Information  X 
Enter a valid email address
  Print      Mail a friend       More announcements

Thursday 01 September, 2011


FFP - 1st half results

PR Newswire/Les Echos/

Paris, August 31st 2011

                  FFP confirms the good performance of its
             participations NAV up 10.7% on the first half 2011

The Board of Directors, chaired by M. Robert Peugeot, has approved the Company
and consolidated financial statements for first half 2011.

As at 30th June 2011, FFP's Net Asset Value (NAV) amounted to EUR2.61 billion
or EUR103.9 per share, up 10.7% since December 31st. The breakdown of the NAV
is available in the appendix and on the Company website.

During the first half, FFP purchased equity stake in Orpea, a
leading provider of long-term care. As at 30th June, FFP had invested EUR14
million to acquire a 1% interest. FFP completed its purchases of Orpea shares
and bought a 4% stake from Doctor Marian, the group chairman and founder,
thereby increasing its interest at 26th July 2011 to 6% representing a total
investment of EUR88 million.

EURm                                           First half      Full year
                                              2011     2010         2010
Company accounts Net Profit                   113,2     31,7        84,2
Consolidated accounts Attributable Net Profit 227,2    148,1       258,4
Net Asset Value NAV                           2 614    1 805       2 362
NAV per share                             EUR 103,9 EUR 71,7    EUR 93,9 

Company net profit amounted to EUR113.2 million compared to EUR31.7 million
in first half 2010. After two years with no dividends, Peugeot SA has paid FFP
a dividend amounting to EUR57 million in respect of 2010. Dividends received
from the Diversification businesses amounted to EUR39.6 million up from EUR18.7
million, boosted by a special EUR18.8 million dividend from DKSH compared to
EUR1.7 million in 2010. As at 30th June, FFP's debt stood at EUR219 million
down EUR31 million over the half year and undrawn credit lines amounted to
EUR212 million.

First half consolidated net profit came in at EUR227 million, up from
EUR148 million in first half 2010, is stated after EUR179 million share in
earnings of PSA Peugeot Citroën (compared to EUR152 million in first half

Commenting on the first half 2011 results, Robert Peugeot said: "Thanksto
the performance of its investments, FFP has posted strong first half results.
As announced at the beginning of the year, we have pursued the diversification
of our assets by purchasing in July a 6% equity stake in Orpea, a leading player
in an industry where FFP has been absent until now."

About FFP:
FFP is an
investment company listed on NYSE-Euronext Paris, majority-owned by
Etablissement Peugeot Frères and chaired by Robert Peugeot. FFP is the leading
shareholder of Peugeot SA and pursues a friendly and long-term investment
policy. FFP holds equity stakes in listed companies (LISI, Zodiac Aerospace, SEB
or Orpea), non-listed companies (Sanef, Onet or DKSH), and private equity

Investor relation :     Press contact : 
Sébastien Coquard :                           Jean-Baptiste Froville : 
+33 1 40 66 42 11                              +33 1 58 47 95 39
[email protected]                 [email protected]

                    APPENDIX: FFP NAV at 30th June 2011

                      *      % hold      Valuation % Gross Asset value
shares               a)      22,13%        1 599          56,4%
convertible bonds
Jan 2016             a)        6,9%           52           1,9%
Peugeot SA (A)                             1 651          58,3%

Lisi                 a)        5,1%           36           1,3%
CID (Lisi)           b)       25,2%           99           3,5%
SEB S.A.             a)        5,0%          182           6,4%
Zodiac Aerospace     a)        5,9%          198           7,0%
Linedata Services    a)       12,3%           16           0,6%
Orpéa                a)        1,0%           15           0,5%
Non listed holdings  c)                      427          15,1%
Total Holdings (i)                           973          34,3%

Private Equity funds d)                      135           4,8%
IDI                  a)       10,1%           21           0,8%
Total private
equity (ii)                                  156           5,5%

Immobilière Dassault a)        5,3%            7           0,2%
(Im. Dassault)       b)      100,0%           18           0,6%
FFP-Les Grésillons   e)      100,0%           17           0,6%
Other Real Estate    c)                        5           0,2%
Total Real
Estate (iii)                                  46           1,6%

Other financial assets                         2           0,1%
Cash                                           5           0,2%
Total Other Assets (iv)                        7           0,2%

Diversification Gross
Asset Value
 = (B)                                     1 182          41,7%
Debt (C)                                     219
Net Asset Value =
(A) + (B) - (C)                            2 614
i.e. per share                         103,9 EUR

* letters refer to valuation methods. Details on
The content and accuracy of news releases published on this site and/or 
distributed by PR Newswire or its partners are the sole responsibility of the 
originating company or organisation. Whilst every effort is made to ensure the 
accuracy of our services, such releases are not actively monitored or reviewed 
by PR Newswire or its partners and under no circumstances shall PR Newswire or 
its partners be liable for any loss or damage resulting from the use of such 
information. All information should be checked prior to publication.


a d v e r t i s e m e n t