COMMUNIQUÉ RÉGLEMENTÉ

par Peugeot Invest (EPA:PEUG)

Half-year financial report for the period ended 30 June 2024

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Half-year financial report  for the period ended 30 June 2024

This half-year report is a free translation of the official French version of the half-year report available on the Peugeot Invest website (www.peugeot-invest.com).

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Activity report – First half 2024.......................................................................................................... 3

Net asset value (NAV).......................................................................................................................................................... 3

Activity and results of main investee companies............................................................................................................ 4

Peugeot 1810........................................................................................................................................................................ 4

Investments........................................................................................................................................................................... 4

New investments and disposals......................................................................................................................................... 5

Shareholdings........................................................................................................................................................................ 5

Co-investments..................................................................................................................................................................... 6

Private equity funds............................................................................................................................................................. 7

Analysis of profit and financial position........................................................................................................................... 8

Consolidated profit.............................................................................................................................................................. 8

Balance sheet and cash flow.............................................................................................................................................. 8

Governance........................................................................................................................................................................... 9

Principal risks and uncertainties...................................................................................................................................... 10

Developments since 30 June 2024.................................................................................................................................. 10

Outlook for the second half of 2024............................................................................................................................... 10

Related party transactions............................................................................................................................................... 11

Condensed consolidated financial statements 30 June 2024.................................................................. 12

Statutory auditors’ report on the half-yearly information..................................................................... 44

STATEMENT BY THE COMPANY OFFICER RESPONSIBLE FOR THE INTERIM FINANTIAL REPORT..................... 46

ACTIVITY REPORT – FIRST HALF 2024

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Net asset value (NAV)

Net asset value (NAV) is calculated as the market value of Peugeot 1810 shares plus the gross asset value of Peugeot Invest’s Investments, less financial liabilities. Listed companies are valued at market price at the balance sheet date. Peugeot 1810 shares, which include Stellantis and Forvia shares, are valued at the period-end market price. Details of the valuation methodology used (unchanged from previous publications) are available on the Peugeot Invest website and in the Peugeot Invest Universal Registration Document.

At 30 June 2024,

•       The overall value of Peugeot Invest’s stake in Peugeot 1810 was €3,220 million

•       The gross asset value of Investments was €3,133 million at 30 June 2024

•       Peugeot Invest’s NAV was €5,650 million (€226.70 per share) at 30 June 2024, compared with €5,949 million (€238.70 per share) at 31 December 2023, down 3.7% (dividends reinvested).

% Gross

In €m                                                                   % Hold                    Valuation

Asset value

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Stellantis

           3,168                50%

Forvia

              52                    1%

                                               Peugeot 1810 (A)             76.5%

           3,220                51%

Lisi

10.3%

111

2%

CIEL group

6.8%

17

0%

Spie

5.1%

287

5%

Immobilière Dassault

19.8%

61

1%

Σ Listed holdings

476

7%

Σ Non listed holdings

398

6%

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Activity and results of main investee companies

Peugeot 1810

Stellantis had a difficult start to the year amid widespread weakness in production volumes. Revenue was €85 billion, down 14% compared with the first half of 2023 due to lower sales volumes and mix on its main markets, including in North America, where the group lost market share. Adjusted operating income was down 40% to €8.5 billion, for an adjusted operating income margin of 10.0%. The group’s management confirmed its annual financial targets of operating margin of over 10% and positive cash flow. 

In the first half of 2024, Stellantis distributed €6.7 billion to its shareholders through payment of an ordinary dividend (€4.7 billion) and the completion of two-thirds of its share buyback programme (€2.0 billion). The ongoing execution of this programme is expected to bring the total return to shareholders to €7.7 billion in 2024.

Despite the weakness in global automotive production, Forvia delivered 2.7% organic growth in revenue, which reached €13.5 billion in the first half of the year. The group’s operating income was €700 million and operating margin stood at 5.2% (+20 bps). Operating margin increased in most activities. Management continues to focus its efforts on deleveraging the company by continuing to improve its cash flow generation (€201 million in the first half of

2024) and executing the ongoing disposal programmes. Net debt was €6.9 billion at 30 June 2024. Management confirmed its financial targets for this year.

Investments

While the market environment remained uncertain in the first half of 2024, the group’s shareholdings generally delivered solid operating performances, driven by underlying trends such as the energy transition and digital transformation for Spie, the dynamics of the aerospace market for LISI, the recovery in business travel with the heightened need for employee protection for International SOS, and dynamic inflows and the strong performance by investments for Rothschild & Co. 

The co-investment activity was satisfactory overall, despite a more complex economic climate in China. 

The investment funds, which are highly diversified by nature and mainly exposed to the United States and the buoyant healthcare and software sectors, continued their gradual rise in what remains a sluggish private equity market.

New investments and disposals

Peugeot Invest continued to rotate its assets and take disposal opportunities centred on value creation. Gains on disposals and distributions amounted to €437 million in the first half of 2024 (compared to €262 million in the first half of 2023).

These gains were used to fund €117 million in new investments in the first half of 2024 and will allow Peugeot Invest to seize investment opportunities in the second half of the year.

Shareholdings
Disposal of LISI shares

In January 2024, Peugeot Invest sold 1,900,000 LISI shares, representing 4.1% of the company’s share capital, for the total sum of €39.9 million, or a price of €21 per share. This partial disposal follows the reorganisation of LISI’s shareholding structure, in which Peugeot Invest contributed alongside other family shareholders back in 2023.

Following this transaction, Peugeot Invest holds c. 10% of LISI’s share capital and c. 8% of its voting rights. Represented at LISI’s Board of Directors, Peugeot Invest continues to play its role as an active shareholder by supporting the management team as well as its strategy. 

Disposal of SEB shares

In February 2024, Peugeot Invest sold 2,223,674 Groupe SEB shares, representing c. 4.02% of the company’s share capital. The transaction consisted in an institutional private placement by way of an accelerated book-building process, at a price of €106 per share for a total amount of €236 million. 

Since Peugeot Invest’s investment in 2004, the value of its stake in Groupe SEB’s share capital has increased by 4.3x, representing a 10% IRR over twenty years. 

Following this transaction, Peugeot Invest no longer holds any stake in Groupe SEB and is no longer represented in the company’s governance.

Disposal of Tikehau Capital shares

After holding its Tikehau Capital shares for eight years, Peugeot Invest announced in

March 2024 that it would sell these securities for a total amount of €58.3 million. Taking into account the disposal of its stake in Tikehau Capital Advisors in 2023, in total Peugeot Invest realised an IRR of 8% and a multiple of 1.6x over eight years. 

