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Report on Operations
Consolidated and Statutory Financial Statements
The Fiat Group in 2000

Table of contents

  • Page 1
    The Fiat Group in 2000 Consolidated and Statutory Financial Statements Report on Operations

  • Page 2
    ... Vehicles Metallurgical Products Components Production Systems Aviation Publishing and Communications Insurance Ferrari and Maserati Fiat Engineering Corporate Governance Stock Option Plans Transactions among Group Companies and with Related Parties Motion for Allocation of the 2000 Net Income and...

  • Page 3
    ... the fiscal year (including investment income) and the cost of average net invested capital at an annual rate of 10% in 2000 and 1999, and of 12% in 1998. STATISTICAL DATA BY GEOGRAPHICAL REGION number Companies Employees Facilities R&D centers 1996 1997 1998 1999 2000 Italy Europe excluding...

  • Page 4
    ... to amend Art. 19 (Appointment and Qualifications of the Statutory Auditors) of the Articles of Association; pertinent and related resolutions. Fiat S.p.A. Head Office: 250 Via Nizza, Turin, Italy Paid-in Capital: 2,753,025,000 euros Entered in the Turin Company Register Fiscal Code: 00469580013

  • Page 5
    Honorary Chairman Giovanni Agnelli Board of Directors Chairman Chief Executive Officer Paolo Fresco (3) (3) Paolo Cantarella Franco Bernabè ...Jr. (3) (1) Secretary to the Board of Directors (2) Member of the Audit Committee (3) Member of the Compensation Committee (4) Co-opted on February 27,...

  • Page 6
    Board of Statutory Auditors Statutory Auditors Independent Auditors Cesare Ferrero Giorgio Ferrino - Chairman Arthur Andersen S.p.A. Lamberto Jona Celesia Alternate Auditors Giorgio Giorgi Natale Ignazio Girolamo Piero Locatelli

  • Page 7
    REPORT ON OPERATIONS Paolo Cantarella Chief Executive Officer of Fiat S.p.A. Paolo Fresco Chairman of Fiat S.p.A. Relazione sulla gestione - Relazione introduttiva

  • Page 8
    ... (+20% over 1999). Taken together, the results for 2000 do not reflect the Company's true growth potential. More specifically, the return on net invested capital measured in terms of value creation was about 6%, short of the 10% figure that had been set as the minimum target at the Group level. In...

  • Page 9
    ...Turin, March 13, 2000. Press conference announcing the Fiat-General Motors agreement. SYNERGIES ARE BEING REALIZED AND THE PROCESS IS GAINING MOMENTUM The strategic programs carried out in 1999 and 2000 to help the Group focus on its core businesses should produce synergies worth almost two billion...

  • Page 10
    ... will start working on the development and production of a more powerful version of the GE90 engine for the Boeing 777 aircraft. Also in 2000, the Sector began production of the EJ200 engine for the Eurofighter aircraft and, as part of a European program, was selected to develop systems for the Vega...

  • Page 11
    ...the operations of Case and New Holland. - - - - - Human Resources Administration Services and Corporate Consulting Utilities, Facilities & Property Management Information and Communication Technology E-Procurement, Marketplace and Procurement Center an important competitive advantage that must be...

  • Page 12
    ... purchases of raw materials and services. For its part, Fiat Auto launched Buy@Fiat, a service that, without diminishing the pivotal relationship between dealers and customers, helps consumers use the Internet to complete most of the steps needed to buy a car. THE GROUP'S CORPORATE CULTURE...

  • Page 13
    ...Group Value Creation Customer Satisfaction Achieving Competitive Excellence Lengthening the Value Chain Globalizing our Activities Enhancement of Human Resources Reducing Complexity Focusing on our Core Businesses Focusing and motivating Management Innovating our Products Values & Strategies...

  • Page 14
    ... to reduce execution time and increase customer satisfaction, and determined to empower its employees and enhance their professional skills. The company that we all work for is a new Fiat that views the efficient use of invested capital as an opportunity to increase cash flow, reduce indebtedness...

