THE FIAT GROUP IN - Fiat SpA

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(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
38 38 The balance of Interest income and other financial income (3,329 million euros) and Interest expense and other financial expense (2,634 million euros), including the results of the financial companies, shows a balance of financial income of 695 million euros (403 million euros in 2000). The increase of 292 million euros over 2000 is the result of higher interest income on securities for 255 million euros and the net balance of interest income and expenses of 37 million euros. Loss on sale of securities (78 million euros) includes the loss of 40 million euros on the sales of investments not held as fixed assets. The caption Discounts and other expenses includes receivables discounting and securitization expenses for 251 million euros in 2001 (178 million euros in 2000). 18 Adjustments to financial assets (in millions of euros) 2001 2000 1999 Revaluations: Equity investments 204 206 183 Financial fixed assets other than equity investments 38 41 51 Securities in current assets other than equity investments 12 6 1 Total Revaluations 254 253 235 Writedowns: Equity investments 577 280 111 Financial fixed assets other than equity investments 128 43 74 Securities in current assets other than equity investments 28 25 37 Financial receivables 15 7 9 Total Writedowns 748 355 231 Total Adjustments to financial assets (494) (102) 4 Revaluations and Writedowns of equity investments also include the share of the net income and losses of companies accounted for using the equity method. Revaluations of equity investments of 204 million euros in 2001 (206 million euros in 2000) include the share of the earnings of the following companies (in millions of euros): BUC – Banca Unione di Credito 33 (30 in 2000), Leasys S.p.A. 22, Europe Assistance Holding S.A. 8 (9 in 2000), other companies of CNH Global N.V. 24 (18 in 2000), investments in insurance companies 59 (54 in 2000), other companies 58 (95 in 2000). Writedowns of equity investments of 577 million euros in 2001 (280 million euros in 2000) include the share of the losses of the following companies (in millions of euros): Italenergia S.p.A. 34, Atlanet S.p.A. 21 (6 in 2000), H.d.P. S.p.A. 23 (revaluation for 4 in 2000), other companies of CNH Global N.V. 32 (9 in 2000), companies in the Automobile Sector operating in Turkey 33 (revaluations for 10 and writedowns for 4 in 2000), companies in the Automobile Sector operating in China 15 (12 in 2000), other companies in the Automobile Sector 30 (14 in 2000), investments in insurance companies 313 (140 in 2000) and other companies 76 (95 in 2000).
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 and 18: 14 14 the Government or the EU are
Page 19 and 20: 16 16 In particular, with respect t
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: 36 36 Other operating costs (in mil
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
Page 69 and 70: 66 66 12 Payables Borrowings from b
Page 71 and 72: 68 68 14 Memorandum accounts Unsecu
Page 73 and 74: 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
Page 81 and 82: 78 78 List of investments (continue
Page 83 and 84: 80 80 List of investments (continue
Page 85 and 86: 82 82 Treasury stock at December 31
Page 87 and 88: 84 84 Analysis of cash flow (in tho
Page 89 and 90: 86 86 Stock options granted to Dire
Page 91 and 92:
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
Page 127 and 128:
124 124 Report of the Independent A
Page 129 and 130:
126 126 Report of the Board of Stat
Page 131:
The Fiat Group in 2001 Balance Shee
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