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"ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-489": { "value": "-342000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:EUR" } }, "f-490": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember", "unit": "iso4217:EUR" } }, "f-491": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember", "unit": "iso4217:EUR" } }, "f-492": { "value": "38212000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-493": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-494": { "value": "38212000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-495": { "value": "14671000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "exor:AppropriateOfResults", "unit": "iso4217:EUR" } }, "f-496": { "value": "-12150000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForFairValueGainsLosses", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "exor:AppropriateOfResults", "unit": "iso4217:EUR" } }, "f-497": { "value": "374000000.0", "decimals": -6, "dimensions": { "concept": "exor:ReversalOfOtherComprehensiveIncomeReservesToProfitAndLoss", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "exor:AppropriateOfResults", "unit": "iso4217:EUR" } }, "f-498": { "value": "General information on the activities of Exor
EXOR N.V. (\u201cExor\u201d or the \u201cCompany\u201d and together with its consolidated subsidiaries the \"Exor Group\" or the
\"Group\"), was incorporated as a public limited company (naamloze vennootschap) under the Dutch laws on
30\u00a0September\u00a02015 and in 2016 became the holding company for the Exor Group following the cross-border
merger with EXOR S.p.A. (the \u201cMerger\u201d). Exor is registered in the Dutch Commercial Register under the number
6423627. The registered office is Gustav Mahlerplein 25, 1082 MS, Amsterdam, the Netherlands, the telephone
number\u00a0is +31\u00a0(0)\u00a0202402220.
Exor is one of Europe\u2019s largest diversified holding companies and is controlled by Giovanni Agnelli B.V. which holds
approximately 56.94% of its economic rights and 85.27% of its voting rights.
Starting from 1\u00a0January\u00a02024, Exor changed its reporting as it determined that, at that date, it met the definition of
an Investment Entity under IFRS 10. 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. In line with the International Financial Reporting Standards (\"IFRS\") requirements, the
change is prospectively applied from 1\u00a0January\u00a02024, with material impacts on the presentation of both the
consolidated and company financial statements, with prior periods not restated in accordance with IFRS 10. The
impacts of this change are presented under the section \u201cInvestment entity status\u201d in Note 2 of this document.
Authorization of issue and compliance with International Financial Reporting Standards
These financial statements together with the notes thereto (the \u201cFinancial Statements\u201d) of Exor at
31\u00a0December\u00a02024 include the consolidated financial statements and the company financial statements. The
Financial Statements were approved on 26\u00a0March\u00a02025 by the board of directors which also authorized their
publication in accordance with Dutch law. At the next shareholders\u2019 meeting the board of directors will propose the
approval of the Financial Statements. It should be noted that the shareholders will have the possibility to request
amendments if needed.
The Financial Statements have been prepared in accordance with the IFRS issued by the International Accounting
Standards Board (\u201cIASB\u201d) and as adopted by the European Union (EU-IFRS) and Part 9 of Book 2 of the Dutch
Civil Code. The designation \u201cIFRS\u201d also includes International Accounting Standards (\u201cIAS\u201d), as well as all
interpretations of the IFRS Interpretations Committee (\u201cIFRIC\u201d).
Basis of preparation
The Financial Statements are prepared on the going concern basis under the historical cost convention, except
where the use of fair value is required for the measurement of subsidiaries that do not provide services to the
parent company Exor and are not an investment entity themselves, associates, certain financial assets and
liabilities, as well as derivatives. Despite operating in a continuously difficult economic and financial environment,
negatively impacted by the effects of current macroeconomic and geopolitical instability, Exor's assessment is that
no material uncertainties (as defined in paragraph 25 of IAS 1) exist concerning its ability to continue as a going
concern.
The Financial Statements have been prepared and presented in Euro, which is also the functional currency of the
Company and, unless otherwise stated, information is rounded and presented in millions of Euro. In certain cases,
this rounding may lead to a slight difference in totals and variations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-499": { "value": "EXOR N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-500": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-501": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-502": { "value": "Exor is one of Europe\u2019s largest diversified holding companies and is controlled by Giovanni Agnelli B.V. which holds approximately 56.94% of its economic rights and 85.27% of its voting rights.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-503": { "value": "Giovanni Agnelli B.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-504": { "value": "Giovanni Agnelli B.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-505": { "value": "Basis of preparation, significant accounting policies applied in the past and continuing to be applicable
and significant accounting policies applicable starting from 1 January 2024
Authorization of issue and compliance with International Financial Reporting Standards
These financial statements together with the notes thereto (the \u201cFinancial Statements\u201d) of Exor at
31\u00a0December\u00a02024 include the consolidated financial statements and the company financial statements. The
Financial Statements were approved on 26\u00a0March\u00a02025 by the board of directors which also authorized their
publication in accordance with Dutch law. At the next shareholders\u2019 meeting the board of directors will propose the
approval of the Financial Statements. It should be noted that the shareholders will have the possibility to request
amendments if needed.
The Financial Statements have been prepared in accordance with the IFRS issued by the International Accounting
Standards Board (\u201cIASB\u201d) and as adopted by the European Union (EU-IFRS) and Part 9 of Book 2 of the Dutch
Civil Code. The designation \u201cIFRS\u201d also includes International Accounting Standards (\u201cIAS\u201d), as well as all
interpretations of the IFRS Interpretations Committee (\u201cIFRIC\u201d).
Basis of preparation
The Financial Statements are prepared on the going concern basis under the historical cost convention, except
where the use of fair value is required for the measurement of subsidiaries that do not provide services to the
parent company Exor and are not an investment entity themselves, associates, certain financial assets and
liabilities, as well as derivatives. Despite operating in a continuously difficult economic and financial environment,
negatively impacted by the effects of current macroeconomic and geopolitical instability, Exor's assessment is that
no material uncertainties (as defined in paragraph 25 of IAS 1) exist concerning its ability to continue as a going
concern.
The Financial Statements have been prepared and presented in Euro, which is also the functional currency of the
Company and, unless otherwise stated, information is rounded and presented in millions of Euro. In certain cases,
this rounding may lead to a slight difference in totals and variations.
Format of the financial statements
While the investment entity adoption prospectively applied starting from 1\u00a0January\u00a02024 does not represent a
change in accounting standard, nevertheless this change in status has fundamentally altered how Exor prepares,
presents and discusses its financial results relative to periods ending on or before 31\u00a0December\u00a02023. The first
application of the investment entity exemption (\"IE exemption\") resulted in the inclusion of new specific line items in
the income statements, in the statements of financial position and in the statements of cash flows. Accordingly,
users of these Financial Statements should exercise significant caution while reviewing, making consideration and
drawing conclusions from period-to-period comparisons and changes.
Exor is required to provide comparative financial statements and to discuss in the accompanying notes the current
and prior period information and the changes therein. In accordance with IFRS, prior period has not been restated
to reflect the investment entity status, instead prior period balances have been reclassified in accordance with IAS
1, to improve the comparability and the alignment between company and consolidated financial statements. Except
for the non-recurring net gain accounted for at 1\u00a0January\u00a02024, as described below, these reclassifications have
had no implications on the consolidated and company results of operations, financial position or cash flows.
However, the change in Exor\u2019s investment entity status and, as a result, the presentation of its financial results can
cause direct comparisons between dates or across periods to be inappropriate or not meaningful if not carefully
considered in this context.
The 2023 figures of the income statements have been reclassified, differently grouped and specific comparative
sub-total amounts have been eliminated to facilitate the comparability with the new format of presentation following
the investment entity application.
Reclassification of the Consolidated Income Statement
For the year ended 31 December 2023
(\u20ac million)
As published
Classification as an
investment entity
Reclassified
Dividend income
\u2014
14
14
Change in fair value on investment activities
\u2014
649
649
Net revenues
44,742
(44,742)
\u2014
Revenues
\u2014
44,742
44,742
General and administrative expenses
\u2014
(3,515)
(3,515)
Cost of sales
(33,434)
\u2014
(33,434)
Selling, general and administrative expenses
(3,515)
3,515
\u2014
Research and development costs
(2,473)
\u2014
(2,473)
Other income (expenses), net
(442)
\u2014
(442)
Result from investments
3,034
(14)
3,020
Net financial expenses
(40)
40
\u2014
Financial income
\u2014
402
402
Financial expenses
\u2014
(1,091)
(1,091)
Profit (loss) before taxes
7,872
\u2014
7,872
Tax expense
(1,095)
1,095
\u2014
Income taxes
\u2014
(1,095)
(1,095)
Profit (loss) for the year
6,777
\u2014
6,777
Profit (loss) attributable to:
Owners of the parent
4,194
4,194
Non-controlling interests
2,583
2,583
Reclassification of Exor N.V. Income Statement
For the year ended 31 December 2023
(\u20ac million)
As published
Classification as an
investment entity
Reclassified
Investment income
Dividends from investments
2,532
(2,532)
\u2014
Total investment income
2,532
(2,532)
Dividend income
2,532
2,532
Change in fair value on investment activities
23
23
Impairment and gains (losses) on investments
Impairment of investments
(193)
\u2014
(193)
Total impairment and gains (losses) on investments
(193)
Net general expenses
Personnel costs
(5)
5
\u2014
Purchases of goods and services from third parties
(13)
13
\u2014
Purchases of goods and services from related parties
(31)
31
\u2014
Revenues from related parties
1
(1)
\u2014
Total net general expenses
(48)
Revenues
\u2014
1
1
General and administrative expenses
\u2014
(49)
(49)
Net financial income (expenses)
Financial expenses from third parties
(97)
97
\u2014
Financial expenses from related parties
(4)
4
\u2014
Financial income from third parties
46
(46)
\u2014
Financial income from related parties
71
(71)
\u2014
Gains (losses) on foreign exchange
(8)
8
\u2014
Total net financial income (expenses)
8
Financial income
\u2014
120
120
Financial expenses
\u2014
(135)
(135)
Profit (loss) before income taxes
2,299
\u2014
2,299
Income taxes
\u2014
\u2014
\u2014
Profit (loss) for the year
2,299
\u2014
2,299
Moreover, in accordance with the prospective adoption of the IE exemption, the statement of financial position is
prepared presenting assets and liabilities in increasing order of liquidity to provide reliable and more relevant
information as opposed to a current and non-current classification. Since 31\u00a0December\u00a02023, in the Company
statement of financial position the current/non-current distinction was adopted for the presentation of assets and
liabilities, while as permitted by IAS 1 paragraph 60, the consolidated statement of financial position was previously
presented using a mixed format for the presentation of current and non-current assets and liabilities. The
consolidated financial statements at 31\u00a0December\u00a02023 included both industrial activities and financial services
companies deriving from the line-by-line consolidation of CNH Industrial, Iveco Group and Ferrari. Receivables
from financing activities of the financial services companies of CNH Industrial, Iveco Group and Ferrari were
included in current assets, as the investments would be realised in their normal operating cycle. However, the
financial services structure within the Group did not allow the separation of financial liabilities funding the financial
services operations (whose assets are reported within current assets) and those funding the industrial operations.
Displaying financial liabilities as current or non-current according to their date of maturity would not have led to a
meaningful comparison with financial assets, which were classified according to their normal operating cycle.
However, disclosure on the due dates of financial liabilities were provided in the notes.
Reclassification of the Consolidated Statement of Financial Position
At 31 December 2023
(\u20ac million)
Note
As published
Classification as an
investment entity
Reclassified
Non-current assets
Intangible assets
9,887
\u2014
9,887
Property, plant and equipment
7,061
\u2014
7,061
Investments accounted for using the equity method
14,968
\u2014
14,968
Equity investments at FVTPL
a)
\u2014
107
107
Investments and other financial assets
a)
9,369
(9,369)
\u2014
Equity investments at FVTOCI
a)
\u2014
4,495
4,495
Other investments at FVTPL
a)
\u2014
5,437
5,437
Financial assets
a)
\u2014
435
435
Leased assets
1,358
\u2014
1,358
Deferred tax assets
1,671
\u2014
1,671
Other non-current assets
603
(603)
\u2014
Other assets
\u2014
1,906
1,906
Total Non-current assets
44,917
Current assets
Inventories
8,805
\u2014
8,805
Trade receivables
864
\u2014
864
Receivables from financing activities
28,848
\u2014
28,848
Current tax receivables
200
\u2014
200
Investments and other financial assets
a)
1,109
(1,109)
\u2014
Other current assets
1,299
(1,299)
\u2014
Cash and cash equivalents
8,678
\u2014
8,678
Total Current assets
49,803
Assets held for sale
59
\u2014
59
Total Assets
94,779
\u2014
94,779
Equity and Liabilities
Equity attributable to owners of the parent
23,268
\u2014
23,268
Non-controlling interests
9,864
\u2014
9,864
Total Equity
33,132
\u2014
33,132
Liabilities
Provisions for employee benefits
1,321
\u2014
1,321
Other provisions
5,035
\u2014
5,035
Deferred tax liabilities
271
\u2014
271
Financial debt and derivative liabilities
b)
40,218
(40,218)
\u2014
Borrowings
b)
\u2014
19,200
19,200
Other financial liabilities
b)
\u2014
21,018
21,018
Trade payables
7,930
\u2014
7,930
Tax payables
871
\u2014
871
Other liabilities
5,943
\u2014
5,943
Liabilities held for sale
58
\u2014
58
Total Liabilities
61,647
\u2014
61,647
Total Equity and Liabilities
94,779
\u2014
94,779
a) Reclassification of Other non-current and current financial assets
31 December 2023 as
published
Reclassification to
(\u20ac million)
Non-current
Current
Equity
investments
at FVTPL
Equity
investments
at FVTOCI
Other
investments
at FVTPL
Financial
assets
Other
assets
Investments at FVTOCI
4,495
\u2014
\u2014
4,495
\u2014
\u2014
\u2014
Investment funds managed by Lingotto
Management
3,623
\u2014
\u2014
\u2014
3,623
\u2014
\u2014
Reinsurance vehicles
802
\u2014
\u2014
\u2014
802
\u2014
\u2014
Ventures
\u2014
655
\u2014
\u2014
655
\u2014
\u2014
Debt securities, investment funds and
equity investments at FVTPL
330
218
107
\u2014
357
84
Derivative assets
\u2014
205
\u2014
\u2014
\u2014
205
Financial receivables
31
31
\u2014
\u2014
\u2014
58
4
Other financial assets
88
\u2014
\u2014
\u2014
\u2014
88
Total investments and other financial
assets
9,369
1,109
107
4,495
5,437
435
4
b) Reclassification of Financial debt
31 December 2023
as published
Reclassification to
(\u20ac million)
Borrowings
Other financial
liabilities
Notes
13,034
13,034
\u2014
Bank debt
6,166
6,166
\u2014
Asset-backed financing
15,633
\u2014
15,633
Payables represented by securities
1,974
\u2014
1,974
Other financial debt
2,510
\u2014
2,510
Lease liabilities
606
\u2014
606
Derivative liabilities
295
\u2014
295
Financial debt and derivative liabilities
40,218
19,200
21,018
Reclassification of Exor N.V. Statement of Financial Position
At 31 December 2023
(\u20ac million)
Note
As published
Classification as an
investment entity
Reclassified
Non-current assets
Property, plant and equipment
1
\u2014
1
Investments accounted for at cost
6,691
\u2014
6,691
Financial investments at FVTOCI
3,923
(3,923)
\u2014
Equity investments at FVTOCI
3,923
3,923
Debt securities at amortised cost
a)
25
(25)
\u2014
Financial receivables from related parties
a)
130
(130)
\u2014
Other investments at FVTPL
a)
\u2014
49
49
Non-current loan at fair value through profit and loss
a)
10
(10)
\u2014
Financial assets
a)
2,070
2,070
Other non-current assets
557
(557)
\u2014
Other assets
561
561
Total Non-current assets
11,336
Current assets
\u2014
Tax receivables
3
(3)
\u2014
Current tax receivables
\u2014
3
3
Financial investments at fair value through profit and loss
a)
49
(49)
\u2014
Other financial assets
a)
1
(1)
\u2014
Financial receivables from related parties
a)
1,907
(1,907)
\u2014
Other receivables
1
(1)
\u2014
Cash and cash equivalents
65
\u2014
65
Total Current assets
2,027
Total Assets
13,363
\u2014
13,363
Equity and liabilities
Equity
8,909
8,909
Non-current liabilities
Non-convertible bonds
b)
2,930
(2,930)
\u2014
Total Non-current liabilities
2,930
Current liabilities
Non-convertible bonds
b)
537
(537)
\u2014
Borrowings
b)
\u2014
3,682
3,682
Bank debt and commercial paper
b)
215
(215)
\u2014
Other financial liabilities
29
732
761
Financial payables to related parties
b)
732
(732)
\u2014
Trade payables and other payables to related parties
6
(6)
\u2014
Trade payables to third parties
1
(1)
\u2014
Trade payables
\u2014
7
7
Tax payables
3
\u2014
3
Other payables
1
(1)
\u2014
Other liabilities
\u2014
1
1
Total Current liabilities
1,524
Total Liabilities
4,454
\u2014
4,454
Total Equity and Liabilities
13,363
\u2014
13,363
a) Reclassification of Non-current and Current financial assets
31 December 2023 as published
Reclassification to
(\u20ac million)
Non-current
Current
Other
investments at
FVTPL
Financial assets
Other assets
Debt securities at amortised cost
25
\u2014
\u2014
25
\u2014
Financial receivables from related parties
130
\u2014
\u2014
130
\u2014
Non-current loan at FVTPL
10
\u2014
\u2014
10
\u2014
Financial investments at FVTPL
\u2014
49
49
\u2014
\u2014
Other financial assets
\u2014
1
\u2014
1
\u2014
Financial receivables from related parties
\u2014
1,907
\u2014
1,903
4
Total
165
1,957
49
2,069
4
b) Reclassification of Non-current and Current financial debt
31 December 2023 as published
Reclassification to
(\u20ac million)
Non-current
Current
Borrowings
Other financial
liabilities
Non-convertible bonds
2,930
537
3,467
\u2014
Bank debt and commercial paper
\u2014
215
215
\u2014
Financial payables to related parties
\u2014
732
\u2014
732
Total
2,930
1,484
3,682
732
The Statement of Cash Flows is presented using the indirect method. Starting from 1 January 2024, in accordance
with IE adoption, proceeds from the sale of investee companies and other investments at FVTPL, payments on the
acquisition of investee companies and other investments at FVTPL and dividends received have been classified as
cash flows from operating activities, as this type of investment activities are Exor\u2019s main activities.
Reclassification of Consolidated Statement of Cash Flows
For the years ended 31 December 2023
(\u20ac million)
As published
Classification as an
investment entity
and other1
Reclassified
Cash and cash equivalents at beginning of the year
11,577
\u2014
11,577
Cash flows from operating activities:
Profit (loss) from continuing operations
6,777
(6,777)
\u2014
Profit (loss) of the year
\u2014
6,777
6,777
Adjustment for:
Share-based payment expense
\u2014
100
100
Amortisation and depreciation
2,050
\u2014
2,050
Gains on disposal of property, plant and equipment
(35)
\u2014
(35)
Other non-cash items2
(2,984)
(100)
(3,084)
Dividends received
690
(690)
\u2014
Change in other assets and liabilities from operating activities:
Other change in working capital
\u2014
(2,337)
(2,337)
Change in provisions
1,039
\u2014
1,039
Change in deferred taxes
(478)
\u2014
(478)
Change in inventories, trade and other receivables and payables
(813)
813
\u2014
Cash flows from operating activities
6,246
(2,214)
4,032
For the years ended 31 December 2023
(\u20ac million)
As published
Classification as an
investment entity
and other1
Reclassified
Cash flows used in investing activities:
\u2014
Investments in property, plant and equipment and intangible assets
(2,810)
\u2014
(2,810)
Investments in joint ventures, associates, unconsolidated subsidiaries and
other entities
(4,027)
(579)
(4,606)
Proceeds from disposal of investments, tangible, intangible and financial
assets
202
\u2014
202
Proceeds on disposal of financial assets
\u2014
1,956
1,956
Net Increase of financial assets
\u2014
214
214
Net change in receivables from financing activities
(3,703)
(3,703)
Net proceeds from/payments to
(4,360)
4,360
\u2014
financial receivables
(5,951)
5,951
\u2014
other financial assets
1,591
(1,591)
\u2014
Other changes
2
(34)
(32)
Cash flows used in investing activities from continuing operations
(10,993)
2,214
(8,779)
Other cash flows used in investing activities
47
\u2014
47
Cash flows used in investing activities - discontinued operations
47
\u2014
47
Cash flows used in investing activities
(10,946)
2,214
(8,732)
Cash flows used in financing activities:
Issuance of notes
1,641
\u2014
1,641
Repayment of notes
(2,178)
\u2014
(2,178)
Proceeds from borrowings
\u2014
2,544
2,544
Repayment of borrowings
\u2014
(1,516)
(1,516)
Proceeds of other long-term debt
2,479
(2,479)
\u2014
Repayment of other long-term debt
(1,516)
1,516
\u2014
Net change in short-term debt and other financial assets/liabilities
4,512
(67)
4,445
Exercise of stock options
4
\u2014
4
Buyback of Exor shares
(996)
\u2014
(996)
Buyback of consolidated subsidiaries shares
(1,119)
\u2014
(1,119)
Dividends paid
(716)
\u2014
(716)
Other changes
38
2
40
Cash flows used in financing activities from continuing operations
2,149
\u2014
2,149
Cash flows used in financing activities \u2013 discontinued operations
(42)
\u2014
(42)
Cash flows used in financing activities
2,107
\u2014
2,107
Translation exchange differences
(306)
(306)
Total Change in Cash and cash equivalents
(2,899)
\u2014
(2,899)
Cash and cash equivalents at the end of the year
8,678
\u2014
8,678
1. 2023 data have been also reclassified to present the \"change in dealer financing activities\" in the operating activities, within the change in working capital in
accordance with CNH change in accounting policy.
2. Mainly related to the share in the profit (loss) of the investments accounted by the equity method.
Reclassification of Exor N.V. Statement of Cash Flows
(\u20ac million)
For the years ended 31 December 2023
As published
Classification as an
investment entity
Reclassified
Cash and cash equivalents, at beginning of year
1,052
1,052
Cash flows from (used in) operating activities:
Profit (loss) of the year excluding dividend
\u2014
(233)
(233)
Dividend received
\u2014
2,532
2,532
Profit (loss) for the year
2,299
\u2014
2,299
Adjustments for:
Share-based payment expense
\u2014
12
12
Impairment and realised (gains)/losses on investments
193
(193)
\u2014
Other non-cash items
4
193
197
Notional cost of Exor share-based plans
12
(12)
\u2014
Total adjustments
209
\u2014
Other change in working capital
\u2014
(18)
(18)
Trade payables and other payables to related parties, excluding items
adjusting profit
(18)
18
\u2014
Cash flows from (used in) operating activities
2,490
\u2014
2,490
Cash flows from (used in) investing activities:
Investments in joint ventures, associates, unconsolidated
subsidiaries and other companies
\u2014
(3,320)
(3,320)
Proceeds on disposal of financial assets
\u2014
1,624
1,624
Increase of financial receivable from related parties
\u2014
(730)
(730)
Investments in subsidiaries, associated and other entities
(442)
442
\u2014
Change in financial receivables from related parties
(730)
730
\u2014
Net Investments in financial assets at FVTOCI
(2,878)
2,878
\u2014
Net investments in debt securities at amortised cost
3
(3)
\u2014
Change in financial assets at FVTPL
1,621
(1,621)
\u2014
Cash flows from (used in) investing activities
(2,426)
\u2014
(2,426)
Cash flows from (used in) financing activities:
Proceeds from borrowings
\u2014
65
65
Net change in short term debt and other financial assets and liabilities
67
(67)
\u2014
Proceeds from exercise of share-based payment plan
\u2014
5
5
Exercise of stock options
5
(5)
\u2014
Buyback Exor shares
\u2014
(996)
(996)
Buyback program
(996)
996
\u2014
Repayment of financial liabilities to related parties
\u2014
(170)
(170)
Proceeds from financial liabilities to related parties
\u2014
148
148
Change in financial payables to related parties
(25)
25
\u2014
Cash flow hedge derivatives
(3)
3
\u2014
Dividend paid
(99)
\u2014
(99)
Other changes
\u2014
(4)
(4)
Cash flows from (used in) financing activities
(1,051)
\u2014
(1,051)
Total change in cash and cash equivalents
(987)
\u2014
(987)
Cash and cash equivalents, at end of year
65
\u2014
65
Investment entity status
At 1 January 2024, Exor determined that it met the criteria for qualification as investment entity as defined under
IFRS 10 \u2013 Consolidated Financial Statements. This standard provides an exemption whereby an investment entity
does not need to consolidate its subsidiaries, other than specific exemption to this rule, if it satisfies the following
three cumulative criteria:
\u2022 obtains funds from one or more investors for the purpose of providing those investor(s) with investment
management services;
\u2022 commits to its investor(s) that its business purpose is to invest funds solely for returns from capital
appreciation, investment income, or both;
\u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis.
This change was driven primarily by the following two factors: (i) significant change in its portfolio activity and
composition, including disposal of certain investments that were not measured and evaluated on a fair value basis;
and (ii) evolution of Exor\u2019s portfolio review process over time, which now primarily focuses on driving capital
allocation decisions based on the fair value of Exor\u2019s investments. Exor's classification as an investment entity
derives from these gradual changes, notably the evolution of its portfolio composition from controlling to minority
shareholding, as well as the allocation of a significant amount of resources into funds and venture investments.
In line with IFRS requirements, Exor applied this change in classification prospectively from 1\u00a0January\u00a02024, with
the following material impacts on the presentation of the consolidated financial statements:
\u2022 subsidiaries that do not provide investment-related support services to the investment entity Exor are no
longer consolidated on a line-by-line basis. Instead, they are accounted for at fair value with changes
recognised in the income statement;
\u2022 investments over which Exor exercises significant influence on financial and business decisions but does
not have majority control, or in which it exercises joint control, are no longer accounted for with the equity
method. Instead, they are accounted for at fair value with changes recognised in the income statement;
\u2022 subsidiaries that provide investment-related support services to the investment entity Exor and are not
investment entities themselves are still consolidated on a line-by-line basis.
Consolidated
As this change is applied prospectively, Exor recognised, at 1\u00a0January\u00a02024, a non-recurring net gain
(\u20ac11,776\u00a0million). Specifically, this gain is assessed and presented as follows:
\u2022 \u20ac12,150\u00a0million 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,
included in the item \"Change in fair value on investment activities\";
\u2022 -\u20ac374\u00a0million resulting from the reversal of the OCI reserves of the entities deconsolidated and no longer
accounted for with the equity method, included in the item \"Other income (expense), net\".
The effects of the application of the investment entity exemption are indicated in the following table.
31
December
2023
reclassified
Deconsolidation of subsidiaries previously consolidated line by line
Change
in value
1 January
2024
(\u20ac million)
CNH
Industrial
Iveco
Group
Ferrari
Group
Juventus
GEDI
Other
Minor
Adj
Assets
Intangible assets
9,887
(5,150)
(1,841)
(2,205)
(320)
(276)
\u2014
(95)
\u2014
\u2014
Property, plant and equipment
7,061
(2,015)
(3,186)
(1,575)
(203)
(56)
(9)
\u2014
\u2014
17
Investments accounted for using
the equity method
14,968
(431)
(166)
(55)
(1)
\u2014
(836)
(13,479)
\u2014
\u2014
Equity investments at FVTPL
107
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
18,635
12,150
30,892
Equity investments at FVTOCI
4,495
\u2014
(15)
\u2014
\u2014
\u2014
\u2014
(514)
\u2014
3,966
Other investments at FVTPL
5,437
(49)
(9)
(12)
\u2014
\u2014
\u2014
(1,574)
3,793
Financial assets
435
(190)
(88)
(56)
(24)
(36)
(17)
244
\u2014
268
Leased assets
1,358
(1,282)
(76)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Deferred tax assets
1,671
(778)
(657)
(218)
\u2014
(18)
\u2014
\u2014
\u2014
\u2014
Other assets
1,906
(546)
(450)
(131)
(96)
(44)
(61)
3
581
Inventories
8,805
(4,961)
(2,868)
(949)
(11)
(8)
(10)
2
\u2014
\u2014
Trade receivables
864
(120)
(326)
(261)
(43)
(164)
(7)
58
\u2014
1
Receivables from financing
activities
28,848
(22,327)
(5,802)
(1,456)
\u2014
\u2014
\u2014
737
\u2014
\u2014
Current tax receivables
200
(36)
(142)
(12)
\u2014
(3)
\u2014
\u2014
\u2014
7
Cash and cash equivalents
8,678
(4,566)
(2,698)
(1,122)
(13)
(31)
(33)
\u2014
\u2014
215
Assets held for sale
59
\u2014
(59)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total Assets
94,779
(42,451)
(18,383)
(8,052)
(711)
(636)
(973)
4,017
12,150
39,740
Equity and liabilities
Equity
Equity attributable to owners of
the parent
23,268
(7,866)
(2,354)
(3,061)
(74)
(76)
(831)
14,641
\u2014
23,647
Profit and Loss
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(374)
12,150
11,776
Non-controlling interests
9,864
(60)
(36)
(10)
\u2014
(5)
\u2014
(9,753)
\u2014
\u2014
Total equity
33,132
(7,926)
(2,390)
(3,071)
(74)
(81)
(831)
4,514
12,150
35,423
Liabilities
Provisions for employee benefits
1,321
(625)
(544)
(123)
\u2014
(29)
\u2014
\u2014
\u2014
\u2014
Other provisions
5,035
(2,964)
(1,836)
(187)
(3)
(45)
\u2014
\u2014
\u2014
\u2014
Deferred tax liabilities
271
(36)
(28)
(137)
(1)
(56)
\u2014
(13)
\u2014
\u2014
Borrowing
19,200
(12,461)
(1,631)
(1,195)
(225)
(6)
\u2014
\u2014
\u2014
3,682
Other financial liabilities
21,018
(13,305)
(4,509)
(1,296)
(115)
(263)
(113)
(813)
\u2014
604
Trade payables
7,930
(3,259)
(3,927)
(931)
(31)
(100)
(7)
328
\u2014
3
Tax payables
871
(609)
(120)
(89)
(20)
(2)
(10)
\u2014
\u2014
21
Other liabilities
5,943
(1,266)
(3,340)
(1,023)
(242)
(54)
(12)
1
\u2014
7
Liabilities held for sale
58
\u2014
(58)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total liabilities
61,647
(34,525)
(15,993)
(4,981)
(637)
(555)
(142)
(497)
\u2014
4,317
Total equity and liabilities
94,779
(42,451)
(18,383)
(8,052)
(711)
(636)
(973)
4,017
12,150
39,740
Exor N.V. - Company only
As this change is applied prospectively, Exor recognised, at 1\u00a0January\u00a02024, a non-recurring net gain of
\u20ac24,318\u00a0million resulting from the difference between the net carrying amount of investments previously accounted
for at cost and their fair value at the date of the change, included in the item \"Change in fair value on investment
activities\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-506": { "value": "
Authorization of issue and compliance with International Financial Reporting Standards
These financial statements together with the notes thereto (the \u201cFinancial Statements\u201d) of Exor at
31\u00a0December\u00a02024 include the consolidated financial statements and the company financial statements. The
Financial Statements were approved on 26\u00a0March\u00a02025 by the board of directors which also authorized their
publication in accordance with Dutch law. At the next shareholders\u2019 meeting the board of directors will propose the
approval of the Financial Statements. It should be noted that the shareholders will have the possibility to request
amendments if needed.
The Financial Statements have been prepared in accordance with the IFRS issued by the International Accounting
Standards Board (\u201cIASB\u201d) and as adopted by the European Union (EU-IFRS) and Part 9 of Book 2 of the Dutch
Civil Code. The designation \u201cIFRS\u201d also includes International Accounting Standards (\u201cIAS\u201d), as well as all
interpretations of the IFRS Interpretations Committee (\u201cIFRIC\u201d).
Basis of preparation
The Financial Statements are prepared on the going concern basis under the historical cost convention, except
where the use of fair value is required for the measurement of subsidiaries that do not provide services to the
parent company Exor and are not an investment entity themselves, associates, certain financial assets and
liabilities, as well as derivatives. Despite operating in a continuously difficult economic and financial environment,
negatively impacted by the effects of current macroeconomic and geopolitical instability, Exor's assessment is that
no material uncertainties (as defined in paragraph 25 of IAS 1) exist concerning its ability to continue as a going
concern.
The Financial Statements have been prepared and presented in Euro, which is also the functional currency of the
Company and, unless otherwise stated, information is rounded and presented in millions of Euro. In certain cases,
this rounding may lead to a slight difference in totals and variations.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-507": { "value": "
Authorization of issue and compliance with International Financial Reporting Standards
These financial statements together with the notes thereto (the \u201cFinancial Statements\u201d) of Exor at
31\u00a0December\u00a02024 include the consolidated financial statements and the company financial statements. The
Financial Statements were approved on 26\u00a0March\u00a02025 by the board of directors which also authorized their
publication in accordance with Dutch law. At the next shareholders\u2019 meeting the board of directors will propose the
approval of the Financial Statements. It should be noted that the shareholders will have the possibility to request
amendments if needed.
The Financial Statements have been prepared in accordance with the IFRS issued by the International Accounting
Standards Board (\u201cIASB\u201d) and as adopted by the European Union (EU-IFRS) and Part 9 of Book 2 of the Dutch
Civil Code. The designation \u201cIFRS\u201d also includes International Accounting Standards (\u201cIAS\u201d), as well as all
interpretations of the IFRS Interpretations Committee (\u201cIFRIC\u201d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-508": { "value": "
The Financial Statements are prepared on the going concern basis under the historical cost convention, except
where the use of fair value is required for the measurement of subsidiaries that do not provide services to the
parent company Exor and are not an investment entity themselves, associates, certain financial assets and
liabilities, as well as derivatives. Despite operating in a continuously difficult economic and financial environment,
negatively impacted by the effects of current macroeconomic and geopolitical instability, Exor's assessment is that
no material uncertainties (as defined in paragraph 25 of IAS 1) exist concerning its ability to continue as a going
concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-509": { "value": "
Format of the financial statements
While the investment entity adoption prospectively applied starting from 1\u00a0January\u00a02024 does not represent a
change in accounting standard, nevertheless this change in status has fundamentally altered how Exor prepares,
presents and discusses its financial results relative to periods ending on or before 31\u00a0December\u00a02023. The first
application of the investment entity exemption (\"IE exemption\") resulted in the inclusion of new specific line items in
the income statements, in the statements of financial position and in the statements of cash flows. Accordingly,
users of these Financial Statements should exercise significant caution while reviewing, making consideration and
drawing conclusions from period-to-period comparisons and changes.
Exor is required to provide comparative financial statements and to discuss in the accompanying notes the current
and prior period information and the changes therein. In accordance with IFRS, prior period has not been restated
to reflect the investment entity status, instead prior period balances have been reclassified in accordance with IAS
1, to improve the comparability and the alignment between company and consolidated financial statements. Except
for the non-recurring net gain accounted for at 1\u00a0January\u00a02024, as described below, these reclassifications have
had no implications on the consolidated and company results of operations, financial position or cash flows.
However, the change in Exor\u2019s investment entity status and, as a result, the presentation of its financial results can
cause direct comparisons between dates or across periods to be inappropriate or not meaningful if not carefully
considered in this context.
The 2023 figures of the income statements have been reclassified, differently grouped and specific comparative
sub-total amounts have been eliminated to facilitate the comparability with the new format of presentation following
the investment entity application.
Reclassification of the Consolidated Income Statement
For the year ended 31 December 2023
(\u20ac million)
As published
Classification as an
investment entity
Reclassified
Dividend income
\u2014
14
14
Change in fair value on investment activities
\u2014
649
649
Net revenues
44,742
(44,742)
\u2014
Revenues
\u2014
44,742
44,742
General and administrative expenses
\u2014
(3,515)
(3,515)
Cost of sales
(33,434)
\u2014
(33,434)
Selling, general and administrative expenses
(3,515)
3,515
\u2014
Research and development costs
(2,473)
\u2014
(2,473)
Other income (expenses), net
(442)
\u2014
(442)
Result from investments
3,034
(14)
3,020
Net financial expenses
(40)
40
\u2014
Financial income
\u2014
402
402
Financial expenses
\u2014
(1,091)
(1,091)
Profit (loss) before taxes
7,872
\u2014
7,872
Tax expense
(1,095)
1,095
\u2014
Income taxes
\u2014
(1,095)
(1,095)
Profit (loss) for the year
6,777
\u2014
6,777
Profit (loss) attributable to:
Owners of the parent
4,194
4,194
Non-controlling interests
2,583
2,583
Reclassification of Exor N.V. Income Statement
For the year ended 31 December 2023
(\u20ac million)
As published
Classification as an
investment entity
Reclassified
Investment income
Dividends from investments
2,532
(2,532)
\u2014
Total investment income
2,532
(2,532)
Dividend income
2,532
2,532
Change in fair value on investment activities
23
23
Impairment and gains (losses) on investments
Impairment of investments
(193)
\u2014
(193)
Total impairment and gains (losses) on investments
(193)
Net general expenses
Personnel costs
(5)
5
\u2014
Purchases of goods and services from third parties
(13)
13
\u2014
Purchases of goods and services from related parties
(31)
31
\u2014
Revenues from related parties
1
(1)
\u2014
Total net general expenses
(48)
Revenues
\u2014
1
1
General and administrative expenses
\u2014
(49)
(49)
Net financial income (expenses)
Financial expenses from third parties
(97)
97
\u2014
Financial expenses from related parties
(4)
4
\u2014
Financial income from third parties
46
(46)
\u2014
Financial income from related parties
71
(71)
\u2014
Gains (losses) on foreign exchange
(8)
8
\u2014
Total net financial income (expenses)
8
Financial income
\u2014
120
120
Financial expenses
\u2014
(135)
(135)
Profit (loss) before income taxes
2,299
\u2014
2,299
Income taxes
\u2014
\u2014
\u2014
Profit (loss) for the year
2,299
\u2014
2,299
Moreover, in accordance with the prospective adoption of the IE exemption, the statement of financial position is
prepared presenting assets and liabilities in increasing order of liquidity to provide reliable and more relevant
information as opposed to a current and non-current classification. Since 31\u00a0December\u00a02023, in the Company
statement of financial position the current/non-current distinction was adopted for the presentation of assets and
liabilities, while as permitted by IAS 1 paragraph 60, the consolidated statement of financial position was previously
presented using a mixed format for the presentation of current and non-current assets and liabilities. The
consolidated financial statements at 31\u00a0December\u00a02023 included both industrial activities and financial services
companies deriving from the line-by-line consolidation of CNH Industrial, Iveco Group and Ferrari. Receivables
from financing activities of the financial services companies of CNH Industrial, Iveco Group and Ferrari were
included in current assets, as the investments would be realised in their normal operating cycle. However, the
financial services structure within the Group did not allow the separation of financial liabilities funding the financial
services operations (whose assets are reported within current assets) and those funding the industrial operations.
Displaying financial liabilities as current or non-current according to their date of maturity would not have led to a
meaningful comparison with financial assets, which were classified according to their normal operating cycle.
However, disclosure on the due dates of financial liabilities were provided in the notes.
Reclassification of the Consolidated Statement of Financial Position
At 31 December 2023
(\u20ac million)
Note
As published
Classification as an
investment entity
Reclassified
Non-current assets
Intangible assets
9,887
\u2014
9,887
Property, plant and equipment
7,061
\u2014
7,061
Investments accounted for using the equity method
14,968
\u2014
14,968
Equity investments at FVTPL
a)
\u2014
107
107
Investments and other financial assets
a)
9,369
(9,369)
\u2014
Equity investments at FVTOCI
a)
\u2014
4,495
4,495
Other investments at FVTPL
a)
\u2014
5,437
5,437
Financial assets
a)
\u2014
435
435
Leased assets
1,358
\u2014
1,358
Deferred tax assets
1,671
\u2014
1,671
Other non-current assets
603
(603)
\u2014
Other assets
\u2014
1,906
1,906
Total Non-current assets
44,917
Current assets
Inventories
8,805
\u2014
8,805
Trade receivables
864
\u2014
864
Receivables from financing activities
28,848
\u2014
28,848
Current tax receivables
200
\u2014
200
Investments and other financial assets
a)
1,109
(1,109)
\u2014
Other current assets
1,299
(1,299)
\u2014
Cash and cash equivalents
8,678
\u2014
8,678
Total Current assets
49,803
Assets held for sale
59
\u2014
59
Total Assets
94,779
\u2014
94,779
Equity and Liabilities
Equity attributable to owners of the parent
23,268
\u2014
23,268
Non-controlling interests
9,864
\u2014
9,864
Total Equity
33,132
\u2014
33,132
Liabilities
Provisions for employee benefits
1,321
\u2014
1,321
Other provisions
5,035
\u2014
5,035
Deferred tax liabilities
271
\u2014
271
Financial debt and derivative liabilities
b)
40,218
(40,218)
\u2014
Borrowings
b)
\u2014
19,200
19,200
Other financial liabilities
b)
\u2014
21,018
21,018
Trade payables
7,930
\u2014
7,930
Tax payables
871
\u2014
871
Other liabilities
5,943
\u2014
5,943
Liabilities held for sale
58
\u2014
58
Total Liabilities
61,647
\u2014
61,647
Total Equity and Liabilities
94,779
\u2014
94,779
a) Reclassification of Other non-current and current financial assets
31 December 2023 as
published
Reclassification to
(\u20ac million)
Non-current
Current
Equity
investments
at FVTPL
Equity
investments
at FVTOCI
Other
investments
at FVTPL
Financial
assets
Other
assets
Investments at FVTOCI
4,495
\u2014
\u2014
4,495
\u2014
\u2014
\u2014
Investment funds managed by Lingotto
Management
3,623
\u2014
\u2014
\u2014
3,623
\u2014
\u2014
Reinsurance vehicles
802
\u2014
\u2014
\u2014
802
\u2014
\u2014
Ventures
\u2014
655
\u2014
\u2014
655
\u2014
\u2014
Debt securities, investment funds and
equity investments at FVTPL
330
218
107
\u2014
357
84
Derivative assets
\u2014
205
\u2014
\u2014
\u2014
205
Financial receivables
31
31
\u2014
\u2014
\u2014
58
4
Other financial assets
88
\u2014
\u2014
\u2014
\u2014
88
Total investments and other financial
assets
9,369
1,109
107
4,495
5,437
435
4
b) Reclassification of Financial debt
31 December 2023
as published
Reclassification to
(\u20ac million)
Borrowings
Other financial
liabilities
Notes
13,034
13,034
\u2014
Bank debt
6,166
6,166
\u2014
Asset-backed financing
15,633
\u2014
15,633
Payables represented by securities
1,974
\u2014
1,974
Other financial debt
2,510
\u2014
2,510
Lease liabilities
606
\u2014
606
Derivative liabilities
295
\u2014
295
Financial debt and derivative liabilities
40,218
19,200
21,018
Reclassification of Exor N.V. Statement of Financial Position
At 31 December 2023
(\u20ac million)
Note
As published
Classification as an
investment entity
Reclassified
Non-current assets
Property, plant and equipment
1
\u2014
1
Investments accounted for at cost
6,691
\u2014
6,691
Financial investments at FVTOCI
3,923
(3,923)
\u2014
Equity investments at FVTOCI
3,923
3,923
Debt securities at amortised cost
a)
25
(25)
\u2014
Financial receivables from related parties
a)
130
(130)
\u2014
Other investments at FVTPL
a)
\u2014
49
49
Non-current loan at fair value through profit and loss
a)
10
(10)
\u2014
Financial assets
a)
2,070
2,070
Other non-current assets
557
(557)
\u2014
Other assets
561
561
Total Non-current assets
11,336
Current assets
\u2014
Tax receivables
3
(3)
\u2014
Current tax receivables
\u2014
3
3
Financial investments at fair value through profit and loss
a)
49
(49)
\u2014
Other financial assets
a)
1
(1)
\u2014
Financial receivables from related parties
a)
1,907
(1,907)
\u2014
Other receivables
1
(1)
\u2014
Cash and cash equivalents
65
\u2014
65
Total Current assets
2,027
Total Assets
13,363
\u2014
13,363
Equity and liabilities
Equity
8,909
8,909
Non-current liabilities
Non-convertible bonds
b)
2,930
(2,930)
\u2014
Total Non-current liabilities
2,930
Current liabilities
Non-convertible bonds
b)
537
(537)
\u2014
Borrowings
b)
\u2014
3,682
3,682
Bank debt and commercial paper
b)
215
(215)
\u2014
Other financial liabilities
29
732
761
Financial payables to related parties
b)
732
(732)
\u2014
Trade payables and other payables to related parties
6
(6)
\u2014
Trade payables to third parties
1
(1)
\u2014
Trade payables
\u2014
7
7
Tax payables
3
\u2014
3
Other payables
1
(1)
\u2014
Other liabilities
\u2014
1
1
Total Current liabilities
1,524
Total Liabilities
4,454
\u2014
4,454
Total Equity and Liabilities
13,363
\u2014
13,363
a) Reclassification of Non-current and Current financial assets
31 December 2023 as published
Reclassification to
(\u20ac million)
Non-current
Current
Other
investments at
FVTPL
Financial assets
Other assets
Debt securities at amortised cost
25
\u2014
\u2014
25
\u2014
Financial receivables from related parties
130
\u2014
\u2014
130
\u2014
Non-current loan at FVTPL
10
\u2014
\u2014
10
\u2014
Financial investments at FVTPL
\u2014
49
49
\u2014
\u2014
Other financial assets
\u2014
1
\u2014
1
\u2014
Financial receivables from related parties
\u2014
1,907
\u2014
1,903
4
Total
165
1,957
49
2,069
4
b) Reclassification of Non-current and Current financial debt
31 December 2023 as published
Reclassification to
(\u20ac million)
Non-current
Current
Borrowings
Other financial
liabilities
Non-convertible bonds
2,930
537
3,467
\u2014
Bank debt and commercial paper
\u2014
215
215
\u2014
Financial payables to related parties
\u2014
732
\u2014
732
Total
2,930
1,484
3,682
732
The Statement of Cash Flows is presented using the indirect method. Starting from 1 January 2024, in accordance
with IE adoption, proceeds from the sale of investee companies and other investments at FVTPL, payments on the
acquisition of investee companies and other investments at FVTPL and dividends received have been classified as
cash flows from operating activities, as this type of investment activities are Exor\u2019s main activities.
Reclassification of Consolidated Statement of Cash Flows
For the years ended 31 December 2023
(\u20ac million)
As published
Classification as an
investment entity
and other1
Reclassified
Cash and cash equivalents at beginning of the year
11,577
\u2014
11,577
Cash flows from operating activities:
Profit (loss) from continuing operations
6,777
(6,777)
\u2014
Profit (loss) of the year
\u2014
6,777
6,777
Adjustment for:
Share-based payment expense
\u2014
100
100
Amortisation and depreciation
2,050
\u2014
2,050
Gains on disposal of property, plant and equipment
(35)
\u2014
(35)
Other non-cash items2
(2,984)
(100)
(3,084)
Dividends received
690
(690)
\u2014
Change in other assets and liabilities from operating activities:
Other change in working capital
\u2014
(2,337)
(2,337)
Change in provisions
1,039
\u2014
1,039
Change in deferred taxes
(478)
\u2014
(478)
Change in inventories, trade and other receivables and payables
(813)
813
\u2014
Cash flows from operating activities
6,246
(2,214)
4,032
For the years ended 31 December 2023
(\u20ac million)
As published
Classification as an
investment entity
and other1
Reclassified
Cash flows used in investing activities:
\u2014
Investments in property, plant and equipment and intangible assets
(2,810)
\u2014
(2,810)
Investments in joint ventures, associates, unconsolidated subsidiaries and
other entities
(4,027)
(579)
(4,606)
Proceeds from disposal of investments, tangible, intangible and financial
assets
202
\u2014
202
Proceeds on disposal of financial assets
\u2014
1,956
1,956
Net Increase of financial assets
\u2014
214
214
Net change in receivables from financing activities
(3,703)
(3,703)
Net proceeds from/payments to
(4,360)
4,360
\u2014
financial receivables
(5,951)
5,951
\u2014
other financial assets
1,591
(1,591)
\u2014
Other changes
2
(34)
(32)
Cash flows used in investing activities from continuing operations
(10,993)
2,214
(8,779)
Other cash flows used in investing activities
47
\u2014
47
Cash flows used in investing activities - discontinued operations
47
\u2014
47
Cash flows used in investing activities
(10,946)
2,214
(8,732)
Cash flows used in financing activities:
Issuance of notes
1,641
\u2014
1,641
Repayment of notes
(2,178)
\u2014
(2,178)
Proceeds from borrowings
\u2014
2,544
2,544
Repayment of borrowings
\u2014
(1,516)
(1,516)
Proceeds of other long-term debt
2,479
(2,479)
\u2014
Repayment of other long-term debt
(1,516)
1,516
\u2014
Net change in short-term debt and other financial assets/liabilities
4,512
(67)
4,445
Exercise of stock options
4
\u2014
4
Buyback of Exor shares
(996)
\u2014
(996)
Buyback of consolidated subsidiaries shares
(1,119)
\u2014
(1,119)
Dividends paid
(716)
\u2014
(716)
Other changes
38
2
40
Cash flows used in financing activities from continuing operations
2,149
\u2014
2,149
Cash flows used in financing activities \u2013 discontinued operations
(42)
\u2014
(42)
Cash flows used in financing activities
2,107
\u2014
2,107
Translation exchange differences
(306)
(306)
Total Change in Cash and cash equivalents
(2,899)
\u2014
(2,899)
Cash and cash equivalents at the end of the year
8,678
\u2014
8,678
1. 2023 data have been also reclassified to present the \"change in dealer financing activities\" in the operating activities, within the change in working capital in
accordance with CNH change in accounting policy.
2. Mainly related to the share in the profit (loss) of the investments accounted by the equity method.
Reclassification of Exor N.V. Statement of Cash Flows
(\u20ac million)
For the years ended 31 December 2023
As published
Classification as an
investment entity
Reclassified
Cash and cash equivalents, at beginning of year
1,052
1,052
Cash flows from (used in) operating activities:
Profit (loss) of the year excluding dividend
\u2014
(233)
(233)
Dividend received
\u2014
2,532
2,532
Profit (loss) for the year
2,299
\u2014
2,299
Adjustments for:
Share-based payment expense
\u2014
12
12
Impairment and realised (gains)/losses on investments
193
(193)
\u2014
Other non-cash items
4
193
197
Notional cost of Exor share-based plans
12
(12)
\u2014
Total adjustments
209
\u2014
Other change in working capital
\u2014
(18)
(18)
Trade payables and other payables to related parties, excluding items
adjusting profit
(18)
18
\u2014
Cash flows from (used in) operating activities
2,490
\u2014
2,490
Cash flows from (used in) investing activities:
Investments in joint ventures, associates, unconsolidated
subsidiaries and other companies
\u2014
(3,320)
(3,320)
Proceeds on disposal of financial assets
\u2014
1,624
1,624
Increase of financial receivable from related parties
\u2014
(730)
(730)
Investments in subsidiaries, associated and other entities
(442)
442
\u2014
Change in financial receivables from related parties
(730)
730
\u2014
Net Investments in financial assets at FVTOCI
(2,878)
2,878
\u2014
Net investments in debt securities at amortised cost
3
(3)
\u2014
Change in financial assets at FVTPL
1,621
(1,621)
\u2014
Cash flows from (used in) investing activities
(2,426)
\u2014
(2,426)
Cash flows from (used in) financing activities:
Proceeds from borrowings
\u2014
65
65
Net change in short term debt and other financial assets and liabilities
67
(67)
\u2014
Proceeds from exercise of share-based payment plan
\u2014
5
5
Exercise of stock options
5
(5)
\u2014
Buyback Exor shares
\u2014
(996)
(996)
Buyback program
(996)
996
\u2014
Repayment of financial liabilities to related parties
\u2014
(170)
(170)
Proceeds from financial liabilities to related parties
\u2014
148
148
Change in financial payables to related parties
(25)
25
\u2014
Cash flow hedge derivatives
(3)
3
\u2014
Dividend paid
(99)
\u2014
(99)
Other changes
\u2014
(4)
(4)
Cash flows from (used in) financing activities
(1,051)
\u2014
(1,051)
Total change in cash and cash equivalents
(987)
\u2014
(987)
Cash and cash equivalents, at end of year
65
\u2014
65
Investment entity status
At 1 January 2024, Exor determined that it met the criteria for qualification as investment entity as defined under
IFRS 10 \u2013 Consolidated Financial Statements. This standard provides an exemption whereby an investment entity
does not need to consolidate its subsidiaries, other than specific exemption to this rule, if it satisfies the following
three cumulative criteria:
\u2022 obtains funds from one or more investors for the purpose of providing those investor(s) with investment
management services;
\u2022 commits to its investor(s) that its business purpose is to invest funds solely for returns from capital
appreciation, investment income, or both;
\u2022 measures and evaluates the performance of substantially all of its investments on a fair value basis.
This change was driven primarily by the following two factors: (i) significant change in its portfolio activity and
composition, including disposal of certain investments that were not measured and evaluated on a fair value basis;
and (ii) evolution of Exor\u2019s portfolio review process over time, which now primarily focuses on driving capital
allocation decisions based on the fair value of Exor\u2019s investments. Exor's classification as an investment entity
derives from these gradual changes, notably the evolution of its portfolio composition from controlling to minority
shareholding, as well as the allocation of a significant amount of resources into funds and venture investments.
In line with IFRS requirements, Exor applied this change in classification prospectively from 1\u00a0January\u00a02024, with
the following material impacts on the presentation of the consolidated financial statements:
\u2022 subsidiaries that do not provide investment-related support services to the investment entity Exor are no
longer consolidated on a line-by-line basis. Instead, they are accounted for at fair value with changes
recognised in the income statement;
\u2022 investments over which Exor exercises significant influence on financial and business decisions but does
not have majority control, or in which it exercises joint control, are no longer accounted for with the equity
method. Instead, they are accounted for at fair value with changes recognised in the income statement;
\u2022 subsidiaries that provide investment-related support services to the investment entity Exor and are not
investment entities themselves are still consolidated on a line-by-line basis.
Consolidated
As this change is applied prospectively, Exor recognised, at 1\u00a0January\u00a02024, a non-recurring net gain
(\u20ac11,776\u00a0million). Specifically, this gain is assessed and presented as follows:
\u2022 \u20ac12,150\u00a0million 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,
included in the item \"Change in fair value on investment activities\";
\u2022 -\u20ac374\u00a0million resulting from the reversal of the OCI reserves of the entities deconsolidated and no longer
accounted for with the equity method, included in the item \"Other income (expense), net\".
The effects of the application of the investment entity exemption are indicated in the following table.
31
December
2023
reclassified
Deconsolidation of subsidiaries previously consolidated line by line
Change
in value
1 January
2024
(\u20ac million)
CNH
Industrial
Iveco
Group
Ferrari
Group
Juventus
GEDI
Other
Minor
Adj
Assets
Intangible assets
9,887
(5,150)
(1,841)
(2,205)
(320)
(276)
\u2014
(95)
\u2014
\u2014
Property, plant and equipment
7,061
(2,015)
(3,186)
(1,575)
(203)
(56)
(9)
\u2014
\u2014
17
Investments accounted for using
the equity method
14,968
(431)
(166)
(55)
(1)
\u2014
(836)
(13,479)
\u2014
\u2014
Equity investments at FVTPL
107
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
18,635
12,150
30,892
Equity investments at FVTOCI
4,495
\u2014
(15)
\u2014
\u2014
\u2014
\u2014
(514)
\u2014
3,966
Other investments at FVTPL
5,437
(49)
(9)
(12)
\u2014
\u2014
\u2014
(1,574)
3,793
Financial assets
435
(190)
(88)
(56)
(24)
(36)
(17)
244
\u2014
268
Leased assets
1,358
(1,282)
(76)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Deferred tax assets
1,671
(778)
(657)
(218)
\u2014
(18)
\u2014
\u2014
\u2014
\u2014
Other assets
1,906
(546)
(450)
(131)
(96)
(44)
(61)
3
581
Inventories
8,805
(4,961)
(2,868)
(949)
(11)
(8)
(10)
2
\u2014
\u2014
Trade receivables
864
(120)
(326)
(261)
(43)
(164)
(7)
58
\u2014
1
Receivables from financing
activities
28,848
(22,327)
(5,802)
(1,456)
\u2014
\u2014
\u2014
737
\u2014
\u2014
Current tax receivables
200
(36)
(142)
(12)
\u2014
(3)
\u2014
\u2014
\u2014
7
Cash and cash equivalents
8,678
(4,566)
(2,698)
(1,122)
(13)
(31)
(33)
\u2014
\u2014
215
Assets held for sale
59
\u2014
(59)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total Assets
94,779
(42,451)
(18,383)
(8,052)
(711)
(636)
(973)
4,017
12,150
39,740
Equity and liabilities
Equity
Equity attributable to owners of
the parent
23,268
(7,866)
(2,354)
(3,061)
(74)
(76)
(831)
14,641
\u2014
23,647
Profit and Loss
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(374)
12,150
11,776
Non-controlling interests
9,864
(60)
(36)
(10)
\u2014
(5)
\u2014
(9,753)
\u2014
\u2014
Total equity
33,132
(7,926)
(2,390)
(3,071)
(74)
(81)
(831)
4,514
12,150
35,423
Liabilities
Provisions for employee benefits
1,321
(625)
(544)
(123)
\u2014
(29)
\u2014
\u2014
\u2014
\u2014
Other provisions
5,035
(2,964)
(1,836)
(187)
(3)
(45)
\u2014
\u2014
\u2014
\u2014
Deferred tax liabilities
271
(36)
(28)
(137)
(1)
(56)
\u2014
(13)
\u2014
\u2014
Borrowing
19,200
(12,461)
(1,631)
(1,195)
(225)
(6)
\u2014
\u2014
\u2014
3,682
Other financial liabilities
21,018
(13,305)
(4,509)
(1,296)
(115)
(263)
(113)
(813)
\u2014
604
Trade payables
7,930
(3,259)
(3,927)
(931)
(31)
(100)
(7)
328
\u2014
3
Tax payables
871
(609)
(120)
(89)
(20)
(2)
(10)
\u2014
\u2014
21
Other liabilities
5,943
(1,266)
(3,340)
(1,023)
(242)
(54)
(12)
1
\u2014
7
Liabilities held for sale
58
\u2014
(58)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total liabilities
61,647
(34,525)
(15,993)
(4,981)
(637)
(555)
(142)
(497)
\u2014
4,317
Total equity and liabilities
94,779
(42,451)
(18,383)
(8,052)
(711)
(636)
(973)
4,017
12,150
39,740
Exor N.V. - Company only
As this change is applied prospectively, Exor recognised, at 1\u00a0January\u00a02024, a non-recurring net gain of
\u20ac24,318\u00a0million resulting from the difference between the net carrying amount of investments previously accounted
for at cost and their fair value at the date of the change, included in the item \"Change in fair value on investment
activities\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-511": { "value": "
Basis of consolidation
At 1\u00a0January\u00a02024, Exor consolidated financial statements are prepared by applying the investment entity
exemption provided for in IFRS 10 and therefore only those subsidiaries whose purpose and business consist in
providing services relating to investment activities of the parent company Exor, and are not investment entities
themselves, are fully consolidated. The financial statements of subsidiaries are prepared for the same reporting
year as the parent company Exor, using consistent accounting policies.
Exor investee companies: 1) that are controlled; 2) in which Exor exercises significant influence on financial and
business decisions but does not have majority control; 3) in which Exor exercises joint control; are not fully
consolidated but measured at fair value through profit or loss.
Considering the change in Exor's classification as an investment entity at 1\u00a0January\u00a02024 the following companies
are consolidated at 31 December 2024 and 2023.
Company
Country
% Ownership
Group
Non-controlling
interest
Exor Nederland N.V.
Netherlands
100.00
\u2014
Exor S.A.
Luxembourg
100.00
\u2014
Exor Investments Limited
United Kingdom
100.00
\u2014
Exor SN LLC
USA
100.00
\u2014
Ancom USA Inc.
USA
100.00
\u2014
The following companies which at 31 December 2023 were consolidated line by line, at 1 January 2024, in
accordance with IFRS 10, applying the IE exemption, were deconsolidated.
Company/Group
Country
% Ownership
Group
Non-controlling
interest
CNH Industrial N.V.
Netherlands
28.42
71.58
Ferrari N.V.
Netherlands
24.63
75.37
Iveco Group N.V.
Netherlands
27.67
72.33
Juventus Football Club S.p.A.
Italy
63.77
36.23
GEDI Gruppo Editoriale S.p.A.
Italy
89.62
10.38
Exor Seeds L.P.
USA
87.80
12.20
Exor Ventures L.P.
USA
98.50
1.50
Shang Xia Trading Co. Ltd(1)
People's Rep.of China
82.30
17.70
Lingotto Investment Management LLP(2)
United Kingdom
100.00
\u2014
(1) Owned through the holding Company Full More Group (Hong Kong).
(2) Owned through the holding company Lingotto Investments Management (UK) Limited.
Subsidiaries
Subsidiaries are entities over which the parent company Exor has direct or indirect control. Control is achieved
when Exor has power over the investee, meaning it is exposed or entitled to variable returns from its involvement
with the investee, and has the ability to influence those returns through its power. Exor considers all the facts and
circumstances in determining whether it controls an entity when it owns less than the majority of the voting rights or
similar rights of the entity. Subsidiaries are consolidated from the date on which control is transferred to Exor and
cease to be consolidated from the date on which control is transferred out of Exor. Where control of a subsidiary
ceases, its results are only included for the part of the reporting year during which Exor had control over the
subsidiary. Subsidiaries that are either inactive or generate a negligible volume of business, are not consolidated.
Their impact on Exor's assets, liabilities, financial position and result is not material. Exor reassesses whether or
not it controls an investee if facts and circumstances indicate that there are changes to one or more of the
elements of control, as indicated in paragraph 7 of IFRS 10.
At 1\u00a0January\u00a02024, the deconsolidation of the operating subsidiaries whose purpose and business does not consist
in providing services relating to investment activities of the parent company Exor determined a non-recurring net
gain (\u20ac15,075\u00a0million), resulting from the difference between the net carrying amount of investments previously
consolidated and their fair value at the date of the change. In the company financial statements these entities were
accounted for at cost and the difference between the net carrying amount at 1 January 2024 and their fair value,
determined a non-recurring net gain of \u20ac15,752\u00a0million.
Associates
Associates are entities over which Exor has significant influence, as defined in IAS 28 \u2013 Investments in Associates
and Joint Ventures. Significant influence is the power to participate in the financial and operating policy decisions of
the investee but without control or joint control over those policies. At 1\u00a0January\u00a02024, when applying the fair value
policy choice in accordance with IAS 28, associates were no longer accounted for with the equity method,
determining a non-recurring net loss (\u20ac2,925\u00a0million) in the consolidated financial statements and a non-recurring
net gain of \u20ac8,566\u00a0million in the company financial statements, resulting from the difference between the net
carrying amount of investments and their fair value at the date of the change.
Investments in other companies
Investments in other companies are measured at fair value. The initial decision by Exor to present subsequent
changes in the fair value of an equity investments in OCI, made on an investment-by-investment basis upon the
initial recognition of an equity investment not held for sale, is irrevocable. Therefore, current equity investments in
other companies accounted for at fair value through OCI remain unchanged, while all new investments, other than
subsidiaries providing services that relate to the investment company\u2019s activities, are measured at fair value
through profit or loss from 1\u00a0January\u00a02024, in accordance with IFRS 9. Equity investments for which there is no
quoted market price in an active market and insufficient financial information to determine fair value are measured
at cost as an estimate of fair value, according to IFRS 9. Starting from 1\u00a0January\u00a02024, dividends received from
these investments are included in the item Dividend income (Results from investments until 31\u00a0December\u00a02023).
Transactions eliminated in consolidation
All significant intragroup balances and transactions and any unrealised gains and losses arising from intragroup
transactions are eliminated.
