Chrysler 2004 Annual Report Download - page 111

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Consolidated Financial Statements at December 31, 2004 – Notes to the Consolidated Financial Statements
At December 31, 2004, Other securities include short-term bonds and commercial paper for 703 million euros (1,480 million euros
at December 31, 2003) and highly rated liquidity funds of leading international banks for 1,481 million euros (2,365 million euros at
December 31, 2003) in which mainly the treasury management companies of the Group had made temporary and highly liquid
investments of available cash resources. Additional liquidity in the form of bank accounts and cash is included in Cash for 3,164
million euros (3,211 million euros at December 31, 2003 - Note 7).
The securities portfolio of 2,184 million euros at December 31, 2004 (3,845 million euros at December 31, 2003) approximates fair
value.
Treasury stock
At 12/31/2004 At 12/31/2003
Number Cost Number Cost
of shares (in millions of shares (in millions
(in milioni di euro) (thousands) of euros) (thousands) of euros)
Fiat S.p.A. shares held by Fiat S.p.A. and subsidiaries:
Ordinary 4,384 26 4,969 32
Total Treasury stock 4,384 26 4,969 32
Treasury stock consists of 4,384,019 Fiat ordinary shares held by Fiat S.p.A. and amounts to 26 million euros, net of writedowns
recorded during the year totaling 2 million euros. Such stock is held to cover the commitments for the Stock Options granted to
directors and employees. In particular, 2,667,615 shares are for coverage of the Stock Options accruing to Mr. Morchio and
exercisable up to May 30, 2005 at the price of 5.623 euros and 670,000 shares are for the partial coverage of the Stock Options
granted to Mr. Marchionne, as described in greater detail in Note 14, in the paragraph commenting on commitments for derivative
financial instruments.
Financial receivables
At 12/31/2004 At 12/31/2003
Due within Due beyond
Of which due Due within Due beyond Of which due
(in millions of euros) one year one year beyond 5 year Total one year one year beyond 5 year Total
Receivables from unconsolidated subsidiaries 565 – – 565 475 46 – 521
Receivables from associated companies 225 181 – 406 413 231 – 644
Receivables from others 3,806 2,374 414 6,180 6,488 3,097 422 9,585
Total Financial receivables 4,596 2,555 414 7,151 7,376 3,374 422 10,750
Financial receivables amounting to 7,151 million euros at December 31, 2004 (10,750 million euros at December 31, 2003), net of
allowances for doubtful accounts of 440 million euros (316 million euros at December 31, 2003), decreased by 3,599 million euros
compared to the end of the prior year. This reduction reflects lower loans made to dealer networks in the Automobile Sector, as well
as the decline in the loans made to suppliers. Also contributing to the decrease in financial receivable are the sale of the financial
activities of the Automobile Sector in the United Kingdom (deconsolidation of financial receivables for about 690 million euros) and
the collection of receivables and deposits held at December 31, 2003 by industrial companies and treasury management companies
of the Group.
Movements in the allowances for doubtful financial accounts receivable during the year are as follows:
Use and Change in
At other the scope of At
(in millions of euros) 12/31/2003 Provisions changes consolidation 12/31/2004
Allowances for doubtful accounts 316 239 (96) (19) 440
The fair value of Financial receivables would be approximately 7,143 million euros at December 31, 2004 (10,800 million euros at
December 31, 2003). 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 406 million euros at December 31, 2004 (644 million euros at December 31, 2003)
decreased by 238 million euros mainly due to loan repayments.