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Ferrari

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ANNUAL REPORT
CONSOLIDATED AND STATUTORY FINANCIAL STATEMENTS AT DECEMBER 31, 2004 — 99TH FISCAL YEAR

03

FIAT S.P.A.

FINANCIAL STATEMENTS AT DECEMBER 31, 2004

168 Balance Sheet 171 Statement of Operations 173 Notes to the Financial Statements

Fiat S.p.A. Corporate Headquarters: 250 Via Nizza, Turin, Italy Paid-in Capital: 4,918,113,540 euros Entered in the Turin Company Register Fiscal Code: 00469580013

03

FIAT S.P.A.

BALANCE SHEET
I

ASSETS
December 31, 2004 (in euros) December 31, 2003 (in euros)

FIXED ASSETS Intangible fixed assets Start-up and expansion costs Concessions, licenses, trademarks and similar rights Intangible assets in progress and advances Other intangible fixed assets Total Property, plant and equipment Land and buildings Plant and machinery Other assets Total Financial fixed assets Investments in: Subsidiaries Other companies Total investments Other securities Total TOTAL FIXED ASSETS CURRENT ASSETS Inventories Contract work in progress Advances to suppliers Total Receivables Trade receivables (*) Receivables from subsidiaries Tax receivables (**) Deferred tax assets Receivables from others (***) Total Financial assets not held as fixed assets Treasury stock (total par value 21,920,095 euros) Financial receivables: From subsidiaries Total Cash Bank and post office accounts Cheques Cash on hand Total TOTAL CURRENT ASSETS ACCRUED INCOME AND PREPAID EXPENSES I TOTAL ASSETS
(*) (**) (***) Amounts due within one year Amounts due beyond one year Amounts due within one year Amounts due beyond one year Amounts due within one year Amounts due beyond one year

(note 1) 41,726,538 54,868 185,759 8,187,824 50,154,989 (note 2) 35,831,465 2,887,128 4,766,873 43,485,466 (note 3) 5,122,130,119 126,730,177 5,248,860,296 74,180 5,248,934,476 5,342,574,931 (note 4) 91,261,958 7,053,456,999 7,144,718,957 (note 5) 350,602,953

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