PEUGEOT INVEST
Paris, 14 September 2015
First-half 2015 results: NAV per share +40%
The Board of Directors, chaired by Robert Peugeot, met on 11 September 2015 and approved the financial statements for the first half of 2015.
NAV per share: €132.5, up 40%
At 30 June 2015, net asset value per share was €132.5 as opposed to €94.6 at 31 December 2014,
representing an increase of 40% in the first-half period. This performance was primarily due to the rise in Peugeot SA share price, which gained 80% in the first six months of the year, but also to a general rise in the value of the other Investment Assets, particularly SEB (+36%), ORPEA (+21%) and Lisi (+17%).
Consolidated net profit: €152 million
Group consolidated net profit amounted to €152 million (including €31 million of dividends received)
as opposed to €308 million during the previous year. Net profit in the first half of 2014 consisted mainly of the partial release (€206 million) of provisions on Peugeot SA shares.
€m 1st Half Full year 2015 2014 2014 | ||
Gross Asset Value - of which Peugeot SA | 3 484 1 590 | 2 608 2 649 1 018 957 |
Net Asset Value NAV NAV per share | 3 335 € 132,5 | 2 365 2 381 € 94,0 € 94,6 |
Consolidated net income, group share | 152 | 308 308 |
Highlights
As described in the press releases of 20 February and 26 March 2015, FFP arranged derivatives transactions meeting the Peugeot SA's 2014 subscription rights disposals requirements. They
resulted in FFP receiving premiums amounting to €163 million and produced an after-tax profit of
€118 million in the consolidated financial statements for the half-year ended 30 June 20151. At the
end of July, FFP also sold share warrants for €33.5 million2. After those transactions, FFP is no longer
exposed to economical changes in the value of the share warrants. These transactions will have no impact on FFP's equity stake in Peugeot SA.
1See Note 2 in the half-year financial report
2 See press release of 4 August 2015
In line with its investment policy, FFP:
financed, jointly with Louis Dreyfus Armateur, LDAP's acquisition of a fifth B-Delta handysize vessel ($3m of additional capital);
made a further €21 million commitments to private equity funds and made its final
$15 million tranche of investment, decided in the second half of 2014, in African telecoms tower manager IHS.
FFP's bank debt amounted to €149 million at the end of the period, as opposed to €268 million at
December year-end 2014, and it had unused credit facilities of €449 million as of 30 June 2015.
Commenting on these results, Robert Peugeot said:
"I am happy to see our first-half 2015 figures reflecting the success of PSA Peugeot Citroën's recapitalisation transactions last year, as well as good progress with the "Back in the Race" plan. FFP's net asset value rose by €954 million, driven by the rise in the Peugeot SA share price and good performance of the Investment Assets. Since end-June, the 40% first-half rise in NAV has been tempered by the recent decline in financial markets, caused by greater macroeconomic and political uncertainties.
Confident in our strategy and with a large investment capacity, FFP will pursue its activity as a long- term investor, targeting high-quality companies operating in sectors supported by positive long-term trends, and developing its portfolio of private equity fund investments, both directly and via co- investments."
About FFP:
FFP is an investment company listed on Euronext, majority-owned by Etablissements Peugeot Frères and managed by
Robert Peugeot. FFP is one of the leading shareholders in Peugeot SA and pursues a policy of establishing minority shareholdings and long-term investments. FFP holds interests in listed companies (Zodiac Aerospace, DKSH, SEB or ORPEA), non-listed companies (Sanef or ONET) and private equity funds.
Investor relations:
Sébastien Coquard: +33 (0)1 84 13 87 20sebastien.coquard@groupe-FFP.fr
www.groupe-FFP.fr
Press contact:
Samuel Rousseau: +33 (0)1 58 47 89 54samuel.rousseau@havasww.com
Net Asset Value at
30/06/2015
In €m * % hold Valuation % Gross Asset value
PSA - shares a)10,5% 1 555 44,6% PSA - warrants April 2017 a)34 1,0% PeugeotSA(A)159046%
Lisi a)5,1% 69 2% CID (Lisi) b)25,2% 191 5% SEB S.A. a)5,0% 211 6% Zodiac Aerospace a)4,0% 340 10% Orpéa a)6,3% 239 7% LT Participations b)10,3% 20 1% CIEL group a)7,6% 21 1% DKSH a)5,9% 248 7% Non listed holdings c)224 6% Total Holdings (i) 1 564 45%
Private Equity funds d)213 6% IDI a)10,1% 20 1% Total private equity (ii) 233 7%
Immobilière Dassault a)19,7% 42 1% FFP-Les Grésillons e)100,0% 16 0% Other Real Estate c)2 0% Total Real Estate (iii) 59 2%
Other financial assets 27 1% Cash 11 0% Total Other Assets (iv) 38 1%
Investment Gross Asset Value (i)+(ii)+(iii)+(iv)=(B)1 894 54%Gross Asset Value =(A)+(B)3 484 100%Debt (C) 149
NetAssetValue= (A) + (B) - (C) 3335
i.e. per share 132,5 €
* l etters refer to va l ua ti on methods. Detai l s onwww.groupe-FFP.fr
www.groupe-FFP.fr
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