EXOR’s Net Asset Value (NAV) at June 30, 2015 is €12,878 million, an increase of €2,714 million (+26.7%) compared to €10,164 million at December 31, 2014.

The composition and change in NAV are the following:

€ million
3/1/2009
(a)12/31/2014
6/30/2015
Change vs 12/31/2014
     Amount
%
Investments 2,921   8,347 11,355 3,008 +36.0%
Financial investments
274   663 603 (60) -9.0%
Cash and cash equivalents
1,121   2,233 1,811 (422) -18.9%
Treasury stock
19   762 957 195 +25.6%
Gross Asset Value 4,335   12,005 14,726 2,721 +22.7%
Gross Debt (1,157)   (1,671) (1,678) (7) +0.4%
Ordinary holding costs over ten years (210)   (170) (170) - -
Net Asset Value (NAV) 2,968   10,164 12,878 2,714 +26.7%
(a) Effective date of the merger of IFIL in IFI and the name change of the latter to EXOR.

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The gross asset value at June 30, 2015 has been calculated by valuing listed investments and other equity shares at trading prices, other private equity 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. Bonds held to maturity are measured at amortized cost. EXOR treasury stock is measured at share trading prices, except those used to service stock option plans (measured at their option exercise price, if below the share trading price) and those awarded to beneficiaries of the stock grant plan. The latter are deducted from the total number of treasury shares.

NAV is presented with the aim of aiding financial analysts and investors in forming their own assessments.

The following pie chart shows the composition of gross asset value at June 30, 2015 (€14,726 million).
“Other investments” include the investments in PartnerRe, Almacantar, Juventus Football Club, Banca Leonardo, Banijay Group and The Economist Group, in addition to minor sundry investments.

Investments denominated in U.S. dollars and Pounds sterling are translated to Euro at the official exchange rates at June 30, 2015, respectively, of 1.1189 and 0.7114.

NAV

(*) Including the mandatory convertible securities issued by FCA on December 15, 2014.

 

Change in NAV compared to the MSCI World Index in Euro

Change in NAV compared to the MSCI World Index in Euro

 

 

Commercial Register No.64236277 Legal notes | Credits