in the First Half of 2004 99th Fiscal Year - FIAT SpA

Report of the Board 

of Directors on Operations 

in the First Half of 2004 

99 th Fiscal Year

1 

2 Financial Highlights of the Fiat Group 

3 Board of Directors and Control Bodies 

4 Overview 

Contents 

6 Operating Performance and Financial Position of the 

Fiat Group and Fiat S.p.A. in the First Half of 2004 

20 Process of Transition to International Accounting 

Standards (IAS/IFRS) 

21 Transactions among Group Companies and with 

Related Parties 

22 Significant Events Occurring since the End of the Period 

and Business Outlook 

Performance of the Operating Sectors 

23 Automobiles 

25 Agricultural and Construction Equipment 

26 Commercial Vehicles 

28 Ferrari – Maserati 

29 Components 

30 Production Systems 

31 Metallurgical Products 

32 Services 

33 Publishing and Communications 

Fiat S.p.A. 

Head Office: 250 Via Nizza, Turin, Italy 

Paid-in Capital: 4,918,113,540 euros 

Entered in the Turin Company Register 

Fiscal Code: 00469580013 

35 Fiat Group – Consolidated Financial Statements 

and Notes at June 30, 2004 

36 Consolidated Balance Sheet 

38 Consolidated Statement of Operations 

39 Notes to the Consolidated Financial Statements 

55 Fiat S.p.A. – Financial Statements at June 30, 2004 

56 Balance Sheet 

57 Statement of Operations 

59 Annex – Fiat Group Companies at June 30, 2004 

87 Auditors’ Report on the Interim Financial Reporting 

This report is published in Italian and English. 

Italian version is binding.

2 

Financial Highlights of the Fiat Group 

1st half 2003 

Continuing 

Fiscal 2003 (in millions of euros) 1st half 2004 Consolidated Operations 

47,271 Consolidated revenues 23,508 24,774 22,163 

(510) Operating result (140) (367) (543) 

347 Non-operating income (expenses) (*) (123) 263 279 

(319) EBIT (224) (146) (237) 

(1,298) Result before taxes (407) (570) (749) 

(1,948) Net result before minority interest (669) (737) (742) 

(1,900) Group interest in net result (658) (708) N.A. 

(3,028) Net financial position, positive / (negative) (4,254) (4,812) (5,498) 

7,494 Stockholders’ equity before minority interest 6,942 7,457 7,444 

6,793 Group interest in stockholders’ equity 6,297 6,641 N.A. 

2,011 Investments in fixed assets 739 771 738 

1,747 Research and development 

321 Cash flow (Net result before minority interest 

912 916 893 

plus depreciation and amortization) 410 448 378 

10,522 Net invested capital 11,196 12,269 12,942 

162,237 Number of employees at the end of the period 160,708 174,141 168,714 

(*) The 2003 figures for continuing operations include net gains on the disposal of discontinued operations, amounting to 487 million euros for the first half of 2003 and to 1,742 million 

euros for the entire 2003 fiscal year.

3 

Board of Directors and Control Bodies 

Board of Directors 

Chairman Luca Cordero di Montezemolo 

Vice Chairman John Elkann (1) 

Chief Executive Officer Sergio Marchionne (1) 

Directors Andrea Agnelli 

Angelo Benessia (2) 

Tiberto Brandolini d’Adda 

Flavio Cotti (1) 

Luca Garavoglia (2) 

Hermann Josef Lamberti (1) 

Daniel John Winteler (1) 

Secretary of the Board Franzo Grande Stevens 

Board of Statutory Auditors 

(1) Member of the Nominating and Compensation Committee 

(2) Member of the Internal Control Committee 

Statutory Auditors Cesare Ferrero – Chairman 

Giuseppe Camosci 

Giorgio Ferrino 

Alternate Auditors Giorgio Giorgi 

Natale Ignazio Girolamo 

Piero Locatelli 

External Auditors Deloitte & Touche S.p.A.

PERFORMANCE IN THE FIRST HALF OF 2004 (1) 

Positive contributions by most Sectors enabled the Group to 

increase revenues by 1.3 billion euros in the first half of 2004. 

The operating loss was cut back sharply, falling to 140 million 

euros (loss of 543 million euros in the first six months of 2003). 

This positive trend was underscored by the Group’s return to 

operating profitability (+18 million euros) in the second quarter 

of 2004. The net financial position was negative by 4.25 billion 

euros (negative 3 billion euros at December 31, 2003), mainly 

due to an increase in working capital, in particular in the first 

quarter of the year. The Group was able to hold its liquidity at 

about 7 billion euros, roughly the same as at the beginning 

of the year, after redeeming bonds for 1 billion euros and 

repurchasing for cancellation US$540 in bonds exchangeable 

into GM shares. 

The Group’s net revenues grew to 23.5 billion euros, an increase 

of 6.1% over the 22.2 billion euros booked in the first half of 

2003. Virtually all Sectors contributed to this improvement, with 

gains of 7% for Fiat Auto, 5.4% for CNH (despite an unfavorable 

exchange rate), 8.7% for Iveco, 17.8% for Ferrari-Maserati, 8% 

for Magneti Marelli (excluding the consolidation of the 

Electronic Systems business unit), 6.2% for Teksid and 16.3% 

for Itedi. 

The operating loss of 140 million euros was sharply lower than 

in the first six months of 2003, when the Group’s operations lost 

543 million euros. Profitability improvements at CNH, Iveco, 

Magneti Marelli and Teksid account for most of this gain. Fiat 

Auto’s operating loss also shrank, falling from 656 million euros 

in the first half of 2003 to 474 million euros in the same period 

this year. 

The loss before taxes totaled 407 million euros, down from 

a loss of 749 million euros in the first six months of 2003. A 

decrease in the operating loss and lower financial expenses 

account for this improvement. 

The consolidated net loss decreased to 669 million euros, 

compared with a consolidated net loss of 820 million euros 

in the first half of 2003. 

At June 30, 2004, the Group’s liquidity (cash and marketable 

securities) amounted to just under 7 billion euros, about the 

same as at December 31, 2003. 

Consolidated gross indebtedness (financial payables and 

related accruals and deferrals) totaled 22.4 billion euros, down 

4 

Overview 

slightly (155 million euros) from the beginning of the year. On 

July 9, 2004, the Group used available liquidity to redeem the 

outstanding bonds exchangeable into General Motors shares 

that were presented for redemption. The total amount was 

US$1.7 billion. 

Net indebtedness of the Group’s industrial operations totaled 

5.9 billion euros, about 800 million euros more than at 

December 31, 2003. 

At June 30, 2004, the Group’s net financial position was a 

negative 4.25 billion euros, compared with 3 billion euros at 

December 31, 2003. This change reflects primarily a seasonal 

increase in working capital requirements in the first quarter 

of the year. 

(1) 2004 consolidated figures should be compared with the 2003 amounts attributable 

to the Group’s continuing operations, as shown on page 7, since the divestitures 

completed last year produced material changes in the Group’s scope of operations. 

Accordingly, all comments provided below are based on comparisons between these 

two sets of data. 

OUTLOOK FOR THE REST OF 2004 

During the first six months of 2004, the Group operated in a 

business environment in which Europe, and Italy in particular, 

participated only to a limited extent in the upturn that 

characterized the global economy. Consequently, the Group’s 

results for the second half of the year should benefit from any 

acceleration in the European growth rate. 

As for the individual Sectors of the Group, Fiat Auto’s 

performance should be aided by the contribution of its new 

models (new Fiat Multipla, Lancia Musa, Alfa Crosswagon Q4, 

Alfa Sportwagon Q4 and Fiat Panda 4x4), but automobile 

markets will continue to be characterized by intense 

competition and aggressive sales policies. 

The highly successful launch of several new products should 

enable CNH to report good sales results in the second half 

of the year as well. The same should be true for Iveco, which 

is operating in a favorable market environment and can count 

on a solid order backlog. 

Consistent with the presentation made by Sergio Marchionne, 

Fiat’s Chief Executive Officer, to the financial community at

5 Overview 

a meeting held in Balocco at the end of July, the Group is 

continuing to pursue a clearly defined strategy, focused on the 

automotive operations, and it is showing steady improvement. 

Moreover, there is a strong possibility that all of the Group’s 

businesses can improve their operating performance, and we 

are doing our best to reach this goal, even though it has 

become necessary to revise the timings by which certain Sectors 

will attain their objectives. 

In view of the above, the Group reaffirms its goals of attaining 

operating breakeven in 2004 (compared with a loss of 714 

million euros in 2003) and of substantially reducing negative 

cash flow. These objectives will be achieved mainly thanks to 

the contributions of CNH and Iveco, which have already made 

significant progress. As for Fiat Auto, it is expected to attain 

operating breakeven in 2006 and report further loss reductions 

in the interim. 

Turin, September 9, 2004 

Luca Cordero di Montezemolo 

Chairman 

Sergio Marchionne 

Chief Executive Officer

INTRODUCTION 

In order to facilitate the analysis of the results for the first half 

of 2004 and their comparison with the corresponding period 

of 2003, the most important transactions affecting the scope of 

consolidation of the Group in the first half of 2004, as compared 

with the same period in 2003, are illustrated below: 

❚ On May 2, 2003, the agreement to sell the Toro Assicurazioni 

Group to the DeAgostini Group was signed and its 

operations were deconsolidated from that date. 

❚ On May 27, 2003, as part of the agreement signed by Fiat 

and Capitalia, Banca Intesa, Sanpaolo IMI and Unicredito 

on March 11, 2003, and following approval by the competent 

authorities, the sale by Fiat to the Banks of a majority interest 

(51%) of Fidis Retail Italia was concluded. At that time, Fidis 

Retail Italia controlled part of the European activities of Fiat 

Auto Holdings in the field of retail consumer financing for 

automobile purchases. 

The sale to Fidis Retail Italia of the equity investments in the 

other financial companies covered by the agreement was 

finalized in October 2003. 

❚ In execution of the contract signed on July 1, 2003 and 

after having met the conditions precedent, the sale of the 

aerospace activities of FiatAvio S.p.A. to Avio Holding S.p.A., 

a company 70% owned by The Carlyle Group and 30% by 

Finmeccanica S.p.A., was finalized. Said activities were 

deconsolidated effective from the date of the agreement. 

❚ In February 2004, 100% of the interest held in Fiat 

Engineering S.p.A. was sold to Maire Investimenti S.p.A. 

and the company was therefore deconsolidated as of the 

beginning of the year. At the same time, Fiat Partecipazioni 

S.p.A. subscribed to a capital increase at Maire Investimenti 

S.p.A. and now owns 30% of the capital of this company. On 

said 30% interest, both parties hold put and call options that 

are exercisable within three years at a predetermined price. 

❚ Effective January 1, 2004, the Group consolidated Magneti 

Marelli Electronic Systems on a line-by-line basis following 

gradual acquisition of actual control over this strategic 

supplier of Fiat Auto and other automotive groups. In 2002 

this business had been sold to the Mekfin Group, which in 

turn sold it to the Ixfin Group. So that the company would 

punctually respect the commitments it had made to its 

customers and continue pursuing its growth strategies, an 

agreement was initialed at the end of 2003 between the Ixfin 

Group and the Fiat Group, on the basis of which Magneti 

Marelli, pursuant to an agreement providing for an usufruct 

on the Company’s voting shares, started becoming 

increasingly involved in management of the Electronic 

6 

Operating Performance and Financial Position of the 

Fiat Group and Fiat S.p.A. in the First Half of 2004 

Systems activity in 2004. Finally, on July 28, 2004 the Fiat 

Group decided to acquire full ownership thereof by exercising 

a call option. 

To allow a meaningful comparison with prior period data, the 

figures for the first half of 2003 used in the analyses presented 

in the following pages have been prepared on the basis of the 

so-called “continuing operations”, i.e. excluding data of 

companies that were sold in 2003 (the Toro Assicurazioni Group, 

FiatAvio, Fraikin, IPI, Fidis Retail Italia and Fiat Auto’s retail 

financing activities in Brazil). 

It should be noted that in the first half of 2003 the continuing 

operations included Fiat Engineering, that was deconsolidated 

effective January 1, 2004 and had reported revenues of 159 

million euros and operating income of 7 million euros in said 

period. 

Figures for the first half of 2004 include 240 million euros in 

revenues generated by the Electronic Systems business unit 

as well as an operating income of 6 million euros. 

OPERATING PERFORMANCE AND FINANCIAL POSITION 

OF THE FIAT GROUP 

Operating Performance 

Highlights of the Group’s operating performance are illustrated 

below. For a more detailed analysis, see the section 

“Performance of the Operating Sectors”. 

Net revenues 

Fiat Group net revenues, including changes in contract work in 

progress, totaled 23,508 million euros in the first six months of 

2004, compared with 24,774 million euros in the corresponding 

period of 2003. Comparison with continuing operations alone 

shows growth of 6.1% due to higher volumes of activity at the 

principal Sectors. This positive performance was partially offset, 

especially at CNH, by the negative impact caused by 

strengthening of the euro. Magneti Marelli consolidated the 

revenues of the Electronic Systems business unit for the first half 

of 2004 (240 million euros), while lower revenues were reported 

by Comau, partly in consequence of a revision in the scope of 

operations, and by Business Solutions, due to the sale of Fiat 

Engineering. 

Revenues broken down by Sector are illustrated below: 

❚ Fiat Auto posted net revenues of 10,462 million euros in the 

first half of 2004, compared with 10,149 million euros in the 

first six months of 2003, including 9,780 million euros for

continuing operations. Thus, on a comparable basis, the 

improvement was 7%. A total of 929,800 units were sold in 

the first half of the year, up by 7.2% overall compared with the 

first half of 2003. 

In Western Europe, the Sector sold 641,000 vehicles, up 1.4% 

compared with the first half of 2003. Revenues were positively 

impacted by sales of models launched in the last part of fiscal 

2003 and the beginning of 2004 and by overall market growth. 

In the Sector’s principal markets, sales were up in Spain 

(+12.4%) and Great Britain (+4.2%), in contrast with decreases 

in France (-7.5%) and Germany (-2.2%), due in part to softness 

on local markets. Sales in Italy remained at the same level of 

the corresponding period last year. In Western Europe, the 

Sector’s market share increased by 0.1 percentage points to 

7.6%; in Italy, the Sector’s share was 28.4%, up by 0.7 

percentage points with respect to the same period of 2003. 

Outside Western Europe, sales volumes increased strongly in 

Poland (+30%) and Brazil (+16.2%), increasing at a rate higher 

than the growth in demand on both markets. 

❚ CNH posted revenues of 5,059 million euros in the first half 

of 2004, up by 5.4% compared with the first half of 2003, 

notwithstanding the negative foreign exchange effect caused 

by the strengthening of the euro. On a comparable exchange 

basis, the improvement would have been approximately 11%, 

7 Operating Performance and Financial Position of the Fiat Group and Fiat S.p.A. 


thanks mainly to the strong sales performance posted 

in America and higher prices. 

In the agricultural equipment segment, sales volumes 

increased significantly during the first half of 2004 on both 

the North American market, where volumes expanded faster 

than demand, and in the South American market, where they 

were in line with the high rate of growth. Sales contracted 

in Western Europe due to weak demand, particularly for 

combine harvesters, while Sector sales elsewhere in the 

world improved, albeit at a rate slower than market trends. 

Construction equipment sales posted strong increases in 

North America, in line with market performance, which was 

especially brilliant in the heavy-range segment, and in Latin 

America. On the other hand, they contracted sharply in 

Western Europe due to a soft market for light-range 

equipment, while heavy-range equipment sales expanded. 

❚ Iveco posted revenues of 4,539 million euros in the first half 

of 2004, up 8.7% with respect to the 4,175 million euros 

posted in the corresponding period of the previous year 

reflecting an increase in sales volumes and higher prices. 

Overall sales totaled approximately 79,200 units, up 7.2% 

with respect to the first six months of 2003. In Western 

Europe, Iveco sold approximately 63,200 vehicles, with an 

increase of 4.2% with respect to sales in the first half of 2003, 

Fiscal 2003 1st half 2004 1st half 2003 

Consolidated 


Operations (in millions of euros) Consolidated Consolidated 


Operations 

47,271 44,498 Net revenues 23,508 24,774 22,163 

40,830 38,468 Cost of sales 20,071 21,584 19,243 

6,441 6,030 Gross operating result 3,437 3,190 2,920 

4,748 4,509 Overhead 2,323 2,599 2,384 

1,747 1,724 Research and development 912 916 893 

(456) (511) Other operating income (expenses) (342) (42) (186) 

(510) (714) Operating result (140) (367) (543) 

(156) (79) Result of equity investments (*) 39 (42) 27 

347 359 Non-operating income (expenses) (**) (123) 263 279 

(319) (434) EBIT (224) (146) (237) 

(979) (1,067) Financial income (expenses) (183) (424) (512) 

(1,298) (1,501) Result before taxes (407) (570) (749) 

650 541 Income taxes 262 167 71 

(1,948) (2,042) Net result (669) (737) (820) 

– 90 Result of discontinued operations – – 78 

(1,948) (1,952) Net result before minority interest (669) (737) (742) 

(1,900) N. A. Group interest in net result (658) (708) N. A. 

(*) This item includes investment income as well as writedowns and upward adjustments in equity investments valued using the equity method. 

(**) The 2003 figures for continuing operations include net gains on the disposal of discontinued operations, amounting to 487 million euros for the first half of 2003 and to 1,742 million 

euros for the entire 2003 fiscal year.

thanks to buoyant demand. The most significant changes 

were reported in France (+17.8%), Germany (+5.5%), and 

Spain (+5.4%), while a decrease of 2.3% was posted in Italy, 

influenced by market performance for certain types of 

vehicles. 

The Sector also reported strong sales growth in Latin 

America, due to recovery on the local market, and in Eastern 

European countries. 

❚ Ferrari – Maserati posted revenues of 735 million euros in the 

first half of 2004, up 17.8% with respect to the corresponding 

period of 2003. This increase is attributable to an increase in 

sales volumes for both brands. The 360 Challenge Stradale 

and 612 Scaglietti models made a significant contribution at 

Ferrari, which started selling the latter model in March 2004. 

Maserati sales grew strongly thanks to the success of its new 

Quattroporte model, while the Coupé and Spyder models 

continued to suffer from competitive pressures. 

❚ Magneti Marelli had revenues of 1,982 million euros, 

including 240 million euros in revenues for the Electronic 

Systems business unit that was consolidated by the Sector 

effective January 1, 2004. Excluding the impact of this 

component and of the negative foreign exchange effect, 

revenues would still be up by approximately 10% with respect 

to the first half of the previous year, thanks to higher levels of 

activity for all business lines. In particular, the Engine Control 

business unit performed well, benefiting from sales of the 

diesel system that was introduced in 2003. 

❚ Comau posted revenues of 765 million euros, a decrease of 

29% with respect to the 1,082 million euros recorded in the 

first half of 2003. This decrease is attributable in part to the 

sale to Fiat Auto and Fiat-GM Powertrain of the respective 



Dies and Service activities. The Bodywork business unit also 

reported decreases in contract work in Germany and the UK, 

in addition to the decrease in contract work on the NAFTA 

market, due to the low level of outstanding orders at the 

beginning of the year and the lower dollar-euro exchange 

rate. 

❚ Teksid had revenues of 466 million euros in the first half of 

2004, an increase of 6.2%with respect to the 439 million euros 

recorded in the first half of 2003, due to higher sales volumes. 

The Cast Iron business unit reported higher volumes (+11.5%) 

taking advantage in particular of higher demand mainly in 

North America and Brazil. The Magnesium business unit also 

recorded a significant improvement (+11%) due to the 

positive sales performance in North America as well as to 

expanding demand in Europe where the Sector availed itself 

of the output of a new plant located in the United Kingdom 

that started production during 2003. 

❚ Business Solutions had revenues of 769 million euros in the 

first half of 2004, down by 18% from the corresponding period 

of 2003, as a consequence of changes in the scope of 

operations (principally the sale of Fiat Engineering, which was 

only partially offset by the consolidation, starting from January 

2004, of the activities of the telephony company Atlanet). On 

a comparable basis, revenues were down 1.4% mainly as a 

result of lower levels of activity in the ICT segment. Captive 

customers accounted for approximately 51% of the revenues 

reported in the first half of 2004. 

❚ Itedi posted revenues of 221 million euros in the first half of 

2004, an increase of 16.3% with respect to 190 million euros of 

the first half of 2003. This improvement is mainly attributable 

to higher advertising revenues resulting from new advertising 


Continuing Continuing 

Consolidated Operations (in millions of euros) Consolidated Consolidated Operations 

20,010 19,477 Automobiles (Fiat Auto) 10,462 10,149 9,780 

9,418 9,418 Agricultural and Construction Equipment (CNH) 5,059 4,800 4,800 

8,440 8,440 Commercial Vehicles (Iveco) 4,539 4,175 4,175 

1,261 1,261 Ferrari – Maserati 735 624 624 

3,206 3,206 Components (Magneti Marelli) 1,982 1,611 1,611 

2,293 2,293 Production Systems (Comau) 765 1,082 1,082 

844 844 Metallurgical Products (Teksid) 466 439 439 

625 – Aviation (FiatAvio) – 625 – 

1,654 – Insurance (Toro Assicurazioni) – 1,654 – 

1,816 1,816 Services (Business Solutions) 769 943 943 

383 383 Publishing and Communications (Itedi) 221 190 190 

(2,679) (2,640) Miscellanea and Eliminations (1,490) (1,518) (1,481) 

47,271 44,498 Total for the Group 23,508 24,774 22,163

contracts booked by Publikompass as well as to brand 

extension initiatives. 

Operating Result 

The Operating loss improved markedly, from a loss of 367 

million euros in the first half of 2003 to a loss of 140 million 

euros in the first half of 2004. The recovery is even more 

apparent if compared with continuing operations alone, which 

reported an operating loss of 543 million euros in the first half 

of 2003. The operating income of CNH, Iveco and Magneti 

Marelli increased, while the loss at Fiat Auto contracted. 

The operating result broken down by Sector is illustrated below: 

❚ Fiat Auto closed the first half of 2004 with an operating loss 

that, at 474 million euros, was smaller than both the loss 

reported in the same period last year (568 million euros) as 

well as that reported by continuing operations (656 million 

euros). Sales of new models led to an improved product 

mix and higher sales prices. The result for the period also 

benefited from the contribution of higher volumes in 

countries outside Europe and the savings realized on product 

costs due to ongoing streamlining measures, which were 

offset in part by the effects of the well-known labor unrest 

at the Melfi site. 

❚ CNH reported operating income of 229 million euros in the 

first half of 2004, an improvement of 124 million euros from 

the first half of 2003. This sharp improvement was made 

possible by a significant increase in volumes and higher sale 

prices, obtained in both the agricultural and construction 

equipment segments, as well as by savings on product costs. 



❚ Iveco significantly improved its operating income, which 

totaled 147 million euros in the first half of 2004, as compared 

with 22 million euros in the first half of 2003. This sharp 

improvement resulted from the positive volume/price effect, 

and major efficiency gains realized on all the components 

of product costs. 

❚ Ferrari - Maserati closed the first half of 2004 with an 

operating loss of 59 million euros against an operating loss of 

16 million euros in the first half of 2003. This lower result was 

mainly caused by the negative foreign exchange effect and 

higher R&D and advertising expenditures for new models, 

which were not offset by the positive volume/mix effect. 

❚ Magneti Marelli recorded a significant improvement in 

profitability, moving from an operating income of 3 million 

euros in the first half of 2003 to an operating income of 43 

million euros in the first half of 2004. This result benefited 

in particular from material and overhead cost containment 

initiatives and the positive effect of higher volumes, 

notwithstanding strong price pressures. The consolidation 

of the Electronic Systems business unit made a positive 

contribution of 6 million euros to the operating result. 

❚ Comau recorded an operating loss of 3 million euros, an 

improvement with respect to the operating loss of 7 million 

euros recorded in the first half of 2003, as a result of improved 

margins which made it possible to offset the negative effect 

of an overall drop in revenues. 

❚ Teksid closed the first half of 2004 with operating income of 

16 million euros, against operating income of 5 million euros 

in the first half of 2003. The improvement was realized thanks 

to efficiency gains on costs and the effect of higher sales 


Consolidated 


Operations (in millions of euros) Consolidated Consolidated 


Operations 

(979) (1,094) Automobiles (Fiat Auto) (474) (568) (656) 

229 229 Agricultural and Construction Equipment (CNH) 229 105 105 

81 81 Commercial Vehicles (Iveco) 147 22 22 

32 32 Ferrari – Maserati (59) (16) (16) 

32 32 Components (Magneti Marelli) 43 3 3 

2 2 Production Systems (Comau) (3) (7) (7) 

12 12 Metallurgical Products (Teksid) 16 5 5 

53 – Aviation (FiatAvio) – 53 – 

44 – Insurance (Toro Assicurazioni) – 44 – 

45 45 Services (Business Solutions) 15 17 17 

10 10 Publishing and Communications (Itedi) 9 5 5 

(71) (63) Miscellanea and Eliminations (63) (30) (21) 

(510) (714) Total for the Group (140) (367) (543)

volumes, offsetting the negative impact of higher raw 

materials costs and the foreign exchange effect. 

❚ At Business Solutions, operating income during the first half 

of 2004 was 15 million euros, against 17 million euros in the 

first half of 2003. On a comparable basis, the comparison 

instead shows an improvement of approximately 14 million 

euros, spread out amongst all the principal areas thanks to 

the benefits deriving from efficiency gains. 

❚ Itedi had operating income of 9 million euros in the first half 

of 2004, up by 4 million euros from the first half of 2003. The 

growth benefited from higher margins at Publikompass 

(correlated to higher earnings) and the lower cost of paper. 

EBIT (Earnings Before Interest and Taxes) 

In the first half of 2004, Group EBIT was a negative 224 million 

euros, against a loss of 146 million euros in the first half of 2003 

(-237 million euros for continuing operations alone). The net 

gains deriving from sales of discontinued operations totaled 487 

million euros in the first half of 2003 (390 million euros of which 

for the sale of the Toro Assicurazioni Group) and 60 million 

euros (sale of Fiat Engineering) in the current half-year period. 

The comparison with continuing operations net of these gains 

shows an improvement of 440 million euros, virtually in line with 

the improvement reported in the operating result. 

Net Income from Equity Investments totaled 39 million euros in 

the first half of 2004, against net investment income of 27 million 

euros for continuing operations in the corresponding period of 

2003. 

In the first half of 2004, the balance of non-operating income 

and expenses was negative by 123 million euros and mainly 

included restructuring costs and provisions, which were only 

partially offset by the net gain (60 million euros) realized upon 

sale of Fiat Engineering and sale of the direct investment in 

Edison (32 million euros). 

In the first half of 2003, the net non-operating income of 

continuing operations totaled 279 million euros and included, 

in addition to the aforementioned gain upon sale of the Toro 

Assicurazioni Group, the gains on the sale of the Brazilian retail 

financing activities of Fiat Auto and IPI, which were partially 

offset by the residual loss on the sale of Fraikin and other 

non-operating costs and provisions. 

Result before Taxes 

The Group’s loss before taxes in the first half of 2004 was 407 

million euros, compared with a loss of 570 million euros in the 



first six months of 2003 (the loss before taxes of continuing 

operations amounted to 749 million euros). This result reflects 

the improvement in EBIT mentioned above and lower financial 

expenses. 

Net financial expenses in the first half of 2004 totaled 

183 million euros, against 512 million euros for continuing 

operations in the first half of 2003 (-424 million euros at the 

consolidated level). Excluding the net effect of a non-recurring 

income of 291 million euros deriving from the termination of the 

Equity Swap on General Motors shares, the improvement during 

the period was largely attributable to the lower level of average 

indebtedness and lower interest rates. 

Net result 

The net loss in the first half of 2004 was 669 million euros, 

compared with a loss of 737 million euros in the corresponding 

period of 2003. The net loss of continuing operations was 820 

million euros in the first half of 2003. This improvement was 

caused by the reduction in the loss before taxes which was in 

part offset by the higher tax burden. 

Income taxes totaled 262 million euros in the first half of 2004 

and included 67 million euros for IRAP (the Italian regional tax 

on production activities). In the corresponding period of 2003, 

income taxes for continuing operations totaled 71 million euros, 

including approximately 46 million euros for IRAP. The increase 

with respect to the corresponding period of 2003 is due to the 

increase in the results of CNH, Iveco, Teksid, and Magneti 

Marelli that are taxable abroad and the effect, in 2003, of tax 

credits on dividends. 

Group interest in net loss in the first half of 2004 was 658 million 

euros, against 708 million euros in the corresponding period 

of 2003. 

Balance Sheet 

The Group balance sheet at June 30, 2004 presented in the 

following page shows items on both the assets and liabilities sides. 

This section provides the information necessary for correlation 

with the principal balance sheet indicators used in previous 

periods, such as working capital, net invested capital and 

net financial position. 

For a more complete analysis of the balance sheet items, 

please refer to the Notes to the Consolidated Financial 

Statements of this Report, which illustrate the main changes 

occurred in these items.



(in millions of euros) At 6.30.2004 At 12.31.2003 Change 

❚ ASSETS 

Intangible fixed assets 3,694 3,724 (30) 

Goodwill 2,440 2,402 38 

Other intangible fixed assets 1,254 1,322 (68) 

Property, plant and equipment 9,465 9,675 (210) 

Property, plant and equipment 8,582 8,761 (179) 

Vehicles covered by operating leases 883 914 (31) 

Financial fixed assets 3,812 3,950 (138) 

Financial receivables held as fixed assets (*) 18 29 (11) 

Deferred tax assets 1,850 1,879 (29) 

Total Non-Current Assets 18,839 19,257 (418) 

Net inventories (1) 6,455 6,484 (29) 

Trade receivables 5,459 4,553 906 

Other receivables 3,062 3,081 (19) 

Financial assets not held as fixed assets 119 120 (1) 

Finance lease contracts receivable (*) 1,797 1,797 – 

Financial receivables from others (*) 9,511 10,750 (1,239) 

Securities (*) 3,271 3,789 (518) 

Cash (*) 3,655 3,211 444 

Total Current Assets 33,329 33,785 (456) 

Trade accruals and deferrals 422 407 15 

Financial accruals and deferrals (*) 333 386 (53) 

❚ TOTAL ASSETS 52,923 53,835 (912) 

❚ LIABILITIES AND STOCKHOLDERS’ EQUITY 

Stockholders’ equity 6,942 7,494 (552) 

Stockholders’ equity of the Group 6,297 6,793 (496) 

Minority interest 645 701 (56) 

Deferred income tax reserves 236 211 25 

Reserves for risks and charges 5,339 5,168 171 

Reserves for employee severance indemnities 1,317 1,313 4 

Financial payables due beyond 12 months (*) 13,810 15,418 (1,608) 

Total Non-Current Liabilities 20,702 22,110 (1,408) 

Trade payables 11,838 12,588 (750) 

Other payables (1) 3,047 2,742 305 

Financial payables due within 12 months (2) (*) 8,177 6,616 1,561 

Total Current Liabilities 23,062 21,946 1,116 

Trade accruals and deferrals 1,365 1,329 36 

Financial accruals and deferrals (*) 852 956 (104) 

❚ TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 52,923 53,835 (912) 

❚ NET FINANCIAL POSITION (*) (4,254) (3,028) (1,226) 

(1) To improve representation of net inventories of contract work in progress, certain items related to advances from customers for contract work, which were previously reported under 

“Other payables,” were deducted from inventories at June 30, 2004. Consistently with this change, the values of “Net inventories” and “Other payables” at December 31, 2003 were 

adjusted by 428 million euros. 

Inventories are shown net of advances received for contract work in progress (8,477 million euros at June 30, 2004 and 8,876 million euros at December 31, 2003). 

(2) Including the exchangeable bond for an amount of 1,765 million euros (at December 31, 2003) redeemable during 2004.

Intangible fixed assets 

Intangible fixed assets totaled 3,694 million euros, 30 million 

euros less than the 3,724 million euros at December 31, 2003. 

In the first six months of 2004, amortization (233 million euros) 

more than offset increases during the period, which resulted 

mainly from the capitalization of software costs and other 

deferred charges benefiting future periods (79 million euros) 

and foreign exchange differences (96 million euros). 

Property, plant and equipment 

Property, plant and equipment totaled 9,465 million euros 

(9,675 million euros at December 31, 2003). The 210-million-euro 

decrease substantially reflected the effect of disposals during 

the first half. The increases for investments, change in the 

scope of consolidation (64 million euros, attributable principally 

to line-by-line consolidation of Magneti Marelli Electronic 

Systems), and foreign exchange differences (52 million euros) 

were entirely set off by depreciation for the period. 

In the first half of 2004, investments in fixed assets totaled 739 

million euros (771 million euros in the first half of 2003, which 

included 33 million euros for FiatAvio), inclusive of investments in 

long-term leasing activities totaling 180 million euros, in line with 

those made in the first half of 2003, which totaled 183 million euros. 

In the first half of 2004, depreciation of property, plant and 

equipment totaled 846 million euros (922 million euros in the 

first half of 2003). 

At June 30, 2004, accumulated depreciation and writedowns 

of fixed assets totaled 18,084 million euros, corresponding to 

about 66% of gross fixed assets, compared with approximately 

64% at December 31, 2003. 

Financial fixed assets 

Financial fixed assets totaled 3,812 million euros, compared 

with 3,950 million euros at December 31, 2003. The reduction, 

equal to 138 million euros, is mainly attributable to the 

dividends paid by BUC – Banca Unione di Credito (184 million 

euros), valued according to the equity method, which was only 

partially set off by the increases posted in particular by certain 

investments in the Automobiles sector (Fiat-GM Powertrain B.V., 

37 million euros and Fidis Retail Italia S.p.A., 24 million euros). 

