Chrysler 2011 Annual Report Download - page 283

Fiat S.p.A.
Statutory
Financial
Statements
at 31 December
2011
Notes
282
Composition and principal changes
1. Dividends and other income from investments
Following is a breakdown of dividends and other income from investments:
(€ thousand) 2011 2010
Dividends from subsidiaries:
- Ferrari S.p.A. 180,006 -
- Fiat Gestione Partecipazioni S.p.A. 180,000 -
- Fiat Finance S.p.A. 27,727 180,000
- Magneti Marelli S.p.A. -99,990
- Fiat Powertrain Technologies S.p.A. -80,000
- Fiat Netherlands Holding N.V. -50,000
- Business Solutions S.p.A. -18,319
Total dividends from subsidiaries 387,733 428,309
Dividends from other companies 433 415
Total dividends and other income from investments 388,166 428,724
For 2011, dividends from other companies related to dividends received from Fin. Priv. S.r.l. (€348 thousand) and Assicurazioni Generali S.p.A.
(€85 thousand). For 2010, they included dividends from the same two companies.
2. Impairment (losses)/reversals on investments
The following table provides a breakdown of impairment losses and reversals on investments:
(€ thousand) 2011 2010
Impairment losses:
- Comau S.p.A. (147,100) (7,100)
- Teksid Aluminum S.r.l. (47,500) (11,100)
- Fiat Powertrain Technologies S.p.A. -(80,000)
- Fiat Industrial S.p.A. -(6,100)
Total impairment losses (194,600) (104,300)
Reversal of impairment losses:
- Fiat Gestione Partecipazioni S.p.A. (formerly Iveco S.p.A.) 352,056 260,000
Total value of reversals 352,056 260,000
Total impairment (losses)/reversals on investments 157,456 155,700
Impairment losses recognized on the shareholdings in Comau S.p.A. and Teksid Aluminum S.r.l. were substantially due to losses recognized by those
companies during the year resulting from writedowns on goodwill and certain fixed assets. The adjusted carrying amounts are deemed representative of
the estimated recoverable value.
The €352 million impairment reversal for Fiat Gestione Partecipazioni S.p.A. was based on the book value of equity of this investee and its subsidiaries in the
consolidated financial statements following the reorganization described in Note 11. As part of the transactions preliminary to the Demerger, on 1 December
2010 Iveco S.p.A. sold its truck and commercial vehicle activities and the “Industrial & Marine” powertrain business to two subsidiary companies – new
Iveco S.p.A. and FPT Industrial S.p.A., both of which were transferred to Fiat Industrial S.p.A. under the Demerger – and was subsequently renamed Fiat
Gestione Partecipazioni S.p.A.