Chrysler 2011 Annual Report Download - page 315

Fiat S.p.A.
Statutory
Financial
Statements
at 31 December
2011
Notes
314
26. Other debt
At 31 December 2011, other debt amounted to €332,595 thousand, a net decrease of €35,813 thousand over 31 December 2010, and included
the following:
(€ thousand) 31 December 2011 31 December 2010 Change
Advances 940 2,009 (1,069)
Other debt:
- Debt payable to Group companies and other related parties
- Consolidated VAT 158,260 131,408 26,852
- Consolidated IRES 158,271 211,576 (53,305)
- Other debt payable to Group companies and other related parties 1,975 104 1,871
- Total debt payable to Group companies and other related parties 318,506 343,088 (24,582)
- Social security payables 1,811 1,837 (26)
- Current amounts payable to employees, directors and statutory auditors 4,262 13,038 (8,776)
- Dividends payable 376 330 46
- Other 377 937 (560)
Total other debt 325,332 359,230 (33,898)
Taxes payable:
- VAT payable 3,675 2,388 1,287
- Taxes withheld on payments to employees and independent contractors 2,144 4,245 (2,101)
- Other 441 432 9
Total taxes payable 6,260 7,065 (805)
Accrued expenses and deferred income 63 104 (41)
Total other debt 332,595 368,408 (35,813)
Advances
This item consists of the difference between inventories and progress payments and contractual advances received from the customer Treno Alta Velocità
– T.A.V. S.p.A. (merged into Rete Ferroviaria Italiana S.p.A. as of 31 December 2010) for contract work in progress and is made up as follows:
(€ thousand) 31 December 2011 31 December 2010 Change
Contract work in progress 244,331 242,709 1,622
Less: Net advances for work completed 245,130 244,479 651
Gross amount due to the customer 799 1,770 (971)
Net contractual advances 141 239 (98)
Total advances 940 2,009 (1,069)
The item relates to contracts for the high speed railway project between Fiat S.p.A. and Treno Alta Velocità – T.A.V. S.p.A. (which was in turn engaged by
F.S. S.p.A.), for the operational engineering and construction of two lines (Bologna-Florence and Turin-Milan, the latter divided into two sub-lines: Turin-
Novara and Novara-Milan). At 31 December 2011, the contractual amounts (including for additional work, monetary adjustments and other contractual
amounts) totaled €5,210 million for the Bologna-Florence line and €2,284 million for the Milan-Novara sub-line. The contractual amount for the Turin-
Novara sub-line (project completed and accounting closed at the end of 2009) was €4,669 million.
As part of such project, Fiat S.p.A., as the general contractor, engaged CAV.E.T. and CAV.TO.MI. for the engineering and construction activities, retaining
all work coordination, organizational and management activities. Contract work in progress therefore reflects the fees earned by Fiat S.p.A. in the form of a
percentage (approximately 3.5%) of the contractual amounts, for the activities directly carried out. The work is paid through progress payments made by
the customer to Fiat S.p.A. based on the stage of completion of the works and advance payments, which Fiat S.p.A. then pays over to CAV.E.T. and CAV.
TO.MI. net of its contractual percentage earned.