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

In the first nine months of 2012, the share of the profit (loss) of investments accounted for using the equity method is a profit of €250 million (a profit of €471.1 million in the same period of the prior year).

The negative change of €221.1 million principally reflects the reduction in the profit reported by the Fiat Group which in the first nine months of 2011 had benefited from net unusual income deriving mainly from the acquisition of control of Chrysler (EXOR’s share was €324.2 million).

  9 months to September 30
Quarter III
€ million 2012   2011   Change 2012   2011   Change
Fiat  Industrial Group (a) 204.5   148.1   56.4 80.4   54.0   26.4
Fiat Group (a) 73.8   382.4   (308.6) 11.9   (12.4)   24.3
C&W Group (10.6) (b) (10.8) (b) 0.2 0.6 (b) 4.5 (b) (3.9)
Juventus Football Club S.p.A. (16.3)   (49.2)   32.9 (11.9)   (24.0)   12.1
Almacantar Group
0.5   (1.0)   1.5 0.2   (0.3)   0.5
Sequana Group
(1.9) (c) 1.6   (3.5) 0.0   (8.4)   8.4
Total 250.0   471.1   (221.1) 81.2   13.4   67.8
(a) Includes consolidation adjustments. (b) Starting from the first quarter 2012, C&W Group changed its accounting policies regarding the recognition of discretionary incentive plan expenses and “commission bonus program” expenses. Prior to these changes discretionary incentive plan expenses were recognized on a straight-line basis based on the latest estimate of the full-year expense expected to be incurred and “commission bonus program” expenses were determined as a percentage on the Leasing and Capital Markets transactional revenue. Effective January 1, 2012, C&W records the discretionary incentive plan expenses based on the actual amount of pre-incentive compensation EBITDA earned for the quarter in accordance with the funding rate calculation, and records the “commission bonus program” expenses based on the actual achievement of the related cash collections metrics in that period. Considering the changes in accounting policies, the Profit (loss) for the first nine months of 2011 would have been -$5.1 million (EXOR’s share -€2.8 million). (c) The loss refers to the first six months of 2012.

For comments on the review of performance by the main operating subsidiaries and associates, please refer to the next sections. It should be noted that the interim results of C&W Group and Juventus Football Club are affected by highly seasonal factors that are typical of these business segments.

Commercial Register No.64236277 Note legali | Credits