annual report - FIAT SpA

25. Current financial liabilities
At 31 December 2010, current financial liabilities amounted to €294,592 thousand, representing a net increase of
€137,880 thousand over the previous year end. The amounts related to:
(€ thousand)
Financial payables to Group companies:
31 December 2010 31 December 2009 Change
Loans from Fiat Finance S.p.A. 100,000 - 100,000
- Liabilities arising from derivative financial instruments - 31,200 (31,200)
Accrued interest expense 47,507 65,121 (17,614)
Total financial payables to Group companies 147,507 96,321 51,186
Financial payables to third parties:
- Financial payable relating to exercise of call option on Ferrari S.p.A. shares 122,399 - 122,399
Advances on factored receivables 24,686 57,889 (33,203)
Other loans from factoring companies - 2,502 (2,502)
Total financial payables to third parties 147,085 60,391 86,694
Total current financial liabilities 294,592 156,712 137,880
Loans from Fiat Finance S.p.A. relates to a euro denominated loan provided at fixed market rates in December 2010,
with a maturity of less than twelve months. At 31 December 2010, the current financial payables due to be transferred
from Fiat S.p.A. to Fiat Industrial S.p.A. pursuant to the Demerger, amounting to €390,000 thousand, were reclassified
under "Liabilities to be demerged" (see Note 18).
At 31 December 2009, amounts due for derivative financial instruments (€31,200 thousand) represented the fair value
of the second of the two equity swaps on Fiat S.p.A. shares, which was negative and therefore recognized as a liability.
The item financial payable relating to exercise of call option on Ferrari S.p.A. shares consists of the payable recognized
following the exercise of the call option on the 5% interest in Ferrari S.p.A. held by Mubadala Development Company
PJSC. The amount reported represents the price for exercise of the call option on those shares (see Note 12).
Advances on factored receivables relates to advances on IRES receivable (see Note 16). At 31 December 2009, this
item also related to advances on VAT receivable and on amounts receivable from T.A.V. S.p.A. for work completed on
the Novara-Milan rail line.
Current financial payables are denominated in euros. The carrying amounts are deemed to be in line with their fair
value.
Fiat S.p.A. – Statutory Financial Statements at 31 December 2010 300