Chrysler 2013 Annual Report Download - page 291

290 Fiat S.p.A.
Statutory Financial
Statements
at 31 December 2013
Notes
Financial income consisted of the following:
(€ thousand) 2013 2012
Financial income from Group companies and other related parties:
-Interest income on current account with Fiat Finance S.p.A. 47,080
- Fee income for sureties and unsecured guarantees 4,571 4,302
- Other financial income 46 48
Total Financial income from Group companies and other related parties 4,621 11,430
Financial income from third parties:
- Interest income on bank and other deposits 65
- Interest income on tax credits 2,990 383
Total Financial income from third parties 2,996 388
Currency translation gains/(losses) (1) 27
Total Financial income 7,616 11,845
Financial expense consisted of the following:
(€ thousand) 2013 2012
Financial expense to Group companies and other related parties:
-Interest expense on current account with Fiat Finance S.p.A. 175,641 1,990
- Interest expense on loans from Fiat Finance S.p.A. 61,399 251,310
- Commissions and other charges payable to Fiat Finance S.p.A. 4,036 5,598
- Commissions and other charges payable to Fidis S.p.A. 5,970 1,760
- Interest and financial expense payable to other Group companies and other related parties 110 115
Total Financial expense to Group companies and other related parties 247,156 260,773
Financial expense payable to third parties:
- Interest expense and charges for the sale of receivables 542 567
- Interest costs on employee benefits 205 298
- Other third party interest and financial expense 676 742
Total Financial expense payable to third parties 1,423 1,607
Total Financial expense 248,579 262,380
Net gains on derivative financial instruments of €30,876 thousand essentially related to the closure, in December 2013, of the equity swap
contracts entered into as hedges on stock options granted to the Chief Executive Officer in 2004 and 2006 (see Note 18). The swap contracts
related to 16,920,000 Fiat and Fiat Industrial (and subsequently CNH Industrial) shares and had a notional value, based on the contractual
exercise price, of €153,803 thousand. For 2012, net gains of €34,455 thousand represented the gain arising from fair value measurement
of those equity swaps. Although entered into as hedges, the swaps do not qualify for hedge accounting under IFRS and, accordingly, were
classified as held for trading.