annual report - FIAT SpA

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FINANCIAL REVIEW – <strong>FIAT</strong> S.P.A. The following information is based on the 2010 financial statements prepared in accordance with the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and adopted by the European Union, and with regulations implementing Article 9 of Legislative Decree 38/2005. OPERATING PERFORMANCE For 2010, the Parent Company <strong>report</strong>ed net profit of €442 million, a €102 million increase over the prior year. Following is a summary of Fiat S.p.A.’s income statement: (€ million) 2010 2009 Income from investments 584 402 Dividends 428 1,260 Impairment (losses)/reversals on investments 156 (858) Gains/(losses) on disposals - - Personnel and operating costs, net of other income (83) (42) Financial income/(expense) (93) (14) PROFIT/(LOSS) BEFORE TAXES 408 346 Income taxes 34 (6) PROFIT/(LOSS) FOR THE YEAR 442 340 Income from investments totaled €584 million and consisted of dividends received during the year and net impairment reversals on investments. This represents a €182 million increase over the prior year (€402 million in 2009): � Dividends of €428 million related to Fiat Finance S.p.A. (€180 million), Magneti Marelli S.p.A. (€100 million), Fiat Powertrain Technologies S.p.A. (€80 million), Fiat Netherlands Holding N.V. (€50 million) and Business Solutions S.p.A. (€18 million). For 2009, a total €1,260 million in dividends were received from Fiat Group Automobiles S.p.A. (€700 million) and Iveco S.p.A. (€560 million); � Net impairment reversals on investments of €156 million consisted of a partial reversal of impairment losses on Fiat Gestione Partecipazioni S.p.A. (formerly Iveco S.p.A.) in the amount of €260 million, less impairments recognized on the shareholdings in Fiat Powertrain Technologies S.p.A. (€80 million), Teksid Aluminum S.r.l. (€11 million), Comau S.p.A. (€7 million) and Fiat Industrial S.p.A. (€6 million). For 2009, net impairment losses on investments of €858 million related to the shareholdings in Iveco S.p.A. (€560 million), Fiat Group Automobiles S.p.A. (€200 million), Comau S.p.A. (€51 million), Teksid Aluminum S.r.l. (€31 million) and Fiat Partecipazioni S.p.A. (€16 million). Personnel and operating costs, net of other income totaled €83 million, compared with €42 million for 2009. Specifically: � Personnel and operating costs of €145 million, representing a €28 million increase over the prior year primarily attributable to non-recurring expenditures associated with the Demerger and higher non-cash costs related to stock options. For 2010, the Company had an average of 144 employees (152 for 2009). � Other income of €62 million (€75 million for 2009) related principally to services rendered, including by senior managers, to other Group companies, and changes in contract work in progress (contracts between Fiat S.p.A. and Treno Alta Velocità – T.A.V. S.p.A., now Rete Ferroviaria Italiana S.p.A.), which are calculated on a percentage completion basis. The €13 million decrease over the previous year was primarily due to lower revenues from contracts with T.A.V. S.p.A. as activities near completion. Net financial expense totaled €93 million and consisted of €204 million in net financial charges, primarily for interest on financial debt, which was partially offset by a €111 million gain on the mark-to-market value of two stock-option related equity swaps on Fiat S.p.A. ordinary shares. For 2009, there was net financial expense of €14 million consisting of €131 million in financial charges that was largely offset by a €117 million gain on measurement of the above equity Report on Operations Financial Review – Fiat S.p.A. 93
swaps. The €79 million increase over the previous year was due to higher interest payments following an increase in debt associated with the recapitalization of subsidiaries. There was a €34 million credit for income taxes for the year primarily attributable to the contribution of tax losses by Fiat S.p.A. to the tax consolidation for the Group’s Italian companies. For 2009, income taxes totaled €6 million and consisted of IRAP (Italian regional income tax) amounts paid in relation to taxable income for 2008, net of the release of deferred tax provisions related to prior years. Report on Operations Financial Review – Fiat S.p.A. 94
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ANNUAL REPORT AT 31 DECEMBER 2010 T
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FIAT S.P.A. - STATUTORY FINANCIAL S
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2010 IN SUMMARY 2010 RESULTS (€ b
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AUTOMOBILES Fiat Practical, versati
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The range of tractors, balers and c
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FIAT & FIAT INDUSTRIAL WORLDWIDE Fr
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OPERATING RESPONSIBLY Fiat Group ha
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SELECT DATA BY REGION Fiat Group pr
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MAJOR SHAREHOLDERS At the date of t
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Ratings Services places Fiat SpA's
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UGL sign agreement for relaunch of
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MAIN RISKS AND UNCERTAINTIES TO WHI
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Risks associated with the high leve
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RESEARCH AND INNOVATION Promoting s
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the A22 operator, because it will m
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ELASIS Established in 1988, at the
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HUMAN RESOURCES At 31 December 2010
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implementation of the plan were ini
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2011, with a one-off gross payment
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Principal changes in the scope of c
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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
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: FPT Industrial OPERATING PERFORMANC
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
Page 106 and 107: STATEMENT OF CHANGES IN CONSOLIDATE
Page 108 and 109: CONSOLIDATED STATEMENT OF FINANCIAL
Page 110 and 111: CONSOLIDATED STATEMENT OF CASH FLOW
Page 112 and 113: � As a result of the Demerger, on