Foreign currency transactions
The functional currency of the Group\u2019s entities is the currency of their primary economic environment. In individual
companies, transactions in foreign currencies are recorded at the foreign exchange rate at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are
translated at the exchange rate at that date. Exchange differences arising on the settlement or reporting of
monetary items are recognised in the income statement.
Consolidation of foreign entities
All assets and liabilities of subsidiaries with a functional or reporting currency other than the Euro are translated
using the exchange rates at the balance sheet date. Income and expenses are translated at the average exchange
rate for the period. Translation differences resulting from the application of this method are classified as equity until
the disposal of the investment. Average rates of exchange are used to translate the cash flows of foreign
subsidiaries in preparing the consolidated statement of cash flows.
The main exchange rates used to translate other currencies into Euro for the Annual report 2024 are as follows:
\u00a0
For the year ended 31 December
\u00a0
Average
2024
U.S. dollar
1.082
1.039
British pound
0.847
0.829
Japanese yen
163.850
163.060
Date of reference
The investments are consolidated using the financial statements at 31\u00a0December, Exor\u2019s year-end closing date,
which cover a 12-month period, or accounting data prepared at the same date (whenever the closing date is
different from Exor\u2019s), adjusted, where necessary, to conform with the accounting principles of Exor.
Fair value measurement
IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The fair value measurement is based on
the assumption that the above-mentioned transaction takes place in the principal or, in its absence, the most
advantageous market for the asset or liability.
The fair value of financial instruments traded on an active market is based on the market prices listed on the
closing date. In estimating the fair value of assets and liabilities not traded on an active market, Exor uses valuation
techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair
value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.
Valuation techniques include, among others, using recent at arm\u2019s length transactions, reference to the current
market value of another instrument that is substantially the same, forward or trailing revenue or profit multiples,
future expected discounted cash flow analysis and option pricing models, making as much use of available and
supportable market data as possible. When performing a valuation based on multiples, consideration is given to
differences in size, historic growth, profitability and cost of capital. Additional information about fair value, fair value
hierarchy, valuation techniques and inputs used in determining the fair value of assets and liabilities is provided in
Note 32 and, where required, in the individual notes relating to the assets and liabilities whose fair values were
determined.
In addition, fair value measurements are categorized within the fair value hierarchy, described as follows, based on
the degree to which the inputs to the fair value measurements are observable and their significance to the fair
value measurement in its entirety:
\u25aa Level 1: these concern companies whose securities are listed on an active market. Listed company securities
are valued at their last market price (unadjusted) at the reporting date;
\u25aa Level 2: these concern companies whose securities are not listed on an active market, but which are valued
with reference to directly or indirectly observable data. An adjustment to a level 2 input which is important for
the fair value taken as a whole may result in the fair value being classified as level 3 under the fair value
hierarchy if it uses significant non observable data;
\u25aa Level 3: these concern companies whose shares are not listed on an active market, and whose valuation
pertains to a large extent to unobservable data. Management is required to make significant estimates or
judgments to determine the fair value of these assets.
Financial assets and other investments at fair value through profit or loss
Financial assets primarily include debt securities and other investments that represent temporary investments of
available funds and do not satisfy the requirements for being classified as cash equivalents, as well as derivative
financial instruments. Other investment at fair value through profit or loss primarily consist of investment in funds.
Classification and measurement
The classification is dependent on the Company\u2019s business model for managing such financial assets and their
contractual cash flows. The Company considers whether the contractual cash flows represent solely payments of
principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce
exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are
classified and measured at fair value through profit or loss (\u201cFVTPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Subsequent measurement
category(2)
Solely to collect the contractual cash flows represented by
principal and interest (Held to Collect)
Fair value including
transaction costs
Amortised cost(3)
Collect both the contractual cash flows and generate cash flows
arising from the sale of assets (Held to Collect and Sell)
Fair value including
transaction costs
Fair value through other
comprehensive income
(\u201cFVTOCI\u201d)
Generate cash flows primarily from the sale of assets (Held to
Sell)
Fair value
Fair value through profit and
loss (\u201cFVTPL\u201d)
(1) A trade receivable without a significant financing component, as defined by IFRS 15, is initially measured at the transaction price.
(2) On initial recognition, the company may irrevocably designate a financial asset at FVTPL that otherwise meets the requirements to be measured at amortised
cost or at FVTOCI, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
(3) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are discounted using market
rates.
Factors considered by the Company in determining the business model for a group of financial assets include:
\u2013 past experience on how the cash flows for these assets were collected;
\u2013 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2013 how the asset\u2019s performance is evaluated and reported to key management personnel;
\u2013 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified after their initial recognition unless the Company changes its business model
for managing financial assets. In this case all affected financial assets are reclassified on the first day of the first
reporting period following the change in the business model.
Short duration funds, bond funds and bond mandates consist of investments in high quality, short-term, diversified
financial instruments that can generally be liquidated on demand; they do not satisfy the requirements for being
classified as cash equivalents and are measured at FVTPL.
Cash and cash equivalents
Cash and cash equivalents include cash at banks, units in liquidity funds, other money market securities,
commercial papers and certificates of deposit that are readily convertible into cash, with original maturities of three
months or less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in
value and consist of balances across various leading money market instruments. Cash at banks and other cash
equivalents are measured at amortised cost.
Liquidity funds consist of investments in high quality, short-term, diversified financial instruments that can generally
be liquidated on demand and are measured at FVTPL.
Trade receivables and payables
Receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective
interest method, net of impairment provision determined using the expected credit loss model. The original carrying
amount of the receivables is recovered in subsequent years if the reasons for impairment no longer exist. Payables
are initially recognised at fair value, net of transaction costs, and subsequently measured at amortised cost.
Receivables and payables in foreign currency, originally recorded at the transaction date exchange rate, are
adjusted to the year-end rate and the resulting gain or loss is recognised in the income statement.
Treasury stock
The cost of any owned share, as a result of specific shareholder resolutions, is recognised as a deduction from
equity and, therefore, the reserve offsetting treasury stock in portfolio is not shown separately. The proceeds from
any subsequent sale are recognised as changes in equity.
Share-based compensation
Share-based compensation plans that may be settled by the delivery of shares are measured at fair value at the
grant date. This fair value is recognised in the income statement as personnel costs on a straight-line basis over
the period from the grant date to the vesting date with a corresponding entry directly in equity. This entry is based
upon an estimate of the number of options that are expected to be vested. Changes in fair value after the grant
date have no effect on the initial measurement.
Provisions
Exor records provisions when it has either a legal or constructive obligation, which requires a probable outflow of
company resources for its fulfilment and when a reliable estimate of the amount can be made. The provisions are
reviewed at every reporting date and adjusted to reflect the best current estimate. Changes in estimates are
reflected in the income statement in the period in which the change occurs.
Financial liabilities
Interest-bearing debt is initially recognised at cost which is equal to the fair value of the amount received including
directly attributable costs and it is subsequently measured at amortised cost. The difference between amortised
cost and the amount to be repaid is recognised in the income statement on the basis of the effective interest rate
over the period of the loan.
Derivative financial instruments
Derivative financial instruments are used for hedging purposes, in order to reduce currency and interest rate risks.
All derivative financial instruments are measured at fair value in accordance with IFRS 9. Financial derivative
instruments qualify for accounting as hedging instruments only when there is formal designation and
documentation of the hedging relationship at the inception of the hedge, the hedge is expected to be highly
effective, the effectiveness can be reliably measured and is highly effective during the exercises for which it has
been designated.
The effectiveness of a hedging relationship is documented and measured periodically (at least on each balance
sheet date). It is measured by comparing the changes in the fair value of the hedging instruments with the changes
in the fair value of the hedged items or, in the case of complex hedging instruments, through statistical analysis
based on the change in the hedged risk.
When derivative financial instruments qualify for hedge accounting, the following accounting treatment applies:
\u2013 Fair value hedge (hedge of the exposure to changes in fair value), for which the effects of the hedge are
recognised in the income statement.
\u2013 Cash flow hedge (hedge of the exposure to variability in future cash flows), for which the effective portion of a
gain or loss in fair value is recognised directly in OCI and the ineffective portion is recognised immediately in
the income statement. When a hedging instrument or hedge relationship is terminated but the hedged
transaction is still expected to occur, the cumulative gain or loss realised to the point of termination remains in
OCI and is recognised in the income statement at the same time as the underlying transaction occurs. If the
hedged transaction is no longer probable, the cumulative unrealised gain or loss held in OCI is recognised in
the income statement immediately.
If hedge accounting does not apply, the gains or losses arising from the measurement of the derivative financial
instrument at fair value are immediately recognised in the income statement.
Financial income and expenses, other revenues and costs
Dividends are recognised in the income statement when the paying company approves their distribution, that is,
when the right to receive the dividends is established. Dividends in kind are measured at the fair value of the
underlying securities at the payment date. Financial income and expenses are recorded on a pro rata basis
according to the effective interest method. Revenues resulting from the performance of services are recognised
over the period in which the services will be provided. Costs are recorded based on the accrual basis.
Income taxes
Current and deferred income taxes are calculated according to the applicable tax regulation. Income taxes are
recognised in the income statement except to the extent that they relate to items directly charged or credited to
OCI, in which case the related income tax effect is recognised directly in OCI. Current tax expense is the tax to be
paid or received for the year in question, with the addition of a correction of tax expense for earlier periods.
Deferred taxes are calculated on the basis of the temporary differences between the book values of assets and
liabilities and their value for tax purposes. The amounts are calculated based on how these differences are
expected to be evened out by relying on the applicable tax rates and regulation. The deferred tax asset component
of deductible temporary differences and tax loss carryforwards is only recorded as far as it is likely that these will
result in a lower tax payment in the future.
Dividend paid
Cash dividends to shareholders are recorded in the accounting period in which they are approved by the
shareholders' meeting.
Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of Exor by the weighted
average number of common shares outstanding during the period. Special voting shares are not included in the
earnings per share calculation as they are not eligible for dividends and have only limited economic rights. As for
diluted earnings per share, the weighted average number of common shares outstanding is adjusted assuming
conversion of all shares having a potential dilutive effect.
New standards and amendments effective from 1\u00a0January\u00a02024
The following amendments and interpretations, which were effective from 1\u00a0January\u00a02024, were adopted by Exor.
The adoption of these amendments had no material impact on the Financial Statements.
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current
In January 2020, IASB issued amendments to IAS 1 \u2013 Presentation of Financial Statements: Classification of
Liabilities as Current or Non-current to clarify how to classify debt and other liabilities as current or non-current, and
in particular how to classify liabilities with an uncertain settlement date and liabilities that may be settled by
converting to equity.
Amendments to IFRS 16 \u2013 Leases
In September 2022, IASB issued amendments to IFRS 16 \u2013 Leases: Liability in a Sale and Leaseback, to improve
the requirements for sale and leaseback transactions, which specify the measurement of the liability arising in a
sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that
relates to the right of use it retains.
Amendments to IAS 1 \u2013 Non-current Liabilities with covenants
In October 2022, IASB issued amendments to IAS 1 \u2013 Presentation of Financial Statements: Non-current Liabilities
with covenants, that clarify how conditions with which an entity must comply within twelve months after the
reporting period affect the classification of a liability.
Amendments to IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial Instruments: Disclosures
In May 2023, IASB issued amendments to IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial Instruments:
Disclosures: Supplier Finance Arrangements, that introduce new disclosure requirements to enhance the
transparency and usefulness of the information provided by entities about supplier finance arrangements and are
intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an
entity\u2019s liabilities, cash flows and exposure to liquidity risk.
Accounting standards, amendments and interpretations not yet applicable and not yet adopted by Exor
The standards, amendments and interpretations issued by IASB that will have mandatory application in 2025 or
subsequent years are listed below. Exor is currently evaluating the impact of the adoption of these amendments on
its Consolidated Financial Statements or disclosures:
Amendment to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates
In August 2023, IASB issued amendments to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates lack of
Exchangeability, to clarify how an entity has to apply a consistent approach in assessing whether a currency is
exchangeable into another currency and, when it is not, in determining the exchange rate to be use and the
disclosure to be provided. The amendments are effective for annual reporting periods beginning on or after
1\u00a0January\u00a02025, with earlier adoption permitted.
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18 \u2013 Presentation and Disclosure in Financial Statements, which introduces
new concepts relating to: (i) the structure of the income statement, (ii) required disclosures in the financial
statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements
(management-defined performance measures) and (iii) enhanced principles on aggregation and disaggregation
which apply to the primary financial statements and notes in general. The standard is effective for annual reporting
periods beginning on or after 1 January 2027, with earlier adoption permitted.
Amendment to IFRS 9 and IFRS 7 \u2013 Presentation and Disclosure in Financial Statements
In May 2024, IASB issued Amendments to the Classification and Measurement of Financial Instruments which
amended IFRS 9 \u2013 Financial Instruments and IFRS 7 \u2013 Financial Instruments: Disclosures. The amendments relate
to the settling of financial liabilities using an electronic payment system, as well as assessing contractual cash flow
characteristics of financial assets, including those with environmental, social and governance linked features. The
amendments are effective for periods beginning on or after 1 January 2026, with early adoption permitted.
IFRS 19 \u2013 Subsidiaries without Public Accountability
In May 2024, IASB issued IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosure which permits eligible
subsidiaries to use IFRS Accounting Standards with reduced disclosures. Subsidiaries using IFRS Accounting
Standards for their own financial statements provide disclosures that may be disproportionate to the information
needs of their users. Subsidiaries are eligible to apply IFRS 19 if they do not have public accountability and their
parent company applies IFRS Accounting Standards in their consolidated financial statements. The standard is
effective for annual reporting periods beginning on or after 1\u00a0January\u00a02027, with earlier adoption permitted.
Annual improvements to IFRS Accounting Standards \u2013 Volume 11
In July 2024, IASB issued Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 which contains
amendments to five standards as result of IASB\u2019s annual improvements project. IASB uses the annual
improvements process to make necessary, but non-urgent, amendments to IFRS Accounting Standards that will not
be included as part of another major project. The amended standards are: IFRS 1 \u2013 First-time Adoption of
International Financial Reporting Standards, IFRS 7 \u2013 Financial Instruments: Disclosures and its accompanying
Guidance on implementing IFRS 7; IFRS 9 \u2013 Financial Instruments; IFRS 10 \u2013 Consolidated Financial Statements;
and IAS 7 \u2013 Statement of Cash Flows. The standard is effective for annual reporting periods beginning on or after
1\u00a0January\u00a02026, with earlier adoption permitted.
IFRS 9 \u2013 Financial Instruments and IFRS 7 \u2013 Financial Instruments: Disclosures
In December 2024, IASB issued Amendments for nature-dependent electricity contracts which amended IFRS 9 \u2013
Financial Instruments and IFRS 7 \u2013 Financial Instruments: Disclosures to help companies better report the financial
effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs),
in the light of the increased use of these contracts. The amendments are effective for annual reporting periods
beginning on or after 1\u00a0January\u00a02026 and earlier application is permitted.
Use of accounting estimates and management's assumptions
The preparation of the Financial Statements requires management to make estimates and assumptions that affect
the reported amounts of revenues, expenses, assets, liabilities and can have an impact on the information
contained in the notes to the financial statements. The estimates and related assumptions are based on elements
that are known when the financial statements are prepared, on historical experience of Exor and on any other
factors that are considered to be relevant. Due to the currently unforeseeable global consequences of current
macroeconomic and geopolitical issues, these estimates and assumptions are subject to increased uncertainty.
Actual results could differ materially from the estimates and assumptions used in the preparation of these Financial
Statements.
The estimates and underlying assumptions are reviewed periodically and if the items subject to estimates do not
perform as assumed, then the actual results could differ from the estimates, thus leading the application of
adjustment. The effects of any changes in estimate are recognised in the income statement in the period in which
the adjustment is made, or also in future periods if the revision affects both current and future periods.
The main items affected by estimates are equity investments at FVTPL and at FVTOCI (in particular in unlisted
entities), other investments at FVTPL and financial receivables from related parties.
Judgment was required when determining whether Exor, the parent company, meets the definition of an investment
entity as defined under IFRS 10. Specifically, Exor management applied significant judgment when assessing
whether Exor satisfies the three cumulative criteria:
\u25aa obtains funds from one or more investors for the purpose of providing those investor(s) with investment
management services;
\u25aa commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation,
investment income, or both;
\u25aa measures and evaluates the performance of substantially all of its investments on a fair value basis.
Exor does not hold its investments indefinitely; in fact, it has a systematic approach to monitoring its portfolio of
companies based on their fair value. The portfolio review process enables Exor to make informed capital allocation
decisions, including increasing or decreasing the capital allocated to a company, acquiring new companies or
divesting companies. Exor is not bound by any specific target or criteria regarding its investments such as
geography, sector exposure and holding periods. Instead, Exor makes its capital allocation decisions in a way that
maximises its ability to deliver superior returns to its investors by building great companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-510": { "value": "
Basis of consolidation
At 1\u00a0January\u00a02024, Exor consolidated financial statements are prepared by applying the investment entity
exemption provided for in IFRS 10 and therefore only those subsidiaries whose purpose and business consist in
providing services relating to investment activities of the parent company Exor, and are not investment entities
themselves, are fully consolidated. The financial statements of subsidiaries are prepared for the same reporting
year as the parent company Exor, using consistent accounting policies.
Exor investee companies: 1) that are controlled; 2) in which Exor exercises significant influence on financial and
business decisions but does not have majority control; 3) in which Exor exercises joint control; are not fully
consolidated but measured at fair value through profit or loss.
Considering the change in Exor's classification as an investment entity at 1\u00a0January\u00a02024 the following companies
are consolidated at 31 December 2024 and 2023.
Company
Country
% Ownership
Group
Non-controlling
interest
Exor Nederland N.V.
Netherlands
100.00
\u2014
Exor S.A.
Luxembourg
100.00
\u2014
Exor Investments Limited
United Kingdom
100.00
\u2014
Exor SN LLC
USA
100.00
\u2014
Ancom USA Inc.
USA
100.00
\u2014
The following companies which at 31 December 2023 were consolidated line by line, at 1 January 2024, in
accordance with IFRS 10, applying the IE exemption, were deconsolidated.
Company/Group
Country
% Ownership
Group
Non-controlling
interest
CNH Industrial N.V.
Netherlands
28.42
71.58
Ferrari N.V.
Netherlands
24.63
75.37
Iveco Group N.V.
Netherlands
27.67
72.33
Juventus Football Club S.p.A.
Italy
63.77
36.23
GEDI Gruppo Editoriale S.p.A.
Italy
89.62
10.38
Exor Seeds L.P.
USA
87.80
12.20
Exor Ventures L.P.
USA
98.50
1.50
Shang Xia Trading Co. Ltd(1)
People's Rep.of China
82.30
17.70
Lingotto Investment Management LLP(2)
United Kingdom
100.00
\u2014
(1) Owned through the holding Company Full More Group (Hong Kong).
(2) Owned through the holding company Lingotto Investments Management (UK) Limited.
Subsidiaries
Subsidiaries are entities over which the parent company Exor has direct or indirect control. Control is achieved
when Exor has power over the investee, meaning it is exposed or entitled to variable returns from its involvement
with the investee, and has the ability to influence those returns through its power. Exor considers all the facts and
circumstances in determining whether it controls an entity when it owns less than the majority of the voting rights or
similar rights of the entity. Subsidiaries are consolidated from the date on which control is transferred to Exor and
cease to be consolidated from the date on which control is transferred out of Exor. Where control of a subsidiary
ceases, its results are only included for the part of the reporting year during which Exor had control over the
subsidiary. Subsidiaries that are either inactive or generate a negligible volume of business, are not consolidated.
Their impact on Exor's assets, liabilities, financial position and result is not material. Exor reassesses whether or
not it controls an investee if facts and circumstances indicate that there are changes to one or more of the
elements of control, as indicated in paragraph 7 of IFRS 10.
At 1\u00a0January\u00a02024, the deconsolidation of the operating subsidiaries whose purpose and business does not consist
in providing services relating to investment activities of the parent company Exor determined a non-recurring net
gain (\u20ac15,075\u00a0million), resulting from the difference between the net carrying amount of investments previously
consolidated and their fair value at the date of the change. In the company financial statements these entities were
accounted for at cost and the difference between the net carrying amount at 1 January 2024 and their fair value,
determined a non-recurring net gain of \u20ac15,752\u00a0million.
Associates
Associates are entities over which Exor has significant influence, as defined in IAS 28 \u2013 Investments in Associates
and Joint Ventures. Significant influence is the power to participate in the financial and operating policy decisions of
the investee but without control or joint control over those policies. At 1\u00a0January\u00a02024, when applying the fair value
policy choice in accordance with IAS 28, associates were no longer accounted for with the equity method,
determining a non-recurring net loss (\u20ac2,925\u00a0million) in the consolidated financial statements and a non-recurring
net gain of \u20ac8,566\u00a0million in the company financial statements, resulting from the difference between the net
carrying amount of investments and their fair value at the date of the change.
Investments in other companies
Investments in other companies are measured at fair value. The initial decision by Exor to present subsequent
changes in the fair value of an equity investments in OCI, made on an investment-by-investment basis upon the
initial recognition of an equity investment not held for sale, is irrevocable. Therefore, current equity investments in
other companies accounted for at fair value through OCI remain unchanged, while all new investments, other than
subsidiaries providing services that relate to the investment company\u2019s activities, are measured at fair value
through profit or loss from 1\u00a0January\u00a02024, in accordance with IFRS 9. Equity investments for which there is no
quoted market price in an active market and insufficient financial information to determine fair value are measured
at cost as an estimate of fair value, according to IFRS 9. Starting from 1\u00a0January\u00a02024, dividends received from
these investments are included in the item Dividend income (Results from investments until 31\u00a0December\u00a02023).
Transactions eliminated in consolidation
All significant intragroup balances and transactions and any unrealised gains and losses arising from intragroup
transactions are eliminated.
Foreign currency transactions
The functional currency of the Group\u2019s entities is the currency of their primary economic environment. In individual
companies, transactions in foreign currencies are recorded at the foreign exchange rate at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are
translated at the exchange rate at that date. Exchange differences arising on the settlement or reporting of
monetary items are recognised in the income statement.
Consolidation of foreign entities
All assets and liabilities of subsidiaries with a functional or reporting currency other than the Euro are translated
using the exchange rates at the balance sheet date. Income and expenses are translated at the average exchange
rate for the period. Translation differences resulting from the application of this method are classified as equity until
the disposal of the investment. Average rates of exchange are used to translate the cash flows of foreign
subsidiaries in preparing the consolidated statement of cash flows.
The main exchange rates used to translate other currencies into Euro for the Annual report 2024 are as follows:
\u00a0
For the year ended 31 December
\u00a0
Average
2024
U.S. dollar
1.082
1.039
British pound
0.847
0.829
Japanese yen
163.850
163.060
Date of reference
The investments are consolidated using the financial statements at 31\u00a0December, Exor\u2019s year-end closing date,
which cover a 12-month period, or accounting data prepared at the same date (whenever the closing date is
different from Exor\u2019s), adjusted, where necessary, to conform with the accounting principles of Exor.
Significant accounting policies applied until 31 December 2023 and not relevant or not applicable
starting from 1 January 2024
Basis of consolidation
At 31\u00a0December\u00a02023, all subsidiaries were consolidated on a line-by-line basis. Subsidiaries that are either
inactive or generate a negligible volume of business, are not consolidated. Their impact on the Group\u2019s assets,
liabilities, financial position and result is not material.
The portion of non-controlling interest included in the equity and the one included in the profit (loss) of consolidated
subsidiaries are presented separately from the interests of the owners of the parent in the statement of financial
position and income statement respectively. Losses applicable to non-controlling interests which exceed the
minority\u2019s interests in the subsidiary\u2019s equity are allocated against the non-controlling interests.
Changes in the Group\u2019s ownership interests in a subsidiary that do not result in the Group losing control over such
subsidiary are accounted for as an equity transaction. The carrying amounts of the equity attributable to the owners
of the parent and non-controlling interests are adjusted to reflect the changes in their relative interests in the
subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of the
consideration paid or received in the transaction is recognised directly in the equity attributable to the owners of the
parent.
Subsidiaries are deconsolidated from the date in which the control ceases. Specifically, when the Group ceases to
have control over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at
their carrying amounts, as well as the carrying amount of non-controlling interests in the former subsidiary, and
recognizes the fair value of any consideration received for the transaction.
Any interest retained in the former subsidiary is recognised at fair value. Any gains or losses recognised in other
comprehensive income (\"OCI\") with respect to the measurement of the assets of the subsidiary are accounted for
as if the subsidiary had been sold (i.e., reclassified to the income statement or transferred directly to retained
earnings as required by other IFRS).
Associates and joint venture
Associates are entities over which the Group has significant influence, as defined in IAS 28 \u2013 Investments in
Associates and Joint Ventures. Significant influence is the power to participate in the financial and operating policy
decisions of the investee but without control or joint control over those policies. A joint venture is an arrangement
whereby the parties that exercise joint control have rights to the assets and obligations for the liabilities relating to
such arrangement. Joint control is the contractually-agreed sharing of control, which exists only when decisions
about the relevant activities require the unanimous consent of the parties sharing control. Investments in joint
ventures are accounted for using the equity method from the date in which joint control or significant influence is
acquired, until the date in which it ceases. At 31\u00a0December\u00a02023, associates and joint venture were accounted for
using the equity method.
Consolidation of foreign entities
The goodwill, assets acquired and liabilities assumed arising from the acquisition of entities with a functional
currency other than the Euro are recognised in the functional currency and translated at the exchange rate at the
acquisition date. These balances are translated a second time at the exchange rate at the balance sheet date.
Iveco Group and CNH Industrial apply IAS 29 \u2013 Financial reporting in hyperinflationary economies for subsidiaries
that prepare their financial statements in a functional currency of a hyperinflationary economy. According to this
standard, non-monetary assets and liabilities not yet translated into the respective group's reporting currency at the
reporting date are redetermined using a general price index. The financial statements of these subsidiaries are
then translated at the closing spot rate.
The main exchange rates used to translate other currencies into Euro for the Annual Report 2023 were as follows:
\u00a0
For the year ended 31 December
\u00a0
Average
2023
U.S. dollar
1.081
1.105
Brazilian real
5.401
5.350
Chinese renminbi
7.657
7.851
Polish zloty
4.543
4.348
Czech Koruna
24.004
24.724
Argentinian peso(1)
892.924
892.924
British pound
0.870
0.869
Swiss franc
0.972
0.926
Canadian dollar
1.460
1.464
Hong Kong dollar
8.466
8.631
Singapore dollar
1.452
1.459
Australian dollar
1.628
1.626
Japanese Yen
151.854
156.330
Turkish lira(2)
32.603
32.603
(1) Starting from 1\u00a0July\u00a02018, Argentina\u2019s economy was considered to be hyperinflationary. From that date, transactions for entities with the Argentine peso as the
functional currency were translated using the closing spot rate.
(2) Starting from 2022, Turkey's economy was considered to be hyperinflationary. With effect from 1\u00a0January\u00a02022, transactions for entities with the Turkish lira as
the functional currency were translated using the closing spot rate.
Date of reference
The investments are consolidated using the financial statements at 31\u00a0December, Exor\u2019s year-end closing date,
which cover a 12-month period, or accounting data prepared at the same date (whenever the closing date is
different from Exor\u2019s), adjusted, where necessary, to conform with the accounting principles of Exor.The Economist
Group, whose financial year closes on 31\u00a0March of each year, has been consolidated using the equity method on
the basis of the most recent data available (30\u00a0September\u00a02023). At 31\u00a0December\u00a02023 there were no significant
variations to The Economist Group data used for the purposes of these consolidated financial statements.
Business combinations
Business combinations are accounted for applying the acquisition method. Under this method:
\u25aa the consideration transferred in a business combination is measured at fair value, which is calculated as the
sum of the acquisition-date fair values of the assets transferred and liabilities assumed by the Group and the
equity interests issued in exchange for control of the acquiree. Acquisition-related costs are generally
recognised in profit or loss as incurred;
\u25aa at the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair
value at that date, except for deferred tax assets and liabilities, assets and liabilities relating to employee
benefit arrangements, liabilities or equity instruments relating to share-based payment arrangements of the
acquiree or share-based payment arrangements of the Group entered into to replace share-based payment
arrangements of the acquiree, assets (or disposal groups) that are classified as held for sale, which are
measured in accordance with the relevant standard;
\u25aa goodwill is measured as the excess of the aggregate of the consideration transferred in the business
combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's
previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the
identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the
identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the
amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held
interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a gain from a bargain
purchase;
\u25aa non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate
share of the acquiree's identifiable net assets. The selection of the measurement method is made on a
transaction-by-transaction basis;
\u25aa any contingent consideration arrangement in the business combination is measured at its acquisition-date fair
value and included as part of the consideration transferred in the business combination in order to determine
goodwill. Changes in the fair value of the contingent consideration that qualify as measurement period
adjustments are recognised retrospectively, with corresponding adjustments to goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the \"measurement
period\" (which may not exceed one year from the acquisition date) about facts and circumstances that existed
as of the acquisition date. Any changes in fair value after the measurement period are recognised in profit or
loss.
When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the acquiree is
remeasured at its acquisition-date fair value and any resulting gain or loss is recognised in the income statement
under Result from investments. Changes in the equity interest in the acquiree that have been recognised in OCI in
prior reporting periods are reclassified to the income statement as if the equity interest had been disposed of.
Goodwill
Goodwill represents the excess of the fair value of consideration paid over the fair value of net tangible and
identifiable intangible assets acquired in a business combination. Goodwill is not amortised but is tested for
impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Intangible assets with indefinite useful lives
Intangible assets with an indefinite useful life mainly consist of brands which have no legal, contractual, competitive
and economic qualities, or other factors that may limit their useful lives. Intangible assets with indefinite useful lives
are not amortised, but are tested for impairment annually, or more frequently if events or changes in circumstances
indicate that the asset may be impaired.
Intangible assets with a definite useful life
Intangible assets with a definite useful life are recognised at their purchase or production cost net of amortisation
and cumulative impairment losses. Amortisation is calculated on a straight line basis over the asset\u2019s useful life and
begins when the asset is available for use. Whenever necessary, intangible assets with a definite useful life are
tested for impairment. The main intangible assets with a definite useful life are as follows:
Development costs
Development costs for vehicle production projects (trucks, buses, agricultural and construction equipment and
engines) are recognised as an asset if and only if both of the following conditions are met: a) development costs
can be measured reliably, and b) the technical feasibility of the product, volumes and pricing support the view that
the development expenditure will generate future economic benefits. Capitalised development costs include all
direct and indirect costs that may be directly attributed to the development process. Capitalised development costs
are amortised on a systematic basis from the start of production of the related product over the product\u2019s estimated
average life, as follows:
\u00a0
Trucks and buses
Agricultural and
Construction Equipment
Engines
Number of years
4-8
5
8-10
All other development costs which do not meet the above criteria are expensed as incurred.
Players\u2019 registration rights
Players\u2019 registration rights are recognised at cost, including auxiliary expenses, and discounted to present value.
They are amortised on a straight-line basis over the duration of the contracts the company has signed with the
individual football players.
Other intangible assets
Other intangible assets with a finite useful life are recognised in accordance with IAS 38 \u2013 Intangible Assets when it
is probable that the use of the asset will generate future economic benefits for the Group and the cost of the asset
can be measured reliably. Other intangible assets are recorded at purchase or production cost and amortised on a
straight-line basis over their estimated useful lives. Other intangible assets recognised after the acquisition of a
company are recorded separately from goodwill if their fair value can be measured reliably.
Property, plant and equipment
Cost
Property, plant and equipment is initially recognised at cost which comprises the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner
intended by management and any initial estimate of the costs of dismantling and removing the item and restoring
the site on which it is located. Internally generated assets are initially recognised at production cost. Subsequent
expenditures and the cost of replacing parts of an asset are capitalised only if they increase the future economic
benefits embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs
are capitalised, the carrying amount of the parts that are replaced is recognised in the income statement.
Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or
equipment or an intangible asset that is deemed to be a qualifying asset are capitalised. All other borrowing costs
are expensed when incurred.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
\u00a0
Buildings
Plant, machinery and
equipment
Other assets
Depreciation\u00a0rate
2.5% - 10%
3% - 33%
3% - 33%
Land is not depreciated.
Lease accounting policy
Lessee accounting
A lease is a contract that conveys the right to control the use of an identified asset (the leased asset) for a period of
time in exchange for consideration. The lease term determined by the Group comprises the non-cancellable period
of lease contract together with both periods covered by an option to extend the lease if the lessee is reasonably
certain to exercise that option; and periods covered by an option to terminate the lease if the lessee is reasonably
certain not to exercise that option.
For real estate leases, this assessment is based on an analysis by management of all relevant facts and
circumstances including the leased asset\u2019s purpose, the economic and practical potential for replacing and any
plans that the Group has in place for the future use of the asset. The Group combines lease and non-lease
components. For leases with terms not exceeding twelve months (short-term leases) and for leases of low-value
assets, the Group recognizes the lease payments associated with those leases on a straight-line basis over the
lease term as operating expense in the income statement. For all other leases, at the commencement date (i.e.,
the date the underlying asset is available for use), the Group recognizes a right-of-use asset, classified within
Property, plant and equipment, and a lease liability, classified within Other Debt.
At the commencement date, the right-of-use asset includes the amount of lease liability recognised, initial direct
costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
At the same date, the lease liability is measured at the present value of lease payments to be made over the lease
term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's
incremental borrowing rate. The incremental borrowing rate is determined considering macro-economic factors
such as the specific interest rate curve based on the relevant currency and term, as well as specific factors
contributing to the Group\u2019s credit spread. The Group primarily uses the incremental borrowing rate as the discount
rate for its lease liabilities.
After the commencement date, the right-of-use asset is measured at cost less any accumulated depreciation and
any accumulated impairment losses, and adjusted for any remeasurement of the lease liability. The right-of-use
asset is depreciated on a straight-line basis. If the lease transfers ownership of the underlying asset to the Group
by the end of the lease term or if the cost of the right-of-use asset reflects that the Group will exercise a purchase
option, the Group depreciates the right-of-use asset from the commencement date to the end of the useful life of
the underlying asset. Otherwise, the Group depreciates the right-of-use asset from the commencement date to the
earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
After the commencement date, the lease liability is increased to reflect the accretion of interest, recognised within
Financial income/(expenses) in the income statement, reduced for the lease payments made and remeasured to
reflect any reassessment or lease modifications.
Before the adoption of IFRS 16, where the Group entered as lessee in a contract classified as a finance lease,
assuming substantially all the risks and rewards of ownership, assets held under finance lease were recognised as
assets of the Group at the lower of fair value or present value of the minimum lease payments and depreciated.
The corresponding liability to the lessor was included in the financial statement as a debt. Where the Group
entered as lessee in a contract classified as an operating lease, the lessor retained substantially all the risks and
rewards of ownership of the asset. Operating lease expenditures were expensed on a straight-line basis over the
lease terms.
Lessor accounting
Lease contracts where the Group acts as a lessor, can be classified as either an operating lease or finance lease.
Leases where a significant portion of the risks and rewards are retained by the lessor are classified as operating
leases. Leases that transfer substantially all the risks and rewards incidental to ownership of an underlying asset to
the lessee are classified as finance leases.
Where the Group is the lessor in a finance lease, the future minimum lease payments from lessees are classified
as Receivables from financing activities. Lease payments are recognised as repayment of the principal and
financial income remunerating the initial investment and the services provided.
Where the Group is the lessor in an operating lease, income from operating leases is recognised over the term of
the lease on a straight-line basis. Leased assets include equipment leased to retail customers by the Group's
leasing companies. They are stated at cost and depreciated at annual rates of between 20% and 33%.
The Group evaluates the carrying amount of equipment on operating leases for potential impairment when it
determines a triggering event has occurred. When a triggering event occurs, a test for recoverability is performed
comparing projected undiscounted future cash flows to the carrying amount of the asset. If the test for
recoverability identifies a possible impairment, the asset\u2019s fair value is measured in accordance with the fair value
measurement framework. An impairment charge would be recognised for the amount by which the carrying amount
of the asset exceeds its estimated fair value. When leased assets are no longer leased and become held for sale,
the Group reclassifies their carrying amount to Inventories.
Impairment of assets
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or more frequently, if
there is an indication that an asset may be impaired. Assets with finite useful lives are tested for impairment only if
impairment indicators are present. At the end of each reporting period the Group assesses whether there is any
indication that its finite-lived intangible assets (including capitalised development expenditures) and its property,
plant and equipment may be impaired.
If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount, that
is, the higher of fair value less costs of disposal and its value in use. Where it is not possible to estimate the
recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit
to which the asset belongs. In assessing the value in use of an asset, the estimated future cash flows are
discounted to their present value using a discount rate that reflects the current market assessments of the time
value of money and the risks specific to the asset. An impairment loss is recognised if the recoverable amount is
lower than the carrying amount.
Where an impairment loss for assets, other than goodwill, subsequently no longer exists or has decreased, the
carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount,
but not in excess of the carrying amount that would have been recorded had no impairment loss been recognised.
The reversal of an impairment loss is recognised in the income statement immediately.
Receivables from financing activities
Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed
under dealer network financing programs. These receivables are interest-bearing with the exception of an initial,
limited, non-interest-bearing period. The contractual terms governing the relationships with the dealer networks
vary according to market and payment terms, which range from two to twelve months.
Impairment of financial assets
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is a
probability-weighted estimate of the present value of cash shortfalls.
These estimates were assessed on an individual basis, taking into account the ageing of customers\u2019 balances,
specific credit circumstances and historical experience, and on a collective basis, using loss forecast models that
considered a variety of factors that include, but are not limited to, historical loss experience, collateral value,
portfolio balance and delinquency.
In accordance with IFRS 9, the simplified approach, which requires recognition of expected lifetime losses, was
applied to trade receivables. For receivables from financing activities the Group applied the general approach
recording the credit losses either on a 12-month or lifetime basis.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined below, are individually assessed for impairment; and
\u2022 A general reserve is recognised for all other trade receivables (including those not past due) based on historical
loss rates.
The Group considers a financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full
and without consideration of compensating guarantees or collaterals (if any exist); or (ii) the financial asset is more
than 90 days past due.
The Group applies the general approach as determined by IFRS 9 by assessing at each reporting date whether
there has been a significant increase in credit risk on the financial instrument since initial recognition. The Group
considers receivables to have experienced a significant increase in credit risk when certain quantitative or
qualitative indicators have been met or the borrower is more than 30 days past due on its contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of
ECL
Stage 1
A financial instrument that is not credit impaired on initial recognition
12-month ECL\u00a0
Stage 2
A financial instrument with a significant increase in credit risk since initial recognition
\u00a0Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
\u00a0Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or
collective portfolio.
The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each
reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since
adoption, there have been no significant changes in estimation techniques or in significant assumptions that led to
material changes in the ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Group determines that a debtor does not have assets or sources of
income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial
assets that are written off could still be subject to enforcement activities.
Hedge accounting
Derivative financial instruments are used for economic hedging purposes, in order to reduce currency, interest rate
and market price risks (primarily related to commodities and securities).
The fair value of other financial assets and liabilities, which mainly include derivative financial instruments, is
measured by taking into consideration market parameters at the balance sheet date and using valuation
techniques widely accepted in the financial environment.
In particular:
\u2022 the fair value of forward contracts and currency swaps is determined by taking the prevailing exchange rates
and interest rates at the balance sheet date;
\u2022 the fair value of interest rate swaps and forward rate agreements is determined by taking the prevailing interest
rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps is determined using the exchange rates and
interest rates prevailing at the balance sheet date and the discounted expected cash flow method;
\u2022 the fair value of swaps and options hedging commodity price risk is determined by using suitable valuation
techniques and taking market parameters at the balance sheet date (in particular, underlying prices, interest
rates and volatility rates).
IFRS 9 aims to simplify hedge accounting and to reflect the effect of an entity\u2019s risk management activities in the
financial statements, allowing more hedging instruments and hedged items to qualify for hedge accounting.
Fair value hedges
Where a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a
recognised asset or liability attributable to a particular risk that could affect the Consolidated Income Statement, the
gain or loss from remeasuring the hedging instrument at fair value is recognised in the Consolidated Income
Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the
hedged item and is recognised in the Consolidated Income Statement.
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the exposure to variability in future cash flows
of a recognised asset or liability or a highly probable forecasted transaction and could affect the Consolidated
Income Statement, the effective portion of any gain or loss on the derivative financial instrument is recognised
directly in OCI. When the hedged forecasted transaction results in the recognition of a non-financial asset, the
gains and losses previously deferred in OCI are reclassified and included in the initial measurement of the cost of
the non-financial asset. The effective portion of any gain or loss is recognised in the Consolidated Income
Statement at the same time as the economic effect arising from the hedged item that affects the Consolidated
Income Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognised in the Consolidated Income Statement immediately. When a hedging instrument or hedge relationship
is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss realised to the point
of termination remains and is recognised in the Consolidated Income Statement at the same time as the underlying
transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealised gain or loss held in
OCI is recognised in the Consolidated Income Statement immediately.
Hedges of a net investment
If a derivative financial instrument is designated as a hedging instrument for a net investment in a foreign operation,
the effective portion of the gain or loss on the derivative financial instrument is recognised in OCI. The cumulative
gain or loss is reclassified from OCI to the Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match
closely or exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed.
If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match closely
or perfectly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to
assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources
of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging
instrument. The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The
Group\u2019s derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected
to be one for one. If hedge accounting cannot be applied, the gains or losses from the fair value measurement of
derivative financial instruments are recognised immediately in the Consolidated Income Statement.
Transfers of financial assets
The Group derecognizes financial assets when the contractual rights to the cash flows arising from the asset are
no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On
derecognition of financial assets, the difference between the carrying amount of the asset and the consideration
received or receivable for the transfer of the asset is recognised in the Consolidated Income Statement.
The Group transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred payment
clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price
is dependent on the total amount collected from the receivables), whereby the transferor has priority participation in
the losses, or requires a significant exposure to the variability of cash flows arising from the transferred receivables
to be retained. These types of transactions do not meet the requirements of IFRS 9 for the derecognition of the
assets since the risks and rewards connected with ownership of the financial asset are not substantially
transferred, and accordingly the Group continues to recognize these receivables within the Consolidated Statement
of Financial Position and recognizes a financial liability for the same amount under Asset-backed financing, which
is included within Financial Debt. These types of receivables are classified as held-to-collect, since the business
model is consistent with the Group\u2019s continuing recognition of the receivables.
The fair value of financial instruments is measured in accordance with a fair value hierarchy that prioritizes the
information used to measure fair value into three broad levels. Transfers between the hierarchy levels are
recognised at the beginning of the period.
Inventories
Inventories of raw materials, semi-finished products and finished goods (including assets sold with a buy-back
commitment) are stated at the lower of cost and net realisable value, with the cost being determined on a first-in-
first-out (FIFO) basis. The measurement of inventories includes the direct costs of materials, labour and indirect
costs (variable and fixed). A provision is made for obsolete and slow-moving raw materials, finished goods, spare
parts and other supplies based on their expected future use and realisable value. Net realisable value is the
estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated
costs for sale and distribution.
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Group\u2019s net obligations are determined separately for each plan by estimating the present value of future
benefits that employees have earned in the current and prior periods and deducting the fair value of any plan
assets. The present value of the defined benefit obligation is measured using actuarial techniques and actuarial
assumptions that are unbiased and mutually compatible and attribute benefits to periods in which the obligation to
provide post-employment benefits arise by using the Projected Unit Credit Method. Plan assets are recognised and
measured at fair value.
When the net obligation is a potential asset, the recognised amount is limited to the present value of any economic
benefits available in the form of future refunds or reductions in future contributions to the plan (asset ceiling).
The components of the defined benefit cost are recognised as follows:
\u2022 the service costs are recognised in the income statement by function and presented in the relevant line items
(cost of sales, selling, general and administrative costs, research and development costs, etc.);
\u2022 the net interest on the defined benefit liability or asset is recognised in the income statement as financial
income (expenses), and is determined by multiplying the net liability (asset) by the discount rate used to
discount obligations taking into account the effect of contributions and benefit payments made during the year;
\u2022 the remeasurement components of the net obligations, which comprise actuarial gains and losses, the return
on plan assets (excluding interest income recognised in the income statement) and any change in the effect of
the asset ceiling are recognised immediately in OCI. These remeasurement components are not reclassified in
the Consolidated Income Statement in a subsequent period.
Past service costs arising from plan amendments and curtailments are recognised immediately in the income
statement.
Other long-term employee benefits
The Group\u2019s obligations represent the present value of future benefits that employees have earned in return for
their service during the current and prior periods. Remeasurement components on other long-term employee
benefits are recognised in the Consolidated Income Statement in the period in which they arise.
Termination benefits
Termination benefits are expensed at the earlier of i) when the Group can no longer withdraw the offer of those
benefits and ii) when the Group recognizes costs for a restructuring.
Post-employment plans other than pensions
The Group provides certain post-employment defined benefits, mainly healthcare plans. The method of accounting
and the frequency of valuations are similar to those used for defined benefit pension plans.
Revenue recognition
Revenue is recognised when control of the vehicles, equipment, services or parts has been transferred and the
Group\u2019s performance obligations to its customers have been satisfied. Revenue is measured as the amount of
consideration the Group expects to receive in exchange for transferring goods or providing services.
The timing of when the Group transfers the goods or services to the customer may differ from the timing of the
customer\u2019s payment.
Revenues are stated net of discounts, allowances, settlement discounts and rebates, as well as costs for sales
incentive programs, which are determined on the basis of historical costs, country by country, and charged against
profit for the period in which the corresponding sales are recognised.
The Group also enters into contracts with multiple performance obligations. For these contracts, the Group
allocates revenue from the transaction price to the distinct goods and services in the contract on a relative
standalone selling price basis. To the extent that the Group sells the good or service separately in the same market,
the standalone selling price is the observable price at which the Group sells the good or service separately. For all
other goods or services, the Group estimates the standalone selling price using a cost-plus-margin approach.
Sales of goods
The Group has determined that the customers from the sale of vehicles, equipment and parts are generally
dealers, distributors and retail customers.
Transfer of control, and thus related revenue recognition, generally corresponds to when the vehicles, equipment
and parts are made available to the customer. Therefore, the Group recognizes revenue at a point in time, when
control is transferred to the customer at a sale price that the Group expects to receive.
For all sales, no significant uncertainty exists surrounding the purchaser\u2019s obligation to pay for vehicles, equipment
and parts. The Group records appropriate ECL allowances and anticipated returns as required. Fixed payment
schedules exist for all sales, but payment terms vary by geographic market and product line.
The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will ultimately
be paid and is recognised as a reduction to revenue at the time of the sale. If a vehicle or equipment contract
transaction has multiple performance obligations, the cost of incentives is allocated entirely to the vehicle or
equipment as the intent of the incentives is to encourage sales of vehicles or equipment. If the estimate of the
incentive changes following the sale to the customer, the change in estimate is recognised as an adjustment to
revenue in the period of the change. The Group grants certain sales incentives to support sales of its products to
retail customers. At the later of the time of sale and the time an incentive is announced to dealers, the Group
records the estimated impact of sales allowances in the form of dealer and customer incentives as a reduction of
revenue.
Subsequent adjustments to sales incentive programs related to products/vehicles previously sold are recognised
as an adjustment to revenues in the period the adjustment is determinable. The determination of sales allowances
requires management to make estimates based upon historical data, estimated future market demand for products,
field inventory levels, announced incentive programs, competitive pricing and interest rates, among other things.
With reference to the sales to dealers accompanied by \u201cfloor plan\u201d agreements under which the Group offers
wholesale financing including \u201cinterest-free\u201d financing for a specified period of time (which also varies by
geographic market and product line), two separate performance obligations exist. The first performance obligation
consists of the sale of the equipment/vehicle to the dealer. The interest-free financing represents a cash sale
incentive recognised as a reduction of net sales. The second performance obligation consists of a credit facility
extended to the dealer. The remuneration of this performance obligation is represented by the interest charged to
the dealer. This remuneration is recognised over the period of the outstanding exposure.
For sales of parts, when the Group provides its customers with a right to return a transferred product, revenue and
corresponding cost of sales are recognised for parts that are not expected to be returned. The expected returns are
estimated based on an analysis of historical experience. The portion of revenues (and corresponding cost of sales)
related to the parts that are expected to be returned is recognised at the end of the return period. The amount
received or receivable that is expected to be returned is recognised as a refund liability, representing the obligation
to return the customer\u2019s consideration.
Furthermore, at the time of the initial sale, the Group recognizes a return asset for the right to recover the goods
returned by the customer. This asset is initially measured at the former carrying amount of the inventory. At each
reporting date, both the refund liability and the return asset are re-measured to account for any revisions to the
expected level of returns, as well as any decreases in the value of the returned products.
Rendering of services
Revenues from services provided primarily comprise extended warranties and maintenance and repair services
and are recognised over the contract period in which the costs are incurred, that is when the claims are charged by
the dealer. Amounts invoiced to customers for which the Group receives consideration before the performance is
satisfied are recognised as contract liabilities. These services are either separately-priced or included in the selling
price of the vehicle. In the second case, revenue for the services is allocated based on the estimated stand-alone
selling price. In the event that the costs expected to be incurred to satisfy the remaining performance obligations
exceed the transaction price, an estimated contract loss is recognised. Shipping and other transportation activities
performed as an agent are recognised on a net basis, by netting the related freight cost against the freight revenue.
Rents and other income on assets sold with buy-back commitments
The Group enters into transactions for the sale of vehicles to some customers with an obligation to repurchase
(\u201cbuy-back commitment\u201d) the vehicles at the end of a period (\u201cbuy-back period\u201d) at the customer\u2019s request. For
these types of arrangements, at inception, the Group assesses whether a significant economic incentive exists for
the customer to exercise the option.
If the Group determines that the customers has a significant economic incentive to exercise the buy-back option,
the transaction is accounted for as an operating lease. In such cases, vehicles are accounted for as Property, plant
and equipment because the agreements typically have a long-term buy-back period. The difference between the
carrying value (corresponding to the manufacturing cost) and the estimated resale value (net of refurbishing costs)
at the end of the buy-back period is depreciated on a straight-line basis over the same period. The initial sale price
received is recognised in \u201cOther current liabilities\u201d and includes the repurchase value of the vehicle, and the rents
to be recognised in the future recorded as contract liabilities. These rents are determined at the inception of the
contract as the difference between the initial sale price and the repurchase price and are recognised as revenue on
a straight-line basis over the term of the agreement. At the end of the agreement term, upon exercise of the option,
the used vehicles are reclassified from Property, plant and equipment to Inventories. The proceeds from the sale of
such vehicles are recognised as Revenues.
If the Group determines that the customer does not have a significant economic incentive to exercise the buy-back
option, the transaction is treated as a sale with a variable consideration whose variable component is the buy-back
provision accrual. The buy-back provision accrual is the difference between the repurchase price and the estimated
market value of the used vehicle at the end of the buy-back period and is recorded only when the repurchase price
is greater than the estimated market value of the used vehicle. The buy-back provision accrual is estimated and
recognised as a reduction of revenues at the time of the sale. Any subsequent change following such periodic
reassessment is recognised as a reduction of revenues at that time.
Finance and interest income of financial services activities
Finance and interest income on retail and other notes receivable and finance leases is recorded using the effective
yield method. Deferred costs on the origination of financing receivables are recognised as a reduction in finance
revenue over the expected lives of the receivables using the effective yield method. When a financial asset
becomes credit-impaired and is, therefore, regarded as \u201cStage 3\u201d, the Group calculates interest income by applying
the effective interest rate to the net amortised cost of the financial asset. If the financial asset is no longer credit-
impaired, the Group reverts to calculating interest income on a gross basis.
Receivables are considered past due if the required principal and interest payments have not been received as of
the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. Charge-
offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is
determined to be probable that all amounts due will not be collected.
Cost of sales
Cost of sales comprises expenses incurred in the manufacturing and distribution of the Group\u2019s products, expenses
directly attributable to the financial services and sports activities as follows:
Manufacturing and Distribution - all directly attributable material and production costs, all overheads directly related
to production and/or the performance of services, depreciation of property, plant and equipment and the
amortisation of intangible assets relating to production and write-downs of inventories, freight and insurance costs
relating to deliveries to dealers and agency fees in the case of direct sales and provisions made to cover the
estimated cost of product warranties.
Financial services - interest expenses related to financial services financing as a whole and provisions for risks and
write-downs of assets.
Sports activities - costs for players\u2019 wages and technical staff, amortisation and impairment losses on players\u2019
registration rights, operating and maintenance costs of sports facilities as well as all the costs incurred for sports
events.
Government grants
Government grants are recognised when there is reasonable assurance that the Group is compliant with the
conditions for receiving such grants and that the grants will be received. Government grants are recognised as
income over the periods necessary to match them with the related costs which they are intended to offset.
The benefit of a government loan at a below-market rate of interest is treated for accounting purposes as a
government grant. The benefit of the below-market rate of interest is measured as the difference between the initial
carrying amount of the loan (fair value plus transaction costs) and the proceeds received, and it is accounted for in
accordance with the policies used for the recognition of government grants.
Income taxes
Income taxes include all taxes based upon the taxable profits of the Group. Income taxes are provided by each
consolidated company on the basis of a reasonable estimate of the definition of taxable income for tax purposes, in
accordance with existing laws in the individual countries in which the Group operates and takes into account tax
credit entitlement.
Current and deferred taxes are recognised as income or expense and included in the Consolidated Income
Statement for the period, except for taxes arising from a business combination or a transaction or event which is
recognised, in the same or in a different period, either in OCI or directly in Equity. Deferred tax liabilities are
recognised for all taxable temporary differences between the carrying amounts of assets or liabilities and their tax
base, except to the extent that the deferred tax liabilities arise from the initial recognition of goodwill or the initial
recognition of an asset or liability in a transaction which is not a business combination and at the time of the
transaction, affects neither accounting profit nor taxable profit, or for differences related to investments in
subsidiaries where reversal will not take place in the foreseeable future. Deferred tax assets and liabilities are
measured at the substantively enacted tax rates in the respective jurisdictions in which the Group operates that are
expected to apply to the period when the asset is realised or liability is settled. Deferred taxes are accounted for
under the full liability method.
The Group recognizes deferred tax assets associated with the deductible temporary differences on investments in
subsidiaries only to the extent that it is probable that the temporary differences will reverse in the foreseeable future
and taxable profit will be available against which the temporary difference can be utilised.
The Group recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits,
except when it is able to control the timing of the reversal of the temporary difference and it is probable that this
temporary difference will not reverse in the foreseeable future.
The Group reassesses unrecognised deferred tax assets at the end of each year and recognizes a previously
unrecognised deferred tax asset to the extent that it has become probable that future taxable profit will allow the
deferred tax asset to be recovered.
Current income taxes and deferred taxes are offset when they relate to the same taxation authority and there is a
legally enforceable right to offset.
Other taxes not based on income, such as property taxes and capital taxes, are included in other income
(expenses).
Use of estimates
The Consolidated Financial Statements at 31\u00a0December\u00a02023 were prepared in accordance with IFRS which
require the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities,
the disclosures relating to contingent assets and liabilities and the amounts of income and expense reported for the
period. The estimates and related assumptions are based on elements that are known when the financial
statements are prepared, based on the historical experience of the Group and on any other factors that are
considered to be relevant. Actual results may differ from the estimates.
Particularly in light of the current economic uncertainty, developments may occur which may differ from Group's
estimates and assumptions, and therefore might require significant adjustments to the carrying amounts of certain
items, which as of the date of these Consolidated Financial Statements cannot be accurately estimated or
predicted.
The main items affected by estimates are the allowances for doubtful accounts receivable and inventories, non-
current assets (tangible and intangible assets), the residual values of vehicles leased out under operating lease
arrangements or sold with buy-back commitments, sales allowances, product warranties, pension and other post-
employment benefits, deferred tax assets and contingent liabilities.
The estimates and underlying assumptions are reviewed periodically and if the items subject to estimates do not
perform as assumed then the actual results could differ from the estimates, which would require adjustment
accordingly. The effects of any changes in estimate are recognised in the Consolidated Income Statement in the
period in which the adjustment is made, or also in future periods if the revision affects both current and future
periods.
There are no key sources of estimation for uncertainty and no critical judgements. The following are the main
judgments and assumptions concerning the future that Exor and its consolidated subsidiaries have made in the
process of applying accounting policies to prepare the Consolidated Financial Statements.
Recoverability of goodwill and intangible assets with indefinite useful lives
In accordance with IAS 36 \u2013 Impairment of Assets, goodwill and intangible assets with indefinite useful lives are not
amortised and are tested for impairment annually or more frequently if facts or circumstances indicate that the
asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to operating
segments or cash generating units (\u201cCGUs\u201d) within the operating segments. The impairment test is performed by
comparing the carrying amount and the recoverable amount of each CGU to which goodwill has been allocated. If
indicators of impairment are present, the carrying amount of the assets is reduced to its recoverable amount that is
the higher of its fair value less disposal costs and its value in use. In assessing its value in use, the pre-tax
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset. An impairment loss is
recognised when the recoverable amount is lower than the carrying amount. The assumptions used in the
impairment test represent management\u2019s best estimate for the period under consideration including in relation to
expected cash flows, growth rates, discount rates and future developments in the market where the Group
operates.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalised development expenditures of
CNH Industrial Group and Ferrari Group. The Group's subsidiaries periodically review the carrying amount of non-
current assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The
recoverability of non-current assets with definite useful lives is based on the estimated future cash flows, using the
Group\u2019s subsidiaries' current business plans of the cash generating units to which the assets relate. The estimation
of future cash flows is based on assumptions which are inherently uncertain in nature and therefore require
management judgement. The business plans of the Group\u2019s subsidiaries could change in response to these
evolving requirements and emerging technologies or in relation to any future business plans or strategies
developed as part of partnership and collaborations, which may result in changes to estimated future cash flows
and could affect the recoverability of non-current assets with definite useful lives. Any change in recoverability
would be accounted for at the time such change to the business plan occurs.
Residual values of assets leased out under operating lease arrangements or sold with a buy-back commitment
The Group records assets rented to customers or leased to them under operating leases as tangible assets.
Furthermore, new vehicle sales with a buy-back commitment are not recognised as sales at the time of delivery but
are accounted for as operating leases if it is probable that the vehicles will be bought back. Income from such
operating leases is recognised on a straight-line basis over their terms. Depreciation expense for assets subject to
operating leases is recognised on a straight-line basis over the lease terms in amounts necessary to reduce the
cost of such assets to their estimated residual values at the end of the lease terms. The estimated residual value of
leased assets is calculated at the lease commencement date on the basis of published industry information and
historical experience and is reviewed quarterly. Realization of the residual values is dependent on the Group\u2019s
future ability to market the assets under the then-prevailing market conditions.
The Group continually evaluates whether events and circumstances have occurred which impact the estimated
residual values of the assets on operating leases. The used vehicle market is carefully monitored to ensure that
write-downs are properly determined. However, it cannot be excluded that additional write-downs may be required
if market conditions will deteriorate further.
Recognition of deferred tax assets
Deferred tax assets are recognised to the extent that it is probable that sufficient taxable profit will be available to
allow the benefit of part or all of the deferred tax assets to be utilised. The recoverability of deferred tax assets
depends on the ability of the consolidated entities to generate sufficient future taxable income in the period in which
it is assumed that the deductible temporary differences reverse and tax losses carried forward can be utilised. The
assessment of the recoverability of such deferred tax assets are autonomously made by each consolidated
subsidiary, considering future taxable income based on the most recent budgets and plans prepared using the
same criteria as those for the impairment of assets and goodwill. Consolidated subsidiaries believed the amount of
recognised deferred tax assets is appropriate, despite the risk of actual future results potentially being lower than
the results included in these forecasts, considering many of the recognised net deferred tax assets relate to
temporary differences and tax losses which, to a significant extent, may be recovered over an extended time
period, but do not expire based on currently enacted tax law. As in all financial reporting periods, the Group's
subsidiaries assessed the realisability of its various deferred tax assets, subject to multiple tax jurisdictions.
Pension and other post-employment benefits
Group companies sponsor pension and other post-employment benefits in various countries, mainly in the United
States, the United Kingdom and Germany. Employee benefit liabilities, related assets, costs and net interest
connected with them are measured on an actuarial basis which requires the use of estimates and assumptions to
determine the net defined benefit liability/asset for the Group. The actuarial method takes into consideration
parameters of a financial nature such as the discount rate, the rate for expected return on plan assets, the rate of
salary increases and the healthcare costs trend rate and takes into consideration the likelihood of potential future
events by using certain demographic parameters such as mortality rates and dismissal or retirement rates. The
discount rates selected are based on yields or yield curves of high quality corporate bonds in the relevant market.
Trends in healthcare costs are developed on the basis of historical experience, the near-term outlook for costs and
likely long-term trends. Rates of salary increases reflect the Group\u2019s long-term actual expectations in the reference
markets and inflation trends. Changes in any of these assumptions may have an effect on future contributions to
the plans.
The effects resulting from revising the estimates for the above parameters (\u201cre-measurements\u201d) are recognised
directly in OCI without reclassification to profit or loss in subsequent years: refer to \u201cEmployee benefits\u201d section
above for further details. Significant future changes in the yields of corporate bonds, other actuarial assumptions
referred to above and returns on plan assets may significantly impact the net liability/asset.
Allowance for obsolete and slow-moving inventory
The allowance for obsolete and slow-moving inventory reflects management\u2019s estimate of the expected loss in
value and has been determined on the basis of past experience and historical and expected future trends in the
used vehicle market. A worsening of the economic and financial situation could cause a further deterioration in
conditions in the used vehicle market compared to that taken into consideration in calculating the allowances
recognised in the financial statements.
Sales allowance
The Group grants certain sales incentives to support sales of its products to retail customers. At the later of the
time of sale or the time an incentive is announced to dealers, the Group records the estimated impact of sales
allowances in the form of dealer and customer incentives as a reduction of revenue. The expense for new
programs is accrued at the inception of the program. The amounts of incentives to be paid are estimated. The
determination of sales allowances requires management to make estimates based upon historical data, estimated
future market demand for products, field inventory levels, announced incentive programs, competitive pricing and
interest rates, among other things. The final cost of these programs is determined at the end of the measurement
period for volume-based incentives or when the dealer sells the equipment to the retail customer. Changes in the
mix and types of programs affect these estimates, which are periodically reviewed. Actual cost differences from the
original cost estimate are recognised in Net revenues.
Product warranties
The Group makes provisions for estimated expenses related to product warranties at the time products are sold.
Management establishes these estimates based on historical information on the nature, frequency and average
cost of warranty claims. The Group seeks to improve vehicle quality and minimize warranty expenses arising from
claims. Warranty costs may differ from those estimated if actual claim rates are higher or lower than historical rates.
Contingent liabilities
Group\u2019s subsidiaries are subject to various proceedings, claims and governmental investigations on a wide range
of topics. Some of these proceedings allege defects in specific products or general design defects. Such
proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include
a claim for exemplary or punitive damages. Adverse decisions could require the relevant subsidiary to pay
substantial damages or undertake service actions, recall campaigns or other costly actions. Litigation is subject to
many uncertainties and the outcome of the individual matters is not predictable. An accrual is recorded if it is
probable that there will be an outflow of funds and when the amount can be reasonably estimated. Since such
accruals represent estimates, the final resolution could require the Group to make payments in excess of the
amounts accrued or in an amount or range that could not previously be estimated. The subsidiaries of the Group
monitor the status of pending legal proceedings and consult with experts on legal and tax matters on a regular
basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-512": { "value": "
Subsidiaries
Subsidiaries are entities over which the parent company Exor has direct or indirect control. Control is achieved
when Exor has power over the investee, meaning it is exposed or entitled to variable returns from its involvement
with the investee, and has the ability to influence those returns through its power. Exor considers all the facts and
circumstances in determining whether it controls an entity when it owns less than the majority of the voting rights or
similar rights of the entity. Subsidiaries are consolidated from the date on which control is transferred to Exor and
cease to be consolidated from the date on which control is transferred out of Exor. Where control of a subsidiary
ceases, its results are only included for the part of the reporting year during which Exor had control over the
subsidiary. Subsidiaries that are either inactive or generate a negligible volume of business, are not consolidated.
