Without Fiat Auto, what would Fiat have?

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http://www.detnews.com/2005/autosins...utos-77695.htm

MILAN - Fiat said it could exercise an option to sell its car arm to General Motors Corp. after the two groups failed to settle their dispute over the validity of the option.

Fiat's carmaking division is the historic, core business of the company founded by the Agnelli family more than 100 years ago.

But since then, the group has diversified across a range of sectors. Although it has sold non-core activities including trains, aerospace and insurance, it remains one of Italy's most important industrial and financial players as well as its largest private employer.

Here is a breakdown of what makes up Fiat:

FIAT AUTO

The 106-year-old car unit accounts for about 43 percent of overall revenue but has long been a drag on the group, booking an operating loss in five of the six years to 2003. It is not expected to make an operating profit until 2006.

Fiat Auto sells cars under the Fiat, Lancia and Alfa Romeo brands. It is heavily dependent on Italy, which accounts for about 40 percent of sales. It is also one of the market leaders in Brazil.

Fiat Auto has about 44,500 employees from Poland to China and last week signed a deal to produce cars in Iran. But global sales have dropped sharply since the 1980s. In 2003 Fiat sold 1.8 million cars.

CNH GLOBAL

Illinois-based CNH was born of the merger between Case and New Holland in 1999 and was due to pull into a net profit in 2004. It accounts for 20 percent of Fiat Group turnover.

CNH makes two thirds of its sales from agricultural equipment ranging from fruit-picking tractors to combine harvesters. The rest comes from construction equipment such as diggers.

IVECO

Iveco makes trucks and buses, which carry the Irisbus name. It accounts for 18 percent of group sales. Iveco is active in China and Turkey as well as Western Europe.

Media have reported that Fiat could sell a majority stake in Iveco's customer financing arm to help cut debt.

Iveco has been booking healthier operating profit in recent quarters. In 2003, it made a net loss of 258 million euros.

FERRARI-MASERATI

The high-profile jewel in Fiat's crown, Ferrari has won the last six constructors titles in Formula One racing.

Ferrari also makes road cars and owns luxury brand Maserati, which is not due to pull into operating profit until 2007.

Together, Ferrari and Maserati pulled in sales of 1.2 billion euros in 2003, about 2 percent of Fiat Group sales. They made an operating profit of 32 million euros and a net profit of 2 million.

MAGNETTI MARELLI

Magnetti Marelli makes components for Fiat and other carmakers, ranging from injection systems to the headlights on BMW's Mini.

Magnetti Marelli makes up about 6.8 percent of Fiat's revenue. In 2003, it made an operating profit of 32 million euros and a net loss of 90 million.

COMAU

The production systems unit makes robotics to weld together car bodies and paint them.

Its revenue makes up 4.9 percent of group sales. In 2003 it made a 2-million-euro operating profit and a 164-million-euro net loss.

TEKSID

Teksid makes cast iron and magnesium castings for the car and heavy vehicle industry. Fiat sold off the aluminium casting unit in 2002 to raise funds during its restructuring.

Its revenue accounts for 1.8 percent of group sales. In 2003, it made a 12-million-euro operating profit and a net loss of 91 million euros.

BUSINESS SOLUTIONS

The unit provides services from human resources to procurement for Fiat units and other firms. It also manages the ski lifts and cable cars at the Alpine resort of Sestriere.

In 2003, its revenues totalled 1.8 billion euros, about 3.8 percent of group sales. It made an operating profit of 45 million euros but a net loss of 20 million.

ITEDI

Fiat's publishing arm is best known for printing national daily newspaper La Stampa. It also has an advertising arm, Publikompass. 2003 revenues came in at 383 million euros with an operating profit of 10 million and a net profit of 1 million.

ITALENERGIA

Fiat owns 24.6 percent of Italenergia, the holding company that controls Italian power group Edison. But the shares were put up as collateral for a bank loan in 2002 and Fiat is likely to exercise a put option to sell the stock to Electricite de France to cover the loan repayment.

INDUSTRIAL STAKES

Fiat has traditionally been one of Italy's financial powerhouses and still has a stake of about 10 percent in RCS Mediagroup, the influential company that publishes the country's leading newspaper, Corriere della Sera.

It also owns just under 2 percent of Mediobanca, the Milan-based investment bank with stakes in a broad range of Italian companies.