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%
(a) Effective date of the IFI-IFIL merger.

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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.

the composition of the gross asset value at March 31, 2013

 

Change in NAV compared with MSCI World Index in Euro

Change in NAV compared with MSCI World Index in Euro

Commercial Register No.64236277 Legal notes | Credits