| ($ million) | At December 31, 2014 | At 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, 2013 | Revaluations/ (Write- downs) | Acquisitions and capitalizations | Translation differences | Disposals and other changes | At 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, 2012 | Revaluations/ (Write- downs) | Acquisitions and capitalizations | Translation differences | Disposals and other changes | At 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 $88 million in 2014, mainly consist of dividends by companies accounted for using the equity method. The item Investments in joint ventures comprises the following:
| At December 31, 2014 | At December 31, 2013 | |||
|---|---|---|---|---|
| % of interest | ($ 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, 2014 | At 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 value | Fair 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.
