Consolidated net financial position

The consolidated net financial position of the Holdings System at March 31, 2015 is a positive €582.1 million and an increase of €19.1 million compared to the year-end 2014 balance (€563 million). The composition of the balance is as follows:

  3/31/2015
12/31/2014
Change
€ million
Current
Non
current
Total Current Non
current
Total Current Non
current
Total
Financial assets
1,080.4 76.3 1,156.7 937.9 76.4 1,014.3 142.5 (0.1) 142.4
Financial receivables
68.3 0.0 68.3 1.9 0.0 1.9 66.4 0.0 66.4
Cash and cash equivalents
1,047.4 0.0 1,047.4 1,217.3 0.0 1,217.3 (169.9) 0.0 (169.9)
Total financial assets
2,196.1 76.3 2,272.4 2,157.1 76.4 2,233.5 39.0 (0.1) 38,9
EXOR bonds
(35.5) (1,609) (1,644.5) (24.9) (1,600) (1,624.9) (10.6) (9.0) (19.6)
Other financial liabilities
(45.8) 0.0 (45.8) (45.6) 0,0 (45.6) (0.2) 0.0 (0.2)
Total financial liabilities
(81.3) (1.609) (1,690.3) (70.5) (1,600.0) (1,670.5) (10.8) (9.0) (19.8)
Consolidated net financial position of the Holdings System
2,114.8 (1,532.7) 582.1 2,086.6 (1,523.6) 563.0 28.2 (9.1) 19.1

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Current financial assets include bonds issued by leading issuers, listed on active and open markets, and mutual funds. Such financial assets, if held for trading, are measured at fair value on the basis of the trading price at year end or using the value determined by an independent third party in the case of mutual funds, translated, where appropriate, at the year-end exchange rates, with recognition of the fair value in the income statement. They also include the current portion of bonds held to maturity.

Non-current financial assets include bonds issued by leading counterparties and listed on active and open markets which the Group intends, and has the ability, to hold until their natural repayment date as an investment for a part of its available cash so that it can receive a constant attractive flow of financial income. Such designation was made in accordance with IAS 39, paragraph 9.

These financial instruments are free of whatsoever restriction and, therefore, can be monetized whenever the Group 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 interim 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.

Current financial receivables mainly include the loan granted by EXOR and used by the subsidiary Juventus for €50 million, due December 31, 2015, and the interest accrued on the FCA N.V. mandatory convertible securities maturing December 15, 2016 of €16.2 million.

Cash and cash equivalents include demand deposits or short-term deposits, and readily negotiable money market instruments and bonds. Investments are spread over an appropriate number of counterparties chosen according to their creditworthiness and their reliability since the primary objective is having investments which can readily be converted into cash.

At March 31, 2015 Bonds issued byEXOR are analyzed as follows:

             Nominal
amount
Balance at
3/31/2015 (a)
Balance at
12/31/2014 (a)
Issue
date
Maturity
date
 Issue
price
Coupon
Rate (%)
Currency
(million)
(€ million)
(€ million)
6/12/2007
6/12/2017
  99.554 Annual
fixed 5.375
440.0 (458) (452.1)
10/16/2012
10/16/2019
  98.136 Annual
fixed 4.750
150.0 (151.3) (149.4)
11/12/2013
11/12/2020
  99.053 Annual
fixed 3.375
200.0 (200.9) (199.2)
10/8/2014
10/8/2024
  99.329 Annual
fixed 2.50
650.0 (656.2) (652.1)
12/7/2012
1/31/2025
  97.844 Annual
fixed 5.250
100.0 (98.9) (102.8)
5/9/2011
5/9/2031
(b) 100 Semiannual
fixed 2.80
Yen 10.000.0 (79.2) (69.3)
               (1,644.5) (1,624.9)
(a) Includes the current portion. (b) To protect against currency fluctuations, a hedging transaction was put in place using a cross currency swap. The cost in Euro is fixed at 6.012% per year.

Other financial liabilities principally consist of the measurement of cash flow hedge derivative instruments.

The net increase in the first quarter of 2015 is €19.1 million. Details are as follows:

€ million
     
Consolidated net financial position of the Holdings System at December 31, 2014   563.0  
Disposals/Reimbursements   29.8  
- The Black Ant Value Fund 19.6    
- Sequana 9.0    
- Other non-current financial assets
1.2    
    
Investments   (18.6)  
- Other non-current financial assets
(10.1)    
- Other non-current assets
(8.5)    
    
Financial income from Fiat Chrysler Automobiles N.V. - mandatory convertible securities maturing 12/15/2016
  16.2  
    
Other changes
     
- Net general expenses
  (3.9)  
- Non-recurring other income (expenses) and general expenses
  (0.3)  
- Net financial expenses
  3.6  
- Other taxes and duties
  (0.5)  
- Other net changes
  (7.2) (a)
Net change during the period   19.1  
Consolidated net financial position of the Holdings System at March 31, 2015   582.1  
(a) Includes primarily the negative measurement of the cross currency swap on bonds 2011-2031 in Japanese yen for € 6.3 million.

At March 31, 2015 EXOR has unused irrevocable credit lines for €425 million (including €280 million due by March 31, 2016 and €145 million after March 31, 2016), in addition to unused revocable credit lines for more than €595 million.

On April 17, 2015 following the announcement of the offer for the all-cash purchase of PartnerRe for $6.4 billion, Standard & Poor’s confirmed EXOR long-term and short-debt, respectively at “BBB+” and “A-2”) and revised the outlook from “stable” to “negative”.

 

 

 

Commercial Register No.64236277 Legal notes | Credits