Business outlook

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

At the consolidated level, the year 2012 will 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 Fiat Industrial Group’s performance to date and our expectations of solid trading conditions across all sectors, especially CNH, Fiat Industrial is firming up its 2012 guidance as follows:

  • Revenues above €25 billion
  • Trading profit in excess of €2 billion
  • Net income of approximately €0.9 billion
  • Net industrial debt between €1.2 billion and €1.5 billion
  • Cash and cash equivalents in excess of €4 billion
  • Capital expenditures between €1.2 billion and €1.4 billion

Fiat  Group

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 have reinforced our negative view of the development of the European markets. We see continuing weak trading conditions for the remainder of 2012 extending well into 2013 and at least part of 2014.
As a result, the Fiat Group has refined earnings guidance for 2012 at the lower end of its original target range with net industrial debt expected to improve from third quarter level to approximately €6.5 billion:

  • Revenues of about €83 billion
  • Trading profit in excess of €3.8 billion
  • Net profit in excess of €1.2 billion
  • Net industrial debt of approximately €6.5 billion

C&W Group

C&W Group remains focused on achieving its goals, and looks forward to the fourth quarter of 2012 expecting strong operating performance that will enable the Company, for 2012, to meet or exceed its full-year 2011 revenue and EBITDA results despite the continued caution regarding the global economic outlook due to the ongoing uncertainty that has dampened business confidence and inhibited growth across the globe. C&W Group continues to believe that the economic landscape should strengthen in 2013, as underlying economic fundamentals come to the fore and the real estate markets improve, and is committed to continuing its investment in the firm and executing its strategic growth initiatives to expand its platform and provide consistent and quality services to its global clients.


During the final quarter of 2012, Almacantar will focus on activities to successfully obtain building permits in 2013 for Centre Point and to maximize income generation in the period before the start of building works. The London real estate market should remain stable due to the continuous demand for rental space and activity by institutional investors. Almacantar believes there are further opportunities to increase value in the real estate market.
As anticipated, Almacantar reported a profit for the period to September 30, 2012. Positive results are expected to continue for the final quarter of 2012 and into 2013 due to the rental revenues generated by properties currently owned.

Juventus Football Club

A strong improvement is expected in result for the 2012/2013 financial year compared to the previous year, since against the negative economic effects (amortization and remuneration) resulting from the renewal process for the First Team bench, the company benefits from revenues for its participation in the UEFA Champions League and a further moderate increase in revenues from ticket sales and television and radio rights.
Net short-term financial debt is expected to rise again in 2012/2013, particularly as a result of investments made over the last two football seasons, the effects of which on cash flows are spread over several financial years.

Commercial Register No.64236277 Note legali | Credits