4.5 - Available for sale financial assets

(€ million) 31.12.2012 31.12.2011
Unquoted equities at cost 308 318
Equities at fair value 8,599 9,804
Quoted 7,513 8,757
Unquoted 1,086 1,047
Bonds 190,349 152,657
Quoted 185,173 147,576
Unquoted 5,176 5,081
Investment fund units 11,458 10,726
Other available for sale financial assets 1,831 2,144
Total 212,546 175,649

As already mentioned, the available for sale financial assets are measured at fair value and unrealized gains and losses on these assets are accounted for in shareholders’ equity in an appropriate reserve. The amortized cost of the available for sale financial assets amounted to € 200,301 million.

(€ million) Fair value Unrealized
gains / losses
Amortized cost
Unquoted equities at cost 308 0 308
Equities at
fair value
8,599 969 7,630
Bonds 190,349 10,721 179,628
Investment
fund units
11,458 412 11,046
Other available
for sale financial
assets
1,831 143 1,688
Total 212,546 12,245 200,301
(€ million)
31.12.2011
Fair value Unrealized gains / losses Amortized cost
Unquoted equities at cost 318 0 318
Equities at fair value 9,804 −1,612 11,416
Bonds 152,657 −9,286 161,944
Investment fund units 10,726 −484 11,210
Other available for sale financial assets 2,144 182 1,963
Total 175,649 −11,200 186,849

This category accounted for 56.8% of the total investments. In particular, the available for sale bonds represented 78.1% of total bonds and they are mainly fixed interest rate government bonds, with a rating higher than A-. The maturity of this category is shown in the table below.

(€ million) Fair value 31.12.2012 Fair value 31.12.2011
Up to 1 year 12,534 9,552
Between 1 and 5 years 40,809 37,288
Between 5 and 10 years 63,266 57,455
More than 10 years 73,632 48,247
Perpetual 109 116
Total 190,349 152,657

Realized gains and losses and impairment losses on available for sale financial assets are shown in the table below.

31.12.2012
(€ million)
Realized
gains
Realized
losses
Impairment
losses
Equities 567 -575 -2,030
Bonds 2,107 -1,651 -175
Investment
fund units
103 -108 -290
Other available
for sale
financial assets
59 -15 -97
Total 2,835 -2,348 -2,592
31.12.2011
(€ million)
Realized gains Realized losses Impairment losses
Equities 1,193 -1,085 -750
Bonds 1,775 -917 -2,175
Investment fund units 204 -224 -31
Other available for sale financial assets  179 -22 -51
Total 3,351 -2,247 -3,007

The significant impairments, mainly booked during the fourth quarter 2012, result from a detailed recoverability analysis carried out instrument by instrument. As described in the Notes, section Impairment losses on financial instruments, part of the impairments refers to the updated definition of impairment losses threshold as well as the definition of continuous decline in the market value. The estimated total impact of the impairment losses on available for sale category arising from the triggers changes affected the net result of the fourth quarter 2012 by about € 792 million.

A detailed description of the aforementioned refinement in methodology is included in the Notes, chapter  Impairment losses on financial instruments  of Other information included in the section Basis of presentation and accounting principles.