Chrysler 2007 Annual Report Download - page 116

Fiat Group Consolidated Financial Statements at December 31, 2007 - Notes 115
in the Independent After Market sector, is accounted for on a
consolidated basis from May 1st, 2007.
■ In May 2007 the Group acquired the entire ownership of the
I.T.C.A. group which carries out its business in the automotive
sector.
■ In August 2007 the Group acquired the entire ownership of
Teksid Aluminum S.r.l., which manufactures aluminum
components.
■ On December 6, 2007, the Group acquired the entire
ownership of the Ergom group which carries out its business in
the automotive sector.
The following divestitures of subsidiaries were made in 2007:
■ On February 28, 2006, the procedure for the sale of
subsidiary Ingest Facility S.p.A. to Pirelli RE Facility
Management was concluded on receiving the antitrust
authorities’ approval.
■ On March 2, 2007, the sale of Meridian Technologies Inc. to a
consortium of investors headed by the Swiss holding company
Estatia A.G. was finalised on receiving approval from the
authorities and on the closing of the financing to the purchaser
from financial institutions.
■ On December 28, 2007, the Group completed the steps being
taken to establish an equal share joint venture with Tata
Motors. On that date, therefore, the assets and liabilities of the
Indian business of the Fiat Group Automobiles Sector,
previously classified as assets and liabilities held for sale, were
transferred to the joint venture and were no longer
consolidated in that manner.
The effect on the Group’s assets and liabilities of the
mentioned acquisitions and divestitures of businesses are
described in Note 36.
The assets and liabilities of certain business of the Comau
Sector have been reclassified as Assets and Liabilities held for
sale in 2007.
Other informations
Certain reclassifications have been made to the balance sheet
reported in the published consolidated financial statements at
December 31, 2006 in arriving at that presented in these
financial statements as comparative figures. These
reclassifications have no effect on the net result or
stockholder’s equity. In particular, the gross amount due to
customers for contract work amounting to 383 million euros at
December 31, 2007 and 101 million euros at December 31,
2006, which was previously classified as a deduction from
Inventories, is now presented as a liability in the line Other
payables. Reclassifications have consequently been made to
this effect in the consolidated balance sheet.
In addition, starting from January 1, 2007, the activities
previously forming the Business Solutions Sector were
transferred to Fiat Services S.p.A., a subsidiary included in the
Other and Holdings grouping which provides professional
administrative services for Group entities along with its
foreign subsidiaries. Starting from this date the Business
Solutions Sector is no longer presented and the comparative
data for 2006 have been suitably reclassified in accordance
with IAS 14 –
Segment Reporting.