Chrysler 2003 Annual Report Download - page 161
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160 Fiat S.p.A. Financial Statements at December 31, 2003
Notes to the Financial Statements
Net deferred tax assets refer mainly to quotas of losses deductible in future fiscal years and amount to about 700 million euros. As
there is no reasonable certainty of their recovery they have not been recorded in the balance sheet.
There are no receivables with a residual term of more than five years.
6 Financial assets not held as fixed assets
Treasury stock
This item consists of 4,384,019 ordinary shares with a total par value of 21,920 thousand euros, earmarked for the Stock Option Plans.
Treasury stock totaled 28,045 thousand euros at December 31, 2003. A breakdown of the net increase by 7,670 thousand euros from
December 31, 2002 is provided in the following table:
(in thousands of euros)
Purchases 12,746
Writedown to market value during the last month of the fiscal year (5,076)
Net change 7,670
Financial receivables
This item totaled 1,436,664 thousand euros at December 31, 2003, compared with 1,485,574 thousand euros at the end of 2002.
A breakdown is provided below:
(in thousands of euros) 12/31/03 12/31/02 Change
Subsidiaries
Fiat Ge.Va. S.p.A. 1,436,664 1,475,178 (38,514)
Others
Tax Authorities –10,396 (10,396)
Total financial receivables 1,436,664 1,485,574 (48,910)
This item consists of a fixed rate loan of 1,300,000 thousand euros, due on January 15, 2004, provided to the subsidiary Fiat Ge.Va.
S.p.A. and liquidity left on deposit with the same company (136,664 thousand euros).
In April 2003, Fiat S.p.A. acquired financing (financial receivables) due within and beyond the fiscal year from Fiat Finance & Trade
Ltd. for US$ 1,480 million (equal to 1,381 million euros). Subsequently, these loans were contributed to the indirect subsidiary CNH
Global N.V. against issuance of 5,920,000 preferred shares (Note 3).
In 2003 receivables due from tax authorities, for which Government securities have already been requested in lieu of cash, were sold
without recourse to Ifitalia.
7 Cash
Bank and post office accounts
This item, which at the end of December 31, 2003 amounted to 246 thousand euros, showed a decrease of 605 thousand euros with
respect to December 31, 2002.
Cheques
This item, which at the end of December 31, 2003 amounted to 1 thousand euros, showed a decrease of 130 thousand euros
compared with the figure at December 31, 2002.
Cash on hand
Cash on hand at December 31, 2003 was in line with the figure at December 31, 2002.