Chrysler 2012 Annual Report Download - page 279

Notes
278 Fiat S.p.A.
Statutory
Financial
Statements
at 31 December
2012
The carrying amount of trade receivables is deemed to approximate their fair value.
All trade receivables are due within one year and there are no significant amounts overdue.
15. Current financial receivables
At 31 December 2012, current financial receivables totaled €58,281 thousand, a net decrease of €316,525 thousand over 31 December 2011 and
consisted of amounts receivable from Group companies, as detailed below:
(€ thousand) 31 December 2012 31 December 2011 Change
Current account with Fiat Finance S.p.A. -336,479 (336,479)
Assets arising from derivative financial instruments 58,281 38,327 19,954
Total current financial receivables 58,281 374,806 (316,525)
The item current account with Fiat Finance S.p.A. (€336,479 thousand at 31 December 2011) reflected the balance on the account held with that company
as part of the Group’s centralized treasury management.
At 31 December 2012, 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.
The carrying amount of financial receivables is deemed to approximate their fair value.
16. Other current receivables
At 31 December 2012, other current receivables totaled €302,707 thousand, a net increase of €25,354 thousand over 31 December 2011, and consisted
of the following:
(€ thousand) 31 December 2012 31 December 2011 Change
Receivables from Group companies and other related parties for consolidated IRES tax 134,652 166,677 (32,025)
Other receivables from Group companies and other related parties 1,566 1,250 316
VAT receivables 108,315 51,891 56,424
IRES tax receivables 50,309 55,328 (5,019)
IRAP tax receivables 131 647 (516)
Other 7,734 1,560 6,174
Total other current receivables 302,707 277,353 25,354
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. At 31 December 2011, the item also included residual amounts receivable from
companies transferred to Fiat Industrial Group through the demerger at the beginning of 2011.
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 2012 and
previous years. At 31 December 2012, refund claims which had been factored amounted to €26,622 thousand (€26,162 thousand at 31 December 2011)
and were recognized on balance sheet, with the corresponding liability recorded under advances on factored receivables (see Note 24), pursuant to IAS 39.