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Other financial assets | 12 Months Ended
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Dec. 31, 2023
Other financial assets |
Other financial assets | 17 Other financial assets
| December 31, 2023 |  |  | December 31, 2022 |
(€ million) | Current |  |  | Non-current |  |  | Current |  |  | Non-current |
Long-term financing receivables held for operating purposes | 34 |  |  | 2,240 |  |  | 11 |  |  | 1,911 |
Short-term financing receivables held for operating purposes | 7 |  |  |  |  |  | 8 |  |  |  |
| 41 |  |  | 2,240 |  |  | 19 |  |  | 1,911 |
Financing receivables held for non-operating purposes | 855 |  |  |  |  |  | 1,485 |  |  |  |
| 896 |  |  | 2,240 |  |  | 1,504 |  |  | 1,911 |
Securities held for operating purposes |  |  |  | 61 |  |  |  |  |  | 56 |
| 896 |  |  | 2,301 |  |  | 1,504 |  |  | 1,967 |
Changes in allowance for doubtful accounts were as follows:
(€ million) | 2023 |  |  | 2022 |
Carrying amount at the beginning of the year | 391 |  |  | 403 |
Additions | 15 |  |  | 13 |
Deductions | (9 | ) |  | (43 | )
Currency translation differences | (13 | ) |  | 21 |
Other changes | (1 | ) |  | (3 | )
Carrying amount at the end of the year | 383 |  |  | 391 |
Financing receivables held for operating purposes primarily related to funds provided to joint ventures and associates in the Exploration & Production segment (€2,173 million) to execute capital projects of interest to Eni. These receivables are long-term interests in the initiatives funded. The main amounts were towards: (i) the joint venture Mozambique Rovuma Venture SpA (Eni’s interest 35.71%) for €1,339 million (€1,187 million at December 31, 2022) engaged in the development of natural gas reserves of the Mamba in Area 4 offshore Mozambique; (ii) Coral FLNG SA (Eni’s interest 25%) for €453 million (€356 million at December 31, 2022). Financing receivables held for operating purposes due beyond five years amounted to €149 million (€164 million at December 31, 2022). The fair value of non-current financing receivables held for operating purposes of €2,285 million has been estimated based on the present value of expected future cash flows discounted at rates ranging from 1.9% to 5.2% (1.8% and 5.1% at December 31, 2022). The recoverability of other long-term financial assets was assessed by considering the expected probability of default in the next twelve months only, as the creditworthiness suffered no significant deterioration in the reporting period. Financing receivables held for non-operating purposes of €712 million (€1,266 million at December 31, 2022) related to restricted deposits in escrow to guarantee transactions on derivative contracts mainly in the Global Gas & LNG Portfolio segment. Financing receivables were denominated in euro and U.S. dollar for €630 million and €2,503 million, respectively. Securities for €19 million (€20 million at December 31, 2022) were pledged as guarantee of the deposit for gas cylinders as provided for by the Italian law. The following table analyses securities per issuing entity:
| Amortized cost (€ million) |  |  | Nominal value (€ million) |  |  | Fair Value (€ million) |  |  | Nominal rate of return (%) |  |  | Maturity date |  |  | Rating - Moody's |  |  | Rating - S&P |
Sovereign states |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Italy | 19 |  |  | 19 |  |  | 17 |  |  | from 0 to 2.65 |  |  | from 2024 to 2031 |  |  | Baa3 |  |  | BBB |
Others (*) | 25 |  |  | 25 |  |  | 25 |  |  | from 0.1 to 5.0 |  |  | from 2024 to 2027 |  |  | from Aa1 to Baa2 |  |  | from AA+ to BBB- |
Floating rate bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Italy | 12 |  |  | 12 |  |  | 12 |  |  | from 4.62 to 5.07 |  |  | from 2024 to 2026 |  |  | Baa3 |  |  | BBB |
Total sovereign states | 56 |  |  | 56 |  |  | 54 |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial institutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
European Bank of Investments | 5 |  |  | 5 |  |  | 5 |  |  | 3.98 |  |  | from 2023 to 2024 |  |  | Aaa |  |  | AAA |
Total | 61 |  |  | 61 |  |  | 59 |  |  |  |  |  |  |  |  |  |  |  |  |
(*) Amounts included herein are lower than €10 million. Securities having maturity within five years amounted to €55 million. The fair value of securities was derived from quoted market prices. Receivables with related parties are described in note 36 – Transactions with related parties.

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