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

Details are as follows:

€ million 2014   2013   Change
 - Alpitour (10.6) (a) (5.0) (b) (5.6)
 - SGS 0.0   1,534.0 (c) (1,534.0)
 - Other 4.3   (0.8)   5.1
 - Sequana (30.6) (d) 0   (30.6)
Total (36.9)   1,528.2   (1,565.10)
(a) Of which €5.6 million relates to the reduction of the Deferred Price and €5 million to the sale of the remaining investment in Alpitour. (b) Reduction of the Deferred Price on the sale of Alpitour relating to certain disputes that arose with the buyer. (c) Determined by recording the balance of the fair value reserve relating to SGS in the income statement at the date of finalizing its 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 trading price (€2,044.9 million) and the sales price agreed between the parties (€2,003.7 million, net of expenses on the sale of €0.1 million). (d) Following the prolonged and continuing decline in the share price, the investment was written down in the income statement for the fair value adjustement in 2014 (€10.8 million) and the reclassification to the income statement of the fair value reserve at December 31, 2013 (€19.8 million).



Commercial Register No.64236277 Note legali | Credits