THE FIAT GROUP IN - Fiat SpA

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COMPOSITION, PRINCIPAL CHANGES AND OTHER INFORMATION Fixed assets 1 Intangible fixed assets Disposals, Other changes Net of Change in and Foreign Net of amortization the scope of Reclassi- exchange amortization (in millions of euros) 12/31/2000 Additions Amortization consolidation fications effects 12/31/2001 Start-up and expansion costs 109 13 (21) 9 – (43) 67 Research, development and advertising expenses 23 8 (12) (6) 1 (4) 10 Industrial patents and intellectual property rights 561 38 (75) (4) 1 (68) 453 Concessions, licenses, trademarks and similar rights 482 64 (82) 8 19 – 491 Goodwill 386 14 (35) 23 – (13) 375 Intangible assets in progress and advances 63 140 – (1) (28) 69 243 Other intangible assets 268 207 (99) 5 7 (24) 364 Differences on consolidation 4,565 128 (269) 20 – 88 4,532 Total Intangible fixed assets 6,457 612 (593) 54 – 5 6,535 Start-up and expansion costs at December 31, 2001 consist of deferred plant start-up costs and corporate formation costs of 60 million euros (101 million euros at December 31, 2000) and capital increase costs of 7 million euros (8 million euros at December 31, 2000). Industrial patents and intellectual property rights at December 31, 2001 total 453 million euros with a decrease of 108 million euros compared to December 31, 2000. The change from December 31, 2000 is due to Additions during the year of 38 million euros, mainly for the capitalization of costs connected with technological and software studies conducted by the Automotive Sectors. Concessions, licenses, trademarks and similar rights at December 31, 2001 total 491 million euros with an increase of 9 million euros compared to December 31, 2000. The change from December 31, 2000 is due to Additions during the year of 64 million euros, Amortization of 82 million euros, Change in the scope of consolidation of 8 million euros, and Reclassifications, Disposals, Other changes and Foreign exchange effects, net, of 19 million euros. Other intangible assets mainly consist of other deferred charges. In particular, included in intangible fixed assets are costs incurred by the Aviation Sector to participate in international cooperation programs and the contract acquisition costs incurred by the Insurance Companies. Differences on consolidation at December 31, 2001 total 4,532 million euros, and include the net goodwill on the acquisition of the Case Group and other CNH Group companies for 3,173 million euros, the Fraikin Group for 313 million euros, the Irisbus Group for 22 million euros, Nuova Tirrena S.p.A. and other Toro Group companies for 85 million euros, other Business Solutions companies for 42 million euros, Teksid de Mexico S.A. de C.V., Teksid Hierro de Mexico S.A. de C.V. and Meridian Technologies Inc. for 84 million euros, the Midas Group for 30 million euros, the Seima Group for 55 million euros, the Cofap Group for 37 million euros, the Automotive Lighting Groupe for 26 million euros, other Production System Sector companies for 46 million euros, and other minor companies for 45 million euros. Differences on consolidation also include goodwill deriving from the tender offers for the minority interest in Toro Assicurazioni S.p.A. for 399 million euros, and Magneti Marelli S.p.A. for 118 million euros, as well as the capital increase of CNH Global N.V. for 57 million euros. Additions during the year totaling 128 million euros derive from goodwill connected with the purchase of additional stakes in the companies Teksid Hierro de Mexico S.A. de C.V. and Teksid de Mexico S.A. de C.V. (57 million euros), Worknet Società di Fornitura di Lavoro Temporaneo S.p.A. (7 million euros), Nuova Tirrena S.p.A. (12 million euros), Lloyd Italico Group (9 million euros), and other minor companies (43 million euros). As regards the amounts recorded in Goodwill and Differences on consolidation, amortization is charged over periods ranging from five to twenty years, on the basis of the recoverability of these amounts. At the end of the year, however, specific reviews are conducted to verify whether such amounts are recoverable by considering actual future earnings or realization through the sale of the businesses to which they refer. Consolidated Financial Statements at December 31, 2001 – Notes to the Consolidated Financial Statements 15 15
16 16 In particular, with respect to the aforementioned net goodwill relating to the CNH Group (3,230 million euros), specific reviews were conducted, also to conform to the United States accounting standard SFAS 121 (the accounting standard applied by CNH Global NV in its consolidated financial statements which are prepared in accordance with US GAAP). These reviews revealed that the values are recoverable at the Sector level expressed in the financial statements. Moreover, CNH Global is also conducting new more detailed reviews at the level of each single business unit under the new United States accounting standard SFAS 142, which is applicable from January 1, 2002. At this time, it is not possible to anticipate the conclusions of such reviews, nor if these reviews will have a significant impact on the valuation of such goodwill also in relation to Italian accounting principles. 