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.  

To determine the value of an asset:

  • Listed equity investments and other securities are valued at official market prices. 
  • Unlisted equity investments are valued at fair value, determined annually by independent experts at the end of the year. Unlisted other investments are valued at the most recently available fair value. 
  • Bonds held to maturity are valued at amortized cost.
  • Treasury stock includes the shares held in treasury valued at the official market 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 market price). Treasury stock does not include the shares bought back under the share buyback program launched in November 2018 and completed in November 2020. 

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 30 June 2021 Exor’s NAV is $32,158 million (€27,059 million) compared to $29,501 million (€24,041 million) at 31 December 2020.
  • At 30 June 2021 Exor’s NAV per share amounts to $136.54 (€114.89) compared to $125.26 (€102.08) at 31 December 2020, an increase of $11.28/share or 9.0%. This compares to an increase of 12.2% for the MSCI World Index in US Dollar.

NAV per share at 30 June 2021 and at 31 December 2020 are based on 235,516,639 shares. This is calculated based on 241,000,000 issued shares net of the 5,483,361 shares bought back in the context of the share buyback program launched in November 2018 and completed in November 2020.

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

Gross Asset Value composition

The following chart illustrates the GAV composition at 30 June 2021 ($37,099 million or €31,217 million), compared to 31 December 2020 ($34,544 million or €28,151 million). 

 

Gross Asset Value Breakdown

Breakdown of Net Asset Value 

US$ million Ownership % at 30 June 2021 Valuation methodology 06/30/2021 12/31/2020 Change vs
31 December 2020
          Amount %  
INVESTMENTS     35,689  33,288  2,401  7.2  %
Companies     33,859  32,859  1,000  3.0  %
Ferrari 22.9% Official market price 9,189  10,286  (1,097) (10.7) %
Stellantis 14.4% Official market price 8,842  —  8,842  n.a.  
FCA —  8,085  (8,085) n.a.  
PartnerRe 100.0% Fair value 8,250  8,250  —  —  %
CNH Industrial 26.9% Official market price 6,072  4,649  1,423  30.6  %
Juventus 63.8% Official market price 727  848  (121) (14.3) %
Other companies (a)   Fair value 779  741  38  5.1  %
Partnerships (b)   Fair value 993  200  793  396.5  %
Seeds (c)   Fair value 324  140  184  131.4  %
Other investments (d)   Fair value/ Official market price 513  89  424  476.4  %
OTHERS     1,410  1,256  154  12.3  %
Cash and cash equivalents and Financial assets     1,223  1,054  169  16.0  %
Treasury stock (e)     187  202  (15) (7.4) %
Gross Asset Value     37,099 34,544 2,555  7.4  %
Gross Debt     (4,941) (5,043) 102  (2.0) %
Net Asset Value (NAV)     32,158 29,501 2,657  9.0  %
NAV per Share in US$(f)     136.54  125.26  11.28  9.0  %
(a) Other companies at 30 June 2021 include The Economist ($348 million), GEDI ($246 million), SHANG XIA ($95 million) and Welltec ($90 million). Other companies at 31 December 2020 included The Economist ($343 million), GEDI ($254 million), SHANG XIA ($96 million) and Welltec ($48 million). (b) Partnerships at 30 June 2021 include Christian Louboutin ($643 million) and Via Transportation ($350 million). Partnerships at 31 December 2020 included Via Transportation ($200 million). Welltec has been reclassified from Partnerships to Companies. (c) Includes the amount directly invested in Exor Seeds by Exor S.A. (d) Other investments at 30 June 2021 include Faurecia ($376 million) and Perella Weinberg ($15 million), among others. Other investments at 31 December 2020 included Perella Weinberg ($15 million) among others. (e) Treasury stock includes shares held in treasury, excluding shares bought back in the context of the share buyback program launched in November 2018 and completed in November 2020. (f) Based on 235,516,639 shares at 30 June 2021 and at 31 December 2020 (netting out the 5,483,361 ordinary shares bought back in the context of the share buyback program). Note: Investments are included in Companies, Partnerships or Seeds based on their classification at 30 June 2021.

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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 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%
(a) At 30 June 2020 the fair value has been determined by an independent expert. At 31 December 2019 the fair value was aligned with the price under the terms of the Memorandum of Understanding signed with Covéa. (b) In April 2020 EXOR (through its subsidiary Giano Holding) acquired control over GEDI and launched a mandatory tender offer at €0.46 per share. At 30 June 2020, EXOR held 92% of the GEDI share capital (taking into account the treasury shares), for a total consideration of €207 million, including €14 million relating to shares previously held by EXOR. (c) Other investments at 30 June 2020 include the stake in The Economist Group (€306 million), Via Transportation (€179 million), Welltec (€97 million), Exor Seeds (€74 million) and Perella Weinberg (€19 million), among others. Other investments at 31 December 2019 included the stake in The Economist Group (€328 million), Welltec (€97 million), Exor Seeds (€57 million), Perella Weinberg (€19 million) and financial investments (€2 million) among others. Financial investments previously classified under Other assets have been reclassified under Other investments for presentation purposes. (d) Treasury stock includes shares held in treasury before the Share Buyback Program launched on 14 November 2018. (e) Based on 236,121,668 shares at 30 June 2020 and at 31 December 2019 (netting out the 4,878,332 ordinary shares bought back in 2018 and 2019 in the context of the Share Buyback Program).

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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 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

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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
(a) At 30 June 2020 the fair value is determined by an independent expert. At 31 December 2019 the fair value was aligned with the price under the terms of the Memorandum of Understanding signed with Covéa. (b) At 30 June 2020 EXOR, at the end of the acceptance period of the mandatory tender offer launched to acquire all GEDI shares, held 449,505,575 shares in GEDI. At 31 December 2019 EXOR held 30,481,490 shares in GEDI.

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Commercial Register No.64236277 Legal notes | Credits