Chrysler 2007 Annual Report Download - page 140

139Fiat Group Consolidated Financial Statements at December 31, 2007 - Notes
Investments
The changes in Investments in 2007 and in 2006 are set out below:
At Change in Disposals At
December 31, Revaluations/ Acquisitions, the scope of Translation and other December 31,
(in millions of euros) 2006 (Write-downs) Capitalisations consolidation differences changes 2007
Investments in unconsolidated subsidiaries 47 (2) 38 (4) (2) (7) 70
Investments in jointly controlled entities 1,213 163 46 55 4 (70) 1,411
Investments in associates 503 39 1 (5) (7) (34) 497
Investments in other companies 315 – – 2 – (263) 54
Total Investments 2,078 200 85 48 (5) (374) 2,032
At Change in Disposals At
December 31, Revaluations/ Acquisitions, the scope of Translation and other December 31,
(in millions of euros) 2005 (Write-downs) Capitalisations consolidation differences changes 2006
Investments in unconsolidated subsidiaries 46 (2) 10 – (3) (4) 47
Investments in jointly controlled entities 705 45 113 – (74) 424 1,213
Investments in associates 1,058 82 – 2 (23) (616) 503
Investments in other companies 281 – 6 – – 28 315
Total Investments 2,090 125 129 2 (100) (168) 2,078
Revaluations and Write-downs consist of adjustments to the carrying value of investments accounted for using the equity method
for the Group’s share of the result for the year of the investee company for an amount of 210 million euros in 2007 (125 million
euros in 2006). Write-downs also include, in 2007 and in 2006, any loss in value in investments accounted for under the cost
method.
The total of 48 million euros (2 million euros in 2006) shown in the column Change in the scope of consolidation mainly includes
an increase of 55 million euros arising from the establishment of the equal share joint venture with Tata Motors, Fiat India
Automobiles Private Limited.
Acquisitions and capitalisations amounting to 85 million euros consist mainly of 39 million euros for the capital increase made by
the jointly controlled Chinese entity SAIC Iveco Commercial Vehicle Investment Company Limited, 23 million euros for capital
increases in certain minor subsidiaries and 4 million euros due to the establishment of new subsidiaries. In 2006 this item included
a capital payment of 90 million euros made to FAFS on the formation of the joint venture.
Disposals and other changes of 374 million euros in 2007 consist of the following: a decrease of 222 million euros as a
consequence of the disposal of the investment in Mediobanca S.p.A.; a decrease of 81 million euros as the result of the distribution
of dividends by companies accounted for using the equity method (69 million euros in 2006); a negative fair value adjustment of 46
million euros arising on the investment in Mediobanca S.p.A. until its disposal (a positive fair value adjustment of 28 million euros
in 2006); a positive fair value adjustment of 14 million euros arising from other investments classified as available-for-sale and
other minor decreases of 39 million euros.
In 2006, the establishment of FAFS resulted in a decrease of 431 million euros of Investments in associates as a consequence of
the purchase of the 51% interest in Fidis Retail Italia held by Synesis Finanziaria S.p.A. for 479 million euros. Additionally, the
simultaneous sale to Sofinco of 50% of its capital in FAFS gave rise to an increase amounting to 528 million euros of Investments
in jointly controlled entities. Such changes are included in the column Disposals and other changes. Also included in the column
Disposals and other changes are disposal of associated companies 91 million euros and other minor decreases of 36 million euros.