Group 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.

PROFILE

  • Exor is one of Europe’s largest diversified holding companies, with a Net Asset Value (NAV)1 of around $30 billion (equal to €24 billion) at 31 December 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.

 Purpose

VALUES

Values


FINANCIAL PRIORITIES

  • NAV per share to outperform the MSCI World index
  • Financial strength and discipline, keeping LTV2 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 18.
(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.

EXOR PORTFOLIO: COMPANIES, PARTNERSHIPS AND SEEDS

The Exor portfolio is made up of companies, partnerships and seeds, depending on Exor’s stake and role in the value creation process, as well as on the investment level of maturity:

  • Companies: it constitutes the largest part of Exor’s portfolio and includes investments where Exor is the largest shareholder. All companies are or have the potential to become Great and Exor aims to Build Great Companies by fostering a culture with a clarity of purpose and shared values, by playing an active role in the appointment of leaders who demonstrate this purpose and by creating governance that aligns culture and actions.
  • Partnerships: a smaller part of Exor’s portfolio, including investments where Exor partners with outstanding operators, aligned with Exor’s interests and culture, to accelerate the path to greatness of their companies.
  • Seeds: Seeds connect Exor back to its entrepreneurial roots and long history of innovation. This section represents the smallest part of Exor’s portfolio constituted by investments in early-stage companies where Exor backs talented founders who have the ambition to build great companies.

COMPANIES

CompanyDescriptionEconomic rights voting rights1% on GAV2
Ferrari
  • Ferrari is among the world’s leading luxury brands focused on the design, engineering, production and sale of the world’s most recognizable luxury performance sports cars. Ferrari’s brand is a symbol of exclusivity, innovation, state-of-art sporting performance and Italian design and engineering heritage.
  •  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.
 22.9%

35.8%
 29.8%
PartnerRe 
  • PartnerRe is a leading global pure-play reinsurer, with a broadly diversified and balanced portfolio of traditional reinsurance risks and capital markets risks.
  • PartnerRe commenced operations in 1993 and provides Non-life (Property & Casualty (P&C) and Specialty) and Life and Health reinsurance on a worldwide basis.
100%

99.7%
23.9%
 Stellantis
  • Stellantis is one of the world’s leading automakers and a mobility provider, guided by a clear vision: to offer freedom of movement with distinctive, affordable and reliable mobility solutions.
  • Stellantis is listed on the New York Stock Exchange (NYSE), the Mercato Telematico Azionario managed by Borsa Italiana (MTA) and the Euronext Paris.
14.4%

14.4%
23.43%
 CNH Tab
  • 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 different applications.
  • 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.
26.9%

42.5%
13.5%
Juventus 
  • Juventus was founded in 1897 and it is one of the most prominent professional football teams in the world.
  • Juventus is listed on the Mercato Telematico Azionario managed by Borsa Italiana (MTA).
63.8%

63.8%
2.5%
 Economist
  • The Economist Group is a leading source of analysis on international business and world affairs. Based in London and serving a global readership and client base, it delivers its information through a range of formats, from newspapers and magazines to conferences and electronic services.
43.4%

20.0%4
1.0%
Gedi
  • GEDI Gruppo Editoriale is a leading Italian media group, operating through a set of first tier media brands including newspapers and magazines, radio, digital and advertising. It owns two of the leading Italian newspapers La Repubblica and La Stampa, Il Secolo XIX and other local newspapers, several magazines and three national radio stations including Radio Deejay. 
89.6%0.7%
Shang xia
  • SHANG XIA is a luxury company whose brand has been established jointly by the designer Jiang Qiong Er and France's Hermès Group. The brand uses its distinctive combination of contemporary design, hand artisanship and Chinese culture to create an artistic portfolio of furniture, homeware, apparel, leather goods, jewelry and accessories
77.3%

77.3%
0.3%


PARTNERSHIPS

InvestmentDescriptionEconomic rights voting rights1% on GAV2
Via
  • Via is a technology company specialising in the dynamic, data-driven optimisation of public mobility systems in cities all around the world. First launched in New York City in 2013, Via’s technology is now deployed globally, including in Europe as ViaVan.
 8.9%
 0.6%
 
  • Welltec is a global company servicing the energy industry with market leading technologies to build and repair oil and gas wells. Its solutions help clients to optimize their production and minimize their environmental footprint. The company was established in 1994 and is based in Denmark
22.1%0.1%
(1) At 28 February 2021. (2) At 31 December 2020. (3) Since Stellantis is the combined entity deriving from the merger of PSA with and into Fiat Chrysler Automobiles (effective 16 January 2021), the percentage on GAV refers to Exor's share in Fiat Chrysler Automobiles as of 31 December 2020. (4) Voting rights are limited to 20%.
Commercial Register No.64236277 Legal notes | Credits