Non-core investments

Over the years, we have invested in sectors outside of our two core areas of activity with the aim of diversifying the allocation of the holding’s liquidity, in the medium term.

The group manages a diversified portfolio of financial investments amounting to € 394.1 million at 31 December 2022. These comprise traditional financial assets that are highly liquid, private equity funds and non-strategic equity investments.  The investment strategy seeks to manage the risk-yield trade-off in a prudent manner. At 31 December 2022, the highly liquid assets – bonds, equities, bank deposits and hedge funds – amount to € 320.3 million, with a neutral performance.

The other assets, comprising private equity funds, non-strategic equity investments and non-performing loans, total € 14.3 million at 31 December 2022 and generated a negative return of € 5.1 million.