Exor, leap in net profit. The new president is the Indian Nitin Nohria- Corriere.it

Exor closes 2022 with a net profit of 4.227 billion euros compared to 1.717 billion euros in the previous year. It means that as at 31 December 2022 the financial position of the Agnelli family holding company was positive for the first time by €0.8 billion (+€4.7 billion compared to the negative position of €3.9 billion at the end of 2021). The net increase in profit of 2.5 billion is linked to the net capital gain realized thanks to the sale of PartnerRe, a global reinsurance company (2.4 billion), to the French Covea. The proposed ordinary dividend of 100 million, equal to 0.44 euros per share (in 2022 it was 0.43).

The Indian Nohria to the presidency

The holding also changes the chairman and non-executive senior director: for the two positions the board of directors proposes the Indian Nitin Nohria, who takes the place of Ajay Banga, also an Indian but a naturalized American, appointed president of the World Bank and not re-nominated for the board of Exor. Sandra Dembeck and Tiberto Ruy Brandolini D’Adda are the two names proposed for the seats of non-executive directors.

Nav and Equity

At the end of 2022, the value of the company’s assets stopped at 28.2 billion euros. Compared to 31 billion in 2021, the Nav decreases by 7.6% but, as specified by Exor, it outperformed the Msci World index by 6.6 percentage points, mainly due to the effect of the market performance of listed companies and the financial position. As of December 31 last year, the consolidated net assets of the holding company attributable to shareholders it reaches 20.6 billion with a net increase of 3.86 billioncompared to 16.759 billion at the end of 2021. At the beginning of 2023, the holding implements the investment strategy in private funds with 400 million euros and a commitment of another 300 million for other funds. In February, he then invested 50 million dollars in Via Transportation and obtained 18% of the company.

Ferrari and Stellantis drive revenues

The three investee companies with the greatest weight for Exor are Ferrari (27.4% of the total), Stellantis (18.3%) and Cnh Industrial (16.9%), followed, as individual investments, by Juventus (1.6% ) and Iveco Group (1.3%). Ferrari itself closes 2022 with a turnover of 5.1 billion (but is expected to reach 6.7 billion within three years) and an adjusted Ebitda of 1.8 billion. According to the plan presented by Benedetto Vigna, CEO of Ferrari, by 2026 internal combustion engines will represent 40% of the offer and the remaining 60% will be made up of hybrids and full electrics. Stellantis also ends 2022 with growing net sales (179.6 billion) and an adjusted operating profit of 23.3 billion.

Cheers, Exor’s new investments

In the letter to shareholders, Exor CEO John Elkann says he has invested in 2022 almost one billion euros in the health sector. Elkann says: This sector will continue to grow in the coming decades, to meet the needs of an aging global population. While US health care costs for people ages 0 to 44 range between $3,000 and $5,000 a year, these costs rise eightfold for people ages 85 and older.

The acquisitions

Thanks to the increasingly close relationship with theInstitut Mrieux and the Mrieux family, adds the CEO of Exor: We want to support the development of their companies and benefit from their deep knowledge and expertise as we seek future investment opportunities in the fields of genomics, proteomics, tools for scientific analysis, diagnostic imaging and medical components. Exor bought 45% of LifeNet Healthcare, an Italian company that deals with the management of clinics and outpatient centers led by Nicola Bedin. Through Exor Ventures we are also developing partnerships with early stage healthcare companies: Emerging companies located at the intersection of technology and biology will create significant value by solving structural inefficiencies in the healthcare industry through better care personalized services, better production capacity and greater decentralization of services, the CEO of Exor reiterates. And on the judicial proceedings of the Juventus club: Juventus denies any wrongdoing.