Annual report 2014

Letter to shareholders

Elkann

Dear Shareholders,

EXOR’s Net Asset Value, or NAV, grew by 14.8% in 2014. This was against a backdrop of growth in global equity markets slowing, with the MSCI World index increasing 2.93% in US dollar terms and 17.2% in euro terms (our benchmark), driven by the rallying dollar. As a consequence of the steep depreciation of the euro vis-à-vis the dollar, we underperformed the MSCI World Index denominated in Euros by 2.4% in the course of the year.

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NAV
€ millions12/31/2013
12/31/2014
Change
%
Investments 6,445 8,347 1,902 +29.5%
Financial investments 663 663 0 +0.0%
Cash and cash Equivalents 2,572 2,233 (339) -13.2%
Treasury stock 633 762 129 +20.4%
Gross Asset Value 10,313 12,005 1,692 +16.4%
Gross Debt (1,291) (1,671) (380) +29.4%
Ordinary holding costs over ten years (170) (170) - -
Net Asset Value (NAV) 8,852 10,164 1,312 +14.8%
Commercial Register No.64236277 Legal notes | Credits