Financial assets not held as fixed assets 

Financial assets not held as fixed assets, totaling 119 million 

euros, are in line with those reported at December 31, 2003. 

Deferred income taxes 

Deferred tax assets net of deferred income tax reserves at 

June 30, 2004 totaled 1,614 million euros, compared with the 

balance of 1,668 million euros at December 31, 2003. The slight 

decrease (-54 million euros) is attributable to the use of 

previously accrued deferred tax assets and new accruals of 82 

million euros, net of a foreign exchange effect of 18 million 



euros and a change in the scope of consolidation and other 

changes of 10 million euros. 

Working capital 

At June 30, 2004 the Group had negative working capital 

of 852 million euros, representing an increase of 1,282 million 

euros compared to the negative working capital of 2,134 million 

euros posted at December 31, 2003. 

The following table shows the breakdown of working capital: 

At 6.30.2003 (in millions of euros) At 6.30.2004 At 12.31.2003 Change 

7,042 Net inventories (1) 6,455 6,484 (29) 

5,858 Trade receivables 5,459 4,553 906 

(12,741) Trade payables (11,838) (12,588) 750 

Other receivables/ 

(1,768) (payables) (1) (928) (583) (345) 

(1,609) Working capital (852) (2,134) 1,282 

(1) To provide a uniform comparison, the value of Net inventories and the balance 

of Other receivables/(payables) at June 30, 2003 has been adjusted by a total of 335 

million euros. Similar adjustments were made to the same items at December 31, 

2003: their description is found in the note at the end of the Fiat Group Balance Sheet. 

The increase posted in the first six months of 2004 (1,282 million 

euros) is mainly attributable to the requirements generated by: 

❚ increase in the trade receivables of Fiat Auto, CNH, and Iveco 

due to seasonal factors and an increase in sales; and 

❚ a decrease in trade payables, principally those of Fiat Auto, 

whose output leveled off after major increases in the last 

quarter of 2003 upon introduction of new models. 

Net inventories were substantially in line with those posted 

at December 31, 2003: the effect of continuous inventory 

reductions at Fiat Auto (which was impacted at the start of the 

fiscal year by the introduction of new models), was set off by the 

seasonal increase of inventories at Iveco and CNH. In particular, 

the latter usually reports growth in the first half of the year, 

which is reabsorbed during the second half. 

The balance of net payables at the item “Other 

receivables/(payables)” increased, mainly due to the reduction 

in receivables from Tax Authorities (principally for VAT). 

Reserves 

Reserves totaled 6,656 million euros, compared with the 6,481 

million euros reported at December 31, 2003. The increase is 

attributable to accruals during the period, net of utilizations, 

largely at Fiat Auto, CNH, and Iveco. 

At June 30, 2004 the reserves were comprised principally of: tax 

reserves (78 million euros), warranty reserves (825 million euros), 

restructuring reserves (437 million euros), reserves for pensions 

(1,545 million euros), reserves for employee severance 

indemnities (1,317 million euros), and reserves for other risks 

and charges (2,361 million euros). 

Net invested capital 

Net invested capital totaled 11,196 million euros, against 10,522 

million euros at December 31, 2003. The increase of 674 million

euros reflects the growth in working capital, net of the decrease 

in property, plant and equipment, financial fixed assets, and the 

increase in reserves. 

The following table shows a breakdown of net invested capital: 


4,198 Intangible fixed assets 3,694 3,724 (30) 

Property, plant and 

10,407 equipment 9,465 9,675 (210) 

4,123 Financial fixed assets 3,812 3,950 (138) 

Financial assets not 

114 held as fixed assets 119 120 (1) 

3,063 Deferred tax assets 1,850 1,879 (29) 

(8,027) Reserves (6,892) (6,692) (200) 

(1,609) Working capital (852) (2,134) 1,282 

12,269 Net invested capital 11,196 10,522 674 

Stockholders’ Equity 

At June 30, 2004 consolidated Stockholders’ equity totaled 6,942 

million euros, compared with the 7,494 million euros posted at 

December 31, 2003. The reduction of 552 million euros mainly 

reflects the net loss for the period (-669 million euros), which was 

partially offset by the increase stemming from the foreign 

exchange translation differences resulting from appreciation 

of the US dollar against the euro and other minor changes. 

The Group’s interest in stockholders’ equity totaled 6,297 million 

euros, against 6,793 million euros at December 31, 2003. 

Financial Position 


(26,275) Financial payables (21,987) (22,034) 47 

(534) Accrued financial expenses (505) (593) 88 

99 Prepaid financial expenses 105 85 20 

2,203 Cash 3,655 3,211 444 

427 Securities 3,271 3,789 (518) 

(24,080) Net Indebtedness (*) (15,461) (15,542) 81 

Financial receivables and 

19,678 lease contracts receivable 11,326 12,576 (1,250) 

276 Accrued financial income 228 301 (73) 

(686) Deferred financial income (347) (363) 16 

(4,812) Net Financial Position (4,254) (3,028) (1,226) 

(*) Net Indebtedness 

Industrial Activities (5,858) (5,088) (770) 

Financial Activities (9,603) (10,454) 851 

The aggregate liquidity (Cash and Securities) of the Group, 

held primarily by the companies that operate centralized cash 

management activities, at June 30, 2004 is equal to over 6.9 

billion euros, about the same as the corresponding figure at 


Net indebtedness (financial payables and related accruals and 

deferrals, net of cash and securities) totaled 15.5 billion euros 



at June 30, 2004, in line with the value reported at December 

31, 2003. In this context, net indebtedness of industrial activities 

increased by 770 million euros, while that of financial activities 

decreased by 851 million euros. 

Gross indebtedness (financial payables and related accruals 

and deferrals) in the first half of 2004 stood at 22.4 billion euros, 

down 155 million euros. The value at June 30, 2004 includes, 

among other things: 

❚ the five-year bond issued at the beginning of 2002 and 

exchangeable for General Motors shares, for the residual 

amount of 1,689 million dollars corresponding to 1,389 million 

euros. During the first quarter of 2004, Fiat had in fact 

repurchased 540 million dollars in bonds to be cancelled 

out of a total of 2,229 million dollars. Pursuant to the 

contractually envisaged right of each bondholder to request 

early reimbursement of all or part of its bonds, with payment 

on July 9, 2004, reimbursement for a total of 1,672 million 

dollars in bonds (at the exchange rate of June 30, 2004 the 

countervalue amounted to 1,375 million euros) was requested 

in June 2004 by the deadline indicated in the bond issue 

prospectus, and this amount was reimbursed on the aforesaid 

due date. 

❚ the mandatory convertible facility agreement (3 billion euros) 

and the loan by Citigroup (lead manager of a restricted pool 

of banks), secured by the agreements with EDF as part of the 

Italenergia Bis transaction (approximately 1,150 million euros). 

The net financial position – net indebtedness minus financial 

receivables – was negative by 4,254 million euros at June 30, 

2004, against a negative value of 3,028 million euros at 

December 31, 2003. In the first half of 2004 the net financial 

position was mainly impacted by the requirements generated 

by the abovementioned increase in working capital. 

Industrial activities showed a worsening of 1,386 million euros, 

while financial activities showed an improvement of 160 million 

euros. 

* * * 

The Group is continuing to operate in compliance with the 

targets agreed upon with the lending banks under the 

mandatory convertible facility agreement in terms of reducing 

its net financial position to 3 billion euros and reducing gross 

indebtedness to 23.6 billion euros. 

At June 30, 2004, gross indebtedness totaled 22.4 billion euros, 

while the pro-forma net financial position (computed by 

subtracting from the net financial position the Citigroup loan 

of approximately 1,150 million euros, as envisaged in the facility 

agreement) continued to be within the terms contractually 

agreed with the lending banks. 

In July 2004, the ratings assigned to the Fiat Group by the leading 

rating agencies belonged to the non investment grade category. 

However, the lending banks have not exercised the related right 

to demand early repayment of the convertible facility.

Consolidated Statement of Cash Flows 

At June 30, 2004, the Group’s cash (bank deposits and cash) 

totaled 3,655 million euros, an increase over the 3,211 million 

euros recorded at the beginning of the year. 

During the first half, securities held for the purpose of temporary 

investment of liquidity, decreased for a total of 518 million 

euros, from 3,789 million euros at December 31, 2003 to 

3,271 million euros at June 30, 2004. 

Group liquidity thus totaled over 6.9 billion euros at June 30, 

2004, in line with liquidity of 7 billion euros reported at 


The following table illustrates the consolidated statement 

of cash flows for the first half of 2004. 



The cash flow used in operating activities during the first half 

of 2004 totaled 542 million euros, largely reflecting the changes 

in working capital, which increased during the first half on a 

comparable consolidation basis by 1,281 million euros, and 

was only partially offset by cash flow (net result plus 

depreciation and amortization), adjusted by non-monetary costs 

connected with accruals to reserves net of applications thereof, 

and by the dividends received from companies valued 

according to the equity method. 

Cash flow provided by investment activities during the first 

half of 2004 totaled 1,042 million euros. 

The decrease in financial receivables (1,217 million euros), 

the revenues from disposal of fixed assets (249 million euros), 

(in millions of euros) 1st half 2004 

A) Cash at period-start 3,211 

B) Cash flows provided by (used in) operating activities: 

Net result before minority interest (669) 

Amortization and depreciation 1,079 

Net change in reserve for employee severance indemnities 27 

Change in deferred income taxes 73 

Net gains on disposals (99) 

Revaluations and writedowns of equity investments (36) 

Dividends received 198 

Change in current assets and liabilities: 

Trade receivables (933) 

Net inventories – 

Trade payables (650) 

Other payables, receivables, accruals and deferrals 302 

Reserve for income taxes and other reserves 201 

Changes in the scope of consolidation and others (35) 

Total (542) 

C) Cash flows provided by (used in) investment activities: 

Investments in: 

Fixed assets (739) 

Equity investments (176) 

Intangible fixed assets (79) 

Investment grants 20 

Proceeds from the sale of fixed assets 249 

Net change in financial receivables 1,217 

Change in securities 539 

Other changes 11 

Total 1,042 

D) Cash flows provided by (used in) financing activities: 

Increase in borrowings 893 

Reimbursement of borrowings (1) (2,005) 

Net change in short-term financial payables 1,051 

Increase in capital stock 10 

Purchase of treasury stock 4 

Dividends paid (9) 

Total (56) 

E) Total change in cash 444 

F) Cash at period-end 3,655 

(1) Includes the effect of currency translations.

and the disposal of securities held as current assets (539 million 

euros) generated cash that was partially used for: 

❚ investments in fixed assets totaling 739 million euros 

(771 million euros in the first half of 2003, which included 33 

million euros related to FiatAvio), including 180 million euros 

connected with long-term leasing activities (183 million 

euros in the first half of 2003); and 

❚ investments in intangible fixed assets for 79 million euros 

and equity investments for 176 million euros. 

Financing activities absorbed a small portion of cash (56 million 

euros). Reimbursement of financing (2,005 million euros) was 

almost totally set off by new loans (893 million euros), which 

include the issue of a bond by CNH Inc. with a par value of 

500 million dollars, and the net increase in short-term financial 

payables of 1,051 million euros. 

Personnel 

At June 30, 2004, the Group had 160,708 employees, 

approximately 1,500 less than the 162,237 employees at 

December 31, 2003. The decrease stemmed from the net 

difference between an increase of approximately 800 employees 

due to changes in the scope of consolidation, which comprises 

the inclusion by Magneti Marelli of the employees of the 

Electronic Systems operations and the separation of employees 

upon sale of Fiat Engineering and the transfer of Comau Service 

activities to associated companies, and an effective reduction by 

approximately 2,300 persons, mainly at Fiat Auto, CNH, Iveco, 

and the Services Sector. 

Operating Performance and Financial Position by Activity 

Segment 

The following analyses of the consolidated statement of 

operations and balance sheet show separately consolidated 



data of the Group’s Industrial and Financial Activities (which 

include the retail financing, leasing, and rental companies of 

Fiat Auto, CNH and Iveco). 

To ensure uniform comparisons with the 2003 figures, reference 

is made only to continuing operations: data referring to 

discontinuing operations were excluded also in accordance with 

the provisions of Article 39, Section 3 of Legislative Decree no. 

127/91, in consideration of the significant changes caused to the 

composition of the Group by the disposals carried out in 2003. 

Principles of Analysis 

The classification between Industrial and Financial Activities 

was realized by defining specific sub-consolidated financial 

statements according to the normal business performed by 

each Group company. 

The equity investments held by companies belonging to an 

activity segment in companies included in another segment 

were valued according to the equity method. 

To avoid distorting the operating result of normal operations 

to be represented here, the effect of this valuation on the 

statement of operations is illustrated under the item “Result 

of intersegment equity investments.” 

The holding companies (Fiat S.p.A., IHF-Internazionale Holding 

Fiat S.A., Fiat Partecipazioni S.p.A., Fiat Netherlands Holding 

N.V.) were classified under Industrial Activities. 

The sub-consolidated financial statements of the Industrial 

Activities also include companies that operate centralized cash 

management activities, i.e. that raise financial resources on the 

market and finance Group companies, without providing 

financial services to others. 

The transactions relating to the sale of receivables executed 

at market conditions between the industrial and financial 

companies of the Group are posted as financial receivables 

and payables in the balance sheet of Financial Activities. For the 

At 6.30.2003 At 6.30.2004 At 12.31.2003 

Number of employees 

Change 

47,479 Automobiles (Fiat Auto) 45,799 44,563 1,236 

27,855 Agricultural and Construction Equipment (CNH) 26,453 26,825 (372) 

32,772 Commercial Vehicles (Iveco) 30,836 31,511 (675) 

2,883 Ferrari – Maserati 3,124 2,968 156 

20,634 Components (Magneti Marelli) 22,545 19,879 2,666 

18,082 Production Systems (Comau) 13,758 17,375 (3,617) 

7,728 Metallurgical Products (Teksid) 7,919 7,556 363 

4,950 Aviation (FiatAvio) – – – 

7,150 Services (Business Solutions) 6,338 7,113 (775) 

906 Publishing and Communications (Itedi) 862 874 (12) 

3,702 Miscellanea and Eliminations 3,074 3,573 (499) 

174,141 Total for the Group 160,708 162,237 (1,529)

Operating Performance by Activity Segment 

purposes of this breakdown the portion of these items that, 

according to the last contractual relationship established with 

others, is still of a commercial nature, insofar as it does not yield 

interest, was reclassified directly in the sub-consolidated results 

of Financial Activities under trade receivables and payables. 

Industrial Activities 

Net revenues for Industrial Activities, which include changes 

in contract work in progress, amounted to 22,914 million euros, 

a 6.2% increase with respect to the first half of 2003, with 

widespread increases in all the automotive sectors of the Group. 

The operating result for Industrial Activities in the first half 

of 2004 was a loss of 257 million euros, reflecting a sharp 

improvement from the operating loss of 630 million euros 

recorded in the corresponding period of 2003. The improvement 

is mainly attributable to a lower loss reported by Fiat Auto and 

the significant improvements in operating results posted by 

CNH, Iveco and Magneti Marelli. 

In the first half of 2004, EBIT for Industrial Activities was negative 

by 360 million euros and reflects a sharp improvement when the 

EBIT reported at June 30, 2003 (-278 million euros) is restated to 

exclude the gains (512 million euros) realized on the disposals 



1st half 2004 1st half 2003 

(in millions of euros) Consolidated 

Industrial 

Activities 

Financial 

Activities 


Operations 

Industrial 

Activities 


Activities 

Net revenues 23,508 22,914 914 22,163 21,573 895 

Cost of sales 20,071 19,772 619 19,243 18,935 613 

Gross operating result 3,437 3,142 295 2,920 2,638 282 

Overhead 2,323 2,175 148 2,384 2,218 166 

Research and development 912 912 – 893 893 – 

Other operating income (expenses) (342) (312) (30) (186) (157) (29) 

Operating result (140) (257) 117 (543) (630) 87 

Result of equity investments (*) 39 18 21 27 35 (8) 

Non-operating income (expenses) (**) (123) (121) (2) 279 317 (38) 

EBIT (224) (360) 136 (237) (278) 41 

Financial income (expenses) (183) (164) (19) (512) (485) (27) 

Result before taxes (407) (524) 117 (749) (763) 14 

Income taxes 262 228 34 71 45 26 

Net result of normal operations (669) (752) 83 (820) (808) (12) 

Result of intersegment equity investments – 83 – 78 64 – 

Net result before minority interest (669) (669) 83 (742) (744) (12) 

(*) This item includes investment income as well as writedowns and upward adjustments in non-intersegment equity investments valued using the equity method. 

(**) The 2003 figure for Industrial Activities includes 512 million euros in net gains on disposals of discontinued operations, while the figure for Financial Activities includes a net loss 

of 25 million euros. 

carried out during the first half of 2003. The improvement mainly 

reflects the abovementioned improvement in operating 

profitability. 

Financial Activities 

In the first half of 2004 Financial Activities generated net 

revenues of 914 million euros, an increase of 2.1% with respect 

to the 895 million euros reported in the corresponding period 

of 2003 thanks to positive performance at Fiat Auto and Iveco 

which more than offset a contraction at CNH, whose results 

were heavily affected by the strengthening of the average 

euro/dollar exchange rate with respect to the corresponding 

period of 2003. 

The income before taxes of Financial Activities (which does not 

include the impact of the result of equity investments held by 

financial companies in industrial companies) totaled 117 million 

euros in the first half of 2004, a 103-million-euro improvement 

from the 14 million euros recorded in the first half of 2003. The 

increase is attributable to an improved operating result and a 

drop in extraordinary expenses, which in the first half of 2003 

included the residual loss generated by the sale of Fraikin 

(25 million euros).

Balance Sheet by Activity Segment 



At 6.30.2004 At 12.31.2003 

(in millions of euros) 

❚ ASSETS 

Consolidated 

Industrial 

Activities 


Activities Consolidated 

Industrial 

Activities 


Activities 

Intangible fixed assets 3,694 3,574 120 3,724 3,600 124 

Goodwill 2,440 2,346 94 2,402 2,307 95 

Other intangible fixed assets 1,254 1,228 26 1,322 1,293 29 

Property, plant and equipment 9,465 8,570 895 9,675 8,750 925 

Property, plant and equipment 8,582 8,561 21 8,761 8,742 19 

Vehicles covered by operating leases 883 9 874 914 8 906 

Financial fixed assets 3,812 5,519 770 3,950 5,119 681 

Financial receivables held as fixed assets (*) 18 18 – 29 28 1 

Deferred tax assets 1,850 1,767 83 1,879 1,794 85 

Total Non-Current Assets 18,839 19,448 1,868 19,257 19,291 1,816 

Net inventories (1) 6,455 6,414 41 6,484 6,450 34 

Trade receivables 5,459 4,884 872 4,553 4,294 531 

Other receivables 3,062 2,441 680 3,081 2,801 476 

Financial assets not held as fixed assets 119 119 – 120 120 – 

Finance lease contracts receivable (*) 1,797 – 1,797 1,797 – 1,797 

Financial receivables (*) 9,511 8,345 8,234 10,750 10,545 9,024 

Financial receivables from others 9,511 1,538 7,973 10,750 2,086 8,664 

Intersegment financial receivables – 6,807 261 – 8,459 360 

Securities (*) 3,271 3,087 184 3,789 3,670 119 

Cash (*) 3,655 3,574 81 3,211 3,121 90 

Total Current Assets 33,329 28,864 11,889 33,785 31,001 12,071 

Trade accruals and deferrals 422 368 59 407 347 64 

Financial accruals and deferrals (*) 333 373 26 386 417 22 

❚ TOTAL ASSETS 52,923 49,053 13,842 53,835 51,056 13,973 


Stockholders’ equity 6,942 6,941 2,478 7,494 7,493 1,851 

Deferred income tax reserves 236 183 53 211 135 76 

Reserves for risks and charges 5,339 5,154 185 5,168 4,996 172 

Reserves for employee severance indemnities 1,317 1,307 10 1,313 1,304 9 

Financial payables due beyond 12 months (*) 13,810 12,819 2,920 15,418 14,495 2,885 

Financial payables to others 13,810 12,806 1,004 15,418 14,480 938 

Intersegment financial payables – 13 1,916 – 15 1,947 

Total Non-Current Liabilities 20,702 19,463 3,168 22,110 20,930 3,142 

Trade payables 11,838 11,923 211 12,588 12,827 113 

Other payables (1) 3,047 2,761 346 2,742 2,614 246 

Financial payables due within 12 months (2) (*) 8,177 6,167 7,149 6,616 5,495 7,978 

Financial payables to others 8,177 5,919 2,258 6,616 5,150 1,466 


Total Current Liabilities 23,062 20,851 7,706 21,946 20,936 8,337 

Trade accruals and deferrals 1,365 1,260 110 1,329 1,165 166 

Financial accruals and deferrals (*) 852 538 380 956 532 477 

❚ TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 52,923 49,053 13,842 53,835 51,056 13,973 

❚ NET FINANCIAL POSITION (*) (4,254) (4,127) (127) (3,028) (2,741) (287) 

(1) To improve representation of net inventories of contract work in progress, certain items related to advances from customers for contract work, which were previously reported under 

“Other payables,” were deducted from inventories at June 30, 2004. Consistently with this change, the values of “Net inventories” and “Other payables” at December 31, 2003 were 

adjusted by 428 million euros. 

Inventories are shown net of advances received for contract work in progress (8,477 million euros at June 30, 2004 and 8,876 million euros at December 31, 2003). 

(2) Including the exchangeable bond for an amount of 1,765 million euros (at December 31, 2003) redeemable during 2004.

Cash and cash equivalents collected by the centralized treasury 

during its activity have been recorded in the item Financial 

payables net of intersegment activities in the Industrial Activities 



Breakdown of Net Indebtedness and Net Financial Position by Activity Segment 



Industrial 

Activities 



Industrial 

Activities 


Activities 

Financial payables net of intersegment activities (21,987) (12,179) (9,808) (22,034) (11,531) (10,503) 

Accrued financial expenses (505) (423) (82) (593) (416) (177) 

Prepaid financial expenses 105 83 22 85 68 17 

Cash 3,655 3,574 81 3,211 3,121 90 

Securities 3,271 3,087 184 3,789 3,670 119 

Net Indebtedness (15,461) (5,858) (9,603) (15,542) (5,088) (10,454) 

Financial receivables and lease contracts receivable 11,326 1,556 9,770 12,576 2,114 10,462 

Accrued financial income 228 224 4 301 298 3 

Deferred financial income (347) (49) (298) (363) (65) (298) 

Net Financial Position (4,254) (4,127) (127) (3,028) (2,741) (287) 

column. However, funds that were transferred to Financial 

Activities were posted net of the relative intersegment 

relationships, as shown in the following table: 



Industrial 

Activities 



Industrial 

Activities 


Activities 

Financial payables to others due within 12 months 8,177 5,919 2,258 6,616 5,150 1,466 

Financial payables to others due beyond 12 months 13,810 12,806 1,004 15,418 14,480 938 

(Intersegment financial receivables) – (6,807) (261) – (8,459) (360) 


Financial payables net of intersegment activities 21,987 12,179 9,808 22,034 11,531 10,503 

In regard to the individual activity segments: 

❚ Industrial Activities, in relation to the changes in net financial 

position, generated liquidity requirements of 1,386 million 

euros during the first half of 2004, mainly attributable to 

operating trends during the period. 

❚ In contrast, Financial Activities improved the net financial 

position by 160 million euros, also in consequence of changes 

in equity investment structures between the two segments. 

Net indebtedness improved by 851 million euros due to the 

reduction in the receivables portfolio that mainly occurred 

in the first quarter of 2004.

FINANCIAL POSITION AND OPERATING PERFORMANCE 

OF FIAT S.P.A. 

Statement of Operations 

The loss of Fiat S.p.A. in the first half of 2004 was 555 million 

euros, compared with a loss of 159 million euros in the 

corresponding period of the previous year. 

A breakdown of its principal components is provided below: 

(in millions of euros) 1st half 2004 1st half 2003 

Investment income – 282 

Adjustments (428) (224) 

Net financial expenses (73) (93) 

Cost of personnel and services, less revenues (55) (52) 

Non-operating income (expenses) 1 (16) 

Income taxes – (56) 

Net result for the period (555) (159) 

Investment income in the first half of 2003 consisted of 

dividends, including the respective tax credits, paid by 

subsidiaries and associated companies. 

Adjustments, negative by 428 million euros, principally reflect 

the writedown of the subsidiary Fiat Partecipazioni S.p.A. due to 

the negative performance of the Automobile sector (483 million 

euros), net of restoration of the value of Fiat Netherlands 

Holding N.V. for 57 million euros. 

In the first half of 2003 net adjustments reflected the writedown 

of Fiat Netherlands Holding N.V. (93 million euros), Comau B.V. 

(73 million euros) and Iveco N.V. (42 million euros). 

Net financial expenses totaled 73 million euros (93 million euros 

in the first half of 2003) and refer to interests and commissions 

paid for the 3-billion-euro convertible facility that has a term of 

three years. 

The cost of personnel and services, less revenues, totaled 55 

million euros (52 million euros in the first half of 2003). In 

particular: 

❚ The cost of personnel and services totaled 102 million euros, 

compared with 113 million euros in the first half of 2003. The 

Company's staff averaged 152 employees, compared with 173 

in the first half of 2003. 

❚ Revenues totaled 47 million euros, compared with 61 million 

euros in the first half of 2003. They included royalties from 

the license to use the Fiat trademark and fees for services 

rendered by management personnel. 

Net non-operating income amounted to 1 million euros. 

In the first half of 2003 net non-operating expenses consisted 

of commissions paid to Mediobanca for the postponement 

of the commitments undertaken by Mediobanca itself in the 

framework of the Ferrari contract. 

Income taxes amounted to 56 million euros in the first half 




Balance Sheet 

The balance sheet of Fiat S.p.A. is summarized as follows: 

(in millions of euros) At 6.30.2004 At 12.31.2003 Change 

Fixed assets 6.964 7.404 (440) 

Working capital (13) 77 (90) 

Net invested capital 6.951 7.481 (530) 

Stockholders' equity 4.860 5.415 (555) 

Net financial position (2.091) (2.066) (25) 

Fixed assets consist mainly of investments in the Group's 

companies, which at June 30, 2004 totaled 6,856 million euros, 

down from 7,282 million euros at December 31, 2003. 

The net decrease of 426 million euros reflects the writedown 

of Fiat Partecipazioni S.p.A. net of restoration of the value of 

Fiat Netherlands Holding N.V. 

Working capital includes payables to Tax Authorities, suppliers, 

and employees of 39 million euros net of receivables, and 

ordinary treasury stock of 26 million euros (4,384,019 shares, 

or 0.54% of total stock, with a par value of 22 million euros). 

Working capital decreased by 90 million euros compared 

with December 31, 2003 due to lower receivables from Tax 

Authorities for VAT. 

Stockholders’ equity totaled 4,860 million euros at June 30, 

2004, compared with 5,415 million euros at December 31, 2003. 

The decrease of 555 million euros reflects the loss for the 

period. 

Net financial position at June 30, 2004 was negative by 2,091 

million euros, compared with a net financial position negative 

by 2,066 million euros at December 31, 2003. 

In regard to the net worth and the financial position of Fiat 

S.p.A., it should be noted that reimbursement of the main 

portion of the share capital of the subsidiary Internazionale 

Holding Fiat S.A., which was passed in June 2004, will be 

finalized in the second half of 2004. This transaction will 

generate a gain, compared to the book value of the equity 

investment, that is almost in line with the loss incurred by 

Fiat S.p.A. in the first half of 2004.

As previously stated in the Report on Operations of the Annual 

Report at December 31, 2003, following the coming into force 

of European Regulation No. 1606 dated July 2002, EU 

companies traded on EU regulated markets are required to 

adopt IAS/IFRS in the preparation of their consolidated financial 

statements beginning from fiscal 2005. 

Commencing in the first half of 2003, the Fiat Group set up an 

IAS/IFRS implementation program with working groups which 

operated first at a parent company level and then at the level 

of principal operating companies. Reviews were conducted of 

the IAS/IFRS in force and the principal changes present in the 

proposals for the revision of those standards, which to date 

have not been finalized. 

As at the end of the first half of 2004: 

❚ The principal differences between the accounting principles 

currently followed by the Fiat Group, in compliance with 

the laws relating to financial statements interpreted and 

integrated in accordance with Italian accounting principles, 

and the applicable provisions of IAS/IFRS were identified; 

20 

Process of Transition to International Accounting 

Standards (IAS/IFRS) 

❚ An action plan was formulated that was aimed at identifying 

the steps required to adapt the Group’s corporate processes 

and information systems so as to render them capable 

of supplying the information necessary for the preparation 

of the Group’s 2005 consolidated financial statements in 

accordance with IAS/IFRS, and to permit the processing 

of the information related to 2004, to be presented for 

comparative purposes; 

❚ Implementation of the measures necessary for bringing 

corporate processes and information systems into compliance 

with IAS/IFRS is currently underway. 

On the basis of work performed during the period, no 

additional significant differences affecting consolidated 

stockholders’ equity at January 1, 2004 – restated in accordance 

with the new accounting principles – and future economic 

results were reported with respect to those already indicated 

in the analogous section of the Report on Operations of the 

Annual Report at December 31, 2003, to which reference 

should be made.

Transactions among Group companies, whether they are made 

to support vertical manufacturing integration or to provide 

services, are carried out at terms that, considering the quality 

of the goods or services involved, are competitive with those 

available in the marketplace. 

The specific mission of a Group Sector is to provide services 

to other members of the Group through companies which, 

because of their specialized nature, are able to achieve 

continuous improvements in quality and economies of scale. 

Within this framework, the main transactions between the 

Parent Company, Fiat S.p.A., and its subsidiaries and associated 

companies are summarized below: 

❚ Licensing of the right to use the Fiat trademark, for a 

consideration based on a percentage of sales, to Fiat Auto 

S.p.A. (0.5%). 

❚ Services provided by Fiat management personnel to Fiat Auto 

S.p.A., Iveco S.p.A., Magneti Marelli Holding S.p.A., Business 

Solutions S.p.A., Comau S.p.A., and other Group companies. 

❚ Grant of suretyships and guarantees in connection with the 

issuance of billets de trésorerie (Fiat France S.A.), bonds 

and lines of credit (Fiat Finance and Trade Ltd, Fiat Finance 

Luxembourg S.A., Fiat Auto Financial Services Limited, and 

New Holland Credit Company LLC) and to secure bank loans 

(Fiat Auto S.p.A., Teksid S.p.A., Fiat Partecipazioni S.p.A., 

Fiat Automoveis S.A. – FIASA, Banco CNH Capital S.A., CNH 

America LLC, and other Group companies), and payment 

obligations under building rental contracts (Ingest Facility 

S.p.A., Fiat Auto S.p.A., Isvor Fiat S.c.p.A., Editrice La Stampa 

S.p.A., Fiat Automobil Vertriebs GmbH, International 

Metropolitan Automotive Promotion (France) S.A., Fiat Motor 

Sales Ltd, and other Group companies). 

❚ Rental of buildings to Ingest Facility S.p.A. and Fiat I&CS 

S.c.p.A. 

❚ Loans granted to and received from Fiat Ge.Va. S.p.A. 

❚ Purchase of support and consulting services provided by Fiat 

Gesco S.p.A. (taxation and administration), Fiat Ge.Va. S.p.A. 

(financial services). 

❚ Purchase of inspection and internal auditing services from 

Fiat Revi S.c.r.l. 

❚ Purchase of information technology services provided by 

Global Value S.p.A. 

❚ Purchase of external relations services provided by Fiat I&CS 

S.c.p.A. 

❚ Purchase of office space, personal and real property 

maintenance services provided by Ingest Facility S.p.A., and 

other general services provided by Fiat Servizi per l’Industria 

S.c.p.a. 

21 

Transactions among Group Companies and with Related 

Parties 

❚ Purchase of personnel training services provided 

by Isvor Fiat S.c.p.A. 

❚ Purchase of automobiles from Fiat Auto S.p.A. 

Among transactions with related parties that must be 

mentioned are the legal professional consultancy services 

rendered by Franzo Grande Stevens to Fiat S.p.A. for 127 

thousand euros. 

All the transactions involving intra-Group deliveries of goods 

and services that are part of the regular operations of the 

companies involved are discussed in another section of this 

Report (Note 19 – Other Information). 

Based on the information received from the various Group 

companies, there were no atypical or unusual transactions 

during the first half of the year. The most important 

extraordinary intra-Group transaction that occurred during 

the period was the sale of businesses, related to Service and 

Dies operations, from Comau S.p.A. and Comau Poland 

Sp. z o.o. to Fiat Auto S.p.A., Fiat Auto Poland S.A., Sata S.p.A., 

Seve S.p.A. and to companies belonging to the Fiat-GM 

Powertrain B.V. group.

On July 9, Fiat redeemed a total of 1,672 million dollars (at the 

exchange rate of June 30, 2004 it amounted to approximately 

1.4 billion euros) for the five-year bonds issued at the beginning 

of 2002 and exchangeable for General Motors shares. The 

reimbursement was carried out following requests for early 

redemption received by the contractually envisaged deadline, 

in accordance with the contractual right of each bondholder 

thereto. During the first quarter of 2004, Fiat had repurchased 

540 million dollars in bonds to be cancelled out of a total of 

2,229 million dollars. 

In July Magneti Marelli and the Norauto Group reached 

an agreement for the sale of 100% of the Midas business 

(automotive repair and maintenance services) in Europe 

and South America. 

