The Net Asset Value (NAV) at December 31, 2011 is €6,320 million, decreasing €2,044 million (-24.4%) from €8,364 million at December 31, 2010.

The composition and change in NAV are the following.

€ millions 03/01/2009 12/31/2010 12/31/2011 Change vs Amount 12/31/2010
%
Listed Investments 2,464 7,435 5,655 (1,780) -23.9%
Private Investments 750 1,096 1,201 105 9.6%
Investment Value 3,214 8,531 6,856 (1,675) -19.6%
Financial Liabilities -1,157 (1,266) (1,142) 124 -9.8%
Financial Assets 1121 1,309 816 (493) -37.7%
Net Financial Position (36) 43 (326) (369) n,a,
Ordinary holding costs capitalized over 10 years (210) (210) (210) - -
Net Asset Value 2,968 8,364 6,320 (2,044) -24.4%

The investment value at December 31, 2011 has been calculated by valuing the listed investments held in Fiat Industrial, SGS, Fiat, Sequana, Juventus Football Club at trading prices, and other investments and private investment holdings at fair value determined annually by independent experts. EXOR ordinary, preferred and savings treasury stock is measured at share trading prices, except ordinary shares used to service the stock option plan, which are measured at the option exercise price if lower than the share trading price.

NAV is presented with the aim of aiding analysts and investors in forming their own assessments.

The following pie chart shows the composition of the value of investments at December 31, 2011 (€6,856 million).
“Other” includes the private investments in C&W Group, Alpitour, Almacantar, Gruppo Banca Leonardo, Banijay Holding, The Economist Newspaper, Vision, NoCo A and Perella Weinberg Funds and also sundry investments.

Investments denominated in Swiss francs, U.S. dollars and Pounds sterling are translated at the market trading rates of 1.2156, 1.2939 and 0.8353 respectively.

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Change in NAV compared to MSCI Index (Morgan Stanley Capital World Index) in Euro

Change in NAV compared to MSCI Index (Morgan Stanley Capital World Index) in Euro

Stock Market Data 1/1/2012
2/29/2012
1/1/2011
12/31/2011
Ordinary share price (Euro):    
period-end 18.92 15.29
maximum 19.26 25.70
minimum 15.54 13.64
Preferred share price (Euro):    
period-end 16.18 14.01
maximum 16.71 21.28
minimum 14.34 12.43
Savings share price (Euro):    
period-end 15.17 12.89
maximum 15.74 20.23
minimum 13.22 10.91
Average share volume traded during period:    
ordinary 471,886 753,643
preferred 34,213 152,247
savings 7,493 25,963
Euro average daily volume exchanges during period: (a)    
ordinary 8,288,158 14,722,231
preferred 542,972 2,561,855
savings 110,374 409,770
(a) Average daily value (daily trading price by daily volume) handled by Borsa Italian during the period.
Commercial Register No.64236277 Legal notes | Credits