Economic/financial results

The Shortened Consolidation data is prepared by EXOR on the basis of a “shortened” method of consolidation in which the data derived from the IFRS financial statements of EXOR and of the subsidiaries of the Holdings System: (EXOR Nederland N.V.; EXOR S.A.; Ancom USA Inc.; Exor SN LLC; Exor Capital DAC; Exor Investments Limited, Exor Investment (UK) LLP) are included in the consolidated financial statements of the parent company EXOR using the line-by-line method, while the data derived from the financial statements prepared in accordance with IFRS of the operating subsidiaries and affiliates (FCA, PartnerRe, CNH Industrial, Ferrari, The Economist Group, Juventus Football Club and Welltec) are consolidated using the equity method.

EXOR holds its investments and manages its financial resources directly or through certain subsidiaries. These companies, together with the holding company, EXOR, constitute the so-called “Holdings System”.

EXOR believes that these data and information facilitate the analysis of the financial position and the results of EXOR; in addition the shortened consolidation method is recognized by the financial community, by financial counterparties and by the ratings agencies.

Nevertheless, such data does not fully represent, nor should be treated as the consolidated financial position of the EXOR Group prepared in accordance with International Financial Reporting Standards (IFRS). In fact the shortened consolidation method is not contemplated in the reference accounting standards on the presentation of consolidated financial statements and may not be consistent with the method adopted by other groups and, therefore, such data may not be comparable with the data reported by such groups. The consolidated data prepared in shortened form are not audited by the independent auditors.


As a result of the acquisition of an additional interest in the share capital of Welltec during the year 2017 EXOR increased its investment in Welltec achieving 21.23% of the issued capital.

Accordingly and consistently with the provisions of IAS 28, EXOR accounted for Welltec using the equity method starting from 31 December 2017.

The stake previously held, recorded in investments available-for-sale and measured at fair value with recognition in equity, following the change in the measurement method was aligned to the purchase price agreed for the acquisition of the additional interest in Welltec; accordingly, the accumulated negative fair value reserve in equity was reclassified from equity to a specific item of the 2017 income statement.

The application of the equity method was carried out on the basis of the accounting data at 31 December 2017 and therefore did not have any effect on the income statement.

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

  % of consolidation
  12/31/2017   12/31/2016
 Holding Company - EXOR N.V. (The Netherlands) (a) 100

Companies in the Holdings System consolidated line-by-line   
Exor N.V. (The Netherlands)100  
EXOR S.A. (Luxembourg) 100   100
Ancom USA Inc. (USA) 100   100
Exor SN LLC (USA) 100   100
Exor Capital DAC (Ireland) 100   -
Exor Investments Limited (United Kingdom) 100    100 
Exor Investments (UK) LLP99.67  
Investments in operating subsidiaries and associates, accounted for using the equity method    
FCA 29.18   29.41
PartnerRe100.00 100.00
CNH Industrial 26.91   27.29
Ferrari 23.52   23.52
The Economist Group 43.40   43.40
Juventus Football Club S.p.A. 63.77   63.77
Welltec (a)21.24 -
(a) Measured in accordance with IAS 39 up to June 30, 2017.

EXOR Group closed the year 2017 with a consolidated profit of €1,392 million; the year 2016 ended with a consolidated profit of €588.6 million. The increase of €803.4 million is attributable to the improvement in the share of the profit of investments of €562.7 million, the increase in net financial income of €90.3 million (principally driven by the reduction of financial expenses and the gain on the redemption of The Black Ant Value Fund), the decrease of income taxes and other taxes duties (€198.9 million, relating to the Italian Exit tax) and of non-recurring expenses (€63.1 million), partially offset by the negative reversal of fair value reserve (€66.1 million), lower gains on disposal (€28.5 million), lower dividends from investments (€14.7 million) and other negative changes of €2.3 million.

At 31 December 2017 the consolidated equity attributable to owners of the parent amounts to €10,804.8 million with a net decrease of €177 million compared to €10,981.8 million at year-end 2016. Additional details are provided in Note 12.

The consolidated net financial position of the Holdings System at 31 December 2017 is a negative €3,163.7 million and reflects a positive change of €260.6 million compared to the negative position of €3,424.3 million at year-end 2016. Additional details are provided in Note 13.

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

Commercial Register No.64236277 Note legali | Credits