Their impact on Exor's assets, liabilities, financial position and result is not material. Exor reassesses whether or
not it controls an investee if facts and circumstances indicate that there are changes to one or more of the
elements of control, as indicated in paragraph 7 of IFRS 10.
At 1\u00a0January\u00a02024, the deconsolidation of the operating subsidiaries whose purpose and business does not consist
in providing services relating to investment activities of the parent company Exor determined a non-recurring net
gain (\u20ac15,075\u00a0million), resulting from the difference between the net carrying amount of investments previously
consolidated and their fair value at the date of the change. In the company financial statements these entities were
accounted for at cost and the difference between the net carrying amount at 1 January 2024 and their fair value,
determined a non-recurring net gain of \u20ac15,752\u00a0million.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-513": { "value": "
Associates
Associates are entities over which Exor has significant influence, as defined in IAS 28 \u2013 Investments in Associates
and Joint Ventures. Significant influence is the power to participate in the financial and operating policy decisions of
the investee but without control or joint control over those policies. At 1\u00a0January\u00a02024, when applying the fair value
policy choice in accordance with IAS 28, associates were no longer accounted for with the equity method,
determining a non-recurring net loss (\u20ac2,925\u00a0million) in the consolidated financial statements and a non-recurring
net gain of \u20ac8,566\u00a0million in the company financial statements, resulting from the difference between the net
carrying amount of investments and their fair value at the date of the change.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-514": { "value": "
Investments in other companies
Investments in other companies are measured at fair value. The initial decision by Exor to present subsequent
changes in the fair value of an equity investments in OCI, made on an investment-by-investment basis upon the
initial recognition of an equity investment not held for sale, is irrevocable. Therefore, current equity investments in
other companies accounted for at fair value through OCI remain unchanged, while all new investments, other than
subsidiaries providing services that relate to the investment company\u2019s activities, are measured at fair value
through profit or loss from 1\u00a0January\u00a02024, in accordance with IFRS 9. Equity investments for which there is no
quoted market price in an active market and insufficient financial information to determine fair value are measured
at cost as an estimate of fair value, according to IFRS 9. Starting from 1\u00a0January\u00a02024, dividends received from
these investments are included in the item Dividend income (Results from investments until 31\u00a0December\u00a02023).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-515": { "value": "
Foreign currency transactions
The functional currency of the Group\u2019s entities is the currency of their primary economic environment. In individual
companies, transactions in foreign currencies are recorded at the foreign exchange rate at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are
translated at the exchange rate at that date. Exchange differences arising on the settlement or reporting of
monetary items are recognised in the income statement.
Consolidation of foreign entities
All assets and liabilities of subsidiaries with a functional or reporting currency other than the Euro are translated
using the exchange rates at the balance sheet date. Income and expenses are translated at the average exchange
rate for the period. Translation differences resulting from the application of this method are classified as equity until
the disposal of the investment. Average rates of exchange are used to translate the cash flows of foreign
subsidiaries in preparing the consolidated statement of cash flows.
The main exchange rates used to translate other currencies into Euro for the Annual report 2024 are as follows:
\u00a0
For the year ended 31 December
\u00a0
Average
2024
U.S. dollar
1.082
1.039
British pound
0.847
0.829
Japanese yen
163.850
163.060
Date of reference
The investments are consolidated using the financial statements at 31\u00a0December, Exor\u2019s year-end closing date,
which cover a 12-month period, or accounting data prepared at the same date (whenever the closing date is
different from Exor\u2019s), adjusted, where necessary, to conform with the accounting principles of Exor.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-516": { "value": "
Fair value measurement
IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The fair value measurement is based on
the assumption that the above-mentioned transaction takes place in the principal or, in its absence, the most
advantageous market for the asset or liability.
The fair value of financial instruments traded on an active market is based on the market prices listed on the
closing date. In estimating the fair value of assets and liabilities not traded on an active market, Exor uses valuation
techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair
value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.
Valuation techniques include, among others, using recent at arm\u2019s length transactions, reference to the current
market value of another instrument that is substantially the same, forward or trailing revenue or profit multiples,
future expected discounted cash flow analysis and option pricing models, making as much use of available and
supportable market data as possible. When performing a valuation based on multiples, consideration is given to
differences in size, historic growth, profitability and cost of capital. Additional information about fair value, fair value
hierarchy, valuation techniques and inputs used in determining the fair value of assets and liabilities is provided in
Note 32 and, where required, in the individual notes relating to the assets and liabilities whose fair values were
determined.
In addition, fair value measurements are categorized within the fair value hierarchy, described as follows, based on
the degree to which the inputs to the fair value measurements are observable and their significance to the fair
value measurement in its entirety:
\u25aa Level 1: these concern companies whose securities are listed on an active market. Listed company securities
are valued at their last market price (unadjusted) at the reporting date;
\u25aa Level 2: these concern companies whose securities are not listed on an active market, but which are valued
with reference to directly or indirectly observable data. An adjustment to a level 2 input which is important for
the fair value taken as a whole may result in the fair value being classified as level 3 under the fair value
hierarchy if it uses significant non observable data;
\u25aa Level 3: these concern companies whose shares are not listed on an active market, and whose valuation
pertains to a large extent to unobservable data. Management is required to make significant estimates or
judgments to determine the fair value of these assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-520": { "value": "
Financial assets and other investments at fair value through profit or loss
Financial assets primarily include debt securities and other investments that represent temporary investments of
available funds and do not satisfy the requirements for being classified as cash equivalents, as well as derivative
financial instruments. Other investment at fair value through profit or loss primarily consist of investment in funds.
Classification and measurement
The classification is dependent on the Company\u2019s business model for managing such financial assets and their
contractual cash flows. The Company considers whether the contractual cash flows represent solely payments of
principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce
exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are
classified and measured at fair value through profit or loss (\u201cFVTPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Subsequent measurement
category(2)
Solely to collect the contractual cash flows represented by
principal and interest (Held to Collect)
Fair value including
transaction costs
Amortised cost(3)
Collect both the contractual cash flows and generate cash flows
arising from the sale of assets (Held to Collect and Sell)
Fair value including
transaction costs
Fair value through other
comprehensive income
(\u201cFVTOCI\u201d)
Generate cash flows primarily from the sale of assets (Held to
Sell)
Fair value
Fair value through profit and
loss (\u201cFVTPL\u201d)
(1) A trade receivable without a significant financing component, as defined by IFRS 15, is initially measured at the transaction price.
(2) On initial recognition, the company may irrevocably designate a financial asset at FVTPL that otherwise meets the requirements to be measured at amortised
cost or at FVTOCI, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
(3) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are discounted using market
rates.
Factors considered by the Company in determining the business model for a group of financial assets include:
\u2013 past experience on how the cash flows for these assets were collected;
\u2013 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2013 how the asset\u2019s performance is evaluated and reported to key management personnel;
\u2013 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified after their initial recognition unless the Company changes its business model
for managing financial assets. In this case all affected financial assets are reclassified on the first day of the first
reporting period following the change in the business model.
Short duration funds, bond funds and bond mandates consist of investments in high quality, short-term, diversified
financial instruments that can generally be liquidated on demand; they do not satisfy the requirements for being
classified as cash equivalents and are measured at FVTPL.
Cash and cash equivalents
Cash and cash equivalents include cash at banks, units in liquidity funds, other money market securities,
commercial papers and certificates of deposit that are readily convertible into cash, with original maturities of three
months or less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in
value and consist of balances across various leading money market instruments. Cash at banks and other cash
equivalents are measured at amortised cost.
Liquidity funds consist of investments in high quality, short-term, diversified financial instruments that can generally
be liquidated on demand and are measured at FVTPL.
Trade receivables and payables
Receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective
interest method, net of impairment provision determined using the expected credit loss model. The original carrying
amount of the receivables is recovered in subsequent years if the reasons for impairment no longer exist. Payables
are initially recognised at fair value, net of transaction costs, and subsequently measured at amortised cost.
Receivables and payables in foreign currency, originally recorded at the transaction date exchange rate, are
adjusted to the year-end rate and the resulting gain or loss is recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-519": { "value": "
Financial assets and other investments at fair value through profit or loss
Financial assets primarily include debt securities and other investments that represent temporary investments of
available funds and do not satisfy the requirements for being classified as cash equivalents, as well as derivative
financial instruments. Other investment at fair value through profit or loss primarily consist of investment in funds.
Classification and measurement
The classification is dependent on the Company\u2019s business model for managing such financial assets and their
contractual cash flows. The Company considers whether the contractual cash flows represent solely payments of
principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce
exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are
classified and measured at fair value through profit or loss (\u201cFVTPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Subsequent measurement
category(2)
Solely to collect the contractual cash flows represented by
principal and interest (Held to Collect)
Fair value including
transaction costs
Amortised cost(3)
Collect both the contractual cash flows and generate cash flows
arising from the sale of assets (Held to Collect and Sell)
Fair value including
transaction costs
Fair value through other
comprehensive income
(\u201cFVTOCI\u201d)
Generate cash flows primarily from the sale of assets (Held to
Sell)
Fair value
Fair value through profit and
loss (\u201cFVTPL\u201d)
(1) A trade receivable without a significant financing component, as defined by IFRS 15, is initially measured at the transaction price.
(2) On initial recognition, the company may irrevocably designate a financial asset at FVTPL that otherwise meets the requirements to be measured at amortised
cost or at FVTOCI, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
(3) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are discounted using market
rates.
Factors considered by the Company in determining the business model for a group of financial assets include:
\u2013 past experience on how the cash flows for these assets were collected;
\u2013 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2013 how the asset\u2019s performance is evaluated and reported to key management personnel;
\u2013 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified after their initial recognition unless the Company changes its business model
for managing financial assets. In this case all affected financial assets are reclassified on the first day of the first
reporting period following the change in the business model.
Short duration funds, bond funds and bond mandates consist of investments in high quality, short-term, diversified
financial instruments that can generally be liquidated on demand; they do not satisfy the requirements for being
classified as cash equivalents and are measured at FVTPL.
Cash and cash equivalents
Cash and cash equivalents include cash at banks, units in liquidity funds, other money market securities,
commercial papers and certificates of deposit that are readily convertible into cash, with original maturities of three
months or less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in
value and consist of balances across various leading money market instruments. Cash at banks and other cash
equivalents are measured at amortised cost.
Liquidity funds consist of investments in high quality, short-term, diversified financial instruments that can generally
be liquidated on demand and are measured at FVTPL.
Trade receivables and payables
Receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective
interest method, net of impairment provision determined using the expected credit loss model. The original carrying
amount of the receivables is recovered in subsequent years if the reasons for impairment no longer exist. Payables
are initially recognised at fair value, net of transaction costs, and subsequently measured at amortised cost.
Receivables and payables in foreign currency, originally recorded at the transaction date exchange rate, are
adjusted to the year-end rate and the resulting gain or loss is recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-518": { "value": "
Financial assets and other investments at fair value through profit or loss
Financial assets primarily include debt securities and other investments that represent temporary investments of
available funds and do not satisfy the requirements for being classified as cash equivalents, as well as derivative
financial instruments. Other investment at fair value through profit or loss primarily consist of investment in funds.
Classification and measurement
The classification is dependent on the Company\u2019s business model for managing such financial assets and their
contractual cash flows. The Company considers whether the contractual cash flows represent solely payments of
principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce
exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are
classified and measured at fair value through profit or loss (\u201cFVTPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Subsequent measurement
category(2)
Solely to collect the contractual cash flows represented by
principal and interest (Held to Collect)
Fair value including
transaction costs
Amortised cost(3)
Collect both the contractual cash flows and generate cash flows
arising from the sale of assets (Held to Collect and Sell)
Fair value including
transaction costs
Fair value through other
comprehensive income
(\u201cFVTOCI\u201d)
Generate cash flows primarily from the sale of assets (Held to
Sell)
Fair value
Fair value through profit and
loss (\u201cFVTPL\u201d)
(1) A trade receivable without a significant financing component, as defined by IFRS 15, is initially measured at the transaction price.
(2) On initial recognition, the company may irrevocably designate a financial asset at FVTPL that otherwise meets the requirements to be measured at amortised
cost or at FVTOCI, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
(3) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are discounted using market
rates.
Factors considered by the Company in determining the business model for a group of financial assets include:
\u2013 past experience on how the cash flows for these assets were collected;
\u2013 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2013 how the asset\u2019s performance is evaluated and reported to key management personnel;
\u2013 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified after their initial recognition unless the Company changes its business model
for managing financial assets. In this case all affected financial assets are reclassified on the first day of the first
reporting period following the change in the business model.
Short duration funds, bond funds and bond mandates consist of investments in high quality, short-term, diversified
financial instruments that can generally be liquidated on demand; they do not satisfy the requirements for being
classified as cash equivalents and are measured at FVTPL.
Cash and cash equivalents
Cash and cash equivalents include cash at banks, units in liquidity funds, other money market securities,
commercial papers and certificates of deposit that are readily convertible into cash, with original maturities of three
months or less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in
value and consist of balances across various leading money market instruments. Cash at banks and other cash
equivalents are measured at amortised cost.
Liquidity funds consist of investments in high quality, short-term, diversified financial instruments that can generally
be liquidated on demand and are measured at FVTPL.
Trade receivables and payables
Receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective
interest method, net of impairment provision determined using the expected credit loss model. The original carrying
amount of the receivables is recovered in subsequent years if the reasons for impairment no longer exist. Payables
are initially recognised at fair value, net of transaction costs, and subsequently measured at amortised cost.
Receivables and payables in foreign currency, originally recorded at the transaction date exchange rate, are
adjusted to the year-end rate and the resulting gain or loss is recognised in the income statement.
Financial liabilities
Interest-bearing debt is initially recognised at cost which is equal to the fair value of the amount received including
directly attributable costs and it is subsequently measured at amortised cost. The difference between amortised
cost and the amount to be repaid is recognised in the income statement on the basis of the effective interest rate
over the period of the loan.
Derivative financial instruments
Derivative financial instruments are used for hedging purposes, in order to reduce currency and interest rate risks.
All derivative financial instruments are measured at fair value in accordance with IFRS 9. Financial derivative
instruments qualify for accounting as hedging instruments only when there is formal designation and
documentation of the hedging relationship at the inception of the hedge, the hedge is expected to be highly
effective, the effectiveness can be reliably measured and is highly effective during the exercises for which it has
been designated.
The effectiveness of a hedging relationship is documented and measured periodically (at least on each balance
sheet date). It is measured by comparing the changes in the fair value of the hedging instruments with the changes
in the fair value of the hedged items or, in the case of complex hedging instruments, through statistical analysis
based on the change in the hedged risk.
When derivative financial instruments qualify for hedge accounting, the following accounting treatment applies:
\u2013 Fair value hedge (hedge of the exposure to changes in fair value), for which the effects of the hedge are
recognised in the income statement.
\u2013 Cash flow hedge (hedge of the exposure to variability in future cash flows), for which the effective portion of a
gain or loss in fair value is recognised directly in OCI and the ineffective portion is recognised immediately in
the income statement. When a hedging instrument or hedge relationship is terminated but the hedged
transaction is still expected to occur, the cumulative gain or loss realised to the point of termination remains in
OCI and is recognised in the income statement at the same time as the underlying transaction occurs. If the
hedged transaction is no longer probable, the cumulative unrealised gain or loss held in OCI is recognised in
the income statement immediately.
If hedge accounting does not apply, the gains or losses arising from the measurement of the derivative financial
instrument at fair value are immediately recognised in the income statement.
Financial income and expenses, other revenues and costs
Dividends are recognised in the income statement when the paying company approves their distribution, that is,
when the right to receive the dividends is established. Dividends in kind are measured at the fair value of the
underlying securities at the payment date. Financial income and expenses are recorded on a pro rata basis
according to the effective interest method. Revenues resulting from the performance of services are recognised
over the period in which the services will be provided. Costs are recorded based on the accrual basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-517": { "value": "
Financial assets and other investments at fair value through profit or loss
Financial assets primarily include debt securities and other investments that represent temporary investments of
available funds and do not satisfy the requirements for being classified as cash equivalents, as well as derivative
financial instruments. Other investment at fair value through profit or loss primarily consist of investment in funds.
Classification and measurement
The classification is dependent on the Company\u2019s business model for managing such financial assets and their
contractual cash flows. The Company considers whether the contractual cash flows represent solely payments of
principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce
exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are
classified and measured at fair value through profit or loss (\u201cFVTPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Subsequent measurement
category(2)
Solely to collect the contractual cash flows represented by
principal and interest (Held to Collect)
Fair value including
transaction costs
Amortised cost(3)
Collect both the contractual cash flows and generate cash flows
arising from the sale of assets (Held to Collect and Sell)
Fair value including
transaction costs
Fair value through other
comprehensive income
(\u201cFVTOCI\u201d)
Generate cash flows primarily from the sale of assets (Held to
Sell)
Fair value
Fair value through profit and
loss (\u201cFVTPL\u201d)
(1) A trade receivable without a significant financing component, as defined by IFRS 15, is initially measured at the transaction price.
(2) On initial recognition, the company may irrevocably designate a financial asset at FVTPL that otherwise meets the requirements to be measured at amortised
cost or at FVTOCI, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
(3) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates are discounted using market
rates.
Factors considered by the Company in determining the business model for a group of financial assets include:
\u2013 past experience on how the cash flows for these assets were collected;
\u2013 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2013 how the asset\u2019s performance is evaluated and reported to key management personnel;
\u2013 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified after their initial recognition unless the Company changes its business model
for managing financial assets. In this case all affected financial assets are reclassified on the first day of the first
reporting period following the change in the business model.
Short duration funds, bond funds and bond mandates consist of investments in high quality, short-term, diversified
financial instruments that can generally be liquidated on demand; they do not satisfy the requirements for being
classified as cash equivalents and are measured at FVTPL.
Cash and cash equivalents
Cash and cash equivalents include cash at banks, units in liquidity funds, other money market securities,
commercial papers and certificates of deposit that are readily convertible into cash, with original maturities of three
months or less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in
value and consist of balances across various leading money market instruments. Cash at banks and other cash
equivalents are measured at amortised cost.
Liquidity funds consist of investments in high quality, short-term, diversified financial instruments that can generally
be liquidated on demand and are measured at FVTPL.
Trade receivables and payables
Receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective
interest method, net of impairment provision determined using the expected credit loss model. The original carrying
amount of the receivables is recovered in subsequent years if the reasons for impairment no longer exist. Payables
are initially recognised at fair value, net of transaction costs, and subsequently measured at amortised cost.
Receivables and payables in foreign currency, originally recorded at the transaction date exchange rate, are
adjusted to the year-end rate and the resulting gain or loss is recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-522": { "value": "
Trade receivables and payables
Receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective
interest method, net of impairment provision determined using the expected credit loss model. The original carrying
amount of the receivables is recovered in subsequent years if the reasons for impairment no longer exist. Payables
are initially recognised at fair value, net of transaction costs, and subsequently measured at amortised cost.
Receivables and payables in foreign currency, originally recorded at the transaction date exchange rate, are
adjusted to the year-end rate and the resulting gain or loss is recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-521": { "value": "
Trade receivables and payables
Receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective
interest method, net of impairment provision determined using the expected credit loss model. The original carrying
amount of the receivables is recovered in subsequent years if the reasons for impairment no longer exist. Payables
are initially recognised at fair value, net of transaction costs, and subsequently measured at amortised cost.
Receivables and payables in foreign currency, originally recorded at the transaction date exchange rate, are
adjusted to the year-end rate and the resulting gain or loss is recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-523": { "value": "
Treasury stock
The cost of any owned share, as a result of specific shareholder resolutions, is recognised as a deduction from
equity and, therefore, the reserve offsetting treasury stock in portfolio is not shown separately. The proceeds from
any subsequent sale are recognised as changes in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-524": { "value": "
Share-based compensation
Share-based compensation plans that may be settled by the delivery of shares are measured at fair value at the
grant date. This fair value is recognised in the income statement as personnel costs on a straight-line basis over
the period from the grant date to the vesting date with a corresponding entry directly in equity. This entry is based
upon an estimate of the number of options that are expected to be vested. Changes in fair value after the grant
date have no effect on the initial measurement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-525": { "value": "
Provisions
Exor records provisions when it has either a legal or constructive obligation, which requires a probable outflow of
company resources for its fulfilment and when a reliable estimate of the amount can be made. The provisions are
reviewed at every reporting date and adjusted to reflect the best current estimate. Changes in estimates are
reflected in the income statement in the period in which the change occurs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-526": { "value": "
Financial liabilities
Interest-bearing debt is initially recognised at cost which is equal to the fair value of the amount received including
directly attributable costs and it is subsequently measured at amortised cost. The difference between amortised
cost and the amount to be repaid is recognised in the income statement on the basis of the effective interest rate
over the period of the loan.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-528": { "value": "
Derivative financial instruments
Derivative financial instruments are used for hedging purposes, in order to reduce currency and interest rate risks.
All derivative financial instruments are measured at fair value in accordance with IFRS 9. Financial derivative
instruments qualify for accounting as hedging instruments only when there is formal designation and
documentation of the hedging relationship at the inception of the hedge, the hedge is expected to be highly
effective, the effectiveness can be reliably measured and is highly effective during the exercises for which it has
been designated.
The effectiveness of a hedging relationship is documented and measured periodically (at least on each balance
sheet date). It is measured by comparing the changes in the fair value of the hedging instruments with the changes
in the fair value of the hedged items or, in the case of complex hedging instruments, through statistical analysis
based on the change in the hedged risk.
When derivative financial instruments qualify for hedge accounting, the following accounting treatment applies:
\u2013 Fair value hedge (hedge of the exposure to changes in fair value), for which the effects of the hedge are
recognised in the income statement.
\u2013 Cash flow hedge (hedge of the exposure to variability in future cash flows), for which the effective portion of a
gain or loss in fair value is recognised directly in OCI and the ineffective portion is recognised immediately in
the income statement. When a hedging instrument or hedge relationship is terminated but the hedged
transaction is still expected to occur, the cumulative gain or loss realised to the point of termination remains in
OCI and is recognised in the income statement at the same time as the underlying transaction occurs. If the
hedged transaction is no longer probable, the cumulative unrealised gain or loss held in OCI is recognised in
the income statement immediately.
If hedge accounting does not apply, the gains or losses arising from the measurement of the derivative financial
instrument at fair value are immediately recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-527": { "value": "
Derivative financial instruments
Derivative financial instruments are used for hedging purposes, in order to reduce currency and interest rate risks.
All derivative financial instruments are measured at fair value in accordance with IFRS 9. Financial derivative
instruments qualify for accounting as hedging instruments only when there is formal designation and
documentation of the hedging relationship at the inception of the hedge, the hedge is expected to be highly
effective, the effectiveness can be reliably measured and is highly effective during the exercises for which it has
been designated.
The effectiveness of a hedging relationship is documented and measured periodically (at least on each balance
sheet date). It is measured by comparing the changes in the fair value of the hedging instruments with the changes
in the fair value of the hedged items or, in the case of complex hedging instruments, through statistical analysis
based on the change in the hedged risk.
When derivative financial instruments qualify for hedge accounting, the following accounting treatment applies:
\u2013 Fair value hedge (hedge of the exposure to changes in fair value), for which the effects of the hedge are
recognised in the income statement.
\u2013 Cash flow hedge (hedge of the exposure to variability in future cash flows), for which the effective portion of a
gain or loss in fair value is recognised directly in OCI and the ineffective portion is recognised immediately in
the income statement. When a hedging instrument or hedge relationship is terminated but the hedged
transaction is still expected to occur, the cumulative gain or loss realised to the point of termination remains in
OCI and is recognised in the income statement at the same time as the underlying transaction occurs. If the
hedged transaction is no longer probable, the cumulative unrealised gain or loss held in OCI is recognised in
the income statement immediately.
If hedge accounting does not apply, the gains or losses arising from the measurement of the derivative financial
instrument at fair value are immediately recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-530": { "value": "
Financial income and expenses, other revenues and costs
Dividends are recognised in the income statement when the paying company approves their distribution, that is,
when the right to receive the dividends is established. Dividends in kind are measured at the fair value of the
underlying securities at the payment date. Financial income and expenses are recorded on a pro rata basis
according to the effective interest method. Revenues resulting from the performance of services are recognised
over the period in which the services will be provided. Costs are recorded based on the accrual basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-529": { "value": "
Financial income and expenses, other revenues and costs
Dividends are recognised in the income statement when the paying company approves their distribution, that is,
when the right to receive the dividends is established. Dividends in kind are measured at the fair value of the
underlying securities at the payment date. Financial income and expenses are recorded on a pro rata basis
according to the effective interest method. Revenues resulting from the performance of services are recognised
over the period in which the services will be provided. Costs are recorded based on the accrual basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-532": { "value": "
Income taxes
Current and deferred income taxes are calculated according to the applicable tax regulation. Income taxes are
recognised in the income statement except to the extent that they relate to items directly charged or credited to
OCI, in which case the related income tax effect is recognised directly in OCI. Current tax expense is the tax to be
paid or received for the year in question, with the addition of a correction of tax expense for earlier periods.
Deferred taxes are calculated on the basis of the temporary differences between the book values of assets and
liabilities and their value for tax purposes. The amounts are calculated based on how these differences are
expected to be evened out by relying on the applicable tax rates and regulation. The deferred tax asset component
of deductible temporary differences and tax loss carryforwards is only recorded as far as it is likely that these will
result in a lower tax payment in the future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-531": { "value": "
Income taxes
Current and deferred income taxes are calculated according to the applicable tax regulation. Income taxes are
recognised in the income statement except to the extent that they relate to items directly charged or credited to
OCI, in which case the related income tax effect is recognised directly in OCI. Current tax expense is the tax to be
paid or received for the year in question, with the addition of a correction of tax expense for earlier periods.
Deferred taxes are calculated on the basis of the temporary differences between the book values of assets and
liabilities and their value for tax purposes. The amounts are calculated based on how these differences are
expected to be evened out by relying on the applicable tax rates and regulation. The deferred tax asset component
of deductible temporary differences and tax loss carryforwards is only recorded as far as it is likely that these will
result in a lower tax payment in the future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-533": { "value": "
Dividend paid
Cash dividends to shareholders are recorded in the accounting period in which they are approved by the
shareholders' meeting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-534": { "value": "
Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of Exor by the weighted
average number of common shares outstanding during the period. Special voting shares are not included in the
earnings per share calculation as they are not eligible for dividends and have only limited economic rights. As for
diluted earnings per share, the weighted average number of common shares outstanding is adjusted assuming
conversion of all shares having a potential dilutive effect.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-536": { "value": "
New standards and amendments effective from 1\u00a0January\u00a02024
The following amendments and interpretations, which were effective from 1\u00a0January\u00a02024, were adopted by Exor.
The adoption of these amendments had no material impact on the Financial Statements.
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current
In January 2020, IASB issued amendments to IAS 1 \u2013 Presentation of Financial Statements: Classification of
Liabilities as Current or Non-current to clarify how to classify debt and other liabilities as current or non-current, and
in particular how to classify liabilities with an uncertain settlement date and liabilities that may be settled by
converting to equity.
Amendments to IFRS 16 \u2013 Leases
In September 2022, IASB issued amendments to IFRS 16 \u2013 Leases: Liability in a Sale and Leaseback, to improve
the requirements for sale and leaseback transactions, which specify the measurement of the liability arising in a
sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that
relates to the right of use it retains.
Amendments to IAS 1 \u2013 Non-current Liabilities with covenants
In October 2022, IASB issued amendments to IAS 1 \u2013 Presentation of Financial Statements: Non-current Liabilities
with covenants, that clarify how conditions with which an entity must comply within twelve months after the
reporting period affect the classification of a liability.
Amendments to IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial Instruments: Disclosures
In May 2023, IASB issued amendments to IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial Instruments:
Disclosures: Supplier Finance Arrangements, that introduce new disclosure requirements to enhance the
transparency and usefulness of the information provided by entities about supplier finance arrangements and are
intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an
entity\u2019s liabilities, cash flows and exposure to liquidity risk.
Accounting standards, amendments and interpretations not yet applicable and not yet adopted by Exor
The standards, amendments and interpretations issued by IASB that will have mandatory application in 2025 or
subsequent years are listed below. Exor is currently evaluating the impact of the adoption of these amendments on
its Consolidated Financial Statements or disclosures:
Amendment to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates
In August 2023, IASB issued amendments to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates lack of
Exchangeability, to clarify how an entity has to apply a consistent approach in assessing whether a currency is
exchangeable into another currency and, when it is not, in determining the exchange rate to be use and the
disclosure to be provided. The amendments are effective for annual reporting periods beginning on or after
1\u00a0January\u00a02025, with earlier adoption permitted.
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18 \u2013 Presentation and Disclosure in Financial Statements, which introduces
new concepts relating to: (i) the structure of the income statement, (ii) required disclosures in the financial
statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements
(management-defined performance measures) and (iii) enhanced principles on aggregation and disaggregation
which apply to the primary financial statements and notes in general. The standard is effective for annual reporting
periods beginning on or after 1 January 2027, with earlier adoption permitted.
Amendment to IFRS 9 and IFRS 7 \u2013 Presentation and Disclosure in Financial Statements
In May 2024, IASB issued Amendments to the Classification and Measurement of Financial Instruments which
amended IFRS 9 \u2013 Financial Instruments and IFRS 7 \u2013 Financial Instruments: Disclosures. The amendments relate
to the settling of financial liabilities using an electronic payment system, as well as assessing contractual cash flow
characteristics of financial assets, including those with environmental, social and governance linked features. The
amendments are effective for periods beginning on or after 1 January 2026, with early adoption permitted.
IFRS 19 \u2013 Subsidiaries without Public Accountability
In May 2024, IASB issued IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosure which permits eligible
subsidiaries to use IFRS Accounting Standards with reduced disclosures. Subsidiaries using IFRS Accounting
Standards for their own financial statements provide disclosures that may be disproportionate to the information
needs of their users. Subsidiaries are eligible to apply IFRS 19 if they do not have public accountability and their
parent company applies IFRS Accounting Standards in their consolidated financial statements. The standard is
effective for annual reporting periods beginning on or after 1\u00a0January\u00a02027, with earlier adoption permitted.
Annual improvements to IFRS Accounting Standards \u2013 Volume 11
In July 2024, IASB issued Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 which contains
amendments to five standards as result of IASB\u2019s annual improvements project. IASB uses the annual
improvements process to make necessary, but non-urgent, amendments to IFRS Accounting Standards that will not
be included as part of another major project. The amended standards are: IFRS 1 \u2013 First-time Adoption of
International Financial Reporting Standards, IFRS 7 \u2013 Financial Instruments: Disclosures and its accompanying
Guidance on implementing IFRS 7; IFRS 9 \u2013 Financial Instruments; IFRS 10 \u2013 Consolidated Financial Statements;
and IAS 7 \u2013 Statement of Cash Flows. The standard is effective for annual reporting periods beginning on or after
1\u00a0January\u00a02026, with earlier adoption permitted.
IFRS 9 \u2013 Financial Instruments and IFRS 7 \u2013 Financial Instruments: Disclosures
In December 2024, IASB issued Amendments for nature-dependent electricity contracts which amended IFRS 9 \u2013
Financial Instruments and IFRS 7 \u2013 Financial Instruments: Disclosures to help companies better report the financial
effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs),
in the light of the increased use of these contracts. The amendments are effective for annual reporting periods
beginning on or after 1\u00a0January\u00a02026 and earlier application is permitted.
Use of accounting estimates and management's assumptions
The preparation of the Financial Statements requires management to make estimates and assumptions that affect
the reported amounts of revenues, expenses, assets, liabilities and can have an impact on the information
contained in the notes to the financial statements. The estimates and related assumptions are based on elements
that are known when the financial statements are prepared, on historical experience of Exor and on any other
factors that are considered to be relevant. Due to the currently unforeseeable global consequences of current
macroeconomic and geopolitical issues, these estimates and assumptions are subject to increased uncertainty.
Actual results could differ materially from the estimates and assumptions used in the preparation of these Financial
Statements.
The estimates and underlying assumptions are reviewed periodically and if the items subject to estimates do not
perform as assumed, then the actual results could differ from the estimates, thus leading the application of
adjustment. The effects of any changes in estimate are recognised in the income statement in the period in which
the adjustment is made, or also in future periods if the revision affects both current and future periods.
The main items affected by estimates are equity investments at FVTPL and at FVTOCI (in particular in unlisted
entities), other investments at FVTPL and financial receivables from related parties.
Judgment was required when determining whether Exor, the parent company, meets the definition of an investment
entity as defined under IFRS 10. Specifically, Exor management applied significant judgment when assessing
whether Exor satisfies the three cumulative criteria:
\u25aa obtains funds from one or more investors for the purpose of providing those investor(s) with investment
management services;
\u25aa commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation,
investment income, or both;
\u25aa measures and evaluates the performance of substantially all of its investments on a fair value basis.
Exor does not hold its investments indefinitely; in fact, it has a systematic approach to monitoring its portfolio of
companies based on their fair value. The portfolio review process enables Exor to make informed capital allocation
decisions, including increasing or decreasing the capital allocated to a company, acquiring new companies or
divesting companies. Exor is not bound by any specific target or criteria regarding its investments such as
geography, sector exposure and holding periods. Instead, Exor makes its capital allocation decisions in a way that
maximises its ability to deliver superior returns to its investors by building great companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-535": { "value": "
New standards and amendments effective from 1\u00a0January\u00a02024
The following amendments and interpretations, which were effective from 1\u00a0January\u00a02024, were adopted by Exor.
The adoption of these amendments had no material impact on the Financial Statements.
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current
In January 2020, IASB issued amendments to IAS 1 \u2013 Presentation of Financial Statements: Classification of
Liabilities as Current or Non-current to clarify how to classify debt and other liabilities as current or non-current, and
in particular how to classify liabilities with an uncertain settlement date and liabilities that may be settled by
converting to equity.
Amendments to IFRS 16 \u2013 Leases
In September 2022, IASB issued amendments to IFRS 16 \u2013 Leases: Liability in a Sale and Leaseback, to improve
the requirements for sale and leaseback transactions, which specify the measurement of the liability arising in a
sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that
relates to the right of use it retains.
Amendments to IAS 1 \u2013 Non-current Liabilities with covenants
In October 2022, IASB issued amendments to IAS 1 \u2013 Presentation of Financial Statements: Non-current Liabilities
with covenants, that clarify how conditions with which an entity must comply within twelve months after the
reporting period affect the classification of a liability.
Amendments to IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial Instruments: Disclosures
In May 2023, IASB issued amendments to IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial Instruments:
Disclosures: Supplier Finance Arrangements, that introduce new disclosure requirements to enhance the
transparency and usefulness of the information provided by entities about supplier finance arrangements and are
intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an
entity\u2019s liabilities, cash flows and exposure to liquidity risk.
Accounting standards, amendments and interpretations not yet applicable and not yet adopted by Exor
The standards, amendments and interpretations issued by IASB that will have mandatory application in 2025 or
subsequent years are listed below. Exor is currently evaluating the impact of the adoption of these amendments on
its Consolidated Financial Statements or disclosures:
Amendment to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates
In August 2023, IASB issued amendments to IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates lack of
Exchangeability, to clarify how an entity has to apply a consistent approach in assessing whether a currency is
exchangeable into another currency and, when it is not, in determining the exchange rate to be use and the
disclosure to be provided. The amendments are effective for annual reporting periods beginning on or after
1\u00a0January\u00a02025, with earlier adoption permitted.
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18 \u2013 Presentation and Disclosure in Financial Statements, which introduces
new concepts relating to: (i) the structure of the income statement, (ii) required disclosures in the financial
statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements
(management-defined performance measures) and (iii) enhanced principles on aggregation and disaggregation
which apply to the primary financial statements and notes in general. The standard is effective for annual reporting
periods beginning on or after 1 January 2027, with earlier adoption permitted.
Amendment to IFRS 9 and IFRS 7 \u2013 Presentation and Disclosure in Financial Statements
In May 2024, IASB issued Amendments to the Classification and Measurement of Financial Instruments which
amended IFRS 9 \u2013 Financial Instruments and IFRS 7 \u2013 Financial Instruments: Disclosures. The amendments relate
to the settling of financial liabilities using an electronic payment system, as well as assessing contractual cash flow
characteristics of financial assets, including those with environmental, social and governance linked features. The
amendments are effective for periods beginning on or after 1 January 2026, with early adoption permitted.
IFRS 19 \u2013 Subsidiaries without Public Accountability
In May 2024, IASB issued IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosure which permits eligible
subsidiaries to use IFRS Accounting Standards with reduced disclosures. Subsidiaries using IFRS Accounting
Standards for their own financial statements provide disclosures that may be disproportionate to the information
needs of their users. Subsidiaries are eligible to apply IFRS 19 if they do not have public accountability and their
parent company applies IFRS Accounting Standards in their consolidated financial statements. The standard is
effective for annual reporting periods beginning on or after 1\u00a0January\u00a02027, with earlier adoption permitted.
Annual improvements to IFRS Accounting Standards \u2013 Volume 11
In July 2024, IASB issued Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 which contains
amendments to five standards as result of IASB\u2019s annual improvements project. IASB uses the annual
improvements process to make necessary, but non-urgent, amendments to IFRS Accounting Standards that will not
be included as part of another major project. The amended standards are: IFRS 1 \u2013 First-time Adoption of
International Financial Reporting Standards, IFRS 7 \u2013 Financial Instruments: Disclosures and its accompanying
Guidance on implementing IFRS 7; IFRS 9 \u2013 Financial Instruments; IFRS 10 \u2013 Consolidated Financial Statements;
and IAS 7 \u2013 Statement of Cash Flows. The standard is effective for annual reporting periods beginning on or after
1\u00a0January\u00a02026, with earlier adoption permitted.
IFRS 9 \u2013 Financial Instruments and IFRS 7 \u2013 Financial Instruments: Disclosures
In December 2024, IASB issued Amendments for nature-dependent electricity contracts which amended IFRS 9 \u2013
Financial Instruments and IFRS 7 \u2013 Financial Instruments: Disclosures to help companies better report the financial
effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs),
in the light of the increased use of these contracts. The amendments are effective for annual reporting periods
beginning on or after 1\u00a0January\u00a02026 and earlier application is permitted.
Use of accounting estimates and management's assumptions
The preparation of the Financial Statements requires management to make estimates and assumptions that affect
the reported amounts of revenues, expenses, assets, liabilities and can have an impact on the information
contained in the notes to the financial statements. The estimates and related assumptions are based on elements
that are known when the financial statements are prepared, on historical experience of Exor and on any other
factors that are considered to be relevant. Due to the currently unforeseeable global consequences of current
macroeconomic and geopolitical issues, these estimates and assumptions are subject to increased uncertainty.
Actual results could differ materially from the estimates and assumptions used in the preparation of these Financial
Statements.
The estimates and underlying assumptions are reviewed periodically and if the items subject to estimates do not
perform as assumed, then the actual results could differ from the estimates, thus leading the application of
adjustment. The effects of any changes in estimate are recognised in the income statement in the period in which
the adjustment is made, or also in future periods if the revision affects both current and future periods.
The main items affected by estimates are equity investments at FVTPL and at FVTOCI (in particular in unlisted
entities), other investments at FVTPL and financial receivables from related parties.
Judgment was required when determining whether Exor, the parent company, meets the definition of an investment
entity as defined under IFRS 10. Specifically, Exor management applied significant judgment when assessing
whether Exor satisfies the three cumulative criteria:
\u25aa obtains funds from one or more investors for the purpose of providing those investor(s) with investment
management services;
\u25aa commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation,
investment income, or both;
\u25aa measures and evaluates the performance of substantially all of its investments on a fair value basis.
Exor does not hold its investments indefinitely; in fact, it has a systematic approach to monitoring its portfolio of
companies based on their fair value. The portfolio review process enables Exor to make informed capital allocation
decisions, including increasing or decreasing the capital allocated to a company, acquiring new companies or
divesting companies. Exor is not bound by any specific target or criteria regarding its investments such as
geography, sector exposure and holding periods. Instead, Exor makes its capital allocation decisions in a way that
maximises its ability to deliver superior returns to its investors by building great companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-537": { "value": "
Use of accounting estimates and management's assumptions
The preparation of the Financial Statements requires management to make estimates and assumptions that affect
the reported amounts of revenues, expenses, assets, liabilities and can have an impact on the information
contained in the notes to the financial statements. The estimates and related assumptions are based on elements
that are known when the financial statements are prepared, on historical experience of Exor and on any other
factors that are considered to be relevant. Due to the currently unforeseeable global consequences of current
macroeconomic and geopolitical issues, these estimates and assumptions are subject to increased uncertainty.
Actual results could differ materially from the estimates and assumptions used in the preparation of these Financial
Statements.
The estimates and underlying assumptions are reviewed periodically and if the items subject to estimates do not
perform as assumed, then the actual results could differ from the estimates, thus leading the application of
adjustment. The effects of any changes in estimate are recognised in the income statement in the period in which
the adjustment is made, or also in future periods if the revision affects both current and future periods.
The main items affected by estimates are equity investments at FVTPL and at FVTOCI (in particular in unlisted
entities), other investments at FVTPL and financial receivables from related parties.
Judgment was required when determining whether Exor, the parent company, meets the definition of an investment
entity as defined under IFRS 10. Specifically, Exor management applied significant judgment when assessing
whether Exor satisfies the three cumulative criteria:
\u25aa obtains funds from one or more investors for the purpose of providing those investor(s) with investment
management services;
\u25aa commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation,
investment income, or both;
\u25aa measures and evaluates the performance of substantially all of its investments on a fair value basis.
Exor does not hold its investments indefinitely; in fact, it has a systematic approach to monitoring its portfolio of
companies based on their fair value. The portfolio review process enables Exor to make informed capital allocation
decisions, including increasing or decreasing the capital allocated to a company, acquiring new companies or
divesting companies. Exor is not bound by any specific target or criteria regarding its investments such as
geography, sector exposure and holding periods. Instead, Exor makes its capital allocation decisions in a way that
maximises its ability to deliver superior returns to its investors by building great companies.
Use of estimates
The Consolidated Financial Statements at 31\u00a0December\u00a02023 were prepared in accordance with IFRS which
require the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities,
the disclosures relating to contingent assets and liabilities and the amounts of income and expense reported for the
period. The estimates and related assumptions are based on elements that are known when the financial
statements are prepared, based on the historical experience of the Group and on any other factors that are
considered to be relevant. Actual results may differ from the estimates.
Particularly in light of the current economic uncertainty, developments may occur which may differ from Group's
estimates and assumptions, and therefore might require significant adjustments to the carrying amounts of certain
items, which as of the date of these Consolidated Financial Statements cannot be accurately estimated or
predicted.
The main items affected by estimates are the allowances for doubtful accounts receivable and inventories, non-
current assets (tangible and intangible assets), the residual values of vehicles leased out under operating lease
arrangements or sold with buy-back commitments, sales allowances, product warranties, pension and other post-
employment benefits, deferred tax assets and contingent liabilities.
The estimates and underlying assumptions are reviewed periodically and if the items subject to estimates do not
perform as assumed then the actual results could differ from the estimates, which would require adjustment
accordingly. The effects of any changes in estimate are recognised in the Consolidated Income Statement in the
period in which the adjustment is made, or also in future periods if the revision affects both current and future
periods.
There are no key sources of estimation for uncertainty and no critical judgements. The following are the main
judgments and assumptions concerning the future that Exor and its consolidated subsidiaries have made in the
process of applying accounting policies to prepare the Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-540": { "value": "Significant accounting policies applied until 31 December 2023 and not relevant or not applicable
starting from 1 January 2024
Basis of consolidation
At 31\u00a0December\u00a02023, all subsidiaries were consolidated on a line-by-line basis. Subsidiaries that are either
inactive or generate a negligible volume of business, are not consolidated. Their impact on the Group\u2019s assets,
liabilities, financial position and result is not material.
The portion of non-controlling interest included in the equity and the one included in the profit (loss) of consolidated
subsidiaries are presented separately from the interests of the owners of the parent in the statement of financial
position and income statement respectively. Losses applicable to non-controlling interests which exceed the
minority\u2019s interests in the subsidiary\u2019s equity are allocated against the non-controlling interests.
Changes in the Group\u2019s ownership interests in a subsidiary that do not result in the Group losing control over such
subsidiary are accounted for as an equity transaction. The carrying amounts of the equity attributable to the owners
of the parent and non-controlling interests are adjusted to reflect the changes in their relative interests in the
subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of the
consideration paid or received in the transaction is recognised directly in the equity attributable to the owners of the
parent.
Subsidiaries are deconsolidated from the date in which the control ceases. Specifically, when the Group ceases to
have control over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at
their carrying amounts, as well as the carrying amount of non-controlling interests in the former subsidiary, and
recognizes the fair value of any consideration received for the transaction.
Any interest retained in the former subsidiary is recognised at fair value. Any gains or losses recognised in other
comprehensive income (\"OCI\") with respect to the measurement of the assets of the subsidiary are accounted for
as if the subsidiary had been sold (i.e., reclassified to the income statement or transferred directly to retained
earnings as required by other IFRS).
Associates and joint venture
Associates are entities over which the Group has significant influence, as defined in IAS 28 \u2013 Investments in
Associates and Joint Ventures. Significant influence is the power to participate in the financial and operating policy
decisions of the investee but without control or joint control over those policies. A joint venture is an arrangement
whereby the parties that exercise joint control have rights to the assets and obligations for the liabilities relating to
such arrangement. Joint control is the contractually-agreed sharing of control, which exists only when decisions
about the relevant activities require the unanimous consent of the parties sharing control. Investments in joint
ventures are accounted for using the equity method from the date in which joint control or significant influence is
acquired, until the date in which it ceases. At 31\u00a0December\u00a02023, associates and joint venture were accounted for
using the equity method.
Consolidation of foreign entities
The goodwill, assets acquired and liabilities assumed arising from the acquisition of entities with a functional
currency other than the Euro are recognised in the functional currency and translated at the exchange rate at the
acquisition date. These balances are translated a second time at the exchange rate at the balance sheet date.
Iveco Group and CNH Industrial apply IAS 29 \u2013 Financial reporting in hyperinflationary economies for subsidiaries
that prepare their financial statements in a functional currency of a hyperinflationary economy. According to this
standard, non-monetary assets and liabilities not yet translated into the respective group's reporting currency at the
reporting date are redetermined using a general price index. The financial statements of these subsidiaries are
then translated at the closing spot rate.
The main exchange rates used to translate other currencies into Euro for the Annual Report 2023 were as follows:
\u00a0
For the year ended 31 December
\u00a0
Average
2023
U.S. dollar
1.081
1.105
Brazilian real
5.401
5.350
Chinese renminbi
7.657
7.851
Polish zloty
4.543
4.348
Czech Koruna
24.004
24.724
Argentinian peso(1)
892.924
892.924
British pound
0.870
0.869
Swiss franc
0.972
0.926
Canadian dollar
1.460
1.464
Hong Kong dollar
8.466
8.631
Singapore dollar
1.452
1.459
Australian dollar
1.628
1.626
Japanese Yen
151.854
156.330
Turkish lira(2)
32.603
32.603
(1) Starting from 1\u00a0July\u00a02018, Argentina\u2019s economy was considered to be hyperinflationary. From that date, transactions for entities with the Argentine peso as the
functional currency were translated using the closing spot rate.
(2) Starting from 2022, Turkey's economy was considered to be hyperinflationary. With effect from 1\u00a0January\u00a02022, transactions for entities with the Turkish lira as
the functional currency were translated using the closing spot rate.
Date of reference
The investments are consolidated using the financial statements at 31\u00a0December, Exor\u2019s year-end closing date,
which cover a 12-month period, or accounting data prepared at the same date (whenever the closing date is
different from Exor\u2019s), adjusted, where necessary, to conform with the accounting principles of Exor.The Economist
Group, whose financial year closes on 31\u00a0March of each year, has been consolidated using the equity method on
the basis of the most recent data available (30\u00a0September\u00a02023). At 31\u00a0December\u00a02023 there were no significant
variations to The Economist Group data used for the purposes of these consolidated financial statements.
Business combinations
Business combinations are accounted for applying the acquisition method. Under this method:
\u25aa the consideration transferred in a business combination is measured at fair value, which is calculated as the
sum of the acquisition-date fair values of the assets transferred and liabilities assumed by the Group and the
equity interests issued in exchange for control of the acquiree. Acquisition-related costs are generally
recognised in profit or loss as incurred;
\u25aa at the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair
value at that date, except for deferred tax assets and liabilities, assets and liabilities relating to employee
benefit arrangements, liabilities or equity instruments relating to share-based payment arrangements of the
acquiree or share-based payment arrangements of the Group entered into to replace share-based payment
arrangements of the acquiree, assets (or disposal groups) that are classified as held for sale, which are
measured in accordance with the relevant standard;
\u25aa goodwill is measured as the excess of the aggregate of the consideration transferred in the business
combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's
previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the
identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the
identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the
amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held
interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a gain from a bargain
purchase;
\u25aa non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate
share of the acquiree's identifiable net assets. The selection of the measurement method is made on a
transaction-by-transaction basis;
\u25aa any contingent consideration arrangement in the business combination is measured at its acquisition-date fair
value and included as part of the consideration transferred in the business combination in order to determine
goodwill. Changes in the fair value of the contingent consideration that qualify as measurement period
adjustments are recognised retrospectively, with corresponding adjustments to goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the \"measurement
period\" (which may not exceed one year from the acquisition date) about facts and circumstances that existed
as of the acquisition date. Any changes in fair value after the measurement period are recognised in profit or
loss.
When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the acquiree is
remeasured at its acquisition-date fair value and any resulting gain or loss is recognised in the income statement
under Result from investments. Changes in the equity interest in the acquiree that have been recognised in OCI in
prior reporting periods are reclassified to the income statement as if the equity interest had been disposed of.
Goodwill
Goodwill represents the excess of the fair value of consideration paid over the fair value of net tangible and
identifiable intangible assets acquired in a business combination. Goodwill is not amortised but is tested for
impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Intangible assets with indefinite useful lives
Intangible assets with an indefinite useful life mainly consist of brands which have no legal, contractual, competitive
and economic qualities, or other factors that may limit their useful lives. Intangible assets with indefinite useful lives
are not amortised, but are tested for impairment annually, or more frequently if events or changes in circumstances
indicate that the asset may be impaired.
Intangible assets with a definite useful life
Intangible assets with a definite useful life are recognised at their purchase or production cost net of amortisation
and cumulative impairment losses. Amortisation is calculated on a straight line basis over the asset\u2019s useful life and
begins when the asset is available for use. Whenever necessary, intangible assets with a definite useful life are
tested for impairment. The main intangible assets with a definite useful life are as follows:
Development costs
Development costs for vehicle production projects (trucks, buses, agricultural and construction equipment and
engines) are recognised as an asset if and only if both of the following conditions are met: a) development costs
can be measured reliably, and b) the technical feasibility of the product, volumes and pricing support the view that
the development expenditure will generate future economic benefits. Capitalised development costs include all
direct and indirect costs that may be directly attributed to the development process. Capitalised development costs
are amortised on a systematic basis from the start of production of the related product over the product\u2019s estimated
average life, as follows:
\u00a0
Trucks and buses
Agricultural and
Construction Equipment
Engines
Number of years
4-8
5
8-10
All other development costs which do not meet the above criteria are expensed as incurred.
Players\u2019 registration rights
Players\u2019 registration rights are recognised at cost, including auxiliary expenses, and discounted to present value.
They are amortised on a straight-line basis over the duration of the contracts the company has signed with the
individual football players.
Other intangible assets
Other intangible assets with a finite useful life are recognised in accordance with IAS 38 \u2013 Intangible Assets when it
is probable that the use of the asset will generate future economic benefits for the Group and the cost of the asset
can be measured reliably. Other intangible assets are recorded at purchase or production cost and amortised on a
straight-line basis over their estimated useful lives. Other intangible assets recognised after the acquisition of a
company are recorded separately from goodwill if their fair value can be measured reliably.
Property, plant and equipment
Cost
Property, plant and equipment is initially recognised at cost which comprises the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner
intended by management and any initial estimate of the costs of dismantling and removing the item and restoring
the site on which it is located. Internally generated assets are initially recognised at production cost. Subsequent
expenditures and the cost of replacing parts of an asset are capitalised only if they increase the future economic
benefits embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs
are capitalised, the carrying amount of the parts that are replaced is recognised in the income statement.
Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or
equipment or an intangible asset that is deemed to be a qualifying asset are capitalised. All other borrowing costs
are expensed when incurred.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
\u00a0
Buildings
Plant, machinery and
equipment
Other assets
Depreciation\u00a0rate
2.5% - 10%
3% - 33%
3% - 33%
Land is not depreciated.
Lease accounting policy
Lessee accounting
A lease is a contract that conveys the right to control the use of an identified asset (the leased asset) for a period of
time in exchange for consideration. The lease term determined by the Group comprises the non-cancellable period
of lease contract together with both periods covered by an option to extend the lease if the lessee is reasonably
certain to exercise that option; and periods covered by an option to terminate the lease if the lessee is reasonably
certain not to exercise that option.
For real estate leases, this assessment is based on an analysis by management of all relevant facts and
circumstances including the leased asset\u2019s purpose, the economic and practical potential for replacing and any
plans that the Group has in place for the future use of the asset. The Group combines lease and non-lease
components. For leases with terms not exceeding twelve months (short-term leases) and for leases of low-value
assets, the Group recognizes the lease payments associated with those leases on a straight-line basis over the
lease term as operating expense in the income statement. For all other leases, at the commencement date (i.e.,
the date the underlying asset is available for use), the Group recognizes a right-of-use asset, classified within
Property, plant and equipment, and a lease liability, classified within Other Debt.
At the commencement date, the right-of-use asset includes the amount of lease liability recognised, initial direct
costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
At the same date, the lease liability is measured at the present value of lease payments to be made over the lease
term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's
incremental borrowing rate. The incremental borrowing rate is determined considering macro-economic factors
such as the specific interest rate curve based on the relevant currency and term, as well as specific factors
contributing to the Group\u2019s credit spread. The Group primarily uses the incremental borrowing rate as the discount
rate for its lease liabilities.
After the commencement date, the right-of-use asset is measured at cost less any accumulated depreciation and
any accumulated impairment losses, and adjusted for any remeasurement of the lease liability. The right-of-use
asset is depreciated on a straight-line basis. If the lease transfers ownership of the underlying asset to the Group
by the end of the lease term or if the cost of the right-of-use asset reflects that the Group will exercise a purchase
option, the Group depreciates the right-of-use asset from the commencement date to the end of the useful life of
the underlying asset. Otherwise, the Group depreciates the right-of-use asset from the commencement date to the
earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
After the commencement date, the lease liability is increased to reflect the accretion of interest, recognised within
Financial income/(expenses) in the income statement, reduced for the lease payments made and remeasured to
reflect any reassessment or lease modifications.
Before the adoption of IFRS 16, where the Group entered as lessee in a contract classified as a finance lease,
assuming substantially all the risks and rewards of ownership, assets held under finance lease were recognised as
assets of the Group at the lower of fair value or present value of the minimum lease payments and depreciated.
The corresponding liability to the lessor was included in the financial statement as a debt. Where the Group
entered as lessee in a contract classified as an operating lease, the lessor retained substantially all the risks and
rewards of ownership of the asset. Operating lease expenditures were expensed on a straight-line basis over the
lease terms.
Lessor accounting
Lease contracts where the Group acts as a lessor, can be classified as either an operating lease or finance lease.
Leases where a significant portion of the risks and rewards are retained by the lessor are classified as operating
leases. Leases that transfer substantially all the risks and rewards incidental to ownership of an underlying asset to
the lessee are classified as finance leases.
Where the Group is the lessor in a finance lease, the future minimum lease payments from lessees are classified
as Receivables from financing activities. Lease payments are recognised as repayment of the principal and
financial income remunerating the initial investment and the services provided.
Where the Group is the lessor in an operating lease, income from operating leases is recognised over the term of
the lease on a straight-line basis. Leased assets include equipment leased to retail customers by the Group's
leasing companies. They are stated at cost and depreciated at annual rates of between 20% and 33%.
The Group evaluates the carrying amount of equipment on operating leases for potential impairment when it
determines a triggering event has occurred. When a triggering event occurs, a test for recoverability is performed
comparing projected undiscounted future cash flows to the carrying amount of the asset. If the test for
recoverability identifies a possible impairment, the asset\u2019s fair value is measured in accordance with the fair value
measurement framework. An impairment charge would be recognised for the amount by which the carrying amount
of the asset exceeds its estimated fair value. When leased assets are no longer leased and become held for sale,
the Group reclassifies their carrying amount to Inventories.
Impairment of assets
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or more frequently, if
there is an indication that an asset may be impaired. Assets with finite useful lives are tested for impairment only if
impairment indicators are present. At the end of each reporting period the Group assesses whether there is any
indication that its finite-lived intangible assets (including capitalised development expenditures) and its property,
plant and equipment may be impaired.
If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount, that
is, the higher of fair value less costs of disposal and its value in use. Where it is not possible to estimate the
recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit
to which the asset belongs. In assessing the value in use of an asset, the estimated future cash flows are
discounted to their present value using a discount rate that reflects the current market assessments of the time
value of money and the risks specific to the asset. An impairment loss is recognised if the recoverable amount is
lower than the carrying amount.
Where an impairment loss for assets, other than goodwill, subsequently no longer exists or has decreased, the
carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount,
but not in excess of the carrying amount that would have been recorded had no impairment loss been recognised.
The reversal of an impairment loss is recognised in the income statement immediately.
Receivables from financing activities
Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed
under dealer network financing programs. These receivables are interest-bearing with the exception of an initial,
limited, non-interest-bearing period. The contractual terms governing the relationships with the dealer networks
vary according to market and payment terms, which range from two to twelve months.
Impairment of financial assets
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is a
probability-weighted estimate of the present value of cash shortfalls.
These estimates were assessed on an individual basis, taking into account the ageing of customers\u2019 balances,
specific credit circumstances and historical experience, and on a collective basis, using loss forecast models that
considered a variety of factors that include, but are not limited to, historical loss experience, collateral value,
portfolio balance and delinquency.
In accordance with IFRS 9, the simplified approach, which requires recognition of expected lifetime losses, was
applied to trade receivables. For receivables from financing activities the Group applied the general approach
recording the credit losses either on a 12-month or lifetime basis.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined below, are individually assessed for impairment; and
\u2022 A general reserve is recognised for all other trade receivables (including those not past due) based on historical
loss rates.
The Group considers a financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full
and without consideration of compensating guarantees or collaterals (if any exist); or (ii) the financial asset is more
than 90 days past due.
The Group applies the general approach as determined by IFRS 9 by assessing at each reporting date whether
there has been a significant increase in credit risk on the financial instrument since initial recognition. The Group
considers receivables to have experienced a significant increase in credit risk when certain quantitative or
qualitative indicators have been met or the borrower is more than 30 days past due on its contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of
ECL
Stage 1
A financial instrument that is not credit impaired on initial recognition
12-month ECL\u00a0
Stage 2
A financial instrument with a significant increase in credit risk since initial recognition
\u00a0Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
\u00a0Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or
collective portfolio.
The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each
reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since
adoption, there have been no significant changes in estimation techniques or in significant assumptions that led to
material changes in the ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Group determines that a debtor does not have assets or sources of
income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial
assets that are written off could still be subject to enforcement activities.
Hedge accounting
Derivative financial instruments are used for economic hedging purposes, in order to reduce currency, interest rate
and market price risks (primarily related to commodities and securities).
The fair value of other financial assets and liabilities, which mainly include derivative financial instruments, is
measured by taking into consideration market parameters at the balance sheet date and using valuation
techniques widely accepted in the financial environment.
In particular:
\u2022 the fair value of forward contracts and currency swaps is determined by taking the prevailing exchange rates
and interest rates at the balance sheet date;
\u2022 the fair value of interest rate swaps and forward rate agreements is determined by taking the prevailing interest
rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps is determined using the exchange rates and
interest rates prevailing at the balance sheet date and the discounted expected cash flow method;
\u2022 the fair value of swaps and options hedging commodity price risk is determined by using suitable valuation
techniques and taking market parameters at the balance sheet date (in particular, underlying prices, interest
rates and volatility rates).
IFRS 9 aims to simplify hedge accounting and to reflect the effect of an entity\u2019s risk management activities in the
financial statements, allowing more hedging instruments and hedged items to qualify for hedge accounting.
Fair value hedges
Where a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a
recognised asset or liability attributable to a particular risk that could affect the Consolidated Income Statement, the
gain or loss from remeasuring the hedging instrument at fair value is recognised in the Consolidated Income
Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the
hedged item and is recognised in the Consolidated Income Statement.
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the exposure to variability in future cash flows
of a recognised asset or liability or a highly probable forecasted transaction and could affect the Consolidated
Income Statement, the effective portion of any gain or loss on the derivative financial instrument is recognised
directly in OCI. When the hedged forecasted transaction results in the recognition of a non-financial asset, the
gains and losses previously deferred in OCI are reclassified and included in the initial measurement of the cost of
the non-financial asset. The effective portion of any gain or loss is recognised in the Consolidated Income
Statement at the same time as the economic effect arising from the hedged item that affects the Consolidated
Income Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognised in the Consolidated Income Statement immediately. When a hedging instrument or hedge relationship
is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss realised to the point
of termination remains and is recognised in the Consolidated Income Statement at the same time as the underlying
transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealised gain or loss held in
OCI is recognised in the Consolidated Income Statement immediately.
Hedges of a net investment
If a derivative financial instrument is designated as a hedging instrument for a net investment in a foreign operation,
the effective portion of the gain or loss on the derivative financial instrument is recognised in OCI. The cumulative
gain or loss is reclassified from OCI to the Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match
closely or exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed.
If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match closely
or perfectly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to
assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources
of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging
instrument. The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The
Group\u2019s derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected
to be one for one. If hedge accounting cannot be applied, the gains or losses from the fair value measurement of
derivative financial instruments are recognised immediately in the Consolidated Income Statement.
Transfers of financial assets
The Group derecognizes financial assets when the contractual rights to the cash flows arising from the asset are
no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On
derecognition of financial assets, the difference between the carrying amount of the asset and the consideration
received or receivable for the transfer of the asset is recognised in the Consolidated Income Statement.
The Group transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred payment
clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price
is dependent on the total amount collected from the receivables), whereby the transferor has priority participation in
the losses, or requires a significant exposure to the variability of cash flows arising from the transferred receivables
to be retained. These types of transactions do not meet the requirements of IFRS 9 for the derecognition of the
assets since the risks and rewards connected with ownership of the financial asset are not substantially
transferred, and accordingly the Group continues to recognize these receivables within the Consolidated Statement
of Financial Position and recognizes a financial liability for the same amount under Asset-backed financing, which
is included within Financial Debt. These types of receivables are classified as held-to-collect, since the business
model is consistent with the Group\u2019s continuing recognition of the receivables.
The fair value of financial instruments is measured in accordance with a fair value hierarchy that prioritizes the
information used to measure fair value into three broad levels. Transfers between the hierarchy levels are
recognised at the beginning of the period.
Inventories
Inventories of raw materials, semi-finished products and finished goods (including assets sold with a buy-back
commitment) are stated at the lower of cost and net realisable value, with the cost being determined on a first-in-
first-out (FIFO) basis. The measurement of inventories includes the direct costs of materials, labour and indirect
costs (variable and fixed). A provision is made for obsolete and slow-moving raw materials, finished goods, spare
parts and other supplies based on their expected future use and realisable value. Net realisable value is the
estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated
costs for sale and distribution.
