The table below shows a breakdown of the Net Asset Value of IGLI at December 31, 2019, compared to the values of each asset at December 31, 2018:
(Millions of Euro)
_______________________
_______________________
BI Private Equity
_______________________
Mercure International
_______________________
Mercure Investment
_______________________
Mercure Management
_______________________
Mercure Holding
_______________________
Mercure Invesco
_______________________
In listed companies
_______________________
_______________________
Real Estate
_______________________
Clothing and Textiles
_______________________
Other
_______________________
Non-listed companies
_______________________
_______________________
Gross Asset Value (GAV)
_______________________
(Net financial indeb./cash eq. 1
_______________________
Net Asset Value
_______________________
Dec 31 2019
_______________________
Value
_______________________
5,215
_______________________
2,432
_______________________
1,200
_______________________
1,157
_______________________
187
_______________________
51
_______________________
10,242
_______________________
_______________________
1,677
_______________________
489
_______________________
49
_______________________
2,215
_______________________
_______________________
12,457
_______________________
(134)
_______________________
12,323
_______________________
Dec 31 2018
_______________________
Value
_______________________
4,495
_______________________
977
_______________________
987
_______________________
757
_______________________
141
_______________________
20
_______________________
7,377
_______________________
_______________________
1,669
_______________________
561
_______________________
42
_______________________
2,272
_______________________
_______________________
9,649
_______________________
498
_______________________
10,147
_______________________
Change
_______________________
Absolute
_______________________
720
_______________________
1,455
_______________________
213
_______________________
400
_______________________
46
_______________________
31
_______________________
2,865
_______________________
_______________________
8
_______________________
(72)
_______________________
7
_______________________
(57)
_______________________
_______________________
2,808
_______________________
(632)
_______________________
2,176
_______________________
(percentage)
_______________________
_______________________
BI Private Equity
_______________________
Mercure International
_______________________
Mercure Investment
_______________________
Mercure Management
_______________________
Mercure Holding
_______________________
Mercure Invesco
_______________________
In listed companies
_______________________
_______________________
Real Estate
_______________________
Clothing and Textiles
_______________________
Other
_______________________
Non-listed companies
_______________________
_______________________
Gross Asset Value (GAV)
_______________________
Dec 31 2019
_______________________
% / GAV
_______________________
41.9%
_______________________
19,5%
_______________________
9.6%
_______________________
9.3%
_______________________
1.5%
_______________________
0.4%
_______________________
82.2%
_______________________
_______________________
13.5%
_______________________
3.9%
_______________________
0.4%
_______________________
17.8%
_______________________
_______________________
100%
_______________________
Dec 31 2018
_______________________
% / GAV
_______________________
46.6%
_______________________
10.1%
_______________________
10.2%
_______________________
7.8%
_______________________
0.2%
_______________________
0.2%
_______________________
76.5%
_______________________
_______________________
17.3%
_______________________
5.8%
_______________________
0.4%
_______________________
23.5%
_______________________
_______________________
100%
_______________________
NOTES:
1 (Net financial indebtedness) / Net cash and cash equivalents
CALCULATION OF NAV
The total asset value was determined by using the following valuation criteria:
– equity investments in listed companies are valued on the basis of the arithmetic average of the closing prices, in the 20 trading days prior to the valuation date;
– equity investments in unlisted companies are valued at the purchase cost in the 12 months following acquisition. Subsequently, the equity investments are valued at the carrying value or the value corresponding to the pro-rata equity, referring to the last statement of financial position available at the valuation date;
– investment properties are valued at market value, as determined by third-party and internal appraisals;
– the Net financial indebtedness includes the financial payables of the Parent Company and the 100% owned holdings net of cash and cash equivalents and liquid financial investments at the valuation date;
– assets and liabilities denominated in foreign currency are converted at the exchange rate at the date of determination of the Net Asset Value.
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 IGLI and the fully-owned sub-holdings includes available cash and liquid financial investments on the valuation date.
FINANCIAL DEBT
The financial debt of IGLI and the fully owned sub-holdings is valued at nominal value.
OTHER COMPONENTS OF THE NAV
IGLI’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.
NAV BREAKDOWN 2019
(% and € millions)
