2011 Annual Report

Letter to shareholders

ElkannDear shareholders,

EXOR’s Net Asset Value, or NAV, decreased by 24.4% in 2011, underperforming the MSCI World Index denominated in Euros - the benchmark against which we measure our performance - by 19.9%.

 

letter to shareholders

NAV
€ milions 31/12/2010 12/31/2011 Change%
Listed Investments 7,435 5,655 (1,780) -23.9%
Private Investments 1,096 1,201 105 +9.6%
Investment Value
8,531 6,856 (1,675) -19.6%
Financial Liabilities
(1,266) (1,142) 124 -9.8%
Financial Assets
1,309 816 (493) -37.7%
Net Financial Positions 43 (326) (369) n.a.
Ordinary holding costs capitalized
over 10 years
(210) (210) - -
Net Asset Value 8,364 6,320 (2,044) -24.4%
Commercial Register No.64236277 Legal notes | Credits