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

In the first half of 2012, the share of the profit (loss) of investments accounted for using the equity method is a profit of €168.8 million (a profit of €457.7 million in the first half of 2011). The negative change of €288.9 million principally reflects the reduction in the profit reported by the Fiat Group, which in the first half of 2011 had benefited from net unusual income deriving mainly from the acquisition of control of Chrysler (EXOR’s share was €323.3 million).

    Profit (Loss) (million)   EXOR's share (€ million)  
    Half I   Half I  
    2012     2011   2012   2011   Change
Fiat Industrial Group 401.6   318.7   124.1 (a) 94.1 (a) 30.0
Fiat Group 206.6   1,337.2   61.9 (a) 394.8 (a) (332.9)
C&W Group $ (18.4) (b) $ (27.5) (b) (11.2) (b) (15.3) (b) 4.1
Almacantar Group £ 0.6   £ (1.6)   0.3   (0.7)   1.0
Juventus Football Club S.p.A. (7.0)   (42.0)   (4.4)   (25.2)   20.8
Sequana Group (6.9)   35.4   (1.9)   10.0   (11.9)
Total             168.8   457.7   (288.9)
a) Includes consolidation adjustments. b) In the first quarter of 2012 C&W Group changed its accounting policies regarding the recognition of discretionary incentive plan expenses and “commission bonus program” expenses. 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 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 rate calculation, and records the commission bonus program expenses based on the actual achievement of the related cash collections metrics in the quarter. Considering the changes in accounting policies, the loss for the first-half 2011 would have been -$11.5 million (EXOR’s share -€6.4 million).

For comments on the review of performance by 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