Chrysler 2007 Annual Report Download - page 243

Balance sheet
Highlights of the Parent Company’s Balance Sheet are illustrated in the following table:
(in millions of euros) At December 31, 2007 At December 31, 2006
Non-current assets 13,367 14,559
- of which: Investments 13,311 14,500
Working capital 204 167
Total net invested capital 13,571 14,726
Stockholders’ equity 11,691 10,374
Net debt 1,880 4,352
Non-current assets mainly included investments in the relevant subsidiaries of the Group.
The decrease of 1,189 million euros in investments with respect to December 31, 2006 resulted mostly from the distribution of
capital reserves of 2,050 million euros by Fiat Partecipazioni S.p.A. and the repayment of capital for 273 million euros by Iveco S.p.A.,
both of these payments forming part of measures being taken to rebalance the financial positions within the Group, net of the
balance of impairment loss reversals discussed previously.
Working capital, which totalled 204 million euros, consisted of trade, tax and employee receivables and payables, work in progress
on contracts net of advances received and provisions. The increase of 37 million euros with respect to December 31, 2006 was
mainly due to the rise in the balance of receivables/payables with subsidiaries for consolidated IRES taxation.
Stockholders’ equity at December 31, 2007 totalled 11,691 million euros, reflecting an increase of 1,317 million euros as compared
to December 31, 2006 due mainly to the income of the year (2,069 million euros), net of decreases connected to the distribution of
dividends (274 million euros), and the purchase of treasury stock (426 million euros).
For a more detailed analysis of the changes in stockholders’ equity, reference should be made to the relevant table set out in the
following pages as part of the statutory financial statements of the Parent Company Fiat S.p.A.
Net debt of 1,880 million euros at December 31, 2007 was lower by 2,472 million euros compared with the balance at
December 31, 2006, a decrease caused mainly by the repayment of capital and the distribution of capital reserves by the subsidiaries
discussed previously, the cash flows arising from the result for the year and the proceeds from the sale of the investment in
Mediobanca S.p.A., partially offset by the distribution of dividends by the Company and the purchase of treasury stock.
A breakdown of net debt is reported in the following table:
(in millions of euros) At December 31, 2007 At December 31, 2006
Current financial receivables, cash and cash equivalents (1,224) (85)
Current financial payables 295 1,627
Non-current financial payables 2,809 2,810
Net debt (net liquid funds) 1,880 4,352
Financial Review of Fiat S.p.A.242