(millions of Euro)
(millions of Euro)
12.31.2022
(millions of Euro)
12.31.2022
Value
% GAV
(millions of Euro)
Cellnex
12.31.2022
1,867
14%
(millions of Euro)
Autogrill/Dufry
12.31.2022
1,367
11%
(millions of Euro)
Assicurazioni Generali
12.31.2022
1,279
10%
(millions of Euro)
Mediobanca
12.31.2022
169
1%
(millions of Euro)
Listed investments (1)
12.31.2022
4,678
36%
(millions of Euro)
Mundys
12.31.2022
6,287
48%
(millions of Euro)
Real Estate and Agricolture
12.31.2022
1,722
13%
(millions of Euro)
Clothing and Textiles
12.31.2022
312
2%
(millions of Euro)
Other assets
12.31.2022
55
<1%
(millions of Euro)
Unlisted investments
12.31.2022
8,376
64%
(millions of Euro)
Gross Asset Value
12.31.2022
13,054
100%
(millions of Euro)
Net financial indebtedness
12.31.2022
(577)
(millions of Euro)
Net Asset Value
12.31.2022
12,477
(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.