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17 Noncurrent and current other financial assets

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CARRYING AMOUNT

 

CARRYING AMOUNT

€ million

 

Current

 

Non­current

 

Dec. 31, 2014

 

Current

 

Non­current

 

Dec. 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Positive fair value of derivatives

 

1,551

 

2,047

 

3,598

 

1,680

 

2,414

 

4,094

Marketable securities

 

 

1,546

 

1,546

 

 

1,565

 

1,565

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

 

3,533

 

2,170

 

5,704

 

2,729

 

2,472

 

5,201

Miscellaneous financial assets

 

2,608

 

735

 

3,343

 

2,182

 

590

 

2,772

 

 

7,693

 

6,498

 

14,190

 

6,591

 

7,040

 

13,631

Other financial assets include receivables from related parties of €5,055 million (previous year: €5,170 million). Other financial assets and current marketable securities of €2,942 million (previous year: €3,119 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 €1.4 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, 2014

 

Dec. 31, 2013

 

 

 

 

 

Transactions for hedging

 

 

 

 

foreign currency risk from assets using fair value hedges

 

212

 

97

foreign currency risk from liabilities using fair value hedges

 

190

 

55

interest rate risk using fair value hedges

 

681

 

340

interest rate risk using cash flow hedges

 

4

 

5

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

 

1,690

 

3,225

Hedging transactions

 

2,778

 

3,721

Assets related to derivatives not included in hedging relationships

 

820

 

373

 

 

3,598

 

4,094

The positive fair value of transactions for hedging price risk from future cash flows (cash flow hedges) amounted to €1 million (previous year: €21 million).

Positive fair values of €1 million (previous year: €20 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 34.