2006 Annual Report - Fiat SpA

The book value at the disposal date of the net assets sold is summarised in the following table. Specific disclosure is made for
Iveco Finance Holdings Limited given the significance of the amounts involved.
of which
(in millions of euros) Total Iveco Finance Holdings
Non current assets 45 34
Cash and cash equivalents 118 115
Other current assets 2,951 2,874
Total assets 3,114 3,023
Debt 2,698 2,656
Other liabilities 172 127
Total liabilities 2,870 2,783
The consideration received from these sales and the related net cash inflows are as follows:
of which
(in millions of euros) Total Iveco Finance Holdings
Total Consideration received 160 122
Net cash inflows generated:
Consideration received 160 122
Less: Cash and cash equivalents disposed of (118) (115)
Reimbursement of loans extended by the Group’s centralised cash management 2,017 2,017
Total Net cash inflows generated 2,059 2,024
37. Non-recurring transactions
Pursuant to the Consob Communication of July 28, 2006, the significant non-recurring operations carried out by the Fiat Group in
2006 were the purchase of 29% of the shares of Ferrari S.p.A., the sale of Banca Unione di Credito – B.U.C. and the establishment
of the joint venture FAFS with Crédit Agricole. The effects of these operations are discussed in the preceding notes when
significant and in particular in Note 36.
For disclosure purposes it is recalled that the Group has entered certain important targeted industrial and/or commercial sales
agreements during the year (in many cases these are still at the stage of the “Letter of intent”) under which manufacturing and/or
commercial joint ventures will be set up in foreign countries (including India and China), development and growth will be agreed
with other operators in the automotive business and vehicles will be constructed on behalf of other manufacturers and/or the
manufacturing know how will be sold. By December 31, 2006 these agreements, which have by now become part of the Group’s
ordinary operations, had not yet had a significant effect on the amounts stated in the consolidated financial statements.
194
Fiat Group Consolidated Financial Statements at December 31, 2006 - Notes
38. Transactions resulting from unusual and/or abnormal operations
Pursuant to the Consob Communication of July 28, 2006, the Group has not taken part in any unusual and/or abnormal operations
as defined in that Communication (reference should be made to the section Format of the financial statements for a definition of
these).
39. Translation of financial statements denominated in a currency other than the euros
The principal exchange rates used in 2006 and 2005 to translate into euros the financial statements prepared in currencies other
than the euros were as follows:
Average At December Average At December
2006 31, 2006 2005 31, 2005
U.S. dollar 1.256 1.317 1.244 1.180
Pound sterling 0.682 0.672 0.684 0.685
Swiss franc 1.573 1.607 1.548 1.555
Polish zloty 3.896 3.831 4.023 3.860
Brazilian real 2.734 2.815 3.027 2.761
Argentine peso 3.879 4.066 3.637 3.589
40. Other information
Personnel costs
The income statement includes personnel costs for 6,741 million euros in 2006 (6,158 million euros in 2005).
An analysis of the average number of employees by category is provided as follows:
2006 2005
Average number of employees
- Managers 2,432 2,595
- White-collar 54,351 54,489
- Blue-collar 116,943 112,987
Total 173,726 170,071
Fiat Group Consolidated Financial Statements at December 31, 2006 - Notes 195