Exor Press Release - H1 2024 Results
Amsterdam, 24 September 2024
NAV REACHED €38.3 BILLION AT 30 JUNE
2024,
AN INCREASE OF €2.9 BILLION DURING THE FIRST HALF OF
2024
-
NAV per share increased by 9% in the first half of 2024,
compared to 14% of the MSCI World Index, mainly driven by the
performance of Ferrari, Philips and Lingotto Funds.
-
Strong cash flow generation with dividends received from
Companies and asset disposals of €1.5 billion. Cash deployed into
Companies, Investments and share buybacks amounted to €1.1 billion,
maintaining a disciplined capital allocation.
-
Net debt was €3.7 billion at 30 June 2024 from €4.0 billion
at 1 January 2024, with a LTV ratio of 9%.
-
Investment Entity reporting under IFRS 10 applied from 1
January 2024.
|
€ million, unless otherwise indicated |
30 June 2024 |
1 January 2024 |
|
Total Assets or Gross Asset Value (GAV)(a) |
43,091 |
39,739 |
| Equity or Net
Asset Value (NAV)(a) |
38,343 |
35,423 |
|
NAV per share - €(a) |
178.46 |
164.02 |
|
Market Capitalization |
21,590 |
21,176 |
| Share Price -
€ |
97.70 |
90.50 |
|
Net Financial Position(a) |
(3,705) |
(3,968) |
|
Loan-to-Value ratio (LTV) (%)(a) |
8.9% |
10.1% |
|
|
Six months ended 30 June |
|
€ million, unless otherwise indicated |
2024 |
2023 |
|
NAV per share growth (%) |
8.8% |
22.8% |
|
Total Shareholder Return (%)(b) |
8.4% |
20.2% |
|
MSCI World Return Index (%)(b) |
14.2% |
11.5% |
|
Earnings per share – basic - €(c) |
68.14 |
9.54 |
|
Earnings per share – diluted - €(c) |
66.99 |
9.37 |
|
Dividends received |
1,108 |
825 |
|
Dividends paid |
(99) |
(99) |
|
Dividends paid per share - € |
0.44 |
0.44 |
(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) Metrics defined under section “Definitions and
Alternative Performance Measures”.
(c) Earnings related to the six months ended 30 June
2024 include a one-off gain of €54.60 per share (basic) and €53.68
per share (diluted) related to the application of the investment
entity exemption starting from 1 January 2024.
KEY EVENTS IN FIRST HALF 2024 AND SUBSEQUENT
EVENTS
Bond issue
On 14 February 2024 Exor issued bonds
for a nominal amount of €650 million with an issue price of
99.371% and a fixed annual coupon of 3.75%, maturing on
14 February 2033. The purpose of the issue was to raise
new funds for Exor's general corporate purposes and refinance debt
maturing in 2024. 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
On 4 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 held on 7 May 2024,
appointed Suzanne Heywood, Exor's COO, to the board of directors of
the company.
Support to Juventus' capital increase
On 4 April 2024 Juventus announced
that, following the auction of the pre-emptive rights not exercised
during the offer period, its capital increase had been fully
subscribed. Therefore, funding of the approximately
€72 million that Exor had underwritten was not required.
Increased investment in
Philips
During the first half of 2024 Exor increased its investment in
Philips by €622 million reaching a shareholding of 17.5%. On 7
May 2024, Benoît Ribadeau-Dumas was appointed to Philips’
supervisory board.
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.
Restart of share buyback
program
During the first half of 2024 Exor restarted the share buyback
program announced on 13 September 2023 for the remaining
amount up to €250 million of ordinary shares, repurchasing
1,242,623 ordinary shares for €125 million. On 12 August
2024, Exor launched the second tranche of the above mentioned
program for the remaining amount up to €125 million, which is
expected to be completed by November 2024, or earlier if the
maximum amount has been reached.
Investment in Institut
Mérieux
In July 2024 Exor paid the remaining €555 million to reach a
shareholding of 10% in Institut Mérieux as per the agreement signed
in July 2022.