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Group\u2019s net obligations are determined separately for each plan by estimating the present value of future
benefits that employees have earned in the current and prior periods and deducting the fair value of any plan
assets. The present value of the defined benefit obligation is measured using actuarial techniques and actuarial
assumptions that are unbiased and mutually compatible and attribute benefits to periods in which the obligation to
provide post-employment benefits arise by using the Projected Unit Credit Method. Plan assets are recognised and
measured at fair value.
When the net obligation is a potential asset, the recognised amount is limited to the present value of any economic
benefits available in the form of future refunds or reductions in future contributions to the plan (asset ceiling).
The components of the defined benefit cost are recognised as follows:
\u2022 the service costs are recognised in the income statement by function and presented in the relevant line items
(cost of sales, selling, general and administrative costs, research and development costs, etc.);
\u2022 the net interest on the defined benefit liability or asset is recognised in the income statement as financial
income (expenses), and is determined by multiplying the net liability (asset) by the discount rate used to
discount obligations taking into account the effect of contributions and benefit payments made during the year;
\u2022 the remeasurement components of the net obligations, which comprise actuarial gains and losses, the return
on plan assets (excluding interest income recognised in the income statement) and any change in the effect of
the asset ceiling are recognised immediately in OCI. These remeasurement components are not reclassified in
the Consolidated Income Statement in a subsequent period.
Past service costs arising from plan amendments and curtailments are recognised immediately in the income
statement.
Other long-term employee benefits
The Group\u2019s obligations represent the present value of future benefits that employees have earned in return for
their service during the current and prior periods. Remeasurement components on other long-term employee
benefits are recognised in the Consolidated Income Statement in the period in which they arise.
Termination benefits
Termination benefits are expensed at the earlier of i) when the Group can no longer withdraw the offer of those
benefits and ii) when the Group recognizes costs for a restructuring.
Post-employment plans other than pensions
The Group provides certain post-employment defined benefits, mainly healthcare plans. The method of accounting
and the frequency of valuations are similar to those used for defined benefit pension plans.
Revenue recognition
Revenue is recognised when control of the vehicles, equipment, services or parts has been transferred and the
Group\u2019s performance obligations to its customers have been satisfied. Revenue is measured as the amount of
consideration the Group expects to receive in exchange for transferring goods or providing services.
The timing of when the Group transfers the goods or services to the customer may differ from the timing of the
customer\u2019s payment.
Revenues are stated net of discounts, allowances, settlement discounts and rebates, as well as costs for sales
incentive programs, which are determined on the basis of historical costs, country by country, and charged against
profit for the period in which the corresponding sales are recognised.
The Group also enters into contracts with multiple performance obligations. For these contracts, the Group
allocates revenue from the transaction price to the distinct goods and services in the contract on a relative
standalone selling price basis. To the extent that the Group sells the good or service separately in the same market,
the standalone selling price is the observable price at which the Group sells the good or service separately. For all
other goods or services, the Group estimates the standalone selling price using a cost-plus-margin approach.
Sales of goods
The Group has determined that the customers from the sale of vehicles, equipment and parts are generally
dealers, distributors and retail customers.
Transfer of control, and thus related revenue recognition, generally corresponds to when the vehicles, equipment
and parts are made available to the customer. Therefore, the Group recognizes revenue at a point in time, when
control is transferred to the customer at a sale price that the Group expects to receive.
For all sales, no significant uncertainty exists surrounding the purchaser\u2019s obligation to pay for vehicles, equipment
and parts. The Group records appropriate ECL allowances and anticipated returns as required. Fixed payment
schedules exist for all sales, but payment terms vary by geographic market and product line.
The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will ultimately
be paid and is recognised as a reduction to revenue at the time of the sale. If a vehicle or equipment contract
transaction has multiple performance obligations, the cost of incentives is allocated entirely to the vehicle or
equipment as the intent of the incentives is to encourage sales of vehicles or equipment. If the estimate of the
incentive changes following the sale to the customer, the change in estimate is recognised as an adjustment to
revenue in the period of the change. The Group grants certain sales incentives to support sales of its products to
retail customers. At the later of the time of sale and the time an incentive is announced to dealers, the Group
records the estimated impact of sales allowances in the form of dealer and customer incentives as a reduction of
revenue.
Subsequent adjustments to sales incentive programs related to products/vehicles previously sold are recognised
as an adjustment to revenues in the period the adjustment is determinable. The determination of sales allowances
requires management to make estimates based upon historical data, estimated future market demand for products,
field inventory levels, announced incentive programs, competitive pricing and interest rates, among other things.
With reference to the sales to dealers accompanied by \u201cfloor plan\u201d agreements under which the Group offers
wholesale financing including \u201cinterest-free\u201d financing for a specified period of time (which also varies by
geographic market and product line), two separate performance obligations exist. The first performance obligation
consists of the sale of the equipment/vehicle to the dealer. The interest-free financing represents a cash sale
incentive recognised as a reduction of net sales. The second performance obligation consists of a credit facility
extended to the dealer. The remuneration of this performance obligation is represented by the interest charged to
the dealer. This remuneration is recognised over the period of the outstanding exposure.
For sales of parts, when the Group provides its customers with a right to return a transferred product, revenue and
corresponding cost of sales are recognised for parts that are not expected to be returned. The expected returns are
estimated based on an analysis of historical experience. The portion of revenues (and corresponding cost of sales)
related to the parts that are expected to be returned is recognised at the end of the return period. The amount
received or receivable that is expected to be returned is recognised as a refund liability, representing the obligation
to return the customer\u2019s consideration.
Furthermore, at the time of the initial sale, the Group recognizes a return asset for the right to recover the goods
returned by the customer. This asset is initially measured at the former carrying amount of the inventory. At each
reporting date, both the refund liability and the return asset are re-measured to account for any revisions to the
expected level of returns, as well as any decreases in the value of the returned products.
Rendering of services
Revenues from services provided primarily comprise extended warranties and maintenance and repair services
and are recognised over the contract period in which the costs are incurred, that is when the claims are charged by
the dealer. Amounts invoiced to customers for which the Group receives consideration before the performance is
satisfied are recognised as contract liabilities. These services are either separately-priced or included in the selling
price of the vehicle. In the second case, revenue for the services is allocated based on the estimated stand-alone
selling price. In the event that the costs expected to be incurred to satisfy the remaining performance obligations
exceed the transaction price, an estimated contract loss is recognised. Shipping and other transportation activities
performed as an agent are recognised on a net basis, by netting the related freight cost against the freight revenue.
Rents and other income on assets sold with buy-back commitments
The Group enters into transactions for the sale of vehicles to some customers with an obligation to repurchase
(\u201cbuy-back commitment\u201d) the vehicles at the end of a period (\u201cbuy-back period\u201d) at the customer\u2019s request. For
these types of arrangements, at inception, the Group assesses whether a significant economic incentive exists for
the customer to exercise the option.
If the Group determines that the customers has a significant economic incentive to exercise the buy-back option,
the transaction is accounted for as an operating lease. In such cases, vehicles are accounted for as Property, plant
and equipment because the agreements typically have a long-term buy-back period. The difference between the
carrying value (corresponding to the manufacturing cost) and the estimated resale value (net of refurbishing costs)
at the end of the buy-back period is depreciated on a straight-line basis over the same period. The initial sale price
received is recognised in \u201cOther current liabilities\u201d and includes the repurchase value of the vehicle, and the rents
to be recognised in the future recorded as contract liabilities. These rents are determined at the inception of the
contract as the difference between the initial sale price and the repurchase price and are recognised as revenue on
a straight-line basis over the term of the agreement. At the end of the agreement term, upon exercise of the option,
the used vehicles are reclassified from Property, plant and equipment to Inventories. The proceeds from the sale of
such vehicles are recognised as Revenues.
If the Group determines that the customer does not have a significant economic incentive to exercise the buy-back
option, the transaction is treated as a sale with a variable consideration whose variable component is the buy-back
provision accrual. The buy-back provision accrual is the difference between the repurchase price and the estimated
market value of the used vehicle at the end of the buy-back period and is recorded only when the repurchase price
is greater than the estimated market value of the used vehicle. The buy-back provision accrual is estimated and
recognised as a reduction of revenues at the time of the sale. Any subsequent change following such periodic
reassessment is recognised as a reduction of revenues at that time.
Finance and interest income of financial services activities
Finance and interest income on retail and other notes receivable and finance leases is recorded using the effective
yield method. Deferred costs on the origination of financing receivables are recognised as a reduction in finance
revenue over the expected lives of the receivables using the effective yield method. When a financial asset
becomes credit-impaired and is, therefore, regarded as \u201cStage 3\u201d, the Group calculates interest income by applying
the effective interest rate to the net amortised cost of the financial asset. If the financial asset is no longer credit-
impaired, the Group reverts to calculating interest income on a gross basis.
Receivables are considered past due if the required principal and interest payments have not been received as of
the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. Charge-
offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is
determined to be probable that all amounts due will not be collected.
Cost of sales
Cost of sales comprises expenses incurred in the manufacturing and distribution of the Group\u2019s products, expenses
directly attributable to the financial services and sports activities as follows:
Manufacturing and Distribution - all directly attributable material and production costs, all overheads directly related
to production and/or the performance of services, depreciation of property, plant and equipment and the
amortisation of intangible assets relating to production and write-downs of inventories, freight and insurance costs
relating to deliveries to dealers and agency fees in the case of direct sales and provisions made to cover the
estimated cost of product warranties.
Financial services - interest expenses related to financial services financing as a whole and provisions for risks and
write-downs of assets.
Sports activities - costs for players\u2019 wages and technical staff, amortisation and impairment losses on players\u2019
registration rights, operating and maintenance costs of sports facilities as well as all the costs incurred for sports
events.
Government grants
Government grants are recognised when there is reasonable assurance that the Group is compliant with the
conditions for receiving such grants and that the grants will be received. Government grants are recognised as
income over the periods necessary to match them with the related costs which they are intended to offset.
The benefit of a government loan at a below-market rate of interest is treated for accounting purposes as a
government grant. The benefit of the below-market rate of interest is measured as the difference between the initial
carrying amount of the loan (fair value plus transaction costs) and the proceeds received, and it is accounted for in
accordance with the policies used for the recognition of government grants.
Income taxes
Income taxes include all taxes based upon the taxable profits of the Group. Income taxes are provided by each
consolidated company on the basis of a reasonable estimate of the definition of taxable income for tax purposes, in
accordance with existing laws in the individual countries in which the Group operates and takes into account tax
credit entitlement.
Current and deferred taxes are recognised as income or expense and included in the Consolidated Income
Statement for the period, except for taxes arising from a business combination or a transaction or event which is
recognised, in the same or in a different period, either in OCI or directly in Equity. Deferred tax liabilities are
recognised for all taxable temporary differences between the carrying amounts of assets or liabilities and their tax
base, except to the extent that the deferred tax liabilities arise from the initial recognition of goodwill or the initial
recognition of an asset or liability in a transaction which is not a business combination and at the time of the
transaction, affects neither accounting profit nor taxable profit, or for differences related to investments in
subsidiaries where reversal will not take place in the foreseeable future. Deferred tax assets and liabilities are
measured at the substantively enacted tax rates in the respective jurisdictions in which the Group operates that are
expected to apply to the period when the asset is realised or liability is settled. Deferred taxes are accounted for
under the full liability method.
The Group recognizes deferred tax assets associated with the deductible temporary differences on investments in
subsidiaries only to the extent that it is probable that the temporary differences will reverse in the foreseeable future
and taxable profit will be available against which the temporary difference can be utilised.
The Group recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits,
except when it is able to control the timing of the reversal of the temporary difference and it is probable that this
temporary difference will not reverse in the foreseeable future.
The Group reassesses unrecognised deferred tax assets at the end of each year and recognizes a previously
unrecognised deferred tax asset to the extent that it has become probable that future taxable profit will allow the
deferred tax asset to be recovered.
Current income taxes and deferred taxes are offset when they relate to the same taxation authority and there is a
legally enforceable right to offset.
Other taxes not based on income, such as property taxes and capital taxes, are included in other income
(expenses).
Use of estimates
The Consolidated Financial Statements at 31\u00a0December\u00a02023 were prepared in accordance with IFRS which
require the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities,
the disclosures relating to contingent assets and liabilities and the amounts of income and expense reported for the
period. The estimates and related assumptions are based on elements that are known when the financial
statements are prepared, based on the historical experience of the Group and on any other factors that are
considered to be relevant. Actual results may differ from the estimates.
Particularly in light of the current economic uncertainty, developments may occur which may differ from Group's
estimates and assumptions, and therefore might require significant adjustments to the carrying amounts of certain
items, which as of the date of these Consolidated Financial Statements cannot be accurately estimated or
predicted.
The main items affected by estimates are the allowances for doubtful accounts receivable and inventories, non-
current assets (tangible and intangible assets), the residual values of vehicles leased out under operating lease
arrangements or sold with buy-back commitments, sales allowances, product warranties, pension and other post-
employment benefits, deferred tax assets and contingent liabilities.
The estimates and underlying assumptions are reviewed periodically and if the items subject to estimates do not
perform as assumed then the actual results could differ from the estimates, which would require adjustment
accordingly. The effects of any changes in estimate are recognised in the Consolidated Income Statement in the
period in which the adjustment is made, or also in future periods if the revision affects both current and future
periods.
There are no key sources of estimation for uncertainty and no critical judgements. The following are the main
judgments and assumptions concerning the future that Exor and its consolidated subsidiaries have made in the
process of applying accounting policies to prepare the Consolidated Financial Statements.
Recoverability of goodwill and intangible assets with indefinite useful lives
In accordance with IAS 36 \u2013 Impairment of Assets, goodwill and intangible assets with indefinite useful lives are not
amortised and are tested for impairment annually or more frequently if facts or circumstances indicate that the
asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to operating
segments or cash generating units (\u201cCGUs\u201d) within the operating segments. The impairment test is performed by
comparing the carrying amount and the recoverable amount of each CGU to which goodwill has been allocated. If
indicators of impairment are present, the carrying amount of the assets is reduced to its recoverable amount that is
the higher of its fair value less disposal costs and its value in use. In assessing its value in use, the pre-tax
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset. An impairment loss is
recognised when the recoverable amount is lower than the carrying amount. The assumptions used in the
impairment test represent management\u2019s best estimate for the period under consideration including in relation to
expected cash flows, growth rates, discount rates and future developments in the market where the Group
operates.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalised development expenditures of
CNH Industrial Group and Ferrari Group. The Group's subsidiaries periodically review the carrying amount of non-
current assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The
recoverability of non-current assets with definite useful lives is based on the estimated future cash flows, using the
Group\u2019s subsidiaries' current business plans of the cash generating units to which the assets relate. The estimation
of future cash flows is based on assumptions which are inherently uncertain in nature and therefore require
management judgement. The business plans of the Group\u2019s subsidiaries could change in response to these
evolving requirements and emerging technologies or in relation to any future business plans or strategies
developed as part of partnership and collaborations, which may result in changes to estimated future cash flows
and could affect the recoverability of non-current assets with definite useful lives. Any change in recoverability
would be accounted for at the time such change to the business plan occurs.
Residual values of assets leased out under operating lease arrangements or sold with a buy-back commitment
The Group records assets rented to customers or leased to them under operating leases as tangible assets.
Furthermore, new vehicle sales with a buy-back commitment are not recognised as sales at the time of delivery but
are accounted for as operating leases if it is probable that the vehicles will be bought back. Income from such
operating leases is recognised on a straight-line basis over their terms. Depreciation expense for assets subject to
operating leases is recognised on a straight-line basis over the lease terms in amounts necessary to reduce the
cost of such assets to their estimated residual values at the end of the lease terms. The estimated residual value of
leased assets is calculated at the lease commencement date on the basis of published industry information and
historical experience and is reviewed quarterly. Realization of the residual values is dependent on the Group\u2019s
future ability to market the assets under the then-prevailing market conditions.
The Group continually evaluates whether events and circumstances have occurred which impact the estimated
residual values of the assets on operating leases. The used vehicle market is carefully monitored to ensure that
write-downs are properly determined. However, it cannot be excluded that additional write-downs may be required
if market conditions will deteriorate further.
Recognition of deferred tax assets
Deferred tax assets are recognised to the extent that it is probable that sufficient taxable profit will be available to
allow the benefit of part or all of the deferred tax assets to be utilised. The recoverability of deferred tax assets
depends on the ability of the consolidated entities to generate sufficient future taxable income in the period in which
it is assumed that the deductible temporary differences reverse and tax losses carried forward can be utilised. The
assessment of the recoverability of such deferred tax assets are autonomously made by each consolidated
subsidiary, considering future taxable income based on the most recent budgets and plans prepared using the
same criteria as those for the impairment of assets and goodwill. Consolidated subsidiaries believed the amount of
recognised deferred tax assets is appropriate, despite the risk of actual future results potentially being lower than
the results included in these forecasts, considering many of the recognised net deferred tax assets relate to
temporary differences and tax losses which, to a significant extent, may be recovered over an extended time
period, but do not expire based on currently enacted tax law. As in all financial reporting periods, the Group's
subsidiaries assessed the realisability of its various deferred tax assets, subject to multiple tax jurisdictions.
Pension and other post-employment benefits
Group companies sponsor pension and other post-employment benefits in various countries, mainly in the United
States, the United Kingdom and Germany. Employee benefit liabilities, related assets, costs and net interest
connected with them are measured on an actuarial basis which requires the use of estimates and assumptions to
determine the net defined benefit liability/asset for the Group. The actuarial method takes into consideration
parameters of a financial nature such as the discount rate, the rate for expected return on plan assets, the rate of
salary increases and the healthcare costs trend rate and takes into consideration the likelihood of potential future
events by using certain demographic parameters such as mortality rates and dismissal or retirement rates. The
discount rates selected are based on yields or yield curves of high quality corporate bonds in the relevant market.
Trends in healthcare costs are developed on the basis of historical experience, the near-term outlook for costs and
likely long-term trends. Rates of salary increases reflect the Group\u2019s long-term actual expectations in the reference
markets and inflation trends. Changes in any of these assumptions may have an effect on future contributions to
the plans.
The effects resulting from revising the estimates for the above parameters (\u201cre-measurements\u201d) are recognised
directly in OCI without reclassification to profit or loss in subsequent years: refer to \u201cEmployee benefits\u201d section
above for further details. Significant future changes in the yields of corporate bonds, other actuarial assumptions
referred to above and returns on plan assets may significantly impact the net liability/asset.
Allowance for obsolete and slow-moving inventory
The allowance for obsolete and slow-moving inventory reflects management\u2019s estimate of the expected loss in
value and has been determined on the basis of past experience and historical and expected future trends in the
used vehicle market. A worsening of the economic and financial situation could cause a further deterioration in
conditions in the used vehicle market compared to that taken into consideration in calculating the allowances
recognised in the financial statements.
Sales allowance
The Group grants certain sales incentives to support sales of its products to retail customers. At the later of the
time of sale or the time an incentive is announced to dealers, the Group records the estimated impact of sales
allowances in the form of dealer and customer incentives as a reduction of revenue. The expense for new
programs is accrued at the inception of the program. The amounts of incentives to be paid are estimated. The
determination of sales allowances requires management to make estimates based upon historical data, estimated
future market demand for products, field inventory levels, announced incentive programs, competitive pricing and
interest rates, among other things. The final cost of these programs is determined at the end of the measurement
period for volume-based incentives or when the dealer sells the equipment to the retail customer. Changes in the
mix and types of programs affect these estimates, which are periodically reviewed. Actual cost differences from the
original cost estimate are recognised in Net revenues.
Product warranties
The Group makes provisions for estimated expenses related to product warranties at the time products are sold.
Management establishes these estimates based on historical information on the nature, frequency and average
cost of warranty claims. The Group seeks to improve vehicle quality and minimize warranty expenses arising from
claims. Warranty costs may differ from those estimated if actual claim rates are higher or lower than historical rates.
Contingent liabilities
Group\u2019s subsidiaries are subject to various proceedings, claims and governmental investigations on a wide range
of topics. Some of these proceedings allege defects in specific products or general design defects. Such
proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include
a claim for exemplary or punitive damages. Adverse decisions could require the relevant subsidiary to pay
substantial damages or undertake service actions, recall campaigns or other costly actions. Litigation is subject to
many uncertainties and the outcome of the individual matters is not predictable. An accrual is recorded if it is
probable that there will be an outflow of funds and when the amount can be reasonably estimated. Since such
accruals represent estimates, the final resolution could require the Group to make payments in excess of the
amounts accrued or in an amount or range that could not previously be estimated. The subsidiaries of the Group
monitor the status of pending legal proceedings and consult with experts on legal and tax matters on a regular
basis.
Related party transactions
With regard to the Annual Report 2024, the transactions between Exor and the related parties identified in
accordance with IAS\u00a024 have been carried out in compliance with applicable regulations and based on the principle
of mutual economic benefit.
Pursuant to IAS 24 the related parties of the Exor Group are Giovanni Agnelli, the CNH Industrial Group, the Iveco
Group, the Ferrari Group, the GEDI Group, the Juventus Group and their respective unconsolidated subsidiaries,
associates or joint ventures, the Stellantis Group, the Philips Group, the Clarivate Group, The Economist Group,
the Via Transportation Group, the Welltec Group, the Christian Louboutin Group, the Lifenet Group, the Institut
Merieux Group, the Casavo Group, the Nuo Group and their subsidiaries. In addition, members of the board of
directors of Exor and of its parent company Giovanni Agnelli, as well as their families, are also considered related
parties.
Transactions carried out by Exor with unconsolidated subsidiaries, associates and other related parties are
primarily those of a commercial nature, which have influenced revenues, general and administrative expenses, cost
of sales, and trade receivables and payables.
In accordance with IAS 24, transactions with related parties also include compensation payable to directors,
statutory auditors and executives with strategic responsibilities.
At the best of our knowledge, the effects of transactions with related parties recognised in the income statement
are as follows:
Consolidated
(\u20ac million)
For the year ended 31 December 2024
For the year ended 31 December 2023 reclassified
General and
administrative
expenses
Dividend
income
Financial
income
Financial
expenses
Revenues
Cost of
sales
General and
administrative
expenses
Financial
expenses
Associates
\u2014
840
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other related parties
12
\u2014
\u2014
\u2014
\u2014
\u2014
13
\u2014
Unconsolidated
subsidiaries
3
284
15
\u2014
\u2014
\u2014
3
\u2014
Total related parties
15
1,124
15
\u2014
\u2014
\u2014
16
\u2014
Joint ventures
\u2014
\u2014
\u2014
\u2014
841
469
1
1
Associates
\u2014
\u2014
\u2014
\u2014
165
6
1
\u2014
Total related parties of
subsidiaries
deconsolidated on 1
January 2024
\u2014
\u2014
\u2014
\u2014
1,006
475
2
1
Total related parties
15
1,124
15
\u2014
1,006
475
18
1
Non-financial assets and liabilities originating from related party transactions are as follows:
(\u20ac million)
At 31 December 2024
At 1 January 2024
Trade
payables
Other
receivables
Other
payables
Trade
payables
Other
receivables
Other
payables
Associates
\u2014
6
\u2014
\u2014
4
\u2014
Other related parties
\u2014
\u2014
1
\u2014
\u2014
1
Unconsolidated subsidiaries
\u2014
\u2014
\u2014
1
\u2014
\u2014
Total related parties
\u2014
6
1
1
4
1
Financial assets and liabilities originating from related party transactions are as follows:
(\u20ac million)
At 31 December 2024
At 1 January 2024
Financial
receivables
Financial Debt
Financial
receivables
Financial debt
Associates
91
\u2014
3
555
Unconsolidated subsidiaries
149
\u2014
229
\u2014
Total related parties
240
\u2014
232
555
Company only
(\u20ac million)
Year ended at 31 December 2024
Year ended at 31 December 2023 reclassified
General and
administrative
expenses
Dividend
income
Financial
income
Financial
expenses
General and
administrative
expenses
Dividend
income
Financial
income
Financial
expenses
Subsidiaries
13
940
88
5
11
1,900
71
4
Associates
\u2014
840
\u2014
\u2014
\u2014
628
\u2014
\u2014
Other related
parties
12
\u2014
\u2014
\u2014
13
\u2014
\u2014
\u2014
Total related
parties
25
1,780
88
5
24
2,528
71
4
Assets and liabilities originating from related party transactions at 31\u00a0December\u00a02024 and 31\u00a0December\u00a02023 are
as follows:
(\u20ac million)
At 31 December 2024
At 31 December 2023 reclassified
Other
receivables
Trade payables
Other payables
Other
receivables
Trade payables
Other payables
Subsidiaries
\u2014
7
\u2014
\u2014
5
\u2014
Associates
6
\u2014
\u2014
4
\u2014
\u2014
Other related parties
\u2014
\u2014
1
\u2014
\u2014
1
Total related parties
6
7
1
4
5
1
Financial assets and liabilities originating from related party transactions at 31\u00a0December\u00a02024 and
31\u00a0December\u00a02023 are as follows:
(\u20ac million)
At 31 December 2024
At 31 December 2023 reclassified
Financial receivables
Financial
receivables
Financial payables
Subsidiaries
2,015
2,030
176
Associates
91
3
555
Total related parties
2,106
2,033
731
At 31 December 2024 financial receivables from related parties are as follows:
(\u20ac million)
31 December 2024
31/12/2023
reclassified
Subsidiaries
Loan granted to Exor S.A.
1,866
1,801
Loan granted to GEDI
149
139
Loan granted to Full More Group
\u2014
90
Total financial receivables from subsidiaries
2,015
2,030
Associates
Convertible bond Lifenet
91
\u2014
Loan Tag Holding
\u2014
3
Total financial receivables from associates
91
3
Total financial receivables from related parties
2,106
2,033
At 31 December 2024 financial payables to related parties are as follows:
(\u20ac million)
31 December 2024
31 December 2023
Financial payables to Institut Merieux
\u2014
555
Loan granted by Exor Nederland (interest at USD Libor plus 200 bps)
\u2014
176
Total financial payables to related parties
\u2014
731
Compensation to directors of Exor
(\u20ac million)
Exor
Consolidated
Subsidiaries
Total
Total compensation 2024
12
\u2014
12
Total compensation 2023
13
3
16
The amounts include the notional compensation cost arising from long-term share-based compensation awarded to
the directors. For further detail please refer to the Remuneration Report on page 159.
There are no key executives in Exor, except for the CEO.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-539": { "value": "Significant accounting policies applied until 31 December 2023 and not relevant or not applicable
starting from 1 January 2024
Basis of consolidation
At 31\u00a0December\u00a02023, all subsidiaries were consolidated on a line-by-line basis. Subsidiaries that are either
inactive or generate a negligible volume of business, are not consolidated. Their impact on the Group\u2019s assets,
liabilities, financial position and result is not material.
The portion of non-controlling interest included in the equity and the one included in the profit (loss) of consolidated
subsidiaries are presented separately from the interests of the owners of the parent in the statement of financial
position and income statement respectively. Losses applicable to non-controlling interests which exceed the
minority\u2019s interests in the subsidiary\u2019s equity are allocated against the non-controlling interests.
Changes in the Group\u2019s ownership interests in a subsidiary that do not result in the Group losing control over such
subsidiary are accounted for as an equity transaction. The carrying amounts of the equity attributable to the owners
of the parent and non-controlling interests are adjusted to reflect the changes in their relative interests in the
subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of the
consideration paid or received in the transaction is recognised directly in the equity attributable to the owners of the
parent.
Subsidiaries are deconsolidated from the date in which the control ceases. Specifically, when the Group ceases to
have control over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at
their carrying amounts, as well as the carrying amount of non-controlling interests in the former subsidiary, and
recognizes the fair value of any consideration received for the transaction.
Any interest retained in the former subsidiary is recognised at fair value. Any gains or losses recognised in other
comprehensive income (\"OCI\") with respect to the measurement of the assets of the subsidiary are accounted for
as if the subsidiary had been sold (i.e., reclassified to the income statement or transferred directly to retained
earnings as required by other IFRS).
Associates and joint venture
Associates are entities over which the Group has significant influence, as defined in IAS 28 \u2013 Investments in
Associates and Joint Ventures. Significant influence is the power to participate in the financial and operating policy
decisions of the investee but without control or joint control over those policies. A joint venture is an arrangement
whereby the parties that exercise joint control have rights to the assets and obligations for the liabilities relating to
such arrangement. Joint control is the contractually-agreed sharing of control, which exists only when decisions
about the relevant activities require the unanimous consent of the parties sharing control. Investments in joint
ventures are accounted for using the equity method from the date in which joint control or significant influence is
acquired, until the date in which it ceases. At 31\u00a0December\u00a02023, associates and joint venture were accounted for
using the equity method.
Consolidation of foreign entities
The goodwill, assets acquired and liabilities assumed arising from the acquisition of entities with a functional
currency other than the Euro are recognised in the functional currency and translated at the exchange rate at the
acquisition date. These balances are translated a second time at the exchange rate at the balance sheet date.
Iveco Group and CNH Industrial apply IAS 29 \u2013 Financial reporting in hyperinflationary economies for subsidiaries
that prepare their financial statements in a functional currency of a hyperinflationary economy. According to this
standard, non-monetary assets and liabilities not yet translated into the respective group's reporting currency at the
reporting date are redetermined using a general price index. The financial statements of these subsidiaries are
then translated at the closing spot rate.
The main exchange rates used to translate other currencies into Euro for the Annual Report 2023 were as follows:
\u00a0
For the year ended 31 December
\u00a0
Average
2023
U.S. dollar
1.081
1.105
Brazilian real
5.401
5.350
Chinese renminbi
7.657
7.851
Polish zloty
4.543
4.348
Czech Koruna
24.004
24.724
Argentinian peso(1)
892.924
892.924
British pound
0.870
0.869
Swiss franc
0.972
0.926
Canadian dollar
1.460
1.464
Hong Kong dollar
8.466
8.631
Singapore dollar
1.452
1.459
Australian dollar
1.628
1.626
Japanese Yen
151.854
156.330
Turkish lira(2)
32.603
32.603
(1) Starting from 1\u00a0July\u00a02018, Argentina\u2019s economy was considered to be hyperinflationary. From that date, transactions for entities with the Argentine peso as the
functional currency were translated using the closing spot rate.
(2) Starting from 2022, Turkey's economy was considered to be hyperinflationary. With effect from 1\u00a0January\u00a02022, transactions for entities with the Turkish lira as
the functional currency were translated using the closing spot rate.
Date of reference
The investments are consolidated using the financial statements at 31\u00a0December, Exor\u2019s year-end closing date,
which cover a 12-month period, or accounting data prepared at the same date (whenever the closing date is
different from Exor\u2019s), adjusted, where necessary, to conform with the accounting principles of Exor.The Economist
Group, whose financial year closes on 31\u00a0March of each year, has been consolidated using the equity method on
the basis of the most recent data available (30\u00a0September\u00a02023). At 31\u00a0December\u00a02023 there were no significant
variations to The Economist Group data used for the purposes of these consolidated financial statements.
Business combinations
Business combinations are accounted for applying the acquisition method. Under this method:
\u25aa the consideration transferred in a business combination is measured at fair value, which is calculated as the
sum of the acquisition-date fair values of the assets transferred and liabilities assumed by the Group and the
equity interests issued in exchange for control of the acquiree. Acquisition-related costs are generally
recognised in profit or loss as incurred;
\u25aa at the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair
value at that date, except for deferred tax assets and liabilities, assets and liabilities relating to employee
benefit arrangements, liabilities or equity instruments relating to share-based payment arrangements of the
acquiree or share-based payment arrangements of the Group entered into to replace share-based payment
arrangements of the acquiree, assets (or disposal groups) that are classified as held for sale, which are
measured in accordance with the relevant standard;
\u25aa goodwill is measured as the excess of the aggregate of the consideration transferred in the business
combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's
previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the
identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the
identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the
amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held
interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a gain from a bargain
purchase;
\u25aa non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate
share of the acquiree's identifiable net assets. The selection of the measurement method is made on a
transaction-by-transaction basis;
\u25aa any contingent consideration arrangement in the business combination is measured at its acquisition-date fair
value and included as part of the consideration transferred in the business combination in order to determine
goodwill. Changes in the fair value of the contingent consideration that qualify as measurement period
adjustments are recognised retrospectively, with corresponding adjustments to goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the \"measurement
period\" (which may not exceed one year from the acquisition date) about facts and circumstances that existed
as of the acquisition date. Any changes in fair value after the measurement period are recognised in profit or
loss.
When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the acquiree is
remeasured at its acquisition-date fair value and any resulting gain or loss is recognised in the income statement
under Result from investments. Changes in the equity interest in the acquiree that have been recognised in OCI in
prior reporting periods are reclassified to the income statement as if the equity interest had been disposed of.
Goodwill
Goodwill represents the excess of the fair value of consideration paid over the fair value of net tangible and
identifiable intangible assets acquired in a business combination. Goodwill is not amortised but is tested for
impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Intangible assets with indefinite useful lives
Intangible assets with an indefinite useful life mainly consist of brands which have no legal, contractual, competitive
and economic qualities, or other factors that may limit their useful lives. Intangible assets with indefinite useful lives
are not amortised, but are tested for impairment annually, or more frequently if events or changes in circumstances
indicate that the asset may be impaired.
Intangible assets with a definite useful life
Intangible assets with a definite useful life are recognised at their purchase or production cost net of amortisation
and cumulative impairment losses. Amortisation is calculated on a straight line basis over the asset\u2019s useful life and
begins when the asset is available for use. Whenever necessary, intangible assets with a definite useful life are
tested for impairment. The main intangible assets with a definite useful life are as follows:
Development costs
Development costs for vehicle production projects (trucks, buses, agricultural and construction equipment and
engines) are recognised as an asset if and only if both of the following conditions are met: a) development costs
can be measured reliably, and b) the technical feasibility of the product, volumes and pricing support the view that
the development expenditure will generate future economic benefits. Capitalised development costs include all
direct and indirect costs that may be directly attributed to the development process. Capitalised development costs
are amortised on a systematic basis from the start of production of the related product over the product\u2019s estimated
average life, as follows:
\u00a0
Trucks and buses
Agricultural and
Construction Equipment
Engines
Number of years
4-8
5
8-10
All other development costs which do not meet the above criteria are expensed as incurred.
Players\u2019 registration rights
Players\u2019 registration rights are recognised at cost, including auxiliary expenses, and discounted to present value.
They are amortised on a straight-line basis over the duration of the contracts the company has signed with the
individual football players.
Other intangible assets
Other intangible assets with a finite useful life are recognised in accordance with IAS 38 \u2013 Intangible Assets when it
is probable that the use of the asset will generate future economic benefits for the Group and the cost of the asset
can be measured reliably. Other intangible assets are recorded at purchase or production cost and amortised on a
straight-line basis over their estimated useful lives. Other intangible assets recognised after the acquisition of a
company are recorded separately from goodwill if their fair value can be measured reliably.
Property, plant and equipment
Cost
Property, plant and equipment is initially recognised at cost which comprises the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner
intended by management and any initial estimate of the costs of dismantling and removing the item and restoring
the site on which it is located. Internally generated assets are initially recognised at production cost. Subsequent
expenditures and the cost of replacing parts of an asset are capitalised only if they increase the future economic
benefits embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs
are capitalised, the carrying amount of the parts that are replaced is recognised in the income statement.
Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or
equipment or an intangible asset that is deemed to be a qualifying asset are capitalised. All other borrowing costs
are expensed when incurred.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
\u00a0
Buildings
Plant, machinery and
equipment
Other assets
Depreciation\u00a0rate
2.5% - 10%
3% - 33%
3% - 33%
Land is not depreciated.
Lease accounting policy
Lessee accounting
A lease is a contract that conveys the right to control the use of an identified asset (the leased asset) for a period of
time in exchange for consideration. The lease term determined by the Group comprises the non-cancellable period
of lease contract together with both periods covered by an option to extend the lease if the lessee is reasonably
certain to exercise that option; and periods covered by an option to terminate the lease if the lessee is reasonably
certain not to exercise that option.
For real estate leases, this assessment is based on an analysis by management of all relevant facts and
circumstances including the leased asset\u2019s purpose, the economic and practical potential for replacing and any
plans that the Group has in place for the future use of the asset. The Group combines lease and non-lease
components. For leases with terms not exceeding twelve months (short-term leases) and for leases of low-value
assets, the Group recognizes the lease payments associated with those leases on a straight-line basis over the
lease term as operating expense in the income statement. For all other leases, at the commencement date (i.e.,
the date the underlying asset is available for use), the Group recognizes a right-of-use asset, classified within
Property, plant and equipment, and a lease liability, classified within Other Debt.
At the commencement date, the right-of-use asset includes the amount of lease liability recognised, initial direct
costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
At the same date, the lease liability is measured at the present value of lease payments to be made over the lease
term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's
incremental borrowing rate. The incremental borrowing rate is determined considering macro-economic factors
such as the specific interest rate curve based on the relevant currency and term, as well as specific factors
contributing to the Group\u2019s credit spread. The Group primarily uses the incremental borrowing rate as the discount
rate for its lease liabilities.
After the commencement date, the right-of-use asset is measured at cost less any accumulated depreciation and
any accumulated impairment losses, and adjusted for any remeasurement of the lease liability. The right-of-use
asset is depreciated on a straight-line basis. If the lease transfers ownership of the underlying asset to the Group
by the end of the lease term or if the cost of the right-of-use asset reflects that the Group will exercise a purchase
option, the Group depreciates the right-of-use asset from the commencement date to the end of the useful life of
the underlying asset. Otherwise, the Group depreciates the right-of-use asset from the commencement date to the
earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
After the commencement date, the lease liability is increased to reflect the accretion of interest, recognised within
Financial income/(expenses) in the income statement, reduced for the lease payments made and remeasured to
reflect any reassessment or lease modifications.
Before the adoption of IFRS 16, where the Group entered as lessee in a contract classified as a finance lease,
assuming substantially all the risks and rewards of ownership, assets held under finance lease were recognised as
assets of the Group at the lower of fair value or present value of the minimum lease payments and depreciated.
The corresponding liability to the lessor was included in the financial statement as a debt. Where the Group
entered as lessee in a contract classified as an operating lease, the lessor retained substantially all the risks and
rewards of ownership of the asset. Operating lease expenditures were expensed on a straight-line basis over the
lease terms.
Lessor accounting
Lease contracts where the Group acts as a lessor, can be classified as either an operating lease or finance lease.
Leases where a significant portion of the risks and rewards are retained by the lessor are classified as operating
leases. Leases that transfer substantially all the risks and rewards incidental to ownership of an underlying asset to
the lessee are classified as finance leases.
Where the Group is the lessor in a finance lease, the future minimum lease payments from lessees are classified
as Receivables from financing activities. Lease payments are recognised as repayment of the principal and
financial income remunerating the initial investment and the services provided.
Where the Group is the lessor in an operating lease, income from operating leases is recognised over the term of
the lease on a straight-line basis. Leased assets include equipment leased to retail customers by the Group's
leasing companies. They are stated at cost and depreciated at annual rates of between 20% and 33%.
The Group evaluates the carrying amount of equipment on operating leases for potential impairment when it
determines a triggering event has occurred. When a triggering event occurs, a test for recoverability is performed
comparing projected undiscounted future cash flows to the carrying amount of the asset. If the test for
recoverability identifies a possible impairment, the asset\u2019s fair value is measured in accordance with the fair value
measurement framework. An impairment charge would be recognised for the amount by which the carrying amount
of the asset exceeds its estimated fair value. When leased assets are no longer leased and become held for sale,
the Group reclassifies their carrying amount to Inventories.
Impairment of assets
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or more frequently, if
there is an indication that an asset may be impaired. Assets with finite useful lives are tested for impairment only if
impairment indicators are present. At the end of each reporting period the Group assesses whether there is any
indication that its finite-lived intangible assets (including capitalised development expenditures) and its property,
plant and equipment may be impaired.
If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount, that
is, the higher of fair value less costs of disposal and its value in use. Where it is not possible to estimate the
recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit
to which the asset belongs. In assessing the value in use of an asset, the estimated future cash flows are
discounted to their present value using a discount rate that reflects the current market assessments of the time
value of money and the risks specific to the asset. An impairment loss is recognised if the recoverable amount is
lower than the carrying amount.
Where an impairment loss for assets, other than goodwill, subsequently no longer exists or has decreased, the
carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount,
but not in excess of the carrying amount that would have been recorded had no impairment loss been recognised.
The reversal of an impairment loss is recognised in the income statement immediately.
Receivables from financing activities
Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed
under dealer network financing programs. These receivables are interest-bearing with the exception of an initial,
limited, non-interest-bearing period. The contractual terms governing the relationships with the dealer networks
vary according to market and payment terms, which range from two to twelve months.
Impairment of financial assets
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is a
probability-weighted estimate of the present value of cash shortfalls.
These estimates were assessed on an individual basis, taking into account the ageing of customers\u2019 balances,
specific credit circumstances and historical experience, and on a collective basis, using loss forecast models that
considered a variety of factors that include, but are not limited to, historical loss experience, collateral value,
portfolio balance and delinquency.
In accordance with IFRS 9, the simplified approach, which requires recognition of expected lifetime losses, was
applied to trade receivables. For receivables from financing activities the Group applied the general approach
recording the credit losses either on a 12-month or lifetime basis.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined below, are individually assessed for impairment; and
\u2022 A general reserve is recognised for all other trade receivables (including those not past due) based on historical
loss rates.
The Group considers a financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full
and without consideration of compensating guarantees or collaterals (if any exist); or (ii) the financial asset is more
than 90 days past due.
The Group applies the general approach as determined by IFRS 9 by assessing at each reporting date whether
there has been a significant increase in credit risk on the financial instrument since initial recognition. The Group
considers receivables to have experienced a significant increase in credit risk when certain quantitative or
qualitative indicators have been met or the borrower is more than 30 days past due on its contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of
ECL
Stage 1
A financial instrument that is not credit impaired on initial recognition
12-month ECL\u00a0
Stage 2
A financial instrument with a significant increase in credit risk since initial recognition
\u00a0Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
\u00a0Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or
collective portfolio.
The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each
reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since
adoption, there have been no significant changes in estimation techniques or in significant assumptions that led to
material changes in the ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Group determines that a debtor does not have assets or sources of
income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial
assets that are written off could still be subject to enforcement activities.
Hedge accounting
Derivative financial instruments are used for economic hedging purposes, in order to reduce currency, interest rate
and market price risks (primarily related to commodities and securities).
The fair value of other financial assets and liabilities, which mainly include derivative financial instruments, is
measured by taking into consideration market parameters at the balance sheet date and using valuation
techniques widely accepted in the financial environment.
In particular:
\u2022 the fair value of forward contracts and currency swaps is determined by taking the prevailing exchange rates
and interest rates at the balance sheet date;
\u2022 the fair value of interest rate swaps and forward rate agreements is determined by taking the prevailing interest
rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps is determined using the exchange rates and
interest rates prevailing at the balance sheet date and the discounted expected cash flow method;
\u2022 the fair value of swaps and options hedging commodity price risk is determined by using suitable valuation
techniques and taking market parameters at the balance sheet date (in particular, underlying prices, interest
rates and volatility rates).
IFRS 9 aims to simplify hedge accounting and to reflect the effect of an entity\u2019s risk management activities in the
financial statements, allowing more hedging instruments and hedged items to qualify for hedge accounting.
Fair value hedges
Where a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a
recognised asset or liability attributable to a particular risk that could affect the Consolidated Income Statement, the
gain or loss from remeasuring the hedging instrument at fair value is recognised in the Consolidated Income
Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the
hedged item and is recognised in the Consolidated Income Statement.
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the exposure to variability in future cash flows
of a recognised asset or liability or a highly probable forecasted transaction and could affect the Consolidated
Income Statement, the effective portion of any gain or loss on the derivative financial instrument is recognised
directly in OCI. When the hedged forecasted transaction results in the recognition of a non-financial asset, the
gains and losses previously deferred in OCI are reclassified and included in the initial measurement of the cost of
the non-financial asset. The effective portion of any gain or loss is recognised in the Consolidated Income
Statement at the same time as the economic effect arising from the hedged item that affects the Consolidated
Income Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognised in the Consolidated Income Statement immediately. When a hedging instrument or hedge relationship
is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss realised to the point
of termination remains and is recognised in the Consolidated Income Statement at the same time as the underlying
transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealised gain or loss held in
OCI is recognised in the Consolidated Income Statement immediately.
Hedges of a net investment
If a derivative financial instrument is designated as a hedging instrument for a net investment in a foreign operation,
the effective portion of the gain or loss on the derivative financial instrument is recognised in OCI. The cumulative
gain or loss is reclassified from OCI to the Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match
closely or exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed.
If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match closely
or perfectly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to
assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources
of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging
instrument. The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The
Group\u2019s derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected
to be one for one. If hedge accounting cannot be applied, the gains or losses from the fair value measurement of
derivative financial instruments are recognised immediately in the Consolidated Income Statement.
Transfers of financial assets
The Group derecognizes financial assets when the contractual rights to the cash flows arising from the asset are
no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On
derecognition of financial assets, the difference between the carrying amount of the asset and the consideration
received or receivable for the transfer of the asset is recognised in the Consolidated Income Statement.
The Group transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred payment
clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price
is dependent on the total amount collected from the receivables), whereby the transferor has priority participation in
the losses, or requires a significant exposure to the variability of cash flows arising from the transferred receivables
to be retained. These types of transactions do not meet the requirements of IFRS 9 for the derecognition of the
assets since the risks and rewards connected with ownership of the financial asset are not substantially
transferred, and accordingly the Group continues to recognize these receivables within the Consolidated Statement
of Financial Position and recognizes a financial liability for the same amount under Asset-backed financing, which
is included within Financial Debt. These types of receivables are classified as held-to-collect, since the business
model is consistent with the Group\u2019s continuing recognition of the receivables.
The fair value of financial instruments is measured in accordance with a fair value hierarchy that prioritizes the
information used to measure fair value into three broad levels. Transfers between the hierarchy levels are
recognised at the beginning of the period.
Inventories
Inventories of raw materials, semi-finished products and finished goods (including assets sold with a buy-back
commitment) are stated at the lower of cost and net realisable value, with the cost being determined on a first-in-
first-out (FIFO) basis. The measurement of inventories includes the direct costs of materials, labour and indirect
costs (variable and fixed). A provision is made for obsolete and slow-moving raw materials, finished goods, spare
parts and other supplies based on their expected future use and realisable value. Net realisable value is the
estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated
costs for sale and distribution.
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Group\u2019s net obligations are determined separately for each plan by estimating the present value of future
benefits that employees have earned in the current and prior periods and deducting the fair value of any plan
assets. The present value of the defined benefit obligation is measured using actuarial techniques and actuarial
assumptions that are unbiased and mutually compatible and attribute benefits to periods in which the obligation to
provide post-employment benefits arise by using the Projected Unit Credit Method. Plan assets are recognised and
measured at fair value.
When the net obligation is a potential asset, the recognised amount is limited to the present value of any economic
benefits available in the form of future refunds or reductions in future contributions to the plan (asset ceiling).
The components of the defined benefit cost are recognised as follows:
\u2022 the service costs are recognised in the income statement by function and presented in the relevant line items
(cost of sales, selling, general and administrative costs, research and development costs, etc.);
\u2022 the net interest on the defined benefit liability or asset is recognised in the income statement as financial
income (expenses), and is determined by multiplying the net liability (asset) by the discount rate used to
discount obligations taking into account the effect of contributions and benefit payments made during the year;
\u2022 the remeasurement components of the net obligations, which comprise actuarial gains and losses, the return
on plan assets (excluding interest income recognised in the income statement) and any change in the effect of
the asset ceiling are recognised immediately in OCI. These remeasurement components are not reclassified in
the Consolidated Income Statement in a subsequent period.
Past service costs arising from plan amendments and curtailments are recognised immediately in the income
statement.
Other long-term employee benefits
The Group\u2019s obligations represent the present value of future benefits that employees have earned in return for
their service during the current and prior periods. Remeasurement components on other long-term employee
benefits are recognised in the Consolidated Income Statement in the period in which they arise.
Termination benefits
Termination benefits are expensed at the earlier of i) when the Group can no longer withdraw the offer of those
benefits and ii) when the Group recognizes costs for a restructuring.
Post-employment plans other than pensions
The Group provides certain post-employment defined benefits, mainly healthcare plans. The method of accounting
and the frequency of valuations are similar to those used for defined benefit pension plans.
Revenue recognition
Revenue is recognised when control of the vehicles, equipment, services or parts has been transferred and the
Group\u2019s performance obligations to its customers have been satisfied. Revenue is measured as the amount of
consideration the Group expects to receive in exchange for transferring goods or providing services.
The timing of when the Group transfers the goods or services to the customer may differ from the timing of the
customer\u2019s payment.
Revenues are stated net of discounts, allowances, settlement discounts and rebates, as well as costs for sales
incentive programs, which are determined on the basis of historical costs, country by country, and charged against
profit for the period in which the corresponding sales are recognised.
The Group also enters into contracts with multiple performance obligations. For these contracts, the Group
allocates revenue from the transaction price to the distinct goods and services in the contract on a relative
standalone selling price basis. To the extent that the Group sells the good or service separately in the same market,
the standalone selling price is the observable price at which the Group sells the good or service separately. For all
other goods or services, the Group estimates the standalone selling price using a cost-plus-margin approach.
Sales of goods
The Group has determined that the customers from the sale of vehicles, equipment and parts are generally
dealers, distributors and retail customers.
Transfer of control, and thus related revenue recognition, generally corresponds to when the vehicles, equipment
and parts are made available to the customer. Therefore, the Group recognizes revenue at a point in time, when
control is transferred to the customer at a sale price that the Group expects to receive.
For all sales, no significant uncertainty exists surrounding the purchaser\u2019s obligation to pay for vehicles, equipment
and parts. The Group records appropriate ECL allowances and anticipated returns as required. Fixed payment
schedules exist for all sales, but payment terms vary by geographic market and product line.
The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will ultimately
be paid and is recognised as a reduction to revenue at the time of the sale. If a vehicle or equipment contract
transaction has multiple performance obligations, the cost of incentives is allocated entirely to the vehicle or
equipment as the intent of the incentives is to encourage sales of vehicles or equipment. If the estimate of the
incentive changes following the sale to the customer, the change in estimate is recognised as an adjustment to
revenue in the period of the change. The Group grants certain sales incentives to support sales of its products to
retail customers. At the later of the time of sale and the time an incentive is announced to dealers, the Group
records the estimated impact of sales allowances in the form of dealer and customer incentives as a reduction of
revenue.
Subsequent adjustments to sales incentive programs related to products/vehicles previously sold are recognised
as an adjustment to revenues in the period the adjustment is determinable. The determination of sales allowances
requires management to make estimates based upon historical data, estimated future market demand for products,
field inventory levels, announced incentive programs, competitive pricing and interest rates, among other things.
With reference to the sales to dealers accompanied by \u201cfloor plan\u201d agreements under which the Group offers
wholesale financing including \u201cinterest-free\u201d financing for a specified period of time (which also varies by
geographic market and product line), two separate performance obligations exist. The first performance obligation
consists of the sale of the equipment/vehicle to the dealer. The interest-free financing represents a cash sale
incentive recognised as a reduction of net sales. The second performance obligation consists of a credit facility
extended to the dealer. The remuneration of this performance obligation is represented by the interest charged to
the dealer. This remuneration is recognised over the period of the outstanding exposure.
For sales of parts, when the Group provides its customers with a right to return a transferred product, revenue and
corresponding cost of sales are recognised for parts that are not expected to be returned. The expected returns are
estimated based on an analysis of historical experience. The portion of revenues (and corresponding cost of sales)
related to the parts that are expected to be returned is recognised at the end of the return period. The amount
received or receivable that is expected to be returned is recognised as a refund liability, representing the obligation
to return the customer\u2019s consideration.
Furthermore, at the time of the initial sale, the Group recognizes a return asset for the right to recover the goods
returned by the customer. This asset is initially measured at the former carrying amount of the inventory. At each
reporting date, both the refund liability and the return asset are re-measured to account for any revisions to the
expected level of returns, as well as any decreases in the value of the returned products.
Rendering of services
Revenues from services provided primarily comprise extended warranties and maintenance and repair services
and are recognised over the contract period in which the costs are incurred, that is when the claims are charged by
the dealer. Amounts invoiced to customers for which the Group receives consideration before the performance is
satisfied are recognised as contract liabilities. These services are either separately-priced or included in the selling
price of the vehicle. In the second case, revenue for the services is allocated based on the estimated stand-alone
selling price. In the event that the costs expected to be incurred to satisfy the remaining performance obligations
exceed the transaction price, an estimated contract loss is recognised. Shipping and other transportation activities
performed as an agent are recognised on a net basis, by netting the related freight cost against the freight revenue.
Rents and other income on assets sold with buy-back commitments
The Group enters into transactions for the sale of vehicles to some customers with an obligation to repurchase
(\u201cbuy-back commitment\u201d) the vehicles at the end of a period (\u201cbuy-back period\u201d) at the customer\u2019s request. For
these types of arrangements, at inception, the Group assesses whether a significant economic incentive exists for
the customer to exercise the option.
If the Group determines that the customers has a significant economic incentive to exercise the buy-back option,
the transaction is accounted for as an operating lease. In such cases, vehicles are accounted for as Property, plant
and equipment because the agreements typically have a long-term buy-back period. The difference between the
carrying value (corresponding to the manufacturing cost) and the estimated resale value (net of refurbishing costs)
at the end of the buy-back period is depreciated on a straight-line basis over the same period. The initial sale price
received is recognised in \u201cOther current liabilities\u201d and includes the repurchase value of the vehicle, and the rents
to be recognised in the future recorded as contract liabilities. These rents are determined at the inception of the
contract as the difference between the initial sale price and the repurchase price and are recognised as revenue on
a straight-line basis over the term of the agreement. At the end of the agreement term, upon exercise of the option,
the used vehicles are reclassified from Property, plant and equipment to Inventories. The proceeds from the sale of
such vehicles are recognised as Revenues.
If the Group determines that the customer does not have a significant economic incentive to exercise the buy-back
option, the transaction is treated as a sale with a variable consideration whose variable component is the buy-back
provision accrual. The buy-back provision accrual is the difference between the repurchase price and the estimated
market value of the used vehicle at the end of the buy-back period and is recorded only when the repurchase price
is greater than the estimated market value of the used vehicle. The buy-back provision accrual is estimated and
recognised as a reduction of revenues at the time of the sale. Any subsequent change following such periodic
reassessment is recognised as a reduction of revenues at that time.
Finance and interest income of financial services activities
Finance and interest income on retail and other notes receivable and finance leases is recorded using the effective
yield method. Deferred costs on the origination of financing receivables are recognised as a reduction in finance
revenue over the expected lives of the receivables using the effective yield method. When a financial asset
becomes credit-impaired and is, therefore, regarded as \u201cStage 3\u201d, the Group calculates interest income by applying
the effective interest rate to the net amortised cost of the financial asset. If the financial asset is no longer credit-
impaired, the Group reverts to calculating interest income on a gross basis.
Receivables are considered past due if the required principal and interest payments have not been received as of
the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. Charge-
offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is
determined to be probable that all amounts due will not be collected.
Cost of sales
Cost of sales comprises expenses incurred in the manufacturing and distribution of the Group\u2019s products, expenses
directly attributable to the financial services and sports activities as follows:
Manufacturing and Distribution - all directly attributable material and production costs, all overheads directly related
to production and/or the performance of services, depreciation of property, plant and equipment and the
amortisation of intangible assets relating to production and write-downs of inventories, freight and insurance costs
relating to deliveries to dealers and agency fees in the case of direct sales and provisions made to cover the
estimated cost of product warranties.
Financial services - interest expenses related to financial services financing as a whole and provisions for risks and
write-downs of assets.
Sports activities - costs for players\u2019 wages and technical staff, amortisation and impairment losses on players\u2019
registration rights, operating and maintenance costs of sports facilities as well as all the costs incurred for sports
events.
Government grants
Government grants are recognised when there is reasonable assurance that the Group is compliant with the
conditions for receiving such grants and that the grants will be received. Government grants are recognised as
income over the periods necessary to match them with the related costs which they are intended to offset.
The benefit of a government loan at a below-market rate of interest is treated for accounting purposes as a
government grant. The benefit of the below-market rate of interest is measured as the difference between the initial
carrying amount of the loan (fair value plus transaction costs) and the proceeds received, and it is accounted for in
accordance with the policies used for the recognition of government grants.
Income taxes
Income taxes include all taxes based upon the taxable profits of the Group. Income taxes are provided by each
consolidated company on the basis of a reasonable estimate of the definition of taxable income for tax purposes, in
accordance with existing laws in the individual countries in which the Group operates and takes into account tax
credit entitlement.
Current and deferred taxes are recognised as income or expense and included in the Consolidated Income
Statement for the period, except for taxes arising from a business combination or a transaction or event which is
recognised, in the same or in a different period, either in OCI or directly in Equity. Deferred tax liabilities are
recognised for all taxable temporary differences between the carrying amounts of assets or liabilities and their tax
base, except to the extent that the deferred tax liabilities arise from the initial recognition of goodwill or the initial
recognition of an asset or liability in a transaction which is not a business combination and at the time of the
transaction, affects neither accounting profit nor taxable profit, or for differences related to investments in
subsidiaries where reversal will not take place in the foreseeable future. Deferred tax assets and liabilities are
measured at the substantively enacted tax rates in the respective jurisdictions in which the Group operates that are
expected to apply to the period when the asset is realised or liability is settled. Deferred taxes are accounted for
under the full liability method.
The Group recognizes deferred tax assets associated with the deductible temporary differences on investments in
subsidiaries only to the extent that it is probable that the temporary differences will reverse in the foreseeable future
and taxable profit will be available against which the temporary difference can be utilised.
The Group recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits,
except when it is able to control the timing of the reversal of the temporary difference and it is probable that this
temporary difference will not reverse in the foreseeable future.
The Group reassesses unrecognised deferred tax assets at the end of each year and recognizes a previously
unrecognised deferred tax asset to the extent that it has become probable that future taxable profit will allow the
deferred tax asset to be recovered.
Current income taxes and deferred taxes are offset when they relate to the same taxation authority and there is a
legally enforceable right to offset.
Other taxes not based on income, such as property taxes and capital taxes, are included in other income
(expenses).
Use of estimates
The Consolidated Financial Statements at 31\u00a0December\u00a02023 were prepared in accordance with IFRS which
require the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities,
the disclosures relating to contingent assets and liabilities and the amounts of income and expense reported for the
period. The estimates and related assumptions are based on elements that are known when the financial
statements are prepared, based on the historical experience of the Group and on any other factors that are
considered to be relevant. Actual results may differ from the estimates.
Particularly in light of the current economic uncertainty, developments may occur which may differ from Group's
estimates and assumptions, and therefore might require significant adjustments to the carrying amounts of certain
items, which as of the date of these Consolidated Financial Statements cannot be accurately estimated or
predicted.
The main items affected by estimates are the allowances for doubtful accounts receivable and inventories, non-
current assets (tangible and intangible assets), the residual values of vehicles leased out under operating lease
arrangements or sold with buy-back commitments, sales allowances, product warranties, pension and other post-
employment benefits, deferred tax assets and contingent liabilities.
The estimates and underlying assumptions are reviewed periodically and if the items subject to estimates do not
perform as assumed then the actual results could differ from the estimates, which would require adjustment
accordingly. The effects of any changes in estimate are recognised in the Consolidated Income Statement in the
period in which the adjustment is made, or also in future periods if the revision affects both current and future
periods.
There are no key sources of estimation for uncertainty and no critical judgements. The following are the main
judgments and assumptions concerning the future that Exor and its consolidated subsidiaries have made in the
process of applying accounting policies to prepare the Consolidated Financial Statements.
Recoverability of goodwill and intangible assets with indefinite useful lives
In accordance with IAS 36 \u2013 Impairment of Assets, goodwill and intangible assets with indefinite useful lives are not
amortised and are tested for impairment annually or more frequently if facts or circumstances indicate that the
asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to operating
segments or cash generating units (\u201cCGUs\u201d) within the operating segments. The impairment test is performed by
comparing the carrying amount and the recoverable amount of each CGU to which goodwill has been allocated. If
indicators of impairment are present, the carrying amount of the assets is reduced to its recoverable amount that is
the higher of its fair value less disposal costs and its value in use. In assessing its value in use, the pre-tax
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset. An impairment loss is
recognised when the recoverable amount is lower than the carrying amount. The assumptions used in the
impairment test represent management\u2019s best estimate for the period under consideration including in relation to
expected cash flows, growth rates, discount rates and future developments in the market where the Group
operates.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalised development expenditures of
CNH Industrial Group and Ferrari Group. The Group's subsidiaries periodically review the carrying amount of non-
current assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The
recoverability of non-current assets with definite useful lives is based on the estimated future cash flows, using the
Group\u2019s subsidiaries' current business plans of the cash generating units to which the assets relate. The estimation
of future cash flows is based on assumptions which are inherently uncertain in nature and therefore require
management judgement. The business plans of the Group\u2019s subsidiaries could change in response to these
evolving requirements and emerging technologies or in relation to any future business plans or strategies
developed as part of partnership and collaborations, which may result in changes to estimated future cash flows
and could affect the recoverability of non-current assets with definite useful lives. Any change in recoverability
would be accounted for at the time such change to the business plan occurs.
Residual values of assets leased out under operating lease arrangements or sold with a buy-back commitment
The Group records assets rented to customers or leased to them under operating leases as tangible assets.
Furthermore, new vehicle sales with a buy-back commitment are not recognised as sales at the time of delivery but
are accounted for as operating leases if it is probable that the vehicles will be bought back. Income from such
operating leases is recognised on a straight-line basis over their terms. Depreciation expense for assets subject to
operating leases is recognised on a straight-line basis over the lease terms in amounts necessary to reduce the
cost of such assets to their estimated residual values at the end of the lease terms. The estimated residual value of
leased assets is calculated at the lease commencement date on the basis of published industry information and
historical experience and is reviewed quarterly. Realization of the residual values is dependent on the Group\u2019s
future ability to market the assets under the then-prevailing market conditions.
The Group continually evaluates whether events and circumstances have occurred which impact the estimated
residual values of the assets on operating leases. The used vehicle market is carefully monitored to ensure that
write-downs are properly determined. However, it cannot be excluded that additional write-downs may be required
if market conditions will deteriorate further.
Recognition of deferred tax assets
Deferred tax assets are recognised to the extent that it is probable that sufficient taxable profit will be available to
allow the benefit of part or all of the deferred tax assets to be utilised. The recoverability of deferred tax assets
depends on the ability of the consolidated entities to generate sufficient future taxable income in the period in which
it is assumed that the deductible temporary differences reverse and tax losses carried forward can be utilised. The
assessment of the recoverability of such deferred tax assets are autonomously made by each consolidated
subsidiary, considering future taxable income based on the most recent budgets and plans prepared using the
same criteria as those for the impairment of assets and goodwill. Consolidated subsidiaries believed the amount of
recognised deferred tax assets is appropriate, despite the risk of actual future results potentially being lower than
the results included in these forecasts, considering many of the recognised net deferred tax assets relate to
temporary differences and tax losses which, to a significant extent, may be recovered over an extended time
period, but do not expire based on currently enacted tax law. As in all financial reporting periods, the Group's
subsidiaries assessed the realisability of its various deferred tax assets, subject to multiple tax jurisdictions.
Pension and other post-employment benefits
Group companies sponsor pension and other post-employment benefits in various countries, mainly in the United
States, the United Kingdom and Germany. Employee benefit liabilities, related assets, costs and net interest
connected with them are measured on an actuarial basis which requires the use of estimates and assumptions to
determine the net defined benefit liability/asset for the Group. The actuarial method takes into consideration
parameters of a financial nature such as the discount rate, the rate for expected return on plan assets, the rate of
salary increases and the healthcare costs trend rate and takes into consideration the likelihood of potential future
events by using certain demographic parameters such as mortality rates and dismissal or retirement rates. The
discount rates selected are based on yields or yield curves of high quality corporate bonds in the relevant market.
