9. Other non-current financial assets – Other investments

These are financial assets available-for-sale and held to maturity. Details are as follows:

€ million 12/31/2014 12/31/2013 Change  
Investments measured at fair value        
- The Black Ant Value Fund 392 381.6 10.4  
- Perella Weinberg Funds 13 46.5 (33.5)  
- Rho Immobiliare Fund 11.3 11.7 (0.4)  
- Other funds 65.8 49.6 16.2  
 482.1489.4(7.3) 
Investments measured at amortized cost        
- Bonds held to maturity 76.3 83.5 (7.2) (a)
Total 558.4 572.9 (14.5)  
(a) Includes mainly purchases made during the year of €50 million, net of decreases of €57 million (of which €25 million for reclassifications among current financial assets).

The net increase in The Black Ant Value Fund of €10.4 million is due to the positive fair value adjustment of €29.5 million, partially offset by the redemption of 142,500 shares, according to the agreements signed and taking into account the positive performance recorded during 2013, for a total equivalent amount of €19.1 million. The redemption resulted in a net gain of €4.8 million relating to the realization of a part of the fair value reserve. At December 31, 2014 the positive fair value adjustment recognized in equity amounts to €121.3 million.

The net decrease in the Perella Weinberg Funds of €33.5 million is due principally to the redemption of the NoCo B and Perella Weinberg Real Estate I Funds, respectively, for $28.5 million (€21.1 million) and €19.3 million, partially offset by investments during the period of €1 million and the positive fair value adjustment of €5.9 million. The net gain realized of €13 million refers to the realization of a part of the fair value reserve. At December 31, 2014 the fair value adjustment recorded in equity is a negative €0.5 million.

At December 31, 2014, the remaining investment commitments in NoCo B L.P. and in the Perella Weinberg Real Estate I Fund total, respectively, $8.2 million (€6.8 million) and €18.9 million.

 

 

Commercial Register No.64236277 Legal notes | Credits