Definition and Methodology

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 2019, 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 at the end of the year 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 relates to the shares held in treasury before the Share Buyback Program launched on 14 November 2018. Treasury shares are 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 or GAV). 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.

Highlights

  • At 31 December 2019 EXOR’s NAV is $26,155 million (€23,282 million) compared to $19,740 million (€17,238 million) at 31 December 2018.
  • At 31 December 2019 EXOR’s NAV per share amounts to $110.77 or €98.60 compared to $82.33 (€71.89 at 31 December 2018), an increase of $28.44/share or +34.5%. This compares to an MSCI World Index increase of +25.2%.

At 31 December 2019, the NAV per share is calculated taking into account market prices for listed companies and independent fair valuations for non-listed assets. In the case of PartnerRe, the fair value has been aligned to the price under the Memorandum of Understanding signed with Covéa on 3 March 2020. NAV per share at 31 December 2019 and at 31 December 2018 are based on 236,121,668 and 239,768,490 shares respectively.

This is calculated assuming 241,000,000 issued shares net of the shares bought back in the context of the share buyback program launched on 14 November 2018.

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

Change in Nav per share

Gross Asset Value composition

Gross Asset Value Breakdown

Breakdown of Net Asset Value in U.S. Dollar

US$ millionOwnership %Valutation methodology12/31/201912/31/2018Change vs 12/31/2018
Amount %
Investments     28,923 23,276 5,647 +24.3%
PartnerRe 100.00% Fair value(a) 9 7,65 1,35 +17.6%
Ferrari 22.91% Official market price 7,383 4,404 2,979 +67.6%
Fiat Chrysler Automobiles 28.67% Official market price 6,661 6,538 123 +1.9%
CNH Industrial 26.89% Official market price 4,036 3,296 740 +22.4%
Juventus Football Club 63.77% Official market price 1,188 797 391 +49.1%
Other investments(b)   Listed: official market prices 655 591 64 +10.8%
Other Assets      1,074 497 577 +116.2%
Cash and cash equivalents and Financial assets     886 306 580 +189.7%
Treasury stock(c)     188 191 -3 -1.6%
Gross Asset Value     29,997 23,773 6,224 +26.2%
Gross Debt     -3,842 -4,033 191 -4.7%
Net Asset Value (NAV)     26,155 19,74 6,415 +32.5%
NAV per Share in US$(d)     110.77 82.33 28.44 +34.5%
(a) At 31 December 2019 the fair value is aligned with the price under the terms of the Memorandum of Understanding signed with Covéa; at 31 December 2018 it is based on the fair value determined by an independent expert. (b) Other investments at 31 December 2019 include the stake in The Economist Group ($368 million), Welltec ($108 million), Exor Seeds ($64 million), Perella Weinberg ($21 million), GEDI ($16 million) and financial investments ($3 million) among others. Other investments at 31 December 2018 included the stake in The Economist Group ($400 million), Welltec ($106 million), Exor Seeds ($25 million), Perella Weinberg ($24 million), GEDI ($12 million) and financial investments ($4 million) among others. Financial investments previously classified under Other Assets have been reclassified under Other investments for presentation purposes. Exor Seeds refers only to the quota held directly by Exor S.A. (c) Treasury stock includes shares held in treasury before the buyback program launched on 14 November 2018. (d) NAV per share at 31 December 2019 and at 31 December 2018 are based on 236,121,668 and 239,768,490 shares, respectively. Shares bought back in the context of the buyback program launched on 14 November 2018 are deducted from total issued shares.

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

€ million  Ownership % Valuation methodology 12/31/2019 12/31/2018 Change vs 12/31/2018
Amount %
Investments     25,746 20,326 5,42 +26.7%
PartnerRe 100.00% Fair value(a) 8,011 6,681 1,33 +19.9%
Ferrari 22.91% Official market price 6,572 3,846 2,726 +70.9%
Fiat Chrysler Automobiles 28.67% Official market price 5,93 5,71 220 +3.8%
CNH Industrial 26.89% Official market price 3,592 2,878 714 +24.8%
Juventus Football Club 63.77% Official market price 1,058 696 362 +52.0%
Other investments(b)   Listed: official market prices 583 515 68 +13.2%
Other Assets      956 434 522 +120.4%
Cash and cash equivalents and Financial assets     789 267 522 +195.5%
Treasury stock(c)     167 167 0 0.2%
Gross Asset Value     26,702 20,76 5,942 +28.6%
Gross Debt     -3,42 -3,522 102 -2.9%
Net Asset Value (NAV)     23,282 17,238 6,044 +35.1%
NAV per Share in Euro(d)     98.60 71.89 26.71 +37.1%
(a) At 31 December 2019 the fair value is aligned with the price under the terms of the Memorandum of Understanding signed with Covéa; at 31 December 2018 it is based on the fair value determined by an independent expert. (b) Other investments at 31 December 2019 include the stake in The Economist Group (€328 million), Welltec (€97 million), Exor Seeds (€57 million), Perella Weinberg (€19 million), GEDI (€14 million) and financial investments (€2 million) among others. Other investments at 31 December 2018 included the stake in The Economist Group (€348 million), Welltec (€92 million), Exor Seeds (€22 million), Perella Weinberg (€21 million), GEDI (€10 million) and financial investments (€3 million) among others. Financial investments previously classified under Other Assets have been reclassified under Other investments for presentation purposes. Exor Seeds refers only to the quota held directly by Exor S.A. (c) Treasury stock includes shares held in treasury before the share buyback program launched on 14 November 2018. (d) NAV per share at 31 December 2019 and at 31 December 2018 are based on 236,121,668 and 239,768,490 shares, respectively. Shares bought back in the context of the buyback program launched on 14 November 2018 are deducted from total issued shares.

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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 12/31/2019 12/31/2018
Issued capital and reserves attributable to owners of the parent 15,025 12,210
Difference between the market value and the book value of the investments 8,095 4,861
Treasury stock and other 162 167
Net Asset Value (NAV) 23,282 17,238

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

  12/31/2019 12/31/2018
€ million Book value Market value Book value Market value
PartnerRe(a) 6,477 8,011 5,719 6,681
Ferrari 378 6,572 342 3,846
FCA 8,173 5,93 7,154 5,71
CNH Industrial 1,852 3,592 1,722 2,878
Juventus Football Club 176 1,058 51 696
The Economist Group 323 328 318 348
Others 267 250 159 167
Total 17,646 25,741 15,465 20,326
Difference   8,095   4,861
(a) At 31 December 2019 the fair value is aligned with the price under the terms of the Memorandum of Understanding signed with Covéa; at 31 December 2018 it is based on the fair value determined by an independent expert.

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Commercial Register No.64236277 Legal notes | Credits