Citibank Performance Evaluation Case Study

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Annual Report
Consolidated and Statutory
Financial Statements at December 31, 2006

101st fiscal year

Fiat S.p.A.
Financial Statements at December 31, 2006
234 Financial Review of Fiat S.p.A.
238 Income Statement
239 Balance Sheet
240 Statement of Cash Flows
241 Statement of Changes in Stockholders’ Equity

I am enough of an artist to draw freely upon my imagination. Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world. Albert Einstein

242 Income Statement pursuant to Consob Resolution
No. 15519 of July 27, 2006
243 Balance Sheet pursuant to Consob Resolution
No. 15519 of July 27, 2006
244 Notes to the Financial Statements
301 Appendix – Transition of the
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(946 million euros) and Fiat
Netherlands Holding N.V. (96 million euros connected to CNH), all written-down in previous years, net of the impairment loss recognised on the investment in Comau S.p.A. (330 million euros).

I Other revenues , totalling 79 million euros (72 million euros in 2005), principally refer to the change in contract work in progress
(agreements between Fiat S.p.A. and Treno Alta Velocità – T.A.V. S.p.A.), which is measured by applying the percentage of completion to the total contractual value of the work, to royalties for the use of the Fiat trademark, calculated as a percentage of the revenues generated by the Group companies that use it, and the services of executives at the principal companies of the
Group. The increase from 2005 is mainly attributable to higher charges for the use of the trademark.

No Income (expenses) from significant non-recurring transactions is reported in 2006. In 2005 a gain of 1,133 million euros
(net of related costs) was recorded on the transaction regarding the termination of the Master Agreement with General Motors.
In 2006, there were net financial expenses of 24 million euros, arising from the interest charges on the Company’s debt, which was partially offset by the gain resulting from derivative financial instruments.
In 2005 there were net expenses of 62 million euros mainly arising from the interest expenses connected with the Mandatory
Convertible Facility.
No Financial income from significant
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