10. Other financial result

The other financial income and expenses from financial instruments are assigned to measurement categories according to IFRS 9 on the basis of the underlying transactions. Besides income and expenses from the measurement of financial instruments (except derivatives in hedging relationships in accordance with IAS 39), this also includes the measurement of foreign currency positions according to IAS 21.

The total comprehensive income from currency effects and measurement results from hedging transactions and hedging relationships totalled €−408 million (2020/21: €32 million). The main reason for the negative development of the other financial result is the exchange rate development of the Russian rouble, which is attributable to the war-related sanctions against Russia and its counter-sanctions. As a result, negative valuation effects arose from intra-group items. In addition, the other financial result reflects €−11 million (2020/21: €4 million) in currency effects resulting from the translation of the financial statements of foreign subsidiaries that are recognised through profit or loss in the year the subsidiary is deconsolidated or in the year business activities are discontinued. The effect from the application of financial reporting in hyperinflationary economies in accordance with IAS 29 had a positive impact on the other financial result; income of €338 million was offset by expenses of €−304 million.

• For more information about possible effects from currency risks, see no. 44 – management of financial risks.