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 30 June 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). 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 30 June 2019 EXOR's NAV is $23,882 million (€ 20,985 million) compared to $19,740 million (€ 17,238 million) at 31 December 2018.

At 30 June 2019 EXOR's NAV per share amounts to $101.06 or €88.80 compared to $82.33 (€71.89 at 31 December 2018), an increase of $18.73/share or +22.8%.
NAV per share at 30 June 2019 and at 31 December 2018 are based on 236,307,604 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.

Breakdown of Net Asset Value
US$ millionOwnershipValutation methodology06/30/201912/31/2018Change vs 12/31/2018
Amount%
Investments 
  26,568  23,276 3,292 +14.1%
PartnerRe 100.00% Fair value by indipendent experts  7,650  7,6500 +0.0%
Ferrari  22.91%Official market price7,192 4,4042,788+63.3%
Fiat Chrysler Automobiles   28.67% Official market price 6,247 6,538(291) 4.5% 
CNH Industrial   26.89% Official market price  3,761 3,296465  +14.1%
Juventus Football Club 63.77% Official market price 1,070 797273   +34.3%
Other investments(a)  Listed:official markets prices Unlisted:last avaiable fair value648 59157 +9.6%
Other Assets      1,084   497587  +118.1%
Cash and cash equivalents and Financial assets      901
306
595
+194.4%
Treasury stock(b)    183191(8)-4,2%
Gross Asset Value     27,652 23,7733,879  +16.3%
Gross Debt     (3,770) (4,033)263 -6.5% 
Net Asset Value (NAV)     23,882  19,7404,142  +21.0%
            
NAV per Share in US$(c)     101.06   82.3318,73 +22.8% 

(a) Other investments at 30 June 2019 include the stake in The Economist Group ($395 million), Welltec ($105 million), Exor Seeds ($28 million), Perella Weinberg (previously NocoA - $21 million), GEDI ($10 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.
(b) Treasury stock includes shares held in treasury before the buyback program launched on 14 November 2018.
(c) NAV per share at 30 June 2019 and at 31 December 2018 are based on 236,307,604 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. 

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

€ millionOwnershipValutation methodology06/30/201912/31/2018Change vs 12/31/2018
Amount%
Investments 
  23,345 20,326 3,019 +14.9%
PartnerRe 100.00% Fair value by indipendent experts  6,722 6,68141 +0.6%
Ferrari  22.91%Official market price6,3203,8462,474+63.3%
Fiat Chrysler Automobiles   28.67% Official market price 5,489 5,710(221) -3.9% 
CNH Industrial   26.89% Official market price 3,305 2,878427 +14.8%
Juventus Football Club 63.77% Official market price 940 696244  +35.1%
Other investments(a)  Listed:official markets prices Unlisted:last avaiable fair value56951554+10.5%
Other Assets      953  434519 +119.6%
Cash and cash equivalents and Financial assets      792 267525
+196.6%
Treasury stock(b)    1611673,538-3.6%
Gross Asset Value     24,298 20,7603,879  +17.0%
Gross Debt     (3,313) (3,522)209 -5.9%
Net Asset Value (NAV)     20,985 17,2383,747  +21.7%
            
NAV per Share in Euro(c)     88.80   71.8916.91 +23.5%

(a) Other investments at 30 June 2019 include the stake in The Economist Group (€347 million), Welltec (€92 million), Exor Seeds (€25 million), Perella Weinberg (previously NocoA - €18 million), GEDI (€9 million) and financial investments (€3 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.
(b) Treasury stock includes shares held in treasury before the share buyback program launched on 14 November 2018.
(c) NAV per share at 30 June 2019 and at 31 December 2018 are based on 236,307,604 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.

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.

€ milion06/30/201812/31/2017
Issued capital and reserves attributable to owners of the parent14,38712,210
Difference between the market value and the book value of the investments6,4384,861
Treasury stock and other160167
Net Asset Value (NAV)20,98517,238

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

  06/30/2019 12/31/2018
€ million  Book value  Market value  Book value  Market value
PartnerRe 6,390 6,722 5,719 6,681
Ferrari 350 6,32 342 3,846
FCA 7,771 5,489 7,154 5,71
CNH Industrial 1,832 3,305 1,722 2,878
Juventus Football Club 20 940 51 696
The Economist Group 314 347 318 348
Others 230 222 159 167
Total 16,907 23,345 15,465 20,326
Difference   6,438   4,861

Gross Asset Value composition
The following pie chart illustrates the Gross Asset Value composition at 30 June 2019 ($27,652 million or €24,298 million).


gross asset value breakdown

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

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

Commercial Register No.64236277 Legal notes | Credits