Chrysler 2013 Annual Report Download - page 321

320 Fiat S.p.A.
Statutory Financial
Statements
at 31 December 2013
Notes
Finally, for those lines where work was still in progress at year end (Bologna-Florence and Novara-Milan) the lines were formally handed over
to T.A.V. S.p.A. in 2009 and the high-speed line was opened to the public, following the favorable technical opinion received from the Testing
Commissions. However, given that at 31 December 2013 (as also at 31 December 2012), activities to complete the ancillary work and cleanup,
in addition to the contractual obligation for final approval of the work (Final Principal and/or Secondary Test Certificates) and to release the bank
guarantees were still in progress, from an accounting perspective the project remained open at that date.
Taxes payable and other debt
The principal items were as follows:
At 31 December 2013, debt payable to Group companies and other related parties for consolidated VAT, totaling €92,098 thousand
(€211,221 thousand at 31 December 2012), related to VAT credits of Italian subsidiaries transferred to Fiat S.p.A. as part of the VAT
consolidation.
At 31 December 2013, debt payable to Group companies and other related parties in connection with the IRES tax consolidation amounting
to €106,996 thousand (€137,891 thousand at 31 December 2012) represents the remuneration due for tax losses contributed by the Italian
subsidiaries to the domestic tax consolidation for 2013, IRES tax credits of Italian subsidiaries transferred to Fiat S.p.A. as part of the tax
consolidation procedure for 2013 and residual amounts payable in relation to the domestic tax consolidation for 2012.
Taxes payable and other debt are all due within one year and their carrying amount is deemed to approximate their fair value.
26. Guarantees granted, commitments and contingent liabilities
Guarantees issued
The breakdown of guarantees issued is as follows:
(€ thousand) 31 December 2013 31 December 2012 Change
Guarantees issued
Sureties
- on behalf of Group companies 199,835 208,229 (8,394)
- on behalf of third parties 847 850 (3)
Total sureties 200,682 209,079 (8,397)
Other guarantees
- on behalf of Group companies 14,820,878 12,677,284 2,143,594
- on behalf of third parties -- -
Total other guarantees 14,820,878 12,677,284 2,143,594
Total guarantees issued 15,021,560 12,886,363 2,135,197
At 31 December 2013, guarantees issued totaled €15,022 million, an increase of €2,135 million over 31 December 2012, and related principally
to new bonds issued by the subsidiary Fiat Finance and Trade Ltd. S.A. (representing a €1,916 million difference between guarantees on the
new bonds issued and on the bonds repaid during the year).