THE FIAT GROUP IN - Fiat SpA

More documents

Recommendations

Info

19 Extraordinary income and expenses (in millions of euros) 2001 2000 1999 Extraordinary income Gains on disposal of investments and other fixed assets 1,515 2,524 382 Other income: Prior period income 51 7 2 Other income 79 226 170 Total Other income 130 233 172 Total Extraordinary income 1,645 2,757 554 Extraordinary expenses Losses on disposal of investments and other fixed assets (56) (30) (14) Taxes related to prior years (18) (5) (9) Other expenses: Extraordinary provisions to reserves (483) (1,106) (130) Other extraordinary expenses (713) (695) (63) Prior period expenses (16) (7) (5) Total Other expenses (1,212) (1,808) (198) Total Extraordinary expenses (1,286) (1,843) (221) Total Extraordinary income and expenses 359 914 333 Gains on disposals of investments and other fixed assets amount to 1,515 million euros in 2001 (2,524 million euros in 2000). They include the gains on the following sales (in millions of euros): Fenice S.p.A. 481, contribution of Fiat Energia S.p.A. to Italenergia S.p.A. 255, sale of the residual FiatAvio Power Services S.p.A. business 17, Climate Control Systems Division of Magneti Marelli 329, sale of ITS and GSA business to set up the Global Value Services joint venture 165, contribution of the Savarent business to Leasys S.p.A. 71, the remaining 49% stake in Alstom Ferroviaria - ex Fiat Ferroviaria 107, Banca di Roma S.p.A. stock 20, H.d.P. S.p.A. stock 16, Denso Manufacturing Italia S.p.A. 13, Sinport Sinergie Portuali S.p.A. 8, other minor investments 33. In 2000, Gains on disposals of investments and other fixed assets amounted to 2,524 million euros. These referred to the gain of 1,779 million euros on the sale of 20% of the capital stock of Fiat Auto Holdings B.V. to General Motors. They also included the gains on the following sales (in millions of euros): Telexis/Atlanet 133, Fiat Ferroviaria 106, Fiat Lubrificanti 347, Rearview Mirror of Magneti Marelli 46, H.d.P. stock 36, Unicredito stock 21, FAPS – Airplane Maintenance Services business segment 17, Banca di Roma stock 6, mutual fund holdings 9, other minor investments 24. Other extraordinary income of 79 million euros (226 million euros in 2000) refers to nonrecurring income of the individual companies of the Group mainly for the release of reserves, extraordinary in nature, that proved in excess of requirements. Extraordinary expenses of 1,286 million euros in 2001 (1,843 million euros in 2000) mainly include expenses related to corporate restructuring and reorganization. About 850 millions euros of this amount are recorded in the financial statements in respect of the specific plan voted by the Board of Directors on December 10, 2001 that calls for the rationalization, restructuring and closing of plant facilities during the period 2002-2004. Extraordinary expenses in 2001 refer to following Sectors: Automobile (628 millions euros), Agricultural and Construction Equipment (79 million euros) Commercial Vehicles (237 million euros), Metallurgical Products (82 million euros), Components (108 million euros), Production Systems (30 million euros), Aviation (30 million euros), Others (92 million euros). Extraordinary expenses of 1,843 million euros in 2000 also included 460 million euros of nonrecurring extraordinary charges incurred within the context of the agreement with General Motors, as well as nonrecurring extraordinary charges or restructuring costs related to the reorganization of the Automobile Sector (113 million euros), the Agricultural and Construction Equipment Sector (489 million euros) as a result of process now underway to integrate the Case Group acquired at the end of 1999, the Commercial Vehicles Sector (79 million euros) and the Components Sector (152 million euros). Consolidated Financial Statements at December 31, 2001 – Notes to the Consolidated Financial Statements 39 39
40 40 20 Income taxes Income taxes recorded in the consolidated statement of operations in 2001, 2000 and 1999 are as follows: (in millions of euros) 2001 2000 1999 Current taxes: IRAP 156 203 201 Other taxes 652 796 407 Total Current taxes 808 999 608 Deferred taxes (514) (527) (90) Total Income taxes 294 472 518 Income taxes paid by the Group in 2001 and 2000 approximately amounted to 747 million euros and 478 million euros, respectively. The reconciliation between the tax charge recorded in the consolidated financial statements and the theoretical tax charge, calculated on the basis of the theoretical tax rates in effect in Italy, is the following: (in millions of euros) 2001 2000 1999 Theoretical income taxes 217 836 796 Utilization of tax loss carryforwards (66) (73) (85) Tax effect of permanent differences (117) (376) (21) Tax effect of difference between foreign tax rates and theoretical Italian tax rates (192) (236) (205) Deferred tax assets not provided 544 337 60 Other (92) (16) (27) Income taxes recorded in financial statements (current and deferred income taxes) 294 472 518 In particular, the theoretical income taxes are calculated by applying the tax rate in effect in Italy of 36% (IRPEG) to the pretax income and the rate of 4.25% to the value of production considered the taxable base for IRAP. In 2001, owing to the loss reported by the Group, the effective tax rate is not significant (44.9% in 2000). With reference to the above reconciliation, the permanent differences include exempt income for 279 million euros (562 million euros in 2000) and net nondeductible costs of 162 million euros in 2001 (186 million euros in 2000). Other of -92 million euros includes income subject to separate taxation for -118 million euros. 21 Other information Assets by geographical area (in millions of euros) At 12/31/2001 At 12/31/2000 Total Assets At 12/31/1999 Europe 76,039 70,629 63,983 North America 15,353 15,584 8,525 Mercosur 6,939 7,312 6,330 Other areas 2,418 2,230 1,035 Total Assets 100,749 95,755 79,873
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 and 40: 36 36 Other operating costs (in mil
Page 41: 38 38 The balance of Interest incom
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
Page 93 and 94:
90 90 Subsidiaries consolidated on
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
100 100 Subsidiaries consolidated o
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
108 108 Subsidiaries valued by the
Page 113 and 114:
110 110 Subsidiaries valued at cost
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
118 118 Associated companies valued
Page 123 and 124:
120 120 Associated companies valued
Page 125 and 126:
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
show all

THE FIAT GROUP IN - Fiat SpA

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?