These amounted to euro 127,037 thousand, compared with euro 185,267 thousand at December 31, 2010.

The following changes took place during the year:

(in thousands of euro) 
  12/31/2011 12/31/2010
Opening balance 185,267 221,351
Discontinued operations - (10,552)
1,825 23,516
Decreases (9,273) (1,478)
Impairment (11,449) (5,881)
(Gains) losses transferred to income statement for disposal or impairment losses, previously recognised in Equity 9,739 (8,656)
Fair value adjustment through Equity (45,085) (33,342)
Fair value adjustment through Income Statement (3,917) -
Reclassification - 388
Other (70) (79)
Closing balance 127,037 185,267


The other financial assets include:

(in thousands of euro)
12/31/2011 12/31/2010
Listed stock  
Mediobanca S.p.A. 69,496 105,330
Prelios S.p.A. (già Pirelli & C. Real Estate S.p.A.) 47 251
Advanced Digital Broadcast Holdings SA 1,560 9,805
Altre società 156 386
71,259 115,772
Unlisted stock  
Alitalia S.p.A. 9,700 12,805
Fin. Priv. S.r.l. (az. Mediobanca) 9,728 14,399
Fondo Anastasia 12,343 13,250
Gruppo Banca Leonardo S.p.A. - 5,155
Istituto Europeo di Oncologia S.r.l. 6,653 7,177
F.C. Internazionale Milano S.p.A. 6,017 6,017
Tlcom I LP 1,399 1,482
Equinox Two SCA 4,353 3,566
Other companies 5,585 5,644
55,778 69,495
  127,037 185,267


The increases relate mainly to the capital increase related to the equity investment in F.C. Internazionale S.p.A. (euro 638 thousand) and in Equinox Two SCA (euro 787 thousand).

The decreases mainly refer to the equity investment in Gruppo Banca Leonardo S.p.A. for euro 5,155 thousand and in Advanced Digital Broadcast Holdings S.A. for euro 3,750 thousand.

The impairments refer principally to the equity investment in Alitalia S.p.A. (euro 10,300 thousand), F.C. Internazionale S.p.A. (euro 638 thousand) and Tiglio I S.r.l (euro 178 thousand).

The (gains) losses transferred to income statement refer to reclassification to the income statement of losses for euro 10,300 thousand related to Alitalia S.p.A. (see above) and profits of euro 421 thousand for the equity investment in Advanced Digital Broadcast Holdings S.A.

The fair value adjustments through equity, totalling a negative euro 45,085 thousand, mainly refers to Mediobanca S.p.A. (euro 35,834 thousand), Fin.Priv. S.r.l. (euro 4,671 thousand), Alitalia S.p.A. (euro 3,105 thousand) and Istituto Europeo di Oncologia S.r.l (euro 525 thousand).

The fair value adjustment through income statement refers to the negative value of the equity investment in Advanced Digital Broadcast Holdings S.A. recognised in the income statement, insofar as PIRELLI holds a put option on that equity investment, for which fair value hedge accounting was adopted. This loss was offset by the positive fair value measurement of this put option for euro 3,917 thousand (see note 28 “Derivative financial instruments” and note 35.3 “Losses from equity investments”), and thus with a net impact of zero.

The fair value of listed financial assets corresponds to their stock market price at December 31, 2011.

The fair value of unlisted financial assets and real estate investment funds was determined by making estimates on the basis of the best information available.