  • Page 15
    ... 1997 1998 1999 2000 (*) It includes the following service activities operated by the Industrial Sectors: financial, insurance and mobility services supplied by Fiat Auto, Iveco and CNH Global; Magneti Marelli's quick-service centers and infomobility services; Comau's plant maintenance operations...

  • Page 16
    ... the Fiat dealer network. ❚ Publication of the daily La Stampa and sales of advertising space for multimedia customers. 12 13 The Management Standing from the left: Umberto Quadrino, Executive Vice President Fiat S.p.A. Pier Luigi Fattori, Corporate Senior Vice President Human Resources Fiat...

  • Page 17
    ...will manufacture engines and gearboxes, and GM-Fiat Worldwide Purchasing, which will specialize in purchasing. Other important events that occurred during the year include: ❚ Renewal of the product line. ❚ Expansion of the Group's presence in the areas of business services and telecommunications...

  • Page 18
    ... and styling. A New Services Sector for the Fiat Group Business Solutions, a new Sector of the Fiat Group destined to play a leading role in the market for integrated business services, was officially established in September 2000. Business Solutions will build on its strengths - experience...

  • Page 19
    ...end of each season. Atlanet, a new Telecommunications Company, makes its Debut Atlanet is the result of a merger between Acea-Telefonica and Telexis, a telecommunications company of the Fiat Group. Together with Acea-Telefonica and Telefonica Intercontinental, Atlanet is an investor in the IPSE 2000...

  • Page 20
    ... product of a close collaboration between educators and business people, who provide at least 20% of the instruction time. This program, which combines theoretical teaching and practical instruction, including 400 hours of internship work in a corporate setting, started in the 1999/2000 school year...

  • Page 21
    ... numerous meetings and roadshows which permit more direct contacts with the Group's top management. For holders of Fiat shares: Toll-free telephone number in Italy: 800-804027 Website: www.fiatgroup.com E-mail addresses: [email protected] [email protected] For holders...

  • Page 22
    ...other smaller German stock exchanges. The ADRs issued through JP Morgan are traded on the New York Stock Exchange. The shares of Fiat S.p.A. are also actively traded on the London SEAQ. Average monthly trading volume (in millions of shares) 120 Ordinary shares 100 Preference shares Savings shares...

  • Page 23
    FIAT AND ITS PEOPLE HUMAN RESOURCES AND ORGANIZATIONAL DEVELOPMENT The net effect of several large staff additions and reductions was an increase of 2,634 units in the Group's workforce, which totaled 223,953 employees at December 31, 2000, compared with 221,319 at the end of 1999. The Group hired ...

  • Page 24
    ... recruiting, training and management of college graduates (mostly engineers), with the goal of developing management resources possessing highly developed international and cross-functional skills. From the inception of this program in 1998 through the end of 2000, the Group hired 230 employees from...

  • Page 25
    ...were held in 2000. Compared with the previous election (1997), the percentage of eligible employees who cast ballots increased to more than 80%. ❚ At the field level, discussions with the unions primarily concerned the sale or transfer of companies as part of the Group's management strategies. All...

  • Page 26
    ... the service management area, development of training products for Group service companies. ❚ To help certain Sectors address specific needs in the technical field, establishment of Trade Schools that teach technical and shop-floor skills. Also in this area, start of Project Apprentice 2000, which...

  • Page 27
    ... for all Group companies. In 2000, the continuing pursuit of ecoefficiency produced significant cost savings and an increasingly rational use of natural resources, energy and materials, helping the Group develop new environmentally friendly products. The Environmental Report provides an overview of...

  • Page 28
    ... is to test the feasibility of using online systems to monitor and manage the flows of public and private vehicles with the goal of reducing the environmental impact of traffic congestion, relying in part on the contribution of alternative-drive vehicles. The "Traffic Testing and Control Laboratory...

  • Page 29
    ... activities. Fiat Research Center With its wealth of sophisticated equipment, its staff of more than 900 employees and a network of over 1,000 outside researchers, the FRC is the largest private-sector research organization in Italy. In 2000, the FRC transferred 110 new products and processes and...

