annual report - FIAT SpA

The above analysis of net debt by activity for both Continuing and Discontinued Operations provides an itemization of
financial receivables and payables between Continuing and Discontinued Operations. As these items are
intercompany, they have been eliminated from the net debt presentation for Fiat Group pre Demerger.
Financial payables for Industrial Activities partially consist of funding raised by the central treasury to support the
activities of the financial services companies (shown under intersegment financial receivables).
Intersegment financial receivables for financial services companies, however, represent loans or advances to industrial
companies – for receivables sold to financial services companies that do not meet the derecognition requirements of
IAS 39 – as well as liquidity deposited temporarily with the central treasury.
At year end, cash and cash equivalents included cash with a pre-determined use of €694 million (€530 million at yearend
2009), primarily for the Financial Services companies and allocated to servicing securitization vehicles (included
under asset-backed financing).
Report on Operations Financial Review – Fiat Group
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