annual report - FIAT SpA
annual report - FIAT SpA
annual report - FIAT SpA
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A reconciliation to the income statement is provided at the foot of the following table.<br />
(€ million)<br />
Financial income:<br />
Continuing Discontinued<br />
Operations Operations Eliminations Total<br />
2010 2009<br />
Continuing<br />
Operations<br />
Discontinued<br />
Operations Eliminations Total<br />
Interest income and other financial income<br />
Interest income from customers and other<br />
financial income of financial services<br />
239 36 - 275 112 41 - 153<br />
companies<br />
Interest income receivable from Continuing<br />
173 777 - 950 112 806 - 918<br />
Operations<br />
Interest income receivables from<br />
- 45 (45) - - 35 (35) -<br />
Discontinued Operations 272 - (272) - 306 - (306) -<br />
Gains on disposal of securities 10 - - 10 7 - - 7<br />
Total Financial income<br />
of which:<br />
Financial income, excluding financial<br />
694 858 (317) 1,235 537 882 (341) 1,078<br />
services companies (a) 508 77 (300) 285 418 68 (326) 160<br />
Interest cost and other financial expenses:<br />
Interest expense and other financial<br />
expenses 1,049 658 - 1,707 876 561 - 1,437<br />
Interest expense payable to Continuing<br />
Operations - 260 (260) - - 299 (299) -<br />
Interest expense payable to Discontinued<br />
Operations 45 - (45) - 35 - (35) -<br />
Write-downs of financial assets 57 253 - 310 5 189 - 194<br />
Losses on disposal of securities 12 - - 12 12 - - 12<br />
Interest costs on employee benefits 50 75 - 125 68 92 - 160<br />
Total Interest and other financial<br />
expenses 1,213 1,246 (305) 2,154 996 1,141 (334) 1,803<br />
Net income (expenses) from derivative<br />
financial instruments and exchange<br />
differences<br />
of which:<br />
Interest cost and other financial expenses,<br />
effects resulting from derivative financial<br />
instruments and exchange differences,<br />
198 (97) - 101 163 (77) - 86<br />
excluding financial services companies (b) 908 582 (300) 1,190 770 469 (326) 913<br />
Net financial income (expenses)<br />
excluding financial services<br />
companies (a) – (b) (400) (505) - (905) (352) (401) - (753)<br />
Net financial expenses from Continuing Operations in 2010 (excluding financial services companies) totalled<br />
€400 million, and include net financial income of €111 million arising from the equity swaps on Fiat shares, relating to<br />
certain stock option plans (see Note 21 for further details). Net financial expense from Continuing Operations of €352<br />
million in 2009 included net income of €117 million arising from the above mentioned equity swaps on Fiat shares.<br />
Net financial expenses from Discontinued Operations in 2010 (excluding financial services companies) totalled<br />
€505 million (financial expenses of €401 million in 2009).<br />
Interest income and other financial income may be analysed as follows:<br />
2010 2009<br />
Continuing Discontinued<br />
Continuing Discontinued<br />
(€ million)<br />
Operations Operations Total Operations Operations Total<br />
Interest income from banks 125 9 134 47 15 62<br />
Interest income from securities 7 - 7 9 - 9<br />
Commission income 1 - 1 1 - 1<br />
Other interest income and financial income 106 27 133 55 26 81<br />
Total Interest income and other financial income 239 36 275 112 41 153<br />
Fiat Group Consolidated Financial Statements at 31 December 2010 139
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