At September 30, 2015 EXOR’s Net Asset Value (NAV) is €11,130 million, an increase of €966 million (+9.5%) compared to €10,164 million at December 31, 2014.

The composition and change in NAV are the following:

€ million 3/1/2009 (a) 12/31/2014 9/30/2015 Change vs 12/31/2014
Investiments2,921 8,3478,707360+4.3%
Financial investments 274   663 560 (103) -15.5%
Cash and cash equivalents 1,121   2,233 2,898 665 +29.8%
Treasury stock 19   762 862 100 +13.1%
Gross Asset Value 4,335   12,005 13,027 1,022 +8.5%
Gross Debt (1,157)   (1,671) (1,727) (56) +3.4%
Ordinary holding costs over ten years (210)   (170) (170) - -
Net Asset Value (NAV) 2,968   10,164 11,130 966 +9.5%
(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, 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 September 30, 2015 (€13,027 million).
“Other investments” include the investments in PartnerRe, The Economist Group, Almacantar, Juventus Football Club, Banca Leonardo and Banijay 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, 2015, respectively, of 1.1203 and 0.7385.


(*) Including the mandatory convertible securities issued by FCA on December 15, 2014.

Change in NAV compared to the MSCI World Index in Euro

Change in NAV compared to the MSCI World Index in Euro


Commercial Register No.64236277 Note legali | Credits