annual report - FIAT SpA

December 2009), 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.
Tax payables and other payables
The main components of these items are as follows.
At 31 December 2010, intercompany payables for consolidated VAT of €131,408 thousand (€124,348 thousand at 31
December 2009) relate to the VAT credits of Italian subsidiaries transferred to Fiat S.p.A. as part of the consolidated
VAT procedure.
At 31 December 2010, payables to Group companies in connection with the IRES tax consolidation amounted to
€211,576 thousand (€133,806 thousand at 31 December 2009) and represent the remuneration due for the tax losses
contributed by the Italian subsidiaries to the domestic tax consolidation for 2010, the IRES tax credits of the Italian
subsidiaries transferred to Fiat S.p.A. as part of the tax consolidation procedure for 2010 and payables relating to the
domestic tax consolidation for 2009.
Tax payables and other payables are all due within one year and their carrying amount is deemed to approximate their
fair value.
27. Guarantees issued, commitments and contingent liabilities
Guarantees issued
Outstanding guarantees were as follows:
(€ thousand)
Guarantees issued
Sureties
31 December 2010 31 December 2009 Change
on behalf of Group companies 251,666 218,598 33,068
on behalf of third parties 1,134 1,530 (396)
Total sureties
Other guarantees
252,800 220,128 32,672
on behalf of Group companies 14,878,826 15,888,414 (1,009,588)
on behalf of third parties - 2,780 (2,780)
Total other guarantees 14,878,826 15,891,194 (1,012,368)
Total guarantees issued 15,131,626 16,111,322 (979,696)
Sureties
At 31 December 2010, sureties totaled €252,800 thousand, an increase of €32,672 thousand over 31 December 2009.
This amount mostly relates to sureties provided on behalf of Group companies on Billets de Trésorerie issued (Fiat
Finance and Trade Ltd S.A. €61,444 thousand), medium- to long-term loans granted by banks (€5,967 thousand) and
lease payments on property (€184,255 thousand). Sureties granted to third parties relate to the remaining interestbearing
certificates issued by Sava and not yet redeemed.
Other guarantees
At 31 December 2010, other guarantees amounted to €14,878,826 thousand, a decrease of €1,012,368 thousand over
31 December 2009, mainly attributable to guarantees on bonds issued during the year.
These all involved guarantees issued on behalf of Group companies, consisting of:
� €1,322,192 thousand for loans (Banco CNH Capital S.A. €766,560 thousand, Fiat Finance S.p.A. €400,000
thousand, Fiat Finance and Trade Ltd S.A. €110,000 thousand, Fiat Automoveis S.A. - FIASA €45,620 thousand,
Magneti Marelli Controle Motor Ltda. €12 thousand);
� €8,941,876 thousand for bonds issued (Fiat Finance and Trade Ltd S.A. €7,908,300 thousand, Fiat Finance North
America Inc. €1,033,576 thousand);
� €3,305,987 thousand for credit facilities (Fiat Finance and Trade Ltd S.A. €2,000,000 thousand, Fiat Finance
S.p.A. €713,657 thousand, CNH Global N.V. €300,000 thousand, Fiat Finance Canada Ltd. €131,362 thousand,
Fiat Finance North America Inc. €110,988 thousand, Financiera Pegaso S.A. €49,980 thousand);
Fiat S.p.A. – Statutory Financial Statements at 31 December 2010 303