Interim Report 3M - 2016
The EXOR Group closes the first quarter of 2016 with a consolidated profit of €201.1 million; the first three months of 2015 ended with a consolidated profit of €40.6 million. The positive change of €160.5 million is largely due to the increase in the share of the profit (loss) of investments (€157.9 million, of which €47.1 million relates to the first-time consolidation of PartnerRe), dividends received from PartnerRe before the acquisition (€16.1 million), gains on the disposal of investments (€25 million), partially compensated by the increase of net financial expenses on debt (€14.7 million) and non-recurring expenses in connection with the acquisition of PartnerRe (€33.5 million).
At March 31, 2016 consolidated net equity attributable to owners of the parent amounts to €9,744.6 million and shows a decrease of €393.8 million compared to year-end 2015 of €10,138.4 million.
The consolidated net financial position of the Holdings System at March 31, 2016 is negative for €4,218.2 million. This is a negative change of €5,555 million compared to the positive €1,336.8 million at year-end 2015 and primarily the result of disbursements made in connection with the acquisition of PartnerRe (€5,415.5 million).
| US$ millions | 3/31/2016 (*) | 12/31/2015 (*) | Change | |
|---|---|---|---|---|
| Amount | % | |||
| Investments | 16,384 | 11,037 | 5,347 | +48.4% |
| Financial investments | 613 | 631 | (18) | -2.9% |
| Cash and cash Equivalents | 173 | 4,393 | (4,220) | -96.1% |
| Treasury stock | 195 | 231 | (36) | -15.6% |
| Gross Asset Value | 17,365 | 16,292 | 1,073 | +6.6% |
| Gross Debt | (4,976) | (2,937) | (2,039) | +69.4% |
| Net Asset Value (NAV) | 12,389 | 13,355 | (966) | -7.2% |