THE FIAT GROUP IN

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Net Financial Position of the Group
At December 31, 2001, the consolidated net financial
position of the Group showed net indebtedness of 6,035
million euros, 432 million euros less than at the beginning
of the fiscal year (net debt of 6,467 million euros).
A breakdown of the changes affecting the net financial
position in 2001 is provided below:
(in millions of euros)
Net financial position at December 31, 2000 (6,467)
Decrease in working capital 3,022
Investments in fixed and intangible assets (3,911)
Cash flow 2,089
Dividends (380)
Acquisitions and capital contributions (1,524)
Disposals (net of capital gains) 903
Other changes 233
Total change 432
Net financial position at December 31, 2001 (6,035)
Cash flow, which is equal to net income before minority
interest plus depreciation and amortization, totaled 2,089
million euros, down from the 3,630 million euros reported
in 2000, mainly due to the net loss. Depreciation and
amortization totaled 2,880 million euros, down slightly
from the 3,052 million euros posted in 2000.
In particular, depreciation and amortization is represented by
fixed asset costs of 1,911 million euros (2,180 million euros
in 2000), 376 million euros for leased assets (353 million euros
in 2000), and 593 million euros for intangible fixed assets
(519 million euros in 2000).
Disposals does not include realized capital gains, as they
are posted under cash flow.
Stockholders’ Equity
(in millions of euros)
Minority
Group
14,767
1999
1,893
12,874
15,209
2000
13,607
1,889
13,320
2001
1,437
12,170
A breakdown of the net financial position, which shows a
significant increase in long-term debt, is provided below:
(in millions of euros) 12/31/2001 12/31/2000
Cash 2,133 1,997
Marketable securities 2,000 1,643
Financial receivables and leased assets 24,686 24,059
Accrued financial income 560 620
Deferred financial income (2,057) (1,778)
Total financial assets (A) 27,322 26,541
Short-term debt (14,408) (17,217)
Long-term debt (18,289) (15,272)
Accrued financial expenses (797) (649)
Deferred financial expenses 137 130
Total financial liabilities (B) (33,357) (33,008)
Group’s net financial position (A-B) (6,035) (6,467)
Stockholders’ Equity
Stockholders’ equity totaled 13,607 million euros at
December 31, 2001, compared with 15,209 million euros at
the end of 2000. This decrease reflects the net loss, payment
of dividends for fiscal 2000, and the reduction stemming from
changes in exchange rates, in consequence of devaluation of
the Argentine peso and, to a lesser extent, the Brazilian real.
Group interest in stockholders’ equity amounted to 12,170
million euros, compared with 13,320 million euros in the
previous fiscal year.
The debt to equity ratio of 0.44 was in line with that of the
previous year (0.43).
A breakdown of the changes in stockholders’ equity is
provided in the Notes to the Consolidated Financial
Statements.