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

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

 12.31.2015 12.31.2014  
€ million %   Carrying amount   %   Carrying amount   Change  
PartnerRe 9.9 (a) 606.6   -   -   606.6  
Banca Leonardo 16.51   59.0   17.37   60.0   (1.0)  
NoCo A 2.00 (b) 18.9   2.00 (b) 17.5   1.4 (c)
Banijay Group (d) -   -   17.09   41.0   (41.0)  
The Economist Group (e) -   -   4.72   40.4   (40.4)  
Other listed investments     21.5       191.3   (169.8)  
Totale     706.0       350.2   355.8  
(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. (d) Reclassified to non-current assets held for sale in accordance with IFRS 5. See Note 11. (e) Reclassified beginning December 31, 2015 under investments accounted for using the equity method.

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 common share capital) on the market for a net equivalent amount of €553.2 million. At December 31, 2015 the investment was adjusted to fair value on the basis of the per share trading price of $139.74 (€128.35 on the basis of the €/$1.0887 exchange rate at the end of the year). At December 31, 2015 the positive fair value adjustment recognized in equity amounts to €53.4 million.

The reduction in the investment in Banca Leonardo is due to the reimbursement of capital reserves of €5.5 million, partially offset by the positive fair value adjustment of €4.5 million.

At December 31, 2015 the fair value recognized in equity is a negative €4.4 million.

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

Commercial Register No.64236277 Legal notes | Credits