annual report - FIAT SpA

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Statement of Financial Position for Fiat Group pre Demerger at 31 December 2010 At 31 December 2010, total assets amounted to €73,442 million, increasing €6,207 million from the €67,235 million figure at 31 December 2009. Non-current assets totaled €27,331 million, an increase of €1,847 million over 31 December 2009. Currency translation differences accounted for €0.9 billion of the increase and related principally to property, plant and equipment (approximately €400 million) and intangible assets (approximately €260 million, primarily related to CNH goodwill). The rest of the increase was almost entirely attributable to investments and amortization/depreciation for the period, increased deferred tax assets, and increased investments and other financial assets. Current assets totaled €46,032 million, a €4,363 million increase of which approximately €2 billion was due to currency translation differences with the remainder primarily consisting of an increase in cash and cash equivalents. As a result of the Demerger, €34,786 million in assets and €29,920 million in liabilities were reclassified as Discontinued Operations. Working capital (net of items relating to vehicles sold under buy-back commitments and vehicles no longer subject to lease agreements that are held in inventory) was a negative €3,391 million, representing a €1,727 million decrease over the beginning of the period. 2010 2009 Change for Continuing Discontinued Fiat Group Fiat Group Fiat Group (€ million) Operations Operations pre Demerger pre Demerger pre Demerger Inventory 3,806 3,739 7,545 7,887 -342 Trade receivables 2,259 1,791 4,050 3,649 401 Trade payables (9,345) (3,906) (13,251) (12,295) -956 Current taxes receivable/(payable) & Other current receivables/(payables) (a) (1,386) (349) (1,735) (905) -830 Working capital (4,666) 1,275 (3,391) (1,664) -1,727 (a) Other current payables, included under current taxes receivable/(payable) & other current receivables/(payables), exclude the buy-back price payable to customers upon expiration of lease contracts and advanced payments from customers for vehicles sold under buy-back commitments, which is equal to the difference, at the contract date, between the initial sale price and the buy-back price. Recognition of such amounts is apportioned over the life of the contract At 31 December 2010, trade receivables, other receivables and receivables from financing activities falling due after that date and sold without recourse – and, therefore, eliminated from the statement of financial position pursuant to the derecognition requirements of IAS 39 – totaled €4,624 million (€4,611 million at 31 December 2009). This amount includes financial receivables, mostly relating to the sales network, of €2,376 million (€2,530 million at 31 December 2009) sold to jointly-controlled financial services companies (FGA Capital group) and of €409 million (€440 million at 31 December 2009) sold to associate financial services companies (Iveco Finance Holdings Limited). For 2010, working capital (calculated on a comparable scope of operations and at constant exchange rates) decreased by €2 billion due to the increase in trade payables, principally for CNH and Iveco, related to higher business volumes, further inventory reductions and an increase in Current Taxes Payable and Other Current Liabilities, primarily relating to the assessment of current taxation and the reimbursement of amounts receivable from the Italian government relating to eco-incentives. These items were only partially offset by increased trade receivables. Report on Operations Financial Review – Fiat Group 47
At 31 December 2010, consolidated net debt totaled €14,932 million, down €966 million over the €15,898 million figure at 31 December 2009. Excluding currency translation differences, net debt fell €1,790 million for the year, with cash generated from operating activities more than offsetting investment needs (principally capital expenditure for the period and portfolio increases for the financial services companies) and dividend payments. The split in net industrial debt between Continuing and Discontinued Operations, which takes into account the effects deriving from the demerger on 1 January 2011, is €2,753 million and €12,179 million, respectively. 31.12.2010 31.12.2009 Continuing (€ million) Operations (*) Discontinued Operations (*) Fiat Group Fiat Group pre Demerger pre Demerger Financial payables (20,804) (18,695) (31,008) (28,527) Asset-backed financing (533) (8,321) (8,854) (7,086) Other (17,406) (4,748) (22,154) (21,441) Financial payables of Discontinued Operations to Continuing Operations - (5,626) - Financial payables of Continuing Operations to Discontinued Operations Current financial receivables from jointly-controlled financial services (2,865) - - companies (1) 12 - 12 14 Financial receivables of Discontinued Operations from Continuing Operations - 2,865 - Financial receivables of Continuing Operations from Discontinued Operations Financial payables, net of intersegment balances and current financial 5,626 - - receivables jointly-controlled financial services companies (15,166) (15,830) (30,996) (28,513) Other financial assets/(liabilities) (2) 261 (59) 202 172 Liquidity 12,152 3,710 15,862 12,443 Current securities 185 24 209 217 Cash and cash equivalents 11,967 3,686 15,653 12,226 Net Debt (2,753) (12,179) (14,932) (15,898) Industrial Activities (542) (1,900) (2,442) (4,418) Financial Services (2,211) (10,279) (12,490) (11,480) (*) Figures take into account the effects of the demerger which occurred on 1 January 2011 (1) Includes current financial receivables from the JV FGA Capital (2) Includes the positive and negative fair value of derivative financial instruments Financial payables for Fiat Group pre Demerger increased €2,481 million during 2010, excluding currency translation differences, the difference was approximately €1.1 billion and related primarily to an increase in asset-backed financing. At the end of June 2010, Case New Holland Inc. completed the placement of a USD 1.5 billion bond, maturing in 2017, at 99.32% of par value and with a fixed coupon of 7.875%. In February 2010, a €1 billion bond was repaid at maturity and in July CNH prepaid a USD 500 million bond (original maturity: 1 March 2014). At 31 December 2010, Liquidity (cash, cash equivalents and current securities) totaled €15.9 billion, an increase of €3.5 billion over the €12.4 billion figure at year-end 2009. Cash and cash equivalents included cash with a pre-determined use of €694 million (€530 million at 31 December 2009), relating primarily to financial services companies and allocated to servicing securitization vehicles (included under asset-backed financing). Report on Operations Financial Review – Fiat Group 48
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 and 16: SELECT DATA BY REGION Fiat Group pr
Page 17 and 18: MAJOR SHAREHOLDERS At the date of t
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: Statement of Cash Flows Following i
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
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STATEMENT OF CHANGES IN CONSOLIDATE
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CONSOLIDATED STATEMENT OF FINANCIAL
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CONSOLIDATED STATEMENT OF CASH FLOW
Page 112 and 113:
� As a result of the Demerger, on
Page 114 and 115:
Associates Associates are enterpris
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conditions are met: that developmen
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In particular, Cash and cash equiva
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Assets and liabilities held for sal
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Research and development costs This
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Residual values of assets leased ou
Page 126 and 127:
The above changes in accounting pri
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financial statement items, excludin
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SCOPE OF CONSOLIDATION The consolid
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eliminations of transactions and ba
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Assets and liabilities classified a
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Fiat Industrial - Historical combin
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COMPOSITION AND PRINCIPAL CHANGES 1
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A reconciliation to the income stat
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(€ million) 2010 2009 Theoretical
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Total at Year of expiry Unlimited/
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Ordinary shares Preference shares S
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In 2010 and in 2009 changes in accu
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Goodwill, trademarks and intangible
Page 152 and 153:
subsequent cash flows into perpetui
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In 2010 and 2009, Changes in accumu
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The above mentioned changes include
Page 158 and 159:
In 2009 Disposals and other changes
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have been prepared in accordance wi
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Operations for €57 million (€11
Page 164 and 165:
(€ million) Allowance for receiva
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� the fair value of derivative fi
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(€ million) Currency risk Continu
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� 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
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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
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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
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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
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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
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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
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annual report - FIAT SpA

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