22 

Significant Events Occurring since the End of the Period 

and Business Outlook 

The sale of the entire business was concluded at a value of 47.5 

million euros and will result in a gain of approximately 24 million 

euros for the Fiat Group. 

On September 1, 2004 the new organizational structure of Fiat 

Auto was announced: it is divided into 28 functions and became 

operational on that same date. The new team, headed by 

Fiat Auto’s Chief Executive Officer Herbert Demel, will ensure 

effective management through fast and lean processes 

centering on teamwork. 

The organization is designed to move beyond the old 

hierarchical structure – based on business units – putting 

the emphasis on empowerment and rapid response capacity. 

Information on the business outlook for the balance of the 

year is provided in the Overview of this Report.

During the first half of 2004, Western European demand for 

automobiles grew to approximately 7.8 million units, or 3.2% 

more than in the same period last year. In Italy, shipments 

increased to 1,292,200 units, a gain of 3.0% compared with the 

first six months of 2003. The best improvements were recorded 

in Spain (+14.6%) and Great Britain (+2.1%), but demand 

contracted in Germany (-1.7%). 

Demand patterns were particularly favorable outside Western 

Europe, with shipments rising 13% in Poland and 9.7% in Brazil. 

In China, the automobile market expanded by a healthy 32% 

compared with the first half of 2003. Argentina performed 

especially well, with demand rising by a remarkable 179.2%. 

The Western European market for light commercial vehicles 

expanded by 7.4%, with the best gains occurring in Spain 

(+10.5%), Great Britain (+10%) and France (+8.0%). In Italy, 

the demand pattern was consistent with the other major 

European markets. Shipments rose to over 107,500 units, or 

4.7% more than in the first six months of 2003. Strong gains 

were also recorded in Poland (+26.6%), where sales were 

boosted by growth in the segment of light commercial 

vehicles based on automobile platforms, and Brazil (+16.6%). 

In this environment, Fiat Auto sold 929,800 automobiles and 

light commercial vehicles, up 7.2% from the first half of 2003. 

A total of 641,000 units were sold in Western Europe, or 1.4% 

more than in the first six months of 2003. 

Compared with the first half of last year, unit sales were up 

sharply in Poland (+30%) and in Brazil (+16.2%), where Fiat 

was again the top seller of automobiles and light commercial 

vehicles combined. 

Fiat Auto’s market share improved to 7.6% for all of Western 

Europe (+0.1 percentage points) and 28.4% for Italy, up 0.7 

percentage points from June 30, 2003. Compared with the 

first six months of 2003, the Sector’s market share increased 

to 18.7% in Poland (+1.5 percentage points), but contracted 

to 23.4% in Brazil (-1.4 percentage points). 

Fiat Auto’s share of the Western European market for light 

commercial vehicles declined from 11.6% in 2003 to 11% this 

Automobile Market 

23 

Automobiles — Fiat Auto 

1st half 1st half % 

(in thousands of units) 2004 2003 change 

France 1,063.7 1,065.1 (0.1) 

Germany 1,617.9 1,646.1 (1.7) 

Great Britain 1,379.9 1,351.6 2.1 

Italy 1,292.2 1,254.0 3.0 

Spain 788.1 687.9 14.6 

Western Europe 7,794.1 7,550.1 3.2 

Poland 193.8 171.5 13.0 

Brazil 592.5 540.1 9.7 

year as the net result of diverging trends in different markets 

and a drop of 3 percentage points in Italy. The aggressive 

sales policies pursued by the Sector’s more direct competitors 

account for most of this decrease. On a more positive note, 

Fiat Auto was able to report higher sales volumes, better sales 

prices and a more favorable product mix. 

Fiat presented two concept cars at the 2004 Geneva 

International Motor Show: the Trepiùno, a car with a wealth 

of technological innovations that provides a modern 

reinterpretation of the vehicles that truly marked the start of 

mass modernization, and the Cinqueterre, an all-wheel-drive 

version of the Idea for off-road travel. 

The Sector also presented several new models that are 

scheduled for introduction in 2004: the new Fiat Multipla, 

the Fiat Panda 4x4 and the Lancia Musa, which was unveiled 

in Venice in June. 

Also in June, the Panda became available with a 1.3-liter Multijet 

diesel engine, while the automatic-transmission option is being 

offered in a growing number of models. 

During the first six months of 2004, the share of the Western 

European market claimed by the Alfa Romeo brand on the 

specific market segments in which it operates improved slightly. 

As was the case a year ago, the best performance was recorded 

in Spain. 

The Alfa Romeo GT, which was launched at the beginning 

of this year in all European markets, has been extremely well 

received, with about 18,000 orders booked as of the end of 

June. 

At the Geneva Motor Show, Alfa Romeo unveiled its 

Crosswagon, which will be available in September and marks 

Alfa Romeo’s return to the four-wheel-drive segment. 

In the first half of 2004, financing support provided to the sales 

network totaled about 6,010 million euros, or 5.8% less than 

Sales Performance – Automobiles and Light Commercial 

Vehicles 



France 35.9 38.8 (7.5) 

Germany 58.6 59.9 (2.2) 

Great Britain 47.5 45.6 4.2 

Italy 378.3 378.0 0.1 


Rest of Europe 80.8 74.4 8.6 

Western Europe 641.0 632.2 1.4 

Poland 42.9 33.0 30.0 

Brazil 170.9 147.1 16.2 

Rest of the world 75.0 54.8 36.9 

Total units sold 929.8 867.1 7.2 

Associated companies 55.2 33.5 64.8 

Overall total 985.0 900.6 9.4

24 Fiat Auto 

in the same period last year. The reduction in financing 

volume occurred mainly in Italy and France, where new vehicle 

sales are being supported with receivables securitization 

programs handled directly by the Sector’s industrial operations. 

The renting operations continued to focus on optimizing their 

operating performance and increasing the profitability of new 

contracts, which numbered about 16,000 in the first six months 

of 2004. In Europe, the fleets of vehicles operated by the 

Sector’s subsidiaries and associated companies totaled 137,000 

units, up about 3% from December 31, 2003. 

On September 1, 2004 the new organizational structure of Fiat 

Auto was announced: it is now divided into 28 functions and 

became operational on that same date. The new team, 

headed by Fiat Auto’s Chief Executive Officer Herbert Demel, 

will ensure effective management through fast and lean 

processes centering on teamwork. 

The organization is designed to move beyond the old 

hierarchical structure – based on business units – putting 

the emphasis on empowerment and rapid response capacity. 


In the first six months of 2004, the Sector had net revenues 

of 10,462 million euros, up from 10,149 million euros in the 

same period last year, when continuing operations accounted 

for 9,780 million euros. On a comparable basis, the year-overyear 

gain is 7%. This year’s revenue gain reflects the beneficial 

impact of new models launched late in 2003 and at the beginning 

of 2004 and sharp unit sales gains in Poland and Brazil. 

The first half of 2004 ended with an operating loss that, at 474 

million euros, was smaller than both the loss reported for the 

same period last year (-568 million euros) as well as that 

reported by the continuing operations (-656 million euros). 

Sales of new products helped improve the overall product 

mix and sales prices. Overall, the Sector’s bottom line benefited 

from a rise in sales volumes, particularly outside Western Europe 

(Poland and Brazil), and the significant reductions in product 

costs brought about by the ongoing streamlining initiatives, 

which were offset in part by the effects of the well known labor 

unrest at the Melfi site.

In the first half of 2004, the worldwide market for agricultural 

equipment grew by 17% compared with the same period last 

year. Demand increased sharply in North America (+12%) and 

Latin America (+19%), expanded at a slower rate in Western 

Europe (+4%) and was up a healthy 14% in the rest of the world. 

The trend was also up in every segment of the construction 

equipment market. Compared with the first six months of 2003, 

shipments rose 4% in Western Europe, 30% in North America, 

34% in Latin America and 23% in the rest of the world. 

In the first half of 2004, unit sales of CNH’s agricultural 

equipment increased faster than demand in the all-important 

North American market and matched the strong growth rate 

of the Latin American market. In Western Europe, however, 

sales were down, reflecting weak market demand, especially 

for combines. In the rest of the world, the Sector’s unit sales 

increased, but did not match the market’s overall rate of 

expansion. 

During the first half of 2004, sales of CNH’s construction 

equipment were up sharply in North America, expanding in 

line with the rise in market demand, which was especially strong 

for heavy equipment. Shipments were also up in Latin America, 

though at a lower rate than the market as a whole, but were 

down significantly in Western Europe, where demand decreased 

for light equipment but improved for heavy equipment. 

CNH’s effort to revamp and upgrade its product line continued 

during the first six months of 2004. The Sector added 29 new 

products to its agricultural equipment lineup. The most 

noteworthy of the 13 new machines launched in Europe are 

the new line of Case IH JXN/JXV tractors. These tractors have 

been designed to meet the specific needs of fruit growers, 

providing them with an improved level of performance and 

comfort. This new product line has been positioned at the top 

of its market segment. The 10 new models introduced in North 

America include a New Holland large square baler and an 

automatic bale wagon. These two products and three others 

sold under the Case IH brand were honored with prestigious 

awards in North America. The Sector was active in the South 

American market as well, launching six new agricultural 

machines. 

In the construction equipment area, CNH brought to market 

16 new models during the first half of 2004. These included 

a line of four compact excavators in North America and 12 

machines in Europe. In Europe, the most significant 

development was the introduction of a complete line of mini 

excavators that will enable the Sector to compete in the light 

equipment segment of the market. In Latin America, major 

product launches are planned for the second half of 2004. 

25 

Agricultural and Construction Equipment — CNH 


In the first six months of 2004, CNH reported revenues of 5,059 

million euros, up 5.4% from the same period last year. This 

improvement was achieved despite the negative foreign 

exchange differences caused by the appreciation of the euro. 

The revenue increase, which would have reached about 11% 

on a comparable foreign exchange translation basis, reflects 

primarily a gain in unit sales in the Western Hemisphere and 

higher prices. 

CNH ended the first half of 2004 with operating income of 

229 million euros, or 124 million euros more than in the first 

six months of 2003. The result for the period benefited from 

a sizable increase in sales volumes, a rise in the prices charged 

for agricultural and construction equipment and product cost 

savings.

During the first half of 2004, the Western European market 

for commercial vehicles (GVW of 2.8 tons or more) enjoyed 

a general improvement compared with the first six months 

of 2003. New vehicle registrations totaled 546,455 units, up 

12.2% from the 487,146 units registered in the same period 

last year. The best increases were recorded in Spain (+21.3%), 

France (+11.5%), Germany (+10%), Great Britain (+11.1) and 

Italy (+8.2%). 

The surge in demand benefited all segments of the market. In 

the first half of 2004, new registrations of heavy vehicles totaled 

more than 122,600 units, for a gain of 8.5% compared with 

113,000 new registrations in the same period last year. Demand 

was especially strong in Germany (+20.5%), Spain (+12.2%) and 

France (+4.5%), contracted slightly in Italy (-3.2%), held steady 

in Great Britain and improved in all remaining markets. 

Demand for medium-size vehicles (about 39,400 new units 

registered in the first six months of 2004) was up just 2.7% 

compared with the first six months of 2003 (38,400 units), but 

the gain comes after a contraction of 1.5% in the first quarter. 

The market expansion was felt to different degrees in the 

European markets. The top performer was Spain (+6.8%), 

followed by Germany (+6.3%) and Great Britain (+4.4%). 

France and Italy bucked the trend, posting decreases of 

10.5% and 6%, respectively. In Italy, however, the overall 

decline masks a turnaround after a contraction of 20.6% 

in the first quarter of 2004. 

In Western Europe, new registrations of light commercial 

vehicles totaled more than 384,000 units, or 14.5% more than 

the 336,000 units registered in the first half of 2003. Demand 

was up in all major markets, with the best gains recorded in 

Spain (+26.9%), France (+15.7%), Great Britain (+15.5%), Italy 

(+13.4%) and Germany (+7.3%). 

During the first half of 2004, Iveco sold a total of about 79,200 

vehicles worldwide, or about 7.2% more than in the first six 

months of 2003 (73,900 units). 

When the approximately 30,100 vehicles sold by licensees and 

associated companies (23,400 in the first six months of 2003) 

and 50% of the vehicles sold by Naveco (about the same 

number of units as a year ago) are added, total sales amount 

to about 112,800 units, up from 100,700 units in the first half 


Commercial Vehicles Market (GVW ≥ 2.8 tons) 



France 94.5 84.8 11.5 

Germany 118.7 107.9 10.0 


Italy 63.1 58.3 8.2 



26 

Commercial Vehicles — Iveco 

In Western Europe, Iveco shipped about 63,200 vehicles, a 

4.2% increase compared with the first six months of 2003 

(60,600 vehicles). The biggest improvements occurred in France 

and Germany, where sales were up 17.8% and 5.5% respectively. 

In the other markets, shipments increased at a more steady rate, 

with healthier gains in certain countries (+5.4% in Spain). Only 

Italy bucked the trend, as unfavorable market conditions forced 

sales down 2.3%. 

The Sector’s share of the Western European market for vehicles 

with GVW of 2.8 tons or more declined by 0.7 percentage points 

from the 11.7% recorded in the first half of 2003. The overall 

decrease occurred as Iveco’s strong performance and renewed 

leadership position in the medium vehicle segment (market 

share up from 26.4% to 28.4% compared with the first six 

months of 2003) was offset by declines in the heavy vehicle 

segment (market share down from 11.4% to 10.8%) and in 

the light vehicle segment (market share of 9.3%, or 0.8 

percentage points less than the 10.1% reported in the first 

half of 2003). 

In Eastern Europe, Iveco sold about 5,400 units, or 12.5% 

more than in the first six months of 2003. 

Customers outside Europe bought a total of about 10,600 

vehicles, an increase of 26.1% compared with the first six 

months of 2003 (8,400 units). 

Unit sales were up sharply in Latin America, where a rebounding 

local market enabled Iveco to ship about 4,320 vehicles (+66.2% 

compared with the 2,600 vehicles sold in the first half of 2003). 

Irisbus sold more than 4,000 busses, or about 8.2% less than 

in the first six months of 2003. 

The performance of the main associated companies, which 

produce and sell vehicles under Iveco’s license, is reviewed 

below: 

❚ In Turkey, where demand improved during the first six months 

of 2004, Otoyol sold 3,200 units, or 45.1% more than in the 

same period last year. 

Sales Performance – Units Sold 



France 11.1 9.4 17.8 

Germany 7.4 7.0 5.5 


Italy 18.5 19.0 (2.3) 



Eastern Europe 5.4 4.8 12.5 

Rest of the world 10.6 8.4 26.1 

Total units sold 79.2 73.9 7.2 

Licensees 30.1 23.4 28.8 

Naveco (*) 3.4 3.4 0.3 

Overall total 112.8 100.7 12.0 

(*) Consolidated according to the equity method since 2003.

27 Iveco 

❚ In India, Ashok Leyland manufactured and sold a total of 

26,946 vehicles, for a gain of 27.1% compared with the first 

half of 2003. 

Iveco produced 228,619 diesel engines in the first half of 2004, 

or about 15% more than in the same period last year. Increased 

orders from CNH account for most of the gain. 

During the first half of 2004, Iveco Finance recorded an increase 

of approximately 11.6% in the number of contracts signed to 

finance sales of new commercial vehicles with respect to the 

same period last year. The best gains were recorded in Italy 

and France. 

Overall, Iveco Finance provided financing for 24% of the 

vehicles sold by Iveco, about the same as in the first six 

months of 2003. 

The strong performance of the finance operations is the direct 

result of the improved service provided to customers and 

dealers and of the progress made in streamlining the contract 

acquisition process. 

At June 30, 2004, Iveco Finance had outstanding contracts 

covering about 103,000 vehicles, about the same as a year 

earlier (-1%). The value of the loan portfolio amounted to 

about 2.5 billion euros. 


Iveco’s revenues totaled 4,539 million euros in the first six 

months of 2004, or 8.7% more than the 4,175 million euros 

booked in the same period last year. Higher sales volumes 

and product prices account for this improvement. 

Operating income for the first six months of 2004 amounted 

to 147 million euros, up from 22 million euros in the first half 

of 2003. The beneficial impact of strong increases in sales 

volumes and higher prices, combined with the progress made 

in reducing all product cost components, account for this 

remarkable bottom line gain.

The key development in the first half of 2004 for Ferrari was the 

launch of the new 2+2 612 Scaglietti: well received by the press 

and customers, the waiting list for the new model goes well 

beyond the production run planned for 2004. 

Among eight-cylinder models, the Challenge Stradale continues 

to perform well. 

The order backlog held steady in relation to the age of the 

models available. Sales to end customers were strong (2,419 

units), a 13% increase over 2003 generated largely by sales of 

the 612 Scaglietti, the Challenge Stradale and the Enzo Ferrari 

limited edition (136 units delivered in the first half of the year). 

A breakdown of shipments to end customers by geographic 

region shows that the greatest improvements in absolute terms 

over the first six months of 2003 took place in North America 

(where sales rose by 118 units) and in Europe (up 73 units). 

This year has seen further success for Ferrari’s racing operations, 

with the team achieving its sixth consecutive victory at the 

Formula 1 World Constructors’ Championship and winning 

the Driver’s Championship for the fifth time in a row. 

In the first half of 2004, Maserati registered a total of 1,990 units. 

This sharp rise over the same period last year stemmed from 

the success of the Quattroporte, now marketed in Europe, 

the Middle East, Asia, Latin America and South Africa. 

As of June 30, 577 units had been registered and orders had 

been booked for 1,208, testifying to the enormous interest 

sparked by the latest addition to the Trident marque’s lineup, 

and its appeal to potential buyers. In Italy, the first market on 

which it was introduced, the Quattroporte now accounts for 

over 47% of all sales in its segment. 

The Quattroporte will be launched on the North American 

market in September 2004. 

The coupé and roadster segments expanded in the first six 

months of 2004, as the competition introduced a number of 

new models that boosted sales. These effects apart, both 

segments saw a significant contraction in new car registrations. 

The coupé segment in particular grew by 25% in the first six 

months of the year, an increase that was entirely due to newly 

launched models. Excluding the latter effect, this segment 

shrank by 24.2%, with the Maserati Coupé posting a decrease 

in the number of registrations (-2.6%). 

The roadster segment grew by 49.3%, again as a result of the 

enthusiasm generated by new models (+ 22.7% if this effect 

is excluded). For the Maserati Spyder, registrations totaled 375 

units: well below last year but still better than expected in view 

of the spate of new models vying for attention in an intensely 

competitive market. This stream of new models is not likely 

to abate in the second half of the year. 

In July, Maserati introduced the new GranSport, an aggressive 

and sporty model designed to attract new customers who put 

a premium on performance and distinctive styling. 

28 

Ferrari – Maserati 

Other highlights in the first half of the year included Maserati’s 

entry on the Russian market, with the opening of a showroom 

in Moscow. A new showroom was also inaugurated in Shanghai 

as a further step in building Maserati’s presence on the 

Chinese market. 

Operating performance 

In the first half of 2004, consolidated net revenues in the Ferrari - 

Maserati Sector came to 735 million euros, a rise of 17.8% over 

the previous year which was fueled by stronger sales by both 

Ferrari and Maserati. 

The period closed with an operating loss of 59 million euros, 

compared with the 16-million-euro loss posted a year earlier. 

The deterioration is chiefly due to the negative impact of 

exchange rates, as well as to the higher expenditures on 

research and development, advertising and promotion which 

were involved in bringing out new models, and were not offset 

by the positive impact of the product mix on sales revenues.

In the first half of 2004 world automotive production posted 

an overall slight increase by comparison with the previous year, 

although performance differed across countries and 

geographic areas. 

The Sector rebuilt its ties with leading manufacturers in the first 

half of 2004, with all business lines booking a number of major 

orders on new models which will enable it to increase the 

percentage of revenues originating from non-captive customers. 

In particular, PSA placed orders for Cofap Automotive 

Suspension’s FLEX product, while Audi and BMW ordered 

Engine Control components. The Sector also received orders 

for headlamps for the BMW 4 Series and signed major 

agreements for the Chinese market. 

Marelli’s new SFS Software Flexfuel Sensor technology was 

presented at the Auto China 2004 motor show. Developed 

in Brazil, this innovative software system enables the engine 

to run on two types of fuel (alcohol and gasoline). 

Yet another advance in engine control systems was made with 

the Tetrafuel flexible fuel system, a technology unveiled at 

Rio di Janeiro and Beijing in April which will enable the same 

control unit to meter four different kinds of fuel. 

Following the December 2003 agreement between the Ixfin 

Group and the Fiat Group, Magneti Marelli now manages 

worldwide industrial activities in Italy, France, Spain, Mexico, 

Brazil and China for automotive electronics systems (instrument 

panels, on-board computers and navigation systems) to ensure 

continuity and sustained development. Therefore, the operating 

and financial results of the Magneti Marelli Electronic Systems 

business unit were consolidated as of January 1, 2004. 

29 

Components — Magneti Marelli 


In the first half of 2004, the Sector posted net revenues of 

1,982 million euros, an increase of 10.1% with respect to the 

year-earlier period on a comparable consolidation basis and 

adjusting for exchange rate variations. This increase was largely 

due to the Engine Control Business Unit’s introduction of diesel 

system production. 

Operating income was 43 million euros; on a comparable 

scope of operations, this was an increase of 34 million euros 

over the same period in the previous year. 

In a keenly competitive market, the Sector was able to achieve 

this increase through targeted measures that made the cost 

structure more competitive while easing the pressure on prices. 

Consolidating the Electronic Systems business unit resulted 

in a 6-million-euro rise in operating income.

Capital investments showed signs of picking up in the first six 

months of 2004, thanks to the upswing in the US economy. In 

Europe, the situation remained more uncertain, partly as a 

result of the euro’s rise against the dollar. 

In general, Comau’s reference market showed a certain 

hesitancy, as price pressures continued to be high. Thus, though 

carmakers are far from abandoning their plans to bring out new 

models, they have scaled down their capital investments and 

stepped up the pressure on their suppliers, who have been 

forced to become more competitive by the fact that their 

capacity now outstrips worldwide demand. 

The market continued to display a highly cyclical pattern, while 

the tendency to react to its swings by postponing or downsizing 

new programs undermined stability. Moreover, new investment 

in traditional markets is no longer directed at expanding 

production capacity but rather at rationalizing existing resources 

with a view to increasing the use of modular and flexible 

production plants and raising capacity utilization. 

New orders for contract work totaled 829 million euros in the 

first half of 2004, an increase of 37% or 607 million euros over 

the corresponding period in the previous year. This 

improvement was largely due to an increase in contracts in both 

Europe (Italy and Eastern European countries) and in the NAFTA 

area, where the dollar’s weakening against the euro proved to 

be less of an impediment than might have been feared. 

The geographic breakdown of orders is as follows: 59% in 

Europe (Italy 31%, Germany 8%, France 9% and others 11%), 

35% in the NAFTA countries and the remaining 6% in Brazil 

and new markets (China and India). 

At June 30, 2004, the backlog of orders for contract work, net 

of the portion already produced, came to 1,177 million euros, 

an increase from the 1,009 million euros (+17%) reported at 

June 30, 2003, and from the 1,038 million euros (+13%) 

recorded at December 31, 2003. This increase reflects the 

significant growth in the 2004 order portfolio discussed earlier. 

During the first six months of 2004 maintenance services 

(Comau Service) dropped sharply by comparison with last year 

as several major customers reinsourced their upkeep operations. 

As a consequence, the business unit’s revenues totaled 164 

million euros at June 30, 2004, down 47% from the 311 million 

euros achieved one year before. 

30 

Production Systems — Comau 


Revenues came to 765 million euros in the first half of 2004, 

29% below the 1,082 million euros posted in the first half of 

2003. This downturn involved all of the areas in which Comau 

does business. In particular, contract work at Comau Systems 

decreased by 15%, chiefly as a result of the lower volumes 

achieved by the Body Welding & Assembly Business Unit in 

Germany and the United Kingdom and by the Dies Business 

Unit, which discontinued business in Italy. On the NAFTA 

market, revenues from contract work at Comau Pico fell 29% 

because of the weak order backlog held by the business units 

at the beginning of the year, and the decline of the dollar 

against the euro. For Comau Services, the change in the scope 

of operations discussed above led to a 47% reduction in 

revenues. 

Operating loss for the first half of 2004 totaled 3 million euros, 

an improvement over the 7-million-euro loss reported in the 

same period of 2003. This improvement stemmed from the 

better margins achieved on contract work, which went far 

to offset the general decline in revenues.

Though the outlook for the worldwide economy is more 

favorable than it was in 2003, the high cost of raw materials 

and unfavorable exchange rates have continued to generate 

tension. Despite these difficulties, Teksid’s efforts to diversify 

its customer base and markets, together with its constant 

search for efficiency gains in products and logistics, enabled 

the Sector to improve overall performance. 

The Sector gained a number of major orders from Fiat Group 

companies and external firms, as a result of the marketing 

actions it implemented during the first half of 2004: 

❚ The Cast Iron business unit received orders from Renault, 

Garrett, D.Chrysler, Cummins, Toyota, GM, CDC and Hyundai. 

❚ The Magnesium business unit received orders from GM, 

Borg Warner, D.Chrysler, Land Rover and Intier. 

Teksid’s commitment to product and process innovation and 

development continued with the aim of offering customers 

the most highly competitive conditions possible, in line with 

market demands and more stringent technological and 

environmental regulations. 

31 

Metallurgical Products — Teksid 


Net revenues for the first half of 2004 totaled 466 million euros, 

up 6.2% from the same period in the previous year thanks to 

significant growth in sales volumes, which was only partially 

offset by adverse exchange rates. The Cast Iron business unit 

increased its volumes by 11.5%, benefiting from increased 

demand in North America and Brazil. The Magnesium business 

unit also significantly improved volumes by 11% thanks to 

stronger sales in North America and increased demand in 

Europe, where the Sector availed itself of the output of a 

new plant in the United Kingdom that started production 

during 2003. 

Sales to non-captive customers accounted for 87%, in line with 

the first half of 2003. 

Operating income was 16 million euros, as against 5 million 

euros in the first six months of 2003, and accounted for 3.4% 

of net revenues as opposed to 1.1% in the first six months of 

2003. The improvement is attributable to efficiency gains and 

to higher sales volumes, which helped offset the unfavorable 

impact of exchange rates and the rising cost of raw materials.

The business services market did not pick up significantly 

in the first half of 2004, as economic and financial difficulties 

continued to prevent industrial and service companies from 

reaching peak performance. 

In this framework of challenging market conditions, the Fiat 

Group Services Sector’s decision to concentrate on the captive 

market rather than trying to build up its presence on the open 

market has proven to be particularly strategic. 

The operating performance of the Sector’s various areas 

of business in the first half of 2004 is reviewed below. 

❚ Human resources: Activities in this area focused on making 

its organization more efficient, particularly as regards the 

development of high value-added services. 

The Unit had aggregate revenues of around 130 million 

euros (113 million euros in the first half of 2003). 

❚ Facility Management: In the first half of 2004, activities 

concentrated on optimizing the service portfolio. 

The Unit’s revenues totaled 112 million euros, as against 

118 million euros in the first half of 2003. 

❚ ICT – Information and Communication Technology: 

This area continued to streamline its business to improve 

competitiveness, in an environment where important 

efficiency actions are requested by all its customers. 

In the first half of 2004, Business Solutions consolidated 

the activities of Atlanet, a provider of fixed telephony links 

and general connectivity services in which the Fiat Group 

acquired a 100% interest late in 2003. 

The Unit had revenues of 388 million euros (338 million 

euros in the first half of 2003). 

❚ Administration and Procurement Services: In the first half 

of 2004, the scope of operations within the Group was 

brought into sharper focus, specifying service levels 

and mutual responsibilities in greater detail. 

The Unit’s aggregate revenues totaled 154 million euros 

(169 million euros in the first half of 2003). 

32 

Services — Business Solutions 


The Sector had revenues of 769 million euros in the first half 

of 2004, down 18% from the same period in the previous year 

following the change in the scope of operations after the sale 

of Fiat Engineering. This decrease was offset to some extent 

by the consolidation of the telephony company Atlanet as of 

January 2004. When data are restated on a comparable basis, 

revenues dropped by 1.4%, largely as a result of the decrease 

in IT services. Approximately 51% of revenues in the first half 

of the year originated from captive customers. 

Operating income fell to 15 million euros, or two million euros 

less than in the first six month of 2003. On a comparable basis, 

however, income improved by around 14 million euros, as 

Sector-wide efficiency enhancing measures began to bear fruit.

According to FIEG, the Italian Newspaper Publishers 

Association, sales of Italian newspapers during the first part 

of 2004 were substantially on a par with the corresponding 

period a year ago. 

Nielsen Media Research reports that the Italian advertising 

market grew by 9.0% in the first five months of 2004, with 

major gains posted by the television (up 11.2%) and radio 

(up 30.7%) markets. Between January and May 2004, the 

newspaper market grew 3.7% by comparison with the 

corresponding period of the previous year, while magazine 

advertising increased by 2% (source: FCP). 

Editrice La Stampa S.p.A. reported an average daily circulation 

of about 348 thousand copies, down from 369 thousand at 

June 30, 2003. Lower newsstand sales and a reduction in 

subscriptions account for this decrease, while the fact that 

several tie-ins and joint marketing arrangements with other 

papers were discontinued also contributed. During the first 

six months of 2004, the Sector continued its brand extension 

activities, leveraging the La Stampa brand name through the 

sale of publications and related products at the newsstands. 

Revenues from these initiatives topped 5 million euros during 

the period, more than twice those posted in the first six month 

of 2003. La Stampa also continued its efforts to boost readership 

by distributing papers to students in the schools, and to build 

customer loyalty through contests offering a variety of prizes. 

Revenues from the sale of newspapers totaled 34.2 million 

euros in the first six months of 2004, remaining at the same 

level achieved in the first half of 2003 thanks to the success 

of the supplement Specchio, which introduced a new graphic 

layout and more complete coverage of news, events and 

trends in September 2003. 

Advertising revenues amounted to 47.8 million euros, up 

from 46.2 million euros for the first half of 2003 despite the 

discontinuation of local news sections for Milan and Rome 

in December 2003. 

Publikompass S.p.A. booked advertising billings in excess 

of 181 million euros in the first six months of 2004, 19.1% 

more than in the same period in 2003. All media segments 

contributed to this growth, with newspaper billings, which 

came to 129.6 million euros at the end of the period, increasing 

by 10.5%. Excluding additions to the customer base, growth 

amounted to 7% with respect to the same period of 2003. 

Advertising in periodicals rose by around 26.2% to total 

approximately 15 million euros, due in no small measure to 

the success of Specchio’s new look in attracting advertisers, 

who increased by nearly 20%. Billings from television and radio 

advertising reached 36.3 million euros, increasing by 62.4% 

thanks to the influx of business from Sky, which had not begun 

broadcasting in the first half of 2003. Another noteworthy 

contribution came from Rete A All Music, which added 25.1% 

to revenues from television advertising. 

33 

Publishing and Communications — Itedi 


The Sector posted net revenues of about 221 million euros 

for the first six months of 2004, up from 190 million euros in 

the same period last year. The increase of approximately 31 

million euros chiefly reflects the positive impact of higher 

advertising billings generated by the new contracts signed 

by Publikompass, as well as the brand extension initiatives. 

Operating income was 9 million euros, a gain of 4 million euros 

over the first half of 2003. This improvement was made possible 

by the higher margins earned by Publikompass on its expanded 

revenue base, and the decline in paper prices.

