annual report - FIAT SpA

More documents

Recommendations

Info

SHAREHOLDERS FINANCIAL COMMUNICATION Fiat's constant objective is to maintain and reinforce the trust of customers and investors through transparent and responsible management, thereby increasing its enterprise value on a sustainable basis. Fiat maintains constant dialog with individual shareholders, institutional investors and financial analysts through its Investor Relations function, which actively provides information to the market to consolidate and enhance confidence and the level of understanding of the Company and its business activities. Throughout the year, the Investor Relations team also communicates with the financial community through conference calls and public presentations held to present financial results or other events that require direct communication to the market, at the same using the website (www.fiatspa.com) to publish information presented or discussed on those occasions. Additionally, the IR program includes seminars, industry conferences and non-deal roadshows in major financial centers that provide the opportunity for direct contact with management. The most important event of 2010 was the Fiat Investor Day held at Lingotto on April 21st. On that occasion, the CEO and heads of the Group's principal businesses presented the 2010-2014 Business Plan to analysts, investors and other members of the financial community in attendance or linked in via webcast. Investor Relations activities intensified during the second half of the year, with management conducting two major nondeal roadshows in Milan, London, New York and Boston to present the market with more detailed information on operating performance and on business strategies and projections for the five year plan period, in addition to details of the demerger which, on 1 January 2011, resulted in the separation of the capital goods businesses and the creation of two autonomous groups: Fiat and Fiat Industrial . The Investor Relations section of Fiat's corporate website (www.fiatspa.com) – which underwent a major upgrade in terms of both graphic design and content at the beginning of 2011 – provides financial information, corporate presentations, periodic publications, corporate announcements and real-time share information. Shareholders can also contact the company at the following: For holders of Fiat shares: Toll-free number in Italy: 800-804027 E-mail: serviziotitoli@fiatspa.com investor.relations@fiatspa.com For holders of ADRs: Toll-free number in the USA and Canada: 800 749 1873 Outside the USA and Canada: +1 (718) 921 8137 website: www.adr.db.com <strong>FIAT</strong> ORDINARY SHARES – 1/1/2009 TO 31/12/2010 PERFORMANCE RELATIVE TO FTSE ITALIA ALL SHARE AND EUROSTOXX INDEXES (REBASED TO 100: 01/01/2009) AND AVERAGE MONTHLY TRADING VOLUME (MILLIONS OF ORD. SHARES) Following the crisis and market uncertainties of the previous year, 2010 was a positive year for the equity markets, although performance varied significantly from market to market. In the United States, the year closed positively with the Dow Jones up around 11%: despite problems relating to public sector spending and the sustainability of the financial system, major American corporates recorded strong earnings. Performance was also strong in Asia and for emerging markets in general, although some Asian markets sustained losses for the year (Shanghai -14%, Tokyo - 3%). Of the three major economic blocks, Europe was again held back by concerns over the sovereign debt issues of some smaller European states and the pace of its economic recovery relative to other regions. Also in Europe, there were major differences between markets: Frankfurt gained around 16% for the year, while double-digit losses were recorded for the FTSE Italia (down around 13%) and the Madrid stock exchange (approx. 17% decline), and Paris closed the year down around 3%. During this period, Fiat shares gained 50.5% over the closing price for 2009 and outperformed the DJEurostoxx Automotive index by 42.8%. Report on Operations Shareholders 15
