annual report - FIAT SpA

COMPOSITION AND PRINCIPAL CHANGES
1. Dividends and other income from investments
A breakdown of dividends and other income from investments is provided in the following table:
(€ thousand)
Dividends from subsidiaries:
2010 2009
Fiat Finance S.p.A. 180,000 -
Magneti Marelli S.p.A. 99,990 -
Fiat Powertrain Technologies S.p.A. 80,000 -
Fiat Netherlands Holding N.V. 50,000 -
Business Solutions S.p.A. 18,319 -
Fiat Group Automobiles S.p.A. - 700,000
Iveco S.p.A. (renamed Fiat Gestione Partecipazioni S.p.A.) - 559,691
Total dividends from subsidiaries 428,309 1,259,691
Dividends from other companies 415 140
Total dividends and other income from investments 428,724 1,259,831
For 2010, dividends from other companies related to dividends received from Fin. Priv. S.r.l. (€349 thousand) and
Assicurazioni Generali S.p.A. (€66 thousand). For 2009, they included dividends from Assicurazioni Generali S.p.A.
2. Impairment (losses)/reversals on investments
The following table provides a breakdown of impairment losses and reversals on investments:
(€ thousand)
Impairment losses:
2010 2009
Fiat Powertrain Technologies S.p.A. (80,000) -
Comau S.p.A. (7,100) (51,000)
Teksid Aluminum S.r.l. (11,100) (31,000)
Fiat Industrial S.p.A. (6,100) -
Fiat Partecipazioni S.p.A. - (16,000)
Iveco S.p.A. (renamed Fiat Gestione Partecipazioni S.p.A.) - (560,000)
Fiat Group Automobiles S.p.A. - (200,000)
Total impairment losses
Reversal of impairment losses:
(104,300) (858,000)
Fiat Gestione Partecipazioni S.p.A. (formerly Iveco S.p.A.) 260,000 -
Total value of reversals 260,000 -
Total impairment (losses)/reversals on investments 155,700 (858,000)
As detailed in Note 11, as part of the transactions preliminary to the Demerger, Iveco S.p.A. sold (with effect from 1
December 2010 and on the basis of a valuation performed by an independent expert) its trucks and commercial
vehicles and "Industrial & Marine" powertrain activities to two subsidiaries of Fiat S.p.A. (Nuove Iniziative Finanziarie
Cinque S.p.A. and Nuova Immobiliare Nove S.p.A., later renamed Iveco S.p.A. and FPT Industrial S.p.A.) included
within the group of activities to be transferred under the Demerger. Subsequent to that transaction, Iveco S.p.A. was
renamed Fiat Gestione Partecipazioni S.p.A. At 31 December 2010, the carrying amount of the shareholding, which
had been reduced by €560 million in 2009, was brought into line with the book value of the company’s equity (which is
deemed representative of its recoverable amount) resulting in an impairment reversal of €260 million.
Impairment losses recognized on the shareholdings in Fiat Powertrain Technologies S.p.A., Comau S.p.A. and Teksid
Aluminum S.r.l. were substantially attributable to losses for the year and other changes in equity reported by those
subsidiaries for the period and the adjusted carrying amounts are deemed representative of their estimated recoverable
amount.
The writedown on the shareholding in Fiat Industrial S.p.A. (incorporated in 2010 to become the holding company for
the demerged activities) reflects costs incurred by the subsidiary during 2010, primarily in relation to incorporation and
admission of its shares to listing on the Mercato Telematico Azionario (MTA) managed by Borsa Italiana S.p.A.
Fiat S.p.A. – Statutory Financial Statements at 31 December 2010 272