Exor Press Release - FY24 Results
Amsterdam, 26 March 2025
EXOR DELIVERS 9% NAV PER SHARE GROWTH IN
2024
LAUNCH OF A €1 BILLION SHARE BUYBACK
PROGRAM
WITH TENDER OFFER AT UP TO 10% PREMIUM
- NAV
reached €38.2 billion at 31 December 2024, with NAV per share
increasing by 9%
- Strong
cash flow generation with dividends received from companies and
asset disposals amounting to €1.5 billion in 2024. Active and
disciplined capital allocation with increased exposure to
Healthcare
- Ordinary
dividend to be distributed of approximately €100 million, subject
to AGM approval
- Launch
of a new €1 billion share buyback program in the form of a Tender
Offer starting 27 March 2025 at a premium of up to
10%
The company will hold its annual investor and
analyst call on 27 March 2025 at 15hCET
|
€ million, unless otherwise indicated |
31 December 2024 |
1 January 2024 |
|
Total Assets / Gross Asset Value (GAV)(a) |
42,460 |
39,739 |
|
Equity / Net Asset Value (NAV)(a) |
38,212 |
35,423 |
|
NAV per share - €(a) |
178.78 |
164.02 |
|
Market Capitalization |
19,568 |
21,176 |
|
Share Price - € |
88.55 |
90.50 |
|
Net Financial Position(a) |
(3,942) |
(3,968) |
|
Loan-to-Value ratio (LTV) (%)(a) |
9.6% |
10.1% |
|
|
Years ended 31 December |
|
€ million, unless otherwise indicated |
2024 |
2023 |
|
NAV per share growth (%) |
9.0% |
32.7% |
|
Total Shareholder Return (%)(b) |
(1.7)% |
33.2% |
|
MSCI World Return Index (%)(b) |
24.8% |
17.6% |
|
|
|
|
(a) Alternative Performance Measure
(APM) which is non-IFRS and is used to measure the Company's
financial performance and financial position, in line with
industry, and is generally accepted by the financial community.
Definition and reconciliation to the nearest IFRS measure is
presented under sections “Definitions and Alternative Performance
Measures” and “Reconciliation with IFRS Financial Statements”.
(b) Metrics defined under section “Definitions and
Alternative Performance Measures”.
KEY EVENTS IN 2024 AND SUBSEQUENT
EVENTS
Increased investment in
Philips
In May 2024 Exor increased its investment in
Philips by €622 million reaching a shareholding of 17.5%.
Benoît Ribadeau-Dumas was appointed to Philips’ supervisory board
as an Exor representative. In 2025 Exor further increased its stake
to 18.7%.
Completion of €1 billion share buyback
program
In 2024 Exor completed the last €250 million of
the €1 billion share buyback program announced in
September 2023.
Refinancing of long-term debt via a new
bond issue
In February 2024 Exor issued bonds for a
nominal amount of €650 million with a fixed annual coupon of
3.75% maturing in February 2033, mainly to refinance
maturing debt. The notes are listed on the Luxembourg Stock
Exchange, admitted for trading on the Euro MTF Market, with an A-
credit rating assigned by Standard & Poor’s.
Investment in Clarivate
In March 2024 Exor announced that it had become
a long-term investor in Clarivate with a 10.1% shareholding in the
company. Following the investment, the annual general meeting of
Clarivate’ shareholders appointed Suzanne Heywood, Exor's COO, to
its board of directors.
Increased investment in
TagEnergy
During the first half of 2024 Exor increased its
investment in TagEnergy through a capital increase of
€72 million in TagHolding.
Investment in Institut
Mérieux
In July 2024 Exor paid in the remaining
€555 million to reach a shareholding of 10% in Institut
Mérieux in accordance with the agreement signed in July 2022.
Evolution of early-stage venture
activities
In October 2024 Exor announced that Noam Ohana,
who has led early-stage investments at Exor, decided to launch his
own fund. Alongside his new venture, Noam Ohana will continue to
manage Exor Ventures’ €640 million portfolio for the benefit
of Exor as an independent fund manager.
Accelerated bookbuild offering for 4% of
Ferrari’s outstanding shares
In March 2025, Exor completed the sale of
approximately 7 million of the common shares it held in Ferrari by
way of an accelerated bookbuild offering to institutional investors
for a total proceeds of €3 billion.
The aim of the transaction was to reduce
concentration within Exor’s portfolio and allow for a sizeable new
acquisition, when such an opportunity presents itself, as Exor
continues to pursue its purpose of building great companies. In
addition, Exor announced the intention to use a portion of the
proceeds to launch a new share buyback program for €1 billion.
Exor remains fully committed as a long-term
shareholder of Ferrari and remains its single largest shareholder
with approximately 20% of the economic rights and 30% of the voting
rights in Ferrari’s share capital.
Launch of Tender Offer to execute a new
€1 billion share buyback program
Today Exor announces the launch of a reverse
Dutch auction Tender Offer on 27 March 2025 to repurchase Ordinary
Shares for an aggregate consideration of up to (and including) €1
billion to Qualifying Shareholders1.