Fiat Group — Consolidated Financial Statements 

and Notes at June 30, 2004


36 Fiat Group Consolidated Financial Statements and Notes at June 30, 2004 

Consolidated Balance Sheet 

June 30, 2003 June 30, 2004 Dec. 31, 2003 

❚ ASSETS 

Amounts due from stockholders for 

– shares subscribed but not called – – 

Fixed assets 

4,198 Intangible fixed assets (note 1) 3,694 3,724 

10,407 Property, plant and equipment (note 2) 9,465 9,675 

7,204 Financial fixed assets (note 3) 5,627 5,776 

21,809 Total Fixed assets 18,786 19,175 

Current assets 

16,270 Inventories (note 4) 14,932 15,360 

12,294 Receivables (note 5) 10,371 9,513 

17,138 Financial assets not held as fixed assets (note 6) 12,901 14,659 

2,203 Cash 3,655 3,211 

47,905 Total Current assets 41,859 42,743 

868 Accrued income and prepaid expenses (note 7) 755 793 

70,582 ❚ TOTAL ASSETS 61,400 62,711 


Stockholders’ equity 

Stockholders’ equity of the Group (note 8) 

3,082 Capital stock 4,918 4,918 

274 Additional paid-in capital – 279 

659 Legal reserve 447 659 

18 Treasury stock valuation reserve 26 32 

3,316 Retained earnings and other reserves 1,564 2,805 

(708) Net income/(Loss) for the period (658) (1,900) 

6,641 Total 6,297 6,793 

816 Minority interest 645 701 

7,457 Total Stockholders’ equity 6,942 7,494 

6,446 Reserves for risks and charges (note 9) 5,575 5,379 

Reserve for employee severance 

1,581 indemnities 1,317 1,313 

52,339 Payables (note 10) 45,349 46,240 

2,759 Accrued expenses and deferred income (note 11) 2,217 2,285 

70,582 ❚ TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 61,400 62,711




June 30, 2003 June 30, 2004 Dec. 31, 2003 

Guarantees granted 

Unsecured guarantees 

Suretyships: 

72 on behalf of associated companies 60 10 

3,270 on behalf of others 2,609 3,050 

3,342 Total Suretyships 2,669 3,060 

Guarantees of notes: 

283 on behalf of others 274 259 

283 Total Guarantees of notes 274 259 

Other unsecured guarantees 

40 on behalf of unconsolidated subsidiaries 82 - 

197 on behalf of associated companies 184 295 

3,081 on behalf of others 2,784 2,780 

3,318 Total Other unsecured guarantees 3,050 3,075 

6,943 Total Unsecured guarantees 5,993 6,394 

Secured guarantees: 

232 on behalf of others 55 36 

232 Total Secured guarantees 55 36 

7,175 Total Guarantees granted 6,048 6,430 

Commitments 

❚ MEMORANDUM ACCOUNTS (note 12) 

24,943 Commitments related to derivative financial instruments 19,881 20,798 

504 Commitments to purchase property, plant and equipment 399 329 

10,293 Other commitments 10,855 10,350 

35,740 Total Commitments 31,135 31,477 

2,558 Third-party assets held by the Group 1,212 1,923 

3,850 Group assets held by third-parties 3,183 4,496 

213 Other memorandum accounts 348 380 

49,536 ❚ TOTAL MEMORANDUM ACCOUNTS 41,926 44,706



Consolidated Statement of Operations 

2003 Fiscal year 1st half 2004 1st half 2003 

Value of production (note 13) 

48,346 Revenues from sales and services 23,466 24,393 

Change in work in progress, semi-finished 

700 and finished products inventories (156) 199 

(1,075) Change in contract work in progress 42 381 

688 Additions to internally produced fixed assets 259 386 

1,689 Other income and revenues 538 793 

50,348 Total Value of production 24,149 26,152 

Costs of production (note 14) 

28,392 Raw materials, supplies and merchandise 14,502 14,177 

8,505 Services 4,092 4,891 

367 Leases and rentals 157 186 

6,688 Personnel costs 3,164 3,587 

2,582 Amortization, depreciation and writedowns 1,165 1,313 

Change in raw materials, supplies and 

81 merchandise inventories (47) (195) 

1,163 Provisions for risks 523 411 

17 Other provisions – – 

1,028 Other operating costs 492 425 

668 Expenses of financial services companies 234 367 

1,367 Insurance claims and other costs 7 1,357 

50,858 Total Costs of production 24,289 26,519 

(510) Difference between the Value and Costs of production (140) (367) 

Financial income and expenses (note 15) 

22 Investment income 3 17 

1,504 Other financial income 817 710 

2,489 Interest and other financial expenses 999 1,137 

(963) Total Financial income and expenses (179) (410) 

Adjustments to financial assets (note 16) 

105 Revaluations 70 74 

277 Writedowns 35 130 

(172) Total Adjustments to financial assets 35 (56) 

Extraordinary income and expenses (note 17) 

2,017 Extraordinary income 124 598 

1,670 Extraordinary expenses 247 335 

347 Total Extraordinary income and expenses (123) 263 

(1,298) Income (Loss) before taxes (407) (570) 

650 Income taxes for the period (note 18) 262 167 

(1,948) Income (Loss) for the period before minority interest (669) (737) 

48 Minority interest 11 29 

(1,900) Net income (Loss) for the period (658) (708)


Notes to the Consolidated Financial Statements 

ACCOUNTING PRINCIPLES AND METHODS 

The Report on Operations for the first half of 2004 and the Consolidated Financial Statements for the six months ended June 30, 

2004 have been prepared in accordance with Consob Regulation No. 11971 of May 14, 1999, as amended. 

The consolidation methods, accounting principles and valuation criteria applied in these financial statements are consistent with 

those used to prepare the annual consolidated financial statements at December 31, 2003, to which reference should be made, 

taking into account the specific accounting principle on interim financial reporting published by the National Boards of “Dottori 

Commercialisti e dei Ragionieri,” supplemented where necessary by the analogous standard published by the International 

Accounting Standards Board. However, it is noted that certain valuation procedures, and in particular more complex procedures such 

as the determination of possible impairment losses on fixed assets, are generally completed only at the time of preparation of the 

annual consolidated financial statements, when all the necessary information is available. 

Scope of Consolidation 

As has already been discussed in the preceding sections of the first half report, changes in the scope of consolidation occurred 

during the period in question. The most important changes to take place during the first half of 2004 with respect to the annual 

consolidated financial statements at December 31, 2003 are as follows: 

❚ In February 2004, 100% of the interest held in Fiat Engineering S.p.A. was sold to Maire Investimenti S.p.A. and the company was 

therefore deconsolidated as of the beginning of the year. At the same time, the Fiat Group subscribed to a capital increase at 

Maire Investimenti S.p.A. and now owns 30% of the capital of this company. On said 30% interest, both parties hold put (Fiat 

Group) and call options (Maire Investimenti S.p.A.) that are exercisable within three years at a predetermined price. 

❚ In the first half of 2004, the Group consolidated Magneti Marelli Electronic Systems on a line-by-line basis following gradual 

acquisition of actual control over this strategic supplier of Fiat Auto and other automotive groups. In 2002 this business had been 

sold to the Mekfin Group, which in turn sold it to the Ixfin Group. So that the company would punctually respect the commitments 

it had made to its customers and continue pursuing its growth strategies, an agreement was initialed at the end of 2003 between 

the Ixfin Group and the Fiat Group, on the basis of which Magneti Marelli, pursuant to an agreement providing for an usufruct on 

the Company’s voting shares, started becoming increasingly involved in management of the Electronic Systems activity in 2004. 

On July 28, 2004 the Fiat Group decided to acquire full ownership thereof by exercising a call option. 

In clarification of the statement of operations, major changes in the composition of the Group took place during 2003, as highlighted 

in the section: Operating Performance of the Fiat Group and Fiat S.p.A. in the first half of 2004. The most significant changes that 

impacted the first half of 2004 with respect to the same period of the previous year were as follows: 

❚ On May 2, 2003 the agreement for sale of the Toro Assicurazioni Group to the DeAgostini Group was executed, with the Toro 

Group being deconsolidated from that date. 

❚ On May 27, 2003 Fiat and a pool of banks completed the sale of 51% of Fidis Retail Italia (FRI), a company that at that time 

controlled part of the European consumer credit activities of Fiat Auto Holdings for the purchase of automobiles by retail 

customers; another part of said activities was sold to FRI in October 2003. 

❚ Pursuant to the agreement made on July 1, 2003, sale of the aerospace activities of FiatAvio S.p.A. to Avio Holding S.p.A., 70% 

owned by The Carlyle Group and 30% by Finmeccanica S.p.A., was completed. 

For more details on these transactions, please see the section “Major divestitures during the year” in the Notes to the Consolidated 

Financial Statements of the Fiat Group at December 31, 2003. 

The lists of the companies and significant investments of the Fiat Group as of June 30, 2004 envisaged by the aforementioned 

regulation are found in the Annex. 

OTHER INFORMATION 

Other sections of this Report provide the following information: 

❚ Significant events occurring since the end of the period and business outlook; 

❚ Transactions among Group companies and with related parties; 

❚ Statement of cash flows; 

❚ Process of transition to International Accounting Standards.

COMPOSITION AND PRINCIPAL CHANGES 


1 Intangible fixed assets 

Net of Change in Foreign Disposals Net of 

amortization scope of exchange and Other amortization 

(in millions of euros) 12/31/2003 Additions Amortization consolidation effects changes 6/30/2004 

Total Intangible fixed assets 3,724 115 (233) 3 96 (11) 3,694 

At June 30, 2004, Intangible fixed assets total 3,694 million euros (3,724 million euros at December 31, 2003), including Goodwill and 

Differences on consolidation totaling 2,440 million euros (2,402 million euros at December 31, 2003). 

The increase during the period (115 million euros) stems mainly from software expenses and other deferred charges benefiting future 

periods (79 million euros). 

Foreign exchange differences of 96 million euros reflect principally U.S. dollar-euro exchange rate trends. 

Goodwill and Consolidation differences consist principally of net goodwill (after amortization and writedowns) resulting from 

purchase of the Case Group and other companies of the Agricultural and Construction Equipment Sector for 2,026 million euros, the 

Pico Group and other companies in the Production Systems Sector for 185 million euros, companies in the Components Sector for 53 

million euros, the Irisbus Group, other minor items in the Commercial Vehicles Sector for 52 million euros, and companies in the 

Metallurgical Products Sector for 24 million euros. 

2 Property, plant and equipment 

Accumulated 

Net of Change in Foreign Disposals Net of deprec. and 

depreciation scope of exchange and Other depreciation writedowns 

(in millions of euros) 12/31/2003 Additions Depreciation consolidation effects changes 6/30/2004 6/30/2004 

Total Property, plant and equipment 9,675 739 (846) 64 52 (219) 9,465 18,084 

Property plant and equipment are net of accumulated depreciation and writedowns, totaling 18,084 million euros (17,366 million 

euros at December 31, 2003). During the first half of 2004 Additions of 739 million euros mainly refer to the automotive Sectors 

(Auto, Iveco and CNH). Change in scope of consolidation of 64 million euros is mainly due to the line-by-line consolidation of 

Magneti Marelli Electronic Systems; Foreign exchange differences of 52 million euros principally reflect US dollar-euro exchange 

rate trends. 

Property, plant and equipment include vehicles produced by the automotive Sectors and covered by operating leases for 883 

million euros (914 million euros at December 31, 2003). 

3 Financial fixed assets 

(in millions of euros) At 6/30/2004 At 12/31/2003 

Investments 3,738 3,894 

Receivables 18 29 

Other securities 74 56 

Finance lease contracts receivables 1,797 1,797 

Total Financial fixed assets 5,627 5,776 

The tables below show the changes in each item since December 31, 2003. 

Investments 


Changes in 

Value at the scope of Other Value at 

(in millions of euros) 12/31/2003 Revaluations Writedowns consolidation changes 6/30/2004 

Investments 3,894 67 (31) (4) (188) 3,738

At June 30, 2004, the item investments totals 3,738 million euros (3,894 million euros at December 31, 2003) and includes, among 

others, the following investments (in millions of euros): 

❚ Investments in unconsolidated subsidiaries, including: BUC – Banca Unione di Credito 171 (340 at December 31, 2003); Leasys 

S.p.A. 31 (36 at December 31, 2003). 

❚ Investments in associated companies, including: Fiat-GM Powertrain B.V. 1,209 (1,172 at December 31, 2003), Italenergia Bis S.p.A. 

513 (512 at December 31, 2003), Fidis Retail Italia S.p.A. 396 (372 at December 31, 2003), Tofas Turk Otomobil Fabrikasi A.S. 162 

(156 at December 31, 2003), Sevel S.p.A. 117 (118 at December 31, 2003), Naveco Ltd. 107 (102 at December 31, 2003), Kobelco 

Construction Machinery Co. Ltd. 107 (103 at December 31, 2003), Rizzoli Corriere della Sera MediaGroup S.p.A. 93 (99 at 

December 31, 2003). 

❚ Investments in other companies, including: Mediobanca S.p.A. 93 (93 at December 31, 2003); at December 31, 2003, the item 

included investment in Edison S.p.A. for 65, sold in the first half of 2004. 

The item Other changes shows a negative amount of 188 million euros and refers principally to the distribution of dividends by 

BUC – Banca Unione di Credito for 184 million euros. 

Revaluations and Writedowns include the Group’s share of the income or the loss of companies accounted for using the equity 

method. With regard to the companies accounted for at cost, Writedowns include the loss in value recorded in the period. 

Fiat-GM Powertrain B.V. is an industrial joint venture for the manufacture of engines and gears for cars that was set up in the second 

half of 2001 between Fiat and General Motors Corporation (General Motors) under the well-known strategic alliance. In view of the 

strictly industrial nature of the joint venture and in order to achieve a reading of its industrial performance that is consistent with the 

past, commencing in 2001 and during the period in which the industrial convergence and the relative synergies is being 

implemented, the Group’s share of the results of the company is included in the consolidated statement of operations as a split 

between the operating/industrial component and the other non-operating components. In particular, the Group’s share of the 

operating result of the company (63 million euros in the first half of 2004, 74 million euros in the first half of 2003 and 147 million 

euros in 2003), determined by the transfer pricing policy adopted, is included in the consolidated statement of operations as an 

adjustment to the cost of the products purchased from the joint venture, whereas the share of the result in the other non-operating 

components is allocated to the respective principal captions, without effect on the total net result recorded by the Group. As far as 

Fiat-GM Powertrain’s balance sheet is concerned, with regard to the debt position, there are no commitments or guarantees 

provided by Fiat. 

For more information on all of the options pertaining to the Italenergia Bis S.p.A. and Fidis Retail Italia S.p.A. (FRI) investments, 

see Note 3 in the Consolidated Financial Statements of the Fiat Group at December 31, 2003. 

Receivables 

There were no Receivables due beyond five years at June 30, 2004. At December 31, 2003, Receivables due beyond five years totaled 

2 million euros. 

Other securities 


Other securities 74 56 

Other securities are substantially in line with the corresponding amount at December 31, 2003. 

Finance lease contracts receivable 


Disposals 

Net amount Financial and Other Net amount 

(in millions of euros) at 12/31/2003 Additions amortization changes at 6/30/2004 

Finance lease contracts receivable 1,797 398 (294) (104) 1,797 

Finance lease contracts receivable refer to vehicles sold by the automotive Sectors under financial leases. This item does not include 

vehicles on operating leases, which are included under Property, plant and equipment.

4 Inventories 


Total Inventories 14,932 15,360 

Advance payments on contract work in progress (*) 8,477 8,876 

Net inventories 6,455 6,484 

(*) For the sake of clarity, certain items involving customer advances on contract work posted under “Other Payables” (Note 10) were included in the item Advance payments on contract 

work in progress. Consistently with this change, the value of Advance payments on contract work in progress at December 31, 2003 was adjusted by 428 million euros. 

Inventories of 14,932 million euros at June 30, 2004 (15,360 million euros at December 31, 2003) show a decrease of 428 million euros. 

Advances of 8,477 million euros (8,876 million euros at December 31, 2003) were received for contract work in progress and the 

relative payments of advances (mainly connected with work on the High-Speed Railway project), and are recorded in Payables (Note 

10). Net of these advances, Inventories total 6,455 million euros (6,484 million euros at December 31, 2003). 

5 Receivables 

At 6/30/2004 At 12/31/2003 

(in millions of euros) Trade Other Total Trade Other Total 

Total Receivables 5,459 4,912 10,371 4,553 4,960 9,513 

Of which: 

Receivables included in working capital 5,459 3,062 8,521 4,553 3,081 7,634 

Deferred tax assets – 1,850 1,850 – 1,879 1,879 

Receivables, which have been broken down into Trade receivables and Other receivables, are net of the respective allowances for 

doubtful accounts. Other receivables include amounts due from the Tax Authorities, Deferred tax assets (Note 9), security deposits 

and miscellaneous receivables. 

Compared with December 31, 2003 receivables increased by 858 million euros. This change is mainly due to the increase in Trade 

receivables in the Automobile Sector, in the Agricultural and Construction Equipment Sector and in the Commercial Vehicles Sector 

due to seasonal factors and increased activity. 

Receivables due beyond five years total 13 million euros at June 30, 2004 (12 million euros at December 31, 2003). 

6 Financial assets not held as fixed assets 



Investments 34 32 

Other securities 3,330 3,845 

Treasury stock 26 32 

Financial receivables 9,511 10,750 

Total Financial assets not held as fixed assets 12,901 14,659 

At June 30, 2004 the item Other securities included investment in bonds, short-term commercial paper, and highly rated liquidity 

funds of leading international banks that were subscribed to primarily for the purpose of temporary and highly liquid investments 

of available cash. 

Treasury stock consists of 4,384,025 Fiat ordinary shares held by Fiat S.p.A. and Fiat Ge.Va. S.p.A. with a total par value of 26 million 

euros, after a negative adjustment of 2 million euros to market values at June 30, 2004. 

Financial receivables total 9,511 million euros at June 30, 2004 (10,750 million euros at December 31, 2003) and consist of: financing 

granted to retail customers as well as dealer network and suppliers for 7,164 million euros (7,914 million euros at December 31, 2003). 

Financial receivables also include financing mainly granted to unconsolidated subsidiaries and associated companies. The item also 

includes the net value of subordinated securities of 297 million euros (214 million euros at December 31, 2003) subscribed to as part 

of the securitization of financial receivables. The 1,239 million euro decrease is due primarily to a reduction in the receivables 

portfolio (750 million euros) and reimbursement of the restricted deposit for the equity swap on GM shares that was closed during 

the first half (196 million euros). 

Receivables due beyond five years amount to 610 million euros at June 30, 2004 (422 million euros at December 31, 2003).

7 Accrued income and prepaid expenses 


Commercial accrued income and prepaid expenses 422 407 

Financial accrued income and prepaid expenses 333 386 

Total Accrued income and prepaid expenses 755 793 

Financial accrued income and prepaid expenses mainly includes day-to-day interest earned on securities and derivative financial 

instruments. 

8 Stockholders’ equity 

Statement of changes in Stockholders’ equity of the Group 


Retained earnings, 

other reserves, 

net loss for the 

Treasury period and 

Additional stock cumulative 

Capital paid-in Legal valuation translation 

(in millions of euros) stock capital reserve reserve adjustments Total 

Balance at December 31, 2003 4,918 279 659 32 905 6,793 

Change in treasury stock – – – (6) 6 – 

Fiat S.p.A. fiscal 2003 loss covered by Additional 

paid-in capital and Legal reserve – (279) (212) – 491 – 

Foreign exchange translation adjustments and 

other minor changes – – – – 162 162 

Net Income (Loss) – – – – (658) (658) 

Balance at June 30, 2004 4,918 – 447 26 906 6,297 

The Stockholders’ equity of the Group decreased by 496 million euros from December 31, 2003. This change reflects the decrease 

of 658 million euros deriving from the net loss for the period, positive foreign exchange differences from conversion of the financial 

statements of subsidiaries denominated in currencies other than the Euro, and other minor changes totaling 162 million euros. 

Capital stock, fully paid-in, amounts to 4,918 million euros at June 30, 2004 and consists of 983,622,708 shares as follows: 

❚ 800,417,598 ordinary shares; 

❚ 103,292,310 preference shares; 

❚ 79,912,800 savings shares; 

all with a par value of 5 euros each. 

For more complete information on the Capital of the Company, please refer to Note 12 of the Consolidated Financial Statements at 

December 31, 2003. However, the following highlights are provided here: 

❚ pursuant to resolutions by the Board of Directors on December 10, 2001 and June 26, 2003, the capital may be further increased 

through rights offerings for a maximum of 82 million euros, and thus reach a total of 5 billion euros, with the issuance of a 

maximum of 16,377,292 ordinary shares at a par value of 5 euros each on February 1, 2007, following exercise of the residual “FIAT 

ordinary share warrants 2007” issued as part of the capital increase of February 2002 and still outstanding; 

❚ pursuant to the resolution by the Extraordinary Stockholders’ Meeting on September 12, 2002, the Board of Directors has the right 

to increase the capital once or several times by September 11, 2007, up to a maximum of 8 billion euros, of which 3 billion euros 

are to be reserved, pursuant to paragraph 7 of Article 2441 Italian Civil Code, to the banks that subscribed to the “Convertible” 

facility described in Note 10 if the financing has not been reimbursed by the contractually envisaged deadline of September 16, 

2005. In fact, in this case, any residual liability for principal will be reimbursed in the form of ordinary shares of Fiat S.p.A. which 

the banks have agreed to underwrite and offer pre-emptively to all Fiat stockholders; 

❚ the resolutions for the capital increases servicing the stock option plans (28 million euros) were revoked, as the Board of Directors 

decided on June 26, 2003 to use ordinary treasury stock to be purchased for this purpose.

9 Reserves for risks and charges 

(in millions of euros) At 6/30/2004 At 12/31/2003 Change 

Reserve for pensions and similar obligations 1,545 1,503 42 

Income tax reserves: 

Current income tax reserve 78 98 (20) 

Deferred income tax reserve 236 211 25 

Total Income tax reserves 314 309 5 

Other reserves: 

Warranty reserve 825 791 34 

Restructuring reserves 437 471 (34) 

Various liabilities and risk reserves 2,361 2,216 145 

Total Other reserves 3,623 3,478 145 

Insurance policy liabilities and accruals 93 89 4 

Total Reserves for risks and charges 5,575 5,379 196 

The Deferred income tax reserve at June 30, 2004 includes deferred tax liabilities, net of Deferred tax assets, that have been offset 

where possible by the individual companies. The net balance of the Deferred income tax reserve and Deferred tax assets posted 

under other receivables is broken down as follows: 

(in millions of euros) At 6/30/2004 At 12/31/2003 Change 

Deferred income tax reserves 236 211 25 

Deferred tax assets (1,850) (1,879) 29 

Total (1,614) (1,668) 54 

The net change with respect to December 31, 2003 shows net assets that are lower by 54 million euros. This change derives from use 

of previously allocated deferred tax assets and new provisions for 82 million euros, net of foreign exchange effect for 18 million euros 

and change in the scope of consolidation and other minor changes for 10 million euros. 

The Various liabilities and risk reserves totaled 2,361 million euros at June 30, 2004 (2,216 million euros at December 31, 2003) and 

represent provisions for contractual and commercial risks and litigation. The increase of 145 million euros with respect to December 

31, 2003 is mainly attributable to the Automobile and Commercial Vehicles Sectors. 

10 Payables 



(in millions of euros) Trade Financial Other Total Trade Financial Other Total 

Total Payables 11,838 21,987 11,524 45,349 12,588 22,034 11,618 46,240 

Payables decreased from the amount at December 31, 2003 by 891 million euros. This change is mainly due to the decrease in Trade 

payables for 750 million euros. The decrease mainly refers to the Automobile Sector, which in the first six months of 2004 witnessed 

a leveling off in production levels that had significantly increased in the last quarter of 2003 due to the introduction of new models. 

Financial payables include the bond convertible into 32,053,322 General Motors Corp. common stock (“Exchangeable GM”), at a 

conversion price of 69.54 U.S. dollars per share, for the residual amount of 1,689 million dollars corresponding to 1,389 million euros. 

At December 31, 2003, the bond amounted to 2,229 million dollars, equivalent to 1,765 million euros: the decrease, realized during 

the first half of 2004, is due to the repurchase of 540 million dollars in bonds to be cancelled. Pursuant to the contractually envisaged 

right of each bondholder to request early reimbursement of all or part of its bonds, with payment at July 9, 2004, reimbursement 

for a total of 1,672 million dollars (with a countervalue of 1,375 million euros at the exchange rates applicable on June 30, 2004) 

in bonds was requested in June 2004, and this amount was reimbursed on the aforesaid due date. It should be pointed out that, with 

reference to the risk, implicit in the bond, of an increase in the General Motors share price above 69.54 U.S. dollars, a Total Return 

Equity Swap agreement was put into place as described in Note 12. 

Financial payables also include the 3 billion euro Mandatory Convertible facility stipulated in execution of the Framework 

Agreement, dated May 27, 2002, with Capitalia, Banca Intesa, SanPaolo IMI and later Unicredito Italiano (the “Lending Banks”)

for the purpose of providing the Fiat Group with the financial support it needs to implement its strategic and industrial plans. The 

facility, which has a term of three years, was secured on September 24, 2002 from a syndicate of banks in which BNL, Monte dei 

Paschi di Siena, ABN Amro, BNP Paribas, Banco di Sicilia and Banca Toscana also participated. The main features of the Mandatory 

Convertible facility are described in detail at Note 12 of the Consolidated Financial Statements at December 31, 2003. The Group 

is continuing to operate in compliance with the targets agreed upon with the “Lending Banks” under the Mandatory Convertible 

facility agreement in terms of reducing its net financial position to 3 billion euros and reducing gross indebtedness to 23.6 billion 

euros. At June 30, 2004, gross indebtedness totals 22.4 billion euros, while the pro-forma net financial position (computed by 

subtracting from the net financial position the Citigroup loan of approximately 1,150 million euros, as envisaged in the facility 

agreement) continues to be within the terms contractually agreed with the lending banks. In July 2004, the ratings assigned to the 

Fiat Group by the leading rating agencies belonged to the non investment grade category. However, the lending banks have not 

exercised the related right to demand early repayment of the convertible facility. 

Also included in financial payables is approximately 1,150 million euros of financing secured from Citigroup and a small group of 

banks that is guaranteed by the EDF put option (refer to the EDF Put described in Note 3 of the Consolidated Financial Statements 

at December 31, 2003) held by the Fiat Group on its residual investment (24.6%) in Italenergia Bis and the shares in the same 

Italenergia Bis pledged by Fiat. This financing will be due in May 2005. 

The principal bond issues outstanding at June 30, 2004 are as follows: 

Face value of Outstanding 

outstanding amount 

(in millions) Currency bonds Coupon Maturity in euros 

Euro Medium Term Notes: 

Fiat Fin. North America USD 69 5.020% 19-Oct-04 57 

Fiat Fin. North America EUR 100 5.125% 21-Feb-05 73 

Fiat Finance & Trade EUR 155 Indexed 05-Jul-05 155 

Fiat Finance & Trade EUR 130 Indexed 05-Jul-05 130 

Fiat Finance & Trade EUR 500 6.125% 01-Aug-05 500 

Fiat Finance & Trade EUR 300 6.125% 01-Aug-05 300 

Fiat Finance & Trade GBP 120 7.000% 19-Oct-05 179 

Fiat Finance & Trade (1) EUR 1,700 5.750% 25-May-06 1,700 

Fiat Finance Canada EUR 100 5.800% 21-Jul-06 80 

Fiat Finance & Trade (1) EUR 500 5.500% 13-Dec-06 500 

Fiat Finance & Trade (1) EUR 1,000 6.250% 24-Feb-10 1,000 

Fiat Finance & Trade (1) EUR 1,300 6.750% 25-May-11 1,300 

Fiat Finance & Trade (1) EUR 617 (2) (2) 617 

Others (3) 467 

Total Euro Medium Term Notes 7,058 

Convertible bonds: 

Fiat Fin. Luxembourg (4) USD 1,689 3.250% 09-Jul-04 1,389 

Total Convertible bonds 1,389 

Other bonds: 


Fiat Finance & Trade JPY 40,000 1.500% 27-Jun-05 302 

CASE LLC USD 218 7.250% 01-Aug-05 180 

CASE CREDIT Corp. USD 127 6.750% 21-Oct-07 104 

CNH Inc. USD 1,050 9.250% 01-Aug-11 864 

CNH Inc. USD 500 6.000% 01-Jun-09 411 

CASE LLC USD 254 7.250% 15-Jan-16 209 

Others (3) 25 

Total Other bonds 2,095 

Total Bonds 10,542 

(1) Bonds listed on the Mercato Obbligazionario Telematico of the Italian Stock Exchange (EuroMot). Note that most of the bonds issued by the Fiat Group are also listed on the 

Luxembourg Stock Exchange. 

(2) “Fiat Step-Up Amortizing 2001-2011” Bond with reimbursement at par in 5 equal annual installments, each representing 20% of the total amount issued (617 million euros) payable 

starting in the sixth year (November 7, 2007) through reduction by one-fifth of the par value of each outstanding security. The last installment will be paid on November 7, 2011. 

The bond pays a coupon of: 4.40% for the first year (11/7/2002), 4.60% in the second year (11/7/2003), 4.80% in the third year (11/7/2004), 5.00% in the fourth year (11/7/2005), 5.20% 

in the fifth year (11/7/2006), 5.40% in the sixth year (11/7/2007), 5.90% in the seventh year (11/7/2008), 6.40% in the eighth year (11/7/2009), 6.90% in the ninth year (11/7/2010), and 7.40% 

in the tenth year (11/7/2011). 

(3) Bonds whose countervalue is equal to or less than 50 million euros. 

(4) Bonds exchangeable for General Motors Corp. ordinary shares.

The principal reimbursements carried out during the first half of 2004 were for the bonds issued in March 1999 by Fiat Finance 

and Trade for 1 billion euros, reimbursed at their scheduled due date of March 31, 2004, in addition to the previously mentioned 

repurchase of the 540 million dollars at par of the bond exchangeable for General Motors Corp. shares. In contrast, Case New 

Holland Inc. issued high-yield bonds in May with a par value of 500 million dollars and maturity on June 1, 2009. 

The Fiat Group intends to reimburse the issued bonds in cash at maturity by using available liquidity. In this regard, note that on 

June 30, 2004 cash totaled 6.9 billion euros. In addition, the Fiat Group has available unused committed credit facilities totaling 

over 2 billion euros. 

Fiat Group companies might periodically repurchase bonds issued by the Group on the market in order to cancel them, among other 

purposes. These repurchases, if carried out, will depend on market conditions, the Group’s financial position, and other factors that 

might influence these decisions. 

Other Payables include advances received totaling 8,772 million euros at June 30, 2004 (9,149 million euros at December 31, 2003), 

of which 8,477 million euros as Advance payments on contract work in progress (8,876 million euros at December 31, 2003), that 

consist of the payments received for work progress by the companies managing multi-year contract work. 

Payables due beyond five years amount to 4,598 million euros at June 30, 2004 (3,955 million euros at December 31, 2003). At June 

30, 2004, payables amounting to 1,233 million euros (1,234 million euros at December 31, 2003) are secured by mortgages and other 

guarantees on fixed assets. 

11 Accrued expenses and deferred income 



Commercial accrued expenses and deferred income 1,365 1,329 

Financial accrued expenses and deferred income 852 956 

Total Accrued expenses and deferred income 2,217 2,285 

Financial accrued expenses and deferred income include interest expenses on financial payables for the part attributable to the 

period, and deferred interest income on the receivables portfolio of the financial services companies. 

12 Memorandum accounts 

Guarantees granted 

At June 30, 2004, the Group has provided Guarantees totaling 6,048 million euros (6,430 million euros at December 31, 2003). 

Suretyships total 2,669 million euros at June 30, 2004 (3,060 million euros at December 31, 2003). The 391-million-euro decrease 

stems mainly from deconsolidation of Fiat Engineering. 

Other Unsecured guarantees include commitments for receivables and bills discounted with recourse totaling 2,064 million euros 

(2,203 million euros at December 31, 2003), which refer to trade receivables and other receivables for 2,022 million euros (2,144 

million euros at December 31, 2003) and financial receivables for 42 million euros (59 million euros at December 31, 2003). The 

volume of receivables and bills discounted with recourse during the first half of 2004 was 9,047 million euros (8,544 million euros 

in the first half of 2003 and 15,341 million euros in fiscal 2003). 

Although not included in the Memorandum accounts, the Group discounted receivables and bills without recourse having due dates 

beyond June 30, 2004 amounting to 9,168 million euros (9,852 million euros at December 31, 2003, with due dates beyond that date). 

They refer to trade receivables and other receivables for 4,622 million euros (4,638 million euros at December 31, 2003) and financial 

receivables for 4,546 million euros (5,214 million euros at December 31, 2003). The discounting without recourse of financial 

receivables principally refers to securitization transactions involving accounts receivable from the end (retail) customers of the 

financial services companies. The volume of receivables and bills discounted without recourse during the first six months of 2004 

was 16,107 million euros (15,873 million euros in the first half of 2003 and 33,298 million euros in fiscal 2003).


In summary, the discounted receivables and bills at June 30, 2004 are as follows: 


Trade Receivables Trade Receivables 

and Other Financial and Other Financial 

(in millions of euros) Receivables Receivables Total Receivables Receivables Total 

With recourse 2,022 42 2,064 2,144 59 2,203 

Without recourse 4,622 4,546 9,168 4,638 5,214 9,852 

Commitments 

Commitments amount to 31,135 million euros (31,477 million euros at December 31, 2003) and include commitments for derivative 

financial instruments of 19,881 million euros (20,798 million euros at December 31, 2003). Other commitments amounting to 10,855 

million euros (10,350 million euros at December 31, 2003) include a commitment of 8,090 million euros (8,011 million euros at 

December 31, 2003) under the contract between Fiat S.p.A. as General Contractor, and Treno Alta Velocità - T.A.V. S.p.A. for the 

design and construction of high-speed railway lines between Bologna-Florence and Turin-Milan; similar commitments have been 

made by the subcontractors in favor of Fiat S.p.A. 

As of June 30, 2004 the total outstanding amount of commitments for derivative financial instruments is broken down as follows: 

❚ contracts to hedge foreign exchange risks of 3,857 million euros (4,830 million euros at December 31, 2003); 

❚ contracts to hedge interest rate risks of 13,700 million euros (14,142 million euros at December 31, 2003); 

❚ contracts for combined hedging of foreign exchange and interest rate risks of 873 million euros (848 million euros at 

December 31, 2003); 

❚ equity swaps of 62 million euros (978 million euros at December 31, 2003); 

❚ call options on General Motors ordinary shares for a value of 1,389 million euros (all of which were purchased in the first half 

of the year). 

These transactions, reflecting the notional principal amount, are not subject to risks that may derive from the non-fulfillment by 

the counterparties insofar as the contracts are entered into with several primary national and international financial institutions. 

The decrease of 917 million euros in commitments related to derivative financial instruments compared to the figure at December 31, 

2003 is mainly due to the maturity of contracts in the period concerned. 

With particular regard to the previously mentioned equity swap agreements, the amount at December 31, 2003 of 978 million euros 

included, for 916 million euros, the notional amount of the equity swap stipulated in 2002 at the same time as the sale of the General 

Motors shares and which was put into place to hedge the risk, implicit in the Exchangeable bonds described previously, of an 

increase in the General Motors share price above the conversion price (Note 10). During the first half of 2004 this equity swap was 

terminated and a financial income of 331 million of euros was realized; in order to hedge the risk implicit in the Exchangeable bonds, 

the equity swap was replaced by the purchase of call options on General Motors ordinary shares. 

