XML 121 R14.htm IDEA: XBRL DOCUMENT
v3.24.1

Financial assets at fair value through profit or loss | 12 Months Ended
--- | ---
Dec. 31, 2023
Financial assets at fair value through profit or loss |
Financial assets at fair value through profit or loss | 7 Financial assets at fair value through profit or loss
(€ million) | December 31, 2023 |  |  | December 31, 2022 |
Bonds issued by sovereign states | 1,250 |  |  | 1,244 |
Other | 5,196 |  |  | 5,243 |
Financial assets held for trading | 6,446 |  |  | 6,487 |
Other financial assets at fair value through profit or loss | 336 |  |  | 1,764 |
Total financial assets at fair value through profit or loss | 6,782 |  |  | 8,251 |
The Company has established a liquidity reserve as part of its internal targets and financial strategy with a view of ensuring an adequate level of flexibility to the Group development plans and of matching unplanned fund requirements or managing restrictions in accessing financial markets. The management of this liquidity reserve is performed through trading activities with the aim of optimizing returns, within a predefined and authorized level of risk threshold, targeting the preservation of the invested capital and the ability to promptly convert it into cash. Financial assets held for trading include securities subject to lending agreements of €1,288 million (€1,090 million at December 31, 202 2). The breakdown by currency is provided below:
(€ million) | December 31, 2023 |  |  | December 31, 2022 |
Euro | 3,766 |  |  | 3,599 |
U.S. dollars | 2,680 |  |  | 2,885 |
Other currencies |  |  |  | 3 |
Financial assets held for trading | 6,446 |  |  | 6,487 |
Euro | 200 |  |  | 1,201 |
U.S. dollars | 136 |  |  | 563 |
Other financial assets at fair value through profit or loss | 336 |  |  | 1,764 |
Total financial assets at fair value through profit or loss | 6,782 |  |  | 8,251 |
The breakdown by issuing entity and credit rating is presented below:
| Nominal value (€ million) |  |  | Fair Value (€ million) |  |  | Rating - Moody's |  |  | Rating - S&P |
Quoted bonds issued by sovereign states |  |  |  |  |  |  |  |  |  |  |
Fixed rate bonds |  |  |  |  |  |  |  |  |  |  |
Italy | 178 |  |  | 180 |  |  | Baa3 |  |  | BBB |
United States of America | 603 |  |  | 536 |  |  | Aaa |  |  | AA+ |
Spain | 166 |  |  | 170 |  |  | Baa1 |  |  | A |
Canada | 65 |  |  | 59 |  |  | Aaa |  |  | AAA |
France | 58 |  |  | 58 |  |  | Aa2 |  |  | AA |
Other (*) | 96 |  |  | 89 |  |  | from Aaa to A3 |  |  | from AAA to A |
| 1,166 |  |  | 1,092 |  |  |  |  |  |  |
Floating rate bonds |  |  |  |  |  |  |  |  |  |  |
Italy | 155 |  |  | 158 |  |  | Baa3 |  |  | BBB |
| 155 |  |  | 158 |  |  |  |  |  |  |
Total quoted bonds issued by sovereign states | 1,321 |  |  | 1,250 |  |  |  |  |  |  |
Other Bonds |  |  |  |  |  |  |  |  |  |  |
Fixed rate bonds |  |  |  |  |  |  |  |  |  |  |
Quoted bonds issued by industrial companies | 1,995 |  |  | 1,885 |  |  | from Aaa to Baa2 |  |  | from AAA to BBB |
Quoted bonds issued by financial and insurance companies | 819 |  |  | 788 |  |  | from Aaa to Baa3 |  |  | from AAA to BBB- |
Other bonds | 1,023 |  |  | 1,007 |  |  | from Aaa to Baa3 |  |  | from AAA to BBB- |
| 3,837 |  |  | 3,680 |  |  |  |  |  |  |
Floating rate bonds |  |  |  |  |  |  |  |  |  |  |
Quoted bonds issued by financial and insurance companies | 629 |  |  | 616 |  |  | from Aaa to Baa2 |  |  | from AAA to BBB- |
Quoted bonds issued by industrial companies | 469 |  |  | 452 |  |  | from Aa2 to Baa3 |  |  | from AA to BBB- |
Other bonds | 476 |  |  | 448 |  |  | from Aaa to Baa2 |  |  | from AAA to BBB |
| 1,574 |  |  | 1,516 |  |  |  |  |  |  |
Total other bonds | 5,411 |  |  | 5,196 |  |  |  |  |  |  |
Total financial assets held for trading | 6,732 |  |  | 6,446 |  |  |  |  |  |  |
Other financial assets at fair value through profit or loss | 350 |  |  | 336 |  |  |  |  |  | from AAAm to BBB |
| 7,082 |  |  | 6,782 |  |  |  |  |  |  |
(*) Amounts included herein are lower than €50 million. Other financial assets at fair value through profit or loss consisted of investments in Money Market funds. The fair value hierarchy is level 1 for €5,106 million and level 2 for €1,340 million. T he fair value hierarchy for Other financial assets measured at fair value with effects to profit or loss is level 2. During 202 3, there were no significant transfers between the different hierarchy levels of fair value.

X
- Definition The disclosure of financial instruments measured at fair value through profit or loss. [Refer: At fair value [member]; Financial instruments, class [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_FinancialAssetsDesignatedAsMeasuredAtFairValueAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration