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EYX Exor NV

88.70
0.00 (0.00%)
24 Dec 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type
Exor NV TG:EYX Tradegate Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 88.70 88.70 88.70 0.00 00:00:00

Exor Press Release - H1 2024 Results

24/09/2024 4:30pm

UK Regulatory


Exor NV (TG:EYX)
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From Jun 2024 to Dec 2024

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Exor Press Release - H1 2024 Results

Amsterdam, 24 September 2024

NAV REACHED €38.3 BILLION AT 30 JUNE 2024,
AN INCREASE OF €2.9 BILLION DURING THE FIRST HALF OF 2024

  • NAV per share increased by 9% in the first half of 2024, compared to 14% of the MSCI World Index, mainly driven by the performance of Ferrari, Philips and Lingotto Funds.
  • Strong cash flow generation with dividends received from Companies and asset disposals of €1.5 billion. Cash deployed into Companies, Investments and share buybacks amounted to €1.1 billion, maintaining a disciplined capital allocation.
  • Net debt was €3.7 billion at 30 June 2024 from €4.0 billion at 1 January 2024, with a LTV ratio of 9%.
  • Investment Entity reporting under IFRS 10 applied from 1 January 2024.
€ million, unless otherwise indicated30 June 20241 January 2024
Total Assets or Gross Asset Value (GAV)(a)43,09139,739
Equity or Net Asset Value (NAV)(a)38,34335,423
NAV per share - €(a)178.46164.02
Market Capitalization21,59021,176
Share Price - €97.7090.50
Net Financial Position(a)(3,705)(3,968)
Loan-to-Value ratio (LTV) (%)(a)8.9%10.1%


 Six months ended 30 June
€ million, unless otherwise indicated20242023
NAV per share growth (%)8.8%22.8%
Total Shareholder Return (%)(b)8.4%20.2%
MSCI World Return Index (%)(b)14.2%11.5%
Earnings per share – basic - €(c)68.149.54
Earnings per share – diluted - €(c)66.999.37
Dividends received1,108825
Dividends paid(99)(99)
Dividends paid per share - €0.440.44

(a)  Alternative Performance Measure (APM) which is non-IFRS and is used to measure the Company's financial performance and financial position, in line with the industry and is generally accepted by the financial community. Definition and reconciliation to the nearest IFRS measure is presented under sections “Definitions and Alternative Performance Measures” and “Reconciliation with IFRS Financial Statements”.
(b)  Metrics defined under section “Definitions and Alternative Performance Measures”.
(c)  Earnings related to the six months ended 30 June 2024 include a one-off gain of €54.60 per share (basic) and €53.68 per share (diluted) related to the application of the investment entity exemption starting from 1 January 2024.

KEY EVENTS IN FIRST HALF 2024 AND SUBSEQUENT EVENTS

Bond issue

On 14 February 2024 Exor issued bonds for a nominal amount of €650 million with an issue price of 99.371% and a fixed annual coupon of 3.75%, maturing on 14 February 2033. The purpose of the issue was to raise new funds for Exor's general corporate purposes and refinance debt maturing in 2024. The notes are listed on the Luxembourg Stock Exchange, admitted for trading on the Euro MTF Market, with an A- credit rating assigned by Standard & Poor’s.

Investment in Clarivate

On 4 March 2024, Exor announced that it had become a long-term investor in Clarivate with a 10.1% shareholding in the company. Following the investment, the annual general meeting of Clarivate’ shareholders held on 7 May 2024, appointed Suzanne Heywood, Exor's COO, to the board of directors of the company.

Support to Juventus' capital increase

On 4 April 2024 Juventus announced that, following the auction of the pre-emptive rights not exercised during the offer period, its capital increase had been fully subscribed. Therefore, funding of the approximately €72 million that Exor had underwritten was not required.

Increased investment in Philips
During the first half of 2024 Exor increased its investment in Philips by €622 million reaching a shareholding of 17.5%. On 7 May 2024, Benoît Ribadeau-Dumas was appointed to Philips’ supervisory board.

Increased investment in TagEnergy
During the first half of 2024 Exor increased its investment in TagEnergy through a capital increase of €72 million in TagHolding.

