Chrysler 2003 Annual Report Download - page 160

159 Fiat S.p.A. Financial Statements at December 31, 2003
Notes to the Financial Statements
Fiat S.p.A. provided T.A.V. S.p.A. with bank suretyships totaling 1,565,814 thousand euros (641,732 thousand euros for the Bologna-
Florence line and 924,082 thousand euros for the Turin-Milan line) as security for contractual advances received and proper execution
of work. Conversely, the CAV.E.T. Consortium provided Fiat S.p.A. with bank suretyships totaling 617,051 thousand euros, as
envisaged by contract. In 2003, the CAV.TO.MI. Consortium issued the contractually envisaged bank suretyships (889,115 thousand
euros) and obtained reimbursement of the cash collateral of 250,000 thousand euros paid in 2002.
5 Receivables
Receivables amounted to 694,566 thousand euros at December 31, 2003. A breakdown of the net increase of 85,192 thousand euros
from the figure at the end of 2002 is provided in the following table:
(in thousands of euros) 12/31/03 12/31/02 Change
Trade receivables 199,162 217,095 (17,933)
Allowance for doubtful accounts (258) (258) –
Total trade receivables 198,904 216,837 (17,933)
Subsidiaries 16,438 7,124 9,314
Others
Due from the Tax Authorities 404,211 318,982 85,229
Receivables for net deferred tax assets –56,096 (56,096)
Due from employees 311 484 (173)
Receivables from factoring companies 74,402 9,695 64,707
Other (security deposits, social security institutions, advances to suppliers, etc.) 300 156 144
Total others 479,224 385,413 93,811
Total receivables 694,566 609,374 85,192
Compared with December 31, 2002, trade receivables decreased by 17,933 thousand euros. These receivables are mainly the result
of corresponding amounts owed by T.A.V. S.p.A. for works completed in 2003, net of receivables sold.
The liabilities include, under trade payables, the amounts owed to CAV.E.T. and CAV.TO.MI.
Receivables from subsidiaries stem from the provision of services. At December 31, 2003, they were 9,314 thousand euros higher
than at the end of 2002.
Receivables from others totaled 479,224 thousand euros at December 31, 2003 and include receivables from Tax Authorities for a
total of 404,211 thousand euros. This latter amount includes the consolidated Group VAT credits of 216,036 thousand euros (of
which 112,914 thousand euros were requested in the form of reimbursements, net of receivables sold, and 103,122 thousand euros
were carried forward), IRPEG (mainly for 2003) of 184,444 thousand euros, IRAP of 448 thousand euros, prepayment of taxes on
employee severance indemnities of 1,058 thousand euros, and other minor credits of 2,225 thousand euros.
Receivables from others showed a net increase of 93,811 thousand euros from December 31, 2002, as a net result of the following items:
(in thousands of euros)
Lower consolidated Group VAT receivables (8,183)
Corporate income tax receivables for the fiscal year (IRPEG) 142,666
2002 corporate income tax receivables transferred to Group companies (40,200)
Higher receivables from factoring companies 64,707
Elimination of receivables for net deferred tax assets (56,096)
Miscellaneous items (9,083)
Net change 93,811
The increase in receivables from factoring companies refers in part to receivables sold to factors and not yet paid.
The credit for net deferred tax assets was the result of provisions to reserves in fiscal 2002 for tax prepayments on losses from equity
investments deductible in subsequent fiscal years (238,000 thousand euros) net of deferred tax liabilities on the gain from disposal
of Ferrari S.p.A. shares taxable in future fiscal years (177,791 thousand euros).
It has been eliminated because there is no reasonable certainty that it will be recovered in future fiscal years.