The consolidated statement of operations for the first half of the year includes the effects both of the contracts that expired during 

the first half of 2004 and the accruals for the contracts expiring after June 30, 2004, as indicated in the accounting principles 

described in the Notes to the Consolidated Financial Statements at December 31, 2003. 

Other commitments and important contractual rights 

Although they are not included in the Memorandum accounts, the Fiat Group also has important commitments and rights deriving 

from outstanding agreements. These commitments and rights are described in Note 3 and Note 14 of the consolidated financial 

statements at December 31, 2003, to which the reader is referred insofar as no changes occurred in the first half. In particular, these 

involve commitments and rights regarding: 

❚ Relationships with Synesis Finanziaria for the investment in Fidis Retail Italia; 

❚ Relationships with EDF and the banks for the Italenergia Bis investment; 

❚ Relations with General Motors; 

❚ Relations with Mediobanca deriving from the sale of 34% of the capital stock of Ferrari S.p.A. in 2002; 

❚ Relations of Teksid with the partner Norsk Hydro concerning the subsidiary Meridian Technologies; 

❚ Relations of Fiat with Renault concerning the subsidiary Teksid.

Group assets held by third parties 

Group assets held by third parties total 3,183 million euros at June 30, 2004 (4,496 million euros at December 31, 2003) with a 

decrease of 1,313 million euros compared to December 31, 2003. Group assets held by third parties include securities deposited 

with banks and other financial institutions totaling 648 million euros (1,042 million euros at December 31, 2003). This item also 

includes tangible fixed assets, products and goods of some Automotive Sectors held by outside suppliers for processing, which 

total 2,535 million euros (3,454 million euros at December 31, 2003). 

Lawsuits and controversies 

The Parent Company and certain subsidiaries are party to various lawsuits and controversies. Nevertheless, it is believed that the 

resolution of these controversies will not cause significant liabilities for which specific risk reserves have not already been set aside. 

Consolidated Statement of Operations 

13 Value of production 

The Value of production amounted to 24,149 million euros in the first half of 2004 (26,152 million euros in the first half of 2003) with a 

decrease of 7.7% with respect to the first half of 2003. On a comparable consolidation basis, there would be an increase of 

approximately 3% with respect to the same period of last year. 

Revenues from sales and services and Change in contract work in progress 

Revenues from sales and services and Change in contract work in progress totaled 23,508 million euros in the first half of 2004, as 

against 24,774 million euros in the first half of 2003, with a decrease of 5.1%. On a comparable consolidation basis, there would be an 

increase of approximately 6%. 

This item includes 23,466 million euros for Revenues from sales and services (24,393 million euros in the first half of 2003) and 42 

million euros for the Change in contract work in progress (381 million euros in the first half of 2003). 

The distribution of Revenues from sales and services and the Change in contract work in progress (net of intra-Group transactions) by 

business sector and geographical area of destination is as follows: 

Net revenues by Sector 



Automobiles 10,378 10,052 

Agricultural and Construction Equipment 5,029 4,794 

Commercial Vehicles 4,366 4,068 

Ferrari - Maserati 732 621 

Components 1,327 1,035 

Production Systems 589 829 

Metallurgical Products 406 381 

Aviation – 625 

Insurance – 1,626 

Services 376 479 

Publishing and Communications 217 183 

Other companies 88 81 

Total Net revenues by Sector 23,508 24,774

Net revenues by destination 


Italy 7,601 9,060 

Europe (excluding Italy) 9,475 9,699 

North America 3,063 3,134 

Mercosur 1,483 1,175 

Other areas 1,886 1,706 

Total Net revenues by destination 23,508 24,774 

14 Costs of production 

The Costs of production amount to 24,289 million euros (26,519 million euros in the first half of 2003) with a decrease of 8.4% with 

respect to the first half of 2003. On a comparable consolidation basis, there would be an increase of 1.5%. 

The main components of this item and the changes that occurred during the period can be described as follows: 

Raw materials, supplies and merchandise total 14,502 million euros (14,177 million euros in the first half of 2003) with an increase of 

2.3%. On a comparable consolidation basis, there would be an increase of 3.3%. This total is equivalent to 61.9% of revenues (63.3% 

in the first six months of 2003). 

Services total 4,092 million euros in the first half of 2004 (4,891 million euros in the first half of 2003) with a decrease of 16.3%. On a 

comparable consolidation basis, there would be a decrease of 3.6%. This total is equivalent to 17.3% of revenues, as against 19% 

in the first six months of 2003. Service costs include, inter alia, outsourcing of work, external maintenance costs, transport expenses, 

external information system and telecommunication expenses, and advertising expenses. 

Personnel costs total 3,164 million euros in the first half of 2004 (3,587 million euros in the first half of 2003) and decreased by 

11.8% with respect to the corresponding period in 2003. On a comparable consolidation basis, there would be a decrease of 7.5%. 

Personnel costs represent 13.4% of revenues as against 15.3% in the first six months of 2003. The decrease was mainly due to the 

lower average number of employees, for a total of 161,827 persons in the first half of 2004, against 178,102 employees in the first 

half of 2003 due to changes in the scope of consolidation and a net reduction of employees primarily in the automotive Sectors 

and in the Services Sector. 

15 Financial income and expenses 

Investment income 



Investment income 3 17 

Investment income amounts to 3 million euros. It includes 1 million euros in gains on disposals of short-term investments (3 million 

euros in the first half of 2003), 2 million euros in Dividends (9 million euros in the first half of 2003). In the first half of 2004 no tax credit 

on dividends was recorded (5 million euros in the first half of 2003). 

Other financial income and Interest and other financial expenses 

The following analysis of Other financial income and Interest and other financial expenses presents the amounts shown in the 

statement of operations as well as the amounts of income and expenses of the Group’s financial companies presented in the 

statement of operations under Revenues from sales and services for 501 million euros and Interest and other expenses of financial 

services companies for 234 million euros, respectively. The last line in the tables shows Other financial income and Interest and other 

financial expenses as shown on the statement of operations, excluding the financial activities.

Other financial income 


Interest earned and other income 209 248 

Interest from customers and lease payments 501 771 

Income from derivative financial instruments 608 424 

Foreign exchange gains, net – 38 

Total Other financial income 1,318 1,481 

of which: 

Other financial income excluding financial services companies 817 710 

Interest and other financial expenses 


Bond interest 300 343 

Bank interest 234 364 

Interest paid and other financial expenses 420 452 

Expenses from derivative financial instruments 254 345 

Foreign exchange losses, net 25 – 

Total Interest and other financial expenses 1.233 1,504 

of which: 

Interest and other financial expenses, excluding financial services companies 999 1,137 

In the first half of 2004 the total of Other financial income of 1,318 million euros (1,481 million euros in the first half of 2003) net of 

total Interest and other financial expenses of 1,233 million euros (1,504 million euros in the first half of 2003) resulted in net financial 

income of 85 million euros, compared to net financial expenses of 23 million euros in the first half of 2003. The 108-million-euro 

difference is mainly due to the increase in net financial expenses for 311 million euros as a result of the sale of the Toro Assicurazioni 

Group, FiatAvio S.p.A., the retail financing activities of Fiat Auto, and the reduction thereof by 331 million euros as the positive, 

non-recurring effect of the termination of the equity swap on General Motors shares in the first half of 2004 (Note 12). The 

improvement, determined on a comparable consolidation basis and net of the cited non-recurring income, thus totals 88 million 

euros and is largely attributable to the lower level of average indebtedness and lower interest rates. 

Interest and other financial expenses include discounted receivables and securitization expenses for 112 million euros in the first 

half of 2004 (148 million euros in the first six months of 2003). 

16 Adjustments to financial assets 


Revaluations of: 

Equity investments 68 60 

Securities held as current assets other than equity investments 2 14 

Total Revaluations 70 74 

Writedowns of: 


Equity investments 33 119 

Securities held as current assets other than equity investments 1 10 

Financial receivables 1 1 

Total Writedowns 35 130 

Total Adjustments to financial assets 35 (56) 

The Revaluations and Writedowns of equity investments essentially include the Group’s interest in net income and losses of the 

companies accounted for using the equity method.

Revaluations of equity investments in the first half of 2004 amount to 68 million euros (60 million euros in the first half of 2003) 

and refer to the following companies (in millions of euros): BUC-Banca Unione di Credito, 7 (8 in 2003), other companies in the 

Automobile Sector, 30 (14 in 2003); other companies of CNH Global N.V., 14 (6 in 2003); and other companies, 17 (32 in 2003). 

Writedowns of equity investments in the first half of 2004 amount to 33 million euros (119 million euros in the first half of 2003) and 

refer to the following companies (in millions of euros): other companies in the Automobile Sector 14 (22 in 2003), other CNH Global 

N.V. companies 5 (1 in 2003), and other investments 14 (30 in 2003). In the first half of 2003 the item also included writedowns of the 

following investments (in millions of euros): Atlanet S.p.A. 12 (in 2004 consolidated on a line-by-line basis) and equity investments of 

the Toro Assicurazioni Group 54. 

17 Extraordinary income and expenses 


Extraordinary income 

Gains on disposals of investments and other fixed assets 98 559 

Other income: 

Prior period income and other income 26 39 

Total Other income 26 39 

Total Extraordinary income 124 598 

Extraordinary expenses 

Losses on disposal of investments and other fixed assets 1 36 

Other expenses: 


Extraordinary provisions to reserves 123 70 

Prior period expenses and other expenses 123 229 

Total Other expenses 246 299 

Total Extraordinary expenses 247 335 

Total Extraordinary income and expenses (123) 263 

In the first half of 2004, Gains on disposals of investments and other fixed assets total 98 million euros. They include the gains on 

the following sales (in millions of euros): Fiat Engineering 60, investment in Edison 32, other minor 6. 

In the first half of 2003, Gains on disposals of investments and other fixed assets totaled 559 million euros and referred to 

the following disposals (in millions of euros): sale of the Toro Assicurazioni Group 427 (390 net of expenses associated with the 

transaction classified as extraordinary expenses); sale of the retail financing activities of Fiat Auto in Brazil 108 (107 net of expenses 

associated with the transaction for 1 million euro); sale of a 55.95% investment in I.P.I. S.p.A. 15; sale of a 50.1% investment in 

IN ACTION S.r.l. 8 and other minor 1. 

Prior period income and Other income of 26 million euros (39 million euros in the first half of 2003) refer to non-recurring income 

mainly for the release of reserves, extraordinary in nature, that proved in excess of requirements. 

In the first half of 2004 Losses on disposal of investments and other fixed assets amounted to 1 million euros. In the first half of 2003 

Losses on disposal of investments and other fixed assets amounted to 36 million euros and referred to the sale of the Fraikin Group 

for 25 million euros and other minor for 11 million euros. 

Other extraordinary expenses of 246 million euros in the first half of 2004 refer mainly to (in millions of euros): provisions for risks in 

relation to corporate restructuring transactions 107; provision for non-recurring risks 68, other prior period expenses and various 

other extraordinary costs 71. 

Other extraordinary expenses of 299 million euros in the first half of 2003 referred mainly to (in millions of euros): provisions for risks 

in relation to corporate restructuring transactions 86, flood damage at the Termoli plant 49, bank commissions paid to Mediobanca 

for the extension of the commitments undertaken by Mediobanca itself under the “Ferrari” contract 16, costs and other provisions 

connected with the sale of the Toro Assicurazioni Group 37, other prior period expenses and various other operating costs 111.

18 Income taxes for the period 

Income taxes on the consolidated statement of operations in the first half of 2004 consisted of the following: 


Current taxes: 


IRAP 67 58 

Other taxes 113 28 

Total Current taxes 180 86 

Deferred taxes for the period 82 81 

Total Income taxes for the period 262 167 

The increase in income taxes for the first half of 2004 is due to the increase in taxable foreign income of companies in the Agricultural 

and Construction Equipment, Commercial Vehicles, Metallurgical Products, and Components Sectors, and lower tax credits on 

dividends. 

Due to the negative result for the first half of 2004 and the first half of 2003, the comparison between the actual tax rate applicable to 

the Group and the theoretical rate has no significance. 

19 Other information 

❚ During the first half of 2004, the Group had an average number of 161,827 employees, compared to 178,102 during the first six 

months of 2003. 

❚ A list of the principal exchange rates used to convert the amounts reported by companies outside the Euro zone into the Euro 

currency is provided below: 

1st half 2004 At Dec. 31, 2003 1st half 2003 

Average At June 30 Average At June 30 

US dollar 1.227 1.216 1.263 1.105 1.143 

Pound sterling 0.673 0.671 0.705 0.686 0.693 

Swiss franc 1.553 1.524 1.558 1.492 1.554 

Polish zloty 4.733 4.524 4.717 4.269 4.457 

Brazilian real 3.644 3.777 3.649 3.578 3.281 

Argentine peso 3.571 3.602 3.713 3.331 3.200

Net revenues, Operating income, Depreciation and amortization, Capital expenditures and Total assets by activity area 

Net revenues Depreciation Total 

Operating and Capital Assets 

(in millions of euros) Third Parties Intersegment (*) Total Income Amortization expenditure (*****) 

First Half 2004 

Automobiles 10,378 84 10,462 (474) 453 482 19,829 

Agricultural and Construction Equipment 5,029 30 5,059 229 203 77 14,301 

Commercial Vehicles 4,366 173 4,539 147 158 39 9,516 

Ferrari - Maserati 732 3 735 (59) 57 69 1,034 

Components 1,327 655 1,982 43 99 50 2,562 

Production Systems 589 176 765 (3) 23 5 3,721 

Metallurgical Products 406 60 466 16 24 12 752 

Services 376 393 769 15 17 5 777 

Publishing and Communications 217 4 221 9 3 1 243 

Other companies and Eliminations (****) 88 (1,578) (1,490) (63) 42 (1) 8,665 

Group Total 23,508 0 23,508 (140) 1,079 739 61,400 

First Half 2003 


Automobiles 10,052 97 10,149 (568) 486 396 20,908 

Agricultural and Construction Equipment 4,794 6 4,800 105 227 102 12,928 

Commercial Vehicles 4,068 107 4,175 22 149 86 9,108 

Ferrari - Maserati 621 3 624 (16) 47 82 965 

Components 1,035 576 1,611 3 93 46 2,418 

Production Systems 829 253 1,082 (7) 29 8 4,125 

Metallurgical Products 381 58 439 5 26 20 739 

Aviation (**) 625 – 625 53 41 33 – 

Insurance (***) 1,626 28 1,654 44 16 – – 

Services 479 464 943 17 18 5 1,892 

Publishing and Communications 183 7 190 5 4 1 251 

Other companies and Eliminations (****) 81 (1,599) (1,518) (30) 49 (8) 9,377 

Group Total 24,774 0 24,774 (367) 1,185 771 62,711 

(*) Intersegment Net sales and revenues include revenues among consolidated Group companies relating to different Sectors. Intersegment sales are accounted for at transfer prices 

that are substantially in line with market conditions. 

(**) The Aviation Sector’s data is included up to the date of sale (July 1, 2003). 

(***) The Insurance Sector’s data is included up to the date of sale (May 2, 2003). 

(****) The Operating income (loss) of Other Companies amounts to -60 million euros in the first half of 2004 (-40 million euros in the first half of 2003). 

(*****) At June 30, 2004 and December 31, 2003.

Fiat S.p.A. — Financial Statements at June 30, 2004


56 Fiat S.p.A. Financial Statements at June 30, 2004 

Balance Sheet 

At 6.30.2003 At 6.30.2004 At 12.31.2003 

❚ ASSETS 

Fixed assets 

39 Intangible fixed assets 64 77 

46 Property, plant and equipment 44 45 

9,324 Financial fixed assets 6,856 7,282 

9,409 Total Fixed assets 6,964 7,404 

Current assets 

4,457 Inventories 5,930 5,237 

858 Receivables 516 694 

162 Financial assets not held as fixed assets 1,476 1,465 

5,477 Total Current assets 7,922 7,396 

3 Accrued income and prepaid expenses 9 12 

14,889 ❚ TOTAL ASSETS 14,895 14,812 


Stockholders’ equity 

3,082 Capital stock 4,918 4,918 

275 Additional paid-in capital – 279 

23 Revaluation reserve under Law 413 of 12/30/91 23 23 

659 Legal reserve 447 659 

16 Treasury stock valuation reserve 26 28 

1,116 Other reserves 1 1,104 

763 Retained earnings – 763 

(159) Net income/ (loss) for the period (555) (2,359) 

5,775 Total Stockholders’ equity 4,860 5,415 

61 Reserves for risks and charges 50 55 

24 Reserve for employee severance indemnities 14 14 

8,939 Payables 9,844 9,236 

90 Accrued expenses and deferred income 127 92 

14,889 ❚ TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 14,895 14,812 

❚ MEMORANDUM ACCOUNTS 

17,478 Guarantees granted 14,369 15,713 

7,902 Commitments 8,162 8,086 

15 Other memorandum accounts – – 

25,395 ❚ TOTAL MEMORANDUM ACCOUNTS 22,531 23,799


57 Fiat S.p.A. Financial Statements at June 30, 2004 

Statement of Operations 

2003 Fiscal year 1st half 2004 1st half 2003 

Value of production 

74 Revenues from sales and services 32 36 

20 Change in contract work in progress 7 10 

19 Other income and revenues 8 15 

113 Total Value of production 47 61 

Costs of production 

100 Services 52 47 

1 Leases and rentals – – 

98 Personnel costs 28 48 

30 Amortization, depreciation and writedowns 15 9 

14 Other charges 7 9 

243 Total Costs of production 102 113 

(130) Difference between the Value and the Costs of Production (55) (52) 

Financial income and expenses 

400 Investment income – 282 

54 Other financial income 31 22 

223 Interest and other financial expenses 104 115 

231 Total Financial income and expenses (73) 189 

Adjustments to financial assets 

– Revaluations 57 – 

2,379 Writedowns 485 224 

(2,379) Total Adjustments (428) (224) 

Extraordinary income and expenses 

– Extraordinary income 2 – 

20 Extraordinary expenses 1 16 

(20) Total Extraordinary income and expenses 1 (16) 

(2,298) Result for the period before taxes (555) (103) 

61 Income taxes for the period – 56 

(2,359) Result for the period (555) (159) 

Turin, September 9, 2004 

The Board of Directors 

By: 

Luca Cordero di Montezemolo 

Chairman

59 

Annex

As required by Consob Resolution No. 11971 of May 14, 1999 

as amended (Articles 81 and 126 of the Regulations), a complete 

list of the companies and significant equity investments of the 

Group is provided below. 

The companies on this list have been classified according to 

percentage of ownership, method of consolidation and type 

of business. The information provided for each company 

includes: name, registered office, country and capital stock 

Controlling company 

❚ Parent company 

60 Annex Fiat Group Companies at June 30, 2004 

Fiat S.p.A. Turin Italy 4,918,113,540 EUR – – – – 

Subsidiaries consolidated on a line-by-line basis 

❚ Automobiles 

Fiat Group Companies at June 30, 2004 

stated in the original currency. The percentage of Group 

consolidation and the percentage held by Fiat S.p.A. or 

its subsidiaries are also shown. 

A separate column shows the percentage held 

of the voting rights at the ordinary stockholders’ meeting, 

when this figure differs from the percentage interest held 

in the company. 

% of 

Group % of 

consoli- Interest % interest voting 

Name Registered office Country Capital stock Currency dation held by held rights 

Fiat Auto Holdings B.V. Amsterdam Netherlands 1,000,000 EUR 90.00 Fiat Partecipazioni S.p.A. 90.000 

Banco Fidis de Investimento SA São Paulo Brazil 116,235,465 BRL 89.97 Fiat Auto S.p.A. 94.968 

Fiat Automoveis S.A. - FIASA 5.000 

B.D.C. S.A. Brussels Belgium 23,651,294 EUR 90.00 Fiat Auto (Belgio) S.A. 99.998 

Fiat Auto (Suisse) S.A. 0.002 

Clickar Assistance S.r.l. a S.U. Turin Italy 335,632 EUR 90.00 Fidis S.p.A. 100.000 

Easy Drive S.r.l. a S.U. Turin Italy 10,400 EUR 90.00 Fiat Auto S.p.A. 99.000 

Fiat Center Italia S.p.A. 1.000 

FAL Fleet Services S.A.S. Trappes France 3,000,000 EUR 90.00 Fidis Renting Italia S.p.A. 100.000 

Fiat Auto Argentina S.A. Buenos Aires Argentina 463,938,188 ARS 90.00 Fiat Auto S.p.A. 63.336 


Fiat Auto (Belgio) S.A. Brussels Belgium 20,951,220 EUR 90.00 Fiat Finance Netherlands B.V. 99.998 


Fiat Auto Contracts Ltd Slough Berkshire United Kingdom 15,250,000 GBP 90.00 Fidis Renting Italia S.p.A. 100.000 

Fiat Auto Dealer Financing SA Brussels Belgium 62,000 EUR 89.86 Fiat Auto (Belgio) S.A. 99.839 

Fiat Auto Espana S.A. Alcalá De Henares Spain 57,696,960 EUR 90.00 Fiat Finance Netherlands B.V. 99.998 


Fiat Auto Financial Services Limited Slough Berkshire United Kingdom 2,250,000 GBP 90.00 Fiat Auto (U.K.) Ltd 100.000 

Fiat Auto Financial Services (Wholesale) Ltd. Slough Berkshire United Kingdom 1 GBP 90.00 Fiat Auto (U.K.) Ltd 100.000 

Fiat Auto (France) S.A. Trappes France 91,050,000 EUR 90.00 Fiat Finance Netherlands B.V. 99.999 

Fiat Auto Hellas S.A. Argyroupoli Greece 33,533,499 EUR 90.00 Fiat Finance Netherlands B.V. 100.000 

Fiat Auto (Ireland) Ltd. Dublin Ireland 5,078,952 EUR 90.00 Fiat Finance Netherlands B.V. 100.000 

Fiat Auto Japan K.K. Minatu-Ku. Tokyo Japan 420,000,000 JPY 90.00 Fiat Auto S.p.A. 100.000 

Fiat Auto Kreditbank GmbH Vienna Austria 5,000,000 EUR 90.00 Fiat Auto S.p.A. 50.000 

Fidis S.p.A. 50.000 

Fiat Auto Lease N.V. Utrecht Netherlands 454,000 EUR 90.00 Fidis Renting Italia S.p.A. 100.000 

Fiat Auto Maroc S.A. Casablanca Morocco 314,000,000 MAD 89.96 Fiat Auto S.p.A. 99.950 

Fiat Auto Nederland B.V. Lijnden Netherlands 5,672,250 EUR 90.00 Fiat Auto Holdings B.V. 100.000 

Fiat Auto Poland S.A. Bielsko-Biala Poland 660,334,600 PLN 90.00 Fiat Auto S.p.A. 100.000 

Fiat Auto Portuguesa S.A. Alges Portugal 8,000,000 EUR 90.00 Fiat Finance Netherlands B.V. 100.000 

Fiat Auto South Africa (Proprietary) Ltd Sandton South Africa 440 ZAR 90.00 Fiat Auto S.p.A. 100.000 

Fiat Auto S.p.A. Turin Italy 2,500,000,000 EUR 90.00 Fiat Auto Holdings B.V. 100.000 

Fiat Auto (Suisse) S.A. Geneva Switzerland 21,400,000 CHF 90.00 Fiat Auto S.p.A. 100.000

Subsidiaries consolidated on a line-by-line basis (continued) 






Fiat Auto (U.K.) Ltd Slough Berkshire United Kingdom 44,600,000 GBP 90.00 Fiat Finance Netherlands B.V. 100.000 

Fiat Auto Var S.r.l. a S.U. Turin Italy 10,200,000 EUR 90.00 Fiat Auto S.p.A. 100.000 

Fiat Automobil AG Heilbronn Germany 97,280,000 EUR 90.00 Fiat Finance Netherlands B.V. 99.000 


Fiat Automobil GmbH Vienna Austria 37,000 EUR 90.00 Fiat Finance Netherlands B.V. 100.000 

Fiat Automobil Vertriebs GmbH Frankfurt Germany 8,700,000 EUR 90.00 Fiat Automobil AG 100.000 

Fiat Automobiler Danmark A/S Glostrup Denmark 55,000,000 DKK 90.00 Fiat Finance Netherlands B.V. 100.000 

Fiat Automoveis S.A. - FIASA Betim Brazil 1,432,341,332 BRL 90.00 Fiat Auto S.p.A. 100.000 

Fiat Center Italia S.p.A. Turin Italy 2,000,000 EUR 90.00 Fiat Auto S.p.A. 100.000 

Fiat Center (Suisse) S.A. Geneva Switzerland 13,000,000 CHF 90.00 Fiat Auto (Suisse) S.A. 100.000 

Fiat CR Spol. S.R.O. Prague Czech Republic 1,000,000 CZK 90.00 Fiat Auto S.p.A. 100.000 

Fiat Credit Belgio S.A. Evere Belgium 3,718,403 EUR 90.00 Fiat Auto (Belgio) S.A. 99.999 

Fiat Credito Compania Financiera S.A. Buenos Aires Argentina 94,107,977 ARS 90.00 Fidis S.p.A. 99.999 

Fiat Auto Argentina S.A. 0.001 

Fiat Distribuidora Portugal S.A. Lisbon Portugal 450,300 EUR 90.00 Fiat Auto Portuguesa S.A. 100.000 

Fiat Finance Holding S.A. Luxembourg Luxembourg 2,300,000 EUR 90.00 Fiat Finance Netherlands B.V. 99.995 


Fiat Finance Netherlands B.V. Amsterdam Netherlands 690,000,000 EUR 90.00 Fiat Auto Holdings B.V. 100.000 

Fiat Händlerservice GmbH Heilbronn Germany 5,100,000 EUR 90.00 Fiat Automobil AG 100.000 

Fiat India Automobiles Private Limited Mumbai India 18,780,741,500 INR 90.00 Fiat Auto S.p.A. 100.000 

Fiat India Private Ltd. Mumbai India 14,917,862,500 INR 88.07 Fiat India Automobiles Private Limited 89.377 88.415 

Fiat Auto S.p.A. 8.478 9.245 

Fiat Magyarorszag Kereskedelmi KFT. Budapest Hungary 150,000,000 HUF 90.00 Fiat Auto S.p.A. 100.000 

Fiat Motor Sales Ltd Slough Berkshire United Kingdom 1,500,000 GBP 90.00 Fiat Auto (U.K.) Ltd 100.000 

Fiat SR Spol. SR.O. Bratislava Slovak Republic 1,000,000 SKK 90.00 Fiat Auto S.p.A. 100.000 

Fiat Versicherungsdienst GmbH Heilbronn Germany 26,000 EUR 94.90 Fiat Automobil AG 51.000 

Rimaco S.A. 49.000 

Fidis Credit Danmark A/S Glostrup Denmark 500,000 DKK 90.00 Fiat Finance Netherlands B.V. 100.000 

Fidis Dealer Services B.V. Utrecht Netherlands 698,000 EUR 90.00 Fiat Auto Nederland B.V. 100.000 

Fidis Faktoring Polska Sp. z o.o. Warsaw Poland 1,000,000 PLN 90.00 Fiat Finance Netherlands B.V. 100.000 

Fidis Finance Polska Sp. z o.o. Warsaw Poland 10,000,000 PLN 90.00 Fiat Finance Netherlands B.V. 100.000 

Fidis Hungary KFT Budapest Hungary 13,000 EUR 90.00 Fidis S.p.A. 100.000 

Fidis Renting Italia S.p.A. Turin Italy 70,300,000 EUR 90.00 Fiat Auto S.p.A. 100.000 

Fidis S.p.A. Turin Italy 311,232,342 EUR 90.00 Fiat Auto S.p.A. 99.900 

Nuove Iniziative Finanziarie 2 S.r.l. 0.100 

Finplus Renting S.A. Madrid Spain 455,991 EUR 90.00 Fidis Renting Italia S.p.A. 100.000 

Inmap 2000 Espana S.L. Alcalá De Henares Spain 12,020,000 EUR 90.00 Fiat Auto Espana S.A. 100.000 

International Metropolitan 

Automotive Promotion (France) S.A. Paris France 56,000 EUR 90.00 Fiat Auto (France) S.A. 100.000 

Italian Automotive Center S.A. Brussels Belgium 19,749,554 EUR 90.00 B.D.C. S.A. 100.000 

Sata-Società Automobilistica 

Tecnologie Avanzate S.p.A. Melfi Italy 276,640,000 EUR 90.00 Fiat Auto S.p.A. 100.000 

Savarent Società per Azioni Turin Italy 21,000,000 EUR 90.00 Fidis Renting Italia S.p.A. 100.000 

Sofice-Société de Financement 

des Concessionaires s.a.s. Trappes France 3,353,600 EUR 90.00 Fiat Auto (France) S.A. 100.000 

Tarfin S.A. Geneva Switzerland 500,000 CHF 90.00 Fiat Finance Netherlands B.V. 100.000 

Targa Infomobility S.p.A. Turin Italy 100,000 EUR 90.00 Fidis S.p.A. 100.000 

Targa Rent S.r.l. Turin Italy 310,000 EUR 90.00 Fidis S.p.A. 100.000 

Targasys Espana S.L. Alcalá De Henares Spain 5,000 EUR 90.00 Fiat Auto Espana S.A. 100.000 

Targasys Stock E.F.C. S.A. Alcalá De Henares Spain 5,108,799 EUR 90.00 Fiat Auto Espana S.A. 100.000







❚ Agricultural and Construction Equipment 

CNH Global N.V. Amsterdam Netherlands 318,194,818 EUR 84.85 Fiat Netherlands Holding N.V. 84.759 83.942 

CNH Global N.V. 0.109 0.000 

Austoft Industries Limited Bundaberg Australia 16,353,225 AUD 84.85 CNH Australia Pty Limited 100.000 

Banco CNH Capital S.A. Curitiba Brazil 223,346,577 BRL 84.85 CNH Global N.V. 59.761 

CNH Latin America Ltda. 40.239 

Bli Group Inc. Wilmington U.S.A. 1,000 USD 84.85 CNH America LLC 100.000 

Blue Leaf I.P. Inc. Wilmington U.S.A. 1,000 USD 84.85 Bli Group Inc. 100.000 

Case Brazil Holdings Inc. Wilmington U.S.A. 1,000 USD 84.85 CNH America LLC 100.000 

Case Canada Receivables Inc. Calgary Canada 1 CAD 84.85 Case Credit Corporation 100.000 

Case Credit Australia Investments Pty. Ltd. St. Marys Australia 187,360,048 AUD 84.85 CNH Australia Pty Limited 100.000 

Case Credit Corporation Wilmington U.S.A. 1,000 USD 84.85 CNH Capital Corporation 100.000 

Case Credit Holdings Limited Wilmington U.S.A. 5 USD 84.85 Case Credit Corporation 100.000 

Case Credit Ltd. Calgary Canada 1 CAD 84.85 Case Credit Corporation 99.500 

CNH Canada Ltd. 0.500 

Case Equipment Holdings Limited Wilmington U.S.A. 5 USD 84.85 CNH America LLC 100.000 

Case Equipment International Corporation Wilmington U.S.A. 1,000 USD 84.85 CNH America LLC 100.000 

Case Europe S.a.r.l. Roissy France 7,622 EUR 84.85 CNH America LLC 100.000 

Case Harvesting Systems GmbH Neustadt Germany 281,211 EUR 84.85 CNH America LLC 100.000 

Case India Limited Wilmington U.S.A. 5 USD 84.85 CNH America LLC 100.000 

Case International Marketing Inc. Wilmington U.S.A. 5 USD 84.85 CNH America LLC 100.000 

Case LBX Holdings Inc. Wilmington U.S.A. 5 USD 84.85 CNH America LLC 100.000 

Case Machinery (Shanghai) Co. Ltd. Shanghai People’s Rep.of China 2,250,000 USD 84.85 CNH America LLC 100.000 

Case Mexico S.A. Mexico Mexico 810,000 MXN 56.85 CNH America LLC 67.000 

Case New Holland Inc. Wilmington U.S.A. 5 USD 84.85 CNH Global N.V. 100.000 

Case New Holland Italia s.p.a. Modena Italy 15,600,000 EUR 84.85 CNH International S.A. 100.000 

Case United Kingdom Limited Basildon United Kingdom 3,763,618 GBP 84.85 CNH America LLC 100.000 

Case Wholesale Receivables Inc. Wilmington U.S.A. 1,000 USD 84.85 CNH America LLC 100.000 

CNH America LLC Wilmington U.S.A. 3,600 USD 84.85 Fiatallis North America Inc. 100.000 

CNH Argentina S.A. Buenos Aires Argentina 29,611,105 ARS 84.85 New Holland Holdings Argentina S.A. 80.654 

CNH America LLC 19.346 

CNH Australia Pty Limited St. Marys Australia 306,785,439 AUD 84.85 CNH Global N.V. 100.000 

CNH Belgium N.V. Zedelgem Belgium 27,268,300 EUR 84.85 CNH International S.A. 100.000 

CNH Canada Ltd. Toronto Canada 28,000,100 CAD 84.85 CNH Global N.V. 66.524 


CNH Capital Australia Pty. Ltd. St. Marys Australia 26,819,518 AUD 84.85 Case Credit Australia Investments Pty. Ltd. 100.000 

CNH Capital Benelux S.A. Zedelgem Belgium 54,458 EUR 84.85 CNH Global N.V. 99.000 

CNH Capital U.K. Ltd 1.000 

CNH Capital Corporation Wilmington U.S.A. 5 USD 84.85 CNH America LLC 100.000 

CNH Capital (Europe) plc Dublin Ireland 38,100 EUR 84.85 CNH Capital plc 99.984 

CNH Financial Services A/S 0.003 

CNH Financial Services S.r.l. 0.003 

CNH Global N.V. 0.003 

CNH International S.A. 0.003 

New Holland Financial Services Ltd 0.003 

CNH Trade N.V. 0.001 

CNH Capital Insurance Agency Inc. Wilmington U.S.A. 5 USD 84.85 Case Credit Corporation 100.000 

