Statement of Cash Flows pursuant to Consob Resolution 15519 of 27 July 2006

(€ thousand)2013of which related parties2012of which related parties
A) Cash and cash equivalents at beginning of year 554   744  
B) CASH FROM/(USED IN) OPERATING ACTIVITIES DURING THE YEAR:        
Profit/(loss) (226,698)   (152,302)  
Amortization and depreciation  2,046   2,004  
Non-cash cost of stock option plans and other non-cash items 6,005 6,005 8,689 8,689
Impairment losses/(reversals) on investments 540,400 540,400 962,878 962,878
Fair value adjustment to equity swaps on Fiat and Fiat Industrial shares -   (31,640) (31,640)
Losses/(gains) on disposals (971) (971) -  
Change in provisions for employee benefits and other provisions  548 6,822 1,499 6,774
Change in deferred taxes -   4,051  
Change in working capital (35,736) (134,623) 3,496 62,730
Total 285,594   798,675  
C) Cash from/(used in) investing activities:        
Investments relating to:        
 Recapitalization of subsidiaries (1,738,000) (1,738,000) (444,000) (444,000)
 Acquisitions and capital subscriptions (95,132) (95,132) (130,852) (130,852)
Reductions in investments relating to:        
 Proceeds from disposals 1,716 1,716 -  
Other (investments)/disposals, net (1,481)   (1,030)  
Total (1,832,897)   (575,882)  
D) CASH FROM/(USED IN) FINANCING ACTIVITIES:        
Change in current financial assets 58,281 58,281 336,478 336,478
Proceeds from non-current debt -   400,000 400,000
Repayment of non-current debt (1,000,000) (1,000,000) (1,150,000) (1,150,000)
Change in current debt 2,486,354 2,488,968 230,329 227,715
Increase in share capital 3,383   -  
Purchases of own shares (1)   (34)  
Sales of own shares -   -  
Dividends paid -   (39,756) (10,800)
Total 1,548,017   (222,983)  
E) Net change in cash and cash equivalents 714   (190)  
F) Cash and cash equivalents at end of year 1,268   554