Consolidated net financial position

The net financial position of the Holdings System, determined by applying the shortened consolidation criterion, is a representative measure of the financial resources and commitments directly attributable to and managed by Exor. 

Using the shortened consolidation criterion adopted by Exor, rather than the line-by-line method of consolidation required by law and under IFRS, the data derived from the financial statements or accounting data prepared in accordance with IFRS by Exor and by the subsidiaries constituting the Holdings System - Exor Nederland N.V. (the Netherlands), Exor S.A. (Luxembourg), Exor Investments Limited (United Kingdom), Ancom USA Inc. (USA), Exor SN LLC (USA) - are consolidated in the financial statements of the parent company Exor using the line-by-line method, while the data derived from the financial statements or accounting data prepared in accordance with IFRS of the operating subsidiaries and associates (Ferrari, Stellantis, PartnerRe, CNH Industrial, Juventus Football Club, The Economist Group, GEDI Gruppo Editoriale, Exor Seeds, Shang Xia, Christian Louboutin, Welltec and Exor Capital LLP (previously Exor Investment (UK) LLP), are included in the consolidated financial statements of the parent company Exor using the equity method.  

The presentation of financial data under the shortened consolidation method facilitates the analysis of the financial position and results of Exor and it is generally recognized by the financial community, including financial counterparties and rating agencies. 

Nevertheless, such data do 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.

Set out below are the data relating to the net financial position prepared in shortened consolidation form:

€ million 06/30/2021 12/31/2020
Financial assets and financial receivables 417
367
Cash and cash equivalents 612
492
Cash, cash equivalents and financial assets 1,029
859
Exor bonds (4,064)
(3,855)
Commercial paper

(160)
Other financial liabilities (94)
(95)
Gross debt (4,158)
(4,110)

The reconciliation of the consolidated cash and cash equivalents of Exor Group with the consolidated cash and cash equivalents of the Holdings System is as follows:

€ million 06/30/2021 12/31/2020
Cash and cash equivalents(a) 9,616
35,561
(Less) Cash and cash equivalents of the operating subsidiaries accounted for using the equity method in the Holdings System  (9,004)
(35,069)
Financial assets and financial receivables 417
367
Cash, and cash equivalents and financial assets of the Holdings System 1,029
859
(a) GAAP measure. Data at 31 December 2020 included cash and cash equivalents of FCA (€23,846 million), deconsolidated at 16 January 2021 following the merger with PSA occurred in 2021.

The reconciliation of the consolidated gross debt of Exor Group with the consolidated gross debt of the Holdings System is as follows:

€ million 06/30/2021 12/31/2020
Gross debt(a) (30,399)
(52,932)
(Less) Gross debt of the operating subsidiaries accounted for using the equity method in the Holdings System 26,241
48,822
Gross debt of the Holdings System (4,158)
(4,110)
(a) GAAP measure. Data at 31 December 2020 included gross debt of FCA (€21,750 million), deconsolidated at 16 January 2021 following the merger with PSA occurred in 2021.

Share of the profit (loss) of investments accounted for using the equity method

The composition of the share of the profit (loss) of investments accounted for using the equity method is as follows:

€ million I Half 2021 I Half 2020 Change
Ferrari 99
42
57
Stellantis(a)
842

842
FCA(b) 8
(781)
789
PartnerRe 219
(185)
404
CNH Industrial214
(324)
538
Juventus Football Club (49)
(12)
(37)
The Economist Group 2
7
(5)
GEDI Gruppo Editoriale (10)
(11)
1
Exor Seeds43
439
Other 7
(1)
8
Share of the profit (loss) of investments accounted for using the equity method 1,375
(1,261)
2,636
(a) The result refers to the period 17 January to 30 June 2021. (b) The result refers to the period 1 January to 16 January 2021.

The reconciliation of the share of the profit of investments accounted for using the equity method with the profit (loss) attributable to owners of the parent is as follows:

€ million I Half 2021 I Half 2020 Change
Profit (Loss) attributable to owners of the parent(a)  838
(1,318)
2,156
Less:      
 - Profit from investments at FVTOCI (8) (8)
 - Net financial income/expenses 19
87
(68)
 - Net recurring general expenses 8
8
 - Net non-recurring other income/expenses(b) 507
(38)
545
 - Income taxes and other taxes and duties1111
Share of the profit (loss) of investments accounted for using the equity method 1,375
(1,261)
2,636
(a) GAAP measure. (b) In the first half of 2021 includes €504 million arising from the deconsolidation of FCA, following the merger of PSA with and into FCA, in particular, €490 million relate to the reversal to the income statement of Exor's share in the FCA items previously recognized in other comprehensive income reserve.
Commercial Register No.64236277 Note legali | Credits