Exor, consolidated losses of 1.3 billion in the first half – La Stampa

TURIN. Exor, the holding company of the Agnelli family, closed the first half of 2020 with a consolidated loss of 1.3 billion, due to the negative impact that the Covid-19 pandemic had on the performance of its subsidiaries. The net financial position is negative for 3.08 billion euros. The negative change of 450 million – explains the company – is mainly due to the investment in Via Transportation and Gedi (391 million) and the payment of dividends to shareholders (100 million) partially offset by the dividends received from investments (95 million) and from other variations.

Exor recorded a Nav (Net Asset Value) of 21 billion dollars as of June 30, down by 19.9% ​​compared to the 26 billion of December 31, 2019. To date, Exor has partially recovered ground, reaching almost 23 billion. The performance of the Nav derives mainly from the market performance of listed companies and also from the update of the value of PartnerRe by an independent expert (following Exor’s announcement of the decision to keep ownership of the company after Covea’s decision to may not respect the agreements made).

Since the outbreak of Covid-19, Exor and its subsidiaries have taken steps to protect both their employees and their community while strengthening their financial position. In the first half of the year, the holding company of the Agnelli group accessed the long-term capital market by issuing a 10-year bond of 500 million euros and reopening its bond maturing in October 2034 (14 years) increasing it by 200 million. On 10 August Exor successfully completed the acquisition of Gedi and its delisting was therefore initiated. Following their reinvestment, Cir and Mercurio now hold a 5% stake in Gedi.

[ad_2]