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€ million |
Current |
Noncurrent |
Carrying amount |
Fair value |
Current |
Noncurrent |
Carrying amount |
Fair value | ||||||||
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Other receivables from |
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affiliated companies |
177 |
47 |
224 |
225 |
77 |
11 |
89 |
89 | ||||||||
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joint ventures |
1,791 |
795 |
2,586 |
2,593 |
1,454 |
611 |
2,065 |
2,080 | ||||||||
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associates |
0 |
– |
0 |
0 |
1 |
– |
1 |
1 | ||||||||
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other investees and investors |
0 |
1 |
1 |
1 |
0 |
1 |
1 |
1 | ||||||||
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Recoverable income taxes |
2,963 |
39 |
3,002 |
3,002 |
1,893 |
41 |
1,934 |
1,934 | ||||||||
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Positive fair values of derivatives |
789 |
9,737 |
10,526 |
10,526 |
921 |
3,595 |
4,515 |
4,515 | ||||||||
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Marketable securities |
– |
1,470 |
1,470 |
1,476 |
– |
1,422 |
1,422 |
1,421 | ||||||||
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Miscellaneous assets |
3,076 |
2,315 |
5,391 |
5,409 |
2,259 |
1,839 |
4,098 |
4,104 | ||||||||
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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 | ||
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Transactions for hedging against |
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foreign currency risk from assets using fair value hedges |
47 |
15 | ||
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foreign currency risk from liabilities using fair value hedges |
59 |
52 | ||
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interest rate risk using fair value hedges |
528 |
418 | ||
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interest rate risk using cash flow hedges |
6 |
7 | ||
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foreign currency and price risk from future cash flows (cash flow hedges) |
791 |
1,419 | ||
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Hedging transactions |
1,430 |
1,911 | ||
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Assets related to derivatives not included in hedging relationships |
9,096 |
2,605 | ||
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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.
