Chrysler 2005 Annual Report Download - page 234

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Fiat S.p.A. Financial Statements at D ecember 31, 2005 - N otes to the Financial Statements
Trade payables
Trade payables stem from services received and amounts due to CAV.E.T. and C AV.TO.MI. for progress payments due for work completed in
the fourth quarter of 2005 and paid in the first quarter of 2006.They totalled 380,335 thousand euros at December 31, 2005, a net decrease
of 121,320 thousand euros compared with December 31, 2004, mainly due to the amounts due to the CAV.TO.MI. Consortium for the Turin-
N ovara line.
Payables to subsidiaries
These stood at 222,848 thousand euros at December 31, 2005, showing a net increase of 118 thousand euros from a year earlier.
A breakdown of this item is as follows:
(in thousands of euros) At 12.31.05 At 12.31.04 Change
Financial payables 117,028 101,746 15,282
Trade payables 4,847 10,683 (5,836)
Payables for consolidated IRES 100,548 71,816 28,732
O ther payables 425 38,485 (38,060)
Total payables to subsidiaries 222,848 222,730 118
Financial payables at December 31, 2005 included amounts payable to subsidiaries for their VAT credits, which they transferred to Fiat S.p.A.
under the consolidated VAT filing system.
Trade payables reflect the purchase of administrative and general services.
Payables for consolidated IRES refer for 73,591 thousand euros to amounts payable to Italian subsidiaries for IRES calculated on the portion of
the tax losses contributed by these companies as part of the national tax consolidation program and offset with the taxable income contributed
by other Italian subsidiaries during the year, and for 26,957 thousand euros to advances and other IRES credits transferred to Fiat S.p.A. by the
companies participating in this program. O f the latter amount, 14,759 thousand euros were transferred in 2004 and 12,198 thousand euros in 2005.
Payables to controlling company
There were no payables to the controlling company at D ecember 31, 2005, with a decrease of 234 thousand euros with respect to
December 31, 2004.
Taxes payable
At December 31, 2005, taxes payable totalled 2,750 thousand euros, a net decrease of 6,237 thousand euros from the figure at December 31,
2004. A breakdown is as follows:
(in thousands of euros) At 12.31.05 At 12.31.04 Change
VAT payable –5,672 (5,672)
Taxes withheld on payments to employees and independent contractors 2,322 2,887 (565)
Miscellaneous items 428 428 –
Total taxes payable 2,750 8,987 (6,237)