Exor Press Release - H1 2023 Results
Amsterdam, 13 September 2023
EXOR DELIVERS 23% GROWTH IN NAV PER SHARE
IN H1, OUTPERFORMING MSCI BY 11 p.p.
€1 BILLION BUYBACK PROGRAM
ANNOUNCED WITH TENDER OFFER AT UP TO 10%
PREMIUM
-
Exor reports NAV of €34.2 billion at
30 June 2023. NAV per share increased 22.8% over the
first half of 2023, while outperforming the MSCI World Index by
11.3 p.p., mainly driven by the market performance of
Listed Companies.
-
Net debt was €0.1 billion at 30 June 2023,
from a net cash position of €0.8 billion at
31 December 2022, mainly driven by cash deployment into
Companies, Investments and share buyback, partially offset by
dividends received.
-
The Board of Directors approved today a €1
billion buyback program. Up to €750 million of this will be
executed in the form of a Tender Offer to be launched on
14 September 2023, at a premium of up to
10%.
| € million |
30/6/2023 |
31/12/2022 |
|
Net Asset Value |
34,189 |
28,233 |
| Net Asset Value
per share - € |
150.21 |
122.34 |
| Net Financial
Position of Exor Holdings System |
(133) |
795 |
| Loan-to-Value
ratio (%) |
0.4% |
n.a. |
|
|
|
|
| |
Six months ended 30 June |
|
€ million |
2023 |
2022 |
|
Net profit attributable to the owners of the parent |
2,157 |
265 |
| Dividends
received |
815 |
794 |
|
Dividends paid |
(99) |
(100) |
KEY EVENTS IN H1 2023 AND SUBSEQUENT EVENTS
During the first half of 2023 Exor bought a
stake of 2.96% in Philips for a total amount of
€511 million.
On 14 August 2023 Philips and Exor
announced that they had entered into a relationship agreement, and
as a result of which Exor has increased its stake in Philips to
15%. Exor fully supports Philips’ leadership, their strategy and
their view of the company’s value creation potential.
The relationship agreement includes Exor’s
commitment to be a long-term minority investor and the right to
propose one member to the Supervisory Board, as well as several
customary conditions. While Exor does not plan to buy further
Philips shares in the short term, over time Exor can, at its
discretion, increase its participation to a maximum limit of 20% of
Philips’ outstanding ordinary share capital.
During the first half of 2023 Exor invested a
total amount of €400 million in the Opportunity and Innovation
strategies managed by Lingotto.
-
Announcement of new share buyback program of €1
billion
During the first half of 2023 Exor bought back
€246 million worth of ordinary shares, completing the
€500 million share buyback program announced in March
2022.
Exor’s Board has today approved a new share
buyback program of €1 billion to be completed in the next
12 months. The Board believes that the current value of Exor
provides an attractive opportunity to invest in its own Companies
through buying back shares.
As part of this program, Exor will launch a
reverse Dutch auction Tender Offer on 14 September 2023
for an aggregate consideration up to €750 million to
Qualifying Shareholders1. In the Tender Offer, Qualifying
Shareholders will be able to 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 VWAP during the Determination period, with a
price cap of the lower of €89.71 (being 110% of the closing price
on the last trading day prior to announcement of the Tender Offer)
and 110% of the highest closing price recorded for the Ordinary
Shares on Euronext Amsterdam during the Determination Period.
The Tender Offer allows to acquire shares in a
short time frame and undertake an effective and efficient share
buyback.
Exor’s controlling shareholder Giovanni Agnelli
B.V. has provided an irrevocable undertaking to participate to the
Tender Offer for an aggregate amount of €250 million, with the
objective to reduce its net debt position.
Exor is planning to buy back the remaining
amount after the Tender Offer through on-market purchases of
Ordinary Shares on Euronext Amsterdam, including any part of the
€750 million not taken up in the Tender Offer. Exor plans to
start the cancellation process of the purchased shares after the
settlement of the Tender Offer.
More details on the Tender Offer transaction,
including definitions of capitalised terms used in this section,
can be found in the launch press release and offer memorandum
available on Exor’s website at:
https://www.exor.com/pages/investors-media/shareholders-corner/share-buyback.
