A long-term investor
Wendel is a hands-on investor and shareholder that assists sector-leading companies in their long-term development. Wendel's business model combines the entrepreneurial passion born of a long family tradition with a culture of performance and accountability.
Key figures
at December 31, 2008
Consolidated net sales
Consolidated net income (group share)
(1) of which organic growth : + 7,3%
(2) of which organic growth : + 7,6%
Net income from business sectors by company*
| (in millions of euros) | 2007 | 2008 |
| Bureau Verita | 189 | 242 |
| Legrand | 129 | 138 |
| Saint-Gobain | - | 99 |
| Materis | 46 | 33 |
| Stallergens | 16 | 19 |
| Deutsch | 16 | 32 |
| Stahl | 10 | 0 |
| Oranje-Nassau | 3 | 78 |
| Editis | 59 | 78 |
| Financing, overheads and taxes | 49 | -5 |
| Net income from business sectors (1) |
-93 |
-117 |
| Minority interests |
408 |
519 |
| Net income (group share) from business sectors |
360 |
-124 |
(1) Net income from business sectors corresponds to the Group’s recurrent earnings and is composed of earnings from shareholdings (or consolidated companies) and net income of holding companies. It does not include non-recurring items and the impact of goodwill.
Investment timeline
Net asset value in millions of euros
| Dec. 2004 | Dec. 2005 | Dec. 2006 | Dec. 2007 | Dec. 2008 | |
| Shareholdings in which Wendel is the main or controlling shareholder | 3 770 | 4 530 | 6 470 | 7 800 | 2 680 |
| Minority investments | 520 | 300 | 230 | 60 | 40 |
| Wendel shares | 240 | 430 | 570 | 10 | - |
| Cash | 570 | 820 | 780 | 1 840* | 1 750* |
| Gross asset value including cash | 5 100 | 6 080 | 8 050 | 9 710 | 4 470 |
| Financial debt | -1 670 | -1 600 | -2000 | -3 160 | -3 060 |
| Net asset value | 3430 | 4 480 | 6 050 | 6 550 | 1 410 |
| Net asset value per share | 61€ | 82€ | 109€ | 130€ | 28€ |
*Unpledged cash came to €1.7 billion at end-2007 and €0.9 billion at end-2008.
The method for calculating net asset value is based on the fairness opinion given in January 2002. “Change in net asset value” is the change in the value of assets from one financial year to the next for Wendel shareholders.
At end-2008, net asset value came to €1,410 million. This decline is due to sharp drops on the equity markets, which triggered falls in the market prices of Wendel’s listed companies and in the multiples used in valuing unlisted companies. The part of this site dedicated to Net asset value describes the method used in calculating net asset value. At least twice a year, an independent appraiser makes its own valuation and submits it to the Audit Committee.
