Business outlook

EXOR S.p.A. expects to report a profit for the year 2012.

At the consolidated level, the year 2012 should show a profit which, however, will largely depend upon the performance of the principal subsidiaries and associates. Their most recent forecasts are presented below.

Fiat Industrial Group

On the back of the Group’s performance to date and expectations of continuing strong trading conditions across all sectors, especially CNH, Fiat Industrial is setting 2012 guidance as follows:

  • ­     revenues of approximately €25 billion;
  • ­     trading profit between €1.9 and €2.1 billion;
  • ­     net income of approximately €0.9 billion;
  • ­     net industrial debt between €1.0 and €1.2 billion;
  • ­     cash and cash equivalents in excess of €4 billion;
  • ­     capital expenditures between €1.2 and €1.4 billion.

Fiat Group

Fiat remains fully committed to the strategic direction laid out in the 5-year plans that were outlined in November 2009 for Chrysler and April 2010 for Fiat.

Having reviewed economic and trading conditions in the Group’s four operating regions, Fiat confirms the expectations of performance in North America, Latin America and Asia-Pacific.  Events of the past 12 months, and more particularly the last half of 2011, have cast doubt on the volume assumptions governing the overall market and the Fiat Group’s own development plans for Europe up to the end of 2014.

The level of uncertainty regarding economic activity in the eurozone for the foreseeable future has made specific projections of financial performance unreliable. As a result, the Fiat Group has provided guidance for 2012 in terms of ranges, from continuing depressed trading conditions in Europe to a gradual stabilization and recovery at the very end of 2012.

As a consequence, the Fiat Group’s 2012 full year guidance is as follows:

  • ­     revenues > €77 billion;
  • ­     trading profit between €3.8 and €4.5 billion;
  • ­     net profit between €1.2 and €1.5 billion;
  • ­     net industrial debt between €5.5 and €6.0 billion.

As events unfold in the next two quarters, the Fiat Group expects to fully articulate the effect of the Euro zone economic climate on its 2014 plan when releasing the third quarter 2012 results.

C&W Group

C&W Group remains focused on achieving its goals, and looks forward to the balance of 2012 expecting year-over-year revenue and EBITDA growth, as compared with 2011. There is caution regarding the global economy, including the slow job growth and the on-going difficulties in Europe, which impacted C&W’s performance during the last quarter of 2011 and the first quarter of 2012. C&W Group continues to believe that the 2012 economic landscape should strengthen during the second half, as underlying economic fundamentals come to the fore and the real estate markets improve, and is committed to continuing its investment in the firm during 2012.


In 2012, Almacantar will continue activities aimed at increasing the value of its investments in the center of London (Center Point and Marble Arch Tower), and will complete the acquisition of CAA House, always in London. The London real estate market should remain stable thanks to the continuous request for rental space and the demand from institutional investors. Almacantar believes that there are further opportunities to be had in the real estate market.

As anticipated, Almacantar reported a profit for the first quarter of 2012. Positive results are expected to continue for all of the 2012 thanks to the rental revenues generated by the properties that it currently owns. The purchase of CAA House should increase net rental revenues in the third quarter of 2012.

Juventus Football Club

A significant loss has been estimated for 2011/2012, although lower than the previous year, as the result is still negatively affected by the club's absence from the UEFA Champions League and the economic effects of the campaign to renew the bench of First Team players. Revenues will further benefit from the opening of the new stadium owned directly by the Club, as well as from a moderate increase generated by the centralized sale of television and radio rights.

Sequana Group

Demand for printing and writing papers, which continued to decline in the first quarter of the year, is set to remain weak over the coming months.
However, Antalis should continue to benefit from strong momentum in its non-paper businesses (Packaging and Visual Communication) and from planned selling price increases for printing and writing papers.
Arjowiggins should continue to reap the benefits of lower raw material costs and upbeat momentum in its specialty businesses, particularly the Security division and in recycled papers and Medical and Hospital sectors.
The Group will press on with its cost reduction programs in order to bring supply into line with demand for printing and writing papers.
Consequently, Sequana S.A. stands by its forecast of delivering an improved operating performance (EBITDA) in 2012 ahead of 2011.

Commercial Register No.64236277 Note legali | Credits