NAV

CIR’s NAV (Net Asset Value) can be estimated applying the sum-of-the-parts methodology, adding the fair value of the company’s assets and its net cash position. The stake in KOS is valued at the average of the valuations attributed to it by analysts following CIR while the stake in the listed industrial subsidiary Sogefi is valued at market prices. The stake in GEDI, which is to be disposed of, is valued at the sale price while real estate properties are attributed their appraisal values and remaining assets their book value.

Net Asset Value

(Millions €)

	BOOK VALUE AS OF 30 09 2019	FAIR VALUE	METHOD OF FAIR VALUE EVALUATION
KOS	167.6	535.3	Average of valuations by CIR analysts
Sogefi	113.7	97.5	Average stock market values for January 1-31, 2020
GEDI	231.1	102.4	Market price (€ 0.46 per share)
Total industrial subsidiaries	512.4	735.3
Fixed assets	18.4	54.7	Appraisal value
Private equity	56.1	56.1	Book value
Other investments	12.7	12.7	Book value
Non performing loans	9.1	9,1	Book value
Other activities (liabilities)	-3,4	-3.4	Book value
Holding net financial position	297.3	297.3	Book value
Holding total assets	390.2	426.6
Total	902.6	1,161.8

NAV per share €		0.91
NAV per share (net of treasury shares) €		0.93

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