Chrysler 2005 Annual Report Download - page 207

206 Financial Review of Fiat S.p.A.
03 Fiat S.p.A.
Stockholders’ equity at D ecember 31, 2005 totalled 7,689 million euros.The increase of 3,223 million euros with respect to D ecember 31,
2004 is due to the capital increase of resolved by the Board of D irectors on September 15, 2005 and subscribed by the financing banks to
offset the Mandatory Convertible Facility (3 billion euros), and net income for the year of 223 million euros.
N et liquid funds at December 31, 2005 totalled 2,951 million euros against net debt of 975 million euros at December 31, 2004.These may
be analysed as follows:
(in millions of euros) At 12.31.2005 At 12.31.2004
Financial receivables and cash (3,059) (2,321)
Financial payables 117 3,169
Financial accruals and deferrals (9) 127
N et debt (N et liquid funds) (2,951) 975
Financial receivables include short-term financing granted to the subsidiary Fiat Ge.Va. S.p.A. falling due in 2006, and cash deposited in a current
account with that company.
At December 31, 2004, financial payables consisted primarily of the 3 billion euro Mandatory Convertible Facility granted by a pool of banks
in 2002 and extinguished in September 2005 through the previously mentioned subscription to a capital increase.
The reader is referred to the statement of cash flows at the end of the notes to the statutory financial statements of Fiat S.p.A. for a more
complete analysis of the items included in the income statement and balance sheet.