Restart of share buyback program
During the first half of 2024 Exor restarted the share buyback program announced on 13 September 2023 for the remaining amount up to €250 million of ordinary shares, repurchasing 1,242,623 ordinary shares for €125 million. On 12 August 2024, Exor launched the second tranche of the above mentioned program for the remaining amount up to €125 million, which is expected to be completed by November 2024, or earlier if the maximum amount has been reached.

Investment in Institut Mérieux
In July 2024 Exor paid the remaining €555 million to reach a shareholding of 10% in Institut Mérieux as per the agreement signed in July 2022.

PERFORMANCE OF EXOR

Equity or Net Asset Value

€ million, unless otherwise indicated30 June 20241 January 2024Change
   Amount%
Companies        37,332        34,226        3,106        9.1%
Listed        34,247        31,210        3,037        9.7%
Unlisted        3,085        3,016        69        2.3%
Investments        3,134        2,778        356        12.8%
Lingotto Funds        2,350        2,099        251        12.0%
Ventures        784        679        105        15.5% 
Others        2,625        2,735        (110)        (4.0)%
Reinsurance Vehicles        593        802        (209)        (26.1)%
Other Assets        591        473        118         24.9%
Liquidity        1,441        1,460        (19)        (1.3)%
Total Assets or Gross Asset Value (GAV)        43,091        39,739        3,352        8.4%
Gross Debt        (4,715)        (4,286)        (429)        10.0%
Bonds and Bank Debt        (4,120)        (3,682)        (438)        11.9%
Financial Liabilities        (595)        (604)         9        (1.5%)
Other Liabilities        (33)        (30)        (3)        10.9%
Equity or Net Asset Value(a) (NAV) [A]        38,343        35,423        2,920        8.2%
     
Shares Outstanding(b) [B]        214,859,776        215,963,704        (1,103,928)        (0.5)%
     
NAV per Share - € [A / B]        178.46        164.02        14.43        8.8%

(a)  NAV at 31 December 2023 amounted to €35,513 million and included treasury shares at the service of the 2016 Stock Option Plan, valued at the option exercise price under the plan (€90 million). From 1 January 2024, treasury shares are excluded from the NAV calculation to align to the Equity definition under IFRS.
(b)  Issued shares less treasury shares, amount expressed in unit.


Drivers of change in Total Assets or GAV

At 30 June 2024 GAV amounted to €43,091 million, an increase of €3,352 million over the period.

The value of Companies increased by €3,106 million mainly driven by the positive market performance of Listed Companies (€1,968 million), investments made in Listed Companies (€636 million), investments made in Unlisted Companies (€124 million) and the reclassification of Clarivate from Others into Listed Companies (€433 million), partially offset by the negative fair value adjustment of Unlisted Companies (-€55 million).

The value of Investments increased by €356 million mainly driven by the positive fair value adjustment of Lingotto Funds (€228 million) and Ventures (€53 million) as well as investments made in Lingotto Funds (€23 million) and Ventures (€52 million).

The value of Others decreased by €110 million mainly driven by the reclassification of Clarivate from Others into Listed Companies (-€433 million), the negative fair value adjustment of Listed securities net of positive adjustments in reinsurance vehicles and other assets (-€146 million), partially offset by cash inflows and positive translation effects.

€ millionGAVListed companiesUnlisted companiesCompaniesLingotto FundsVenturesInvestmentsOthers
1 January 202439,73931,2103,01634,2262,0996792,7782,735
Investment (Disposal)1,266636124760235275431
Change in Value(a)2,0481,968(55)1,91322853281(146)
Reclassification433433(433)
Translation Effect3838
30 June 202443,09134,2473,08537,3322,3507843,1342,625

(a)  Of which €1,562 million recognized in the income statement and €408 million recognized in OCI.