  • Page 30
    ... The Lancia Nea, a concept car that makes extensive use of online technology. 18 19 In 2000, Elasis increased the number of fields in which it operates, which now include motor vehicles, telecommunications, aeronautics, environment and safety. In particular, it began research in the use of virtual...

  • Page 31
    ... in which Business Solutions holds an interest of approximately 26%. It develops software and provides consulting, administrative and data processing services to publicly traded companies to help them comply with stockholder service requirements. Utilities, Facilities & Property Management Fenice...

  • Page 32
    ... janitorial services, mail and courier services, file storage management, printing centers, catering services, security services, etc. IPI S.p.A. This company, which has been operating in real estate for many years, is a reliable partner that can provide an integrated plan for the creation of value...

  • Page 33
    ... care of the machine prior to use. ❚ Dealer technicians will have access to a comprehensive web-based technical information database, as well as a knowledge based analytical tool called ASIST that will aid them in quickly identifying solutions to machine problems and reducing customer repair cycle...

  • Page 34
    ... breakdowns and cost effectively. It also developed powerful diagnostic systems for repair shops, including mobile units for roadside diagnostics. A new remote diagnostic system, which is now in the final stage of development, will allow an expert center located in Turin to check problems and offer...

  • Page 35
    ... entire fiscal year. Iveco acquired Fraikin, the leading French provider of long-term leasing services for commercial vehicles, in the closing quarter of 1999. ❚ Since the beginning of 2000, CNH Global has consolidated the results of the Case Group, which it bought toward the end of 1999, and the...

  • Page 36
    ... basis). The increase in pro forma revenues (+8.2%) is due mainly to the rising value of the U.S. dollar against the euro, the Fiat Group's reporting currency. If expressed in dollars, pro forma revenues would have been down slightly from the previous year. Sales trends for CNH products varied from...

  • Page 37
    ... towards the end of 1999. On a comparable consolidation and exchange rate basis, the revenue increase would still have measured 9%, thanks to greater sales volumes, especially in Europe, and the growing contribution made by financial activities and maintenance and repair services. ❚ Revenues in...

  • Page 38
    ... on sales prices in Europe, which did not allow certain Group Sectors to completely offset the inflationary trends of industrial costs. 6 7 8 9 10 1998 1999 2000 11 12 13 Overhead and research and development outlays Overhead came to 6,108 million euros in 2000 (+20.1% over 1999). The increase in...

  • Page 39
    ... by a structurally negative operating performance), was equivalent to 1.7%, down slightly from the 1.9% recorded for 1999. The improved return on sales resulting from reduced manufacturing costs and overhead was offset by the increased research and development and advertising outlays mentioned...

  • Page 40
    ... end of 2000, the Group's consolidated working capital totaled 1,630 million euros, up from 898 million euros at the end of 1999. On a comparable consolidation and exchange 1998 1999 2000 Report on Operations - Analysis of the Financial Position and Operating Results of the Fiat Group and Fiat...

  • Page 41
    ... 700 million euros in insurance company securities held as coverage for their technical reserves following a significant increase in business volumes; Net property, plant and equipment Net property, plant and equipment increased to 16,677 million euros at the end of 2000, from 15,920 million...

  • Page 42
    ...3.3 in 1999 to 2.7 at the end of 2000. The annualized return on invested capital, which is the ratio of operating income plus investment income to average net invested capital, was about 6%, which fell short of the 10% value that was set in 2000 as the average cost of capital for the Group, used for...

  • Page 43
    ... 31, 1999 Increase in working capital Investments in fixed assets Cash flow Dividends paid by Fiat S.p.A. Dividends paid by other companies Acquisitions and capital contributions Disposals (net of capital gains) Other changes Total change Net financial position at December 31, 2000 Cash flow...

  • Page 44
    ... mainly of investments in the Group's principal companies. The total value at December 31, 2000 was 7,598 million euros, for a net increase of 631 million euros since the end of 1999. The principal new equity investments added in 2000 included the tender offers for and open market purchase of shares...

  • Page 45
    ... the previous fiscal year on the sale of almost all real estates. In particular, the cost of personnel and services came to 176 million euros, compared with 174 million euros in 1999. The Company's staff averaged 240 employees (including 25 seconded to the Group's principal companies) as against 245...

