Breakdown of Net Asset Value

in US$ million  Ownership (%)  Valuation methodology  12/31/2018  12/31/2017  Change vs 12/31/2017
Amount %
Investments     23,272 26,550 (3,278) -12.3%
PartnerRe 100.00% Fair value by independent experts 7,650 7,590 60 +0.8%
Fiat Chrysler Automobiles 28.98% Official market price 6,538 8,093 (1,555) -19.2%
Ferrari 22.91% Official market price 4,404 4,691 (287) -6.1%
CNH Industrial 26.89% Official market price 3,296 4,918 (1,622) -33.0%
Juventus Football Club 63.77% Official market price 797 589 208 +35.3%
Other investments (a)   Listed: official market price, Unlisted: available fair value 587 669 (82) -12.3%
Other Assets (b)     501 343 159 +46.4%
Cash and cash equivalents     306 127 179 +140.9%
Financial investments     4 4 0 +0.0%
Treasury stock     191 212 (21) -9.9%
Gross Asset Value     23,773 26,893 (3,120) -11.6%
Gross Debt     (4,033) (3,921) (112) +2.9%
Net Asset Value (NAV)     19,740 22,972 (3,232) -14.1%
NAV per Share in US$ (c)     82.33 95.32 (13) -13.6%
(a) Other investments include the stake in The Economist Group ($400 million), Welltec ($106 million), GEDI ($12 million), NocoA and other minor sundry investments ($69 million). (b) At 31 December 2018, ‘Other assets’ include $4 million of financial investments, $306 million of cash and cash equivalents and $191 million of treasury stock. Treasury stock includes shares held in treasury before the Share Buyback Program launched on 14 November 2018. At 31 December 2017, ‘Other assets’ include $4 million of financial investments, $127 million of cash and cash equivalents and $212 million of treasury stock. (c) Based on 239,768,490 shares at 31 December 2018 (netting out the 1,231,510 ordinary shares bought back in 2018 in the context of the Share Buyback Program). Based on 241,000,000 shares at 31 December 2017.
Commercial Register No.64236277 Legal notes | Credits