annual report - FIAT SpA
annual report - FIAT SpA
annual report - FIAT SpA
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CONTENTS<br />
BOARD OF DIRECTORS AND AUDITORS<br />
2010 IN SUMMARY ................................................................................................................................................. 4<br />
STRUCTURE: <strong>FIAT</strong> & <strong>FIAT</strong> INDUSTRIAL ............................................................................................................... 5<br />
<strong>FIAT</strong> GROUP BRANDS ........................................................................................................................................... 5<br />
<strong>FIAT</strong> INDUSTRIAL GROUP BRANDS ..................................................................................................................... 7<br />
<strong>FIAT</strong> & <strong>FIAT</strong> INDUSTRIAL WORLDWIDE ............................................................................................................... 10<br />
OPERATING RESPONSIBLY ................................................................................................................................. 12<br />
REPORT ON OPERATIONS<br />
HIGHLIGHTS .......................................................................................................................................................... 13<br />
SHAREHOLDERS ................................................................................................................................................... 15<br />
KEY EVENTS IN 2010 ............................................................................................................................................. 17<br />
HIGHLIGHTS BY SECTOR ..................................................................................................................................... 21<br />
MAIN RISKS AND UNCERTAINTIES TO WHICH <strong>FIAT</strong> S.P.A. AND <strong>FIAT</strong> GROUP POST DEMERGER ARE<br />
EXPOSED ............................................................................................................................................................... 22<br />
RESEARCH AND INNOVATION ............................................................................................................................. 26<br />
HUMAN RESOURCES ............................................................................................................................................ 32<br />
FINANCIAL REVIEW – <strong>FIAT</strong> GROUP ..................................................................................................................... 37<br />
CORPORATE GOVERNANCE ................................................................................................................................60<br />
SHARE-BASED INCENTIVE PLANS ...................................................................................................................... 65<br />
TRANSACTIONS BETWEEN GROUP COMPANIES AND WITH RELATED PARTIES ......................................... 67<br />
SUBSEQUENT EVENTS AND OUTLOOK .............................................................................................................. 68<br />
OPERATING PERFORMANCE: CONTINUING OPERATIONS .............................................................................. 69<br />
Fiat Group Automobiles ........................................................................................................................................ 70<br />
Maserati ................................................................................................................................................................. 75<br />
Ferrari ................................................................................................................................................................... 76<br />
Fiat Powertrain ....................................................................................................................................................... 78<br />
Components .......................................................................................................................................................... 80<br />
Metallurgical Products............................................................................................................................................ 83<br />
Production Systems ............................................................................................................................................... 84<br />
OPERATING PERFORMANCE: DISCONTINUED OPERATIONS ......................................................................... 85<br />
Agricultural and Construction Equipment ............................................................................................................... 86<br />
Trucks and Commercial Vehicles .......................................................................................................................... 88<br />
FPT Industrial ........................................................................................................................................................ 92<br />
FINANCIAL REVIEW – <strong>FIAT</strong> S.P.A. ........................................................................................................................ 93<br />
MOTION FOR APPROVAL OF THE STATUTORY FINANCIAL STATEMENTS AND ALLOCATION OF 2010<br />
NET PROFIT ........................................................................................................................................................... 97<br />
<strong>FIAT</strong> GROUP – CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2010 ..................................... 99<br />
CONSOLIDATED INCOME STATEMENT ............................................................................................................... 100<br />
STATEMENT OF COMPREHENSIVE INCOME ..................................................................................................... 101<br />
CONSOLIDATED STATEMENT OF FINANCIAL POSITION .................................................................................. 102<br />
CONSOLIDATED STATEMENT OF CASH FLOWS ............................................................................................... 104<br />
STATEMENT OF CHANGES IN CONSOLIDATED EQUITY .................................................................................. 105<br />
CONSOLIDATED INCOME STATEMENT pursuant to Consob Resolution no. 15519 of 27 July 2006 .................. 106<br />
CONSOLIDATED STATEMENT OF FINANCIAL POSITION pursuant to Consob Resolution no. 15519 of 27<br />
July 2006 ................................................................................................................................................................. 107<br />
CONSOLIDATED STATEMENT OF CASH FLOWS pursuant to Consob Resolution no. 15519 of 27 July 2006 ... 109<br />
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ............................................................................ 110<br />
APPENDIX I – <strong>FIAT</strong> COMPANIES AT 31 DECEMBER 2010 .................................................................................. 223<br />
APPENDIX II – INFORMATION REQUIRED UNDER ARTICLE 149-DOUDECIES OF THE “REGOLAMENTO<br />
EMITTENTI” ISSUED BY CONSOB ........................................................................................................................ 253<br />
ATTESTATION IN RESPECT OF THE CONSOLIDATED FINANCIAL STATEMENTS UNDER ARTICLE 154-<br />
BIS OF LEGISLATIVE DECREE 58/98 ................................................................................................................... 254