Chrysler 2009 Annual Report Download - page 181

180 FIAT GROUP
CONSOLIDATED
FINANCIAL
STATEMENTS
AT 31 DECEMBER
2009
NOTES
Rizzoli Corriere della Sera MediaGroup S.p.A. is a listed company in which Fiat is one of the major shareholders, is represented on the Board of Directors and
is a party to a shareholder agreement. As a result the company is classified as an associate. In order to account for this investment using the equity method,
reference was made to its most recent published financial statements being those of Interim Management Statement at 30 September 2009, as those to be
issued for financial year 2009 will be published subsequent to the publication of the consolidated financial statements of the Fiat Group.
As discussed in the “Chrysler transaction” section the initial 20% interest of the Fiat Group in the new entity Chrysler Group LLC is recognised in the
consolidated balance sheet as an investment in an associate carried at zero. Being an associate, this investment will in future be accounted for using the
equity method; in this respect, pursuant to paragraphs 29 and 30 of IAS 28, the Fiat Group is not required to recognise any portion of future losses which
these associates may incur since it has no obligation to cover such losses. For any profit subsequently reported by Chrysler, the Fiat Group may only
recognise the portion of profit which is in excess of losses not recognised in prior periods. For completeness of information, it is noted that the opening
statement of financial position of the new Chrysler as of 10 June 2009 is currently not available nor are its financial statements for the period ended 31
December 2009. As announced by Chrysler Group LLC on 4 November 2009, when it presented its “Business Plan 2010-2014”, these documents will be
published by the company by 30 April 2010.
At 31 December 2009, the stock market quotation of Investments in listed jointly controlled entities and listed associates is as follows:
(€ million) Carrying value Stock market quotation
Tofas-Turk Otomobil Fabrikasi Tofas A.S. 241 415
Rizzoli Corriere della Sera MediaGroup S.p.A. 108 98
Turk Traktor Ve Ziraat Makineleri A.S. 49 84
Al-Ghazi Tractors Ltd. 17 36
Total Investments in listed jointly controlled entities and associates 415 633
At 31 December 2009, the item Investments whose carrying amount is measured at fair value with changes recognised directly in equity, includes the
investment in Assicurazioni Generali S.p.A. of฀€3 million (€3 million at 31 December 2008); the item includes also the investment of฀€18 million in Fin. Priv.
S.r.l. (€15 million at 31 December 2008).
At 31 December 2009, non-current financial receivables of฀€44 million (€47 million at 31 December 2008) were pledged as security for loans obtained.
Leased assets17.
The Group leases out assets, mainly its own products, as part of its financial services business. This item changed as follows in 2009 and 2008:
At 31 Disposals At 31
December Translation and other December
(€ million) 2008 Additions Depreciation differences changes 2009
Gross carrying amount 674 219 - 3 (264) 632
Less: Depreciation and impairment (169) - (91) - 85 (175)
Net carrying amount of Leased assets 505 219 (91) 3 (179) 457
At 31 Disposals At 31
December Translation and other December
(€ million) 2007 Additions Depreciation differences changes 2008
Gross carrying amount 520 284 - 5 (135) 674
Less: Depreciation and impairment (124) - (90) (1) 46 (169)
Net carrying amount of Leased assets 396 284 (90) 4 (89) 505