Chrysler 2009 Annual Report Download - page 233

232 FIAT GROUP
CONSOLIDATED
FINANCIAL
STATEMENTS
AT 31 DECEMBER
2009
NOTES
Asset-backed financing
This item, amounting to €216 million at 31 December 2009 (€143 million at 31 December 2008) relates to amounts due to Iveco Finance Holding Limited
for sales of receivables which do not qualify as sales under IAS 39.
Transactions with other related parties
The principal transaction in this category relates to an amount of €68 million (€61 million in 2008) classified in Cost of sales; included in this balance is the
purchase of steel from the Corus group, which is part of the Tata group, for an amount of €41 million (an amount of €36 million in 2008), the purchase of
goods of €18 million (€16 million in 2008) for the high range and deluxe upholstery of the Group’s automobiles from Poltrona Frau S.p.A., a company listed
on the Italian Stock Exchange in which the chairman of the Board of Directors of Fiat S.p.A., Luca Cordero di Montezemolo, has an indirect investment. The
Selling, general and administrative costs include sponsorship costs of €13 million in 2009 (€13 million in 2008) relating to the second part of the 2008-2009
football season and to the first part of the 2009-2010 football season, pursuant the contract signed with Juventus Football Club S.p.A. in 2007.
As regards the statement of financial position at 31 December 2009 this category also included balances arising from transactions with the Crédit Agricole
group.
A building has been purchased during 2008 in Turin which was formerly owned by the Giovanni Agnelli Foundation and which is partially used by Fiat Group
companies. The purchase price was determined on the basis of an independent appraisal.
Emoluments to Directors, Statutory Auditors and Key Management
The fees of the Director and Statutory Auditors of Fiat S.p.A. for carrying out their respective functions, including those in other consolidated companies,
are as follows:
(€ million) 2009 2008
Directors (a) 21,732 17,923
Statutory auditors 206 164
Total Emoluments 21,938 18,087
(a) This amount includes for both 2009 and 2008 the notional compensation cost arising from stock options and stock grants awarded to the Chief Executive Officer.
The aggregate expense incurred in 2009 and accrued at year end for the compensation of Executives with strategic responsibilities of the Group amounts
to approximately €21 million. This amount is inclusive of the following:
the notional compensation income arising from stock options granted to certain Executives of approximately €2 million;
the amount contributed by the Group to State and employer defined contribution pension funds of approximately €0.7 million;
the amount contributed by the Group to a special defined benefit plan for certain senior Executives amounting to €1 million.
These costs consist of compensation for Executives with strategic responsibilities who were already working for the Group in 2008 and continued with the
Group in 2009, for management personnel who took on key responsibilities in 2009, as well as for Executives with strategic responsibilities who left the
Group during 2009.
Acquisitions and Disposals of subsidiaries36.
Acquisitions
In 2009, the Group acquired the following subsidiaries:
In the fourth quarter, Fiat Group Automobiles acquired the assets and liabilities of the Bertone group; the assets and liabilities acquired are not significant
for the Group.
In the fourth quarter, Fiat Group Automobiles Sector acquired an investment of 100% in a minor company in Brazil that has been classified as held for
sale.