Chrysler 2010 Annual Report Download - page 201

FIAT GROUP
CONSOLIDATED
FINANCIAL
STATEMENTS
AT 31 DECEMBER
2010
NOTES
200
The item Investments in associates comprises the following:
At 31 December 2010 At 31 December 2009
% of interest (€ million) % of interest (€ million)
Continuing Operations
Rizzoli Corriere della Sera MediaGroup S.p.A. 10.1 101 10.1 108
Iveco Finance Holdings Limited - - 49.0 127
Kobelco Construction Machinery Co. Ltd. - - 20.0 88
CNH Capital Europe S.a.S. - - 49.9 63
Al-Ghazi Tractors Ltd. - - 43.2 17
Other 20 38
Total Continuing Operations 121 441
Discontinued Operations
Iveco Finance Holdings Limited 49.0 115 - -
Kobelco Construction Machinery Co. Ltd. 20.0 124 - -
CNH Capital Europe S.a.S. 49.9 66 - -
Al-Ghazi Tractors Ltd. 43.2 22 - -
Other 15 -
Total Discontinued Operations 342 -
Total Investments in associates 463 441
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 its Interim Management Statements at 30 September 2010, as those
to be issued for 2010 will be published subsequent to the publication of the consolidated financial statements of the Fiat Group.
At 31 December 2010, 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. 304 728
Rizzoli Corriere della Sera MediaGroup S.p.A. 101 79
Turk Traktor Ve Ziraat Makineleri A.S. 79 227
Al-Ghazi Tractors Ltd. 22 37
Total Investments in listed jointly controlled entities and associates 506 1,071
At 31 December 2010, the item Investments whose carrying amount is measured at fair value with changes recognised directly in Other comprehensive
income, includes the investment in Assicurazioni Generali S.p.A. of €3 million (€3 million at 31 December 2009); the item includes also the investment of
€14 million in Fin. Priv. S.r.l. (€18 million at 31 December 2009).
Investment in Chrysler
The original investment in Chrysler continues to be carried at nil at 31 December 2010 as an investment in an associate accounted for using the equity
method. Under paragraphs 29 and 30 of IAS 28, the Fiat Group is not required to recognise the share of any losses of the associate for as long as Chrysler
remains an associate that is carried at nil in the financial statements as it has no obligation in respect of those losses. If Chrysler subsequently reports profits,
the Fiat Group may only recognise these once its share of the profits equals the share of losses not recognised in prior periods.