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2020 Half-Year Financial Report

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2020 Half-Year Financial Report 2020 Half-year Financial Report 2020 HALF-YEAR FINANCIAL REPORT Half-year Board Report 1 Board of Directors, Committees and Independent Auditors 2 Key data 3 EXOR profile 6 Significant events in the First Half of 2020 9 Review of the Consolidated results of the EXOR Group 13 Alternative Performance Measures 20 Review of the Consolidated results of the EXOR Group – Shortened 29 Review of the performance of the Operating subsidiaries 49 EXOR Risk factors 49 Risk factors from subsidiaries 49 Subsequent events and 2020 outlook 53 EXOR Group - Half-Year Condensed Consolidated Financial Statements at 30 June 2020 86 Responsibility statement 88 Independent Auditor’s Review Report This Report, and in particular the section “Review of Performance of the Operating Subsidiaries”, contains forward-looking statements. These statements are not guarantees of future performance. Rather, they are based on the Group’s Subsidiaries current state of knowledge, future expectations and projections about future events and are, by their nature, subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the extent and duration of the Covid-19 pandemic’s impact on supply chains, the Groups’ production and distribution channel, demand in the Group’s end markets, and the broader impact on financial markets and the global economy; change in the global financial markets, the general economic environment, changes in local economic and political conditions, changes in trade policy, the enactment of tax reforms or other changes in tax laws and regulations, volatility and deterioration of capital and financial markets including the possible effect of Brexit, terror attacks, weather, floods, earthquakes or other natural disasters, changes in government regulation, production difficulties, including capacity and supply constraints and many other risks and uncertainties, most of which are outside of the control of the Group’s subsidiaries. The 2020 Half-Year Financial Report is available on the corporate website at: www.exor.com Communications & Media Relations Tel. +31(0) 20 240 2 221 [email protected] Institutional Investors and Financial Analysts Relations Tel. +31(0) 20 240 2 222 [email protected] Board of Directors Chairman and Chief Executive Officer John Elkann Vice Chairman Alessandro Nasi Non-independent Directors Andrea Agnelli Ginevra Elkann Independent Senior non-executive Director Marc Bolland Non-executive Directors Joseph Bae Melissa Bethell Laurence Debroux António Horta-Osório Audit Committee Melissa Bethell (Chair ), Laurence Debroux and Ginevra Elkann Compensation and Nominating Committee António Horta-Osório ( Chair ), Joseph Bae and Alessandro Nasi Independent Auditors Ernst & Young Accountants LLP Expiry of term of office The Board of Directors was appointed on 20 May 2020. The Board’s appointment term will expire concurrently with the shareholders' meeting that will approve the 2022 annual financial statements, hence in 2023. HALF-YEAR BOARD REPORT 1 KEY DATA EXOR Group – Consolidated Data € million I Half 2020 I Half 2019 Net Revenues 46,791 68,920 (Loss) profit before tax (3,376) 3,809 Net (loss) profit from continuing operations (3,987) 2,923 Net (loss) profit (a ) (3,987) 6,893 of which attributable to owners of the parent (1,318) 2,427 (a) The result in the first half of 2019 included a profit of €3,970 million from discontinued operations, of which €3,809 million net of tax related to the disposal of Magneti Marelli. EXOR Group – Consolidated Data – Shortened (a) € million I Half 2020 I Half 2019 (Loss) profit attributable to owners of the parent (1,318) 2,427 Share of earnings of investments and dividends (1,261) 2,417 30/06/2020 31/12/2019 Investments in subsidiaries and associates 16,271 17,551 Issued capital and reserves attributable to owners of the parent 13,403 15,025 Consolidated net financial position of EXOR's Holdings System (3,081) (2,631) (a) The basis of preparation is presented in the section “Review of the Consolidated Results of the EXOR Group - Shortened”. Earnings per share (€) (a) I Half 2020 I Half 2019 (Loss) profit attributable to owners of the parent – basic (5.69) 10.45 (Loss) profit attributable to owners of the parent – diluted (5.69) 10.40 (a) Additional details on the calculation of basic and diluted earnings per share are provided in Note 10 to the consolidated financial statements. Dividend per share (€) Paid in 2020 Paid in 2019 Dividend paid – Total € million 99.6 99.7 Per share 0.43 0.43 Other information 30/06/2020 31/12/2019 Net Asset Value - Total € million (a) (b) 18,713 23,282 Per share (c) 79.25 98.60 Market Capitalization - Total € million 12,252 16,648 Per share (d) 50.84 69.08 Issued capital and reserves attributable to owners of the parent - Total € million 13,403 15,025 Per share 56.29 64.88 (a) Alternative Performance Measure as defined on page 14. (b) Equal to $20,955 million at 30 June 2020, $26,155 million at 31 December 2019. (c) NAV per share at 30 June 2020 and at 31 December 2019 are based on 236,121,668 shares. Shares bought back in the context of the buyback program launched on 14 November 2018 are deducted from total issued shares. (d) Market capitalization per share based on 241,000,000 total issued shares. 