2. Impairment (losses)/reversals on investments

Following is a breakdown of impairment losses and reversals on investments:

(€ thousand) 2012 2011
Impairment losses:    
-Fiat Gestione Partecipazioni S.p.A. (933,700) -
-RCS MediaGroup S.p.A. (35,266) -
-Teksid Aluminum S.r.l. (15,0009 (47,5009
-Comau S.p.A. - (147,100)
Total impairment losses (983,966) (194,600)
Reversal of impairment losses:    
-Fiat Powertrain Technologies S.p.A. 21,088 -
-Fiat Gestione Partecipazioni S.p.A.  - 352,056
Total value of reversals 21,088 352,056
Total impairment (losses)/reversals on investments (962,878) 157,456

An impairment charge of €933.7 million was recognized in relation to the investment in Fiat Gestione Partecipazioni S.p.A. to realign the carrying amount of that investment to the book value of equity in the consolidated financial statements following the €1,000 million distribution from reserves to Fiat S.p.A. (see Note 1).

For the associate company RCS MediaGroup S.p.A., the impairment charge of €35.3 million recognized in 2012 represented realignment of the carrying amount of the investment to the stock market price at year-end (€1.255 per share). At the end of 2012, RCS MediaGroup (which reported a significant loss for 2011) presented a Development Plan for the period 2013-2015 to address the unfavorable economic environment and significant structural changes in its sector. The financial policies that will support the earnings and business objectives set out in the Plan have not yet been finalized. In consideration of current circumstances, which make determination of value based on value in use uncertain, it was considered reasonable to use the market value. Accordingly, the value of the investment was based on the year-end market price, which was in line with the weighted average price for 2012 but lower than the average market price for both the second half and the fourth quarter.

The investment in Teksid Aluminum S.r.l. was written down by €15.0 million, principally on the basis of the loss it reported for the financial year. The current carrying amount is considered representative of the investee’s estimated recoverable value.

For Fiat Powertrain Technologies S.p.A., an impairment reversal of €21.1 million was recognized prior to transfer of the investment to Fiat Group Automobiles S.p.A., as a contribution to capital, at a value of €590.0 million.

Impairment losses recognized on the investments in Comau S.p.A. and Teksid Aluminum S.r.l. in 2011 were substantially due to losses reported by those companies for the year, which mainly resulted from write-downs on goodwill and certain fixed assets. The adjusted carrying amounts were deemed representative of the estimated recoverable value of those investments.

The impairment reversal recognized in 2011 for Fiat Gestione Partecipazioni S.p.A. was based on the book value of equity of the investee and its subsidiaries in the consolidated financial statements following the reorganization carried out during the year.

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