annual report - FIAT SpA

STATEMENT OF FINANCIAL POSITION
Following is a summary of Fiat S.p.A.’s statement of financial position:
(€ million) 31.12.2010 31.12.2009
Non-current assets 11,599 14,049
- of which: Investments 11,423 13,991
Shareholdings to be demerged 4,977 -
Working capital (101) (235)
NET CAPITAL INVESTED 16,475 13,814
EQUITY 12,704 12,487
NET DEBT 3,771 1,327
Non-current assets consisted almost entirely of controlling interests in the principal Group companies.
Investments decreased €2,568 million over 31 December 2009 as a result of the reclassification of €4,977 million to
Shareholdings to be demerged less increases of €2,259 million relating to the recapitalization of subsidiaries, the
incorporation and capitalization of shareholdings to be demerged and the net impairment reversals described above.
Shareholdings to be demerged, totaling €4,977 million, represents the carrying amount of shareholdings transferred
on 1 January 2011 from Fiat S.p.A. to Fiat Industrial S.p.A. pursuant to the Demerger, which consisted of the
shareholdings in Fiat Netherlands Holding N.V., Iveco S.p.A., FPT Industrial S.p.A. and Fiat Industrial Finance S.p.A.
Working capital was a negative €101 million and consisted of trade receivables/payables, other receivables/payables
(from/to tax authorities, employees, etc.), inventoried contract work in progress net of advances, and provisions. The
€134 million increase from 31 December 2009 was essentially due to an increase in net receivables/payables from/to
subsidiaries for consolidated IRES and an increase in consolidated VAT receivable.
Equity totaled €12,704 million at 31 December 2010, a net increase of €217 million over 31 December 2009 principally
reflecting profit for the year (€442 million), net of dividends distributed (€237 million).
A more detailed analysis of changes in equity is provided in Fiat S.p.A.'s financial statements.
Net debt at 31 December 2010 was €3,771 million, up €2,444 million over 31 December 2009 primarily due to the
recapitalization of subsidiaries and the incorporation and capitalization of shareholdings to be demerged. Net debt
consisted of the following:
(€ million) 31.12.2010 31.12.2009
Current financial assets, cash and cash equivalents (312) (646)
Current financial liabilities 295 157
Non-current financial liabilities 2,561 1,816
Net debt to be demerged 1,227 -
NET DEBT/(CASH) 3,771 1,327
Current financial assets at 31 December 2010 consisted of cash balances held with the subsidiary Fiat Finance S.p.A.
and other assets of €115 million, also receivable from Fiat Finance S.p.A., representing the fair value of the cited equity
swaps on Fiat S.p.A. ordinary shares.
Current financial liabilities at 31 December 2010 primarily consisted of a short-term loan provided at market rates by
Fiat Finance S.p.A. and a €122 million liability relating to exercise of the call option on 5% of Ferrari S.p.A. shares.
Report on Operations Financial Review – Fiat S.p.A. 95