Fiat Group - Consolidated Financial Statements and Notes - Fiat SpA

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186 Consolidated Financial Statements at 31 December 2011 Notes Other current assets At 31 December 2011, Other current assets mainly consist of Other tax receivables for VAT and other indirect taxes of €848 million (€765 million at 31 December 2010 for Continuing Operation), Receivables from employees of €51 million (€44 million at 31 December 2010 for Continuing Operation) and Accrued income and prepaid expenses of €378 million (€118million at 31 December 2010 for Continuing Operation). At 31 December 2010 this item also included €88 million due from the tax authorities relating to eco-incentives in Italy. The carrying amount of Other current assets is considered to be in line with fair value. 20. Current securities Current securities consist of short-term or marketable securities which represent temporary investments, but which do not satisfy all the requirements for being classified as cash equivalents. In particular: (€ million) At 31 December 2011 At 31 December 2010 (*) Current securities available-for-sale 52 38 Current securities held for trading 147 147 Total Current securities (*) The amounts relate to Continuing Operations. 199 185 21. Other financial assets and Other financial liabilities This item refers to derivative financial instruments and in particular to their measurement at fair value at the balance sheet date and to any cash collateral. At 31 December 2011 At 31 December 2010 (*) (€ million) Fair value hedges Positive fair value Negative fair value Positive fair value Negative fair value Interest rate risk - Interest rate swaps 216 - 226 (7) Interest rate and currency risk - Combined interest rate and currency swaps 1 (2) 15 - Total Fair value hedges 217 (2) 241 (7) Cash flow hedges Currency risks - Forward contracts, Currency swaps and Currency options 91 (258) 81 (109) Interest rate risk - Interest rate swaps - (5) 56 (78) Interest rate and currency risk - Combined interest rate and currency swaps - - 5 - Commodity price risk – Commodity swap 1 (42) 2 - Total Cash flow hedges 92 (305) 144 (187) Derivatives for trading 174 (122) 131 (61) Fair value of derivative instruments 483 (429) 516 (255) Cash collateral 74 - - - Other financial assets/(liabilities) (*) The amounts relate to Continuing Operations. 557 (429) 516 (255)
The fair value of derivative financial instruments is determined by taking into consideration market parameters at the balance sheet date and using valuation techniques widely accepted in the financial business environment. In particular: the fair value of forward contracts and currency swaps is determined by taking the prevailing exchange rate and interest rates in the two currencies at the balance sheet date; the fair value of currency options is determined using valuation techniques based on the Black-Scholes model or binomial models and market parameters at the balance sheet date (in particular exchange rates, interest rates and volatility rates); the fair value of interest rate swaps and forward rate agreements is determined by using the discounted cash flow method; the fair value of derivative financial instruments acquired to hedge interest rate risk and currency risk is determined using the exchange rates prevailing at the balance sheet date and the discounted cash flow method; the fair value of derivatives hedging commodity price risk is determined by using the discounted cash flow method, taking market parameters at the balance sheet date where available (and in particular the future price of the underlying and interest rates). the fair value of equity swaps is determined using market prices at the balance sheet date; The overall change in Other financial assets from €516 million at 31 December 2010 to €557 million at 31 December 2011 and in Other financial liabilities from €255 million at 31 December 2010 to €429 million at 31 December 2011 is mostly due to fluctuations in exchange rates, in interest rates and in commodity prices during the year, and to the change in the scope of consolidation arising from the acquisition of Chrysler and the change in fair value of the equity swaps on Fiat S.p.A. and Fiat Industrial S.p.A. ordinary shares. As this item consists principally of hedging derivatives financial instruments, the change in their value is compensated by the change in the value of the hedged item. Derivatives for trading consist principally of the following types: derivative contracts entered for hedging purposes which