EXOR 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 by these companies prepared under IFRS: FCA, Almacantar and Juventus, and under US GAAP: CNH Industrial and reported in their financial reports at September 30, 2015 are presented below.


The Group confirms its full-year guidance as revised upwards in the second quarter of 2015:

  • worldwide shipments at approximately 4.8 million units;
  • net revenues over €110 billion;
  • adjusted EBIT (1) equal to or in excess of €4.5 billion;
  • adjusted net profit(2) of approximately €1.2 billion with Adjusted basic EPS(2)of approximately €0.77;
  • net industrial debt guidance is adjusted to €6.6 - €7.1 billion (from €7.5 to €8.0 billion previously) to reflect transactions completed in connection with the Ferrari IPO.

Figures do not reflect impact of the previously announced spin-off of Ferrari planned for January 2016.

(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

CNH Industrial expects that continued demand weakness primarily in LATAM and ongoing strength of the U.S. dollar will have a negative impact on the revenue levels previously forecasted for the fourth quarter of 2015.
Full year guidance is therefore updated as follows:

  • net sales of Industrial Activities in the range of $25 - 26 billion, the operating margin of Industrial Activities is unchanged at 5.6% and 6.0%;
  • net industrial debt at the end of 2015 between $2.1 billion and $2.3 billion.


The London real estate market should remain stable due to strong demand for commercial and residential space from institutional investors and occupiers. 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. Almacantar expects to report positive results for the year ended December 31, 2015.

Juventus Football Club

During the first phase of the Transfer Campaign of the 2015/2016 financial year, the company earmarked significant resources to ensure an adequate technical and generational turnover of the First Team’s bench and keep talented players on staff.
As a consequence, the operating result, currently 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.
The company’s goal is to consolidate the substantial equilibrium of operating profit achieved in the previous year.

Commercial Register No.64236277 Note legali | Credits