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17 Noncurrent and current other receivables and financial assets

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€ million

 

Current

 

Noncurrent

 

Carrying amount
Dec. 31, 2011

 

Fair value
Dec. 31, 2011

 

Current

 

Noncurrent

 

Carrying amount
Dec. 31, 2010

 

Fair value
Dec. 31, 2010

Other receivables from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

affiliated companies

 

177

 

47

 

224

 

225

 

77

 

11

 

89

 

89

joint ventures

 

1,791

 

795

 

2,586

 

2,593

 

1,454

 

611

 

2,065

 

2,080

associates

 

0

 

 

0

 

0

 

1

 

 

1

 

1

other investees and investors

 

0

 

1

 

1

 

1

 

0

 

1

 

1

 

1

Recoverable income taxes

 

2,963

 

39

 

3,002

 

3,002

 

1,893

 

41

 

1,934

 

1,934

Positive fair values of derivatives

 

789

 

9,737

 

10,526

 

10,526

 

921

 

3,595

 

4,515

 

4,515

Marketable securities

 

 

1,470

 

1,470

 

1,476

 

 

1,422

 

1,422

 

1,421

Miscellaneous assets

 

3,076

 

2,315

 

5,391

 

5,409

 

2,259

 

1,839

 

4,098

 

4,104

 

 

8,796

 

14,405

 

23,201

 

23,231

 

6,605

 

7,519

 

14,125

 

14,145

Miscellaneous assets include plan assets to fund post-employment benefits in the amount of €48 million (previous year: €57 million). This item also includes the share of the technical provisions attributable to reinsurers amounting to €127 million (previous year: €129 million).

Other receivables and financial assets include €2,858 million (previous year: €1,915 million) of collateral furnished for financial liabilities and contingent liabilities. There is no original right of disposal or pledge for the furnished collateral on the part of the collateral taker.

With the exception of the noncurrent securities, there are no material restrictions on title or right of use in respect of other receivables and financial assets. Default risks are accounted for by means of valuation allowances.

Other receivables and financial assets include loans to joint ventures, associates and other equity investments, and bear interest at rates of up to 11.6% (previous year: 13.6%).

Other receivables from affiliated companies include fixed-term loans with terms of up to 63 months (previous year: 48 months), which were lent at interest rates of between 1.3% and 8.6% (previous year: 0.9% and 14.6%).

Current other receivables are predominantly non-interest-bearing.

The positive fair values of derivatives relate to the following items:

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€ million

 

Dec. 31, 2011

 

Dec. 31, 2010

Transactions for hedging against

 

 

 

 

foreign currency risk from assets using fair value hedges

 

47

 

15

foreign currency risk from liabilities using fair value hedges

 

59

 

52

interest rate risk using fair value hedges

 

528

 

418

interest rate risk using cash flow hedges

 

6

 

7

foreign currency and price risk from future cash flows (cash flow hedges)

 

791

 

1,419

Hedging transactions

 

1,430

 

1,911

Assets related to derivatives not included in hedging relationships

 

9,096

 

2,605

 

 

10,526

 

4,515

The positive fair value of transactions for hedging price risk from future cash flows (cash flow hedges) amounted to €121 million (previous year: €353 million).

Positive fair values of €57 million (previous year: €60 million) were recognized from transactions for hedging interest rate risk (fair value hedges) used in portfolio hedges.

Assets arising from derivatives not included in hedging relationships include in particular the call options held by Volkswagen AG to acquire the outstanding shares of Porsche Zwischenholding GmbH in the amount of €8,409 million (previous year: €2,001 million). For further information, see note 40 Related party disclosures in accordance with IAS 24.

Further details on derivative financial instruments as a whole are given in note 31 Financial risk management and financial instruments.

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