-
Increase in Exor’s investment in Via
Transportation
In February 2023 Exor increased its investment
in Via Transportation by $50 million through its participation
in the $110 million financing round with participation from
new and existing investors to expand the company’s TransitTech
portfolio. After the completion of the financing round, Exor held
18% of the share capital of Via Transportation, being the single
largest shareholder of the Company.
In March 2023 Exor completed the cancellation of
7,007,464 ordinary shares held in treasury, acquired as part of
share buyback programs, bringing the total number of ordinary
shares in the share capital of Exor to 233,992,536.
Exor currently holds 9,164,463 ordinary shares
in treasury (3.92% of total ordinary shares).
On 31 May 2023, Exor’s Annual General
Meeting of shareholders approved an ordinary dividend distribution
of €0.44 per outstanding share, for a total amount of approximately
€99 million. The dividend was paid to the shareholders of
record as of 5 June 2023.
-
New partnership between Impala and Exor
in TagEnergy
On 19 July 2023, Impala (the
investment firm controlled by Jacques Veyrat and his family) and
Exor announced a new partnership to further develop TagEnergy, a
fast-growing company operating in the renewables and energy storage
sectors.
To accelerate TagEnergy’s future growth and
support its experienced team and strong entrepreneurial culture,
Impala and Exor have joined forces in a new joint holding company,
TagHolding, which will become TagEnergy’s largest single
shareholder.
NET ASSET VALUE (NAV)
|
€ million |
Asset Type |
30/6/2023 |
31/12/2022 |
Change vs.31 December
2022 |
|
|
|
|
|
Amount |
% |
|
Companies |
|
30,125 |
24,278 |
5,847 |
24.1 % |
|
Ferrari |
L |
13,308 |
8,896 |
4,412 |
49.6 % |
|
Stellantis |
L |
7,231 |
5,961 |
1,270 |
21.3 % |
|
CNH Industrial |
L |
4,845 |
5,491 |
(646) |
(11.8%) |
|
Iveco |
L |
606 |
408 |
198 |
48.5 % |
|
Juventus |
L |
553 |
510 |
43 |
8.4 % |
|
Philips(a) |
L |
544 |
— |
544 |
n.a. |
|
Other companies(b) |
P |
3,038 |
3,012 |
26 |
0.9% |
|
Investments |
|
2,269 |
1,766 |
503 |
28.5% |
|
Lingotto(c) |
L/P |
1,637 |
1,185 |
452 |
38.1% |
|
Ventures(d) |
P |
632 |
581 |
51 |
8.8% |
|
Others |
|
6,032 |
6,443 |
(411) |
(6.4%) |
|
Reinsurance vehicles |
P |
692 |
622 |
70 |
11.3 % |
|
Other assets(e) |
P |
442 |
378 |
64 |
16.9% |
|
Liquidity(f) |
|
4,808 |
5,349 |
(541) |
(10.1%) |
|
Treasury stock(g) |
|
90 |
94 |
(4) |
(4.3) % |
|
Gross Asset Value |
|
38,426 |
32,487 |
5,939 |
18.3 % |
|
Gross Debt |
|
(4,228) |
(4,234) |
6 |
(0.1) % |
|
Bonds and bank debt |
|
(3,617) |
(3,625) |
8 |
(0.2) % |
|
Financial liabilities(h) |
|
(611) |
(609) |
(2) |
0.3% |
|
Other liabilities |
|
(9) |
(20) |
11 |
(55.0%) |
|
Net Asset Value (NAV) |
|
34,189 |
28,233 |
5,956 |
21.1 % |
|
|
|
|
|
|
|
|
NAV per Share in
Euro(i) |
|
150.21 |
122.34 |
27.87 |
22.8 % |
L= Listed Company; P= Private Company.
(a) At 30 June 2023 Exor held a
2.96% stake in Philips. On 14 August 2023 Exor announced that it
had entered into a relationship agreement with Philips, and as a
result of which Exor bought shares to reach a 15% shareholding in
the company. Following the announcement, Exor classifies Philips as
a company. (b) Other companies at
30 June 2023 include Institut Mérieux
(€838 million), Christian Louboutin (€700 million), Via
Transportation (€523 million), The Economist
(€382 million), Welltec (€242 million), GEDI
(€134 million), Lifenet (€71 million), Shang Xia (€67
million), Casavo (€40 million) and NUO (€41 million).