Companies

Listed Companies     
€ million1 January 2024ReclassificationInvestment (Disposal)Change
in Value
30 June 2024
Ferrari        13,562                —                —                3,355                16,917        
Stellantis        9,505                —                —                (1,204)        8,301        
Philips(a)        2,937                —                622                323                3,882        
CNH        4,066                —                —                (594)        3,472        
Iveco        598                —                —                170                768        
Juventus        542                —                14                (7)        549        
Clarivate(b) (c)                        433                —                (75)        358        
Listed Companies        31,210                433                636                1,968                34,247        








(a)  The column investment (disposal) includes 4,872,647 shares (€121 million) received as dividend paid in shares.The change in value over the period includes €403 million recognized in other comprehensive income reserve until the significant influence was achieved.
(b)  During the first half of 2024, Exor became a long-term investor in Clarivate with a board seat. As a result, Exor accounted for Clarivate at FVTPL from that date. From a management presentation point of view, Exor reclassified Clarivate from ‘Others’ to ‘Companies’.
(c)  The change in value over the period includes €3 million of positive exchange differences on translation.


Unlisted Companies     
€ million1 January 2024ReclassificationInvestment (Disposal)Change in Value30 June 2024
Institut Mérieux(a)        844                 —                (27)        817        
Christian Louboutin        700                —                —                (125)        575        
Via Transportation        514                —                —                17                531        
The Economist Group        384                —                —                23                407        
Welltec        280                —                —                49                329        
TagEnergy(b)        100                —                72                —                172        
Nuo        42                —                34                8                84        
Lifenet        71                —                8                —                79        
GEDI        68                —                10                —                78        
Casavo        13                —                —                —                13        
Shang Xia0        —                —                —        0
Unlisted companies        3,016                —                124                (55)        3,085        

(a)  Includes Exor's commitment to purchase 341,171 shares of Institut Meriéux for €555 million to reach a shareholding of 10%.
(b)  Owned through the holding company TagHolding.


Investments

€ million1 January 2024Investment (Disposal)Change in Value30 June 2024
Funds managed by Lingotto:    
  • Public Funds
        1,736                —                222                1,958        
  • Private Funds
        363                23                6                392        
Lingotto Funds        2,099                23                228                2,350        
Ventures:    
  • Exor Ventures
        605                38                51                694        
  • Direct Investments
        74                14                2                90        
Ventures        679                52                53                784        
Investments        2,778                75                281                3,134        

Others

€ million1 January 2024ReclassificationInvestment (Disposal)Change
in Value
Translation Effect30 June 2024
Reinsurance vehicles        802                —                (287)                54                24                593        
Other Assets        473                —                101                17                —                591        
Liquidity        1,460                (433)                617                (217)                14                1,441        
Cash and cash equivalents and financial assets        318                —                691                1                —                1,010        
Listed securities        1,142                (433)                (74)                (218)                14                431        
Clarivate(a)        551                (433)                11                (141)                12                —        
Forvia        203                —                —                (93)                —                110        
Investlinx ETF        169                —                —                24                —                193        
Masimo        107                —                (85)                15                2                39        
Neumora        65                —                —                (26)                —                39        
Banijay Group(b)        21                —                —                1                —                22        
Zegna        26                —                —                2                —                28        
Others        2,735                (433)        431                (146)        38                2,625        

(a)  During the first half of 2024, Exor became a long-term investor in Clarivate with a board seat. As a result, Exor accounted for Clarivate at FVTPL from that date. From a management presentation point of view, Exor reclassified Clarivate from ‘Others’ to ‘Companies’.
(b)  Previously FL Entertainment.



Net Financial Position

Net debt was €3,705 million at 30 June 2024 with an LTV ratio of 8.9%, compared to €3,968 million at 1 January 2024 with an LTV ratio of 10.1%.

Gross debt consists mainly of bonds for €4,120 million with an average maturity of 6.3 years at 30 June 2024, excluding the bond maturing in October 2024. Other financial liabilities mainly include the remaining commitment in Institut Merieux for €555 million.

€ million30 June 20241 January 2024Change
Bank accounts and time deposits        768        150        618
Liquidity funds        44        66        (22)
Short duration and bond funds        28        58        (30)
Financial assets and financial receivables        170        44        126
Cash, cash equivalents and financial assets [A]        1,010        318        692
Exor bonds        4,120        3,467        653
Bank debt                215        (215)
Other financial liabilities        595        604        (9)
Gross debt(a) [B]        4,715        4,286        429
Net Financial Position(a) [A-B]        (3,705)        (3,968)        263

(a)  Alternative Performance Measure (APM) which is non-IFRS and is used to measure the Company's financial performance and financial position, in line with the industry and is generally accepted by the financial community. Definition and reconciliation to the nearest IFRS measure is presented under sections “Definitions and Alternative Performance Measures” and “Reconciliation with IFRS Financial Statements”.

