[23] Other financial assets
Other financial assets break down as follows:
in € million |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
Financial investments |
37.5 |
14.4 |
Financial receivables |
8.4 |
0.9 |
Other financial investments |
23.7 |
24.2 |
Derivative financial instruments |
2.5 |
2.6 |
Sundry financial assets |
3.4 |
2.6 |
Other non-current financial assets |
75.6 |
44.6 |
|
|
|
Derivative financial instruments |
15.0 |
9.4 |
Financial receivables |
9.7 |
23.1 |
Sundry financial assets |
52.5 |
41.6 |
Other current financial assets |
77.3 |
74.1 |
|
|
|
Total other financial assets |
152.9 |
118.7 |
Financial investments essentially comprise the equity investment, acquired in 2020, in Shanghai Quicktron Intelligent Technology Co., Ltd and the equity investments in Zhejiang EP Equipment Co., Ltd. and Balyo SA. These equity investments, which have been assigned to the FVOCI category under IFRS 9 owing to the strategic partnerships with the companies, are recognized at fair value through other comprehensive income without recycling to profit or loss upon disposal.
Finance receivables largely relate to loans to non-consolidated subsidiaries.
Other financial investments comprise long-term investments that are held in order to cover the defined benefit obligation and do not qualify as plan assets.
Derivative financial instruments comprise currency forwards and interest-rate swaps with a positive fair value that are used to reduce currency risk and interest-rate risk. Some of these derivative financial instruments are part of a formally documented hedge with a hedged item and are recognized in accordance with the hedge accounting rules (see note [42]).