CNH Capital plc Dublin Ireland 6,386,790 EUR 84.85 CNH Global N.V. 100.000 

CNH Capital Receivables Inc. Wilmington U.S.A. 5 USD 84.85 Case Credit Corporation 100.000 

CNH Capital U.K. Ltd Basildon United Kingdom 10,000,001 GBP 84.85 CNH Global N.V. 100.000 

CNH Componentes, S.A. de C.V. São Pedro Mexico 135,634,842 MXN 56.85 CNH America LLC 67.000







CNH Danmark A/S Hvidovre Denmark 12,000,000 DKK 84.85 CNH International S.A. 100.000 

CNH Deutschland GmbH Heilbronn Germany 18,457,650 EUR 84.85 CNH International S.A. 100.000 

CNH Engine Corporation Wilmington U.S.A. 1,000 USD 84.85 CNH America LLC 100.000 

CNH Financial Services A/S Hvidovre Denmark 500,000 DKK 84.85 CNH Global N.V. 100.000 

CNH Financial Services GmbH Heilbronn Germany 200,000 EUR 84.85 CNH International S.A. 100.000 

CNH Financial Services S.A. Puteaux France 1,838,113 EUR 84.85 CNH Global N.V. 100.000 

CNH Financial Services S.r.l. Modena Italy 10,400 EUR 84.85 CNH Global N.V. 100.000 

CNH France S.A. Le Plessis-Belleville France 138,813,150 EUR 84.85 CNH International S.A. 100.000 

CNH Information Technology Company LLC Wilmington U.S.A. 0 USD 84.85 CNH America LLC 100.000 

CNH International S.A. Luxembourg Luxembourg 300,000,000 USD 84.85 CNH Global N.V. 100.000 

CNH Latin America Ltda. Contagem Brazil 349,790,624 BRL 84.85 CNH Global N.V. 87.881 

Case Brazil Holdings Inc. 10.606 

Case Equipment International Corporation 1.513 

CNH Maquinaria Spain S.A. Coslada Spain 21,000,000 EUR 84.85 CNH International S.A. 77.142 


CNH Österreich GmbH St. Valentin Austria 2,000,000 EUR 84.85 CNH Global N.V. 100.000 

CNH Polska Sp. z o.o. Plock Poland 162,591,660 PLN 84.85 CNH Belgium N.V. 100.000 

CNH Portugal-Comercio de Tractores 

e Maquinas Agricolas Ltda Carnaxide Portugal 498,798 EUR 84.85 CNH International S.A. 99.980 

Case New Holland Italia s.p.a. 0.020 

CNH Receivables Inc. Wilmington U.S.A. 1,000 USD 84.85 Case Credit Corporation 100.000 

CNH Serviços Técnicos e 

Desenvolvimento de Negocios Ltda Curitiba Brazil 1,000,000 BRL 84.85 Banco CNH Capital S.A. 100.000 

CNH Trade N.V. Amsterdam Netherlands 50,000 EUR 84.85 CNH Global N.V. 100.000 

CNH U.K. Limited Basildon United Kingdom 91,262,275 GBP 84.85 New Holland Holding Limited 100.000 

CNH Wholesale Receivables Inc. Wilmington U.S.A. 1,000 USD 84.85 Case Credit Corporation 100.000 

Fiat Kobelco Construction 

Machinery S.p.A. San Mauro Torinese Italy 80,025,291 EUR 63.32 Case New Holland Italia s.p.a. 59.625 


Fiatallis North America Inc. Wilmington U.S.A. 32 USD 84.85 Case New Holland Inc. 100.000 

Fiat-Kobelco Construction 

Machinery Belgium SA Herstal-lez-Liege Belgium 247,900 EUR 63.32 Fiat Kobelco Construction Machinery S.p.A. 100.000 

Flexi-Coil (U.K.) Limited York United Kingdom 1,000 GBP 84.85 CNH Canada Ltd. 100.000 

Harbin New Holland Tractors Co., Ltd. Harbin People’s Rep.of China 2,859,091 USD 84.85 New Holland Mauritius (Private) Ltd. 99.000 

CNH International S.A. 1.000 

HFI Holdings Inc. Wilmington U.S.A. 1,000 USD 84.85 CNH America LLC 100.000 

JV Uzcaseagroleasing LLC Tashkent Uzbekistan 0 USD 43.27 Case Credit Holdings Limited 51.000 

JV UzCaseMash LLC Tashkent Uzbekistan 0 USD 50.91 Case Equipment Holdings Limited 60.000 

JV UzCaseService LLC Tashkent Uzbekistan 0 USD 43.27 Case Equipment Holdings Limited 51.000 

JV UzCaseTractor LLC Tashkent Uzbekistan 0 USD 43.27 Case Equipment Holdings Limited 51.000 

Kobelco Construction 

Machinery America LLC Wilmington U.S.A. 0 USD 55.15 New Holland Excavator Holdings LLC 65.000 

Kobelco Construction Machinery Europe BV Almere Netherlands 567,225 EUR 63.32 Fiat Kobelco Construction Machinery S.p.A. 100.000 

MBA AG, Baumaschinen Bassersdorf Switzerland 4,000,000 CHF 84.85 CNH Global N.V. 100.000 

MultiRental Locacao de Maquinas 

e Equipamentos Ltda. Sorocaba Brazil 1,000,000 BRL 84.85 CNH Latin America Ltda. 100.000 

New Holland Australia Pty. Limited Riverstone Australia 3,500,000 AUD 84.85 CNH Australia Pty Limited 100.000 

New Holland (Canada) Credit Company Burlington Canada 1,000 CAD 84.85 CNH Canada Ltd. 99.000 

Case Credit Ltd. 1.000 

New Holland (Canada) 

Credit Holding Ltd. in liq. Toronto Canada 1 CAD 84.85 CNH Canada Ltd. 100.000 

New Holland Canada Ltd. Saskatoon Canada 10,403 CAD 84.85 CNH Canada Ltd. 100.000 

New Holland Credit Australia Pty Limited Riverstone Australia 11,507,150 AUD 84.85 CNH Capital Australia Pty. Ltd. 100.000 

New Holland Credit Company LLC Wilmington U.S.A. 0 USD 84.85 Fiatallis North America Inc. 100.000







New Holland Excavator Holdings LLC Wilmington U.S.A. 0 USD 84.85 CNH America LLC 100.000 

New Holland Financial Services Ltd Basildon United Kingdom 50,000 GBP 84.85 CNH Global N.V. 100.000 

New Holland Holding Limited London United Kingdom 165,000,000 GBP 84.85 CNH International S.A. 100.000 

New Holland Holdings Argentina S.A. Buenos Aires Argentina 23,555,415 ARS 84.85 CNH Global N.V. 100.000 

New Holland Ltd Basildon United Kingdom 1,000,000 GBP 84.85 CNH Global N.V. 100.000 

New Holland Mauritius (Private) Ltd. Port Louis Mauritius 78,571,333 USD 84.85 CNH Global N.V. 100.000 

New Holland Receivables Corporation Wilmington U.S.A. 10 USD 84.85 Fiatallis North America Inc. 100.000 

New Holland Retail Receivables Corporation I Las Vegas U.S.A. 1,000 USD 84.85 New Holland Credit Company LLC 100.000 

New Holland Retail Receivables Corporation II Las Vegas U.S.A. 1,000 USD 84.85 New Holland Retail Receivables Corporation I 100.000 

New Holland Tractor Ltd. N.V. Antwerp Belgium 9,631,500 EUR 84.85 New Holland Holding Limited 100.000 

New Holland Tractors (India) Private Ltd New Delhi India 210,920,725,750 INR 84.85 New Holland Mauritius (Private) Ltd. 100.000 

O & K - Hilfe GmbH Berlin Germany 25,565 EUR 84.85 O & K Orenstein & Koppel GmbH 100.000 

O & K Orenstein & Koppel GmbH Berlin Germany 61,355,030 EUR 84.85 CNH International S.A. 100.000 

Pryor Foundry Inc. Oklahoma City U.S.A. 1,000 USD 84.85 CNH America LLC 100.000 

Receivables Credit Corporation Calgary Canada 1 CAD 84.85 Case Credit Corporation 100.000 

Receivables Credit II Corporation Calgary Canada 1 CAD 84.85 Case Credit Corporation 100.000 

Receivables Credit III Corporation Calgary Canada 1 CAD 84.85 Case Credit Corporation 100.000 

RosCaseMash Saratov Russia 200,000 RUR 32.46 Case Equipment Holdings Limited 38.250 51.000 

Shanghai New Holland Agricultural 

Machinery Corporation Limited Shanghai People’s Rep.of China 35,000,000 USD 50.91 New Holland Mauritius (Private) Ltd. 60.000 

❚ Commercial Vehicles 

Iveco S.p.A. Turin Italy 858,400,000 EUR 100.00 Fiat Netherlands Holding N.V. 100.000 

Amce-Automotive Manufacturing Co.Ethiopia Addis Ababa Ethiopia 3,000,000 ETB 70.00 Iveco S.p.A. 70.000 

Astra Veicoli Industriali S.p.A. Piacenza Italy 10,400,000 EUR 100.00 Iveco S.p.A. 100.000 

Brandschutztechnik Gorlitz GmbH Gürlitz Germany 511,292 EUR 88.00 Iveco Magirus Brandschutztechnik GmbH 88.000 

C.A.M.I.V.A. Constructeurs 

Associés de Materiels S.A. Saint-Alban-Leysse France 1,870,169 EUR 99.96 Iveco Eurofire (Holding) GmbH 99.963 

Componentes Mecanicos S.A. Barcelona Spain 37,405,038 EUR 59.39 Iveco Pegaso S.L. 59.387 

Effe Grundbesitz GmbH Ulm Germany 10,225,838 EUR 100.00 Iveco Investitions GmbH 90.000 

Iveco S.p.A. 10.000 

Euromoteurs S.A. Garchizy France 2,098,560 EUR 100.00 Iveco France S.A. 100.000 

European Engine Alliance S.c.r.l. Turin Italy 32,044,797 EUR 61.62 CNH Global N.V. 33.333 


Heuliez Bus S.A. Rorthais France 9,000,000 EUR 100.00 Société Charolaise de Participations S.A. 100.000 

IAV-Industrie-Anlagen-Verpachtung GmbH Ulm Germany 25,565 EUR 100.00 Iveco Investitions GmbH 95.000 


Ikarus Egyedi Autobusz GY Budapest Hungary 350,000,000 HUF 68.15 Irisbus Holding S.L. 68.146 

Ikarusbus Jamugyarto RT Szekesfehervar Hungary 974,268,827 HUF 100.00 Irisbus Holding S.L. 100.000 

Industrial Vehicles Center Hainaut S.A. Charleroi Belgium 600,000 EUR 100.00 S.A. Iveco Belgium N.V. 95.000 

Iveco Nederland B.V. 5.000 

Irisbus Australia Pty. Ltd. Dandenong Australia 1,500,000 AUD 100.00 Irisbus Holding S.L. 100.000 

Irisbus Benelux Ltd. Leudelange Luxembourg 594,000 EUR 100.00 Irisbus France S.A. 99.983 

Société Charolaise de Participations S.A. 0.017 

Irisbus Deutschland GmbH Mainz-Mombach Germany 10,000,000 EUR 100.00 Irisbus Holding S.L. 100.000 

Irisbus France S.A. Vénissieux France 142,482,000 EUR 100.00 Irisbus Holding S.L. 100.000 

Irisbus Holding S.L. Madrid Spain 233,670,000 EUR 100.00 Iveco S.p.A. 99.999 

Iveco Pegaso S.L. 0.001 

Irisbus Iberica S.L. Madrid Spain 28,930,788 EUR 100.00 Irisbus Holding S.L. 100.000 

Irisbus Italia S.p.A. Turin Italy 100,635,750 EUR 100.00 Irisbus Holding S.L. 100.000 

Irisbus (U.K.) Ltd Watford United Kingdom 200,000 GBP 100.00 Irisbus Holding S.L. 100.000







IVC Brabant N.V. S.A. Groot Belgium 800,000 EUR 100.00 S.A. Iveco Belgium N.V. 75.000 


IVC Nutzfahrzeuge AG Hendschiken Switzerland 3,500,000 CHF 100.00 Iveco (Schweiz) AG 100.000 

IVC Vehicules Industriels S.A. Morges Switzerland 1,200,000 CHF 100.00 Iveco (Schweiz) AG 100.000 

IVC-Salzburg Nutzfahrzeughandel GmbH Eugendorf Austria 37,000 EUR 100.00 Iveco Austria GmbH 100.000 

IVC-Wien Nutzfahrzeughandel GmbH Vienna Austria 37,000 EUR 100.00 Iveco Austria GmbH 100.000 

Iveco Argentina S.A. Cordoba Argentina 26,700,000 ARS 100.00 Iveco S.p.A. 100.000 

Iveco Austria GmbH Vienna Austria 6,178,000 EUR 100.00 Iveco S.p.A. 100.000 

Iveco Bayern GmbH Nuremberg Germany 742,000 EUR 100.00 Iveco Magirus AG 100.000 

Iveco Colombia Ltda. Santa Fe’ de Bogota Colombia 2,870,909,000 COP 100.00 Iveco Venezuela C.A. 99.974 

Iveco Latin America Ltda 0.026 

Iveco Contract Services Limited Watford United Kingdom 2,000,000 GBP 100.00 Iveco (UK) Ltd 100.000 

Iveco Danmark A/S Glostrup Denmark 501,000 DKK 100.00 Iveco S.p.A. 100.000 

Iveco Eurofire (Holding) GmbH Weisweil Germany 30,776,857 EUR 100.00 Iveco Magirus AG 90.032 


Iveco Fiat Brasil Ltda Sete Lagoas Brazil 170,100,000 BRL 95.00 Fiat Automoveis S.A. - FIASA 50.000 



Iveco Finance AG Kloten Switzerland 1,500,000 CHF 100.00 Iveco (Schweiz) AG 100.000 

Iveco Finance GmbH Ulm Germany 40,000,000 EUR 100.00 Iveco Magirus AG 100.000 

Iveco Finance Limited Watford United Kingdom 100 GBP 100.00 Iveco (UK) Ltd 100.000 

Iveco Finanziaria S.p.A. Turin Italy 30,000,000 EUR 100.00 Iveco S.p.A. 100.000 

Iveco Finland OY Espoo Finland 200,000 EUR 100.00 Iveco S.p.A. 100.000 

Iveco France S.A. Trappes France 93,800,000 EUR 100.00 Iveco S.p.A. 100.000 

Iveco International Trade Finance S.A. Paradiso Switzerland 25,000,000 CHF 100.00 Iveco S.p.A. 100.000 

Iveco Investitions GmbH Ulm Germany 2,556,459 EUR 100.00 Iveco Magirus AG 99.020 


Iveco Latin America Ltda São Paulo Brazil 459,700,000 BRL 100.00 Iveco S.p.A. 100.000 

Iveco Lease GmbH Ulm Germany 775,000 EUR 100.00 Iveco Magirus AG 100.000 

Iveco Limited Watford United Kingdom 117,000,000 GBP 100.00 Iveco (UK) Ltd 100.000 

Iveco Lorraine S.a.s. Haunconcourt France 305,600 EUR 100.00 Iveco France S.A. 100.000 

Iveco Magirus AG Ulm Germany 250,000,000 EUR 100.00 Iveco S.p.A. 53.660 

Fiat Netherlands Holding N.V. 46.340 

Iveco Magirus Brandschutztechnik GmbH Ulm Germany 6,493,407 EUR 100.00 Iveco Eurofire (Holding) GmbH 99.764 


Iveco Mezzi Speciali S.p.A. Brescia Italy 13,120,000 EUR 100.00 Iveco Eurofire (Holding) GmbH 100.000 

Iveco Motorenforschung AG Arbon Switzerland 4,600,000 CHF 100.00 Iveco S.p.A. 60.000 

Iveco France S.A. 40.000 

Iveco Motors of North America Inc. Wilmington U.S.A. 1 USD 100.00 Iveco S.p.A. 100.000 

Iveco Nederland B.V. Breda Netherlands 4,537,802 EUR 100.00 Iveco S.p.A. 100.000 

Iveco Nord Nutzfahrzeuge GmbH Hamburg Germany 818,500 EUR 100.00 Iveco Magirus AG 100.000 

Iveco Nord-Ost Nutzfahrzeuge GmbH Berlin Germany 2,120,000 EUR 100.00 Iveco Magirus AG 100.000 

Iveco Norge A.S. Voyenenga Norway 18,600,000 NOK 100.00 Iveco S.p.A. 100.000 

Iveco Nutzfahrzeuge Nord-West GmbH Dortmund-Wambel Germany 1,355,000 EUR 100.00 Iveco Magirus AG 100.000 

Iveco Otomotiv Ticaret A.S. Samandira-Kartal/Istanbul Turkey 5,960,707,000,000 TRL 100.00 Iveco S.p.A. 99.995 

Iveco Participations S.A. Trappes France 10,896,100 EUR 100.00 Iveco S.p.A. 100.000 

Iveco Pegaso S.L. Madrid Spain 105,213,628 EUR 100.00 Iveco S.p.A. 100.000 

Iveco Pension Trustee Ltd Watford United Kingdom 2 GBP 100.00 Iveco Limited 50.000 

Iveco (UK) Ltd 50.000







Iveco Plan S.A. de Ahorro 

para fines determinados Buenos Aires Argentina 153,000 ARS 100.00 Iveco Argentina S.A. 99.600 

Fiat Argentina S.A. 0.400 

Iveco Poland Ltd. Warsaw Poland 46,974,500 PLN 100.00 Iveco S.p.A. 100.000 

Iveco Portugal-Comercio 

de Veiculos Industriais S.A. Vila Franca de Xira Portugal 15,962,000 EUR 100.00 Iveco S.p.A. 99.997 

Astra Veicoli Industriali S.p.A. 0.001 

Iveco (Schweiz) AG Kloten Switzerland 9,000,000 CHF 100.00 Iveco Nederland B.V. 100.000 

Iveco South Africa (Pty) Ltd. Wadewille South Africa 15,000,750 ZAR 100.00 Iveco S.p.A. 100.000 

Iveco Sud-West Nutzfahrzeuge GmbH Mannheim-Neckarau Germany 1,533,900 EUR 100.00 Iveco Magirus AG 100.000 

Iveco Sweden A.B. Arlov Sweden 600,000 SEK 100.00 Iveco S.p.A. 100.000 

Iveco Trucks Australia Limited Dandenong Australia 47,492,260 AUD 100.00 Iveco S.p.A. 100.000 

Iveco (UK) Ltd Watford United Kingdom 47,000,000 GBP 100.00 Iveco S.p.A. 100.000 

Iveco Ukraine Inc. Kiev Ukraine 55,961,760 UAK 99.97 Iveco S.p.A. 99.968 

Iveco Venezuela C.A. La Victoria Venezuela 2,495,691,000 VEB 100.00 Iveco S.p.A. 100.000 

Iveco West Nutzfahrzeuge GmbH Colonia Germany 1,662,000 EUR 100.00 Iveco Magirus AG 100.000 

Société d`Assistance Técnique 

Karosa A.S. Vysoke Myto Czech Republic 1,065,559,000 CZK 97.52 Automobile S.A.T.A.U. S.A. 97.521 

Karosa r.s.o. Bratislava Slovak Republic 200,000 SKK 97.52 Karosa A.S. 100.000 

Lohr-Magirus Feuerwehrtechnik GmbH Kainbach Austria 1,271,775 EUR 95.00 Iveco Magirus Brandschutztechnik GmbH 95.000 

Lyon Vehicules Industriels S.A.S. Saint Priest France 915,000 EUR 100.00 Iveco France S.A. 100.000 

Mediterranea de Camiones S.L. Valencia Spain 48,080 EUR 100.00 Iveco Pegaso S.L. 100.000 

Officine Brennero S.p.A. Trento Italy 6,120,000 EUR 100.00 Iveco S.p.A. 100.000 

Rhein-Main Nutzfahrzeuge GmbH 

Reichold, Franz Kahl & Partners Frankfurt Germany 920,325 EUR 100.00 Iveco Magirus AG 100.000 

S.A. Iveco Belgium N.V. Zellik Belgium 6,000,000 EUR 100.00 Iveco S.p.A. 99.983 


S.C.I. La Mediterranéenne Vitrolles France 248,000 EUR 100.00 Iveco France S.A. 50.000 

Société de Diffusion de 

Vehicules Industriels-SDVI S.A.S. 50.000 

Seddon Atkinson Vehicles Ltd Oldham United Kingdom 41,700,000 GBP 100.00 Iveco (UK) Ltd 100.000 

Sicca S.p.A. Modena Italy 5,300,000 EUR 100.00 Iveco S.p.A. 100.000 

S.I.M.I.S.-Société Industrielle pour le 

Materiels d’Incendie et de Securité S.A. Saint-Alban-Leysse France 40,016 EUR 97.96 

C.A.M.I.V.A. Constructeurs 

Associés de Materiels S.A. 98.000 

Société Charolaise de Participations S.A. Vénissieux France 2,370,000 EUR 100.00 Irisbus Holding S.L. 100.000 

Société d`Assistance Técnique 

Automobile S.A.T.A.U. S.A. Vénissieux France 35,610,000 EUR 100.00 Irisbus France S.A. 100.000 

Société de Diffusion de Vehicules 

Industriels-SDVI S.A.S. Trappes France 7,022,400 EUR 100.00 Iveco France S.A. 100.000 

Stevi-Société Stephanoise 

de Vehicules Industriels S.A.S. Saint-Priest-En-Jarez France 503,250 EUR 100.00 Iveco France S.A. 100.000 

Transolver Finance S.A. Trappes France 30,244,800 EUR 100.00 Iveco S.p.A. 100.000 

Transolver Service S.A. Madrid Spain 610,000 EUR 100.00 Iveco Pegaso S.L. 100.000 

Transolver Service S.p.A. Turin Italy 1,989,000 EUR 100.00 Iveco S.p.A. 100.000 

Transolver Services GmbH Heilbronn Germany 750,000 EUR 100.00 Iveco Magirus AG 100.000 

Transolver Services S.A. Trappes France 38,000 EUR 100.00 Fiat France S.A. 90.000 


Trucksure Services Ltd Watford United Kingdom 900,000 GBP 100.00 Iveco (UK) Ltd 100.000 

Utilitaries & Vehicules 

Industriels Franciliens-UVIF SAS La Garenne France 1,067,500 EUR 100.00 Iveco France S.A. 100.000 

Zona Franca Alari Sepauto S.A. Barcelona Spain 520,560 EUR 51.87 Iveco Pegaso S.L. 51.867 

2 H Energy S.A.S. Fécamp France 2,000,000 EUR 100.00 Iveco S.p.A. 100.000


❚ Ferrari and Maserati 






Ferrari S.p.A. Modena Italy 20,000,000 EUR 56.00 Fiat S.p.A. 56.000 

Société Française de Participations 

Charles Pozzi S.A. Levallois-Perret France 280,920 EUR 56.00 Ferrari - S.F.P.F. S.A.R.L. 100.000 

Ferrari Deutschland GmbH Wiesbaden Germany 1,000,000 EUR 56.00 Ferrari International S.A. 100.000 

Ferrari International S.A. Luxembourg Luxembourg 13,112,000 EUR 56.00 Ferrari S.p.A. 99.999 

Ferrari N.America Inc. 0.001 

Ferrari Maserati UK Chadwell Heath United Kingdom 2 GBP 56.00 Ferrari International S.A. 100.000 

Ferrari N.America Inc. Englewood Cliffs U.S.A. 200,000 USD 56.00 Ferrari S.p.A. 100.000 

Ferrari San Francisco Inc. Mill Valley U.S.A. 100,000 USD 56.00 Ferrari N.America Inc. 100.000 

Ferrari (Suisse) SA Nyon Switzerland 1,000,000 CHF 56.00 Ferrari International S.A. 100.000 

GSA-Gestions Sportives Automobiles S.A. Meyrin Switzerland 1,000,000 CHF 56.00 Ferrari International S.A. 100.000 

Maserati North America Inc. Englewood Cliffs U.S.A. 1,000 USD 56.00 Ferrari N.America Inc. 100.000 

Maserati S.p.A. Modena Italy 31,000,000 EUR 56.00 Ferrari S.p.A. 100.000 

Pozzi Rent Snc Lyon France 15,256 EUR 56.00 Charles Pozzi S.A. 100.000 

Societé de Transformation 

Automobile Lyonnaise - S.T.A.L. S.a.r.l. Lyon France 155,498 EUR 56.00 Charles Pozzi S.A. 100.000 

Société Française de Participations 

Ferrari - S.F.P.F. S.A.R.L. Neuilly-sur-Seine France 6,000,000 EUR 56.00 Ferrari International S.A. 100.000 

❚ Components 

Magneti Marelli Holding S.p.A. Corbetta Italy 254,324,998 EUR 99.99 Fiat S.p.A. 99.991 100.000 

Automotive Lighting Brotterode GmbH Meiningen Germany 7,270,000 EUR 99.99 Automotive Lighting Reutlingen GmbH 100.000 

Automotive Lighting Holding GmbH in liq. Innsbruck Austria 11,952,191 EUR 99.99 Magneti Marelli Holding S.p.A. 100.000 

Automotive Lighting Italia S.p.A. Venaria Reale Italy 2,000,000 EUR 99.99 Magneti Marelli Holding S.p.A. 100.000 

Automotive Lighting LLC Farmington Hills U.S.A. 1,000 USD 99.99 Magneti Marelli Holding U.S.A. Inc. 100.000 

Automotive Lighting o.o.o. Rjiasan Russia 36,875,663 RUR 85.38 Automotive Lighting Reutlingen GmbH 85.389 

Automotive Lighting Polska Sp. z o.o. Sosnowiec Poland 83,500,000 PLN 99.99 Automotive Lighting Reutlingen GmbH 100.000 

Automotive Lighting Rear Lamps Espana S.A. Llinares del Valles Spain 9,153,693 EUR 99.99 Automotive Lighting Rear Lamps Italia S.p.A. 100.000 

Automotive Lighting Rear Lamps France S.A. Saint Denis France 16,040,896 EUR 99.99 Automotive Lighting Rear Lamps Italia S.p.A. 99.998 

Automotive Lighting Rear Lamps Italia S.p.A. Tolmezzo Italy 13,220,000 EUR 99.99 Magneti Marelli Holding S.p.A. 100.000 

Automotive Lighting Reutlingen GmbH Reutlingen Germany 1,330,000 EUR 99.99 Magneti Marelli Holding S.p.A. 100.000 

Automotive Lighting S.R.O. Jihlava Czech Republic 927,637,000 CZK 99.99 Automotive Lighting Reutlingen GmbH 100.000 

Automotive Lighting UK Limited Cannock United Kingdom 15,387,348 GBP 99.99 Magneti Marelli Holding S.p.A. 100.000 

Fiat CIEI S.p.A. Corbetta Italy 624,000 EUR 99.99 Magneti Marelli Holding S.p.A. 100.000 

Iluminacao Automotiva Ltda Contagem Brazil 93,260,418 BRL 99.99 Automotive Lighting Reutlingen GmbH 100.000 

Industrial Yorka de Mexico S.A. de C.V. Mexico City Mexico 50,000 MXN 99.99 Yorka de Mexico S.r.l. de CV 98.000 

Industrial Yorka de Tepotzotlan S.A. de C.V. 2.000 

Industrial Yorka de Tepotzotlan S.A. de C.V. Mexico City Mexico 50,000 MXN 99.99 Yorka de Mexico S.r.l. de CV 99.000 

Industrial Yorka de Mexico S.A. de C.V. 1.000 

Industrias Magneti Marelli Mexico S.A. de C.V. Tepotzotlan Mexico 50,000 MXN 0.00 Magneti Marelli Mexico S.A. 99.998 

Servicios Administrativos Corp. IPASA S.A. 0.002 

Magneti Marelli do Brasil Industria 

Kadron S/A Maua Brazil 20,000,000 BRL 99.69 e Comercio SA 100.000 

Magneti Marelli After Market S.p.A. Turin Italy 15,349,500 EUR 99.99 Magneti Marelli Holding S.p.A. 99.999 100.000 

Magneti Marelli Argentina S.A. Buenos Aires Argentina 2,000,000 ARS 99.90 Magneti Marelli France S.A. 84.563 

Magneti Marelli Holding S.p.A. 15.437 

Magneti Marelli Cofap Companhia 

Fabricadora de Pecas Santo Andre Brazil 244,206,231 BRL 99.62 Magneti Marelli Holding S.p.A. 99.628 99.966 

Magneti Marelli Components B.V. Amsterdam Netherlands 53,600,000 EUR 99.99 Magneti Marelli Holding S.p.A. 100.000 

Magneti Marelli Conjuntos de Escape S.A. Buenos Aires Argentina 12,000 ARS 99.99 Magneti Marelli Sistemi di Scarico S.p.A. 99.000 

Magneti Marelli Argentina S.A. 1.000 

Magneti Marelli Controle Motor Ltda. Hortolandia Brazil 125,863,327 BRL 99.99 Magneti Marelli Powertrain S.p.A. 99.997 

Fiat do Brasil S.A. 0.003







Magneti Marelli Deutschland GmbH Russelsheim Germany 1,050,000 EUR 99.99 Magneti Marelli After Market S.p.A. 100.000 

Magneti Marelli do Brasil 

Industria e Comercio SA Hortolandia Brazil 16,868,427 BRL 99.69 Magneti Marelli Holding S.p.A. 99.695 99.976 

Magneti Marelli Electronica SL Barcelona Spain 18,388,581 EUR 0.00 Magneti Marelli Sistemi Elettronici S.p.A. 100.000 

Magneti Marelli Elektronische Systeme GmbH Heilbronn Germany 100,000 EUR 0.00 Magneti Marelli Sistemi Elettronici S.p.A. 100.000 

Magneti Marelli Eletronica Ltda Hortolandia Brazil 78,293,720 BRL 0.01 Magneti Marelli Sistemi Elettronici S.p.A. 99.995 

Fiat do Brasil S.A. 0.005 

Magneti Marelli Escapamentos Ltda Amparo Brazil 65,736,384 BRL 99.99 Magneti Marelli Sistemi di Scarico S.p.A. 99.997 


Magneti Marelli Exhaust 

Systems Polska Sp. z o.o. Sosnowiec Poland 15,000,000 PLN 99.99 Magneti Marelli Sistemi di Scarico S.p.A. 100.000 

Magneti Marelli France S.A. Nanterre France 67,380,000 EUR 99.88 Magneti Marelli Holding S.p.A. 99.884 

Ufima S.A.S. 0.003 

Magneti Marelli Guangzhou Motor 

Vehicle Instruments Co. Limited Guangzhou People’s Rep.of China 8,100,000 USD 0.00 Magneti Marelli Sistemi Elettronici S.p.A. 100.000 

Magneti Marelli Holding U.S.A. Inc. Wixom U.S.A. 1,000 USD 99.99 Magneti Marelli Holding S.p.A. 100.000 

Magneti Marelli Iberica S.A. Madrid Spain 99,766 EUR 99.99 Magneti Marelli Holding S.p.A. 100.000 

Magneti Marelli Infotelecom Ltda São Paulo Brazil 1,000 BRL 0.01 Magneti Marelli Eletronica Ltda 99.900 

Magneti Marelli Mexico S.A. Tepotzotlan Mexico 23,611,680 MXN 0.00 Magneti Marelli Sistemi Elettronici S.p.A. 100.000 

Magneti Marelli Motopropulsion France SAS Nanterre France 10,692,500 EUR 99.88 Magneti Marelli France S.A. 100.000 

Magneti Marelli Cofap Companhia 

Magneti Marelli North America Inc. Wilmington U.S.A. 40,223,205 USD 99.62 Fabricadora de Pecas 100.000 

Magneti Marelli Poland S.A. Sosnowiec Poland 10,567,800 PLN 99.99 Magneti Marelli Holding S.p.A. 100.000 

Magneti Marelli Powertrain GmbH Russelsheim Germany 100,000 EUR 99.99 Magneti Marelli Powertrain S.p.A. 100.000 

Magneti Marelli Powertrain (Shanghai) Co. Ltd. Shanghai People’s Rep.of China 10,000,000 USD 99.99 Magneti Marelli Powertrain S.p.A. 100.000 

Magneti Marelli Powertrain S.p.A. Corbetta Italy 85,690,872 EUR 99.99 Magneti Marelli Holding S.p.A. 99.999 100.000 

Magneti Marelli Powertrain U.S.A. LLC Sanford U.S.A. 25,000,000 USD 99.99 Magneti Marelli Holding U.S.A. Inc. 100.000 

Magneti Marelli Powertrain (WUHU) Co. Ltd. Anhui People’s Rep.of China 3,000,000 USD 99.99 Magneti Marelli Powertrain S.p.A. 100.000 

Magneti Marelli Services S.p.A. Corbetta Italy 15,349,500 EUR 99.99 Magneti Marelli Holding S.p.A. 99.999 100.000 

Magneti Marelli Sistemi di Scarico S.p.A. Corbetta Italy 20,000,000 EUR 99.99 Magneti Marelli Components B.V. 100.000 

Magneti Marelli Sistemi Elettronici S.p.A. Corbetta Italy 74,897,548 EUR 0.00 Magneti Marelli Holding S.p.A. 0.000 100.000 (*) 

Magneti Marelli South Africa 

(Proprietary) Limited Johannesburg South Africa 1,950,000 ZAR 99.99 Magneti Marelli Sistemi di Scarico S.p.A. 100.000 

