Chrysler 2004 Annual Report Download - page 109

107
Consolidated Financial Statements at December 31, 2004 – Notes to the Consolidated Financial Statements
Current assets
4 Inventories
At 12/31/2004 At 12/31/2003
(in millions of euros) Gross Allowance Net Gross Allowance Net
Raw materials and supplies 1,343 (188)1,155 1,306 (207) 1,099
Work in progress and semifinished products 815 (26)789 966 (22) 944
Contract work in progress 2,886 – 2,886 4,077 – 4,077
Finished goods and merchandise 4,080 (369)3,711 4,482 (430) 4,052
Advances to suppliers 7,076 – 7,076 5,188 – 5,188
Total Inventories 16,200 (583) 15,617 16,019 (659) 15,360
Advance payments on contract work in progress (*) (9,645)–(9,645) (8,876) – (8,876)
Net inventories 6,555 (583)5,972 7,143 (659) 6,484
(*) For the sake of clarity, certain items involving customer advances on contract work recorded previously under “Other Payables” (Note 12), were included in the item Advance pay-
ments on contract work in progress at December 31, 2004. Consistently with this change, the value of Advance payments on contract work in progress at December 31, 2003 was
adjusted by 428 million euros.
Movements in the inventory allowance accounts during the year were as follows:
Foreign Change in
At Use and exchange the scope of At
(in millions of euros) 12/31/2003 provisions effects consolidation 12/31/2004
Allowance for inventory writedowns 659 (78) (2) 4 583
Inventories of 15,617 million euros at December 31, 2004 (15,360 million euros at December 31, 2003) increased by 257 million euros
compared to the prior year. Advance payments received from customers on contract work in progress (mainly connected with work to
complete the T.A.V. project) amount to 9,645 million euros (8,876 million euros at December 31, 2003) and are recorded in Payables
(Note 12). Inventories, net of such advance payments received from customers, amount to 5,972 million euros (6,484 million euros at
December 31, 2003). Advances to suppliers principally relate to the amounts paid by Fiat S.p.A. to the consortiums involved in the
T.A.V. project. Contract work in progress decreased mainly as a result of the Change in the scope of consolidation.
5 Receivables
An analysis of receivables by due date is as follows:
At 12/31/2004 At 12/31/2003
Due within Due beyond
Of which due Due within Due beyond Of which due
(in millions of euros) one year one year beyond 5 year Total one year one year beyond 5 year Total
Trade receivables 3,899 29 11 3,928 3,733 25 3 3,758
Receivables from unconsolidated subsidiaries 49 3 – 52 73 3 – 76
Receivables from associated companies 855 9 – 864 764 – – 764
Tax receivables 1,114 123 41 1,237 1,413 137 – 1,550
Deferred tax assets 748 1,413 – 2,161 536 1,343 – 1,879
Other receivables from:
Employees 36 2 – 38 33 2 – 35
Social security agencies 25––2514––14
Others 1,514 140 8 1,654 1,272 165 9 1,437
Total Other receivables 1,575 142 8 1,717 1,319 167 9 1,486
Total Receivables 8,240 1,719 60 9,959 7,838 1,675 12 9,513