Chrysler 2010 Annual Report Download - page 261

FIAT GROUP
CONSOLIDATED
FINANCIAL
STATEMENTS
AT 31 DECEMBER
2010
NOTES
260
Trade receivables: this item, amounting to €98 million at 31 December 2010 (€93 million at 31 December 2009), relates to receivables arising from
the revenues discussed above.
Asset-backed financing: at 31 December 2009, this item also included amounts due to Iveco Finance Holding Limited for sales of receivables which
do not qualify as sales under IAS 39, classified as Discontinued Operations at 31 December 2010.
Trade payables: this item, amounting to €190 million at 31 December 2010 (€39 million at 31 December 2009), relates to the cost of sales discussed above.
Transactions with Discontinued Operations
These amounts arise from transactions between companies classified as Continuing Operations and companies classified as Discontinued Operations,
and from the asset and liability balances of companies classified as Continuing Operations which relate to unconsolidated companies classified as
Discontinued Operations. The effects of individual transactions on financial statement items are as follows:
Net Revenues: transactions consist principally of the sales of components, including engine blocks, and production systems, and the provision
of professional services by Fiat Group companies remaining within Continuing Operations, to the following companies:
(€ million) 2010 2009
FPT Industrial, for the sale of engine blocks 65 -
Entities of the Iveco sector for the sale of components and production systems and professional services 395 270
Entities of the CNH sector, for the sale of components and production systems and professional services 132 111
Total Net Revenues from Discontinued Operations 592 381
Cost of sales: transactions were principally carried up with the following companies:
(€ million) 2010 2009
Entities of the Iveco sector, for the purchase of commercial vehicles 283 196
Others 79 9
Total Cost of Sales from Discontinued Operations 362 205
Receivables from financing activities due from Discontinued Operations: these relate mainly to financing provided by the central treasury companies of
the Fiat Group to remain within Fiat Group Post-Demerger (Fiat Finance S.p.A. Fiat Finance and Trade Ltd SA, Fiat Finance Canada Ltd and Fiat Finance
North America Inc.) to the companies transferred to Fiat Industrial Group.
Debt payable to Discontinued Operations: this consists mainly of cash held on deposit with Fiat Group’s central treasury companies to remain within
Fiat group Post- Demerger by the companies transferred to the Fiat Industrial Group.
Transactions with other related parties
The principal transaction in this category relates to an amount of €83 million (€65 million in 2009) classified in Cost of sales; included in this balance is the
purchase of steel from the Corus group, which is part of the Tata group, for an amount of €59 million (€41 million in 2009). In 2010 the amount includes
the purchase of goods of €19 million (€18 million in 2009) for the high range and deluxe upholstery of the Group’s automobiles from Poltrona Frau S.p.A.,
a company listed on the Italian Stock Exchange in which the Chairman of the Board of Directors of Fiat S.p.A. at the time, Luca Cordero di Montezemolo,
holds an indirect investment.
The Selling, general and administrative costs include the emoluments to Directors, Statutory Auditors and Key Management.
In the statement of financial position at 31 December 2009, this item also included deposits, financial payables and the fair value of derivative financial
instruments arising from transactions with companies of the Crédit Agricole Group, which was no longer a related party in 2010.