Chrysler 2009 Annual Report Download - page 117

REPORT ON
OPERATIONS
FINANCIAL
REVIEW -
FIAT S.P.A.
116
FINANCIAL REVIEW - FIAT S.P.A.
The following financial review is based on the 2009 financial statements prepared in accordance with the International Financial Reporting Standards
(“IFRS”) issued by the International Accounting Standards Board (“IASB”) and adopted by the European Union, and with regulations implementing Article 9
of Legislative Decree 38/2005.
OPERATING PERFORMANCE
For 2009, the Parent Company reported net profit of €340 million, representing an €859 million decrease over the figure for the prior year, which included
€879 million in non-recurring gains.
Following is a summary of Fiat S.p.A.’s income statement:
(E million)
2009 2008
Income from investments 402 867
Dividends 1,260 874
Impairment (losses)/reversals on investments (858) (7)
Gains/(losses) on disposals - -
Personnel and operating costs, net of other income (42) (81)
Gains from non-recurring transactions - 879
Financial income/(expense) (14) (422)
PROFIT/(LOSS) BEFORE TAXES 346 1,243
Income taxes (6) (44)
PROFIT/(LOSS) FOR THE YEAR 340 1,199
Income from investments was €402 million and consisted of dividends received during the period, net of impairment losses on investments. This
represents a €465 million decrease over the prior year (2008: €867 million):
Dividends of €1,260 million related to Fiat Group Automobiles S.p.A. (€700 million) and Iveco S.p.A. (€560 million).
For 2008, dividends totalled €874 million and were primarily from Fiat Partecipazioni S.p.A. (€500 million), Ferrari S.p.A. (€85 million), Iveco S.p.A.
(€78 million) and Fiat Netherlands Holding N.V. (€61 million);
Impairment losses on investments of €858 million represented impairment losses recognised on the interests held in Iveco S.p.A. (€560 million), Fiat
Group Automobiles S.p.A. (€200 million), Comau S.p.A. (€51 million), Teksid Aluminum S.r.l (€31 million) and Fiat Partecipazioni S.p.A. (€16 million).
For 2008, impairment losses on investments of €7 million related entirely to the interest in Comau S.p.A.