The Tender Offer will allow Exor to acquire
shares in a short time frame and undertake an effective and
efficient share buyback. For any remainder amount not taken up in
the Tender Offer, Exor is planning to execute an on-market share
buyback program from time to time on Euronext Amsterdam.
Qualifying Shareholders will be able to either
select the price at which they wish to tender their Ordinary Shares
in a price range from a 3% discount to a 10% premium over the
Reference VWAP determined during the Determination Period, or
submit a Strike Price Tender. The price to be paid by Exor will be
subject to a price cap of €98.73 and within the limits of the
authorization granted by Exor’s AGM held on 28 May 2024.
Exor’s controlling shareholder Giovanni Agnelli
B.V. has provided an irrevocable undertaking to participate for an
aggregate amount of €570 million, with the objective to reduce
its net debt position.
Exor plans to start the cancellation process of
the purchased shares after the settlement of the Tender Offer. As
of the date of this release, Exor holds 7,226,558 shares in
treasury.
More details on the Tender Offer transaction,
including definitions of capitalised terms used in this section,
will be available in the launch press release and offer memorandum
to be published later today on Exor’s website at:
www.exor.com/pages/investors-media/shareholders-corner/share-buyback.
Dividend proposal to the Annual General
Meeting of Shareholders
Exor’s Board of Directors has put forward a
proposal to present the 2024 Annual Report for adoption to the
Annual General Meeting of Shareholders as well as to approve the
payment of a €0.49 dividend per share in respect of each issued and
outstanding share as of the record date, for a total of
approximately €100 million. In 2024, Exor paid a €0.46
dividend per share for a total amount of approximately
€100 million.
The proposed dividend will become payable on
28 May 2025 (ex-dividend date 26 May 2025) and will
be paid to the shareholders of record as of 27 May 2025
(record date).
Dividend and distribution of reserves
expected to be received in 2025
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(a)
|
Dividends |
|
Investee company |
Per share (€) |
Total (€ million) |
|
Stellantis |
449,410,092 |
0.68 |
306 |
|
CNH(b) |
366,927,900 |
0.23 |
84 |
|
Philips(c) |
|
172,779,520 |
0.85 |
147 |
|
Ferrari |
37,768,613 |
2.99 |
113 |
|
Iveco Group |
73,385,580 |
0.33 |
24 |
|
Exor's share of dividends |
|
|
674 |
(a) Number of shares held at
the date of the publication of this report.
(b) Dividend proposed by CNH of $0.25 per share is
equivalent to approximately €0.23 per share translated at the ECB
exchange rate on 24 March 2025.
(c) Dividend to be paid in shares or cash at the
option of the shareholder. Of the total dividend distribution to
shareholders, a maximum of 50% will be available for payment in
cash, as reported by the company in its annual report.
(d)
PERFORMANCE OF EXOR
Equity or Net Asset Value
|
€ million, unless otherwise indicated |
31 December 2024 |
1 January 2024 |
|
Change |
|
|
|
|
|
Amount |
% |
|
Companies |
37,162 |
34,225 |
|
2,937 |
8.6% |
|
Listed |
33,763 |
31,210 |
|
2,553 |
8.2% |
|
Unlisted |
3,399 |
3,015 |
|
384 |
12.7% |
|
Investments |
3,532 |
2,778 |
|
754 |
27.1% |
|
Lingotto Funds |
2,730 |
2,099 |
|
631 |
30.1% |
|
Ventures |
802 |
679 |
|
123 |
18.1% |
|
Others |
1,766 |
2,736 |
|
(970) |
(35.5) % |
|
Reinsurance Vehicles |
679 |
802 |
|
(123) |
(15.3) % |
|
Other Assets |
512 |
474 |
|
38 |
8.0% |
|
Liquidity |
575 |
1,460 |
|
(885) |
(60.6) % |
|
Total Assets or Gross Asset Value (GAV) |
42,460 |
39,739 |
|
2,721 |
6.8% |
|
Gross Debt |
(4,144) |
(4,286) |
|
142 |
(3.3%) |
|
Bonds and Bank Debt |
(4,088) |
(3,682) |
|
(406) |
11.0% |
|
Financial Liabilities |
(56) |
(604) |
|
548 |
(90.7%) |
|
Other Liabilities |
(104) |
(30) |
|
(74) |
247.8% |
|
Equity or Net Asset
Value(a) (NAV)
[A] |
38,212 |
35,423 |
|
2,789 |
7.9% |
|
|
|
|
|
|
|
|
Shares Outstanding(b)
[B] |
213,742,459 |
215,963,704 |
|
(2,221,245) |
(1.0) % |
|
|
|
|
|
|
|
|
NAV per Share - € [A / B] |
178.78 |
164.02 |
|
14.75 |
9.0% |
(a) NAV at 31 December 2023
amounted to €35,513 million and included treasury shares at
the service of the 2016 Stock Option Plan, valued at the option
exercise price under the plan (€90 million). From 1 January
2024, treasury shares are excluded from the NAV calculation to
align to the Equity definition under IFRS.
(b) Issued shares less treasury shares, amount expressed
in units.
Drivers of change in Total Assets or
GAV
At 31 December 2024, GAV amounted to €42,460
million, an increase of €2,721 million over the period.