Co-investments
Disposal of AmaWaterways shares

In May 2024, Certares sold its stake in AmaWaterways to L Catterton. Peugeot Invest received $48 million at that time. AmaWaterways is a luxury river cruise company that targets a mostly English-speaking clientele. It is renowned for its service, its innovative ships and the experiences it offers. Since Peugeot Invest’s investment in 2017, the value of its stake has increased by 2.0x, representing an IRR of 10% over seven years.

Investment in TradingView

In April 2024, Peugeot Invest committed $20 million to TradingView’s share capital as part of a co-investment with Smash Capital and our partner Quadrille. TradingView was founded in London in 2011 and is a charting and financial data platform for retail investors. Use of the platform is based on a paid subscription model.

Investment in Springbrook

In June 2024, Peugeot Invest made a $17 million commitment to Springbrook as a coinvestment with our partner, Rothschild & Co’s FAPI fund. This company is based in the United States and has two main activities focused on US local governments: an administrative management ERP and a payment solution. The commitment will be called in the second half of 2024.

Investment and disposal of projects with ELV

Peugeot Invest works with several families in Europe to support the development of real estate projects in the USA. These projects are devised and managed by a US team of professionals within ELV Associates, which was established in 1991. These projects mainly involve residential developments, but also office and retail developments. 

In the first half of 2024, Peugeot Invest sold the 111 JWD property, a student housing project, for $4.8 million and a performance of 1.2x, and made a $6.5 million commitment to Port Malabar, a luxury residential project in Florida.

Private equity funds

Peugeot Invest continued to make new commitments on a regular basis throughout the first half of the year:

Webster VI investment

In January 2024, Peugeot Invest committed $20 million to the sixth Webster vehicle. This is a Boston-area buyout fund focused on the healthcare sector. It should be noted that Peugeot Invest has already invested $15 million in the Webster IV fund and $20 million in Webster V.  

K6 investment

K6 is a growth and growth buyout management company whose strategy is to invest in lower mid-market B2B software companies, mainly in the United States. Peugeot Invest committed $20 million after previously investing in the K4 and K5 funds.

MED Rise investment

In March 2024, Peugeot Invest committed €10 million to MED Rise, a small-cap vehicle launched by Archimed, a management company specialising in healthcare. Archimed was founded in 2014 and is primarily focused on buyout transactions, most of which are majority buyouts. The MED Rise fund rounds out the positioning adopted by Archimed, in which Peugeot Invest is a major investor with stakes in several vehicle families. 

LEA III investment

Last May, Peugeot Invest committed €15 million to LEA III. LEA Partners was founded in 2016 and specialises in B2B software. This third fund targets majority and minority control transactions. 

GRO investment

Peugeot Invest committed €5 million to GRO Generation I, a Danish vertical and horizontal B2B software fund, which we have supported since 2022 (GRO III) in the context of the panEuropean expansion of its strategy. 

OREP 2 investment

In February 2024, Peugeot Invest committed €10 million to the OREP 2 fund, of which €6.3 million was called in April. This fund is managed by OSAE, a real estate management company founded in 2018 following the spin-off of Weinberg Capital’s real estate team. Its multi-sector value-add strategy is focused on office, hotel and mixed-use assets. The company has strong expertise and an extensive network on its market. 

Analysis of profit and financial position

Consolidated profit

The consolidated net profit at 30 June 2024 stands at €306.5 million (of which €228 million group share), compared to €321.3 million in the first half of 2023. This change is due mainly to losses on the sale and revaluation at fair value of long-term shareholdings in trading portfolio, which were -€40.7 million at 30 June 2024, against a gain of €59.2 million in 2023, following the decline in the value of certain co-investments. This was partially offset by the growth of the Stellantis dividend from €300.5 million to €347.6 million. 

General administration costs were slightly higher at -€20.9 million, compared to -€19.3 million during the first half of 2023, due to the severance payment to the CEO.

The cost of financial debt for the first half of 2024 decreased to -€11.5 million, against €13.6 million in 2023, due to the decline in average debt.

Other financial income stood at €10.0 million, versus an expense of €6.3 million in 2023, and concerned exchange gains realised due to the depreciation of the euro against the US dollar and interest on cash investments.

The share of the net income of associate companies stood at €12.5 million against -€2.5 million in the first half of 2023 due to the €14.1 million impairment reversal for AmaWaterways, which was deconsolidated after its disposal. The 2023 amount was notably affected by the removal of CID and LISI from the scope of consolidation.

Tax on earnings stands at -€11.5 million (including €10 million in deferred tax credit).

Balance sheet and cash flow

The main variations affecting the consolidated balance sheet concern:

•       The decrease in investments in associate companies (equity-accounted) in the amount of €33.8 million due mainly to the disposal and deconsolidation of AmaWaterways

•       The decrease in the fair value of the non-consolidated equity securities portfolio of €955.0 million. This can be attributed mainly to the decline in the price of the shares of Stellantis (-12.6%) and Forvia (-45.9%), despite the rise in the price of the Spie share (+19.4%)

•       The €76.7 million rise in long-term shareholdings in trading portfolio. This mainly corresponds to the revaluation of the private equity funds, as well as investments in new co-investments and private equity commitments

•       The €208.1 million increase in cash due to the disposal of the Groupe SEB and Tikehau Capital shareholdings and the partial disposal of LISI

•       The variation in group share equity is -€280.6 million. This decrease in the first half of 2024 comes from comprehensive income (-€587.6 million) and the dividend paid for 2023 (-€80.7 million), included in reserves

•       The reduction in non-current financial liabilities is -€316.1 million, mainly composed of the €328 million reduction in bank loans, and the €12.4 million increase in subscription commitments.

The principal cash flows for the half-year are as follows:

•       Net cash flows from operating activities of €346.1 million versus €125.1 million at 30 June 2023. It should be noted that the Rothschild & Co transaction was included in receivables at 30 June 2023 and not yet in investing activities with a cash outflow

•       Acquisitions of financial assets of €117.1 million, corresponding mainly to our investment in TradingView and in the calls on our private equity funds and property funds

•       Sales of financial assets for the sum of €432.2 million largely due to the sale of the Tikehau Capital, LISI, SEB and AmaWaterways shares, as well as distributions from our private equity funds

•       Peugeot Invest’s reimbursement of its lines of credit for €274.4 million

•       €80.7 million of dividends paid to shareholders in 2024 for the 2023 financial year, a 14% increase.

Governance

Appointment of Jean-Charles Douin as CEO of Peugeot Invest

In anticipation of the upcoming change in Board chairmanship, held by Robert Peugeot until May 2025, the Board of Directors of Peugeot Invest decided to undertake a management transition, leading to the appointment of Jean-Charles Douin as CEO of Peugeot Invest. He is joining Peugeot Invest after 16 years at Ontario Teachers’ Pension Plan where he headed up private equity activities in Europe, the Middle East and Africa. Jean-Charles Douin will take office on 28 October 2024. 

