Chrysler 2003 Annual Report Download - page 82

81 Fiat Group Consolidated Financial Statements at December 31, 2003
Notes to the Consolidated Financial Statements
3 Financial fixed assets
Investments
Change in Acquisitions Foreign Disposals
Value at Equity in Equity in the scope of and exchange and Other Value at
(in millions of euros) 12/31/2002 earnings losses consolidation Capitalizations effects changes 12/31/2003
Unconsolidated subsidiaries 558 16 (150) (14) 7 (28) 46 435
Associated companies 2,722 74 (45) 536 29 (59) (55) 3,202
Other companies 682 1 (5) (491) 11 – 59 257
Total Investments 3,962 91 (200) 31 47 (87) 50 3,894
Equity in earnings and Equity in losses include the Group’s share of the income or the loss of companies accounted for using the
equity method. With regard to the companies accounted for at cost, Equity in losses includes the loss in value recorded in the year.
Change in the scope of consolidation (increase of 31 million euros) can be analyzed as follows:
❚Investments in unconsolidated subsidiaries (-14 million euros): the decrease is due to the line-by-line consolidation of the
companies B.D.C. & Co. Société en Commandite Simple (-8 million euros), New City Car S.A. (-2 million euros) and other minor
companies (-4 million euros).
❚Investments in associated companies (536 million euros): the caption includes the effects consequent to the exclusion from the
scope of consolidation of the companies now accounted for using the equity method and the investments held by companies that
were sold during the year. The change particularly refers to: Fidis Retail Italia S.p.A. (376 million euros), Naveco Ltd. (122 million
euros), IPI S.p.A. (16 million euros), Toro Targa Assicurazioni S.p.A. (15 million euros), Transolver Finance Establecimiento Financiero
de Credito S.A. (12 million euros), Fidis Bank G.m.b.H. (3 million euros), IN ACTION S.r.l. (2 million euros), the company Atla S.r.l.
owned by FiatAvio S.p.A. (-4 million euros), investments held by IPI S.p.A. (-5 million euros) and other minor companies (-1 million
euros).
❚Investments in other companies (-491 million euros): the decrease is mainly due to the exclusion from the scope of consolidation
of Capitalia S.p.A. (-481 million euros), Toro Assicurazioni Group holding, and other minor companies (-10 million euros).
Acquisitions and Capitalizations (47 million euros) refer principally to the following acquisitions and capitalizations:
❚Investments in unconsolidated subsidiaries (7 million euros): capitalization of the company Cofap Companhia Fabricadora
de Pecas LTDA (5 million euros) and other minor companies (2 million euros).
❚Investments in associated companies (29 million euros): capitalizations of the companies CNH Capital Europe S.A.S. (10 million
euros), Toro Targa Assicurazioni S.p.A. (9 million euros), Mako Elektrik Sanay Ve Ticaret A.S. (4 million euros) and other minor
companies (6 million euros).
❚Investments in other companies (11 million euros): acquisitions of the companies Gas Turbine Technologies S.p.A. (6 million euros),
IPSE 2000 S.p.A. (3 million euros) and other minor companies (2 million euros).
Disposals and Other changes, which show an increase of 50 million euros, refer principally to:
❚Investments in unconsolidated subsidiaries (46 million euros): line-by-line consolidation of Atlanet S.p.A. (56 million euros) and
other minor companies (-10 million euros).
❚Investments in associated companies (-55 million euros): sale of the companies: E.D.M. S.r.l. (-8 million euros), Johnson Matthey
Argentina S.A. (-3 million euros) and other companies (-44 million euros).
❚Investments in other companies (59 million euros): the increase, net of minor variations for -6 million euros, is due to the
subscription of the Edison S.p.A. capital increase, equal to 65 million euros, through the conversion of the option rights subscribed
to in 2002.