The value of Companies increased by €2,937
million mainly driven by the positive market performance of Listed
Companies (€1,485 million), investments made in Listed Companies
(€636 million), investments made in Unlisted Companies (€207
million) as well as positive fair value adjustments of Unlisted
Companies (€177 million) and the reclassification of Clarivate from
Others into Listed Companies (€432 million).
The value of Investments increased by €754
million mainly driven by the positive fair value adjustment of
Lingotto Funds (€570 million) and Ventures (€81 million) as well as
investments made in Lingotto Funds (€61 million) and Ventures
(€42 million).
The value of Others decreased by €970 million
mainly driven by the reclassification of Clarivate from Others into
Listed Companies (€432 million), asset disposals
(€439 million) and the negative fair value adjustment of
Listed securities net of positive adjustments in reinsurance
vehicles and other assets (€168 million), partially offset by
cash inflows and positive translation effects.
|
€ million |
GAV |
Listed companies |
Unlisted companies |
Companies |
Lingotto Funds |
Ventures |
Investments |
Others |
|
1 January 2024 |
39,739 |
31,210 |
3,015 |
34,225 |
2,099 |
679 |
2,778 |
2,736 |
|
Investment (Disposal) |
519 |
636 |
207 |
843 |
61 |
42 |
103 |
(427) |
|
Change in Value(a) |
2,147 |
1,485 |
177 |
1,662 |
570 |
81 |
651 |
(166) |
|
Other Changes |
— |
432 |
— |
432 |
— |
— |
— |
(432) |
|
Translation Effect |
55 |
— |
— |
— |
— |
— |
— |
55 |
|
31 December 2024 |
42,460 |
33,763 |
3,399 |
37,162 |
2,730 |
802 |
3,532 |
1,766 |
(a) Includes change in value reflected
in the income statement (€2,004 million) and change in value
recognized in OCI reserve (€143 million).
Companies
|
Listed Companies |
|
|
|
|
|
|
€ million |
1 January 2024 |
Other Changes |
Investment (Disposal) |
Change
in Value |
31 December 2024 |
|
Ferrari |
13,562 |
— |
— |
4,763 |
18,325 |
|
Stellantis |
9,505 |
— |
— |
(3,847) |
5,658 |
|
Philips(a) |
2,937 |
— |
622 |
456 |
4,015 |
|
CNH |
4,066 |
— |
— |
(64) |
4,002 |
|
Juventus |
542 |
— |
14 |
193 |
749 |
|
Iveco |
598 |
— |
— |
87 |
685 |
|
Clarivate(b) (c) |
— |
432 |
— |
(103) |
329 |
|
Listed Companies |
31,210 |
432 |
636 |
1,485 |
33,763 |
(a) The column investment (disposal)
includes 4,872,647 shares (€121 million) received as dividend paid
in shares. The change in value over the year includes €403 million
recognized in other comprehensive income reserve relating to the
period before significant influence was achieved.
(b) In May 2024, Exor became a long-term investor in
Clarivate with a board seat. As a result, Exor accounted for
Clarivate at FVTPL from that date. From a management presentation
point of view, Exor reclassified Clarivate from ‘Others’ to
‘Companies’.
(c) The change in value over the year includes €13
million of positive exchange differences on translation.
|
Unlisted Companies |
|
|
|
|
|
€ million |
1 January 2024 |
Investment (Disposal) |
Change in Value |
31 December 2024 |
|
Institut Mérieux |
843 |
— |
48 |
891 |
|
Via Transportation |
514 |
25 |
58 |
597 |
|
Christian Louboutin |
700 |
— |
(125) |
575 |
|
Welltec |
280 |
— |
144 |
424 |
|
The Economist Group |
384 |
— |
32 |
416 |
|
TagEnergy(a) |
100 |
89 |
— |
189 |
|
GEDI |
68 |
50 |
— |
118 |
|
Nuo |
42 |
34 |
26 |
102 |
|
Lifenet |
71 |
8 |
1 |
80 |
|
Casavo |
13 |
1 |
(7) |
7 |
|
Shang Xia |
0 |
— |
— |
0 |
|
Unlisted companies |
3,015 |
207 |
177 |
3,399 |
(a) Owned through the holding company
TagHolding.
Investments
|
€ million |
1 January 2024 |
Investment (Disposal) |
Change in Value |
31 December 2024 |
|
Funds managed by Lingotto: |
|
|
|
|
|
|
1,736 |
— |
497 |
2,233 |
|
|
363 |
61 |
73 |
497 |
|
Lingotto Funds |
2,099 |
61 |
570 |
2,730 |
|
Ventures: |
|
|
|
|
|
|
605 |
21 |
77 |
703 |
|
|
74 |
21 |
4 |
99 |
|
Ventures |
679 |
42 |
81 |
802 |
|
Investments |
2,778 |
103 |
651 |
3,532 |
(a) Change in value of €4 million
recognized in OCI reserve.
