— NAV per share up +6.1% in 2016

NAV per share up +6.1% in 2016.

  13 March 2017
FFP communication
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During its meeting held on 9 March 2017, the Board of Directors chaired by Robert Peugeot approved the financial statements for 2016.

NAV per share: €131.4, up +6.1%

At 31 December 2016, the Net Asset Value (NAV) per share stood at €131.4 compared with €123.8 at 31 December 2015, representing a year-on-year increase of 6.1%. The Peugeot SA share price, which saw a steep increase by 58.6% in 2015, contracted by 4.4% in 2016. This impact was more than offset by the value appreciation of Investments (assets excluding Peugeot SA), particularly Groupe SEB, up 36.1% (following a 53.6% increase in 2015) and LISI (up 22.8%). All Investments rose in 2016, with the exception of Zodiac Aerospace, which was slightly down.


Consolidated net income, Group share, amounted to €150 million in comparison with €159 million in 2015. It mainly consists of the following items: €36 million in dividends from investments and €116 million in capital gains relating to operations involving Peugeot SA equity warrants (BSAs). Indeed, these operations, set up in the first half of 2015, were settled at the end of the year after the call options were exercised by the counterparty banks. FFP and its controlling shareholder – Etablissements Peugeot Frères (EPF) – delivered Peugeot SA shares and exercised their BSAs to rebuild their initial stakes, as planned and announced when these operations were put in place.

Key highlights

FFP actively pursued its investment policy in 2016 with 21 transactions notably:

  • an investment of €73 million in the Tikehau Group with close to €10 billion of assets under management. The capital raise will enable Tikehau to continue its international growth and expansion strategy;
  • a commitment of $50 million in JAB CF Global Consumer Brand, the co-investment vehicle of JAB Holding, one of the world leaders in the coffee industry;
  • commitments of over €77 million in eight private equity funds based in Europe, the United States, Israel, Africa and China, and €11 million in a co-investment;
  • €36 million invested in real-estate projects in the United States alongside other European families, and at Paris-la Défense.

From a management perspective, Bertrand Finet joined FFP as Deputy CEO to succeed Alain Chagnon, in office since 2003. FFP set up a subsidiary in London managed by Frédéric Banzet. The investment and asset management teams were also expanded.

FFP's bank borrowings totalled €328 million compared with €217 million at the end of December 2015. At 31 December 2016, unused credit lines amounted to €409 million.

At the next General Meeting, the Board will propose an ordinary dividend of €1.80 per share, an increase of 12.5%.

Commenting on these results, Robert Peugeot stated as follows:

"The continuous rise in FFP's NAV over the recent years is attributable to the successful turnaround of Peugeot SA and its Back in the Race plan, as well as the good performance of the Investments, particularly LISI, SEB, Orpea and DKSH. The 2017 year is beginning with two significant projects: the signed acquisition of Opel-Vauxhall’s operations by the Groupe PSA, which will ensure a solid and well-balanced presence on the European markets, and the planned combination of Zodiac Aerospace and Safran, which should give birth to a top-ranking aerospace equipment manufacturer. These two value-accretive projects were actively supported by FFP.

 With a strengthened team and substantial financial resources available, FFP will continue to target high-quality companies, develop its private equity portfolio, and co-invest with partners sharing the same objectives."