PEUGEOT INVEST (EPA:PEUG) - First-half 2021 results : strong growth in NAV to €227.4 per share and sustained activity

Transparency directive : regulatory news

20/09/2021 17:52

Press release

Neuilly-sur-Seine, 20 September 2021

Strong growth in NAV to EUR227.4 per share and sustained activity

The Board of Directors, chaired by Robert Peugeot, met on 16 September 2021 and
approved the financial statements for the first half of 2021.

NAV PER SHARE: EUR227.4, REPRESENTING A RETURN OF 27.9%

At 30 June 2021, net asset value (NAV) per share was EUR227.4 as opposed to
EUR179.6 at 31 December 2020, representing a return (dividend included) of
27.9% in the first half of 2021 and outperforming the financial markets. The
28.8% rise in Stellantis' share price helped drive NAV to an all-time high. The
value of Investments rose by 17.3%. Most investments in listed companies rose
significantly in value due to good operational performance and a context of
favourable market rally. Unlisted assets also contributed fully to the strong
returns achieved in the first half of 2021.

EUR m                     H1 2021         2020
Gross Asset Value           6,880        5,587
Net Asset Value             5,667        4,476
- NAV per share         EUR 227.4    EUR 179.6
Consolidated net profit
attributable to equity
holders of the parent       368.3        (32.2)

STRONG GROWTH IN CONSOLIDATED NET PROFIT

Consolidated net profit attributable to the group was EUR368.3 million in the
first half of 2021, compared to a loss of EUR32.2 million in the first half of
2020.

This was mainly due to the resumption of dividend payments from investments in
non-consolidated companies, which amounted to EUR293.9 million (including a
EUR173m dividend in Faurecia shares from Stellantis). Dividends received in
2020 totalled only EUR11.3 million because of the Covid-19 crisis, which
prompted most companies to cancel or reduce their announced dividend
payments.

PEUGEOT INVEST: A RESPONSIBLE, FAMILY-OWNED INVESTOR THAT IS COMMITTED FOR THE
LONG TERM

Following shareholder approval on 31 March 2021, FFP changed its company name
to Peugeot Invest. The new name better reflects the connection between the
company's family history and its investment activities, and particularly its
industrial, entrepreneurial, responsible and long-term DNA.

Its subsidiary that holds stakes in Stellantis and Faurecia has also been
renamed Peugeot 1810, marking its attachment to the Peugeot family's
entrepreneurial history stretching back more than 200 years.

Via its Investments, Peugeot Invest is developing a diversified portfolio that
creates value in many business sectors including manufacturing, business
services, personal services, consumer goods and real estate, in various
geographies.

Peugeot Invest focuses on businesses that are driven by long-term growth trends
such as the expansion of the middle class in emerging-market countries or the
ageing of the population.

FIRST HALF 2021 HIGHLIGHTS

Stellantis

The Stellantis group, resulting from the merger between Peugeot SA and Fiat
Chrysler Automobiles NV, came into being on 16 January 2021. Stellantis has
large market shares in Europe and North America, and benefits from the
excellent fit between the two merged groups in terms of technologies and
product ranges.

It reported proforma sales of EUR75.3 billion in the first half of 2021, up 46%
compared with the same period last year. In Europe, the group's market share
was 23.1%. The merger has already produced EUR1.3 billion of synergies in the
first half of the year, with EUR3.7 billion expected in full-year 2021.

Through its 76.5%-owned subsidiary Peugeot 1810, Peugeot Invest currently owns
7.2% of Stellantis' capital and voting rights.

Shareholdings

Through its portfolio of shareholdings, Peugeot Invest invests in companies'
equity and provides support to their management teams, playing an active role
on their boards of directors and board committees and sharing its expertise
with a long-term perspective.

In February 2021, Peugeot Invest acquired a minority stake in International SOS
for $306 million. International SOS was founded in Singapore in 1985, and
provides medical prevention, security, healthcare access and emergency response
services to international companies and government organisations.

