ordinary shares, a dividend of up to 0.155 euros per share;<br />
■ to savings shares and ordinary shares, in equal proportions, an additional dividend of up to 0.155 euros per share;<br />
■ to each ordinary, preference and savings share, in equal proportions, the balance of the net income which the Stockholders’<br />
Meeting resolves to distribute.<br />
When the dividend paid to savings shares in any year amounts to less than 0.31 euros, the difference is added to the preferred<br />
dividend to which they are entitled in the following two years.<br />
If the savings shares are delisted, they are transformed into registered shares if originally bearer shares, and have the right to a<br />
higher dividend increased by 0.175 euros, rather than 0.155 euros, with respect to the dividend received by the ordinary and<br />
preference shares.<br />
If the ordinary shares are delisted, the higher dividend received by the savings shares with respect to the dividend received by<br />
ordinary and preference shares is increased by 0.2 euros per share.<br />
As no dividends were distributed in 2004 and 2005, savings shares are entitled to an additional 0.62 euros per share at<br />
December 31, <strong>2006</strong>.<br />
<strong>Fiat</strong> Group Consolidated Financial Statements at December 31, <strong>2006</strong> - Notes 145