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16. Other current and non-current assets

As of December 31, other current and non-current assets comprised the following:

  2011 2010
€ in millions   thereof short-term   thereof short-term
Investments and long-term loans 796 9 254 6
Tax receivables 311 287 240 224
Discounts 143 143 124 124
Accounts receivable resulting from German “Krankenhausfinanzierungsgesetz” 101 82 111 79
Capitalized debt financing costs 98 9 108 10
Advances made 77 76 53 52
Leasing receivables 72 29 73 29
Derivative financial instruments 54 52 25 18
Prepaid expenses 45 18 45 15
Re-insurance claims 11 0 25 0
Accounts receivable from management contracts in clinics 8 8 7 7
Other assets 662 478 496 367
Other assets, gross 2,378 1,191 1,561 931
less allowances 9 7 8 6
Other assets, net 2,369 1,184 1,553 925

  2011 2010
€ in millions   thereof short-term   thereof short-term
Investments and long-term loans 796 9 254 6
Tax receivables 311 287 240 224
Discounts 143 143 124 124
Accounts receivable resulting from German “Krankenhausfinanzierungsgesetz” 101 82 111 79
Capitalized debt financing costs 98 9 108 10
Advances made 77 76 53 52
Leasing receivables 72 29 73 29
Derivative financial instruments 54 52 25 18
Prepaid expenses 45 18 45 15
Re-insurance claims 11 0 25 0
Accounts receivable from management contracts in clinics 8 8 7 7
Other assets 662 478 496 367
Other assets, gross 2,378 1,191 1,561 931
less allowances 9 7 8 6
Other assets, net 2,369 1,184 1,553 925

Investments and long-term loans comprised investments of €537 million (2010: €190 million), mainly regarding the joint venture between Fresenius Medical Care and Galenica Ltd., that were accounted for under the equity method. In 2011, income of €22 million (2010: €4 million) resulting from this valuation was included in general and administrative expenses in the consolidated statement of income. Furthermore, investments and long-term loans include €181 million (2010: €0 million) that Fresenius Medical Care loaned to Renal Advantage Partners, LLC.

The receivables resulting from the German “Krankenhaus- finanzierungsgesetz” primarily contain approved but not yet received earmarked subsidies of the Fresenius Helios operations. The approval is evidenced in a letter written by the granting authorities that Fresenius Helios has already received.

In the fiscal year, the amount of depreciation recognized on other non-current assets was immaterial (2010: €2 million).

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15. Inventories

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