Press release

EXOR's Board of Directors approves H1 2019 consolidated resultsSeptember 04, 2019

 

US$ million

30/06/2019

31/12/2018

Change

NAV

EXOR’s Net Asset Value

23,882

19,740

+4,142

€ million

 

 

 

EXOR GROUP – Consolidated data prepared in shortened form(a)

H1 2019

H1 2018

Change

Profit attributable to owners of the parent EXOR

2,427

741

+1,686

 

 

                                              

30/06/2019

31/12/2018

Change

Equity attributable to owners of the parent EXOR

14,387

12,210

+2,177

Consolidated net financial position of the “Holdings System”

(2,521)

(3,255)

+734

(a)    Basis of preparation indicated in the attached statements.

 

The EXOR Board of Directors’ meeting, chaired today by John Elkann, approved the consolidated results for the first half of 2019.

 

NAV

At 30 June 2019 EXOR’s NAV (Net Asset Value) was $23,882 million, compared to $19,740 million at 31 December 2018. NAV per share was $101.06 at 30 June 2019, compared to $82.33 at 31 December 2018, an increase of $18.73/share (+22.8%). The change in NAV per share compared to the MSCI World Index in US$ is presented below.

 

Summary of Results

EXOR closed the first half of 2019 with a consolidated profit of €2,427 million; the first half of 2018 ended with a consolidated profit of €741 million. The increase of €1,686 million is mainly attributable to the improvements of the overall performances of the subsidiaries for €1,646 million and includes EXOR’s share of the net gain realized on the disposal of Magneti Marelli for €1,092 million (total €3.8 billion).

 

At 30 June 2019 the consolidated equity attributable to owners of the parent amounts to €14,387 million with a net increase of €2,177 million, compared to €12,210 million at 31 December 2018. The increase is mainly attributable to the consolidated net profit of €2,427 million, partially offset by the buyback of EXOR shares (€196 million) and payment of dividends (€100 million).

 

The consolidated net financial position of the Holdings System at 30 June 2019 is a negative €2,521 million and reflects a positive change of €734 million compared to the negative financial position of €3,255 million at 31 December 2018. The positive change is mainly due to dividends received from the subsidiaries of €1,059 million, partially offset by the buyback of EXOR shares (€196 million) and payment of dividends (€100 million).

 

Share Buyback Program

Under the share buyback program launched on 14 November 2018, in the first half of 2019 EXOR purchased on the Italian Stock Exchange 3,460,886 ordinary shares for a total invested amount of €196 million. As at 30 June 2019 EXOR held in total 9,234,279 ordinary shares in treasury (3.83% of total issued share capital). As of 4 September 2019, EXOR has purchased 4,878,332 ordinary shares, considering those executed since the program was launched, for a total invested amount of €269 million and holds in total 9,420,215 ordinary shares in treasury (3.91% of total issued share capital).

 

Recent events

On 3 September 2019 EXOR announced its strong support to the new CNH “Transform 2 Win” plan establishing clearly defined and strongly positive profitable growth objectives and including the spin-off by early 2021 of CNH Industrial’s ‘On-Highway’ assets (commercial vehicles and powertrain segments), to be listed alongside the Group’s ‘Off-Highway’ assets (agriculture, construction and specialty segments), resulting in two distinct world leading businesses, each focused on creating value in their respective areas of activity. EXOR will continue to be the shareholder of reference in both entities following completion of the spin-off process.

 

Outlook for 2019

N.V. does not prepare budgets or business plans, nor does it publish forecast data or data based on which it is possible to calculate forecast data.

 

Certain EXOR operating subsidiaries (FCA, Ferrari and CNH Industrial) publish forecast data on their performance. Other operating subsidiaries (PartnerRe and Juventus Football Club) publish information on the foreseeable outlook. Additional information is provided under “Review of Performance of the Operating Subsidiaries” in the Half-year Report on Operations.

 

The forecast data and information of the aforementioned operating companies are drawn up autonomously and communicated by the respective companies and are not homogeneous. Quantitative forecast disclosures prepared by these operating companies and the type of information provided, as well as the underlying assumptions and calculation methods, vary according to the accounting principles applicable to each subsidiary and the conventional application practices in the respective sector of reference. EXOR N.V., in fact, is a holding company without a specific business of reference, head of a diversified and non-integrated group that operates in different segments and does not exercise direction and coordination activities over its subsidiaries, which operate in a completely independent manner.

 

EXOR’s 2019 Half-year Financial Report will be available at the head office of the company and on the corporate website www.goldyiwu.com in the time frame established by law.


