Chrysler 2005 Annual Report Download - page 226

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Fiat S.p.A. Financial Statements at D ecember 31, 2005 - N otes to the Financial Statements
5. Receivables
Receivables amounted to 458,146 thousand euros at D ecember 31, 2005.A breakdown of the net decrease of 516,406 thousand euros from
the figure at the end of 2004 is provided in the following table:
(in thousands of euros) At 12.31.05 At 12.31.04 Change
Trade receivables 208,193 350,861 (142,668)
Allowance for doubtful accounts (228) (258) 30
Total trade receivables 207,965 350,603 (142,638)
Subsidiaries 112,581 25,251 87,330
Due from Tax Authorities 102,570 288,902 (186,332)
Deferred tax assets – 277,000 (277,000)
O ther (mainly factoring companies) 35,030 32,796 2,234
Total receivables 458,146 974,552 (516,406)
Compared with December 31, 2004, trade receivables decreased by 142,638 thousand euros.These receivables are mainly the result of amounts
owed by T.A.V. S.p.A. for works completed in 2005, net of receivables sold.
The liabilities include, under trade payables, the amounts owed to C AV.E.T. and C AV.TO.MI for the receivables to be collected against completed work.
Receivables from subsidiaries at December 31, 2005 primarily refer to the use of the trademark (6,574 thousand euros), receivables for IRES
calculated on the taxable income contributed by the Italian companies participating in the national tax consolidation program (74,024 thousand
euros) and receivables for IRES sold to Italian subsidiaries for having made tax prepayments on their behalf (30,894 thousand euros). They
show a net increase of 87,330 thousand euros with respect to D ecember 31, 2004.
At the end of 2005, tax credits totalled 102,570 thousand euros and included credits for consolidated Group VAT of 79,835 thousand euros
(of which 54,695 thousand euros were carried forward and 25,140 thousand euros for interest on requested tax refunds), 10,868 thousand
euros for receivables for IRES transferred to Fiat S.p.A. by Italian Group companies that participate in the national tax consolidation program
for fiscal 2005, and other minor amounts for 11,867 thousand euros.
There was a net decrease in tax credits of 186,332 thousand euros with respect to D ecember 31, 2004, resulting from:
(in thousands of euros)
Receivables for IRES sold in factoring (208,006)
Receivables for IRES sold to Group companies (30,894)
Receivables for IRES transferred in relation to the national tax consolidation program for fiscal 2005 10,868
Higher consolidated Group VAT receivables 33,859
Miscellaneous items 7,841
N et change (186,332)