Chrysler 2010 Annual Report Download - page 335

FIAT S.P.A.
STATUTORY
FINANCIAL
STATEMENTS AT
31 DECEMBER
2010
NOTES
334
17. Cash and cash equivalents
Cash and cash equivalents consist of the following:
(€ thousand) 31 December 2010 31 December 2009 Change
Cash at banks and post offices 240 473 (233)
Cheques and cash in hand - 1 (1)
Total cash and cash equivalents 240 474 (234)
The above figures related to on demand deposits in euros in the company’s current accounts. The carrying amount of cash and cash equivalents is deemed
to be in line with their fair value.
The credit risk relating to cash and cash equivalents is insignificant since the counterparties are leading national and international banks.
18. Assets and Liabilities to be demerged
At 31 December 2010, Assets and liabilities to be demerged included the shareholdings and other assets and liabilities transferred to Fiat Industrial S.p.A.
pursuant to the Demerger, with effect from 1 January 2011, as follows:
(€ thousand) % owned 31 December 2010
Shareholdings
Fiat Netherlands Holding N.V. 100.00% 4,577,346
Iveco S.p.A. (formerly Nuove Iniziative Finanziarie Cinque S.p.A.) 100.00% 200,000
FPT Industrial S.p.A. (formerly Nuova Immobiliare Nove S.p.A.) 100.00% 100,000
Fiat Industrial Finance S.p.A. 100.00% 100,000
Total shareholdings 4,977,346
Financial receivables from Fiat Finance S.p.A. 213,000
Assets to be demerged 5,190,346
Financial payables to Fiat Finance S.p.A. 1,440,000
Liabilities to be demerged 1,440,000
Net assets to be demerged 3,750,346
Financial receivables from Fiat Finance S.p.A. represents a portion of the balance held on account with Fiat Finance S.p.A. in relation to the Group’s
centralized treasury management activities (see Note 15), while financial payables to Fiat Finance S.p.A. relates to the two variable rate euro denominated
loans granted by Fiat Finance S.p.A., respectively: on 26/05/2010 for €1,050 million (maturing 25/05/2012) and on 26/07/2010 for €390 million (maturing
31/01/2011).
The above value of net assets to be demerged is equivalent to the effect of the Demerger on equity described in Note 19.
As values for the Demerger are based on the reported carrying amounts, no gains or losses were recognized and, accordingly, the above items were also
transferred to Fiat Industrial S.p.A. at book value.
19. Equity
At 31 December 2010, equity totaled €12,704,460 thousand, a €217,613 thousand increase over 31 December 2009, primarily attributable to profit for
the year of €441,959 thousand net of dividend distributions of €237,119 thousand (€0.17 to each ordinary share, €0.31 to each preference share and
€0.325 to each savings share).