Business outlook

EXOR S.p.A. expects to report a profit for the year 2012.

At the consolidated level, the year 2012 should show a profit which, however, will largely depend upon the performance of the principal subsidiaries and associates. Their most recent forecasts are presented below.

Fiat Industrial Group

On the back of the Group’s performance to date and expectations of continuing strong trading conditions across all sectors, especially CNH, in occasion of the presentation of the 2011 financial results, Fiat Industrial set 2012 guidance as follows:

  • Revenues of approximately €25 billion;

  • Trading profit between €1.9 billion and €2.1 billion;

  • Net profit of approximately €0.9 billion;

  • Net industrial debt between €1.0 billion and 1.2 billion;

  • Cash and cash equivalents in excess of €4 billion;

  • Capital expenditures between €1.2 billion and €1.4 billion.

 

Fiat  Group

Fiat-Chrysler remains fully committed to the strategic direction laid out in the 5-year plans presented by Chrysler in November 2009 for Chrysler and April 2010 for Fiat.

Having reviewed the economic and trading conditions in the four operating regions that encompass the activities of Fiat-Chrysler, it confirms the expectations of performance in North America, Latin America and Asia-Pacific. 

Recent events in the last 12 months, and more particularly in the last semester of 2011, have cast doubt on the volume assumptions governing the overall market and our own development plans for Europe up to 2014.

The level of uncertainty regarding economic activity in the eurozone in the foreseeable future has made specific point projections of financial performance unreliable.

As a result, the Group has provided guidance for 2012 in terms of ranges, from continuing depressed trading conditions in Europe to a gradual stabilization and recovery at the very end of 2012.

As a consequence, Fiat-Chrysler’s 2012 full year guidance is as follows:

  • Revenues above  €77 billion;

  • Trading profit between €3.8 to €4.5 billion;

  • Net profit between €1.2 to €1.5 billion;

  • Net industrial debt between €5.5 to €6 billion.

As events unfold throughout the remainder of the year, the Group expects to fully articulate the effect of the eurozone economic climate on its 2014 plan when releasing the third-quarter 2012 results.

C&W Group

For C&W Group, 2011 was marked by strategic hires, targeted acquisitions and the expansion of its geographic footprint. These moves have set the stage in balancing the platform to provide consistent and quality services to its global clients.

As C&W remains focused on achieving its goals it looks forward to 2012 expecting continued revenue and EBITDA growth.  While there is caution regarding the global economy, including the European debt crisis that has slowed C&W’s performance during the last quarter of 2011, the firm believes that the 2012 economic landscape should strengthen during the second half as underlying economic fundamentals come to the fore, and the real estate markets improve as a result.

Almacantar

Almacantar, after the purchase of the first two buildings in 2011, will continue in 2012 to manage these investments, ready to seize new investment opportunities in the real estate market in the center of London, which is expected to be stable owing to the effect of demand by institutional investors, the steady demand for rentals and the availability of supply in the real estate market.
In 2011, the Group reported a loss but has also increased its net assets following the purchase of its first two buildings.
The Group expects to show a profit in 2012 thanks to revenues generated by the two properties for the full year.

Juventus Football Club

Though lower than in 2010/2011, a significant loss is still expected in 2011/2012 in that it is negatively affected by the failure to participate in the UEFA Champions League, substantially stagnant media revenues due to the centralized sale of television and radio rights and the economic impact of the campaign to renew the bench of First Team players. However revenues will further benefit from the opening of the new stadium owned directly by the company.

Sequana Group

Given the prevailing economic and financial uncertainty, demand for printing and writing papers should continue to decline in 2012, particularly in the first half of the year.
Actual figures for the first two months of the year for both distribution and production confirm this outlook, as the lack of visibility hits corporate marketing and communication budgets.
Arjowiggins’ specialty businesses (particularly eco-friendly papers, Security and Medical/Hospital segments) should benefit from robust demand. On the distribution side, growth in Packaging and Visual Communications and in emerging markets should continue apace.
Raw material prices should fall compared to 2011 despite continuing volatility in the business environment. This has already happened with prices for pulp – aside from a moderate increase expected in March – and waste paper and cotton prices. However, prices for energy and chemical products will remain at high levels.
Consequently, Sequana expects to deliver in 2012 an operating performance (EBITDA) ahead of 2011.

Alpitour Group

As regards the economic forecasts for 2011/2012, a year still laboring under difficulties and weak demand, the Alpitour Group has set itself the goal of increasing sales volumes and consolidating the positive earnings and financial results achieved in the last few years.

 Such goals however will be subject to market recovery and an upturn in consumer demand, in addition to a return to a peaceful political situation in the entire North Africa region, especially in the Egypt and Tunisia destinations.

Commercial Register No.64236277 Legal notes | Credits