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22. Financial assets

The carrying amounts and fair values of financial assets are as follows:

  2008 2007

US$ million
fair value
fair value
At fair value through profit and loss  
Trade and other receivables(1) 192 192 591 591
Other financial assets (derivatives)(2) 376 376 535 535
Designated into fair value hedge  
Trade and other receivables(1) 14 14
Loans and receivables    
Cash and cash equivalents 2,771 2,771 3,129 3,129
Trade and other receivables(1) 2,605 2,605 2,986 2,986
Financial asset investments 906 935 918 938
Available for sale investments  
Financial asset investments 2,353 2,353 3,842 3,842
Total financial assets 9,203 9,232 12,015 12,035
Trade and other receivables exclude prepayments.
Derivative instruments are analysed between those which are ‘Held for trading’ and those designated into hedge relationships in note 24.

The fair values of financial assets represent the market value of quoted investments and other traded instruments. For non-listed investments and other non-traded financial assets fair value is calculated using discounted cash flows with market assumptions, unless carrying value is considered to approximate fair value.

Financial asset risk exposures are set out in note 24.

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