annual report - FIAT SpA

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STRUCTURE: <strong>FIAT</strong> & <strong>FIAT</strong> INDUSTRIAL BRANDS Fiat is a global group whose activities are focused in the automobile sector. It designs, produces and sells cars for the mass market under the Fiat, Lancia, Alfa Romeo and Fiat Professional brands and luxury and performance cars under the Ferrari and Maserati brands. The Group also operates in the components sector through Magneti Marelli, Teksid and FPT Powertrain and in the production systems sector through Comau. Fiat's industrial capabilities, market positioning and strategic development programs make it one of the world's most solid and competitive groups. Fiat Group post Demerger carries out its industrial and financial services activities through companies located in approximately 40 countries and has commercial relationships with customers in approximately 140 countries. The Group's principal businesses are: Structure: Fiat & Fiat Industrial 5
AUTOMOBILES Fiat Practical, versatile and responsive. Made for consumers who are increasingly focused on environmental issues and technological innovation. The brand has a tradition of producing models that offer practical and affordable technology combined with unmistakable Italian design and, in recent years, it has also placed increasing emphasis on the ecological profile of its products. In fact, the constant commitment to developing concrete solutions that are deployable now has resulted in Fiat achieving the lowest average CO2 emissions among the top selling brands in Europe for more than 3 years running (source: JATO Dynamics). Alfa Romeo Sportiness, technology, comfort and elegance all come together to create the distinctive personality and style that characterize Alfa Romeo, the historic Italian marque that celebrated its 100th anniversary in 2010 and continues to embody the values recognized by generations of auto enthusiasts: agility, spirit, style. That style comes from the combination of attractive proportions and state-of-the-art technology that offers optimum power, fuel consumption and ecological performance. Lancia Class, exclusivity and unmistakable Italian style are the hallmarks of Lancia's cars. For more than 100 years, the brand has been producing models whose elegant originality complements their day-to-day versatility, such as the compact Ypsilon, the Musa city limousine and the Delta, which blends style with an audacious and innovative spirit. Abarth Relaunched in 2007, Abarth is today synonymous with spirited performance and sporting emotion. The Scorpion brand has returned with cars that are ultra-modern yet true to its traditional spirit, packed with technology and performance born on the racetrack. Models include the Abarth Punto Evo, the 500C and the limited edition Abarth 695 Tributo Ferrari, released in 2010, together with the tuning kits and exclusive versions for racing enthusiasts. Fiat Professional Fiat Professional works in partnership with its customers: a partnership between professionals. With its full range of light commercial vehicles, Fiat Professional’s mission is to partner small and large companies in growing their businesses. Customers seeking productivity, ease of use and fuel efficiency rely on the know-how and innovation of Fiat Professional, an ally for businesses as they confront the challenges of the market. Maserati Maserati's cars are unique for their styling, elegance and advanced technology. Cars such as the Quattroporte, a sedan of unmistakable style that represents the ideal balance between luxury and performance; or the GranTurismo, the first 2-door, 4-seater modern coupé that combines power and elegance, futuristic design with surprising practicality; or the GranCabrio, the brand’s first ever 4-seater cabriolet. Maserati's excellence is often the result of experience gained on the racetrack. Indeed, it has a long and glorious racing heritage that continues today with the MC12, winner of 14 FIA GT Championships since its debut in 2004, and the new GranTurismo MC Trofeo, which, as of 2010, now has its own mono-brand trophy. Ferrari The company’s history officially began in 1947 when the first car emerged from the gates of no. 4 Via Abetone Inferiore in Maranello. That historic two-seater – the 125 S – went on to win the Rome Gran Prix in 1947 and rapidly evolved into a refined GT roadster. Ferrari has traveled a long way since then, but its mission has remained the same: to make unique sports cars that represent the finest in Italian auto design and craftsmanship, both on the track and on the road. The essence of excellence and sportiness, Ferrari needs no introduction. Numerous Formula One titles (16 times winner of the Constructors’ championship and 15 times winner of the Drivers’ championship) are its calling card. And, of course, the impressive line-up of legendary GT models: cars that are unique for their design, technology and luxurious styling and that represent the best in Italian the world over. COMPONENTS AND PRODUCTION SYSTEMS Fiat Powertrain Fiat Powertrain is specialized in the research, development, production and sale of engines and transmissions. It is one of the largest players in its field globally. Fiat Powertrain develops, produces and sells engines ranging in output from 60 to 235 hp and transmissions with torque from 143 to 400 Nm for application on passenger cars and light commercial Structure: Fiat & Fiat Industrial 6
Page 1 and 2: ANNUAL REPORT AT 31 DECEMBER 2010 T
Page 3 and 4: FIAT S.P.A. - STATUTORY FINANCIAL S
Page 5: 2010 IN SUMMARY 2010 RESULTS (€ b
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 and 48: Statement of Cash Flows Following i
Page 49 and 50: At 31 December 2010, consolidated n
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
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€50,000,000 (€35,000,000 follow
Page 69 and 70:
SUBSEQUENT EVENTS AND OUTLOOK SUBSE
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FIAT GROUP AUTOMOBILES Fiat, Abarth
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development of a supply network aro
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427,429 vehicles, representing a fi
Page 77 and 78:
FERRARI Highlights OPERATING PERFOR
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Fiat Powertrain OPERATING PERFORMAN
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COMPONENTS Magneti Marelli OPERATIN
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competitive. Significant events inc
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PRODUCTION SYSTEMS Comau OPERATING
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AGRICULTURAL AND CONSTRUCTION EQUIP
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TRUCKS AND COMMERCIAL VEHICLES Ivec
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INNOVATION AND PRODUCTS Innovation
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FPT Industrial OPERATING PERFORMANC
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swaps. The €79 million increase o
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Non-current financial liabilities c
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FIAT GROUP CONSOLIDATED FINANCIAL S
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CONSOLIDATED STATEMENT OF COMPREHEN
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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
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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
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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
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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
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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
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(€ million) Allowance for receiva
Page 166 and 167:
� the fair value of derivative fi
Page 168 and 169:
(€ million) Currency risk Continu
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� further allocations to the lega
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In this respect capital means the v
Page 174 and 175:
Other comprehensive income Other co
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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
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The amounts recognised in the incom
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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
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In addition, the financial services
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The following table provides an ana
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Transactions with jointly controlle
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� Cost of sales: transactions wer
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� Trade receivables: these relate
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The consideration paid for this acq
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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
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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
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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
Page 284 and 285:
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
Page 306 and 307:
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
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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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