(millions of Euro)
(millions of Euro)
12.31.2021
(millions of Euro)
12.31.2021
Value
% GAV
(millions of Euro)
Mundys
12.31.2021
4,656
38%
(millions of Euro)
Cellnex
12.31.2021
2,953
24%
(millions of Euro)
Autogrill
12.31.2021
1,165
9%
(millions of Euro)
Assicurazioni Generali
12.31.2021
1,162
9%
(millions of Euro)
Mediobanca
12.31.2021
185
2%
(millions of Euro)
Listed investments (1)
12.31.2021
10,121
82%
(millions of Euro)
Real Estate and Agricolture
12.31.2021
1,792
15%
(millions of Euro)
Clothing and Textiles
12.31.2021
376
3%
(millions of Euro)
Other
12.31.2021
52
<1%
(millions of Euro)
Unlisted investments
12.31.2021
2,220
18%
(millions of Euro)
Gross Asset Value
12.31.2021
12,341
100%
(millions of Euro)
Net financial indebtedness
12.31.2021
(351)
(millions of Euro)
Net Asset Value
12.31.2021
11,990
(1) Arithmetic mean of 20 trading days of stock exchange closing prices prior to the reference date.
LISTED INVESTMENTS
Listed investments are valued based on the arithmetic mean of 20 trading days of stock exchange closing prices prior to the reference date.
VALUATION OF UNLISTED INVESTMENTS
Valuation at cost in the 12 months following acquisition
New, unlisted investments are valued at cost during the first 12 months following their acquisition. Subsequently, the company is valued according to the criteria described below.
Valuation by expert appraisal
Property investments are valued at market value, determined by both third-party and internal appraisals.
Other methods
Other methods may be used for the valuation of unlisted investments, such as book value or the pro rata value of the shareholders’ equity, calculated from the latest statement of financial position available on the valuation date.
CASH
The cash of Edizione S.p.A. and the fully-owned sub-holdings includes available cash and liquid financial investments on the valuation date.
FINANCIAL DEBT
The financial debt of Edizione S.p.A. and the fully owned sub-holdings is valued at nominal value.
OTHER COMPONENTS OF THE NAV
Edizione’s future structural costs are not included in the calculation of the NAV, since this is a short-term valuation of the assets held.
Assets and liabilities in foreign currencies are converted at the prevailing exchange rate on the NAV calculation date.
The above methods may change should this give a more accurate valuation of the asset.