Chrysler 2003 Annual Report Download - page 79
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78 Fiat Group Consolidated Financial Statements at December 31, 2003
Notes to the Consolidated Financial Statements
❚In execution of the contract dated July 1, 2003 and after
having met the conditions precedent, the sale of the
aerospace activities of FiatAvio S.p.A. to Avio Holding S.p.A.,
a company 70% owned by The Carlyle Group and 30%
by Finmeccanica S.p.A., was finalized. Such activities were
therefore deconsolidated beginning July 2003. The sale
price was 1,509 million euros, realizing a net gain of 1,258
million euros.
Furthermore:
❚In the first quarter of 2003, Iveco sold the activities of
Fraikin, a company specializing in long-term vehicle leasing,
to Eurazeo. The sale price was 307 million euros, realizing
a net loss of 24 million euros. The activities sold were
deconsolidated as of the beginning of the year.
❚Also in the first quarter of 2003, Business Solutions sold the
Zunino group the approximate 56% stake in IPI S.p.A., which
was deconsolidated as from the beginning of the year.
❚Following the agreements signed in December 2002, the
Automobile Sector concluded the sale of Fiat Auto Holdings’
retail financing activities in Brazil to the Itaù banking group at
the end of March 2003 and the activities were deconsolidated
from that date. The sale price was 247 million euros, realizing
a net gain of 103 million euros.
The effects of the above sales on the statement of operations
and balance sheet are analyzed in detail as “Discontinuing
Operations” in the Analysis of the Financial Position and
Operating Results of the Fiat Group and Fiat S.p.A., included
in the Report on Operations.