Chrysler 2008 Annual Report Download - page 286

essentially in relation to changes in estimates for the November 2006 plan net of capitalised costs related to the new July 2008
plan. These decreases are offset by a corresponding adjustment to the relevant equity reserve (see Note 19).
Impairment (losses)/reversals includes impairment losses arising from application of the cost method, as described in Note 2 above.
A full list of investments with the additional disclosures required by Consob Communication DEM/6064293 of 28 July 2006 is
attached.
A breakdown of investments in associates and changes during the year is provided in the following table:
Effects
% At of spin-off Other Impairment (losses)/ At
(€ thousands) interest 31 December 2007 of Fiat Partecipazioni changes reversals 31 December 2008
RCS MediaGroup S.p.A. 10.09 – 131,786 – – 131,786
Total Investments in associates – 131,786 – – 131,786
The carrying value of the investment in the listed company RCS MediaGroup S.p.A. was €57 million higher than the corresponding
stock market price at the balance sheet date (€97 million lower at year-end 2007). The stock market price of the company’s shares,
which at year-end 2008 was below their par value, reflected the significant derating of the media sector by the stock market, which
did not correspond to the operating performance of RCS reflected by the latest financial reports (interim results for the period to 30
September 2008) or preliminary full-year figures for 2008. Given the fact that the book value of the investment recognised under
the equity method in the consolidated balance sheet approximates its historic cost, and in consideration of the relative weight of
the interest held, for which measurement at the current stock market price (heavily influenced by the general economic crisis) is
not representative, it was deemed reasonable not to adjust the existing carrying value.
Investments in other companies and the changes during the year are provided below:
Effects
% At of spin-off Other Fair value At
(€ thousands) interest 31 December 2007 of Fiat Partecipazioni changes adjustments 31 December 2008
Fin.Priv. S.r.l. 14.28 28,248 (13,475) 14,773
Assicurazioni Generali S.p.A. 0.01 5,595 (2,078) 3,517
Total Investments in other companies 33,843 – – (15,553) 18,290
Investments in other companies, insofar as they are non-current financial assets that are not held for trading, are recognised at fair
value which, for listed companies, corresponds to the market prices of the shares at year end. In a similar manner, the Company’s
investment in Fin.Priv. S.r.l. (a holding company whose assets mainly comprise listed securities) was measured at fair value by taking
account of the market price of its portfolio. This led to a decrease of €15,553 thousand in investments in other companies in 2008 (of
which €13,475 thousand for Fin.Priv. S.r.l. and €2,078 thousand relate to Assicurazioni Generali S.p.A.), which was recognised directly
in equity (see Note 19).
There were no entities in Investments in other companies for whose obligations Fiat S.p.A. has unlimited responsibility (Article 2361
(2) of the Civil Code).
Fiat S.p.A. Statutory Financial Statements at 31 December 2008 285