Others
|
€ million |
1 January 2024 |
Other Changes |
Investment (Disposal) |
Change
in Value(a) |
Translation Effect |
31 December 2024 |
|
Reinsurance vehicles |
802 |
— |
(312) |
145 |
44 |
679 |
|
Other Assets |
474 |
— |
119 |
(79) |
(2) |
512 |
|
Liquidity |
1,460 |
(432) |
(234) |
(232) |
13 |
575 |
|
Cash and cash equivalents and financial assets |
318 |
— |
(118) |
2 |
— |
202 |
|
Listed securities |
1,142 |
(432) |
(116) |
(234) |
13 |
373 |
|
Clarivate(b) |
551 |
(432) |
11 |
(141) |
11 |
— |
|
Forvia |
203 |
— |
— |
(117) |
— |
86 |
|
Investlinx ETF |
169 |
— |
— |
34 |
— |
203 |
|
Masimo |
107 |
— |
(127) |
18 |
2 |
— |
|
Neumora |
65 |
— |
— |
(22) |
— |
43 |
|
Banijay Group(c) |
21 |
— |
— |
— |
— |
21 |
|
Zegna |
26 |
— |
— |
(6) |
— |
20 |
|
Others |
2,736 |
(432) |
(427) |
(166) |
55 |
1,766 |
(a) Change in value of -€277 million
recognized in OCI reserve.
(b) In May 2024, Exor became a long-term investor in
Clarivate with a board seat. As a result, Exor accounted for
Clarivate at FVTPL from that date. From a management presentation
point of view, Exor reclassified Clarivate from ‘Others’ to
‘Companies’.
(c) Previously FL Entertainment.
Net Financial Position (NFP)
Net debt was €3,942 million at 31 December
2024 with an LTV ratio of 9.6%, compared to €3,968 million at
1 January 2024 with an LTV ratio of 10.1%.
Gross debt consists mainly of bonds for
€3,641 million with an average maturity of 5.8 years at
31 December 2024.
NFP Composition
|
€ million |
31 December 2024 |
1 January 2024 |
Change |
|
Bank accounts and time deposits |
169 |
149 |
20 |
|
Liquidity funds |
— |
66 |
(66) |
|
Short duration and bond funds |
2 |
58 |
(56) |
|
Financial assets and financial receivables |
31 |
45 |
(14) |
|
Cash, cash equivalents and financial assets
[A] |
202 |
318 |
(116) |
|
Exor bonds |
3,641 |
3,467 |
174 |
|
Bank debt |
447 |
215 |
232 |
|
Other financial liabilities |
56 |
604 |
(548) |
|
Gross debt(a)
[B] |
4,144 |
4,286 |
(142) |
|
Net Financial
Position(a)
[A-B] |
(3,942) |
(3,968) |
26 |
(a) Alternative Performance Measure
(APM) which is non-IFRS and is used to measure the Company's
financial performance and financial position, in line with the
industry and is generally accepted by the financial community.
Definition and reconciliation to the nearest IFRS measure is
presented under sections “Definitions and Alternative Performance
Measures” and “Reconciliation with IFRS Financial Statements”.
Change in NFP
|
|
Years ended 31 December |
|
€ million |
2024 |
2023 |
|
Net Financial Position - Initial Amount |
(3,968) |
795 |
|
Dividend inflow (a) |
1,014 |
839 |
|
Asset disposals (b) |
439 |
— |
|
Amount invested (c) |
(886) |
(4,392) |
|
Buyback Exor shares |
(250) |
(996) |
|
Dividends paid by Exor |
(99) |
(99) |
|
Other changes |
(192) |
(115) |
|
Net change during the year |
26 |
(4,763) |
|
Net Financial Position - Final Amount |
(3,942) |
(3,968) |
(a) For a breakdown, refer to the Net
Free Cash Flow table below.
(b) Of which €312 million related to redemption
proceeds of Reinsurance vehicles and €127 million to the sale
of Masimo shares (classified under Listed securities).
(c) Equal to €515 million in Listed Companies (of
which €501 million in Philips), €167 million in Unlisted
Companies (of which €89 million in TagHolding,
€34 million in NUO and €25 million in Via), €103 million
in Investments (of which €61 million in Lingotto Funds and
€42 million in Ventures) and €101 million in Others.
Loan-to-Value (LTV) Ratio
|
€ million |
31 December 2024 |
1 January 2024 |
|
Net Financial Position |
(3,942) |
(3,968) |
|
Other Liabilities |
(104) |
(30) |
|
Numerator [A] |
(4,046) |
(3,998) |
|
Gross Asset Value |
42,460 |
39,739 |
|
(less) Cash, Cash Equivalents and Financial Assets |
(202) |
(318) |
|
Denominator [B] |
42,258 |
39,421 |
|
LTV Ratio(a)
[A / B] |
9.6 % |
10.1 % |
(a) Alternative Performance Measure
(APM) which is non-IFRS and is used to measure the Company's
financial performance and financial position, in line with the
industry and is generally accepted by the financial community.
Definition and reconciliation to the nearest IFRS measure is
presented under sections “Definitions and Alternative Performance
Measures” and “Reconciliation with IFRS Financial Statements”.
Liquidity and Available
Liquidity
|
€ million |
31 December 2024 |
1 January 2024 |
|
Cash, cash equivalents and financial assets(a) |
202 |
318 |
|
Listed securities(b) |
373 |
1,142 |
|
Liquidity(c) |
575 |
1,460 |
|
Undrawn committed credit lines(d) |
475 |
450 |
|
Available
Liquidity(c) |
1,050 |
1,910 |
(a) For a breakdown, refer to the
table ‘Net Financial Position’ of this section.
