NAV

Definition and Methodology

Net Asset Value (NAV) corresponds to the total value of assets net of the Gross Debt of the Holdings System as defined below. In determining the total value of assets at 30 June 2020, listed equity investments and other securities are valued at official market trading prices, unlisted equity investments are valued at fair value, determined annually by independent experts at the end of the year. For PartnerRe, considering that the fair value at 31 December 2019 was aligned to the price under the Memorandum of Understanding signed with Covéa which subsequently decided not to conclude the transaction (waived on 12 May 2020), exceptionally the fair value at 30 June 2020 was updated and estimated by an independent expert.

Unlisted other investments (funds and similar instruments) are valued by reference to the most recent available fair value and bonds held to maturity are valued at amortized cost.

Treasury stock relates to the shares held in treasury before the Share Buyback Program launched on 14 November 2018. Treasury shares are valued at the official stock exchange price, except for the part designated to service stock option plans (measured at the option exercise price under the plan if this is less than the stock exchange price).

Highlights

  • At 30 June 2020 EXOR’s NAV is $20,955 million (€18,713 million) compared to $26,155 million (€23,282 million) at 31 December 2019.
  • At 30 June 2020 EXOR’s NAV per share amounts to $88.75 (€79.25) compared to $110.77 (€98.60) at 31 December 2019, a decrease of $22.02/share or -19.9%. This compares to a decrease of -6.6% for the MSCI World Index.

At 30 June 2020, the NAV per share is calculated taking into account market prices for listed companies and independent fair valuations for non-listed assets. NAV per share at 30 June 2020 and at 31 December 2019 are based on 236,121,668 shares. This is calculated based on 241,000,000 issued shares net of the shares bought back in the context of the share buyback program launched on 14 November 2018.

Change in NAV per share compared to the MSCI World Index in U.S. Dollar

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Gross Asset Value composition

Gross Asset Value Breakdown

Breakdown of Net Asset Value 

US$ million  Ownership % Valuation methodology 06/30/2020 12/31/2019 Change vs 12/31/2019
     Amount %
Investments     24,236 28,923 (4,687) (16.2%)
PartnerRe 100.00% Fair value(a) 7,68 9 (1,32) (14.7%)
Ferrari 22.91% Official market price 7,556 7,383 173 +2.3%
Fiat Chrysler Automobiles 28.67% Official market price 4,501 6,661 (2,16) (32.4%)
CNH Industrial 26.89% Official market price 2,559 4,036 (1,477) (36.6%)
Juventus Football Club 63.77% Official market price 878 1,188 (310) (26.1%)
GEDI Gruppo Editoriale(b) 88.37% Official market price 232 16 216 n.a.
Other investments(c)   Listed: at official market prices
Unlisted: last available fair value
830 639 191 +29.9%
Other Assets      1,703 1,074 629 +58.6%
Cash and cash equivalents and Financial assets   1,534 886 648 +73.1%
Treasury stock(d)     169 188 -19 -10.1%
Gross Asset Value     25,939 29,997 (4,058) -13.5%
Gross Debt     (4,984) (3,842) (1,142) +29.7%
Net Asset Value (NAV)     20,955 26,155 (5,200) -19.9%
NAV per Share in US$(e)     88.75 110.77 (22.02) -19.9%
(a) At 30 June 2020 the fair value has been determined by an independent expert. At 31 December 2019 the fair value was aligned with the price under the terms of the Memorandum of Understanding signed with Covéa. (b) In April 2020 EXOR (through its subsidiary Giano Holding) acquired control over GEDI and launched a mandatory tender offer at €0.46 per share. At 30 June 2020, EXOR held 92% of the GEDI share capital (taking into account the treasury shares), for a total consideration of $232 million, including $16 million relating to shares previously held by EXOR. (c) Other investments at 30 June 2020 include the stake in The Economist Group ($342 million), Via Transportation ($200 million), Welltec ($109 million), Exor Seeds ($83 million) and Perella Weinberg ($21 million), among others. Other investments at 31 December 2019 included the stake in The Economist Group ($368 million), Welltec ($108 million), Exor Seeds ($64 million), Perella Weinberg ($21 million) and financial investments ($3 million) among others. Financial investments previously classified under Other assets have been reclassified under Other investments for presentation purposes. (d) Treasury stock includes shares held in treasury before the buyback program launched on 14 November 2018. (e) Based on 236,121,668 shares at 30 June 2020 and at 31 December 2019 (netting out the 4,878,332 ordinary shares bought back in 2018 and 2019 in the context of the Share Buyback Program).

