Economic/financial results


The EXOR Group closes the year 2011 with a consolidated profit of €504.2 million; the year 2010 ended with a consolidated profit of €136.7 million. The increase of €367.5 million stems from better results by subsidiaries and associates (+€396.2 million), higher dividends from investment holdings (+€32.1 million) offset in part by lower net financial income (expenses) (-€54.1 million) and other net changes (-€6.7 million),

The consolidated equity attributable to owners of the parent stands at €6,403.4 million at December 31, 2011 with a net increase of €328.5 million compared to €6,074.9 million at the end of 2010. Further details are provided in note 12.

The consolidated net financial position of the Holdings System at December 31, 2011 is a negative €325.8 million. This is a negative change of €368.4 million compared to the end of 2010, equal to a positive balance of €42.6 million, deriving principally from investments made during the course of the year.

Further details are provided in note 13.

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


Through the subsidiary EXOR S.A., EXOR S.p.A. holds some important investments and controls some companies which contribute to the Group's investment activities and financial resource management. These companies constitute the so-called Holdings System (the complete list of these companies is presented below).

It should be noted that the merger by incorporation of EXOR Services S.c.p.a. in EXOR S.p.A. was concluded with effect on December 1, 2011.

EXOR presents annual consolidated financial statements (statement of financial position and income statement) prepared by applying the “shortened” consolidation criteria.  Such shortened statements, in order to facilitate the analysis of the financial position and the results of operations of the Group, are also presented along with the half-year condensed consolidated financial statements and in the interim reports at March 31 and September 30 of each year.

In the preparation of the shortened consolidated statement of financial position and income statement, the separate financial statements or accounting data drawn up in accordance with IFRS by EXOR S.p.A. and by the subsidiaries in the “Holdings System” are consolidated line-by-line; the investments in the operating subsidiaries and associates (Fiat Industrial, Fiat, C&W Group, Almacantar, Sequana, Juventus Football Club and Alpitour) are accounted for using the equity method on the basis of their consolidated financial statements or separate financial statements (in the case of Juventus Football Club) or accounting data prepared in accordance with IFRS.

Following the start of a process for the valuation of the subsidiary Alpitour, which began in the first quarter of 2011 and culminated on December 23, 2011 when a preliminary agreement was reached for its sale, the subsidiary was reclassified beginning June 30, 2011 to non-current assets held for sale, as established by IFRS 5, since it represents a separate major line of the EXOR Group’s business. Accordingly, EXOR’s share of the equity in the Alpitour Group, at the above reclassification date, was recorded in “Non-current assets held for sale” in the statement of financial position, while the share of the Alpitour Group’s result was reclassified to a separate line of the income statement “Profit (loss) from Discontinued Operations”.  Moreover, the income statement for the year 2010 was restated for purposes of comparison.

Since the sales contract sealed on December 23, 2011 is subject to conditions precedent, the accounting treatment adopted beginning June 30, 2011 was also maintained for December 31, 2011, in accordance with IFRS 5.

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

% of consolidation 

12/31/2011 12/31/2010
Companies in the Holdings System consolidated line-by-line (a)

- Exor S.A. (Luxembourg) 100 100
- Exor Capital Limited (Ireland) 100 100
- Exor Inc. (USA) 100 100
- Ancom USA Inc. (USA) 100 100
- Exor LLC (USA) 99.80 99.80
Investments in operating subsidiaries and associates, accounted for by the equity method   
- Fiat Industrial Group 30.56 29.59
- Fiat Group 30.33 29.59
- C&W Group (c) 78.31 78.56
- Juventus Football Club S.p.A. 60 60
- Sequana Group 28.43 28.37
- Almacantar Group 36.30 54.98
- Exor Services S.c.p.a. (Italy) - 99.62
- Alpitour Group 100 100
(a) The list does not include companies in a wind-up and/or wound-up during 2010. (b) Percentage restated for comparative purposes. (c) The percentage is calculated on issued share capital, net of treasury stock held and net of the estimate of treasury stock purchases from non-controlling interests to be made by C&W Group. (d) Measured at cost since it was non-operational.
Commercial Register No.64236277 Note legali | Credits