(b) For a breakdown, refer to the table ‘Others’ of the
section ‘Drivers of change in GAV’.
(c) Alternative Performance Measure (APM) which is
non-IFRS and is used to measure the Company's financial performance
and financial position, in line with the industry and is generally
accepted by the financial community. Definition and reconciliation
to the nearest IFRS measure is presented under sections
“Definitions and Alternative Performance Measures” and
“Reconciliation with IFRS Financial Statements.
(d) Of which €225 million maturing after 31
December 2025. In addition, Exor has uncommitted credit lines
for €725 million, undrawn for €280 million.
Net Free Cash Flow
During 2024 management costs amounted to €28 million
corresponding to 11 basis points of GAV at
31 December 2024. During the same period, Free Cash Flow
generated was equal to 9.1 times dividend paid.
|
|
Years ended 31 December |
|
€ million |
2024 |
2023 |
|
|
697 |
602 |
|
|
160 |
132 |
|
|
108 |
81 |
|
|
16 |
— |
|
|
18 |
12 |
|
|
— |
5 |
|
|
4 |
3 |
|
|
11 |
4 |
|
Dividend inflow |
1,014 |
839 |
|
Net financial income (expenses) |
(83) |
18 |
|
Management costs(a) |
(28) |
(29) |
|
Free Cash Flow |
903 |
828 |
|
Dividend paid |
(99) |
(99) |
|
Net Free Cash
Flow(a) |
804 |
729 |
|
|
|
|
|
Free Cash Flow / Dividend paid |
9.1 |
8.4 |
(a) Alternative Performance Measure
(APM) which is non-IFRS and is used to measure the Company's
financial performance and financial position, in line with the
industry and is generally accepted by the financial community.
Definition and reconciliation to the nearest IFRS measure is
presented under sections “Definitions and Alternative Performance
Measures” and “Reconciliation with IFRS Financial Statements.
(b)
Profit for the period
|
|
Years ended 31 December |
|
(€ million) |
2024 |
2023(a) |
|
Dividend income |
1,135 |
14 |
|
Change in fair value on investment activities |
2,110 |
— |
|
Change in fair value on investment activities
(one-off)(b) |
12,150 |
— |
|
Profit from investments in subsidiaries and
associates(c) |
— |
3,661 |
|
Profit from investments at FVTPL |
— |
578 |
|
General and administrative expenses |
(58) |
(57) |
|
Net financial income (expenses) |
(83) |
18 |
|
Other expenses(d) |
(492) |
— |
|
Profit (loss) before taxes |
14,762 |
4,214 |
|
Income taxes(e) |
(91) |
(20) |
|
Profit (loss) for the period |
14,671 |
4,194 |
(a) Data as previously reported using
the shortened consolidation criterion.
(b) One-off item deriving from the application of the
investment entity exemption.
(c) The profit from investments in subsidiaries and
associates was an APM (as defined in the section "Definitions" on
page 41) determined using the shortened consolidation criterion.
Following the application of the Investment entity exemption, this
non-IFRS measure is no longer applicable and the performance of
Exor is measured based on the fair value of the investee companies
instead the pro-quota share of their results. It mainly referred to
Stellantis (€1,571 million), CNH Industrial
(€291 million), Ferrari (€154 million) and other
subsidiaries and associates (-€35 million).
(d) Includes the one-off item related to the reversal in
the income statement of the OCI reserves of the entities
deconsolidated following the investment entity adoption
(€374 million and the write off of financial assets
(€118 million) related to the loan granted to Full More.
(e) Of which €29 million for current taxes expense
(€20 million in 2023) and €62 million for deferred taxes
expense.
Dividend income
|
|
Years ended 31 December |
|
(€ million) |
2024 |
|
Stellantis |
697 |
602 |
|
CNH |
160 |
132 |
|
Philips(a) |
121 |
10 |
|
Ferrari |
108 |
81 |
|
The Economist |
18 |
12 |
|
Lingotto |
— |
5 |
|
Iveco |
16 |
— |
|
Louboutin |
4 |
3 |
|
Dividends from Companies |
1,124 |
845 |
|
Other |
11 |
4 |
|
Dividends received |
1,135 |
849 |
|
Less: Dividends included in the share of the profit (loss) from
investments accounted for using the equity method |
— |
(835) |
|
Dividends included in the income
statement(b) |
1,135 |
14 |
(a) Dividend paid in shares,
corresponding to 4,872,647 shares in the year ended at 31 December
2024 (544,017 shares in the previous year).
(b) In the previous year Philips was accounted for at
fair value through OCI, therefore the dividend received was not
eliminated.
