A record 2022 for Exor which closed the year with a consolidated profit of 4,227 billion euros compared to 1.717 billion euros in 2021. The net increase of 2,51 billion is due to the net capital gain realized by sale of PartnerRe (2,424 million euros), partially offset by the decrease in the share of the result of subsidiaries and associates (1,174 billion euros), including unrealized losses on the fixed income portfolio of PartnerRe. But the news didn't end there: Exor announced this morning a change at the top, with the appointment of Nitin Nohria as president.
Exor: Nav of 28,2 billion
Il Nav (value of the company's assets) at the end of 2022 was equal to 28,2 billion euros, down by 7,6% at the level of Nav per share, mainly due to the negative performance of international markets.
Il consolidated equity attributable to the shareholders of the parent company rose by 3,868 billion to 20,627 billion euro, while for the first time the consolidated net financial position of the holdings system is positive for 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. Also in this case, the cash consideration received for the sale of PartnerRe (7,743 billion), but also dividends received from shareholdings (839 million), partially offset by investments (2,212 billion), share buybacks (255 million) and dividends distributed (99 million).
Going forward with the data, as at 31 December 2022, at the level of Gav (gross asset value) the three investee companies that have the most weight for Exor are Ferrari (27,4% of the total), stellantis (18,3%) and Cnh Industrial (16,9%), followed – as individual holdings – by Juventus (1,6%) and Iveco Group (1,3%).
As for the start of 2023, Exor has implemented its strategy of investment in private funds, investing a further 400 million euros and committing funds for another 300 million. In addition, you invested an additional $50 million in February Via Transportation, coming to hold 18% of the company.
Exor: dividend of 0,44 euros, ok with last buyback tranche
By virtue of the results achieved last year, the board of Exor has proposed the distribution of a total ordinary dividend of 100 million eurosor, equal to € 0,44 per share. Last year the dividend had always been 100 million (however equal to 0,43 euro per share).
The board of Exor has also given the green light to continue the treasury share buyback programme from 500 million euros, with the third e last tranche of 150 million euro, which will be carried out on the Amsterdam Stock Exchange, the only market where the shares of the holding company are listed after the delisting from Milan was carried out. Currently, Exor holds 7.376.214 ordinary shares (3,15% of the ordinary share capital or 1,01% of the share capital including both ordinary shares and those with special voting rights).
on the Amsterdam Stock Exchange the title Exor it dropped 0,39% at 77,48 euro per share.
Exor: Nitin Nohria new president
In the meantime, Exor's board of directors will propose the appointment of the Indian manager to the general meeting Nitin Nohria to the post of president and senior non-executive director.
Sixty-one, former dean of Harvard Business School and non-executive director of Tata Sons, Nohria will succeed Ajay Banga who, following his appointment as the next president of the world bank, he will not re-nominate on the board of directors of Exor. The names of Sandra Dembeck and Tiberto Ruy Brandolini D'Adda will also be proposed as new non-executive directors.
Elkann: main cash factor of performance
“The main driver of our performance this year was cash, which as of July 2022 represented approximately20% of our gross asset value (gross asset value) following the sale of PartnerRe to Covea for a total cash consideration of €8,6 billion”. This was written by John Elkann, Exor's chief executive officer, in the annual letter to shareholders, underlining that "at the closing of the operation, we received cash proceeds of 3,9 billion paid in US dollars (net of our investment in PartnerRe managed reinsurance vehicles of $0,7 billion and net of the extraordinary dividend received of $0,2 billion) and 3,8 billion paid in euros".
In 2022 Exor “deepened its knowledge in health sector and has invested almost 1 billion euros,” added the manager.
