FFP_REGISTRATION_DOCUMENT_2017

4

ACTIVITY AND PROFIT FOR THE PERIOD

Results and financial position

Consolidated comprehensive income attributable to equity holders of the parent amounted to €513.3 million as opposed to €181.8 million in 2016. Comprehensive income for 2017 comprises the profit for the period, the €323.4 million increase in the value of non-consolidated financial assets, a €3.3 million change in the fair value of derivatives and a €6 million negative impact from changes in the equity of companies consolidated under the equity method. It also includes a negative impact of €13.6 million from exchange differences on cash advances made to subsidiaries, along with a €15.6 million negative impact from other remeasurements taken directly to equity (most of which arose from translation differences relating to the equity of subsidiaries whose functional currency is not the euro). BALANCE SHEET AND CASH FLOWS The main changes affecting the consolidated balance sheet were as follows: O investments in associates increased by €26 million, mainly as a result of investments in Redford USA II Holdings and Redford EU II Holdings, which are holding companies for AmaWaterways; BOND ISSUE FFP carried out its first bond issue in June 2017: a Euro Private Placement consisting of €155 million of 8-year bonds (maturing in July 2025) paying an annual coupon of 2.5%. The issue’s settlement date was Monday 3 July. The bonds were placed with leading European investors and they are listed on Euronext Access (ISIN code FR0013265485). FFP then raised €87.5 million in its second private placement of bonds with various maturities: O a tap issue of the 2.5% July 2025 tranche; O a new 8-year tranche (maturing January 2026) with a coupon of 2.6%; O a new 10-year tranche (maturing December 2027) with a coupon of 3%. The settlement date for the various tranches was 6 December, and the bonds are listed on Euronext Access (ISIN codes FR0013265485, FR0013301033 and FR0013301041). The proceeds from these issues will be used to finance the company’s development. Alongside its traditional bank financing, these issues extended the average maturity of FFP’s debt, while diversifying its lender base to include institutional investors.

FFP also made a €12 million commitment to the European technology growth capital fund Summit Partners Europe II and a €2 million commitment to French venture philanthropy fund Alpha Diamant II. In 2017, calls for funds amounted to €70 million. Funds carried out a number of disposals, leading to distributions of around €34 million in 2017.

Other information

SHARE BUYBACK FFP bought back 326,483 of its own shares for a total amount of €29.2 million, equating to an average price of €89.35 per share. The transaction was carried out as part of the company’s share buyback programme approved by shareholders in the 3 May 2016 General Meeting. Some of the shares will be used in bonus share plans, and the unused shares will be cancelled. No shares had yet been cancelled by 31 December 2017.

Results and financial position

4.2

Consolidated results FFP’s consolidated net profit attributable to equity holders of the parent was €221.8 million in 2017, as opposed to €149.8 million in 2016. That profit breaks down as follows: O income from available-for-sale securities totalled €230.1 million as opposed to €171.7 million in 2016. It included: • €77.1 million of dividends from non-consolidated companies versus €36.3 million in the year-earlier period, • disposal gains amounting to €135.8 million on HIT shares, €7.8 million on Ipsos shares and €3.2 million on Holding Reinier shares, • €6.2 million of net capital gains on money returned by private equity funds; O general administration expenses amounting to €20.5 million versus €17.6 million in 2016, and a cost of debt of €13.1 million as opposed to €10.4 million in 2016; O FFP’s share in the net earnings of associates was €20.9 million, compared with €18.0 million in 2016.

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FFP

2017 REGISTRATION DOCUMENT