PERFORMANCE OF EXOR
Equity or Net Asset Value
|
€ million, unless otherwise indicated |
30 June 2024 |
1 January 2024 |
Change |
|
|
|
|
Amount |
% |
|
Companies |
37,332 |
34,226 |
3,106 |
9.1% |
|
Listed |
34,247 |
31,210 |
3,037 |
9.7% |
|
Unlisted |
3,085 |
3,016 |
69 |
2.3% |
|
Investments |
3,134 |
2,778 |
356 |
12.8% |
|
Lingotto Funds |
2,350 |
2,099 |
251 |
12.0% |
|
Ventures |
784 |
679 |
105 |
15.5% |
|
Others |
2,625 |
2,735 |
(110) |
(4.0)% |
|
Reinsurance Vehicles |
593 |
802 |
(209) |
(26.1)% |
|
Other Assets |
591 |
473 |
118 |
24.9% |
|
Liquidity |
1,441 |
1,460 |
(19) |
(1.3)% |
|
Total Assets or Gross Asset Value (GAV) |
43,091 |
39,739 |
3,352 |
8.4% |
|
Gross Debt |
(4,715) |
(4,286) |
(429) |
10.0% |
|
Bonds and Bank Debt |
(4,120) |
(3,682) |
(438) |
11.9% |
|
Financial Liabilities |
(595) |
(604) |
9 |
(1.5%) |
|
Other Liabilities |
(33) |
(30) |
(3) |
10.9% |
|
Equity or Net Asset
Value(a) (NAV)
[A] |
38,343 |
35,423 |
2,920 |
8.2% |
|
|
|
|
|
|
|
Shares Outstanding(b)
[B] |
214,859,776 |
215,963,704 |
(1,103,928) |
(0.5)% |
|
|
|
|
|
|
|
NAV per Share - € [A / B] |
178.46 |
164.02 |
14.43 |
8.8% |
(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 unit.
Drivers of change in Total Assets or
GAV
At 30 June 2024 GAV amounted to €43,091 million,
an increase of €3,352 million over the period.
The value of Companies increased by €3,106
million mainly driven by the positive market performance of Listed
Companies (€1,968 million), investments made in Listed Companies
(€636 million), investments made in Unlisted Companies (€124
million) and the reclassification of Clarivate from Others into
Listed Companies (€433 million), partially offset by the
negative fair value adjustment of Unlisted Companies (-€55
million).
The value of Investments increased by €356
million mainly driven by the positive fair value adjustment of
Lingotto Funds (€228 million) and Ventures (€53 million) as well as
investments made in Lingotto Funds (€23 million) and Ventures
(€52 million).
The value of Others decreased by €110 million
mainly driven by the reclassification of Clarivate from Others into
Listed Companies (-€433 million), the negative fair value
adjustment of Listed securities net of positive adjustments in
reinsurance vehicles and other assets (-€146 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 |
3,016 |
34,226 |
2,099 |
679 |
2,778 |
2,735 |
|
Investment (Disposal) |
1,266 |
636 |
124 |
760 |
23 |
52 |
75 |
431 |
|
Change in Value(a) |
2,048 |
1,968 |
(55) |
1,913 |
228 |
53 |
281 |
(146) |
|
Reclassification |
— |
433 |
— |
433 |
— |
— |
— |
(433) |
|
Translation Effect |
38 |
— |
— |
— |
— |
— |
— |
38 |
|
30 June 2024 |
43,091 |
34,247 |
3,085 |
37,332 |
2,350 |
784 |
3,134 |
2,625 |
(a) Of which €1,562 million recognized in the income
statement and €408 million recognized in OCI.
Companies
|
Listed Companies |
|
|
|
|
|
|
€ million |
1 January 2024 |
Reclassification |
Investment (Disposal) |
Change
in Value |
30 June 2024 |
|
Ferrari |
13,562 |
— |
— |
3,355 |
16,917 |
| Stellantis |
9,505 |
— |
— |
(1,204) |
8,301 |
|
Philips(a) |
2,937 |
— |
622 |
323 |
3,882 |
| CNH |
4,066 |
— |
— |
(594) |
3,472 |
| Iveco |
598 |
— |
— |
170 |
768 |
| Juventus |
542 |
— |
14 |
(7) |
549 |
|
Clarivate(b) (c) |
— |
433 |
— |
(75) |
358 |
|
Listed Companies |
31,210 |
433 |
636 |
1,968 |
34,247 |
(a) The column investment (disposal)
includes 4,872,647 shares (€121 million) received as dividend paid
in shares.The change in value over the period includes €403 million
recognized in other comprehensive income reserve until the
significant influence was achieved.