Magneti Marelli Suspension 

Systems Poland Sp. z o.o. Sosnowiec Poland 43,100,000 PLN 99.99 Magneti Marelli Holding S.p.A. 100.000 

Magneti Marelli Svenska A/B in liq. Goteborg Sweden 100,000 SEK 99.99 Magneti Marelli Components B.V. 100.000 

Magneti Marelli Systemes 

Electroniques France S.A.S. Nanterre France 40,040,016 EUR 0.00 Magneti Marelli Sistemi Elettronici S.p.A. 100.000 

Magneti Marelli Tubos de Escape SL Barcelona Spain 10,154,256 EUR 99.99 Magneti Marelli Sistemi di Scarico S.p.A. 100.000 

Magneti Marelli U.K. Limited Cannock United Kingdom 12,400,000 GBP 99.99 Magneti Marelli Components B.V. 100.000 

Malaysian Automotive Lighting SDN. BHD Penang Malaysia 8,000,000 MYR 79.99 Automotive Lighting Reutlingen GmbH 80.000 

Midas Autoservice GmbH Vienna Austria 472,373 EUR 99.99 Magneti Marelli Services S.p.A. 100.000 

Midas Europe S.A.M. Monaco Princ.of Monaco 331,000 EUR 99.99 Magneti Marelli Services S.p.A. 100.000 

Midas France S.a.s. Celle S. Cloud France 17,475,000 EUR 99.99 Magneti Marelli Services S.p.A. 99.999 

Midas Italia S.p.A. 0.001 

Midas Italia S.p.A. Milan Italy 3,000,000 EUR 99.99 Magneti Marelli Services S.p.A. 100.000 

Midas N.V. Berchem Belgium 4,000,000 EUR 99.99 Magneti Marelli Services S.p.A. 99.774 


Midas Polska Sp. z o.o. Warsaw Poland 8,650,000 PLN 99.99 Magneti Marelli Services S.p.A. 100.000 

Midas Schwiez AG Zurich Switzerland 680,000 CHF 99.99 Magneti Marelli Services S.p.A. 100.000 

Midas Silenciador S.L. Madrid Spain 3,093,563 EUR 99.99 Magneti Marelli Services S.p.A. 100.000 

Midas Spain Inc. Chicago U.S.A. 1,000 USD 99.99 Magneti Marelli Services S.p.A. 100.000 

MotorMust.com S.p.A. in liq. Milan Italy 2,300,000 EUR 99.66 Magneti Marelli Services S.p.A. 99.674 

Sadim S.a.r.l. Celle S. Cloud France 8,000 EUR 99.99 Midas France S.a.s. 100.000 

(*) Voting right granted by usufruct







Seima Italiana Deutschland GmbH Grasbrunn-Neukerferloh Germany 25,565 EUR 98.99 Automotive Lighting Rear Lamps Italia S.p.A. 99.000 

Servicios Administrativos Corp. IPASA S.A. Col. Chapultepec Mexico 1,000 MXN 0.00 Magneti Marelli Mexico S.A. 99.990 

Industrias Magneti Marelli Mexico S.A. de C.V. 0.010 

Sistemi Sospensioni S.p.A. Corbetta Italy 60,500,000 EUR 99.99 Magneti Marelli Holding S.p.A. 100.000 

Tecnologia de Iluminacion 

Automotriz S.A. de C.V. Chihuahua Mexico 50,000 MXN 99.99 Automotive Lighting LLC 100.000 

Tutela Lubrificantes S.A. Contagem Brazil 941,028 BRL 99.99 Magneti Marelli Holding S.p.A. 100.000 

Ufima S.A.S. Nanterre France 44,940 EUR 99.94 Magneti Marelli Holding S.p.A. 35.541 

Fiat Partecipazioni S.p.A. 34.980 

Magneti Marelli Components B.V. 29.426 

Yorka de Mexico S.r.l. de CV El Marques Queretaro Mexico 50,000 MXN 99.99 Magneti Marelli Holding U.S.A. Inc. 100.000 

❚ Production Systems 

Comau S.p.A. Grugliasco Italy 140,000,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

Autodie International, Inc. Grand Rapids U.S.A. 1,000 USD 100.00 Comau Pico Holdings Corporation 100.000 

Comau Argentina S.A. Buenos Aires Argentina 3,617,977 ARS 100.00 Comau S.p.A. 55.283 

Comau do Brasil Industria e Comercio Ltda. 44.689 


Comau Australia Pty. Ltd Wingfield Australia 765,589 AUD 100.00 Comau S.p.A. 99.998 

Comau Belgium N.V. Zedelgem Belgium 175,000 EUR 100.00 Comau S.p.A. 99.900 

Comau Service France S.A. 0.100 

Comau Deutschland GmbH Boblingen Germany 1,330,000 EUR 100.00 Comau S.p.A. 100.000 

Comau do Brasil Industria e Comercio Ltda. Betim Brazil 112,794,611 BRL 100.00 Comau S.p.A. 99.999 


Comau Estil Unl. Luton United Kingdom 46,108,100 USD 100.00 Comau S.p.A. 100.000 

COMAU Germann-Intec GmbH & Co. KG Heilbronn Germany 1,478,614 EUR 100.00 Germann-Intec Verwaltungs GmbH 100.000 

Comau India Private Limited Pune India 58,435,020 INR 100.00 Comau S.p.A. 99.990 

Comau Deutschland GmbH 0.010 

COMAU Ingest Sverige AB Trollhattan Sweden 5,000,000 SEK 100.00 Comau S.p.A. 51.000 

Ingest Facility S.p.A. 49.000 

Comau Pico Holdings Corporation Southfield U.S.A. 100 USD 100.00 Comau S.p.A. 100.000 

Comau Poland Sp. z o.o. Bielsko-Biala Poland 2,100,000 PLN 100.00 Comau S.p.A. 100.000 

Comau Romania S.R.L. Bihor Romenia 3,249,800,000 ROL 100.00 Comau S.p.A. 100.000 

Comau SA Body Systems (Pty) Ltd. Uitenhage South Africa 300 ZAR 100.00 Comau South Africa (Pty) Ltd. 100.000 

Comau SA Press Tools and Parts (Pty) Ltd. Uitenhage South Africa 100 ZAR 100.00 Comau South Africa (Pty) Ltd. 100.000 

Comau SA Properties (Pty) Ltd. Uitenhage South Africa 100 ZAR 100.00 Comau South Africa (Pty) Ltd. 100.000 

Comau Sciaky S.A. Trappes France 40,000 EUR 99.76 Comau Systèmes France S.A. 99.760 

Comau Service France S.A. Trappes France 1,086,000 EUR 99.99 Comau S.p.A. 99.987 

Comau Service Systems S.L. Madrid Spain 250,000 EUR 100.00 Comau S.p.A. 100.000 

Comau Service U.K. Ltd Watford United Kingdom 50,000 GBP 100.00 Comau S.p.A. 100.000 

Comau (Shanghai) Automotive 

Equipment Co. Ltd. Shanghai People’s Rep.of China 1,000,000 USD 100.00 Comau S.p.A. 100.000 

Comau South Africa (Pty) Ltd. Uitenhage South Africa 1,001,000 ZAR 100.00 Comau S.p.A. 100.000 

Comau Systèmes France S.A. Trappes France 9,112,592 EUR 100.00 Comau S.p.A. 100.000 

Eagle Test and Assembly Co. Southfield U.S.A. 1,000 USD 100.00 Comau Pico Holdings Corporation 100.000 

Estil Shrewsbury Ltd. in liq. Shropshire United Kingdom 100 GBP 100.00 Comau Estil Unl. 100.000 

Geico do Brasil Ltda Betim Brazil 202,950 BRL 48.78 Geico S.p.A. 95.565 

Comau do Brasil Industria e Comercio Ltda. 0.044 

Geico Endustriyel Taahhut A.S. Istanbul Turkey 100,000,000,000 TRL 50.98 Geico S.p.A. 99.959 

Geico S.p.A. Cinisello Balsamo Italy 3,627,000 EUR 51.00 Comau S.p.A. 51.000 

Germann-Intec Verwaltungs GmbH Heilbronn Germany 25,000 EUR 100.00 Comau Deutschland GmbH 100.000 

Mecaner S.A. Urdùliz Spain 6,000,000 EUR 100.00 Comau S.p.A. 100.000







Novi Industries, Inc. Novi U.S.A. 1,000 USD 100.00 Comau Pico Holdings Corporation 100.000 

Pico East, Inc. Macomb U.S.A. 1,000 USD 100.00 Comau Pico Holdings Corporation 100.000 

Pico Estil Control Systems Ltd. Rainham United Kingdom 100 GBP 100.00 Comau Estil Unl. 100.000 

Pico Estil Manufacturing Ltd. in liq. Luton United Kingdom 5,000 GBP 100.00 Comau Estil Unl. 100.000 

Pico Europe, Inc. Southfield U.S.A. 1,000 USD 100.00 Comau S.p.A. 100.000 

Pico Expatriate, Inc. Southfield U.S.A. 1,000 USD 100.00 Comau Pico Holdings Corporation 100.000 

Pico Iaisa S.de R.L. de C.V. Tepotzotlan Mexico 3,000 MXN 100.00 Progressive Mexico S.de R.L. de C.V. 99.967 

Comau S.p.A. 0.033 

Pico Pitex S.de R.L. C.V. Tepotzotlan Mexico 3,000 MXN 100.00 Progressive Mexico S.de R.L. de C.V. 99.967 


Pico Resources, Inc. Southfield U.S.A. 1,000 USD 100.00 Comau Pico Holdings Corporation 100.000 

Precision.Com Corp. Plymouth U.S.A. 1,000 USD 100.00 Comau Pico Holdings Corporation 100.000 

Progressive Industries Co. of Canada Ltd. Windsor Canada 100 CAD 100.00 Comau S.p.A. 100.000 

Progressive Mexico S.de R.L. de C.V. Tepotzotlan Mexico 3,000 MXN 100.00 Comau S.p.A. 99.967 


Progressive Tool & Industries Company Southfield U.S.A. 21,455 USD 100.00 Comau Pico Holdings Corporation 100.000 

Trebol Tepotzotlan S.de R.L. de C.V. Tepotzotlan Mexico 3,000 MXN 100.00 Progressive Mexico S.de R.L. de C.V. 99.967 


Wisne Automation & Engineering Co. Novi U.S.A. 1,000 USD 100.00 Comau Pico Holdings Corporation 100.000 

❚ Metallurgical Products 

Teksid S.p.A. Turin Italy 239,600,000 EUR 80.48 Fiat Partecipazioni S.p.A. 80.482 

Accurcast Limited in liq. Saint John Canada 39,684,600 CAD 41.05 Meridian Technologies Inc. 100.000 

Fonderie du Poitou Fonte S.A.S. Ingrandes-sur-Vienne France 26,958,464 EUR 80.48 Teksid S.p.A. 100.000 

Funfrap-Fundicao Portuguesa S.A. Cacia Portugal 13,697,550 EUR 67.29 Fonderie du Poitou Fonte S.A.S. 83.607 

Jutras Die Casting Limited in liq. Saint John Canada 24,490,715 CAD 41.05 Meridian Technologies Inc. 100.000 

Magnesium Products of America Inc. Eaton Rapids U.S.A. 43,454,000 USD 41.05 Meridian Technologies Inc. 100.000 

Magnesium Products of Italy S.r.l. Verres Italy 13,962,000 EUR 41.05 Magnesium Products of America Inc. 100.000 

Meridian Deutschland GmbH Heilbronn Germany 25,600 EUR 41.05 Meridian Technologies Inc. 100.000 

Meridian Magnesium LLC in liq. Wilmington U.S.A. 4,962 USD 41.05 1118395 Ontario Inc. 90.000 

Meridian Technologies Inc. 10.000 

Meridian Magnesium N.V. in liq. Amstelveen Netherlands 80,424,867 EUR 41.05 Meridian Technologies Inc. 100.000 

Meridian Technologies Inc. Saint John Canada 179,063,445 CAD 41.05 Teksid S.p.A. 31.450 

Teksid Acquisition Inc. 19.550 

Shanghai Meridian Magnesium 

Products Company Limited Shanghai People’s Rep.of China 8,000,000 USD 24.63 Meridian Technologies Inc. 60.000 

Société Bretonne de Fonderie 

et de Mecanique S.A. Caudan France 10,549,859 EUR 80.48 Teksid S.p.A. 100.000 

Teksid Acquisition Inc. Toronto Canada 72,300,001 CAD 80.48 Teksid S.p.A. 100.000 

Teksid do Brasil Ltda Betim Brazil 59,899,570 BRL 80.48 Teksid S.p.A. 100.000 

Teksid Hierro de Mexico S.A. de C.V. São Pedro Mexico 567,466,400 MXN 60.36 Teksid S.p.A. 75.000 

Teksid Inc. Wilmington U.S.A. 100,000 USD 60.36 Teksid S.p.A. 75.000 

Teksid Investment N.V. in liq. Amsterdam Netherlands 69,000,000 EUR 80.48 Teksid S.p.A. 100.000 

Teksid Iron Poland Sp. z o.o. Skoczow Poland 115,678,500 PLN 80.48 Teksid S.p.A. 100.000 

1118395 Ontario Inc. Saint John Canada 6,210 CAD 41.05 Meridian Technologies Inc. 100.000 

❚ Services 

Business Solutions S.p.A. Turin Italy 10,000,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

Atlanet S.p.A. Turin Italy 2,000,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

Building Services S.r.l. Turin Italy 90,000 EUR 51.00 Ingest Facility S.p.A. 51.000 

Building Support S.r.l. a socio unico Turin Italy 90,000 EUR 51.00 Building Services S.r.l. 100.000 

Business Solutions Argentina S.A. Buenos Aires Argentina 12,000 ARS 100.00 Business Solutions do Brasil Ltda 99.992 

Fiat Auto Argentina S.A. 0.008







Business Solutions Deutschland 

FiatGroup GmbH Ulm Germany 200,000 EUR 100.00 Business Solutions S.p.A. 100.000 

Business Solutions do Brasil Ltda Nova Lima Brazil 36,915,855 BRL 100.00 Business Solutions S.p.A. 100.000 

Business Solutions France FiatGroup S.a.s. Levallois-Perret France 695,600 EUR 100.00 Business Solutions S.p.A. 60.000 

Fiat France S.A. 40.000 

Business Solutions Iberica Fiat Group SL Madrid Spain 369,327 EUR 100.00 Business Solutions S.p.A. 80.000 

Fiat Iberica S.A. 20.000 

Business Solutions Polska Sp. z o.o. Bielsko-Biala Poland 3,600,000 PLN 100.00 Business Solutions S.p.A. 99.986 

Fiat Polska Sp. z o.o. 0.014 

Delivery & Mail S.r.l. Turin Italy 90,000 EUR 100.00 Ingest Facility S.p.A. 100.000 

eSPIN S.p.A. Turin Italy 1,000,000 EUR 100.00 Business Solutions S.p.A. 100.000 

Fast Buyer do Brasil Ltda Nova Lima Brazil 50,000 BRL 99.92 Fast-Buyer S.p.A. 99.998 

Business Solutions do Brasil Ltda 0.002 

Fast Buyer France S.a.r.l. Paris France 7,700 EUR 99.92 Fast-Buyer S.p.A. 100.000 

Fast-Buyer S.p.A. Turin Italy 500,000 EUR 99.92 Business Solutions S.p.A. 99.916 

Fiat GES.CO. Belgium N.V. Brugge Belgium 62,500 EUR 100.00 Gesco U.K. Limited 99.960 

Fiat Gesco S.p.A. 0.040 

Fiat Gesco S.p.A. Turin Italy 3,600,000 EUR 100.00 Business Solutions S.p.A. 100.000 

Gesco U.K. Limited Basildon United Kingdom 750,000 GBP 100.00 Fiat Gesco S.p.A. 75.000 

Fiat United Kingdom Limited 25.000 

GestioneLavoro S.p.A. Turin Italy 100,000 EUR 51.00 H.R. Services S.p.A. 51.000 

Global Value S.p.A. Turin Italy 1,000,000 EUR 50.00 Business Solutions S.p.A. 50.000 

H.R. Services S.p.A. Turin Italy 400,000 EUR 100.00 Business Solutions S.p.A. 

WorkNet società di fornitura 

100.000 

Individua S.p.A. Milan Italy 105,000 EUR 100.00 di lavoro temporaneo-per azioni 100.000 

Ingest Facility Polska Sp. z o.o. Bielsko-Biala Poland 500,000 PLN 100.00 Ingest Facility S.p.A. 100.000 

Ingest Facility S.p.A. Turin Italy 1,700,000 EUR 100.00 Business Solutions S.p.A. 100.000 

Isvor Knowledge System S.p.A. Turin Italy 500,000 EUR 98.62 Business Solutions S.p.A. 

Isvor Fiat Società consortile di sviluppo 

70.000 

e addestramento industriale per Azioni 30.000 

KeyG Consulting S.p.A. Turin Italy 167,352 EUR 60.00 Fiat Gesco S.p.A. 52.800 

Business Solutions S.p.A. 7.200 

Learning Systems S.p.A. Milan Italy 104,000 EUR 50.30 Isvor Knowledge System S.p.A. 51.000 

Risk Management S.p.A. Turin Italy 120,000 EUR 100.00 Business Solutions S.p.A. 100.000 

Sadi Brasil Ltda. Nova Lima Brazil 100,000 BRL 96.99 Business Solutions do Brasil Ltda 60.000 

CNH Latin America Ltda. 10.000 


Iveco Fiat Brasil Ltda 10.000 


Sadi Polska-Agencja Celna Sp. z o.o. Bielsko-Biala Poland 500,000 PLN 100.00 Servizi e Attività Doganali per l’Industria S.p.A. 100.000 

Scuola di Pubblica Amministrazione s.p.a. Lucca Italy 100,000 EUR 51.97 Isvor Knowledge System S.p.A. 52.700 

Servizi e Attività Doganali per l’Industria S.p.A. Turin Italy 520,000 EUR 100.00 Business Solutions S.p.A. 100.000 

Sestrieres S.p.A. Sestriere Italy 16,120,000 EUR 100.00 Business Solutions S.p.A. 70.000 


Sporting Club Sestrieres S.R.L. Sestriere Italy 312,000 EUR 100.00 Sestrieres S.p.A. 100.000 

Telexis do Brasil Ltda. Nova Lima Brazil 1,400 BRL 99.94 Fast Buyer do Brasil Ltda 71.357 

Business Solutions do Brasil Ltda 28.643 

Trantor S.r.l. Milan Italy 104,000 EUR 100.00 Ingest Facility S.p.A. 


100.000 

Worknet Formazione S.r.l. 


Milan Italy 50,000 EUR 100.00 di lavoro temporaneo-per azioni 100.000 

di lavoro temporaneo-per azioni Rome Italy 1,000,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000


❚ Publishing and Communications 






Itedi-Italiana Edizioni S.p.A. Turin Italy 5,980,000 EUR 100.00 Fiat S.p.A. 100.000 

Editrice La Stampa S.p.A. Turin Italy 4,160,000 EUR 100.00 Itedi-Italiana Edizioni S.p.A. 100.000 

Publikompass S.p.A. Milan Italy 3,068,000 EUR 100.00 Itedi-Italiana Edizioni S.p.A. 100.000 

❚ Miscellaneous and Holding companies 

Centro Ricerche Plast-Optica S.p.A. Amaro Italy 1,033,000 EUR 72.35 C.R.F. Società Consortile per Azioni 51.000 

Automotive Lighting Rear Lamps Italia S.p.A. 24.500 

C.R.F. Società Consortile per Azioni Orbassano Italy 45,400,000 EUR 93.82 Fiat Auto S.p.A. 40.000 





Teksid S.p.A. 5.000 


Ferrari S.p.A. 1.000 

Deposito Avogadro S.r.l. Turin Italy 100,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

Elasis-Società Consortile per Azioni Pomigliano d’Arco Italy 20,000,000 EUR 91.15 Fiat Auto S.p.A. 56.000 

C.R.F. Società Consortile per Azioni 27.933 







Fiat S.p.A. 0.167 

Fahag Immobilien-und 

Finanz-Gesellschaft AG Zurich Switzerland 500,000 CHF 100.00 IHF-Internazionale Holding Fiat S.A. 100.000 

Fias Fiat Administration und Service GmbH Ulm Germany 102,258 EUR 98.00 Iveco Magirus AG 80.000 

Fiat Automobil AG 20.000 

Fiat Argentina S.A. Buenos Aires Argentina 520,002 ARS 100.00 Fiat Partecipazioni S.p.A. 99.990 

SGR-Sociedad para la Gestion 

de Riesgos S.A. 0.010 

Fiat Concord S.A. Buenos Aires Argentina 1 ARS 100.00 Fiat Argentina S.A. 99.996 

SGR-Sociedad para la Gestion 

de Riesgos S.A. 0.004 

Fiat do Brasil S.A. Nova Lima Brazil 999,684 BRL 100.00 Fiat Partecipazioni S.p.A. 99.932 




Fiat Energia S.r.l. Turin Italy 350,088,770 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

Fiat Financas Brasil Ltda Nova Lima Brazil 2,469,701 BRL 100.00 Fiat Ge.Va. S.p.A. 99.994 


Fiat Finance and Trade Ltd Luxembourg Luxembourg 251,494,000 EUR 100.00 Fiat Ge.Va. S.p.A. 99.993 

Fiat Finance Canada Ltd. 0.007 

Fiat Finance Canada Ltd. Calgary Canada 10,099,885 CAD 100.00 Fiat Ge.Va. S.p.A. 100.000 

Fiat Finance France S.N.C. Paris France 228,674 EUR 99.83 Fiat France S.A. 98.333 

Sofice-Société de Financement 

des Concessionaires s.a.s. 1.667 

Fiat Finance Luxembourg S.A. Luxembourg Luxembourg 100,000 USD 100.00 Intermap (Nederland) B.V. 99.000 


Fiat Finance North America Inc. Wilmington U.S.A. 40,090,010 USD 100.00 Fiat Ge.Va. S.p.A. 60.526 

Fiat S.p.A. 39.474







Fiat France S.A. Paris France 55,216,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

Fiat Ges.co France (GEIE) Levallois-Perret France 0 EUR 98.48 Fiat Gesco S.p.A. 50.000 

Magneti Marelli France S.A. 20.000 

Fiat Auto (France) S.A. 15.000 


Fiat Gesco UK Limited in liq. London United Kingdom 625,767 GBP 100.00 Fiat United Kingdom Limited 100.000 

Fiat Ge.Va. S.p.A. Turin Italy 224,440,000 EUR 100.00 Fiat S.p.A. 100.000 

Fiat Gra.De EEIG Watford United Kingdom 0 GBP 91.66 Fiat Auto S.p.A. 46.000 




Fiat S.p.A. 2.000 





Fiat Iberica S.A. Madrid Spain 2,797,054 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

Fiat Information & Communication 

Services società consortile per azioni Turin Italy 800,000 EUR 95.58 Fiat S.p.A. 51.000 


Fiat Auto S.p.A. 10.000 





Itedi-Italiana Edizioni S.p.A. 3.000 




Fiat International S.p.A. Turin Italy 1,300,000 EUR 100.00 Fiat S.p.A. 100.000 

Fiat Netherlands Holding N.V. Amsterdam Netherlands 4,366,482,748 EUR 100.00 Fiat S.p.A. 60.563 


Fiat Partecipazioni S.p.A. Turin Italy 3,924,685,869 EUR 100.00 Fiat S.p.A. 100.000 

Fiat Polska Sp. z o.o. Warsaw Poland 25,500,000 PLN 100.00 Fiat Partecipazioni S.p.A. 100.000 

Fiat Servizi per l’Industria S.c.p.a. Turin Italy 3,850,000 EUR 93.21 Fiat S.p.A. 36.468 







H.R. Services S.p.A. 2.000 




Editrice La Stampa S.p.A. 1.500 

Fiat Servizi S.A. Paradiso Switzerland 100,000 CHF 100.00 IHF-Internazionale Holding Fiat S.A. 100.000 

Fiat United Kingdom Limited London United Kingdom 860,000 GBP 100.00 Fiat Partecipazioni S.p.A. 100.000 

Fiat U.S.A. Inc. New York U.S.A. 16,830,000 USD 100.00 Fiat S.p.A. 100.000







Fiat-Revisione Interna S.c.r.l. Turin Italy 300,000 EUR 93.31 Fiat Auto S.p.A. 20.000 


Fiat S.p.A. 14.000 









Fiat Ge.Va. S.p.A. 1.000 

IHF-Internazionale Holding Fiat S.A. Paradiso Switzerland 2,000,000,000 CHF 100.00 Fiat S.p.A. 100.000 

Intermap (Nederland) B.V. Amsterdam Netherlands 72,605 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 


e addestramento industriale per Azioni Turin Italy 300,000 EUR 95.40 Fiat S.p.A. 26.000 








La Stampa Europe SAS Paris France 18,600,000 EUR 100.00 Fiat France S.A. 100.000 

Neptunia Assicurazioni Marittime S.A. Lugano Switzerland 10,000,000 CHF 100.00 Rimaco S.A. 100.000 

New Business Quattordici S.p.A. Turin Italy 1,000,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

Palazzo Grassi S.p.A. Venice Italy 8,500,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

Pharos S.r.l. Turin Italy 105,000 EUR 93.53 Fiat Servizi per l’Industria S.c.p.a. 95.238 


Rimaco S.A. Lausanne Switzerland 350,000 CHF 100.00 IHF-Internazionale Holding Fiat S.A. 100.000 

Sisport Fiat Società per Azioni-SF Turin Italy 7,120,800 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000

Subsidiaries valued by the equity method 







Alfa Romeo Inc. Orlando U.S.A. 3,000,000 USD 90.00 Fiat Auto S.p.A. 100.000 

Alfa Romeo Motors Ltd. Bangkok Thailand 100,000,000 THB 90.00 Fiat Auto S.p.A. 99.999 

Andalcar Motor S.L. Jerez Spain 186,927 EUR 90.00 Inmap 2000 Espana S.L. 100.000 

Auto Italia Erfurt GmbH in liquidation Erfurt Germany 1,284,000 EUR 90.00 Fiat Automobil Vertriebs GmbH 100.000 

International Metropolitan Automotive 

Copada S.A.S. Paris France 3,750,000 EUR 90.00 Promotion (France) S.A. 100.000 

F.A. Austria Commerz GmbH Vienna Austria 37,000 EUR 90.00 Fiat Auto (Suisse) S.A. 100.000 

Fiat Auto Egypt Industrial Company SAE Giza Egypt 50,000,000 EGP 72.36 Fiat Auto S.p.A. 80.400 

Fiat Auto Egypt S.A.E. Giza Egypt 5,000,000 EGP 71.64 Fiat Auto Egypt Industrial Company SAE 99.000 

Fiat Auto S.A. de Ahorro para Fines Determinados Buenos Aires Argentina 60,000 ARS 90.01 Fiat Auto Argentina S.A. 99.900 


Fiat Auto Thailand Pvt. Ltd. Bangkok Thailand 150,000,000 THB 90.00 Fiat Auto S.p.A. 100.000 

Fiat Automoviles Venezuela C.A. Caracas Venezuela 300,000 VEB 90.00 Fiat Automoveis S.A. - FIASA 100.000 

Italcar SA Casablanca Morocco 4,000,000 MAD 90.00 Inmap 2000 Espana S.L. 100.000 

Leasys S.p.A. Fiumicino Italy 319,200,000 EUR 45.90 Fidis Renting Italia S.p.A. 51.000 

Multipoint Sevilla S.A. Seville Spain 836,611 EUR 90.00 Inmap 2000 Espana S.L. 100.000 


SA France Auto Roubaix France 1,981,837 EUR 90.00 Promotion (France) S.A. 100.000 


SA France Auto Roubaix Roubaix France 89,213 EUR 90.00 Promotion (France) S.A. 100.000 

Saigarage S.p.A. in liq. Turin Italy 516,456 EUR 90.00 Fiat Auto Var S.r.l. a S.U. 100.000 

Sirio Polska Sp. z o.o. Bielsko-Biala Poland 1,350,000 PLN 90.00 Fiat Auto Poland S.A. 100.000 

Zao Nizhegorod Motors Nizhnjy Novgorod Russia 24,660,000 RUR 65.83 Fiat Auto S.p.A. 73.139 73.127 


Farmers New Holland Inc. Wilmington U.S.A. 650,000 USD 84.85 CNH America LLC 100.000 

First State Equipment Inc. Wilmington U.S.A. 260,000 USD 59.46 CNH America LLC 70.077 

La Grande New Holland Inc. Wilmington U.S.A. 404,800 USD 64.35 CNH America LLC 75.840 

Medicine Hat New Holland Ltd. Ottawa Canada 977,000 CAD 74.83 New Holland Canada Ltd. 88.188 

Memphis New Holland Inc. Wilmington U.S.A. 487,600 USD 82.08 CNH America LLC 96.739 

Northside New Holland Inc. Wilmington U.S.A. 250,000 USD 78.06 CNH America LLC 92.000 

Pensacola Tractor & Equipment Inc. Wilmington U.S.A. 330,000 USD 84.85 CNH America LLC 100.000 

Ridgeview New Holland Inc. Wilmington U.S.A. 440,000 USD 68.83 CNH America LLC 81.114 

St. Catharines New Holland Ltd. Ottawa Canada 327,700 CAD 57.43 New Holland Canada Ltd. 67.684 

Sunrise Tractor & Equipment Inc. Wilmington U.S.A. 875,000 USD 78.84 CNH America LLC 92.914 

Tallahassee New Holland Inc. Wilmington U.S.A. 385,000 USD 81.24 CNH America LLC 95.740 

Topeka New Holland Inc. Wilmington U.S.A. 400,000 USD 70.55 CNH America LLC 83.150 

Tri-County New Holland Inc. Wilmington U.S.A. 400,000 USD 84.85 CNH America LLC 100.000 


Altra S.p.A. Genoa Italy 516,400 EUR 66.67 Irisbus Italia S.p.A. 66.670 

F. Pegaso S.A. Madrid Spain 993,045 EUR 100.00 Iveco Pegaso S.L. 100.000 

Financiere Pegaso France S.A. Trappes France 260,832 EUR 100.00 Iveco Pegaso S.L. 100.000 

Iveco S.P.R.L. Kinshasa Congo (Dem. Rep. Congo) 340,235,000 ZRN 100.00 Iveco S.p.A. 99.992 



Magneti Marelli do Brasil 

Cofap Fabricadora de Pecas Ltda Santo Andre Brazil 60,838,291 BRL 68.14 Industria e Comercio SA 68.350 

Seima Italiana Auto Svet Krasnig Oktjabr Kirz Russia 14,574,000 RUR 99.99 Automotive Lighting Rear Lamps Italia S.p.A. 100.000 

Seima Italiana Russia Vjazniki Vladimir Russia 100,000,000 RUR 99.99 Automotive Lighting Rear Lamps Italia S.p.A. 100.000

Subsidiaries valued by the equity method (continued) 







Comau AGS S.p.A. Grugliasco Italy 1,000,000 EUR 100.00 Comau S.p.A. 100.000 


Compania Industrial Frontera S.A. de C.V. São Pedro Mexico 50,000 MXN 60.36 Teksid Hierro de Mexico S.A. de C.V. 100.000 

Teksid of India Private Limited Company Bardez-Goa India 403,713,830 INR 80.48 Teksid S.p.A. 100.000 

❚ Services 

Cromos Consulenza e 

Formazione S.r.l. in liquidation Turin Italy 13,000 EUR 74.95 Isvor Knowledge System S.p.A. 76.000 

Matrix S.r.l. in liquidation Turin Italy 30,000 EUR 98.62 Isvor Knowledge System S.p.A. 100.000 


BMI S.p.A. Genoa Italy 124,820 EUR 58.00 Itedi-Italiana Edizioni S.p.A. 58.004 


Banca Unione di Credito (Cayman) Ltd Grand Cayman Cayman Islands 10,000,000 CHF 100.00 BUC - Banca Unione di Credito 100.000 

BUC - Banca Unione di Credito Lugano Switzerland 100,000,000 CHF 100.00 IHF-Internazionale Holding Fiat S.A. 100.000 

Business Solutions FiatGroup USA Inc. Wilmington U.S.A. 1,000 USD 100.00 Fiat Partecipazioni S.p.A. 100.000 

Celt Receivables Limited in liquidation Dublin Ireland 52 EUR 100.00 Fiat Finance and Trade Ltd 100.000 

Centro Studi sui Sistemi di Trasporto-CSST S.p.A. Turin Italy 520,000 EUR 84.42 Fiat Auto S.p.A. 49.000 



European Engine Alliance EEIG Maindenhead United Kingdom 0 GBP 61.62 CNH U.K. Limited 33.333 


Fiat (China) Business Co., Ltd. Beijing People’s Rep.of China 500,000 USD 100.00 Fiat Partecipazioni S.p.A. 100.000 

Fiat Deutschland GmbH Ulm Germany 511,292 EUR 100.00 Fiat Finance and Trade Ltd 100.000 

Fiat Russia OOO Moscow Russia 18,509,050 RUR 100.00 Fiat Partecipazioni S.p.A. 80.000 

Fiat International S.p.A. 20.000 


Isvor Dealernet S.r.l. in liquidation Turin Italy 10,000 EUR 94.32 e addestramento industriale per Azioni 80.000 


Luganova S.A. Lugano Switzerland 3,000,000 CHF 100.00 BUC - Banca Unione di Credito 100.000 

New Business 7 S.p.A. Turin Italy 11,899,524 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

New Business 8 S.p.A. Turin Italy 1,437,210 EUR 100.00 New Business 7 S.p.A. 100.000 

