Chrysler 2010 Annual Report Download - page 355

FIAT S.P.A.
STATUTORY
FINANCIAL
STATEMENTS AT
31 DECEMBER
2010
NOTES
354
27. Guarantees issued, commitments and contingent liabilities
Guarantees issued
Outstanding guarantees were as follows:
(€ thousand) 31 December 2010 31 December 2009 Change
Guarantees issued
Sureties
on behalf of Group companies 251,666 218,598 33,068
on behalf of third parties 1,134 1,530 (396)
Total sureties 252,800 220,128 32,672
Other guarantees
on behalf of Group companies 14,878,826 15,888,414 (1,009,588)
on behalf of third parties - 2,780 (2,780)
Total other guarantees 14,878,826 15,891,194 (1,012,368)
Total guarantees issued 15,131,626 16,111,322 (979,696)
Sureties
At 31 December 2010, sureties totaled €252,800 thousand, an increase of €32,672 thousand over 31 December 2009.
This amount mostly relates to sureties provided on behalf of Group companies on Billets de Trésorerie issued (Fiat Finance and Trade Ltd S.A. €61,444
thousand), medium- to long-term loans granted by banks (€5,967 thousand) and lease payments on property (€184,255 thousand). Sureties granted to
third parties relate to the remaining interest-bearing certificates issued by Sava and not yet redeemed.
Other guarantees
At 31 December 2010, other guarantees amounted to €14,878,826 thousand, a decrease of €1,012,368 thousand over 31 December 2009, mainly
attributable to guarantees on bonds issued during the year.
These all involved guarantees issued on behalf of Group companies, consisting of:
€1,322,192 thousand for loans (Banco CNH Capital S.A. €766,560 thousand, Fiat Finance S.p.A. €400,000 thousand, Fiat Finance and Trade Ltd S.A.
€110,000 thousand, Fiat Automoveis S.A. - FIASA €45,620 thousand, Magneti Marelli Controle Motor Ltda. €12 thousand);
€8,941,876 thousand for bonds issued (Fiat Finance and Trade Ltd S.A. €7,908,300 thousand, Fiat Finance North America Inc. €1,033,576 thousand);
€3,305,987 thousand for credit facilities (Fiat Finance and Trade Ltd S.A. €2,000,000 thousand, Fiat Finance S.p.A. €713,657 thousand, CNH Global
N.V. €300,000 thousand, Fiat Finance Canada Ltd. €131,362 thousand, Fiat Finance North America Inc. €110,988 thousand, Financiera Pegaso S.A.
€49,980 thousand);
€1,307,059 thousand for VAT receivables as part of the VAT consolidation procedure, as required by the Ministerial Decree of 13 December 1979 (as
subsequently amended), and €1,712 thousand for other guarantees.
At 31 December 2010, there were no guarantees outstanding on behalf of third parties (the guarantee issued on behalf of the joint venture Hua Dong Teksid
Automotive Foundry Co. Ltd., amounting to €2,780 thousand at 31 December 2009, expired during 2010).
In relation to guarantees of approximately €1,320 million outstanding at 31 December 2010 issued on behalf of companies transferred to Fiat Industrial
Group under the Demerger, at the date of these financial statements that commitment had been reduced by €553 million as a result of repayment of the
underlying loans or transfer of guarantee obligations to Fiat Industrial S.p.A. and consequent release of Fiat S.p.A. from its commitments. For amounts still
subject to guarantees from Fiat S.p.A., agreements have been reached with creditors concerning the transfer of those guarantee obligations to Fiat Industrial
S.p.A. and are in the process of being formalized.