Change in Fair Value
|
|
Years ended 31 December 2024 |
|
(€ million) |
Total |
Application of Investment entity exemption at 1
January |
Change in
value(a) |
|
Listed Companies |
12,884 |
11,815 |
1,069 |
|
Unlisted Companies |
512 |
335 |
177 |
|
Total Companies |
13,396 |
12,150 |
1,246 |
|
Lingotto Funds |
570 |
— |
570 |
|
Ventures |
77 |
— |
77 |
|
Investments |
647 |
— |
647 |
|
Reinsurance Vehicles |
145 |
— |
145 |
|
Listed securities and others |
72 |
— |
72 |
|
Others |
217 |
— |
217 |
|
Change in fair value |
14,260 |
12,150 |
2,110 |
(a) Includes change in value recognized
in the income statement (i.e. excluding change in value recognized
in OCI reserve for €143 million). The item Others excludes
change in value related to amounts classified as other financial
income (expenses) or other expenses for -€106 million.
(b)
INFORMATION
Exor’s 2024 Full-Year Report will be
available on the company’s website at www.exor.com in
section Investors & Media - Financial
Results.
Upcoming events
27 March 2025: Annual investor and
analyst conference call
22 May 2025: Annual General Meeting of
Shareholders
18 September 2025: Half-Year 2025
results conference call
About Exor
Exor N.V. (AEX: EXO) has been building great
companies since its foundation by the Agnelli Family. For more than
a century, Exor has made successful investments worldwide, applying
a culture that combines entrepreneurial spirit and financial
discipline. With a Net Asset Value of around €38 billion, its
portfolio is principally made up of companies in which Exor is the
largest shareholder including Ferrari, Stellantis, Philips and
CNH.
For more information, please contact Investor
Relations at ir@exor.com or Media at media@exor.com.
ADDITIONAL INFORMATION
Change in financial reporting
Exor changed its reporting from 1 January 2024 as it determined
that, at that date, it met the criteria for qualification as an
investment entity as defined by IFRS 10. In line with IFRS
requirements, the change is prospectively applied from 1 January
2024, with a material impact on the presentation of the Financial
Statements, with prior period not restated, in accordance with IFRS
10.
Exor believes that this change aligns its
reporting and disclosures with its business and activities, with
NAV and GAV now being equal to IFRS measures (Equity and Total
Assets, respectively). The terminology in this report which refers
to Alternative Performance Measures (APM) is presented under
section “Definitions and Alternative Performance Measures”.
Changes in
consolidation
In line with IFRS requirements, Exor
deconsolidated portfolio companies where it exercises significant
influence or control and accounted for them at fair value, with
changes recognized in the income statement. Subsidiaries that
provide investment-related support services to Exor N.V., and are
not investment entity themselves, continue to be consolidated on a
line-by-line basis.
Impact on the financial
statements
The one-off positive impact of this change on
the income statement amounts to €11,776 million, of which:
-
a positive impact of €12,150 million resulting from the difference
between the net carrying amount of investments previously
consolidated or accounted for using the equity method and their
fair value at the date of the change and
-
a negative impact of €374 million resulting from the reversal to
the income statement of the OCI reserves of the deconsolidated
entities and the ones which are no longer equity-accounted.
Comparison with previous
period
NAV and its components at 31 December 2024 are
compared to 1 January 2024 to facilitate the
understanding and the comparability of measures.
For the purpose of the presentation of this
press release, profit and cash flow measures for the year ended
31 December 2023 have not been restated and they are
presented as previously reported under the shortened consolidation
criterion (non-IFRS). While the scope of consolidation for the
period ended 31 December 2024 and the period ended 31 December 2023
is the same, the full and direct comparison between dates or across
periods may be inappropriate or not meaningful if not carefully
considered in this context because the fair value measurement is
prospectively applied from 1 January 2024.
Definitions and Alternative Performance
Measures (APM)
The management of Exor has identified a number
of Alternative Performance Measures (APM) to measure the Company's
financial performance and financial position, which form the basis
for capital allocation decisions. Management uses these non-IFRS
measures to describe its operations, as well as make decisions
regarding future spending, resource allocations and other
operational decisions. APM are presented to the financial community
to facilitate their understanding of the performance of Exor, and
are in line with the industry.
To ensure that the APM are correctly
interpreted, it is emphasized that these measures are not
indicative of future performance. These non-IFRS financial measures
have no standardized meaning under EU-IFRS, are unaudited and are
unlikely to be consistent and comparable to measures used by other
companies. APM are not intended to be substitutes for measures of
financial performance and financial position as prepared in
accordance with EU-IFRS.
The APM have been consistently calculated and
presented for all the reporting periods for which financial
information is presented in this report. Reconciliation of APM to
IFRS measures can be found in section ‘Reconciliation with IFRS
Financial Statements’.
Exor applies the European Securities and Markets
Authority (ESMA) guidelines to present APM, which correspond to
financial measures other than a financial measure defined or
specified in the applicable financial reporting framework
(IFRS).
|
APM |
Definition |
Purpose |
|
Available liquidity |
Liquidity plus undrawn committed credit facilities |
To measure the assets that can be converted into cash and readily
available funds |
|
Cash, cash equivalents and financial assets |
Cash, cash equivalents and financial assets (including restricted
cash) |
To measure the assets that can be converted into cash, used in the
calculation of the Net financial position |
|
Gross Asset Value (GAV) |
Total value of assets including Companies, Investments and Others.