 Six months ended 30 June
€ million20242023
Net Financial Position - Initial Amount        (3,968)        795        
Dividend inflow (a)        987                815        
Asset disposals (b)        372                —        
Amount invested (c)        (815)                (1,349)        
Buyback Exor shares        (125)                (246)        
Dividends paid by Exor        (99)                (99)        
Other changes        (57)                (49)        
Net change during the period        263                (928)
Net Financial Position - Final Amount        (3,705)        (133)

(a)  For a breakdown, refer to the Net Free Cash Flow table below.
(b)  Of which €287 million related to redemption proceeds of Reinsurance vehicles and €85 million to the sale of Masimo shares (classified under Listed securities).
(c)  Equal to €515 million in Listed Companies (of which €501 million in Philips), €124 million in Unlisted Companies (of which €72 million in TagHolding and €34 million in NUO), €75 million in Investments (of which €52 million in Ventures and €23 million in Lingotto Funds) and €101 million in Others.

Loan-to-Value (LTV) Ratio

€ million30 June 20241 January 2024
Net Financial Position        (3,705)                (3,968)        
Other Liabilities        (33)                (30)        
Numerator [A]        (3,738)                (3,998)        
Gross Asset Value        43,091                39,739        
(less) Cash, Cash Equivalents and Financial Assets        (1,010)                (318)        
Denominator [B]        42,081                39,421        
LTV Ratio(a) [A / B]        8.88        %        10.14        %

(a)  Alternative Performance Measure (APM) which is non-IFRS and is used to measure the Company's financial performance and financial position, in line with the industry and is generally accepted by the financial community. Definition and reconciliation to the nearest IFRS measure is presented under sections “Definitions and Alternative Performance Measures” and “Reconciliation with IFRS Financial Statements”.

Liquidity and Available Liquidity

€ million30 June 20241 January 2024
Cash, cash equivalents and financial assets(a)        1,010                318        
Listed securities(b)        431                1,142        
Liquidity(c)        1,441                1,460        
Undrawn committed credit lines(d)        450                450        
Available Liquidity(c)        1,891                1,910        

(a)  For a breakdown, refer to the table ‘Net Financial Position’ of this section.
(b)  For a breakdown, refer to the table ‘Others’ of the section ‘Drivers of change in GAV’.
(c)  Alternative Performance Measure (APM) which is non-IFRS and is used to measure the Company's financial performance and financial position, in line with the industry and is generally accepted by the financial community. Definition and reconciliation to the nearest IFRS measure is presented under sections “Definitions and Alternative Performance Measures” and “Reconciliation with IFRS Financial Statements.
(d)  Of which €200 million maturing after 30 June 2025. In addition, Exor has uncommitted credit lines for €515 million at 30 June 2024.

Net Free Cash Flow

During the first half of 2024 management costs amounted to €10 million corresponding to 4.6 basis points on the GAV at 30 June 2024 on an annualized basis. During the same period, Free Cash Flow generated was equal to 9.6 times the dividend paid.

 Six months ended 30 June
€ million20242023
  • Stellantis
697                602        
  • CNH
        160                132        
  • Ferrari
        108                81        
  • Iveco
        16                —        
  • Other
        6                —        
Dividend inflow        987                815        
Net financial income (expenses)        (24)                46        
Management costs(a)        (10)                (14)        
Free Cash Flow        953                847        
Dividend paid        (99)                (99)        
Net Free Cash Flow(a)        854                748        
   
Free Cash Flow / Dividend paid9.68.6

(a)  Alternative Performance Measure (APM) which is non-IFRS and is used to measure the Company's financial performance and financial position, in line with the industry and is generally accepted by the financial community. Definition and reconciliation to the nearest IFRS measure is presented under sections “Definitions and Alternative Performance Measures” and “Reconciliation with IFRS Financial Statements.

