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€ million |
Current |
Noncurrent |
Carrying amount Dec. 31, 2011 |
Current |
Noncurrent |
Carrying amount Dec. 31, 2010 | ||||||
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Payments on account received in respect of orders |
4,140 |
1,134 |
5,275 |
1,917 |
0 |
1,917 | ||||||
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Other liabilities to |
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affiliated companies |
19 |
1 |
19 |
38 |
0 |
38 | ||||||
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joint ventures |
274 |
– |
274 |
259 |
– |
259 | ||||||
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associates |
0 |
– |
0 |
0 |
– |
0 | ||||||
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other investees and investors |
0 |
– |
0 |
0 |
– |
0 | ||||||
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Negative fair values of derivative financial instruments |
1,727 |
2,247 |
3,974 |
1,193 |
1,469 |
2,662 | ||||||
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Liabilities relating to |
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other taxes |
1,681 |
322 |
2,003 |
1,142 |
529 |
1,671 | ||||||
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social security |
433 |
38 |
471 |
336 |
33 |
369 | ||||||
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wages and salaries |
2,842 |
459 |
3,301 |
1,924 |
374 |
2,297 | ||||||
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Miscellaneous liabilities |
4,981 |
2,739 |
7,721 |
3,818 |
2,337 |
6,155 | ||||||
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16,097 |
6,940 |
23,037 |
10,627 |
4,742 |
15,369 |
The negative 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 |
14 |
10 | ||
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foreign currency risk from liabilities using fair value hedges |
85 |
241 | ||
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interest rate risk using fair value hedges |
168 |
59 | ||
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interest rate risk using cash flow hedges |
73 |
126 | ||
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foreign currency and price risk from future cash flows (cash flow hedges) |
2,607 |
1,561 | ||
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Hedging transactions |
2,948 |
1,997 | ||
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Assets related to derivatives not included in hedging relationships |
1,026 |
665 | ||
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3,974 |
2,662 |
Of the other liabilities reported in the consolidated balance sheet, a total of €539 million (previous year: €485 million) is secured, for the most part by real estate liens.
The negative fair value of transactions for hedging price risk from future cash flows (cash flow hedges) was €35 million (previous year: €0 million).
Negative fair values of €89 (previous year: €65 million) were recognized from transactions for hedging interest rate risk (fair value hedges) used in portfolio hedges.
Liabilities from derivatives not included in hedging relationships consist in particular of the put options written by Volkswagen AG to acquire the outstanding shares of Porsche Zwischenholding GmbH in the amount of €87 million (previous year: €233 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.
