Review of the results of the separate financial statements

EXOR S.p.A. ended the year 2014 with a profit of €51.8 million (€92.7 million in 2013).

The decrease is due to lower net gains of €79.1 million (2013 included the €87 million gain on the disposal of The Black Ant Value Fund to the subsidiary EXOR S.A), higher net financial expenses (€12.4 million) and higher non-recurring expenses (€4.3 million), net of higher dividends received from investments (€40.7 million), lower general expenses (€4.7 million) and lower current and other taxes and duties (€9.5 million).

The separate condensed income statement and condensed 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 2014 2013 Change
Dividends from investments 1 143.5 102.8 40.7
Gains (losses) on disposals, impairment (losses) reversals of investments 2 3.1 82.2 (79.1)
Net financial income (expenses) 3 (72.7) (60.3) (12.4)
Net general expenses 4 (18.1) (22.8) 4.7
Non-recurring other income (expenses) and general expenses 5 (6.2) (1.9) (4.3)
Income taxes and other taxes and duties  2.2 (7.3) 9.5
Profit for the year  51.8 92.7 (40.9)

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

    12/31/2014 12/31/2013  
€ million Note Amount % Amount % Change
Investments and other financial
assets available-for-sale
6 4,632.8 90.7 3,930.8 83.0 702.0
Other non-current financial assets 8 26.7 0.5 94.2 2.0 (67.5)
Current financial assets and cash
and cash equivalents
8 443.1 8.7 702.7 14.9 (259.6)
Financial receivables from subsidiaries 8 1.1 0 1 0.0 0.1
Tax Receivables  6 0.1 6 0.1 0
Other current and non-current assets  0.9 0 1.2 0.0 (0.3)
Total Assets  5,110.6 100 4,735.9 100.0 374.7
Equity 7 3,409.9 66.7 3,434.0 72.6 (24.1)
Bonds  8 1,624.9 31.8 1,228.50 25.9 396.4
Other current financial liabilities 8 45.6 0.9 33.7 0.7 11.9
Current and non-current provisions and
other liabilities
  30.2 0.6 39.7 0.8 (9.5)
Total Equity and Liabilities  5,110.6 100 4,735.9 100.0 374.7

NET FINANCIAL POSITION 

The net financial position at December 31, 2014 is a negative €1,199.7 million, with an increase of €725.5 million from the negative balance of €474.2 million at year-end 2013.

The balance consists of the following:

  12/31/2014 12/31/2013
€ million Current Non current Total Current Non current Total
Financial assets (a) 167.0 26.3 193.3 117.3 83.9 201.2
Financial receivables from subsidiaries 1.1 0.0 1.1 1.0 0.0 1.0
Cash and cash equivalents 276.4 0.0 276.4 585.7 0.0 585.7
Total financial assets 444.5 26.3 470.8 704.0 83.9 787.9
EXOR bonds 2007-2017 (13.2) (438.9) (452.1) (20.7) (687.8) (708.5)
EXOR bonds 2012-2019 (1.5) (147.9) (149.4) (1.5) (147.5) (149.0)
EXOR bonds 2013-2020 (0.9) (198.3) (199.2) (0.9) (198.0) (198.9)
EXOR bonds 2014-2024 (3.8) (648.3) (652.1) 0.0 0.0 0.0
EXOR bonds 2018-2025 (4.8) (98.0) (102.8) (4.8) (97.8) (102.6)
EXOR bonds 2011-2031 (0.7) (68.6) (69.3) (0.7) (68.8) (69.5)
Bank debt and other financial liabilities (45.6) 0.0 (45.6) (33.6) 0.0 (33.6)
Total financial liabilities (70.5) (1,600.0) (1,670.5) (62.2) (1,199.9) (1,262.1)
Net financial position of EXOR S.p.A. 374.0 (1,573.7) (1,199.7) 641.8 (1,116.0) (474.2)
(a) €25 million in the current portion and €26.3 million in the non-current portion (in 2013, €25.7 million in the current portion and €83.5 million in the non-current portion) relate 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 negative change of €725.5 million during 2014 is described in the following table:

€ million      
Net financial position at December 31, 2013     (474.2)
Dividends received from investment holdings     143.5
- CNH Industrial N.V. 73.4    
- EXOR S.A. 70.0    
- Emittenti Titoli 0.1    
Net change in financial assets available-for sale     24.2
Subscription to Fiat Chrysler Automobiles N.V. mandatory convertible securities maturing 12/15/2016    (711.2)
Financial income on Fiat Chrysler Automobiles N.V. mandatory convertible securities maturing 12/15/2016    2.4
Dividends paid by EXOR S.p.A.     (74.5)
Other changes     (109.9)
- Net general expenses (16.3)    
- Non-recurring other income (expenses) and general expenses (4.2)    
- Net financial expenses (75.4) (a)  
- Indirect taxes and duties (0.4)    
- Other net changes (13.6) (b)  
Net change during the year     (725.5)
Net financial position at December 31, 2014     (1,199.7)
(a) Does not include interest income on the mandatory convertible securities (€2.4 million) and interest income on the financial receivable from Alpitour (€0.3 million), which had no impact on the net financial position. (b) Includes the measurement of the cross currency swap on the Japanese yen bonds 2011-2031 of €11.7 million and other net changes of €1.9 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, 2014 and December 31, 2013 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 2014 2013 12/31/2014 12/31/2013
Separate financial statements of EXOR S.p.A. 52 93 3,410 3,434
Difference between the carrying amounts of investments and the corresponding equity at the end of the prior year     3,513 2,649
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)       655 (1,233)
Share of the profit (loss) of consolidated companies and companies accounted for by the equity method, net of consolidation adjustments 427 2,182 513 2,182
Elimination of dividends received from consolidated companies and companies accounted for by the equity method  (146) (105)    
Adjustments of gains/losses on disposals and impairments and reversals of investments (8) (85) (94) (85)
Other consolidation adjustments (2)   (2) 0
Consolidated financial statements of the EXOR Group (attributable to owners of the parent) 323 2,085 7,995 6,947

 

 

  

 

Commercial Register No.64236277 Legal notes | Credits