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

Details are as follows:

   12/31/2011  12/31/2010  
€ million % Carrying amount % Carrying amount Change
SGS S.A.  15.00 1,501.0 15.00 1,472.4 28.6
Gruppo Banca Leonardo S.p.A. 17.40 105.2 14.57 87.4 17.8
Banijay Holding S.A.S. 17.09 40.1 17.09 38.6 1.5
The Economist Newspaper Ltd 4.72 31.9 4.72 29.9 2.0
BTG Pactual (a) 0.26 22.5 0.26 19.0 3.5
NoCo A L.P. 2.00(b) 16.7 2.00(b) 19.0 (2.3)
Intesa Sanpaolo - 0.0 0.08 20.4 (20.4)
Total   1,717.4   1,686.7 30.7
(a) Investment made at the end of 2010 through the acquisition of investments in Copacabana Prince Participações S.A. and BTG Investments LP. (a) Investment made at the end of 2010 through the acquisition of investments in Copacabana Prince Participações S.A. and BTG Investments LP. At December 31, 2011, the increase of €3.5 million derives from the fair value adjustment (with recognition in equity). (b) Percentage stake in the limited partnership, measured at cost.

The increase in the investment in SGS, equal to €28.6 million, is attributable to the fair value adjustment at December 30, 2011. The trading price per SGS share at December 30, 2011 was CHF 1,555, equal to €1,279.2 at the year-end exchange rate of 1.2156. The original carrying amount of the investment in SGS was €469.7 million; at December 31, 2011 the net positive fair value adjustment recognized in equity amounted to €1,031.3 million.

The increase in the investment in Gruppo Banca Leonardo is due to purchases of another 7,576,662 ordinary shares (2.90% of share capital) for a total of €18 million net of the negative fair value adjustment for €0.2 million (with recognition in equity).

The increase in the investment in Banijay Holding is attributable to the positive fair value adjustment for €1.5 million (with recognition in equity).

The decrease in the NoCo A limited partnership derives from the reimbursement of the share of reserves for €2.6 million and the positive exchange differences on translating foreign operations for €0.3 million.

Commercial Register No.64236277 Legal notes | Credits