EXOR’s Net Asset Value (NAV) at September 30, 2012 is €7,464 million. This is an increase of €1,144 million (+18.1%) from €6,320 million at December 31, 2011.

The following table shows the composition and change in NAV.





Change vs
€ millions
03/01/2009
12/31/2011
09/30/2012
03/01/2009 12/31/2011
Core Investments 2,445 5,731 6,819 4,374 1,088
Small Investments 476 742 572 96 (170)
Financial Investments 387 490 634 247 144
Treasury shares 19 275 319 300 44
Cash and Cash Equivalents 1,008 434 518 (490) 84
Gross Asset Value 4,335 7,672 8,862 4,527 1,190
Gross Debt (1,157) (1,142) (1,228) (71) (86)
Ordinary holding costs capitalized over 10 years (210) (210) (170) 40 40
Net Asset Value 2,968 6,320 7,464 4,496 1,144

Download xls

The gross asset value at September 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 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 September 30, 2012 (€8,862 million).
“Small 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 of 1.2099, 1.2930 and 0.798, respectively.

Investments

Change in NAV compared to MSCI World Index in Euro

nav.png

 

Commercial Register No.64236277 Legal notes | Credits