The accompanying table shows the book values of portfolios held for sale and those held for strategic purposes:
Table 42. Book value of equity investments
(Millions of euros)
|
|
Book value | |||
|---|---|---|---|---|
| Item | Permanent investment portfolio (1) | Available-for-sale financial assets | Other financial assets with changes in P&L | Total |
| 31/12/12 | 6,795 | 3,965 | 2,076 | 12,836 |
| 31/12/13 | 4,722 | 5,968 | 1,750 | 12,439 |
As shown in the above chart, there has been a decrease in the book value of the permanent investment portfolio and an increase in available-for-sale financial assets, due to the transfer of the Group’s remaining stake in China Citic to the available-for-sale portfolio.
The fair value of the permanent investment portfolio, calculated on the basis of the official trading price of the listed companies, was €877 million and €2,136 million below the book value as of December 31, 2013 and 2012, respectively.