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Annual Report

17 Noncurrent and current other receivables and financial assets

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€ million

 

current

 

noncurrent

 

Carrying amount
Dec. 31, 2010

 

Fair value
Dec. 31, 2010

 

current

 

noncurrent

 

Carrying amount
Dec. 31, 2009

 

Fair value
Dec. 31, 2009

*

Included in other assets in the previous year.

Other receivables from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

affiliated companies

 

77

 

11

 

89

 

89

 

238

 

9

 

247

 

247

joint ventures

 

1,454

 

611

 

2,065

 

2,080

 

1,195

 

421

 

1,616

 

1,630

associates

 

1

 

 

1

 

1

 

21

 

0

 

21

 

21

other investees and investors

 

0

 

1

 

1

 

1

 

0

 

1

 

1

 

1

Recoverable income taxes

 

1,893

 

41

 

1,934

 

1,934

 

1,345

 

57

 

1,403

 

1,403

Positive fair values of derivatives

 

921

 

3,595

 

4,515

 

4,515

 

1,349

 

1,856

 

3,205

 

3,205

Marketable securities*

 

 

1,422

 

1,422

 

1,421

 

 

2

 

2

 

2

Other assets

 

2,259

 

1,839

 

4,098

 

4,104

 

1,779

 

1,400

 

3,179

 

3,186

 

 

6,605

 

7,519

 

14,125

 

14,145

 

5,927

 

3,747

 

9,674

 

9,694

Other assets include plan assets to fund post-employment benefits in the amount of €57 million (previous year: €54 million). This item also includes the share of the technical provisions attributable to reinsurers amounting to €129 million (previous year: €111 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 13.6% (previous year: 15.1%).

Other receivables from affiliated companies include fixed-term loans with terms of up to 4 years (previous year: 3 years) and loans without a fixed maturity, which were lent at interest rates of between 0.9% and 14.6% (previous year: 0.6% and 9.5%).

Current other receivables are predominantly non-interest-bearing.

Other receivables and financial assets include €1,915 million (previous year: €385 million) of collateral furnished for financial liabilities and contingent liabilities. There is no original right of disposal or pledge for the furnished collateral.

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

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€ million

 

Dec. 31, 2010

 

Dec. 31, 2009

Transactions for hedging against

 

 

 

 

foreign currency risk from assets using fair value hedges

 

15

 

22

foreign currency risk from liabilities using fair value hedges

 

52

 

58

interest rate risk using fair value hedges

 

418

 

432

interest rate risk using cash flow hedges

 

7

 

10

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

 

1,419

 

2,110

Hedging transactions

 

1,911

 

2,631

Assets arising from ineffective hedging derivatives

 

2,605

 

574

 

 

4,515

 

3,205

The positive fair value of transactions for hedging against price risk from future cash flows (cash flow hedges) amounted to €353 million (previous year: €255 million).

Positive fair values of €60 million (previous year: €4 million) were recognized from transactions for hedging against interest rate risk (fair value hedges) used in portfolio hedges.

Assets arising from ineffective hedging derivatives include in particular the call options held by Volkswagen AG to acquire the outstanding shares of Porsche Zwischenholding GmbH in the amount of €2,001 million (previous year: €48 million). For further information, see note 41 Related party disclosures in accordance with IAS 24.

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

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