MAJOR SHAREHOLDERS At the date of this Report, Fiat had a total of 1,092,247,485 ordinary shares outstanding and the following institutions held more than 2% of ordinary shares: ORDINARY SHARES: 1,092,247,485 EXOR S.p.A. (*) 30.5% Capital Research & Management Company 5.2% BlackRock Investment Management (UK) Limited 3.1% John Griffin (through Blue Ridge Capital) 2.4% FMR LLC 2.2% Other institutional investors – EU 20.6% Other institutional investors – outside EU 8.0% Other shareholders 24.5% (*) In addition to 3.5% of ordinary shares held by Fiat S.p.A. EARNINGS PER SHARE (figures in €) 2010 2009 2008 2007 Basic earnings/(loss) per ordinary and preference share 0.410 (0.677) 1.290 1.537 Basic earnings/(loss) per savings share 0.565 (0.677) 1.445 1.692 Diluted earnings/(loss) per ordinary and preference share 0.409 (0.677) 1.285 1.526 Diluted earnings/(loss) per savings share 0.564 (0.677) 1.440 1.681 REFERENCE PRICE PER SHARE (*): (figures in €) 30.12.10 31.12.09 31.12.08 28.12.07 29.12.06 Ordinary shares 15.430 10.250 4.590 17.695 14.468 Preference shares 11.170 6.000 2.440 14.640 12.119 Savings shares 11.090 6.295 3.035 14.655 13.880 (Source: Reuters) (*) Equivalent to the closing auction price. MONTHLY MINIMUM AND MAXIMUM PRICE IN 2010 (figures in €) Report on Operations Shareholders 16
Page 1 and 2: ANNUAL REPORT AT 31 DECEMBER 2010 T
Page 3 and 4: FIAT S.P.A. - STATUTORY FINANCIAL S
Page 5 and 6: 2010 IN SUMMARY 2010 RESULTS (€ b
Page 7 and 8: AUTOMOBILES Fiat Practical, versati
Page 9 and 10: The range of tractors, balers and c
Page 11 and 12: FIAT & FIAT INDUSTRIAL WORLDWIDE Fr
Page 13 and 14: OPERATING RESPONSIBLY Fiat Group ha
Page 15: SELECT DATA BY REGION Fiat Group pr
Page 19 and 20: Ratings Services places Fiat SpA's
Page 21 and 22: UGL sign agreement for relaunch of
Page 23 and 24: MAIN RISKS AND UNCERTAINTIES TO WHI
Page 25 and 26: Risks associated with the high leve
Page 27 and 28: RESEARCH AND INNOVATION Promoting s
Page 29 and 30: the A22 operator, because it will m
Page 31 and 32: ELASIS Established in 1988, at the
Page 33 and 34: HUMAN RESOURCES At 31 December 2010
Page 35 and 36: implementation of the plan were ini
Page 37 and 38: 2011, with a one-off gross payment
Page 39 and 40: Principal changes in the scope of c
Page 41 and 42: In Europe, Fiat Professional increa
Page 43 and 44: Trading profit/(loss) Fiat Group po
Page 45 and 46: the remaining 50% in Fiat-GM Powert
Page 47 and 48: Statement of Cash Flows Following i
Page 49 and 50: At 31 December 2010, consolidated n
Page 51 and 52: Operating Performance by Activity F
Page 53 and 54: Financial Services Net revenues for
Page 55 and 56: Assets and liabilities held for sal
Page 57 and 58: The above analysis of net debt by a
Page 59 and 60: Statement of Cash Flows for Fiat Gr
Page 61 and 62: CORPORATE GOVERNANCE FOREWORD The F
Page 63 and 64: ehalf of third parties, with the Co
Page 65 and 66: BOARD OF STATUTORY AUDITORS As requ
Page 67 and 68:
€50,000,000 (€35,000,000 follow
Page 69 and 70:
SUBSEQUENT EVENTS AND OUTLOOK SUBSE
Page 71 and 72:
FIAT GROUP AUTOMOBILES Fiat, Abarth
Page 73 and 74:
development of a supply network aro
Page 75 and 76:
427,429 vehicles, representing a fi
Page 77 and 78:
FERRARI Highlights OPERATING PERFOR
Page 79 and 80:
Fiat Powertrain OPERATING PERFORMAN
Page 81 and 82:
COMPONENTS Magneti Marelli OPERATIN
Page 83 and 84:
competitive. Significant events inc
Page 85 and 86:
PRODUCTION SYSTEMS Comau OPERATING
Page 87 and 88:
AGRICULTURAL AND CONSTRUCTION EQUIP
Page 89 and 90:
TRUCKS AND COMMERCIAL VEHICLES Ivec
Page 91 and 92:
INNOVATION AND PRODUCTS Innovation
Page 93 and 94:
FPT Industrial OPERATING PERFORMANC
Page 95 and 96:
swaps. The €79 million increase o
Page 97 and 98:
Non-current financial liabilities c
Page 100 and 101:
FIAT GROUP CONSOLIDATED FINANCIAL S
Page 102 and 103:
CONSOLIDATED STATEMENT OF COMPREHEN
Page 104 and 105:
CONSOLIDATED STATEMENT OF FINANCIAL
Page 106 and 107:
STATEMENT OF CHANGES IN CONSOLIDATE
Page 108 and 109:
CONSOLIDATED STATEMENT OF FINANCIAL
Page 110 and 111:
CONSOLIDATED STATEMENT OF CASH FLOW
Page 112 and 113:
� As a result of the Demerger, on
Page 114 and 115:
Associates Associates are enterpris
Page 116 and 117:
conditions are met: that developmen
Page 118 and 119:
In particular, Cash and cash equiva
Page 120 and 121:
Assets and liabilities held for sal
Page 122 and 123:
Research and development costs This
Page 124 and 125:
Residual values of assets leased ou
Page 126 and 127:
The above changes in accounting pri
Page 128 and 129:
financial statement items, excludin
Page 130 and 131:
SCOPE OF CONSOLIDATION The consolid
Page 132 and 133:
eliminations of transactions and ba
Page 134 and 135:
Assets and liabilities classified a
Page 136 and 137:
Fiat Industrial - Historical combin
Page 138 and 139:
COMPOSITION AND PRINCIPAL CHANGES 1
Page 140 and 141:
A reconciliation to the income stat
Page 142 and 143:
(€ million) 2010 2009 Theoretical
Page 144 and 145:
Total at Year of expiry Unlimited/
Page 146 and 147:
Ordinary shares Preference shares S
Page 148 and 149:
In 2010 and in 2009 changes in accu
Page 150 and 151:
Goodwill, trademarks and intangible
