Chrysler 2009 Annual Report Download - page 307

FIAT S.P.A.
STATUTORY
FINANCIAL
STATEMENTS AT
31 DECEMBER
2009
NOTES
306
During 2008, changes in investments were as follows:
Impairment
Effects of reversal/
the spin-off of (loss)
At Fiat Partecipazioni Other Fair value At
(€ thousand) 31 December 2007 S.p.A. changes adjustments 31 December 2008
Investments in subsidiaries 13,277,641 680,408 343,611 (7,000) 14,294,660
Investments in associates - 131,786 - - 131,786
Investments in other companies 33,843 - - (15,553) 18,290
Total investments 13,311,484 812,194 343,611 (22,553) 14,444,736
With regard to changes in investments in subsidiaries and associates during 2008, on 29 December 2008 there was a partial spin-off of the wholly-owned
subsidiary Fiat Partecipazioni S.p.A. in favour of Fiat S.p.A., approved by Fiat S.p.A.’s Board of Directors on 20 October 2008 and in an Extraordinary General
Meeting of Shareholders of Fiat Partecipazioni S.p.A. on 14 October 2008, pursuant to the requirements of Article 2506-ter of the Civil Code (which refers
to Article 2505 of the Civil Code) and Article 15 of the By-laws of Fiat S.p.A.
The transaction consisted of the transfer to Fiat S.p.A. of shares held by Fiat Partecipazioni S.p.A. in the subsidiaries Fiat Group Automobiles S.p.A.
(100.00%), Fiat Powertrain Technologies S.p.A. (100.00%), Magneti Marelli S.p.A. (99.99%), Maserati S.p.A. (100.00%), Teksid S.p.A. (84.79%), Teksid
Aluminum S.r.l. (100.00%), Fiat Netherlands Holding N.V. (39.44%), Iveco S.p.A. (39.44%) and in the associate RCS MediaGroup S.p.A. (10.09%).
13. Other financial assets
A breakdown of other financial assets is provided in the following table:
At At
(€ thousand) 31 December 2009 31 December 2008 Change
Call option on Ferrari S.p.A. shares 10,032 10,032 -
Fees receivables for guarantees given 16,782 10,531 6,251
Debt securities 73 74 (1)
Total other financial assets 26,887 20,637 6,250
The item call option on Ferrari S.p.A. shares includes the value of the premium paid in October 2006 for the call option on the 5% interest in Ferrari S.p.A. held
by the Arab Mubadala Development Company PJSC fund. In July 2008, the expiry date of the option was extended and the option is currently exercisable
from 1 January 2010 to 31 July 2010 at a price of฀€302.07 per share (for a total of ฀€122,399 thousand) less any dividend that may be distributed. It has
been recognised at cost since its fair value cannot be reliably measured.
Fees receivables for guarantees given are measured at the present value of the fees to be received in future years for guarantees provided by the company
(mainly for guaranteeing loans obtained by Group companies).
Debt securities consist of listed Italian State securities pledged to fund scholarship grants.
A breakdown of other financial assets by maturity date is as follows:
(€ thousand)
At 31 December 2009 At 31 December 2008
Other financial assets
due within one year 15,437 3,431
due after one year but within five years 11,145 16,710
due beyond five years 305 496
Total 26,887 20,637