19 Other financial assets

Financing receivables for operating purposes are stated net of the valuation allowance for doubtful accounts of €66 million (€30 million at December 31, 2012).

Financing receivables for operating purposes of €1,017 million (€1,160 million at December 31, 2012) primarily pertained to loans granted by the Exploration & Production segment (€569 million), the Gas & Power segment (€312 million) and the Refining & Marketing segment (€88 million). Receivables for financial leasing of €21 million at December 31, 2012 were nil at December 31, 2013, as a result of the sale of Finpipe GIE. Financing receivables granted to unconsolidated subsidiaries, joint ventures and associates amounted to €559 million.

Financing receivables for operating purposes in currencies other than euro amounted to €884 million (€999 million at December 31, 2012).

Financing receivables for operating purposes due beyond five years amounted to €551 million (€624 million at December 31, 2012).

The valuation at fair value of financing receivables of €1,067 million has been estimated based on the present value of expected future cash flows discounted at rates ranging from 0.5% to 4.2% (0.4% and 3.3% at December 31, 2012). The fair value hierarchy is level 2.

Securities of €80 million (€69 million at December 31, 2012) were designated as held-to-maturity. The following table analyses securities per issuing entity:

Securities with a maturity beyond five years amounted to €5 million.

The fair value of securities was derived from market prices.

Receivables with related parties are described in Note 43 – Transactions with related parties.