It is equal to Total Assets as defined under IFRS |
Use terminology in line with the industry to refer to Total
Assets |
|
Gross debt |
Sum of borrowings (bank debt and bond debt) and other financial
liabilities as defined under IFRS |
Use terminology in line with the industry to refer to borrowings
and other liabilities |
|
Liquidity |
Cash, cash equivalents and financial assets plus Listed securities.
Listed securities are equity stakes, not defined as Companies,
which can be converted into cash |
To measure the assets that can be easily converted into cash |
|
APM |
Definition |
Purpose |
|
Loan-to-Value (LTV) Ratio, expressed as a
percentage |
Net financial position plus other liabilities, divided by Gross
Asset Value less Cash, cash equivalents and financial assets |
To measure Exor's indebtedness level linked to the value of its
assets. Credit rating agencies and counterparties use this measure
to assess Exor’s financial risk profile |
|
Management costs |
General and administrative expenses which are recurring and
cash-based. Exor monitors management costs linked to the value of
its assets or GAV, measured in bps (basis points), on an annualized
basis |
To measure the cost efficiency of managing assets |
|
Net Asset Value (NAV) |
Gross Asset Value net of Gross Debt and Other Liabilities. It is
equal to Equity as defined under IFRS |
Use terminology in line with the industry to refer to Equity |
|
Net Asset Value per share (NAV per share) |
Net Asset Value divided by outstanding shares (calculated as issued
shares less treasury shares). NAV per share growth is the
percentage change in NAV per share over the measurement period |
To measure the NAV attributable to one share |
|
Net financial position |
Cash, cash equivalents and financial assets less Gross debt |
To measure the financial resources and indebtedness |
|
Net free cash flow |
Dividends inflow less management costs, financial income (expenses)
and dividend paid. All these items are recurring and
cash-based |
To measure the cash that Exor is able to generate after recurring
outflows |
Other definitions
|
Other metrics |
Definition |
|
Total Shareholder Return |
Change in share price of a company including reinvestment of
dividends paid by the company during the measurement period |
|
MSCI World Index |
Widely recognized global stock index used by Exor to benchmark its
NAV per share performance since its inception. The index measures
the performance of equity markets across developed countries,
calculated on share price change |
Reconciliation with IFRS Financial
Statements
The reconciliation of available liquidity
against the nearest IFRS-measure is as follows:
|
€ million |
31 December 2024 |
1 January 2024 |
Change |
|
Cash and cash
equivalents(a) |
169 |
215 |
(46) |
|
Short duration and bond funds |
2 |
58 |
(56) |
|
Financial assets and financial receivables |
31 |
45 |
(14) |
|
Cash and cash equivalents and financial assets included in
the Net financial position |
202 |
318 |
(116) |
|
Listed securities |
373 |
1,142 |
(769) |
|
Liquidity(a) |
575 |
1,460 |
(885) |
|
Undrawn committed credit lines |
475 |
450 |
25 |
|
Available liquidity |
1,050 |
1,910 |
(860) |
The reconciliation of net ordinary free cash
flow against the nearest IFRS-measure is as follows:
|
€ million |
Years ended 31 December |
Change
|
|
|
2024 |
2023 |
|
Net result(a) |
14,671 |
4,194 |
10,477 |
|
Dividend in shares |
(121) |
(10) |
(111) |
|
General and administrative expenses non-recurring and share-based
compensation plan |
30 |
28 |
2 |
|
Change in fair value on investments activities |
(2,110) |
— |
(2,110) |
|
Change in fair value on investment activities (one-off) |
(12,150) |
— |
(12,150) |
|
Profit from investments in subsidiaries and associates |
— |
(2,826) |
2,826 |
|
Profit from investments at FVTPL |
— |
(578) |
578 |
|
Other expenses |
492 |
— |
492 |
|
Income taxes |
91 |
20 |
71 |
|
Dividend paid |
(99) |
(99) |
— |
|
Net Free Cash Flow |
804 |
729 |
75 |
The reconciliation of management costs against
the nearest IFRS-measure is as follows:
|
|
Years ended 31 December |
Change
|
|
€ million |
2024 |
2023 |
|
General and administrative
expenses(a) |
58 |
57 |
1 |
|
General and administrative expenses - non recurring |
(6) |
(11) |
5 |
|
Share-based compensation plan |
(24) |
(17) |
(7) |
|
Management costs |
28 |
29 |
(1) |
(a) IFRS measure.
