EXOR S.p.A. expects to report a profit for 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 by these companies prepared under IFRS: FCA, Almacantar and Juventus, and under US GAAP: CNH Industrial and reported in their financial reports at June 30, 2015 are presented below.


The FCA Group revised upward its full-year guidance:

  • worldwide shipments at approximately 4.8 million units (from 4.8 to 5.0 million unit range);
  • net revenues over €110 billion (from approximately €108 billion);
  • adjusted EBIT (1) equal to or in excess of €4.5 billion (from €4.1 to €4.5 billion range);
  • adjusted net profit (2) in €1.0 to €1.2 billion range, with Adjusted Basic EPS (2) in €0.64 to €0.77 range (unchanged);
  • net industrial debt in €7.5 billion to €8.0 billion range (unchanged).

Figures do not include any impacts for the previously announced capital transactions regarding Ferrari in 2014.

(1) Adjusted EBIT is a non-GAAP measure used to measure performance. It is calculated as EBIT excluding gains/(losses) on the disposal of investments,restructuring, impairments, asset write-offs and other unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature.
(2) Adjusted net profit is calculated as Net profit excluding post-tax impacts of the same items excluded from adjusted EBIT. Adjusted basic EPS is calculated by adjusting basic EPS for the impact of the same items excluded from adjusted EBIT.

CNH Industrial

As a result of continued demand weakness in the agricultural row crop sector and in order to foster additional clearing of finished goods inventory, primarily in the North American and LATAM markets, CNH Industrial will adjust production accordingly in the second half of 2015. Full year guidance is therefore updated as follows to reflect the negative impact on operating margin and the positive impact on working capital due to these production adjustments:

  • net sales of Industrial Activities in the range of $26-27 billion, with an operating margin of Industrial Activities between 5.6% and 6.0%;
  • net industrial debt at the end of 2015 between $2.0 billion and $2.2 billion.


In January 2015 vacant possession of the Centre Point building was secured 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 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 and occupiers.
Positive results are expected for the year ended December 31, 2015.

Juventus Football Club

During the period July to December 2015 the first phase of the 2015/2016 Transfer Campaign will take place in addition to the Group Stage of the UEFA Champions League whose effects will significantly influence the economic results of Juventus.
As in prior years, operations will continue to be focused on the objective of achieving economic and financial equilibrium.

Commercial Register No.64236277 Note legali | Credits