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€ million |
Current |
Non-current |
Carrying |
Current |
Non-current |
Carrying | ||||||
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Negative fair values of derivative financial instruments |
1,230 |
1,587 |
2,818 |
1,727 |
2,247 |
3,974 | ||||||
Interest payable |
731 |
6 |
737 |
749 |
6 |
756 | ||||||
Miscellaneous financial liabilities |
2,464 |
803 |
3,267 |
2,412 |
293 |
2,705 | ||||||
|
4,425 |
2,397 |
6,822 |
4,888 |
2,547 |
7,435 |
The noncurrent and current financial liabilities previously reported in the “Other liabilities” item are presented in greater detail in fiscal year 2012. The prior-period figures were reclassified accordingly.
The negative fair values of derivatives relate to the following items:
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€ million |
Dec. 31, 2012 |
Dec. 31, 2011 | ||
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Transactions for hedging |
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foreign currency risk from assets using fair value hedges |
21 |
14 | ||
foreign currency risk from liabilities using fair value hedges |
53 |
85 | ||
interest rate risk using fair value hedges |
238 |
168 | ||
interest rate risk using cash flow hedges |
77 |
73 | ||
foreign currency and price risk from future cash flows |
1,822 |
2,607 | ||
Hedging transactions |
2,211 |
2,948 | ||
Liabilities related to derivatives not included in hedging relationships |
607 |
1,026 | ||
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2,818 |
3,974 |
Of the other financial liabilities reported in the consolidated balance sheet, a total of €744 million (previous year: €539 million) is secured, for the most part by real estate liens.
The negative fair value of transactions for hedging price risk from future cash flows (cash flow hedges) amounted to €26 million (previous year: €35 million).
Negative fair values of €158 million (previous year: €89 million) were recognized from transactions for hedging interest rate risk (fair value hedges) used in portfolio hedges.
In the previous year, liabilities from derivatives not included in hedging relationships included the put options written by Volkswagen AG to acquire the outstanding shares of Porsche Holding Stuttgart in the amount of €87 million.
Further details on derivative financial instruments as a whole are given in note 33 Financial risk management and financial instruments.