Fiat Group - Consolidated Financial Statements and Notes - Fiat SpA

Reconciliation to the income statement is provided at the end of the following table.
(€ million) 2011 (*) 2010 (**)
Financial income:
Interest income and other financial income 352 239
Interest income from customers and other financial income of financial services companies 235 173
Interest income receivables from Discontinued Operations - 272
Gains on disposal of securities 2 10
Total Financial income 589 694
of which:
Financial income, excluding financial services companies (a) 354 508
Interest cost and other financial expenses:
Interest expense and other financial expenses 1,588 1,049
Interest expense payable to Discontinued Operations - 45
Write-downs of financial assets 43 57
Losses on disposal of securities 11 12
Interest costs on employee benefits 96 50
Total Interest and other financial expenses 1,738 1,213
Net (income) expenses from derivative financial instruments and exchange rate differences
Total interest and other financial expenses, net (income) expenses from derivative financial instruments
46 (198)
and exchange differences
of which:
Interest cost and other financial expenses, effects resulting from derivative financial instruments and exchange
1,784 1,015
rate differences, excluding financial services companies (b) 1,636 908
Net financial income (expenses) excluding financial services companies (a) – (b)
(*) The amounts reported include seven months of operations for Chrysler.
(**) The amounts relate to Continuing Operations.
(1,282) (400)
Net financial expenses in 2011 (excluding the financial services companies) total €1,282 million. This amount includes the net financial expenses of Chrysler
of €486 million (of which interest costs on employee benefit provisions of €54 million), and net financial expenses of €108 million arising from the equity
swaps on Fiat S.p.A. and Fiat Industrial S.p.A. ordinary shares relating to certain stock option plans (for further details see Note 21). Net financial expense
from Continuing Operations of €400 million in 2010 included net income of €117 million arising from equity swaps on Fiat shares relating to the above
stock option plans.
Interest income and other financial income in 2011 include an income of €72 million calculated after the Demerger on the basis of market values and relating
to the early repayment of the outstanding medium-term financial receivables due from the Fiat Industrial Group at 31 December 2011.
Interest income and other financial income may be analysed as follows:
(€ million) 2011 (*) 2010 (**)
Interest income from banks deposits 211 125
Interest income from securities 8 7
Commission income - 1
Other interest income and financial income 133 106
Total Interest income and other financial income
(*) The amounts reported include seven months of operations for Chrysler.
(**) The amounts relate to Continuing Operations.
352 239
165
Consolidated
Financial Statements
at 31 December 2011