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

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


12/31/2013   12/31/2012     
€ million %   Carrying amount   %   Carrying amount   Change
Gruppo Banca Leonardo S.p.A. 17.37  
76.0   17.40   75.0   1.0
Banijay Holding S.A.S. 17.09   37.0   17.09   37.8   (0.8)
The Economist Group 4.72   37.0   4.72   35.5   1.5
Sequana S.A.  17.38   24.8   18.74   38.6   (13.8)
NoCo A L.P. 2.00 (a) 16.0   2.00 (a) 16.5   (0.5)
SGS S.A.  -   -   15.00   1,969.3   (1,969.3)
Other     177.0 (b)     63.6 (b) 113.4
Total     367.8       2,236.3   (1,868.5)
(a) Percentage ownership interest in the limited partnership, measured at cost. (b) Includes €173.5 million relating to listed investments (€52.6 million at December 31, 2012).

The increase in the investment in Gruppo Banca Leonardo is due to the positive fair value adjustment of €4.2 million (with recognition in the reserves in equity) compensated in part by the reimbursement of reserves recorded as a reduction of the carrying amount of the investment for €3.2 million.

The decrease in the investment in Banijay Holding is the result of the negative fair value adjustment of €0.8million (with recognition in the reserves in equity). 

The increase in the investment in The Economist Group derives from the positive fair value adjustment of €1.5million (with recognition in the reserves in equity).

The decrease in the investment in Sequana comes mainly from the negative fair value adjustment totaling €11 million, on the basis of the trading price at December 31, 2013 (€5.7 per share). During the year 337,844 shares (approximately 1.4% of capital) were also sold for a total equivalent amount of €2.1 million and a net loss recorded of €1.3 million. At December 31, 2013 the negative adjustment to fair value recognized in equity amounts to €19.8 million.

The reduction in the investment in SGS is due to the sale of the entire stake held (1,173,400 shares, equal to 15% of share capital) to Serena S.à.r.l.; the agreement was finalized on June 10, 2013. The agreed per share price was CHF 2,128 for an equivalent amount of €2,003.7 million (net of expenses on the sale of €0.1 million); the net gain at consolidated level was €1,534 million generated by the reclassification to the income statement of the available-for-sale financial assets fair value reserve of €1,575.2 million, net of the negative difference of €41.2 million between the fair value of the investment determined at the date of finalizing the transaction on the basis of the investment’s market price (€2,044.9 million) and the sales price agreed between the parties (€2,003.7 million).

The investment in SGS, which at December 31, 2012 included the original purchase cost of €469.7 million and the positive adjustment to fair value recorded in equity of €1,499.6 million, was further increased by €75.6 million to bring the investment value in line with the trading price at May 31, 2013 (the date preceding the sale) equal to CHF 2,162 per share (€1,742.7 per share at the EUR-CHF exchange rate of 1.2406). The fair value reserve recorded in equity at May 31, 2013 thus amounted to €1,575.2 million and, when the transaction was finalized, it was reclassified to the income statement as established by IAS 39.

Commercial Register No.64236277 Note legali | Credits