9 Financial assets available for sale
(€ million) |
December 31, 2012 |
December 31, 2013 |
Securities held for operating purposes |
|
|
Quoted bonds issued by sovereign states |
174 |
165 |
Quoted securities issued by financial institutions |
22 |
37 |
Non-quoted securities |
5 |
|
|
201 |
202 |
Securities held for non-operating purposes |
|
|
Quoted bonds issued by sovereign states |
13 |
|
Quoted securities issued by financial institutions |
21 |
7 |
Quoted securities |
|
26 |
|
34 |
33 |
Total |
235 |
235 |
The breakdown by currency is provided below:
(€ million) |
December 31, 2012 |
December 31, 2013 |
Euro |
179 |
173 |
US Dollar |
38 |
58 |
Indian Rupee |
18 |
4 |
|
235 |
235 |
At December 31, 2013, bonds issued by sovereign states amounted to €165 million (€187 million at December 31, 2012). A breakdown by Country is presented below:
|
Nominal value (€ million) |
Fair value (€ million) |
Nominal rate of return |
Maturity date |
Rating - Moody’s |
Rating - S&P |
Sovereign states |
|
|
|
|
|
|
Fixed rate bonds |
|
|
|
|
|
|
Belgium |
27 |
30 |
from 2.88 to 4.25 |
from 2014 to 2021 |
Aa3 |
AA |
Portugal |
22 |
22 |
from 3.35 to 4.75 |
from 2015 to 2019 |
Ba3 |
BB |
Italy |
15 |
15 |
from 2.50 to 4.25 |
2015 |
Baa2 |
BBB |
Slovakia |
14 |
15 |
from 3.50 to 4.90 |
from 2014 to 2017 |
A2 |
A |
Spain |
14 |
14 |
from 3.15 to 4.10 |
from 2014 to 2018 |
Baa3 |
BBB- |
Ireland |
13 |
14 |
from 4.40 to 4.50 |
from 2019 to 2020 |
Baa3 |
BBB+ |
Austria |
12 |
13 |
from 3.40 to 3.50 |
from 2014 to 2015 |
Aaa |
AA+ |
United States of America |
11 |
11 |
from 1.75 to 3.13 |
from 2014 to 2019 |
Aaa |
AA+ |
Germany |
10 |
10 |
from 3.25 to 4.25 |
from 2014 to 2015 |
Aaa |
AAA |
Netherlands |
6 |
7 |
4.00 |
from 2016 to 2018 |
Aaa |
AA+ |
France |
5 |
5 |
4.00 |
2014 |
Aa1 |
AA |
Slovenija |
5 |
5 |
4.38 |
2014 |
Ba1 |
A- |
Finland |
4 |
4 |
from 1.13 to 1.25 |
from 2015 to 2017 |
Aaa |
AAA |
Total |
158 |
165 |
|
|
|
|
Securities amounting to €44 million were issued by financial institutions with a rating ranging from Aaa to B2 (Moody’s) and from AAA to BB- (S&P); other quoted securities amounted to €26 million with a rating of B1 (Moody’s) and B- (S&P).
Securities held for operating purposes of €202 million (€201 million at December 31, 2012) were designated to hedge the loss provisions of the Group’s insurance company Eni Insurance Ltd (€196 million at December 31, 2012).
The effects of fair value evaluation of securities are set out below:
(€ million) |
Carrying amount at December 31, 2012 |
Changes recognized in equity |
Carrying amount at December 31, 2013 |
Fair value |
7 |
(1) |
6 |
Deferred tax liabilities |
(1) |
|
(1) |
Other reserves of shareholders’ equity |
6 |
(1) |
5 |
The fair value was estimated on the basis of market quotations for quoted securities and on the basis of appropriate financial valuation methods commonly used for non-quoted securities.
