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 derived 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); Exor Investment (UK) LLP (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 (FCA, PartnerRe, CNH Industrial, Ferrari, The Economist Group, Juventus Football Club and Welltec) 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 12/31/2017 12/31/2016 12/31/2015
Financial assets and other financial receivables 82 88 112
Cash and cash equivalents 24 117 3,923
Cash, cash equivalents and financial assets 106 205 4,035
EXOR Bonds (2,521) (2,999) (2,625)
Financial payables (715) (602) (40)
Other financial payables (34) (28) (33)
Gross debt (3,270) (3,629) -2,698
Consolidated net financial position of Holding System (3,164) -3,424 1,337

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 12/31/2017 12/31/2016 12/31/2015
Cash and cash equivalents of the Holdings System 24 117 3,923
Cash and cash equivalents of the operating subsidiaries accounted for using the equity method in the Holdings System  20,004 25,044 26,664
Cash and cash equivalents (1) 20,028 25,161 30,587
(1) GAAP measure, see page 14.

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

€ million 12/31/2017 12/31/2017 31/12/2015
Gross debt of the Holdings System (3,270) (3,629) (2,698)
Gross debt of the operating subsidiaries accounted for using the equity method in the Holdings System  (43,426) (53,188) (55,414)
Gross debt (1) (46,696) (56,817) (58,112)
(1) Resulting from the sum of the GAAP measures.

 

 

Commercial Register No.64236277 Legal notes | Credits