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

Details are as follows:

  30/09/2012   31/12/2011  
€ million %   Carrying amount   %   Carrying amount
Change
SGS S.A.  15.00   1,873.7   15.00   1,501.0 372.7
Gruppo Banca Leonardo S.p.A. 17.40   78.8   17.40   105.2 (26.4)
Sequana S.A. Group
18.74   44.8   -   - 44.8
Banijay Holding S.A.S. 17.09   40.1   17.09   40.1 0.0
The Economist Newspaper Ltd 4.72   31.9   4.72   31.9 0.0
NoCo A L.P. 2.00 (a) 16.7   2.00 (a) 16.7 0.0
Alpitour  S.p.A. (b) 9.94   10.0   -   - 10.0
Other
-   57.4 (c) -   39.7 17.7
Total     2,153.4       1,734.6 418.8
(a) Percentage ownership interest in the limited partnership, measured at cost. (b) Company resulting from the merger of Seagull S.p.A. in Alpitour S.p.A., finalized on August 8, 2012. (c) Includes €24.2 million relating to a listed financial asset reclassified from “Financial assets and cash and cash equivalents”, pursuant to IAS 39.

The increase in the investment in SGSamounting to €372.7 million is attributable to the fair value adjustment at September 30, 2012. The trading price per SGS share at September 28, 2012 was CHF 1,932, equal to €1,596.83 at the period-end exchange rate of 1.2099. The original carrying amount of the investment in SGS is €469.7 million; at September 30, 2012 the net positive fair value adjustment recognized in equity amounts to €1,404 million.

The decrease in the investment in Gruppo Banca Leonardo is determined by the reimbursement of capital accounted for as a reduction of the carrying amount of the investment.

The fair value adjustment of the investment in Sequana is determined by reference to the per share trading price on September 28, 2012, equal to €1.595. The difference between the fair value at June 30, 2012 and EXOR’s share of equity at the same date was recognized in income, in accordance with IAS 28 as regards the first-time application of fair value measurement. Instead the negative fair value change in the third quarter was recognized in reserves in equity, in accordance with IAS 39.

Commercial Register No.64236277 Legal notes | Credits