Chrysler 2012 Annual Report Download - page 277

Notes
276 Fiat S.p.A.
Statutory
Financial
Statements
at 31 December
2012
The carrying amount of the interest in RCS MediaGroup S.p.A. (a listed company) was in line with its stock market value at the balance sheet date. Note 2
provides a description of impairment losses recognized during the year.
Investments in other companies and changes during the year were as follows:
(€ thousand)
%
interest
31 December
2011 Increases Decreases
Fair value
adjustments
31 December
2012
Fiat Industrial S.p.A. 2.80 253,176 4 (26,500) 55,773 282,453
Fin. Priv. S.r.l. 14.28 9,795 - - 454 10,249
Assicurazioni Generali S.p.A. 0.01 2,184 - - 395 2,579
Total investments in other companies 265,155 4 (26,500) 56,622 295,281
Pursuant to the Demerger, on 1 January 2011 Fiat S.p.A. was allotted Fiat Industrial S.p.A. ordinary shares, without consideration, equivalent to the number
of own shares held at the date of the demerger. In accordance with IAS 39 and interpretations, those shares have been recognized at fair value since initial
recognition.
At 31 December 2012, the Company held 34,216,027 Fiat Industrial ordinary shares, corresponding to 2.80% of share capital, with a total value of
€282.5 million (at 31 December 2011, 38,215,333 ordinary shares, corresponding to 3.00% of share capital, with total value of €253.2 million). Of those
shares, 18,496,875 (valued at €152.7 million) were allocated to servicing the stock option and stock grant plans and recognized at fair value through
profit or loss, while the remaining 15,719,152 shares (valued at €129.8 million) were classified as available-for-sale and recognized at fair value directly in
equity. Fair value measurement resulted in a €55.8 million increase in the value of the investment during the year, of which €30.3 million was recognized
through profit and loss and entirely offset by an equivalent increase in the related liability (stock option and stock grant provisions – see Note 19) and
€25.5 million directly in equity (see Note 18). Finally, the €26.5 million decrease described above related to the assignment of 4,000,000 ordinary shares
to the Chief Executive Officer which had vested under the 2009 plan.
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 €849 thousand increase in the investments in Fin. Priv. S.r.l. and Assicurazioni Generali S.p.A. for 2012, with a corresponding
adjustment to equity (see Note 18).
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 2012 and 2011, no investments held by the Company had been pledged as security for financial or contingent liabilities.
During 2011, changes in investments were as follows:
(€ thousand)
31 December
2010 Increases Decreases
Reclassification
and other
changes
Impairment
(losses)/reversals
and Fair Value
adjustments
31 December
2011
Investments in subsidiaries 11,274,486 352,562 (58,346) (179) 157,456 11,725,979
Investments in associates 131,785 - - - - 131,785
Investments in other companies 17,008 347,116 (3,898) 179 (95,250) 265,155
Total investments 11,423,279 699,678 (62,244) - 62,206 12,122,919