Economic/financial results

The EXOR Group ends the year 2014 with a consolidated profit of €323.1 million; the year 2013 closed with a consolidated profit of €2,084.5 million. The decrease of €1,761.4 million is principally due to lower gains realized during the year of €1,565.1 million, the reduction in the share of the results of the investment holdings of €128.9 million, lower dividends received of €56.8 million and higher net financial expenses of €11.8 million. In 2013, in particular EXOR had reported a net gain of €1,534 million on the sale of the entire investment in SGS from which it had also received dividends of €55.7 million.

At December 31, 2014 consolidated equity attributable to owners of the parent amounts to €7,995 million, with a net increase of €1,047.6 million compared to €6,947.4 million at year-end 2013. Additional details are provided in the following Note 10.

The consolidated net financial position of the Holdings System at December 31, 2014 is a positive €563 million, with a decrease of €718.2 million from the positive balance of €1,281.2 million at year-end 2013. Additional details are provided in the following Note 11

The shortened consolidated income statement and statement of financial position and notes on the most significant line items are presented below.


EXOR holds its investments and manages its financial resources directly or through certain subsidiaries. These companies, together with the holding company, EXOR, constitute the so-called “Holdings System”.

EXOR presents the interim consolidated financial statements at March 31 and September 30 of each year (statement of financial position and income statement) in shortened form prepared by applying the “shortened” consolidation criteria. In accordance with this criteria, the financial statements or accounting data drawn up in accordance with IFRS by EXOR and by the subsidiaries in the “Holdings System” are consolidated line by-line; the investments in the operating subsidiaries and associates (FCA, CNH Industrial, C&W Group, Almacantar, Juventus Football Club and Arenella Immobiliare) are accounted for using the equity method on the basis of their financial statements or accounting data drawn up in accordance with IFRS.

The financial statements drawn up using the “shortened” criteria, in order to facilitate the analysis of financial condition and cash flows, as well as the results of operations of the Group, are also presented along with the annual consolidated financial statements and the half-year condensed consolidated financial statements of each year.

The FCA figures at December 31, 2014 refer to the Fiat Group after the merger of Fiat S.p.A. with and into Fiat Investments N.V. which became effective on October 12, 2014. The merger had no effect on the operations of the previous Fiat Group and therefore the figures presented in the Report on Operations relating to the share of the results of the investment holding and the value of the investment (accounted for using the equity method) are consistent with and comparable to those previously reported by the EXOR Group.

For purposes of the consolidation of FCA at December 31, 2014, the mandatory convertible securities were treated as an increase in the investment already held in FCA.

The following table shows the consolidation and valuation methods of the investment holdings:

% of consolidation
Holding Company - EXOR (Italy)  
Companies in the Holdings System consolidated line-by-line
- Exor S.A.  (Luxembourg)
100 100
- Exor Capital Limited  (Ireland)
100 100
- Exor Inc. (USA) 100 100
- Ancom USA Inc. (USA) 100 100
- Exor N.V. (Netherlands)
100 100
- Exor SN LLC (USA) (a)100-
Investments in operating subsidiaries and associates, accounted for using the equity method    
- CNH Industrial
- C&W Group (b)
- Almacantar
- Juventus Football Club S.p.A.
63.77 63.77
- Arenella Immobiliare S.r.l.
100 100
(a) Company incorporated on August 4, 2014. (b) Percentages calculated on issued share capital, net of treasury stock held and net of the estimate of stock purchases from non-controlling interests to be made by C&W Group.


Commercial Register No.64236277 Note legali | Credits