Chrysler 2008 Annual Report Download - page 290

Intercompany receivables for consolidated IRES tax arise from the tax calculated on the taxable income contributed by the Italian
subsidiaries participating in the domestic tax consolidation programme.
Other intercompany receivables includes €27,000 thousand receivable from Fiat Partecipazioni S.p.A., received at the end of
January 2009, as consideration for the difference at completion between the carrying value of the shareholdings transferred as part
of the Group reorganisation described previously (see Note 12), compared to their stated value in the Spin-off Plan approved by
the Board of Directors.
IRES tax receivables include receivables that the Italian subsidiaries participating in the domestic tax consolidation programme
transferred to Fiat S.p.A. in 2008 and previous years. At 31 December 2008 factored credits for which a refund has been claimed
amounted to €230,795 thousand (€234,693 thousand at 31 December 2007) and were recognised as such in the financial
statements, with a corresponding liability recorded in the balance sheet under Advances on factored receivables (see Note 25),
pursuant to IAS 39.
At 31 December 2008, interest recognised on VAT receivables for which refund has been claimed (pro-rata portion for the
consolidated VAT) totalled €217 thousand (€2,623 thousand at 31 December 2007) while that recognised on IRES tax receivables
(almost totally factored) amounts to €26,081 thousand (€20,517 thousand at 31 December 2007).
The carrying amount of Other current receivables is deemed to approximate their fair value.
Almost all Other current receivables are due within one year.
18. Cash and cash equivalents
Cash and cash equivalents consist of the following:
At At
(€ thousands) 31 December 2008 31 December 2007 Change
Cash at banks and post offices 494 497 (3)
Cheques and cash in hand 127 (26)
Total Cash and cash equivalents 495 524 (29)
The above figures related to on demand deposits in euros in the company's bank current accounts. The carrying amount of Cash
and cash equivalents is deemed to be in line with their fair value.
The credit risk relating to Cash and cash equivalents is insignificant since the counterparties are leading national and international
banks.
Fiat S.p.A. Statutory Financial Statements at 31 December 2008 289