Nicolas Huet, permanent representative of Établissements Peugeot Frères to Peugeot Invest’s Board of Directors, has served as acting CEO of Peugeot Invest since 1 August 2024 and will remain in place until Jean-Charles Douin takes up his position.

Change in the composition of the Board of Directors

The Annual General Meeting of Shareholders of 24 May 2024 reappointed Sophie BanzetBérets, Armand Peugeot and Édouard Peugeot as directors and appointed two new directors to replace the outgoing directors:

•       Christine Dubus as independent director, replacing Marie-Françoise Walbaum, whose resignation took effect as of the end of the 2024 Annual General Meeting

•       Xavier Barbaro[1] as independent director, replacing Luce Gendry, whose resignation took effect as of the end of the 2024 Annual General Meeting, although she will continue to participate in the work of the Board for one year as a non-voting member.

She replaces Georges Chodron de Courcel, whose term as non-voting member expired at the 2024 Annual General Meeting.

Update to the Board of Directors’ internal rules

At its meeting of 20 September 2024, the Board of Directors adopted an update to its internal rules, the main purpose of which was to:

•       set out the company’s already effective practices for discussions not attended by corporate officers (“executive sessions”) and for the evaluation periodic, internal and external of the Board of Directors’ operations

•       increase the minimum number of shares each director must hold for their entire term from 100 to 500 (at least 300 shares no later than six months after joining the Board and 500 shares once they have been on the Board for 12 months).

Principal risks and uncertainties

The principal risk factors are detailed in the 2023 Universal Registration Document (pages 149 to 158). Political instability increased in France due to the dissolution of the National Assembly and the election of an Assembly without a majority. There were no significant developments in the nature of the other risks during the first half of 2024. 

Developments since 30 June 2024

Disposal of Transact

The co-investment in US company Transact, made in 2019 alongside Reverence Capital Partners, was sold in August to the Roper group, which specialises in industrial software. Peugeot Invest received $43 million in this transaction, i.e. a multiple of 2.7x and an IRR of 21%. 

Outlook for the second half of 2024

The geopolitical environment remained complex in the first half of the year, with the ongoing war in Ukraine, rising tensions in the Middle East and uncertainties related to the multiple elections in many countries. Macroeconomic issues remain core concerns for investors and the markets. 

In this environment, Peugeot Invest sold several of its assets under satisfactory conditions. With its significant investment capacity, Peugeot Invest will actively pursue its diversified investment strategy, targeting companies that are leaders on their market and driven by sustainable growth trends. In a more challenging automotive environment, Stellantis' share price has fallen by 25% since 30 June 2024.

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Related party transactions

Note 26 of the appendix to the condensed consolidated financial statements records related party transactions. 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 30 JUNE 2024

Peugeot Invest

30 JUNE 2024

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated income statement

Consolidated comprehensive income statement

Consolidated financial position statement

Statement of changes in consolidated equity Consolidated cash flow statement

Notes to the consolidated financial statements

General

Note 1

Accounting policies

Note 2

Significant events

Note 3 Consolidated income statement

Scope of consolidation

Note 4

Income from long-term investments

Note 5

Income from investment properties

Note 6

General administrative expenses

Note 7

Other financial income and expenses

Note 8

Cost of debt

Note 9

Share in the profit or loss of associates

Note 10

Income tax

Note 11 Other comprehensive income

Net earnings per share

Note 12

Balance Sheet – Assets

Breakdown of other comprehensive income

Note 13

Property, plant and equipment

Note 14

Investments in associates (accounted for under the equity method)

Note 15

Non-current financial assets

Note 16

Tax receivables and payables

Note 17

Other receivables and current financial assets

Note 18

Cash and cash equivalents

Balance sheet – Equity and liabilities

Note 19

Equity

Note 20

Current and non-current financial liabilities

Note 21

Provisions

Note 22

Additional information

Other current liabilities

Note 23

Changes in working capital requirements

Note 24

Market risk management

Note 25

Segment reporting

Note 26

Related-party transactions

Note 27

Off-balance sheet commitments

Note 28

Post-balance sheet events


                                        

CONSOLIDATED INCOME STATEMENT                                                                                        

(in thousands of euros)                                                                                                 Notes      30/06/2024     30/06/2023

Income from long-term investments

327,886

379,722

Income from investment properties                                           

-

333

Revenue                                                                                                

327,886

380,055

General administrative expenses                                                 

(20,884)

(19,317)

Other financial income/expenses                                                

9,993

(6,337)

Cost of financial debt                                                                       

(11,536)

(13,631)

Pre-tax income from consolidated companies

305,459

340,770

Share of net income of associates

12,542

(2,501)

Consolidated pre-tax income                                                       

 

318,001

338,269

Income tax (including deferred tax)                                            

10 

(11,456)

(17,001)

CONSOLIDATED NET INCOME                                                       

 

306,545

321,268

Of which attributable to equity holders of the parent         

227,970

252,180

Of which attributable to non-controlling interests

78,575

69,088

Net earnings (attributable to the Group) per share (in euros)

11 

9.15

10.12

Net diluted earnings (attributable to the Group) per share (in euros)

11 

9.18

10.15

Number of outstanding shares                                                     

24,922,589

24,922,589

Nominal value (in euros)                                                                 

1.00

1.00

 

                 

      

        CONSOLIDATED COMPREHENSIVE INCOME STATEMENT                        

(in thousands of euros)                                                                                   Notes        30/06/2024 30/06/2023

Consolidated net income

 

306,545

321,268

Impact of equity method accounting on net comprehensive income

12 

(1,115)

24,173

Remeasurements and disposals of non-consolidated investments, net of tax(1)

12 

(603,323)

568,673

Other comprehensive income not recyclable to the income statement – net of tax

 

(604,438)

592,846

Net remeasurement of derivatives (future cash flow hedges)

12 

(1,973)

(659)

Foreign exchange differences

12 

28,140

(10,302)

Other net direct remeasurements through equity   

12 

1,528

(5,430)

Other comprehensive income recyclable to the income statement – net of tax

 

27,695

(16,391)

CONSOLIDATED COMPREHENSIVE INCOME

 

 

(270,198)

897,723

Of which attributable to equity holders of the Group

(199,609)

674,551

Of which attributable to non-controlling interests

(70,589)

223,172

(1) The gross/tax breakdown is provided in Note 12.                                                                

 

                 

                           

CONSOLIDATED FINANCIAL POSITION STATEMENT AS AT 30 JUNE 2024   

ASSETS                                                                                                                                                                 

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(in thousands of euros)                                                                                  Notes        30/06/2024 31/12/2023

