4.10 Other current assets

They can be analysed as follows:

(€’000) 30.06.2014 31.12.2013 restated
Prepayments - current portion 8,777 11,564
Research grants 12,690 12,376
Employees 1,274 1,148
Social security institutions 193 73
Indirect and other tax assets 33,053 23,474
Derivatives 4,584 8,288
Other 19,498 20,131
Total other current assets 80,069 77,054
Related parties 1,521 1,516
Total 81,590 78,570

Other current assets amount to €81,590 thousand and are substantially in line with the €78,570 thousand at 31 December 2013. Derivative assets and liabilities may be analysed as follows:

  30.06.2014 31.12.2013
(€’000) Assets Liabilities Assets Liabilities
Fair value hedges 2,458 1,082 3,025 421
Cash flow hedges 2,126 2,145 5,263 4,600
Currency hedges 4,584 3,227 8,288 5,021

Derivative assets decreased €3,704 thousand, due mainly to the positions of the Australian subsidiary, Ansaldo STS PTY LTD.
Reference should be made to paragraph 8 “Financial risk management” for the notional amounts of hedges.
Derivatives liabilities decreased by €1,794 thousand, mainly as a consequence of cash flow hedges agreed by the US subsidiary Ansaldo STS USA Inc.
Reference should be made to paragraph 8 “Financial risk management” for information on the notional amounts of the derivatives outstanding at 30 June 2014.

Fair value measurement

Ansaldo STS Group does not hold listed derivative instruments at 30 June 2014. The fair value of unlisted derivatives is measured using financial valuation techniques. Specifically, the fair value of currency forwards is determined on the basis of market rates at the reporting date and the exchange rate spreads between the relevant currencies. The fair value of swaps is calculated discounting the future cash flows at market rates.

Registered Office: 16151 Genoa Via Paolo Mantovani, 3 - 5
Paid-in Share Capital EUR 100,000,000 R.E.A. n. 421689 Register of Enterprises of Genoa Tax Code 01371160662
A Finmeccanica Company