EXOR DELIVERS 33% GROWTH IN NAV PER SHARE IN 2023
- NAV reached €35.5 billion at
31 December 2023 with NAV per share increasing by 32.7%, outperforming the MSCI World Index by 15.1 p.p. This increase was mainly driven by the share price performance of Ferrari and Stellantis. - Portfolio diversification increased after the PartnerRe sale, with €5.4 billion cash deployed in 2023 into Companies, Investments and share buybacks, while maintaining a strong balance sheet with an LTV ratio of 10% at year-end.
- Exor has determined that it is an Investment Entity under IFRS 10 as of
1 January 2024 , driven by its evolution as a company. From this date, it will change its reporting accordingly by deconsolidating portfolio companies and accounting for them at fair value. - Ordinary dividend to be distributed of approximately €100 million, corresponding to €0.46 per share, subject to AGM approval. Share buyback program to restart for the remaining €250 million.
€ million | ||
Net Asset Value (a) | 35,513 | 28,233 |
Net Asset Value per share - € | 162.36 | 122.34 |
Net Financial Position of Exor Holdings System (a) | (3,968) | 795 |
Loan-to-Value ratio (%) | 10.1% | n.a. |
Years ended 31 December | ||
€ million | 2023 | 2022 |
Net profit attributable to the owners of the parent (a) | 4,194 | 4,227 |
Dividends received | 835 | 839 |
Dividends paid | (99) | (99) |
(a) APM: the reconciliation with the IFRS measures can be found on pages 41-46 of the Exor 2023 Annual Report
KEY EVENTS IN 2023 AND SUBSEQUENT EVENTS
- Investment in Philips
During the first half of 2023, Exor acquired a stake of 2.96% in Philips.
On
On
- Increase in investment in Lingotto funds
During 2023, Exor invested a total amount of €563 million of which €400 million in funds managed by Lingotto, the independent alternative investment manager wholly owned by Exor.
- Completion of €500 million share buyback program and new program of €1 billion
During the first half of 2023, Exor purchased ordinary shares for a total invested amount of €246 million, completing the €500 million share buyback program announced in
On
As part of this transaction, on
On
The tender offer allowed Exor to acquire 3.8% of the issued ordinary shares efficiently and at an attractive discount.
In 2024, Exor expects to buy back shares for the remaining €250 million through on-market purchases of ordinary shares on Euronext Amsterdam.
- Support to Juventus' capital increase
On
On
- Credit rating upgrade by Standard and Poor's
On
- New bond issue
On
- Investment in Clarivate
On
On the same date, Clarivate and Exor announced that
The total amount invested in Clarivate since 2022 is
- Dividend and distribution of reserves expected to be received in 2024
The dividends and distributions of reserves already received or proposed by the Board of Directors of some investee companies are as follows:
Number of shares | Dividends | |||
Investee company | Per share (€) | Total (€ million) | ||
Stellantis N.V. | 449,410,092 | 1.55 | 697 | |
CNH Industrial N.V. (a) | 366,927,900 | 0.43 | 158 | |
139,297,503 | 0.85 | 118 | ||
Ferrari N.V. | 44,435,280 | 2.44 | 109 | |
Iveco Group N.V. | 73,385,580 | 0.22 | 16 | |
Exor's share of dividends | 1,098 |
(a) Dividend proposed by CNH Industrial equal to
(b) Dividend to be paid in shares.
- Announcement of change in financial reporting
Exor will change its reporting from
In the past years, Exor has evolved from a holding to an investment entity, driven by a significant change in its portfolio activity and composition, and changes in its portfolio review process to drive capital allocation decisions based on fair value.
In line with IFRS requirements, Exor will deconsolidate portfolio companies and account for them at fair value, while only continuing to consolidate subsidiaries that provide support services to the Investment Entity.
The change in reporting will be applied from
Exor believes that this change will better align Exor’s reporting and financial disclosures to its business and activities, with NAV and other key metrics audited.
