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17 Noncurrent and current other receivables and financial assets

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€ million

 

Current

 

Non-current

 

Carrying
amount
Dec. 31,
2012

 

Current

 

Non-current

 

Carrying
amount
Dec. 31,
2011

Positive fair value of derivatives

 

832

 

2,226

 

3,057

 

789

 

9,737

 

10,526

Marketable securities

 

 

1,612

 

1,612

 

 

1,470

 

1,470

Receivables from loans, bonds, profit participation rights (excluding Interest)

 

2,777

 

2,024

 

4,801

 

1,986

 

973

 

2,959

Miscellaneous financial assets

 

2,263

 

570

 

2,833

 

1,479

 

642

 

2,121

 

 

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

Transactions for hedging

 

 

 

 

foreign currency risk from assets using fair value hedges

 

11

 

47

foreign currency risk from liabilities using fair value hedges

 

16

 

59

interest rate risk using fair value hedges

 

671

 

528

interest rate risk using cash flow hedges

 

1

 

6

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

 

1,802

 

791

Hedging transactions

 

2,501

 

1,430

Assets related to derivatives not included in hedging relationships

 

556

 

9,096

 

 

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.

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