2 Property, plant and equipment Net of Change in Foreign Disposals Net of Accumulated depreciation the scope of Reclassi- exchange and Other depreciation depreciation (in millions of euros) 12/31/2000 Additions Depreciation consolidation fications effects changes 12/31/2001 12/31/2001 Land and buildings 4,891 144 (203) (82) 26 21 (394) 4,403 1,955 Plant and machinery 6,264 521 (819) (1,559) 229 (45) (189) 4,402 8,306 Industrial and commercial equipment 1,823 439 (672) (15) 220 (45) (106) 1,644 5,992 Other assets 2,547 1,362 (593) (12) 12 25 (1,131) 2,210 2,412 Construction in progress and advances 1,152 972 – (209) (487) 3 (203) 1,228 – Total Property, plant and equipment 16,677 3,438 (2,287) (1,877) – (41) (2,023) 13,887 18,665 Property, plant and equipment include revaluations, which, net of depreciation recorded in previous years, are 388 million euros at December 31, 2001 and 481 million euros at December 31, 2000. No interest expenses were capitalized in 2001 and in 2000. Change in the scope of consolidation shows a total decrease of 1,877 million euros, being the result of the sale of Fenice (459 million euros), the deconsolidation of the Powertrain and Purchasing businesses of Fiat Auto which were contributed to the joint-ventures with General Motors that are now accounted for using the equity method (1,559 million euros), as well as the inclusion and exclusion of other minor companies in consolidation (141 million euros). Reclassifications primarily refer to a reduction in construction in progress and advances for the purchase of property, plant and equipment existing at the end of the prior year, which were reclassified at the time they were effectively acquired and put into operation. Disposals and other changes show a total reduction of 2,023 million euros and include, with respect to land and buildings, 394 million euros partly related to the sale of non-strategic properties sold with the intent to reduce net invested capital. Other assets include vehicles on operating leases for 1,599 million euros at December 31, 2001 (1,874 million euros at December 31, 2000), mainly related to long-term leases. The decrease of 275 million euros from December 31, 2000 mainly refers to the Automobile Sector in respect of the transfer of part of the vehicle rental business to the joint venture Leasys S.p.A., which is accounted for using the equity method. The depreciation rates used are determined on the basis of the estimated useful lives of the assets and are listed below: Depreciation rates Land and buildings 3% – 9% Plant and machinery 8% – 21% Industrial and commercial equipment 16% – 28% Other assets 11% – 25%
Page 1 and 2: THE FIAT GROUP IN 2001 Consolidated
Page 3 and 4: Financial Highlights of the Fiat Gr
Page 5 and 6: 2 2 Consolidated Balance Sheet ❚
Page 11 and 12: 8 8 Consolidated Statement of Opera
Page 13 and 14: 10 10 the subsidiaries operating in
Page 15 and 16: 12 12 the exchange rate in effect a
Page 17: 14 14 the Government or the EU are
Page 21 and 22: 18 18 Unconsolidated subsidiaries a
Page 23 and 24: 20 20 Receivables At 12/31/2001 At
Page 25 and 26: 22 22 5 Receivables An analysis of
Page 27 and 28: 24 24 Financial receivables amount
Page 29 and 30: 26 26 Retained earnings and Other r
Page 31 and 32: 28 28 Other reserves Restructuring
Page 33 and 34: 30 30 Less From 5% From 7.5% From 1
Page 35 and 36: 32 32 Commitments (in millions of e
Page 37 and 38: 34 34 15 Value of production Revenu
Page 39 and 40: 36 36 Other operating costs (in mil
Page 41 and 42: 38 38 The balance of Interest incom
Page 43 and 44: 40 40 20 Income taxes Income taxes
Page 45 and 46: 42 42 Research and development expe
Page 47 and 48: 44 44 Reconciliation of Net Income
Page 49 and 50: 46 46 23 Translation of foreign fin
Page 51 and 52: 48 48 Balance Sheet ❚ ASSETS Dece
Page 53 and 54: 50 50 Balance Sheet ❚ MEMORANDUM
Page 55 and 56: 52 52 Statement of Operations ADJUS
Page 57 and 58: 54 54 Receivables and payables deno
Page 59 and 60: 56 56 Depreciation taken in 2001 wa
Page 61 and 62: 58 58 Decreases include: (in thousa
Page 63 and 64: 60 60 The latter advance was paid p
Page 65 and 66: 62 62 8 Accrued income and prepaid
Page 67 and 68: 64 64 The table below shows the cha
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66 66 12 Payables Borrowings from b
Page 71 and 72:
68 68 14 Memorandum accounts Unsecu
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70 70 16 Costs of production Raw ma
Page 75 and 76:
72 72 This item amounted to 1,278 t
Page 77 and 78:
74 74 ANALYSIS OF FIXED ASSETS AND
Page 79 and 80:
76 76 Art. 10, Law No. 72 of March
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78 78 List of investments (continue
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80 80 List of investments (continue
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82 82 Treasury stock at December 31
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84 84 Analysis of cash flow (in tho
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86 86 Stock options granted to Dire
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88 88 The Companies of the Fiat Gro
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90 90 Subsidiaries consolidated on
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100 100 Subsidiaries consolidated o
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108 108 Subsidiaries valued by the
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110 110 Subsidiaries valued at cost
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118 118 Associated companies valued
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120 120 Associated companies valued
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122 122 Other companies valued at c
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124 124 Report of the Independent A
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126 126 Report of the Board of Stat
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The Fiat Group in 2001 Balance Shee
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THE FIAT GROUP IN - Fiat SpA

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