NAV
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 30 June 2020, 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. For PartnerRe, considering that the fair value at 31 December 2019 was aligned to the price under the Memorandum of Understanding signed with Covéa which subsequently decided not to conclude the transaction (waived on 12 May 2020), exceptionally the fair value at 30 June 2020 was updated and estimated by an independent expert.
Unlisted other investments (funds and similar instruments) are valued by reference to the most recent available fair value and 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).
Highlights
- At 30 June 2020 EXOR’s NAV is $20,955 million (€18,713 million) compared to $26,155 million (€23,282 million) at 31 December 2019.
- At 30 June 2020 EXOR’s NAV per share amounts to $88.75 (€79.25) compared to $110.77 (€98.60) at 31 December 2019, a decrease of $22.02/share or -19.9%. This compares to a decrease of -6.6% for the MSCI World Index.
At 30 June 2020, the NAV per share is calculated taking into account market prices for listed companies and independent fair valuations for non-listed assets. NAV per share at 30 June 2020 and at 31 December 2019 are based on 236,121,668 shares. This is calculated based on 241,000,000 issued shares net of the shares bought back in the context of the share buyback program launched on 14 November 2018.
Change in NAV per share compared to the MSCI World Index in U.S. Dollar
Gross Asset Value composition
Breakdown of Net Asset Value
| US$ million | Ownership % | Valuation methodology | 06/30/2020 | 12/31/2019 | Change vs 12/31/2019 | ||
|---|---|---|---|---|---|---|---|
| Amount | % | ||||||
| Investments | 24,236 | 28,923 | (4,687) | (16.2%) | |||
| PartnerRe | 100.00% | Fair value(a) | 7,68 | 9 | (1,32) | (14.7%) | |
| Ferrari | 22.91% | Official market price | 7,556 | 7,383 | 173 | +2.3% | |
| Fiat Chrysler Automobiles | 28.67% | Official market price | 4,501 | 6,661 | (2,16) | (32.4%) | |
| CNH Industrial | 26.89% | Official market price | 2,559 | 4,036 | (1,477) | (36.6%) | |
| Juventus Football Club | 63.77% | Official market price | 878 | 1,188 | (310) | (26.1%) | |
| GEDI Gruppo Editoriale(b) | 88.37% | Official market price | 232 | 16 | 216 | n.a. | |
| Other investments(c) | Listed: at official market prices Unlisted: last available fair value |
830 | 639 | 191 | +29.9% | ||
| Other Assets | 1,703 | 1,074 | 629 | +58.6% | |||
| Cash and cash equivalents and Financial assets | 1,534 | 886 | 648 | +73.1% | |||
| Treasury stock(d) | 169 | 188 | -19 | -10.1% | |||
| Gross Asset Value | 25,939 | 29,997 | (4,058) | -13.5% | |||
| Gross Debt | (4,984) | (3,842) | (1,142) | +29.7% | |||
| Net Asset Value (NAV) | 20,955 | 26,155 | (5,200) | -19.9% | |||
| NAV per Share in US$(e) | 88.75 | 110.77 | (22.02) | -19.9% | |||
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 | 06/30/2020 | 12/31/2019 | Change vs 12/31/2019 | |
|---|---|---|---|---|---|---|
| Amount | % | |||||
| Investments | 21,643 | 25,746 | -4,103 | -15.9% | ||
| PartnerRe | 100.00% | Fair value(a) | 6,858 | 8,011 | -1,153 | -14.4% |
| Ferrari | 22.91% | Official market price | 6,747 | 6,572 | 175 | +2.7% |
| Fiat Chrysler Automobiles | 28.67% | Official market price | 4,02 | 5,93 | -1,91 | -32.2% |
| CNH Industrial | 26.89% | Official market price | 2,285 | 3,592 | -1,307 | -36.4% |
| Juventus Football Club | 63.77% | Official market price | 784 | 1,058 | -274 | -25.9% |
| GEDI Gruppo Editoriale(b) | 88.37% | Official market price | 207 | 14 | 193 | n.a. |
| Other investments(c) | Listed: at official market prices | 742 | 569 | 173 | +30.4% | |
| Unlisted: last available fair value | ||||||
| Other Assets | 1,521 | 956 | 565 | +59.1% | ||
| Cash and cash equivalents and Financial assets | 1,37 | 789 | 581 | +73.6% | ||
| Treasury stock(d) | 151 | 167 | -16 | -9.6% | ||
| Gross Asset Value | 23,164 | 26,702 | -3,538 | -13.2% | ||
| Gross Debt | (4,451 | -3,42 | -1,031 | +30.1% | ||
| Net Asset Value (NAV) | 18,713 | 23,282 | -4,569 | -19.6% | ||
| NAV per Share in Euro(e) | 79.25 | 98.60 | (19.35) | -19.6% | ||
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 | 06/30/2020 | 12/31/2019 |
|---|---|---|
| Issued capital and reserves attributable to owners of the parent | 13,403 | 15,025 |
| Difference between the market value and the book value of the investments | 5,109 | 8,095 |
| Treasury stock and other | 201 | 162 |
| Net Asset Value (NAV) | 18,713 | 23,282 |
The following table shows the difference between the market value and the book value of Investments:
| 06/30/2020 | 12/31/2019 | |||
|---|---|---|---|---|
| € million | Book value | Market value | Book value | Market value |
| PartnerRe(a) | 6,177 | 6,858 | 6,477 | 8,011 |
| Ferrari | 345 | 6,747 | 378 | 6,572 |
| FCA | 7,066 | 4,02 | 8,173 | 5,93 |
| CNH Industrial | 1,78 | 2,285 | 1,852 | 3,592 |
| Juventus Football Club | 166 | 784 | 176 | 1,058 |
| The Economist Group | 289 | 306 | 323 | 328 |
| GEDI(b) | 251 | 207 | 14 | 14 |
| Others | 455 | 431 | 253 | 236 |
| Total | 16,529 | 21,638 | 17,646 | 25,741 |
| Difference | 5,109 | 8,095 | ||
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