Business outlook

EXOR S.p.A. expects to report a profit for the year 2014.

At the consolidated level, the year 2014 will show a profit which, however, will largely depend upon the performance of the principal subsidiaries and associates. Their most recent forecasts formulated and reported in their financial reports at December 31, 2013 are presented below.

CNH Industrial Group

Projected improvements by the CNH Industrial Group in operating performances in the Trucks and Commercial Vehicles and Construction Equipment businesses, coupled with continued industrial efficiencies, are expected to offset the projected decline in unit demand of agricultural equipment forecasted for 2014. Accordingly, CNH Industrial is setting its 2014 guidance as follows:

  • revenues flat to up 5%;
  • trading margin between 7.8% and 8.2%;
  • net industrial debt between €1.5 billion and €1.7 billion.

Fiat Group

As already announced and now increasingly relevant following the acquisition of the minority stake in Chrysler previously held by the VEBA Trust, the Fiat Group will be presenting an updated business plan in early May 2014 that will give increased visibility of the Fiat Group’s strategic direction and execution priorities. Notwithstanding that process, the Fiat Group indicates the following guidance for 2014:

  • revenues approximately €93 billion;
  • trading profit approximately €3.6 to €4.0 billion;
  • net income approximately €0.6 to €0.8 billion, with EPS to improve from approximately €0.10 (ex-unusuals) to approximately €0.44 - €0.60. Includes increased deferred tax charge of approximately €0.5 billion due to the recognition of net deferred tax assets at year-end 2013 related to Chrysler.
  • net industrial debt €9.8 billion to €10.3 billion. Guidance for net industrial debt includes cash outflows for the purchase of the remaining 41.5% minority stake in Chrysler Group LLC from the VEBA trust (€2.7 billion) on January 21, 2014, in addition to the impact of the adoption of IFRS 11 – Joint Arrangements, effective January 1, 2014, of approximately €0.3 billion).

C&W Group

Despite continued soft economic conditions in many emerging markets, Cushman & Wakefield delivered double-digit revenue and operating income growth for full-year 2013, while still investing in the firm’s growth initiatives. Business momentum picked up across the company’s global platform translating into increased activity and stronger pipelines of transactions and assignments. This is a reflection of a more confident business environment, as well as the focus and drive of Cushman & Wakefield’s professionals.

Looking ahead, Cushman & Wakefield expects activity to improve further in 2014 and remains focused on enhancing market share in key markets around the globe.


During the final quarter of 2013, Almacantar continued to focus on activities to move Centre Point towards a start on site and a planning application was submitted for the Marble Arch Tower and Edgware Road scheme. Almacantar plans to maximize income generation in the period before the start of redevelopment. 

It is Almacantar’s intention to further expand the portfolio and a range of investment opportunities are being reviewed.

The London real estate market should remain stable due to the strong demand for rental space and activity by institutional investors.

The company expects to report a profit for the year 2014.

Juventus Football Club

During the first phase of the 2013/2014 Transfer Campaign Juventus made significant investments to further strengthen the First Team bench, and increase its competitiveness.

At present, it is possible that the resulting increase in costs relating to sports management may not be fully offset by increases in revenues due to the elimination from the UEFA Champions League.

Moreover, the First Team's progress in the UEFA Europa League tournament under way and the optimization actions that will be implemented could contribute to possible significant reductions in the loss for the present year which is currently forecast to exceed the loss for the 2012/2013 financial year.

In the second half of the 2013/2014 financial year, operations will, in any event, be focused on the objective of continuing to improve the financial performance achieved during the previous two financial years.

Commercial Register No.64236277 Note legali | Credits