Chrysler 2003 Annual Report Download - page 83
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82 Fiat Group Consolidated Financial Statements at December 31, 2003
Notes to the Consolidated Financial Statements
Investments held at December 31, 2003, by type of consolidation method, are analyzed as follows:
(in millions of euros) At 12/31/2003 At 12/31/2002
Investments accounted for using the equity method 3,539 3,161
Investments valued on a cost basis:
listed companies 158 581
unlisted companies 197 220
Total Investments valued at cost 355 801
Total Investments 3,894 3,962
Investments accounted for using the equity method: the increase (378 million euros) is due to the equity method of valuation for the
companies Fidis Retail Italia S.p.A. (372 million euros) and Naveco Ltd. (102 million euros), the foreign exchange effect (-87 million
euros) and other minor changes (-9 million euros).
Investments valued on a cost basis: the decrease (423 million euros) in listed companies is mainly due to the exit of Capitalia S.p.A.
(-481 million euros), a Toro Assicurazioni Group holding, the inclusion of Edison S.p.A. shares (65 million euros) and other minor
changes (-7 million euros). The reduction in unlisted companies valued at cost (-23 million euros) is the result of the sale of the
investment in Johnson Matthey Argentina S.A. (-3 million euros), the exclusion of Atla S.r.l., a company held by FiatAvio S.p.A.
(-4 million euros), certain Toro Assicurazioni Group companies (-3 million euros) and other companies (-13 million euros).
The principal investments in unconsolidated subsidiaries are the following:
At 12/31/2003 At 12/31/2002
(in millions of euros) % Amount % Amount
Unconsolidated subsidiaries:
BUC-Banca Unione di Credito 100.0 340 100.0 361
Leasys S.p.A. 51.0 36 51.0 112
Other unconsolidated subsidiaries (minor amounts) 59 85
Total 435 558
As allowed by law, the above companies have not been consolidated either because their operations are so dissimilar (BUC – Banca
Unione di Credito) or because it would not have been possible to obtain the necessary information for their consolidation on a timely
basis without disproportionate expense or because their operations are not significant. Such companies show a negative net financial
position of 297 million euros (164 million euros at December 31, 2002).
As regards the investment in Leasys S.p.A., this company is subject to joint control with the other partner, even though the Fiat Group
holds 51% of capital stock; like the other principal jointly controlled companies, the investment is accounted for using the equity
method.