Net Asset Value

(millions of Euro)

30.06.2018  (1) 

(millions of Euro)

Listed investments (2)

30.06.2018  (1) 

9.921

(millions of Euro)

Atlantia

30.06.2018  (1) 

6.159

(millions of Euro)

Cellnex

30.06.2018  (1) 

1.489

(millions of Euro)

Autogrill

30.06.2018  (1) 

1.395

(millions of Euro)

Assicurazioni Generali

30.06.2018  (1) 

727

(millions of Euro)

Mediobanca

30.06.2018  (1) 

151

(millions of Euro)

Unlisted investments

30.06.2018  (1) 

2.208

(millions of Euro)

Financial investments

30.06.2018  (1) 

258

(millions of Euro)

Gross Asset Value

30.06.2018  (1) 

12.387

(millions of Euro)

Net financial indebtedness

30.06.2018  (1) 

(247)

(millions of Euro)

Net Asset Value

30.06.2018  (1) 

12.140

(1) Includes the acquisition of 29.9% of Cellnex in July 2018 at transaction values.

(2) Arithmetic mean of 20 trading days of stock exchange closing prices prior to the reference date. 

Valuation criteria

 

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.r.l. 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.r.l 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.

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