Net Asset Value (NAV) corresponds to 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 31 December 2018, listed equity investments and other securities are valued at official market 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.

The sum of the aforesaid values constitutes the total value of assets (Gross Asset Value). Gross Debt corresponds to the total amount of the financial debt of the Holdings System.

Items included in the calculation of Gross Asset Value and Gross Debt which are denominated in foreign currencies are converted at the official exchange rates at the corresponding reporting date.

At 31 December 2018, EXOR’s NAV is $19,740 million (€17,238 million) compared to $22,972 million (€19,155 million) at 31 December 2017.

At 31 December 2018 EXOR’s NAV per share amounts to $82.33 or €71.89 compared to $95.32 (€79.48) at 31 December 2017), a decrease of $13/share or -13.6%.

Breakdown of Net Asset Value

in US$ million  Ownership (%)  Valuation methodology  12/31/2018  12/31/2017  Change vs 12/31/2017
Amount %
Investments     23,272 26,550 (3,278) -12.3%
PartnerRe 100.00% Fair value by independent experts 7,650 7,590 60 +0.8%
Fiat Chrysler Automobiles 28.98% Official market price 6,538 8,093 (1,555) -19.2%
Ferrari 22.91% Official market price 4,404 4,691 (287) -6.1%
CNH Industrial 26.89% Official market price 3,296 4,918 (1,622) -33.0%
Juventus Football Club 63.77% Official market price 797 589 208 +35.3%
Other investments (a)   Listed: official market price, Unlisted: available fair value 587 669 (82) -12.3%
Other Assets (b)     501 343 159 +46.4%
Cash and cash equivalents     306 127 179 +140.9%
Financial investments     4 4 0 +0.0%
Treasury stock     191 212 (21) -9.9%
Gross Asset Value     23,773 26,893 (3,120) -11.6%
Gross Debt     (4,033) (3,921) (112) +2.9%
Net Asset Value (NAV)     19,740 22,972 (3,232) -14.1%
NAV per Share in US$ (c)     82.33 95.32 (13) -13.6%
(a) Other investments include the stake in The Economist Group ($400 million), Welltec ($106 million), GEDI ($12 million), NocoA and other minor sundry investments ($69 million). (b) At 31 December 2018, ‘Other assets’ include $4 million of financial investments, $306 million of cash and cash equivalents and $191 million of treasury stock. Treasury stock includes shares held in treasury before the Share Buyback Program launched on 14 November 2018. At 31 December 2017, ‘Other assets’ include $4 million of financial investments, $127 million of cash and cash equivalents and $212 million of treasury stock. (c) Based on 239,768,490 shares at 31 December 2018 (netting out the 1,231,510 ordinary shares bought back in 2018 in the context of the Share Buyback Program). Based on 241,000,000 shares at 31 December 2017.

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The value of the NAV in Euro currency, converted at the official exchange rates at the respective dates, is presented below:

US$ million 12/31/2018 12/31/2017 Change vs 12/31/2017
   Amount %
Investments 26,323 22,138 (1,815) -8.2%
Other assets (a) 437 286 151 +52.8%
Gross Asset Value 20,760 22,424 (1,664) -7.4%
Gross Debt (3,522) (3,269) (253) +7.7%
Net Asset Value (NAV) 17,238 19,155 (1,917) -10.0%
(a) Of which, at 31 December 2018: €3 million of financial investments, €267 million of cash and cash equivalents and €167 million of treasury stock. At 31 December 2017: €3 million of financial investments, €106 million of cash and cash equivalents and €177 million of treasury stock.

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

Reconciliation with the IFRS financial statements

The following table shows the reconciliation between the Net Asset Value (NAV) and the issued capital and reserves attributable to owners of the parent.

€ million 12/31/2018 12/31/2018
Issued capital and reserves attributable to owners of the parent 12,210 10,805
Difference between the market value and the book value of the investments 4,861 8,171
Treasury stock and others 167 179
Net Asset Value (NAV) 17,238 19,155

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The following table shows the difference between the market value and the book value of the investments:

  31/12/2018 31/12/2017
€ million Book value Market value Book value Market value
PartnerRe 5,719 6,681 5,639 6,329
FCA 7,154 5,710 6,071 6,749
Ferrari 342 3,846 206 3,912
CNH Industrial 1,722 2,878 1,493 4,100
Juventus Football Club 51 696 88 491
The Economist Group 318 348 294 382
Others 143 151 176 175
Total 15,449 20,310 13,967 22,138
Difference   4,861   8,171

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Gross Asset Value composition

The following pie chart illustrates the Gross Asset Value composition at 31 December 2018 ($23,773 million or €20,760 million).

 

GAV

 

Change in NAV per share compared to the MSCI World Index in USD

Change in NAV

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