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 € 442.0 million at 31 December 2020. 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 2020, the highly liquid assets – bonds, equities, bank deposits and hedge funds – amount to € 363.5 million (€ 337.2 million at 31 December 2019), with a 5.3% return over the year totalling € 19.1 million (4.5% in 2019, corresponding to € 15.2 million).

The other assets, comprising private equity funds, non-strategic equity investments and non-performing loans, total € 78.5 million at 31 December 2020 and generated a loss over the year of € 1.8 million; this loss principal reflects the adjustment to fair value of certain financial investments that were found to be impaired in 2020.