Chrysler 2007 Annual Report Download - page 150

149Fiat Group Consolidated Financial Statements at December 31, 2007 - Notes
The overall economic effect in 2007 relating to hedges which subsequently turned out to be in excess compared to the future flows
being hedged (over hedges) was not significant.
Fair value hedge
The gains and losses arising from the valuation of interest rate and currency derivatives (mostly for managing currency risk) and
interest rate derivatives (mostly for managing the interest rate risk) recognised in accordance with fair value hedge accounting and
the gains and losses arising from the respective hedged items are set out in the following table:
(in millions of euros) 2007 2006
Currency risk
- Net gains (losses) on qualifying hedges 61 –
- Fair value changes in hedged items (61) –
Interest rate risk
- Net gains (losses) on qualifying hedges (21) (107)
- Fair value changes in hedged items 21 106
Net gains (losses) –(1)
The ineffectiveness arising from transactions treated as fair value hedges in 2007 and 2006 was not significant.
23. Cash and cash equivalents
Cash and cash equivalents include:
(in millions of euros) At December 31, 2007 At December 31, 2006
Cash at banks 5,429 6,104
Cash with a pre-determined use 530 627
Money market securities 680 1,005
Total Cash and cash equivalents 6,639 7,736
Amounts shown are readily convertible into cash and are subject to an insignificant risk of changes in value. The carrying amount of
cash and cash equivalent is to be considered in line with their fair value at the balance sheet date.
Cash with a pre-determined use consists principally of cash whose use is restricted to the repayment of the debt related to
securitisations classified in the item Asset-backed financing.
The credit risk associated with Cash and cash equivalents is limited, as contracts are entered into with primary national and
international financial institutions.
24. Assets and Liabilities held for sale
At December 31, 2007, Assets and liabilities held for sale mainly include for 35 million euros (36 million euros at December 31,
2006) certain properties and buildings held by Fiat Group Automobiles, CNH – Case New Holland and Trucks and Commercial
Vehicles, the carrying value of the assets and liabilities of certain business of Comau Sector and the investment in Teksid Aluminum
Getti Speciali S.r.l., a subsidiary of Teksid Aluminum S.r.l.