Trends in healthcare costs are developed on the basis of historical experience, the near-term outlook for costs and
likely long-term trends. Rates of salary increases reflect the Group\u2019s long-term actual expectations in the reference
markets and inflation trends. Changes in any of these assumptions may have an effect on future contributions to
the plans.
The effects resulting from revising the estimates for the above parameters (\u201cre-measurements\u201d) are recognised
directly in OCI without reclassification to profit or loss in subsequent years: refer to \u201cEmployee benefits\u201d section
above for further details. Significant future changes in the yields of corporate bonds, other actuarial assumptions
referred to above and returns on plan assets may significantly impact the net liability/asset.
Allowance for obsolete and slow-moving inventory
The allowance for obsolete and slow-moving inventory reflects management\u2019s estimate of the expected loss in
value and has been determined on the basis of past experience and historical and expected future trends in the
used vehicle market. A worsening of the economic and financial situation could cause a further deterioration in
conditions in the used vehicle market compared to that taken into consideration in calculating the allowances
recognised in the financial statements.
Sales allowance
The Group grants certain sales incentives to support sales of its products to retail customers. At the later of the
time of sale or the time an incentive is announced to dealers, the Group records the estimated impact of sales
allowances in the form of dealer and customer incentives as a reduction of revenue. The expense for new
programs is accrued at the inception of the program. The amounts of incentives to be paid are estimated. The
determination of sales allowances requires management to make estimates based upon historical data, estimated
future market demand for products, field inventory levels, announced incentive programs, competitive pricing and
interest rates, among other things. The final cost of these programs is determined at the end of the measurement
period for volume-based incentives or when the dealer sells the equipment to the retail customer. Changes in the
mix and types of programs affect these estimates, which are periodically reviewed. Actual cost differences from the
original cost estimate are recognised in Net revenues.
Product warranties
The Group makes provisions for estimated expenses related to product warranties at the time products are sold.
Management establishes these estimates based on historical information on the nature, frequency and average
cost of warranty claims. The Group seeks to improve vehicle quality and minimize warranty expenses arising from
claims. Warranty costs may differ from those estimated if actual claim rates are higher or lower than historical rates.
Contingent liabilities
Group\u2019s subsidiaries are subject to various proceedings, claims and governmental investigations on a wide range
of topics. Some of these proceedings allege defects in specific products or general design defects. Such
proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include
a claim for exemplary or punitive damages. Adverse decisions could require the relevant subsidiary to pay
substantial damages or undertake service actions, recall campaigns or other costly actions. Litigation is subject to
many uncertainties and the outcome of the individual matters is not predictable. An accrual is recorded if it is
probable that there will be an outflow of funds and when the amount can be reasonably estimated. Since such
accruals represent estimates, the final resolution could require the Group to make payments in excess of the
amounts accrued or in an amount or range that could not previously be estimated. The subsidiaries of the Group
monitor the status of pending legal proceedings and consult with experts on legal and tax matters on a regular
basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-538": { "value": "Significant accounting policies applied until 31 December 2023 and not relevant or not applicable
starting from 1 January 2024
Basis of consolidation
At 31\u00a0December\u00a02023, all subsidiaries were consolidated on a line-by-line basis. Subsidiaries that are either
inactive or generate a negligible volume of business, are not consolidated. Their impact on the Group\u2019s assets,
liabilities, financial position and result is not material.
The portion of non-controlling interest included in the equity and the one included in the profit (loss) of consolidated
subsidiaries are presented separately from the interests of the owners of the parent in the statement of financial
position and income statement respectively. Losses applicable to non-controlling interests which exceed the
minority\u2019s interests in the subsidiary\u2019s equity are allocated against the non-controlling interests.
Changes in the Group\u2019s ownership interests in a subsidiary that do not result in the Group losing control over such
subsidiary are accounted for as an equity transaction. The carrying amounts of the equity attributable to the owners
of the parent and non-controlling interests are adjusted to reflect the changes in their relative interests in the
subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of the
consideration paid or received in the transaction is recognised directly in the equity attributable to the owners of the
parent.
Subsidiaries are deconsolidated from the date in which the control ceases. Specifically, when the Group ceases to
have control over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at
their carrying amounts, as well as the carrying amount of non-controlling interests in the former subsidiary, and
recognizes the fair value of any consideration received for the transaction.
Any interest retained in the former subsidiary is recognised at fair value. Any gains or losses recognised in other
comprehensive income (\"OCI\") with respect to the measurement of the assets of the subsidiary are accounted for
as if the subsidiary had been sold (i.e., reclassified to the income statement or transferred directly to retained
earnings as required by other IFRS).
Associates and joint venture
Associates are entities over which the Group has significant influence, as defined in IAS 28 \u2013 Investments in
Associates and Joint Ventures. Significant influence is the power to participate in the financial and operating policy
decisions of the investee but without control or joint control over those policies. A joint venture is an arrangement
whereby the parties that exercise joint control have rights to the assets and obligations for the liabilities relating to
such arrangement. Joint control is the contractually-agreed sharing of control, which exists only when decisions
about the relevant activities require the unanimous consent of the parties sharing control. Investments in joint
ventures are accounted for using the equity method from the date in which joint control or significant influence is
acquired, until the date in which it ceases. At 31\u00a0December\u00a02023, associates and joint venture were accounted for
using the equity method.
Consolidation of foreign entities
The goodwill, assets acquired and liabilities assumed arising from the acquisition of entities with a functional
currency other than the Euro are recognised in the functional currency and translated at the exchange rate at the
acquisition date. These balances are translated a second time at the exchange rate at the balance sheet date.
Iveco Group and CNH Industrial apply IAS 29 \u2013 Financial reporting in hyperinflationary economies for subsidiaries
that prepare their financial statements in a functional currency of a hyperinflationary economy. According to this
standard, non-monetary assets and liabilities not yet translated into the respective group's reporting currency at the
reporting date are redetermined using a general price index. The financial statements of these subsidiaries are
then translated at the closing spot rate.
The main exchange rates used to translate other currencies into Euro for the Annual Report 2023 were as follows:
\u00a0
For the year ended 31 December
\u00a0
Average
2023
U.S. dollar
1.081
1.105
Brazilian real
5.401
5.350
Chinese renminbi
7.657
7.851
Polish zloty
4.543
4.348
Czech Koruna
24.004
24.724
Argentinian peso(1)
892.924
892.924
British pound
0.870
0.869
Swiss franc
0.972
0.926
Canadian dollar
1.460
1.464
Hong Kong dollar
8.466
8.631
Singapore dollar
1.452
1.459
Australian dollar
1.628
1.626
Japanese Yen
151.854
156.330
Turkish lira(2)
32.603
32.603
(1) Starting from 1\u00a0July\u00a02018, Argentina\u2019s economy was considered to be hyperinflationary. From that date, transactions for entities with the Argentine peso as the
functional currency were translated using the closing spot rate.
(2) Starting from 2022, Turkey's economy was considered to be hyperinflationary. With effect from 1\u00a0January\u00a02022, transactions for entities with the Turkish lira as
the functional currency were translated using the closing spot rate.
Date of reference
The investments are consolidated using the financial statements at 31\u00a0December, Exor\u2019s year-end closing date,
which cover a 12-month period, or accounting data prepared at the same date (whenever the closing date is
different from Exor\u2019s), adjusted, where necessary, to conform with the accounting principles of Exor.The Economist
Group, whose financial year closes on 31\u00a0March of each year, has been consolidated using the equity method on
the basis of the most recent data available (30\u00a0September\u00a02023). At 31\u00a0December\u00a02023 there were no significant
variations to The Economist Group data used for the purposes of these consolidated financial statements.
Business combinations
Business combinations are accounted for applying the acquisition method. Under this method:
\u25aa the consideration transferred in a business combination is measured at fair value, which is calculated as the
sum of the acquisition-date fair values of the assets transferred and liabilities assumed by the Group and the
equity interests issued in exchange for control of the acquiree. Acquisition-related costs are generally
recognised in profit or loss as incurred;
\u25aa at the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair
value at that date, except for deferred tax assets and liabilities, assets and liabilities relating to employee
benefit arrangements, liabilities or equity instruments relating to share-based payment arrangements of the
acquiree or share-based payment arrangements of the Group entered into to replace share-based payment
arrangements of the acquiree, assets (or disposal groups) that are classified as held for sale, which are
measured in accordance with the relevant standard;
\u25aa goodwill is measured as the excess of the aggregate of the consideration transferred in the business
combination, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer's
previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the
identifiable assets acquired and the liabilities assumed. If the net of the acquisition-date amounts of the
identifiable assets acquired and liabilities assumed exceeds the aggregate of the consideration transferred, the
amount of any non-controlling interest in the acquiree and the fair value of the acquirer's previously held
interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a gain from a bargain
purchase;
\u25aa non-controlling interest is initially measured either at fair value or at the non-controlling interest\u2019s proportionate
share of the acquiree's identifiable net assets. The selection of the measurement method is made on a
transaction-by-transaction basis;
\u25aa any contingent consideration arrangement in the business combination is measured at its acquisition-date fair
value and included as part of the consideration transferred in the business combination in order to determine
goodwill. Changes in the fair value of the contingent consideration that qualify as measurement period
adjustments are recognised retrospectively, with corresponding adjustments to goodwill. Measurement period
adjustments are adjustments that arise from additional information obtained during the \"measurement
period\" (which may not exceed one year from the acquisition date) about facts and circumstances that existed
as of the acquisition date. Any changes in fair value after the measurement period are recognised in profit or
loss.
When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the acquiree is
remeasured at its acquisition-date fair value and any resulting gain or loss is recognised in the income statement
under Result from investments. Changes in the equity interest in the acquiree that have been recognised in OCI in
prior reporting periods are reclassified to the income statement as if the equity interest had been disposed of.
Goodwill
Goodwill represents the excess of the fair value of consideration paid over the fair value of net tangible and
identifiable intangible assets acquired in a business combination. Goodwill is not amortised but is tested for
impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Intangible assets with indefinite useful lives
Intangible assets with an indefinite useful life mainly consist of brands which have no legal, contractual, competitive
and economic qualities, or other factors that may limit their useful lives. Intangible assets with indefinite useful lives
are not amortised, but are tested for impairment annually, or more frequently if events or changes in circumstances
indicate that the asset may be impaired.
Intangible assets with a definite useful life
Intangible assets with a definite useful life are recognised at their purchase or production cost net of amortisation
and cumulative impairment losses. Amortisation is calculated on a straight line basis over the asset\u2019s useful life and
begins when the asset is available for use. Whenever necessary, intangible assets with a definite useful life are
tested for impairment. The main intangible assets with a definite useful life are as follows:
Development costs
Development costs for vehicle production projects (trucks, buses, agricultural and construction equipment and
engines) are recognised as an asset if and only if both of the following conditions are met: a) development costs
can be measured reliably, and b) the technical feasibility of the product, volumes and pricing support the view that
the development expenditure will generate future economic benefits. Capitalised development costs include all
direct and indirect costs that may be directly attributed to the development process. Capitalised development costs
are amortised on a systematic basis from the start of production of the related product over the product\u2019s estimated
average life, as follows:
\u00a0
Trucks and buses
Agricultural and
Construction Equipment
Engines
Number of years
4-8
5
8-10
All other development costs which do not meet the above criteria are expensed as incurred.
Players\u2019 registration rights
Players\u2019 registration rights are recognised at cost, including auxiliary expenses, and discounted to present value.
They are amortised on a straight-line basis over the duration of the contracts the company has signed with the
individual football players.
Other intangible assets
Other intangible assets with a finite useful life are recognised in accordance with IAS 38 \u2013 Intangible Assets when it
is probable that the use of the asset will generate future economic benefits for the Group and the cost of the asset
can be measured reliably. Other intangible assets are recorded at purchase or production cost and amortised on a
straight-line basis over their estimated useful lives. Other intangible assets recognised after the acquisition of a
company are recorded separately from goodwill if their fair value can be measured reliably.
Property, plant and equipment
Cost
Property, plant and equipment is initially recognised at cost which comprises the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner
intended by management and any initial estimate of the costs of dismantling and removing the item and restoring
the site on which it is located. Internally generated assets are initially recognised at production cost. Subsequent
expenditures and the cost of replacing parts of an asset are capitalised only if they increase the future economic
benefits embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs
are capitalised, the carrying amount of the parts that are replaced is recognised in the income statement.
Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or
equipment or an intangible asset that is deemed to be a qualifying asset are capitalised. All other borrowing costs
are expensed when incurred.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
\u00a0
Buildings
Plant, machinery and
equipment
Other assets
Depreciation\u00a0rate
2.5% - 10%
3% - 33%
3% - 33%
Land is not depreciated.
Lease accounting policy
Lessee accounting
A lease is a contract that conveys the right to control the use of an identified asset (the leased asset) for a period of
time in exchange for consideration. The lease term determined by the Group comprises the non-cancellable period
of lease contract together with both periods covered by an option to extend the lease if the lessee is reasonably
certain to exercise that option; and periods covered by an option to terminate the lease if the lessee is reasonably
certain not to exercise that option.
For real estate leases, this assessment is based on an analysis by management of all relevant facts and
circumstances including the leased asset\u2019s purpose, the economic and practical potential for replacing and any
plans that the Group has in place for the future use of the asset. The Group combines lease and non-lease
components. For leases with terms not exceeding twelve months (short-term leases) and for leases of low-value
assets, the Group recognizes the lease payments associated with those leases on a straight-line basis over the
lease term as operating expense in the income statement. For all other leases, at the commencement date (i.e.,
the date the underlying asset is available for use), the Group recognizes a right-of-use asset, classified within
Property, plant and equipment, and a lease liability, classified within Other Debt.
At the commencement date, the right-of-use asset includes the amount of lease liability recognised, initial direct
costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
At the same date, the lease liability is measured at the present value of lease payments to be made over the lease
term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's
incremental borrowing rate. The incremental borrowing rate is determined considering macro-economic factors
such as the specific interest rate curve based on the relevant currency and term, as well as specific factors
contributing to the Group\u2019s credit spread. The Group primarily uses the incremental borrowing rate as the discount
rate for its lease liabilities.
After the commencement date, the right-of-use asset is measured at cost less any accumulated depreciation and
any accumulated impairment losses, and adjusted for any remeasurement of the lease liability. The right-of-use
asset is depreciated on a straight-line basis. If the lease transfers ownership of the underlying asset to the Group
by the end of the lease term or if the cost of the right-of-use asset reflects that the Group will exercise a purchase
option, the Group depreciates the right-of-use asset from the commencement date to the end of the useful life of
the underlying asset. Otherwise, the Group depreciates the right-of-use asset from the commencement date to the
earlier of the end of the useful life of the right-of-use asset or the end of the lease term.
After the commencement date, the lease liability is increased to reflect the accretion of interest, recognised within
Financial income/(expenses) in the income statement, reduced for the lease payments made and remeasured to
reflect any reassessment or lease modifications.
Before the adoption of IFRS 16, where the Group entered as lessee in a contract classified as a finance lease,
assuming substantially all the risks and rewards of ownership, assets held under finance lease were recognised as
assets of the Group at the lower of fair value or present value of the minimum lease payments and depreciated.
The corresponding liability to the lessor was included in the financial statement as a debt. Where the Group
entered as lessee in a contract classified as an operating lease, the lessor retained substantially all the risks and
rewards of ownership of the asset. Operating lease expenditures were expensed on a straight-line basis over the
lease terms.
Lessor accounting
Lease contracts where the Group acts as a lessor, can be classified as either an operating lease or finance lease.
Leases where a significant portion of the risks and rewards are retained by the lessor are classified as operating
leases. Leases that transfer substantially all the risks and rewards incidental to ownership of an underlying asset to
the lessee are classified as finance leases.
Where the Group is the lessor in a finance lease, the future minimum lease payments from lessees are classified
as Receivables from financing activities. Lease payments are recognised as repayment of the principal and
financial income remunerating the initial investment and the services provided.
Where the Group is the lessor in an operating lease, income from operating leases is recognised over the term of
the lease on a straight-line basis. Leased assets include equipment leased to retail customers by the Group's
leasing companies. They are stated at cost and depreciated at annual rates of between 20% and 33%.
The Group evaluates the carrying amount of equipment on operating leases for potential impairment when it
determines a triggering event has occurred. When a triggering event occurs, a test for recoverability is performed
comparing projected undiscounted future cash flows to the carrying amount of the asset. If the test for
recoverability identifies a possible impairment, the asset\u2019s fair value is measured in accordance with the fair value
measurement framework. An impairment charge would be recognised for the amount by which the carrying amount
of the asset exceeds its estimated fair value. When leased assets are no longer leased and become held for sale,
the Group reclassifies their carrying amount to Inventories.
Impairment of assets
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually or more frequently, if
there is an indication that an asset may be impaired. Assets with finite useful lives are tested for impairment only if
impairment indicators are present. At the end of each reporting period the Group assesses whether there is any
indication that its finite-lived intangible assets (including capitalised development expenditures) and its property,
plant and equipment may be impaired.
If indications of impairment are present, the carrying amount of the asset is reduced to its recoverable amount, that
is, the higher of fair value less costs of disposal and its value in use. Where it is not possible to estimate the
recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit
to which the asset belongs. In assessing the value in use of an asset, the estimated future cash flows are
discounted to their present value using a discount rate that reflects the current market assessments of the time
value of money and the risks specific to the asset. An impairment loss is recognised if the recoverable amount is
lower than the carrying amount.
Where an impairment loss for assets, other than goodwill, subsequently no longer exists or has decreased, the
carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount,
but not in excess of the carrying amount that would have been recorded had no impairment loss been recognised.
The reversal of an impairment loss is recognised in the income statement immediately.
Receivables from financing activities
Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed
under dealer network financing programs. These receivables are interest-bearing with the exception of an initial,
limited, non-interest-bearing period. The contractual terms governing the relationships with the dealer networks
vary according to market and payment terms, which range from two to twelve months.
Impairment of financial assets
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is a
probability-weighted estimate of the present value of cash shortfalls.
These estimates were assessed on an individual basis, taking into account the ageing of customers\u2019 balances,
specific credit circumstances and historical experience, and on a collective basis, using loss forecast models that
considered a variety of factors that include, but are not limited to, historical loss experience, collateral value,
portfolio balance and delinquency.
In accordance with IFRS 9, the simplified approach, which requires recognition of expected lifetime losses, was
applied to trade receivables. For receivables from financing activities the Group applied the general approach
recording the credit losses either on a 12-month or lifetime basis.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined below, are individually assessed for impairment; and
\u2022 A general reserve is recognised for all other trade receivables (including those not past due) based on historical
loss rates.
The Group considers a financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full
and without consideration of compensating guarantees or collaterals (if any exist); or (ii) the financial asset is more
than 90 days past due.
The Group applies the general approach as determined by IFRS 9 by assessing at each reporting date whether
there has been a significant increase in credit risk on the financial instrument since initial recognition. The Group
considers receivables to have experienced a significant increase in credit risk when certain quantitative or
qualitative indicators have been met or the borrower is more than 30 days past due on its contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of
ECL
Stage 1
A financial instrument that is not credit impaired on initial recognition
12-month ECL\u00a0
Stage 2
A financial instrument with a significant increase in credit risk since initial recognition
\u00a0Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
\u00a0Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or
collective portfolio.
The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each
reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since
adoption, there have been no significant changes in estimation techniques or in significant assumptions that led to
material changes in the ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Group determines that a debtor does not have assets or sources of
income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial
assets that are written off could still be subject to enforcement activities.
Hedge accounting
Derivative financial instruments are used for economic hedging purposes, in order to reduce currency, interest rate
and market price risks (primarily related to commodities and securities).
The fair value of other financial assets and liabilities, which mainly include derivative financial instruments, is
measured by taking into consideration market parameters at the balance sheet date and using valuation
techniques widely accepted in the financial environment.
In particular:
\u2022 the fair value of forward contracts and currency swaps is determined by taking the prevailing exchange rates
and interest rates at the balance sheet date;
\u2022 the fair value of interest rate swaps and forward rate agreements is determined by taking the prevailing interest
rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps is determined using the exchange rates and
interest rates prevailing at the balance sheet date and the discounted expected cash flow method;
\u2022 the fair value of swaps and options hedging commodity price risk is determined by using suitable valuation
techniques and taking market parameters at the balance sheet date (in particular, underlying prices, interest
rates and volatility rates).
IFRS 9 aims to simplify hedge accounting and to reflect the effect of an entity\u2019s risk management activities in the
financial statements, allowing more hedging instruments and hedged items to qualify for hedge accounting.
Fair value hedges
Where a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a
recognised asset or liability attributable to a particular risk that could affect the Consolidated Income Statement, the
gain or loss from remeasuring the hedging instrument at fair value is recognised in the Consolidated Income
Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the
hedged item and is recognised in the Consolidated Income Statement.
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the exposure to variability in future cash flows
of a recognised asset or liability or a highly probable forecasted transaction and could affect the Consolidated
Income Statement, the effective portion of any gain or loss on the derivative financial instrument is recognised
directly in OCI. When the hedged forecasted transaction results in the recognition of a non-financial asset, the
gains and losses previously deferred in OCI are reclassified and included in the initial measurement of the cost of
the non-financial asset. The effective portion of any gain or loss is recognised in the Consolidated Income
Statement at the same time as the economic effect arising from the hedged item that affects the Consolidated
Income Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is
recognised in the Consolidated Income Statement immediately. When a hedging instrument or hedge relationship
is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss realised to the point
of termination remains and is recognised in the Consolidated Income Statement at the same time as the underlying
transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealised gain or loss held in
OCI is recognised in the Consolidated Income Statement immediately.
Hedges of a net investment
If a derivative financial instrument is designated as a hedging instrument for a net investment in a foreign operation,
the effective portion of the gain or loss on the derivative financial instrument is recognised in OCI. The cumulative
gain or loss is reclassified from OCI to the Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging
instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match
closely or exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed.
If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match closely
or perfectly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to
assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources
of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging
instrument. The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The
Group\u2019s derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected
to be one for one. If hedge accounting cannot be applied, the gains or losses from the fair value measurement of
derivative financial instruments are recognised immediately in the Consolidated Income Statement.
Transfers of financial assets
The Group derecognizes financial assets when the contractual rights to the cash flows arising from the asset are
no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On
derecognition of financial assets, the difference between the carrying amount of the asset and the consideration
received or receivable for the transfer of the asset is recognised in the Consolidated Income Statement.
The Group transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred payment
clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price
is dependent on the total amount collected from the receivables), whereby the transferor has priority participation in
the losses, or requires a significant exposure to the variability of cash flows arising from the transferred receivables
to be retained. These types of transactions do not meet the requirements of IFRS 9 for the derecognition of the
assets since the risks and rewards connected with ownership of the financial asset are not substantially
transferred, and accordingly the Group continues to recognize these receivables within the Consolidated Statement
of Financial Position and recognizes a financial liability for the same amount under Asset-backed financing, which
is included within Financial Debt. These types of receivables are classified as held-to-collect, since the business
model is consistent with the Group\u2019s continuing recognition of the receivables.
The fair value of financial instruments is measured in accordance with a fair value hierarchy that prioritizes the
information used to measure fair value into three broad levels. Transfers between the hierarchy levels are
recognised at the beginning of the period.
Inventories
Inventories of raw materials, semi-finished products and finished goods (including assets sold with a buy-back
commitment) are stated at the lower of cost and net realisable value, with the cost being determined on a first-in-
first-out (FIFO) basis. The measurement of inventories includes the direct costs of materials, labour and indirect
costs (variable and fixed). A provision is made for obsolete and slow-moving raw materials, finished goods, spare
parts and other supplies based on their expected future use and realisable value. Net realisable value is the
estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated
costs for sale and distribution.
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Group\u2019s net obligations are determined separately for each plan by estimating the present value of future
benefits that employees have earned in the current and prior periods and deducting the fair value of any plan
assets. The present value of the defined benefit obligation is measured using actuarial techniques and actuarial
assumptions that are unbiased and mutually compatible and attribute benefits to periods in which the obligation to
provide post-employment benefits arise by using the Projected Unit Credit Method. Plan assets are recognised and
measured at fair value.
When the net obligation is a potential asset, the recognised amount is limited to the present value of any economic
benefits available in the form of future refunds or reductions in future contributions to the plan (asset ceiling).
The components of the defined benefit cost are recognised as follows:
\u2022 the service costs are recognised in the income statement by function and presented in the relevant line items
(cost of sales, selling, general and administrative costs, research and development costs, etc.);
\u2022 the net interest on the defined benefit liability or asset is recognised in the income statement as financial
income (expenses), and is determined by multiplying the net liability (asset) by the discount rate used to
discount obligations taking into account the effect of contributions and benefit payments made during the year;
\u2022 the remeasurement components of the net obligations, which comprise actuarial gains and losses, the return
on plan assets (excluding interest income recognised in the income statement) and any change in the effect of
the asset ceiling are recognised immediately in OCI. These remeasurement components are not reclassified in
the Consolidated Income Statement in a subsequent period.
Past service costs arising from plan amendments and curtailments are recognised immediately in the income
statement.
Other long-term employee benefits
The Group\u2019s obligations represent the present value of future benefits that employees have earned in return for
their service during the current and prior periods. Remeasurement components on other long-term employee
benefits are recognised in the Consolidated Income Statement in the period in which they arise.
Termination benefits
Termination benefits are expensed at the earlier of i) when the Group can no longer withdraw the offer of those
benefits and ii) when the Group recognizes costs for a restructuring.
Post-employment plans other than pensions
The Group provides certain post-employment defined benefits, mainly healthcare plans. The method of accounting
and the frequency of valuations are similar to those used for defined benefit pension plans.
Revenue recognition
Revenue is recognised when control of the vehicles, equipment, services or parts has been transferred and the
Group\u2019s performance obligations to its customers have been satisfied. Revenue is measured as the amount of
consideration the Group expects to receive in exchange for transferring goods or providing services.
The timing of when the Group transfers the goods or services to the customer may differ from the timing of the
customer\u2019s payment.
Revenues are stated net of discounts, allowances, settlement discounts and rebates, as well as costs for sales
incentive programs, which are determined on the basis of historical costs, country by country, and charged against
profit for the period in which the corresponding sales are recognised.
The Group also enters into contracts with multiple performance obligations. For these contracts, the Group
allocates revenue from the transaction price to the distinct goods and services in the contract on a relative
standalone selling price basis. To the extent that the Group sells the good or service separately in the same market,
the standalone selling price is the observable price at which the Group sells the good or service separately. For all
other goods or services, the Group estimates the standalone selling price using a cost-plus-margin approach.
Sales of goods
The Group has determined that the customers from the sale of vehicles, equipment and parts are generally
dealers, distributors and retail customers.
Transfer of control, and thus related revenue recognition, generally corresponds to when the vehicles, equipment
and parts are made available to the customer. Therefore, the Group recognizes revenue at a point in time, when
control is transferred to the customer at a sale price that the Group expects to receive.
For all sales, no significant uncertainty exists surrounding the purchaser\u2019s obligation to pay for vehicles, equipment
and parts. The Group records appropriate ECL allowances and anticipated returns as required. Fixed payment
schedules exist for all sales, but payment terms vary by geographic market and product line.
The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will ultimately
be paid and is recognised as a reduction to revenue at the time of the sale. If a vehicle or equipment contract
transaction has multiple performance obligations, the cost of incentives is allocated entirely to the vehicle or
equipment as the intent of the incentives is to encourage sales of vehicles or equipment. If the estimate of the
incentive changes following the sale to the customer, the change in estimate is recognised as an adjustment to
revenue in the period of the change. The Group grants certain sales incentives to support sales of its products to
retail customers. At the later of the time of sale and the time an incentive is announced to dealers, the Group
records the estimated impact of sales allowances in the form of dealer and customer incentives as a reduction of
revenue.
Subsequent adjustments to sales incentive programs related to products/vehicles previously sold are recognised
as an adjustment to revenues in the period the adjustment is determinable. The determination of sales allowances
requires management to make estimates based upon historical data, estimated future market demand for products,
field inventory levels, announced incentive programs, competitive pricing and interest rates, among other things.
With reference to the sales to dealers accompanied by \u201cfloor plan\u201d agreements under which the Group offers
wholesale financing including \u201cinterest-free\u201d financing for a specified period of time (which also varies by
geographic market and product line), two separate performance obligations exist. The first performance obligation
consists of the sale of the equipment/vehicle to the dealer. The interest-free financing represents a cash sale
incentive recognised as a reduction of net sales. The second performance obligation consists of a credit facility
extended to the dealer. The remuneration of this performance obligation is represented by the interest charged to
the dealer. This remuneration is recognised over the period of the outstanding exposure.
For sales of parts, when the Group provides its customers with a right to return a transferred product, revenue and
corresponding cost of sales are recognised for parts that are not expected to be returned. The expected returns are
estimated based on an analysis of historical experience. The portion of revenues (and corresponding cost of sales)
related to the parts that are expected to be returned is recognised at the end of the return period. The amount
received or receivable that is expected to be returned is recognised as a refund liability, representing the obligation
to return the customer\u2019s consideration.
Furthermore, at the time of the initial sale, the Group recognizes a return asset for the right to recover the goods
returned by the customer. This asset is initially measured at the former carrying amount of the inventory. At each
reporting date, both the refund liability and the return asset are re-measured to account for any revisions to the
expected level of returns, as well as any decreases in the value of the returned products.
Rendering of services
Revenues from services provided primarily comprise extended warranties and maintenance and repair services
and are recognised over the contract period in which the costs are incurred, that is when the claims are charged by
the dealer. Amounts invoiced to customers for which the Group receives consideration before the performance is
satisfied are recognised as contract liabilities. These services are either separately-priced or included in the selling
price of the vehicle. In the second case, revenue for the services is allocated based on the estimated stand-alone
selling price. In the event that the costs expected to be incurred to satisfy the remaining performance obligations
exceed the transaction price, an estimated contract loss is recognised. Shipping and other transportation activities
performed as an agent are recognised on a net basis, by netting the related freight cost against the freight revenue.
Rents and other income on assets sold with buy-back commitments
The Group enters into transactions for the sale of vehicles to some customers with an obligation to repurchase
(\u201cbuy-back commitment\u201d) the vehicles at the end of a period (\u201cbuy-back period\u201d) at the customer\u2019s request. For
these types of arrangements, at inception, the Group assesses whether a significant economic incentive exists for
the customer to exercise the option.
If the Group determines that the customers has a significant economic incentive to exercise the buy-back option,
the transaction is accounted for as an operating lease. In such cases, vehicles are accounted for as Property, plant
and equipment because the agreements typically have a long-term buy-back period. The difference between the
carrying value (corresponding to the manufacturing cost) and the estimated resale value (net of refurbishing costs)
at the end of the buy-back period is depreciated on a straight-line basis over the same period. The initial sale price
received is recognised in \u201cOther current liabilities\u201d and includes the repurchase value of the vehicle, and the rents
to be recognised in the future recorded as contract liabilities. These rents are determined at the inception of the
contract as the difference between the initial sale price and the repurchase price and are recognised as revenue on
a straight-line basis over the term of the agreement. At the end of the agreement term, upon exercise of the option,
the used vehicles are reclassified from Property, plant and equipment to Inventories. The proceeds from the sale of
such vehicles are recognised as Revenues.
If the Group determines that the customer does not have a significant economic incentive to exercise the buy-back
option, the transaction is treated as a sale with a variable consideration whose variable component is the buy-back
provision accrual. The buy-back provision accrual is the difference between the repurchase price and the estimated
market value of the used vehicle at the end of the buy-back period and is recorded only when the repurchase price
is greater than the estimated market value of the used vehicle. The buy-back provision accrual is estimated and
recognised as a reduction of revenues at the time of the sale. Any subsequent change following such periodic
reassessment is recognised as a reduction of revenues at that time.
Finance and interest income of financial services activities
Finance and interest income on retail and other notes receivable and finance leases is recorded using the effective
yield method. Deferred costs on the origination of financing receivables are recognised as a reduction in finance
revenue over the expected lives of the receivables using the effective yield method. When a financial asset
becomes credit-impaired and is, therefore, regarded as \u201cStage 3\u201d, the Group calculates interest income by applying
the effective interest rate to the net amortised cost of the financial asset. If the financial asset is no longer credit-
impaired, the Group reverts to calculating interest income on a gross basis.
Receivables are considered past due if the required principal and interest payments have not been received as of
the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. Charge-
offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is
determined to be probable that all amounts due will not be collected.
Cost of sales
Cost of sales comprises expenses incurred in the manufacturing and distribution of the Group\u2019s products, expenses
directly attributable to the financial services and sports activities as follows:
Manufacturing and Distribution - all directly attributable material and production costs, all overheads directly related
to production and/or the performance of services, depreciation of property, plant and equipment and the
amortisation of intangible assets relating to production and write-downs of inventories, freight and insurance costs
relating to deliveries to dealers and agency fees in the case of direct sales and provisions made to cover the
estimated cost of product warranties.
Financial services - interest expenses related to financial services financing as a whole and provisions for risks and
write-downs of assets.
Sports activities - costs for players\u2019 wages and technical staff, amortisation and impairment losses on players\u2019
registration rights, operating and maintenance costs of sports facilities as well as all the costs incurred for sports
events.
Government grants
Government grants are recognised when there is reasonable assurance that the Group is compliant with the
conditions for receiving such grants and that the grants will be received. Government grants are recognised as
income over the periods necessary to match them with the related costs which they are intended to offset.
The benefit of a government loan at a below-market rate of interest is treated for accounting purposes as a
government grant. The benefit of the below-market rate of interest is measured as the difference between the initial
carrying amount of the loan (fair value plus transaction costs) and the proceeds received, and it is accounted for in
accordance with the policies used for the recognition of government grants.
Income taxes
Income taxes include all taxes based upon the taxable profits of the Group. Income taxes are provided by each
consolidated company on the basis of a reasonable estimate of the definition of taxable income for tax purposes, in
accordance with existing laws in the individual countries in which the Group operates and takes into account tax
credit entitlement.
Current and deferred taxes are recognised as income or expense and included in the Consolidated Income
Statement for the period, except for taxes arising from a business combination or a transaction or event which is
recognised, in the same or in a different period, either in OCI or directly in Equity. Deferred tax liabilities are
recognised for all taxable temporary differences between the carrying amounts of assets or liabilities and their tax
base, except to the extent that the deferred tax liabilities arise from the initial recognition of goodwill or the initial
recognition of an asset or liability in a transaction which is not a business combination and at the time of the
transaction, affects neither accounting profit nor taxable profit, or for differences related to investments in
subsidiaries where reversal will not take place in the foreseeable future. Deferred tax assets and liabilities are
measured at the substantively enacted tax rates in the respective jurisdictions in which the Group operates that are
expected to apply to the period when the asset is realised or liability is settled. Deferred taxes are accounted for
under the full liability method.
The Group recognizes deferred tax assets associated with the deductible temporary differences on investments in
subsidiaries only to the extent that it is probable that the temporary differences will reverse in the foreseeable future
and taxable profit will be available against which the temporary difference can be utilised.
The Group recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits,
except when it is able to control the timing of the reversal of the temporary difference and it is probable that this
temporary difference will not reverse in the foreseeable future.
The Group reassesses unrecognised deferred tax assets at the end of each year and recognizes a previously
unrecognised deferred tax asset to the extent that it has become probable that future taxable profit will allow the
deferred tax asset to be recovered.
Current income taxes and deferred taxes are offset when they relate to the same taxation authority and there is a
legally enforceable right to offset.
Other taxes not based on income, such as property taxes and capital taxes, are included in other income
(expenses).
Use of estimates
The Consolidated Financial Statements at 31\u00a0December\u00a02023 were prepared in accordance with IFRS which
require the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities,
the disclosures relating to contingent assets and liabilities and the amounts of income and expense reported for the
period. The estimates and related assumptions are based on elements that are known when the financial
statements are prepared, based on the historical experience of the Group and on any other factors that are
considered to be relevant. Actual results may differ from the estimates.
Particularly in light of the current economic uncertainty, developments may occur which may differ from Group's
estimates and assumptions, and therefore might require significant adjustments to the carrying amounts of certain
items, which as of the date of these Consolidated Financial Statements cannot be accurately estimated or
predicted.
The main items affected by estimates are the allowances for doubtful accounts receivable and inventories, non-
current assets (tangible and intangible assets), the residual values of vehicles leased out under operating lease
arrangements or sold with buy-back commitments, sales allowances, product warranties, pension and other post-
employment benefits, deferred tax assets and contingent liabilities.
The estimates and underlying assumptions are reviewed periodically and if the items subject to estimates do not
perform as assumed then the actual results could differ from the estimates, which would require adjustment
accordingly. The effects of any changes in estimate are recognised in the Consolidated Income Statement in the
period in which the adjustment is made, or also in future periods if the revision affects both current and future
periods.
There are no key sources of estimation for uncertainty and no critical judgements. The following are the main
judgments and assumptions concerning the future that Exor and its consolidated subsidiaries have made in the
process of applying accounting policies to prepare the Consolidated Financial Statements.
Recoverability of goodwill and intangible assets with indefinite useful lives
In accordance with IAS 36 \u2013 Impairment of Assets, goodwill and intangible assets with indefinite useful lives are not
amortised and are tested for impairment annually or more frequently if facts or circumstances indicate that the
asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to operating
segments or cash generating units (\u201cCGUs\u201d) within the operating segments. The impairment test is performed by
comparing the carrying amount and the recoverable amount of each CGU to which goodwill has been allocated. If
indicators of impairment are present, the carrying amount of the assets is reduced to its recoverable amount that is
the higher of its fair value less disposal costs and its value in use. In assessing its value in use, the pre-tax
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset. An impairment loss is
recognised when the recoverable amount is lower than the carrying amount. The assumptions used in the
impairment test represent management\u2019s best estimate for the period under consideration including in relation to
expected cash flows, growth rates, discount rates and future developments in the market where the Group
operates.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets
held for sale. Intangible assets with definite useful lives mainly consist of capitalised development expenditures of
CNH Industrial Group and Ferrari Group. The Group's subsidiaries periodically review the carrying amount of non-
current assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The
recoverability of non-current assets with definite useful lives is based on the estimated future cash flows, using the
Group\u2019s subsidiaries' current business plans of the cash generating units to which the assets relate. The estimation
of future cash flows is based on assumptions which are inherently uncertain in nature and therefore require
management judgement. The business plans of the Group\u2019s subsidiaries could change in response to these
evolving requirements and emerging technologies or in relation to any future business plans or strategies
developed as part of partnership and collaborations, which may result in changes to estimated future cash flows
and could affect the recoverability of non-current assets with definite useful lives. Any change in recoverability
would be accounted for at the time such change to the business plan occurs.
Residual values of assets leased out under operating lease arrangements or sold with a buy-back commitment
The Group records assets rented to customers or leased to them under operating leases as tangible assets.
Furthermore, new vehicle sales with a buy-back commitment are not recognised as sales at the time of delivery but
are accounted for as operating leases if it is probable that the vehicles will be bought back. Income from such
operating leases is recognised on a straight-line basis over their terms. Depreciation expense for assets subject to
operating leases is recognised on a straight-line basis over the lease terms in amounts necessary to reduce the
cost of such assets to their estimated residual values at the end of the lease terms. The estimated residual value of
leased assets is calculated at the lease commencement date on the basis of published industry information and
historical experience and is reviewed quarterly. Realization of the residual values is dependent on the Group\u2019s
future ability to market the assets under the then-prevailing market conditions.
The Group continually evaluates whether events and circumstances have occurred which impact the estimated
residual values of the assets on operating leases. The used vehicle market is carefully monitored to ensure that
write-downs are properly determined. However, it cannot be excluded that additional write-downs may be required
if market conditions will deteriorate further.
Recognition of deferred tax assets
Deferred tax assets are recognised to the extent that it is probable that sufficient taxable profit will be available to
allow the benefit of part or all of the deferred tax assets to be utilised. The recoverability of deferred tax assets
depends on the ability of the consolidated entities to generate sufficient future taxable income in the period in which
it is assumed that the deductible temporary differences reverse and tax losses carried forward can be utilised. The
assessment of the recoverability of such deferred tax assets are autonomously made by each consolidated
subsidiary, considering future taxable income based on the most recent budgets and plans prepared using the
same criteria as those for the impairment of assets and goodwill. Consolidated subsidiaries believed the amount of
recognised deferred tax assets is appropriate, despite the risk of actual future results potentially being lower than
the results included in these forecasts, considering many of the recognised net deferred tax assets relate to
temporary differences and tax losses which, to a significant extent, may be recovered over an extended time
period, but do not expire based on currently enacted tax law. As in all financial reporting periods, the Group's
subsidiaries assessed the realisability of its various deferred tax assets, subject to multiple tax jurisdictions.
Pension and other post-employment benefits
Group companies sponsor pension and other post-employment benefits in various countries, mainly in the United
States, the United Kingdom and Germany. Employee benefit liabilities, related assets, costs and net interest
connected with them are measured on an actuarial basis which requires the use of estimates and assumptions to
determine the net defined benefit liability/asset for the Group. The actuarial method takes into consideration
parameters of a financial nature such as the discount rate, the rate for expected return on plan assets, the rate of
salary increases and the healthcare costs trend rate and takes into consideration the likelihood of potential future
events by using certain demographic parameters such as mortality rates and dismissal or retirement rates. The
discount rates selected are based on yields or yield curves of high quality corporate bonds in the relevant market.
Trends in healthcare costs are developed on the basis of historical experience, the near-term outlook for costs and
likely long-term trends. Rates of salary increases reflect the Group\u2019s long-term actual expectations in the reference
markets and inflation trends. Changes in any of these assumptions may have an effect on future contributions to
the plans.
The effects resulting from revising the estimates for the above parameters (\u201cre-measurements\u201d) are recognised
directly in OCI without reclassification to profit or loss in subsequent years: refer to \u201cEmployee benefits\u201d section
above for further details. Significant future changes in the yields of corporate bonds, other actuarial assumptions
referred to above and returns on plan assets may significantly impact the net liability/asset.
Allowance for obsolete and slow-moving inventory
The allowance for obsolete and slow-moving inventory reflects management\u2019s estimate of the expected loss in
value and has been determined on the basis of past experience and historical and expected future trends in the
used vehicle market. A worsening of the economic and financial situation could cause a further deterioration in
conditions in the used vehicle market compared to that taken into consideration in calculating the allowances
recognised in the financial statements.
Sales allowance
The Group grants certain sales incentives to support sales of its products to retail customers. At the later of the
time of sale or the time an incentive is announced to dealers, the Group records the estimated impact of sales
allowances in the form of dealer and customer incentives as a reduction of revenue. The expense for new
programs is accrued at the inception of the program. The amounts of incentives to be paid are estimated. The
determination of sales allowances requires management to make estimates based upon historical data, estimated
future market demand for products, field inventory levels, announced incentive programs, competitive pricing and
interest rates, among other things. The final cost of these programs is determined at the end of the measurement
period for volume-based incentives or when the dealer sells the equipment to the retail customer. Changes in the
mix and types of programs affect these estimates, which are periodically reviewed. Actual cost differences from the
original cost estimate are recognised in Net revenues.
Product warranties
The Group makes provisions for estimated expenses related to product warranties at the time products are sold.
Management establishes these estimates based on historical information on the nature, frequency and average
cost of warranty claims. The Group seeks to improve vehicle quality and minimize warranty expenses arising from
claims. Warranty costs may differ from those estimated if actual claim rates are higher or lower than historical rates.
Contingent liabilities
Group\u2019s subsidiaries are subject to various proceedings, claims and governmental investigations on a wide range
of topics. Some of these proceedings allege defects in specific products or general design defects. Such
proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include
a claim for exemplary or punitive damages. Adverse decisions could require the relevant subsidiary to pay
substantial damages or undertake service actions, recall campaigns or other costly actions. Litigation is subject to
many uncertainties and the outcome of the individual matters is not predictable. An accrual is recorded if it is
probable that there will be an outflow of funds and when the amount can be reasonably estimated. Since such
accruals represent estimates, the final resolution could require the Group to make payments in excess of the
amounts accrued or in an amount or range that could not previously be estimated. The subsidiaries of the Group
monitor the status of pending legal proceedings and consult with experts on legal and tax matters on a regular
basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-541": { "value": "
Property, plant and equipment
Cost
Property, plant and equipment is initially recognised at cost which comprises the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner
intended by management and any initial estimate of the costs of dismantling and removing the item and restoring
the site on which it is located. Internally generated assets are initially recognised at production cost. Subsequent
expenditures and the cost of replacing parts of an asset are capitalised only if they increase the future economic
benefits embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs
are capitalised, the carrying amount of the parts that are replaced is recognised in the income statement.
Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or
equipment or an intangible asset that is deemed to be a qualifying asset are capitalised. All other borrowing costs
are expensed when incurred.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
\u00a0
Buildings
Plant, machinery and
equipment
Other assets
Depreciation\u00a0rate
2.5% - 10%
3% - 33%
3% - 33%
Land is not depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-542": { "value": "
Pension and other post-employment benefits
Group companies sponsor pension and other post-employment benefits in various countries, mainly in the United
States, the United Kingdom and Germany. Employee benefit liabilities, related assets, costs and net interest
connected with them are measured on an actuarial basis which requires the use of estimates and assumptions to
determine the net defined benefit liability/asset for the Group. The actuarial method takes into consideration
parameters of a financial nature such as the discount rate, the rate for expected return on plan assets, the rate of
salary increases and the healthcare costs trend rate and takes into consideration the likelihood of potential future
events by using certain demographic parameters such as mortality rates and dismissal or retirement rates. The
discount rates selected are based on yields or yield curves of high quality corporate bonds in the relevant market.
Trends in healthcare costs are developed on the basis of historical experience, the near-term outlook for costs and
likely long-term trends. Rates of salary increases reflect the Group\u2019s long-term actual expectations in the reference
markets and inflation trends. Changes in any of these assumptions may have an effect on future contributions to
the plans.
The effects resulting from revising the estimates for the above parameters (\u201cre-measurements\u201d) are recognised
directly in OCI without reclassification to profit or loss in subsequent years: refer to \u201cEmployee benefits\u201d section
above for further details. Significant future changes in the yields of corporate bonds, other actuarial assumptions
referred to above and returns on plan assets may significantly impact the net liability/asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-543": { "value": "Segment reporting
An operating segment is a component of an entity that engages in business activities from which it may earn
revenues and incur expenses. The operating results are reviewed regularly by the entity\u2019s chief operating decision
maker as a basis for decisions on the allocation of resources to the segment and assessment of its results and for
which stand-alone financial information is available. The chief operating decision maker is the function that
assesses the performance of the operating segment and makes decisions about resource allocation. Exor
considers its chief operating decision maker to be the Board of Directors (\"BoD\").
Financial information reported to and reviewed by the CODM for decision-making purposes contains analysis of
Exor\u2019s results, which includes the GAV composition, the NAV evolution, dividends and distributions received by the
investee companies.
Until the application of the investment entity exemption, the CODM reviewed the operating results on a regular
basis at the investment level in order to make decisions about the allocation of resources or the assessment of
business performance, which implies that the main investee companies (i.e. Ferrari, Stellantis, CNH Industrial,
Iveco Group, Juventus and GEDI) represented operating and reportable segments. Starting from 1\u00a0January\u00a02024,
the CODM reviews the same type of information. Therefore, the main investee companies remain considered
operating segments. Considering that all the information reviewed by the CODM for these operating segments is
already disclosed in the notes to the financial statements (i.e. Notes 5, and 18), is not necessary a separate
segment reporting disclosure.
The following tables summarize selected financial information by reporting segment for the year ended
31\u00a0December\u00a02023. Data presented are prepared by each subsidiary for the Exor consolidation process and may
differ from data published by each subsidiary in its financial report. As above mentioned, since 31 December 2023,
the Exor\u00a0Group reportable segments coincided with the consolidated data of its principal investments, each of
which represented an investment in a major business segment: Stellantis, CNH Industrial, Iveco Group, Ferrari,
Juventus and GEDI. The row \u201cOther and adjustments\u201d included unallocated income and expenses, share of profit in
equity investments of Exor, expenses related to corporate activities and finance income and expense of Exor and
other Exor entities which were not included within the reportable segments as well as assets and liabilities of the
Holdings System entities.
(\u20ac million)
Revenues from
external customers
Revenues from
other operating
segments
Revenues
Profit (loss)
Profit (loss)
attributable to
owner of the
parent (1)
At 31 December 2023
Stellantis
\u2014
\u2014
\u2014
2,790
2,790
CNH Industrial
22,095
567
22,662
2,149
608
Iveco Group
14,777
1,436
16,213
234
60
Ferrari
5,918
52
5,970
1,257
308
Juventus
378
44
422
(189)
(121)
GEDI
477
3
480
(91)
(77)
Other and adjustments(2)
105
(1,110)
(1,005)
627
626
Consolidated data
43,750
992
44,742
6,777
4,194
(1) Exor share of the result or equity attributable to the owners of the parent of each segment entity.
(2) The item included the consolidation adjustments and data of Exor and entities of the Holdings System, as well as the result from discontinued operations.
(\u20ac million)
Cash and cash
equivalents
Total assets
Total financial debt
and derivative
liabilities
Total equity
Issued capital and
reserves
attributable to
owners of the
parent(1)
At 31 December 2023
Stellantis
\u2014
12,765
\u2014
12,765
12,765
CNH Industrial
4,566
42,450
25,766
7,926
2,187
Iveco Group
2,698
18,384
6,141
2,390
657
Ferrari
1,122
8,051
2,490
3,071
754
Juventus
13
711
340
74
93
GEDI
31
636
268
81
68
Other and adjustments(2)
248
11,782
5,213
6,825
6,744
Consolidated data
8,678
94,779
40,218
33,132
23,268
(1) Exor share of the result or equity attributable to the owners of the parent of each segment entity.
(2) The item included the consolidation adjustments and data of Exor and entities of the Holdings System, as well as the result from discontinued operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-544": { "value": "Dividend income
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Dividend from equity investments at cost
Exor Nederland
631
1,642
631
1,642
Exor Investments Limited
25
46
25
46
Elimination in consolidation process
(656)
(1,688)
\u2014
\u2014
Total dividend from equity investments at
cost
\u2014
\u2014
656
1,688
Dividend from equity investments at FVTPL
Stellantis
697
602
697
602
CNH Industrial
160
132
160
132
Philips
121
10
121
10
Ferrari
108
81
108
81
Iveco Group
16
\u2014
16
\u2014
The Economist
18
12
18
12
Christian Louboutin
4
3
4
3
Lingotto
\u2014
5
\u2014
\u2014
Elimination in consolidation process
\u2014
(835)
\u2014
\u2014
Total dividend from equity investments at
FVTPL
1,124
10
1,124
840
Dividend from equity investments at FVTOCI
Forvia
5
\u2014
5
\u2014
Banijay(1)
1
1
1
1
Other non-listed
5
3
1
3
Total dividend from equity investments at
FVTOCI
11
4
7
4
Dividend income
1,135
14
1,787
2,532
1. Formerly FL Entertainment.
In 2024 Exor N.V. received from Exor Nederland \u20ac631\u00a0million as dividend, of which \u20ac454\u00a0million by cash and
\u20ac177\u00a0million as a reduction of the existing financial loan.
The dividend received from Philips (\u20ac121\u00a0million in 2024) was paid in the form of 4,872,647 shares.
AGM resolution
The Exor Annual General Meeting held on 31\u00a0May\u00a02024 adopted the 2023 Annual Report and approved the
dividend distribution of \u20ac0.46 per outstanding share, for a distribution of \u20ac99\u00a0million. The AGM also authorized the
Board of Directors to repurchase the Company\u2019s shares on the market up to a maximum number of shares equal to
10% of the Company\u2019s issued common shares and for 18 months from authorization, all in accordance with Dutch
regulations and with the Company\u2019s Articles of Association. The AGM further authorized the Board of Directors to
cancel any ordinary shares held, or to be held, as treasury stock, in order to optimise the capital structure of the
Company and to create more flexibility to manage its capital.
Reserves
At 31\u00a0December\u00a02024 Exor's equity does not include any legal, statutory or non-distributable reserves, except for
the fair value and the cash-flow reserves. In addition, there is no premium reserve.
At 31 December
2024
At 31 December
2023 reclassified
Change
(\u20ac million)
Share capital
7
7
\u2014
Capital Reserves
1,240
1,240
\u2014
Earnings reserves and other reserves:
Retained earnings
8,222
6,374
1,848
Share based compensation reserve
93
68
24
Total earnings reserves and other reserves
8,315
6,442
1,873
Fair value reserve
(345)
79
(424)
Cash-flow hedge reserve
(14)
(8)
(6)
Treasury shares
(345)
(1,150)
805
Result for the year
27,283
2,299
24,984
Equity in the company financial statements
36,140
8,909
27,232
Reconciliation of equity and net profit
The reconciliation of equity reported in the consolidated financial statements to equity reported in the company
financial statements is provided below.
(\u20ac million)
At 31 December 2024
At 31 December 2023
reclassified
Equity attributable to owners of the parent in the consolidated
financial statements
38,212
23,268
Difference between the equity of consolidated subsidiaries and associated
accounted for using the equity method and the respective carrying amount
(2,072)
(14,377)
Other adjustments
\u2014
18
Equity in the company financial statements
36,140
8,909
The reconciliation of net profit reported in the consolidated financial statements to net profit/loss reported in the
company financial statements is provided below.
For the years ended 31 December
(\u20ac million)
2024
2023 reclassified
Net profit attributable to owners of the parent in the consolidated
financial statements
14,671
4,194
Difference related to the adjustment for application of investment entity
exemption at 1 January 2024
12,542
\u2014
Share of the profit of consolidated companies and companies accounted for
by the equity method, net of consolidation adjustments
(584)
(4,232)
Dividends received from consolidated companies and companies accounted
for by the equity method
656
2,523
Adjustments for elimination gains/losses/impairment on consolidated
companies
(2)
(170)
Other adjustments
\u2014
(16)
Net profit in the company financial statements
27,283
2,299
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-546": { "value": "Change in fair value on investment activities
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Equity investment at FVTPL
13,420
\u2014
25,686
\u2014
Other investments at FVTPL
840
649
2
23
Change in fair value on investment activities
14,260
649
25,688
23
The following table shows the effects of the application of IE exemption at 1\u00a0January\u00a02024 and the change in value
of the year, detailed for the different categories of investment accounted for at FVTPL:
Application of IE exemption at
1 January 2024
Change in value
For the year ended 31
December 2024
(\u20ac million)
Consolidated
Company only
Consolidated
Company only
Consolidated
Company only
Equity investments at FVTPL
Subsidiaries - listed
15,075
15,726
4,979
4,979
20,054
20,705
Subsidiaries - unlisted
\u2014
26
6
6
6
32
Subsidiaries - total
15,075
15,752
4,985
4,985
20,060
20,737
Associates - listed
(3,260)
8,156
(3,910)
(3,794)
(7,170)
4,362
Associates - unlisted
335
410
177
177
512
587
Associates - total
(2,925)
8,566
(3,733)
(3,617)
(6,658)
4,949
Other equity investments -
listed
\u2014
\u2014
18
\u2014
18
\u2014
Other equity investments
\u2014
\u2014
18
\u2014
18
\u2014
Total equity investments at
FVTPL
12,150
24,318
1,270
1,368
13,420
25,686
Other investments at FVTPL
Funds managed by Lingotto
\u2014
\u2014
570
\u2014
570
\u2014
Reinsurance vehicles
\u2014
\u2014
145
\u2014
145
\u2014
Ventures
\u2014
\u2014
77
\u2014
77
\u2014
Other minor
\u2014
\u2014
48
2
48
2
Total other investments at
FVTPL
\u2014
\u2014
840
2
840
2
Change in fair value on
investment activities
12,150
24,318
2,110
1,370
14,260
25,688
The following table shows the effects of the application of IE exemption at 1\u00a0January\u00a02024 and the change in value
of the year, detailed for the equity investment accounted for at FVTPL:
Application of IE exemption at
1 January 2024
Change in value
For the year ended 31
December 2024
(\u20ac million)
Consolidated
Company only
Consolidated
Company only
Consolidated
Company only
Listed subsidiaries and
associates
11,815
23,882
1,069
1,185
12,884
25,067
Unlisted subsidiaries and
associates
335
436
183
183
518
619
Other equity investments - listed
\u2014
\u2014
18
\u2014
18
\u2014
Total equity investments at
FVTPL
12,150
24,318
1,270
1,368
13,420
25,686
The following table shows the effects of the application of IE exemption at 1\u00a0January\u00a02024 and the change in value
of the year, related to the listed equity investment accounted for at FVTPL:
(\u20ac million)
Type1
Application of IE exemption at
1 January 2024
Change in value
For the year ended 31
December 2024
Consolidated
Company
only
Consolidated
Company
only
Consolidated
Company
only
Equity investments at FVTPL
Listed
CNH Industrial
S
1,878
2,592
(64)
(64)
1,814
2,528
Iveco Group
S
(59)
377
87
87
28
464
Ferrari
S
12,808
12,884
4,763
4,763
17,571
17,647
Juventus
S
448
(127)
193
193
641
66
Stellantis
A
(3,260)
8,156
(3,847)
(3,847)
(7,107)
4,309
Philips
A
\u2014
\u2014
53
53
53
53
Clarivate
A
\u2014
\u2014
(116)
\u2014
(116)
\u2014
Total listed
11,815
23,882
1,069
1,185
12,884
25,067
(1) S: subsidiary; A: associate.
The following table shows the effects of the application of IE exemption at 1\u00a0January\u00a02024 and the change in value
of the year, related to the unlisted equity investment accounted for at FVTPL:
(\u20ac million)
Type1
Application of IE exemption at
1 January 2024
Change in value
Year ended 31 December
2024
Consolidated
Company
only
Consolidated
Company
only
Consolidated
Company
only
Equity investments at FVTPL
Unlisted
The Economist
A
71
56
32
32
103
88
Welltec
A
132
184
144
144
276
328
Christian Louboutin
A
106
159
(125)
(125)
(19)
34
Nuo
A
4
\u2014
26
26
30
26
Lifenet
A
8
\u2014
1
1
9
1
TAG Holding
A
2
\u2014
\u2014
\u2014
2
\u2014
Via Transportation
A
\u2014
\u2014
58
58
58
58
Institut Merieux
A
12
11
48
48
60
59
Casavo
A
\u2014
\u2014
(7)
(7)
(7)
(7)
Lingotto Investment
Management (UK)
S
\u2014
26
6
6
6
32
Total unlisted
335
436
183
183
518
619
(1) S: subsidiary; A: associate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementOfEquityExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-545": { "value": "Change in fair value on investment activities
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Equity investment at FVTPL
13,420
\u2014
25,686
\u2014
Other investments at FVTPL
840
649
2
23
Change in fair value on investment activities
14,260
649
25,688
23
The following table shows the effects of the application of IE exemption at 1\u00a0January\u00a02024 and the change in value
of the year, detailed for the different categories of investment accounted for at FVTPL:
Application of IE exemption at
1 January 2024
Change in value
For the year ended 31
December 2024
(\u20ac million)
Consolidated
Company only
Consolidated
Company only
Consolidated
Company only
Equity investments at FVTPL
Subsidiaries - listed
15,075
15,726
4,979
4,979
20,054
20,705
Subsidiaries - unlisted
\u2014
26
6
6
6
32
Subsidiaries - total
15,075
15,752
4,985
4,985
20,060
20,737
Associates - listed
(3,260)
8,156
(3,910)
(3,794)
(7,170)
4,362
Associates - unlisted
335
410
177
177
512
587
Associates - total
(2,925)
8,566
(3,733)
(3,617)
(6,658)
4,949
Other equity investments -
listed
\u2014
\u2014
18
\u2014
18
\u2014
Other equity investments
\u2014
\u2014
18
\u2014
18
\u2014
Total equity investments at
FVTPL
12,150
24,318
1,270
1,368
13,420
25,686
Other investments at FVTPL
Funds managed by Lingotto
\u2014
\u2014
570
\u2014
570
\u2014
Reinsurance vehicles
\u2014
\u2014
145
\u2014
145
\u2014
Ventures
\u2014
\u2014
77
\u2014
77
\u2014
Other minor
\u2014
\u2014
48
2
48
2
Total other investments at
FVTPL
\u2014
\u2014
840
2
840
2
Change in fair value on
investment activities
12,150
24,318
2,110
1,370
14,260
25,688
The following table shows the effects of the application of IE exemption at 1\u00a0January\u00a02024 and the change in value
of the year, detailed for the equity investment accounted for at FVTPL:
Application of IE exemption at
1 January 2024
Change in value
For the year ended 31
December 2024
(\u20ac million)
Consolidated
Company only
Consolidated
Company only
Consolidated
Company only
Listed subsidiaries and
associates
11,815
23,882
1,069
1,185
12,884
25,067
Unlisted subsidiaries and
associates
335
436
183
183
518
619
Other equity investments - listed
\u2014
\u2014
18
\u2014
18
\u2014
Total equity investments at
FVTPL
12,150
24,318
1,270
1,368
13,420
25,686
The following table shows the effects of the application of IE exemption at 1\u00a0January\u00a02024 and the change in value
of the year, related to the listed equity investment accounted for at FVTPL:
(\u20ac million)
Type1
Application of IE exemption at
1 January 2024
Change in value
For the year ended 31
December 2024
Consolidated
Company
only
Consolidated
Company
only
Consolidated
Company
only
Equity investments at FVTPL
Listed
CNH Industrial
S
1,878
2,592
(64)
(64)
1,814
2,528
Iveco Group
S
(59)
377
87
87
28
464
Ferrari
S
12,808
12,884
4,763
4,763
17,571
17,647
Juventus
S
448
(127)
193
193
641
66
Stellantis
A
(3,260)
8,156
(3,847)
(3,847)
(7,107)
4,309
Philips
A
\u2014
\u2014
53
53
53
53
Clarivate
A
\u2014
\u2014
(116)
\u2014
(116)
\u2014
Total listed
11,815
23,882
1,069
1,185
12,884
25,067
(1) S: subsidiary; A: associate.
The following table shows the effects of the application of IE exemption at 1\u00a0January\u00a02024 and the change in value
of the year, related to the unlisted equity investment accounted for at FVTPL:
(\u20ac million)
Type1
Application of IE exemption at
1 January 2024
Change in value
Year ended 31 December
2024
Consolidated
Company
only
Consolidated
Company
only
Consolidated
Company
only
Equity investments at FVTPL
Unlisted
The Economist
A
71
56
32
32
103
88
Welltec
A
132
184
144
144
276
328
Christian Louboutin
A
106
159
(125)
(125)
(19)
34
Nuo
A
4
\u2014
26
26
30
26
Lifenet
A
8
\u2014
1
1
9
1
TAG Holding
A
2
\u2014
\u2014
\u2014
2
\u2014
Via Transportation
A
\u2014
\u2014
58
58
58
58
Institut Merieux
A
12
11
48
48
60
59
Casavo
A
\u2014
\u2014
(7)
(7)
(7)
(7)
Lingotto Investment
Management (UK)
S
\u2014
26
6
6
6
32
Total unlisted
335
436
183
183
518
619
(1) S: subsidiary; A: associate.
