“Current value” should be calculated using the investee company’s enterprise value, not just equity value. This includes: - market cap of ordinary shares - market cap of preferred shares - total debt - non-controlling interests Cash and cash equivalents should not be deducted. This ensures consistent PAI and Taxonomy reporting across investments.
What does “current value” mean?
The basis used to calculate the “current value of all investments” in the PAI indicators applicable to investments in investee companies should be consistent with the definition of the “investee company’s enterprise value” as defined in point (4) of Annex I of the Delegated Regulation, whereby ‘enterprise value’ means the sum, at fiscal year-end, of the market capitalisation of ordinary shares, the market capitalisation of preferred shares, and the book value of total debt and non-controlling interests, without the deduction of cash or cash equivalents.
European Supervisory Authorities (ESAs)
