Information regarding the fair value of financial instruments
The carrying amounts of the cash and cash equivalents (as of June 30, 2025: € 9,397 million; as of December 31, 2024: € 4,170 million; as of June 30, 2024: € 4,573 million), trade receivables and other financial assets (as of June 30, 2025: € 6,256 million; as of December 31, 2024: € 6,289 million; as of June 30, 2024: € 9,545 million) approximate the fair values as of the balance sheet date.
The carrying amounts of the trade liabilities, the other and the miscellaneous financial liabilities (as of June 30, 2025: € 6,494 million; as of December 31, 2024: € 6,060 million; as of June 30, 2024: € 9,159 million), as well as of the current financial debt, approximate the fair values as of the balance sheet date.
As of June 30, 2025, € 1,310 million (as of December 31, 2024: € 1,192 million; as of June 30, 2024: € 1,455 million) of the receivables and other assets related to non-financial assets. As of June 30, 2025, € 1,699 million (as of December 31, 2024: € 1,665 million; as of June 30, 2024: € 2,218 million) of the other liabilities related to non-financial liabilities.
The fair value of non-current financial debt with a carrying amount of € 28,479 million was € 26,818 million as of June 30, 2025 (as of December 31, 2024: carrying amount € 33,330 million, fair value € 30,758 million; as of June 30, 2024: carrying amount € 34,784 million, fair value € 31,136 million).
The derivative financial instruments recognized at fair value were classified under valuation level 2 and, to a lesser extent, under valuation level 1. In addition, money market funds recognized at fair value in the amount of € 1,093 million (as of December 31, 2024: € 514 million; as of June 30, 2024: € 505 million) were classified under valuation level 1, and other investments were classified under valuation level 3. There were no significant valuation effects for these assets.
Since January 1, 2025, parts of a money market fund are no longer reported in the balance sheet item “Other investments and securities,” but in the balance sheet item “Cash and cash equivalents.” A corresponding change in presentation as of December 31, 2024 or as of June 30, 2024 respectively would have resulted in an increase in the balance sheet item “Cash and cash equivalents” and a corresponding reduction in the balance sheet item “Other investments and securities” of € 103 million or respectively of € 101 million. In addition, an investment was made in a new money market fund.
There were no reclassifications between the valuation levels in the first half of 2025.