Chrysler 2012 Annual Report Download - page 154

153
Consolidated
Financial Statements
at 31 December 2012
Interest cost and other financial expenses may be analysed as follows:
(€ million) 2012 2011 (*)
Interest expenses on bonds 921 818
Interest expenses on bank borrowing 347 249
Interest expenses on trade payables 35
Commission expenses 21 10
Other interest cost and financial expenses 644 506
Total Interest cost and other financial expenses 1,936 1,588
(*) Amounts reported for 2011 include the consolidation of Chrysler from 1 June 2011.
11. Income taxes
Income taxes recognised in the income statement consist of the following:
(€ million) 2012 2011 (*)
Current taxes:
IRAP (Italy) 60 72
Other taxes 626 519
Total Current taxes 686 591
Deferred taxes for the period:
IRAP (Italy) 20 (8)
Other taxes (89) (17)
Total Deferred taxes (69) (25)
Taxes relating to prior periods 8(32)
Total Income taxes 625 534
(*) Amounts reported for 2011 include the consolidation of Chrysler from 1 June 2011.
The increase in Total income taxes in 2012 compared to 2011, is mainly due to the combined effect of the consolidation of Chrysler for the full year and the
improvement in its results, partially offset by the decrease in income taxes arising from the lower taxable profits of certain other non-Italian companies. In
2011 Income taxes also included non-recurring income relating to benefits arising from the recovery of prior year income taxes.
The effective tax rate of the Fiat Group for 2012 (excluding current and deferred IRAP) was 26.7% (21.5% in 2011).