FFP_REGISTRATION_DOCUMENT_2017
ACTIVITY AND PROFIT FOR THE PERIOD
Results and financial position
In 2016, profit from equity securities consisted mainly of the capital gain on Peugeot SA shares sold after the two counterparty banks exercised their calls. Current-account advances granted to the FFP INVEST subsidiary generated interest income of €3.7 million. Portfolio Investment Securities Portfolio Investment Securities generated a profit of €4.7 million in 2017 as opposed to €17.9 million in 2016. That profit consisted mainly of €4.8 million of capital gains on Net financing items produced an expense of €12.8 million, versus €10.1 million in 2016. That expense was primarily made up of interest and fees relating to debt. There was a net general administration expense of €4.6 million versus €7.4 million in 2016. BALANCE SHEET Long-term investments amounted to €1,744.2 million at 31 December 2017, compared with €1,658.1 million a year earlier. The main change in 2017 concerned further current-account advances to FFP INVEST totalling €86.2 million. Current assets rose sharply to €50.8 million, up €42.7 million on the previous year. That was mainly due to a €2.4 million increase in the cash position to €12.6 million and the buyback of 326,483 FFP own shares for €29.2 million. Those shares will be used to cover bonus share plans. Equity totalled €1,319.5 million after taking into account €31.6 million of profit for the year and €45.1 million of dividend payments. At the end of the previous year, equity amounted to €1,333.1 million. Total debt was €474.7 million as opposed to €333.6 million at end-2016. The increase was because of the two Euro PP issues amounting to €245 million, partly offset by a reduction in drawings on credit facilities from €329 million to €219 million. money returned by private equity funds. Other income statement items
O investments in non-consolidated companies rose by €374 million, due in particular to the investment in SPIE in 2017, along with remeasurements of other investments; O the value of Portfolio Investment Securities rose €260 million due to new co-investments and private equity commitments signed during the year; O equity rose €439.8 million, corresponding to comprehensive income less dividend payments made in 2017 and own shares purchased during the year. The consolidated cash position rose by €11 million to €17.4 million at 31 December 2017. The main cash flows in 2017 were as follows: O net cash flow from operating activities: €64.2 million; O investment in SPIE for €200.7 million, participation in the Tikehau group’s capital increase for €25.7 million; real-estate investments in the USA for €13.9 million; co-investments for €123 million and calls by private equity funds for €58 million; O purchases of own shares for €29 million; O disposal of the second tranche of Holding Reinier shares for €48 million; disposal of the HIT shares for €238 million; disposal of the Ipsos shares for €30 million and €30 million of money returned by private equity funds; O €45.1 million of dividend payments; O private placements of bonds (Euro PP) totalling €242.5 million; O €110.4 million of FFP credit facilities repaid.
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Parent-company results
Net profit amounted to €31.6 million in 2017 versus €207.8 million in 2016. It was made up mainly of the following items:
INCOME STATEMENT
Equity securities Profit from equity securities amounted to €44.1 million as opposed to €209.5 million in 2016, and consisted mainly of €40.5 million of dividends received from Peugeot SA.
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FFP
2017 REGISTRATION DOCUMENT
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