The EXOR board of directors’ meeting, chaired by John Elkann, met today in Turin and approved the consolidated results for the first three months of 2009.
The EXOR group ended the first quarter of 2009 with a loss of € 152.8 million. The first quarter of 2008 closed with a consolidated profit of € 90.7 million, of which € 61.5 million was attributable to the equity holders of the company and € 29.2 million to the minority interest of the subsidiary IFIL (merged on March 1, 2009). The reduction in consolidated profit of € 243.5 million is due to a net decrease in the share of the profit (loss) of investments accounted for by the equity method (-€ 265 million), the increase in net financial income (expenses) (+€ 31.7 million) and other net changes (-€ 10.2 million).
At March 31, 2009, the consolidated equity attributable to the equity holders of the company amounts to € 5,137.7 million and shows an increase of € 1,522.1 million compared to year-end 2008, equal to € 3,615.6 million. Such increase is due to the merger by incorporation of the subsidiary IFIL (+€ 1,706.2 million), the consolidated loss for the first quarter of 2009 (-€ 152.8 million) and other net changes (-€ 31.3 million). At March 31, 2009, the consolidated net financial position of the Holdings System is negative for € 13 million, a figure essentially in line with the balance at year-end 2008 (-€ 11.5 million).
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