Current debt

Al 31 dicembre 2013 ammontano a 3.780.428 migliaia di euro, con una variazione netta in aumento di 2.486.354 migliaia di euro rispetto al 31 dicembre 2012. Si riferiscono a:

(€ thousand)31 December 201331 December 2012Change
Intercompany debt:      
  • Current account with Fiat Finance S.p.A.
739,183 331,403 407,780
  • Loans from Fiat Finance S.p.A.
3,000,000 900,000 2,100,000
  • Liabilities arising from derivative financial instruments
- 8,282 (8,282)
  • Accrued interest expense
16,559 27,089 (10,530)
Total intercompany debt 3,755,742 1,266,774 2,488,968
Debt payable to third parties:      
  • Advances on factored receivables 
24,686 27,300 (2,614)
Total debt payable to third parties 24,686 27,300 (2,614)
Total current debt 3,780,428 1,294,074 2,486,354

The item current account with Fiat Finance S.p.A. represents the overdraft on the current account held with Fiat Finance S.p.A. as part of the Group’s centralized treasury management.

Loans from Fiat Finance S.p.A. consists of euro-denominated financing due within 12 months.

At 31 December 2012, liabilities arising from derivative financial instruments represented the fair value of the two equity swaps on Fiat and Fiat Industrial shares entered into with leading financial institutions by Fiat Finance S.p.A., on behalf of Fiat S.p.A., to hedge the liability associated with stock options granted to the CEO in 2006. The fair value of those equity swaps was based on the market prices at the balance sheet date. As described in Note 7, those contracts were closed in December 2013.

Advances on factored receivables relate to advances on IRES receivable totaling €24,686 thousand (see Note 16).

Current debt is denominated in euros and the carrying amount is deemed to be in line with fair value.

Transfer of receivables

At 31 December 2013, the carrying amount of transferred receivables and related liabilities was as follows:

(€ thousand)Current taxes receivableTotal at 31 December 2013Total at 31 December 2012
Carrying amount of receivables 27,082 27,082 28,311
Carrying amount of the related liabilities 24,686 24,686 27,300

At 31 December 2013, the Company also had VAT receivables of €61,000 thousand that had been sold on a non-recourse basis and were therefore derecognized (€47,000 thousand at 31 December 2012).