Chrysler 2011 Annual Report Download - page 163

Notes
162 Consolidated
Financial
Statements
at 31 December
2011
Finally, in 2011 the acquired business contributed net revenues to Fiat Group of €22,465 million and a profit of €645 million (of which
€291 attributable to non-controlling interests) respectively.
Had the acquisition of control of Chrysler under IAS 27 taken place on 1 January 2011, assuming that Chrysler had also repaid
its U.S. Treasury and Canadian government loans and completed the concurrent refinancing on that date, Fiat Group would have
reported net revenues of approximately €75 billion and a Profit of approximately €2 billion in 2011.
Other acquisitions or disposals
No other significant subsidiaries were acquired or disposed of in 2011. As discussed above during the year the Group acquired certain
non-controlling interests in Chrysler and the investment in the joint venture VM Motori with the following cash outflows:
Purchased
non-controlling
interest (in %)
Cash outflows
on acquisition
(€ million)
Chrysler Group LLC 7.5% (438)
VM Motori S.p.A. 50.0% (34)
Finally, the Group disposed of certain minor investments during the year, including a minor subsidiary of the Ferrari sector that was
classified as an asset held for sale during the third quarter of 2011 and the investment in Fiat Switzerland that was sold to the Fiat
Industrial group.
For completeness it is recalled that in 2010, the Group acquired the following subsidiaries:
the remaining 50% of the joint venture Fiat Powertrain Polska Sp. z. o.o. (formerly Fiat-GM Powertrain Polska), thereby obtaining
100% control. The 50% interest acquired was consolidated on a line-by-line basis effective 1 January 2010, leading to the recognition
of a gain amounting to €10 million.
In addition, in 2010 the Group acquired non-controlling interests in companies in which it already held control, leading to the
recognition of the following cash outflows:
Purchased
non-controlling
interest (in %)
Cash outflows
on acquisition
(€ million)
Ferrari S.p.A. following the exercise of the call option 5% -
New Holland Kobelko Construction Machinery S.p.A. 6.919% -
BMI (Itedi) 30% (2)
Moreover, in 2010 the sale of Targa Rent S.r.l., a subsidiary of the Fiat Group Automobiles sector, was completed; this investment was
already classified as assets held for sale at 31 December 2009.