Merck 2014 Annual Report Download - page 205

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200 CONSOLIDATED FINANCIAL STATEMENTS → Notes to the Group accounts
NOTES TO THE CONSOLIDATED BALANCE SHEET
(35) CASH AND CASH EQUIVALENTS
This item comprised:
€ million Dec. 31, 2014 Dec. 31, 2013
Cash, bank balances and cheques 546.7 332.0
Short-term cash investments (up to 3 months) 2,331.8 648.8
2,878.5 980.8
Changes in cash and cash equivalents as defined by
IAS
7 are
presented in the cash flow statement.
The maximum default risk is equivalent to the carrying value
of the cash and cash equivalents.
(36) CURRENT FINANCIAL ASSETS
€ million Dec. 31, 2014 Dec. 31, 2013
Held to maturity investments 21.7 53.4
Available-for-sale financial assets 2,135.0 2,312.1
Loans and receivables 2.9 27.3
Derivative assets (financial transactions) 39.8 17.7
2,199.4 2,410.5
The development of current financial assets resulted mainly from
the decrease in available-for-sale financial assets to €2,135.0 mil-
lion (2013: €2,312.1 million). As of December 31, 2014, this item
mainly included bonds amounting to € 1,178.6 million (2013:
€ 1,251.7 million) as well as commercial paper amounting to
€956.4 million (2013: €915.7 million).
Moreover, fair value adjustments of € – 2.0 million, which were
recognized in equity, were made on available-for-sale financial
assets (2013: €0.6million). The loans and receivables contained
in current financial assets are neither past due nor impaired.