  • Page 46
    ... End of the Fiscal Year The most important transactions completed by the Fiat Group in the early months of 2001 are reviewed below: ❚ As part of its strategy to develop a carefully focused range of products, Magneti Marelli agreed to sell to Denso Corporation of Japan its Climate Control Division...

  • Page 47
    ...the early months of 2001, Fiat S.p.A. purchased additional treasury shares, which are earmarked for distribution under the Group's stock option plans. In particular, it bought 1,098,000 ordinary shares, at a cost of 26.3 million euros. Following these purchases, the Company held a total of 2,100,000...

  • Page 48
    ... (in millions of euros) Net invested capital 2000 (in millions of euros) 1999 (in millions of euros) 2000 Number of employees 1999 16 17 18 Automobiles (Fiat Auto) Agricultural and Construction Equipment (CNH Global) Commercial Vehicles (Iveco) Metallurgical Products (Teksid) Components (Magneti...

  • Page 49
    ... Chief Executive Officer. D AT H IGH I L SIIG GH NT IF SI C AT I V I (in millions of euros) 2000 1999 1998 Net revenues Operating income (loss) As a % of revenues Income (Loss) before minority interest Cash flow Capital expenditures Research and development Net invested capital Number of employees...

  • Page 50
    ... Palio helped Fiat Auto post a healthy 19.1% sales increase and take over the leadership of the local market during the last quarter of 2000. PRODUCT INNOVATION In 2000, Fiat Auto continued to upgrade its model lineup with the goal of strengthening the competitiveness of its products and services...

  • Page 51
    ... in 2000 also involved models scheduled for introduction in 2001, including the Fiat Stilo, a medium compact car, and the flagship Lancia Thesis. These new models will help Fiat Auto shift its sales mix toward the higher end of the market. Other projects undertaken to strengthen the product line...

  • Page 52
    ...will have 26,000 employees working in 19 factories and 7 R&D centers in 11 European and Latin American countries. It has already defined plans to consolidate several powertrain lines, which, when fully implemented, will result in significantly lower product costs. The Purchasing joint venture, which...

  • Page 53
    ... for the sale of 313,546 used cars worldwide, for a gain of 28.2% over 1999. The Sector's Leasing Division expanded its fleet by about 19% to almost 68,000 vehicles. In the area of customer services, the Fiat network responded to 145,000 roadside assistance requests, and the call center handled more...

  • Page 54
    ... euros in 1999). 20 21 22 23 24 25 26 27 28 29 Innovation applied to the development, styling and manufacturing of new products represents a core value of Fiat Auto's growth strategy. In recent years, the Sector's increasing effort to develop a comprehensive range of services that can supplement...

  • Page 55
    ...) 2000 1999 Pro forma 1999 1998 Revenues by geographical region of destination Employees by geographical region Net revenues Operating income As a % of revenues Income (Loss) before minorities Cash flow Capital expenditures Research and development Net invested capital Number of employees 10...

  • Page 56
    ... and managing globally functional departments. Merger related savings in 2000 were approximately 155 million dollars against the plan objective of at least 600 million dollars of annual savings in four years. One of the greatest opportunities offered by the merger is the development and manufacture...

  • Page 57
    ... its line of excavators with several new models. FINANCIAL ACTIVITIES In 2000, revenues from financial activities accounted for about 7% of the Sector's net revenues. In addition to prolonged weakness in the farm economy, interest rate increases and losses incurred by diversified business in...

  • Page 58
    ... Holland and Case. Under this plan, a few facilities in North America and Europe will be closed and manufacture of the respective products transferred to other plants, some product lines will be reallocated to different production units, and certain non-core businesses will be divested. Report on...

  • Page 59
    ...Iveco's Chief Executive Officer. D AT H IGH I L SIIG GH NT IF SI C AT I V I (in millions of euros) 2000 1999 1998 Net revenues Operating income As a % of revenues Income before minority interest Cash flow Capital expenditures Research and development Net invested capital Number of employees 8,611...

