Securities held for trading amounted to euro 160,503 thousand (euro 209,770 thousand at December 31, 2010) and consisted of:

  • unlisted floating-rate bonds for euro 158,318 thousand;
  • unlisted fixed-rate bonds for euro 1,130 thousand;
  • equities for euro 1,020 thousand, including euro 832 thousand in listed stock;
  • other securities for euro 35 thousand.

The fair value of listed financial assets corresponds to their stock market price at December 31, 2011.

The fair value of unlisted financial instruments was estimated using the best information available.

The changes in fair value are recognised in the income statement at “Financial expenses” (note 37).