Profit for the period

 Six months ended 30 June
(€ million)20242023(a)
Dividend income        1,108                10        
Change in fair value on investment activities        1,882                —        
Change in fair value on investment activities (one-off)(b)        12,150                —        
Profit from investments in subsidiaries and associates        —                1,981        
Profit from investments at FVTPL        —                146        
General and administrative expenses        (22)                (26)        
Net financial income (expenses)        (24)                46        
Other expenses(c)        (374)                —        
Profit (loss) before taxes        14,720                2,157        
Income taxes        (25)                —        
Profit (loss) for the period        14,695                2,157        

(a)  Data as previously reported using the shortened consolidation criterion.
(b)  One-off item deriving from the difference between net carrying amount of investments previously consolidated and their fair value.
(c)  One-off item related to the reversal in the income statement of the OCI reserves of the entities deconsolidated following the investment entity adoption.

Dividend income

 Six months ended 30 June
(€ million)20242023
Stellantis        697                602        
CNH        160                132        
Philips(a)        121                10        
Ferrari        108                81        
Iveco        16                —        
Dividends from Companies        1,102                825        
Other        6                —        
Dividends received        1,108                825        
Less: Dividends included in the share of the profit (loss) from investments accounted for using the equity method                        (815)        
Dividend income(b)        1,108                10        

(a)  Dividend paid in shares corresponding to 4,872,647 shares in the six months ended 30 June 2024 (544,017 shares in the previous period).
(b)  In the first half of 2023 Philips was accounted for at fair value through OCI, therefore dividend received was not eliminated.

Change in Fair Value

 Six months ended 30 June 2024
(€ million)TotalApplication of Investment entity exemption at 1 January Change in value
Listed Companies        13,377                11,815                1,562        
Unlisted Companies        280                335                (55)        
Total Companies        13,657                12,150                1,507        
Lingotto Funds        228                —                228        
Ventures        51                —                51        
Investments        279                                279        
Reinsurance Vehicles        54                —                54        
Listed securities and others        42                —                42        
Others        96                                96        
Change in fair value        14,032                12,150                1,882        

INFORMATION

Exor’s 2024 First Half-Year Report will be available on the company’s website at www.exor.com in section Investors & Media - Financial Results.

Upcoming events

25 September 2024: Half-Year 2024 results conference call hosted by Exor's CFO Guido de Boer at 1:00pm CEST. The webcast and recorded replay will be accessible under the Investors’ section of Exor’s website (https://www.exor.com/pages/investors-media/financial-results).

26 November 2024: Exor’s annual investor and analyst call, to be held virtually.

About Exor

Exor N.V. (AEX: EXO) has been building great companies since its foundation by the Agnelli Family. For more than a century, Exor has made successful investments worldwide, applying a culture that combines entrepreneurial spirit and financial discipline. With a Net Asset Value of around €38 billion, its portfolio is principally made up of companies in which Exor is the largest shareholder including Ferrari, Stellantis, Philips and CNH.

For more information, please contact Investor Relations at ir@exor.com or Media at media@exor.com.

ADDITIONAL INFORMATION

Change in financial reporting

Exor changed its reporting from 1 January 2024 as it has determined that it is an Investment Entity under IFRS 10 as of that date. This change was primarily driven by an evolution of Exor’s portfolio activity and composition as well as the implementation of a portfolio review process guiding capital allocation decisions based on the fair value.

The change is prospectively applied from 1 January 2024, with a material impact on the presentation of the consolidated financial statements and with first time application in the Half-Year 2024 results, with prior periods not restated in accordance with IFRS 10.

Exor believes that this change aligns its reporting and disclosures with its business and activities, with NAV and GAV now being equal to IFRS measures (Equity and Total Assets, respectively).

The terminology in this report which refers to Alternative Performance Measures (APM) is presented under section “Definitions and Alternative Performance Measures”.

Changes in consolidation

In line with IFRS requirements, Exor deconsolidated portfolio companies where it exercises significant influence or control and accounted for them at fair value, with changes recognized in the income statement. Subsidiaries that provide support services to Exor N.V. in relation to the management of investments, and are not investment entity themselves, continue to be consolidated on a line-by-line basis.

Impact on the financial statements

The one-off positive impact of this change on the income statement amounts to €11,776 million, of which:

  • a positive impact of €12,150 million resulting from the difference between the net carrying amount of investments previously consolidated or accounted for using the equity method and their fair value at the date of the change and
  • a negative impact of €374 million resulting from the reversal of the OCI reserves of the deconsolidated entities and the ones which are no longer equity-accounted.

