Chrysler 2013 Annual Report Download - page 317

316 Fiat S.p.A.
Statutory Financial
Statements
at 31 December 2013
Notes
23. Trade payables
At 31 December 2013, trade payables totaled €18,977 thousand, a net increase of €1,676 thousand over 31 December 2012, and consisted
of the following:
(€ thousand) 31 December 2013 31 December 2012 Change
Trade payables to third parties 13,081 10,493 2,588
Trade payables to Group companies and other related parties for goods and services 5,896 6,808 (912)
Total trade payables 18,977 17,301 1,676
Trade payables to third parties primarily relate to amounts payable for services and amounts due to CAV.E.T. and CAV.TO.MI. for contract
work completed (see Note 14).
All 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 2013, current debt totaled €3,780,428 thousand, representing a net increase of €2,486,354 thousand over 31 December 2012,
and related to:
(€ thousand) 31 December 2013 31 December 2012 Change
Intercompany debt:
- Current account with Fiat Finance S.p.A. 739,183 331,403 407,780
- Loans from Fiat Finance S.p.A. 3,000,000 900,000 2,100,000
- Liabilities arising from derivative financial instruments -8,282 (8,282)
- Accrued interest expense 16,559 27,089 (10,530)
Total intercompany debt 3,755,742 1,266,774 2,488,968
Debt payable to third parties:
- Advances on factored receivables 24,686 27,300 (2,614)
Total debt payable to third parties 24,686 27,300 (2,614)
Total current debt 3,780,428 1,294,074 2,486,354
The item current account with Fiat Finance S.p.A. represents the overdraft on the current account held with Fiat Finance S.p.A. as part of the
Group’s centralized treasury management.
Loans from Fiat Finance S.p.A. consists of euro-denominated financing due within 12 months.
At 31 December 2012, liabilities arising from derivative financial instruments represented the fair value of the two equity swaps on Fiat and Fiat
Industrial shares entered into with leading financial institutions by Fiat Finance S.p.A., on behalf of Fiat S.p.A., to hedge the liability associated
with stock options granted to the CEO in 2006. The fair value of those equity swaps was based on the market prices at the balance sheet date.
As described in Note 7, those contracts were closed in December 2013.
Advances on factored receivables relate to advances on IRES receivable totaling €24,686 thousand (see Note 16).
Current debt is denominated in euros and the carrying amount is deemed to be in line with fair value.