[23] Other financial assets

Other financial assets break down as follows:

Other financial assets

in € million

Dec. 31, 2021

Dec. 31, 2020

Financial investments

43.7

37.5

Financial receivables

17.4

8.4

Other financial investments

27.2

23.7

Derivative financial instruments

4.2

2.5

Sundry financial assets

3.5

3.4

Other non-current financial assets

96.1

75.6

 

 

 

Derivative financial instruments

8.9

15.0

Financial receivables

10.0

9.7

Sundry financial assets

43.9

52.5

Other current financial assets

62.8

77.3

 

 

 

Total other financial assets

158.9

152.9

Financial investments essentially comprise the equity investments in Shanghai Quicktron Intelligent Technology Co., Ltd, 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.

Financial receivables largely relate to loans to equity-accounted investments and 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]).