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Monday 19 March, 2012

Ffp

FFP\'s 2011 Results

PR Newswire/Les Echos/

Paris, March 19, 2012

                            NAV per share: EUR 61.8
 New stakes in ORPEA and in the holding company of Ipsos Support of PSA Peugeot
                  Citroën - General Motors strategic Alliance

The Board of Directors, at its meeting of March 15, 2012 chaired by Mr. Robert
Peugeot, approved the financial statements for 2011.

Robert Peugeot declared: "As a whole, 2011 was a mix year in economic terms but
satisfactory for all the business sectors represented by FFP's assets, with the
exception of the European automobile market, which declined after the summer.
The value of the other assets increased in 2011 despite the deterioration of
financial markets and represented 65% of FFP's assets at year-end. FFP continued
its development by acquiring stakes worth EUR137 million in ORPEA and Ipsos 
groups, which are both high-quality, growing companies.

Convinced by the perspectives it offers to the automotive group, FFP supported
every steps of the development of the global strategic Alliance signed by PSA
Peugeot Citroën and General Motors. FFP subscribed to Peugeot S.A.'s share
capital increase. To make it easier for the new partner to take an equity stake,
FFP sold to GM half of its preferential subscription rights. In addition, the
imminent initial public offering of DKSH will increase DKSH brand recognition
and reveal its potential to the markets."

EURm                                    2011        2010
Net Asset Value     NAV                1 554       2 362
                    NAV per share     61,8 EUR   93,9 EUR
Dividends received 
(by FFP & its 100% subsidiaries)         97           23
Consolidated net income, groupe share   181          258

Diversification's assets posted a positive performance, thanks primarily to
Zodiac Aerospace (+16.5%) and DKSH (+27.1%). However the 57.4% decline in
Peugeot S.A. shares led to a decrease in NAV of 34.2% in 2011. At 
December 31, 2011, Net Asset Value (NAV) per share was EUR 61.8

In 2011 FFP invested EUR115 million for a 7.2% shareholding in ORPEA, a leading
European player in nursing homes. FFP also took a stake in LT Participations,
first shareholder of Ipsos, which became the third largest market research
company in the world following its acquisition of Synovate. FFP invested 
EUR22 million for a 10.1% stake in the holding company, which in turn has a 
26.2% stake in Ipsos. FFP is represented on the Board of Directors of ORPEA, 
Ipsos and LT Participations.
FFP sold its Peugeot SA Bonds (OCEANE) and bought simultaneously the same
quantity of Peugeot SA shares. The balance brought in EUR14 million.
Private equity was very active in 2011. FFP received EUR47 million distributions
following significant disposals, mainly by Sagard and LBO France. Calls for
funds totaled EUR20 million and FFP made EUR10 million of new commitments in
Europe and emerging countries.

Dividends paid to FFP and its wholly-owned subsidiaries increased: EUR57 million
from PSA Peugeot Citroën after two years without any dividends; EUR40 million
from Diversification assets (EUR23 million in 2010) thanks to the dividend of
EUR19 million from DKSH (EUR2 million in 2010).

Consolidated profit includes that of companies consolidated under the equity
method, primarily PSA Peugeot Citroën, in which FFP has a 22.8% stake. For 
2011,
it includes the share of the automobile group's earnings of EUR136 million.

FFP's debt totaled EUR302 million at December 31, 2011, compared with 
EUR250 million in 2010. Unused lines of credit totaled EUR119 million; none of
these expire in 2012. To finance FFP's subscription to Peugeot S.A. right issue,
a new credit line of EUR 47m was obtained.

The Board will propose to the Shareholders' Meeting of May 15, 2012 that a
dividend of EUR1.10 per share be paid, compared with EUR1.50 for the previous
year.

The 2011 Shareholders' Meeting approved the name change for the company, which
is now called "FFP". The new website is now available at the following address:
www.groupe-ffp.fr.

About FFP:
FFP is an investment company listed on NYSE-Euronext Paris, majority-owned by
Etablissements Peugeot Frères and managed by Robert Peugeot. FFP is the leading
shareholder of Peugeot SA and pursues a minority shareholdings and longterm
investment policy. FFP holds participations in listed companies (LISI, Zodiac
Aerospace, SEB or Orpéa), non listed companies (Sanef, Onet or DKSH), and
private equity funds.

Investors relation : 
Sébastien Coquard : +33 1 40 66 42 11 
[email protected]

www.groupe-ffp.fr

Press contact : 
Nicolas Boudot : +33 1 58 47 95 44 
[email protected]

Net Asset Value at December 31st 2011

In EURm	                *     % hold    Valuation    % Gross Asset 
                                                          value

Peugeot SA     (A)       a)       22,8%      646            35%

Lisi                     a)        5,1%       28             2%
CID (Lisi)               b)       25,2%       78             4%
SEB S.A.                 a)        5,0%      147             8%
Zodiac Aerospace         a)        5,8%      216            12%
Linedata Services        a)       12,9%       12             1%
Orpéa                    a)        7,2%       96             5%
LT Participations        b)       10,1%       17             1%
Non listed holdings      c)                  446            24%
Total Holdings (i)                         1 041            56%

Private Equity funds     d)                  114             6%
IDI                      a)       10,1%       16             1%
Total private equity (ii)                    130             7%

Immobilière Dassault     a)        5,3%        5             0%
Valmy-FFP (Im. Dassault) b)      100,0%       15             1%
FFP-Les Grésillons       e)      100,0%       17             1%
Other Real Estate        c)                    3             0%
Total Real Estate (iii)                       40             2%

Other financial assets                        -5             0%
Cash                                           4             0%
Total Other Assets (iv)                        0             0%

Diversification Gross Asset Value 
(i)+(ii)+(iii)+(iv) = (B)                  1 210            65%

Debt (C)                                     302

Net Asset Value = (A) + (B) - (C)          1 554

i.e. per share                              61,8 EUR

* letters refer to valuation methods. Details on www.groupe-ffp.fr
                      
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