2006 Annual Report - Fiat SpA
2006 Annual Report - Fiat SpA
2006 Annual Report - Fiat SpA
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of which: with related parties<br />
Jointly<br />
At December Unconsolidated controlled Associated Other related Total related Effect on<br />
(in millions of euros) 31, 2005 Subsidiaries entities companies parties parties Total (%)<br />
Other investments and financial assets 571 11 – 68 – 79 13.8%<br />
Inventories 7,881 – 38 – – 38 0.5%<br />
Trade receivables 4,969 15 101 87 – 203 4.1%<br />
Receivables from financing activities 15,973 60 8 5 – 73 0.5%<br />
Other current receivables 3,084 13 17 4 – 34 1.1%<br />
Cash and cash equivalents 6,417 – – 2 – 2 0.0%<br />
Asset-backed financing 10,729 – – 212 – 212 2.0%<br />
Other debt 15,032 35 51 67 – 153 1.0%<br />
Trade payables 11,777 16 579 26 – 621 5.3%<br />
Other payables 4,821 1 38 2 – 41 0.9%<br />
Transactions with jointly controlled entities<br />
Significant transactions with jointly controlled entities are set out as follows:<br />
■ Net revenues: transactions consist principally of the sales of motor vehicles, production systems and components, including<br />
engines and gearboxes, and the provision of services, to the following companies:<br />
(in millions of euros) <strong>2006</strong> 2005<br />
Tofas-Turk Otomobil Fabrikasi Tofas A.S., for the sale of motor vehicles 820 681<br />
Società Europea Veicoli Leggeri-Sevel S.p.A., for the sale of engines, other components<br />
and production systems 607 650<br />
Iveco <strong>Fiat</strong>-Oto Melara Società consortile, for the sale of vehicles and special transport 108 115<br />
Société Européenne de Véhicules Légers du Nord-Sevelnord Société Anonyme, for the sale of<br />
engines and other components and production systems 74 41<br />
New Holland Trakmak Traktor A.S., for the sale of Agricultural and construction equipment 36 30<br />
New Holland HFT Japan Inc., for the sale of Agricultural and construction equipment 26 27<br />
Other minor amounts 96 30<br />
Total Net revenues from jointly controlled entities 1,767 1,574<br />
■ Cost of sales: transactions have taken place principally with the following companies:<br />
(in millions of euros) <strong>2006</strong> 2005<br />
Tofas-Turk Otomobil Fabrikasi Tofas A.S., for the purchase of motor vehicles 804 540<br />
Società Europea Veicoli Leggeri-Sevel S.p.A., for the purchase of motor vehicles 1,191 1,042<br />
Société Européenne de Véhicules Légers du Nord-Sevelnord Société Anonyme, for the purchase of motor vehicles 378 431<br />
Other minor amounts 664 175<br />
Total Cost of sales for purchases from jointly controlled entities 3,037 2,188<br />
■ Current trade receivables: these relate to receivables resulting from the revenues discussed above and, starting from December<br />
<strong>2006</strong>, those arising from the Group’s trade relationships with FAFS, which mostly regard the sales of vehicles leased out by FAFS in<br />
its own turn under operating or financial lease arrangements. In particular:<br />
188<br />
<strong>Fiat</strong> Group Consolidated Financial Statements at December 31, <strong>2006</strong> - Notes<br />
(in millions of euros) <strong>2006</strong> 2005<br />
FAFS 46 –<br />
Tofas-Turk Otomobil Fabrikasi Tofas A.S. 82 44<br />
Società Europea Veicoli Leggeri-Sevel S.p.A. 110 35<br />
Société Européenne de Véhicules Légers du Nord-Sevelnord Société Anonyme 1 1<br />
Other minor amounts 41 21<br />
Total Current trade receivables due from jointly controlled entities 280 101<br />
■ Current receivables from financing activities of 174 million euros (8 million euros at December 31, 2005): these relate to<br />
receivables resulting from financial activities carried out by the Group with jointly controlled entities (Sevel) and receivables of 143<br />
million euros at December 31, <strong>2006</strong> from jointly controlled financial service companies (FAFS) resulting from the financing of the<br />
sales network.<br />
■ Other current receivables of 129 million euros (17 million euros at December 31, 2005): these relate mostly to other receivables<br />
of 113 million euros due from FAFS of which 98 million euros relate to the extended term consideration due in connection with the<br />
transaction by which the joint venture was established.<br />
■ Asset-backed financing of 124 million euros (nil at 31 December 31, 2005): these relate to amounts due to FAFS for sales<br />
of receivables which do not qualify as sales under IAS 39.<br />
■ Other financial payables of 266 million euros (51 million euros at December 31, 2005): this item includes 243 million euros<br />
of other payables of a financial nature due to FAFS.<br />
■ Trade payables: these relate to payables resulting from the costs discussed above and, starting from December <strong>2006</strong>, those<br />
arising from the Group’s trade relationships with FAFS. In particular:<br />
(in millions of euros) <strong>2006</strong> 2005<br />
Tofas-Turk Otomobil Fabrikasi Tofas A.S. 152 124<br />
Società Europea Veicoli Leggeri-Sevel S.p.A. 655 372<br />
Société Européenne de Véhicules Légers du Nord-Sevelnord Société Anonyme 56 74<br />
FAFS 76 –<br />
Other minor amounts 8 9<br />
Total Trade payables due to jointly controlled entities 947 579<br />
Transactions with associated companies<br />
The principal transactions are as follows:<br />
■ Revenues: transactions consist principally of the sales of motor vehicles, production systems and components, including engines<br />
and gearboxes, and the provision of services, to the following companies:<br />
(in millions of euros) <strong>2006</strong> 2005<br />
Iveco Finance Holdings Ltd. (a subsidiary of the Barclays group), for the sale<br />
of industrial vehicles leased out by the associate 225 150<br />
Otoyol Sanayi A.S., for the sale of industrial vehicles 72 49<br />
Other minor amounts 105 78<br />
Total Revenues from associated companies 402 277<br />
<strong>Fiat</strong> Group Consolidated Financial Statements at December 31, <strong>2006</strong> - Notes 189