EXOR’s Net Asset Value (NAV) at December 31, 2012 was €7,620 million. This is an increase of €1,300 million (20.6%) from €6,320 million at December 31, 2011.

The composition and change in NAV are the following.

€ million 03/01/2009(a) 12/31/2011 12/31/2012 Change vs Amount
12/31/2011 %
Investments
2.921 6.473 7.533 1.060 +16,4%
Financial investments 274 108 462 354 +327,8%
Cash and cash equivalents 1.121 816 862 46 +5,6%
Treasury shares 19 275 321 46 +16,7%
Gross Asset Value 4.335 7.672 9.178 1.506 +19,6%
Gross Debt (1.157) (1.142) (1.388) (246) +21,5%
Ordinary holding costs capitalized over 10 years (210) (210) (170) 40 -19,0%
Net Asset Value (NAV) 2.968 6.320 7.620 1.300 +20,6%
(a) Effective date of the IFI-IFIL merger.

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The gross asset value at December 31, 2012 has been calculated by valuing listed investments and other equity shares at trading prices, and other private investments at fair value determined annually by independent experts and other private investment holdings (funds and similar instruments) at the most recently available fair value. EXOR ordinary, preferred and savings treasury shares are measured at share trading prices, except ordinary shares used to service the stock option plans, which are measured at the option exercise price if lower than the share trading price and the shares granted to recipients of the stock grant component of the new incentive plan approved on May 29, 2012 by the shareholders’ meeting. The latter are deducted from the total number of treasury shares.

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 gross asset value at December 31, 2012 (€9,178 million).
“Other investments” include the investments in Juventus Football Club, Almacantar, Gruppo Banca Leonardo, Sequana, Banijay Holding, The Economist Newspaper and also sundry investments.

Investments denominated in Swiss francs, U.S. dollars and Pounds sterling are translated to Euro at the market exchange rates at December 31, 2012 of 1.2072, 1.3194 and 0.8161, respectively.

Composition of the gross asset value at December 31, 2012

Change in NAV compared with MSCI World Index in Euro

Change in NAV compared with MSCI World Index in Euro

 

Stock Market Data
  1/1/2013
2/28/2013
1/1/2012
12/31/2012
Ordinary share price (Euro):    
period-end 21,3265
19,0005
maximum 22,3849
21,2786
minimum 19,3853
15,5379
Preferred share price (Euro):    
period-end 20,9407
16,6917
maximum 22,0517
17,4589
minimum 16,9248
13,751
Savings share price (Euro):    
period-end 21,319
16,6917
maximum 22,1658
17,4853
minimum 17,1143
12,5479
Average daily share volume traded during period:    
ordinary 476.133
365.487
preferred 83.205
31.254
savings 48.802
11.063
Euro average daily value of exchanges during period (in Euro): (a)  
ordinary 10.170.808
6.653.768
preferred 1.711.371 492.037
savings 1.004.062 168.112
(a) Average daily value (daily trading price by daily volume) handled by Borsa Italiana during the period

 

Commercial Register No.64236277 Legal notes | Credits