PEUGEOT INVEST (EPA:PEUG) - FFP - Strong activity in the first half

Transparency directive : regulatory news

10/09/2019 17:35

Neuilly-sur-Seine, 10 September 2019

                      Strong activity in the first half

                           Net asset value up 17.4%
                 Gross asset value above the EUR5 billion mark
      Strengthening of the geographical and sector-based diversification

FFP's Board of Directors, chaired by Robert Peugeot, met on 9 September 2019
and approved the financial statements for the six months ended 30 June 2019.

Net asset value per share: EUR176.4, up 17.4%

Net asset value per share was EUR176.4 at 30 June 2019, representing an
increase of 17.4% from its level of EUR150.3 at 31 December 2018. The market
value of Peugeot SA's shares rose 16.2% over the first six months of the year.
Investments (assets other than Peugeot SA) grew 19.9% to exceed EUR3.2 billion.

EUR millions                     First half   First half    Full year
                                      2019         2018         2018

Gross asset value                     5,119        4,683        4,317
- of which Peugeot SA                 1,827        1,649        1,572
Net asset value                       4,395        4,119        3,746
- Net asset value per share        EUR176.4     EUR164.3     EUR150.3
Net profit attributable to
equity holders of the parent            103           86          115

Consolidated net profit of EUR103 million

Net profit attributable to equity holders of the parent rose 19% in the first
half of 2019 to EUR103 million, compared with EUR86 million in the year-earlier
period. This improvement was mainly due to growth in dividends received from
our shareholdings, in particular Peugeot SA (+EUR21 million).

Highlights of the first half

FFP saw a very high level of activity in the first half. We completed 20
transactions, including the sale of our shareholding in DKSH and a significant
expansion in the real estate sector with the acquisition of a stake in SIGNA
Prime Selection, a real estate company with property assets in Germany and
Austria.

Shareholdings

In February 2019, FFP sold its stake in DKSH, a leading Swiss market expansion
services group with a focus in South East Asia, for a total consideration of
212 million Swiss francs. The sale of this investment in DKSH, which FFP had
held since 2008, generated an equity multiple of 4.3, after 11 years of support
for the development of this family-controlled group.

In May 2019, FFP took part in the capital increase of Tikehau Capital Advisors
with a further investment of EUR25 million in order to support the growth of
Tikehau Capital, which currently manages EUR22.4 billion in assets and has
entered a new phase of expansion.

In June 2019, FFP made a EUR15 million investment in the French medtech company
Acteon alongside Dentressangle Mid & Large Cap. Acteon specialises in the
design and manufacture of high technology dental and medical devices.
Recognised for its innovation, the quality of its products and the expertise of
its management, Acteon is ideally positioned in a growing market with great
potential over the long term. The company's diversified geographic presence is
also key to its success.

Real estate

FFP has continued to expand its investments in the real estate sector both
within and outside France through a new direct equity investment and several
further commitments in funds:

- FFP has acquired a 5% stake in the real estate company SIGNA Prime
   Selection ("SIGNA Prime") for EUR186 million. Having built up a portfolio of
   exceptional properties since 2010, now worth more than EUR11 billion, SIGNA
   Prime's strategy is to retain ownership of these high-quality assets over
   the very long term. The majority of the assets are office and high-end
   retail properties, located in prime city-centre in Germany, Austria and
   Northern Italy. The portfolio offers significant potential for value
   appreciation. With this new investment, FFP has doubled the value of its
   real estate assets and has added a new geographic presence.

- Since the start of the year, FFP has also become an investor in the
   pan-European value-add real estate fund TREO 2018, which is managed by
   Tikehau Capital, and in Icawood, a fund focused on the development of
   next-generation, low-carbon and timber-frame buildings, for a total of
   EUR45 million.

- FFP has continued its partnership with ELV, investing an additional $9
   million in three residential and office property development projects in the
   United States.

