4. Investments in subsidiaries and associates

€ million  06/30/2019  06/30/2018  Change
PartnerRe  6,390  5,719   671
Ferrari  350  342   8
FCA  7,771  7,154  617
CNH Industrial  1,832  1,722  110
Juventus Football Club  20  51  (31)
The Economist Group  314  318  (4)
Other  125  87  38
Total  16,802  15,393  1,409

The positive change in EXOR’s investment in PartnerRe (€671 million) is mainly attributable to EXOR’s shares of the profit (€690 million), the positive translation exchange differences (€63 million), partially offset by the payment of dividends (€71 million).

The positive change in EXOR’s investment in Ferrari (€8 million) is primarily due to EXOR’s shares of the profit (€86 million), partially offset by the payment of dividends (€46 million) and the buy-back of treasury stock (€36 million).

The positive change in EXOR’s investment in FCA (€617 million) is mainly attributable to EXOR’s shares of the profit (€1,509 million), the positive translation exchange differences (€60 million), partially offset by the payment of dividends (€876 million) and the negative cash flow hedge reserve (€37 million).

The positive change in EXOR’s investment in CNH Industrial (€110 million) can be ascribed primarily to EXOR’s shares of the profit (€153 million) and the positive translation exchange differences (€21 million), partially offset by the payment of dividends (€66 million).

Commercial Register No.64236277 Legal notes | Credits