Comparison with previous period

NAV and its components at 30 June 2024 are compared to 1 January 2024 to facilitate the understanding and comparability of measures.

In accordance with IFRS, profit and cash flow measures for the period ended 30 June 2023 have not been restated and they are presented as previously reported under the shortened consolidation criterion (non-IFRS). While the scope of consolidation for the period ended 30 June 2024 and the period ended 30 June 2023 is the same, the direct comparison between dates or across periods may be inappropriate or not meaningful if not carefully considered in this context because the fair value measurement is applied from 1 January 2024.

Definitions and Alternative Performance Measures (APM)

The management of Exor has identified a number of Alternative Performance Measures (APM) to measure the Company's financial performance and financial position, which form the basis for capital allocation decisions. Management uses these non-IFRS measures to describe its operations, as well as make decisions regarding future spending, resource allocations and other operational decisions. APM are presented to the financial community to facilitate their understanding of the performance of Exor, and are in line with the industry.

To ensure that the APM are correctly interpreted, it is emphasized that these measures are not indicative of future performance. These non-IFRS financial measures have no standardized meaning under EU-IFRS, are unaudited and are unlikely to be consistent and comparable to measures used by other companies. APM are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with EU-IFRS.

The APM have been consistently calculated and presented for all the reporting periods for which financial information is presented in this report. Reconciliation of APM to IFRS measures can be found in section ‘Reconciliation with IFRS Financial Statements’.

Exor applies the European Securities and Markets Authority (ESMA) guidelines to present APM, which correspond to financial measures other than a financial measure defined or specified in the applicable financial reporting framework (IFRS).

APMDefinitionPurpose
Available liquidityLiquidity plus undrawn committed credit facilitiesTo measure the assets that can be converted into cash and readily available funds
Cash, cash equivalents and financial assetsCash, cash equivalents and financial assets (including restricted cash)To measure the assets that can be converted into cash, used in the calculation of the Net financial position
Gross Asset Value (GAV)Total value of assets including Companies, Investments and Others. It is equal to Total Assets as defined under IFRSUse terminology in line with the industry to refer to Total Assets
Gross DebtSum of borrowings (bank debt and bond debt) and other financial liabilities as defined under IFRSUse terminology in line with the industry to refer to borrowings and other liabilities
LiquidityCash, cash equivalents and financial assets plus Listed securities. Listed securities are equity stakes, not defined as Companies, which can be converted into cash.To measure the assets that can be converted into cash


APMDefinitionPurpose
Loan-to-Value (LTV) Ratio, expressed as a percentageNet financial position plus other liabilities divided by Gross Asset Value less Cash, cash equivalents and financial assetsTo measure Exor's indebtedness levels linked to the value of its assets. Credit rating agencies and counterparties use this measure to assess Exor’s financial risk profile
Management costsGeneral and administrative expenses which are recurring and cash-based. Exor monitors management costs linked to the value of its assets or GAV, measured in bps (basis points), on an annualized basisTo measure the cost efficiency of managing assets
Net Asset Value (NAV)Gross Asset Value net of Gross Debt and Other Liabilities. It is equal to Equity as defined under IFRSUse terminology in line with the industry to refer to Equity
Net Asset Value per share (NAV per share)Net Asset Value divided by outstanding shares (calculated as issued shares less treasury shares). NAV per share growth is the percentage change in NAV per share over the measurement period.To measure the NAV attributable to one share
Net financial position Cash, cash equivalents and financial assets less Gross DebtTo measure the financial resources and indebtedness
Net Free Cash FlowDividend inflow less management costs, financial income (expenses) and dividend paid. All these items are recurring and cash-basedTo measure the cash that Exor is able to generate after recurring outflows

Other definitions

Other metricsDefinition
Total Shareholder ReturnChange in share price of a company including reinvestment of dividends paid by the company during the measurement period
MSCI World IndexWidely recognized global stock index used by Exor to benchmark its NAV per share performance since its inception. The index measures the performance of equity markets across developed countries, calculated on share price change

Reconciliation with IFRS Financial Statements

The reconciliation of available liquidity against the nearest IFRS-measure is as follows.

