Chrysler 2005 Annual Report Download - page 255

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254 Fiat S.p.A. Financial Statements at December 31, 2005 - N otes to the Financial Statements
03 Fiat S.p.A.
Statement of cash flows
(in thousands of euros) 2005 2004
A. Initial short - term financial assets 2,218,915 1,303,578
B. Cash flow - operating activities
Income (loss) for the fiscal year 223,019 (949,101)
Depreciation and amortisation 27,031 29,717
Losses (gains) on disposals of fixed assets –595
Income from reimbursement of principal IHF - Internazionale Holding Fiat S.p.A. –(606,124)
W ritedowns (revaluations) of equity investments 430,789 1,639,153
N et change in reserve for employee severance indemnities and other reserves 4,072 (8,466)
Changes in capital stock 265,562 31,415
950,473 137,189
C.Cash flow - investing activities
Investments in fixed assets
Equity investments (165,193) (253,964)
O ther fixed assets (3,116) (2,711)
Selling price, or redemption value, of long-term investments 688 1,254,823
(167,621) 998,148
D. Cash flow - financing activities
Contributions by stockholders (* ) ––
Repayment of borrowings (* ) –(250,000)
Change in payables due to banks (60,000) 30,000
(60,000) (220,000)
E. N et cash flow for the period (B+C+D )722,852 915,337
F. Final short-term financial assets (A+E)2,941,767 2,218,915
(* ) The capital increase subscribed by the lending banks to offset the Mandatory Convertible Facility (3 billion euros) was not indicated because it did not give rise to any cash flow.
N .B. Short-term financial assets include financial receivables from subsidiaries and cash, net of payables to subsidiaries for the VAT receivable transferred to Fiat.