Chrysler 2012 Annual Report Download - page 293

Notes
292 Fiat S.p.A.
Statutory
Financial
Statements
at 31 December
2012
Changes in provisions for employee benefits and other current provisions during 2011 were as follows:
(€ thousand)
31 December
2010 Accruals
Utilizations and
Other changes
31 December
2011
Total provisions for employee benefits and other current provisions 9,274 10,998 (892) 19,380
23. Trade payables
At 31 December 2012, trade payables totaled €17,301 thousand, a net decrease of €2,097 thousand over 31 December 2011, and consisted of the
following:
(€ thousand) 31 December 2012 31 December 2011 Change
Trade payables to third parties 10,493 14,149 (3,656)
Trade payables to Group companies and other related parties for goods and services 6,808 5,249 1,559
Total trade payables 17,301 19,398 (2,097)
Trade payables to third parties primarily relate to amounts payable and approved for services and amounts due to CAV.E.T. and CAV.TO.MI. in relation to
the work performed over the latter part of the year (see Note 14).
Trade payables are due within one year and their carrying amount at the reporting date is deemed to approximate their fair value.
24. Current debt
At 31 December 2012, current debt totaled €1,294,074 thousand, representing a net increase of €218,642 thousand over 31 December 2011, and
related to:
(€ thousand) 31 December 2012 31 December 2011 Change
Intercompany debt:
- Current account with Fiat Finance S.p.A. 331,403 - 331,403
- Loans from Fiat Finance S.p.A. 900,000 1,000,000 (100,000)
- Liabilities arising from derivative financial instruments 8,282 19,969 (11,687)
- Accrued interest expense 27,089 30,777 (3,688)
Total intercompany debt 1,266,774 1,050,746 216,028
Debt payable to third parties:
- Advances on factored receivables 27,300 24,686 2,614
Total debt payable to third parties 27,300 24,686 2,614
Total current debt 1,294,074 1,075,432 218,642
The item current account with Fiat Finance S.p.A. represents the balance of the account held with Fiat Finance S.p.A. as part of the Group’s centralized
treasury management.
Loans from Fiat Finance relates to financing in euros from Fiat Finance S.p.A. at fixed market rates and due the following year.
At 31 December 2012, liabilities arising from derivative financial instruments represents the fair value of the two equity swaps on Fiat and Fiat Industrial
S.p.A. shares entered into with major banks 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 CEO in 2006, as described in Note 7. The fair value of those equity swaps was based on market
quotations at the balance sheet date.