Chrysler 2009 Annual Report Download - page 295

FIAT S.P.A.
STATUTORY
FINANCIAL
STATEMENTS AT
31 DECEMBER
2009
NOTES
294
COMPOSITION AND PRINCIPAL CHANGES
1. Dividends and other income from investments
A breakdown of dividends and other income from investments is provided in the following table:
(€ thousand) 2009 2008
Dividends from subsidiaries:
Fiat Group Automobiles S.p.A. 700,000 -
Fiat Partecipazioni S.p.A. - 500,000
Ferrari S.p.A. - 85,003
Iveco S.p.A. 559,691 77,517
Fiat Netherlands Holding N.V. - 60,563
Business Solution S.p.A. - 53,810
Fiat Finance S.p.A. - 50,000
FGI - Fiat Group International S.A. - 44,256
Itedi-Italiana Edizioni S.p.A. - 1,700
Total dividends from subsidiaries 1,259,691 872,849
Dividends from other companies 140 1,431
Total dividends and other income from investments 1,259,831 874,280
For 2009, dividends from other companies related to dividends received from Assicurazioni Generali S.p.A. For 2008, they included dividends of €1,268
thousand from Fin. Priv. S.r.l. and €163 thousand received from Assicurazioni Generali S.p.A.
2. Impairment (losses)/reversals on investments
The following table provides a breakdown of impairment losses and reversals on investments:
(€ thousand) 2009 2008
Impairment losses:
Iveco S.p.A. (560,000) -
Fiat Group Automobiles S.p.A. (200,000) -
Comau S.p.A. (51,000) (7,000)
Teksid Aluminum S.r.l. (31,000) -
Fiat Partecipazioni S.p.A. (16,000) -
Total impairment losses (858,000) (7,000)
Reversals of impairment losses - -
Total impairment (losses)/reversals on investments (858,000) (7,000)
The carrying value of the investment in Iveco S.p.A., that was equivalent to historic cost at 31 December 2008, after the distribution in 2009 of a €560 million
dividend and before any further consideration, was higher than the value of equity reflected in the consolidated financial statements. The estimates and
assumptions used for preparation of the financial statements, as described in the section “Use of Estimates”, took into account the unfavourable condition
of the market in which the subsidiary operates and provided reasonable support for recognising an impairment of €560 million (equivalent to the amount of
the dividend distributed). The impairment could be reversed in future periods, should the appropriate conditions exist.