Methodology

Valuation principle

GBL's adjusted net assets are a conventional reference obtained by adding the group's net cash position to its investments constituting financial assets valued according to the following principles:

– the share price for listed companies;
– the group share of shareholders' equity for unlisted companies consolidated using the equity method;
– the book value for unlisted companies nor consolidated nor equity accounted.

The weekly calculation is based on the same criteria as those used to determine the quarterly adjusted net assets.  However, certain minor events occurring since the previous statement of accounts may occasionally be disregarded in the weekly published value.  The combined effect of such elements will not exceed 2% of the adjusted net assets.