Chrysler 2013 Annual Report Download - page 303

302 Fiat S.p.A.
Statutory Financial
Statements
at 31 December 2013
Notes
15. Current financial receivables
At 31 December 2013, the total was zero. At 31 December 2012, current financial receivables totaled €58,281 thousand and represented the
positive fair value of two equity swaps on Fiat and Fiat Industrial shares entered into by Fiat Finance S.p.A., on behalf of Fiat S.p.A., to hedge
against an increase in the share price above the exercise price of the stock options granted to the Chief Executive Officer in 2004. The fair
value of those equity swaps was based on market quotations at the balance sheet date. As described in Note 7, those contracts were closed
in December 2013.
16. Other current receivables
At 31 December 2013, other current receivables totaled €188,835 thousand, a net decrease of €113,872 thousand over 31 December 2012,
and consisted of the following:
(€ thousand) 31 December 2013 31 December 2012 Change
Receivables from Group companies and other related parties for consolidated IRES tax 119,298 134,652 (15,354)
Other receivables from Group companies and other related parties 220 1,566 (1,346)
VAT receivables 21,699 108,315 (86,616)
IRES tax receivables 42,226 50,309 (8,083)
IRAP tax receivables 131 131 -
Other 5,261 7,734 (2,473)
Total other current receivables 188,835 302,707 (113,872)
Receivables from Group companies and other related parties for consolidated IRES tax relate to tax calculated on the taxable income
contributed by Italian subsidiaries participating in the domestic tax consolidation program.
Other receivables from Group companies and other related parties consist of miscellaneous amounts receivable.
VAT receivables essentially relate 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 2013 and previous years. At 31 December 2013, refund claims which had been factored amounted to €27,082 thousand
(€26,622 thousand at 31 December 2012) and were recognized on balance sheet, with the corresponding liability recorded under advances
on factored receivables (see Note 24), pursuant to IAS 39.
At 31 December 2013, no interest was recognized in relation to VAT receivables subject to refund (as was also the case at 31 December 2012),
while interest on IRES tax receivables (100% factored) amounted to €4,082 thousand (€3,622 thousand at 31 December 2012).
The carrying amount of other current receivables is deemed to approximate their fair value.
Other current receivables are almost entirely due during the subsequent financial year.