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

In the first half of 2012 gains (losses) on disposals and impairments of investments is a gain of €20.7 million. Details are as follows:

€ million Half I 2012  
Sale of Alpitour 162.9 (a)
Loss on Sequana transaction (147.4) (b)
Banco BTG Pactual 5.2  
Total 20.7  
a) Equal to the difference between the proceeds of €223.8 million (net of incidental expenses equal to €1.2 million) and the carrying amount of €60.9 million at June 30, 2011; b) Of which -€103.8 million is for the fair value adjustment, -€50.6 million for the diluting effect on capital and +€7 million for other consolidation adjustments.

Further details on the above transactions are described in “Significant events in the first half 2012 and subsequent events”.

Commercial Register No.64236277 Legal notes | Credits