Net income from equity investments
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NET INCOME FROM EQUITY INVESTMENTS |
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|
|
|
|
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|
(€ million) |
2012 |
2013 |
2014 |
Change |
% Change |
Equity method valuation effect |
55 |
45 |
79 |
34 |
75.6 |
Other net income (expense) |
|
|
52 |
52 |
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|
55 |
45 |
131 |
86 |
|
Net income from equity investments (€131 million) comprised: (i) the portion of net profit for the period of equity-accounted investments (€79 million; +€34 million), referring in particular to TIGF Holding S.A.S. (€24 million; +€51 million46), Toscana Energia S.p.A. (€23 million; +€4 million), Azienda Energia e Servizi Torino S.p.A. – A.E.S. (€20 million47; −€16 million) and Gasbridge 1 B.V. and Gasbridge 2 B.V (€9 million in total; −€3 million); and (ii) other income (€52 million) arising from the remeasurement (€51 million) of the equity investment previously held in A.E.S. (49%) at its fair value as at the date of acquisition of control48.
46 The increase was due to the recognition in 2013 of €27 million of valuation capital losses arising from the expense, mainly stamp duty, incurred by TIGF Investissement (a wholly owned subsidiary of TIGF Holding S.A.S.) for the acquisition of TIGF S.A. (a wholly owned subsidiary of TIGF Investissement).
47 The A.E.S. results refer to the period 1 January 2014 – 30 June 2014. Since 1 July 2014, A.E.S. has been consolidated fully in the natural gas distribution segment.
48 The remeasurement was performed pursuant to IFRS 3 – “Business combinations”.