Business outlook

EXOR S.p.A. expects to report a profit for the year 2016.

At the consolidated level, 2016 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, Ferrari, Juventus and The Economist Group; under US GAAP: CNH Industrial) and reported in their financial reports at December 31, 2015, unless otherwise indicated, are presented below.



FCA indicates the following guidance:

  • net revenues more than €110 billion;
  • adjusted EBIT more than €5 billion;
  • adjusted net profit more than €1.9 billion;
  • net industrial debt less than €5 billion.



(controlled directly by EXOR starting January 3, 2016) 

Ferrari forecasts the following guidance for 2016, assuming changes in line with current market conditions:

  • shipments of about 7,900 including supercars;
  • net revenues more than €2.9 billion;
  • adjustedEBITDA more than €770 million;
  • net debt less than €1,950 million (less than €750 million - net of the funded self-liquidating financial receivables portfolio including the distribution to shareholders.


CNH Industrial

The agricultural equipment industry in NAFTA is forecasted to decline in 2016; EMEA agricultural equipment markets are expected to be flat.

The commercial vehicles segment is expected to increase up to 5% in EMEA; trading conditions in LATAM are expected to remain challenging.

CNH Industrial set its 2016 guidance as follows:

  • Net sales of Industrial Activities between $23 billion and $24 billion, with an operating margin of Industrial Activities between 5.2% and 5.8%
  • Net industrial debt at the end of 2016 between $1.5 billion and $1.8 billion.


The Economist Group

The recent stock market turbulence appears to have damaged clients’ confidence and therefore The Economist Group revenues in the first half, and it is expected that it will be hard to make up the lost ground in the second half of this year. The Group’s advertising activities continue to face significant structural and cyclical headwinds though The Economist circulation business, predominantly subscription-driven, remains robust.


Juventus Football Club

During the Transfer Campaigns 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 for the year that will end on June 30, 2016, 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.

Juventus’ goal is to consolidate the substantial equilibrium of operating profit achieved in the previous year.

Commercial Register No.64236277 Note legali | Credits