Chrysler 2007 Annual Report Download - page 280

15. Current financial receivables
At December 31, 2007, current financial receivables total 1,223,431 thousand euros, an increase of 1,139,258 thousand euros as
compared to December 31, 2006. They comprise intercompany loans and receivables as follows:
At At
(in thousands of euros) December 31, 2007 December 31, 2006 Change
Current account with Fiat Finance S.p.A. 177,006 – 177,006
Loan to Fiat Finance S.p.A. 900,000 – 900,000
Amounts due from Fiat Netherlands Holding N.V. (formerly Intermap Nederland B.V.)
for derivative financial instruments 145,903 84,133 61,770
Other receivables due from Fiat Finance S.p.A. and Fiat Netherlands Holding N.V.
(formerly Intermap Nederland B.V.) 522 40 482
Total Current financial receivables 1,223,431 84,173 1,139,258
The Current account with Fiat Finance S.p.A. represents the balance on the account held with that company as part of the Group’s
centralised treasury management.
The loan to Fiat Finance S.p.A. is due for repayment on February 27, 2008; it was made towards the end of 2007 as a temporary
investment of surplus funds.
The item Amounts due from Fiat Netherlands Holding N.V. for derivative financial instruments consists of the fair value of the two
equity swaps on Fiat S.p.A. shares taken out with leading banks by Intermap (Nederland) B.V. (subsequently merged into
Fiat Netherlands Holding N.V.) under instruction from Fiat S.p.A. to hedge the risk of a rise in the share price above the exercise
price of the stock options granted to the company’s Chief Executive Officer in 2004 and in 2006, as described in Note 7, to which
reference should be made for additional information. The fair value of these equity swaps has been calculated on the basis of the
market price at the balance sheet date.
The carrying amount of financial receivables is deemed to approximate their fair value.
16. Other current receivables
At December 31, 2007, other current receivables amount to 892,161 thousand euros, an increase of 265,733 thousand euros over
December 31, 2006. They are due as follows:
At At
(in thousands of euros) December 31, 2007 December 31, 2006 Change
Intercompany receivables for consolidated IRES tax 436,479 146,847 289,632
Other intercompany receivables 361 (58)
VAT receivables 179,657 205,907 (26,250)
IRES tax receivables 270,881 268,429 2,452
IRAP tax receivables 681 – 681
Other 4,460 5,184 (724)
Total Other current receivables 892,161 626,428 265,733
Fiat S.p.A. Financial Statements at December 31, 2007 - Notes to the Financial Statements 279