In the letter on the development of the family business, Elkann charts the course for the future. Without forgetting the passion for sport
Like every year, John Elkann wrote a long letter to Exor shareholders. New orientations and strategies, but also recorded figures and a focus on the activities that make up the universe of the family holding company, of which he is the CEO.
Exor has increased its value by almost 30% in 2021
“In 2021, Exor’s net asset value per share increased by 29.7%, outperforming our benchmark, the MSCI World Euro Index, by 0.4 percentage points,” he said. Performance, he explained, was mainly driven by underlying growth in the value of our listed companies. Details: In 2021, CNH Industrial grew by 66.3%, Stellantis by 41.1% and Ferrari by 20.6%. “In addition, we benefited from an adjustment in the valuation of Partner Re (+13.1% in dollars, +20.6% in euros) now aligned with the agreed sale price.
The three new addresses
Luxury, technologies and health are the objectives identified for new investments. “Right now we are particularly looking at certain sectors and themes where we intend to both take advantage of our experience, such as luxury, and deepen our knowledge, such as in the health and technology sector”.
Elkann also recalled the ‘Italy seeds’ program which has just been announced “We are proud to have launched a seed investment program dedicated to Italy, to support the most promising entrepreneurs who are building the next generation large companies. So, with the optimism with which every new business is founded, I invite any entrepreneur or leader who is working towards a big dream and looking for help to achieve it, to contact us”.
Passion for sport, with Juventus and Ferrari
A long passage is also dedicated to sport, with Juventus and Ferrari. Speaking of the Juventus club, Elkann wrote: “On the pitch, the Serie A title eluded our men’s team, but the women’s team continued their domestic dominance with the fourth consecutive Scudetto. Still, the men managed to win the Italian Supercup in January before winning the Italian Cup in May”.
The pandemic and the absence of fans
“As with the rest of the sports and entertainment industry, the pandemic has prevented fans from seeing their teams in action. In 2021, Juventus saw 50% of their matches at the Allianz Stadium played behind closed doors. , while the rest was conditioned by rules which imposed a reduced attendance, from 1,000 spectators to 50% of the capacity”.
“It deprived the players of that energy that comes from the fans, which the former player and then president of Juventus Giampiero Boniperti, who sadly left us in 2021, knew well when he said ‘there is no better gift than ‘fan love’. ‘ “.
The weaknesses of the system and the changes within the board of directors
“The difficulties have highlighted the structural weakness of football, in Italy and in Europe. Andrea Agnelli, the president of Juventus, supported the reasons for a structural and governance reform of the sector, with the aim of making it fairer and more sustainable for all those who love this sport”.
“As we have learned, when results are lacking, change is needed, and that is why we have appointed a new board and new CEOs, sporting director, coach and players – adds Elkann -. We have guaranteed the club enough time and resources to return to the top, on and off the pitch: the greatest desire of all its passionate fans and shareholders”.
Leclerch and Sainz the best for Ferrari
With the good start to the season in front of the Maranello Reds, Elkann defined the two pilots Charles Leclerc and Carlos Sainz as the best couple “on the starting grid”.
Elkann, who is president of Ferrari, has also watched the other championships in which the team participates. “Ferrari’s GT season was the best in its history, thanks to the Drivers’ and Constructors’ world titles in the Fia World Endurance Championship and victory at the 24 Hours of Le Mans”.