Other companies at 31 December 2022 included Institut
Mérieux (€848 million) Christian Louboutin
(€700 million), Via Transportation (€477 million), The
Economist (€370 million), Welltec (€217 million), GEDI (€167
million), Lifenet (€71 million), Shang Xia (€67 million),
Casavo (€56 million) and NUO (€39 million).
(c) At 30 June 2023 it includes public
funds (€1,112 million) and private funds (€525 million).
At 31 December 2022 it included public funds
(€1,069 million) and private funds
(€116 million).(d) At 30 June 2023
Ventures include Exor Ventures (€542 million) and direct
investments (€90 million). At 31 December 2022
Ventures included Exor Ventures (€504 million) and direct
investments (€77 million). The stake owned in Casavo via Exor
Ventures has been reclassified into Casavo and included in Other
companies.(e) Other assets include minor private
investments and receivables among others. Items previously
classified under Financial investments are included in Other
assets.(f) At 30 June 2023 liquidity
includes cash and cash equivalents (€3,976 million), listed
securities (€713 million) and financial assets
(€119 million) included in the net financial position. At
31 December 2022 liquidity included cash and cash
equivalents (€4,985 million), listed securities
(€320 million) and financial assets (€44 million)
included in the net financial position. Listed securities at
30 June 2023 include Clarivate (€285 million),
Forvia (€215 million) and Investlinx ETFs (€161 million)
among others. Listed securities at 31 December 2022
included Forvia (€141 million) and Clarivate
(€130 million) among others. Financial assets are
investment-grade and high-yield bonds purchased by
Exor.(g) 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.(h) At 30 June 2023 financial
liabilities corresponds mainly to the outstanding commitment in
Institut Mérieux. (i) Based on 227,608,878 shares
at 30 June 2023 and 230,783,267 shares at
31 December 2022.
SUMMARY OF CONSOLIDATED FINANCIAL RESULTS
(SHORTENED)
Result: Exor closed the first
half of 2023 with a consolidated profit of €2,157 million; in
the same period of 2022 Exor recorded a consolidated profit of
€265 million. The net increase of €1,892 million is
mainly attributable to the improvement of the share of the result
of subsidiaries and associates (€1,628 million). The result of
the first half of 2022 was also affected by unrealized losses of
the fixed income portfolio of PartnerRe (€1,060 million).
Equity: At
30 June 2023 the consolidated equity attributable to
owners of the parent amounts to €22,197 million, with a net
increase of €1,570 million, compared to €20,627 million
at 31 December 2022.
Net Financial Position: The
consolidated net financial position of the Holdings System at
30 June 2023 is negative €133 million and reflects a
negative change of €928 million compared to the positive
financial position of €795 million at
31 December 2022, mainly due to investments
(€1,349 million), share buyback (€246 million) and
dividend distribution (€99 million), partially offset by
dividends received from investments (€815 million).
EXOR GROUP – Consolidated
Income Statement (Shortened)
|
|
Six months ended 30 June |
Change |
|
€ million |
2023 |
2022 |
|
Profit (loss) from investments in subsidiaries and associates: |
|
|
|
|
Share of the profit (loss) |
1,981 |
353 |
1,628 |
|
Gain on disposal |
— |
— |
— |
|
Dividends received |
815 |
794 |
21 |
|
Dividends eliminated(a) |
(815) |
(794) |
(21) |
|
Profit (loss) from investments in subsidiaries and associates |
1,981 |
353 |
1,628 |
| Profit (loss)
from investments at FVTOCI |
11 |
— |
11 |
| Profit (loss)
from investments at FVTPL |
145 |
(15) |
160 |
| Net financial
income (expenses): |
|
|
|
|
Profit (loss) from cash, cash equivalents and financial assets |
88 |
3 |
85 |
|
Cost of debt |
(45) |
(53) |
8 |
|
Exchange gains (losses), net |
3 |
(10) |
13 |
|
Net financial income (expenses) |
46 |
(60) |
106 |
| Net recurring
general expenses |
(21) |
(9) |
(12) |
| Net non -
recurring other income (expenses) |
(3) |
(3) |
0 |
|
Income taxes and other taxes and duties |
(2) |
(1) |
(1) |
|
Profit (loss) attributable to owners of the
parent |
2,157 |
265 |
1,892 |
(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.