Investments accounted for using the equity method
\u20ac million
At 31 December
2023 reclassified
Application of IE
exemption
At 1 January 2024
Investments in joint ventures
380
(380)
\u2014
Investments in associates
14,588
(14,588)
\u2014
Equity method investments
14,968
(14,968)
\u2014
Equity investments at FVTOCI
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1
January
2024
Investment
Change in
value
Trans.
difference
Other
changes
At 31
December
2024
Listed
Philips
2,937
\u2014
2,937
43
403
\u2014
(3,383)
\u2014
Forvia
203
\u2014
203
\u2014
(117)
\u2014
\u2014
86
Neumora
65
\u2014
65
\u2014
(22)
\u2014
\u2014
43
Zegna
26
\u2014
26
\u2014
(6)
\u2014
\u2014
20
Banijay
21
\u2014
21
\u2014
\u2014
\u2014
\u2014
21
Unlisted
\u2014
Via Transportation(1)
514
(514)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other
157
\u2014
157
14
14
\u2014
\u2014
185
Equity investments at
FVTOCI - Company
only
3,923
(514)
3,409
57
272
\u2014
(3,383)
355
Add equity investments
owned by consolidated
subsidiaries
Clarivate
551
\u2014
551
11
(141)
11
(432)
\u2014
Other unlisted equity
investments owned by
consolidated
subsidiaries
21
(15)
6
4
\u2014
\u2014
\u2014
10
Equity investments at
FVTOCI - Consolidated
4,495
(529)
3,966
72
131
11
(3,815)
365
(1) Significant influence assessed at 1\u00a0January\u00a02024 with subsequent reclassification from equity investment at FVTOCI to equity investment at FVTPL.
As stated in Note 18, after Exor obtained significant influence in Philips and Clarivate, the investments are
accounted for at FVTPL.
Other equity investments at FVTOCI mainly refer to small equity investments in unlisted companies (including early
stage investments); the carrying amounts at 31\u00a0December\u00a02024 are aligned with the most recent transactions and
capital increases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-548": { "value": "Revenues
\u00a0
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Revenues from sales of goods and services
\u2014
41,172
\u2014
1
Interest income of financial services activities
\u2014
1,300
\u2014
\u2014
Rents and other income on operating leases
\u2014
671
\u2014
\u2014
Revenues from sponsorships and advertising
\u2014
643
\u2014
\u2014
Other
\u2014
956
\u2014
\u2014
Revenues
\u2014
44,742
\u2014
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-547": { "value": "Revenues
\u00a0
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Revenues from sales of goods and services
\u2014
41,172
\u2014
1
Interest income of financial services activities
\u2014
1,300
\u2014
\u2014
Rents and other income on operating leases
\u2014
671
\u2014
\u2014
Revenues from sponsorships and advertising
\u2014
643
\u2014
\u2014
Other
\u2014
956
\u2014
\u2014
Revenues
\u2014
44,742
\u2014
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-550": { "value": "General and administrative expenses
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Personnel cost
17
15
6
5
Other costs
26
26
18
20
General and administrative expenses from
third parties
43
41
24
25
Compensation and other costs relating to
directors
12
13
12
13
Consulting fees and services from
subsidiaries
3
3
13
11
General and administrative expenses from
related parties1
15
16
25
24
General and administrative expenses of
subsidiaries deconsolidated at 1 January
2024
\u2014
3,458
\u2014
\u2014
Total general and administrative expenses
58
3,515
49
49
1. Further details are disclosed in Note 34 Related party transactions.
In the consolidated income statement, Exor recognised share-based compensation expenses related to the
personnel of \u20ac8\u00a0million and \u20ac6\u00a0million for the years ended 31\u00a0December\u00a02024 and 2023, respectively (\u20ac2\u00a0million
and \u20ac1\u00a0million, respectively in the company only income statement). Further details are disclosed in Note 26 Share-
based compensation.
The average number of employees is as follows:
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
Consolidated
Company only1
Average number of employee
23
23
11
11
Average number of employee of subsidiaries
deconsolidated at 1 January 2024
\u2014
83,750
\u2014
\u2014
Cost of personnel (\u20ac million)
17
15
6
5
Cost of personnel of subsidiaries
deconsolidated at 1 January 2024 (\u20ac million)
\u2014
6,293
\u2014
\u2014
1. All employees work in the Netherlands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-549": { "value": "General and administrative expenses
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Personnel cost
17
15
6
5
Other costs
26
26
18
20
General and administrative expenses from
third parties
43
41
24
25
Compensation and other costs relating to
directors
12
13
12
13
Consulting fees and services from
subsidiaries
3
3
13
11
General and administrative expenses from
related parties1
15
16
25
24
General and administrative expenses of
subsidiaries deconsolidated at 1 January
2024
\u2014
3,458
\u2014
\u2014
Total general and administrative expenses
58
3,515
49
49
1. Further details are disclosed in Note 34 Related party transactions.
In the consolidated income statement, Exor recognised share-based compensation expenses related to the
personnel of \u20ac8\u00a0million and \u20ac6\u00a0million for the years ended 31\u00a0December\u00a02024 and 2023, respectively (\u20ac2\u00a0million
and \u20ac1\u00a0million, respectively in the company only income statement). Further details are disclosed in Note 26 Share-
based compensation.
The average number of employees is as follows:
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
Consolidated
Company only1
Average number of employee
23
23
11
11
Average number of employee of subsidiaries
deconsolidated at 1 January 2024
\u2014
83,750
\u2014
\u2014
Cost of personnel (\u20ac million)
17
15
6
5
Cost of personnel of subsidiaries
deconsolidated at 1 January 2024 (\u20ac million)
\u2014
6,293
\u2014
\u2014
1. All employees work in the Netherlands.
Other income (expenses) net
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Loss on reversal OCI reserves
(374)
\u2014
\u2014
\u2014
Write-off of financial assets
(118)
\u2014
(118)
\u2014
Other expenses
\u2014
(3)
\u2014
\u2014
Other income (expenses) net of subsidiaries
deconsolidated at 1 January 2024
\u2014
(439)
\u2014
\u2014
Other income (expenses) net
(492)
(442)
(118)
\u2014
The loss of \u20ac374\u00a0million is related to the reversal in the income statement of the OCI reserves for the
deconsolidated entities following the application of the IE exemption and the associates no longer accounted for
applying the equity method.
The write-off of financial assets (\u20ac118\u00a0million) is related to a loan granted to Full More, as detailed in Note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-552": { "value": "
The average number of employees is as follows:
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
Consolidated
Company only1
Average number of employee
23
23
11
11
Average number of employee of subsidiaries
deconsolidated at 1 January 2024
\u2014
83,750
\u2014
\u2014
Cost of personnel (\u20ac million)
17
15
6
5
Cost of personnel of subsidiaries
deconsolidated at 1 January 2024 (\u20ac million)
\u2014
6,293
\u2014
\u2014
1. All employees work in the Netherlands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-551": { "value": "
The average number of employees is as follows:
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
Consolidated
Company only1
Average number of employee
23
23
11
11
Average number of employee of subsidiaries
deconsolidated at 1 January 2024
\u2014
83,750
\u2014
\u2014
Cost of personnel (\u20ac million)
17
15
6
5
Cost of personnel of subsidiaries
deconsolidated at 1 January 2024 (\u20ac million)
\u2014
6,293
\u2014
\u2014
1. All employees work in the Netherlands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-554": { "value": "Other income (expenses) net
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Loss on reversal OCI reserves
(374)
\u2014
\u2014
\u2014
Write-off of financial assets
(118)
\u2014
(118)
\u2014
Other expenses
\u2014
(3)
\u2014
\u2014
Other income (expenses) net of subsidiaries
deconsolidated at 1 January 2024
\u2014
(439)
\u2014
\u2014
Other income (expenses) net
(492)
(442)
(118)
\u2014
The loss of \u20ac374\u00a0million is related to the reversal in the income statement of the OCI reserves for the
deconsolidated entities following the application of the IE exemption and the associates no longer accounted for
applying the equity method.
The write-off of financial assets (\u20ac118\u00a0million) is related to a loan granted to Full More, as detailed in Note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-553": { "value": "Other income (expenses) net
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Loss on reversal OCI reserves
(374)
\u2014
\u2014
\u2014
Write-off of financial assets
(118)
\u2014
(118)
\u2014
Other expenses
\u2014
(3)
\u2014
\u2014
Other income (expenses) net of subsidiaries
deconsolidated at 1 January 2024
\u2014
(439)
\u2014
\u2014
Other income (expenses) net
(492)
(442)
(118)
\u2014
The loss of \u20ac374\u00a0million is related to the reversal in the income statement of the OCI reserves for the
deconsolidated entities following the application of the IE exemption and the associates no longer accounted for
applying the equity method.
The write-off of financial assets (\u20ac118\u00a0million) is related to a loan granted to Full More, as detailed in Note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-557": { "value": "Financial income
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Bank interest
22
60
13
11
Interest income, realised gains and fair value
adjustment on financial instruments at FVTPL
\u2014
36
\u2014
7
Realised and unrealised gain on exchange
rate
20
26
19
26
Other income
8
5
8
5
Financial income from third parties
50
127
40
49
Interest income on loan granted to GEDI
9
\u2014
9
8
Interest income on loan granted to Full More
6
\u2014
6
4
Interest income on loan granted to Exor SA
\u2014
\u2014
73
59
Financial income from related parties1
15
\u2014
88
71
Financial income of subsidiaries
deconsolidated at 1 January 2024
\u2014
275
\u2014
\u2014
Financial income
65
402
128
120
1. Further details are disclosed in Note 34 Related party transactions.
The decrease of financial income from third parties is mainly due to the reduction in average cash on hand, as a
result of investments made during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-556": { "value": "Financial income
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Bank interest
22
60
13
11
Interest income, realised gains and fair value
adjustment on financial instruments at FVTPL
\u2014
36
\u2014
7
Realised and unrealised gain on exchange
rate
20
26
19
26
Other income
8
5
8
5
Financial income from third parties
50
127
40
49
Interest income on loan granted to GEDI
9
\u2014
9
8
Interest income on loan granted to Full More
6
\u2014
6
4
Interest income on loan granted to Exor SA
\u2014
\u2014
73
59
Financial income from related parties1
15
\u2014
88
71
Financial income of subsidiaries
deconsolidated at 1 January 2024
\u2014
275
\u2014
\u2014
Financial income
65
402
128
120
1. Further details are disclosed in Note 34 Related party transactions.
The decrease of financial income from third parties is mainly due to the reduction in average cash on hand, as a
result of investments made during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-555": { "value": "Financial income
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Bank interest
22
60
13
11
Interest income, realised gains and fair value
adjustment on financial instruments at FVTPL
\u2014
36
\u2014
7
Realised and unrealised gain on exchange
rate
20
26
19
26
Other income
8
5
8
5
Financial income from third parties
50
127
40
49
Interest income on loan granted to GEDI
9
\u2014
9
8
Interest income on loan granted to Full More
6
\u2014
6
4
Interest income on loan granted to Exor SA
\u2014
\u2014
73
59
Financial income from related parties1
15
\u2014
88
71
Financial income of subsidiaries
deconsolidated at 1 January 2024
\u2014
275
\u2014
\u2014
Financial income
65
402
128
120
1. Further details are disclosed in Note 34 Related party transactions.
The decrease of financial income from third parties is mainly due to the reduction in average cash on hand, as a
result of investments made during the year.
Financial expenses
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Interest on bonds
107
87
107
87
Interest on bank debt
6
7
6
7
Losses on derivative instruments at FVTPL
18
32
18
\u2014
Realised and unrealised losses on exchange
rate
16
34
16
34
Other expenses
1
2
1
3
Financial expenses from third parties
148
162
148
131
Interest expenses on payables to Exor
Nederland
\u2014
5
4
Financial expenses from related parties1
\u2014
\u2014
5
4
Financial expenses of subsidiaries
deconsolidated at 1 January 2024
\u2014
929
\u2014
\u2014
Financial expenses
148
1,091
153
135
1. Further details are disclosed in Note 34 Related party transactions.
The increase of interest on bonds is related to the higher average indebtedness.
Other investments at FVTPL
Consolidated
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1
January
2024
Invest.
Disposal
Translation
difference
Change in
value(1)
At 31
December
2024
Funds managed by
Lingotto
Public Funds
2,802
(1,066)
1,736
\u2014
\u2014
\u2014
497
2,233
Private Funds
821
(458)
363
61
\u2014
\u2014
73
497
Total funds managed
by Lingotto
3,623
(1,524)
2,099
61
\u2014
\u2014
570
2,730
Funds managed by third
party
277
\u2014
277
\u2014
(60)
\u2014
48
265
Reinsurance vehicles
802
\u2014
802
\u2014
(312)
44
145
679
Ventures
655
(50)
605
57
(36)
\u2014
77
703
Debt securities and other
financial instruments
80
(70)
10
\u2014
(10)
\u2014
\u2014
\u2014
Other investments at
FVTPL
5,437
(1,644)
3,793
118
(418)
44
840
4,377
(1) Of which \u20ac18\u00a0million realised gains and \u20ac822\u00a0million unrealised gains.
Company only
(\u20ac million)
At 31
December 2023
reclassified
Invest.
Disposal
Change in
value(1)
At 31
December 2024
Funds managed by third party
39
(39)
2
2
Debt securities
10
\u2014
(10)
\u2014
\u2014
Other investments at FVTPL
49
\u2014
(49)
2
2
(1) The change in value is realised gain.
Financial assets
Consolidated
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1
January
2024
Increase
Decrease
Write-off
At 31
December
2024
Financial receivables from related
parties
Loan granted to GEDI S.p.A.
\u2014
139
139
59
(49)
\u2014
149
Loan granted to Full More Group
\u2014
90
90
28
\u2014
(118)
\u2014
Convertible bond Lifenet
\u2014
\u2014
\u2014
91
\u2014
\u2014
91
Other
\u2014
3
3
\u2014
(3)
\u2014
\u2014
Total financial receivables from
related parties1
\u2014
232
232
178
(52)
(118)
240
Financial receivables from third
parties
58
(48)
10
1
\u2014
\u2014
11
Total financial receivables
58
184
242
179
(52)
(118)
251
Debt securities at amortised cost and
other financial instruments
377
(351)
26
4
(5)
\u2014
25
Total financial assets
435
(167)
268
183
(57)
(118)
276
1. Further details are disclosed in Note 34 Related party transactions.
The loan granted to GEDI, for a committed amount of \u20ac150\u00a0million, maturing interest at Euribor + 225 bps, at 31
December\u00a02024 is drawdown for \u20ac140\u00a0million, plus \u20ac9\u00a0million of interest. The decrease of \u20ac40\u00a0million is due to the
partial conversion into future capital increase. The loan was granted to temporarily facilitate the company's financial
needs.
The loan granted to Full More Group, for a principal of HKD 836\u00a0million, maturing interest at HKD Hibor + 200 bps,
is fully drawdown at 31\u00a0December\u00a02024 for a total amount of \u20ac118\u00a0million including interest and is granted to
temporarily support the company's financial needs. Considering the recent performance of Shang Xia (the wholly
owned operating subsidiary of Full More Group), the enduring uncertainties around macroeconomic conditions in
China, and the turnaround process involving the entity with limited visibility on future cash generation, negatively
affected by the challenging conditions in China, Exor decided to recognize the impairment of the entire outstanding
amount at 31\u00a0December\u00a02024.
Company only
(\u20ac million)
At 31 December
2023 reclassified
Increase
Decrease
Write-off
At 31 December
2024
Financial receivables from related
parties
Loan granted to Exor S.A.
1,801
200
(136)
\u2014
1,865
Loan granted to GEDI S.p.A.
139
59
(49)
\u2014
149
Loan granted to Full More Group
90
28
\u2014
(118)
\u2014
Convertible bond Lifenet
\u2014
91
\u2014
\u2014
91
Other
3
\u2014
(3)
\u2014
\u2014
Total financial receivables from
related parties1
2,033
378
(188)
(118)
2,105
Financial receivables from third parties
10
1
\u2014
\u2014
11
Total financial receivables
2,043
379
(188)
(118)
2,116
Debt securities at amortised cost and
other financial instruments
27
4
(5)
\u2014
26
Total financial assets
2,070
383
(193)
(118)
2,142
1. Further detail are disclosed in Note 34 Related party transaction.
The loan granted to Exor S.A., for a committed amount of \u20ac2,075\u00a0million, maturing interest at Euribor +200 bps and
at 31\u00a0December\u00a02024 amounts to Euro 1,865\u00a0million.
The analysis of financial receivables by due date, for the years ended 31\u00a0December\u00a02024 and 2023 is as follows:
(\u20ac million)
At 31 December
2024
2023
reclassified
Due within one year
1,875
1,813
Due between one and five years
241
230
Due beyond five years
\u2014
\u2014
Total financial receivables
2,116
2,043
Receivables from financing activities
(\u20ac million)
At 31 December
reclassified
Application of IE
exemption
At 1 January 2024
Retail financing
13,528
(13,528)
\u2014
Finance leases
581
(581)
\u2014
Total Retail
14,109
(14,109)
\u2014
Dealer financing
14,633
(14,633)
\u2014
Total Wholesale
14,633
(14,633)
\u2014
Other
106
(106)
\u2014
Total receivables from financing activities
28,848
(28,848)
\u2014
Cash and cash equivalents
(\u20ac million)
At 31 December 2023
reclassified
Application of
IE exemption
At 1 January 2024
At 31 December 2024
Consolidated
Company only
Consolidated
Consolidated
Company only
Consolidated
Company only
Cash at banks
7,200
11
(7,067)
133
11
153
24
Money market
securities at FVTPL
338
\u2014
(338)
\u2014
\u2014
\u2014
\u2014
Money market
securities at
amortised cost
186
\u2014
(186)
\u2014
\u2014
\u2014
\u2014
Liquidity funds
66
38
\u2014
66
38
\u2014
\u2014
Restricted cash
888
16
(872)
16
16
16
16
Total Cash and
cash equivalents
8,678
65
(8,463)
215
65
169
40
Cash and cash equivalents include cash at bank and other easily marketable securities that are readily convertible
into cash and are subject to an insignificant risk of changes in value.
Restricted cash at 31 December 2024 is related to a collateral linked to the hedging transaction put in place by
Exor using a cross-currency swap to cover against currency fluctuations on the Japanese Yen bond repayable in
2031.
The credit risk associated with cash and cash equivalents is considered not significant, because these mainly refer
to deposits spread across leading international financial institutions.
Borrowings
(\u20ac million)
At 31
December
2023
reclassified
Application of
IE exemption
At 1 January
2024
Proceeds
Repayments
Other
changes
At 31
December
2024
Notes
3,467
\u2014
3,467
643
(500)
31
3,641
Bank debts
215
\u2014
215
445
(215)
2
447
Total borrowings -
Company only
3,682
\u2014
3,682
1,088
(715)
33
4,088
Net of:
Notes of
consolidated
subsidiaries
9,567
(9,567)
\u2014
\u2014
\u2014
\u2014
\u2014
Bank debts of
consolidated
subsidiaries
5,951
(5,951)
\u2014
\u2014
\u2014
\u2014
\u2014
Total
15,518
(15,518)
\u2014
\u2014
\u2014
\u2014
\u2014
Notes
13,034
(9,567)
3,467
643
(500)
31
3,641
Bank debts
6,166
(5,951)
215
445
(215)
2
447
Total borrowings -
Consolidated
19,200
(15,518)
3,682
1,088
(715)
33
4,088
Notes
Issue date
Maturity date
Issue
price
Coupon
Rate
Nominal value
Balance at (\u20ac million)
31 December
2024
1 January
2024
08-Oct-14
08-Oct-24
100.09
Annually
Fixed 2.500%
\u20ac500,396
\u2014
503
07-Dec-12
31-Jan-25
97.84
Annually
Fixed 5.250%
\u20ac100,000
105
104
22-Dec-15
22-Dec-25
100.78
Annually
Fixed 2.875%
\u20ac450,000
451
451
20-May-16
20-May-26
99.65
Semi-annually
Fixed 4.398%
$170,000
164
154
18-Jan-18
18-Jan-28
98.52
Annually
Fixed 1.750%
\u20ac500,000
505
504
29-Apr-20
29-Apr-30
98.49
Annually
Fixed 2.25%
\u20ac500,000
503
502
19-Jan-21
19-Jan-31
99.09
Annually
Fixed 0.875%
\u20ac500,000
500
500
09-May-11
09-May-31
100.00
Semi-annually
Fixed 2.800%(a)
\u00a510,000,000
62
65
14-Feb-24
14-Feb-33
99.37
Annually
Fixed 3.750%
\u20ac650,000
665
\u2014
14-Oct-19
14-Oct-34
100.00
Annually
Fixed 1.750%
\u20ac500,000
484
482
15-Feb-18
15-Feb-38
98.18
Annually
Fixed 3.125%
\u20ac200,000
202
202
Total
3,641
3,467
a) To cover against currency fluctuations, Exor has in place a hedging transaction using a cross currency swap. The cost in Euro is fixed at 6.012% per year.
On 14 February 2024 Exor issued bonds for a nominal amount of \u20ac650\u00a0million, maturing on 14\u00a0February\u00a02033 with
an issue price of \u20ac99.371 and a fixed annual coupon of 3.75%. The purpose of the issue was to raise new funds for
Exor's general corporate purposes and to 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\u2019s.
Exor intends to repay the bonds in cash at maturity using available liquid resources and undrawn credit lines. Exor
may from time to time buy back bonds on the market also for purposes of their cancellation. Such buybacks, if
made, depend upon market conditions, Exor\u2019s financial situation and other factors which could affect such
decisions.
The bonds contain covenants that are common in international practice for bond issues of this type. In particular,
they contain negative pledge clauses (which require that the bonds benefit from any existing or future pledges of
assets of the issuer granted in connection with other bonds or debt securities having the same ranking) and provide
for periodic disclosure.
The 2011-2031 bonds also establish other covenants such as respecting a ratio between financial debt and net
asset value (0.5x) calculated in accordance with the bond issuance prospectus and maintaining a rating by one of
the major agencies. Non-compliance with these covenants allows the bondholders to ask for the immediate
redemption of the bonds. Standard events of default occur in the case of serious non-fulfilment events such as
failure to pay interest. The Company complied with these covenants during the current year.
Moreover, a change of control of Exor would give the bondholders the right to ask for early redemption of the
bonds.
Bank debts
(\u20ac million)
At 1 January
2024
Drawn
Repayments
Other changes
At 31 December
2024
Term Loan
150
\u2014
(150)
\u2014
\u2014
Uncommitted credit line and other debt
65
447
(65)
\u2014
447
Total Bank debts
215
447
(215)
\u2014
447
On 29\u00a0September\u00a02021 Exor entered into a committed credit facility (term loan) for \u20ac150\u00a0million expiring on
29\u00a0September\u00a02024. At 31\u00a0December\u00a02023 the facility was fully drawn and repaid in February 2024.
On 31\u00a0December\u00a02024 Exor has undrawn committed credit lines for \u20ac475\u00a0million, of which \u20ac225\u00a0million expiring
after 31\u00a0December 2025, as well as uncommitted credit lines of \u20ac725\u00a0million drawn for \u20ac445 million.
On 31\u00a0December\u00a02023 Exor had undrawn committed credit lines for \u20ac450\u00a0million, of which \u20ac350\u00a0million expiring
after 31\u00a0December\u00a02024, as well as uncommitted credit lines of \u20ac515\u00a0million drawn for \u20ac65\u00a0million.
In the event of a change of control of Exor, some lending institutions would have the right to ask for the early
repayment of committed credit lines for a total of \u20ac200\u00a0million, which however were not utilised at
31\u00a0December\u00a02024.
Exor\u2019s long-term corporate credit rating stated by Standard & Poor\u2019s is A-, with a \u201cstable\u201d outlook. The short-term
rating of Exor is A-2.
Borrowings by due date
At 31 December 2024
At 1 January 2024
(\u20ac million)
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
Notes
606
661
2,374
3,641
537
1,758
1,172
3,467
Bank debts
447
\u2014
\u2014
447
215
\u2014
\u2014
215
Total
Borrowings
1,053
661
2,374
4,088
752
1,758
1,172
3,682
Qualitative and quantitative information on financial risks
Exor is exposed to the following financial risks connected with its operations:
\u2013 credit risk
\u2013 liquidity risk, with particular reference to the availability of funds and access to the credit market and to financial
instruments in general;
\u2013 market risk (primarily relating to exchange rates and interest rates).
Exor attempts to actively manage these risks. These risks could significantly affect the Exor financial position and
results of operations and cash flows, and for this reason, Exor identifies and monitors these risks in order to detect
potential negative effects in advance and take the necessary action to mitigate them, primarily through its operating
and financing activities.
The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon
Exor. The quantitative data reported in the following paragraphs does not have any predictive value. In particular,
the sensitivity analysis on market risks does not reflect the complexity of the market or the reaction, which may
result from any changes that are assumed to take place.
Credit risk
Credit risk is the risk of economic loss resulting from the failure to collect receivables. Credit risk includes both the
direct risk of insolvency and the risk of deterioration in the creditworthiness of the counterparty. The maximum
nominal exposure to credit risk to which Exor is exposed at 31 December 2024 is represented by the carrying
amounts of financial assets in the financial statements. Nevertheless, Exor seeks to mitigate such risk by allocating
the funds in securities and other financial instruments across leading financial institutions and corporate
counterparties selected according to their credit quality. At 31\u00a0December\u00a02024 there are no financial assets past
due nor written down. The loan granted to Full More Group (\u20ac118\u00a0million including interest) is fully written down at
31\u00a0December\u00a02024 considering the recent performance of Shang Xia (the wholly owned operating subsidiary of
Full More Group), the enduring uncertainties around macroeconomic conditions in China, and the turnaround
process involving the entity with limited visibility on future cash generation, negatively affected by the challenging
conditions in China.
Liquidity risk
Liquidity risk represents the risk that Exor is unable to obtain the funds needed to carry out its operations and meet
its obligations. Liquidity risk could thus arise only in the event of investment decisions in excess of cash availability
which are not preceded by sufficient liquidation of assets or by the availability of suitable sources of funding that
can be readily used. The continuation of challenging economic conditions in the markets in which Exor operates
and the uncertainties that characterize the financial markets, necessitate special attention to the management of
liquidity risk.
Outgoing cash-flows from current operations are funded mostly by incoming flows from ordinary activities and cash
availability. In this sense, Exor operates so as to have irrevocable credit lines available with expiration dates and
amounts consistent with its investment plans. Measures taken to generate financial resources through operations
and to maintain an adequate level of available liquidity are an important factor in ensuring normal operating
conditions and addressing strategic challenges. Exor therefore plans to meet its requirements to settle liabilities as
they fall due and to cover expected capital expenditures by using cash flows from operations and available liquidity,
renewing or refinancing bank credit lines and making use of debt capital markets and other forms of funding.
The maturity of the financial liabilities and the amount of the available credit lines are provided in Note 29.
Management believes that the funds currently available, together with the funds that will be generated from
operating and financing will enable Exor to satisfy its requirements resulting from its investing activities to fulfil its
obligations to repay its debts at their natural due date.
Market risk
Exor is mainly exposed to fluctuations in foreign currency exchange rates, interest rates and price risks.
Foreign currency risk
At 31\u00a0December\u00a02024 a portion of receivables from third and related parties is denominated in US dollar
(\u20ac10\u00a0million) and in HK dollar (\u20ac118\u00a0million, fully written-off) respectively and a portion of cash and cash equivalents
in US dollar (\u20ac144 million). A portion of investments at FVTOCI is denominated in US dollar (\u20ac210\u00a0million) and GBP
(\u20ac33\u00a0million) and a portion of investments at FVTPL is denominated in US dollar (\u20ac1,953\u00a0million). Such assets are
converted into euro based on the exchange rates as per balance sheet date.
Considering currency risk exposure at the reporting date, the following table shows the effects if the exchange rates
had been 10% favourable or unfavourable.
(\u20ac million)
31 December 2024
of which USD
+10%bps
-10%bps
Equity investments at FVTPL
37,220
1,402
(123)
150
Equity investments at FVTOCI
365
210
(22)
27
Other investments at FVTPL
4,377
1,953
(171)
209
Cash and cash equivalents
169
144
(13)
15
The currency risk related to liabilities to which Exor is exposed regards the note issued in 2011 and due in 2031 for
Japanese yen 10\u00a0billion (\u20ac62\u00a0million at 31 December 2024) which carries a fixed rate in yen of 2.80% and the note
in US dollar issued in 2016 for $170\u00a0million (\u20ac164\u00a0million at 31\u00a0December\u00a02024) which carries a fixed rate of
4.398%. In order to protect itself from the effects of fluctuations in the \u20ac/Yen exchange rate, Exor has a cross
currency swap in place with a leading credit institution as a result of which Exor will pay a fixed rate of 6.012% on
the Euro equivalent face amount of the Japanese yen note for its entire term.
Interest rate risk
At 31 December 2024 Exor has \u20ac3,641\u00a0million of outstanding bonds paying interests at fixed rates. In 2024 Exor
paid fixed interests between 0.875% - 5.25% in Euro and 4.398% in USD. In addition, Exor has a cross-currency
swap in place on its Japanese bond in yen to hedge against currency fluctuations, with the cost in Euro fixed at
6.012% per year.
At 31 December 2024 the bank debt exposed to interest rate risk amounts to \u20ac447\u00a0million and an hypothetical
100\u00a0bps change in short-term interest rates would have resulted in a decrease/increase in financial expenses, on
an annual basis of approximately \u20ac4.5 million.
Price risk
Price risk is defined as the risk that unfavourable changes in stock prices impact Exor's portfolio. Exor is exposed
to market fluctuations of its portfolio. The risk analysis for investments is set out below. A hypothetical variation of
-10% bps and + 10% bps has been applied to the valuation as of 31 December 2024, resulting in a change in the
result of the profit and loss of +/-\u20ac4,160 million and in equity of +/- \u20ac37 million.
(\u20ac million)
Fair value
+10%bps
-10%bps
Equity investments at FVTPL
37,220
3,722
(3,722)
Equity investments at FVTOCI
365
37
(37)
Other investments at FVTPL
4,377
438
(438)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-559": { "value": "Financial expenses
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Interest on bonds
107
87
107
87
Interest on bank debt
6
7
6
7
Losses on derivative instruments at FVTPL
18
32
18
\u2014
Realised and unrealised losses on exchange
rate
16
34
16
34
Other expenses
1
2
1
3
Financial expenses from third parties
148
162
148
131
Interest expenses on payables to Exor
Nederland
\u2014
5
4
Financial expenses from related parties1
\u2014
\u2014
5
4
Financial expenses of subsidiaries
deconsolidated at 1 January 2024
\u2014
929
\u2014
\u2014
Financial expenses
148
1,091
153
135
1. Further details are disclosed in Note 34 Related party transactions.
The increase of interest on bonds is related to the higher average indebtedness.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-558": { "value": "Financial expenses
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Interest on bonds
107
87
107
87
Interest on bank debt
6
7
6
7
Losses on derivative instruments at FVTPL
18
32
18
\u2014
Realised and unrealised losses on exchange
rate
16
34
16
34
Other expenses
1
2
1
3
Financial expenses from third parties
148
162
148
131
Interest expenses on payables to Exor
Nederland
\u2014
5
4
Financial expenses from related parties1
\u2014
\u2014
5
4
Financial expenses of subsidiaries
deconsolidated at 1 January 2024
\u2014
929
\u2014
\u2014
Financial expenses
148
1,091
153
135
1. Further details are disclosed in Note 34 Related party transactions.
The increase of interest on bonds is related to the higher average indebtedness.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-561": { "value": "Income taxes
\u00a0
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Current tax expense
29
14
\u2014
\u2014
Deferred tax (benefit) expense
62
\u2014
\u2014
\u2014
Tax (benefit) expense relating to prior periods
\u2014
8
\u2014
\u2014
Income taxes of subsidiaries deconsolidated
at 1 January 2024
\u2014
1,073
\u2014
\u2014
Income taxes
91
1,095
\u2014
\u2014
Company only
No income taxes were estimated in 2024 and 2023 in The Netherlands.
The reconciliation between the income tax expense recognised in the income statement and the theoretical tax
expense, calculated on the basis of the theoretical tax rate, effective in the Netherlands, is as follows:
(\u20ac million)
2024
2023
Pre-tax profit (loss)
27,283
2,299
Theoretical tax (expense) income at 25.8%
(7,039)
(593)
Tax effect on:
Participation exemption on dividends received
460
650
Revaluation results on investments
6,627
(50)
Impairment loss on loans to investments
(30)
\u2014
Fair value reserve
3
2
Non-deductible cost for stock option plan
(5)
(3)
Cash flow hedge reserve
2
1
Non-deductible interest
(7)
\u2014
Other
(1)
(1)
Total
7,049
600
Unrecognised deferred tax assets on differences emerged
(10)
(7)
Total tax (expense) income
0
0
Effective tax rate
0%
0%
Total tax (expense) income
0
0
Based on the final tax assessments issued for the financial years up to and including 2018, the 2019, 2020 and
2021 tax returns filed, the 2022 tax return currently being prepared and the 2023 and 2024 tax provision, Exor
losses available for future offset at 31\u00a0December\u00a02024 amount to \u20ac399 million.
Due to a change in tax law, all losses available for future offset at the end of the financial year 2021 are available to
be carried forward indefinitely, subject to specific conditions. Amongst others, as from financial years starting on or
after 1 January 2022 the taxable profit in a financial year can only be compensated with available losses for an
amount of \u20ac1 million, and 50% of the taxable profit exceeding \u20ac1 million.
Taking the aforementioned into account, the following losses can in principle be offset against future taxable profits:
Loss from financial year
(\u20ac million)
2015
\u2014
2016
6
2017
112
2018
87
2019
19
2020
13
2021
17
2022
79
2023
25
2024
41
Total
399
For these losses no deferred tax asset has been recognised, since in the opinion of management it cannot be
regarded as more likely than not that there will be suitable profits against which these tax losses can be recovered.
Moreover, based on the 2019, 2020 and 2021 tax returns, the 2022 tax return currently being prepared and the
2023 and 2024 tax provisions, Exor has a total amount of \u20ac539 million of interest expenses available for future
offset at 31 December 2024 under the so-called earnings stripping rule. Under current tax law, this amount can be
carried forward indefinitely. For this credit no deferred tax asset has been recognised due to uncertainty about
future recoverability.
Consolidated
Deferred tax assets and deferred tax liabilities recognised at 31\u00a0December\u00a02024 are as follows:
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Deferred tax assets
\u2014
1,671
\u2014
\u2014
Deferred tax liabilities
64
271
\u2014
\u2014
Deferred tax assets and liabilities and the changes during the years then ended are as follows:
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1 January
2024
Increase
Trans
difference
At 31
December
2024
Deferred tax assets on tax losses carry-
forward
1,032
(670)
362
50
\u2014
412
Other deferred tax assets
3,148
(3,018)
130
8
\u2014
138
Total deferred tax assets - gross
4,180
(3,688)
492
58
\u2014
550
Unrecognised deferred tax assets
(1,242)
750
(492)
(58)
\u2014
(550)
Deferred tax assets offset with tax liabilities
(1,267)
1,267
\u2014
\u2014
\u2014
\u2014
Total deferred tax assets recognised
1,671
(1,671)
\u2014
\u2014
\u2014
\u2014
Deferred tax liabilities
1,538
(1,538)
\u2014
62
2
64
Deferred tax liabilities offset with tax assets
(1,267)
1,267
\u2014
\u2014
\u2014
\u2014
Total deferred tax liabilities recognised
271
(271)
\u2014
62
2
64
Deferred tax assets have not been recognised, since in the opinion of management it cannot be regarded as more
likely than not that there will be suitable profits against which these tax assets can be recovered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-560": { "value": "Income taxes
\u00a0
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Current tax expense
29
14
\u2014
\u2014
Deferred tax (benefit) expense
62
\u2014
\u2014
\u2014
Tax (benefit) expense relating to prior periods
\u2014
8
\u2014
\u2014
Income taxes of subsidiaries deconsolidated
at 1 January 2024
\u2014
1,073
\u2014
\u2014
Income taxes
91
1,095
\u2014
\u2014
Company only
No income taxes were estimated in 2024 and 2023 in The Netherlands.
The reconciliation between the income tax expense recognised in the income statement and the theoretical tax
expense, calculated on the basis of the theoretical tax rate, effective in the Netherlands, is as follows:
(\u20ac million)
2024
2023
Pre-tax profit (loss)
27,283
2,299
Theoretical tax (expense) income at 25.8%
(7,039)
(593)
Tax effect on:
Participation exemption on dividends received
460
650
Revaluation results on investments
6,627
(50)
Impairment loss on loans to investments
(30)
\u2014
Fair value reserve
3
2
Non-deductible cost for stock option plan
(5)
(3)
Cash flow hedge reserve
2
1
Non-deductible interest
(7)
\u2014
Other
(1)
(1)
Total
7,049
600
Unrecognised deferred tax assets on differences emerged
(10)
(7)
Total tax (expense) income
0
0
Effective tax rate
0%
0%
Total tax (expense) income
0
0
Based on the final tax assessments issued for the financial years up to and including 2018, the 2019, 2020 and
2021 tax returns filed, the 2022 tax return currently being prepared and the 2023 and 2024 tax provision, Exor
losses available for future offset at 31\u00a0December\u00a02024 amount to \u20ac399 million.
Due to a change in tax law, all losses available for future offset at the end of the financial year 2021 are available to
be carried forward indefinitely, subject to specific conditions. Amongst others, as from financial years starting on or
after 1 January 2022 the taxable profit in a financial year can only be compensated with available losses for an
amount of \u20ac1 million, and 50% of the taxable profit exceeding \u20ac1 million.
Taking the aforementioned into account, the following losses can in principle be offset against future taxable profits:
Loss from financial year
(\u20ac million)
2015
\u2014
2016
6
2017
112
2018
87
2019
19
2020
13
2021
17
2022
79
2023
25
2024
41
Total
399
For these losses no deferred tax asset has been recognised, since in the opinion of management it cannot be
regarded as more likely than not that there will be suitable profits against which these tax losses can be recovered.
Moreover, based on the 2019, 2020 and 2021 tax returns, the 2022 tax return currently being prepared and the
2023 and 2024 tax provisions, Exor has a total amount of \u20ac539 million of interest expenses available for future
offset at 31 December 2024 under the so-called earnings stripping rule. Under current tax law, this amount can be
carried forward indefinitely. For this credit no deferred tax asset has been recognised due to uncertainty about
future recoverability.
Consolidated
Deferred tax assets and deferred tax liabilities recognised at 31\u00a0December\u00a02024 are as follows:
For the years ended 31 December
2024
2023 reclassified
2024
2023 reclassified
(\u20ac million)
Consolidated
Company only
Deferred tax assets
\u2014
1,671
\u2014
\u2014
Deferred tax liabilities
64
271
\u2014
\u2014
Deferred tax assets and liabilities and the changes during the years then ended are as follows:
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1 January
2024
Increase
Trans
difference
At 31
December
2024
Deferred tax assets on tax losses carry-
forward
1,032
(670)
362
50
\u2014
412
Other deferred tax assets
3,148
(3,018)
130
8
\u2014
138
Total deferred tax assets - gross
4,180
(3,688)
492
58
\u2014
550
Unrecognised deferred tax assets
(1,242)
750
(492)
(58)
\u2014
(550)
Deferred tax assets offset with tax liabilities
(1,267)
1,267
\u2014
\u2014
\u2014
\u2014
Total deferred tax assets recognised
1,671
(1,671)
\u2014
\u2014
\u2014
\u2014
Deferred tax liabilities
1,538
(1,538)
\u2014
62
2
64
Deferred tax liabilities offset with tax assets
(1,267)
1,267
\u2014
\u2014
\u2014
\u2014
Total deferred tax liabilities recognised
271
(271)
\u2014
62
2
64
Deferred tax assets have not been recognised, since in the opinion of management it cannot be regarded as more
likely than not that there will be suitable profits against which these tax assets can be recovered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-562": { "value": "Earnings per share
Basic earnings per share
Basic earnings per share for the years ended 31 December 2024 and 31 December 2023 are determined by
dividing the net profit attributable to equity holders of Exor by the weighted average number of common shares
outstanding during each period.
For the years ended 31 December
2024
2023
Net profit attributable to equity holders of Exor
\u20ac million
14,671
4,194
Weighted average common shares outstanding
thousands
214.883
224.047
Basic earnings per share
\u20ac
68.27
18.72
Diluted earnings per share
In order to calculate the diluted earnings per share, the profit attributable to equity holders of Exor is adjusted by
considering the dilutive effects arising from the theoretical exercise of the share-based compensation plans granted
by Exor and by the subsidiaries using their own equity instruments.
For the years ended 31 December
2024
2023
Net profit (loss) attributable to owners of the parent
\u20ac million
14,671
4,194
Weighted average common shares outstanding
\u20ac thousands
214.883
224.047
Number of shares deployable for share-based compensation plans granted
by Exor
\u20ac thousands
4.453
3.607
Weighted average common shares outstanding for diluted earnings per
share
\u20ac thousands
218.957
227.654
Diluted earnings per share
\u20ac
67.00
18.42
Dilutive effect due to share-based compensation plans granted by Exor
subsidiaries
\u20ac
\u2014
(0.040)
Diluted earnings per share
\u20ac
67.00
18.38
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-565": { "value": "Intangible assets
(\u20ac million)
Goodwill
Trademark
and
Intangible
assets with
an indefinite
useful life
Development
costs
Patents,
concessions
and licenses
externally
acquired
Other
intangible
assets
externally
acquired
Players\u2019
registration
rights
Total
Balance at 31\u00a0December\u00a02023
reclassified
Original cost
5,311
543
10,362
1,440
2,175
677
20,508
Accumulated amortisation and
impairment
(1,063)
(85)
(6,708)
(1,226)
(1,150)
(389)
(10,621)
Net carrying amount
4,248
458
3,654
214
1,025
288
9,887
Application of IE exemption
Original cost
(5,311)
(543)
(10,362)
(1,440)
(2,175)
(677)
(20,508)
Accumulated amortisation and
impairment
1,063
85
6,708
1,226
1,150
389
10,621
Net carrying amount
(4,248)
(458)
(3,654)
(214)
(1,025)
(288)
(9,887)
Balance at 1 January 2024
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-564": { "value": "Intangible assets
(\u20ac million)
Goodwill
Trademark
and
Intangible
assets with
an indefinite
useful life
Development
costs
Patents,
concessions
and licenses
externally
acquired
Other
intangible
assets
externally
acquired
Players\u2019
registration
rights
Total
Balance at 31\u00a0December\u00a02023
reclassified
Original cost
5,311
543
10,362
1,440
2,175
677
20,508
Accumulated amortisation and
impairment
(1,063)
(85)
(6,708)
(1,226)
(1,150)
(389)
(10,621)
Net carrying amount
4,248
458
3,654
214
1,025
288
9,887
Application of IE exemption
Original cost
(5,311)
(543)
(10,362)
(1,440)
(2,175)
(677)
(20,508)
Accumulated amortisation and
impairment
1,063
85
6,708
1,226
1,150
389
10,621
Net carrying amount
(4,248)
(458)
(3,654)
(214)
(1,025)
(288)
(9,887)
Balance at 1 January 2024
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-563": { "value": "Intangible assets
(\u20ac million)
Goodwill
Trademark
and
Intangible
assets with
an indefinite
useful life
Development
costs
Patents,
concessions
and licenses
externally
acquired
Other
intangible
assets
externally
acquired
Players\u2019
registration
rights
Total
Balance at 31\u00a0December\u00a02023
reclassified
Original cost
5,311
543
10,362
1,440
2,175
677
20,508
Accumulated amortisation and
impairment
(1,063)
(85)
(6,708)
(1,226)
(1,150)
(389)
(10,621)
Net carrying amount
4,248
458
3,654
214
1,025
288
9,887
Application of IE exemption
Original cost
(5,311)
(543)
(10,362)
(1,440)
(2,175)
(677)
(20,508)
Accumulated amortisation and
impairment
1,063
85
6,708
1,226
1,150
389
10,621
Net carrying amount
(4,248)
(458)
(3,654)
(214)
(1,025)
(288)
(9,887)
Balance at 1 January 2024
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-568": { "value": "Property, plant and equipment
(\u20ac million)
At 31 December 2024
At 31 December 2023 reclassified
Consolidated
Company only
Consolidated
Company only
Other tangible assets
16
\u2014
6,468
\u2014
Right-of-use assets
2
1
593
1
Total Property, plant and equipment
18
1
7,061
1
Details of other tangible assets included in Property, plant and equipment at 31\u00a0December\u00a02024 and the related
changes during the year are as follows:
(\u20ac million)
Land
Industrial
buildings
Plant,
machinery
and
equipment
Assets sold
with a buy-
back
commitment
Other
tangible
assets
Advances
and tangible
assets in
progress
Total
Carrying amount at 31\u00a0December\u00a02023
reclassified
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Historical cost
407
3,558
12,157
1,984
1,063
780
19,949
Accumulated depreciation and impairment
(8)
(2,152)
(9,788)
(686)
(846)
(1)
(13,481)
Net carrying amount
399
1,406
2,369
1,298
217
779
6,468
Application of IE exemption
Historical cost
(407)
(3,542)
(12,157)
(1,984)
(1,063)
(780)
(19,933)
Accumulated depreciation and impairment
8
2,151
9,788
686
846
1
13,480
Net carrying amount
(399)
(1,391)
(2,369)
(1,298)
(217)
(779)
(6,453)
Carrying amount at 1 January 2024
Historical cost
\u2014
16
\u2014
\u2014
\u2014
\u2014
16
Accumulated depreciation and impairment
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
(1)
Net carrying amount
\u2014
15
\u2014
\u2014
\u2014
\u2014
15
Changes during the year (original cost)
Additions
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences
\u2014
1
\u2014
\u2014
\u2014
\u2014
1
Total
\u2014
1
\u2014
\u2014
\u2014
\u2014
1
Changes during the year (accumulated
depreciation and impairment)
Depreciation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Carrying amount at 31 December 2024
Historical cost
\u2014
17
\u2014
\u2014
\u2014
\u2014
17
Accumulated depreciation and impairment
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
(1)
Net carrying amount
\u2014
16
\u2014
\u2014
\u2014
\u2014
16
Changes in right-of-use assets are as follows:
(\u20ac million)
Land
Industrial
buildings
Plant,
machinery
and
equipment
Other
assets
Total
Carrying amount at 31\u00a0December\u00a02023 reclassified
20
376
87
110
593
Application of IE exemption
(19)
(376)
(86)
(110)
(591)
Carrying amount at 1 January 2024
1
\u2014
1
\u2014
2
Depreciation
\u2014
\u2014
\u2014
\u2014
\u2014
Additions
\u2014
\u2014
\u2014
\u2014
\u2014
Carrying amount at 31\u00a0December\u00a02024
1
\u2014
1
\u2014
2
Of which Company only
\u2014
\u2014
1
\u2014
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-567": { "value": "Property, plant and equipment
(\u20ac million)
At 31 December 2024
At 31 December 2023 reclassified
Consolidated
Company only
Consolidated
Company only
Other tangible assets
16
\u2014
6,468
\u2014
Right-of-use assets
2
1
593
1
Total Property, plant and equipment
18
1
7,061
1
Details of other tangible assets included in Property, plant and equipment at 31\u00a0December\u00a02024 and the related
changes during the year are as follows:
(\u20ac million)
Land
Industrial
buildings
Plant,
machinery
and
equipment
Assets sold
with a buy-
back
commitment
Other
tangible
assets
Advances
and tangible
assets in
progress
Total
Carrying amount at 31\u00a0December\u00a02023
reclassified
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Historical cost
407
3,558
12,157
1,984
1,063
780
19,949
Accumulated depreciation and impairment
(8)
(2,152)
(9,788)
(686)
(846)
(1)
(13,481)
Net carrying amount
399
1,406
2,369
1,298
217
779
6,468
Application of IE exemption
Historical cost
(407)
(3,542)
(12,157)
(1,984)
(1,063)
(780)
(19,933)
Accumulated depreciation and impairment
8
2,151
9,788
686
846
1
13,480
Net carrying amount
(399)
(1,391)
(2,369)
(1,298)
(217)
(779)
(6,453)
Carrying amount at 1 January 2024
Historical cost
\u2014
16
\u2014
\u2014
\u2014
\u2014
16
Accumulated depreciation and impairment
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
(1)
Net carrying amount
\u2014
15
\u2014
\u2014
\u2014
\u2014
15
Changes during the year (original cost)
Additions
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences
\u2014
1
\u2014
\u2014
\u2014
\u2014
1
Total
\u2014
1
\u2014
\u2014
\u2014
\u2014
1
Changes during the year (accumulated
depreciation and impairment)
Depreciation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Translation differences
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Carrying amount at 31 December 2024
Historical cost
\u2014
17
\u2014
\u2014
\u2014
\u2014
17
Accumulated depreciation and impairment
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
(1)
Net carrying amount
\u2014
16
\u2014
\u2014
\u2014
\u2014
16
Changes in right-of-use assets are as follows:
(\u20ac million)
Land
Industrial
buildings
Plant,
machinery
and
equipment
Other
assets
Total
Carrying amount at 31\u00a0December\u00a02023 reclassified
20
376
87
110
593
Application of IE exemption
(19)
(376)
(86)
(110)
(591)
Carrying amount at 1 January 2024
1
\u2014
1
\u2014
2
Depreciation
\u2014
\u2014
\u2014
\u2014
\u2014
Additions
\u2014
\u2014
\u2014
\u2014
\u2014
Carrying amount at 31\u00a0December\u00a02024
1
\u2014
1
\u2014
2
Of which Company only
\u2014
\u2014
1
\u2014
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-566": { "value": "Property, plant and equipment
(\u20ac million)
At 31 December 2024
At 31 December 2023 reclassified
Consolidated
Company only
Consolidated
Company only
Other tangible assets
16
\u2014
6,468
\u2014
Right-of-use assets
2
1
593
1
Total Property, plant and equipment
18
1
7,061
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-569": { "value": "Equity investments accounted for at cost
The following table shows the movements in investments accounted for at cost, detailed for the legal entities:
(\u20ac million)
At 31
December
2023
reclassified
Application of
IE exemption
At 1 January
2024
Increases
Decreases
At 31
December
2024
Subsidiaries
Listed
CNH Industrial
1,474
(1,474)
\u2014
\u2014
\u2014
\u2014
Ferrari
677
(677)
\u2014
\u2014
\u2014
\u2014
Iveco Group
221
(221)
\u2014
\u2014
\u2014
\u2014
Juventus Football Club
669
(669)
\u2014
\u2014
\u2014
\u2014
Total listed
3,041
(3,041)
\u2014
\u2014
\u2014
\u2014
Unlisted
Exor S.A.
645
\u2014
645
100
\u2014
745
Exor Nederland N.V.
75
\u2014
75
10
\u2014
85
Exor Investments Limited
17
\u2014
17
6
\u2014
23
GEDI Gruppo Editoriale
68
(68)
\u2014
\u2014
\u2014
\u2014
Lingotto Investment Management
UK
27
(27)
\u2014
\u2014
\u2014
\u2014
Total unlisted
832
(95)
737
116
\u2014
853
Total subsidiaries
3,873
(3,136)
737
116
\u2014
853
Associated
Listed
Stellantis
1,350
(1,350)
\u2014
\u2014
\u2014
\u2014
Total Listed
1,350
(1,350)
\u2014
\u2014
\u2014
\u2014
Unlisted
Christian Louboutin
541
(541)
\u2014
\u2014
\u2014
\u2014
The Economist Group
328
(328)
\u2014
\u2014
\u2014
\u2014
Institut Merieux
278
(278)
\u2014
\u2014
\u2014
\u2014
TAG Holding
100
(100)
\u2014
\u2014
\u2014
\u2014
Welltec
95
(95)
\u2014
\u2014
\u2014
\u2014
Lifenet
71
(71)
\u2014
\u2014
\u2014
\u2014
NUO
42
(42)
\u2014
\u2014
\u2014
\u2014
Casavo
13
(13)
\u2014
\u2014
\u2014
\u2014
Total unlisted
1,468
(1,469)
\u2014
\u2014
\u2014
\u2014
Total associated
2,818
(2,818)
\u2014
\u2014
\u2014
\u2014
Equity investments accounted
for at cost
6,691
(5,954)
737
116
\u2014
853
In 2024 Exor subscribed to a capital increase in Exor S.A. of \u20ac100\u00a0million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-572": { "value": "Equity investments at FVTPL
Consolidated
(\u20ac million)
At 31 December
2023 reclassified
Application of IE
exemption
At 1 January
2024
At 31 December
2024
Listed
Subsidiaries
\u2014
18,768
18,768
23,761
Associated
\u2014
9,505
9,505
10,002
Total listed
\u2014
28,273
28,273
33,763
Unlisted
Subsidiaries
\u2014
120
120
176
Associated
\u2014
2,392
2,392
3,281
Total unlisted
\u2014
2,512
2,512
3,457
Other equity investments at FVTPL
107
\u2014
107
\u2014
Masimo Corporation
107
\u2014
107
\u2014
Equity investments at FVTPL - Consolidated
107
30,785
30,892
37,220
Company only
(\u20ac million)
At 31 December
2023 reclassified
Application of IE
exemption
At 1 January
2024
At 31 December
2024
Listed
Subsidiaries
\u2014
18,768
18,768
23,761
Associated
\u2014
9,505
9,505
9,673
Total listed
\u2014
28,273
28,273
33,434
Unlisted
Subsidiaries
\u2014
120
120
176
Associated
\u2014
2,392
2,392
3,281
Total unlisted
\u2014
2,512
2,512
3,457
Equity investments at FVTPL - Company only
\u2014
30,785
30,785
36,891
Listed
(\u20ac million)
Type(1)
At 31 December 2024
At 1 January 2024
%
Econ.
%
Voting
Number of
shares
Fair value
unit
Fair value
total
%
Econ.
%
Voting
Number of
shares
Fair value
unit
Fair value
total
Listed
Ferrari
S
22.9%
36.7%
44,435,280
412.40
18,325
22.9%
36.5%
44,435,280
305.20
13,562
Stellantis
A
15.5%
24.0%
449,410,092
12.59
5,658
14.2%
14.9%
449,410,092
21.15
9,505
Philips(2)
A
17.5%
17.8%
164,553,857
24.40
4,015
\u2014
\u2014
\u2014
\u2014
\u2014
CNH Industrial(3)
S
26.9%
45.3%
366,927,900
11.33
4,002
26.9%
44.2%
366,927,900
12.18
4,066
Iveco Group
S
27.1%
43.4%
73,385,580
9.34
685
27.1%
43.3%
73,385,580
8.15
598
Juventus(4)
S
65.4%
78.9%
247,849,342
3.02
749
63.8%
77.9%
161,166,912
2.53
542
Total Listed - Company only
33,434
28,273
of which Subsidiaries
23,761
18,768
of which Associates
9,673
9,505
Add associates owned by
consolidated subsidiaries
Clarivate(2)(3)
A
9.7%
9.7%
67,294,884
5.08
329
\u2014
\u2014
65,728,365
9.26
\u2014
Total Listed - Consolidated
33,763
28,273
of which Subsidiaries
23,761
18,768
of which Associates
10,002
9,505
(1) S: subsidiary; A: associate.
(2) At 31\u00a0December\u00a02023 equity investments accounted for at FVTOCI.
(3) Share price in US $.
(4) Share price and number of shares at 1 January 2024 considering the reverse stock split 10:1.
(\u20ac million)
Type(1)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1
January
2024
Invest.
Disposal
Change in
value(3)
Translation
difference
Other
changes
At 31
December
2024
Listed
Ferrari
S
\u2014
13,562
13,562
\u2014
\u2014
4,763
\u2014
\u2014
18,325
Stellantis
A
\u2014
9,505
9,505
\u2014
\u2014
(3,847)
\u2014
\u2014
5,658
Philips(2)
A
\u2014
\u2014
\u2014
579
\u2014
53
3,383
4,015
CNH Industrial
S
\u2014
4,066
4,066
\u2014
\u2014
(64)
\u2014
\u2014
4,002
Iveco Group
S
\u2014
598
598
\u2014
\u2014
87
\u2014
\u2014
685
Juventus
S
\u2014
542
542
14
\u2014
193
\u2014
\u2014
749
Total listed - Company only
\u2014
28,273
28,273
593
\u2014
1,185
\u2014
3,383
33,434
of which subsidiaries
\u2014
18,768
18,768
14
\u2014
4,979
\u2014
\u2014
23,761
of which associates
\u2014
9,505
9,505
579
\u2014
(3,794)
\u2014
3,383
9,673
Add associates owned by
consolidated subsidiaries
Clarivate
A
\u2014
\u2014
\u2014
\u2014
\u2014
(116)
13
432
329
Total listed - Consolidated
\u2014
28,273
28,273
593
\u2014
1,069
13
3,815
33,763
of which subsidiaries
18,768
18,768
14
\u2014
4,979
\u2014
\u2014
23,761
of which associates
9,505
9,505
579
\u2014
(3,910)
13
3,815
10,002
(1) S: subsidiary; A: associate.
(2) The column investment includes 4,872,647 shares (\u20ac121 million) received as dividend paid in shares.
(3) The change in value is unrealised gain.
In accordance with the relationship agreement signed with Philips, the shareholders' meeting of the company held
in May 2024, appointed an Exor representative to the supervisory board and consequently Exor determined that it
has significant influence in the company in accordance with IAS 28. Based on the investment entity status of Exor,
the investment in Philips was accounted for at FVTOCI until the significant influence was achieved and thereafter at
FVTPL.
During the first months of 2024 Exor became a long-term investor in Clarivate and further increased its
shareholding in the company, reaching 10.1%. Exor endorsed the strategic direction set out by the company's
management and board of directors, having access to a board seat. As a result, Exor determined that it has
significant influence in the company in accordance with IAS 28. The investment in Clarivate was accounted for at
FVTOCI until the significant influence was achieved on May 2024 and thereafter at FVTPL.
Unlisted
(\u20ac million)
At 31\u00a0December\u00a02024
At 1 January 2024
Type1
% Econ.
% Voting
Fair value
total
% Econ.
% Voting
Fair value
total
Unlisted
Christian Louboutin
A
24.0%
24.0%
575
24.0%
24.0%
700
Via Transportation
A
19.0%
19.0%
597
17.3%
17.3%
514
The Economist Group2
A
34.7%
43.4%
416
34.7%
43.4%
384
Welltec
A
47.6%
47.6%
424
47.6%
47.6%
280
Institut Merieux
A
10.0%
5.3%
891
3.6%
3.6%
288
Tag Holding
A
44.9%
44.9%
189
43.5%
43.5%
100
Nuo
A
49.7%
50.0%
102
50.0%
50.0%
42
Lifenet
A
45.2%
45.2%
80
44.7%
44.7%
71
GEDI
S
100.0%
100.0%
118
89.6%
89.6%
68
Lingotto Investments Management (UK)
S
100.0%
100.0%
58
100.0%
100.0%
52
Casavo(3)
A
11.8%
12.7%
7
12.2%
12.2%
13
Full More Group
S
82.3%
82.3%
\u2014
82.3%
82.3%
\u2014
Total unlisted Consolidated and
Company only
3,457
2,512
of which Subsidiaries
176
120
of which Associates
3,281
2,392
(1) S: subsidiary; A: associate.
(2) Voting rights are limited to 20%.
(3) Ownership held directly by Exor N.V. and excluding the stake owned by Exor Seeds.
(\u20ac million)
Type1
At 31
December
2023
reclassified
Application
of IE
exemption
At 1 January
2024
Invest.
Disposal
Change in
value(2)
At 31
December
2024
Unlisted
Christian Louboutin
A
\u2014
700
700
\u2014
\u2014
(125)
575
Via Transportation
A
\u2014
514
514
25
\u2014
58
597
The Economist Group
A
\u2014
384
384
\u2014
\u2014
32
416
Welltec
A
\u2014
280
280
\u2014
\u2014
144
424
Institut Merieux
A
\u2014
288
288
555
\u2014
48
891
Tag Holding
A
\u2014
100
100
89
\u2014
\u2014
189
Nuo
A
\u2014
42
42
34
\u2014
26
102
Lifenet
A
\u2014
71
71
8
\u2014
1
80
GEDI
S
\u2014
68
68
50
\u2014
\u2014
118
Lingotto Investments
Management (UK)
S
\u2014
52
52
\u2014
\u2014
6
58
Casavo
A
\u2014
13
13
1
\u2014
(7)
7
Total unlisted Consolidated
and Company only
\u2014
2,512
2,512
762
\u2014
183
3,457
of which subsidiaries
\u2014
120
120
50
\u2014
6
176
of which associates
\u2014
2,392
2,392
712
\u2014
177
3,281
(1) S: subsidiary; A: associate.
(2) The change in value is unrealised gain.
In July 2024 Exor paid the remaining \u20ac555\u00a0million to reach a shareholding of 10% in Institut M\u00e9rieux in accordance
with the agreement signed in July 2022.
In 2024 Exor acquired the residual 10.38% interest in GEDI from the minority shareholders. Exor also converted a
part of the financial receivables from GEDI into a future capital increase.
Other equity investments at FVTPL
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1 January
2024
Invest.
Disposal
Change in
value(1)
Translation
difference
At 31
December
2024
Masimo Corporation
107
\u2014
107
\u2014
(127)
18
2
\u2014
Other equity investments at
FVTPL
107
\u2014
107
\u2014
(127)
18
2
\u2014
(1) The change in value is realised gain.
Assets and liabilities measured at fair value on a recurring basis
Consolidated
Company only
(\u20ac million)
Note
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
At 31 December 2024
Equity investments at FVTPL:
Subsidiaries
18
23,761
\u2014
176
23,937
23,761
\u2014
176
23,937
Associates
18
10,002
891
2,390
13,283
9,673
891
2,390
12,954
Total equity investments at FVTPL
18
33,763
891
2,566
37,220
33,434
891
2,566
36,891
Total equity investments at FVTOCI
19
170
2
193
365
170
\u2014
185
355
Other investments at FVTPL:
Funds managed by Lingotto
20
\u2014
2,233
497
2,730
\u2014
\u2014
\u2014
\u2014
Funds managed by other
20
205
\u2014
60
265
2
\u2014
\u2014
2
Reinsurance vehicles
20
\u2014
\u2014
679
679
\u2014
\u2014
\u2014
\u2014
Ventures
20
\u2014
\u2014
703
703
\u2014
\u2014
\u2014
\u2014
Total other investments at FVTPL
20
205
2,233
1,939
4,377
2
\u2014
\u2014
2
Financial receivables
21
\u2014
\u2014
11
11
\u2014
\u2014
11
11
Assets at 31 December 2024
34,138
3,126
4,709
41,973
33,606
891
2,762
37,259
Derivative financial liabilities
30
\u2014
(35)
(18)
(53)
\u2014
(35)
(18)
(53)
Liabilities at 31 December 2024
\u2014
(35)
(18)
(53)
\u2014
(35)
(18)
(53)
Consolidated
Company only
(\u20ac million)
Note
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
At 1 January 2024
Equity investments at FVTPL:
Subsidiaries
18
18,768
\u2014
120
18,888
18,768
\u2014
120
18,888
Associates
18
9,505
288
2,104
11,897
9,505
288
2,104
11,897
Other equity investments
18
107
\u2014
\u2014
107
\u2014
\u2014
\u2014
\u2014
Total equity investments at FVTPL
18
28,380
288
2,224
30,892
28,273
288
2,224
30,785
Total equity investments at FVTOCI
19
3,803
6
157
3,966
3,252
\u2014
157
3,409
Other investments at FVTPL:
Funds managed by Lingotto
20
\u2014
1,736
363
2,099
\u2014
\u2014
\u2014
\u2014
Funds managed by other
20
227
\u2014
50
277
49
\u2014
\u2014
49
Reinsurance vehicles
20
\u2014
\u2014
802
802
\u2014
\u2014
\u2014
\u2014
Ventures
20
\u2014
\u2014
605
605
\u2014
\u2014
\u2014
\u2014
Debt securities and other financial
instruments
20
10
\u2014
\u2014
10
\u2014
\u2014
\u2014
\u2014
Total other investments at FVTPL
20
237
1,736
1,820
3,793
49
\u2014
\u2014
49
Financial receivables
21
\u2014
\u2014
10
10
\u2014
\u2014
10
10
Liquidity funds and money market
securities
24
66
\u2014
\u2014
66
38
\u2014
\u2014
38
Assets at 1 January 2024
32,486
2,030
4,211
38,727
31,612
288
2,391
34,291
Derivative financial liabilities
30
\u2014
(27)
(18)
(45)
\u2014
(27)
\u2014
(27)
Liabilities at 1 January 2024
\u2014
(27)
(18)
(45)
\u2014
(27)
\u2014
(27)
At 31 December\u00a02024, the main difference with the previous year in the investments classified as Level 3 is due to
the non-listed equity investment accounted for at FVTPL from 1\u00a0January\u00a02024, following the application of the IE
exemption in accordance with IFRS 10. Assets measured at fair value on a recurring basis include also fund
investments and other assets. At 1 January 2024 the item included, among others, private equities, fund
investments, derivative instruments and other invested assets.
