Exor ended 2023 with a consolidated profit of 4 billion and 194 million euros with a net decrease of 33 million compared to the previous year. In 2023, the share of the result of subsidiaries and participations increased by 1 billion and 747 million and the positive performances of investment funds contributed 498 million, while the 2022 results included a net capital gain of 2 billion and 424 million realized from the sale of PartnerRe sold for 8.6 billion to the French Covéa.
For the Agnelli-Elkann family holding company, which it also controls Republic through Gedi, as of 31 December 2023, the consolidated net equity attributable to the shareholders of the parent company amounted to 23 billion and 268 million, which represents a net increase of 2 billion and 641 million compared to the previous year. The consolidated net financial position of the Holdings System is negative for 3 billion and 968 million, a negative change of 4 billion and 763 million compared to the previous year, mainly due to 4 billion and 392 million for investments made and 996 million for share buybacks, partially offset by 835 million in dividends received from investments.
Tavares: “Fake news on Stellantis: we won’t leave Italy but the arrival of the Chinese is a threat”
by Diego Longhin
The Board of Directors of the holding company, which controls groups such as Stellantis, Ferrari, Chn Industrial, Iveco, has put forward a proposal to be presented to the shareholders’ meeting for the approval of the 2023 budget as well as for the approval of the payment of a dividend of 0.46 euros per share for each share issued and outstanding on the record date, for a total of approximately 100 million. In 2023, Exor had paid a dividend of 0.44 euros per share for a total amount of approximately 100 million. The proposed dividend, subject to approval by the meeting, will be paid on 3 June 2024 (coupon ex-dividend date: 30 May 2024) and will be paid to registered shareholders on 31 May 2024 (record date).
Italy-France, politics does not always help businesses
by Diego Longhin
Exor will change its reporting starting from 1 January 2024, qualifying as an Investment Entity pursuant to IFRS 10. In recent years, Exor has evolved from a holding company to an investment entity, following a significant change in the business and composition of its portfolio, and changes in its portfolio review process that determine capital allocation decisions based on fair value. In line with IFRS requirements, Exor will deconsolidate portfolio companies and value them at fair value, continuing to consolidate only the subsidiaries that provide support services to the Investment entity. The change in reporting will be applied starting from 1 January 2024, with a significant impact on the presentation of the consolidated financial statements and with the first application in the half-yearly results of 2024.
Vigna brings Ferrari into the electric era: “Our battery-powered car will be an emotion”
The non-recurring positive impact on the income statement would be approximately 12 billionresulting from the difference between the net book value of investments previously consolidated or accounted for using the equity method and their own fair value on the date of the change. The definitive impact will be communicated in the 2024 half-yearly results. Exor believes this change will make its financial reporting and communications better aligned with its business and operationswith the Nav (Net Asset Value) and other key indicators certified by the auditors.
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– 2024-04-11 18:16:19
