The value of the adjusted net assets per share is published on this website every Friday after closing and the detailed version of its composition is disclosed quarterly, when the results are published.
- 112.04Adjusted net assets in EUR per share24-03-2017
- 18,079Total adjusted net assets €M24-03-2017
Detailed adjusted net assets
30 September 2016
|% In capital||Share price (1)||EUR million|
|Total||1.3 (2)||42.17||1,358 (2)|
|ENGIE||2.3 (2)(3)||13.79||754 (2)|
|Exchangeable / convertible bonds||(763)|
|Bank debt and retail bond||(593)|
|Debt related to prepaid forward sales||(815)|
|Cash / quasi-cash / trading (3)||1,443|
|Adjusted net assets (total)||16,564|
|Adjusted net assets (EUR per share) (4)||102.65|
|Share price (EUR per share)||78.92|
(1) Closing share prices in EUR, except for SGS in CHF
(2) The ownership percentage and the value of the stakes with regards to the investments in Total and ENGIE included in the calculation of the adjusted net assets of GBL do not take into account the forward sales (respectively 16.0 million – or 0.6% of the capital - and 36.5 million shares – or 1.5% of the capital) which will be settled in the fourth quarter of 2016. The fair value of these contracts is included in the item “Cash/quasi-cash/trading”
(3) The ownership percentage mentioned for ENGIE includes securities held in trading securities (0.1% of the capital, valued under “Cash/quasi-cash/trading”)
(4) Based on 161,358,287 shares
The change in GBL’s adjusted net assets, along with the change in its share price and results, is an important criterion for assessing the group’s performance.
The adjusted net assets are a conventional reference obtained by adding gross cash, treasury shares and deducting gross debt to the fair value of the investment portfolio.
The following valuation principles are applied:
- Investments in listed companies and GBL treasury shares are valued at the closing price. However, the value of shares underlying any commitments made by the group is capped at the conversion/ exercise price.
- Investments in unlisted companies are valued at their book value, less any impairment, or at their share in shareholders’ equity, with the exception of the companies of Sienna Capital, not consolidated or accounted for using the equity method, which are marked to market as provided by the fund managers.
The number of GBL shares used to calculate the adjusted net assets per share is the number of company shares outstanding on the valuation date. Some minor events may not have been taken into account in the value reported. The combined effect of these factors may not exceed 2% of the adjusted net assets.
GBL’s detailed adjusted net assets are reported together with the results’ publication on a quarterly basis. The value of the adjusted net assets per share is published every Friday after stock exchange closing on GBL’s website (www.gbl.be).