(b) During the first half of 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 period includes €3
million of positive exchange differences on translation.
|
Unlisted Companies |
|
|
|
|
|
|
€ million |
1 January 2024 |
Reclassification |
Investment (Disposal) |
Change in Value |
30 June 2024 |
|
Institut Mérieux(a) |
844 |
|
— |
(27) |
817 |
| Christian
Louboutin |
700 |
— |
— |
(125) |
575 |
| Via
Transportation |
514 |
— |
— |
17 |
531 |
| The Economist
Group |
384 |
— |
— |
23 |
407 |
| Welltec |
280 |
— |
— |
49 |
329 |
|
TagEnergy(b) |
100 |
— |
72 |
— |
172 |
| Nuo |
42 |
— |
34 |
8 |
84 |
| Lifenet |
71 |
— |
8 |
— |
79 |
| GEDI |
68 |
— |
10 |
— |
78 |
| Casavo |
13 |
— |
— |
— |
13 |
|
Shang Xia |
0 |
— |
— |
— |
0 |
|
Unlisted companies |
3,016 |
— |
124 |
(55) |
3,085 |
(a) Includes Exor's commitment to
purchase 341,171 shares of Institut Meriéux for €555 million to
reach a shareholding of 10%.
(b) Owned through the holding company TagHolding.
Investments
|
€ million |
1 January 2024 |
Investment (Disposal) |
Change in Value |
30 June 2024 |
|
Funds managed by Lingotto: |
|
|
|
|
|
|
1,736 |
— |
222 |
1,958 |
|
|
363 |
23 |
6 |
392 |
|
Lingotto Funds |
2,099 |
23 |
228 |
2,350 |
|
Ventures: |
|
|
|
|
|
|
605 |
38 |
51 |
694 |
|
|
74 |
14 |
2 |
90 |
|
Ventures |
679 |
52 |
53 |
784 |
|
Investments |
2,778 |
75 |
281 |
3,134 |
Others
|
€ million |
1 January 2024 |
Reclassification |
Investment (Disposal) |
Change
in Value |
Translation Effect |
30 June 2024 |
|
Reinsurance vehicles |
802 |
— |
(287) |
54 |
24 |
593 |
| Other Assets |
473 |
— |
101 |
17 |
— |
591 |
|
Liquidity |
1,460 |
(433) |
617 |
(217) |
14 |
1,441 |
|
Cash and cash equivalents and financial assets |
318 |
— |
691 |
1 |
— |
1,010 |
|
Listed securities |
1,142 |
(433) |
(74) |
(218) |
14 |
431 |
|
Clarivate(a) |
551 |
(433) |
11 |
(141) |
12 |
— |
|
Forvia |
203 |
— |
— |
(93) |
— |
110 |
|
Investlinx ETF |
169 |
— |
— |
24 |
— |
193 |
|
Masimo |
107 |
— |
(85) |
15 |
2 |
39 |
|
Neumora |
65 |
— |
— |
(26) |
— |
39 |
|
Banijay Group(b) |
21 |
— |
— |
1 |
— |
22 |
|
Zegna |
26 |
— |
— |
2 |
— |
28 |
|
Others |
2,735 |
(433) |
431 |
(146) |
38 |
2,625 |
(a) During the first half of 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’.
(b) Previously FL Entertainment.
Net Financial Position
Net debt was €3,705 million at 30 June 2024 with
an LTV ratio of 8.9%, compared to €3,968 million at
1 January 2024 with an LTV ratio of 10.1%.
Gross debt consists mainly of bonds for €4,120
million with an average maturity of 6.3 years at 30 June 2024,
excluding the bond maturing in October 2024. Other financial
liabilities mainly include the remaining commitment in Institut
Merieux for €555 million.
|
€ million |
30 June 2024 |
1 January 2024 |
Change |
|
Bank accounts and time deposits |
768 |
150 |
618 |
| Liquidity
funds |
44 |
66 |
(22) |
| Short duration
and bond funds |
28 |
58 |
(30) |
|
Financial assets and financial receivables |
170 |
44 |
126 |
|
Cash, cash equivalents and financial assets
[A] |
1,010 |
318 |
692 |
|
Exor bonds |
4,120 |
3,467 |
653 |
| Bank debt |
— |
215 |
(215) |
|
Other financial liabilities |
595 |
604 |
(9) |
|
Gross debt(a)
[B] |
4,715 |
4,286 |
429 |
|
Net Financial
Position(a)
[A-B] |
(3,705) |
(3,968) |
263 |
(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”.