Non-current assets                                                                                   

Property, plant and equipment                                                           

Buildings                                                                                                       

13 

387

382

Other property, plant and equipment                                               

13 

1,123

1,225

Rental rights of use                                                                                   

13 

1,895

2,260

Total property, plant and equipment                                                

13 

3,405

3,867

Investments in associates (accounted for under the

  equity method)

14 

622

34,418

Non-current financial assets                                                                 

Investments in non-consolidated companies measured at fair value through other comprehensive income

15 

5,297,227

6,252,259

Securities measured at fair value through the income statement

15 

2,454,469

2,377,809

Other non-current financial assets                                                      

15 

24,808

29,407

Total non-current financial assets                                                      

15 

7,776,504

8,659,475

Deferred tax – Assets                                                                              

16 

36,216

31,686

TOTAL NON-CURRENT ASSETS                                                             

 

7,816,747

8,729,446

Current assets                                                                                            

Current tax                                                                                                   

16 

9,968

15,067

Other receivables                                                                                      

17 

9,126

9,089

Other current financial assets                                                               

17 

3,612

6,272

Cash and cash equivalents                                                                     

18 

330,500

122,376

TOTAL CURRENT ASSETS                                                                        

 

353,206

152,804

TOTAL                                                                                                             

 

8,169,953

8,882,250

 

           

                       

CONSOLIDATED FINANCIAL POSITION STATEMENT AS AT 30 JUNE 2024        

LIABILITIES                                                                                                                                                          

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(in thousands of euros)                                                                                  Notes         30/06/2024 31/12/2023

Equity                                                              

 

 

 

Share capital                                                  

24,923

24,923

Capital-related premiums                         

147,577

149,841

Reserves                                                          

4,418,156

4,200,286

Other comprehensive income                

785,018

1,372,609

Net income for the financial year (attributed to the Group)

 

227,970

136,635

Total capital and reserves (attributed to the Group)

19 

      5,603,644       5,884,294

Non-controlling investments                   

973,311

1,063,700

TOTAL EQUITY                                              

 

6,576,955

6,947,994

Non-current liabilities                               

Non-current financial liabilities              

20 

1,466,981

1,783,074

Deferred tax – Liabilities                           

16 

94,448

116,743

Provisions                                                       

21 

205

205

TOTAL NON-CURRENT LIABILITIES  

 

1,561,634

1,900,022

Current liabilities                                        

Current financial liabilities                        

20 

11,793

16,290

Current tax                                                     

16 

9,373

3,467

Other liabilities                                             

22 

10,198

14,477

TOTAL CURRENT LIABILITIES                   

 

31,364

34,234

TOTAL                                                               

 

8,169,953

8,882,250

 

           

STATEMENT OF CHANGES IN CONSOLIDATED EQUITY                                                               

                                                            

Total

                                                                                                                                                                                                                            equity

                                                                               Capital-                          Reserves and                         Other (attributed                    Non-

                                                                 Share           related Treasury      consolidated    comprehensive              to the       controlling              Total

                (in thousands of euros)                         capital premiums        shares                 income                    income              Group) investments             equity

Equity as at 01/01/2023              

24,923

158,410

(6,416)

4,313,098

335,339

4,825,354

650,900

5,476,254

 . Comprehensive income, 31 December 2023

58,109

1,037,270

1,095,379

478,797

1,574,176

 . Impact of changes in other reserves

11,726

-

11,726

11,726

 . Impact of takeovers or losses of control

36,046

-

36,046

 . Dividends paid for 2022

(70,844)

-

(70,844)

(65,997)

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 . Recognition of share-based payments (IFRS 2)

(8,569)

8,569

-

-

-

 . Treasury shares 

 

 

image

(8,425)

-

(13,367)

Equity as at 31/12/2023

24,923

149,841

4,348,279

1,372,609

5,884,294

1,063,700

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 . Comprehensive income, 30 June 2024

387,982

(587,591)

(199,609)

(70,589)

(270,198)

 . Dividends paid for 2023

(80,698)

-

(80,698)

(19,800)

(100,498)

 . Recognition of share-based payments (IFRS 2)

(2,264)

2,264

-

-

-

 . Treasury shares 

 

 

1,846

(2,189)

-

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Equity as at 30/06/2024

24,923

147,577

(9,512)

4,655,638

785,018

5,603,644

973,311

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Dividends paid in 2022 for 2021 amounted to €65,827 thousand, or €2.65 per share.

Dividends paid in 2023 for 2022 amounted to €70,844 thousand, or €2.85 per share.

           


Peugeot Invest                                                                                                 

                                                                         

CONSOLIDATED CASH FLOW STATEMENT                                                                              

                                                                                                                       

(in thousands of euros)                                                                  

Notes

Consolidated net income                                                              

 

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         Net amortisation, depreciation and provisions 

565

6,187

         Additions to provisions for financial assets

1,997

-

         Gain (losses) from disposals of non-current assets

4

            (13,370)

(22,947)

          Unrealised gains and losses from changes in fair value

52,045

(41,857)

         Shares of income from equity-accounted companies

9

            (12,542)

2,501

         Dividends received from equity-accounted companies

-

417

         Expenses from performance shares

19.7

2,060

2,245

         Cost of net financial debt

image

               11,536

15,953

          Current tax expense

21,456

23,450

  Deferred tax expense/(income)

10

            (10,000)

(6,449)

OPERATING CASH FLOW BEFORE COST OF NET FINANCIAL DEBT

AND TAX                  

            (A)

360,292

300,768

         Corporate income tax paid                                                 

(B)

(10,027)

(17,668)

         Change in operating working capital                               

(C)

(4,153)

(158,015)

NET CASH FLOWS FROM OPERATING ACTIVITIES                    (D) = (A + B + C)

            346,112

125,085

Acquisitions of property, plant and equipment and

                                                                                                                                          13

intangible fixed assets

                     (71)

(544)

         Acquisitions and disposals of treasury shares                              

(347)

(9,214)

         Acquisitions of financial assets (*)                                                   

(117,095)

(202,170)

Proceeds from disposals of property, plant and equipment and

intangible assets

-

38,225

         Proceeds from disposals of long-term investments (*)                    

432,237

227,005

         Change in other non-current assets                                                

1,760

(4,043)

NET CASH FLOWS FROM INVESTING ACTIVITIES                                               (E)

316,484

 49,259 

         Dividends paid during the financial year                                                     

(80,698)

(70,849)

          Dividends paid to non-controlling interests                                                

(19,799)

(65,997)

         Repayments of borrowings                                                                           20

          (274,420)

(51,000)

         Change in other non-current financial liabilities                                       

(60,874)

(552)

         Interest paid                                                                                                           

(9,415)

(9,936)

NET CASH FLOWS FROM FINANCING ACTIVITIES                                              (F)

(445,206)

(198,334)

CHANGE IN NET CASH POSITION                                                            (D + E + F)

            217,390

(23,990)

         Cash at the start of the financial year                                         

122,376

69,899

          Exchange difference                                                                              

(9,246)

7,513

         Other flows with no impact on cash                                            

(20)

(28)

CASH AT THE END OF PERIOD                                                                                     

330,500

53,394

(*) includes transactions involving investments in non-consolidated companies measured at fair value                through other comprehensive income and securities measured at fair value through the income statement.

