EXOR’s Net Asset Value (NAV) at June 30, 2012 is €7,128 million. This is an increase of €808 million (+12.8%) over €6,320 million at December 31, 2011.

The following shows the composition and change in NAV:

    Change vs
€ million 03/01/2009 12/31/2011 06/30/2012 03/01/200912/31/2011
Core Investments 2,445 5,731 6,532 4,087 801
Small Investments 476 742 547 71 (195)
Financial Investments 383 490 685 302 195
Treasury shares 19 275 291 272 16
Cash and Cash Equivalents 1,008 434 614 (394) 180
Gross Asset Value 4,331 7,672 8,669 4,338 997
Gross Debt (1,157) (1,142) (1,371) (214) (229)
Ordinary holding costs capitalized over 10 years (210) (210) (170) 40 40
Net Asset Value 2,964 6,320 7,128 4,164 808

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The gross asset value at June 30, 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 (last update at December 31, 2011) 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 plan, which are measured at the option exercise price if lower than the share trading price. Finally, bonds held to maturity are measured at amortized cost.

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 June 30, 2012 (€8,669 million).

“Small investments” include the investments in Almacantar, Juventus Football Club, 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 at the market exchange rates of 1.2030, 1.259 and 0.8068, respectively.

NAV

Change in NAV compared to MSCI Index 90 100 110 120 130 INTERIM RE x (Morgan Stanley Capital World Index) in Euro

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Commercial Register No.64236277 Legal notes | Credits