Co-investments

In the first half of 2019, FFP made commitments to two new co-investments in
China and the United States, both contributing to the company's
internationalisation strategy:

- FFP invested $15 million alongside Reverence Capital Partners in Transact,
   a US-based campus engagement and payment solutions provider to universities
   and other educational institutions using a SaaS (software-as-a-service)
   model.

- FFP also committed to invest $20 million in The Lian, a Chinese online
   cosmetics retailer, alongside Crescent Point.

FFP confirmed its support for Lineage, the world leader in cold storage
facilities, in which FFP has invested alongside Baygrove since 2017, by taking
part in its capital increase in April 2019 with a further investment of $15
million.

FFP's commitments alongside JAB Holding and ArchiMed (MED Platform 1) have
continued to be deployed: JAB made its first acquisition in its veterinary care
development strategy and MED Platform 1 made its first investment, in the
Italian medical logistics firm Bomi.

Private equity

As regards private equity funds, FFP made total new commitments of EUR83
million to the funds Summit Partners US X, Quadrille Technologies IV, BDT CP
III, Advent GPE IX, Wise V and Warburg Pincus China II. These investments also
contribute to FFP's geographical diversification within the United States and
Asia.

Debt

At 30 June 2019, FFP's financial debt amounted to EUR724 million, up from
EUR571 million at 31 December 2018. Unused credit facilities totalled EUR345
million at 30 June 2019.

Robert Peugeot commented on these results as follows:

"FFP delivered excellent results in this first half of the year, with a gross
asset value exceeding EUR5 billion. The proceeds from the sale of our stake in
DKSH were rapidly reinvested. Among other transactions, we invested in SIGNA
Prime Selection, an Austrian real estate company with a portfolio of prime
assets.

"FFP has continued its development and its geographical diversification via
co-investments, private equity funds and real estate. In particular, we doubled
our exposure to the real estate sector, which now accounts for 8% of our
assets."

About FFP
FFP is an investment company listed on Euronext, majority-owned by
Établissements Peugeot Frères and led by Robert Peugeot. FFP is one of the
leading shareholders in Peugeot SA and pursues a policy of investing for the
long term by taking minority stakes. FFP holds interests in listed companies
(such as SEB, Safran, Orpea, Lisi and Spie), unlisted companies (such as
Tikehau Capital Advisors, Acteon or Total-Eren), co-investments (such as IHS
and JAB Holding), private equity funds and real estate (such as SIGNA Prime
Selection or Immobilière Dassault).

Investor relations
Sébastien Coquard: +33 (0)1 84 13 87 20
sebastien.coquard@groupe-FFP.fr

www.groupe-FFP.fr

Press relations
Vincent Deshayes: +33 (0)1 58 47 94 09
vincent.deshayes@havas.com

                   Net asset value at 30 June 2019

In EURm                           % held     Valuation % Gross Asset value

Peugeot SA (A)                      9,3%         1 827           36%
Lisi                                5,1%            78            2%
CID (Lisi)                         25,3%           217            4%
SEB S.A.                            5,0%           399            8%
Safran                              0,7%           413            8%
Orpéa                               5,0%           346            7%
CIEL group                          6,9%            18            0%
Tikehau Capital                     2,3%            64            1%
SPIE                                5,5%           139            3%
Non listed holdings                                151            3%
Holdings (i)                                     1 824           36%

Private Equity funds                               292            6%
IDI                                10,1%            33            1%
Private equity vehicules (ii)                      325            6%

Co-investments (iii)                               662           13%

Immobilière Dassault               19,8%            87            2%
Non listed Real Estate                             308            6%
Real Estate (iv)                                   395            8%

Other financial assets                              33            1%
Cash                                                54            1%
Other Assets (v)                                    87            2%

Investment Gross Asset Value
(i)+(ii)+(iii)+(iv)+(v) = (B)                    3 292           64%

Gross Asset Value = (A) + (B)                    5 119          100%

Debt (C)                                           724

Net Asset Value =
(A) + (B) - (C)                                  4 395
i.e. per share                                   176,4 EUR

* Valuation methods can be found on FFP's website www.groupe-ffp.fr or in
FFP's Registration Document

                               www.groupe-FFP.fr

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