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 30 June 2018, 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 is valued at the official stock exchange price, except for the part designated to service stock option plans (measured at the option exercise price under the plan if this is less than the stock exchange price). 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.

At 30 June 2018 EXOR’s NAV is $23,909 million (€20,508 million), an increase of $937 million (+4.1%) compared to $22,972 million (€19,155 million) at 31 December 2017.

NAV per share amounts to $99.20 equal to €85.09 ($95.32, equal to €79.48 at 31 December 2017).

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

US $ million 06/30/2018 12/31/2017 Change

    Amount %
Investments 27,356 26,550 806 +3.0%
Financial investments 4 4 0 +0.0%
Cash and cash Equivalents  397 127 270 n.s.
Treasury stock 209 212 (3) (1.4%)
Gross Asset Value 27,966 26,893 1,073 +4.0%
Gross Debt (4,057) (3,921) (136) +3.5%
Net Asset Value (NAV) 23,909 22,972 937 +4,1%

The value in Euro of the NAV presented in US dollars, converted at the exchange rates of the respective years is the following:

€ million 06/30/2018 12/31/2017
Investments 23,465 22,138
Financial investments 3 3
Cash and cash Equivalents 341 106
Treasury stock 179 177
Gross Asset Value 23,988 22,424
Gross Debt (3,480) (3,269)
Net Asset Value (NAV) 20,508 19,155

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 06/30/2018 12/31/2017
Issued capital and reserves attributable to owners of the parent 11,415 10,805
Difference between the market value and the book value of the investments 8,912 8,171
Treasury stock and others 181 179
Net Asset Value (NAV) 20,508 19,155

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 30 June 2018 ($27,966 million).

“Other investments” include the investments in Welltec and GEDI in addition to minor sundry investments.

 

GAV

 

 

Change in NAV per share compared to the MSCI World Index in U.S. Dollar

Change in NAV

Commercial Register No.64236277 Legal notes | Credits