17 Noncurrent and current other financial assets
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CARRYING AMOUNT |
CARRYING AMOUNT |
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€ million |
Current |
Noncurrent |
Dec. 31, 2013 |
Current |
Noncurrent |
Dec. 31, 2012 | ||||||
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Positive fair value of derivatives |
1,680 |
2,414 |
4,094 |
832 |
2,226 |
3,057 |
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Marketable securities |
– |
1,565 |
1,565 |
– |
1,612 |
1,612 |
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Receivables from loans, bonds, profit participation rights (excluding interest) |
2,729 |
2,472 |
5,201 |
2,777 |
2,024 |
4,801 |
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Miscellaneous financial assets |
2,182 |
590 |
2,772 |
2,263 |
570 |
2,833 |
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6,591 |
7,040 |
13,631 |
5,872 |
6,431 |
12,304 |
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Other financial assets include receivables from related parties of €5,170 million (previous year: €5,033 million). Other financial assets and current marketable securities of €3,119 million (previous year: €3,267 million) were furnished as collateral 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.
There are restrictions on the disposal of the certificates of deposit amounting to €1.5 billion reported in noncurrent securities (see the disclosures on “Interests in joint ventures”). In addition, the miscellaneous other financial assets include cash and cash equivalents that serve as collateral (mainly under asset-backed securities transactions).
The positive fair values of derivatives relate to the following items:
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€ million |
Dec. 31, 2013 |
Dec. 31, 2012 | ||
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Transactions for hedging |
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foreign currency risk from assets using fair value hedges |
97 |
11 |
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foreign currency risk from liabilities using fair value hedges |
55 |
16 |
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interest rate risk using fair value hedges |
340 |
671 |
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interest rate risk using cash flow hedges |
5 |
1 |
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foreign currency and price risk from future cash flows (cash flow hedges) |
3,225 |
1,802 |
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Hedging transactions |
3,721 |
2,501 |
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Assets related to derivatives not included in hedging relationships |
373 |
556 |
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4,094 |
3,057 |
The positive fair value of transactions for hedging price risk from future cash flows (cash flow hedges) amounted to €21 million (previous year: €76 million).
Positive fair values of €20 million (previous year: €41 million) were recognized from transactions for hedging interest rate risk (fair value hedges) used in portfolio hedges.
Further details on derivative financial instruments as a whole are given in note 33.