Chrysler 2008 Annual Report Download - page 289

16. Current financial receivables
At 31 December 2008, there were no current financial receivables. At 31 December 2007, this item totalled €1,223,431 thousand and
consisted of amounts receivable from other Group companies, as detailed below:
At At
(€ thousands) 31 December 2008 31 December 2007 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.
for derivative financial instruments –145,903 (145,903)
Other minor receivables due from Fiat Finance S.p.A. and Fiat Netherlands Holding N.V. –522 (522)
Total Current financial receivables –1,223,431 (1,223,431)
The Current account with Fiat Finance S.p.A. totalling €177,006 thousand at 31 December 2007 represented 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., totalling €900,000 thousand at 31 December 2007, was issued in late 2007 as a temporary investment
of surplus funds and repaid at maturity on 27 February 2008.
The item Amounts due from Fiat Netherlands Holding N.V. for derivative financial instruments, totalling €145,903 thousand at 31
December 2007, consisted of the fair value measurement of the two equity swaps on Fiat S.p.A. shares entered into with major
banks by Fiat Netherlands Holding N.V., under instruction from Fiat S.p.A., to hedge against an increase 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 8. At
31 December 2008, the fair value of both equity swaps was negative and, therefore, they were recognised as liabilities (see Note 25).
17. Other current receivables
At 31 December 2008, other current receivables amounted to €905,058 thousand, an increase of €12,897 thousand over 31
December 2007. They are broken down as follows:
At At
(€ thousands) 31 December 2008 31 December 2007 Change
Intercompany receivables for consolidated IRES tax 285,048 436,479 (151,431)
Other intercompany receivables 42,039 3 42,036
VAT receivables 304,262 179,657 124,605
IRES tax receivables 269,286 270,881 (1,595)
IRAP tax receivables –681 (681)
Other 4,423 4,460 (37)
Total Other current receivables 905,058 892,161 12,897
Fiat S.p.A. Statutory Financial Statements at 31 December 2008288