Page 114 and 115: Associates Associates are enterpris
Page 116 and 117: conditions are met: that developmen
Page 118 and 119: In particular, Cash and cash equiva
Page 120 and 121: Assets and liabilities held for sal
Page 122 and 123: Research and development costs This
Page 124 and 125: Residual values of assets leased ou
Page 126 and 127: The above changes in accounting pri
Page 128 and 129: financial statement items, excludin
Page 130 and 131: SCOPE OF CONSOLIDATION The consolid
Page 132 and 133: eliminations of transactions and ba
Page 134 and 135: Assets and liabilities classified a
Page 136 and 137: Fiat Industrial - Historical combin
Page 138 and 139: COMPOSITION AND PRINCIPAL CHANGES 1
Page 140 and 141: A reconciliation to the income stat
Page 142 and 143: (€ 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
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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
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In this respect capital means the v
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Other comprehensive income Other co
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At 31 December 2010 the features of
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On 18 February 2011, the Board of D
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vesting tied to the attainment of s
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Cash-settled share-based payments V
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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
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� Environmental risks - This prov
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The major bond issues outstanding a
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At 31 December 2009, Payables for f
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The item Advances on buy-back agree
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Operating lease contracts The Group
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also carry out financial services a
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(€ million) CNH Iveco FPT Industr
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(€ million) FGA Maserati Ferrari
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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
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APPENDIX I FIAT COMPANIES AT 31 DEC
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SUBSIDIARIES CONSOLIDATED ON A LINE
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JOINTLY-CONTROLLED ENTITIES ACCOUNT
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SUBSIDIARIES VALUED AT COST (contin
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Name Registered Office Country Shar
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DISCONTINUED Name Registered Office
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SUBSIDIARIES VALUED AT COST (contin
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APPENDIX II INFORMATION REQUIRED UN
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FIAT S.P.A. STATUTORY FINANCIAL STA
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STATEMENT OF FINANCIAL POSITION (*)
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STATEMENT OF CHANGES IN EQUITY (€
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STATEMENT OF FINANCIAL POSITION pur
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NOTES TO THE STATUTORY FINANCIAL ST
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and investments in subsidiaries and
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income on a percentage completion b
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Dividends payable Dividends payable
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emain with the entity that transfer
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With regard to the shareholding in
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6. Other operating costs A breakdow
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A reconciliation between theoretica
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10. Property, plant and equipment A
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Investments in subsidiaries and cha
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During 2009, changes in investments
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16. Other current receivables At 31
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Prior to shareholder approval of th
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2009. Under the Program, purchases
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When the dividend paid to savings s
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A summary of the terms of the stock
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20. Provisions for employee benefit
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The amounts recognized in the incom
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22. Other non-current liabilities A
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26. Other payables At 31 December 2
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December 2009), activities to compl
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proceedings, the possible outcome o
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The effects of these transactions o
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31 December 2009 Non- Current curre
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31. Net financial position Pursuant
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List of equity investments (continu
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FEES PAID TO MEMBERS OF THE BOARD O
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APPENDIX INFORMATION REQUIRED UNDER
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Auditor's Reports 319
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321 Auditor's Reports 321
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REPORTS OF THE BOARD OF STATUTORY A
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Examination of the pro forma consol
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completeness, the report on operati
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� Riccardo Perotta: Chairman of t
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annual report - FIAT SpA

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