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RESULTS FIRST HALF 2008
Consolidated net sales
Net Asset Value
Rating
 
Net Asset Value
METHODOLOGY

   Net Asset Value: Methodology



NET ASSET VALUE IN AUGUST 2008: 80€


Wendel’s net asset value reached €80 per share at the end of August 2008.
Unlisted investments are valued by applying the stock exchange capitalization multiples of similar companies. Listed companies are valued on the basis of the average closing price in the last 20 business days


NET ASSET VALUE IN JUNE 2008: 119€


At the beginning of June 2008, the net asset value of Wendel is €119 per share, with Saint-Gobain included at its investment value. Valuation by the sum-of-the-parts method, using the average of the last 20 closing prices of May 2008 for all listed assets, including Saint-Gobain, is €88 per share


NET ASSET VALUE IN MARCH 2008: 113€


Wendel’s 2007 Full Year Results presentation and the latest Net Asset Value (page 42) is available by clicking here:



 
NET ASSET VALUE IN NOVEMBER 2007: 135€

Wendel’s net asset value totaled 6.8 billion euros as of November 2007, i.e. 135 euros per share compared with 107 euros per share in November 2006. Accounting for the 2 euro dividend paid in June, the annual increase was 28%.

NET ASSET VALUE IN AUGUST 2007: 121 €

NET ASSET VALUE IN JUNE 2007: 127 €

NET ASSET VALUE IN MARCH 2007: 117€ (1)

(millions of euros and %)Decembre 2005Decembre 2006
Controlled companies4,53094%6,47097%
Other3006%2303%
Gross Asset Value4,830100%6,700100%
WENDEL Shares430 570 
Cash820780 (2)
Financial debt(1,600)(2,000)
Net Asset Value4,4806,050
Net Asset Value per share82 €109 €
Net debt (4) / Gross Asset Value15%17%+36% (3)
(1) The subsidiaries Materis, Deutsch and Stahl, which have been owned for less than one year, are valued at their acquisition costs
(2) Including 150 M€ paid out by Bureau Veritas in the beginning of 2007
(3) Including the 2 € dividend paid in June 2006
(4) Financial debt, minus cash, of WENDEL Investissement and holding companies, excluding those whose debt is without recourse on WENDEL


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