EXOR’s Net Asset Value (NAV) is €13,334 million at March 31, 2015, an increase of €3,170 million (+31.2%) compared to €10,164 million at December 31, 2014.

The composition and the change in NAV are the following:

€ million03/01/2009(a)12/31/201403/31/2015Change vs 
     Amount %
Investments  2,921   8,34711,268 2,921 +35.0%
Financial investments 274   663712 49 +7.4%
Cash and cash equivalents 1,121   2,2332,272 39 +1.7%
Treasury shares 19   762942 180 +23.6%
Gross Asset Value 4,335   12,00515,194 3,189 +26.6%
Gross Debt (1,157)   (1,671)(1,690) (19) +1.1%
Ordinary holding costs capitalized over ten years (210)   (170)(170) - -
Net Asset Value (NAV) 2,968   10,16413,334 3,170 +31.2%
(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 March 31, 2015 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 awarded to beneficiaries 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 March 31, 2015 (€15,194 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 March 31, 2015, respectively, of 1.0759 and 0.72730.


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

Change in NAV compared to the MSCI World Index in Euro


Commercial Register No.64236277 Note legali | Credits