Jacobs Holding AG Annual Report 2010 (PDF, 3.7 - Jacobsag.com

16
PERFORMANCE METRICS
Traditionally, the Annual Report has focused on the financial statements of Jacobs
Holding AG on the one hand and the consolidated financial statements of the Jacobs
Group on the other hand. During the process of defining Jacobs Holding AG’s strategy
it became clear that these financial statements have some significant shortcomings as
measures of performance.
In recent years, we introduced a new set of metrics and units that more properly reflect
the essence of Jacobs Holding AG as an investment company. These metrics were selected
from a range of possible factors in line with Jacobs Holding AG parameters:
Investment pool, NAV (Net Asset Value) and TSR (Total Shareholder Return).
Jacobs Holding AG holds assets that can be grouped into three different classes:
Asset class A: consists of holdings in publicly traded companies like Adecco SA
and Barry Callebaut AG
Asset class B: consists of private companies like Infront Sports & Media AG
Asset class C: consists of the family-tradition “credo” businesses (agribusiness)
and other businesses
Asset classes A and B make up the investment pool, i.e. the assets that Jacobs Holding
AG manages as an active investor for the purpose of long-term value creation.
We carefully monitor the net asset value development of our holdings in the investment
pool. The net asset value of the investment pool itself is defined as the market value of
the investment pool, less its financing.
We take a conservative approach to valuing our assets. Our holdings in public companies
are valued using the share price on the last trading day of the financial year.
We currently hold shares in two public companies:
> Adecco SA (ADEN VX)
> Barry Callebaut AG (BARN SW)
Our holdings in private companies are at book value unless a market valuation can be
estimated with reasonable accuracy using comparable companies or from an arm’slength
transaction. This includes all necessary write-offs on the basis of impairment
tests or revaluations. In case of a divestiture, the resulting book profit or book loss is
automatically taken into account in the calculation of NAV performance.
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