20. Other Financial Assets

The other financial assets were comprised as follows:

Other Financial Assets

 

 

Dec. 31, 2014

 

Dec. 31, 2015

 

 

Total

Of which current

 

Total

Of which current

 

 

€ million

€ million

 

€ million

€ million

2014 figures restated

Loans and receivables

 

170

127

 

65

21

Available-for-sale financial assets

 

1,099

193

 

1,177

266

of which debt instruments

 

1,006

186

 

1,092

262

of which equity instruments

 

93

7

 

85

4

Held-to-maturity financial investments

 

69

11

 

73

6

Receivables from derivatives

 

484

392

 

526

463

Receivables under lease agreements

 

8

 

7

Total

 

1,830

723

 

1,848

756

The debt instruments reported as available-for-sale financial assets included capital of €610 million (2014: €595 million) provided to Bayer-Pensionskasse VVaG (Bayer-Pensionskasse) for its effective initial fund, and jouissance right capital (Genussrechtskapital) of €153 million (2014: €150 million), also provided to Bayer-Pensionskasse. Also reported in this category were investments of €119 million (2014: €10 million) in money market funds along with German treasury bills in the amount of €125 million (2014: €125 million). These treasury bills, which were lent to a bank, continue to be recognized as available-for-sale financial assets because the related risks and rewards remain with Bayer. Upon maturity or redemption of the treasury bills, Bayer is obligated until June 2016 to replace them with German government securities.

The equity instruments reported as available-for-sale financial assets included €40 million (2014: €29 million) in instruments whose fair value could not be determined from a stock exchange or other market price or by discounting reliably determinable future Cash flow Key indicator for assessing a company’s financial strength; in addition to gross cash flow, the statement of cash flows also reports the cash flow from operating activities (net cash flow), which shows the amount of funds available from operating activities for financing investments, repaying debts or distributing dividends. The cash flows from investing and financing activities are also reported. . These equity instruments were recognized at cost.

In 2015, impairment losses totaling €1 million (2014: impairment loss reversals totaling €2 million) on available-for-sale financial assets were recognized in profit or loss.

Unimpaired other financial assets of €5 million (2014: €8 million) were past due on the closing date.

Further information on the accounting for receivables from derivatives is given in Note [30].

Receivables under lease agreements relate to finance leases where Bayer is the lessor and the economic owner of the leased assets is the lessee. These receivables comprised expected lease payments of €38 million (2014: €46 million), including €31 million (2014: €37 million) in interest. Of the expected lease payments, €1 million (2014: €1 million) is due within one year, €2 million (2014: €2 million) within the following four years and €35 million (2014: €43 million) in subsequent years.