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€ million |
Current |
Non-current |
Carrying |
Current |
Non-current |
Carrying | ||||||
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Positive fair value of derivatives |
832 |
2,226 |
3,057 |
789 |
9,737 |
10,526 | ||||||
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Marketable securities |
– |
1,612 |
1,612 |
– |
1,470 |
1,470 | ||||||
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Receivables from loans, bonds, profit participation rights (excluding Interest) |
2,777 |
2,024 |
4,801 |
1,986 |
973 |
2,959 | ||||||
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Miscellaneous financial assets |
2,263 |
570 |
2,833 |
1,479 |
642 |
2,121 | ||||||
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5,872 |
6,431 |
12,304 |
4,253 |
12,823 |
17,076 |
The noncurrent and current financial assets previously reported in the “Other receivables and financial assets” item are presented in greater detail in fiscal year 2012. The prior-period figures were reclassified accordingly.
Other financial assets include receivables from related parties of €5,033 million (previous year: €2,811 million) and €3,625 million (previous year: €2,858 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 the reported other financial assets. Default risks are accounted for by means of valuation allowances.
The positive fair values of derivatives relate to the following items:
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€ million |
Dec. 31, 2012 |
Dec. 31, 2011 | ||
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Transactions for hedging |
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foreign currency risk from assets using fair value hedges |
11 |
47 | ||
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foreign currency risk from liabilities using fair value hedges |
16 |
59 | ||
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interest rate risk using fair value hedges |
671 |
528 | ||
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interest rate risk using cash flow hedges |
1 |
6 | ||
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foreign currency and price risk from future cash flows (cash flow hedges) |
1,802 |
791 | ||
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Hedging transactions |
2,501 |
1,430 | ||
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Assets related to derivatives not included in hedging relationships |
556 |
9,096 | ||
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3,057 |
10,526 |
The positive fair value of transactions for hedging price risk from future cash flows (cash flow hedges) amounted to €76 million (previous year: €121 million).
Positive fair values of €41 million (previous year: €57 million) were recognized from transactions for hedging interest rate risk (fair value hedges) used in portfolio hedges.
In the previous year, assets arising from derivatives not included in hedging relationships included in particular Volkswagen AG’s call options to acquire the outstanding shares of Porsche Holding Stuttgart in the amount of €8,409 million.
Further details on derivative financial instruments as a whole are given in note 33 Financial risk management and financial instruments.
