annual report - FIAT SpA

During 2009, changes in investments were as follows:
(€ thousand) 31 December 2008 Additions (Decreases)
Impairment (losses)/
reversals
and Fair value
adjustments 31 December 2009
Investments in subsidiaries 14,294,661 406,467 (5,819) (858,000) 13,837,309
Investments in associates 131,785 - - - 131,785
Investments in other companies 18,290 115 - 3,071 21,476
Total investments 14,444,736 406,582 (5,819) (854,929) 13,990,570
12. Other financial assets
A breakdown of other financial assets is provided in the following table:
(€ thousand) 31 December 2010 31 December 2009 Change
Call option on Ferrari S.p.A. shares - 10,032 (10,032)
Financial asset relating to exercise of the call option on Ferrari S.p.A shares 132,431 - 132,431
Fees receivables for guarantees given 11,442 16,782 (5,340)
Debt securities 74 73 1
Total other financial assets 143,947 26,887 117,060
At 31 December 2009, the call option on Ferrari S.p.A. shares included the value of the premium paid in October 2006
(€10,032 thousand) for a call option on the 5% interest in Ferrari S.p.A. held by Mubadala Development Company
PJSC. The option expired on 31 July 2010 and had an exercise price of €302.07 per share, less the value of any
dividends distributed. In July 2010, Fiat S.p.A. exercised that option and – pending completion of the sale through the
transfer of the Ferrari S.p.A. shares from Mubadala Development Company PJSC and payment of the agreed
consideration by Fiat S.p.A. – a financial asset was recognized, under financial receivable relating to exercise of the
call option on Ferrari shares, for an amount equivalent to the exercise price (€122,399 thousand) plus the value of the
premium paid and a corresponding financial liability was recognized in relation to the consideration amount (see Note
25).
Fees receivables for guarantees given are measured at the present value of the fees to be received in future years for
guarantees provided by the company (mainly for guaranteeing loans obtained by Group companies).
Debt securities consist of listed Italian State securities pledged to fund scholarship grants.
A breakdown of other financial assets by maturity date is as follows:
(€ thousand)
Other financial assets
31 December 2010 31 December 2009
due within one year 136,024 15,437
due after one year but within five years 7,746 11,145
due beyond five years 177 305
Total 143,947 26,887
13. Other non-current assets
At 31 December 2010, other non-current assets totaled €147 thousand, a net decrease of €56 thousand over 31
December 2009, and consisted of amounts receivable from tax authorities and employees beyond 12 months.
Fiat S.p.A. – Statutory Financial Statements at 31 December 2010 283