Chrysler 2007 Annual Report Download - page 176

175Fiat Group Consolidated Financial Statements at December 31, 2007 - Notes
The annual interest rates and the nominal currencies of debt at December 31, 2007 are as follows:
Interest rate
less from 5% from 7.5% from 10% greater
(in millions of euros) than 5% to 7.5% to 10% to 12.5% than 12.5% Total
Euro 1,195 6,961 239 – 1 8,396
US dollar 64 5,722 71 6 – 5,863
Brazilian real 182 68 1,667 441 – 2,358
British pound 19 20 – – – 39
Canadian dollar 8 735 – – – 743
Other 15 142 353 28 14 552
Total Debt 1,483 13,648 2,330 475 15 17,951
Debt with annual nominal interest rates in excess of 12.5% relates principally to the entities in Argentina.
For further information on the management of interest rate and currency risk reference should be made to the previous section
Risk Management and to Note 34.
The fair value of Debt at December 31, 2007 amounts approximately to 18,014 million euros (approximately 20,484 million euros at
December 31, 2006), determined using the quoted market price of financial instruments, if available, or the related future cash
flows. The amount is calculated using the interest rates stated in Note 19, suitably adjusted to take account of the Group’s current
creditworthiness.
At December 31, 2007 the Group has outstanding financial lease agreements for certain property, plant and equipment whose net
carrying amount totalling 249 million euros (70 million euros at December 31, 2006) is included in the item Property, plant and
equipment (Note 14). Payables for finance leases included in the item Other debt amount to 228 million euros at December 31,
2007 (57 million euros at December 31, 2006) and are analysed as follows:
At December 31, 2007 At December 31, 2006
Due between Due between
Due within one and Due beyond Due within one and Due beyond
(in millions of euros) one year five years five years Total one year five years five years Total
Minimum future lease payments 56 118 58 232 16 39 6 61
Interest expense (2) (2) – (4) (1) (3) – (4)
Present value of minimum lease payments 54 116 58 228 15 36 6 57
As discussed in Note 14, finance lease payables also relate to suppliers’ assets recognised in the consolidated financial statements
in accordance with IFRIC 4.
Debt secured by mortgages on assets of the Group amounts to 357 million euros at December 31, 2007 (190 million euros at
December 31, 2006), of which 228 million euros (57 million euros at December 31, 2006) due to creditors for assets acquired under
finance leases. The total carrying amount of assets acting as security for loans amounts to 411 million euros at December 31, 2007
(223 million euros at December 31, 2006). In addition, it is recalled that the group’s assets include current receivables and set-aside
cash to be used for settling asset-backed financing of 6,820 million euros (8,344 million euros at December 31, 2006).