Chrysler 2005 Annual Report Download - page 118

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Fiat Group Consolidated Financial Statements at December 31, 2005 - N otes to the Consolidated Financial Statements
24.Assets and Liabilities held for sale
The items Assets and Liabilities held for sale includes the assets and liabilities of the subsidiary Atlanet S.p.A. at carrying values respectively of
119 million euros and 110 million euros: an agreement for the sale of this subsidiary was signed with the British Telecom group in the fourth
quarter of 2005 and approved by the antitrust authorities in February 2006.
The item also includes an amount of 32 million euros for certain properties and industrial buildings owned by CN H and no longer being used
as a result of the restructuring process set up in prior years following the acquisition of the Case Group.
25. Stockholders’ equity
Stockholders’ equity at December 31, 2005 increased by 4,485 million euros over that at D ecember 31, 2004, mainly due to the increase in
capital stock of 1,459 million euros on September 20, 2005 and the related increase in reserves for 682 million euros, net income for the
period (1,420 million euros) and foreign exchange gains from the translation into euros of the financial statements of subsidiaries denominated
in other currencies (921 million euros).
Capital stock
At December 31, 2005, the capital stock of Fiat S.p.A. is as follows:
(number of shares) At D ecember 31, 2005 At D ecember 31, 2004
Shares issued and fully paid
O rdinary shares 1,092,246,316 800,417,598
Preference shares 103,292,310 103,292,310
Saving shares 79,912,800 79,912,800
Total shares issued 1,275,451,426 983,622,708
Issued shares have a nominal value of 5 euros, with each category having rights as follows.
Each share conveys the right to a proportionate share of the earnings available for distribution and of the residual net assets upon liquidation,
without harming the rights of preference and savings shares on the allocation of the earnings as described in the following paragraph.
Each ordinary share conveys the right to vote without any restrictions whatsoever. Each preference share conveys the right to vote only on
issues that are within the purview of the Extraordinary Stockholders’ Meeting and on resolutions concerning Regulations for Stockholders’
Meetings. Savings shares are not entitled to vote.
The net income for the year resulting from the annual financial statements of Fiat S.p.A. is allocated as follows:
to the Legal Reserve, 5% of net income until this reserve reaches one fifth of the capital stock;
to savings shares, a dividend of up to 0.31 euros per share;
to the Legal Reserve (additional allocation), to the Extraordinary Reserve and/or to retained earnings, such allocations as shall be decided by
the Annual General Meeting of Stockholders;
to preference shares, a dividend of up to 0.31 euros per share;
to ordinary shares, a dividend of up to 0.155 euros per share;
to savings shares and ordinary shares, in equal proportions, an additional dividend of up to 0.155 euros per share;
to each ordinary, preference and savings share, in equal proportions, the balance of the net income which the Stockholders’ Meeting resolves
to distribute.
W hen the dividend paid to savings shares in any year amounts to less than 0.31 euros, the difference is added to the preferred dividend to
which they are entitled in the following two years.