Chrysler 2011 Annual Report Download - page 318

317
Fiat S.p.A. - Statutory
Financial Statements
at 31 December 2011
27. Guarantees granted, commitments and contingent liabilities
Guarantees issued
The breakdown of guarantees issued is as follows:
(€ thousand) 31 December 2011 31 December 2010 Change
Guarantees issued
Sureties
- on behalf of Group companies 230,100 251,666 (21,566)
- on behalf of third parties 886 1,134 (248)
Total sureties 230,986 252,800 (21,814)
Other guarantees
- on behalf of Group companies 11,684,864 14,878,826 (3,193,962)
- on behalf of third parties -- -
Total other guarantees 11,684,864 14,878,826 (3,193,962)
Total guarantees issued 11,915,850 15,131,626 (3,215,776)
At 31 December 2011, guarantees issued totaled €11,915.9 million, a decrease of €3,215.8 million over 31 December 2010, attributable principally to the
effects of the Demerger and the repayment of credit lines resulting from the decrease in borrowing requirements relating to the reduction in the scope of
operations. Guarantees outstanding at 31 December 2010 (totaling approximately €1,320.0 million) that had been issued on behalf companies transferred
to Fiat Industrial Group as a result of the Demerger were either extinguished in 2011, following repayment of the underlying financing or transfer to Fiat
Industrial S.p.A., resulting in Fiat S.p.A. being released from its obligation.
Guarantees outstanding at 31 December 2011 were as follows:
Sureties
At 31 December 2011, sureties totaled €231.0 million, a decrease of €21.8 million over 31 December 2010.
This amount mostly relates to sureties provided on behalf of Group companies on Billets de Trésorerie issued (Fiat Finance and Trade Ltd S.A.
€39.3 thousand), medium- to long-term loans granted by banks (€6.0 million) and lease payments on property (€184.8 million). Sureties granted to third
parties relate to the remaining interest-bearing certificates issued by Sava and not yet redeemed.
Other guarantees
At 31 December 2011, other guarantees totaled €11,684.9 million, a decrease of €3,194.0 million over 31 December 2010.
All guarantees were issued on behalf of Group companies and consisted of the following:
€1,169.2 million for loans (Fiat Finance S.p.A. €650.0 million, Fiat Automoveis S.A. - FIASA €284.2 million, Fiat Automobiles Serbia Doo €175.0 million,
Fiat Finance and Trade Ltd S.A. €60.0 million)
€9,025.0 million for bonds issued (Fiat Finance and Trade Ltd S.A. €7,994.0 million, Fiat Finance North America Inc. €1,031.0 million)
€ 533.3 million for credit lines (Fiat Finance S.p.A. €431.0 million, Fiat Finance North America Inc. 77.3 million, Fiat Finance and Trade Ltd S.A.
€25.0 million)
€ 953.7 million for VAT receivables related to the VAT consolidation, pursuant to the Ministerial Decree of 13 December 1979 (as subsequently amended),
and €3.7 million for other guarantees