“In 2016 the major contributions to the growth of our NAV per share came from CNHI, FCA and Ferrari, the three strong and global companies that emerged from the transformation of a troubled Italian conglomerate like Fiat, thanks to the unique talent of Sergio Marchionne. The result of this transformation is evident in the combined value of these companies which multiplied nearly seven-fold between March 1, 2009, when Exor was created, and December 31, 2016. This was stated by John Elkann, president and CEO of Exor, in the letter to the holding's shareholders.
“In 2016, we focused on reducing our gross debt – he added – both through asset disposals and through dividends received. Our debt-to-value ratio of investments decreased below 20% at the end of the year, in line with our goals, with gross debt at $3,8 billion. Dividend inflow improved significantly thanks to PartnerRe, with net ordinary cash flow increasing approximately 6x year-over-year.”
As regards the accounts, the Exor group closed 2016 with a consolidated profit of 588,6 million, down compared to 744,5 million in 2015. The board of directors will submit the distribution of a dividend to the ordinary shareholders' meeting per unit of 0,35 euro for a total of 82,1 million. In 2016 Exor distributed a unit dividend of 0,35 euro for a total of 82 million.
At December 31, 2016, Exor's Net Asset Value (NAV) was $14,642 billion, showing an increase of $1,287 billion (+9,6%) compared to the figure of $13,355 billion at December 31, 2015. negative change of 155,9 million of the 2016 consolidated profit is attributable - explains the company - to lower capital gains on the sale of investees (566,7 million, of which 521,3 million relating to the sale of C&W Group), higher taxes on income and other taxes (€164,7 million), the increase in net financial charges and non-recurring charges, for €65,6 million and €42,4 million respectively, as well as other negative net changes of €5,8 million, partially offset from the increase in the share of the result of investee companies valued using the equity method of 681 million and from higher dividends from investee companies (8,3 million).
“A brilliant future is exactly what Juventus is building year after year. The Club closed last season with growing turnover (388 million euros) and profits (4 million euros), but above all with a magnificent sporting result: the fifth consecutive Scudetto, which places it on the same level as the greatest Juventus of all times, that of the 'golden five-year period' of the `30s”.