Chrysler 2007 Annual Report Download - page 164

163Fiat Group Consolidated Financial Statements at December 31, 2007 - Notes
Sales and purchases of treasury stock in 2007 were as follows. Sales of 2.404 million ordinary shares (at a total price of 31 million
euros) were made on the exercising of stock options. Purchases of 20.482 million ordinary shares (at a total price of 426 million
euros) were made under the treasury stock buy-back programme (the “Programme”) announced by the Board of Directors
following the authorisation given by stockholders in General meeting on April 5, 2007. This authorisation is valid for a term of
eighteen months and accordingly expires on October 5, 2008. In addition, pursuant to the regulations requiring that a stock buy-
back programme be announced to the market, Fiat announced the following details on the day that the stockholders gave their
authorisation to proceed with the Programme, the purpose of which is to service stock option plans and to invest surplus funds:
■the Program will end on April 30, 2008, or once the maximum amount of 1.4 billion euros or a number of shares equal to 10% of
the capital stock is reached;
■maximum purchase price not being higher/lower than 10% of the reference price reported on the Stock Exchange on the day
before the purchase is made;
■the maximum number of shares purchased daily not exceeding 20% of the total daily trading volume for each class of shares.
At February 15, 2008, the total number of ordinary shares purchased from the beginning of the programme amounted to 31.54
million, for a total invested amount of 603.4 million euros. The Group intends to continue its share buy-back programme
throughout 2008 and it is the intention of the Board of Directors to request Stockholders to renew their authorisation at their next
General Meeting.
Treasury stock sales in 2006 refer to the exercising of stock options.
Capital reserve
At December 31, 2007, the Capital reserve, amounting to 682 million euros, refers to the Additional paid-in capital, consisting of
part of the share premium paid by the subscribers of the capital increase made after the extinguishment of the Mandatory
Convertible Facility on September 20, 2005; the remaining share premium of 859 million euros arising from this is into Earning
reserves.
Earning reserves
The principal earning reserves are as follows:
■the legal reserve of Fiat S.p.A. of 536 million euros at December 31, 2007 (447 million euros at December 31, 2006);
■retained earnings totalling 622 million euros at December 31, 2007 (retained earnings totalling 262 million euros at December 31,
2006);
■the net result before minority interest of 1,953 million euros for the year ended December 31, 2007 (net result of 1,065 million
euros for the year ended December 31, 2006);
■the share based payments reserve of 93 million euros at December 31, 2007 (27 million euros at December 31, 2006).