(millions of Euro)
(millions of Euro)
12.31.2023
(millions of Euro)
12.31.2023
Value
% GAV
(millions of Euro)
Cellnex
12.31.2023
2,499
19%
(millions of Euro)
Assicurazioni Generali
12.31.2023
1,438
11%
(millions of Euro)
Avolta
12.31.2023
1,155
9%
(millions of Euro)
Mediobanca
12.31.2023
206
2%
(millions of Euro)
Listed investments (1)
12.31.2023
5,298
41%
(millions of Euro)
Mundys
12.31.2023
6,287
49%
(millions of Euro)
Real Estate and Agricolture
12.31.2023
1,147
9%
(millions of Euro)
Clothing and Textiles
12.31.2023
114
<1%
(millions of Euro)
Other assets
12.31.2023
106
<1%
(millions of Euro)
Unlisted investments
12.31.2023
7,654
59%
(millions of Euro)
Gross Asset Value
12.31.2023
12,953
100%
(millions of Euro)
Net financial indebtedness
12.31.2023
(1,234)
(millions of Euro)
Net Asset Value
12.31.2023
11,719
(1) Arithmetic mean of 20 trading days of stock exchange closing prices prior to the reference date.
LISTED INVESTMENTS
Listed investments and other listed securities are valued at the arithmetic average of the closing prices over the 20 stock exchange days preceding the valuation date.
UNLISTED INVESTMENTS
Unlisted investments are valued based on the valuation method that best reflects their most recent fair value, which can be (i) a valuation determined by independent experts, (ii) a valuation that reflects the net asset value of the investment, or (iii) a valuation at cost if the investment was recently completed.
FUNDS OR OTHER INVESTMENT VEHICLES
Investments in funds or other investment vehicles are valued at the NAV or at Edizione’s share of the value reported by the fund.
NET FINANCIAL DEBT
Net financial debt includes the financial liabilities of Edizione S.p.A. and the 100% controlled financial sub-holdings as of the valuation date, net of available cash and liquid financial investments as of the same date.
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.