Net Asset Value (NAV) is the total value of assets net of the gross debt of the Holdings System as defined below. In determining the total value of assets at December 31, 2016 listed equity investments and other securities are valued at trading prices, unlisted equity investments are valued at fair value determined annually by independent experts and unlisted other investments (funds and similar instruments) are valued by reference to the most recent available fair value. Bonds held to maturity are valued at amortized cost. Treasury stock are valued at the official stock exchange price, excepting those destined to service stock option plans (measured at the option exercise price under the plan if this is less than the stock exchange price) and those assigned to the beneficiaries of the stock grant plans which are deducted from the total number of treasury shares held. The sum of the aforesaid values constitutes the total value of assets (Gross Asset Value). Gross debt is the total amount of the financial debt of the Holdings System.

The elements included in the gross asset value and in the gross debt denominated in U.S. dollars and Pounds sterling are translated to Euro at the official exchange rates at the date of the period indicated in this presentation.

At December 31, 2016 EXOR’s NAV is $14,642 million, an increase of $1,287 million (+9.6%) compared to $13,355 million at December 31, 2015.
The completion in March 2016 of the investment in PartnerRe led to an increase in EXOR’s overall exposure to assets denominated in U.S. dollars and accordingly, from January 1, 2016, NAV and NAV performance are reported in U.S. dollars. The performance benchmark has also been changed and is now the MSCI World index in U.S. dollars.
Finally, from January 1, 2016 EXOR presents its NAV per share data in US dollars amounting at December 31, 2016 to a NAV US$60.75 (€57.63).

The composition and change in NAV in US dollars are the following:

US$ million12/31/201612/31/2015Change
   Amount%
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% 

The conversion in euros of the NAV presented in US dollars, at the exchange rates of the respective years is the following:

€ million  12/31/2016  12/31/2015 
Investments  16,775 10,139
Financial investments  362 579
Cash and cash equivalents and financial asset  205 4,035
Treasury stock  177 212
Gross Asset Value  17,519 14,965
Gross Debt  -3,629 -2,698
Net Asset Value (NAV)  13,89 12,267
US $ million12/31/201612/31/2015Change
 

Amount%
Capital issued and reserves attributable to owners of the parent  10,981.8  10,346.2  635.6  6.14% 

NAV is also 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 December 31, 2016 ($18,467 million).
“Other investments” include the investments in Juventus Football Club, Welltec and Banca Leonardo, in addition to minor sundry investments.

 

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Change in NAV compared to the MSCI World Index in Euro

change_in_nav_compared_to_the_msci_world

The following table shows the official prices of EXOR ‘s ordinary share listed on the MTA, for the year 2016 and the first months of 2017:

Stock Market Data 1/1/2017
24/3/2017
 1/1/2016
12/31/2016
Ordinary share price (in Euro):
  
period-end 47.095340.9529
maximum
47.773541.9257
minimum
40.892123.7662
Average daily volume exchanged during period: 488,665466,740
Euro volume exchanges during period (in Euro): (a) 21,534,72915,583,907
(a) Average daily value (official daily trading price by daily volume) handled by Borsa Italiana during period.
Commercial Register No.64236277 Legal notes | Credits