Share of the profit (loss)
The share of the results from investments in
subsidiaries and associates in the six months ended
30 June 2023 is a profit of €1,981 million, an
increase of €1,628 million compared to the profit of the six
months ended 30 June 2022 of €353 million. The increase
is mainly attributable to the fact that the result of the first
half of 2022 included unrealized losses of the fixed income
portfolio of PartnerRe. It also reflects the positive performances
of Exor’s subsidiaries and the associates, in particular Stellantis
and CNH Industrial.
|
|
Result(a) |
Exor’s share(b) |
Change |
| |
Six months ended 30 June |
Six months ended 30 June |
|
€ million |
2023 |
2022 |
2023 |
2022 |
|
|
Stellantis |
10,923 |
7,960 |
1,571 |
1,133 |
438 |
| CNH
Industrial |
1,059 |
697 |
291 |
189 |
102 |
| Ferrari |
629 |
487 |
154 |
118 |
36 |
| Iveco Group |
157 |
13 |
43 |
4 |
39 |
| Welltec |
59 |
24 |
28 |
11 |
17 |
| Christian
Louboutin |
34 |
69 |
8 |
17 |
(9) |
| The Economist
Group(c) |
18 |
20 |
8 |
9 |
(1) |
| Institut
Mérieux(d) |
66 |
— |
2 |
— |
2 |
| Exor
Ventures |
(23) |
27 |
(16) |
31 |
(47) |
| Juventus Football
Club(e) |
(81) |
(132) |
(51) |
(84) |
33 |
| Other(f) |
— |
— |
(57) |
(15) |
(42) |
|
PartnerRe(g) |
— |
(1,060) |
— |
(1,060) |
1,060 |
|
Share of the profit (loss) of investments in subsidiaries
and associates |
1,981 |
353 |
1,628 |
(a) Results attributable to owners of
the parents, prepared by each subsidiary and associate for Exor
consolidation purposes, which may differ from those 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 period.(b) Including consolidation
adjustments, where applicable.(c) The result refers to
the period 1 October – 31 March.(d) The acquisition
date was 1 July 2022.(e) The result refers to
the accounting data prepared for consolidation in Exor for the
period 1 January – 30 June. The result may differ from those
that will be published by Juventus when approving the financial
statement for the 2022/2023 financial year.(f) Mainly
includes the share of the results of GEDI, Shang Xia, Casavo and
Lingotto Investment Management.(g) The disposal was
completed on 12 July 2022.
EXOR GROUP – Consolidated Statement of
Financial Position (Shortened)
|
|
|
Change |
|
€ million |
At 30 June 2023 |
At 31 December 2022 |
|
Investments in subsidiaries and associates |
17,173 |
16,244 |
929 |
| Investments at
FVTOCI |
1,803 |
971 |
832 |
| Investments at
FVTPL |
2,537 |
1,854 |
683 |
|
Other asset (liabilities), net |
817 |
763 |
54 |
|
Invested capital |
22,330 |
19,832 |
2,498 |
|
Issued capital and reserves attributable to owners of the
parent |
22,197 |
20,627 |
1,570 |
| Cash, cash
equivalents and financial assets |
(4,095) |
(5,029) |
934 |
|
Gross debt |
4,228 |
4,234 |
(6) |
|
Equity and net financial position |
22,330 |
19,832 |
2,498 |
Net Financial Position
|
|
|
Change |
|
€ million |
At 30 June 2023 |
At 31 December 2022 |
|
Bank accounts and time deposits |
1,702 |
1,860 |
(158) |
| Liquidity
funds |
842 |
1,114 |
(272) |
| Short duration
and other bond funds |
1,432 |
2,011 |
(579) |
| Financial
assets |
114 |
38 |
76 |
|
Financial receivables |
5 |
6 |
(1) |
|
Cash, cash equivalents and financial
assets(a) |
4,095 |
5,029 |
(934) |
|
Exor bonds |
(3,466) |
(3,475) |
9 |
| Bank debt |
(151) |
(150) |
(1) |
|
Other financial liabilities |
(611) |
(609) |
(2) |
|
Gross debt |
(4,228) |
(4,234) |
6 |
|
Net financial position of the Holdings System |
(133) |
795 |
(928) |
(a) Cash, cash equivalents and
financial assets available amount to €4,545 million