Notes to the consolidated financial statements

30 June 2024

The consolidated financial statements as at 30 June 2024 and the notes to the financial statements were finalised by Peugeot Invest’s Board of Directors on 20 September 2024.

 

 Note 1. 

ACCOUNTING POLICIES

Peugeot Invest’s consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) framework as adopted by the European Union. The IFRS framework includes IFRS and IAS (International Accounting Standards) and the related interpretations as prepared by the SIC (Standing Interpretations Committee) and the International Financial Reporting Interpretations Committee (IFRIC).

The accounting policies used in preparing the financial statements for the half year ended at 30 June 2024 are the same as those used for the financial year ended 31 December 2023.

All standards, interpretations and amendments published by the IASB and endorsed by the European Union at 30 June 2024, have been applied. 

The main texts applicable from 1 January 2024 are as follows: 

-          Amendment to IAS 1 – Classification of liabilities as current or non-current

-          Amendment to IAS 1 – Non-current liabilities with covenants -    Amendment to IFRS 16 – Lease liability in a sale and leaseback -             Amendment to IAS 7 and IFRS 7 – Supplier finance arrangements.

None of these texts had a material impact on the interim financial statements.

No new standards were early applied.

The group does not expect the amendments to standards applicable as at 01/01/2024 to have a material impact.

To prepare its consolidated financial statements, Peugeot Invest makes estimates and assumptions that affect the financial statements and the information provided in certain notes to the financial statements. These estimates and assumptions are reviewed on an ongoing basis to take past experience and changes in the environment into account. 

Depending on the results of this review, the amounts reported in future consolidated financial statements could differ from current estimates.

The assumptions on which the main estimates and the judgement are based are explained in the following notes:

-          Note 3.2 – Changes in scope and interest percentages

-          Note 15 – Non-current financial assets

-          Note 21 – Provisions

-          Note 24 – Market risk management.

1.1. CONSOLIDATION

The scope of consolidation and changes thereto are outlined in Note 3.

A. Subsidiaries

Subsidiaries are entities over which Peugeot Invest has sole control. Subsidiaries are fully consolidated from the date on which control is transferred to Peugeot Invest. They are recognised at acquisition cost, which corresponds to the fair value of assets acquired and liabilities assumed. Intra-group transactions and balances on transactions between group companies are eliminated. The accounting policies of subsidiaries have been aligned with those of Peugeot Invest.

B. Associates

Associates are all entities over which the Group does not have control, but over which it has significant influence, which is generally the case if the group holds 20%–50% of its voting rights. Investments in associates are accounted for under the equity method, on the basis of the associates’ consolidated financial statements, and initially recognised at cost. 

The ownership percentage used for consolidation purposes is calculated by dividing the number of shares held in the associate by the associate’s total number of shares in issue minus treasury shares that are destined to be cancelled.

 

Measurement

The Group’s share in the net profit or loss of associates after the acquisition is recognised under consolidated income, and the Group’s share of other comprehensive income (with no impact on profit) after the acquisition is recognised directly in other comprehensive income. The carrying amount of the investment is adjusted to reflect cumulative changes after the acquisition.

 

Impairment

At each closing, Peugeot Invest examines whether there is an objective indication of nontemporary and substantial impairment in each of its investments in associates, such as a material change that has a negative effect on the technological, market, economic or legal environment in which each company operates. If such an indication is found, an impairment test is performed. Where the recoverable amount is lower than the carrying amount, the investment in the associate is impaired. The recoverable amount of the investment is the higher of its fair value less costs to sell and value in use. Value in use may be determined on the basis of discounted estimated future cash flows where Peugeot Invest has reliable medium-term cash flow projections, based on the company’s net worth.

1.2. FINANCIAL ASSETS AND LIABILITIES INCLUDED IN THE SCOPE OF APPLICATION OF  

IFRS 9 AND IFRS 16

 

The Group classifies its financial assets (excluding investments in associates) in the following categories:

-  assets measured at fair value through other comprehensive income, relating to investments in non-consolidated companies;

-  assets measured at fair value through profit or loss, relating to portfolio investment securities, cash and cash equivalents;

-  assets at amortised cost, relating to loans and receivables.

The classification depends on the reasons for which the financial assets were acquired as well as their characteristics. It is determined at initial recognition.

A. Assets measured at fair value through other comprehensive income
Investments in non-consolidated companies measured at fair value through other comprehensive income

This item includes shares in companies over which Peugeot Invest has neither sole control, joint control nor significant influence. These shares must have the characteristics of an equity instrument. They are classified irrevocably at the time of their acquisition. They are recognised at purchase cost including material related costs.

Measurement

At each accounting period closing, shares are measured at fair value. Changes in fair value are recognised in other comprehensive income, net of deferred tax.

The fair value of listed companies is based on the closing market share price.

Unlisted companies are valued as follows:

•       assets acquired recently, generally in the last year, are measured at cost price, except where the company’s financial variables (e.g. operations, balance sheet and liquidity) have deteriorated materially;

•       other companies are valued on the basis of:

§   discounted cash flows where possible

§   various multiples, particularly market multiples, transaction multiples or, where applicable, multiples stated in shareholder agreements signed by Peugeot Invest § with reference to net asset value.

When shares are definitively sold, the difference between the selling price and the previously recognised fair value is recognised in equity. Dividends received from these shares are recognised in the income statement under “Income from long-term investments” following the dividend payment decisions taken at the companies’ General Meetings.

B. Assets measured at fair value through profit or loss
Securities measured at fair value through the income statement

This portfolio consists mainly of units in private equity funds, shares in companies in the context of coinvestments, and diversified UCITS, which represent investments over varying timeframes, with the aim of generating a satisfactory return from them.

Subscription commitments are also reported in this item, with a balancing entry in the “Noncurrent financial liabilities” line for their par value (see sub-section D below).

Measurement

At each accounting period closing date, fair value is measured on the basis of the closing share price for listed securities, the last reported net asset value for asset management companies, or any other information that is representative of a fair value (see above “measurement of unlisted securities”).

Changes in fair value are recognised in “Income from long-term investments” net of deferred tax.

When securities measured at fair value through the income statement are sold, the difference between the selling price and the recognised fair value is recorded in “Income from long-term investments.”

