Chrysler 2003 Annual Report Download - page 90

89 Fiat Group Consolidated Financial Statements at December 31, 2003
Notes to the Consolidated Financial Statements
At December 31, 2003, Other securities include short-term bonds and commercial paper (1,480 million euros) and highly rated
liquidity funds of leading international banks (2,365 million euros) in which mainly the treasury management companies of the
Group had made temporary and highly liquid investments of available cash resources that arose mainly as a result of the significant
divestitures by the Group. Additional liquidity in the form of bank accounts and cash is included in Cash (3,211 million euros-Note 7).
At December 31, 2002, Other securities comprised securities with a broad market issued by debtors with a high credit rating
and mainly held by the insurance companies to cover, for the most part, policy liabilities and accruals.
The securities portfolio of 3,845 million euros at December 31, 2003 (6,769 million euros at December 31, 2002) approximates
fair value.
Treasury stock
At 12/31/2003 At 12/31/2002
Number Cost Number Cost
of shares (in millions of shares (in millions
(thousands) of euros) (thousands) of euros)
Fiat S.p.A. shares held by Fiat S.p.A. and subsidiaries:
Ordinary 4,969 32 2,530 22
Total Treasury stock 4,969 32 2,530 22
Treasury stock consists of 4,969,034 Fiat ordinary shares held by Fiat S.p.A. and Fiat Ge.Va. S.p.A. and amounts to 32 million euros,
net of writedowns recorded during the year totaling 5 million euros.
Financial receivables
At 12/31/2003 At 12/31/2002
Due Due Of which Due Due Of which
within beyond due beyond within beyond due beyond
(in millions of euros) one year one year 5 years Total one year one year 5 years Total
Receivables from unconsolidated subsidiaries 475 46 – 521 348 163 – 511
Receivables from associated companies 413 231 – 644 912 401 – 1,313
Receivables from others 6,488 3,097 422 9,585 9,216 7,371 935 16,587
Total Financial receivables 7,376 3,374 422 10,750 10,476 7,935 935 18,411
Financial receivables amounting to 10,750 million euros at December 31, 2003 (18,411 million euros at December 31, 2002), net
of allowances for doubtful accounts of 316 million euros (523 million euros at December 31, 2002), decreased by 7,661 million euros
compared to the end of the prior year. Such reduction is mainly due to the change in the scope of consolidation (6,183 million euros)
particularly as a result of the sale of the retail financing activities of the Automobile Sector.
Movements in the allowance accounts during the year are as follows:
Use and Change in
At Other the scope of At
(in millions of euros) 12/31/2002 Provisions changes consolidation 12/31/2003
Allowances for doubtful accounts 523 188 (115) (280) 316
The fair value of Financial receivables would be approximately 10,800 million euros at December 31, 2003 (18,454 million euros at
December 31, 2002). The fair value of financial receivables was determined in accordance with the method indicated in Note 3 -
Financial fixed assets – Receivables.
Receivables from associated companies of 644 million euros at December 31, 2003 (1,313 million euros at December 31, 2002)
decreased by 669 million euros due to loan repayments.
Financial receivables from others amount to 9,585 million euros at December 31, 2003 (16,587 million euros at December 31, 2002),
of which 7,914 million euros at December 31, 2003 (15,615 million euros at December 31, 2002) consist of financing granted to retail
customers as well as dealer networks and suppliers. As regards the receivables from the dealer networks, reference can be made to
the information provided in the Report on operations – Analysis of the Financial Position and Operating Results of the Fiat Group
and Fiat S.p.A., with regard to the note on the Net Financial Position. The reduction in Financial receivables from others of 7,002