Chrysler 2008 Annual Report Download - page 272

to the valuation of €3.3 billion at 31 December 2006. The difference of €1.4 billion, together with the net income generated by Fiat
Partecipazioni S.p.A. operations during the year, net of dividends paid to Fiat S.p.A., resulted in recognition of reversals totalling
€1,308,000 thousand.
At 31 December 2008, the estimates and assumptions made in relation to the investment in Fiat Group Automobiles S.p.A., which
was transferred from Fiat Partecipazioni S.p.A., as part of the partial spin-off, consistently with the carrying value of the investment
in Fiat Partecipazioni itself, provided reasonable support for maintaining the valuation at €4.7 billion. As such, at 31 December 2008
(as at 31 December 2007) residual impairment losses, subject to possible reversal in future periods, totalled €2,707,000 thousand,
as described in Note 12.
For other investments having a significant book value (which is aligned to the historic cost), in particular, parent companies of the
Group’s industrial Sectors - Fiat Netherlands Holding N.V. (which holds a controlling interest in CNH Global N.V.), Iveco S.p.A., Fiat
Powertrain Technologies S.p.A., Magneti Marelli S.p.A. and Ferrari S.p.A. - no indications of impairment were identified. This also
takes into consideration the carrying amounts of equity recognised in the consolidated balance sheet, which have already been
subject to adequate evaluation as to the recoverability of assets.
3. Gains/(losses) on disposals
In 2008, net gains amounted to €181 thousand, representing a decrease of €118,290 thousand compared to 2007, and relate to the
sale of 51% of the subsidiary company Fiat Group Marketing & Corporate Communication S.p.A. (formerly Fiat Information &
Communication Services S.c.p.A.) to Fiat Partecipazioni S.p.A.
In 2007, net gains amounted to €118,471 thousand, €118,462 thousand of which relating to the sale of the Company’s 1.83%
investment in Mediobanca S.p.A.
4. Other operating income
The following table provides a breakdown of Other operating income:
(€ thousands) 2008 2007
Revenues from services rendered to Group companies 45,337 67,855
Changes in construction contract work in progress 19,860 28,770
Other revenues and income from Group companies 2,782 3,616
Other revenues and income from third parties 2,070 20,081
Total Other operating income 70,049 120,322
Revenues from services rendered to Group companies relates to services rendered, including services rendered by managers to
various Group companies, and royalties for the use of the “FIAT” brand by Fiat Group Automobiles S.p.A. and Fiat Automoveis S.A.
– FIASA. The decrease is mainly due to lower fees for brand royalties and managerial services rendered.
Changes in construction contract work in progress relate to the portion attributable to the year of the fees due to Fiat S.p.A. for the
activities performed directly by the company (management, coordination and organisation) as part of the agreements signed with
Treno Alta Velocità - T.A.V. S.p.A. (see Note 26).
Fiat S.p.A. Statutory Financial Statements at 31 December 2008 271