Chrysler 2004 Annual Report Download - page 179

177
Financial Statements at December 31, 2004 – Notes to the Financial Statements
In particular, increases include:
(in thousands of euros)
Acquisitions
Subsidiaries:
100% of Comau S.p.A. from Fiat Partecipazioni S.p.A. 82,413
80.48% of Teksid S.p.A. from Fiat Partecipazioni S.p.A. 96,644
100% of Business Solutions S.p.A. from Fiat Partecipazioni S.p.A. 65,360
Total 244,417
Capital increases
Subsidiaries:
Isvor Fiat Società consortile di sviluppo e addestramento industriale per Azioni 9,547
Total increases 253,964
In particular, decreases include:
(in thousands of euros)
Disposals
Subsidiaries:
100% of Fiat International S.p.A. to Fiat Partecipazioni S.p.A. 278
100% of Fiat Oriente S.A.E. in liquidation to Fiat Partecipazioni S.p.A. 7
Total subsidiaries 285
Other companies:
19.35% of Istituto per la Ricerca e la Cura del Cancro S.p.A. to Fiat Partecipazioni S.p.A. 6,197
10.90% of Istituto Europeo di Oncologia S.r.l. to Fiat Partecipazioni S.p.A. 6,148
Total other companies 12,345
Total 12,630
Capital reimbursements
Subsidiaries:
IHF – Internazionale Holding Fiat S.A. 635,453
Writedowns of carrying value
Subsidiaries:
Fiat Partecipazioni S.p.A. (mainly due to the negative performance of the Automobile Sector) 1,623,973
Fiat Finance North America Inc. 3,976
Fiat U.S.A. Inc. 1,657
Isvor Fiat Società consortile di sviluppo e addestramento industriale per Azioni 9,547
Total 1,639,153
Total decreases 2,287,236
The table at the end of these Notes to the Financial Statements contains a list of equity investments and the additional information
required under Article 2427 of the Italian Civil Code and the supplemental data recommended by CONSOB, including changes in
quantity and value of subsidiaries and associated companies and, for publicly traded companies, a comparison between the book
value and the market value.
The purchases from and sales to Fiat Partecipazioni S.p.A. of the indicated investments were carried out as part of the ongoing
program to streamline the corporate structure of the Group, aimed at focusing Fiat S.p.A. more on its role as the direct holding
company of the Operating Sectors, with the exclusion of the Automobiles Sector for contingent reasons, while concentrating
portfolio investments or those pertaining to “non-core” activities in other sub-holdings. The acquisitions of investments in Comau
S.p.A., Teksid S.p.A., and Business Solutions S.p.A. were made at a price in line with the value of the relevant stockholders’ equity on
a consolidated basis at December 31, 2004. This amount was considered to be prudently representative of the current value of the
transferred companies in consideration of their current financial situation and the prospects resulting from the plans.
The decrease for the investment in IHF - Internazionale Holding Fiat S.A. is the result of the reduction in the capital stock of the
subsidiary carried out during the fiscal year, from 2 billion Swiss francs to 100 million Swiss francs, through reimbursement of 1.9
billion Swiss francs. This reimbursement involved a 635 million euros reduction in the book value of the investment upon cancellation
of shares, and income of 606 million euros for the remaining part of revenue (note 17).