Review of the results of the separate financial statements

EXOR S.p.A. closed the year 2013 with a profit of €92.7 million (€150.5 million in 2012).

The negative change is due to lower gains (2013 includes the gain on the sale of The Black Ant Value Fund to the subsidiary EXOR S.A., whereas 2012 comprised the gain on the sale of the investment in Alpitour), higher recurring and non-recurring general expenses (€6 million), higher net financial expenses (€11.8 million) and higher income tax charges (€6.3 million), net of higher dividends received from investments (€20 million).  

The separate condensed income statement and statement of financial position, as well as comments on the most significant line items are presented below.

EXOR S.p.A. - Condensed Income Statement

€ million Note 2013 2012 Change
Dividends from investments 1 102.8 82.8 20.0
Gains (losses) on disposals and impairments of investments 2 82.2 135.9 (53.7)
Net financial income (expenses) 3 (60.3) (48.5) (11.8)
Net general expenses 4 (22.8) (19.1) (3.7)
Non-recurring other income (expenses) and general expenses 5 (1.9) 0.4 (2.3)
Non-deductible VAT and other taxes and duties   (1.6) (1.5) (0.1)
Profit before income taxes   98.4 150.0 (51.6)
Income taxes   (5.7) 0.5 (6.2)
Profit for the year   92.7 150.5 (57.8)

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EXOR S.p.A. - Condensed Statement of Financial Position

 
  12/31/2013 12/31/2012  
€ million Note Amount % Amount % Change
Investments and other financial assets available-for-sale 6 3,930.8 83.0 4,252.6 86.7 (321.8)
Other non-current financial assets   94.2 2.0 125.4 2.6 (31.2)
Current financial assets   702.7 14.9 518.1 10.6 184.6
Financial receivables from subsidiaries   1.0 0.0 1.8 0.0 (0.8)
Tax Receivables   6.0 0.1 4.5 0.1 1.5
Other current and non-current assets   1.2 0.0 1.4 0.0 (0.2)
Total Assets   4,735.9 100.0 4,903.8 100.0 (167.9)
Equity 7 3,434.0 72.6 3,519.6 71.8 (85.6)
Bonds    1,228.5 25.9 1,104.5 22.5 124.0
Current and non-current bank debt    0.0 0.0 200.0 4.1 (200.0)
Other current financial liabilities   33.7 0.7 45.3 0.9 (11.6)
Provisions and other current and non-current liabilities   39.7 0.8 34.4 0.7 5.3
Total Equity and Liabilities   4,735.9 100.0 4,903.8 100.0 (167.9)

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Net financial position

The net financial position at December 31, 2013 is a negative €474.2 million, an improvement of €244.7 million compared to a negative €718.9 million at the end of 2012.

The balance is composed as follows:

 
12/31/2013 12/31/2012
€ million Current Non current Total Current Non current Total
Financial assets  (a) 117.3 83.9 201.2 180.2 110.4 290.6
Financial receivables from subsidiary 1.0 0.0 1.0 1.8 0.0 1.8
Cash and cash equivalents 585.7 0.0 585.7 338.5 0.0 338.5
Total financial assets 704.0 83.9 787.9 520.5 110.4 630.9
EXOR bonds 2011-2031 (0.7) (68.8) (69.5) (0.7) (87.7) (88.4)
EXOR bonds 2018-2025 (4.8) (97.8) (102.6) (0.4) (97.7) (98.1)
EXOR bonds 2013-2020 (0.9) (198.0) (198.9) 0.0 0.0 0.0
EXOR bonds 2012-2019 (1.5) (147.5) (149.0) (1.5) (147.2) (148.7)
EXOR bonds 2007-2017 (20.7) (687.8) (708.5) (22.4) (746.9) (769.3)
Bank debt and other financial liabilities  (33.6) 0.0 (33.6) (45.3) (200.0) (245.3)
Total financial liabilities (62.2) (1,199.9) (1,262.1) (70.3) (1,279.5) (1,349.8)
Net financial position of EXOR S.p.A. 641.8 (1,116.0) (474.2) 450.2 (1,169.1) (718.9)
(a) The amount of €25.7 million in the current portion and €83.5 million in the non-current portion (in 2012 the non-current portion was €109.5 million) relates to bonds issued by leading counterparties, listed on active and open markets which the Company intends, and is able, to hold until their natural repayment date as an investment for a part of its available cash, in order to ensure a constant attractive flow of financial income. This designation was decided in accordance with IAS 39, paragraph 9. Such financial instruments are free of whatsoever restriction and, therefore, can be monetized whenever the Company should so decide. Their classification as non-current in the financial position has been adopted only in view of the fact that their natural maturity date is 12 months beyond the closing date of the financial statements. There are no trading restrictions and their degree of liquidity or the degree to which they can be converted into cash is considered high.

The net positive change of €244.7 million in 2013 is described in the following table:

€ million      
Net financial position at December 31, 2012     (718.9)
Dividends received from investment holdings     102.8
- CNH Industrial N.V. 82.6    
- EXOR S.A. 20.0    
- Emittenti Titoli 0.1    
- Rho Immobiliare Fund 0.1    
Sale of The Black Ant Value Fund     387.3
Treasury stock purchases     (105.1)
Dividends paid by EXOR S.p.A.     (78.5)
Other changes     (61.8)
- Net general expenses (excluding the notional cost of EXOR's stock option plans) (18.2)    
- Non-recurring other income (expenses) and general expenses (1.9)    
- Indirect taxes and duties (7.8)    
- Net financial expenses (61.2) (a)  
- Other net changes 27.3 (b)  
Net change during the year     244.7
Net financial position at December 31, 2013     (474.2)
(a) Does not include €0.9 million of interest income on the financial receivable from Alpitour, not included in the net balance of the net financial position. (b) Includes the valuation of interest rate swaps on loans for €26.6 million and other net changes for €0.7 million.

Reconciliation between the separate financial statements of EXOR S.p.A. and the consolidated financial statements of the Group

The following reconciliation of the profit for the year and equity in the separate financial statements of EXOR S.p.A. for the years ended December 31, 2013 and December 31, 2012 and the corresponding figures in the consolidated financial statements of the EXOR Group at the same dates are presented as required by Consob Communication 6064293 of July 28, 2006.

  Profit (Loss) Equity
€ million 2013 2012 12/31/2013 12/31/2012 
Separate financial statements of EXOR S.p.A. 93 150 3,434 3,520
Effect of the application of the amendment to IAS 19 - Employee Benefits   (100)   996
Difference between the carrying amounts of investments and the corresponding equity at the end of the prior year     2,649 1,494
Net balance between the changes during the year in the equity of consolidated companies and companies accounted for by the equity method (excluding the result)       (1,128) 18
Share of the profit (loss) of consolidated companies and companies accounted for by the equity method, net of consolidation adjustments 2,182 300 2,182 200
Elimination of dividends received from consolidated companies and companies accounted for by the equity method  (105) (84) (105) (84)
Adjustments of gains/losses on disposals and impairments of investments (85) 34 (85) 34
Other consolidation adjustments 0 (2)   (9)
Consolidated financial statements of the EXOR Group (attributable to owners of the parent) 2,085 298 6,947 6,169

 

Commercial Register No.64236277 Legal notes | Credits