Chrysler 2008 Annual Report Download - page 155

19. Current receivables and Other current assets
The composition of the caption is as follows:
(€ millions) At 31 December 2008 At 31 December 2007
Trade receivables 4,390 4,384
Receivables from financing activities 13,136 12,268
Current tax receivables 770 1,153
Other current assets:
- Other current receivables 2,373 2,050
- Accrued income and prepaid expenses 227 241
Total Other current assets 2,600 2,291
Total Current receivables and Other current assets 20,896 20,096
The analysis by due date is as follows:
At 31 December 2008 At 31 December 2007
Due between Due between
Due within one and Due beyond Due within one and Due beyond
(€ millions) one year five years five years Total one year five years five years Total
Trade receivables 4,285 94 11 4,390 4,323 51 10 4,384
Receivables from financing activities 8,076 4,909 151 13,136 6,542 5,565 161 12,268
Current tax receivables 540 123 107 770 871 175 107 1,153
Other current receivables 2,090 248 35 2,373 1,599 330 121 2,050
Total Current receivables 14,991 5,374 304 20,669 13,335 6,121 399 19,855
At 31 December 2008, Current receivables include receivables sold and financed through both securitisation and factoring
transactions of €6,190 million (€6,290 million at 31 December 2007) which do not meet IAS 39 derecognition requirements. These
receivables are recognised as such in the Group financial statements even though they have been legally sold; a corresponding
financial liability is recorded in the Consolidated balance sheet as Asset-backed financing (see Note 27).
Trade receivables
Trade receivables are shown net of allowances for doubtful accounts of €478 million at 31 December 2008 (€469 million at
31 December 2007), determined on the basis of historical losses on receivables. Changes in the allowance accounts during the year
are as follows:
At Change in At
31 December Use and the scope of 31 December
(€ millions) 2007 Provision other changes consolidation 2008
Allowances for doubtful accounts 469 96 (92) 5 478
The carrying amount of Trade receivables is considered in line with their fair value at the date.
At 31 December 2008, trade receivables of €36 million were pledged as security for loans obtained (€45 million at 31 December 2007).
Fiat Group Consolidated Financial Statements at 31 December 2008154