Chrysler 2008 Annual Report Download - page 315

Commitments
At 31 December 2008, commitments totalled €29,646 thousand, a decrease of €4,545 thousand from 31 December 2007, and
consisted of:
€22,300 thousand for Fiat S.p.A.’s residual commitment under the sponsorship agreement signed in May 2007 with Juventus
Football Club S.p.A. in the name and on behalf of the Company and its subsidiaries for the 2007-2008, 2008-2009 and 2009-2010
seasons. Beginning with the 2008-2009 season these sponsorship costs will be borne by the subsidiary CNH Global N.V.;
€2,821 thousand for Fiat S.p.A.’s residual commitment under the agreement signed in July 2007 with the Italian Football
Association (
Federazione Italiana Giuoco Calcio ) as the “Official Partner of the Italian National Team” until 31 December 2010. As a
result of the sale of the “FIAT” brand to Fiat Group Marketing & Corporate Communication S.p.A., beginning in 2009 costs related
to this agreement will be borne by that company;
€4,525 thousand for Fiat S.p.A.’s residual commitment under the sponsorship agreement signed in January 2008 with Ferrari
S.p.A. to promote the FIAT brand during the 2008, 2009 and 2010 Formula 1 World Championship seasons. In this case as well,
beginning in 2009 those sponsorship costs will be borne by Fiat Group Marketing & Corporate Communication S.p.A.
Teksid
Fiat S.p.A. is subject to a put contract with Renault (in reference to the original investment of 33.5% in Teksid, now 15.2%).
In particular, Renault would acquire the right to exercise a sale option to Fiat on its interest in Teksid, in the following cases:
in the event of non fulfilment in the application of the protocol of the agreement and admission to receivership or any other
redressment procedure;
in the event Renault’s investment in Teksid falls below 15% or Teksid decides to invest in a structural manner outside the foundry
sector;
should Fiat be the object of the acquisition of control by another car manufacturer.
The exercise price of the option is established as follows:
for the original 6.5% of the share capital of Teksid, the initial investment price increased by a given interest rate;
for the remaining amount of share capital of Teksid, the share of the accounting net equity at the exercise date.
Fiat S.p.A. Statutory Financial Statements at 31 December 2008314