Annual Report 2016

Letter to shareholders

ElkannDear Shareholders,

The German artist Hans Hoffmann once said “The ability to simplify means to eliminate the unnecessary so the necessary may speak.” At EXOR we have spent 2016 following his advice – although getting there has not been simple.

We ended the year with a single company – EXOR NV – sitting between our investments and you, our shareholders, rather than the ten that existed when we first started this process a decade ago.  

Lettera agli azionisti

NAV
US$ million12/31/2016 12/31/2015Change%
Investments   17,683   11,037   6,646   +60.2% 
Financial investments    382   631   (249)   -39.5% 
Cash and cash equivalents and financial assets    215   4,393   (4,178)   -95.1% 
Treasury stock    187   231   (44)   -19.0% 
Gross Asset Value    18,467   16,292   2,175   +13.4% 
Gross Debt   (3,825)   (2,937)   (888)   +30.2% 
Net Asset Value (NAV)    14,642   13,355   1,287   +9.6% 
Commercial Register No.64236277 Legal notes | Credits