Chrysler 2006 Annual Report Download - page 90

Fiat Group Consolidated Financial Statements at December 31, 2006 -Notes 177
As the Sector Result includes Interest income and other financial income and Interest expenses and other financial expenses of
financial services companies, the Assets of the Fiat Auto, CNH and Iveco Sectors include financial assets (primarily the investment
portfolio) of financial services companies; similarly Sector Liabilities include the debt of financial services companies. As a result,
the unallocated Group debt represents the debt of the industrial companies.
Other and
Magneti Business elimina- FIAT
(in millions of euros) Fiat Auto Maserati Ferrari CNH Iveco FPT Marelli Teksid Comau Solutions Itedi tions Group
2006
Total net revenues 23,702 519 1,447 10,527 9,136 6,145 4,455 979 1,280 668 401 (7,427) 51,832
Net revenues
intersegment (247) (13) (77) (2) (106) (4,558) (1,678) (225) (332) (453) (9) 7,700 –
Net revenues from
third parties 23,455 506 1,370 10,525 9,030 1,587 2,777 754 948 215 392 273 51,832
Trading profit 291 (33) 183 737 546 168 190 56 (66) 37 11 (169) 1,951
Unusual income
(expenses) 436 – – (145) 19 (66) (15) (30) (206) (9) 1 125 110
Operating result 727 (33) 183 592 565 102 175 26 (272) 28 12 (44) 2,061
Financial income
(expenses) (576)
Unusual financial income –
Result from investments 37 – – 45 32 1 (1) 3 (3) – – 42 156
Result before taxes 1,641
Income taxes 490
Result from continuing
operations 1,151
Other information
Capital expenditure 2,163 82 142 394 865 254 293 32 56 10 45 (24) 4,312
Depreciation and
amortisation (1,538) (30) (145) (293) (421) (402) (201) (38) (23) (13) (7) (10) (3,121)
Impairment (2) – – – (36) (7) (12) (23) (26) – – – (106)
Other non-cash items (1,037) (60) (35) (1,504) (507) (105) (73) (19) (85) (17) (1) (91) (3,534)
The Iveco Sector produces and sells trucks and commercial vehicles, mainly in Europe, (under the Iveco brand), buses (under the
Irisbus brands) and special vehicles (under the Iveco, Magirus and Astra brands). In addition, Iveco provides financial services to
its customers and dealers mainly through Iveco Finance Holdings Ltd., a company 51% owned by the Barclays group and 49% by
Iveco.
The Fiat Powertrain Technologies (FPT) Sector manufactures car engines and transmissions (these businesses were managed by
the Fiat-GM Powertrain joint venture until April 2005). Starting from 2006 the Sector also includes Iveco and C.R.F. powertrain
activities.
The Components Sector (Magneti Marelli) produces and sells components for lighting systems, engine control units, suspension
and shock absorbers systems, electronic systems and exhaust systems.
The Metallurgical Products Sector (Teksid) produces components for engines, cast-iron components for transmissions gearboxes
and suspensions, and magnesium bodywork components.
The Production System Sector (Comau) designs and produces industrial automation systems and related products for the
automotive industry.
The Services Sector (Business Solutions) provides accounting and human resources services, almost all of which are supplied to
other Group companies.
The activities of the Publishing and Communications Sector (Itedi) mainly include publishing the newspaper La Stampa and selling
advertising space in the print, television and internet media.
Total Net revenues presented by each Sector includes transactions with other Sectors carried out at arm’s length prices.
Intersegment revenues and expenses are reconciled and are eliminated in the consolidated financial statements of the Group;
intersegment receivables and payables are eliminated in a similar manner.
The item Segment Capital expenditure, Depreciation and amortisation, and Impairment concern intangible assets and property,
plant and equipment.
Other Sector non-cash items comprise the Other provision for risks and charges.
The “Segment Result” arising under IAS 14 is equal to the Operating result. The Operating result and Trading profit include,
respectively, Interest income and other financial income and Interest expenses and other financial expenses of financial services
companies in Net revenues and Cost of Sales of the Sector.
Sector Assets are operating assets used by the Sector in its business and are directly attributed or allocated, in a reasonable
manner,to the Sector.These assets do not include tax assets and investments accounted for using the equity method.
Sector Liabilities are operating liabilities used by the Sector in its business and are directly attributed or allocated, in a reasonable
manner, to the Sector. These liabilities do not include tax liabilities.
Fiat Group Consolidated Financial Statements at December 31, 2006 -Notes 176