(€5,479 million at 31 December 2022) considering
also the undrawn committed credit lines for €450 million (in
line with 31 December 2022).(b)
Net change of Net Financial
Position
|
|
Six months ended 30 June |
|
€ million |
2023 |
2022 |
|
Net financial position of the Holdings
System - Initial amount |
795 |
(3,924) |
|
Dividends received from investments(a) |
815 |
794 |
| Investments [see
table below] |
(1,349) |
(355) |
| Disposals |
— |
11 |
| Dividends paid by
Exor |
(99) |
(100) |
| Buyback Exor
treasury stock |
(246) |
(100) |
|
Other changes [see table below] |
(49) |
(890) |
|
Net change during the year |
(928) |
(640) |
|
Net financial position of the Holdings System - Final
amount |
(133) |
(4,564) |
(a) In the six months ended
30 June 2023 dividends received from Stellantis
(€602 million), CNH Industrial (€132 million) and Ferrari
(€81 million). In the six months ended 30 June 2022
dividends received from Stellantis (€467 million), PartnerRe
(€163 million), CNH Industrial (€103 million), Ferrari
(€61 million).
|
|
Six months ended 30 June |
|
€ million |
2023 |
2022 |
|
Investments |
(1,349) |
(355) |
|
Subsidiaries, associates and funds |
(615) |
(109) |
|
Lingotto |
(400) |
— |
|
Other funds |
(150) |
— |
|
Exor Ventures |
(62) |
— |
|
Exor Seeds |
(3) |
(42) |
|
Lifenet |
— |
(67) |
| Investment
measured at FVTOCI - listed |
(671) |
(36) |
|
Philips |
(511) |
— |
|
Clarivate |
(160) |
— |
|
Forvia |
— |
(36) |
| Investment
measured at FVTOCI - unlisted |
(63) |
(210) |
|
Via Transportation |
(46) |
— |
|
Other |
(17) |
(210) |
|
Other changes |
(49) |
(890) |
|
Net recurring general expenses |
(14) |
(9) |
|
Net non-recurring other income (expenses) |
(1) |
(3) |
|
Net financial (expenses) income generated by the financial
position(a) |
46 |
(60) |
|
Tax claim |
— |
(746) |
|
Other net changes(b) |
(80) |
(72) |
(a) In the six months ended
30 June 2023 related to: cost of debt
(-€45 million), derivative and other, net exchange losses
(+€3 million) and profit from cash, cash equivalents and
financial assets (+€88 million). In the six months ended 30
June 2022 related to: cost of debt (-€53 million), net
exchange losses (-€9 million) and profit from cash, cash
equivalents and financial assets
(+€2 million).(b) In the six months ended 30
June 2023 other net changes includes among other, further
additions to the loan granted to the subsidiaries GEDI for
€35 million and Shang Xia for €9 million.
UPCOMING EVENTS
On 14 September 2023 at 2:00pm CEST /
1:00pm BST / 8:00am EDT, Exor's CFO Guido de Boer will host a live
webcast and conference call to illustrate Exor Half-Year 2023
Results. The webcast and recorded replay will be accessible under
the Investors’ section of Exor’s website (www.exor.com).
Exor’s investor day will be held on 30 November
2023.
ABOUT EXOR
Exor N.V. (AEX: EXO), is a diversified holding
company that is based in the Netherlands and listed on the AEX. For
over a century, Exor has built great companies and made successful
investments worldwide, applying a culture that combines
entrepreneurial spirit and financial discipline. With a Net Asset
Value of around EUR 34 billion, its portfolio is principally made
up of companies in which Exor is the largest shareholder including
Ferrari, Stellantis CNH Industrial and Philips.
For more information, please contact Investor
Relations at ir@exor.com or Media at media@exor.com.
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 - H1 2023 Results
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