Chrysler 2010 Annual Report Download - page 363

FIAT S.P.A.
STATUTORY
FINANCIAL
STATEMENTS AT
31 DECEMBER
2010
NOTES
362
31. Net financial position
Pursuant to the Consob Communication of 28 July 2006 and in compliance with the CESR’s recommendations for the consistent implementation of the
European Commission’s Regulation on Prospectuses issued on 10 February 2005, the net financial position of Fiat S.p.A. at 31 December 2010 is as follows:
(€ thousand) 31 December 2010 31 December 2009 Change
Cash and cash equivalents 240 474 (234)
Current financial receivables: 311,526 646,074 (334,548)
from Group companies 311,526 646,074 (334,548)
from third parties - - -
Non-current financial payables: (2,561,442) (1,816,782) (744,660)
due to Group companies (2,561,442) (1,816,782) (744,660)
due to third parties - - -
Current financial payables: (294,592) (156,712) (137,880)
due to Group companies (147,507) (96,321) (51,186)
due to third parties (147,085) (60,391) (86,694)
Net financial position (2,544,268) (1,326,946) (1,217,322)
due to Group companies (2,397,423) (1,267,029) (1,130,394)
due to third parties (146,845) (59,917) (86,928)
Net financial position subject to demerger (1,227,000) - (1,227,000)
due to Group companies (1,227,000) - (1,227,000)
due to third parties - - -
Net financial position - Total (3,771,268) (1,326,946) (2,444,322)
due to Group companies (3,624,423) (1,267,029) (2,357,394)
due to third parties (146,845) (59,917) (86,928)
32. Significant non-recurring transactions and unusual or abnormal transactions
During 2010, Fiat S.p.A. did not take part in any significant non-recurring transaction or unusual or abnormal transaction as defined in the Consob
Communication of 28 July 2006.
33. Subsequent Events
As a result of the Demerger, with effect from 1 January 2011, the shareholdings and other assets and liabilities described in Note 18 were transferred
to Fiat Industrial S.p.A. and the share capital and reserves of Fiat S.p.A. were adjusted as described in Note 19. As a result of the Demerger, Fiat S.p.A.
shareholders were granted, for no consideration, one share in Fiat Industrial S.p.A. for each share of the same class held in Fiat S.p.A. at the time of the
Demerger. One ordinary, preference or savings share of Fiat Industrial S.p.A. was, therefore, allotted for each share of the same class held in Fiat S.p.A.
Consequently, Fiat S.p.A. was allotted 38,568,458 Fiat Industrial ordinary shares corresponding to the number of own shares held, as discussed in Note 19.
On 3 January 2011, the shares of Fiat Industrial S.p.A. were admitted to listing on the Mercato Telematico Azionario.
On 10 January 2011, Fiat increased its stake in Chrysler from 20% to 25% following achievement of the first of the three Performance Events
(i.e., attainment of US regulatory approval and a commitment to produce an engine based on Fiat’s FIRE family in the USA) stipulated in the alliance
agreement.
On 9 February 2011, Moody’s Investors Service completed the review of Fiat S.p.A.’s rating for possible for downgrade initiated on 21 July 2010.
Fiat S.p.A.’s long-term debt rating was affirmed at Ba1 and its short-term rating at “Not Prime”. The outlook is negative.