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

   Net Asset Value: Methodology



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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