Chrysler 2011 Annual Report Download - page 295

Fiat S.p.A.
Statutory
Financial
Statements
at 31 December
2011
Notes
294
On 22 February 2012, the number of Fiat Industrial S.p.A. shares held to service the stock option and stock grant plans was 4,000,000 lower, as a result of
allocation to the Chief Executive Officer of shares vested under the 2009 stock grant plan (see Note 19). Consequently, at that date the investment in Fiat
Industrial S.p.A. consisted of 34,215,333 ordinary shares.
The investments in Fin.Priv. S.r.l. and Assicurazioni Generali S.p.A., which are classified as non-current financial assets and not held for trading, have been
recognized at fair value. For Assicurazioni Generali S.p.A., a listed company, this corresponds to the market price of the shares held at the balance sheet
date. For Fin.Priv. S.r.l., a holding company whose assets are principally listed securities, fair value was based on the market price of the investments in
its portfolio. This resulted in a €5.0 million decrease in the investments in Fin.Priv. S.r.l. and Assicurazioni Generali S.p.A. for 2011, with a corresponding
adjustment to equity (see Note 19).
There were no investments in other companies in relation to whose obligations Fiat S.p.A. had unlimited liability (Article 2361.2 of the Civil Code).
A full list of investments with the additional disclosures required by Consob Communication DEM/6064293 of 28 July 2006 is attached.
At 31 December 2011 and 2010, no investments held by the Company had been pledged as security for financial or contingent liabilities.
During 2010, changes in investments were as follows:
(€ thousand)
31 December
2009 Additions Decreases
Impairment
(losses)/reversals
and Fair Value
adjustments
Reclassification
to Assets
to be demerged
31 December
2010
Investments in subsidiaries 13,837,309 2,258,853 (30) 155,700 (4,977,346) 11,274,486
Investments in associates 131,785 - - - - 131,785
Investments in other companies 21,476 - - (4,468) - 17,008
Total investments 13,990,570 2,258,853 (30) 151,232 (4,977,346) 11,423,279
12. Other financial assets
A breakdown of other financial assets is provided in the following table:
(€ thousand) 31 December 2011 31 December 2010 Change
Financial asset relating to exercise of the call option on Ferrari S.p.A shares -132,431 (132,431)
Fees receivable for guarantees given 12,892 11,442 1,450
Debt securities 74 74 -
Total other financial assets 12,966 143,947 130,981
At 31 December 2010, the item “Financial asset relating to the exercise of the call option on Ferrari S.p.A. shares”, totaling €132,431 thousand, represented
the exercise price (€122,399 thousand) for the call option on the 5% interest in Ferrari S.p.A. held by Mubadala Development Company PJSC, plus the
€10,032 thousand call option premium paid in 2006. Fiat S.p.A. exercised the option prior to expiry in July 2010 and, pending completion of the acquisition,
recognized the value of the original premium paid plus the option exercise price, with a corresponding financial liability recognized in relation to the
consideration amount (see Note 25). In March 2011, following completion of the purchase of Ferrari S.p.A. shares, with delivery by Mubadala and payment
of the agreed consideration by Fiat S.p.A., the amount was reclassified resulting in a corresponding increase in the carrying amount of the investment in
Ferrari S.p.A. (see Note 11).
Fees receivable for guarantees given represent the present value of fees to be received in future years for guarantees issued by the Company (mainly relating
to loans of Group companies).
Debt securities consist of listed Italian government securities pledged to fund scholarship grants.