Chrysler 2003 Annual Report Download - page 98

97 Fiat Group Consolidated Financial Statements at December 31, 2003
Notes to the Consolidated Financial Statements
The portion of medium and long-term Financial payables due beyond one year amounts to 15,418 million euros at December 31,
2003 (20,613 million euros at December 31, 2002). The scheduled maturities are:
(in millions of euros) 2005 2006 2007 2008 Thereafter Total
Medium and long-term financial payables due beyond one year 7,443 2,955 643 424 3,953 15,418
The fair value of medium and long-term Financial payables due beyond one year would be approximately 397 million euros lower
than the carrying value at December 31, 2003 (at December 31, 2002, fair value would have been approximately 2,169 million euros
lower than the carrying value). The fair values of such financial payables take into account the current market cost of funding with
similar maturities, and, for bonds, their market prices.
The interest rates and the nominal currencies of medium and long-term financial payables, including the current portion of 2,757
million euros at December 31, 2003 (4,807 million euros at December 31, 2002) are as follows:
Less From 5% From 7.5% From 10% Greater
(in millions of euros) than 5% to 7.5% to 10% to 12.5% than 12.5% Total
Euro and euro-zone currencies 7,853 6,330 78 3 5 14,269
U.S. dollar 554 591 848 – 1 1,994
Japanese yen 304 – – – – 304
Brazilian real 32 580 42 2 194 850
British pound 101 581 – – – 682
Canadian dollar 74––––74
Other –1–1–2
Total 2003 medium and long-term debt 8,918 8,083 968 6 200 18,175
Total 2002 medium and long-term debt 15,257 9,116 754 31 262 25,420
Financial payables with nominal rates in excess of 12.5% relate principally to companies operating in Brazil.
Medium and long-term financial payables include financing of approximately 1,150 million euros secured from Citigroup and a
small group of banks that is guaranteed by the EDF put option (refer to the EDF Put described in Note 3) held by the Fiat Group
on its remaining investment (24.6%) in Italenergia Bis and the shares in the same Italenergia Bis pledged by Fiat.
Financial payables secured by mortgages and other liens on property, plant and equipment amount to 1,234 million euros at
December 31, 2003 (1,447 million euros at December 31, 2002).
At December 31, 2003, the Group has an unused “committed” line of credit available mainly denominated in U.S. dollars for an
equivalent amount of more than 2,000 million euros (approximately 3,700 million euros at December 31, 2002). The decrease can
principally be ascribed to the maturity of a syndicated credit line of 1 billion U.S. dollars, in addition to the effects of the translation
of the credit lines in their original currencies to euros.
Bonds
Bonds, including convertible bonds, amount to 11,375 million euros (12,998 million euros at December 31, 2002) and can be analyzed
by year of maturity as follows:
(in millions of euros) 2004 2005 2006 2007 2008 Other Total
EMTN 98 1,426 2,351 181 228 2,769 7,053
Convertible bonds 1,765 –––– – 1,765
Other bonds 936 489 – 100 – 1,032 2,557
Total bonds 2,799 1,915 2,351 281 228 3,801 11,375
The bonds issued by the Fiat Group are governed by different terms and conditions according to the following types of bonds:
❚Euro Medium Term Note (EMTN Program): these notes have been issued under a program that is utilized for approximately 7
billion euros and guaranteed by Fiat S.p.A. Issuers taking part in the program are Fiat Finance & Trade Ltd. S.A. (for an amount
outstanding of 6,824 million euros), Fiat Finance North America Inc. (for an amount outstanding of 148 million euros) and Fiat
Finance Canada Ltd. (for an amount outstanding of 81 million euros).
❚Convertible bonds: this is a single bond convertible into 32,053,322 General Motors Corp. common stock (“Exchangeable GM”)
at a conversion price of 69.54 U.S. dollars per share with coupon interest at 3.25% and maturing on January 9, 2007 for a face value