|
|
Six months ended 30 June |
|
€ million |
2024 |
2023 |
|
Net Financial Position - Initial Amount |
(3,968) |
795 |
|
Dividend inflow (a) |
987 |
815 |
| Asset disposals
(b) |
372 |
— |
| Amount invested
(c) |
(815) |
(1,349) |
| Buyback Exor
shares |
(125) |
(246) |
| Dividends paid by
Exor |
(99) |
(99) |
|
Other changes |
(57) |
(49) |
|
Net change during the period |
263 |
(928) |
|
Net Financial Position - Final Amount |
(3,705) |
(133) |
(a) For a breakdown, refer to the Net
Free Cash Flow table below.
(b) Of which €287 million related to redemption
proceeds of Reinsurance vehicles and €85 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), €124 million in Unlisted
Companies (of which €72 million in TagHolding and
€34 million in NUO), €75 million in Investments (of which
€52 million in Ventures and €23 million in Lingotto
Funds) and €101 million in Others.
Loan-to-Value (LTV) Ratio
|
€ million |
30 June 2024 |
1 January 2024 |
|
Net Financial Position |
(3,705) |
(3,968) |
|
Other Liabilities |
(33) |
(30) |
|
Numerator [A] |
(3,738) |
(3,998) |
|
Gross Asset Value |
43,091 |
39,739 |
|
(less) Cash, Cash Equivalents and Financial Assets |
(1,010) |
(318) |
|
Denominator [B] |
42,081 |
39,421 |
|
LTV Ratio(a)
[A / B] |
8.88 % |
10.14 % |
(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 |
30 June 2024 |
1 January 2024 |
|
Cash, cash equivalents and financial assets(a) |
1,010 |
318 |
|
Listed securities(b) |
431 |
1,142 |
|
Liquidity(c) |
1,441 |
1,460 |
|
Undrawn committed credit lines(d) |
450 |
450 |
|
Available
Liquidity(c) |
1,891 |
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 €200 million maturing after
30 June 2025. In addition, Exor has uncommitted credit
lines for €515 million at 30 June 2024.
Net Free Cash Flow
During the first half of 2024 management costs
amounted to €10 million corresponding to 4.6 basis points on
the GAV at 30 June 2024 on an annualized basis. During the same
period, Free Cash Flow generated was equal to 9.6 times the
dividend paid.
|
|
Six months ended 30 June |
|
€ million |
2024 |
2023 |
|
|
697 |
602 |
|
|
160 |
132 |
|
|
108 |
81 |
|
|
16 |
— |
|
|
6 |
— |
|
Dividend inflow |
987 |
815 |
|
Net financial income (expenses) |
(24) |
46 |
|
Management costs(a) |
(10) |
(14) |
|
Free Cash Flow |
953 |
847 |
|
Dividend paid |
(99) |
(99) |
|
Net Free Cash
Flow(a) |
854 |
748 |
|
|
|
|
|
Free Cash Flow / Dividend paid |
9.6 |
8.6 |
(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 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.
Profit for the period
|
|
Six months ended 30 June |
|
(€ million) |
2024 |
2023(a) |
|
Dividend income |
1,108 |
10 |
| Change in fair
value on investment activities |
1,882 |
— |
| Change in fair
value on investment activities (one-off)(b) |
12,150 |
— |
| Profit from
investments in subsidiaries and associates |
— |
1,981 |
| Profit from
investments at FVTPL |
— |
146 |
| General and
administrative expenses |
(22) |
(26) |
| Net financial
income (expenses) |
(24) |
46 |
|
Other expenses(c) |
(374) |
— |
|
Profit (loss) before taxes |
14,720 |
2,157 |
|
Income taxes |
(25) |
— |
|
Profit (loss) for the period |
14,695 |
2,157 |
(a) Data as previously reported using
the shortened consolidation criterion.
(b) One-off item deriving from the difference between
net carrying amount of investments previously consolidated and
their fair value.
