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 31 December 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.

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).

The sum of the aforesaid values constitutes the total value of assets (Gross Asset Value or GAV). Gross Debt corresponds to the total amount of the financial debt of the Holdings System.

Items included in the calculation of Gross Asset Value and Gross Debt which are denominated in foreign currencies are converted at the official exchange rates at the corresponding reporting date.

Highlights

  • At 31 December 2020 Exor’s NAV is $29,501 million (€24,041 million) compared to $26,155 million (€23,282 million) at 31 December 2019.
  • At 31 December 2020 Exor’s NAV per share amounts to $125.26 (€102.08) compared to $110.77 (€98.60) at 31 December 2019, an increase of $14.49/share or 13.1%. This compares to an increase of 14.1% for the MSCI World Index in US Dollar.

NAV per share at 31 December 2020 and at 31 December 2019 are based on 235,516,639 shares and 236,121,668 shares respectively. 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

Change in Nav per share

Gross Asset Value composition

The following chart illustrates the GAV composition at 31 December 2020 ($34,544 million or €28,151 million), compared to 31 December 2019 ($29,997 million or €26,702 million).

 

Gross Asset Value Breakdown

 

Breakdown of Net Asset Value in U.S. Dollar

US$ millionOwnership %Valutation methodology12/31/202012/31/2019Change vs 12/31/2019
Amount %
Investments     33,28828,923 4,365 +15.1%
Companies  32,81128,6524,159+14.5%
Ferrari 22.91% Official market price 10,2867,383 2,903 +39.3%
PartnerRe100.00%Fair value (a)8,2509,000(750)(8.3) %
Fiat Chrysler Automobiles 28.54% Official market price 8,085 6,661 1,424 +21.4 %
CNH Industrial 26.89% Official market price 4,649 4,036 613 +15.2 %
Juventus Football Club 63.77% Official market price 848 1,188 (340) (28.6)%
The Economist Group43.40%Fair value343368(25)(6.8)%
GEDI Gruppo Editoriale (b)89,62%Fair value25416238n.a.
SHANG XIA77.30%Fair value96-96n.a.
Partnerships (b)   Fair value 248 108 140 +129.6%
Seeds   Fair value  140 64 76 +118.8%
Other investments (e) Fair value/Official market
price
8999(10)(10.1)%
OTHERS  1,2561,07418216.9%
Cash and cash equivalents and Financial assets     1,054 886 168 +19.0%
Treasury stock (c)     202 188 14 7.4%
Gross Asset Value     34,544 29,997 4,547 +15.2%
Gross Debt     (5,043) -3,842 (1,201) +31.3%
Net Asset Value (NAV)     29,501 26,155 3,346 +12.8%
NAV per Share in US$ (g)     125.26 110.77 14.49 +13.1%
(a) At 31 December 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 acquired control over GEDI and launched a mandatory tender offer at €0.46 per share which concluded in August 2020. At 31 December 2020, Exor held 89.62% of the GEDI share capital. (c) Partnerships at 31 December 2020 include Via Transportation ($200 million) and Welltec ($48 million). Partnerships at 31 December 2019 include Welltec ($108 million). (d) Includes the amount directly invested in Exor Seeds by Exor S.A. (e) Other investments at 31 December 2020 include Perella Weinberg ($15 million), among other small participations. Other investments at 31 December 2019 included Perella Weinberg ($21 million) among other small participations. (f) Treasury stock includes shares held in treasury before the share buyback program launched on 14 November 2018. (g) Based on 235,516,639 shares at 31 December 2020 and 236,121,668 at 31 December 2019 (netting out, respectively, the 5,483,361 and 4,878,332 ordinary shares bought back in the context of the share buyback program).

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Breakdown of Net Asset Value in Euro

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 12/31/202012/31/2019 Change vs 12/31/2018
Amount %
Investments     27,12825,746 1,382 +5.4%
Companies

26,73925,505 1,234 +4.8%
Ferrari 22.91% Official market price 8,3936,572 1,811 +27.6 %
PartnerRe100.00%Fair value (a)6,7238,011(1,288)(16.1) %
Fiat Chrysler Automobiles 28.54% Official market price 6,5885,930 658 +11.1 %
CNH Industrial 26.89% Official market price 3,7893,592 197 +5.5 %
Juventus Football Club 63.77% Official market price 6911,058 (367) (34.7)%
The Economist Group43.40%Fair value280328(48)(14.6)%
GEDI Gruppo Editoriale(b)89.62%Fair value20714193n.a.
SHANG XIA77.30%Fair value78-78n.a.
Partnerships(c)   Fair value 20297 105 +108.2%
Seeds(d)   Fair value  11457 57 +100.0%
Other investments(e)   Fair value/Official market
price 
7387 (14) (16.1)%
OTHERS     1.023956 67 7.0%
Cash and cash equivalents and Financial assets  859789708.9%
Treasury stock(f)  164167(3)(1.8)%
Gross Asset Value     28,15126,702 1,449 +5.4%
Gross Debt     (4,110)(3,420) 102 +20.2%
Net Asset Value (NAV)     24,04123,282 6,044 +3.3%
NAV per Share in Euro(g)     102.0898.60 26.71 +3.5%
(a) At 31 December 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 acquired control over GEDI and launched a mandatory tender offer at €0.46 per share which concluded in August 2020. At 31 December 2020, Exor held 89.62% of the GEDI share capital. (c) Partnerships at 31 December 2020 include Via Transportation (€163 million) and Welltec (€39 million). Partnerships at 31 December 2019 include Welltec (€97 million). (d) Includes the amount directly invested in Exor Seeds by Exor S.A. (e) Other investments at 31 December 2020 include Perella Weinberg (€13 million), among other small participations. Other investments at 31 December 2019 included Perella Weinberg (€19 million) among other small participations. (f) Treasury stock includes shares held in treasury before the share buyback program launched on 14 November 2018. (g) Based on 235,516,639 shares at 31 December 2020 and 236,121,668 at 31 December 2019 (netting out, respectively, the 5,483,361 and 4,878,332 ordinary shares bought back 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 12/12/202012/31/2019
Issued capital and reserves attributable to owners of the parent 13,09015,025
Difference between the market value and the book value of the investments 10,7858,095
Treasury stock and other 166162
Net Asset Value (NAV) 24,04123,282

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

 12/31/2020 12/31/2019
€ millionBook valueMarket value Book value Market value
Ferrari4528,383 378 6,572
PartnerRe(a)6,0256,723 6,477 8,011
FCA7,3376,558 8,173 5,930
CNH Industrial1,4313,789 1,852 3,592
Juventus Football Club80691 176 1,058
The Economist Group299280 323 328
Gedi(b)207207 14 14
Others51246717,65125,746
Total16,34327,128 17,646 25,741
Difference 10,785   8,095
(a) At 31 December 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 31 December 2020, at the acquisition of the control of GEDI, Exor held 439,339,893 shares in GEDI. At 31 December 2019 Exor held 30,481,490 shares in GEDI.

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