Net asset value represents management’s estimate of the fair value of the participating shareholders’ equity of the Corporation. Net asset value is the fair value of Power Corporation’s non-consolidated assets less its net debt and preferred shares.
(1) As a result of Power Corporation's participation in Power Financial's substantial issuer bid in the second quarter of 2019, the number of shares held by the Corporation decreased by 9.1% or 42,436,370 from 467,839,296 to 425,402,926 (equity interest decreased from 65.5% to 64.1%).
(2) The management companies of the investment funds are presented at their carrying value in accordance with IFRS.
(3) Includes cash and performance-related compensation payable related to the investment funds.
(4) Valued at carrying value in accordance with IFRS.
In determining the fair value of assets, investments in subsidiaries, jointly controlled corporations and associates are adjusted to fair value as follows:
Investments measured at market value and cash represent 83.9% of total assets at fair value at December 31, 2019 (82.7% at December 31, 2018).
The Corporation’s net asset value, presented on a look-through basis, where the investment in Power Financial is based on the Corporation’s share of Power Financial’s net asset value, was $19.2 billion or $44.98 per share at December 31, 2019 ($17.7 billion or $37.91 per share at December 31, 2018). The additional fair value adjustment of $2.1 billion ($3.3 billion at December 31, 2018) mainly relates to the Corporation’s share of its investment in Lifeco, IGM and Pargesa at market value.
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The presentation of the investments in subsidiaries, jointly controlled corporations and associates at fair value is not in accordance with IFRS; net asset value is a non-IFRS financial measure. Refer to the "Non-IFRS Measures and Presentation" section of the Corporation's most recent Management's Discussion and Analysis for the definition of non-IFRS financial measures and their reconciliation with IFRS financial measures.