In February 2021, Peugeot Invest sold all of its 10.1% stake in IDI for EUR27.2
million, representing a return of 2.3x its investment. That share sale allowed
Peugeot Invest to lock in the value created, while remaining an investor in the
IDI Emerging Markets funds in partnership with IDI.

After selling part of its stake in Safran in November 2020 (through a forward
sale agreement), Peugeot Invest continued its divestment and sold an additional
1.7 million shares for EUR208 million, taking the total amount raised from
Safran share sales since 2018 to EUR340 million, with an IRR of 14.4%.

Co-investments

Peugeot Invest works with various partners specialising in specific sectors or
geographical areas and takes equity stakes in some of their holdings.

The first half of 2021 was another busy period in terms of co-investments with
both new and existing partners.

In May 2021, Peugeot Invest once again reasserted its ambition of being a
responsible investor and of having a long-term impact with a EUR10 million
co-investment in French company Ynsect, a leading player in farming and
processing insects to produce ingredients used as alternatives to traditional
animal proteins.

Peugeot Invest made a commitment to the Singapore-based Venturi co-investment
platform. The platform invests in high-growth companies in India and Southeast
Asia, focusing on consumer themes. Peugeot Invest will act as sponsor and
committed $25 million.

Peugeot Invest also continued to support its existing partners by reinvesting
alongside JAB Holdings
and in Lineage.

Private equity funds

Peugeot Invest commits to private equity funds to make its portfolio more
diverse in geographical and sector terms, and to seize new opportunities to
create value.

Peugeot Invest continued its strategy in the first half of 2021 by making EUR50
million of new commitments to four funds: Veritas Capital Vantage (United
States), Quad VI (United States), Adagia Capital Europe (Western Europe) and C
Bridge Healthcare Fund V (Asia).

In the first half of 2021, capital calls amounted to EUR60 million. Funds
carried out a number of disposals with high valuation multiples, leading to
distributions of around EUR41 million for Peugeot Invest.

Real estate

Peugeot Invest invests in real-estate development and asset transformation
projects that complement the group's diversification over long, low-volatility
cycles while targeting attractive returns.

In the first half of 2021, Peugeot Invest purchased a 5% stake in Austrian
company SIGNA Development (sister company of SIGNA Prime Selection, in which
Peugeot Invest has been an investor since 2019) for EUR75 million, thereby
reasserting its ambition to strengthen its position in the real-estate sector.
SIGNA Development's strategy is to develop premium real-estate projects
(residential, office and retail), most of which are located in city centres in
Germany and Austria, with the aim of marketing them and then selling them to
investors (mainly pension funds and insurance companies). The portfolio
consists of around 50 projects currently underway, with a projected completion
value of around EUR8 billion.

Peugeot Invest continued to invest in the United States alongside ELV
Associates, in two new projects: one in the Boston area and the other in
Atlanta, for a total amount of $3.6 million. ELV also sold two projects in the
first half of the year, representing a total of $14.5 million for Peugeot
Invest.

DEBT

At 30 June 2021, Peugeot Invest's net debt amounted to EUR980 million as
opposed to EUR1,023 million at 31 December 2020. Its loan-to-value was 16% at
30 June 2021, lower than at the start of the year. Unused credit facilities
amounted to EUR845 million at 30 June 2021.

POST-BALANCE SHEET EVENTS

The French automotive supplier Faurecia announced in mid-August that it had
taken over its German competitor Hella, which specialises in lighting systems
and on-board electronics. This acquisition makes Faurecia the seventh largest
automotive supplier in the world and the fourth in Europe.

DIVIDEND

Peugeot Invest's distribution policy aims to ensure a consistent and rising
dividend. In this respect and given the environment, dividends paid in 2021
with respect to 2020 amounted to EUR58.3 million, or EUR2.35 per share, up 9.3%
compared with 2020.

