Chrysler 2011 Annual Report Download - page 297

Fiat S.p.A.
Statutory
Financial
Statements
at 31 December
2011
Notes
296
At 31 December 2011, assets arising from derivative financial instruments represents the fair value of the two equity swaps on Fiat and Fiat Industrial shares
entered into by Fiat Finance S.p.A., under instruction from Fiat S.p.A., to hedge against an increase in the share price above the exercise price of the stock
options granted to the Company’s Chief Executive Officer in 2004 and in 2006, as described in Note 7. The fair value of those equity swaps was based on
market quotations at the balance sheet date. At 31 December 2010, the item totaled €114,997 thousand representing the positive fair value of the pre-
existing equity swaps.
The carrying amount of financial receivables is deemed to approximate their fair value.
16. Other current receivables
At 31 December 2011, other current receivables totaled €277,353 thousand, a net decrease of €73,201 thousand over 31 December 2010, and consisted
of the following:
(€ thousand) 31 December 2011 31 December 2010 Change
Receivables from Group companies and other related parties for consolidated IRES tax 166,677 240,192 (73,515)
Other receivables from Group companies and other related parties 1,250 217 1,033
VAT receivables 51,891 61,112 (9,221)
IRES tax receivables 55,328 46,389 8,939
IRAP tax receivables 647 647 -
Other 1,560 1,997 (437)
Total other current receivables 277,353 350,554 (73,201)
Receivables from Group companies and other related parties for consolidated IRES tax relates to tax calculated on the taxable income contributed by Italian
subsidiaries participating in the domestic tax consolidation program as well as receivables, relating to priors years, from former subsidiaries, transferred to
Fiat Industrial Group under the Demerger.
Other receivables from Group companies and other related parties consist of miscellaneous amounts receivable.
VAT receivables essentially relates to the balance of VAT credits for Italian subsidiaries participating in the VAT tax consolidation, in addition to VAT refund
claims from prior periods.
IRES tax receivables includes amounts receivable that Italian subsidiaries participating in the domestic tax consolidation transferred to Fiat S.p.A. in 2011
and previous years. At 31 December 2011, refund claims which had been factored amounted to €26,162 thousand (€25,702 thousand at 31 December
2010) and were recognized on balance sheet, with the corresponding liability recorded under advances on factored receivables (see Note 25), pursuant
to IAS 39.
At 31 December 2011, no interest was recognized in relation to VAT receivables subject to refund (as was also the case at 31 December 2010), while
interest on IRES tax receivables (100% factored) amounted to €3,162 thousand (€2,702 thousand at 31 December 2010).
The carrying amount of other current receivables is deemed to approximate their fair value.
Other current receivables are almost entirely due during the subsequent financial year.
17. Cash and cash equivalents
Cash and cash equivalents consisted of the following:
(€ thousand) 31 December 2011 31 December 2010 Change
Cash at banks and post offices 744 240 504
Total cash and cash equivalents 744 240 504
The above figures related to demand deposits in euros. The carrying amount of cash and cash equivalents is deemed to be in line with their fair value.