Methodology

Principles

The evolution of GBL's adjusted net assets constitutes, together with the evolution of its share price and results, an important criterion for assessing the group's performance.

Adjusted net assets are a conventional reference obtained by adding the other assets to the investments portfolio and deducting its debts.

The following valuation principles have been applied:

• Investments in listed companies, including own shares, are valued at the closing price. However, the value of shares allocated to cover any commitments made by the group is capped at the conversion/exercise price.
• Investments in unlisted companies are valued at their book value, less any impairments, or at their share in the equity capital if this latter is higher, with the exception of nor consolidated nor accounted under the equity method companies within the private equity sector, which are valued at market value;
• Net cash, which includes both cash and near cash, less the group's debt, is valued at book value or at market value.

The number of GBL shares used to calculate adjusted net assets per share is the number of shares of issued capital on the date of valuation.

Certain minor events may not have been taken into account in the value reported.  The combined effect of these elements may not exceed 2% of the adjusted net assets.