Economic/financial results

The EXOR Group ended the first quarter of 2013 with a consolidated profit of €51.1 million; the first quarter of 2012 closed with a consolidated profit of €82.6 million. The decrease of €31.5 million is due to a reduction in the share of the profit (loss) of investments accounted for using the equity method (-€41.7 million), lower dividends received from SGS (-€7.5 million), compensated in part by the increase in net financial income (expenses) (+€7.8 million) and other net changes (+€9.9 million).

The consolidated equity attributable to the owners of the parent at March 31, 2013 amounts to €6,540.4 million, with a net increase of €371.6 million compared with €6,168.8 million at the end of 2012. Further details are provided in note 8.

At March 31, 2013 the consolidated net financial position of the Holdings System is a negative €516.1 million, with a positive change of €9.8 million compared with the negative balance of €525.9 million at year-end 2012. Further details are provided in note 9.