FREQUENTLY ASKED QUESTIONS

Exor shares are listed on the Euronext Amsterdam. Exor shares trade under the ticker symbol EXO.

Please refer to Stock Info for information on share price data.

Please refer to Share Buyback for more information.

Exor does not have a specific dividend policy, but still provides recurring dividends to shareholders. Exor’s dividend history and calendar can be downloaded here.

Exor is a Dutch resident company and, as such, the withholding tax rate applicable at the source is in line with the Government of Netherlands taxation. The overall tax burden to shareholders would depend on the applicable tax regime based on the country of residence and the nature of shareholders. We cannot provide advice on tax matters and would kindly suggest you to check with a tax advisor.

Please refer to the Ownership structure section, including an overview of issued and outstanding shares.

Exor has adopted a loyalty voting structure designed to incentivise long-term share ownership, on the basis of which for each Exor ordinary share held consequently for a period of five years, shareholders will be entitled to five voting rights at the end of that period (giving entitlement to Special Voting Shares A), and for each Exor 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 (giving entitlement to Special Voting Shares B).

For more information please refer to the Special Voting Shares section.

Please refer to Press Release for a complete list of past and recent news.

In order to subscribe to receive email updates after the publication of press releases or documents (i.e. financial reports and presentations), please refer to Email Alert.

Please note that you can also cancel your subscription anytime by selecting the option ‘Unsubscribe’ at the bottom of the email page

Please refer to Corporate Calendar.

Exor organizes every year, alternating them, either an Investor Day or a Conference Call for Analysts and Investors. Further information can be found at Events and Presentations.

Yes, both Exor Conference calls and Investor Days are webcasted live with replays generally available for 12 months.

Further details can be found at Events and Presentations.

Exor presentations can be found at Events and Presentations.

The Letter to Shareholders from Exor’s Chairman and CEO is published annually. Please refer to Letter to Shareholders to read the latest publication and to access the Archive going back to 2009.

Exor financial reports from 2016 are available for download at Financial Results.

For financial reports going back to 2016, please refer to the Exor NV Archive

For financial reports going back to 2009 until 2016, please refer to the Exor SpA Archive.

For financial reports prior to 2009, please refer to the IFI Archive and the IFIL Archive.

Please note that Exor follows a sustainable print policy and no printed copies are available for shipping via postal mail from our offices.

Please refer to Analyst Coverage.

If you have a question which is not covered by the information in this FAQ section or elsewhere on the website, please email us at: ir@exor.com. Further IR details can be found at Contact.

Each year, though no later than in the month of June, an annual general meeting of shareholders will be held.

Other general meetings of shareholders will be held whenever the Board of Directors deems such to be necessary, without prejudice to the provisions of Sections 2:108a, 2:110, 2:111 and 2:112 of the Dutch Civil Code.

The agenda of the general meeting will include the following subjects for discussion or voting:
a) discussion of the board report;
b) discussion and adoption of the annual accounts;
c) dividend proposal (if applicable);
d) appointment of Directors;
e) appointment of an External Auditor;
f) other subjects presented for discussion or voting by the Board of Directors and announced with due observance of the provisions of the Articles of Association, as for instance (i) release of Directors from liability; (ii) discussion of the policy on reserves and dividends; (iii) authorization of the Board of Directors to issue shares; and/or (iv) authorization of the Board of Directors to resolve to acquire own shares.

For more information please refer to the Shareholders’ Meetings section.

Please check the attendance requirements by reading the document ‘Notice of Annual General Meeting’ which can be found at Shareholders’ Meetings.

Exor publishes its financial results on a semi-annual basis. Exor's fiscal year is based on the calendar year. The last day of the fiscal year is December 31.

Please refer to Corporate Calendar for publication dates.

Exor financial reports for the last three years are available to download at Financial Results
For financial reports going back to 2016, please refer to the Exor NV Archive
For financial reports going back to 2009 until 2016, please refer to the Exor SpA Archive.
For financial reports previous to 2009, please refer to the IFIL Archive and the IFIL Archive.

Net Asset Value (NAV) is Calculated as the sum of total value of assets (Gross Asset Value or GAV) net of the outstanding gross debt of the Holdings System (Gross Debt of the Holdings System) and other liabilities of the Holdings System.

