Notes

9 Other financial result

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€ million	2022	2021

Income from profit and loss transfer agreements	55	43
Cost of loss absorption	−52	−81
Other income from equity investments	168	315
Other expenses from equity investments	−2,270	−210
Gains and losses from marketable securities and loans	−1,013	164
Realized income of loan receivables and payables in foreign currency	1,227	753
Realized expenses of loan receivables and payables in foreign currency	−985	−928
Gains and losses from remeasurement and impairment of financial instruments	166	94
Gains and losses from fair value changes of hedging instruments/derivatives not included in hedge accounting	−662	−648
Gains and losses from fair value changes of hedging instruments/derivatives included in hedge accounting	7	36
Other financial result	−3,359	−463

Other expenses from equity investments reported in fiscal year 2022 related primarily to the impairment loss of €1.9 billion recognized to write down all shares held in Argo AI. See “Key events” section for more information.

Gains and losses from marketable securities and loans are mainly the result of negative net income from funds because of the turbulence in the capital markets attributable to the Russia-Ukraine conflict.

Gains and losses from fair value changes of hedging instruments/derivatives not included in hedge accounting include losses on the measurement of the options in connection with the acquisition of Europcar in an amount of €0.3 billion (see “Key events” section). The prior-year figure had primarily included losses on the measurement and realization of forward purchase agreements for new shares in QuantumScape in an amount of €0.6 billion.