Chrysler 2005 Annual Report Download - page 117
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116 Fiat Group Consolidated Financial Statements at D ecember 31, 2005 - N otes to the Consolidated Financial Statements
02 Fiat Group
In 2005 the Group transferred to income gains of 44 million euros net of tax effect previously recognised directly in equity (gains of 12 million
euros in 2004) presented in the following line items:
(in millions of euros) 2005 2004
Exchange rate risk
Increase in N et revenues 49 33
Decrease in Cost of sales 8(4)
Interest rate risk
Financial income (expenses) (15) (14)
Taxes income (expenses) 2(3)
Total recognised in the income statement 44 12
The ineffectiveness of cash flow hedges was not material for the years 2005 and 2004.
Fair value hedge
Gains and losses resulting from the measurement of interest rate derivative financial instruments using fair value hedging rules and the gains
and losses arising from the hedged item are shown in the following table:
(in millions of euros) 2005 2004
Interest rate risk
N et gains (losses) on qualifying hedges (105)86
Fair value changes in hedged items 105 (86)
N et gains (losses) ––
The effect of fair value hedges on exchange rate risk was not material for the years 2005 and 2004.
23. Cash and cash equivalents
Cash and cash equivalents include:
(in millions of euros) At D ecember 31, 2005 At D ecember 31, 2004
Cash at banks 4,529 3,208
Cash with a pre-determined use 706 669
Money market securities 1,182 1,890
Total Cash and cash equivalents 6,417 5,767
Amounts shown are readily convertible into cash and are subject to an insignificant risk of changes in value.The carrying amount of cash and
cash equivalent is to be considered in line with their fair value at the balance sheet date.
Cash with a pre-determined use consists principally of cash whose use is restricted to the repayment of the debt related to securitisations
classified in the item Asset-backed financing.
The credit risk associated with Cash and cash equivalents is limited, as contracts are entered into with primary national and international
financial institutions.