Chrysler 2010 Annual Report Download - page 135

REPORT ON
OPERATIONS
FINANCIAL
REVIEW –
FIAT S.P.A.
134
Current financial assets at 31 December 2010 consisted of cash balances held with the subsidiary Fiat Finance S.p.A. and other assets of €115 million, also
receivable from Fiat Finance S.p.A., representing the fair value of the cited equity swaps on Fiat S.p.A. ordinary shares.
Current financial liabilities at 31 December 2010 primarily consisted of a short-term loan provided at market rates by Fiat Finance S.p.A. and a €122 million
liability relating to exercise of the call option on 5% of Ferrari S.p.A. shares.
Non-current financial liabilities consisted almost entirely of loans from Fiat Finance S.p.A., at market rates of interest, which are repayable between
2011 and 2013.
Net debt to be demerged consists of €1,440 million in loans from Fiat Finance S.p.A. (repayable in 2011 and 2012) net of current financial assets of
€213 million representing current account balances held with Fiat Finance S.p.A.
A more detailed analysis of cash flows is provided in Fiat S.p.A.’s financial statements.
RECONCILIATION BETWEEN EQUITY AND NET PROFIT OF THE PARENT COMPANY AND THE GROUP
Pursuant to the Consob Communication of 28 July 2006, the following table provides a reconciliation between the net profit and equity of Fiat S.p.A. for the
year ended 31 December 2010 and the comparable items on a consolidated basis (portion attributable to owners of Fiat S.p.A.):
Equity at Net Profit Equity at Net Profit
(€ million) 31.12.2010 2010 31.12.2009 2009
FINANCIAL STATEMENTS OF FIAT S.P.A. 12,704 442 12,487 340
Elimination of carrying amount of interests in consolidated entities and related dividends (16,384) (428) (13,969) (1,260)
Elimination of impairment losses (net of reversals) on consolidated entities - (156) - 858
Equity and profit/(loss) of consolidated entities 16,995 667 13,568 (784)
Consolidation adjustments:
Elimination of the gain on disposal of the Fiat brand and other adjustments (880) - (880) -
Elimination of intercompany profit/loss on inventories and fixed assets,
dividends paid between subsidiaries and other adjustments (891) (5) (905) 8
CONSOLIDATED FINANCIAL STATEMENTS
(PORTION ATTRIBUTABLE TO OWNERS OF FIAT S.P.A.) 11,544 520 10,301 (838)