The value and performance of the underlying investments, rather than the activities at holding company level, are the best testimony of the value created by investment holding companies for their shareholders.

We have consistently measured our performance in terms of normalised earnings, which adjusts headline earnings to take into account non-operational items and accounting anomalies.

The true value created is measured in terms of the increase in our intrinsic net asset value and total shareholders’ return, which measures the growth in the underlying value of our investments.