To determine the value of an asset:

Listed Companies are valued at the official market price (last price or fixing price) of the relevant stock exchange multiplied by the number of shares owned by Exor.

Private Companies are valued using the method that better reflects the company's most recent fair value, in accordance with IFRS 13, which can be either: (i) Determined by a third-party, independent valuation expert at least annually (ii) Based on a recent round or arms-length transaction (iii) At cost if the investment has been completed recently and there are no impairment indicators.

Investments in Lingotto funds are valued at NAV or Exor's share of the value reported by the fund. It includes funds invested both in public and private assets.

Investments in Ventures are valued using the method that better reflects the company's most recent fair value (following International Private Equity and Venture Capital Valuation (IPEV) Guidelines), which can be either: (i) Determined based on valuation methods including public market comparables and business performance metrics. Mainly applicable to later stage companies with business metrics, material positions and companies that have not raised financing in the last six months (ii) Based on a recent round or arms-length transaction (iii) At cost if the investment has been completed recently.

Liquidity and Other assets are valued in accordance with the methodologies applied in the consolidated financial statements (amortized cost or fair value): (i) Cash balance held in time deposits, bank accounts (ii) Money market funds, short duration bond funds or bond portfolio mandates are valued at NAV (iii) Financial assets are valued in accordance with the methodologies applied in the consolidated financial statements (amortized cost or fair value) (iv) Listed securities are valued at market price.

Treasury stock Includes only shares held in treasury at the service of the 2016 Stock Option Plan, valued at the option exercise price under the plan if this is less than the market price.

Items included in the calculation of Gross Asset Value and Gross Debt which are denominated in foreign currencies are converted at the official exchange rates at the corresponding reporting date.

Net Asset Value (NAV) is presented with the aim of aiding financial analysts and investors in forming their own assessments.

Exor aims at increasing its NAV per share to outperform the MSCI World Index in the long-term.

Exor’s NAV per share evolution since inception (March 2009) can be found at Net Asset Value

Shortened Consolidation data is prepared by Exor on the basis of a “shortened” method of consolidation. The subsidiaries of the Holdings System are consolidated line-by-line, while the operating subsidiaries and affiliates are consolidated using the equity method.

Exor believes that these data and information facilitate the analysis of the financial position and the results of Exor; in addition the shortened consolidation method is recognized by the financial community, by financial counterparties and by the rating agencies.

For more information, please refer to section ‘Review of the Consolidated Results of the Exor Group – shortened’ of Exor Annual and Half-year Reports.

Exor’s corporate credit rating from S&P is currently “BBB+” for long-term debt and “A-2” for short-term debt with a stable outlook.
For more information please refer to Rating & Outstanding Bonds.

Exor aims at keeping the Loan-to-value ratio below 20%, with the objective to preserve its investment grade rating.

For further details regarding the maturity profile and characteristics of Exor’s bond debt, please refer to Rating & Outstanding Bonds.

Exor is a Dutch company with its registered office and headquarters at Gustav Mahlerplein 25, 1082 MS Amsterdam.

Exor's Board of Directors composition and CVs can be found at Board of Directors.

Information on the Audit Committee, on the Compensation and Nominating Committee, on the ESG Committee and on their members can be found at Committees.

Exor is majority owned and controlled by Giovanni Agnelli B.V., the company grouping the descendants of Senator Giovanni Agnelli, the founder of FIAT, which holds approximately 52% of its share capital. For more information regarding the history of the Agnelli Family, please refer to History

Please refer to Ownership Structure for more information.

Exor has a (i) Corporate Team that covers all functions ranging from finance, treasury, governance, accounting and communications (ii) an Investment Team overseeing the portfolio of Exor Companies and (iii) Ventures Team overseeing Venture Capital investments.

Please refer to People for more information.

Please refer to Overview for more details regarding Exor’s approach as an active owner and investor.

Please refer to Profile to learn more about Exor’s purpose and values. Please refer to ESG for more information regarding the initiatives supported by Exor.

Further information can be found on the ‘Sustainability Report’ section of the Exor Annual Reports.

Exor’s remuneration policy can be found on a dedicated section in the Annual Report.

Exor's independent auditor is Deloitte Accountants B.V.