Norfinance & Associes S.A. Geneva Switzerland 4,600,000 CHF 100.00 BUC - Banca Unione di Credito 100.000 

SGR-Sociedad para la Gestion de Riesgos S.A. Buenos Aires Argentina 10,000 ARS 99.96 Rimaco S.A. 99.960 

Sistemi Ambientali S.p.A. in liq. Rivoli Italy 9,544,080 EUR 99.79 Fiat Partecipazioni S.p.A. 99.785

Subsidiaries valued at cost 







Centro Automobile in Berlin GmbH Berlin Germany 1,000,000 EUR 90.00 Fiat Automobil Vertriebs GmbH 100.000 

Fiat Auto de Mexico Sociedad Anonima 

de Capital Variable (S.A. de C.V.) in liq. Mexico City Mexico 50,000 MXN 90.00 Fiat Auto S.p.A. 99.998 


Fiat Auto Espana Marketing Instituto 

Agrupacion de Interes Economico Alcalá De Henares Spain 30,051 EUR 85.50 Fiat Auto Espana S.A. 95.000 

Fiat Auto Marketing Institute (Portugal) ACE Alges Portugal 15,000 EUR 72.00 Fiat Auto Portuguesa S.A. 80.000 

Nuove Iniziative Finanziarie 2 S.r.l. Turin Italy 25,000 EUR 90.00 Fiat Auto S.p.A. 99.000 


Powertrain India Pvt. Ltd. Mumbai India 101,000 INR 90.00 Fiat India Automobiles Private Limited 100.000 

Pro-Car LLC Moscow Russia 1,001,000 RUR 90.00 Nuove Iniziative Finanziarie 2 S.r.l. 100.000 


Consorzio Fiat-Kobelco Isvor 

Dealernet Rete in liquidation San Mauro Torinese Italy 21,175 EUR 40.85 Fiat Kobelco Construction Machinery S.p.A. 46.341 

Isvor Dealernet S.r.l. in liquidation 12.195 

Fermec North America Inc. Wilmington U.S.A. 5 USD 84.85 CNH America LLC 100.000 

International Harvester Company Wilmington U.S.A. 1,000 USD 84.85 CNH America LLC 100.000 

J.I. Case Company Limited Doncaster United Kingdom 2 GBP 84.85 Case United Kingdom Limited 100.000 


Consorzio per la Formazione 

Commerciale Iveco-Coforma Turin Italy 51,646 EUR 59.54 Iveco S.p.A. 50.000 



Gestrans S.A. Suresnes France 45,730 EUR 100.00 Irisbus France S.A. 100.000 

Ikarus Trade Kft. Budapest Hungary 423,220,000 HUF 100.00 Ikarusbus Jamugyarto RT 99.976 

Irisbus Holding S.L. 0.024 

IkarusBus Trejd KFT in liq. Moscow Russia 20,000 USD 100.00 Ikarusbus Jamugyarto RT 100.000 

Iran Magirus-Deutz Teheran Iran 180,000,000 IRR 100.00 Iveco Magirus AG 100.000 

Irisbus North America Limited Liability Company Dover U.S.A. 20,000 USD 100.00 Irisbus France S.A. 100.000 

Iveco Defence Vehicles S.p.A. Bolzano Italy 100,000 EUR 100.00 Iveco S.p.A. 100.000 

Lavorazione Plastica S.r.l. Turin Italy 14,955 EUR 100.00 Iveco S.p.A. 98.997 

Sicca S.p.A. 1.003 

M.R. Fire Fighting International S.A. Brasov Romenia 35,000,000 ROL 75.88 Iveco Magirus Brandschutztechnik GmbH 74.000 

Brandschutztechnik Gorlitz GmbH 1.000 

Iveco Eurofire (Holding) GmbH 1.000 

Sivi S.p.A. in liquidation Trezzano Rosa Italy 500,000 EUR 100.00 Iveco S.p.A. 100.000 


Automotive Lighting Japan K.K. KohoKu-Ku-Yokohama Japan 10,000,000 JPY 99.99 Automotive Lighting Reutlingen GmbH 100.000 

Magneti Marelli Automotive 

Components (India) Limited Pune India 125,000,000 INR 99.99 Magneti Marelli Components B.V. 100.000 

Magneti Marelli Electronic Systems (Asia) Limited Hong Kong People’s Rep.of China 10,000 HKD 0.00 Magneti Marelli Sistemi Elettronici S.p.A. 99.990 

Magneti Marelli Systemes 

Electroniques France S.A.S. 0.010 

Rien E.U.R.L. in liq. Vaulx-En-Velin France 45,735 EUR 99.99 Magneti Marelli Holding S.p.A. 100.000 

Yorka Northamerica Corp. Southfield U.S.A. 10,000 USD 99.99 Yorka de Mexico S.r.l. de CV 100.000 


Comau Russia OOO Moscow Russia 4,770,225 RUR 100.00 Comau S.p.A. 99.000 


Comau (Shanghai) International Trading Co. Ltd. Shanghai People’s Rep.of China 200,000 USD 100.00 Comau S.p.A. 100.000

Subsidiaries valued at cost (continued) 






Comau U.K. Limited Telford United Kingdom 2,500 GBP 100.00 Comau S.p.A. 100.000 

Synesis Modugno Italy 20,000 EUR 75.00 Comau S.p.A. 75.000 

❚ Services 

Consorzio Polaris Turin Italy 3,099 EUR 85.48 Matrix S.r.l. in liquidation 86.673 

CONSORZIO SERMAGEST - 

Servizi Manutentivi Gestionali Turin Italy 15,000 EUR 60.00 Ingest Facility S.p.A. 60.000 

Fast Buyer Middle East A.S. Bursa Turkey 95,000,000,000 TRL 98.72 Fast-Buyer S.p.A. 98.800 

Gestione Servizi Territoriali S.r.l. Turin Italy 90,000 EUR 100.00 Ingest Facility S.p.A. 100.000 


Centro.com S.r.l. a S.U. Turin Italy 10,094 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

Consorzio Fiat Media Center Turin Italy 216,912 EUR 47.80 Astra Veicoli Industriali S.p.A. 1.923 

Atlanet S.p.A. 1.923 



Clickar Assistance S.r.l. a S.U. 1.923 



eSPIN S.p.A. 1.923 

Fast-Buyer S.p.A. 1.923 





Services società consortile per azioni 1.923 

Fiat S.p.A. 1.923 

Global Value S.p.A. 1.923 

Irisbus Italia S.p.A. 1.923 



Leasys S.p.A. 1.923 

Magneti Marelli After Market S.p.A. 1.923 

Maserati S.p.A. 1.923 


Palazzo Grassi S.p.A. 1.923 

Pharos S.r.l. 1.923 

Savarent Società per Azioni 1.923 

Sestrieres S.p.A. 1.923 

WorkNet società di fornitura di 

lavoro temporaneo-per azioni 1.923







Consorzio "Sirio" per la Sicurezza Industriale Turin Italy 56,264 EUR 65.14 Fiat Auto S.p.A. 37.044 


Magneti Marelli Powertrain S.p.A. 1.664 

Fiat S.p.A. 1.596 




Irisbus Italia S.p.A. 1.316 


Sistemi Sospensioni S.p.A. 1.165 

Fiat Kobelco Construction Machinery S.p.A. 1.135 


Fiat Servizi per l’Industria S.c.p.a. 1.066 





Magneti Marelli Sistemi di Scarico S.p.A. 0.498 



Automotive Lighting Italia S.p.A. 0.488 

Elasis-Società Consortile per Azioni 0.488 

Ingest Facility S.p.A. 0.488 


H.R. Services S.p.A. 0.374 


Services società consortile per azioni 0.219 


Atlanet S.p.A. 0.213 


Savarent Società per Azioni 0.213 

Servizi e Attività Doganali per l’Industria S.p.A. 0.213 


Fiat-Revisione Interna S.c.r.l. 0.121 

Iveco Mezzi Speciali S.p.A. 0.121 


Isvor Knowledge System S.p.A. 0.089 

Consorzio Fiat Media Center 0.082 

Orione-Consorzio Industriale 

per la Sicurezza e la Vigilanza 0.082 


eSPIN S.p.A. 0.078 

Fast-Buyer S.p.A. 0.078 


Maserati S.p.A. 0.075 

Pharos S.r.l. 0.075 

Risk Management S.p.A. 0.075 

Sisport Fiat Società per Azioni-SF 0.075 

Fiat International S.p.A. 0.045 


Delivery & Mail S.r.l. 0.038 

Easy Drive S.r.l. a S.U. 0.038 

Global Value S.p.A. 0.038 

Iveco Finanziaria S.p.A. 0.038







Fiat Common Investment Fund Limited London United Kingdom 2 GBP 100.00 Fiat United Kingdom Limited 100.000 

Fiat Oriente S.A.E. in liq. Cairo Egypt 50,000 EGP 100.00 Fiat S.p.A. 100.000 

Fides Corretagens de Securos Ltda Nova Lima Brazil 365,525 BRL 100.00 Rimaco S.A. 99.998 

Immobilier 92 SAS Paris France 38,115 EUR 100.00 Fiat France S.A. 100.000 


ISVOR DILTS Leadership Systems Inc. Burlingame U.S.A. 1,000 USD 48.65 e addestramento industriale per Azioni 51.000 


Isvor Fiat India Private Ltd. in liq. New Delhi India 1,750,000 INR 95.40 e addestramento industriale per Azioni 100.000 

Kish Receivables Company in liquidation Dublin Ireland 1,032 EUR 100.00 Celt Receivables Limited in liquidation 100.000 

Komdix SAS Paris France 40,000 EUR 100.00 Fiat France S.A. 100.000 

Luto Servizi S.A. in liquidation Lugano Switzerland 100,000 CHF 100.00 BUC - Banca Unione di Credito 100.000 

Nuova Immobiliare Cinque S.r.l. Turin Italy 50,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

Nuova Immobiliare Quattro S.r.l. Turin Italy 50,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

Nuova Immobiliare Tre S.r.l. Turin Italy 50,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

Nuove Iniziative Finanziarie 3 S.r.l. Turin Italy 50,000 EUR 100.00 Fiat Partecipazioni S.p.A. 100.000 

Orione-Consorzio Industriale 

per la Sicurezza e la Vigilanza Turin Italy 26,342 EUR 95.61 Fiat S.p.A. 82.010 













Sisport Fiat Società per Azioni-SF 1.000

Associated companies valued by the equity method 







Fiat-GM Powertrain B.V. Amsterdam Netherlands 232,000 EUR 45.00 Fiat Auto Holdings B.V. 50.000 

Fidis Bank G.m.b.H. Vienna Austria 4,740,000 EUR 45.00 Fiat Auto S.p.A. 50.000 

Fidis Retail Italia S.p.A. Turin Italy 672,076,000 EUR 44.10 Fiat Auto S.p.A. 49.000 

GM-Fiat Worldwide Purchasing B.V. Amsterdam Netherlands 300,000 EUR 45.00 Fiat Auto Holdings B.V. 50.000 

IN ACTION S.r.l. Arese Italy 336,000 EUR 44.91 Fidis S.p.A. 49.900 

Jiangsu Nanya Auto Co. Ltd. Nanjing People’s Rep.of China 1,409,469,782 CNY 45.00 Fiat Auto S.p.A. 50.000 

Società di Commercializzazione 

e Distribuzione Ricambi S.p.A. Turin Italy 100,000 EUR 17.10 Fiat Auto S.p.A. 19.000 

Società Europea Veicoli Leggeri-Sevel S.p.A. Atessa Italy 68,640,000 EUR 45.00 Fiat Auto S.p.A. 50.000 

Société Europeenne de Vehicules Legers 

du Nord-Sevelnord Société Anonyme Paris France 80,325,000 EUR 45.00 Fiat Auto (France) S.A. 50.000 

Somaca-Société Marocaine 

Construction Automobiles S.A. Casablanca Morocco 60,000,000 MAD 18.00 Fiat Auto S.p.A. 20.000 

Targa Trafficmaster S.p.A. Turin Italy 1,926,968 EUR 45.00 Fidis S.p.A. 50.000 

Targasys S.r.l. Turin Italy 4,322,040 EUR 36.00 Fidis S.p.A. 40.000 

Tofas-Turk Otomobil Fabrikasi Tofas A.S. Levent Turkey 450,000,000,000,000 TRL 34.07 Fiat Auto S.p.A. 37.856 


Al-Ghazi Tractors Ltd Karachi Pakistan 195,165,660 PKR 36.63 CNH Global N.V. 43.170 

Challenger New Holland Ltd. Ottawa Canada 589,600 CAD 40.28 New Holland Canada Ltd. 47.473 

CNH Capital Europe S.A.S. Puteaux France 72,480,297 EUR 42.34 CNH Global N.V. 49.900 

CNH de Mexico SA de CV Queretaro Mexico 24,000,000 MXN 42.43 CNH Global N.V. 50.000 

Consolidated Diesel Company Whitakers U.S.A. 100 USD 42.43 CNH Engine Corporation 50.000 

Employers Health Initiatives LLC Wilmington U.S.A. 0 USD 42.43 CNH America LLC 50.000 

GQM Products LLC Wilmington U.S.A. 0 USD 42.43 CNH America LLC 50.000 

Kobelco Construction Machinery Co. Ltd. Hiroshima Japan 320,000,000,000 JPY 16.97 Case New Holland Italia s.p.a. 20.000 

LBX Company LLC Wilmington U.S.A. 0 USD 42.43 Case LBX Holdings Inc. 50.000 

L&T Case Equipment Limited Mumbai India 240,100,000 INR 42.43 CNH America LLC 50.000 

Megavolt L.P. L.L.L.P. Wilmington U.S.A. 500,000 USD 33.94 CNH America LLC 40.000 

New Holland Finance Ltd Basingstoke United Kingdom 2,900,000 GBP 41.58 CNH Global N.V. 49.000 

New Holland HFT Japan Inc. Sapporo Japan 240,000,000 JPY 42.43 CNH Global N.V. 50.000 

New Holland Trakmak Traktor A.S. Izmir Turkey 800,000,000,000 TRL 31.82 CNH Global N.V. 37.500 

Rathell Farm Equipment Company Inc. Wilmington U.S.A. 640,000 USD 36.71 CNH America LLC 43.266 

Sip-Mot S.A. Zamosc Poland 4,000,000 PLN 18.57 CNH Polska Sp. z o.o. 21.890 

Turk Traktor Ve Ziraat Makineleri A.S. Ankara Turkey 47,000,000,000,000 TRL 31.82 CNH Global N.V. 37.500 


Afin Leasing AG Vienna Austria 1,500,000 EUR 40.00 Iveco International Trade Finance S.A. 40.000 

GEIE V.IV.RE Boulogne France 2 EUR 50.00 Iveco S.p.A. 50.000 

Haveco Automotive Transmission Co. Ltd. Zhajiang People’s Rep.of China 200,010,000 CNY 33.33 Iveco S.p.A. 33.333 

Iveco Uralaz Ltd. Miass Russia 65,255,056 RUR 33.33 Iveco S.p.A. 33.330 

Iveco-Motor Sich. Inc. Zaporozhye Ukraine 26,568,000 UAK 38.62 Iveco S.p.A. 38.618 46.493 

Machen-Iveco Holding S.A. Luxembourg Luxembourg 26,000,000 GBP 30.00 Iveco S.p.A. 30.000 

Naveco Ltd. Nanjing People’s Rep.of China 2,527,000,000 CNY 50.00 Iveco S.p.A. 50.000 

Otoyol Pazarlama A.S. Samandira-Kartal/Istanbul Turkey 1,590,000,000,000 TRL 27.00 Iveco S.p.A. 27.000 

Otoyol Sanayi A.S. Samandira-Kartal/Istanbul Turkey 35,353,075,970,007 TRL 27.00 Iveco S.p.A. 27.000 

Transolver Finance Establecimiento 

Financiero de Credito S.A. Madrid Spain 9,315,500 EUR 50.00 Iveco S.p.A. 50.000 

V.IVE.RE Gruppo Europeo di Interesse Economico Turin Italy 2 EUR 50.00 Iveco S.p.A. 50.000

Associated companies valued by the equity method (continued) 






Name Registered office Country Capital stock Currency dation held by held 

Mako Elektrik Sanay Ve Ticaret A.S. Osmangazi Bursa Turkey 16,500,000,000,000 TRL 43.00 Magneti Marelli Holding S.p.A. 43.000 


Gerbi & Sciaky s.a.s. Bonneuil Sur Marne France 50,000 EUR 44.89 Comau Sciaky S.A. 45.000 

Gonzales Production Systems Inc. Pontiac U.S.A. 10,000 USD 49.00 Comau Pico Holdings Corporation 49.000 

G.P. Properties I L.L.C. Pontiac U.S.A. 10,000 USD 49.00 Comau Pico Holdings Corporation 49.000 


Hua Dong Teksid Automotive 

Foundry Co. Ltd. Zhenjiang-Jangsu People’s Rep.of China 306,688,237 CNY 40.24 Teksid S.p.A. 50.000 

Nanjing Teksid Iron Foundry Co. Ltd. Nanjing People’s Rep.of China 199,617,600 CNY 40.24 Teksid S.p.A. 50.000 

❚ Services 

Global Value Services S.p.A. Turin Italy 10,730,000 EUR 50.00 Business Solutions S.p.A. 50.000 

Global Value Soluçoes Ltda Nova Lima Brazil 2,000 BRL 50.00 Business Solutions do Brasil Ltda 50.000 

Global Value Solutions S.p.A. Turin Italy 270,000 EUR 50.00 Business Solutions S.p.A. 50.000 

Servizio Titoli S.p.A. Turin Italy 126,000 EUR 27.24 Business Solutions S.p.A. 27.238 

S.I.NO.DO. - Sistema Informativo 

Normativa Doganale in liq. Turin Italy 77,469 EUR 50.00 Servizi e Attività Doganali per l’Industria S.p.A. 50.000 


Editalia S.r.l. Caserta Italy 2,868,918 EUR 45.00 Editrice La Stampa S.p.A. 45.000 

Editoriale Corriere Romagna S.r.l. Forlì Italy 2,856,000 EUR 40.00 Editrice La Stampa S.p.A. 40.000 

Edizioni Dost S.r.l. Bologna Italy 1,042,914 EUR 40.00 Editrice La Stampa S.p.A. 40.000 

Società Editrice Mercantile S.r.l. Genoa Italy 4,247,000 EUR 40.00 Editrice La Stampa S.p.A. 40.000 


IPI S.p.A. Turin Italy 40,784,134 EUR 10.00 Fiat Partecipazioni S.p.A. 10.000 

Italenergia Bis S.p.A. Turin Italy 906,624,000 EUR 24.61 Fiat Energia S.r.l. 24.613 

Livingstone Motor Assemblers Ltd. Livingstone Zambia 20,000,000 ZMK 20.00 Fiat Partecipazioni S.p.A. 20.000 

Lombard Bank Malta PLC Valletta Malta 1,980,000 MTL 26.85 BUC - Banca Unione di Credito 26.845 

Rizzoli Corriere della Sera MediaGroup S.p.A. Milan Italy 762,019,050 EUR 9.80 Fiat Partecipazioni S.p.A. 9.797 10.189 

Rubattino 87 S.r.l. Milan Italy 10,845,400 EUR 30.59 Fiat Partecipazioni S.p.A. 30.589

Associated companies valued at cost 





Name 


Registered office Country Capital stock Currency dation held by held rights 

Car City Club S.r.l. Turin Italy 110,000 EUR 29.70 Savarent Società per Azioni 33.000 

Consorzio per la Reindustrializzazione 

dell’area di Arese S.c.r.l. Arese Italy 1,020,000 EUR 27.00 Fiat Auto S.p.A. 30.000 

Fabrication Automobiles de Tiaret SpA Wilaya de Tiaret Algeria 1,225,000,000 DZD 32.91 Fiat Auto S.p.A. 36.571 

G.E.I.E. Gisevel Paris France 15,200 EUR 45.00 Fiat Auto (France) S.A. 50.000 

G.E.I.E.-Sevelind Paris France 15,200 EUR 45.00 Fiat Auto (France) S.A. 50.000 

N. Technology S.p.A. Chivasso Italy 1,500,000 EUR 18.00 Fiat Auto S.p.A. 20.000 


Atlas Vehicules Industriels S.A. Casablanca Morocco 2,200,000 MAD 48.97 Iveco S.p.A. 48.973 

CBC-Iveco Ltd. Changzhou People’s Rep.of China 664,000,000 CNY 50.00 Iveco S.p.A. 50.000 

Consorzio Iveco Fiat-Oto Melara Rome Italy 51,646 EUR 50.00 Iveco S.p.A. 50.000 

Elettronica Trasporti Commerciali S.r.l. (Eltrac S.r.l.) Turin Italy 109,200 EUR 50.00 Iveco S.p.A. 50.000 

Sotra S.A. Abidijan Ivory Coast 3,000,000,000 XAF 39.80 Irisbus France S.A. 39.800 

Zastava-Kamioni D.O.O. Kragujevac Yugoslavia 1,673,505,893 YUM 33.68 Iveco S.p.A. 33.677 

❚ Ferrari and Maserati 

GPWC Holdings B.V. Amsterdam Netherlands 2,500,000 EUR 11.20 Ferrari S.p.A. 20.000 


Flexider S.p.A. Turin Italy 4,131,655 EUR 25.00 Magneti Marelli Holding S.p.A. 25.000 

Gulf Carosserie India Limited Worli India 5,000,000 INR 20.00 Magneti Marelli Holding S.p.A. 20.000 

Mars Seal Private Limited Mumbai India 400,000 INR 23.97 Magneti Marelli France S.A. 24.000 

Matay Otomotiv Yan Sanay Ve Ticaret A.S. Istanbul Turkey 855,000,000,000 TRL 28.00 Magneti Marelli Holding S.p.A. 28.000 

M.I.P.-Master Imprese Politecnico Milan Italy 20,658 EUR 50.00 Magneti Marelli Holding S.p.A. 50.000 

Parades GEIE Milan Italy 216,900 EUR 33.33 Magneti Marelli Powertrain S.p.A. 33.330 


Consorzio Fermag Rome Italy 144,608 EUR 40.00 Comau S.p.A. 40.000 

Consorzio Generazione Forme-CO.GE.F. San Mauro Torinese Italy 15,494 EUR 33.33 Comau S.p.A. 33.333 


S.A.S.-Società Assofond Servizi S.r.l. Trezzano sul Naviglio Italy 520,000 EUR 16.10 Teksid S.p.A. 20.000 

Servicios Industriales Parque 

Fundidores S.de r.l. de C.V. São Pedro Mexico 10,000 MXN 20.12 Teksid Hierro de Mexico S.A. de C.V. 33.330 

❚ Services 

Niugarit.Promocao e Desenvolvimiento de 

Actividades Industriais em Cooperacao Ltda Lisbon Portugal 49,880 EUR 29.97 Fast-Buyer S.p.A. 30.000 

S.I.MA.GEST2 Società Consortile 

a Responsabilità Limitata Zola Predosa Italy 50,000 EUR 30.00 Ingest Facility S.p.A. 30.000 

Società Cooperativa Delta 

Più r.l. in liquidation Trieste Italy 44,865 EUR 34.48 

Cromos Consulenza e 

Formazione S.r.l. in liquidation 46.000 


Agenzia Internazionalizzazione 

Imprese Torino S.r.l. in l. Turin Italy 102,000 EUR 35.00 Fiat Partecipazioni S.p.A. 35.000 

Alcmena S.a.r.l. Luxembourg Luxembourg 5,000,000 EUR 20.00 BUC - Banca Unione di Credito 20.000 

Ciosa S.p.A. in liq. Milan Italy 516 EUR 25.00 Fiat Partecipazioni S.p.A. 25.000 

Concordia Finance S.A. Luxembourg Luxembourg 12,900,000 EUR 30.00 Fiat Netherlands Holding N.V. 30.000 


CONFORM - Consorzio Formazione Manageriale Avellino Italy 51,600 EUR 48.18 e addestramento industriale per Azioni 35.000 

Isvor Knowledge System S.p.A. 15.000

Associated companies valued at cost (continued) 






Consorzio Oto-BPD in liq. Aulla Italy 103,291 EUR 50.00 Fiat Partecipazioni S.p.A. 50.000 

Consorzio Parco Industriale di Chivasso Chivasso Italy 51,650 EUR 23.10 Fiat Partecipazioni S.p.A. 23.100 

Consorzio per lo Sviluppo delle Aziende Fornitrici Turin Italy 250,741 EUR 28.31 Case New Holland Italia s.p.a. 10.299 



Consorzio Prode Naples Italy 51,644 EUR 45.57 Elasis-Società Consortile per Azioni 50.000 

Consorzio Scire Pomigliano d’Arco Italy 51,644 EUR 45.57 Elasis-Società Consortile per Azioni 50.000 

Consorzio Scuola Superiore per l’Alta 

Formazione Universitaria Federico II Naples Italy 127,500 EUR 18.23 Elasis-Società Consortile per Azioni 20.000 

Expo 2000 - S.p.A. Turin Italy 2,828,750 EUR 24.50 Fiat Partecipazioni S.p.A. 24.498 

FMA-Consultoria e Negocios Ltda São Paulo Brazil 1 BRL 50.00 Fiat do Brasil S.A. 50.000 

Giraglia Immobiliare S.p.A. Milan Italy 3,500,000 EUR 28.24 Fiat Partecipazioni S.p.A. 28.240 

Immobiliare Novoli S.p.A. Florence Italy 20,640,000 EUR 40.00 Fiat Partecipazioni S.p.A. 40.000 

Interfinanziaria S.A. Paradiso Switzerland 1,000,000 CHF 33.33 IHF-Internazionale Holding Fiat S.A. 33.330 

Italpark-Società per Infrastrutture 

Ausiliarie di Trasporti S.p.A. in liq. Rome Italy 247,899 EUR 29.00 Fiat Partecipazioni S.p.A. 29.000 

Le Monde Europe S.A. Paris France 3,658,800 EUR 32.00 La Stampa Europe SAS 32.000 

Le Monde Presse S.A. Paris France 7,327,930 EUR 27.28 La Stampa Europe SAS 27.277 

Maire Investimenti S.p.A. Rome Italy 7,857,143 EUR 30.00 Fiat Partecipazioni S.p.A. 30.000 

MB Venture Capital Fund I N.V. Amsterdam Netherlands 50,000 EUR 45.00 Fiat Partecipazioni S.p.A. 45.000 

Motorcity Park S.r.l. Milan Italy 3,112,463 EUR 40.00 Fiat Partecipazioni S.p.A. 40.000 

Nuova Didactica S.c. a r.l. Modena Italy 112,200 EUR 19.58 Ferrari S.p.A. 16.364 


Presse Europe Regions S.A. Paris France 62,087,232 EUR 25.28 La Stampa Europe SAS 25.280 


QSF Qualità Servizi Formazione GEIE Turin Italy 10,329 EUR 23.85 e addestramento industriale per Azioni 25.000 

Tecnologie per il Calcolo Numerico-Centro 

Superiore di Formazione S.c. a r.l. Trento Italy 100,000 EUR 23.46 C.R.F. Società Consortile per Azioni 25.000 

Zetesis S.p.A. Milan Italy 494,000 EUR 40.00 Fiat Partecipazioni S.p.A. 40.000



Other companies pursuant to Article 126 of Consob Regulations - Resolution No. 11971 





Lubelska Fabryka Maszyn Rolnicych S.A. Lublin Poland 13,000,000 PLN 15.66 CNH Polska Sp. z o.o. 18.460 

Plast-Form Sp. z o.o. Lublin Poland 2,090,000 PLN 10.15 CNH Polska Sp. z o.o. 11.962 

Polagris S.A. Pikieliszki Lithuania 1,133,400 LTT 9.38 CNH Polska Sp. z o.o. 11.054 


Consorzio Bolzano Energia Bolzano Italy 12,000 EUR 16.67 Iveco S.p.A. 16.667 

Consorzio Spike Genoa Italy 90,380 EUR 15.00 Iveco S.p.A. 15.000 

Trucks & Bus Company Tajoura Libya 87,000,000 LYD 17.24 Iveco Pegaso S.L. 17.241 


Consorzio U.L.I.S.S.E. Rome Italy 227,241 EUR 11.36 Magneti Marelli Holding S.p.A. 11.360 

❚ Services 

Byte Software House - S.p.A. Turin Italy 4,215,000 EUR 17.79 Business Solutions S.p.A. 17.794 

Consorzio Topix Turin Italy 932,000 EUR 11.23 Atlanet S.p.A. 11.230 

H.R.O. Polska Sp. z o.o. Bielsko-Biala Poland 400,000 PLN 18.00 Business Solutions Polska Sp. z o.o. 18.000 

We-Cube.Com S.p.A. Turin Italy 666,668 EUR 14.79 Business Solutions S.p.A. 14.790 



Ascai Servizi S.r.l. Rome Italy 73,337 EUR 13.44 e addestramento industriale per Azioni 14.085 

Consorzio Sorore Siena Italy 9,296 EUR 16.66 Fiat Partecipazioni S.p.A. 16.663 

Consorzio Technapoli Naples Italy 1,626,855 EUR 10.13 Elasis-Società Consortile per Azioni 11.110 

Ercole Marelli e C. S.p.A. Milan Italy 9,633,000 EUR 13.00 Fiat Partecipazioni S.p.A. 13.000 

Euromedia Luxembourg One S.A. Luxembourg Luxembourg 52,500,000 USD 14.29 Fiat Netherlands Holding N.V. 14.286 

Fin.Priv. S.r.l. Milan Italy 20,000 EUR 14.29 Fiat S.p.A. 14.285 

Gas Turbine Technologies S.p.A. Turin Italy 5,000,000 EUR 15.00 Fiat Partecipazioni S.p.A. 15.000 

I.M. Intermetro S.p.A. Rome Italy 2,461,320 EUR 12.50 Fiat Partecipazioni S.p.A. 12.500 

IRCC-Istituto per la Ricerca e 

la Cura del Cancro-Torino S.p.A. Turin Italy 15,500,000 EUR 19.36 Fiat S.p.A. 19.355 

Istituto Europeo di Oncologia S.r.l. Milan Italy 106,500,000 EUR 10.90 Fiat S.p.A. 10.903 

Ixfin Automotive S.p.A. Naples Italy 60,000,000 EUR 0.00 Fiat Netherlands Holding N.V. 0.000 100.000 (*) 

Lingotto S.p.A. Turin Italy 17,264,000 EUR 17.02 Fiat Partecipazioni S.p.A. 17.019 

Selvi & Cie S.A. Geneva Switzerland 2,400,000 CHF 16.67 BUC - Banca Unione di Credito 16.666 

Société Anonyme Technique Immobilière 

et Financière de la Sadim (S.A.T.I.F.) Monaco Princ.of Monaco 750,000 EUR 12.60 Fiat Partecipazioni S.p.A. 12.600 

(*) Voting right granted by pledge

87 

To the Shareholders of Fiat S.p.A. 

1. We have performed a review of the interim consolidated 

financial statements and related notes included in the 

six-month report as of June 30, 2004 of Fiat S.p.A. and 

subsidiaries (the “Fiat Group”). We have also read the other 

parts of the report containing information on the results of 

operations with the sole purpose of verifying the consistency 

thereof with the interim consolidated financial statements 

and related notes. 

2. Our review was made in accordance with the criteria for such 

reviews recommended by the Italian Regulatory Commission 

for Companies and the Stock Exchange (“CONSOB”) in 

Resolution no. 10867 of July 31, 1997. The review of the 

six-month data of certain subsidiaries, the total assets 

and revenues of which represent approximately 3% and 

5% respectively of the consolidated amounts, has been 

performed by other auditing firms, whose reports have been 

furnished to us. Our review consisted principally of obtaining 

information regarding the items reported in the interim 

financial statements and the consistency of the valuation 

criteria applied through discussion with company 

Report of the External Auditors on the Review 

of the Six-Month Report as of June 30, 2004 

(Translation from the Original Issued in Italian) 

management and the performance of analytical procedures 

on the data contained in the financial statements. Our review 

did not include certain audit procedures such as compliance 

tests and substantive tests of assets and liabilities and was 

significantly less in scope than an audit conducted in 

accordance with generally accepted auditing standards. 

As a consequence, unlike the auditors’ report accompanying 

the annual consolidated financial statements, we do not 

express an audit opinion on the six-month report. 

3. With regard to the comparative information related to the 

prior year six-month report and to the annual consolidated 

financial statements, reference should be made to our 

reports issued on September 11, 2003 and on April 8, 2004, 

respectively. 

4. Based on our review, we are not aware of any material 

modifications or additions that should be made to the interim 

consolidated financial statements and related notes identified 

in paragraph 1. of this report, for them to be in conformity with 

the reporting standards set out in the CONSOB regulation 

related to six-month reports as approved by Resolution no. 

11971 of May 14, 1999 and subsequent amendments. 

Turin, Italy 

September 10, 2004 

Deloitte & Touche S.p.A. 

Colin Johnston - Partner 

The six-month report has been translated into English from the 

original version in Italian. It has been prepared in accordance 

with the CONSOB regulation related to interim reports, 

interpreted and integrated by the accounting principles 

established or adopted by the Italian Accounting Profession. 

Certain accounting practices applied by the Company that 

conform with generally accepted accounting principles in Italy, 

may not conform with generally accepted accounting principles 

in other countries.

Report of the Board of Directors on Operations 


Editorial Coordination: 

Micrograf – Turin, Italy 

Printed by: Arti Grafiche Giacone – Turin, Italy 

Printed in Italy 

September 2004 

01UK

in the First Half of 2004 99th Fiscal Year - FIAT SpA

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