Exor N.v. · EURONEXT:EXO
Exor — Debt Investor Presentation (February 2024)
18 slides from Exor's debt investor presentation, February 2024
Slide 1: Fixed Income Investor Presentation
FIXED INCOME INVESTOR PRESENTATION FEBRUARY 2024
Slide 2: Important notice and disclaimer
THIS PRESENTATION IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN Certain industry and market data as well as statistical data contained in this Presentation have WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA OR ANY OTHER come from, or are based on, third party sources. Third party i
Slide 3: Historical financial information and disclaimers
Historical financial information. This Presentation contains certain “alternative performance and does not intend to register any portion of any offering in the United States or to conduct a measures” which are not set out by standard accounting principles (IAS/IFRS) adopted by the public offering o
Slide 4: Profile: Exor Builds Great Companies
PROFILE • Exor is one of Europe’s largest diversified holding companies, listed on Euronext Amsterdam and included in the AEX Index • For over a century, Exor has built great companies and made successful investments worldwide with a culture that combines entrepreneurial spirit and financial discipl
Slide 5: In 2023 we continued to execute on our priorities
IN 2023 WE CONTINUED TO EXECUTE ON OUR PRIORITIES OUR PRIORITIES OUR PROGRESS IN 2023 ✓ Remain a long-term and active ▪ Became a long-term investor in Philips, a global leader in health shareholder, aligning ownership, technology, and built a 15% stake governance and leadership ▪ Joined forces with
Slide 6: We divide our portfolio into companies and investments
WE DIVIDE OUR PORTFOLIO INTO COMPANIES AND INVESTMENTS COMPANIES1 ~86% of GAV or ~€34.4bn All our largest ~ 75% of GAV companies have strong IG ratings IG status BBB+ BBB+ BBB+ ~ 11% of GAV Gross Asset Value (GAV) ~€39.9bn INVESTMENTS ~6% of GAV or ~€2.3bn (examples) VENTURES OTHERS2 ~8% of GAV or ~
Slide 7: We have diversified our portfolio after the Partner Re sale
WE HAVE DIVERSIFIED OUR PORTFOLIO AFTER THE PARTNER RE SALE CASH USES (2022 – H1 2023 Pro-forma1,2) KEY HIGHLIGHTS ~€5.8bn3 ✓ Invested in healthcare companies (Philips, Institut Merieux and Lifenet) COMPANIES, INVESTMENTS AND BUYBACK ✓ Increased investments in existing companies (Juventus and Via Tr
Slide 8: Our largest companies strengthened their financial position
OUR LARGEST COMPANIES STRENGTHENED THEIR FINANCIAL POSITION PUSHING THE BOUNDARIES DARE FORWARD BREAKING NEW GROUND Net revenues €2.9bn (H1 23) Net revenues €98.4bn (H1 23) Net revenues1 $11.9bn (H1 23) (+17% vs H1 22) (+10% vs H1 22) (+11% vs H1 22) Net Industrial Debt €0.3bn Net Industrial Cash €2
Slide 9: New investments focus on three priority sectors
NEW INVESTMENTS FOCUS ON THREE PRIORITY SECTORS Priorities Rationale ▪ A non-cyclical sector with structural tailwinds HEALTHCARE ▪ Large sector with significant inefficiencies where we can accelerate innovation ▪ Technology-enabled healthcare solutions can be highly scalable ABILITY TO BE A GREAT ▪
Slide 10: We are continuing to make significant progress on ESG
WE ARE CONTINUING TO MAKE SIGNIFICANT PROGRESS ON ESG OUR PASSIONS COMMITMENTS AT HOLDING LEVEL OUR PROGRESS ENVIRONMENT ▪ Achieve carbon neutrality by 2022 and ✓ Published our first TCFD Report Emissions reduction net zero emissions by 2025 ✓ Carbon neutral since FY2021 ✓ National launch of Matabì
Slide 11: Sustained outperformance of NAV per share over benchmark
SUSTAINED OUTPERFORMANCE OF NAV PER SHARE OVER BENCHMARK EXOR’S NAV PER SHARE PERFORMANCE: FIRST HALF OF 2023 PERFORMANCE SINCE INCEPTION1 % increase (decrease) 135 YEAR SHARE PRICE 1 - NAV/SHARE (€) 2 - MSCI (€) DELTA (1-2) 130 2009 133.2 87.1 37.8 49.3 125 2010 79.6 44.2 17.2 27.0 2011 (36.9) (23.
Slide 12: We have continued to deliver on our targets
WE HAVE CONTINUED TO DELIVER ON OUR TARGETS Annual Targets H1 20231 Last 5 years2 Outperform ~23% ~63% NAV/Share growth % MSCI World Index vs. MSCI: ~12% vs. MSCI: ~51% OBJECTIVES TSR CAGR % 8% ~20% ~8% FCF3/ Dividend paid Above 1.0x ~9.0x ~3.0x EXOR Holding cost4 / GAV Below 10bps ~4bps ~6bps KPIs
Slide 13: Free cash flow generation significantly above dividend paid
FREE CASH FLOW GENERATION SIGNIFICANTLY ABOVE DIVIDEND PAID € million H1 2023 Stellantis 602 CNH Industrial 132 Ferrari 81 Ordinary dividends and other ordinary proceeds1 815 Net financial income (expenses) generated by the net financial position2 46 Recurrent net general expenses included in the ne
Slide 14: In 2023 S&P upgraded Exor's rating to A-
IN 2023 S&P UPGRADED EXOR’S RATING TO A- “We therefore believe Exor's overall portfolio quality has improved and expect Exor will retain a high share of listed assets (…). We also expect that Exor's portfolio will continue generating high dividends and that it will display high degrees of creditwort
Slide 15: We proactively manage our debt with a well balanced maturity profile
WE PROACTIVELY MANAGE OUR DEBT WITH A WELL BALANCED MATURITY PROFILE Gross Debt (excl. other financial liabilities)1,2 ~€3.6bn BREAKDOWN MATURITY PROFILE Bank debt 4% €151 3 ¥10,000 Private placements Public €200 41% bonds 55% €500 €550 €500 €500 €500 €300 $170 €200 2024 2025 2026 2028 2030 2031 203
Slide 16: Exor credit highlights
EXOR CREDIT HIGHLIGHTS ✓ Improved portfolio quality and diversity driven by higher share of listed assets, increased exposure to less cyclical industries (healthcare, luxury and technology) and further diversification into Lingotto and Ventures PORTFOLIO QUALITY ✓ Creditworthiness of the portfolio w
Slide 17: Annex
ANNEX FEBRUARY 2024 17
Slide 18: Building great companies since 1899
BUILDING GREAT COMPANIES SINCE 1899 OUR HISTORY OUR COMPANIES IN HISTORY 1899 Senator Giovanni Agnelli founds FIAT Senator Giovanni Agnelli creates a holding 1927 company, IFI, to control and oversee FIAT and his other businesses 1957 IFI acquires control of IFIL, a diversified financial service com