Chrysler 2013 Annual Report Download - page 322

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Fiat S.p.A. Statutory
Financial Statements
at 31 December 2013
Guarantees outstanding at 31 December 2013 were as follows:
Sureties
At 31 December 2013, sureties totaled €201 million, a decrease of €8 million over 31 December 2012.
This amount mostly relates to sureties provided on behalf of Group companies on Billets de Trésorerie issued (Fiat Finance and Trade Ltd. S.A.
€15 million) and lease payments on property (€185 million). Sureties granted to third parties (approximately €1 million) relate to the remaining
interest-bearing certificates issued by Sava and not yet redeemed.
Other guarantees
At 31 December 2013, other guarantees totaled €14,821 million, an increase of €2,144 million over 31 December 2012.
All guarantees were issued on behalf of Group companies and consisted of the following:
€1,357 million for loans (Fiat Finance S.p.A. €650 million, Fiat Automoveis S.A. - FIASA €275 million, Fiat Automobiles Serbia D.o.o.
€271 million, Fiat Group Automobiles S.p.A. €75 million, Fiat Finance and Trade Ltd S.A. €40 million, Maserati S.p.A. €25 million,
TCA – Tecnologia em Componentes Automotivos S.A. €21 million)
€12,046 million for bonds issued (Fiat Finance and Trade Ltd. S.A. €11,015 million and Fiat Finance North America Inc. €1,031 million)
€518 million for credit lines (Fiat Finance S.p.A. €370 million, Fiat Finance North America Inc. €73 million, Fiat Finance et Services S.A.
€50 million and Fiat Finance and Trade Ltd. S.A. €25 million)
€900 million for VAT receivables related to the VAT consolidation, pursuant to the Ministerial Decree of 13 December 1979 (as subsequently
amended)
In addition:
In 2013, Fiat S.p.A. issued guarantees in connection with the agreement signed with a syndicate of Italian and international banks led by
Citibank International for a €2 billion, 3-year revolving credit facility (subsequently increased to €2.1 billion) for Fiat Finance S.p.A. and
other Group companies, which replaced the €1.95 billion 3-year revolving facility obtained in 2011. At 31 December 2013, the facility was
unutilized. At year-end 2012, the previous facility was also unutilized
in 2005, in relation to the advance received by Fiat Partecipazioni S.p.A. on the consideration for the sale of the aviation business, Fiat S.p.A.
is jointly and severally liable with Fiat Partecipazioni S.p.A. to the purchaser, Avio Holding S.p.A., should Fiat Partecipazioni S.p.A. fail to honor
(following either an arbitration award or an out-of-court settlement) undertakings provided in relation to the sale and purchase agreement
signed in 2003. Similarly, in connection with sale of a controlling interest in its rail business, Fiat S.p.A. provided guarantees to the purchaser,
Alstom N.V., for any failure of the seller (now Fiat Partecipazioni S.p.A.) to meet its contractual obligations
Commitments
In implementation of the resolution of the Board of Directors dated 18 February 2011 – and as part of the framework of the Partnership and
Cooperation Agreement signed on 28 March 2011 by Politecnico di Torino, Fiat S.p.A., University of Windsor (Canada) and Chrysler for an
International Masters in Automotive Engineering – Fiat S.p.A. and Politecnico di Torino renewed their cooperation agreement relating to courses
in Automotive Engineering. The agreement covers a period of four academic years, from 1 October 2010 to 30 September 2014, under which
Fiat S.p.A. will contribute €1.85 million per academic year (for a total of €7.4 million) up to 20% of which may be through contributions-in-kind
(purchase of goods and services from third parties, provision of services or availability of assets, etc.). At 31 December 2013, the residual
financial commitment was €1.39 million.