annual report - FIAT SpA

17. Leased assets
Leased assets refers to Discontinued Operations. The sectors Trucks and Commercial Vehicles and the Agricultural
and Construction Equipment lease out assets, mainly their own products, as part of their financial services
businesses. This item changed as follows in 2010 and 2009:
At 31
Disposals
Reclassified
to At 31
December
Translation and other Discontinued December
(€ million)
2009 Additions Depreciation differences changes Operations 2010
Gross carrying amount 632 291 - 55 (304) (674) -
Less: Depreciation and impairment (175) - (95) (13) 101 182 -
Net carrying amount of Leased assets 457 291 (95) 42 (203) (492) -
At 31
Disposals At 31
December
Translation and other December
(€ million)
2008 Additions Depreciation differences changes 2009
Gross carrying amount 674 219 - 3 (264) 632
Less: Depreciation and impairment (169) - (91) - 85 (175)
Net carrying amount of Leased assets 505 219 (91) 3 (179) 457
At 31 December 2010 minimum lease payments from non-cancellable operating leases of Discontinued Operations
amount to €216 million (€178 million at 31 December 2009) and fall due as follows:
(€ million) At 31 December 2010 At 31 December 2009
Within one year 98 83
Between one and five years 116 94
Beyond five years 2 1
Total Minimum lease payments 216 178
At 31 December 2010, Discontinued Operations include assets amounting to €4 million which are leased out under
operating leases and act as security for loans received.
18. Inventories
(€ million)
Continuing
Operations
At 31 December 2010
Discontinued
At 31 December 2009
Operations Total Total
Raw materials, supplies and finished goods 4,308 3,886 8,194 8,669
Gross amount due from customers for contract work 135 12 147 79
Total Inventories 4,443 3,898 8,341 8,748
There were no inventories pledged as security at 31 December 2010 and 2009, either in Continuing or Discontinued
Operations.
At 31 December 2010, total Inventories amount to €8,341 million. Assets sold with a buy-back commitment by
Continuing Operations (Fiat Group Automobiles sector) amount to €637 million at 31 December 2010 and assets
which are no longer subject to operating lease arrangements or buy-back commitments and are held for sale by
Discontinued Operations (Trucks and Commercial Vehicles and Agricultural and Construction Equipment sectors)
amount to €159 million. Excluding these items totalling €796 million (€861 million at 31 December 2009), and
excluding the reclassification to Discontinued Operations, inventories decreased by €342 million in 2010.
At 31 December 2010, Inventories include those measured at net realisable value (estimated selling price less the
estimated costs of completion and the estimated costs necessary to make the sale) amounting to €2,698 million
(€2,958 million at 31 December 2009). This amount is attributable to Continuing Operations for €1,482 million and to
Discontinued Operations for €1,216 million.
The amount of inventory write-downs recognised as an expense during 2010 is €489 million (€664 million in 2009). In
2010 this amount is included in Continuing Operations for €432 million (€549 million in 2009) and in Discontinued
Fiat Group Consolidated Financial Statements at 31 December 2010 160