Annual Report 2010 - Enel.com

19. Non-current financial assets - €4,701 million
Millions of euro
at Dec. 31, at Dec. 31, 2009
2010 restated 2010-2009
Equity investments in other companies 1,036 608 428
Other securities designated at fair value through profit or loss 104 108 (4)
Derivative contracts 821 277 544
Advances for acquisition of equity investments - 11 (11)
Service concession arrangements 195 70 125
Prepaid non-current financial expense 82 14 68
Other receivables:
- financial receivables for the Spanish electrical system deficit - 6,288 (6,288)
- other financial receivables 2,463 1,648 815
Total other receivables 2,463 7,936 (5,473)
TOTAL 4,701 9,024 (4,323)
“Equity investments in other companies” include investments
measured at fair value in the amount of €859 million,
while the remainder of €177 million regarded investments
whose fair value could not be readily determined
and were therefore recognized at cost less impairment
losses. In particular, the fair value of listed companies was
determined with reference to the market value of their
shares at the end of the period, whereas the fair value of
unlisted companies was determined on the basis of what
is felt to be a reliable valuation of their significant balance
sheet items.
At December 31, 2010, “other securities designated at
fair value through profit or loss” are essentially accounted
for by investments in investment funds; at December 31,
2009, it included bonds, government securities and investment
funds.
The following table breaks down the two items discussed
above on the basis of the hierarchy of inputs used in determining
fair value, as specified in the amendments to
IFRS 7:
Millions of euro Fair value
at Dec. 31, 2010
Level 1 Level 2 Level 3
Equity investments in other companies 859 849 2 8
Other securities designated at fair value through profit or loss 104 104 - -
The following table shows changes in equity investments measured using level 3 inputs:
Millions of euro
Balance at January 1, 2010 7
Net income/loss in income statement 1
Balance at December 31, 2010 8
201