Business outlook

EXOR S.p.A. expects to report a profit for the year 2015.

At the consolidated level, 2015 will show a profit which, however, will largely depend upon the performance of the principal subsidiaries and associates. The forecasts formulated under IFRS and reported in their financial reports at December 31, 2014 are presented below. 


FCA indicates the following guidance for 2015:

  • Worldwide shipments in 4.8 to 5.0 million unit range;
  • Net revenues of approximately €108 billion;
  • EBIT, excluding eventual unusual items, in €4.1 to €4.5 billionrange;
  • Net income, excluding eventual unusual items, in €1.0 to €1.2 billion range, with EPS, calculated including the mandatory convertible securities conversion at minimum number of shares at 222 million, in €0.64 to €0.77 range;
  • Net Industrial Debt in €7.5 billion to €8.0 billion range.

Figures do not include any impacts for the previously announced capital transactions regarding Ferrari.

CNH Industrial

CNH Industrial expects improved profitability in Commercial Vehicles and Construction Equipment, coupled with structural cost improvement measures from the Group’s Efficiency Program now extended to Agricultural Equipment. These actions are expected to buffer, but not fully offset the negative impact from the continuation of challenging trading conditions in the row crop sector of the agricultural industry, and the impact of the recent significant appreciation of the U.S. dollar against CNH Industrial’s other trading currencies, allowing it to hold operating margin unless there are further currency deteriorations from the current rate levels outside the United States.

C&W Group

During 2014, demand from investors and occupiers continued to drive global real estate markets. C&W Group’s strategic focus to mobilize its global services and talent around the firm’s clients led to solutions that enhanced its presence globally, resulting in activity increasing across C&W Group’s platform, as compared with 2013. Subject to the continuation of these positive trends, C&W Group expects positive activity to continue at the current pace into 2015. In particular, rising employment in the U.S. should boost demand for space across property types at a time of modest inventory growth, leading to an overall trend of lower vacancy rates and upward pressure on rents.

In addition, C&W Group’s strong financial performance and the recent refinancing of its Senior Credit Facility on an unsecured basis provide C&W Group the flexibility to act upon strategic growth opportunities in its foundation cities around the world.


During 2014 Almacantar continued to prepare Centre Point for future refurbishment. In January 2015 vacant possession of the building was achieved and refurbishment works began on site. The refurbishment of the building is expected to take 27 months with practical completion scheduled for April 2017.   

In July 2014 the planning applications for both the Marble Arch Tower and Edgware Road schemes[O1]  were approved. A revised application for Marble Arch Tower was submitted in November 2014 with several improvements, this application was approved in February 2015. Almacantar plans to maximize income generation in the period before any potential 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 strong demand for commercial and residential space from institutional investors. 

Positive results are expected for the year ended December 31, 2015.

Juventus Football Club

During the first phase of the 2014-2015 Transfer Campaign, Juventus Football Club allocated significant resources to further strengthen the First Team bench, keep players on its staff and lay the foundation for the future inclusion of young players with excellent prospects.

As a consequence, the operating result for the full year that will end on June 30, 2015 is currently still expected to be a loss, will be influenced by increases in costs relating to sports management and the changes, also with respect to future revenues, that will derive from the sporting results actually achieved in Italy and Europe.

Juventus’ objective is to build on the improvement in financial performance achieved during the previous three financial years.


Commercial Register No.64236277 Note legali | Credits