C. Current financial assets
a. Other receivables

These are initially recorded at fair value then measured at amortised cost less impairment provisions, calculated on the basis of expected credit losses. The loss of value is, if applicable, recorded on the income statement.

b. Cash and cash equivalents

Cash and cash equivalents may include demand deposits held with banks, units in money-market funds and negotiable debt securities that are readily convertible into known amounts of cash and are subject to a non-material risk of impairment in the event of an increase in interest rates. All these components are measured at fair value.

Interest income is recognised on a pro rata temporis basis using the effective interest-rate method. It is recorded under “Other financial income/expenses” on the income statement.

D. Non-current financial liabilities

Non-current financial liabilities mainly include long-term borrowings and firm commitments to subscribe to private equity funds, and lease obligations. Borrowings are initially recognised at fair value, net of transaction costs. They are subsequently recognised at amortised cost.

Commitments to subscribe to private equity funds are recorded under assets and liabilities at their par value without discounting, since discounting has no material impact.

Lease liabilities are valued at the present value of payments remaining to be made, and amortised following the payment of rents.

 

E. Derivatives

 

Peugeot Invest has hedged the risk of interest-rate movements on part of its borrowings with interest-rate swaps.

The effective portion of the change in fair value of these swaps, which meet the criteria for cash flow hedging, is taken directly to items of comprehensive income. The gain or loss resulting from the ineffective portion is taken immediately to income for the year.

Changes in the fair value of financial instruments that do not qualify as hedges are recognised in income.

To measure the fair value of hedging instruments, CVADVA impacts are deemed to be nonmaterial and so are not recognised.

             

 

imageNote 2.  SIGNIFICANT EVENTS

 

 

Disposal of AmaWaterways

 

In early May 2024, Peugeot Invest sold its stake in AmaWaterways, a leader in premium river cruises in Europe. This stake was held through two holding companies, Redford USA II Holding and Redford EU II Holding. 

 

Zéphyr Investissement 

Zéphyr Investissement was merged into Peugeot Invest at the end of May 2024.

Disposal of SEB shares 

In February 2024, Peugeot Invest sold its entire stake in SEB for €236 million.

Disposal of Tikehau Capital shares 

In March 2024, Peugeot Invest sold its entire stake in Tikehau Capital for €58.3 million.

Partial disposal of LISI

 

In January 2024, Peugeot Invest sold 4.1% of the share capital of LISI, for a total of €39.9 million.


                                                                   

Note 3

                                                    SCOPE OF CONSOLIDATION                                                                       

            3.1 Scope of consolidation as at 30/06/2024                                                                               

The scope of consolidation covers:                                                                                                                                    

                                                                                                                              30/06/2024                   31/12/2023              

                                  

% of control

% of interest

% of control

% of

  interest

Fully consolidated                                                                                       

 

 

 

   

- The parent company, Peugeot Invest                                                          

- Peugeot Invest Assets                                                                                

100.00%

100.00%

100.00%

100.00%  

- FFP Invest ARB                                                                                           

100.00%

100.00%

100.00%

100.00%  

- Peugeot Invest UK Ltd.                                                                              

100.00%

100.00%

100.00%

100.00%  

- Peugeot Invest US-1                                                                                  

100.00%

100.00%

100.00%

100.00%  

- Peugeot Invest US-CC                                                                                

100.00%

100.00%

100.00%

100.00%  

- Peugeot Invest US-2                                                                                  

100.00%

100.00%

100.00%

100.00%  

- Peugeot Invest US-3                                                                                  

100.00%

100.00%

100.00%

100.00%  

- Peugeot Invest US SRL Inc.                                                                        

100.00%

100.00%

100.00%

100.00%  

- Peugeot Invest Stovall Inc.                                                                        

100.00%

100.00%

100.00%

100.00%  

- Zéphyr Investissement (merged into Peugeot Invest Assets at the

  end of May 2024)

-

-

100.00%

100.00%  

- Peugeot 1810(1)                                                                                          

76.50%

76.50%

76.50%

76.50%  

Consolidated by equity method accounting                                                

- AmaWaterways (sold in May 2024)                                                          

-

-

-

29.94%  

- OPCI Lapillus II                                                                                           

-

23.29%

-

23.29%  

- Financière Guiraud SAS                                                                             

-

20.00%

-

20.00%  

- High Street Retail Valorisation                                                                  

-

24.90%

-

24.90%  

(1) The remaining of the capital of Peugeot 1810 is held by Établissement Peugeot Frères, the parent company of Peugeot Invest.

3.2 Changes in scope and interest percentages                                                                                                           

In May 2024, Peugeot Invest sold its stake in AmaWaterways, which was held through two holding companies, Redford USA II Holding and Redford EU II Holding. As they are a single global economic and social unit, we have grouped them into a single line in the consolidated financial statements.

Zéphyr Investissement was merged into Peugeot Invest Assets in the first half of 2024.

Peugeot Invest                                                                                                                     

Note 4

                          INCOME FROM FINANCIAL ASSETS                                                                          

(in thousands of euros)                                                                                                    30/06/2024 30/06/2023

Income                                                                                                               

 

 

Dividends and revenue                                                                                

368,557

320,394

Income (losses) from disposals                                                                  

Total                                                                                                                    

13,370

22,947

343,341

381,927

Expenses                                                                                                           

Income (losses) from disposals                                                                  

-

-

Other expenses                                                                                               

Total                                                                                                                    

GROSS INCOME                                                                                              

(1,996)

-

-

343,341

(1,996)

379,931

Remeasurement at fair value                                                                     

INCOME                                                                                                             

(52,045)

36,381

379,722

327,886

                                                  

Note 5

                          INCOME FROM INVESTMENT PROPERTIES                                                                  

(in thousands of euros)                                                                                                    30/06/2024 30/06/2023

Income                                                                                                               

 

 

Rent and other income                                                                                

Re-billed expenses                                                                                         

Total                                                                                                                    

-

329

137

466

-

-

Expenses                                                                                                           

Rental and co-ownership expenses                                                          

Total                                                                                                                    

GROSS INCOME                                                                                              

-

(133)

(133) 333

-

-

Remeasurement at fair value                                                                     

INCOME                                                                                                                    

-

-

333

-

                                              

The income and expenses from investment properties were related to the FFP Les Grésillons warehouse complex, which was sold in March 2023.

