Chrysler 1999 Annual Report Download - page 33

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32
In addition to Fiat S.p.A., the Group manages its investment
portfolio through the following holding companies:
I. H. F. – INTERNAZIONALE HOLDING FIAT
This company, organized under Swiss law, was again chiefly
engaged in providing the foreign companies of the Fiat Group
with financial support.
Its investment portfolio, consisting mainly of shares in Iveco
N.V., Fiat France S.A. and Fiat Finance Corporation B.V.,
amounted to 2,992 million Swiss francs at the end of 1999.
Net income came to 67 million Swiss francs, equivalent to
41.9 million euros (35 million Swiss francs in 1998).
OTHER HOLDING COMPANIES
SICIND
In 1999, the company continued to be concerned primarily
with the management of its investment portfolio.
The most important transactions completed during the fiscal
year were:
❚Transfer of its 50.85% interest in IPI S.p.A. to the Ingest
S.p.A. subsidiary, where the real estate assets of the Fiat
Group are concentrated.
❚Absorption of Sogespar S.p.A. (100% Fiat) and Multiparuno
(100% Sogespar S.p.A.) as part of a program implemented
to streamline the investment portfolio of the Fiat Group.
❚Sale of 14,061,735 H.d.P. S.p.A. ordinary shares, equivalent
to 0.5% of the capital stock, to Gemina S.p.A. as part
of the agreement concluded with Mr. Romiti upon his
retirement. This transaction generated proceeds of 8.1
million euros and a gross capital gain of 1.6 million euros.
At year’s end, the carrying value of Sicind’s investments was
1,231 million euros. The main holdings were: 51.8% of the
ordinary shares of Toro Assicurazioni S.p.A. (481 million
euros), 100% of Augusta Assicurazioni S.p.A. (130 million
euros), 100% of Ingest S.p.A. (302 million euros) and 12.7%
of the ordinary shares of H.d.P. S.p.A. (164 million euros).
The year ended with net income of 26 million euros, compared
with 106 million euros in 1998, when the company had earned
an extraordinary capital gain on the sale of a 45.9% interest in
Snia BPD S.p.A.