11 Other financial assets
millions of € |
|
|
|
|
|---|---|---|---|---|
|
Dec. 31, 2023 |
Dec. 31, 2022 |
||
|
|
|
|
|
|
Total |
Of which: current |
Total |
Of which: current |
Originated loans and receivables |
6,538 |
4,741 |
6,337 |
4,617 |
Of which: collateral paid |
1,708 |
1,643 |
1,484 |
1,413 |
Of which: other receivables – publicly funded projects |
1,863 |
763 |
2,019 |
723 |
Debt instruments – measured at fair value through profit or loss |
652 |
6 |
646 |
5 |
Derivative financial assets |
1,780 |
602 |
2,273 |
153 |
Of which: derivatives with a hedging relationship |
658 |
106 |
1,034 |
64 |
Of which: derivatives without a hedging relationship |
1,122 |
496 |
1,239 |
90 |
Equity instruments – measured at fair value through profit or loss |
4 |
0 |
3 |
0 |
Equity instruments – measured at fair value through other comprehensive income |
422 |
0 |
446 |
0 |
Lease assets |
197 |
105 |
205 |
90 |
|
9,593 |
5,453 |
9,910 |
4,865 |
The carrying amount of current and non-current other financial assets decreased by EUR 0.3 billion compared to December 31, 2022 to EUR 9.6 billion.
The net total of originated loans and receivables increased by EUR 0.2 billion to EUR 6.5 billion. The carrying amount was increased by an existing shareholder loan to the GD tower companies, which must be recognized in the consolidated statement of financial position as a result of the deconsolidation of the companies. As of December 31, 2023, this loan had a carrying amount of EUR 0.3 billion, while the carrying amount of cash collateral deposited increased by EUR 0.2 billion. At the reporting date, cash and cash equivalents of EUR 64 million when translated into euros (December 31, 2022: EUR 63 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 1,642 million as of the reporting date (December 31, 2022: EUR 1,411 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 decreased by EUR 0.2 billion to EUR 1.9 billion.
The carrying amount of debt instruments measured at fair value through profit or loss remained stable at EUR 0.7 billion. A contingent consideration receivable was recorded in 2022 in connection with the sale of the 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, 2023, amounted to EUR 0.4 billion.
The carrying amount of derivatives with a hedging relationship decreased by EUR 0.4 billion to EUR 0.7 billion, mainly as a result of falling fair values of interest rate swaps and cross-currency swaps in cash flow hedges due to lower medium- and long-term interest rate expectations.
The carrying amount of derivatives without a hedging relationship declined by EUR 0.1 billion to EUR 1.1 billion. This was due on the one hand to a EUR 0.2 billion decrease in the carrying amount of interest and currency derivatives. On the other hand, the carrying amounts of termination rights embedded in bonds issued by T‑Mobile US increased by EUR 0.1 billion.
For further information on allowances, stock options, and the credit ratings of originated loans and receivables, please refer to Note 43 “Financial instruments and risk management.”