(c) One-off item related to the reversal in the income
statement of the OCI reserves of the entities deconsolidated
following the investment entity adoption.
Dividend income
|
|
Six months ended 30 June |
|
(€ million) |
2024 |
2023 |
|
Stellantis |
697 |
602 |
| CNH |
160 |
132 |
|
Philips(a) |
121 |
10 |
| Ferrari |
108 |
81 |
|
Iveco |
16 |
— |
|
Dividends from Companies |
1,102 |
825 |
|
Other |
6 |
— |
|
Dividends received |
1,108 |
825 |
|
Less: Dividends included in the share of the profit (loss) from
investments accounted for using the equity method |
— |
(815) |
|
Dividend
income(b) |
1,108 |
10 |
(a) Dividend paid in shares
corresponding to 4,872,647 shares in the six months ended 30 June
2024 (544,017 shares in the previous period).
(b) In the first half of 2023 Philips was accounted for
at fair value through OCI, therefore dividend received was not
eliminated.
Change in Fair
Value
|
|
Six months ended 30 June 2024 |
|
(€ million) |
Total |
Application of Investment entity exemption at 1
January |
Change in value |
|
Listed Companies |
13,377 |
11,815 |
1,562 |
|
Unlisted Companies |
280 |
335 |
(55) |
|
Total Companies |
13,657 |
12,150 |
1,507 |
|
Lingotto Funds |
228 |
— |
228 |
|
Ventures |
51 |
— |
51 |
|
Investments |
279 |
— |
279 |
|
Reinsurance Vehicles |
54 |
— |
54 |
|
Listed securities and others |
42 |
— |
42 |
|
Others |
96 |
— |
96 |
|
Change in fair value |
14,032 |
12,150 |
1,882 |
INFORMATION
Exor’s 2024 First Half-Year Report will
be available on the company’s website at www.exor.com in
section Investors & Media - Financial
Results.
Upcoming events
25 September 2024: Half-Year 2024
results conference call hosted by Exor's CFO Guido de Boer
at 1:00pm CEST. 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).
26 November 2024: Exor’s annual investor
and analyst call, to be held virtually.
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 has determined that it is an
Investment Entity under IFRS 10 as of that date. This change was
primarily driven by an evolution of Exor’s portfolio activity and
composition as well as the implementation of a portfolio review
process guiding capital allocation decisions based on the fair
value.
The change is prospectively applied from
1 January 2024, with a material impact on the
presentation of the consolidated financial statements and with
first time application in the Half-Year 2024 results, with prior
periods 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 support services to Exor N.V. in relation to the management
of investments, 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 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 30 June 2024 are
compared to 1 January 2024 to facilitate the
understanding and comparability of measures.
In accordance with IFRS, profit and cash flow
measures for the period ended 30 June 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 30 June 2024 and the period
ended 30 June 2023 is the same, the 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 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 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 levels 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 |
Dividend 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 |
30 June 2024 |
1 January 2024 |
Change |
|
Cash and cash
equivalents(a) |
812 |
215 |
597 |
|
Short duration and bond funds |
28 |
58 |
(30) |
|
Financial assets and financial receivables |
170 |
44 |
126 |
|
Cash and cash equivalents and financial assets included in
the Net financial position |
1,010 |
318 |
692 |
|
Listed securities |
431 |
1,142 |
(711) |
|
Liquidity |
1,441 |
1,460 |
(19) |
|
Undrawn committed credit lines |
450 |
450 |
— |
|
Available liquidity |
1,891 |
1,910 |
(19) |
The reconciliation of net ordinary free cash
flow against the nearest IFRS-measure is as follows.
