Chrysler 2007 Annual Report Download - page 302

Tax payables and other payables
The main components of these items are as follows.
At December 31, 2007, intercompany payables for consolidated VAT of 195,886 thousand euros (160,957 thousand euros at
December 31, 2006) relate to the VAT credits of Italian subsidiaries transferred to Fiat S.p.A. as part of the consolidated VAT
procedure.
At December 31, 2007, payables to Group companies in connection with the IRES tax consolidation amounted to 345,460 thousand
euros (154,910 thousand euros at December 31, 2006) and represent the remuneration due for the tax losses contributed by the
Italian subsidiaries to the national tax consolidation for 2007, payables relating to the national tax consolidation for 2006 still to be
settled and the IRES tax credits of the Italian subsidiaries transferred to Fiat S.p.A. as part of the tax consolidation procedure.
Tax payables and other payables are all due within one year and their carrying amount is deemed to approximate their fair value.
26. Guarantees granted, commitments and contingent liabilities
Guarantees granted
This item is made up as follows:
(in thousands of euros) 2007 2006 Change
Guarantees granted
Sureties
- on behalf of Group companies 261,810 569,288 (307,478)
- on behalf of third parties 51,919 96,011 (44,092)
Total Sureties 313,729 665,299 (351,570)
Other personal guarantees
- on behalf of Group companies 7,464,996 6,748,140 716,856
- on behalf of third parties 58,612 152,404 (93,792)
Total Other personal guarantees 7,523,608 6,900,544 623,064
Total Guarantees granted 7,837,337 7,565,843 271,494
Sureties
At December 31, 2007, sureties amount to 313,729 thousand euros, a decrease of 351,570 thousand euros over December 31, 2006.
This balance mostly relates to sureties granted on behalf of Group companies on Billets de Trésorerie issued (Fiat Finance and
Trade Ltd S.A. 35,900 thousand euros), medium- to long-term loans granted by banks (38,365 thousand euros) and the rental
payments relating to buildings included in the property securitisation transactions carried out in previous years (187,545 thousand
euros). Sureties granted on behalf of third parties relate mostly to security for a loan to Sevelnord S.A. (regarding the Peugeot-Fiat
project in France).
Fiat S.p.A. Financial Statements at December 31, 2007 - Notes to the Financial Statements 301