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The value of the NAV in the Euro currency, converted at the official exchange rates at the respective dates, is presented below:

€ million  Ownership % Valuation methodology 06/30/2020 12/31/2019 Change vs 12/31/2019
Amount %
Investments     21,643 25,746 -4,103 -15.9%
PartnerRe 100.00% Fair value(a) 6,858 8,011 -1,153 -14.4%
Ferrari 22.91% Official market price 6,747 6,572 175 +2.7%
Fiat Chrysler Automobiles 28.67% Official market price 4,02 5,93 -1,91 -32.2%
CNH Industrial 26.89% Official market price 2,285 3,592 -1,307 -36.4%
Juventus Football Club 63.77% Official market price 784 1,058 -274 -25.9%
GEDI Gruppo Editoriale(b) 88.37% Official market price 207 14 193 n.a.
Other investments(c)   Listed: at official market prices 742 569 173 +30.4%
Unlisted: last available fair value
Other Assets      1,521 956 565 +59.1%
Cash and cash equivalents and Financial assets     1,37 789 581 +73.6%
Treasury stock(d)     151 167 -16 -9.6%
Gross Asset Value     23,164 26,702 -3,538 -13.2%
Gross Debt     (4,451 -3,42 -1,031 +30.1%
Net Asset Value (NAV)     18,713 23,282 -4,569 -19.6%
             
NAV per Share in Euro(e)     79.25 98.60 (19.35) -19.6%
(a) At 30 June 2020 the fair value has been determined by an independent expert. At 31 December 2019 the fair value was aligned with the price under the terms of the Memorandum of Understanding signed with Covéa. (b) In April 2020 EXOR (through its subsidiary Giano Holding) acquired control over GEDI and launched a mandatory tender offer at €0.46 per share. At 30 June 2020, EXOR held 92% of the GEDI share capital (taking into account the treasury shares), for a total consideration of €207 million, including €14 million relating to shares previously held by EXOR. (c) Other investments at 30 June 2020 include the stake in The Economist Group (€306 million), Via Transportation (€179 million), Welltec (€97 million), Exor Seeds (€74 million) and Perella Weinberg (€19 million), among others. Other investments at 31 December 2019 included the stake in The Economist Group (€328 million), Welltec (€97 million), Exor Seeds (€57 million), Perella Weinberg (€19 million) and financial investments (€2 million) among others. Financial investments previously classified under Other assets have been reclassified under Other investments for presentation purposes. (d) Treasury stock includes shares held in treasury before the Share Buyback Program launched on 14 November 2018. (e) Based on 236,121,668 shares at 30 June 2020 and at 31 December 2019 (netting out the 4,878,332 ordinary shares bought back in 2018 and 2019 in the context of the Share Buyback Program).

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Reconciliation with the IFRS financial statements

The following table shows the reconciliation between the Net Asset Value (NAV) and the issued capital and reserves attributable to owners of the parent.

€ million 06/30/2020 12/31/2019
Issued capital and reserves attributable to owners of the parent 13,403 15,025
Difference between the market value and the book value of the investments  5,109 8,095
Treasury stock and other 201 162
Net Asset Value (NAV) 18,713 23,282

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The following table shows the difference between the market value and the book value of Investments:

  06/30/2020 12/31/2019
€ million Book value Market value Book value Market value
PartnerRe(a) 6,177 6,858 6,477 8,011
Ferrari 345 6,747 378 6,572
FCA 7,066 4,02 8,173 5,93
CNH Industrial 1,78 2,285 1,852 3,592
Juventus Football Club 166 784 176 1,058
The Economist Group 289 306 323 328
GEDI(b) 251 207 14 14
Others 455 431 253 236
Total 16,529 21,638 17,646 25,741
Difference   5,109   8,095
(a) At 30 June 2020 the fair value is determined by an independent expert. At 31 December 2019 the fair value was aligned with the price under the terms of the Memorandum of Understanding signed with Covéa. (b) At 30 June 2020 EXOR, at the end of the acceptance period of the mandatory tender offer launched to acquire all GEDI shares, held 449,505,575 shares in GEDI. At 31 December 2019 EXOR held 30,481,490 shares in GEDI.

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Commercial Register No.64236277 Note legali | Credits