Chrysler 2011 Annual Report Download - page 167

Consolidated
Financial
Statements
at 31 December
2011
Notes
166
Interest cost and other financial expenses may be analysed as follows:
(€ million) 2011 (*) 2010 (**)
Interest expenses on bonds 818 668
Interest expenses on bank borrowing 249 126
Interest expenses on trade payables 53
Commission expenses 10 7
Other interest cost and financial expenses 506 245
Total Interest cost and other financial expenses 1,588 1,049
(*) The amounts reported include seven months of operations for Chrysler.
(**) The amounts relate to Continuing Operations.
10. Result from investments
In 2011 the net gain, amounting to €131 million (a net gain of €114 million was included in Profit (loss) from Continuing Operations in 2010), consists mainly
of the Group’s share of €146 million (€120 million in 2010) in the net profit or loss of investees accounted for using the equity method. In particular, the
item includes (amounts in € million): Fiat Group Automobiles sector companies €146 (€131 in 2010), Magneti Marelli sector €-18 (€-5 in 2010 ) and other
companies €3 (€-12 in 2010).
11. Income taxes
Income taxes recognised in the income statement consist of the following:
(€ million) 2011 2010 (*)
Current taxes:
IRAP 72 71
Other taxes 519 558
Total Current taxes 591 629
Deferred taxes for the period:
IRAP (8) (21)
Other taxes (17) (127)
Total Deferred taxes (25) (148)
Taxes relating to prior periods (32) 3
Total Income taxes 534 484
(*) The amounts relate to Continuing Operations.
The decrease in the charge for current taxes in 2011 is due mainly to a decrease in the taxable profits of non-Italian companies, partially offset by increased
taxes arising from the consolidation of Chrysler (€73 million).
The income for taxes relating to prior periods mainly relates to benefits arising from the favourable outcome of certain tax proceedings.
The effective tax rate of the Fiat Group for 2011 (excluding current and deferred IRAP) was 21.5% (61.5% in 2010 for Continuing Operations).