€ million30 June 20241 January 2024Change
Cash and cash equivalents(a)        812                215                597        
Short duration and bond funds        28                58                (30)        
Financial assets and financial receivables        170                44                126        
Cash and cash equivalents and financial assets included in the Net financial position        1,010                318                692        
Listed securities        431                1,142                (711)
Liquidity        1,441                1,460                (19)
Undrawn committed credit lines        450                450                —        
Available liquidity        1,891                1,910                (19)

The reconciliation of net ordinary free cash flow against the nearest IFRS-measure is as follows.

€ millionSix months ended 30 JuneChange

 20242023
Net result(a)        14,695                2,157                12,538        
Dividend in kind        (121)                (10)                (111)
General and administrative expenses non recurring and share-based compensation plan        12                12                —        
Change in fair value on investment activities        (1,882)                —                (1,882)
Change in fair value on investment activities (one-off)        (12,150)                —                (12,150)
Profit from investments in subsidiaries and associates        —                (1,166)                1,166        
Profit from investments at FVTPL        —                (146)                146        
Other expenses        374                —                374        
Income taxes        25                —                25        
Dividend paid        (99)                (99)                —        
Net Free Cash Flow        854                748                106        

The reconciliation of management costs against the nearest IFRS-measure is as follows:

 Six months ended 30 JuneChange

€ million20242023
General and administrative expenses(a)        22                26                (4)
General and administrative expenses - non recurring        (2)        (5)        3        
Share-based compensation plan        (10)        (7)        (3)
Management costs        10                14                (4)

(a)   IFRS measure.

Condensed consolidated financial statements (unaudited)

Statement of financial position

(€ million)30 June 202431 December 2023
Non current assets  
Intangible assets        —                9,887        
Property, plant and equipment        19                7,061        
Investments accounted for using the equity method        —                14,968        
Equity investments at FVTPL        36,868                —        
Investments and other financial assets        —                9,369        
Equity investments at FVTOCI        380                —        
Other investments at FVTPL        3,910                —        
Financial assets        518                —        
Leased assets        —                1,358        
Deferred tax assets        —                1,671        
Other non current assets        —                603        
Other assets        575                —        
Total Non current assetsn.a.        44,917        
Current assets  
Inventories        —                8,805        
Trade receivables        —                864        
Receivables from financing activities        —                28,848        
Current tax assets        9                200        
Investments and other financial assets        —                1,109        
Other current assets        —                1,299        
Cash and cash equivalents        812                8,678        
Total Current assetsn.a.        49,803        
Assets held for sale        —                59        
Total Assets        43,091                94,779        
Equity and Liabilities  
Equity attributable to owners of the parent        38,343                23,268        
Non-controlling interests        —                9,864        
Total Equity        38,343                33,132        


(€ million)30 June 202431 December 2023
Liabilities  
Provisions for employee benefits        —                1,321        
Other provisions        —                5,035        
Deferred tax liabilities        —                271        
Financial debt and derivative liabilities        —                40,218        
Borrowings        4,120                —        
Other financial liabilities        595                —        
Trade payables        —                7,930        
Tax payables        26                871        
Other liabilities        7                5,943        
Liabilities held for sale        —                58        
Total liabilities        4,748                61,647        
Total equity and liabilities        43,091                94,779        

Income statement

 First Half
(€ million)20242023
Dividend income        1,108                —        
Change in fair value on investment activities        14,032                —        
Net revenues        —                21,367        
General and administrative expenses        (22)                —        
Cost of sales        —                (15,845)        
Selling, general and administrative expenses        —                (1,732)        
Research and development costs        —                (1,145)        
Other income (expenses), net        (374)                (197)        
Result from investments        —                1,707        
Financial income        32                —        
Financial expenses        (56)                —        
Net financial expenses        —                (60)        
Profit (loss) before taxes        14,720                4,095        
Income taxes        (25)                (608)        
Profit (loss) for the period        14,695                3,487        
Profit (loss) attributable to:  
Owners of the parent        14,695                2,157        
Non-controlling interests                        1,330        
Earnings per share (in €)  
Basic earnings per share        68.14                9.54        
Diluted earnings per share        66.99                9.37        

Attachment

  • Exor Press Release - H12024 Results

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1 Year Exor NV Chart

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