In 2024, the Dutch holding company Giovanni Agnelli BV—the financial core of the storied Agnelli-Elkann family—once again reaped the rewards of its close ties to Exor, the principal shareholder behind iconic brands such as Juventus, Ferrari, and Stellantis. As the powerhouse behind generations of Italian industry, Giovanni Agnelli BV stands at the centre of wealth and influence, and this year’s dividend windfall highlights both stability and evolving strategy.
Dividend Distributions and Family Fortunes
IlBianconero report how, with the publication of the 2024 financial statements, new details have emerged regarding the sums distributed by Exor. This year, Giovanni Agnelli BV received €57 million in dividends—a vital source of income for the family holding. Typically, these funds are allocated across the various branches of the Agnelli-Elkann dynasty, continuing a tradition of division that reflects the family’s complex structure.
Estimated payouts for 2024 include:
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Dicembre (John Elkann and heirs of Giovanni Agnelli): €23.4 million
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Maria Sole Agnelli branch: €7 million
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Umberto Agnelli branch (Andrea and Anna Agnelli): €5.1 million
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Giovanni Nasi branch: €4.9 million
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Laura Nasi-Camerana branch: €3.4 million
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Cristiana Agnelli branch: €2.9 million
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Susanna Agnelli branch: €2.7 million
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Clara Nasi-Ferrero di Ventimiglia branch: €1.9 million
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Emanuele Nasi branch: €1.4 million
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Clara Agnelli branch: €160,000
Shifting Asset Values and Liabilities
The holding’s net equity recorded a slight decrease over the year, slipping from €834.9 million at the end of 2023 to €757.3 million by the close of 2024. Meanwhile, bank debt leapt upwards, with total liabilities rising from €506.3 million to €578.8 million, reflecting a marked increase in long-term debt. In contrast, the group’s liquidity improved significantly, climbing from €871,000 to €9.3 million. Such changing figures underline the continued complexity of managing one of Europe’s largest private fortunes.
The Shareholding Breakdown
Giovanni Agnelli BV’s ownership structure remains diverse. The Dicembre company, presided over by John Elkann, commands 41% of the holding, followed by Maria Sole Agnelli’s branch (12.35%) and the Umberto Agnelli heirs (8.96%). Smaller stakes are distributed among other family branches, maintaining a delicate balance of power and wealth.
Exor’s Expanding Horizons
Exor itself remains Giovanni Agnelli BV’s sole asset, but under John Elkann’s leadership, the investment vehicle has diversified beyond its historic automotive and industrial roots. Recent investments have extended into sectors like fashion, healthcare, and technology, with notable moves including the stake in Philips. Alongside these new ventures, Exor continues to nurture its positions in Juventus, Ferrari, Stellantis (formed from the merger of Fiat Chrysler and Peugeot), CNH, as well as an array of innovative startups through the Lingotto investment platform.
“A Year of Dividends, A Year of Strategy”
For the Agnelli-Elkann dynasty, 2024 has been more than just about receiving dividends—it has been a year shaped by calculated financial manoeuvres and new investments. The stability of traditional assets and the strategic push toward diversification keep Giovanni Agnelli BV at the forefront of European business. As John Elkann’s influence grows and Exor explores new terrain, the family’s “vault” continues to play an essential role in securing legacy and fostering innovation for generations to come.