Commenting on these results, Robert Peugeot (Chairman of Peugeot Invest) and
Bertrand Finet (CEO) said:

"Peugeot Invest has reported excellent first-half results in the context of a
strong rebound after a year marked by the Covid-19 crisis in 2020. Net Asset
Value rose by nearly 30% in the first-half period to EUR227.4 per share, an
all-time high. This performance reflects the strength and relevance of Peugeot
Invest's model, which is based on two pillars: the stake in Peugeot 1810 - one
of the main shareholders of Stellantis and Faurecia - and a diversified
portfolio of Investments in promising areas of the manufacturing, business
services, personal services, consumer goods and real estate sectors.

The beginning of the year was of course marked by the good start made by
Stellantis, in which we had strengthened our position under very good
conditions in 2020. At the same time, the distribution of Faurecia shares
enabled us to become a direct shareholder in this major equipment manufacturer.
In August, we supported the acquisition of Hella, which will increase
Faurecia's growth potential.

In a first half rich in transactions, we were able to seize investment
opportunities in companies with attractive growth and value creation prospects,
particularly in International SOS and SIGNA Development - investing a total of
EUR453 million funded by EUR487 million of disposals, in particular the major
part of our stake in Safran.

It is worth noting the business levels rebound of most of our investees after
they were affected by the Covid-19 crisis in 2020."

ABOUT PEUGEOT INVEST

Peugeot Invest is an investment company listed on Euronext, majority-owned by
Etablissements Peugeot Frères. Via its Peugeot 1810 subsidiary, Peugeot Invest
is one of the leading shareholders in Stellantis and Faurecia. It also pursues
a policy of establishing minority shareholdings with a long-term view. Peugeot
Invest holds interests in listed companies (such as SEB, Safran, ORPEA, LISI
and SPIE), non-listed companies (such as Tikehau Capital Advisors,
International SOS, Acteon and Total-Eren), co-investments (such as IHS and JAB
Holding), private equity funds and real estate (SIGNA Prime Selection and
Immobilière Dassault).

INVESTOR RELATIONS
Sébastien Coquard
sebastien.coquard@peugeot-invest.com
+33 1 84 13 87 20

PRESS CONTACT
Leslie Jung-Isenwater
Peugeotinvest@image7.fr
+33 6 78700555

NET ASSET VALUE AT 30 JUNE 2021

In EURm                        % hold    Valuation   % Gross Asset
                                                         value

Stellantis                                   2 837      42,5%
Faurecia                                       137       2,1%
Peugeot 1810 (A)                 76,5%       2 974        45%

Lisi                              5,1%          76         1%
CID (Lisi)                       25,4%         209         3%
SEB S.A.                          4,0%         339         5%
Safran                            0,1%          48         1%
Orpéa                             5,0%         350         5%
CIEL group                        6,8%          12         0%
Tikehau Capital                   2,3%          83         1%
SPIE                              5,3%         165         2%
Non listed holdings                            456         7%
Holdings (i)                                 1 737        26%

Private equity funds (ii)                      536         8%

Keurig Dr Pepper                               130         2%
Jacobs Douwe Egberts                             6         0%
Non listed co-investments                      667        10%
Co-investments (iii)                           803        12%

Immobilière Dassault             19,8%          79         1%
Non listed Real Estate                         507         8%
Real Estate (iv)                               586         9%

Other financial assets                          11         0%
Cash                                            33         0%
Other Assets (v)                                44         1%

Investment Gross Asset Value
(i)+(ii)+(iii)+(iv)+(v) = (B)                3 706        55%

Gross Asset Value = (A) + (B)                6 680       100%

Debt (C)                                     1 013

Net Asset Value   = (A) + (B) - (C)          5 667
i.e. per share                               227,4 EUR

Details of the valuation methods used can be found at www.peugeot-invest.com
and in the Peugeot Invest Universal Registration Document.

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10/04/2024 17:45

PEUGEOT INVEST (EPA:PEUG) - First-half 2021 results : strong growth in NAV to €227.4 per share and sustained activity

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