17 Noncurrent and current other receivables and financial assets

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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

Other receivables from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

affiliated companies

 

152

 

15

 

167

 

167

 

208

 

12

 

220

 

220

joint ventures

 

2,935

 

590

 

3,525

 

3,548

 

1,250

 

646

 

1,896

 

1,905

associates

 

22

 

 

22

 

22

 

9

 

 

9

 

9

other investees and investors

 

4

 

106

 

110

 

110

 

20

 

101

 

121

 

121

Recoverable income taxes

 

1,369

 

40

 

1,409

 

1,409

 

1,193

 

97

 

1,290

 

1,290

Positive fair values of derivatives

 

2,919

 

1,666

 

4,585

 

4,585

 

2,127

 

711

 

2,838

 

2,838

Other assets

 

2,667

 

970

 

3,637

 

3,644

 

1,846

 

849

 

2,695

 

2,698

 

 

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

Transactions for hedging against

 

 

 

 

foreign currency risk from assets
using fair value hedges

 

240

 

52

foreign currency risk from liabilities
using fair value hedges

 

348

 

39

interest rate risk using fair value hedges

 

255

 

135

interest rate risk using cash flow hedges

 

82

 

53

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

 

3,159

 

1,914

Hedging transactions

 

4,084

 

2,193

Assets arising from ineffective hedging derivatives

 

501

 

645

 

 

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.

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