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Exor, the holding company that controls, among others, Stellantis, Iveco and Juventus, closed 2023 with a consolidated profit of 4.194 billion euros, down 33 million compared to 4.277 billion in 2022. The Nav (net asset value ) rose by 25.7% to 35.513 billion, with the Nav per share increasing by 32.7%, with a performance superior to that of the MSCI World index by 15.1 percentage points, an increase mainly determined by the performance of the share prices of Stellantis and Ferrari.
Portfolio diversification increased following the sale of PartnerRe, with €5.4 billion of cash deployed in 2023 across subsidiaries, investments and share buybacks, while maintaining a strong balance sheet with a 10% LTV ratio at year-end .
The board of directors proposed to submit the payment of a dividend of 0.46 euros per share for approval by the general meeting of shareholders, for a total of approximately 100 million euros. In 2023, Exor paid a dividend of 0.44 euros per share, for a total amount of approximately 100 million euros.
The numbers
In 2023, the share of the result of subsidiaries and participations increased by 1.747 billion euros and the positive performance of investment funds contributed 498 million, while the 2022 results included a net capital gain of 2.424 billion realized from the sale of PartnerRe . As of December 31, the consolidated net assets attributable to the owners of the parent company amounted to 23.268 billion, which represents a net increase of 2.641 billion compared to the previous year. The consolidated net financial position of the Holdings System as of 31 December was negative for 3.968 billion, a negative change of 4.763 billion compared to the previous year, mainly due to 4.392 billion for investments made and 996 million for the share buyback, partially offset by 835 million in dividends received from investments. In 2024, Exor plans to repurchase shares for the remaining 250 million euros through the market purchase of ordinary shares on Euronext Amsterdam.
La «Investment Entity»
The company has reported that starting from January 1, 2024, Exor will qualify as an “Investment Entity” pursuant to IFRS 10. It will change its reporting, deconsolidating the portfolio companies and accounting for them at fair value. As stated in a note, «in recent years, Exor has evolved from a holding company to an investment entity, following a significant change in the activity and composition of its portfolio, and changes in its portfolio review process which determine the capital allocation decisions based on fair value. In line with IFRS requirements, Exor will deconsolidate the portfolio companies and value them at fair value, continuing to consolidate only the subsidiaries that provide support services to the Investment Entity”.