(b)
Financial statements
Statement of financial
position
|
|
At 31 December |
|
|
Consolidated |
Company Only |
|
(€ million) |
2024 |
2023
reclassified(a) |
2024 |
2023
reclassified(a) |
|
Assets |
|
|
|
|
|
Intangible assets |
— |
9,887 |
— |
— |
|
Property, plant and equipment |
18 |
7,061 |
1 |
1 |
|
Equity investments accounted for at cost |
— |
— |
853 |
6,691 |
|
Investments accounted for using the equity method |
— |
14,968 |
— |
— |
|
Equity investments at FVTPL |
37,220 |
107 |
36,891 |
— |
|
Equity investments at FVTOCI |
365 |
4,495 |
355 |
3,923 |
|
Other investments at FVTPL |
4,377 |
5,437 |
2 |
49 |
|
Financial assets |
276 |
435 |
2,142 |
2,070 |
|
Leased assets |
— |
1,358 |
— |
— |
|
Deferred tax assets |
— |
1,671 |
— |
— |
|
Other assets |
25 |
1,906 |
7 |
561 |
|
Inventories |
— |
8,805 |
— |
— |
|
Trade receivables |
— |
864 |
— |
— |
|
Receivables from financing activities |
— |
28,848 |
— |
— |
|
Current tax receivables |
10 |
200 |
5 |
3 |
|
Cash and cash equivalents |
169 |
8,678 |
40 |
65 |
|
Assets held for sale |
— |
59 |
— |
— |
|
Total assets |
42,460 |
94,779 |
40,295 |
13,363 |
|
Equity and liabilities |
|
|
|
|
|
Equity attributable to owners of the parent |
38,212 |
23,268 |
36,140 |
8,909 |
|
Non-controlling interests |
— |
9,864 |
— |
— |
|
Total equity |
38,212 |
33,132 |
36,140 |
8,909 |
|
|
At 31 December |
|
|
Consolidated |
Company Only |
|
(€ million) |
2024 |
2023
reclassified(a) |
2024 |
2023
reclassified(a) |
|
Liabilities |
|
|
|
|
|
Provisions for employee benefits |
— |
1,321 |
— |
— |
|
Other provisions |
— |
5,035 |
— |
— |
|
Deferred tax liabilities |
64 |
271 |
— |
— |
|
Borrowings |
4,088 |
19,200 |
4,088 |
3,682 |
|
Other financial liabilities |
56 |
21,018 |
55 |
761 |
|
Trade payables |
4 |
7,930 |
9 |
7 |
|
Tax payables |
30 |
871 |
2 |
3 |
|
Other liabilities |
6 |
5,943 |
1 |
1 |
|
Liabilities held for sale |
— |
58 |
— |
— |
|
Total liabilities |
4,248 |
61,647 |
4,155 |
4,454 |
|
Total equity and liabilities |
42,460 |
94,779 |
40,295 |
13,363 |
(a) In accordance with IFRS, prior
period has not been restated to reflect the investment entity
status, instead prior period balances have been reclassified in
accordance with IAS 1, to improve the comparability and the
alignment between company and consolidated financial statements.
The reclassification of the Statement of financial position at 31
December 2023 is provided in Note 2 of the Financial Statements at
31 December 2024.
Income statement
|
|
For the years ended 31 December |
|
|
Consolidated |
Company only |
|
(€ million) |
2024 |
2023
reclassified(a) |
2024 |
2023
reclassified(a) |
|
Dividend income |
1,135 |
14 |
1,787 |
2,532 |
|
Change in fair value on investment activities |
14,260 |
649 |
25,688 |
23 |
|
Impairment of investments |
— |
— |
— |
(193) |
|
Revenues |
— |
44,742 |
— |
1 |
|
General and administrative expenses |
(58) |
(3,515) |
(49) |
(49) |
|
Cost of sales |
— |
(33,434) |
— |
— |
|
Selling, general and administrative expenses |
— |
— |
|
|
|
Research and development costs |
— |
(2,473) |
— |
— |
|
Other income (expenses) net |
(492) |
(442) |
(118) |
— |
|
Result from investments |
— |
3,020 |
— |
— |
|
Financial income |
65 |
402 |
128 |
120 |
|
Financial expenses |
(148) |
(1,091) |
(153) |
(135) |
|
Net financial expenses |
— |
— |
|
|
|
Profit (loss) before taxes |
14,762 |
7,872 |
27,283 |
2,299 |
|
Income taxes |
(91) |
(1,095) |
— |
— |
|
Profit (loss) for the year |
14,671 |
6,777 |
27,283 |
2,299 |
|
Profit (loss) attributable to: |
|
|
|
|
|
Owners of the parent |
14,671 |
4,194 |
|
|
|
Non-controlling interests |
— |
2,583 |
|
|
|
Earnings per share (in €) |
|
|
|
|
|
Basic earnings per share |
68.27 |
18.72 |
|
|
|
Diluted earnings per share |
67.00 |
18.38 |
|
|
(a) In accordance with IFRS,
prior period has not been restated to reflect the investment entity
status, instead prior period balances have been reclassified in
accordance with IAS 1, to improve the comparability and the
alignment between company and consolidated financial statements.
The reclassification of the Income Statement for the year ended 31
December 2023 is provided in Note 2 of the Financial Statement at
31 December 2024.
1 The Tender Offer is made
to those shareholders to whom the Tender Offer can legally be made
in accordance with the terms and conditions set out in the Offer
Memorandum (“Qualifying Shareholders”). This includes shareholders
based in The Netherlands, US and in other jurisdictions where
applicable legal or regulatory requirements permit. Retail
shareholders in the European Economic Area outside The Netherlands
cannot take part in the Tender Offer.
- Exor Press Release - FY2024 Results
Exor NV (EU:EXO)
Graphique Historique de l'Action
De Juin 2025 à Juil 2025
Exor NV (EU:EXO)
Graphique Historique de l'Action
De Juil 2024 à Juil 2025
