THE FIAT GROUP IN - Fiat SpA

(in millions of euros) 2001 2000 1999
Other financial income from:
receivables from others held as fixed assets 2 5 6
securities held as fixed assets other than equity investments 253 203 86
securities held as current assets other than equity investments 301 96 162
Other income from:
unconsolidated subsidiaries 11 22 12
associated companies 22 17 7
others:
bank and other interest 302 349 203
customer interest and lease income 2,154 1,976 1,492
discounts and other income 284 233 246
income from derivative financial instruments 1,075 802 1,212
Total from others 3,815 3,360 3,153
Total Other income 3,848 3,399 3,172
Total Other financial income 4,404 3,703 3,426
of which:
Other financial income, excluding financial activities 2,188 1,655 1,870
Interest and other financial expenses
(in millions of euros) 2001 2000 1999
Interest and other financial expenses:
unconsolidated subsidiaries 3 5 7
associated companies 10 14 9
others:
bond interest 625 457 136
bank interest 799 684 598
interest on trade and other payables 63 45 38
interest on notes payable 202 250 173
interest on other financial payables 343 409 132
discounts and other expenses 511 580 350
expenses from derivative financial instruments 1,255 1,126 935
loss on sale of securities 78 54 44
foreign exchange losses, net 147 9 532
Total interest and other financial expenses - others 4,023 3,614 2,938
Total Interest and other financial expenses 4,036 3,633 2,954
of which:
Interest and other financial expenses, excluding financial activities 3,132 2,650 2,260
Foreign exchange losses, net, of 147 million euros (foreign exchange losses, net, of 9 million euros in 2000), represent the
balance between foreign exchange gains of 1,535 million euros in 2001 (1,733 million euros in 2000) and foreign exchange losses
of 1,682 million euros in 2001 (1,742 million euros in 2000).
The balance between income (1,075 million euros) and expenses (1,255 million euros) from derivative financial instruments shows
a net balance of expenses of 180 million euros (expenses of 324 million euros in 2000).
The net negative balance (327 million euros in 2001 and 333 million euros in 2000) between the net foreign exchange losses and
the expense/income from derivative financial instruments is largely caused by the interest differentials connected with the hedging
of financing and other positions in foreign currency relating to Brazil and Argentina. The remaining amount chiefly pertains to the
interest differentials on transactions to hedge the interest rate and exchange risk on financing of the Group (mainly bond issues).
Consolidated Financial Statements at December 31, 2001 – Notes to the Consolidated Financial Statements 37
37