2. Gains (losses) on disposals and impairments of investments

In 2013, gains (losses) on disposals and impairments of investments include the gain of €87.2 million relating to the sale of The Black Ant Value Fund to the subsidiary EXOR S.A., net of price adjustments relating to the sale of Alpitour in 2012.

In 2012, this line item included the gain on the sale of the investment in Alpitour.

Commercial Register No.64236277 Legal notes | Credits