8. Other non-current financial assets – Investments measured at fair value

Details are as follows:

    12/31/2012     12/31/2011  
€ million %   Carrying amount   %   Carrying amount Change
SGS S.A.  15,00   1.969,3   15,00   1.501,0 468,3
Gruppo Banca Leonardo S.p.A. 17,40   75,0   17,40   105,2 (30,2)
Sequana S.A. Group 18,74   38,6   -   - 38,6
Banijay Holding S.A.S. 17,09   37,8   17,09   40,1 (2,3)
The Economist Newspaper Ltd 4,72   35,5   4,72   31,9 3,6
NoCo A L.P. 2,00 (a) 16,5   2,00 (a) 16,7 (0,2)
Alpitour S.p.A. (formerly Seagull S.p.A.) (b) 9,85   10,0       - 10,0
Other     53,6       39,7 13,9
Total     2.236,3       1.734,6 501,7
(a) Percentage ownership interest in the limited partnership, measured at cost. (b) Company resulting from the merger of Seagull S.p.A. with and in Alpitour S.p.A., finalized on August 8, 2012.

The increase in the investment in SGS amounting to €468.3 million is attributable to the fair value adjustment at December 30, 2012. The trading price per SGS share at December 28, 2012 was CHF 2,026, equal to €1,678.26 at the year-end exchange rate of 1.2072. The original carrying amount of the investment in SGS is €469.7 million; at December 31, 2012 the net positive fair value adjustment recognized in equity amounts to €1,499.6 million.

The decrease in the investment in Gruppo Banca Leonardo is determined by the reimbursement of capital accounted for as a reduction of the carrying amount of the investment for €26.4 million and the negative fair value adjustment for €3.8 million (with recognition in equity).

The investment in Sequana was reclassified at June 30, 2012 to investments measured at fair value, for an amount of €48.1 million, determined on the basis of the trading price on the same date.

The year-end adjustment was carried out using the trading price per share on December 31, 2012 (€8.24 per share). Whereas the difference between the fair value at June 30, 2012 and the value of EXOR’s share of equity at the same date was recognized in income pursuant to IAS 28 with regard to the first-time application of fair value measurement, the negative change in fair value in the second half of 2012 (€9.5 million) was recognized in equity pursuant to IAS 39.

The decrease in the investment in Banijay Holding is attributable to the negative fair value adjustment for €2.3 million (with recognition in equity).

The increase in the investment in The Economist Newspaper Ltd. is due to the positive fair value adjustment for €3.6 million (with recognition in equity).

Commercial Register No.64236277 Legal notes | Credits