Chrysler 2015 Annual Report Download - page 248

248 2015 | ANNUAL REPORT
Company Financial
Statements
Notes to the Company
Financial Statements
9. Other financial assets
At December 31, 2015, Other financial assets amounted to €3,658 million (€1,329 million at December 31, 2014),
primarily represented by U.S.$3.9 billion of intercompany loans to Fiat Chrysler Automobiles North America
Holdings LLC.
In January 2015, a loan of U.S.$881.6 million, expiring December 2022, was extended to fund the acquisition of
certain subsidiaries based in the US. The carrying amount of €810 million at December 31, 2015, related only to the
outstanding principal, with no accrued interest receivable due. In April 2015, a further U.S.$2.97 billion was extended
in two loans of U.S.$1,485 million, expiring in April 2020 and April 2023. The carrying amount of €2,831 million at
December 31, 2015 includes principal of €2,728 million and accrued interest of €103 million.
These loans are hedged into Euro by currency swaps with Fiat Chrysler Finance S.p.A. and Fiat Chrysler Finance
Europe S.A., resulting in €285 million of intercompany payables at December 31, 2015 reported within Other financial
liabilities (€135 million at December 31, 2014).
10. Current financial assets
At December 31, 2015, Current financial assets related to a loan of U.S.$1.5 billion extended in January 2014 to Fiat
Chrysler Automobiles North America Holdings LLC, expiring in September 2016, to partially fund the acquisition of
41.5% of FCA US. The carrying amount at December 31, 2015 of €1,565 million includes principal of €1,378 million
(€1,236 million at December 31, 2014) and accrued interest of €188 million (€77 million at December 31, 2014),
translated into Euro at the year-end exchange rate of 1.089. At December 31, 2014 these amounts were included with
Other financial assets.
11. Trade receivables
At December 31, 2015, trade receivables totaled €14 million (of which €9 million related to Group companies), in line
with year-end 2014.
The carrying amount of trade receivables is deemed to approximate their fair value. All trade receivables are due within
one year and there are no overdue balances.
12. Other current receivables
At December 31, 2015, Other current receivables amounted to €373 million, a net increase of €47 million compared to
December 31, 2014, and consisted of the following:
At December 31,
2015 2014 Change
(€ million)
Receivable from Group companies for consolidated Italian corporate tax 227 141 86
VAT receivables 88 136 (48)
Italian corporate tax receivables 38 38 —
Other 20 11 9
Total Other current receivables 373 326 47
Receivables from Group companies for consolidated Italian corporate tax relate to tax calculated on the taxable
income contributed by Italian subsidiaries participating in the domestic tax consolidation program.
VAT receivables essentially relate to VAT credits for Italian subsidiaries participating in the VAT tax consolidation.
Italian corporate tax receivables include credits transferred to FCA by Italian subsidiaries participating in the domestic
tax consolidation program in 2015 and prior years.