Exor Press Release - H1 2024 Results

Exor N.V.
24-min read
In this article:

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 indicated

30 June 2024

1 January 2024

Total Assets or Gross Asset Value (GAV)(a)

43,091

39,739

Equity or Net Asset Value (NAV)(a)

38,343

35,423

NAV per share - €(a)

178.46

164.02

Market Capitalization

21,590

21,176

Share Price - €

97.70

90.50

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 indicated

2024

2023

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)

68.14

9.54

Earnings per share – diluted - €(c)

66.99

9.37

Dividends received

1,108

825

Dividends paid

(99)

(99)

Dividends paid per share - €

0.44

0.44

(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 indicated

30 June 2024

1 January 2024

Change

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.

€ million

GAV

Listed companies

Unlisted companies

Companies

Lingotto Funds

Ventures

Investments

Others

1 January 2024

39,739

31,210

3,016

34,226

2,099

679

2,778

2,735

Investment (Disposal)

1,266

636

124

760

23

52

75

431

Change in Value(a)

2,048

1,968

(55)

1,913

228

53

281

(146)

Reclassification

—

433

—

433

—

—

—

(433)

Translation Effect

38

—

—

—

—

—

—

38

30 June 2024

43,091

34,247

3,085

37,332

2,350

784

3,134

2,625

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

Companies

Listed Companies

€ million

1 January 2024

Reclassification

Investment (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

€ million

1 January 2024

Reclassification

Investment (Disposal)

Change in Value

30 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 Xia

0

—

—

—

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

€ million

1 January 2024

Investment (Disposal)

Change in Value

30 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

€ million

1 January 2024

Reclassification

Investment (Disposal)

Change
in Value

Translation Effect

30 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.

€ million

30 June 2024

1 January 2024

Change

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

€ million

2024

2023

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

€ million

30 June 2024

1 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

€ million

30 June 2024

1 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

€ million

2024

2023

  • 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 paid

9.6

8.6

(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)

2024

2023(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)

2024

2023

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)

Total

Application 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).

APM

Definition

Purpose

Available liquidity

Liquidity plus undrawn committed credit facilities

To measure the assets that can be converted into cash and readily available funds

Cash, cash equivalents and financial assets

Cash, 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 IFRS

Use terminology in line with the industry to refer to Total Assets

Gross Debt

Sum of borrowings (bank debt and bond debt) and other financial liabilities as defined under IFRS

Use terminology in line with the industry to refer to borrowings and other liabilities

Liquidity

Cash, 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


APM

Definition

Purpose

Loan-to-Value (LTV) Ratio, expressed as a percentage

Net financial position plus other liabilities divided by Gross Asset Value less Cash, cash equivalents and financial assets

To 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 costs

General 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 basis

To 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 IFRS

Use 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 Debt

To measure the financial resources and indebtedness

Net Free Cash Flow

Dividend inflow less management costs, financial income (expenses) and dividend paid. All these items are recurring and cash-based

To measure the cash that Exor is able to generate after recurring outflows

Other definitions

Other metrics

Definition

Total Shareholder Return

Change in share price of a company including reinvestment of dividends paid by the company during the measurement period

MSCI World Index

Widely 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.

€ million

30 June 2024

1 January 2024

Change

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.

€ million

Six months ended 30 June

Change

2024

2023

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 June

Change

€ million

2024

2023

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 2024

31 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 assets

n.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 assets

n.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 2024

31 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)

2024

2023

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