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Wendel — Net Asset Value 2010
Jun 4, 2010
1769_iss_2010-06-04_c538eaa8-d853-4fb2-accc-da295f129aff.pdf
Net Asset Value
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Wendel : Net asset value doubled compared with 31 December 2008 to
€55 per share at 31 May 2010
- Net asset value per share of €55 at 31 May 2010
- Ongoing management of protections related to the financing of Saint-Gobain stake
Net asset value at 31 May 2010: €55 per share
At 31 May 2010, net asset value came to €55 per share (details in appendix), nearly double the figure of €28 reported at 31 December 2008. The discount to NAV was 19.4% at 31 May 2010.
The calculation methodology detailed in the 2009 annual report remains unchanged. Moreover, it conforms to the recommendations of European Venture Capital Association.
Ongoing management of protections related to the financing of Saint-Gobain stake
Three million Saint-Gobain put options were sold during May 2010.
€66.4 million in proceeds from the sale was used to repay €162.2 million in financing without margin calls. The rest derived from Wendel's cash holdings. Following this transaction, the bank financing without margin calls contracted to finance the acquisition of Saint-Gobain shares comes to €1,386.2 million, with maturities from June 2011 to March 2012. Since 1 June, Wendel has sold 1,055,000 additional put options.
As a result of this additional transaction, Wendel's exposure to fluctuations in the price of the 89.8 million Saint-Gobain shares that the Company holds increased from 75.1% to 79.7%.
Next on the financial communication agenda:
- 31 August 2010: 1st half 2010 sales and results (after market close) and publication of NAV
- 9 November 2010: Q3 sales (after market close)
About Wendel
Wendel is one of Europe's leading listed investment firms. The Group invests in France and abroad, in companies that are leaders in their businesses: Bureau Veritas, Legrand, Saint-Gobain, Materis, Deutsch, Stallergenes, Oranje-Nassau and Stahl. Wendel plays an active role as industry shareholder. It implements long-term development strategies, which involve boosting growth and margins of companies so as to enhance their leading market positions. Wendel's consolidated 2009 sales totalled €4.9 billion. Wendel is listed on Eurolist by Euronext Paris. Standard & Poor's rating: Long term BB, negative outlook – Short term B since 12 February 2009.
Anne-Lise BAPST: + 33 (0) 1 42 85 63 24 Laurent MARIE: + 33 (0)1 42 85 91 31 [email protected] [email protected] Christèle LION: + 33 (0) 1 42 85 91 27 Olivier ALLOT: + 33 (0) 1 42 85 63 73 [email protected] [email protected]
Press contacts Analyst and investor contacts
Appendix : NAV at 31 May 2010: €55 per share
| $(in \in M)$ | 31/05/2010 | ||
|---|---|---|---|
| Listed investments by company · Saint-Gobain - Bureau Veritas - Legrand - Stallergenes |
Number of shares 89.8 million 56.3 million 65.6 million 6.1 million |
Price $(1)$ €32.92 €41.65 €23.94 €55.90 |
7.211 2.957 2.344 1.570 340 |
| Unlisted investments: Materis, Deutsch, Stahl and VGG/AVR | 418 | ||
| Other assets and liabilities owned by Wendel and holding companies $\omega$ | 42 | ||
| Cash and cash equivalents $(3)$ | 1,705 | ||
| Gross Asset Value | 9,375 | ||
| Wendel bond debt | (2,641) | ||
| Bank debt related to Saint-Gobain financing | (4, 398) | ||
| Net value of hedging related to Saint-Gobain financing (4) | 441 | ||
| Net Asset Value Number of shares Net Asset Value per share |
2,777 50, 453, 893 €55.0 |
||
| Wendel share price: average of 20 most recent closing prices | €44,35 | ||
| Premium (Discount) to NAV | $(19.4\%)$ |