NET ASSET VALUE (NAV)
€ million | Asset Type | Change vs. | |||
Amount | % | ||||
Companies | 34,233 | 24,278 | 9,955 | 41.0% | |
Ferrari | L | 13,562 | 8,896 | 4,666 | 52.5% |
Stellantis | L | 9,505 | 5,961 | 3,544 | 59.5% |
CNH Industrial | L | 4,066 | 5,491 | (1,425) | (26.0%) |
Philips | L | 2,937 | — | 2,937 | n.a. |
Iveco | L | 598 | 408 | 190 | 46.6% |
Juventus | L | 542 | 510 | 32 | 6.3 % |
Other companies(a) | P | 3,023 | 3,012 | 11 | 0.4% |
Investments | 2,836 | 1,766 | 1,070 | 60.6% | |
Lingotto(b) | L/P | 2,099 | 1,185 | 914 | 77.1% |
Ventures(c) | P | 737 | 581 | 156 | 26.9% |
Others | 2,750 | 6,443 | (3,693) | (57.3%) | |
Reinsurance vehicles | P | 802 | 622 | 180 | 28.9% |
Other assets(d) | P | 463 | 378 | 85 | 22.5% |
Liquidity(e) | 1,395 | 5,349 | (3,954) | (73.9%) | |
90 | 94 | (4) | (4.3)% | ||
Gross Asset Value | 39,819 | 32,487 | 7,332 | 22.6% | |
Gross Debt | (4,286) | (4,234) | (52) | 1.2% | |
Bonds and bank debt | (3,682) | (3,625) | (57) | 1.6% | |
Financial liabilities(g) | (604) | (609) | 5 | (0.8%) | |
Other liabilities | (20) | (20) | — | —% | |
Net Asset Value (NAV) | 35,513 | 28,233 | 7,280 | 25.8% | |
NAV per Share in Euro(h) | 162.36 | 122.34 | 40.02 | 32.7% |
L=
(a) Other companies at
(b) At
(c) At
(d) Other assets include minor private investments and receivables among others. Items previously classified under Financial investments are included in Other assets.
(e) At
(f) Treasury stock includes shares held in treasury at the service of 2016 stock option plan, valued at the option strike price if less than market price.
(g) At
(h) Based on 218,735,426 shares at
SUMMARY OF CONSOLIDATED FINANCIAL RESULTS (SHORTENED)
Result: Exor closed 2023 with a consolidated profit of €4,194 million, a net decrease of €33 million compared to the previous year. In 2023, the share of the results of subsidiaries and associates increased by €1,747 million and the positive performance of the investment funds contributed €498 million, while 2022 results included a €2,424 million net gain realized on the disposal of PartnerRe .
Equity: At
Net Financial Position: The consolidated net financial position of the Holdings System at
EXOR GROUP – Consolidated Income Statement (Shortened)
Years ended 31 December | Change | ||
€ million | 2023 | 2022 | |
Profit (loss) from investments in subsidiaries and associates: | |||
Share of the profit (loss) | 3,661 | 1,914 | 1,747 |
Gain on disposal | — | 2,424 | (2,424) |
Dividends received | 835 | 839 | (4) |
Dividends eliminated(a) | (835) | (839) | 4 |
Profit (loss) from investments in subsidiaries and associates | 3,661 | 4,338 | (677) |
Profit (loss) from investments at FVTOCI(b) | 14 | — | 14 |
Profit (loss) from investments at FVTPL | 578 | 80 | 498 |
Net financial income (expenses): | |||
Profit (loss) from cash, cash equivalents and financial assets | 138 | 39 | 99 |
Cost of debt | (100) | (102) | 2 |
Exchange (losses) gains, net and other | (20) | (41) | 21 |
Net financial income (expenses) | 18 | (104) | 122 |
Net recurring general expenses | (46) | (31) | (15) |
Net non-recurring other (expenses)income | (8) | (47) | 39 |
Income taxes and other taxes and duties | (23) | (9) | (14) |
Profit (loss) attributable to owners of the parent | 4,194 | 4,227 | (33) |
(a) Dividends from investments in subsidiaries and associates which are included in the share of the profit (loss) from investments in subsidiaries and associates are eliminated in the consolidation process.
(b) Includes dividends received from Philips (€10 million),
Share of the profit (loss)
The share of the results from investments in subsidiaries and associates in the year ended
Result(a) | Exor’s share(b) | Change | |||
Years ended 31 December | Years ended 31 December | ||||
€ million | 2023 | 2022 | 2023 | 2022 | |
Stellantis | 18,596 | 16,799 | 2,790 | 2,392 | 398 |
CNH Industrial | 2,138 | 1,726 | 608 | 471 | 137 |
Ferrari | 1,252 | 933 | 308 | 228 | 80 |
Iveco Group | 218 | 147 | 60 | 40 | 20 |
Welltec | 98 | 62 | 47 | 30 | 17 |
38 | 37 | 16 | 16 | — | |
Institut Mérieux(d) | 152 | 111 | 6 | 4 | 2 |
22 | (151) | 35 | (97) | 132 | |
(189) | (157) | (121) | (100) | (21) | |
Other(f) | — | — | (88) | (6) | (82) |
PartnerRe(g) | — | (1,100) | — | (1,064) | 1,064 |
Share of the profit (loss) of investments in subsidiaries and associates | 3,661 | 1,914 | 1,747 |
(a) Results attributable to owners of the parents, prepared by each subsidiary and associate for Exor consolidation purposes, which may differ from those published or to be published by each reporting entity in its own financial report. Results reported in foreign currencies have been converted into Euro at the average exchange rate of the year.