  • Page 60
    ... over 1999 is a continuation of a strong upward trend that started in previous years. Sales to customers outside the Group accounted for 62% of total output. Production of a new 13-liter Cursor engine, which will be used to equip top-of-theline Iveco heavy-load vehicles, got underway in 2000. Among...

  • Page 61
    ... of maintenance and repair services. During the year it signed up 9,500 new contracts, bringing to 25,500 the total number of contracts in force at December 31, 2000. PRODUCT INNOVATION The Sector's research and development activities focused primarily on the new F1 family of diesel engines for...

  • Page 62
    ... from 163 million euros in 1999. The decline in net income reported in 2000 was due to the writedown of the carrying value of investments in certain subsidiaries and associated companies and to an increase in financial expenses. Toward the end of the year, Iveco also incurred extraordinary expenses...

  • Page 63
    ... of this plan is to increase the specialization of individual plants and lower installed production capacity. ❚ Work continued on the construction of new factories, including an aluminum plant in Sylacauga (Alabama, United States), a magnesium unit in Strathroy (Ontario, Canada) and a cast iron...

  • Page 64
    ...euros in 1999). 15 16 17 18 19 20 21 22 23 24 25 26 27 58 Revenues by business unit Revenues by customer Teksid worldwide Italy Rest of Europe Rest of the world Total 59 6 5 8 3 12 3 16% 39% 45% Production facilities 24% 26 11 R&D centers 76% Magnesium Aluminum Cast iron Fiat Group Other...

  • Page 65
    ...'s Chief Executive Officer. D AT H IGH I L SIIG GH NT IF SI C AT I V I (in millions of euros) 2000 1999 1998 Net revenues Operating income As a % of revenues Income before minority interest Cash flow Capital expenditures Research and development Net invested capital Number of employees 4,451...

  • Page 66
    ... on businesses that supply complete systems with a high technology content, and lengthening the value chain by developing innovative services. International expansion, another important facet of Magneti Marelli's strategy, has enabled the Sector to meet the global needs of its customers. Report on...

  • Page 67
    ..., Pico's integration enabled the Sector to book orders from U.S. carmakers for products that are manufactured in Europe and start promising maintenance service contracts. In April 2000, as part of its effort to increase sales by entering new markets, Comau Systems acquired an 85% interest in

  • Page 68
    ... 27 28 29 Revenues by business unit Revenues by customer Comau worldwide 32% Italy Rest of Europe Rest of the world Total 7% 18% Production facilities R&D centers 6 9 14 4 19 1 39 14 18% 49% 8% Welding Moulding Mechanical Engineering Maintenance Others Fiat Group Other carmakers 68% Comau...

  • Page 69
    ...expenditures Research and development Net invested capital Number of employees 1,491 143 9.6 83 173 36 104 71 5,362 1,361 109 8.0 61 145 42 128 163 5,590 1,361 60 4.4 79 167 36 99 159 5,962 34% 47% 19% Italy Rest of Europe Rest of the world OPERATING PERFORMANCE During 2000, the Sector benefited...

  • Page 70
    ...R&D centers 8 8 2 - 10 8 59% FiatAvio, an innovative company on the cutting edge of technology, is a contributor in prestigious international aeronautical and space programs, participating in every phase of the product development cycle with special emphasis on customer satisfaction. Report on...

  • Page 71
    ...) and increase reader loyalty (bonus coupon programs). At the beginning of the year, Editrice La Stampa underwrote its pro-rata share (41.4%) of a capital increase carried out by the associated company EDM S.r.l., at a cost of 8.6 million euros. EDM S.r.l. used these new resources to acquire...

  • Page 72
    ... television network. In addition, Internet advertising sales almost tripled. With 45 websites among its customers, Publikompass has become a leading player in this industry. In November 2000, Itedi sold 100% of Koinet S.p.A. to the newly-established Fiat Group Services Sector (Business Solutions...

  • Page 73
    ...) at the end of 1999, increased premiums by more than 66% over the previous year. ❚ In Poland, Fiat Ubezpieczenia, a subsidiary of Toro Targa Assicurazioni, began commercial operations in September, selling insurance products through the Fiat dealer network. ❚ In December, the Sector signed...