All valuations in Level 3 are based on assumptions and judgments that management considers to be reasonable
based on the circumstances prevailing at the time. Changes in assumptions may result in adjustments to reported
values and the actual outcome may differ from the estimates and judgments that were made.
Investment funds and reinsurance vehicles are measured at the investor\u2019s share of the value that the fund manager
reports for all unlisted funds (net asset value) and is normally updated when a new valuation is received.
The fair value of other financial liabilities that are composed of derivative financial instruments is measured by
taking into consideration market parameters at the balance sheet date and using valuation techniques widely
accepted in the financial business environment. In particular, the fair value of cross currency swaps is determined
using the discounted cash flow method, by taking the prevailing exchange rates and interest rates at the balance
sheet date, adjusted, where necessary, to take into account Exor\u2019s credit quality.
The following table provides the reconciliation of the changes in items measured at fair value classified within
Level\u00a03 for the year ended 31\u00a0December\u00a02024.
Consolidated
Gains (losses) recognised
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1
January
2024
In the
income
statement
In OCI
reserves
Increase
Decrease
Net
transfers
into/(out
of) Level 3
At 31
December
2024
Equity investment at FVTPL
\u2014
2,224
2,224
153
\u2014
188
\u2014
\u2014
2,565
Equity investment at
FVTOCI
683
(525)
157
\u2014
14
21
\u2014
\u2014
192
Investment funds managed
by Lingotto
821
(458)
363
73
\u2014
61
\u2014
\u2014
497
Funds managed by other
50
\u2014
50
10
\u2014
\u2014
\u2014
\u2014
60
Reinsurance vehicles
802
\u2014
802
145
\u2014
44
(312)
\u2014
679
Ventures
655
(50)
605
77
\u2014
57
(36)
\u2014
703
Financial receivables
10
\u2014
10
\u2014
\u2014
\u2014
\u2014
\u2014
10
Total Assets Consolidated
3,021
1,191
4,211
458
14
371
(348)
\u2014
4,706
Derivative financial liabilities
(18)
(18)
\u2014
\u2014
(18)
18
\u2014
(18)
Total Liabilities Consolidated
(18)
\u2014
(18)
\u2014
\u2014
(18)
18
\u2014
(18)
During the year ended 31 December 2024, there were no transfers between Levels 1, 2, and 3 in the fair value
hierarchy for these investments.
Company only
Gains (losses) recognised
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1
January
2024
In the
income
statement
In OCI
reserves
Increase
Decrease
Net
transfers
into/(out
of) Level 3
At 31
December
2024
Equity investment at
FVTPL
\u2014
1,710
1,710
147
\u2014
702
\u2014
\u2014
2,559
Equity investment at
FVTOCI
671
(514)
157
\u2014
14
14
\u2014
\u2014
185
Financial receivables
10
\u2014
10
\u2014
\u2014
1
\u2014
\u2014
11
Total Assets
681
1,196
1,877
147
14
717
\u2014
\u2014
2,755
Derivative financial
\u2014
\u2014
\u2014
\u2014
\u2014
(18)
\u2014
\u2014
(18)
Total Liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
(18)
\u2014
\u2014
(18)
During the year ended 31 December 2024, there were no transfers between Levels 1, 2, and 3 in the fair value
hierarchy for these investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-571": { "value": "Equity investments at FVTPL
Consolidated
(\u20ac million)
At 31 December
2023 reclassified
Application of IE
exemption
At 1 January
2024
At 31 December
2024
Listed
Subsidiaries
\u2014
18,768
18,768
23,761
Associated
\u2014
9,505
9,505
10,002
Total listed
\u2014
28,273
28,273
33,763
Unlisted
Subsidiaries
\u2014
120
120
176
Associated
\u2014
2,392
2,392
3,281
Total unlisted
\u2014
2,512
2,512
3,457
Other equity investments at FVTPL
107
\u2014
107
\u2014
Masimo Corporation
107
\u2014
107
\u2014
Equity investments at FVTPL - Consolidated
107
30,785
30,892
37,220
Company only
(\u20ac million)
At 31 December
2023 reclassified
Application of IE
exemption
At 1 January
2024
At 31 December
2024
Listed
Subsidiaries
\u2014
18,768
18,768
23,761
Associated
\u2014
9,505
9,505
9,673
Total listed
\u2014
28,273
28,273
33,434
Unlisted
Subsidiaries
\u2014
120
120
176
Associated
\u2014
2,392
2,392
3,281
Total unlisted
\u2014
2,512
2,512
3,457
Equity investments at FVTPL - Company only
\u2014
30,785
30,785
36,891
Listed
(\u20ac million)
Type(1)
At 31 December 2024
At 1 January 2024
%
Econ.
%
Voting
Number of
shares
Fair value
unit
Fair value
total
%
Econ.
%
Voting
Number of
shares
Fair value
unit
Fair value
total
Listed
Ferrari
S
22.9%
36.7%
44,435,280
412.40
18,325
22.9%
36.5%
44,435,280
305.20
13,562
Stellantis
A
15.5%
24.0%
449,410,092
12.59
5,658
14.2%
14.9%
449,410,092
21.15
9,505
Philips(2)
A
17.5%
17.8%
164,553,857
24.40
4,015
\u2014
\u2014
\u2014
\u2014
\u2014
CNH Industrial(3)
S
26.9%
45.3%
366,927,900
11.33
4,002
26.9%
44.2%
366,927,900
12.18
4,066
Iveco Group
S
27.1%
43.4%
73,385,580
9.34
685
27.1%
43.3%
73,385,580
8.15
598
Juventus(4)
S
65.4%
78.9%
247,849,342
3.02
749
63.8%
77.9%
161,166,912
2.53
542
Total Listed - Company only
33,434
28,273
of which Subsidiaries
23,761
18,768
of which Associates
9,673
9,505
Add associates owned by
consolidated subsidiaries
Clarivate(2)(3)
A
9.7%
9.7%
67,294,884
5.08
329
\u2014
\u2014
65,728,365
9.26
\u2014
Total Listed - Consolidated
33,763
28,273
of which Subsidiaries
23,761
18,768
of which Associates
10,002
9,505
(1) S: subsidiary; A: associate.
(2) At 31\u00a0December\u00a02023 equity investments accounted for at FVTOCI.
(3) Share price in US $.
(4) Share price and number of shares at 1 January 2024 considering the reverse stock split 10:1.
(\u20ac million)
Type(1)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1
January
2024
Invest.
Disposal
Change in
value(3)
Translation
difference
Other
changes
At 31
December
2024
Listed
Ferrari
S
\u2014
13,562
13,562
\u2014
\u2014
4,763
\u2014
\u2014
18,325
Stellantis
A
\u2014
9,505
9,505
\u2014
\u2014
(3,847)
\u2014
\u2014
5,658
Philips(2)
A
\u2014
\u2014
\u2014
579
\u2014
53
3,383
4,015
CNH Industrial
S
\u2014
4,066
4,066
\u2014
\u2014
(64)
\u2014
\u2014
4,002
Iveco Group
S
\u2014
598
598
\u2014
\u2014
87
\u2014
\u2014
685
Juventus
S
\u2014
542
542
14
\u2014
193
\u2014
\u2014
749
Total listed - Company only
\u2014
28,273
28,273
593
\u2014
1,185
\u2014
3,383
33,434
of which subsidiaries
\u2014
18,768
18,768
14
\u2014
4,979
\u2014
\u2014
23,761
of which associates
\u2014
9,505
9,505
579
\u2014
(3,794)
\u2014
3,383
9,673
Add associates owned by
consolidated subsidiaries
Clarivate
A
\u2014
\u2014
\u2014
\u2014
\u2014
(116)
13
432
329
Total listed - Consolidated
\u2014
28,273
28,273
593
\u2014
1,069
13
3,815
33,763
of which subsidiaries
18,768
18,768
14
\u2014
4,979
\u2014
\u2014
23,761
of which associates
9,505
9,505
579
\u2014
(3,910)
13
3,815
10,002
(1) S: subsidiary; A: associate.
(2) The column investment includes 4,872,647 shares (\u20ac121 million) received as dividend paid in shares.
(3) The change in value is unrealised gain.
In accordance with the relationship agreement signed with Philips, the shareholders' meeting of the company held
in May 2024, appointed an Exor representative to the supervisory board and consequently Exor determined that it
has significant influence in the company in accordance with IAS 28. Based on the investment entity status of Exor,
the investment in Philips was accounted for at FVTOCI until the significant influence was achieved and thereafter at
FVTPL.
During the first months of 2024 Exor became a long-term investor in Clarivate and further increased its
shareholding in the company, reaching 10.1%. Exor endorsed the strategic direction set out by the company's
management and board of directors, having access to a board seat. As a result, Exor determined that it has
significant influence in the company in accordance with IAS 28. The investment in Clarivate was accounted for at
FVTOCI until the significant influence was achieved on May 2024 and thereafter at FVTPL.
Unlisted
(\u20ac million)
At 31\u00a0December\u00a02024
At 1 January 2024
Type1
% Econ.
% Voting
Fair value
total
% Econ.
% Voting
Fair value
total
Unlisted
Christian Louboutin
A
24.0%
24.0%
575
24.0%
24.0%
700
Via Transportation
A
19.0%
19.0%
597
17.3%
17.3%
514
The Economist Group2
A
34.7%
43.4%
416
34.7%
43.4%
384
Welltec
A
47.6%
47.6%
424
47.6%
47.6%
280
Institut Merieux
A
10.0%
5.3%
891
3.6%
3.6%
288
Tag Holding
A
44.9%
44.9%
189
43.5%
43.5%
100
Nuo
A
49.7%
50.0%
102
50.0%
50.0%
42
Lifenet
A
45.2%
45.2%
80
44.7%
44.7%
71
GEDI
S
100.0%
100.0%
118
89.6%
89.6%
68
Lingotto Investments Management (UK)
S
100.0%
100.0%
58
100.0%
100.0%
52
Casavo(3)
A
11.8%
12.7%
7
12.2%
12.2%
13
Full More Group
S
82.3%
82.3%
\u2014
82.3%
82.3%
\u2014
Total unlisted Consolidated and
Company only
3,457
2,512
of which Subsidiaries
176
120
of which Associates
3,281
2,392
(1) S: subsidiary; A: associate.
(2) Voting rights are limited to 20%.
(3) Ownership held directly by Exor N.V. and excluding the stake owned by Exor Seeds.
(\u20ac million)
Type1
At 31
December
2023
reclassified
Application
of IE
exemption
At 1 January
2024
Invest.
Disposal
Change in
value(2)
At 31
December
2024
Unlisted
Christian Louboutin
A
\u2014
700
700
\u2014
\u2014
(125)
575
Via Transportation
A
\u2014
514
514
25
\u2014
58
597
The Economist Group
A
\u2014
384
384
\u2014
\u2014
32
416
Welltec
A
\u2014
280
280
\u2014
\u2014
144
424
Institut Merieux
A
\u2014
288
288
555
\u2014
48
891
Tag Holding
A
\u2014
100
100
89
\u2014
\u2014
189
Nuo
A
\u2014
42
42
34
\u2014
26
102
Lifenet
A
\u2014
71
71
8
\u2014
1
80
GEDI
S
\u2014
68
68
50
\u2014
\u2014
118
Lingotto Investments
Management (UK)
S
\u2014
52
52
\u2014
\u2014
6
58
Casavo
A
\u2014
13
13
1
\u2014
(7)
7
Total unlisted Consolidated
and Company only
\u2014
2,512
2,512
762
\u2014
183
3,457
of which subsidiaries
\u2014
120
120
50
\u2014
6
176
of which associates
\u2014
2,392
2,392
712
\u2014
177
3,281
(1) S: subsidiary; A: associate.
(2) The change in value is unrealised gain.
In July 2024 Exor paid the remaining \u20ac555\u00a0million to reach a shareholding of 10% in Institut M\u00e9rieux in accordance
with the agreement signed in July 2022.
In 2024 Exor acquired the residual 10.38% interest in GEDI from the minority shareholders. Exor also converted a
part of the financial receivables from GEDI into a future capital increase.
Other equity investments at FVTPL
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1 January
2024
Invest.
Disposal
Change in
value(1)
Translation
difference
At 31
December
2024
Masimo Corporation
107
\u2014
107
\u2014
(127)
18
2
\u2014
Other equity investments at
FVTPL
107
\u2014
107
\u2014
(127)
18
2
\u2014
(1) The change in value is realised gain.
Other investments at FVTPL
Consolidated
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1
January
2024
Invest.
Disposal
Translation
difference
Change in
value(1)
At 31
December
2024
Funds managed by
Lingotto
Public Funds
2,802
(1,066)
1,736
\u2014
\u2014
\u2014
497
2,233
Private Funds
821
(458)
363
61
\u2014
\u2014
73
497
Total funds managed
by Lingotto
3,623
(1,524)
2,099
61
\u2014
\u2014
570
2,730
Funds managed by third
party
277
\u2014
277
\u2014
(60)
\u2014
48
265
Reinsurance vehicles
802
\u2014
802
\u2014
(312)
44
145
679
Ventures
655
(50)
605
57
(36)
\u2014
77
703
Debt securities and other
financial instruments
80
(70)
10
\u2014
(10)
\u2014
\u2014
\u2014
Other investments at
FVTPL
5,437
(1,644)
3,793
118
(418)
44
840
4,377
(1) Of which \u20ac18\u00a0million realised gains and \u20ac822\u00a0million unrealised gains.
Company only
(\u20ac million)
At 31
December 2023
reclassified
Invest.
Disposal
Change in
value(1)
At 31
December 2024
Funds managed by third party
39
(39)
2
2
Debt securities
10
\u2014
(10)
\u2014
\u2014
Other investments at FVTPL
49
\u2014
(49)
2
2
(1) The change in value is realised gain.
Assets and liabilities measured at fair value on a recurring basis
Consolidated
Company only
(\u20ac million)
Note
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
At 31 December 2024
Equity investments at FVTPL:
Subsidiaries
18
23,761
\u2014
176
23,937
23,761
\u2014
176
23,937
Associates
18
10,002
891
2,390
13,283
9,673
891
2,390
12,954
Total equity investments at FVTPL
18
33,763
891
2,566
37,220
33,434
891
2,566
36,891
Total equity investments at FVTOCI
19
170
2
193
365
170
\u2014
185
355
Other investments at FVTPL:
Funds managed by Lingotto
20
\u2014
2,233
497
2,730
\u2014
\u2014
\u2014
\u2014
Funds managed by other
20
205
\u2014
60
265
2
\u2014
\u2014
2
Reinsurance vehicles
20
\u2014
\u2014
679
679
\u2014
\u2014
\u2014
\u2014
Ventures
20
\u2014
\u2014
703
703
\u2014
\u2014
\u2014
\u2014
Total other investments at FVTPL
20
205
2,233
1,939
4,377
2
\u2014
\u2014
2
Financial receivables
21
\u2014
\u2014
11
11
\u2014
\u2014
11
11
Assets at 31 December 2024
34,138
3,126
4,709
41,973
33,606
891
2,762
37,259
Derivative financial liabilities
30
\u2014
(35)
(18)
(53)
\u2014
(35)
(18)
(53)
Liabilities at 31 December 2024
\u2014
(35)
(18)
(53)
\u2014
(35)
(18)
(53)
Consolidated
Company only
(\u20ac million)
Note
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
At 1 January 2024
Equity investments at FVTPL:
Subsidiaries
18
18,768
\u2014
120
18,888
18,768
\u2014
120
18,888
Associates
18
9,505
288
2,104
11,897
9,505
288
2,104
11,897
Other equity investments
18
107
\u2014
\u2014
107
\u2014
\u2014
\u2014
\u2014
Total equity investments at FVTPL
18
28,380
288
2,224
30,892
28,273
288
2,224
30,785
Total equity investments at FVTOCI
19
3,803
6
157
3,966
3,252
\u2014
157
3,409
Other investments at FVTPL:
Funds managed by Lingotto
20
\u2014
1,736
363
2,099
\u2014
\u2014
\u2014
\u2014
Funds managed by other
20
227
\u2014
50
277
49
\u2014
\u2014
49
Reinsurance vehicles
20
\u2014
\u2014
802
802
\u2014
\u2014
\u2014
\u2014
Ventures
20
\u2014
\u2014
605
605
\u2014
\u2014
\u2014
\u2014
Debt securities and other financial
instruments
20
10
\u2014
\u2014
10
\u2014
\u2014
\u2014
\u2014
Total other investments at FVTPL
20
237
1,736
1,820
3,793
49
\u2014
\u2014
49
Financial receivables
21
\u2014
\u2014
10
10
\u2014
\u2014
10
10
Liquidity funds and money market
securities
24
66
\u2014
\u2014
66
38
\u2014
\u2014
38
Assets at 1 January 2024
32,486
2,030
4,211
38,727
31,612
288
2,391
34,291
Derivative financial liabilities
30
\u2014
(27)
(18)
(45)
\u2014
(27)
\u2014
(27)
Liabilities at 1 January 2024
\u2014
(27)
(18)
(45)
\u2014
(27)
\u2014
(27)
At 31 December\u00a02024, the main difference with the previous year in the investments classified as Level 3 is due to
the non-listed equity investment accounted for at FVTPL from 1\u00a0January\u00a02024, following the application of the IE
exemption in accordance with IFRS 10. Assets measured at fair value on a recurring basis include also fund
investments and other assets. At 1 January 2024 the item included, among others, private equities, fund
investments, derivative instruments and other invested assets.
All valuations in Level 3 are based on assumptions and judgments that management considers to be reasonable
based on the circumstances prevailing at the time. Changes in assumptions may result in adjustments to reported
values and the actual outcome may differ from the estimates and judgments that were made.
Investment funds and reinsurance vehicles are measured at the investor\u2019s share of the value that the fund manager
reports for all unlisted funds (net asset value) and is normally updated when a new valuation is received.
The fair value of other financial liabilities that are composed of derivative financial instruments is measured by
taking into consideration market parameters at the balance sheet date and using valuation techniques widely
accepted in the financial business environment. In particular, the fair value of cross currency swaps is determined
using the discounted cash flow method, by taking the prevailing exchange rates and interest rates at the balance
sheet date, adjusted, where necessary, to take into account Exor\u2019s credit quality.
The following table provides the reconciliation of the changes in items measured at fair value classified within
Level\u00a03 for the year ended 31\u00a0December\u00a02024.
Consolidated
Gains (losses) recognised
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1
January
2024
In the
income
statement
In OCI
reserves
Increase
Decrease
Net
transfers
into/(out
of) Level 3
At 31
December
2024
Equity investment at FVTPL
\u2014
2,224
2,224
153
\u2014
188
\u2014
\u2014
2,565
Equity investment at
FVTOCI
683
(525)
157
\u2014
14
21
\u2014
\u2014
192
Investment funds managed
by Lingotto
821
(458)
363
73
\u2014
61
\u2014
\u2014
497
Funds managed by other
50
\u2014
50
10
\u2014
\u2014
\u2014
\u2014
60
Reinsurance vehicles
802
\u2014
802
145
\u2014
44
(312)
\u2014
679
Ventures
655
(50)
605
77
\u2014
57
(36)
\u2014
703
Financial receivables
10
\u2014
10
\u2014
\u2014
\u2014
\u2014
\u2014
10
Total Assets Consolidated
3,021
1,191
4,211
458
14
371
(348)
\u2014
4,706
Derivative financial liabilities
(18)
(18)
\u2014
\u2014
(18)
18
\u2014
(18)
Total Liabilities Consolidated
(18)
\u2014
(18)
\u2014
\u2014
(18)
18
\u2014
(18)
During the year ended 31 December 2024, there were no transfers between Levels 1, 2, and 3 in the fair value
hierarchy for these investments.
Company only
Gains (losses) recognised
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1
January
2024
In the
income
statement
In OCI
reserves
Increase
Decrease
Net
transfers
into/(out
of) Level 3
At 31
December
2024
Equity investment at
FVTPL
\u2014
1,710
1,710
147
\u2014
702
\u2014
\u2014
2,559
Equity investment at
FVTOCI
671
(514)
157
\u2014
14
14
\u2014
\u2014
185
Financial receivables
10
\u2014
10
\u2014
\u2014
1
\u2014
\u2014
11
Total Assets
681
1,196
1,877
147
14
717
\u2014
\u2014
2,755
Derivative financial
\u2014
\u2014
\u2014
\u2014
\u2014
(18)
\u2014
\u2014
(18)
Total Liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
(18)
\u2014
\u2014
(18)
During the year ended 31 December 2024, there were no transfers between Levels 1, 2, and 3 in the fair value
hierarchy for these investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-570": { "value": "Equity investments at FVTPL
Consolidated
(\u20ac million)
At 31 December
2023 reclassified
Application of IE
exemption
At 1 January
2024
At 31 December
2024
Listed
Subsidiaries
\u2014
18,768
18,768
23,761
Associated
\u2014
9,505
9,505
10,002
Total listed
\u2014
28,273
28,273
33,763
Unlisted
Subsidiaries
\u2014
120
120
176
Associated
\u2014
2,392
2,392
3,281
Total unlisted
\u2014
2,512
2,512
3,457
Other equity investments at FVTPL
107
\u2014
107
\u2014
Masimo Corporation
107
\u2014
107
\u2014
Equity investments at FVTPL - Consolidated
107
30,785
30,892
37,220
Company only
(\u20ac million)
At 31 December
2023 reclassified
Application of IE
exemption
At 1 January
2024
At 31 December
2024
Listed
Subsidiaries
\u2014
18,768
18,768
23,761
Associated
\u2014
9,505
9,505
9,673
Total listed
\u2014
28,273
28,273
33,434
Unlisted
Subsidiaries
\u2014
120
120
176
Associated
\u2014
2,392
2,392
3,281
Total unlisted
\u2014
2,512
2,512
3,457
Equity investments at FVTPL - Company only
\u2014
30,785
30,785
36,891
Listed
(\u20ac million)
Type(1)
At 31 December 2024
At 1 January 2024
%
Econ.
%
Voting
Number of
shares
Fair value
unit
Fair value
total
%
Econ.
%
Voting
Number of
shares
Fair value
unit
Fair value
total
Listed
Ferrari
S
22.9%
36.7%
44,435,280
412.40
18,325
22.9%
36.5%
44,435,280
305.20
13,562
Stellantis
A
15.5%
24.0%
449,410,092
12.59
5,658
14.2%
14.9%
449,410,092
21.15
9,505
Philips(2)
A
17.5%
17.8%
164,553,857
24.40
4,015
\u2014
\u2014
\u2014
\u2014
\u2014
CNH Industrial(3)
S
26.9%
45.3%
366,927,900
11.33
4,002
26.9%
44.2%
366,927,900
12.18
4,066
Iveco Group
S
27.1%
43.4%
73,385,580
9.34
685
27.1%
43.3%
73,385,580
8.15
598
Juventus(4)
S
65.4%
78.9%
247,849,342
3.02
749
63.8%
77.9%
161,166,912
2.53
542
Total Listed - Company only
33,434
28,273
of which Subsidiaries
23,761
18,768
of which Associates
9,673
9,505
Add associates owned by
consolidated subsidiaries
Clarivate(2)(3)
A
9.7%
9.7%
67,294,884
5.08
329
\u2014
\u2014
65,728,365
9.26
\u2014
Total Listed - Consolidated
33,763
28,273
of which Subsidiaries
23,761
18,768
of which Associates
10,002
9,505
(1) S: subsidiary; A: associate.
(2) At 31\u00a0December\u00a02023 equity investments accounted for at FVTOCI.
(3) Share price in US $.
(4) Share price and number of shares at 1 January 2024 considering the reverse stock split 10:1.
(\u20ac million)
Type(1)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1
January
2024
Invest.
Disposal
Change in
value(3)
Translation
difference
Other
changes
At 31
December
2024
Listed
Ferrari
S
\u2014
13,562
13,562
\u2014
\u2014
4,763
\u2014
\u2014
18,325
Stellantis
A
\u2014
9,505
9,505
\u2014
\u2014
(3,847)
\u2014
\u2014
5,658
Philips(2)
A
\u2014
\u2014
\u2014
579
\u2014
53
3,383
4,015
CNH Industrial
S
\u2014
4,066
4,066
\u2014
\u2014
(64)
\u2014
\u2014
4,002
Iveco Group
S
\u2014
598
598
\u2014
\u2014
87
\u2014
\u2014
685
Juventus
S
\u2014
542
542
14
\u2014
193
\u2014
\u2014
749
Total listed - Company only
\u2014
28,273
28,273
593
\u2014
1,185
\u2014
3,383
33,434
of which subsidiaries
\u2014
18,768
18,768
14
\u2014
4,979
\u2014
\u2014
23,761
of which associates
\u2014
9,505
9,505
579
\u2014
(3,794)
\u2014
3,383
9,673
Add associates owned by
consolidated subsidiaries
Clarivate
A
\u2014
\u2014
\u2014
\u2014
\u2014
(116)
13
432
329
Total listed - Consolidated
\u2014
28,273
28,273
593
\u2014
1,069
13
3,815
33,763
of which subsidiaries
18,768
18,768
14
\u2014
4,979
\u2014
\u2014
23,761
of which associates
9,505
9,505
579
\u2014
(3,910)
13
3,815
10,002
(1) S: subsidiary; A: associate.
(2) The column investment includes 4,872,647 shares (\u20ac121 million) received as dividend paid in shares.
(3) The change in value is unrealised gain.
In accordance with the relationship agreement signed with Philips, the shareholders' meeting of the company held
in May 2024, appointed an Exor representative to the supervisory board and consequently Exor determined that it
has significant influence in the company in accordance with IAS 28. Based on the investment entity status of Exor,
the investment in Philips was accounted for at FVTOCI until the significant influence was achieved and thereafter at
FVTPL.
During the first months of 2024 Exor became a long-term investor in Clarivate and further increased its
shareholding in the company, reaching 10.1%. Exor endorsed the strategic direction set out by the company's
management and board of directors, having access to a board seat. As a result, Exor determined that it has
significant influence in the company in accordance with IAS 28. The investment in Clarivate was accounted for at
FVTOCI until the significant influence was achieved on May 2024 and thereafter at FVTPL.
Unlisted
(\u20ac million)
At 31\u00a0December\u00a02024
At 1 January 2024
Type1
% Econ.
% Voting
Fair value
total
% Econ.
% Voting
Fair value
total
Unlisted
Christian Louboutin
A
24.0%
24.0%
575
24.0%
24.0%
700
Via Transportation
A
19.0%
19.0%
597
17.3%
17.3%
514
The Economist Group2
A
34.7%
43.4%
416
34.7%
43.4%
384
Welltec
A
47.6%
47.6%
424
47.6%
47.6%
280
Institut Merieux
A
10.0%
5.3%
891
3.6%
3.6%
288
Tag Holding
A
44.9%
44.9%
189
43.5%
43.5%
100
Nuo
A
49.7%
50.0%
102
50.0%
50.0%
42
Lifenet
A
45.2%
45.2%
80
44.7%
44.7%
71
GEDI
S
100.0%
100.0%
118
89.6%
89.6%
68
Lingotto Investments Management (UK)
S
100.0%
100.0%
58
100.0%
100.0%
52
Casavo(3)
A
11.8%
12.7%
7
12.2%
12.2%
13
Full More Group
S
82.3%
82.3%
\u2014
82.3%
82.3%
\u2014
Total unlisted Consolidated and
Company only
3,457
2,512
of which Subsidiaries
176
120
of which Associates
3,281
2,392
(1) S: subsidiary; A: associate.
(2) Voting rights are limited to 20%.
(3) Ownership held directly by Exor N.V. and excluding the stake owned by Exor Seeds.
(\u20ac million)
Type1
At 31
December
2023
reclassified
Application
of IE
exemption
At 1 January
2024
Invest.
Disposal
Change in
value(2)
At 31
December
2024
Unlisted
Christian Louboutin
A
\u2014
700
700
\u2014
\u2014
(125)
575
Via Transportation
A
\u2014
514
514
25
\u2014
58
597
The Economist Group
A
\u2014
384
384
\u2014
\u2014
32
416
Welltec
A
\u2014
280
280
\u2014
\u2014
144
424
Institut Merieux
A
\u2014
288
288
555
\u2014
48
891
Tag Holding
A
\u2014
100
100
89
\u2014
\u2014
189
Nuo
A
\u2014
42
42
34
\u2014
26
102
Lifenet
A
\u2014
71
71
8
\u2014
1
80
GEDI
S
\u2014
68
68
50
\u2014
\u2014
118
Lingotto Investments
Management (UK)
S
\u2014
52
52
\u2014
\u2014
6
58
Casavo
A
\u2014
13
13
1
\u2014
(7)
7
Total unlisted Consolidated
and Company only
\u2014
2,512
2,512
762
\u2014
183
3,457
of which subsidiaries
\u2014
120
120
50
\u2014
6
176
of which associates
\u2014
2,392
2,392
712
\u2014
177
3,281
(1) S: subsidiary; A: associate.
(2) The change in value is unrealised gain.
In July 2024 Exor paid the remaining \u20ac555\u00a0million to reach a shareholding of 10% in Institut M\u00e9rieux in accordance
with the agreement signed in July 2022.
In 2024 Exor acquired the residual 10.38% interest in GEDI from the minority shareholders. Exor also converted a
part of the financial receivables from GEDI into a future capital increase.
Other equity investments at FVTPL
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1 January
2024
Invest.
Disposal
Change in
value(1)
Translation
difference
At 31
December
2024
Masimo Corporation
107
\u2014
107
\u2014
(127)
18
2
\u2014
Other equity investments at
FVTPL
107
\u2014
107
\u2014
(127)
18
2
\u2014
(1) The change in value is realised gain.
Fair value measurement by hierarchy
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The assumption is that this refers to an ordinary transaction
between independent counterparties that have a reasonable degree of knowledge of market conditions and the
relevant facts related to the item being traded. In the definition of fair value, a key assumption is that an entity is
fully operational and does not have the urgent need to liquidate or significantly reduce a position. Among other
factors, the fair value of an instrument reflects its credit quality as it incorporates the default risk associated with the
counterparty or the issuer. The IFRS have established three levels of classification for a financial instrument (known
as the \"fair value hierarchy\"); the level of fair value measurement assigned depends on the observability and
significance of the inputs used in the valuation model.
For financial instruments listed on active markets, the fair value corresponds to the market price at the
measurement date, or as close to it as possible (Level 1). An instrument is considered to be traded on an active
market if prices are readily and regularly available on regulated markets, organized trading facilities, pricing
services, etc. and if those prices can reasonably be considered to be representative of actual and regular market
transactions executed close to the valuation date. When there are no published prices on an active market or
when, in reference to several indicators (e.g. the possibility of performing transactions at the quoted price and their
number, the bid-ask spread, the effective trading volumes), it is not possible to affirm that the price represents an
active and regularly functioning market. Consequently, the fair value of the financial instruments is determined by
using models and measurement techniques whose purpose is to establish the price at which the asset or liability
would be exchanged between market operators in an ordinary transaction at the valuation date. The fair value of
unlisted financial instruments is classified under Level 2 or 3 according to whether or not the inputs used in the
valuation model are observable and their significance within that model.
The Level 2 inputs are prices available on active markets or inputs based on observable market data, such as
interest rates, credit spreads, or yield curves. If they are used in the pricing of an instrument, they must be available
for the entire residual life of the instrument. The fair value of a financial instrument measured with techniques that
use Level 2 inputs is classified in the same level for the fair value hierarchy. In certain cases, the level 2 inputs
need to be adjusted to allow their use, also in view of the characteristics of the financial instrument being
measured.
If the adjustment is based on parameters that cannot be observed in the market or is impacted to a greater or a
lesser extent by the modelling choices needed to make it, for example through the use of statistical or \"expert-
based\" techniques, the fair value measurement is classified under Level 3. This category also includes the
parameters estimated on the basis of proprietary models or historical data and used for the fair value measurement
of unlisted financial instruments, classified under the same level.
Fair value levels 2 and 3
Valuation techniques and inputs used
The valuation techniques used for unlisted financial instruments may, in addition to interpolations and
extrapolations, involve the specification of stochastic processes that represent market dynamics and the use of
simulations or other numerical techniques to determine the fair value of the instruments being measured. Exor
takes the following into consideration when selecting the valuation models:
\u2022 all other conditions being equal, simpler valuation techniques are preferred to more complex techniques,
as long as they represent all of the relevant characteristics of the product, ensuring that they are
reasonably in line with the practices and results of other sector operators;
\u2022 valuation techniques are applied consistently over time to consistent categories of instruments, unless
objective grounds for replacement emerge;
\u2022 all other conditions being equal, preference is given to standard models whose mathematical structure and
implementing procedures are familiar to practitioners.
Exor uses a combination of valuation techniques for its Level 3 fair value equity investments at FVTPL (\u201cmulti-
criteria approach\u201d), which are based on unobservable inputs. The primary valuation technique used is the
comparable company valuation multiples of the market approach.
The comparable companies\u2019 multiples are the main valuation method for underlying investments which are not
quoted in an active market. In using this method to determine the fair value of an underlying equity investment, a
market multiple is established based on a selected group of comparable publicly traded companies that is
considered representative of the underlying investment. Selection of the peer group companies is generally based
on the risk profile, growth prospect, strength of brand or brand portfolio, leverage, and certain other financial
characteristics (e.g. market capitalization or revenues as proxy size, EBITDA margin levels, market leadership,
resilience). When the comparable companies\u2019 multiples method is not relevant, or in order to corroborate the
valuation obtained, other valuation methods are adopted, such as the discounted cash flow method of income
approach.
The following table summarizes the information about the significant unobservable inputs used in Level 3 fair value
measurements:
(\u20ac million)
31 December
2024
1 January
2024
Valuation technique
Unobservable input
Main unlisted equity investments at FVTPL - Level 3
Christian Louboutin
575
700
Comparable companies
multiples
EV/Sales multiple,
EV/EBITDA multiple
Via Transportation
597
514
The Economist Group
416
384
Welltec
424
280
Total main unlisted equity investments at
FVTPL - Level 3
2,012
1,878
Other unlisted equity investments at FVTPL - Level 3
Tag Holding
189
100
Comparable companies
multiples, DCF method,
price of recent
investments
EV/Sales multiple, P/E
multiple, EV/EBITDA
multiple, discount rates,
perpetual growth rates,
implied terminal EV/
EBITDA multiple
Nuo
102
42
Lifenet
80
71
GEDI
118
68
Other
65
65
Total other unlisted equity investments at
FVTPL - Level 3
554
346
Total unlisted equity investments at
FVTPL - Level 3
2,566
2,224
of which subsidiaries
176
120
of which associates
2,390
2,104
The market parameters used as inputs for Level 2 valuations are selected on the basis of non-arbitrage or
comparative relationships that define the fair value of the financial instrument being measured as the relative fair
value compared with that of financial instruments listed on active markets. In relation to the valuation of Level 2
equity investments at FVTPL, which have underlying investments that are publicly traded, the fair value is
determined by reference to the quoted market price of those underlying investments on the reporting date.
Valuation process and sensitivity analysis on Level 3
The valuation process for unlisted equity investments at FVTPL involves a combination of internal and external
expertise. Exor\u2019s finance team carries out an internal review of the key inputs and assumptions, with the guidance
from external financial advisors, who provide independent assessments and input on the appropriate valuation
methodologies. The valuations are reviewed on a semi-annual basis, in line with Exor\u2019s half-yearly reporting
periods, by both internal management and external experts to ensure they remain accurate and aligned with
current market conditions.
(\u20ac million)
31 December 2024
1 January 2024
Equity investments at FVTPL - Level 3
2,566
2,224
Unobservable input
Discount rates
8.6% - 13.6%
10% - 11.6%
Perpetual growth rates
0% - 2.0%
0% - 0.3%
Implied terminal EV/EBITDA multiple
8.7x
n.a
P/E multiple
10.3x
n.a.
EV/Sales multiple
0.4x - 9.9x
1.4x - 11.0x
EV/EBITDA multiple
5.5x - 13.4x
4.9x - 13.0x
For fair value measurements for which significant non-observable inputs are used (Level 3), a sensitivity analysis is
conducted to obtain a range of possible and reasonable alternative valuations. The potential impact of a reasonably
possible increase/decrease of 10% in the comparable companies\u2019 multiples applied for determining the fair value
for the main Level 3 equity investments at FVTPL corresponds to approximately an increase of \u20ac202\u00a0million or a
decrease of \u20ac199\u00a0million of the fair value at 31\u00a0December\u00a02024.
Hierarchy of fair value
IFRS 13 requires the provision of a description, with regard to the financial and non-financial assets and liabilities
measured at fair value on a recurring basis, of the policy for determining when transfers between levels of the fair
value hierarchy are deemed to have occurred separately for financial assets and liabilities and non-financial assets
and liabilities. For all classes of assets and liabilities, the policies adopted by Exor require that the transfer from one
level to another take place at the end of the reporting period.
The transfers are motivated by whether it becomes possible or impossible to reliably measure fair value,
respectively, at Level 1, Level 2 or Level 3: for example, for the measurement of an instrument classified as \"Level
3\" due to the non-observability of a significant input, if that input becomes observable in the market or if it becomes
common to use a model that requires only observable inputs, or its estimate is not necessary, then the
measurement is transferred to Level 2, and the transfer occurs at the end of the reporting period.
Assets and liabilities measured at fair value on a recurring basis
Consolidated
Company only
(\u20ac million)
Note
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
At 31 December 2024
Equity investments at FVTPL:
Subsidiaries
18
23,761
\u2014
176
23,937
23,761
\u2014
176
23,937
Associates
18
10,002
891
2,390
13,283
9,673
891
2,390
12,954
Total equity investments at FVTPL
18
33,763
891
2,566
37,220
33,434
891
2,566
36,891
Total equity investments at FVTOCI
19
170
2
193
365
170
\u2014
185
355
Other investments at FVTPL:
Funds managed by Lingotto
20
\u2014
2,233
497
2,730
\u2014
\u2014
\u2014
\u2014
Funds managed by other
20
205
\u2014
60
265
2
\u2014
\u2014
2
Reinsurance vehicles
20
\u2014
\u2014
679
679
\u2014
\u2014
\u2014
\u2014
Ventures
20
\u2014
\u2014
703
703
\u2014
\u2014
\u2014
\u2014
Total other investments at FVTPL
20
205
2,233
1,939
4,377
2
\u2014
\u2014
2
Financial receivables
21
\u2014
\u2014
11
11
\u2014
\u2014
11
11
Assets at 31 December 2024
34,138
3,126
4,709
41,973
33,606
891
2,762
37,259
Derivative financial liabilities
30
\u2014
(35)
(18)
(53)
\u2014
(35)
(18)
(53)
Liabilities at 31 December 2024
\u2014
(35)
(18)
(53)
\u2014
(35)
(18)
(53)
Consolidated
Company only
(\u20ac million)
Note
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
At 1 January 2024
Equity investments at FVTPL:
Subsidiaries
18
18,768
\u2014
120
18,888
18,768
\u2014
120
18,888
Associates
18
9,505
288
2,104
11,897
9,505
288
2,104
11,897
Other equity investments
18
107
\u2014
\u2014
107
\u2014
\u2014
\u2014
\u2014
Total equity investments at FVTPL
18
28,380
288
2,224
30,892
28,273
288
2,224
30,785
Total equity investments at FVTOCI
19
3,803
6
157
3,966
3,252
\u2014
157
3,409
Other investments at FVTPL:
Funds managed by Lingotto
20
\u2014
1,736
363
2,099
\u2014
\u2014
\u2014
\u2014
Funds managed by other
20
227
\u2014
50
277
49
\u2014
\u2014
49
Reinsurance vehicles
20
\u2014
\u2014
802
802
\u2014
\u2014
\u2014
\u2014
Ventures
20
\u2014
\u2014
605
605
\u2014
\u2014
\u2014
\u2014
Debt securities and other financial
instruments
20
10
\u2014
\u2014
10
\u2014
\u2014
\u2014
\u2014
Total other investments at FVTPL
20
237
1,736
1,820
3,793
49
\u2014
\u2014
49
Financial receivables
21
\u2014
\u2014
10
10
\u2014
\u2014
10
10
Liquidity funds and money market
securities
24
66
\u2014
\u2014
66
38
\u2014
\u2014
38
Assets at 1 January 2024
32,486
2,030
4,211
38,727
31,612
288
2,391
34,291
Derivative financial liabilities
30
\u2014
(27)
(18)
(45)
\u2014
(27)
\u2014
(27)
Liabilities at 1 January 2024
\u2014
(27)
(18)
(45)
\u2014
(27)
\u2014
(27)
At 31 December\u00a02024, the main difference with the previous year in the investments classified as Level 3 is due to
the non-listed equity investment accounted for at FVTPL from 1\u00a0January\u00a02024, following the application of the IE
exemption in accordance with IFRS 10. Assets measured at fair value on a recurring basis include also fund
investments and other assets. At 1 January 2024 the item included, among others, private equities, fund
investments, derivative instruments and other invested assets.
All valuations in Level 3 are based on assumptions and judgments that management considers to be reasonable
based on the circumstances prevailing at the time. Changes in assumptions may result in adjustments to reported
values and the actual outcome may differ from the estimates and judgments that were made.
Investment funds and reinsurance vehicles are measured at the investor\u2019s share of the value that the fund manager
reports for all unlisted funds (net asset value) and is normally updated when a new valuation is received.
The fair value of other financial liabilities that are composed of derivative financial instruments is measured by
taking into consideration market parameters at the balance sheet date and using valuation techniques widely
accepted in the financial business environment. In particular, the fair value of cross currency swaps is determined
using the discounted cash flow method, by taking the prevailing exchange rates and interest rates at the balance
sheet date, adjusted, where necessary, to take into account Exor\u2019s credit quality.
The following table provides the reconciliation of the changes in items measured at fair value classified within
Level\u00a03 for the year ended 31\u00a0December\u00a02024.
Consolidated
Gains (losses) recognised
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1
January
2024
In the
income
statement
In OCI
reserves
Increase
Decrease
Net
transfers
into/(out
of) Level 3
At 31
December
2024
Equity investment at FVTPL
\u2014
2,224
2,224
153
\u2014
188
\u2014
\u2014
2,565
Equity investment at
FVTOCI
683
(525)
157
\u2014
14
21
\u2014
\u2014
192
Investment funds managed
by Lingotto
821
(458)
363
73
\u2014
61
\u2014
\u2014
497
Funds managed by other
50
\u2014
50
10
\u2014
\u2014
\u2014
\u2014
60
Reinsurance vehicles
802
\u2014
802
145
\u2014
44
(312)
\u2014
679
Ventures
655
(50)
605
77
\u2014
57
(36)
\u2014
703
Financial receivables
10
\u2014
10
\u2014
\u2014
\u2014
\u2014
\u2014
10
Total Assets Consolidated
3,021
1,191
4,211
458
14
371
(348)
\u2014
4,706
Derivative financial liabilities
(18)
(18)
\u2014
\u2014
(18)
18
\u2014
(18)
Total Liabilities Consolidated
(18)
\u2014
(18)
\u2014
\u2014
(18)
18
\u2014
(18)
During the year ended 31 December 2024, there were no transfers between Levels 1, 2, and 3 in the fair value
hierarchy for these investments.
Company only
Gains (losses) recognised
(\u20ac million)
At 31
December
2023
reclassified
Application
of IE
exemption
At 1
January
2024
In the
income
statement
In OCI
reserves
Increase
Decrease
Net
transfers
into/(out
of) Level 3
At 31
December
2024
Equity investment at
FVTPL
\u2014
1,710
1,710
147
\u2014
702
\u2014
\u2014
2,559
Equity investment at
FVTOCI
671
(514)
157
\u2014
14
14
\u2014
\u2014
185
Financial receivables
10
\u2014
10
\u2014
\u2014
1
\u2014
\u2014
11
Total Assets
681
1,196
1,877
147
14
717
\u2014
\u2014
2,755
Derivative financial
\u2014
\u2014
\u2014
\u2014
\u2014
(18)
\u2014
\u2014
(18)
Total Liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
(18)
\u2014
\u2014
(18)
During the year ended 31 December 2024, there were no transfers between Levels 1, 2, and 3 in the fair value
hierarchy for these investments.
Assets and liabilities not measured at fair value on a recurring basis
Note
At 31 December 2024
At 1 January 2024
Carrying
amount
Fair value
Carrying
amount
Fair value
Carrying
amount
Fair value
Carrying
amount
Fair value
(\u20ac million)
Consolidated
Company only
Consolidated
Company only
Financial assets
Debt securities at amortised
cost
21
21
21
21
21
26
26
26
26
Total financial assets
21
21
21
21
26
26
26
26
Financial liabilities
Borrowings
29
(4,088)
(3,889)
(4,088)
(3,889)
(3,682)
(3,473)
(3,682)
(3,473)
Lease liabilities
29
(2)
(2)
(1)
(1)
(2)
(2)
(2)
(2)
Total financial liabilities
(4,090)
(3,891)
(4,089)
(3,890)
(3,684)
(3,475)
(3,684)
(3,475)
(\u20ac million)
At 31 December 2024
Consolidated
Company only
Level 1
Level 2
Level 3
Fair value
Level 1
Level 2
Level 3
Fair value
Financial assets
Debt securities
21
\u2014
\u2014
21
21
\u2014
\u2014
21
Total financial assets
21
\u2014
\u2014
21
21
\u2014
\u2014
21
Financial liabilities
Borrowings
(3,819)
(70)
\u2014
(3,889)
(3,819)
(70)
\u2014
(3,889)
Lease liabilities
(1)
\u2014
(1)
(2)
(1)
\u2014
\u2014
(1)
Total financial liabilities
(3,820)
(70)
(1)
(3,891)
(3,820)
(70)
\u2014
(3,890)
(\u20ac million)
At 1 January 2024
Consolidated
Company only
Level 1
Level 2
Level 3
Fair value
Level 1
Level 2
Level 3
Fair value
Financial assets
Debt securities
26
\u2014
\u2014
26
26
\u2014
\u2014
26
Total financial assets
26
\u2014
\u2014
26
26
\u2014
\u2014
26
Financial liabilities
Borrowings
(3,408)
(65)
\u2014
(3,473)
(3,408)
(65)
\u2014
(3,473)
Lease liabilities
(1)
\u2014
(1)
(2)
(1)
\u2014
\u2014
(1)
Total financial liabilities
(3,409)
(65)
(1)
(3,475)
(3,409)
(65)
\u2014
(3,474)
Debt securities at amortized cost are represented by bonds issued by leading counterparties; these are quoted on
active markets and therefore their fair value is categorized in Level 1.
The carrying amount of cash at banks, restricted cash, other cash equivalents, trade receivables, other current
receivables and financial assets, trade payables, other current liabilities included in the statement of financial
position, approximates their fair value, due to the short maturity of these items. The present value of future cash
flows does not differ significantly from the carrying amount.
Notes issued by Exor that are traded in active markets for which close or last trade pricing is available are
classified in Level 1 of the fair value hierarchy. Notes for which such prices are not available are valued at the last
available price or based on quotes received from third parties and are classified in Level 2 of the fair value
hierarchy. The fair value has been estimated based on discounted cash flow analysis using the current market
interest rates at period-end, adjusted for the non-performance risk of Exor over the remaining term of the financial
liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-573": { "value": "Inventories
(\u20ac million)
Raw Materials
Work in progress
Finished goods
Total Inventories
Balance at 31 December 2023 reclassified
2,519
971
5,315
8,805
Application of IE exemption
(2,519)
(971)
(5,315)
(8,805)
Balance at 1 January 2024
\u2014
\u2014
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-574": { "value": "Receivables from financing activities
(\u20ac million)
At 31 December
reclassified
Application of IE
exemption
At 1 January 2024
Retail financing
13,528
(13,528)
\u2014
Finance leases
581
(581)
\u2014
Total Retail
14,109
(14,109)
\u2014
Dealer financing
14,633
(14,633)
\u2014
Total Wholesale
14,633
(14,633)
\u2014
Other
106
(106)
\u2014
Total receivables from financing activities
28,848
(28,848)
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-576": { "value": "Cash and cash equivalents
(\u20ac million)
At 31 December 2023
reclassified
Application of
IE exemption
At 1 January 2024
At 31 December 2024
Consolidated
Company only
Consolidated
Consolidated
Company only
Consolidated
Company only
Cash at banks
7,200
11
(7,067)
133
11
153
24
Money market
securities at FVTPL
338
\u2014
(338)
\u2014
\u2014
\u2014
\u2014
Money market
securities at
amortised cost
186
\u2014
(186)
\u2014
\u2014
\u2014
\u2014
Liquidity funds
66
38
\u2014
66
38
\u2014
\u2014
Restricted cash
888
16
(872)
16
16
16
16
Total Cash and
cash equivalents
8,678
65
(8,463)
215
65
169
40
Cash and cash equivalents include cash at bank and other easily marketable securities that are readily convertible
into cash and are subject to an insignificant risk of changes in value.
Restricted cash at 31 December 2024 is related to a collateral linked to the hedging transaction put in place by
Exor using a cross-currency swap to cover against currency fluctuations on the Japanese Yen bond repayable in
2031.
The credit risk associated with cash and cash equivalents is considered not significant, because these mainly refer
to deposits spread across leading international financial institutions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-575": { "value": "Cash and cash equivalents
(\u20ac million)
At 31 December 2023
reclassified
Application of
IE exemption
At 1 January 2024
At 31 December 2024
Consolidated
Company only
Consolidated
Consolidated
Company only
Consolidated
Company only
Cash at banks
7,200
11
(7,067)
133
11
153
24
Money market
securities at FVTPL
338
\u2014
(338)
\u2014
\u2014
\u2014
\u2014
Money market
securities at
amortised cost
186
\u2014
(186)
\u2014
\u2014
\u2014
\u2014
Liquidity funds
66
38
\u2014
66
38
\u2014
\u2014
Restricted cash
888
16
(872)
16
16
16
16
Total Cash and
cash equivalents
8,678
65
(8,463)
215
65
169
40
Cash and cash equivalents include cash at bank and other easily marketable securities that are readily convertible
into cash and are subject to an insignificant risk of changes in value.
Restricted cash at 31 December 2024 is related to a collateral linked to the hedging transaction put in place by
Exor using a cross-currency swap to cover against currency fluctuations on the Japanese Yen bond repayable in
2031.
The credit risk associated with cash and cash equivalents is considered not significant, because these mainly refer
to deposits spread across leading international financial institutions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-577": { "value": "Equity
Share capital
In March 2024, Exor completed the cancellation of 13,008,289 ordinary shares held as treasury stock, which had
been acquired as part of the Tender Offer completed on 12 October 2023 (for a total of 8,873,452 ordinary shares)
and the share buyback program announced in 2022 (for a total of 4,134,837 ordinary shares). This cancellation, in
line with the intention announced at the launch of the buyback program, was conducted in the framework of the
resolution adopted by the Annual General Meeting of Shareholders held on 31\u00a0May\u00a02023.
At 31\u00a0December\u00a02024 the total issued capital of Exor is equal to \u20ac7,267,649 , divided into no.\u00a0220,984,247 ordinary
shares each with a nominal value of \u20ac0.01 and no. 126,445,162 Special Voting Shares A each with a nominal value
of \u20ac0.04.
At 31\u00a0December\u00a02024 Giovanni Agnelli B.V. owns 85.27% of the voting rights on Exor\u2019s outstanding capital.
Exor adopted a loyalty voting structure designed to incentivize long-term share ownership, on the basis of which for
each ordinary share held without interruption for a period of five years, shareholders will be entitled to five voting
rights at the end of that period, and for each ordinary share held without interruption for a period of ten years,
shareholders will be entitled to ten voting rights at the end of that period.
AGM resolution
The Exor Annual General Meeting held on 31\u00a0May\u00a02024 adopted the 2023 Annual Report and approved the
dividend distribution of \u20ac0.46 per outstanding share, for a distribution of \u20ac99\u00a0million. The AGM also authorized the
Board of Directors to repurchase the Company\u2019s shares on the market up to a maximum number of shares equal to
10% of the Company\u2019s issued common shares and for 18 months from authorization, all in accordance with Dutch
regulations and with the Company\u2019s Articles of Association. The AGM further authorized the Board of Directors to
cancel any ordinary shares held, or to be held, as treasury stock, in order to optimise the capital structure of the
Company and to create more flexibility to manage its capital.
Reserves
At 31\u00a0December\u00a02024 Exor's equity does not include any legal, statutory or non-distributable reserves, except for
the fair value and the cash-flow reserves. In addition, there is no premium reserve.
At 31 December
2024
At 31 December
2023 reclassified
Change
(\u20ac million)
Share capital
7
7
\u2014
Capital Reserves
1,240
1,240
\u2014
Earnings reserves and other reserves:
Retained earnings
8,222
6,374
1,848
Share based compensation reserve
93
68
24
Total earnings reserves and other reserves
8,315
6,442
1,873
Fair value reserve
(345)
79
(424)
Cash-flow hedge reserve
(14)
(8)
(6)
Treasury shares
(345)
(1,150)
805
Result for the year
27,283
2,299
24,984
Equity in the company financial statements
36,140
8,909
27,232
Reconciliation of equity and net profit
The reconciliation of equity reported in the consolidated financial statements to equity reported in the company
financial statements is provided below.
(\u20ac million)
At 31 December 2024
At 31 December 2023
reclassified
Equity attributable to owners of the parent in the consolidated
financial statements
38,212
23,268
Difference between the equity of consolidated subsidiaries and associated
accounted for using the equity method and the respective carrying amount
(2,072)
(14,377)
Other adjustments
\u2014
18
Equity in the company financial statements
36,140
8,909
The reconciliation of net profit reported in the consolidated financial statements to net profit/loss reported in the
company financial statements is provided below.
For the years ended 31 December
(\u20ac million)
2024
2023 reclassified
Net profit attributable to owners of the parent in the consolidated
financial statements
14,671
4,194
Difference related to the adjustment for application of investment entity
exemption at 1 January 2024
12,542
\u2014
Share of the profit of consolidated companies and companies accounted for
by the equity method, net of consolidation adjustments
(584)
(4,232)
Dividends received from consolidated companies and companies accounted
for by the equity method
656
2,523
Adjustments for elimination gains/losses/impairment on consolidated
companies
(2)
(170)
Other adjustments
\u2014
(16)
Net profit in the company financial statements
27,283
2,299
Treasury stock
At 31\u00a0December\u00a02024 7,241,788 ordinary shares, each with a nominal value of \u20ac0.01 are held as treasury stock
(18,022,847 at 31\u00a0December\u00a02023). The movements are as follows:
No. of shares
Amount per
share
(\u20ac)1
Total amount
(\u20ac thousand)
%
Balance at 31 December 2022
13,126,619
42.07
552,279
5.450
Buyback Exor shares
3,174,389
77.41
245,723
Buyback Exor shares - tender offer
8,873,452
84.52
749,999
Shares assigned under equity incentive plans
(144,149)
0.00
(1)
Cancellation of treasury shares
(7,007,464)
56.76
(397,719)
Balance at 31 December 2023
18,022,847
63.82
1,150,281
7.700
Buyback Exor shares
2,529,730
98.58
249,381
Shares assigned under equity incentive plans
(302,500)
0.00
(3)
Cancellation of treasury shares
(13,008,289)
81.05
(1,054,333)
Balance at 31 December 2024
7,241,788
47.68
345,326
3.277
1. Considering only the treasury shares bought back in the context of the different programs, the average carrying value per share is \u20ac88.36.
OCI
OCI for the years ended 31\u00a0December\u00a02024 and 2023 is the following:
For the years ended at 31 December
Consolidated
Company only
(\u20ac million)
2024
2023
2024
2023
Items that will not be reclassified to the income statement in
subsequent periods:
Gains (losses) on remeasurement of defined benefit plans
\u2014
(68)
\u2014
\u2014
Share of gains (losses) on remeasurement of defined benefit
plans for equity method investees
\u2014
(28)
\u2014
\u2014
Gains (losses) on financial assets at FVTOCI
131
228
272
213
Gains (losses) on financial assets at FVTOCI for equity method
investees
\u2014
5
\u2014
\u2014
Total items that will not be reclassified to the income
statement in subsequent periods, before tax effect (B1)
131
137
272
213
Items that may be reclassified to the income statements in
subsequent periods:
Gains (losses) on cash flow hedging instruments arising during
the period
(16)
(111)
(6)
(3)
Gains (losses) on cash flow hedging instruments reclassified to
the income statement
\u2014
(23)
\u2014
\u2014
Gains (losses) on cash flow hedging instruments
(16)
(134)
(6)
(3)
Foreign exchange translation gains (losses) arising during the
period
81
(609)
\u2014
\u2014
Foreign exchange translation gains (losses) reclassified to the
income statement
\u2014
11
\u2014
\u2014
Foreign exchange translation gains (losses)
81
(598)
\u2014
\u2014
Share of OCI of equity method investees arising during the
period
\u2014
(380)
\u2014
\u2014
Share of OCI of equity method investees
\u2014
(380)
\u2014
\u2014
Total Items that may be reclassified to the income statement
in subsequent periods, before tax effect (B2)
65
(1,112)
(6)
(3)
Total OCI, before tax effect (B1)+(B2)=(B)
196
(975)
266
210
Tax effect
\u2014
74
\u2014
\u2014
Total OCI, net of tax
196
(901)
266
210
The tax effect relating to OCI for the years ended 31\u00a0December\u00a02024 and 2023 is as follows:
Consolidated
(\u20ac million)
For the years ended 31 December
2024
2023
Pre-tax
amount
Tax benefit
(expense)
Net amount
Pre-tax
amount
Tax benefit
(expense)
Net amount
Gains (losses) on remeasurement
of defined benefit plans
\u2014
\u2014
\u2014
(68)
33
(35)
Gains (losses) on financial assets at
FVTOCI
131
\u2014
131
228
\u2014
228
Gains (losses) on cash flow
hedging instruments
(16)
\u2014
(16)
(134)
41
(93)
Foreign exchange translation gains
(losses)
81
\u2014
81
(598)
\u2014
(598)
Share of OCI of equity method
investees
\u2014
\u2014
\u2014
(403)
\u2014
(403)
Total OCI
196
\u2014
196
(975)
74
(901)
Company only
(\u20ac million)
For the years ended 31 December
2024
2023
Pre-tax
amount
Tax benefit
(expense)
Net amount
Pre-tax
amount
Tax benefit
(expense)
Net amount
Gains (losses) on financial assets at
FVTOCI
272
\u2014
272
213
\u2014
213
Gains (losses) on cash flow
hedging instruments
(6)
\u2014
(6)
(3)
\u2014
(3)
Total OCI
266
\u2014
266
210
\u2014
210
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-578": { "value": "
Share capital
In March 2024, Exor completed the cancellation of 13,008,289 ordinary shares held as treasury stock, which had
been acquired as part of the Tender Offer completed on 12 October 2023 (for a total of 8,873,452 ordinary shares)
and the share buyback program announced in 2022 (for a total of 4,134,837 ordinary shares). This cancellation, in
line with the intention announced at the launch of the buyback program, was conducted in the framework of the
resolution adopted by the Annual General Meeting of Shareholders held on 31\u00a0May\u00a02023.
At 31\u00a0December\u00a02024 the total issued capital of Exor is equal to \u20ac7,267,649 , divided into no.\u00a0220,984,247 ordinary
shares each with a nominal value of \u20ac0.01 and no. 126,445,162 Special Voting Shares A each with a nominal value
of \u20ac0.04.
At 31\u00a0December\u00a02024 Giovanni Agnelli B.V. owns 85.27% of the voting rights on Exor\u2019s outstanding capital.
Exor adopted a loyalty voting structure designed to incentivize long-term share ownership, on the basis of which for
each ordinary share held without interruption for a period of five years, shareholders will be entitled to five voting
rights at the end of that period, and for each ordinary share held without interruption for a period of ten years,
shareholders will be entitled to ten voting rights at the end of that period.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-579": { "value": "0.46", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-580": { "value": "
Treasury stock
At 31\u00a0December\u00a02024 7,241,788 ordinary shares, each with a nominal value of \u20ac0.01 are held as treasury stock
(18,022,847 at 31\u00a0December\u00a02023). The movements are as follows:
No. of shares
Amount per
share
(\u20ac)1
Total amount
(\u20ac thousand)
%
Balance at 31 December 2022
13,126,619
42.07
552,279
5.450
Buyback Exor shares
3,174,389
77.41
245,723
Buyback Exor shares - tender offer
8,873,452
84.52
749,999
Shares assigned under equity incentive plans
(144,149)
0.00
(1)
Cancellation of treasury shares
(7,007,464)
56.76
(397,719)
Balance at 31 December 2023
18,022,847
63.82
1,150,281
7.700
Buyback Exor shares
2,529,730
98.58
249,381
Shares assigned under equity incentive plans
(302,500)
0.00
(3)
Cancellation of treasury shares
(13,008,289)
81.05
(1,054,333)
Balance at 31 December 2024
7,241,788
47.68
345,326
3.277
1. Considering only the treasury shares bought back in the context of the different programs, the average carrying value per share is \u20ac88.36.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-581": { "value": "Share-based compensation
Stock Option Plan Exor 2016
Changes during 2024 and 2023 were as follows:
2024
2023
Number of
options
Weighted
average exercise
price (\u20ac)
Number of
options
Weighted
average exercise
price (\u20ac)
Outstanding at the beginning of the year
2,771,722
32.38
2,909,886
32.38
Exercised
(336,863)
32
(138,164)
32
Expired
\u2014
\u2014
\u2014
\u2014
Outstanding at the end of the year1
2,434,859
32.38
2,771,722
32.38
Exercisable at the end of the year1
2,434,859
\u2014
2,183,903
\u2014
1. Of which 2,013,950 granted to the CEO.
No costs have been recognised in 2024 and 2023 on Stock Option Plan Exor 2016.
Exor LTI Plan
In 2022 a long-term incentive plan (\"Plan\") was implemented in favour of the CEO, selected employees of
companies in the Holdings System and selected suppliers, under which performance share units (\u201cPSUs\u201d) and
restricted share units (\"RSUs\") are granted, being conditional rights to receive one Exor ordinary share for each
vested PSU and RSU. In 2024 performance share options (\"PSO\") were also granted, as detailed below.
The number of PSO, PSU and RSU outstanding at 31\u00a0December\u00a02024 are as follows:
LTI 2022 Plan
LTI 2023 Plan
LTI 2024 Plan
PSU
Awards
RSU
Awards
PSU
Awards
RSU
Awards
PSO
Awards
PSU
Awards
RSU
Awards
Balance at 31 December 2024
581,363
8,393
167,842
7,427
671,431
74,837
12,143
Balance at 31 December 2023
581,363
16,781
167,648
10,846
\u2014
\u2014
\u2014
The following table sets forth information related to the income statement expense recognised and to be
recognised in relation to the PSO, PSU and RSU awards:
LTI 2022 Plan
LTI 2023 Plan
LTI 2024 Plan
(\u20ac million)
Years ended 31 December
2024
2023
2024
2023
2024
Total expense
43
43
17
17
21
Expense recognised in the year
14
14
6
3
4
Unrecognised expense
7
21
8
14
16
At 31\u00a0December\u00a02024 and 2023, the amounts recorded in the share based compensation reserve for awards
granted are equal to \u20ac24\u00a0million and \u20ac17\u00a0million, respectively.
(\u20ac million)
For the years ended 31 December
2024
2023
Compensation to the CEO
10
7
Personnel costs
2
1
Cost of service
6
4
Carrying amount of the investment in subsidiaries
6
5
Total cost of share-based compensation plan
24
17
Exor LTI 2022
With the introduction of the Plan in 2022, the first PSU vesting will take place in 2025, while the RSUs vest upon a
time-based service requirement in 3 tranches from 30\u00a0June\u00a02023 to 30\u00a0June\u00a02025. The total number of shares that
will eventually be vested may vary from the original estimate due to forfeiture or the level of achievement of the
performance goals. The grant dates of the 2022 awards were 1\u00a0July\u00a02022 and 1\u00a0November\u00a02022.
