The Exor Board of Directors’ meeting, chaired today by John Elkann, approved the consolidated results for the first half of 2019.
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).
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
Exor 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 Outlook for 2019 Share Buyback Program Summary of Results Recent events 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.exor.com in the time frame established by law.