1. Share of the profit (loss) of investments accounted for using the equity method

For the first quarter of 2012, the share of the profit (loss) of investments accounted for by the equity method is a profit of €70.7 million (a profit of €29.7 million for the first quarter of 2011). The positive change of €41 million principally reflects better results reported by the Fiat Industrial Group and the Fiat Group.

 
 
Profit (Loss) in millions  
EXOR's share (€ million)  
 
 
 
Q1  
Q1  
 
 
 
2012
 
2011  
2012  
2011  
Change  
Fiat Industrial Group 182.0
107.0  
56.0 (a) 31.7  
24.3  
Fiat Group 104.1
28.7  
31.9 (a) 8.6 (a) 23.3  
C&W Group $ (25.2) (b) $ (26.4) (c) (15.0) (b) (15.1) (d) 0.1 (e)
Almacantar Group (f) £ 0.5
 
n,a,  
0.2  
n,a,  
0.2  
Juventus Football Club S.p.A. (4.9)
(3.9)  
(3.1)  
(2.4)  
(0.7)  
Sequana Group 2.6
24.3  
0.7  
6.9  
(6.2)  
 
 


 
 
 

 
 
 
 
 
Total


 
 
 
70.7  
29.7  
41.0  
a)Including consolidation adjustments. b)In the first quarter 2012, C&W Group changed its accounting policies regarding the recognition of discretionary incentive plan expenses and “commission bonus program”. Prior to these changes discretionary incentive plan expenses were recognized on a straight-line basis based on the latest estimate of the full-year expense expected to be incurred and “commission bonus program” expenses were determined as a percentage on the Leasing and Capital Markets transactional revenue. Effective January 1, 2012, C&W Group records the discretionary incentive plan expenses based on the actual amount of pre-incentive compensation EBITDA earned for the quarter in accordance with the funding calculation and the commission bonus program is based on the actual achievement of the related cash collections metrics in the quarter. c)Considering the changes in accounting policies the loss would have been -$13.7 million. d)Considering the changes in accounting policies EXOR’S share of the loss would have been -$7.9 million. e)Considering the changes in accounting policies the variation would have been -$7.1 million.

For comments on the review of performance of the operating subsidiaries and associates, please refer to the next sections. It should be noted that the interim results of C&W Group, and Juventus Football Club are affected by highly seasonal factors that are typical of these business segments.

Commercial Register No.64236277 Legal notes | Credits