The performance conditions attached to the PSUs granted are (i) the cumulative annual growth rate (\u201cCAGR\u201d) of
the total shareholder return (\u201cTSR\u201d) target and (ii) the CAGR of the net asset value (\u201cNAV\u201d) relative to the MSCI
World Index target. These performance conditions apply during the three-year performance period. More details in
relation to the application of these performance conditions are set out below.
TSR
\u2022 Initial TSR value: the average closing price of the Exor shares during the 30-day period ending on
30\u00a0June\u00a02022, being Euro\u00a064.68.
\u2022 End TSR value: the average closing price of the Exor shares during the 30-day period ending on
30\u00a0June\u00a02025.
\u2022 In the aforementioned calculations (i) the Exor share price will be adjusted for any dividend paid by the
Company, (ii) any variation of the Company\u2019s share capital and (iii) dividends are assumed to be reinvested at
the previous dividend date.
NAV
\u2022 Initial NAV: the net asset value of the Company, being the total value of the Company\u2019s assets less the total
value of its liabilities, calculated using the net asset value at 30\u00a0June\u00a02022, being Euro\u00a0109.6 per share.
\u2022 End NAV: the net asset value of the Company, being the total value of the Company\u2019s assets less the total
value of its liabilities, calculated using the net asset value at 30\u00a0June\u00a02025.
\u2022 The aforementioned calculations are (to be) (i) made in accordance with the methodology as set in the
Company\u2019s most recent half-year financial report and (ii) verified by a third party (including the consistency of
such calculation).
MSCI World Index
\u2022 Initial MSCI World Index value: calculated using the closing price of the MSCI World Index at 30\u00a0June\u00a02022,
being Euro\u00a0248.7 per share.
\u2022 End MSCI World Index value: calculated using the closing price of the MSCI World Index at 30\u00a0June\u00a02025.
\u2022 In the aforementioned calculations, the MSCI World Index is the market cap weighted stock market index of
companies throughout the world, maintained by MSCI (formerly Morgan Stanley Capital International) with
ticker symbol WORLD:MSCI.
The target levels and performance levels are set out below. Linear vesting will apply between performance levels.
Performance level
TSR (CAGR)
NAV (CAGR) vs MSCI-WI
Threshold
4%
Not applicable*
Target
8%
\u2014
Maximum
20%
10%
* For NAV, the target level is the same as the threshold level. When NAV growth falls short of MSCI World Index growth, no vesting takes place.
Performance level
Executive Directors
Below threshold
\u2014
TSR Threshold (0.5 x target)
50%
Target
100%
Maximum
300%
The weighted average fair value of the awards that were issued in 2022 was \u20ac71 for the PSUs and \u20ac59.45 for the
RSUs.
Changes during 2024 and 2023 were as follows:
2024
2023
Outstanding PSU
Awards
Outstanding RSU
Awards
Outstanding PSU
Awards
Outstanding RSU
Awards
Balance at the beginning of the year
581,363
16,781
581,597
25,401
Granted
\u2014
\u2014
398
399
Forfeited
\u2014
\u2014
(632)
(632)
Vested
\u2014
(8,388)
\u2014
(8,387)
Balance at the end of the year
581,363
8,393
581,363
16,781
Exor LTI 2023
Under the LTI Plan, the grant date of the 2023 award was 1\u00a0July\u00a02023 and vesting (to the extent the applicable
conditions are met) as per 30\u00a0June\u00a02026. The RSUs vest upon a time-based service requirement in 3 tranches
from 30 June 2024 to 30 June 2026. The total number of shares that will eventually be vested may vary from the
original estimate due to forfeiture or the level of achievement of the performance goals.
The performance conditions attached to the PSUs granted are (i) the CAGR of the TSR target and (ii) the CAGR of
the NAV relative to the MSCI World Index target. These performance conditions apply during the three-year
performance period. More details in relation to the application of these performance conditions are set out below.
TSR
\u2022 Initial TSR value: the average closing price of the Exor shares during the 30-day period ending on
30\u00a0June\u00a02023, being Euro 79.72.
\u2022 End TSR value: the average closing price of the Exor shares during the 30-day period ending on
30\u00a0June\u00a02026.
\u2022 In the aforementioned calculations the Exor share price will be adjusted (i) for any dividend paid by the
Company and (ii) for any variation of the Company\u2019s share capital; dividends are assumed to be reinvested at
the previous dividend date.
NAV
\u2022 Initial NAV: the net asset value of the Company, being the total value of the Company\u2019s assets less the total
value of its liabilities, calculated using the net asset value at 30\u00a0June\u00a02023, being Euro 150.2 per share.
\u2022 End NAV: the net asset value of the Company, being the total value of the Company\u2019s assets less the total
value of its liabilities, calculated using the net asset value at 30\u00a0June\u00a02026.
\u2022 The aforementioned calculations are (to be) (i) made in accordance with the methodology as set in the
Company\u2019s most recent half-year financial report and (ii) verified by a third party (including the consistency of
such calculation).
MSCI World Index
\u2022 Initial MSCI World Index value: calculated using the closing price of the MSCI World Index at 30\u00a0June\u00a02023,
being Euro 277.7 per share.
\u2022 End MSCI World Index value: calculated using the closing price of the MSCI World Index at 30\u00a0June\u00a02026.
\u2022 In the aforementioned calculations, the MSCI World Index is the market cap weighted stock market index of
companies throughout the world, maintained by MSCI (formerly Morgan Stanley Capital International) with
ticker symbol WORLD:MSCI.
The target levels and performance levels are set out below. Linear vesting will apply between performance levels.
Performance level
TSR (CAGR)
NAV (CAGR) vs MSCI-WI
Threshold
4%
Not applicable*
Target
8%
\u2014%
Maximum
20%
10%
* For NAV, the target level is the same as the threshold level. When NAV growth falls short of MSCI World Index growth, no vesting takes place.
Performance level
Executive Directors
Below threshold
\u2014%
Threshold (TSR only)
50%
Target
100%
Maximum
300%
By way of example, when TSR performance is at threshold, half of the PSUs granted in respect of the TSR target,
i.e. 25% of the total PSUs granted, will vest, whereas, when performance is below threshold, no vesting takes
place and the part of the grant is forfeited. For NAV performance, the target level is in effect the threshold, i.e. when
NAV growth falls short of MSCI growth, no vesting takes place and the part of the grant is forfeited.
The weighted average fair value of the awards that were issued in 2023 was \u20ac96.3 for the PSUs and \u20ac80.8 for the
RSUs.
Changes during 2024 and 2023 were as follows:
2024
2023
Outstanding PSU
Awards
Outstanding RSU
Awards
Outstanding PSU
Awards
Outstanding RSU
Awards
Balance at the beginning of the year
167,648
10,846
\u2014
\u2014
Granted
194
194
167,648
10,846
Forfeited
\u2014
\u2014
\u2014
\u2014
Vested
\u2014
(3,613)
\u2014
\u2014
Balance at the end of the year
167,842
7,427
167,648
10,846
Exor LTI 2024
The grant date of the 2024 awards (PSUs, PSOs and RSUs) was 1\u00a0July\u00a02024 and vesting (to the extent the
applicable conditions are met) as per 31\u00a0December\u00a02026. In particular, RSUs vest upon a time-based service
requirement in 3 tranches from 31\u00a0December\u00a02024 to 31\u00a0December\u00a02026. PSOs are options to purchase ordinary
shares in the capital of Exor at an exercise price of \u20ac108.9. PSOs have a 7-year term, after which they are forfeited
and after the vesting period, the exercise of PSOs is subject to continued employment. PSOs will be serviced
exclusively through treasury shares of the Company, without recourse to the issue of shares and, therefore, will not
have a dilutive effect. If so required, the Company will purchase, in compliance with the applicable regulations, a
quantity of own shares sufficient to cover the entire plan approved by the shareholders. In connection with the
servicing of the plan, no other financial instruments will be issued by the Company or by its subsidiary or by third
parties.The total number of shares that will eventually be vested may vary from the original estimate due to
forfeiture or the level of achievement of the performance goals.
The performance conditions attached to the PSUs granted are: (i) the CAGR of the TSR target, (ii) the CAGR of the
NAV relative to the MSCI World Index target and (iii) the level of compliance with Directive (EU) 2022/2464 on
Corporate Sustainability Reporting (\"CSRD Compliance\") and increase of students participating in the Matab\u00ec
initiative of the Company with Fondazione Agnelli (the \"Matab\u00ec Participants\"). These performance conditions apply
during the three-year performance period starting from 1\u00a0January\u00a02024. More details in relation to the application of
these performance conditions are set out below.
TSR
\u2022 Initial TSR value: the average closing price of the Exor shares during the 30-day period ending on
31\u00a0December\u00a02023, being Euro 90.07.
\u2022 End TSR value: the average closing price of the Exor shares during the 30-day period ending on
31\u00a0December\u00a02026.
\u2022 In the aforementioned calculations the Exor share price will be adjusted (i) for any dividend paid by the
Company and (ii) for any variation of the Company\u2019s share capital; dividends are assumed to be reinvested at
the previous dividend date.
NAV
\u2022 Initial NAV: the net asset value of the Company, being the total value of the Company\u2019s assets less the total
value of its liabilities, calculated using the net asset value at 31\u00a0December\u00a02023, being Euro 162.36 per share.
\u2022 End NAV: the net asset value of the Company, being the total value of the Company\u2019s assets less the total
value of its liabilities, calculated using the net asset value at 31\u00a0December\u00a02026.
\u2022 The aforementioned calculations are (to be) (i) made in accordance with the methodology as set in the
Company\u2019s most recent half-year financial report and (ii) verified by a third party (including the consistency of
such calculation).
MSCI World Index
\u2022 Initial MSCI World Index value: calculated using the closing price of the MSCI World Index at
31\u00a0December\u00a02023, being Euro 292.96 per share.
\u2022 End MSCI World Index value: calculated using the closing price of the MSCI World Index at
31\u00a0December\u00a02026.
\u2022 In the aforementioned calculations, the MSCI World Index is the market cap weighted stock market index of
companies throughout the world, maintained by MSCI (formerly Morgan Stanley Capital International) with
ticker symbol WORLD:MSCI.
ESG Targets
\u2022 End CSRD Compliance: Corporate sustainability reporting by the Company being in compliance with Directive
(EU) 2022/2464 regarding Corporate Sustainability Reporting (and the rules promulgated thereunder) and
supported by an unqualified audit opinion on the compliance therewith by 31 December 2026.
\u2022 Initial Matab\u00ec Participants number: 2,350 at 31 December 2023.
\u2022 End Matab\u00ec Participants number: 7,000 at 31 December 2026.
\u2022 In the aforementioned calculation, the Matab\u00ec Participants is the number of students participating in the Matab\u00ec
initiative of the Company with Fondazione Agnelli at the relevant date.
The target levels and performance levels are set out below. Linear vesting will apply between performance levels.
Performance level
TSR (CAGR)
NAV (CAGR) vs MSCI-WI
ESG targets
CSRD Disclosure
Matabi
Threshold
3.3%
Not applicable*
None
5,000
Target
6.3%
\u2014%
CSRD compliant
6,000
Maximum
15.8%
6.3%
CSRD compliant and
unqualified opinion
7,000
Weighting
30%
50%
10%
10%
* For NAV, the target level is the same as the threshold level. When NAV growth falls short of MSCI World Index growth, no vesting takes place.
Performance level
Executive Directors
Below threshold
\u2014%
Threshold (TSR and Matab\u00ec)
50%
Target
100%
Maximum
300%
As an example, when TSR performance is at threshold, half of the PSUs granted in respect of the TSR target, i.e.
25% of the total PSUs granted, will vest, whereas, when performance is below threshold, no vesting takes place
and the part of the grant is forfeited. For NAV performance, the target level is in effect the threshold, i.e. when NAV
growth falls short of MSCI growth, no vesting takes place and the part of the grant is forfeited.
The weighted average fair value of the awards that were issued in 2024 was \u20ac102.44 for the PSUs, \u20ac97 for the
RSUs and \u20ac17.56 for the PSOs.
Changes during 2024 were as follows:
Outstanding PSO
Awards
Outstanding PSU
Awards
Outstanding RSU
Awards
Balance at the beginning of the year
\u2014
\u2014
\u2014
Granted
671,431
74,837
12,143
Forfeited
\u2014
\u2014
\u2014
Vested
\u2014
\u2014
\u2014
Balance at the end of the year
671,431
74,837
12,143
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-583": { "value": "Provisions for employee benefits
(\u20ac million)
At 31 December
2023 reclassified
Application of IE
exemption
At 1 January 2024
Present value of defined benefit obligations:
Pension plans
1,573
(1,573)
\u2014
Healthcare and life insurance plans
157
(157)
\u2014
Other post-employment benefits
278
(278)
\u2014
Fair value of plan assets on pension plan
(1,246)
1,246
\u2014
Fair value of plan assets of healthcare and life insurance plans
(52)
52
\u2014
Asset ceiling
49
(49)
\u2014
Defined benefit plan assets
10
(10)
\u2014
Other provision for employee
552
(552)
\u2014
Total provisions for employee benefits
1,321
(1,321)
\u2014
Other provisions
(\u20ac million)
At 31 December
2023 reclassified
Application of IE
exemption
At 1 January 2024
Warranty recall campaigns and technical assistance
1,181
(1,181)
\u2014
Restructuring provisions
75
(75)
\u2014
Investment provisions
5
(5)
\u2014
Other risks
3,774
(3,774)
\u2014
Total Other provisions
5,035
(5,035)
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-582": { "value": "Provisions for employee benefits
(\u20ac million)
At 31 December
2023 reclassified
Application of IE
exemption
At 1 January 2024
Present value of defined benefit obligations:
Pension plans
1,573
(1,573)
\u2014
Healthcare and life insurance plans
157
(157)
\u2014
Other post-employment benefits
278
(278)
\u2014
Fair value of plan assets on pension plan
(1,246)
1,246
\u2014
Fair value of plan assets of healthcare and life insurance plans
(52)
52
\u2014
Asset ceiling
49
(49)
\u2014
Defined benefit plan assets
10
(10)
\u2014
Other provision for employee
552
(552)
\u2014
Total provisions for employee benefits
1,321
(1,321)
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-584": { "value": "Other provisions
(\u20ac million)
At 31 December
2023 reclassified
Application of IE
exemption
At 1 January 2024
Warranty recall campaigns and technical assistance
1,181
(1,181)
\u2014
Restructuring provisions
75
(75)
\u2014
Investment provisions
5
(5)
\u2014
Other risks
3,774
(3,774)
\u2014
Total Other provisions
5,035
(5,035)
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-587": { "value": "Borrowings
(\u20ac million)
At 31
December
2023
reclassified
Application of
IE exemption
At 1 January
2024
Proceeds
Repayments
Other
changes
At 31
December
2024
Notes
3,467
\u2014
3,467
643
(500)
31
3,641
Bank debts
215
\u2014
215
445
(215)
2
447
Total borrowings -
Company only
3,682
\u2014
3,682
1,088
(715)
33
4,088
Net of:
Notes of
consolidated
subsidiaries
9,567
(9,567)
\u2014
\u2014
\u2014
\u2014
\u2014
Bank debts of
consolidated
subsidiaries
5,951
(5,951)
\u2014
\u2014
\u2014
\u2014
\u2014
Total
15,518
(15,518)
\u2014
\u2014
\u2014
\u2014
\u2014
Notes
13,034
(9,567)
3,467
643
(500)
31
3,641
Bank debts
6,166
(5,951)
215
445
(215)
2
447
Total borrowings -
Consolidated
19,200
(15,518)
3,682
1,088
(715)
33
4,088
Notes
Issue date
Maturity date
Issue
price
Coupon
Rate
Nominal value
Balance at (\u20ac million)
31 December
2024
1 January
2024
08-Oct-14
08-Oct-24
100.09
Annually
Fixed 2.500%
\u20ac500,396
\u2014
503
07-Dec-12
31-Jan-25
97.84
Annually
Fixed 5.250%
\u20ac100,000
105
104
22-Dec-15
22-Dec-25
100.78
Annually
Fixed 2.875%
\u20ac450,000
451
451
20-May-16
20-May-26
99.65
Semi-annually
Fixed 4.398%
$170,000
164
154
18-Jan-18
18-Jan-28
98.52
Annually
Fixed 1.750%
\u20ac500,000
505
504
29-Apr-20
29-Apr-30
98.49
Annually
Fixed 2.25%
\u20ac500,000
503
502
19-Jan-21
19-Jan-31
99.09
Annually
Fixed 0.875%
\u20ac500,000
500
500
09-May-11
09-May-31
100.00
Semi-annually
Fixed 2.800%(a)
\u00a510,000,000
62
65
14-Feb-24
14-Feb-33
99.37
Annually
Fixed 3.750%
\u20ac650,000
665
\u2014
14-Oct-19
14-Oct-34
100.00
Annually
Fixed 1.750%
\u20ac500,000
484
482
15-Feb-18
15-Feb-38
98.18
Annually
Fixed 3.125%
\u20ac200,000
202
202
Total
3,641
3,467
a) To cover against currency fluctuations, Exor has in place a hedging transaction using a cross currency swap. The cost in Euro is fixed at 6.012% per year.
On 14 February 2024 Exor issued bonds for a nominal amount of \u20ac650\u00a0million, maturing on 14\u00a0February\u00a02033 with
an issue price of \u20ac99.371 and a fixed annual coupon of 3.75%. The purpose of the issue was to raise new funds for
Exor's general corporate purposes and to 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\u2019s.
Exor intends to repay the bonds in cash at maturity using available liquid resources and undrawn credit lines. Exor
may from time to time buy back bonds on the market also for purposes of their cancellation. Such buybacks, if
made, depend upon market conditions, Exor\u2019s financial situation and other factors which could affect such
decisions.
The bonds contain covenants that are common in international practice for bond issues of this type. In particular,
they contain negative pledge clauses (which require that the bonds benefit from any existing or future pledges of
assets of the issuer granted in connection with other bonds or debt securities having the same ranking) and provide
for periodic disclosure.
The 2011-2031 bonds also establish other covenants such as respecting a ratio between financial debt and net
asset value (0.5x) calculated in accordance with the bond issuance prospectus and maintaining a rating by one of
the major agencies. Non-compliance with these covenants allows the bondholders to ask for the immediate
redemption of the bonds. Standard events of default occur in the case of serious non-fulfilment events such as
failure to pay interest. The Company complied with these covenants during the current year.
Moreover, a change of control of Exor would give the bondholders the right to ask for early redemption of the
bonds.
Bank debts
(\u20ac million)
At 1 January
2024
Drawn
Repayments
Other changes
At 31 December
2024
Term Loan
150
\u2014
(150)
\u2014
\u2014
Uncommitted credit line and other debt
65
447
(65)
\u2014
447
Total Bank debts
215
447
(215)
\u2014
447
On 29\u00a0September\u00a02021 Exor entered into a committed credit facility (term loan) for \u20ac150\u00a0million expiring on
29\u00a0September\u00a02024. At 31\u00a0December\u00a02023 the facility was fully drawn and repaid in February 2024.
On 31\u00a0December\u00a02024 Exor has undrawn committed credit lines for \u20ac475\u00a0million, of which \u20ac225\u00a0million expiring
after 31\u00a0December 2025, as well as uncommitted credit lines of \u20ac725\u00a0million drawn for \u20ac445 million.
On 31\u00a0December\u00a02023 Exor had undrawn committed credit lines for \u20ac450\u00a0million, of which \u20ac350\u00a0million expiring
after 31\u00a0December\u00a02024, as well as uncommitted credit lines of \u20ac515\u00a0million drawn for \u20ac65\u00a0million.
In the event of a change of control of Exor, some lending institutions would have the right to ask for the early
repayment of committed credit lines for a total of \u20ac200\u00a0million, which however were not utilised at
31\u00a0December\u00a02024.
Exor\u2019s long-term corporate credit rating stated by Standard & Poor\u2019s is A-, with a \u201cstable\u201d outlook. The short-term
rating of Exor is A-2.
Borrowings by due date
At 31 December 2024
At 1 January 2024
(\u20ac million)
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
Notes
606
661
2,374
3,641
537
1,758
1,172
3,467
Bank debts
447
\u2014
\u2014
447
215
\u2014
\u2014
215
Total
Borrowings
1,053
661
2,374
4,088
752
1,758
1,172
3,682
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-586": { "value": "Borrowings
(\u20ac million)
At 31
December
2023
reclassified
Application of
IE exemption
At 1 January
2024
Proceeds
Repayments
Other
changes
At 31
December
2024
Notes
3,467
\u2014
3,467
643
(500)
31
3,641
Bank debts
215
\u2014
215
445
(215)
2
447
Total borrowings -
Company only
3,682
\u2014
3,682
1,088
(715)
33
4,088
Net of:
Notes of
consolidated
subsidiaries
9,567
(9,567)
\u2014
\u2014
\u2014
\u2014
\u2014
Bank debts of
consolidated
subsidiaries
5,951
(5,951)
\u2014
\u2014
\u2014
\u2014
\u2014
Total
15,518
(15,518)
\u2014
\u2014
\u2014
\u2014
\u2014
Notes
13,034
(9,567)
3,467
643
(500)
31
3,641
Bank debts
6,166
(5,951)
215
445
(215)
2
447
Total borrowings -
Consolidated
19,200
(15,518)
3,682
1,088
(715)
33
4,088
Notes
Issue date
Maturity date
Issue
price
Coupon
Rate
Nominal value
Balance at (\u20ac million)
31 December
2024
1 January
2024
08-Oct-14
08-Oct-24
100.09
Annually
Fixed 2.500%
\u20ac500,396
\u2014
503
07-Dec-12
31-Jan-25
97.84
Annually
Fixed 5.250%
\u20ac100,000
105
104
22-Dec-15
22-Dec-25
100.78
Annually
Fixed 2.875%
\u20ac450,000
451
451
20-May-16
20-May-26
99.65
Semi-annually
Fixed 4.398%
$170,000
164
154
18-Jan-18
18-Jan-28
98.52
Annually
Fixed 1.750%
\u20ac500,000
505
504
29-Apr-20
29-Apr-30
98.49
Annually
Fixed 2.25%
\u20ac500,000
503
502
19-Jan-21
19-Jan-31
99.09
Annually
Fixed 0.875%
\u20ac500,000
500
500
09-May-11
09-May-31
100.00
Semi-annually
Fixed 2.800%(a)
\u00a510,000,000
62
65
14-Feb-24
14-Feb-33
99.37
Annually
Fixed 3.750%
\u20ac650,000
665
\u2014
14-Oct-19
14-Oct-34
100.00
Annually
Fixed 1.750%
\u20ac500,000
484
482
15-Feb-18
15-Feb-38
98.18
Annually
Fixed 3.125%
\u20ac200,000
202
202
Total
3,641
3,467
a) To cover against currency fluctuations, Exor has in place a hedging transaction using a cross currency swap. The cost in Euro is fixed at 6.012% per year.
On 14 February 2024 Exor issued bonds for a nominal amount of \u20ac650\u00a0million, maturing on 14\u00a0February\u00a02033 with
an issue price of \u20ac99.371 and a fixed annual coupon of 3.75%. The purpose of the issue was to raise new funds for
Exor's general corporate purposes and to 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\u2019s.
Exor intends to repay the bonds in cash at maturity using available liquid resources and undrawn credit lines. Exor
may from time to time buy back bonds on the market also for purposes of their cancellation. Such buybacks, if
made, depend upon market conditions, Exor\u2019s financial situation and other factors which could affect such
decisions.
The bonds contain covenants that are common in international practice for bond issues of this type. In particular,
they contain negative pledge clauses (which require that the bonds benefit from any existing or future pledges of
assets of the issuer granted in connection with other bonds or debt securities having the same ranking) and provide
for periodic disclosure.
The 2011-2031 bonds also establish other covenants such as respecting a ratio between financial debt and net
asset value (0.5x) calculated in accordance with the bond issuance prospectus and maintaining a rating by one of
the major agencies. Non-compliance with these covenants allows the bondholders to ask for the immediate
redemption of the bonds. Standard events of default occur in the case of serious non-fulfilment events such as
failure to pay interest. The Company complied with these covenants during the current year.
Moreover, a change of control of Exor would give the bondholders the right to ask for early redemption of the
bonds.
Bank debts
(\u20ac million)
At 1 January
2024
Drawn
Repayments
Other changes
At 31 December
2024
Term Loan
150
\u2014
(150)
\u2014
\u2014
Uncommitted credit line and other debt
65
447
(65)
\u2014
447
Total Bank debts
215
447
(215)
\u2014
447
On 29\u00a0September\u00a02021 Exor entered into a committed credit facility (term loan) for \u20ac150\u00a0million expiring on
29\u00a0September\u00a02024. At 31\u00a0December\u00a02023 the facility was fully drawn and repaid in February 2024.
On 31\u00a0December\u00a02024 Exor has undrawn committed credit lines for \u20ac475\u00a0million, of which \u20ac225\u00a0million expiring
after 31\u00a0December 2025, as well as uncommitted credit lines of \u20ac725\u00a0million drawn for \u20ac445 million.
On 31\u00a0December\u00a02023 Exor had undrawn committed credit lines for \u20ac450\u00a0million, of which \u20ac350\u00a0million expiring
after 31\u00a0December\u00a02024, as well as uncommitted credit lines of \u20ac515\u00a0million drawn for \u20ac65\u00a0million.
In the event of a change of control of Exor, some lending institutions would have the right to ask for the early
repayment of committed credit lines for a total of \u20ac200\u00a0million, which however were not utilised at
31\u00a0December\u00a02024.
Exor\u2019s long-term corporate credit rating stated by Standard & Poor\u2019s is A-, with a \u201cstable\u201d outlook. The short-term
rating of Exor is A-2.
Borrowings by due date
At 31 December 2024
At 1 January 2024
(\u20ac million)
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
Notes
606
661
2,374
3,641
537
1,758
1,172
3,467
Bank debts
447
\u2014
\u2014
447
215
\u2014
\u2014
215
Total
Borrowings
1,053
661
2,374
4,088
752
1,758
1,172
3,682
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-585": { "value": "Borrowings
(\u20ac million)
At 31
December
2023
reclassified
Application of
IE exemption
At 1 January
2024
Proceeds
Repayments
Other
changes
At 31
December
2024
Notes
3,467
\u2014
3,467
643
(500)
31
3,641
Bank debts
215
\u2014
215
445
(215)
2
447
Total borrowings -
Company only
3,682
\u2014
3,682
1,088
(715)
33
4,088
Net of:
Notes of
consolidated
subsidiaries
9,567
(9,567)
\u2014
\u2014
\u2014
\u2014
\u2014
Bank debts of
consolidated
subsidiaries
5,951
(5,951)
\u2014
\u2014
\u2014
\u2014
\u2014
Total
15,518
(15,518)
\u2014
\u2014
\u2014
\u2014
\u2014
Notes
13,034
(9,567)
3,467
643
(500)
31
3,641
Bank debts
6,166
(5,951)
215
445
(215)
2
447
Total borrowings -
Consolidated
19,200
(15,518)
3,682
1,088
(715)
33
4,088
Notes
Issue date
Maturity date
Issue
price
Coupon
Rate
Nominal value
Balance at (\u20ac million)
31 December
2024
1 January
2024
08-Oct-14
08-Oct-24
100.09
Annually
Fixed 2.500%
\u20ac500,396
\u2014
503
07-Dec-12
31-Jan-25
97.84
Annually
Fixed 5.250%
\u20ac100,000
105
104
22-Dec-15
22-Dec-25
100.78
Annually
Fixed 2.875%
\u20ac450,000
451
451
20-May-16
20-May-26
99.65
Semi-annually
Fixed 4.398%
$170,000
164
154
18-Jan-18
18-Jan-28
98.52
Annually
Fixed 1.750%
\u20ac500,000
505
504
29-Apr-20
29-Apr-30
98.49
Annually
Fixed 2.25%
\u20ac500,000
503
502
19-Jan-21
19-Jan-31
99.09
Annually
Fixed 0.875%
\u20ac500,000
500
500
09-May-11
09-May-31
100.00
Semi-annually
Fixed 2.800%(a)
\u00a510,000,000
62
65
14-Feb-24
14-Feb-33
99.37
Annually
Fixed 3.750%
\u20ac650,000
665
\u2014
14-Oct-19
14-Oct-34
100.00
Annually
Fixed 1.750%
\u20ac500,000
484
482
15-Feb-18
15-Feb-38
98.18
Annually
Fixed 3.125%
\u20ac200,000
202
202
Total
3,641
3,467
a) To cover against currency fluctuations, Exor has in place a hedging transaction using a cross currency swap. The cost in Euro is fixed at 6.012% per year.
On 14 February 2024 Exor issued bonds for a nominal amount of \u20ac650\u00a0million, maturing on 14\u00a0February\u00a02033 with
an issue price of \u20ac99.371 and a fixed annual coupon of 3.75%. The purpose of the issue was to raise new funds for
Exor's general corporate purposes and to 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\u2019s.
Exor intends to repay the bonds in cash at maturity using available liquid resources and undrawn credit lines. Exor
may from time to time buy back bonds on the market also for purposes of their cancellation. Such buybacks, if
made, depend upon market conditions, Exor\u2019s financial situation and other factors which could affect such
decisions.
The bonds contain covenants that are common in international practice for bond issues of this type. In particular,
they contain negative pledge clauses (which require that the bonds benefit from any existing or future pledges of
assets of the issuer granted in connection with other bonds or debt securities having the same ranking) and provide
for periodic disclosure.
The 2011-2031 bonds also establish other covenants such as respecting a ratio between financial debt and net
asset value (0.5x) calculated in accordance with the bond issuance prospectus and maintaining a rating by one of
the major agencies. Non-compliance with these covenants allows the bondholders to ask for the immediate
redemption of the bonds. Standard events of default occur in the case of serious non-fulfilment events such as
failure to pay interest. The Company complied with these covenants during the current year.
Moreover, a change of control of Exor would give the bondholders the right to ask for early redemption of the
bonds.
Bank debts
(\u20ac million)
At 1 January
2024
Drawn
Repayments
Other changes
At 31 December
2024
Term Loan
150
\u2014
(150)
\u2014
\u2014
Uncommitted credit line and other debt
65
447
(65)
\u2014
447
Total Bank debts
215
447
(215)
\u2014
447
On 29\u00a0September\u00a02021 Exor entered into a committed credit facility (term loan) for \u20ac150\u00a0million expiring on
29\u00a0September\u00a02024. At 31\u00a0December\u00a02023 the facility was fully drawn and repaid in February 2024.
On 31\u00a0December\u00a02024 Exor has undrawn committed credit lines for \u20ac475\u00a0million, of which \u20ac225\u00a0million expiring
after 31\u00a0December 2025, as well as uncommitted credit lines of \u20ac725\u00a0million drawn for \u20ac445 million.
On 31\u00a0December\u00a02023 Exor had undrawn committed credit lines for \u20ac450\u00a0million, of which \u20ac350\u00a0million expiring
after 31\u00a0December\u00a02024, as well as uncommitted credit lines of \u20ac515\u00a0million drawn for \u20ac65\u00a0million.
In the event of a change of control of Exor, some lending institutions would have the right to ask for the early
repayment of committed credit lines for a total of \u20ac200\u00a0million, which however were not utilised at
31\u00a0December\u00a02024.
Exor\u2019s long-term corporate credit rating stated by Standard & Poor\u2019s is A-, with a \u201cstable\u201d outlook. The short-term
rating of Exor is A-2.
Borrowings by due date
At 31 December 2024
At 1 January 2024
(\u20ac million)
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
Notes
606
661
2,374
3,641
537
1,758
1,172
3,467
Bank debts
447
\u2014
\u2014
447
215
\u2014
\u2014
215
Total
Borrowings
1,053
661
2,374
4,088
752
1,758
1,172
3,682
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-590": { "value": "Other financial liabilities
Consolidated
(\u20ac million)
At 31
December
2023
reclassified
Application of
IE exemption
At 1 January
2024
Repayment
Other change
At 31
December
2024
Asset-backed financing
15,633
(15,633)
\u2014
\u2014
\u2014
\u2014
Payables represented by securities
1,974
(1,974)
\u2014
\u2014
\u2014
\u2014
Derivative liabilities
295
(250)
45
\u2014
8
53
Other financial debt
1,937
(1,935)
2
\u2014
(1)
1
Financial debt to related parties
573
(18)
555
(555)
\u2014
\u2014
Lease liabilities
606
(604)
2
\u2014
2
Total Other financial liabilities
21,018
(20,414)
604
(555)
7
56
In July 2024 Exor paid in the remaining \u20ac555\u00a0million to reach a shareholding of 10% in Institut M\u00e9rieux as per the
agreement signed in July 2022.
Company only
(\u20ac million)
At 31 December
2023 reclassified
Repayment
Other change
At 31 December
2024
Derivative liabilities
27
\u2014
26
53
Financial debt to Institut Merieux
555
(555)
\u2014
\u2014
Financial debt to Exor Nederland
176
(176)
\u2014
\u2014
Other financial debt
2
\u2014
(1)
1
Lease liabilities
1
\u2014
\u2014
1
Total Other financial liabilities
761
(731)
25
55
Other financial liabilities by due date is as follows:
At 31 December 2024
At 1 January 2024
(\u20ac million)
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
Derivative
18
\u2014
35
53
\u2014
\u2014
27
27
Financial debt to
Institut Merieux
\u2014
\u2014
\u2014
\u2014
555
\u2014
\u2014
555
Financial debt to
Exor Nederland
\u2014
\u2014
\u2014
\u2014
176
\u2014
\u2014
176
Other financial
debt
\u2014
1
\u2014
1
\u2014
2
\u2014
2
Lease liabilities
\u2014
1
\u2014
1
\u2014
1
\u2014
1
Total Other
financial
liabilities
18
2
35
55
731
3
27
761
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-589": { "value": "Other financial liabilities
Consolidated
(\u20ac million)
At 31
December
2023
reclassified
Application of
IE exemption
At 1 January
2024
Repayment
Other change
At 31
December
2024
Asset-backed financing
15,633
(15,633)
\u2014
\u2014
\u2014
\u2014
Payables represented by securities
1,974
(1,974)
\u2014
\u2014
\u2014
\u2014
Derivative liabilities
295
(250)
45
\u2014
8
53
Other financial debt
1,937
(1,935)
2
\u2014
(1)
1
Financial debt to related parties
573
(18)
555
(555)
\u2014
\u2014
Lease liabilities
606
(604)
2
\u2014
2
Total Other financial liabilities
21,018
(20,414)
604
(555)
7
56
In July 2024 Exor paid in the remaining \u20ac555\u00a0million to reach a shareholding of 10% in Institut M\u00e9rieux as per the
agreement signed in July 2022.
Company only
(\u20ac million)
At 31 December
2023 reclassified
Repayment
Other change
At 31 December
2024
Derivative liabilities
27
\u2014
26
53
Financial debt to Institut Merieux
555
(555)
\u2014
\u2014
Financial debt to Exor Nederland
176
(176)
\u2014
\u2014
Other financial debt
2
\u2014
(1)
1
Lease liabilities
1
\u2014
\u2014
1
Total Other financial liabilities
761
(731)
25
55
Other financial liabilities by due date is as follows:
At 31 December 2024
At 1 January 2024
(\u20ac million)
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
Derivative
18
\u2014
35
53
\u2014
\u2014
27
27
Financial debt to
Institut Merieux
\u2014
\u2014
\u2014
\u2014
555
\u2014
\u2014
555
Financial debt to
Exor Nederland
\u2014
\u2014
\u2014
\u2014
176
\u2014
\u2014
176
Other financial
debt
\u2014
1
\u2014
1
\u2014
2
\u2014
2
Lease liabilities
\u2014
1
\u2014
1
\u2014
1
\u2014
1
Total Other
financial
liabilities
18
2
35
55
731
3
27
761
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-588": { "value": "Other financial liabilities
Consolidated
(\u20ac million)
At 31
December
2023
reclassified
Application of
IE exemption
At 1 January
2024
Repayment
Other change
At 31
December
2024
Asset-backed financing
15,633
(15,633)
\u2014
\u2014
\u2014
\u2014
Payables represented by securities
1,974
(1,974)
\u2014
\u2014
\u2014
\u2014
Derivative liabilities
295
(250)
45
\u2014
8
53
Other financial debt
1,937
(1,935)
2
\u2014
(1)
1
Financial debt to related parties
573
(18)
555
(555)
\u2014
\u2014
Lease liabilities
606
(604)
2
\u2014
2
Total Other financial liabilities
21,018
(20,414)
604
(555)
7
56
In July 2024 Exor paid in the remaining \u20ac555\u00a0million to reach a shareholding of 10% in Institut M\u00e9rieux as per the
agreement signed in July 2022.
Company only
(\u20ac million)
At 31 December
2023 reclassified
Repayment
Other change
At 31 December
2024
Derivative liabilities
27
\u2014
26
53
Financial debt to Institut Merieux
555
(555)
\u2014
\u2014
Financial debt to Exor Nederland
176
(176)
\u2014
\u2014
Other financial debt
2
\u2014
(1)
1
Lease liabilities
1
\u2014
\u2014
1
Total Other financial liabilities
761
(731)
25
55
Other financial liabilities by due date is as follows:
At 31 December 2024
At 1 January 2024
(\u20ac million)
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
Due within
one year
Due between
one and five
years
Due beyond
five years
Total
Derivative
18
\u2014
35
53
\u2014
\u2014
27
27
Financial debt to
Institut Merieux
\u2014
\u2014
\u2014
\u2014
555
\u2014
\u2014
555
Financial debt to
Exor Nederland
\u2014
\u2014
\u2014
\u2014
176
\u2014
\u2014
176
Other financial
debt
\u2014
1
\u2014
1
\u2014
2
\u2014
2
Lease liabilities
\u2014
1
\u2014
1
\u2014
1
\u2014
1
Total Other
financial
liabilities
18
2
35
55
731
3
27
761
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-591": { "value": "Trade Payables
(\u20ac million)
At 31
December
2023
reclassified
Application of
IE exemption
At 1 January
2024
Other change
At 31
December
2024
Trade payables to third parties
1
\u2014
1
\u2014
1
Trade payables to related parties1
6
\u2014
6
2
8
Total trade payables - Company only
7
\u2014
7
2
9
Add of:
Trade payables to third parties of consolidated
subsidiaries
7,778
(7,778)
\u2014
\u2014
\u2014
Trade payables to related parties of consolidated
subsidiaries
149
(149)
\u2014
\u2014
\u2014
Consolidation adjustments
(4)
\u2014
(4)
(1)
(5)
Total of consolidated subsidiaries
7,923
(7,927)
(4)
(1)
(5)
Trade payables to third parties
7,779
(7,778)
1
\u2014
1
Trade payables to related parties1
151
(149)
2
1
3
Total trade payables - Consolidated
7,930
(7,927)
3
1
4
1. Further detail are disclosed in Note 34 Related party transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-594": { "value": "Guarantees granted, commitments and contingent liabilities
Pending litigation and contingent liabilities
At 31 December\u00a02024, Exor provides no material warranties for third parties and does not have any pending
litigation.
As part of its regular business activities, Dutch Tax Authority is currently reviewing some of the positions taken in
the 2019 and 2020 CIT returns.
Outstanding Commitments
As part of its regular business activities, Exor enters into investment agreements for which it is committed to invest
capital upon notification from the counterparty. As of 31\u00a0December 2024, the outstanding commitment stands at
\u20ac551\u00a0million, while the obligation to extend current credit to its unconsolidated subsidiaries amounts to \u20ac47\u00a0million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-593": { "value": "Guarantees granted, commitments and contingent liabilities
Pending litigation and contingent liabilities
At 31 December\u00a02024, Exor provides no material warranties for third parties and does not have any pending
litigation.
As part of its regular business activities, Dutch Tax Authority is currently reviewing some of the positions taken in
the 2019 and 2020 CIT returns.
Outstanding Commitments
As part of its regular business activities, Exor enters into investment agreements for which it is committed to invest
capital upon notification from the counterparty. As of 31\u00a0December 2024, the outstanding commitment stands at
\u20ac551\u00a0million, while the obligation to extend current credit to its unconsolidated subsidiaries amounts to \u20ac47\u00a0million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-592": { "value": "Guarantees granted, commitments and contingent liabilities
Pending litigation and contingent liabilities
At 31 December\u00a02024, Exor provides no material warranties for third parties and does not have any pending
litigation.
As part of its regular business activities, Dutch Tax Authority is currently reviewing some of the positions taken in
the 2019 and 2020 CIT returns.
Outstanding Commitments
As part of its regular business activities, Exor enters into investment agreements for which it is committed to invest
capital upon notification from the counterparty. As of 31\u00a0December 2024, the outstanding commitment stands at
\u20ac551\u00a0million, while the obligation to extend current credit to its unconsolidated subsidiaries amounts to \u20ac47\u00a0million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-595": { "value": "
Compensation to directors of Exor
(\u20ac million)
Exor
Consolidated
Subsidiaries
Total
Total compensation 2024
12
\u2014
12
Total compensation 2023
13
3
16
The amounts include the notional compensation cost arising from long-term share-based compensation awarded to
the directors. For further detail please refer to the Remuneration Report on page 159.
There are no key executives in Exor, except for the CEO.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-597": { "value": "Qualitative and quantitative information on financial risks
Exor is exposed to the following financial risks connected with its operations:
\u2013 credit risk
\u2013 liquidity risk, with particular reference to the availability of funds and access to the credit market and to financial
instruments in general;
\u2013 market risk (primarily relating to exchange rates and interest rates).
Exor attempts to actively manage these risks. These risks could significantly affect the Exor financial position and
results of operations and cash flows, and for this reason, Exor identifies and monitors these risks in order to detect
potential negative effects in advance and take the necessary action to mitigate them, primarily through its operating
and financing activities.
The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon
Exor. The quantitative data reported in the following paragraphs does not have any predictive value. In particular,
the sensitivity analysis on market risks does not reflect the complexity of the market or the reaction, which may
result from any changes that are assumed to take place.
Credit risk
Credit risk is the risk of economic loss resulting from the failure to collect receivables. Credit risk includes both the
direct risk of insolvency and the risk of deterioration in the creditworthiness of the counterparty. The maximum
nominal exposure to credit risk to which Exor is exposed at 31 December 2024 is represented by the carrying
amounts of financial assets in the financial statements. Nevertheless, Exor seeks to mitigate such risk by allocating
the funds in securities and other financial instruments across leading financial institutions and corporate
counterparties selected according to their credit quality. At 31\u00a0December\u00a02024 there are no financial assets past
due nor written down. The loan granted to Full More Group (\u20ac118\u00a0million including interest) is fully written down at
31\u00a0December\u00a02024 considering the recent performance of Shang Xia (the wholly owned operating subsidiary of
Full More Group), the enduring uncertainties around macroeconomic conditions in China, and the turnaround
process involving the entity with limited visibility on future cash generation, negatively affected by the challenging
conditions in China.
Liquidity risk
Liquidity risk represents the risk that Exor is unable to obtain the funds needed to carry out its operations and meet
its obligations. Liquidity risk could thus arise only in the event of investment decisions in excess of cash availability
which are not preceded by sufficient liquidation of assets or by the availability of suitable sources of funding that
can be readily used. The continuation of challenging economic conditions in the markets in which Exor operates
and the uncertainties that characterize the financial markets, necessitate special attention to the management of
liquidity risk.
Outgoing cash-flows from current operations are funded mostly by incoming flows from ordinary activities and cash
availability. In this sense, Exor operates so as to have irrevocable credit lines available with expiration dates and
amounts consistent with its investment plans. Measures taken to generate financial resources through operations
and to maintain an adequate level of available liquidity are an important factor in ensuring normal operating
conditions and addressing strategic challenges. Exor therefore plans to meet its requirements to settle liabilities as
they fall due and to cover expected capital expenditures by using cash flows from operations and available liquidity,
renewing or refinancing bank credit lines and making use of debt capital markets and other forms of funding.
The maturity of the financial liabilities and the amount of the available credit lines are provided in Note 29.
Management believes that the funds currently available, together with the funds that will be generated from
operating and financing will enable Exor to satisfy its requirements resulting from its investing activities to fulfil its
obligations to repay its debts at their natural due date.
Market risk
Exor is mainly exposed to fluctuations in foreign currency exchange rates, interest rates and price risks.
Foreign currency risk
At 31\u00a0December\u00a02024 a portion of receivables from third and related parties is denominated in US dollar
(\u20ac10\u00a0million) and in HK dollar (\u20ac118\u00a0million, fully written-off) respectively and a portion of cash and cash equivalents
in US dollar (\u20ac144 million). A portion of investments at FVTOCI is denominated in US dollar (\u20ac210\u00a0million) and GBP
(\u20ac33\u00a0million) and a portion of investments at FVTPL is denominated in US dollar (\u20ac1,953\u00a0million). Such assets are
converted into euro based on the exchange rates as per balance sheet date.
Considering currency risk exposure at the reporting date, the following table shows the effects if the exchange rates
had been 10% favourable or unfavourable.
(\u20ac million)
31 December 2024
of which USD
+10%bps
-10%bps
Equity investments at FVTPL
37,220
1,402
(123)
150
Equity investments at FVTOCI
365
210
(22)
27
Other investments at FVTPL
4,377
1,953
(171)
209
Cash and cash equivalents
169
144
(13)
15
The currency risk related to liabilities to which Exor is exposed regards the note issued in 2011 and due in 2031 for
Japanese yen 10\u00a0billion (\u20ac62\u00a0million at 31 December 2024) which carries a fixed rate in yen of 2.80% and the note
in US dollar issued in 2016 for $170\u00a0million (\u20ac164\u00a0million at 31\u00a0December\u00a02024) which carries a fixed rate of
4.398%. In order to protect itself from the effects of fluctuations in the \u20ac/Yen exchange rate, Exor has a cross
currency swap in place with a leading credit institution as a result of which Exor will pay a fixed rate of 6.012% on
the Euro equivalent face amount of the Japanese yen note for its entire term.
Interest rate risk
At 31 December 2024 Exor has \u20ac3,641\u00a0million of outstanding bonds paying interests at fixed rates. In 2024 Exor
paid fixed interests between 0.875% - 5.25% in Euro and 4.398% in USD. In addition, Exor has a cross-currency
swap in place on its Japanese bond in yen to hedge against currency fluctuations, with the cost in Euro fixed at
6.012% per year.
At 31 December 2024 the bank debt exposed to interest rate risk amounts to \u20ac447\u00a0million and an hypothetical
100\u00a0bps change in short-term interest rates would have resulted in a decrease/increase in financial expenses, on
an annual basis of approximately \u20ac4.5 million.
Price risk
Price risk is defined as the risk that unfavourable changes in stock prices impact Exor's portfolio. Exor is exposed
to market fluctuations of its portfolio. The risk analysis for investments is set out below. A hypothetical variation of
-10% bps and + 10% bps has been applied to the valuation as of 31 December 2024, resulting in a change in the
result of the profit and loss of +/-\u20ac4,160 million and in equity of +/- \u20ac37 million.
(\u20ac million)
Fair value
+10%bps
-10%bps
Equity investments at FVTPL
37,220
3,722
(3,722)
Equity investments at FVTOCI
365
37
(37)
Other investments at FVTPL
4,377
438
(438)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-596": { "value": "Qualitative and quantitative information on financial risks
Exor is exposed to the following financial risks connected with its operations:
\u2013 credit risk
\u2013 liquidity risk, with particular reference to the availability of funds and access to the credit market and to financial
instruments in general;
\u2013 market risk (primarily relating to exchange rates and interest rates).
Exor attempts to actively manage these risks. These risks could significantly affect the Exor financial position and
results of operations and cash flows, and for this reason, Exor identifies and monitors these risks in order to detect
potential negative effects in advance and take the necessary action to mitigate them, primarily through its operating
and financing activities.
The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon
Exor. The quantitative data reported in the following paragraphs does not have any predictive value. In particular,
the sensitivity analysis on market risks does not reflect the complexity of the market or the reaction, which may
result from any changes that are assumed to take place.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-598": { "value": "
Exor is exposed to the following financial risks connected with its operations:
\u2013 credit risk
\u2013 liquidity risk, with particular reference to the availability of funds and access to the credit market and to financial
instruments in general;
\u2013 market risk (primarily relating to exchange rates and interest rates).
Exor attempts to actively manage these risks. These risks could significantly affect the Exor financial position and
results of operations and cash flows, and for this reason, Exor identifies and monitors these risks in order to detect
potential negative effects in advance and take the necessary action to mitigate them, primarily through its operating
and financing activities.
The following section provides qualitative and quantitative disclosures on the effect that these risks may have upon
Exor. The quantitative data reported in the following paragraphs does not have any predictive value. In particular,
the sensitivity analysis on market risks does not reflect the complexity of the market or the reaction, which may
result from any changes that are assumed to take place.
Credit risk
Credit risk is the risk of economic loss resulting from the failure to collect receivables. Credit risk includes both the
direct risk of insolvency and the risk of deterioration in the creditworthiness of the counterparty. The maximum
nominal exposure to credit risk to which Exor is exposed at 31 December 2024 is represented by the carrying
amounts of financial assets in the financial statements. Nevertheless, Exor seeks to mitigate such risk by allocating
the funds in securities and other financial instruments across leading financial institutions and corporate
counterparties selected according to their credit quality. At 31\u00a0December\u00a02024 there are no financial assets past
due nor written down. The loan granted to Full More Group (\u20ac118\u00a0million including interest) is fully written down at
31\u00a0December\u00a02024 considering the recent performance of Shang Xia (the wholly owned operating subsidiary of
Full More Group), the enduring uncertainties around macroeconomic conditions in China, and the turnaround
process involving the entity with limited visibility on future cash generation, negatively affected by the challenging
conditions in China.
Liquidity risk
Liquidity risk represents the risk that Exor is unable to obtain the funds needed to carry out its operations and meet
its obligations. Liquidity risk could thus arise only in the event of investment decisions in excess of cash availability
which are not preceded by sufficient liquidation of assets or by the availability of suitable sources of funding that
can be readily used. The continuation of challenging economic conditions in the markets in which Exor operates
and the uncertainties that characterize the financial markets, necessitate special attention to the management of
liquidity risk.
Outgoing cash-flows from current operations are funded mostly by incoming flows from ordinary activities and cash
availability. In this sense, Exor operates so as to have irrevocable credit lines available with expiration dates and
amounts consistent with its investment plans. Measures taken to generate financial resources through operations
and to maintain an adequate level of available liquidity are an important factor in ensuring normal operating
conditions and addressing strategic challenges. Exor therefore plans to meet its requirements to settle liabilities as
they fall due and to cover expected capital expenditures by using cash flows from operations and available liquidity,
renewing or refinancing bank credit lines and making use of debt capital markets and other forms of funding.
The maturity of the financial liabilities and the amount of the available credit lines are provided in Note 29.
Management believes that the funds currently available, together with the funds that will be generated from
operating and financing will enable Exor to satisfy its requirements resulting from its investing activities to fulfil its
obligations to repay its debts at their natural due date.
Market risk
Exor is mainly exposed to fluctuations in foreign currency exchange rates, interest rates and price risks.
Foreign currency risk
At 31\u00a0December\u00a02024 a portion of receivables from third and related parties is denominated in US dollar
(\u20ac10\u00a0million) and in HK dollar (\u20ac118\u00a0million, fully written-off) respectively and a portion of cash and cash equivalents
in US dollar (\u20ac144 million). A portion of investments at FVTOCI is denominated in US dollar (\u20ac210\u00a0million) and GBP
(\u20ac33\u00a0million) and a portion of investments at FVTPL is denominated in US dollar (\u20ac1,953\u00a0million). Such assets are
converted into euro based on the exchange rates as per balance sheet date.
Considering currency risk exposure at the reporting date, the following table shows the effects if the exchange rates
had been 10% favourable or unfavourable.
(\u20ac million)
31 December 2024
of which USD
+10%bps
-10%bps
Equity investments at FVTPL
37,220
1,402
(123)
150
Equity investments at FVTOCI
365
210
(22)
27
Other investments at FVTPL
4,377
1,953
(171)
209
Cash and cash equivalents
169
144
(13)
15
The currency risk related to liabilities to which Exor is exposed regards the note issued in 2011 and due in 2031 for
Japanese yen 10\u00a0billion (\u20ac62\u00a0million at 31 December 2024) which carries a fixed rate in yen of 2.80% and the note
in US dollar issued in 2016 for $170\u00a0million (\u20ac164\u00a0million at 31\u00a0December\u00a02024) which carries a fixed rate of
4.398%. In order to protect itself from the effects of fluctuations in the \u20ac/Yen exchange rate, Exor has a cross
currency swap in place with a leading credit institution as a result of which Exor will pay a fixed rate of 6.012% on
the Euro equivalent face amount of the Japanese yen note for its entire term.
Interest rate risk
At 31 December 2024 Exor has \u20ac3,641\u00a0million of outstanding bonds paying interests at fixed rates. In 2024 Exor
paid fixed interests between 0.875% - 5.25% in Euro and 4.398% in USD. In addition, Exor has a cross-currency
swap in place on its Japanese bond in yen to hedge against currency fluctuations, with the cost in Euro fixed at
6.012% per year.
At 31 December 2024 the bank debt exposed to interest rate risk amounts to \u20ac447\u00a0million and an hypothetical
100\u00a0bps change in short-term interest rates would have resulted in a decrease/increase in financial expenses, on
an annual basis of approximately \u20ac4.5 million.
Price risk
Price risk is defined as the risk that unfavourable changes in stock prices impact Exor's portfolio. Exor is exposed
to market fluctuations of its portfolio. The risk analysis for investments is set out below. A hypothetical variation of
-10% bps and + 10% bps has been applied to the valuation as of 31 December 2024, resulting in a change in the
result of the profit and loss of +/-\u20ac4,160 million and in equity of +/- \u20ac37 million.
(\u20ac million)
Fair value
+10%bps
-10%bps
Equity investments at FVTPL
37,220
3,722
(3,722)
Equity investments at FVTOCI
365
37
(37)
Other investments at FVTPL
4,377
438
(438)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-599": { "value": "
Credit risk
Credit risk is the risk of economic loss resulting from the failure to collect receivables. Credit risk includes both the
direct risk of insolvency and the risk of deterioration in the creditworthiness of the counterparty. The maximum
nominal exposure to credit risk to which Exor is exposed at 31 December 2024 is represented by the carrying
amounts of financial assets in the financial statements. Nevertheless, Exor seeks to mitigate such risk by allocating
the funds in securities and other financial instruments across leading financial institutions and corporate
counterparties selected according to their credit quality. At 31\u00a0December\u00a02024 there are no financial assets past
due nor written down. The loan granted to Full More Group (\u20ac118\u00a0million including interest) is fully written down at
31\u00a0December\u00a02024 considering the recent performance of Shang Xia (the wholly owned operating subsidiary of
Full More Group), the enduring uncertainties around macroeconomic conditions in China, and the turnaround
process involving the entity with limited visibility on future cash generation, negatively affected by the challenging
conditions in China.
Liquidity risk
Liquidity risk represents the risk that Exor is unable to obtain the funds needed to carry out its operations and meet
its obligations. Liquidity risk could thus arise only in the event of investment decisions in excess of cash availability
which are not preceded by sufficient liquidation of assets or by the availability of suitable sources of funding that
can be readily used. The continuation of challenging economic conditions in the markets in which Exor operates
and the uncertainties that characterize the financial markets, necessitate special attention to the management of
liquidity risk.
Outgoing cash-flows from current operations are funded mostly by incoming flows from ordinary activities and cash
availability. In this sense, Exor operates so as to have irrevocable credit lines available with expiration dates and
amounts consistent with its investment plans. Measures taken to generate financial resources through operations
and to maintain an adequate level of available liquidity are an important factor in ensuring normal operating
conditions and addressing strategic challenges. Exor therefore plans to meet its requirements to settle liabilities as
they fall due and to cover expected capital expenditures by using cash flows from operations and available liquidity,
renewing or refinancing bank credit lines and making use of debt capital markets and other forms of funding.
The maturity of the financial liabilities and the amount of the available credit lines are provided in Note 29.
Management believes that the funds currently available, together with the funds that will be generated from
operating and financing will enable Exor to satisfy its requirements resulting from its investing activities to fulfil its
obligations to repay its debts at their natural due date.
Market risk
Exor is mainly exposed to fluctuations in foreign currency exchange rates, interest rates and price risks.
Foreign currency risk
At 31\u00a0December\u00a02024 a portion of receivables from third and related parties is denominated in US dollar
(\u20ac10\u00a0million) and in HK dollar (\u20ac118\u00a0million, fully written-off) respectively and a portion of cash and cash equivalents
in US dollar (\u20ac144 million). A portion of investments at FVTOCI is denominated in US dollar (\u20ac210\u00a0million) and GBP
(\u20ac33\u00a0million) and a portion of investments at FVTPL is denominated in US dollar (\u20ac1,953\u00a0million). Such assets are
converted into euro based on the exchange rates as per balance sheet date.
Considering currency risk exposure at the reporting date, the following table shows the effects if the exchange rates
had been 10% favourable or unfavourable.
(\u20ac million)
31 December 2024
of which USD
+10%bps
-10%bps
Equity investments at FVTPL
37,220
1,402
(123)
150
Equity investments at FVTOCI
365
210
(22)
27
Other investments at FVTPL
4,377
1,953
(171)
209
Cash and cash equivalents
169
144
(13)
15
The currency risk related to liabilities to which Exor is exposed regards the note issued in 2011 and due in 2031 for
Japanese yen 10\u00a0billion (\u20ac62\u00a0million at 31 December 2024) which carries a fixed rate in yen of 2.80% and the note
in US dollar issued in 2016 for $170\u00a0million (\u20ac164\u00a0million at 31\u00a0December\u00a02024) which carries a fixed rate of
4.398%. In order to protect itself from the effects of fluctuations in the \u20ac/Yen exchange rate, Exor has a cross
currency swap in place with a leading credit institution as a result of which Exor will pay a fixed rate of 6.012% on
the Euro equivalent face amount of the Japanese yen note for its entire term.
Interest rate risk
At 31 December 2024 Exor has \u20ac3,641\u00a0million of outstanding bonds paying interests at fixed rates. In 2024 Exor
paid fixed interests between 0.875% - 5.25% in Euro and 4.398% in USD. In addition, Exor has a cross-currency
swap in place on its Japanese bond in yen to hedge against currency fluctuations, with the cost in Euro fixed at
6.012% per year.
At 31 December 2024 the bank debt exposed to interest rate risk amounts to \u20ac447\u00a0million and an hypothetical
100\u00a0bps change in short-term interest rates would have resulted in a decrease/increase in financial expenses, on
an annual basis of approximately \u20ac4.5 million.
Price risk
Price risk is defined as the risk that unfavourable changes in stock prices impact Exor's portfolio. Exor is exposed
to market fluctuations of its portfolio. The risk analysis for investments is set out below. A hypothetical variation of
-10% bps and + 10% bps has been applied to the valuation as of 31 December 2024, resulting in a change in the
result of the profit and loss of +/-\u20ac4,160 million and in equity of +/- \u20ac37 million.
(\u20ac million)
Fair value
+10%bps
-10%bps
Equity investments at FVTPL
37,220
3,722
(3,722)
Equity investments at FVTOCI
365
37
(37)
Other investments at FVTPL
4,377
438
(438)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-600": { "value": "
Liquidity risk
Liquidity risk represents the risk that Exor is unable to obtain the funds needed to carry out its operations and meet
its obligations. Liquidity risk could thus arise only in the event of investment decisions in excess of cash availability
which are not preceded by sufficient liquidation of assets or by the availability of suitable sources of funding that
can be readily used. The continuation of challenging economic conditions in the markets in which Exor operates
and the uncertainties that characterize the financial markets, necessitate special attention to the management of
liquidity risk.
Outgoing cash-flows from current operations are funded mostly by incoming flows from ordinary activities and cash
availability. In this sense, Exor operates so as to have irrevocable credit lines available with expiration dates and
amounts consistent with its investment plans. Measures taken to generate financial resources through operations
and to maintain an adequate level of available liquidity are an important factor in ensuring normal operating
conditions and addressing strategic challenges. Exor therefore plans to meet its requirements to settle liabilities as
they fall due and to cover expected capital expenditures by using cash flows from operations and available liquidity,
renewing or refinancing bank credit lines and making use of debt capital markets and other forms of funding.
The maturity of the financial liabilities and the amount of the available credit lines are provided in Note 29.
Management believes that the funds currently available, together with the funds that will be generated from
operating and financing will enable Exor to satisfy its requirements resulting from its investing activities to fulfil its
obligations to repay its debts at their natural due date.
Market risk
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-601": { "value": "
Foreign currency risk
At 31\u00a0December\u00a02024 a portion of receivables from third and related parties is denominated in US dollar
(\u20ac10\u00a0million) and in HK dollar (\u20ac118\u00a0million, fully written-off) respectively and a portion of cash and cash equivalents
in US dollar (\u20ac144 million). A portion of investments at FVTOCI is denominated in US dollar (\u20ac210\u00a0million) and GBP
(\u20ac33\u00a0million) and a portion of investments at FVTPL is denominated in US dollar (\u20ac1,953\u00a0million). Such assets are
converted into euro based on the exchange rates as per balance sheet date.
Considering currency risk exposure at the reporting date, the following table shows the effects if the exchange rates
had been 10% favourable or unfavourable.
(\u20ac million)
31 December 2024
of which USD
+10%bps
-10%bps
Equity investments at FVTPL
37,220
1,402
(123)
150
Equity investments at FVTOCI
365
210
(22)
27
Other investments at FVTPL
4,377
1,953
(171)
209
Cash and cash equivalents
169
144
(13)
15
The currency risk related to liabilities to which Exor is exposed regards the note issued in 2011 and due in 2031 for
Japanese yen 10\u00a0billion (\u20ac62\u00a0million at 31 December 2024) which carries a fixed rate in yen of 2.80% and the note
in US dollar issued in 2016 for $170\u00a0million (\u20ac164\u00a0million at 31\u00a0December\u00a02024) which carries a fixed rate of
4.398%. In order to protect itself from the effects of fluctuations in the \u20ac/Yen exchange rate, Exor has a cross
currency swap in place with a leading credit institution as a result of which Exor will pay a fixed rate of 6.012% on
the Euro equivalent face amount of the Japanese yen note for its entire term.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-602": { "value": "37220000000.0", "decimals": -6, "dimensions": { "concept": "exor:NonCurrentInvestmentsInEquityInstrumentsDesignatedAtFairValueThroughProfitOrLoss", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-603": { "value": "365000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentInvestmentsInEquityInstrumentsDesignatedAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-604": { "value": "4377000000.0", "decimals": -6, "dimensions": { "concept": "exor:OtherInvestmentsAtFairValueThoughProfitOrLoss", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-605": { "value": "Audit fees
The following table reports audit fees for the years ended 31 December\u00a02024 and 2023 paid to the independent
auditor Deloitte & Touche or entities in their network.
(\u20ac thousands)
For the years ended 31 December
2024
2023
Audit
Parent - Exor N.V.
228
279
Consolidated subsidiaries
\u2014
16,460
Other services
Parent - Exor N.V.
147
\u2014
Consolidated subsidiaries
65
1,751
Total
440
18,490
Audit fees of Deloitte Accountants B.V. amounted to \u20ac375\u00a0thousand (\u20ac700\u00a0thousand in 2023).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-606": { "value": "Subsequent events
Exor has evaluated subsequent events through 26\u00a0March\u00a02025, which is the date the Financial Statements at
31\u00a0December\u00a02024 were authorised for issuance and identified the following:
\u2013 in March 2025, Exor completed the sale of approximately 7 million of the common shares it held in Ferrari by
way of an accelerated bookbuild offering to institutional investors for a total proceeds of \u20ac3 billion.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493002ENHZ6NYET7405", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }