Chrysler 2009 Annual Report Download - page 324

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The item Other loans from factoring companies relates to the residual liability for advances on receivables which had already been repaid at the balance
sheet date.
Current financial payables are denominated in euros. The carrying amounts are deemed to be in line with their fair value.
26. Other payables
At 31 December 2009, other payables amounted to €290,058 thousand, a decrease of €494,423 thousand over 31 December 2008. The amounts related to:
(€ thousand) At 31 December 2009 At 31 December 2008 Change
Advances 5,865 10,609 (4,744)
Other payables:
Intercompany payables:
Consolidated VAT 124,348 229,084 (104,736)
Consolidated IRES tax 133,806 316,607 (182,801)
Other intercompany payables - 368 (368)
Total intercompany payables 258,154 546,059 (287,905)
Social security payables 1,803 1,831 (28)
Current amounts payable to employees, directors and statutory auditors 5,629 5,343 286
Payables to shareholders of Toro Assicurazioni S.p.A., Magneti Marelli S.p.A.
and Comau S.p.A. for public offerings 860 860 -
Dividends payable 290 273 17
Other 1,871 15,837 (13,966)
Total other payables 268,607 570,203 (301,596)
Tax payables:
VAT payable 13,034 182,704 (169,670)
Taxes withheld on payments to employees and independent contractors 2,022 2,068 (46)
Tax payable - 18,330 (18,330)
Other 433 432 1
Total tax payables 15,489 203,534 (188,045)
Accrued expenses and deferred income 97 135 (38)
Total other payables 290,058 784,481 (494,423)
Advances
This item consists of the difference between inventories and progress payments and contractual advances received from the customer Treno Alta Velocità
- T.A.V. S.p.A. for contract work in progress and is made up as follows:
(€ thousand) At 31 December 2009 At 31 December 2008 Change
Contract work in progress 237,254 401,508 (164,254)
Less: Progress payments for work completed 242,370 409,864 (167,494)
Gross amount due to the customer 5,116 8,356 (3,240)
Net contractual advances 749 2,253 (1,504)
Total advances 5,865 10,609 (4,744)
The item relates to contracts for the high speed railway project between Fiat S.p.A. and Treno Alta Velocità - T.A.V. S.p.A. (which was in turn engaged by F.S.
S.p.A.), for the operational engineering and construction of two lines (Bologna-Florence and Turin-Milan, the latter divided into two sub-lines: Turin-Novara
and Novara-Milan). At 31 December 2009, the contractual amounts (including for additional work, monetary adjustments and other contractual amounts)
totalled €5,124 million for the Bologna-Florence line, €4,669 million for the Turin-Novara sub-line (project completed and accounting closed at the end of
2009) and €2,296 million for the Novara-Milan sub-line.