EXOR S.p.A. expects to report a profit for the year 2016.

At the consolidated level, 2016 will show a profit which, however, will largely depend upon the performance of the principal subsidiaries and associates. The forecasts formulated by these companies (prepared under IFRS: FCA, Ferrari and Juventus; under US GAAP: PartnerRe and CNH Industrial) and reported in their financial reports at March 31, 2016, unless otherwise indicated, are presented below.


Excluding the impacts of any significant catastrophe and other large losses and/or increases in interest rates or credit spreads, PartnerRe expects to report a positive net income for 2016.

However, PartnerRe continues to experience very competitive reinsurance market conditions and a challenging investment environment driven by low interest rates. Reinsurance market conditions reflect persistent pricing pressure in virtually all lines of business and continued erosion of terms and conditions. These negative trends are primarily driven by excess capital in the industry, particularly in catastrophe exposed lines of business and traditional property and casualty markets, benign recent loss activity and limited new growth opportunities. PartnerRe maintains a disciplined approach to underwriting by reducing exposure where the pricing, terms and conditions are no longer satisfying our requirements. Overall, PartnerRe expects continued market pressure.

PartnerRe, and its peers within the reinsurance industry, do not provide earnings guidance given the Company’s reinsurance results are exposed to low frequency and high severity risk events.  Some of these risk events are seasonal, such that results for certain periods may include unusually low loss experience, while results for other periods may include modest or significant catastrophe losses.  In addition, the Company’s investment results are exposed to changes in interest rates and credit spreads, which result from fluctuations in general economic and financial market conditions. As a result, the Company’s profitability in any one period or year is not necessarily predictive or indicative of future profitability or performance.


FCA confirms full-year guidance:

  • net revenues more than €110 billion;
  • adjusted EBIT more than €5 billion;
  • adjusted net profit more than €1.9 billion;
  • net industrial debt less than €5 billion.

CNH Industrial

For 2016 trading conditions in Agricultural Equipment continue to remain challenging particularly in NAFTA and in LATAM, while EMEA agricultural equipment markets are expected to be flat.

The commercial vehicles industry is expected to increase between 5% and 10% in EMEA; trading conditions in LATAM are expected to remain challenging.

CNH Industrial is confirming its 2016 guidance as follows:

  • net sales of Industrial Activities between $23 billion and $24 billion, with an operating margin of Industrial Activities between 5.2% and 5.8%.
  • net industrial debt at the end of 2016 between $1.5 billion and $1.8 billion, excluding any potential cash payment as a result of the European Commission investigation and related matters.


Ferrari ha rivisto al rialzo le prospettive per il 2016 come segue:

  • consegne superiori a 7.900, incluse le supercar;
  • ricavi netti pari a circa € 3 miliardi;
  • adjusted EBITDA superiore/uguale a € 800 milioni
  • indebitamento netto industriale inferiore/uguale a € 730 milioni, comprensivo di quanto sarà distribuito agli Azionisti.

Juventus Football Club

During the Transfer Campaigns of the 2015/2016 financial year, the company earmarked significant resources to ensure an adequate technical and generational turnover of the First Team's bench and keep talented players on staff. Consequently, the result for the year that will end on June 30, 2016, to date is expected to be a loss, since it is influenced by increases in costs relating to sports management, also owing to the effect of the sporting results.

Commercial Register No.64236277 Legal notes | Credits