PEUGEOT INVEST Neuilly-sur-Seine, 12 September 2016
2016 First-half resultsThe Board of Directors, chaired by Robert Peugeot, met on 9 September 2016 and approved the financial statements for the first half of 2016.
NAV per share: €106.1At 30 June 2016, net asset value per share was €106.1 as opposed to €123.8 at 31 December 2015, representing a decrease of 14% in the first-half period. Investments (assets excluding Peugeot SA) were very resilient, posting positive returns despite the main stockmarket indexes falling around 8%. However, it did not compensate the one-third decline in PSA group's stockmarket value in the first six months of the year. Since 30 June, Peugeot SA's share price has rallied almost 30% following the publication of the group's first-half results, although it remains lower than it was at the end of 2015.
€m 1st Half Full year 2016 2015 2015 | ||
Gross Asset Value - of which Peugeot SA | 2 953 912 | 3 484 3 331 1 590 1 366 |
Net Asset Value NAV NAV per share | 2 660 € 106,1 | 3 335 3 114 € 132,5 € 123,8 |
Consolidated net income, group share | 3 | 152 159 |
Consolidated net profit attributable to equity holders of the parent amounted to €3 million in the first half of 2016 versus €152 million in the year-earlier period, when FFP monetised Peugeot SA warrants. In 2015, those transactions gave rise to the recognition of assets, liabilities and related deferred tax items. Those items are being revalued at fair value at each accounts closing date via the income statement, until the transactions are unwound in 2017 at the latest. This revaluation produced net income of €118 million in the first half of 2015 and a net expense of €33 million in the first half of 2016. This explains most of the variation in net income between the periods. Aside from their accounting effects, it is reminded that the monetisation of warrants produced a cash inflow of
€197 million in 2015.
HighlightsAs announced at the end of last year, FFP sold half of its stake in Holding Reinier, the company that owns almost 100% of Onet SA, for €45 million in the first half of 2016.
In line with its investment policy, FFP:
Invested €70 million in the Tikehau Capital group, which manages over €8 billion of assets, enabling it to continue its growth strategy and step up its international expansion1;
Made a further €50 million of commitments to private equity funds, with a focus on geographical diversification (USA, Europe and Africa);
Invested €20 million in real estate by taking part in the purchase, via the Lapillus II real-estate fund managed by LBO France, of the Tour Marchand in Paris-La Défense, and by jointly financing four projects in the USA alongside ELV Associates Inc.
FFP's bank debt ended the first-half period at €293 million as opposed to €217 million at end- December 2015. Unused credit facilities amounted to €375 million at 30 June 2016.
Commenting on these results, Robert Peugeot said: "the first-half decline in NAV was due to the decrease in Peugeot SA's share price, which was impacted on 30 June by the Brexit vote. Since then, it has rallied following a very strong set of results, particularly in terms of recurring operating income and free cash flow. FFP's other assets were resilient and their value exceeded €2 billion for the first time. SEB stood out with earnings rising sharply in the first half, and also made several acquisitions that will fuel its future growth.
FFP continued its growth policy. Our investment in the Tikehau group gives us direct exposure to the third-party asset management industry and allows us to partner with an agile and successful team, particularly during this period of rapid changes.
We are confident about our strategy and we have significant investment capacity, allowing us to seize investment opportunities that may arise in the next few months."
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 of Peugeot SA and pursues a minority shareholdings and long-term investment policy. FFP holds participations in listed companies (Zodiac Aerospace, DKSH, SEB or ORPEA), non-listed companies (Sanef or Onet), and private equity funds.
Investors relation:Sébastien Coquard: +33 1 84 13 87 20 sebastien.coquard@groupe-ffp.fr
www.groupe-FFP.fr
Press contact :Samuel Rousseau: +33 1 58 47 89 54 samuel.rousseau@havasww.com
1 See press release of 4 July 2016
Net Asset Value at 30/06/2016In €m
*
% hold
Valuation % Gross Asset
value
Peugeot SA (A) | 10,4% | 912 | 31% | |
Lisi | a) | 5,1% | 63 | 2% |
CID (Lisi) | b) | 25,2% | 174 | 6% |
SEB S.A. | a) | 5,0% | 275 | 9% |
Zodiac Aerospace | a) | 5,2% | 317 | 11% |
Orpéa | a) | 6,3% | 282 | 10% |
LT Participations | b) | 10,3% | 24 | 1% |
CIEL group | a) | 7,6% | 18 | 1% |
DKSH | a) | 5,9% | 225 | 8% |
Non listed holdings | c) | 293 | 10% | |
Total Holdings (i) | 1 670 | 57% | ||
Private Equity funds | d) | 230 | 8% | |
IDI | a) | 10,1% | 19 | 1% |
Total private equity (ii) | 250 | 8% | ||
Immobilière Dassault | a) | 19,7% | 51 | 2% |
FFP-Les Grésillons | e) | 100,0% | 16 | 1% |
Other Real Estate | c) | 21 | 1% | |
Total Real Estate (iii) | 88 | 3% | ||
Other financial assets | 28 | 1% | ||
Cash | 6 | 0% | ||
Total Other Assets (iv) | 35 | 1% |
Investment Gross Asset Value (i)+(ii)+(iii)+(iv) = (B) | 2 041 | 69% |
Gross Asset Value = (A) + (B) | 2 953 | 100% |
Debt (C) | 293 | |
Net Asset Value = (A) + (B) - (C) | 2 660 | |
i.e. per share | 106,1 € |
* letters refer to valuation methods. Details on www.groupe-ffp.fr
FFP - Société Foncière et Financière de Participations SA published this content on 12 September 2016 and is solely responsible for the information contained herein.
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