Chrysler 2003 Annual Report Download - page 176

175 Fiat S.p.A. Financial Statements at December 31, 2003
Notes to the Financial Statements
19 Extraordinary income and expenses
Extraordinary income
Extraordinary income totaled 195 thousand euros in 2003, for a decrease of 672,969 thousand euros from the previous year. It consists
of 106 thousand euros in gains from the disposal of investments and 89 thousand euros in other income.
The gains from disposal of investments derive from the sale of 0.06% of the preference capital of Toro Assicurazioni S.p.A. to
DeAgostini Invest S.A.
In 2002, the gains from disposal of investments mainly derived from the sale of 34% of the capital stock of Ferrari S.p.A. to
Mediobanca S.p.A. (670,970 thousand euros).
Extraordinary expenses
Extraordinary expenses in 2003 totaled 20,535 thousand euros and referred to bank commissions paid to Mediobanca S.p.A. for the
postponement of the commitments undertaken by Mediobanca in connection with the “Ferrari” contract described in Note 14
(15,504 thousand euros) and valuation of the Insurance Sector headed by Toro Assicurazioni S.p.A. (1,617 thousand euros), which was
subsequently sold.
They also include IRPEG (corporate income taxes) for fiscal 2002 (2,441 thousand euros) and other expenses (973 thousand euros).
In 2002, they consisted of 40,582 thousand euros connected with the sale of 34% of the capital of Ferrari S.p.A. and listing of its stock.
20 Income taxes
Income tax owed for 2003 totaled 60,664 thousand euros, consisting of the elimination of net deferred tax assets set aside in reserves
in previous fiscal years, insofar as there is no reasonable certainty that they can be recovered in future fiscal years.
Net deferred tax assets, which mainly refer to the portions of losses deductible in subsequent fiscal years and are not posted on the
balance sheet because there is no reasonable certainty that they will be recovered, total approximately 700 million euros.