Chrysler 2010 Annual Report Download - page 351

FIAT S.P.A.
STATUTORY
FINANCIAL
STATEMENTS AT
31 DECEMBER
2010
NOTES
350
24. Trade payables
At 31 December 2010, trade payables totaled €41,011 thousand, a net decrease of €115,238 thousand over 31 December 2009, and consisted of the
following:
(€ thousand) 31 December 2010 31 December 2009 Change
Trade payables to third parties 38,913 152,657 (113,744)
Intercompany trade payables for goods and services 2,098 3,592 (1,494)
Total trade payables 41,011 156,249 (115,238)
Trade payables to third parties are mainly due to CAV.E.T. and CAV.TO.MI. in relation to the work performed over the latter part of the year (see Note 14).
Trade payables are due within one year and their carrying amount at the balance sheet date is deemed to approximate their fair value.
25. Current financial liabilities
At 31 December 2010, current financial liabilities amounted to €294,592 thousand, representing a net increase of €137,880 thousand over the previous
year end. The amounts related to:
(€ thousand) 31 December 2010 31 December 2009 Change
Financial payables to Group companies:
Loans from Fiat Finance S.p.A. 100,000 - 100,000
Liabilities arising from derivative financial instruments - 31,200 (31,200)
Accrued interest expense 47,507 65,121 (17,614)
Total financial payables to Group companies 147,507 96,321 51,186
Financial payables to third parties:
Financial payable relating to exercise of call option on Ferrari S.p.A. shares 122,399 - 122,399
Advances on factored receivables 24,686 57,889 (33,203)
Other loans from factoring companies - 2,502 (2,502)
Total financial payables to third parties 147,085 60,391 86,694
Total current financial liabilities 294,592 156,712 137,880
Loans from Fiat Finance S.p.A. relates to a euro denominated loan provided at fixed market rates in December 2010, with a maturity of less than twelve
months. At 31 December 2010, the current financial payables due to be transferred from Fiat S.p.A. to Fiat Industrial S.p.A. pursuant to the Demerger,
amounting to €390,000 thousand, were reclassified under “Liabilities to be demerged” (see Note 18).
At 31 December 2009, amounts due for derivative financial instruments (€31,200 thousand) represented the fair value of the second of the two equity swaps
on Fiat S.p.A. shares, which was negative and therefore recognized as a liability.
The item financial payable relating to exercise of call option on Ferrari S.p.A. shares consists of the payable recognized following the exercise of the call
option on the 5% interest in Ferrari S.p.A. held by Mubadala Development Company PJSC. The amount reported represents the price for exercise of the
call option on those shares (see Note 12).
Advances on factored receivables relates to advances on IRES receivable (see Note 16). At 31 December 2009, this item also related to advances on VAT
receivable and on amounts receivable from T.A.V. S.p.A. for work completed on the Novara-Milan rail line.
Current financial payables are denominated in euros. The carrying amounts are deemed to be in line with their fair value.