Chrysler 2002 Annual Report Download - page 26

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24 Report on Operations Analysis of the Financial Position and Operating Results
of the Fiat Group and Fiat S.p.A.
of the euro against the dollar), which was only partially offset by
the capital increases (at Fiat S.p.A. and CNH Global N.V.). The
Group’s interest in stockholders’ equity totaled 7,641 million euros,
compared with 12,170 million euros in the previous fiscal year.
Reserves and Allowances
Reserves and allowances totaled 16,999 million euros.
They included policy liabilities and accruals of the insurance
companies for 9,605 million euros, income tax (199 million
euros), warranty (841 million euros), restructuring (731 million
euros), pensions and similar obligations (1,459 million euros),
employee severance indemnities for employees in Italy (1,609
million euros), and other risks and charges (2,555 million euros).
The 265 million euro increase with respect to the 16,734 million
euros reported at the end of 2001 was caused by the increase
in contract, commercial, and litigation risk reserves.
Working Capital
The Group’s working capital decreased by 1,381 million euros
to a negative 2,773 million euros, down from the negative
(in millions of euros)
December 31, 2002 December 31, 2001 Change
❚ASSETS
Intangible fixed assets 5,200 6,535 (1,335)
Property, plant and equipment 12,106 13,887 (1,781)
Financial fixed assets 6,638 10,190 (3,552)
Investments on behalf of policy holders who bear the risk
and those related to pension plan management 6,930 6,177 753
Financial receivables held as fixed assets (*) 48 56 (8)
Financial leasing of Group assets (*) 2,947 3,367 (420)
Financial assets not held as fixed assets 6,094 5,620 474
Inventories (1) 7,050 8,375 (1,325)
Trade receivables 5,784 6,466 (682)
Other receivables 3,351 3,162 189
Financial receivables (*) 18,411 21,263 (2,852)
Net deferred tax assets 2,263 1,595 668
Cash and securities (*) 4,996 4,133 863
Trade accruals and deferrals 579 653 (74)
Financial accruals and deferrals (*) 661 697 (36)
❚TOTAL ASSETS 83,058 92,176 (9,118)
❚LIABILITIES AND STOCKHOLDERS’ EQUITY
Total Stockholders’ Equity 8,679 13,607 (4,928)
Reserve for future risks and charges 15,390 14,999 391
Reserve for employee severance indemnities 1,609 1,735 (126)
Policy liabilities and accruals where the investment risk is borne by
policyholders and those related to pension plan management 7,000 6,236 764
Trade payables 13,267 13,520 (253)
Other payables (1) 4,771 5,029 (258)
Financial payables (*) 28,923 32,697 (3,774)
Trade accruals and deferrals 1,499 1,499 –
Financial accruals and deferrals (*) 1,920 2,854 (934)
❚TOTAL LIABILITIES
AND STOCKHOLDERS’ EQUITY 83,058 92,176 (9,118)
❚NET FINANCIAL POSITION (*) (3,780) (6,035) 2,255
(1) Net of advances received for contract work in progress (8,227 million euros in 2002 and 7,135 million euros in 2001)