At September 30, 2013 EXOR’s Net Asset Value (NAV) is €9,162 million. This is a €1,542 million increase (+20%) over €7,620 million at December 31, 2012.

The composition and change in NAV are the following:

€ million 3/1/09
(a) 12/31/12
  Change vs 12/31/12
Investments 2,921   7,533 6,786 (747) -10%
Financial investments 274   462 647 185 +40%
Cash and cash equivalents 1,121   862 2,654 1,792 +208%
Treasury stock 19   321 609 288 +90%
Gross Asset Value 4,335   9,178 10,696 1,518 +17%
Gross Debt (1.157)   (1,388) (1,364) 24 -2%
Ordinary holding costs over 10 years (210)   (170) (170) - -
Net Asset Value (NAV) 2,968   7,620 9,162 1,542 +20%
(a) Effective date of the merger of IFIL in IFI and the name change of the latter to EXOR.

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The gross asset value at September 30, 2013 has been calculated by valuing the listed investments and other equity shares at trading prices, and other private investments at fair value determined annually by independent experts (last update at December 31, 2012) and other private investment holdings (funds and similar instruments) at the most recently available fair value. Bonds held to maturity are measured at amortized cost. EXOR treasury stock is measured at share trading prices, except ordinary shares used to service Stock Option Plans, which are measured at the option exercise price if lower than the share trading price and the shares granted to recipients of the stock grant component of the new Incentive Plan approved on May 29, 2012 by the shareholders’ meeting. The latter are deducted from the total number of treasury shares.

The decrease in “Investments” from December 31, 2012 is due to the sale of the investment in SGS which is compensated in part by the increase in Fiat and CNH Industrial market value.  The sale led to an increase in “Cash and cash equivalents”.

NAV is presented with the aim of aiding analysts and investors in forming their own assessments.

The following pie chart shows the composition of Gross Asset Value at September 30, 2013 (€10,696 million).

“Other investments” include the investments in Almacantar, Juventus Football Club, Gruppo Banca Leonardo, Banijay Holding, The Economist Group, in addition to minor sundry investments.

Investments denominated in U.S. dollars and Pounds sterling are translated to Euro at the official exchange rates at September 30, 2013 of 1.3505 and 0.8361, respectively.


Change in NAV compared with MSCI World Index in Euro

Change in NAV compared with MSCI World Index in Euro

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