5. Investments accounted for using the equity method

Details are as follows:

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(a) Company controlled directly by EXOR following the FCA spin-off transaction closed on January 3, 2016.

EXOR closed the acquisition of PartnerRe on March 18, 2016 and became indirectly, through EXOR N.V., the holder of 100% of common share capital.

The total disbursement by EXOR was $6,108 million (€5,415 million) of which $6,065 million (€5,377.7 million) was paid to the common shareholders and $43 million (€37.7 million) to the preferred shareholders.

The interest previously held (9.9% of capital), classified under investments available-for-sale, was measured at fair value with recognition of the difference in equityand was aligned to the fair value at the acquisition date of control and at the same date the cumulative positive fair value of €22.9 million was reclassified to the income statement. The entire investment in PartnerRe was classified in investments accounted for using the equity method and the adjustment to equity was made on the basis of accounting data at the same date.

The negative change in EXOR’s share of FCA is mainly attributable to the decrease in exchange differences on translation (€163.7 million) and the cash flow hedge reserve (€16.1 million), partially compensated by the net profit for the period pre-consolidation adjustments (€137.6 million) as well as the spin-off of Ferrari.

The negative change in EXOR’s share of CNH Industrial can be ascribed primarily to the decrease in exchange differences on translation of €47.7 million and the net loss pre-consolidation adjustments of €131.1 million (reduced to €6.7 million since the charge made by CNH Industrial in relation to the investigation conducted by the European Commission – EXOR’s share is €122.8 million – was already recognized by EXOR in the 2015 financial statements.

The negative change in EXOR’s share of The Economist Group is mainly due to the buyback transaction (€46.3 million) and the dividends distributed (€6.1 million), partially compensated by the profit for the period (€6.4 million).

The negative change in EXOR’s share of the Almacantar Group principally reflects the decrease in exchange differences on translation (€36.4 million) and the reduction in the ownership percentage interest (€33.1 million).

Commercial Register No.64236277 Legal notes | Credits