Exor, the investment company controlled by the Agnelli family, closed the first quarter of 2016 with a consolidated profit of 201,1 million compared to 40,6 in the same period of 2015.
Based on what was communicated by the company, whose board of directors met under the chairmanship of John Elkann, the substantial improvement in profit (+160,5 million euros) is due to the increase in the share of the investee's result by 157,9 .47,1 million (16,1 since the first PartnerRe consolidation), to dividends collected by PartnerRe before the acquisition for 25 million and to capital gains on the sale of shareholdings for 14,7 million. Items which were partially offset by the increase in net financial charges on debt for €33,5 million and non-recurring charges related to the acquisition of PartnerRe for €XNUMX million.
In the first three months of the current year, the balance of the consolidated net financial position is negative by 4,2 billion. The negative change is 5,5 billion compared to the positive balance of 1,3 billion at the end of 2015, mainly due to the outlay made for the acquisition of PartnerRe for 5,4 billion.
Finally, in the same reference period, Expor recorded a 7,2% drop in NAV (Net asset value) to approximately 12,4 billion dollars compared to the end of December 2015. For 2016, Exor reiterated its expectations of "a positive result".
After the publication of the accounts, the stock on Piazza Affari dropped by 0,19%, reducing part of the losses incurred in the morning.
