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

These are investments available-for-sale. Details are as follows:

  6/30/2015 12/31/2014    
€ million
%   Carrying
%   Carrying
PartnerRe 9.9 (a) 542.7 -   - 542.7  
Banca Leonardo 17.37   54.5 17.37   60.0 (5.5)  
Banijay Group 17.09   41.0 17.09   41.0 0.0  
The Economist Group 4.72   40.4 4.72   40.4 0.0  
NoCo A  2.00 (b) 18.5 2.00 (b) 17.5 1.0 (c)
Other listed investments
    40.5     191.3 (150.8)  
Total     737.6     350.2 387.4  
(a) Percentage computed on common share capital. (b) Percentage ownership interest in the limited partnership, measured at cost. (c) Exchange differences on translating foreign operations.

As part of the operation for the purchase of the entire investment in PartnerRe, during the first half of 2015 EXOR and its subsidiary EXOR S.A. purchased a total of 4,725,726 shares (9.9% of share capital) on the market for a net equivalent amount of €553.2 million. At June 30, 2015 the investment was adjusted to fair value on the basis of the per share trading price of $128.50 (€114.84 on the basis of the €/$ 1.1189 exchange rate at the end of the period). At June 30, 2015 the negative fair value adjustment recognized in equity amounts to €10.5 million.

The reduction in the investment in Banca Leonardo is due to the reimbursement of reserves.

The reduction in other listed investments is primarily the result of the disposal of the entire investment held in Allied World Assurance Company Holdings by EXOR S.A. The net equivalent amount of the disposal amounted to €153.7 million and the net gain of €60.4 million realized relates to the release of the fair value reserve.


Commercial Register No.64236277 Legal notes | Credits