8. Investments accounted for using the equity method

€ million 12/31/2017 12/31/2016 Change
FCA 6,071.3 5,638.8 432.5
PartnerRe 5,639.4 6,357.1 (717.7)
CNH Industrial 1,492.9 1,630.5 (137.6)
Ferrari 206.1 99.4 106.7
The Economist Group 294.4 280.1 14.3
Juventus Football Club 87.4 79.9 7.5
Welltec (a) 88.0 - 88.0
Total 13,879.5 14,085.8 (206.3)
(a) The interest previously held was classified in investment measured at fair value

The positive change in EXOR’s investment in FCA is mainly attributable to EXOR’s share of the profit for the period (€1,017 million), partially offset by the negative translation exchange differences (€594.2 million).

The negative change in EXOR’s investment in PartnerRe is mainly due to the negative translation exchange differences (€785.5 million) and the payment of dividends (€128.1 million), partially offset by EXOR’s share of the profit for the period (€167.3 million) and the increase of the fair value reserve (€28.7 million).

The negative change in EXOR’s investment in CNH Industrial can be ascribed primarily to the negative translation exchange differences (€247 million) and the payment of dividends (€38.3 million), partially offset by the EXOR’s share of the result of €110.2 million.

The positive change in EXOR’s investment in Ferrari is due to primarily to the EXOR’s positive share of the result of €125.9 million and the increase of the cash flow hedge reserve of €12.8 million, partially offset by the payment of dividends (€28.2 million).

The positive change in EXOR’s investment in The Economist Group is mainly due to EXOR’s share of the profit for the period (€19.1 million), the increase in other comprehensive income (€21.5 million), partially offset by the payment of the dividends (€18.2 million).

During the year 2017 EXOR purchased an additional interest in the share capital of Welltec increasing its investment in Welltec to 21.23% of the issued capital. Accordingly and consistently with the provisions of IAS 28, EXOR accounted Welltec for using the equity method starting from 31 December 2017.

The stake previously held, recorded in investments available-for-sale and measured at fair value with recognition in equity, following the change in the measurement method was aligned to the purchase price agreed for the acquisition of the additional interest in Welltec; the accumulated negative fair value reserve of €47.3 million was subsequently reclassified to a specific item of the income statement.

The application of the equity method was carried out on the basis of the accounting data at 31 December 2017 and therefore did not have any effect on the income statement.

Commercial Register No.64236277 Legal notes | Credits