NAV
EXOR’s Net Asset Value (NAV) at March 31, 2013 is €8,364 million. This is an increase of €744 million (+9.8%) over €7,620 million at December 31, 2012.
The composition and change in NAV are the following.
| € million | 03/01/2009(a) | 12/31/2012 | 03/31/2013 | Change vs Amount |
12/31/2012 % |
|---|---|---|---|---|---|
| Investments |
2.921 | 7.533 |
8.128 |
595 |
+7,9% |
| Financial Investments |
274 | 462 |
460 | (2) |
- 0,4% |
| Cash and Cash Equivalents |
1.121 | 862 | 878 | 16 | +1,9% |
| Treasury shares |
19 | 321 |
462 | 141 | +43,9% |
| Gross Asset Value | 4.335 | 9.178 |
9.928 | 750 |
+8,2% |
| Gross Debt | (1.157) | (1.388) | (1.394) | (6) | +0,4% |
| Ordinary holding costs capitalized over 10 years | (210) | (170) | (170) | - | - |
| Net Asset Value | 2.968 | 7.620 | 8.364 | 744 |
+9,8% |
The gross asset value at March 31, 2013 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, 2012) and other private investment holdings (funds and similar instruments) at the most recently available fair value. Bonds held to maturity are measured at amortized cost. 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 March 31, 2013 (€9,928 million).
“Other investments” include the investments in Juventus Football Club, Almacantar, Gruppo Banca Leonardo, Sequana, Banijay Holding, The Economist Newspaper, in addition to sundry investments.
Investments denominated in Swiss francs, U.S. dollars and Pounds sterling are translated to Euro at the official exchange rates at March 28, 2013 of 1.2195, 1.2805 and 0.8456, respectively.
Change in NAV compared with MSCI World Index in Euro
