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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.

  • 114.20
    Adjusted net assets in EUR per share23-06-2017
  • 18,427
    Total adjusted net assets €M23-06-2017
  • 24.41%
    Discount23-06-2017
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 March 2017

  % In capital Share price (1) EUR million
Strategic Investments     15,907
Imerys 53.6 79.57 3,410
LafargeHolcim 9.4 55.50 3,177
adidas 7.5 178.30 2,798
SGS 16.2 2,137 2,531
Pernod Ricard 7.5 110.90 2,206
Umicore 17.0 53.40 1,017
Total 0.7 47.42 768
Incubator Investments     828
Ontex 19.98 30.10 495
Burberry 3.0 17.24 266
Others     67
Sienna Capital     817
Portfolio     17,552
Treasury shares     489
Exchangeable / convertible bonds     (450)
Bank debt and retail bond     (393)
Cash/quasi-cash/trading     1,333
Adjusted net assets (total)     18,530
Adjusted net assets (EUR per share) (2)     114.84
Share price (EUR per share)     85.10
Discount     25.9%

(1) Closing share prices in EUR, except for SGS in CHF and Burberry in GBP
(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)