2 HALF-YEAR BOARD REPORT EXOR PROFILE EXOR N.V. (“EXOR” or the “Company”) is listed on the Mercato Telematico Azionario managed by Borsa Italiana S.p.A. (MTA) and headquartered in Amsterdam, the Netherlands. EXOR is registered in the Dutch companies’ register of the Chamber of Commerce ( Kamer van Koophandel ) under registration number 64236277. The registered office is Gustav Mahlerplein 25, 1082 MS, Amsterdam, the Netherlands, telephone number +31 (0) 202402220. HALF-YEAR BOARD REPORT 3 PROFILE • EXOR is one of Europe’s largest diversified holding companies, with a Net Asset Value (NAV) 1 of around $21 billion (equal to approximately €19 billion) at 30 June 2020. • For over a century, EXOR has made successful investments and built great companies worldwide with a culture that combines entrepreneurial spirit and financial discipline. EXOR’s portfolio is principally made up of companies in which EXOR is a leading shareholder. • EXOR is majority owned and controlled by Giovanni Agnelli B.V., the company grouping the descendants of Senator Giovanni Agnelli, the founder of FIAT, which holds 52.99% of its share capital. PURPOSE EXOR’s purpose is to build great companies, while providing opportunities for its people to grow, make a positive contribution to society and deliver superior returns to its investors . TO BUILD: GREAT COMPANIES: • Foster a culture with clarity of purpose and shared values • Perform to the highest • Appoint leaders who walk BUILD standards the talk GREAT • Are distinctive in what they do • Create governance that COMPANIES ensures alignment of culture • Act in a responsible way and actions • Seek renewal and change VALUES AMBITION & HUMILITY CURIOSITY & FOCUS We set high aspirations but remain grounded We seek new ideas while prioritising what matters COURAGE & RESPONSIBILITY PATIENCE & DRIVE We take bold actions while being mindful of their We take a long-term perspective but are relentless in consequences getting things done OUR FINANCIAL PRIORITIES • NAV per share to outperform the MSCI World index • Financial strength and discipline, keeping LTV 2 ratio below 20% • Generate Free Cash Flow in excess of dividends paid • Cash Holding Cost as a percentage of Gross Asset Value below 10bps (1) An Alternative Performance Measure as defined on page 14. (2) Reference is made to the Loan-to-Value (LTV) ratio as defined by Standard and Poor’s, which uses the LTV ratio to assess the financial risk profile of an Investment Holding Company, namely Adjusted Debt (or Gross Debt minus Cash and Equivalents) divided by Portfolio Value (or Gross Asset Value minus Cash and Equivalents), expressed as a percentage. 4 HALF-YEAR BOARD REPORT COMPANIES Economic rights 2 Company Description 1 % on GAV voting rights • Leading global pure-play reinsurer, with a broadly diversified and balanced portfolio of traditional reinsurance risks and capital markets risks. 100% 29.6% • PartnerRe commenced operations in 1993 and provides 99.54% Non-life (Property & Casualty (P&C) and Specialty) and Life and Health reinsurance on a worldwide basis. • Ferrari is among the world’s leading luxury brands, with unique world-class capabilities, and a vision built on its historic foundations and strengths. It focuses on the design, engineering, production and sale of the world’s most 22.91% 29.1% recognizable luxury performance sports cars. 35.82% • Ferrari is listed on the New York Stock Exchange (NYSE) and the Mercato Telematico Azionario managed by Borsa Italiana (MTA) and is included in the FTSE MIB Index. • FCA is a global automotive group engaged in designing, engineering, manufacturing, distributing and selling vehicles, components and production systems worldwide through over a hundred manufacturing facilities and over forty research 28.55% and development centres. 17.4% 44.42% • FCA is listed on the New York Stock Exchange (NYSE) and the Mercato Telematico Azionario managed by Borsa Italiana (MTA) and is included in the FTSE MIB Index. • CNHI is a leading global capital goods company engaged in the design, production, marketing, sale and financing of agricultural and construction equipment, trucks, commercial vehicles, buses and specialty vehicles as well as engines for 26.89% different applications. 9.9% 42.19% • CNHI is listed on the New York Stock Exchange (NYSE) and the Mercato Telematico Azionario managed by Borsa Italiana (MTA) and is included in the FTSE MIB Index.
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