Exor’s profit rises to 4.2 billion, the value of assets over 28 billion

Useful monster for Exor. The holding company of the Agnelli family closed 2022 with a consolidated profit of 4.2 billion euros compared to 1.7 billion euros in 2021. For the first time as at 31 December 2022, the financial position is positive for 0.8 billion ( +4.7 billion compared to the negative position of 3.9 billion at the end of 2021). The net increase of 2.5 billion euros in profit is mainly attributable to the net capital gain realized on the sale of PartnerRe (2.4 billion), partially offset by the decrease in the share of the result of subsidiaries and associates (1,174 million euros ), including unrealized losses on PartnerRe’s fixed income portfolio. The proposed ordinary dividend is 100 million, equal to 0.44 euro per share (0.43 in 2022).

The new president of the holding led by CEO John Elkann will be the Indian Nitin Nohria: he will replace Ajay Banga, the next president of the World Bank, who will therefore not run again for the board. Sandra Dembeck and Tiberto Ruy Brandolini D’Adda will also be proposed as new non-executive directors.

The NAV (value of the company’s assets) at the end of the year amounted to 28.2 billion euros (it was 31 billion as at 31 December 2021). The NAV per share decreased by 7.6%, but – underlines Exor – it outperformed the MSCI World index by 6.6 percentage points, mainly due to the market performance of listed companies and the financial position. As at 31 December 2022, the consolidated shareholders’ equity of Exor attributable to the shareholders of the parent company amounted to 20.6 billion with a net increase of 3.86 billion, compared to 16.759 billion as at 31 December 2021.

The consolidated net financial position of the “Holdings System” as at 31 December 2022 was positive by 795 million euro and reflects a positive change of 4.719 billion compared to the negative financial position of 3.924 billion as at 31 December 2021, mainly due to the cash consideration received for the sale of PartnerRe (7.743 billion) and dividends received from equity investments (839 million), partially offset by investments (2.212 billion), buyback of treasury shares (255 million) and distributed dividends (99 million).

The proposed dividend (€0.44 per share), subject to the approval of the shareholders’ meeting, will be paid on 6 June 2023 (ex-dividend date: 2 June 2023) and will be paid to shareholders registered on 5 June 2023 (record date ).