Note 6

                          GENERAL ADMINISTRATIVE EXPENSES                                                         

(in thousands of euros)                                                                                                    30/06/2024 30/06/2023

Administrative expenses                                                                             

 

 

Staff                                                                                                                     

External expenses                              Other expenses                                 

GROSS INCOME                                                                                              

(9,427)

(7,956)

(10,464)

(186) (18,606)

(10,622)

(270)

(20,319)

Depreciation and amortisation of fixed assets (excluding investment properties)

(181)

(213)

Depreciation of right-of-use assets under leases                                                

EXPENSE                                                                                                            

(384)

(498)

(19,317)

(20,884)

                                           

Note 7

                           OTHER EXPENSES AND INCOME                                                                               

Exchange losses                                                                              

Exchange gains                                                                                

11,310

2,201

Other income                                                                                  

1,490

287

INCOME/(EXPENSE)                                                                     

9,993

(6,337)

(in thousands of euros)                                                                                                  image

                                                  

Note 8

                           COST OF DEBT                                                                                                         

Interest on borrowings (1)                                                            

Interest on lease obligations                                                      

(20)

(27)

Other                                                                                                  

(1,237)

(1,114)

EXPENSE                                                                                            

(11,536)

(13,631)

(in thousands of euros)                                                                                          image

                                                  

(1) Cost includes interest-rate edging contracts for €3,964 million.                                                 

Note 9

                           SHARE IN THE PROFIT OR LOSS OF ASSOCIATES                                                        

(in thousands of euros)                                                                                               30/06/2024 30/06/2023

Share in the profit or loss of associates                                

 

 

AmaWaterways                                                                               

(68)

(167)

Compagnie Industrielle de Delle (CID)                                    

-

45,498

High Street Retail Valorisation                                                   

(297)

-

LISI                                                                                                      

-

684

LDAP                                                                                                   

-

(140)

OPCI Lapillus II                                                                                 

17

12

Zéphyr Investissement                                                                 

-

(325)

GROSS INCOME                                                                              

(348)

45,562

AmaWaterways impairment                                                      

14,118

(493)

AmaWaterways deconsolidation                                              

(3,079)

-

Compagnie Industrielle de Delle (CID) impairment            

-

8,533

CID deconsolidation                                                                      

-

(48,211)

LISI impairment                                                                               

-

3,180

LISI deconsolidation                                                                      

-

(8,969)

Lapillus impairment                                                                       

1,851

(2,103)

INCOME/(EXPENSE)                                                                                     

12,542

(2,501)


                              

Note 10

                            INCOME TAX                                                                                                            

(in thousands of euros)                                                                                30/06/2024               30/06/2023

Current taxes                                                                   

(21,456)

(23,450)

Deferred tax                                                               

                                   10,000

                        6,449

EXPENSE                                                                            

(11,456)

(17,001)

                                                                               

Peugeot Invest opted for the tax consolidation of the subsidiaries Peugeot Invest Assets and FFP  Invest Arb, respectively, from 1 January 2012 and 1 January 2021.

Note 11

                             NET EARNINGS PER SHARE                                                                              

Net earnings per share are shown at the bottom of the consolidated income statement.  

They were calculated on the basis of all shares making up the share capital, i.e. 24,922,589 shares.

Note 12

                            BREAKDOWN OF OTHER COMPREHENSIVE INCOME                                         

(in thousands of euros)

30/06/2024

                     30/06/2023

Before tax

Tax

Net tax

  Before tax              Tax

Net tax

Impact of equity method accounting on comprehensive income

(1,115)

-

(1,115)

          24,173                  -

24,173

Remeasurement of nonconsolidated equity securities

(784,542)

21,620

(762,922)

            484,272 32,633

516,905

Gains on disposals of nonconsolidated equity securities 

163,105

(3,506)

159,599

          51,760                 8

51,768

Other comprehensive income not recyclable to the income statement – net of tax

(622,552)

18,114

(604,438)

            560,205 32,641

592,846

Remeasurement of derivatives

Foreign exchange differences Other direct remeasurements through equity

(2,660)

687

(1,973)

             (887)            228

  (10,302) -   (4,850) (580)

(659)

(10,302) (5,430)

28,140

-

28,140

2,060

(532)

1,528

Other comprehensive income recyclable to the income statement – net of tax

27,540

155

27,695

       (16,039)        (352)

(16,391)

Total 

(595,012)

18,269

(576,743)

-           544,166 32,289

576,455

                                                                                                                

Note 13

                                                                         PROPERTY, PLANT AND EQUIPMENT                            

13. Movements in the 2024 financial year, depreciation and the impact of measurement at fair value on the financial year

                                                                            

                                                                                                                                                                    Rental

                                                                    Investment                                                      rights 

                                                                                            properties                                                  of use                        

image

(in thousands of euros)                                                                      Buildings          Other                                    Total

Gross value                                                                 

 

 

 

 

at beginning of the period                      

-

462

2,636

5,397

8,495

Acquisitions and increases                       

-

16

54

-

70

Disposals                                                        

-

-

-

-

-

Assets held for sale                                     

-

-

-

-

-

Reclassifications                                           

-

-

-

-

-

Remeasurement at fair value                  

-

-

-

-

-

Exchange difference                                   

-

16

2

27

45

at the end of the period                           

-

494

2,692

5,424

8,610

Depreciation                                                               

 

 

 

 

at beginning of the period                      

-

80

1,411

3,137

4,628

Acquisitions and increases                       

-

25

157

383

565

Disposals                                                        

-

-

-

-

-

Reclassifications                                           

-

-

-

-

-

Exchange difference                                   

-

1

2

9

12

at the end of the period                           

-

106

1,570

3,529

5,205

Net value at the beginning of the financial year

-

382

1,225

2,260

3,868

Net value at the end of the period             

-

388

1,122

1,895

3,405

                                                                           

Right-of-use assets under leases relate to rental of office space.                                                         

                                                         

Note 14

INVESTMENTS IN ASSOCIATE COMPANIES (EQUITY-ACCOUNTED)

14.1 Statement as at 30/06/2024                       

Measurement as

                                                                                                     at 30 June                                                                     

                                                                                                                                                       Equity-

    Equity- accounted                accounted impact 

                                                                                                      Per                     impact     recognised in        Carrying         Carrying

(in thousands of euros) % of share recognised comprehensive amount at amount at Shares  control Cost priceTotal in income income 30/06/2024 31/12/2023

I – Associate company shares (equity-accounted) 

 

   

 

 

 

 

AmaWaterways (sold in the first half of 2024)

29.94

-

-

-

-

-

31,500

Financière Guiraud

image

23.29

2,810

-

(66)

(2,744)

-

-

OPCI Lapillus II

18,355

-

(5,515)

(12,840)

-

1,999

High Street Retail Valorisation 

24.90

946

622

-

(324)

622

919

TOTAL                                       

 

22,111

 

622

(5,581)

(15,908)

622

34,418

14.2 Movements in the 2024 financial year                                                                                

image

14.3 Movements in the 2023 financial year                                                                                                                  

                                                                                              1 January 2023     Additions      Disposals     31 December 2023   

image

(in thousands of euros)                                                                                                                                                                   

Shares                                                                                            Cost price     Cost price    Cost price                    Cost price   

I – Shares in associates

(accounted for under the equity method)

 

 

 