|
€ million |
Six months ended 30 June |
Change
|
|
|
2024 |
2023 |
|
Net result(a) |
14,695 |
2,157 |
12,538 |
| Dividend in
kind |
(121) |
(10) |
(111) |
| General and
administrative expenses non recurring and share-based compensation
plan |
12 |
12 |
— |
| Change in fair
value on investment activities |
(1,882) |
— |
(1,882) |
| Change in fair
value on investment activities (one-off) |
(12,150) |
— |
(12,150) |
| Profit from
investments in subsidiaries and associates |
— |
(1,166) |
1,166 |
| Profit from
investments at FVTPL |
— |
(146) |
146 |
| Other
expenses |
374 |
— |
374 |
| Income taxes |
25 |
— |
25 |
|
Dividend paid |
(99) |
(99) |
— |
|
Net Free Cash Flow |
854 |
748 |
106 |
The reconciliation of management costs against
the nearest IFRS-measure is as follows:
|
|
Six months ended 30 June |
Change
|
|
€ million |
2024 |
2023 |
|
General and administrative
expenses(a) |
22 |
26 |
(4) |
|
General and administrative expenses - non recurring |
(2) |
(5) |
3 |
|
Share-based compensation plan |
(10) |
(7) |
(3) |
|
Management costs |
10 |
14 |
(4) |
(a) IFRS measure.
Condensed consolidated financial statements
(unaudited)
Statement of financial position
|
(€ million) |
30 June 2024 |
31 December 2023 |
|
Non current assets |
|
|
|
Intangible assets |
— |
9,887 |
|
Property, plant and equipment |
19 |
7,061 |
|
Investments accounted for using the equity method |
— |
14,968 |
|
Equity investments at FVTPL |
36,868 |
— |
|
Investments and other financial assets |
— |
9,369 |
|
Equity investments at FVTOCI |
380 |
— |
|
Other investments at FVTPL |
3,910 |
— |
|
Financial assets |
518 |
— |
|
Leased assets |
— |
1,358 |
|
Deferred tax assets |
— |
1,671 |
|
Other non current assets |
— |
603 |
|
Other assets |
575 |
— |
|
Total Non current assets |
n.a. |
44,917 |
|
Current assets |
|
|
|
Inventories |
— |
8,805 |
|
Trade receivables |
— |
864 |
|
Receivables from financing activities |
— |
28,848 |
|
Current tax assets |
9 |
200 |
|
Investments and other financial assets |
— |
1,109 |
|
Other current assets |
— |
1,299 |
|
Cash and cash equivalents |
812 |
8,678 |
|
Total Current assets |
n.a. |
49,803 |
|
Assets held for sale |
— |
59 |
|
Total Assets |
43,091 |
94,779 |
|
Equity and Liabilities |
|
|
|
Equity attributable to owners of the parent |
38,343 |
23,268 |
|
Non-controlling interests |
— |
9,864 |
|
Total Equity |
38,343 |
33,132 |
|
(€ million) |
30 June 2024 |
31 December 2023 |
|
Liabilities |
|
|
|
Provisions for employee benefits |
— |
1,321 |
|
Other provisions |
— |
5,035 |
|
Deferred tax liabilities |
— |
271 |
|
Financial debt and derivative liabilities |
— |
40,218 |
|
Borrowings |
4,120 |
— |
|
Other financial liabilities |
595 |
— |
|
Trade payables |
— |
7,930 |
|
Tax payables |
26 |
871 |
|
Other liabilities |
7 |
5,943 |
|
Liabilities held for sale |
— |
58 |
|
Total liabilities |
4,748 |
61,647 |
|
Total equity and liabilities |
43,091 |
94,779 |
Income statement
|
|
First Half |
|
(€ million) |
2024 |
2023 |
|
Dividend income |
1,108 |
— |
|
Change in fair value on investment activities |
14,032 |
— |
|
Net revenues |
— |
21,367 |
|
General and administrative expenses |
(22) |
— |
|
Cost of sales |
— |
(15,845) |
|
Selling, general and administrative expenses |
— |
(1,732) |
|
Research and development costs |
— |
(1,145) |
|
Other income (expenses), net |
(374) |
(197) |
|
Result from investments |
— |
1,707 |
|
Financial income |
32 |
— |
|
Financial expenses |
(56) |
— |
|
Net financial expenses |
— |
(60) |
|
Profit (loss) before taxes |
14,720 |
4,095 |
|
Income taxes |
(25) |
(608) |
|
Profit (loss) for the period |
14,695 |
3,487 |
|
Profit (loss) attributable to: |
|
|
|
Owners of the parent |
14,695 |
2,157 |
|
Non-controlling interests |
— |
1,330 |
|
Earnings per share (in €) |
|
|
|
Basic earnings per share |
68.14 |
9.54 |
|
Diluted earnings per share |
66.99 |
9.37 |
- Exor Press Release - H12024 Results
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