Chrysler 2010 Annual Report Download - page 345

FIAT S.P.A.
STATUTORY
FINANCIAL
STATEMENTS AT
31 DECEMBER
2010
NOTES
344
Similarly, under the stock grant plan the participant will be entitled to receive free of charge one Fiat ordinary share and one Fiat Industrial ordinary share for
each right held, subject to the original conditions of the continuation of a professional relationship with the Group and/or achievement of specific performance
objectives for 2010 and 2011, consistent with the 2010-2014 Business Plan. The 2011 performance objectives will consist of the portion relating to the Fiat
Group post Demerger of the objectives originally established as part of the total objectives for the pre-Demerger Fiat Group.
All stock option and stock grant plans, with the exception of the portion of the 2006 Plan relating to managers for which a capital increase was approved,
will be serviced by the treasury shares held by Fiat S.p.A. and the ordinary shares of Fiat Industrial that will be allotted to Fiat S.p.A. without payment as a
result of the Demerger.
As the original conditions of the Plans allowed for amendments where there were extraordinary transactions impacting Fiat S.p.A.’s share capital, a
determination of the incremental fair value potentially resulting from such amendments is not required.
Finally, the following shows availability of share capital and reserves:
Availability for use of main equity items
Possible Available
(€ thousand) 31 December 2010 use amount
Share capital 6,377,263 -
Reserves:
Share premium reserve 1,540,885 A, B, C (*) 1,540,885
Legal reserve 716,458 B -
Reserve available for the purchase of own shares 543,447 A, B, C 543,447
Reserve for own shares 656,553 - -
Retained profit/(loss) 2,884,134 A, B, C 2,884,134
Reserve under law 413/1991 22,591 A, B, C 22,591
Extraordinary reserve 28,044 A, B, C 28,044
Reserve for Spin-off difference 39,194 A, B, C 39,194
Key:
A: capital increase
B: coverage of losses
C: dividend
(*) Fully available to increase capital and cover losses. Any other use requires that the legal reserve first be increased to 20% of share capital (which may also occur through a transfer from the share
premium reserve). At 31 December 2010, the required increase would be €558,995 thousand.
20. Provisions for employee benefits and other non-current provisions
At 31 December 2010, provisions for employee benefits and other non-current provisions amounted to €20,072 thousand, a net decrease of €5,369
thousand over 31 December 2009, and consisted of the following:
(€ thousand) 31 December 2009 Accruals Utilizations Other changes 31 December 2010
Provisions for employee benefits and similar provisions 24,196 1,623 (5,217) (1,551) 19,051
Other non-current provisions 1,245 - (224) - 1,021
Total provisions for employee benefits and
other non-current provisions 25,441 1,623 (5,441) (1,551) 20,072