At December 31, 2014 EXOR’s Net Asset Value (NAV) is €10,164 million which increased by €1,312 million (+14.8%) from €8,852 million at December 31, 2013.

The composition and change in NAV are the following:

€ millions03/01/2009(a)12/31/201331/12/2014Change vs
     Amount %
Investments 2,921   6,445 8,347 1,902 +29.5%
Financial investments 274   663 663 0 +0.0%
Cash and cash Equivalents 1,121   2,572 2,233 (339) -13.2%
Treasury stock 19   633 762 129 +20.4%
Gross Asset Value 4,335   10,313 12,005 1,692 +16.4%
Gross Debt (1,157)   (1,291) (1,671) (380) +29.4%
Ordinary holding costs over ten years (210)   (170) (170) - -
Net Asset Value (NAV) 2,968   8,852 10,164 1,312 +14.8%
(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 December 31, 2014 has been calculated by valuing listed investments and other equity shares at trading prices, other private equity investments at fair value determined annually by independent experts 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 those used to service stock option plans (measured at their option exercise price, if below the share trading price) and those granted to recipients of the stock grant plan. The latter are deducted from the total number of treasury shares.

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

The following pie chart shows the composition of gross asset value at December 31, 2014 (€12,005 million).

“Other investments” include the investments in Almacantar, Juventus Football Club, Banca Leonardo, Banijay Holding and 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 December 31, 2014, respectively, of 1.2141 and 0.7789.


(*) Including the mandatory convertible securities issued by FCA on December 16, 2014.

Change in NAV compared to the MSCI World Index in Euro

Change in NAV

Stock Market Data
Ordinary share price (in Euro):
period-end 42.3515 34.1175
42.3515 36.0779
33.3887 27.3141
Average daily volume exchanged during period: 502,579 457,777
Euro volume exchanges during period (in Euro):(a) 19,126,745 14,288,227
(a) Average daily value (official daily trading price by daily volume) handled by Borsa Italiana during period.
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