7. Gains/(losses) on the disposal of investments

In 2012, this item includes the write-down of €91 million of the investment in Sevelnord Société Anonyme following its reclassification to Assets held for sale and subsequent measurement at fair value.

In 2011, Gains/(losses) on the disposal of investments amounted to a net gain of €21 million and included, among others, the gain of €8 million arising from the disposal of the investment in Fiat Switzerland to the Fiat Industrial group.

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