15. Other Financial Assets
Other financial assets consisted of the following items:
|
|
|
|
|
|
|
|
|
|
|
Dec. 31, 2022 |
|
Dec. 31, 2023 |
||||
|---|---|---|---|---|---|---|---|---|
|
|
Total |
|
Of which current |
|
Total |
|
Of which current |
|
|
€ million |
|
€ million |
|
€ million |
|
€ million |
Loans and bank deposits |
|
128 |
|
17 |
|
352 |
|
279 |
Other investments |
|
24 |
|
– |
|
22 |
|
– |
Receivables from derivatives |
|
45 |
|
45 |
|
21 |
|
19 |
Receivables under lease agreements |
|
8 |
|
– |
|
10 |
|
– |
Miscellaneous financial assets |
|
20 |
|
5 |
|
15 |
|
13 |
Total |
|
225 |
|
67 |
|
420 |
|
311 |
As of December 31, 2023, the loans and bank deposits item mainly includes bank deposits in the amount of €276 million, which increased by €261 million in the financial year. The item also included in particular initial funding loans of €63 million, which were drawn down in the amount of €102 million in fiscal 2022 by Bayer-Pensionskasse VVaG, Leverkusen (Germany), and Rheinische Pensionskasse VVaG, Leverkusen (Germany), and repaid pro rata in the amount of €39 million in fiscal 2023 by Bayer-Pensionskasse VVaG.
Receivables from derivatives included forward exchange contracts of €19 million (previous year: €42 million) and embedded derivatives of €2 million (previous year: €3 million).
- See note 24.1 “Financial Instruments by Category” for further information regarding loans and bank deposits and other investments.
- See note 24.2 “Financial Risk Management and Information on Derivatives.”
Receivables under lease agreements relate to finance leases where Covestro is the lessor and the counterparty is the economic owner of the leased assets. Receivables under lease agreements are based on expected future lease payments of €50 million (previous year: €41 million) including an interest component of €40 million (previous year: €33 million). In the reporting year, interest income from finance leases of €1 million (previous year: €1 million) was recognized. Of the expected lease payments, €1 million is due within one year (previous year: €1 million), €5 million is due within the following four years (previous year: €4 million), and €44 million is due in subsequent years (previous year: €36 million).
To enhance the clarity of presentation, miscellaneous financial assets, which were previously reported as part of other receivables, are shown as other financial assets for the first time in these consolidated financial statements. The prior-year figures were adjusted accordingly.
The impairment losses determined as of the reporting date for financial assets not included in trade accounts receivable were not material.