5 Other financial assets

Other financial assets include other majority shareholdings, other shareholdings, general loans, loans in connection with finance leases and securities.

Write-downs and the development in other financial assets have been reported in the table below, as well under income from associates and other income from shareholdings ( Note 29 ) and financing income ( Note 32 ) and financing expenses ( Note 33 ).

Loans and the loans in connection with finance leases have fixed interest rates, with an average interest rate of 3.4 % (previous year: 5.5 %). The average period for which interest rates remain fixed amounts to 9 years (previous year: 11 years) in the case of fixed-rate loans and to 16 years (previous year: 13 years) in the case of finance leases. The reclassifications mainly involve the reclassification of the aforementioned items to current financial assets in line with their respective maturities. Further information about financial instruments has been provided under Note 22.

Other financial assets

 
Euro 000s Other majority shareholdings Other shareholdings Loans general Loans in connection with finance leases Securities Total  
Gross value at 1.10.2007 14 276 118 667 15 178 25 695 3 583 177 399 
Currency adjustments — 1 918 — — — 1 918 
Change in scope of consolidation — – 333  — — — – 333  
Investments / additions 11 798 3 449 6 881 8 501 2 280 32 909 
Disposals 3 816 18 670 5 291 2 968 823 31 568 
Reclassifications – 796 796 – 4 492  4 574 — 82 
Balance at 30.9.2008 21 462 105 827 12 276 35 802 5 040 180 407 
              
Amortisation at 1.10.2007 5 066 1 579 4 823 — 48 11 516  
Amortisation — 1 997 — — 531 2 528  
Disposals 3 606 486 4 328 — — 8 420  
Amortisation at 30.9.2008 1 460 3 090 495 — 579 5 624 
    
Net value at 30.9.2008 20 002  102 737 11 781  35 802  4 441 174 783 
              
Gross value at 1.10.2008 21 462 105 827 12 276 35 802 5 040 180 407 
Currency adjustments – 10  —  – 3  — — – 13  
Change in scope of consolidation – 9 053  – 1 936  —  52 — – 10 937  
Investments / additions 7 639 408 4 478 9 286 1 993 23 804 
Disposals 340 6 027 5 527 789 1 695 14 378 
Reclassifications – 4 904  – 66 997  – 2 644  4 024 – 1 528  – 72 049  
Balance at 30.9.2009 14 794 31 275 8 580 48 375 3 810 106 834 
              
Amortisation at 1.10.2008 1 460 3 090 495 — 579 5 624 
Currency adjustments – 10  — — — — – 10  
Change in scope of consolidation 1 036 75 — — — 1 111 
Amortisation 536 42 —  33 69 680 
Write-ups —  —  —  —  479 479 
Disposals —  1 717 495 —  —  2 212 
Reclassifications —  – 1 257  — —  —  – 1 257  
Amortisation at 30.9.2009 3 022 233 — 33 169 3 457 
              
Net value at 30.9.2009 11 772 31 042 8 580 48 342 3 641 103 377 

The reduction in other majority shareholdings is chiefly due to the change in the scope of consolidation resulting from the initial consolidation of A+S Naturenergie GmbH, Pfaffenhofen, and Kielspeicher 103 GmbH & Co. KG, Kiel.

The reduction in other shareholdings is mainly attributable to the reclassification as associates of the shareholdings held in Biomasse Rhein-Main GmbH, Flörsheim-Wicker, (carrying amount: Euro 3 050 thousand), Gemeinschaftskraftwerk Kiel GmbH, Kiel, (carrying amount: Euro 9 673 thousand), Grosskraftwerk Mannheim AG, Mannheim, (carrying amount: Euro 25 400 thousand), Stadtwerke Buchen GmbH & Co. KG, Buchen, (carrying amount: Euro 4 383 thousand) and ZVO Energie GmbH, Timmendorfer Strand, (carrying amount: Euro 28 138 thousand).

Securities chiefly consist of shareholdings in funds held in most cases to secure part-time early retirement credit balances.

Other financial assets also include the non-current share of finance leases. In several contracting projects, the MVV Energie Group acts as lessor in the context of finance lease agreements. In finance lease agreements, the major risks and rewards are assigned to the lessee. The respective assets are recognised at the present value of the minimum leasing payments.

The transition from these payments to gross investments in leases is as follows:

 
Euro 000s 30.9.2009 30.9.2008  
Present value of minimum leasing payments with maturities < 1 year 12 939 5 070  
Present value of minimum leasing payments with maturities > 1 year     
one to five years 20 734 16 011 
longer than five years 36 465 19 791 
Present value of minimum leasing payments with maturities > 1 year 57 199 35 802 
Total present value of minimum leasing payments 70 138 40 872 
Financing income not yet realised 11 027  15 441 
Gross investments in finance leases 81 165 56 313