Chrysler 2003 Annual Report Download - page 192

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Dear Stockholders,
The consolidated financial statements of Fiat S.p.A. at
December 31, 2003, including the balance sheet, statement
of operations and respective notes, which are being submitted
for your consideration, show a net loss of 1,900 million euros,
compared with a net loss of 3,948 million euros in the preceding
fiscal year. They were communicated to us within the statutory
deadlines, together with the Report on Operations, and were
prepared in accordance with the method of presentation
required under Legislative Decree No. 127 of April 9, 1991.
The tests carried out by Deloitte & Touche S.p.A., which
is responsible for the audit, have shown that the amounts
included in the financial statements are consistent with
the Parent Company’s accounting records, the statutory
and consolidated financial statements of its subsidiaries
and the official information provided by said subsidiaries.
The financial statements communicated by the subsidiaries
to the Parent Company for the purpose of compiling the
consolidated financial statements were prepared by the
respective management bodies, reviewed by the bodies
and/or individuals responsible for monitoring each individual
Report of the Board of Statutory Auditors pursuant to Article 41
of Legislative Decree No. 127/1991
company, as required under the pertinent legal systems, and
audited by the audit firm, in accordance with the procedure
required for certification of the consolidated financial
statements. Consequently, the Board of Statutory Auditors
did not review these financial statements.
The determination of the scope of consolidation, the selection
of the principles used to consolidate equity investments and the
procedures used for that purpose comply with the requirements
of Legislative Decree No. 127 of April 9, 1991. Therefore, the
structure of the consolidated financial statements is technically
correct and overall consistent with the pertinent legislation.
In particular, it also includes the information required by
Consob with registered letter DAC/RM/97002477 of March
14, 1997 concerning companies whose securities are listed
both in Italy and in regulated markets in North America.
The Report on Operations presents fairly the results and
financial position, as well as the operations in 2003 and the
events that have occurred since the end of the fiscal year,
for the complex of companies subject of the consolidation
process. Based on our examination, this report is consistent
with the consolidated financial statements.
Turin, April 20, 2004
The Statutory Auditors
Cesare Ferrero
Giuseppe Camosci
Giorgio Ferrino