Page 152 and 153:
subsequent cash flows into perpetui
Page 154 and 155:
In 2010 and 2009, Changes in accumu
Page 156 and 157:
The above mentioned changes include
Page 158 and 159:
In 2009 Disposals and other changes
Page 160 and 161:
have been prepared in accordance wi
Page 162 and 163:
Operations for €57 million (€11
Page 164 and 165:
(€ million) Allowance for receiva
Page 166 and 167:
� the fair value of derivative fi
Page 168 and 169:
(€ million) Currency risk Continu
Page 170 and 171:
� further allocations to the lega
Page 172 and 173:
In this respect capital means the v
Page 174 and 175:
Other comprehensive income Other co
Page 176 and 177:
At 31 December 2010 the features of
Page 178 and 179:
On 18 February 2011, the Board of D
Page 180 and 181:
vesting tied to the attainment of s
Page 182 and 183:
Cash-settled share-based payments V
Page 184 and 185:
In 2010 and in 2009 changes in Othe
Page 186 and 187:
The amounts recognised in the incom
Page 188 and 189:
The present value of the defined be
Page 190 and 191:
� Environmental risks - This prov
Page 192 and 193:
The major bond issues outstanding a
Page 194 and 195:
At 31 December 2009, Payables for f
Page 196 and 197:
The item Advances on buy-back agree
Page 198 and 199:
Operating lease contracts The Group
Page 200 and 201:
also carry out financial services a
Page 202 and 203:
(€ million) CNH Iveco FPT Industr
Page 204 and 205:
(€ million) FGA Maserati Ferrari
Page 206 and 207:
The following is an analysis of rev
Page 208 and 209:
programmes that were implemented fr
Page 210 and 211:
In addition, the financial services
Page 212 and 213:
The following table provides an ana
Page 214 and 215:
Transactions with jointly controlle
Page 216 and 217:
� Cost of sales: transactions wer
Page 218 and 219:
� Trade receivables: these relate
Page 220 and 221:
The consideration paid for this acq
Page 222 and 223:
36. Explanatory notes to the Statem
Page 224 and 225:
APPENDIX I FIAT COMPANIES AT 31 DEC
Page 226 and 227:
SUBSIDIARIES CONSOLIDATED ON A LINE
Page 228 and 229:
Page 230 and 231:
Page 232 and 233:
Page 234 and 235:
Page 236 and 237:
Page 238 and 239:
JOINTLY-CONTROLLED ENTITIES ACCOUNT
Page 240 and 241:
SUBSIDIARIES VALUED AT COST (contin
Page 242 and 243:
Name Registered Office Country Shar
Page 244 and 245:
DISCONTINUED Name Registered Office
Page 246 and 247:
Page 248 and 249:
Page 250 and 251:
Page 252 and 253:
SUBSIDIARIES VALUED AT COST (contin
Page 254 and 255:
APPENDIX II INFORMATION REQUIRED UN
Page 256 and 257:
FIAT S.P.A. STATUTORY FINANCIAL STA
Page 258 and 259:
STATEMENT OF FINANCIAL POSITION (*)
Page 260 and 261:
STATEMENT OF CHANGES IN EQUITY (€
Page 262 and 263:
STATEMENT OF FINANCIAL POSITION pur
Page 264 and 265:
NOTES TO THE STATUTORY FINANCIAL ST
Page 266 and 267:
and investments in subsidiaries and
Page 268 and 269:
income on a percentage completion b
Page 270 and 271:
Dividends payable Dividends payable
Page 272 and 273:
emain with the entity that transfer
Page 274 and 275:
With regard to the shareholding in
Page 276 and 277:
6. Other operating costs A breakdow
Page 278 and 279:
A reconciliation between theoretica
Page 280 and 281:
10. Property, plant and equipment A
Page 282 and 283:
Investments in subsidiaries and cha
Page 284 and 285:
During 2009, changes in investments
Page 286 and 287:
16. Other current receivables At 31
Page 288 and 289:
Prior to shareholder approval of th
Page 290 and 291:
2009. Under the Program, purchases
Page 292 and 293:
When the dividend paid to savings s
Page 294 and 295:
A summary of the terms of the stock
Page 296 and 297:
20. Provisions for employee benefit
Page 298 and 299:
The amounts recognized in the incom
Page 300 and 301:
22. Other non-current liabilities A
Page 302 and 303:
26. Other payables At 31 December 2
Page 304 and 305:
December 2009), activities to compl
Page 306 and 307:
proceedings, the possible outcome o
Page 308 and 309:
The effects of these transactions o
Page 310 and 311:
31 December 2009 Non- Current curre
Page 312 and 313:
31. Net financial position Pursuant
Page 314 and 315:
List of equity investments (continu
Page 316 and 317:
FEES PAID TO MEMBERS OF THE BOARD O
Page 318 and 319:
APPENDIX INFORMATION REQUIRED UNDER
Page 320 and 321:
Auditor's Reports 319
Page 322 and 323:
321 Auditor's Reports 321
Page 324 and 325:
REPORTS OF THE BOARD OF STATUTORY A
Page 326 and 327:
Examination of the pro forma consol
Page 328 and 329:
completeness, the report on operati
Page 330:
� Riccardo Perotta: Chairman of t
show all

annual report - FIAT SpA

Create successful ePaper yourself

Delete template?

Save as template?