Net financial position

The net financial position of the Holdings System determined applying the shortened consolidation criterion provides the best presentation of the financial resources and commitments directly attributable to and managed by EXOR.

Using the shortened consolidation criterion adopted by EXOR rather than the line-by-line method of consolidation required by law and under IFRS, the data deriving from the financial statements or accounting data prepared in accordance with IFRS by EXOR and by the subsidiaries constituting the Holdings System: EXOR Nederland N.V. (the Netherlands); EXOR S.A. (Luxemburg); Ancom USA Inc. (USA); Exor SN LLC (USA); Exor Capital DAC (Ireland); Exor Investments Limited (United Kingdom) are consolidated in the financial statements of the parent company EXOR using the line-by-line method while the data derived from the financial statements or accounting data prepared in accordance with IFRS by the operating subsidiaries and associates (PartnerRe, FCA, CNH Industrial, Ferrari, The Economist Group and Juventus Football Club) are included in the financial statements of the parent company EXOR using the equity method. The financial community is familiar with this information which facilitates analysis of the financial position and results of EXOR. The total financial assets and total financial liabilities set out in the table correspond to the total financial assets and total financial liabilities of the Holdings System. The net balance of these items represents the consolidated net financial position of the Holdings System.

Set out below are the data relating to the net financial position prepared in shortened consolidation form:

€ million 12/31/2016 12/31/2015 12/31/2014
Financial assets and other financial receivables 88 112 1,016
Cash and cash equivalents 117 3,923 1,217
Cash, cash equivalents and financial assets 205 4,035 2,233
EXOR Bonds (2,999) (2,625) (1,625)
Financial payables (602) (40) 0
Other financial payables (28) (33) (46)
Gross debt (3,629) (2,698) (1,671)
Consolidated net financial position of Holding System (3,424) 1,337 563
The reconciliation of the consolidated cash and cash equivalents of EXOR Group with the consolidated cash and cash equivalents of the Holdings System is as follow:
€ million 12/31/2016 12/31/2015 12/31/2014
Cash and cash equivalents of Holdings System 117 3,923 1,217
Cash and cash equivalents of the operating subsidiaries
accounted for using the equity method in the Holdings System
25,045 26,664 28,026
Cash and cash equivalents (1) 25,161 30,587 29,243

The reconciliation of the consolidated gross debt of EXOR Group with the consolidated gross debt of the Holdings System is as follow:

€ million 12/31/2016 12/31/2015 12/31/2014
Gross debt of Holdings System (3,629) (2,698) (1,671)
Gross debt of the operating subsidiaries accounted for using the equity method in the Holdings System (53,188) (55,414) (59,505)
Gross debt (2) (56,817) (58,112) (61,176)
(1) GAAP measures (2) Resulting from the sum of the GAAP measures “financial debt” and “other financial liabilities”.

 

 

Commercial Register No.64236277 Legal notes | Credits