EXOR S.p.A. expects to report a profit for 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, The Economist Group and Juventus and; under US GAAP: PartnerRe and CNH Industrial) and reported in their financial reports at June 30, 2016, unless otherwise indicated, are presented below.


Excluding the impacts of any significant catastrophe and other large losses and/or increases in interest rates or credit spreads, PartnerRe expects to report a positive net income for 2016.

PartnerRe continues to experience very competitive reinsurance market conditions and a challenging investment environment driven by low interest rates. Reinsurance market conditions reflect persistent pricing pressure in virtually all lines of business and continued erosion of terms and conditions. These negative trends are primarily driven by excess capital in the industry, particularly in catastrophe exposed lines of business and traditional property and casualty markets, benign recent large loss activity and limited new growth opportunities. PartnerRe maintains a disciplined approach to underwriting by reducing exposure where the pricing, terms and conditions are no longer satisfying our requirements. Overall, PartnerRe expects continued market pressure.

PartnerRe, and its peers within the reinsurance industry, do not provide earnings guidance given its reinsurance results are exposed to low frequency and high severity risk events.  Some of these risk events are seasonal, such that results for certain periods may include unusually low loss experience, while results for other periods may include modest or significant catastrophe losses.  In addition, PartnerRe’s investment results are exposed to changes in interest rates and credit spreads, which result from fluctuations in general economic and financial market conditions.

As a result, PartnerRe’s profitability in any one period or year is not necessarily predictive or indicative of future profitability or performance.


FCA raised its full year guidance due to strong operating performance in the first half of 2016:

  • Net revenues above €112 billion (raised from above €110 billion);
  • Adjusted EBIT above €5.5 billion (raised from above €5 billion);
  • Adjusted net profit above €2 billion (raised from above €1.9 billion);
  • Net industrial debt confirmed at below €5 billion (unchanged).

CNH Industrial

CNH Industrial confirms its 2016 guidance as follows:

  • Net sale 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, excluding the European Commission settlement of approximately $500 million.


Ferrari guidance for 2016 is confirmed as follows:

  • Shipments of approximately 8,000 units, including supercars;
  • Net revenues more than €3 billion;
  • Adjusted EBITDA more than/equal to €800 million;
  • Net industrial debt less than/equal to €730 million.

The Economist Group

Taking a longer term view, advertising revenue from print peaked in 2009 at £118 million; last year it was down to £47 million. The Group is now well over halfway through the decline in print advertising that has adversely affected traditional media companies, and it has made considerable progress in filling the gap. Demand for The Economist’s mind-stretching journalism is undiminished and we are confident it can continue to go from strength to strength. The Economist Intelligent Unit now has the strategy, the people and the structure to deliver considerable profitable growth. At CQ Roll Call, we are building on our position of trusted expertise on federal and state legislative analysis, and investing behind its core products and growth opportunities.

Juventus Football Club

In the period July to December 2016 the first phase of the 2016/2017 Transfer Campaign will be conducted as well as the Group Stage of the UEFA Champions League whose effects will significantly influence the economic results of Juventus. As in prior years Juventus’ will continue to focus on consolidating its financial and economic equilibrium.

Commercial Register No.64236277 Note legali | Credits