 

 

 

BREAKDOWN of NET ASSET VALUE (NAV)

 (see the pdf attached)

 

 

COMPOSITION of GROSS ASSET VALUE (GAV) (see the pdf attached)

 

 

 

 

EXOR GROUP – CONSOLIDATED FINANCIAL STATEMENTS - SHORTENED (*)

 

(*)      Data prepared in accordance with IFRS by EXOR and by the subsidiaries constituting the Holdings System are consolidated in the half-year financial statements of the parent company EXOR using the line-by-line method, while the data derived from the half-year financial statements or accounting data prepared in accordance with IFRS of the operating subsidiaries and associates are included using the equity method.

 

Consolidated Income Statement - shortened

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

€ million

I Half 2019

 

I Half 2018

 

Change

 

 

 

 

 

 

Profit (loss) from investments in subsidiaries and associates

2,418

 

772

 

1,646

Profit (loss) from investments at FVTOCI

0

 

(2)

 

2

Net financial income (expenses):

         

Profit (loss) from cash, cash equivalents and financial assets

63

 

17

 

46

Cost of debt

(48)

 

(47)

 

(1)

Exchange gains (losses), net

2

 

9

 

(7)

Net financial income (expenses)

17

 

(21)

 

38

Net recurring general expenses

(8)

 

(8)

 

0

Profit (loss) attributable to owners of the parent

2,427

 

741

 

1,686

 

 

 

Share of the profit (loss) of investments accounted for by the equity method

                           

 

 

Profit (Loss)1 (€ million)

 

EXOR's share (€ million)

   

I Half

 

 

I Half

 

 

2019

 

 

2018

 

 

 

2019

 

2018

 

Change

PartnerRe

 

690

   

6

     

690

 

6

 

684

Ferrari

 

360

   

308

     

86

 

73

 

13

FCA2

 

5,265

 

 

1,764

     

1,509

 

511

 

998

CNH Industrial3

 

562

   

786

     

153

 

213

 

(60)

Juventus Football Club

 

(47)

   

(62)

     

(30)

 

(40)

 

10

The Economist Group

 

20

   

28

     

8

 

12

 

(4)

Other

 

-

 

 

-

 

 

 

2

 

(2)

 

4

                 

2,418

 

773

 

1,645

Adjustments

               

-

 

(1)

 

1

Total

 

 

 

 

 

 

 

 

2,418

 

772

 

1,646

 

1)     Results attributable to owners of the parents. Results reported in foreign currencies have been converted into Euro at the average exchange rate of the period.

2)     The first half of 2019 includes a net gain realized on the disposal of Magneti Marelli for €3.8 billion (Exor’s share €1.1 billion).

3)     The first half of 2018 included a net gain related to the modification of healthcare plan in United States for €330 million (EXOR’s share €89 million).

 


 

 

EXOR GROUP – CONSOLIDATED FINANCIAL STATEMENTS - SHORTENED (*)

 

(*)       Data prepared in accordance with IFRS by EXOR and by the subsidiaries constituting the Holdings System are consolidated in the half-year financial statements of the parent company EXOR using the line-by-line method, while the data derived from the half-year financial statements or accounting data prepared in accordance with IFRS of the operating subsidiaries and associates are included using the equity method.

 

Consolidated Statement of Financial Position - shortened

 

           

€ million

30/06/2019

 

31/12/2018

 

Change

Investments in subsidiaries and associates

16,802

 

15,393

 

1,409

Investments at FVTOCI

88

 

55

 

33

Other asset (liabilities), net

18

 

17

 

1

Invested capital

16,908

 

15,465

 

1,443

Issued capital and reserves attributable to owners of the parent

14,387

 

12,210

 

2,177

Cash, cash equivalents and financial assets

(792)

 

(267)

 

(525)

Gross debt

3,313

 

3,522

 

(209)

Equity and net financial position

16,908

 

15,465

 

1,443

 

 

Consolidated Net Financial Position of the “Holdings System”

 

 

         

€ million

30/06/2019

 

31/12/2018

 

Change

Financial assets

291

 

238

 

53

Financial receivables 

8

 

8

 

0

Cash and cash equivalents

493

 

21

 

472

Cash, cash equivalents and financial assets

792

 

267

 

525

EXOR bonds

(3,260)

 

(3,236)

 

(24)

Bank debt

0

 

(30)

 

30

Commercial paper

(15)

 

(230)

 

215

Other financial liabilities

(38)

 

(26)

 

(12)

Gross debt

(3,313)

 

(3,522)

 

209

Net financial position of the Holdings System

(2,521)

 

(3,255)

 

734

 

 

Rating

 

EXOR’s long-term and short-term debt ratings from Standard & Poor’s are “BBB+” and “A-2”, respectively, with a “stable outlook”.

 

 

 

 

 

 

 

 

 

 

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