Chrysler 2004 Annual Report Download - page 194

FIAT S.P.A.
03
192
due to lower wage and salary and social security contributions and decreased retirement incentives. The Company’s average number
of staff decreased from 167 employees in 2003, including 87 managers, 75 clerical staff, and 5 blue collar workers to 151 employees
in 2004, including 83 managers, 63 clerical staff, and 5 blue collar workers.
During 2004, 12 managers were seconded to the Group’s main subsidiaries (15 in 2003), which were billed for the respective costs.
Amortization and depreciation
This item totaled 29,717 thousand euros in 2004, with a net decrease of 57 thousand euros from the previous year. They refer for
26,496 thousand euros to the amortization of intangible fixed assets and for 3,221 thousand euros to the depreciation of property,
plant and equipment.
Other operating costs
At 13,452 thousand euros, this item was 1,040 thousand euros less than in 2003.
It includes indirect taxes and fees (42 thousand euros for municipal property taxes, 127 thousand euros for nondeductible VAT, etc.);
contributions and association fees (1,228 thousand euros); costs connected to contributions to fund the automotive engineering
degree course (3,661 thousand euros); losses on sales of vehicles and office equipment (217 thousand euros), prior period expenses
(990 thousand euros) and sundry items.
It also includes fees paid to the Statutory Auditors and Directors of Fiat S.p.A. amounting to 147 thousand euros and 5,463 thousand
euros, respectively.
Directors’ fees included 5,091 thousand euros in compensation awarded by the Stockholders’ Meeting as well as fees set by the
Board of Directors for Directors vested with particular offices, and 372 thousand euros for compensation provided in kind, which
was booked under services.
17 Financial income and expenses
Investment income
Income from investments came to 682,557 thousand euros in 2004, an increase of 282,630 thousand euros compared with 2003.
A breakdown is as follows:
(in thousands of euros) 2004 2003
Subsidiaries
Dividends distributed by:
Fiat Ge.Va. S.p.A. 70,000 6,700
FiatAvio S.p.A. –100,000
Fiat Partecipazioni S.p.A. –70,000
Business Solutions S.p.A. –67,000
Itedi S.p.A. –10,620
Toro Assicurazioni S.p.A. –49
Total 70,000 254,369
Tax credit on dividends paid –142,666
Reimbursements of capital (portion in excess of the reduction of the book value)
IHF – Internazionale Holding Fiat S.A. 606,124 –
Total subsidiaries 676,124 397,035
Other companies
Dividends distributed by:
Mediobanca S.p.A. 5,647 2,541
Fin. Priv. S.r.l. 786 351
Total other companies 6,433 2,892
Total investment income 682,557 399,927
Regarding the gain resulting from the reimbursement of capital of IHF - Internazionale Holding Fiat S.A. see comments contained
in the previous Note 3.