16. Investments and other financial assets

($ million)At December 31, 2014At December 31, 2013
Investments accounted for using the equity method 633 674
Investments at cost 12 7
Total Investments 645 681
Other securities 1 1
Non-current financial receivables 44 76
Total Investments and other financial assets 690 758

Investments

Changes in Investments in 2014 and in 2013 are set out below:

($ million)At December 31, 2013Revaluations/
(Write- downs)
Acquisitions
and capitalizations
Translation differencesDisposals and other changesAt December 31, 2014
Investments in:            
Unconsolidated subsidiaries 8 - 2 (1) 3 12
Joint ventures 526 76 5 (32) (86) 489
Associates 147 14 - (12) (5) 144
Total Investments 681 90 7 (45) (88) 645

($ million)At December 31, 2012Revaluations/
(Write- downs)
Acquisitions
and capitalizations
Translation differencesDisposals and other changesAt December 31, 2013
Investments in:            
Unconsolidated subsidiaries 10 (2) - - - 8
Joint ventures 473 116 33 (24) (72) 526
Associates 137 21 - - (11) 147
Total Investments 620 135 33 (24) (83) 681

Revaluations and Write-downs include the Group’s share of the profit or loss for the year of investments accounted for using the equity method for an amount of $90 million in 2014 ($135 million in 2013).

Disposals and other changes, a decrease of $88 million in 2014, mainly consist of dividends by companies accounted for using the equity method. The item Investments in joint ventures comprises the following:

 At December 31, 2014At December 31, 2013
 % of interest($ million)% of interest($ million)
Naveco (Nanjing Iveco Motor Co.) Ltd. 50.0 215 50.0 237
Turk Traktor Ve Ziraat Makineleri A.S. 37.5 107 37.5 126
Other Joint ventures:        
New Holland HFT Japan Inc. 50.0 69 50.0 63
CNH de Mexico SA de CV 50.0 30 50.0 30
SAIC Iveco Investment Company Limited 50.0 63 50.0 61
Other   5   9
Total Other Joint ventures   167   163
Total Investments in joint ventures   489   526

The item Investments in associates comprises the following:

 At December 31, 2014At December 31, 2013
 % of interest($ million)% of interest($ million)
CNH Industrial Capital Europe S.a.S. 49.9 110 49.9 108
Other associates:        
Al-Ghazi Tractors Ltd. 43.2 34 43.2 31
Other   -   8
Total Other associates   34   39
Total Investments in associates   144   147

At December 31, 2014, the fair value of Investments in main listed joint ventures and listed associates, based on prices quoted on regulatedmarkets, is as follows:

($ million)Carrying valueFair value
Turk Traktor Ve Ziraat Makineleri A.S. 107 659

At December 31, 2014 and 2013, no Non-current fi nancial receivables had been pledged as security for loans.