15 » Long-Term Financial Assets

Long-term financial assets primarily include an 8.33% investment in FC Bayern München AG (2019: 8.33%) of € 87 million (2019: € 84 million). This investment is classified as fair value through profit or loss and recorded at fair value. This equity security does not have a quoted market price in an active market. Therefore, existing contractual arrangements are used in order to calculate the fair value as at December 31, 2020 and 2019.

Other equity investments include minority shareholdings. These shares are unlisted and do not have any active market price. There is currently no intention to sell these shares. Other minority shareholdings include positive fair value adjustments in an amount of € 1 million in 2020 (2019: positive adjustment of € 12 million).

The line item ‘Other investments’ comprises investments which are mainly invested in insurance products, which are measured at fair value, and securities for long-term variable compensation components. Other investments include positive fair value adjustments in an amount of € 0 million in 2020 (2019: positive adjustment of € 2 million).