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Other financial assets
 12 Months Ended
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.