Chrysler 2011 Annual Report Download - page 298

297
Fiat S.p.A. - Statutory
Financial Statements
at 31 December 2011
18. Assets and Liabilities to be demerged
At 31 December 2010, Assets and liabilities to be demerged included shareholdings and other assets and liabilities transferred to Fiat Industrial S.p.A.
pursuant to the Demerger, with effect from 1 January 2011, as follows:
(€ thousand) % owned 31 December 2010
Shareholdings
- Fiat Netherlands Holding N.V. 100.00% 4,577,346
- Iveco S.p.A. (formerly Nuove Iniziative Finanziarie Cinque S.p.A.) 100.00% 200,000
- FPT Industrial S.p.A. (formerly Nuova Immobiliare Nove S.p.A.) 100.00% 100,000
- Fiat Industrial Finance S.p.A. 100.00% 100,000
Total shareholdings 4,977,346
Financial receivables from Fiat Finance S.p.A. 213,000
Assets to be demerged 5,190,346
Debt payable to Fiat Finance S.p.A. 1,440,000
Liabilities to be demerged 1,440,000
Net assets to be demerged 3,750,346
Financial receivables from Fiat Finance S.p.A. represents a portion of the balance held on account with Fiat Finance S.p.A. in relation to the Group’s
centralized treasury management activities, while debt payable to Fiat Finance S.p.A. relates to the two variable rate euro denominated loans from Fiat
Finance S.p.A., for €1,050 million (maturing 25/05/2012) and €390 million (maturing 31/01/2011).
The above value of net assets to be demerged is equivalent to the effect of the Demerger on equity described in Note 19.
As values for the Demerger are based on the reported carrying amounts, no gains or losses were recognized and, accordingly, the above items were also
transferred to Fiat Industrial S.p.A. at book value.
19. Equity
At 31 December 2011, equity totaled €9,053,244 thousand, a decrease of €3,651,216 thousand over 31 December 2010. On 1 January 2011, equity
was reduced by €3,750,346 thousand (a decrease in share capital of €1,913,179 thousand and reserves of €1,837,167 thousand) as a result of the
Demerger. That amount was partially offset by the recognition of the Fiat Industrial S.p.A. shares (totaling €347,116 thousand) allotted to Fiat S.p.A. in
relation to own shares held, net of the liability (€164,252 thousand) arising from the obligation to service a portion of the stock option and stock grant plans
with Fiat Industrial S.p.A. shares. The principal remaining changes related to dividend payments of €151,651 thousand (€0.09 per ordinary share, €0.31
per preference share and €0.31 per savings share) and profit for the year of €99,166 thousand.