(b) Including consolidation adjustments, where applicable.
(c) The result refers to the period 1 October –30 September.
(d) The result 2022 referred to the period 1 July -
(e) The result refers to the accounting data prepared for consolidation in Exor for the period 1 January – 31 December.
(f) Mainly includes the share of the results of GEDI,
(g) The disposal was completed on
EXOR GROUP – Consolidated Statement of Financial Position (Shortened)
At 31 December | Change | ||
€ million | 2023 | 2022 | |
Investments in subsidiaries and associates | 18,725 | 16,244 | 2,481 |
Investments at FVTOCI | 4,480 | 971 | 3,509 |
Investments at FVTPL | 3,227 | 1,854 | 1,373 |
Other assets (liabilities), net | 804 | 763 | 41 |
Invested capital | 27,236 | 19,832 | 7,404 |
Issued capital and reserves attributable to owners of the parent | 23,268 | 20,627 | 2,641 |
(less) Cash, cash equivalents and financial assets | (318) | (5,029) | 4,711 |
Gross debt | 4,286 | 4,234 | 52 |
Equity and net financial position | 27,236 | 19,832 | 7,404 |
Net Financial Position
At 31 December | Change | ||
€ million | 2023 | 2022 | |
Bank accounts and time deposits | 150 | 1,860 | (1,710) |
Liquidity funds | 66 | 1,114 | (1,048) |
Short duration and other bond funds | 58 | 2,011 | (1,953) |
Financial assets | 35 | 38 | (3) |
Financial receivables | 9 | 6 | 3 |
Cash, cash equivalents and financial assets(a) [A] | 318 | 5,029 | (4,711) |
Exor bonds | 3,467 | 3,475 | (8) |
Bank debt | 215 | 150 | 65 |
Other financial liabilities | 604 | 609 | (5) |
Gross debt [B] | 4,286 | 4,234 | 52 |
Net financial position of the Holdings System [A-B] | (3,968) | 795 | (4,763) |
(a) Cash, cash equivalents and financial assets available amount to €768 million (€5,479 million at
Net change of Net Financial Position
Years ended 31 December | ||
€ million | 2023 | 2022 |
Net financial position of the Holdings System - Initial amount | 795 | 3,924 |
Dividends received from investments (a) | 835 | 839 |
Investments | (4,392) | (2,212) |
Asset disposals(b) | — | 7,754 |
Dividends paid by Exor | (99) | (99) |
Buyback Exor shares | (996) | (255) |
Other changes | (111) | (1,308) |
Net change during the year | (4,763) | 4,719 |
Net financial position of the Holdings System - Final amount | (3,968) | 795 |
(a) In 2023 dividends received from Stellantis (€602 million), CNH Industrial (€132 million), Ferrari (€81 million), The Economist (€12 million),
(b) Mainly due to the disposal of PartnerRe (€7,743 million).
(c)
DIVIDENDS
The Board of Directors has put forward a proposal to present the 2023 Annual Report for adoption to the Annual General Meeting of Shareholders as well as to approve the payment of a €0.46 dividend per share in respect of each issued and outstanding share as of the record date, for a total of approximately €100 million. In 2023, Exor paid a €0.44 dividend per share for a total amount of approximately €100 million.
The proposed dividend, to be approved by the Annual General Meeting of Shareholders, will become payable on
2024 OUTLOOK
The forecast data and information of the above mentioned operating companies and associates are drawn up autonomously and communicated by the respective companies and are not homogeneous. Quantitative forecast disclosures prepared by these operating companies and the type of information provided, as well as the underlying assumptions and calculation methods vary according to the accounting principles applicable to each subsidiary and the conventional application practices in the respective sector of reference.
Exor’s Annual Report 2023 will be available on the company’s website at www.exor.com in section Investors & Media - Financial Results.
UPCOMING EVENTS
The webcast and recorded replay will be accessible under the Investors’ section of Exor’s website (https://www.exor.com/pages/investors-media/financial-results).
ABOUT EXOR
For more information, please contact Investor Relations at ir@exor.com or Media at media@exor.com.
Attachment
- Exor Press Release - FY2023 Results
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