11 Other financial assets

The carrying amount of current and non-current other financial assets increased by EUR 1.0 billion compared to December 31, 2021 to EUR 9.9 billion.

The net total of originated loans and receivables increased by EUR 0.9 billion to EUR 4.3 billion, with the carrying amount of cash collateral deposited increasing by EUR 0.9 billion. Group companies deposited cash collateral of EUR 2 million as of December 31, 2022 (December 31, 2021: EUR 90 million) in connection with auctions for the planned acquisition of spectrum licenses. At the reporting date, cash and cash equivalents of EUR 63 million when translated into euros (December 31, 2021: EUR 76 million) were pledged as collateral for liabilities with the right of creditors to priority repayment in the event of default. Collateral agreements as surety for potential credit risks arising from derivative transactions in connection with forward-payer swaps gave rise to receivables of EUR 1,411 million as of the reporting date (December 31, 2021: EUR 423 million).

In connection with receivables from grants still to be received from funding projects for the broadband build-out in Germany, the carrying amount of other receivables increased by EUR 0.2 billion to EUR 2.0 billion.

The carrying amount of debt instruments measured at fair value through profit or loss increased by EUR 0.4 billion to EUR 0.6 billion. A contingent consideration receivable was recorded in connection with the sale of a 50 % stake in GlasfaserPlus. As the remainder of the purchase price, this receivable will fall due in stages upon achieving certain build-out milestones and, as of December 31, 2022, amounted to EUR 0.4 billion.

The carrying amount of derivatives with a hedging relationship decreased by EUR 0.5 billion to EUR 1.0 billion, due on the one hand to the decrease in positive fair values from interest rate swaps in fair value hedges, which is primarily the result of a significant increase in the interest rate level. On the other hand, the fair values of interest rate and currency derivatives in cash flow hedges increased, primarily as a result of the significant rise in the interest rate level.

The carrying amount of derivatives without a hedging relationship remained stable overall at EUR 1.2 billion. This is due on the one hand to a EUR 0.2 billion increase in the carrying amount of interest and currency derivatives. In connection with the stock options received from SoftBank to purchase shares in T‑Mobile US, the carrying amount of the stock options recorded a net increase of EUR 0.1 billion against December 31, 2021. This was attributable to an increase of EUR 0.6 billion from positive measurements effects in connection with the development of the T‑Mobile US share price and the amortization in full from the initial measurement of the stock options at fair value. On the other hand, this was offset by the derecognition of the exercised options in April 2022. At the time of exercising the stock options, they had a fair value of EUR 0.5 billion. The carrying amount of the derivatives without a hedging relationship decreased by EUR 0.3 billion in connection with negative measurement effects from derivatives embedded in bonds issued by T‑Mobile US. The carrying amount of energy forward agreements embedded in contracts remained stable against December 31, 2021.

For further information on allowances, stock options, and the credit ratings of originated loans and receivables, please refer to Note 42 “Financial instruments and risk management.”