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

Details are as follows:

  9/30/2013 12/31/2012
€ million %   Carrying amount %   Carrying amount Change
SGS S.A.  -   - 15.00   1,969.3 (1,969.3)
Gruppo Banca Leonardo S.p.A. 17.37   71.8 17.40   75.0 (3.2)
Sequana S.A. Group 17.70   27.9 18.74   38.6 (10.7)
Banijay Holding S.A.S. 17.09   37.8 17.09   37.8 0.0
The Economist Group 4.72   35.5 4.72   35.5 0.0
NoCo A L.P. 2.00 (a) 16.2 2.00 (a) 16.5 (0.3)
Alpitour S.p.A. 9.85   10.0 9.85   10.0 0.0
    157.0     53.6 103.4
Total     356.2     2,236.3 (1,880.1)
(a) Percentage ownership interest in the limited partnership, measured at cost.

The reduction in the investment in SGS is due to the sale of the entire stake held (1,173,400 shares, equal to 15% of share capital) to Serena S.à.r.l.; the agreement was finalized on June 10, 2013. The agreed per share price was CHF 2,128 for an equivalent amount of €2,003.7 million (net of incidental expenses on the sale of €0.1 million); the net gain at consolidated level was €1,534 million generated by the reclassification to the income statement of the available-for-sale financial assets fair value reserve of €1,575.2 million, net of the negative difference of €41.2 million between the fair value of the investment determined at the date of finalizing the transaction on the basis of the market price (€2,044.9 million) and the sales price agreed between the parties (€2,003.7 million).
The investment in SGS, which at December 31, 2012 included the original purchase cost of €469.7 million and the positive adjustment to fair value recorded in equity of €1,499.6 million, was further increased by €75.6 million to bring the investment value in line with the trading price at May 31, 2013 (date preceding the sale) equal to CHF 2,162 per share (€1,742.7 per share at the EUR-CHF exchange rate of 1.2406). The fair value reserve recorded in equity at May 31, 2013 thus amounted to €1,575.2 million and, when the transaction was finalized, it was reclassified to the income statement as established by IAS 39.
The decrease in the investment in Gruppo Banca Leonardo is attributable to the reimbursement of reserves recorded as a reduction of the carrying amount of the investment.

The decrease in the investment in Sequana is due principally to the negative fair value alignment of €8.5 million, on the basis of the per share trading price at September 30, 2013 (€6.3 per share). During the first nine months of the year 259,844 shares (approximately 1% of capital) were also sold for a total equivalent amount €1.7 million and a net loss on consolidation of €1 million. At September 30, 2013 the negative adjustment to fair value recognized in equity amounts to €17.5 million.

Commercial Register No.64236277 Legal notes | Credits