Chrysler 2009 Annual Report Download - page 218

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Other current liabilities29.
An analysis of Other current liabilities is as follows:
(€ million) At 31 December 2009 At 31 December 2008
Advances on buy-back agreements 1,885 2,256
Indirect tax payables 1,082 1,063
Accrued expenses and deferred income 1,078 1,024
Payables to personnel 468 527
Social security payables 423 408
Amounts due to customers for contract work (Note 18) 81 81
Other 848 826
Total current liabilities 5,865 6,185
An analysis of Other current liabilities (excluding Accrued expenses and deferred income) by due date is as follows:
At 31 December 2009 At 31 December 2008
Due between Due Due between Due
Due within one and beyond Due within one and beyond
(€ million) one year five years five years Total one year five years five years Total
Other current liabilities, excluding Accrued expenses
and deferred income 3,859 891 37 4,787 4,279 844 38 5,161
The item Advances on buy-back agreements refers to agreements entered into by the Group during the year or which still remain effective at the balance
sheet date. An amount of €1,042 million relate to assets included in Property, plant and equipment, with the balance of €843 million relating to Inventories.
The item Advances on buy-back agreements represents the following:
at the date of the sale, the price received for the product is recognised as an advance in liabilities;
subsequently, since the difference between the original sales price and the repurchase price is recognised in the income statement as operating lease
instalments on a straight line basis over the lease term, the balance represents the remaining lease instalments yet to be recognised in income plus the
repurchase price.
The carrying amount of Other current liabilities is considered in line with their fair value.
Guarantees granted, commitments and contingent liabilities30.
Guarantees granted
At 31 December 2009, the Group has provided guarantees on the debt or commitments of third parties or jointly controlled and associated entities totalling
€593 million, in line with the amount of €569 million at 31 December 2008.
Other commitments and important contractual rights
The Group has important commitments and rights deriving from outstanding agreements, summarised in the following.
Ferrari
On 24 July 2008 the expiry date of the call option held by Mubadala Development Company PJSC on 5% of Ferrari S.p.A.’s share capital was extended.
This option is now exercisable between 1 January 2010 and 31 July 2010 at a price of €302.07 per share (for a total of €122.4 million) less any dividends
which may be distributed.