do not qualify for hedge accounting; derivatives (equity swaps) on Fiat S.p.A. and Fiat Industrial S.p.A. shares which are described below; an embedded derivative in a bond issue in which the yield is determined as a function of trends in the inflation rate and related hedging derivative, which converts the exposure to floating rate. The total value of the embedded derivative is offset by the value of the hedging derivative. The cash collateral relates to Chrysler derivative contracts. At 31 December 2011, the notional amount of outstanding derivative financial instruments is as follows: (€ million) At 31 December 2011 At 31 December 2010 (*) Currency risk management 10,279 8,183 Interest rate risk management 8,407 9,407 Interest rate and currency risk management 652 1,005 Price risk commodity management 690 12 Other derivative financial instruments 168 218 Total notional amount (*) The amounts relate to Continuing Operations. 20,196 18,825 187 Consolidated Financial Statements at 31 December 2011
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Fiat Group Consolidated Financial S
Page 3 and 4:
Consolidated Statement of Comprehen
Page 5 and 6:
Consolidated Statement of Financial
Page 7 and 8: Statement of Changes in Consolidate
Page 9 and 10: Consolidated Statement of Financial
Page 11 and 12: Notes to the Consolidated Financial
Page 13 and 14: Associates Associates are enterpris
Page 15 and 16: Intangible assets Goodwill Goodwill
Page 17 and 18: If indications of impairment are pr
Page 19 and 20: Sales of receivables The Group sell
Page 21 and 22: Revenue recognition Revenue is reco
Page 23 and 24: Business combinations As discussed
Page 25 and 26: Accounting standards, amendments an
Page 27 and 28: Scope of consolidation Fiat Demerge
Page 29 and 30: The main aggregate amounts related
Page 31 and 32: Finally, in January 2012 Fiat annou
Page 33 and 34: Goodwill arising from the acquisiti
Page 35 and 36: Composition and principal changes 1
Page 37 and 38: Reconciliation to the income statem
Page 39 and 40: The reconciliation between the tax
Page 41 and 42: In particular, at 31 December 2011
Page 43 and 44: The figures used to determine dilut
Page 45 and 46: For the Ferrari sector, the cash-ge
Page 47 and 48: In 2011 and in 2010 changes in the
Page 49 and 50: In 2011 and 2010, Changes in accumu
Page 51 and 52: Additions of €3,925 million in 20
Page 53 and 54: Disposals and other changes, showin
Page 55 and 56: At 31 December 2011, Inventories in
Page 57: Receivables from financing activiti
Page 61 and 62: In respect of derivative financial
Page 63 and 64: Key financial and income statement
Page 65 and 66: As a result of the above-mentioned
Page 67 and 68: In order to maintain the necessary
Page 69 and 70: Non-controlling interest The non-co
Page 71 and 72: Changes during the year were as fol
Page 73 and 74: 26. Provisions for employee benefit
Page 75 and 76: Other provisions for employees and
Page 77 and 78: The amounts recognised in the state
Page 79 and 80: Change in the scope of consolidatio
Page 81 and 82: The warranty provision represents t
Page 83 and 84: The annual interest rates and the n
Page 85 and 86: The bonds issued by the Fiat Group
Page 87 and 88: Payables represented by securities
Page 89 and 90: 29. Trade payables Trade payables o
Page 91 and 92: 32. Guarantees granted, commitments
Page 93 and 94: Instead, when it is probable that a
Page 95 and 96: (€ million) FGA Maserati Ferrari
Page 97 and 98: (€ million) FGA Maserati Ferrari
Page 99 and 100: In order to test for impairment, si
Page 101 and 102: Counterparties to these agreements
Page 103 and 104: 36. Fair value measurement IFRS 7 r
Page 105 and 106: The main effects on profit and loss
Page 107 and 108: An analysis of the effects of relat
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Appendix I Fiat Companies at 31 Dec
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SubSidiarieS conSolidated on a line
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JoInTly-ConTRollED EnTITIES ACCoUnT
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Name Registered Office Country Shar
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SUbSIDIARIES VAlUED AT CoST (contin
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ASSoCIATED CoMpAnIES VAlUED AT CoST
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Attestation of the Consolidated Fin
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Fiat Group - Consolidated Financial Statements and Notes - Fiat SpA

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