Chrysler 2004 Annual Report Download - page 45

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The net financial position at December 31, 2004 was a negative
975 million euros, as compared to 2,066 million euros at
December 31, 2003. A breakdown is the following:
(in millions of euros) At 12/31/2004 At 12/31/2003
Financial receivables and cash 2,321 1,437
Financial payables (3,169) (3,414)
Financial accruals and deferrals (127) (89)
Net financial position (975) (2,066)
Financial receivables include short-term financing granted to
the subsidiary Fiat Ge.Va. S.p.A. falling due in 2005 and cash
deposited on its current account.
The financial payables consist primarily of the “Mandatory
facility” loan of 3 billion euros granted by a pool of banks that
falls due in September 2005.
The improvement in the net financial position with respect
to the previous year stems mainly from the cash received
in consequence of the partial reimbursement of capital by
the subsidiary IHF – Internazionale Holding Fiat S.A.
The reader is referred to the cash flow statement at the end
of the Notes to the Statutory Financial Statements of Fiat S.p.A.
for a more complete analysis of the items posted on the
Statement of Operations and Balance Sheet.
Financial Review of the Fiat Group and Fiat S.p.A.