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€ million |
current |
non-current |
Carrying amount Dec. 31, 2008 |
Fair value Dec. 31, 2008 |
current |
non-current |
Carrying amount Dec. 31, 2007 |
Fair value Dec. 31, 2007 | ||||||||
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Other receivables from |
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affiliated companies |
152 |
15 |
167 |
167 |
208 |
12 |
220 |
220 | ||||||||
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joint ventures |
2,935 |
590 |
3,525 |
3,548 |
1,250 |
646 |
1,896 |
1,905 | ||||||||
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associates |
22 |
– |
22 |
22 |
9 |
– |
9 |
9 | ||||||||
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other investees and investors |
4 |
106 |
110 |
110 |
20 |
101 |
121 |
121 | ||||||||
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Recoverable income taxes |
1,369 |
40 |
1,409 |
1,409 |
1,193 |
97 |
1,290 |
1,290 | ||||||||
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Positive fair values of derivatives |
2,919 |
1,666 |
4,585 |
4,585 |
2,127 |
711 |
2,838 |
2,838 | ||||||||
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Other assets |
2,667 |
970 |
3,637 |
3,644 |
1,846 |
849 |
2,695 |
2,698 | ||||||||
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10,068 |
3,387 |
13,455 |
13,485 |
6,653 |
2,416 |
9,069 |
9,081 |
Other assets include plan assets to fund post-employment benefits in the amount of €69 million (previous year: €101 million). This item also includes the share of the technical provisions attributable to reinsurers amounting to €100 million (previous year: €78 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 22.1% (previous year: 19.5%).
Other receivables from affiliated companies include loans with terms of up to 11 years (previous year: 12 years), which were lent at interest rates of between 3.4% and 11.2% (previous year: 0.9% and 4.8%).
Current other receivables are predominantly non-interest-bearing.
The positive 
fair values of derivatives relate to the following items:
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€ million |
Dec. 31, 2008 |
Dec. 31, 2007 | ||
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Transactions for hedging against |
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foreign currency risk from assets |
240 |
52 | ||
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foreign currency risk from liabilities |
348 |
39 | ||
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interest rate risk using fair value hedges |
255 |
135 | ||
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interest rate risk using cash flow hedges |
82 |
53 | ||
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foreign currency and price risk |
3,159 |
1,914 | ||
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Hedging transactions |
4,084 |
2,193 | ||
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Assets arising from ineffective hedging derivatives |
501 |
645 | ||
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4,585 |
2,838 |
The positive fair value of transactions for hedging against price risk from future cash flows (cash flow hedges) amounted to €2 million.
Positive fair values of €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.
