3. Gains (losses) on disposals and impairments of investments, net

The gains (losses) on disposals and impairments of investments, net, amount to €1,528.2 million. Details are as follows:

€ million 2013   2012   Change
Sales:
       
- SGS 1.534,0 (a) -   1.534,0
- Alpitour (5,0) (b) 157,5 (c) (162,5)
- Other (0,8)   (2,3)   1,5
Sequana, dilution on share increase 0,0   (147,4) (d) 147,4
Total 1.528,2   7,8   1.520,4
(a) Determined by recording the balance of the available-for-sale financial assets fair value reserve relating to SGS in the income statement at the date of finalizing the sale (€1,575.2 million), net of the negative difference of €41.2 million between the fair value of the investment determined at the same date on the basis of its market price (€2,044.9 million) and the sales price agreed between the parties (€2,003.7 million, net of expenses of €0.1 million incurred on the sale). (b) Reduction in the Deferred Price on the sale of Alpitour regarding certain disputes that arose with the buyer. (c) Equal to the difference between the proceeds on the sale of €225 million, net of expenses incurred for the transaction of €6.6 million (of which €4.6 million relates to the costs surrounding the disputes that arose between EXOR and Alpitour subsequent to the sale of the investment), and the carrying amount at June 30, 2011 of €60.9 million. (d) Of which -€103.8 million is for the fair value adjustment, -€50.6 million for the dilutive effect on capital and +€7 million for other consolidation adjustments.
Commercial Register No.64236277 Legal notes | Credits