  • Page 74
    ... profitability. Overall, the ratio of claims to premiums showed a modest improvement. The investment portfolio generated income of 325 million euros (331 million euros in 1999) after transaction costs and net of the share distributed to holders of life insurance policies. Income before taxes came to...

  • Page 75
    ... 1999) and 1,970 manufactured by Maserati (1,853 in 1999). For Ferrari, unit sales were up for the seventh consecutive year in 2000. A breakdown of cars shipped under the Ferrari brand shows a gain of 12% in the United States, which at 1,113 units was the company's largest market. European customers...

  • Page 76
    ... Quattroporte. The Sector worked very hard to establish a sales network in the United States ahead of the upcoming launch of Maserati models. At the consolidated Ferrari/Maserati level, revenues were almost 900 million euros, or 18% more than the 758 million euros reported in 1999. Operating income...

  • Page 77
    ... Fiat Group included the construction of a new building for Ferrari in Maranello that incorporates cutting-edge technological and ergonomic solutions. In 2000, Fiat Engineering continued to build on the positive operating and financial performance of 1999. New orders booked during the year totaled...

  • Page 78
    ... of his functions, in close collaboration with the Chief Executive Officer, on the Group's strategy, its international relationships and negotiations, the development and enhancement of its human resources and the optimization of its financial resources. Notwithstanding the ample powers granted...

  • Page 79
    ...relationships. The Group's website (www.fiatgroup.com) is used to disseminate operating and financial information on a regular basis and in connection with special transactions. In addition, a toll-free number (800-804027) and two e-mail addresses ([email protected] and investor.relations...

  • Page 80
    ... Stockholders' Meeting on June 22, 1998, the Board approved three Stock Option Plans offered to about 900 managers of the Group's Italian and foreign companies who are qualified as "Direttore" or have been included in the Management Development Program for high-potential managers. These Plans share...

  • Page 81
    ...), Fiat Ge.Va. S.p.A. (financial services) and Fiat International S.p.A. (international relations). These companies were established specifically for these purposes. ❚ Purchase of inspection and internal auditing services from Fiat Revi S.c.p.A. ❚ Purchase of information technology services...

  • Page 82
    ... and services that are part of the regular operations of the companies involved are discussed in other sections of this Report. Based on the information received from the various Group companies, there were no particularly significant intra-Group transactions of an extraordinary nature. Pursuant...

  • Page 83
    ...the Stockholders' Meeting for approval the financial statements for the 2000 fiscal year and proposes that the net income for the fiscal year of 692,..., and a limited tax credit of 0.092 euros. The dividend payable to each savings share carries a regular and therefore unrestricted tax credit of 0.660 ...

  • Page 84
    PRINCIPAL FIAT GROUP COMPANIES 78 79 25 FMA's plant in Pratola Serra received ISO 14001 certification in 2000. Report on Operations - Principal Fiat Group Companies

  • Page 85
    ... France Case Canada Investments Ltd. Canada Case Credit Australia Pty Ltd Australia Case Credit Corporation United States Case Credit Ltd. Canada Case Wholesale Receivables Inc. United States CNH Capital Corporation United States CNH Receivables Inc. United States New Holland Credit Company LLC...

  • Page 86
    ...companies COMMERCIAL VEHICLES METALLURGICAL PRODUCTS COMPONENTS PRODUCTION SYSTEMS Iveco N.V. Netherlands Astra Veicoli Industriali S.p.A. Italy Iveco Aifo S.p.A. Italy Iveco S.p.A. Italy International Trucks Australia Ltd. Australia...S.A. France Meridian Technologies Inc. Canada Société Bretonne ...

  • Page 87
    ... Italy Editrice La Stampa S.p.A. Italy La Stampa Interattiva S.p.A. Italy Publikompass S.p.A. Italy Fiat Engineering S.p.A. Italy Sicind S.p.A. Italy Fiat Argentina S.A. Argentina Fiat Deutschland GmbH Germany Fiat do Brasil S.A. Brazil Fiat France S.A. France OTHER SERVICE COMPANIES Fiat Iberica...