Chrysler 2012 Annual Report Download - page 266

265
Fiat S.p.A. - Statutory
Financial Statements
at 31 December 2012
Composition and principal changes
1. Dividends and other income from investments
Following is a breakdown of dividends and other income from investments:
(€ thousand) 2012 2011
Dividends from Group companies and related parties:
- Fiat Gestione Partecipazioni S.p.A. 1,000,000 180,000
- Fiat Finance S.p.A. 24,025 27,727
- Fiat Industrial S.p.A. 6,330 -
- Ferrari S.p.A. -180,006
Total dividends from Group companies and related parties 1,030,355 387,733
Dividends from other companies 140 433
Total dividends and other income from investments 1,030,495 388,166
For 2012, dividends from other companies related to dividends received from Fin. Priv. S.r.l. (€103 thousand) and Assicurazioni Generali S.p.A. (€37
thousand). For 2011, the line item related to dividends received from the same two companies.
2. Impairment (losses)/reversals on investments
Following is a breakdown of impairment losses and reversals on investments:
(€ thousand) 2012 2011
Impairment losses:
- Fiat Gestione Partecipazioni S.p.A. (933,700) -
- RCS MediaGroup S.p.A. (35,266) -
- Teksid Aluminum S.r.l. (15,000) (47,500)
- Comau S.p.A. -(147,100)
Total impairment losses (983,966) (194,600)
Reversal of impairment losses:
- Fiat Powertrain Technologies S.p.A. 21,088 -
- Fiat Gestione Partecipazioni S.p.A. -352,056
Total value of reversals 21,088 352,056
Total impairment (losses)/reversals on investments (962,878) 157,456
An impairment charge of €933.7 million was recognized in relation to the investment in Fiat Gestione Partecipazioni S.p.A. to realign the carrying amount
of that investment to the book value of equity in the consolidated financial statements following the €1,000 million distribution from reserves to Fiat S.p.A.
(see Note 1).
For the associate company RCS MediaGroup S.p.A., the impairment charge of €35.3 million recognized in 2012 represented realignment of the carrying
amount of the investment to the stock market price at year-end (€1.255 per share). At the end of 2012, RCS MediaGroup (which reported a significant loss
for 2011) presented a Development Plan for the period 2013-2015 to address the unfavorable economic environment and significant structural changes
in its sector. The financial policies that will support the earnings and business objectives set out in the Plan have not yet been finalized. In consideration
of current circumstances, which make determination of value based on value in use uncertain, it was considered reasonable to use the market value.
Accordingly, the value of the investment was based on the year-end market price, which was in line with the weighted average price for 2012 but lower than
the average market price for both the second half and the fourth quarter.