|in € millions||12/31/2016||12/31/2015|
|Investments in affiliates||15||14|
|Securities and financial assets||16||13|
|Derivative financial instruments||49||46|
|Securities and financial assets||1||5|
|Derivative financial instruments||82||87|
Investments in affiliates are measured at cost in accordance
with IAS 39.46 (c), if they do not have a quoted market price
in an active market and a reliable estimate of the fair value is
As a result of an improved level of information on other investments in the newly established Bertelsmann Investments division compared to previous years, their measurement in the financial year 2016 is generally at fair value in accordance with IAS 39.43 ff. in conjunction with IAS 39.55 ff.
In addition to the loss from deconsolidation, the results from disposals of investments in the amount of €41 million (previous year: €24 million) mainly include the result of several transactions conducted in the Bertelsmann Investments division, primarily the sale of the interest in Spring Rain Mobile Health Holdings Inc. and shares in Morningside China TMT Fund I.
As in the previous year, no financial assets have been provided as collateral for liabilities as of the end of the reporting period. Financial assets of €9 million (previous year: €13 million) were pledged with restrictions on disposal. No financial assets were provided as security for contingent liabilities to third parties for the financial years 2015 and 2016.