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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.

  • 115.14
    Adjusted net assets in EUR per share28-04-2017
  • 18,579
    Total adjusted net assets €M28-04-2017
  • 24.53%
    Discount28-04-2017
ICON
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EUR per share
ANA

 

Historic data  (total ANA) since 1998

ANA and stock price since 10 years

 

Detailed adjusted net assets   

31 December 2016

  % In capital Share price EUR million
Strategic Investments     14,615
Imerys 53.9 72.07 3,088
LafargeHolcim 9.4 49.92 2,857
SGS 16.2 1,929.42 2,445
adidas 7.5 150.15 2,356
Pernod Ricard 7.5 102.95 2,048
Umicore 17.0 54.15 1,032
Total 0.7 48.72 789
ENGIE _(1) _ _(1)
Incubator Investments     730
Ontex 19.98 28.25 423
Burberry 2.95 17.48 230
Others     77
Sienna Capital     955
Portfolio     16,300
Treasury shares     467
Exchangeable / convertible bonds     (757)
Bank debt and retail bond     (393)
Cash/quasi-cash/trading     1,375
Adjusted net assets (total)     16,992
Adjusted net assets (EUR per share) (2)     105.31
Share price (EUR per share)     79.72
Discount     24.3%

(1) The value of the investment in ENGIE (EUR 169 million for a stake of 0.6%) is now completely included in the "Cash/quasi-cash/trading" item in the calculation of GBL's adjusted net assets. This value does not yet take into account forward sales (4.5 million or 0.2% of the capital) concluded at 31 December 2016 and maturi ng in the first quarter of 2017.
(2) Based on 161,358,287 shares.

 

Principles

The change in GBL’s adjusted net assets is, along with the change in its stock price and result, an important criterion for assessing the performance of the group.

The adjusted net assets are a conventional reference obtained by adding gross cash and treasury shares to the fair value of the investment portfolio and deducting gross debt.

The following valuation principles are applied for the portfolio:

  • Investments in listed companies and 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 losses.
  • Regarding the portfolio of Sienna Capital, the valuation corresponds to the sum of its investments, marked to market, as determined by fund managers.

Net cash or, where applicable, net debt (excluding treasury shares), consists of gross cash and gross debt.

Gross debt includes all the financial liabilities of the Holding segment (convertible and exchangeable bonds, bonds and bank debt), valued at their nominal repayment value.

Gross cash includes the cash and cash equivalents as well as the quasi-liquidities (trading assets, etc.) of the Holding segment. This is valued at the book or market value (for trading assets).

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.

 

Weekly Adjusted Net Assets (ANA)