The shareholders' meeting Dolphin, the Luxembourg financial company that manages the Del Vecchio family's assets, has approved unanimously the balance 2023, highlighting exceptional results: dividends for approximately 890 million euros, up 23% compared to the previous year. The holding's investment portfolio, which includes significant stakes in EssilorLuxottica, Mediobanca, Generali and Covivio, has contributed to overall assets in excess of 40 billion euros, with growth of 50% in 24 months. Based on the positive performance of the holdings, the holding company plans to exceed first in a 2024 the threshold of one billion euros in dividends.
“Since the death of Leonardo Del Vecchio on 27 June 2022, our assets have increased by 14 billion euros. I thank the CEO Romolo Bardin and the entire Board of Directors for the results achieved, which are the fruit of our commitment to realize, with the support of the family, the vision of our founder. We continue in the direction traced by him, respecting all the decisions and economic and ethical guidelines that he has transmitted to us, with correct and fair management of our activities, oriented towards the creation of value for the shareholders and for the companies of which we are stable and long-term shareholders,” he comments Francesco Milleri, president of Delfin.
Considering the 890 million in dividends, each member will collect approximately 111 million euros, which will rise to 125 million in 2024 considering the expected billion in dividends.
Del Vecchio's legacy, at what stage is the succession agreement?
Despite their financial successes, the Del Vecchio family is not yet done with the game will of the founder. Claudio, Marisa, Paolo, Leonardo Maria, Luca and Clemente Del Vecchio, together with his wife Nicoletta Zampillo and the latter's son, Rocco Basilico, are still discussing issues relating to the payment of taxes and the governance. However, it is there confidence that a solution involving all heirs can be reached. In February, it seemed that progress had been made, with convergence on important aspects such as the liquidation of shareholders' stake. The clause would allow the shareholders of the financial company, each holding 12,5% of the capital, to partially or completely sell their share package. Regarding governance, a change is expected in the duration of the mandate of the board of directors, currently for life, with a possible change to a mandate of three or four years, confirming Francesco Milleri as leader of the financial company. This change requires a unanimous vote of shareholders. Furthermore, a change in dividend distribution could be expected, with the threshold potentially increased from 10% to 30% of profits.
Leonardo Maria Del Vecchio acquires the majority of Aqua Fiuggi
Leonardo Maria Del Vecchio ha acquired 72,5% of the Acqua e Terme Fiuggi company through its holding Lmdv capital.
Fiuggi, previously controlled by a consortium of entrepreneurs, will see Francesco Borgomeo maintain a minority share and the municipality of Fiuggi hold a fixed share of 5%. Del Vecchio expressed his commitment to renew the brand, improving its positioning and competitiveness. At a national level, the objective is to reinvigorate a quality brand that offers undoubted beneficial properties. At an international level, although it already boasts good distribution, the aim is to increase its presence in the premium markets of North America and the Middle East, bringing the Fiuggi brand back to the levels of prestige it deserves.
