Net revenues were negative € 916 million in 2003, a decrease of € 3.9 billion as compared to the year ended December 31, 2002.
Net revenues in 2003 included net losses of € 184 million on securities available for sale and our industrial holdings portfolio , which primarily related to impairments deemed other-than-temporary on our positions in EFG Eurobank Ergasias S.A., Fiat S.p.A. and mg technologies ag as well as losses on nontrading derivatives in connection with the hedging of our industrial holdings portfolio. These charges were subsequently partially offset by recognized gains on the sale of our interest in EFG Eurobank Ergasias S.A. and mg technologies ag as well as gains from the reduction of our holding in Allianz AG and the sale of HeidelbergCement AG. In 2002, net revenues included net gains of € 3.7 billion from sales of securities available for sale and our industrial holdings portfolio. The largest transaction was the sale of our remaining interest in Munich Re, which resulted in a net gain of € 2.6 billion. Gains from nontrading derivatives amounted to approximately € 150 million in 2002.
In 2003, net revenues included net losses related to sold businesses and businesses held for sale of € 141 million, mainly reflecting charges related to the sale of our fully consolidated holdings in Tele Columbus and the sale of parts of our remaining North American commercial and consumer finance business. In 2002, net revenues included net gains of € 438 million related to the merger and subsequent deconsolidation of our mortgage banking subsidiary EUROHYPO AG, together with the contribution of part of our London-based real estate investment banking business. This was offset by losses of € 184 million related to our private equity business held for sale and a net loss of € 236 million related to the sale of the major part of our North American financial services business.
Net revenues in 2003 also reflected net losses of € 107 million from the disposal of premises and net losses of € 938 million from significant equity method and other investments, including € 490 million for the complete write-off of our equity method investment in Gerling-Konzern Versicherungs-Beteiligungs-AG. Similar charges in 2002 amounted to € 1.2 billion, including our share of net loss of € 706 million from Gerling-Konzern Versicherungs-Beteiligungs-AG.
The remaining variance in net revenues in 2003 compared to 2002 was attributable to reduced revenues after the deconsolidation of our holdings in Center Parcs in the first quarter of 2003 and Tele Columbus in the third quarter of 2003, as well as the full-year effect of the deconsolidation of EUROHYPO AG and our North American financial services business, both of which were consolidated for a portion of 2002. These decreases were partially offset by higher dividend income from our industrial holdings portfolio.