17 Noncurrent and current other receivables and financial assets


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€ million

 

current

 

non-current

 

Carrying  amount Dec. 31,  2009

 

Fair value Dec. 31,  2009

 

current

 

non-current

 

Carrying  amount Dec. 31,  2008

 

Fair value Dec. 31,  2008

Other receivables from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

affiliated companies

 

238

 

9

 

247

 

247

 

152

 

15

 

167

 

167

joint ventures

 

1,195

 

421

 

1,616

 

1,630

 

2,935

 

590

 

3,525

 

3,548

associates

 

21

 

0

 

21

 

21

 

22

 

 

22

 

22

other investees and investors

 

0

 

1

 

1

 

1

 

4

 

106

 

110

 

110

Recoverable income taxes

 

1,345

 

57

 

1,403

 

1,403

 

1,369

 

40

 

1,409

 

1,409

Positive fair values of derivatives

 

1,349

 

1,856

 

3,205

 

3,205

 

2,919

 

1,666

 

4,585

 

4,585

Other assets

 

1,779

 

1,402

 

3,181

 

3,188

 

2,667

 

970

 

3,637

 

3,644

 

 

5,927

 

3,747

 

9,674

 

9,694

 

10,068

 

3,387

 

13,455

 

13,485

Other assets include plan assets to fund post-employment benefits in the amount of €54 million (previous year: €69 million). This item also includes the share of the technical provisions attributable to reinsurers amounting to €111 million (previous year: €100 million).

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 15.1% (previous year: 22.1%).

Other receivables from affiliated companies include loans with terms of up to 17 years (previous year: 11 years), which were lent at interest rates of between 0.6% and 9.5% (previous year: 3.4% and 11.2%).

Current other receivables are predominantly non-interest-bearing.

Other assets include €385 million (previous year: €161 million) of collateral furnished for financial liabilities and contingent liabilities.

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

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€ million

 

Dec. 31, 2009

 

Dec. 31, 2008

Transactions for hedging against

 

 

 

 

foreign currency risk from assets
using fair value hedges

 

22

 

240

foreign currency risk from liabilities
using fair value hedges

 

58

 

348

interest rate risk using fair value hedges

 

432

 

255

interest rate risk using cash flow hedges

 

10

 

82

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

 

2,110

 

3,159

Hedging transactions

 

2,631

 

4,084

Assets arising from ineffective hedging derivatives

 

574

 

501

 

 

3,205

 

4,585

The positive fair value of transactions for hedging against price risk from future cash flows (cash flow hedges) amounted to €255 million (previous year: €2 million).

Positive fair values of €4 million (previous year: €1 million) were recognized from transactions for hedging against interest rate risk (fair value hedges) used in portfolio hedges.

Further details on derivative financial instruments as a whole are given in note 32 Financial risk management and financial instruments.

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