AmaWaterways

16,562

-

-

16,562

Compagnie Industrielle de Delle (CID)

7,306  

(7,306)

-

Financière Guiraud

2,810

-

-

2,810

LDAP

18,619

2

(18,621)

-

LISI

14,889

-

(14,889)

-

OPCI Lapillus II

17,302

419

-

17,721

High Street Retail Valorisation

-

946

-

946

Zéphyr Investissement

28,261

-

(28,261)

-

TOTAL 

105,749

1,367

(69,077)

38,039


Peugeot Invest                                                                                                                                                 

Note 15

                                     NON-CURRENT FINANCIAL ASSETS                                                             

15.1 Statement as at 30/06/2024                                                                                          

Measurement as

                                                                                   at 30 June                                                                                      

image

                              Remeasurement                        at fair value                              recognised in

                                                                                                                Remeasurement                   other       Balance         Balance

                                                                                      Per                             at fair value          elements of           sheet            sheet

(in thousands of % of Cost share (1) recognised in comprehensive value value euros)   Control  priceTotal income income 30/06/2024 31/12/2023

I – Investments in non-consolidated companies measured at fair value through other comprehensive income

 

 

Stellantis                                        7.42    2,812,505      21.15

image

-

1,328,988

Forvia                                        3.10

208,940      20.42

-

(147,027)

image

Spie                                           5.09

200,680      28.30

287,130

-

86,450

287,130

240,550

SEB                                                  -

           -             -

-

-

-

-

251,275

Tikehau Capital                                -

           -             -

-

-

-

-

59,277

Immobilière Dassault                19.81

31,390       50.00

61,122

-

29,732

61,122

67,913

CIEL                                           6.80

16,355         0.14

16,714

-

359

16,714

16,266

LISI                                          10.31

112,171      23.60

111,264

-

(907)

111,264

158,022

Other securities                         

914,512  

615,529

-

(298,983)

615,529

590,582

     Subscription commitments 

image

image

-

-

TOTAL                                       

-

998,613

image

II – Securities measured at fair value through the income statem

ent              

 

 

 

Private equity funds                  

    Buyout funds                         

271,847  

432,459

160,612

-

432,459

397,904

    Growth funds                         

65,814  

71,103

5,289

-

71,103

66,107

    Technology growth funds        

246,778  

388,025

141,247

-

388,025

367,434

    Real estate funds                    

53,385  

53,145

(240)

-

53,145

46,070

    Other funds                           

10,552  

14,564

4,012

-

14,564

14,210

    Subscription commitments 

imageimage 

1,250,471   

image

-

-

    Total Private equity funds 

310,920

-

image

Co-investments                         

                                  

 

 

 

 

    Co-investments                      

697,160  

707,147

9,987

707,147

713,506

    Subscription commitments 

168,748  

168,748

-

168,748

165,785

    Total co-investments               

865,908  

875,895

9,987

-

875,895

879,291

Other investments                    

    Shares                                   

     28,988               

17,183

(11,805)

17,183

23,713

    Total other investments          

imageimage 

2,145,367  

image

(11,805)

-

TOTAL(2)                                    

309,102

-

image

III – Other non-current assets

                                  

 

 

 

 

Loans and advances                   

34,568   

23,597

(10,971)

-

23,597

23,784

Convertible bonds                     

20,900   

-

(20,900)

-

-

3,849

Derivatives                                

-   

-

-

-

-

-

Other                                       

1,955  

1,211

(744)

-

1,211

1,774

TOTAL                                       

imageimage 

6,501,404  

image

(32,615)

-

OVERALL TOTAL                        

276,487

998,613

image

                                                                                                                                

(1)   Net of dividends receivable.

(2)   Changes in securities measured at fair value through the income statement are recognised at -52,045 thousand euros. (See Note 4)

Peugeot Invest                                                                                                                                                                                                                          

Note 15

                                       NON-CURRENT FINANCIAL ASSETS                                                               

15.2 Movements in 2024                                                                                                           

Impacts of

(in thousands of euros)                                                                                                                                                                                                   exchange

                                                             At 1 January 2024                                      Additions                      Disposals                     rates              At 30 June 2024

image

                                                             Number              price Cost Reclassification     Number    price Cost Number       price Cost                        Number        price Cost

I – Investments in non-consolidated companies

  measured at fair value through other comprehensive income

 

                        

Stellantis                                                    

2,812,505                                                        -                -                    -                    -

-

- 2,812,505

Forvia                                                         

208,940                                                           -                -                    -                    -

-

           -         208,940

Spie                                                             

200,680                                                           -                -                    -                    -

-

- image

SEB                                                              

    64,207                                                        -                -                    -     (64,207)

-

           -                       -

Tikehau Capital                                        

    61,321                                                        -                -                        - image

-

           -                       -

Immobilière Dassault                             

    31,390                                                        -                -                    -                    -

-

           -           31,390

CIEL                                                             

    16,355                                                        -                -                    -                    -

-

           -           16,355

LISI                                                              

156,610                                                           -                -                        - image

-

           -         112,171

Other securities                                      

906,334                                                                    9,053                     -           (845)

(30)

           -         914,512

    Subscription commitments

    11,587                                                       -                -                              (9,525)

-

           -              2,062

TOTAL                                                  

 

4,469,928                                                                 9,053                         (180,337)

(30)

                       4,298,614

II – Securities measured at fair v

alue through th

e income statement                                                                                     

 

                        

Private capital equity funds

    Buyout funds

246,089                                      -                    -     35,084                    -     (14,688)

5,362

                          271,847

    Growth funds

    64,412                                  -                    -       1,805                     -        (2,023)

1,620

                             65,814

    Technology growth funds

237,176                                      -                    -     25,650                        - image

5,455

                          246,778

    Real estate funds

    43,864                                  -                    -     10,463                    -           (942)

-

                             53,385

    Other funds

    10,462                                  -                    -          583                     -           (495)

2

                             10,552

    Subscription commitments

583,080                                      -                    -     88,265                    -     (69,250)

-

                          602,095

    Total investment capital funds

1,185,083                                  -                     - 161,850                     -   (108,901)

12,439

                       1,250,471

Co-investments

                                                                                                                         

 

                        

    Co-investments

imageimage -                                                                             -     35,434                                              -

165,785                                      -                    -     36,932                    -     (33,970)

15,357

 

    Subscription commitments

1

                    image

    Total co-investments 

   812,195                                  -                    -     72,366                    -      (34,011)

15,358

                          865,908

Other investments

    Shares                                             

    28,988                                  -                    -                -                    -                    -

-

                       28,988

    Total other investments

    28,988                                  -                    -                -                    -                    -

-

                       28,988

TOTAL                                                  

2,026,266                                  -                    - 234,216                      - (142,912)

27,797

                       2,145,367

III – Other non-current assets

                                                                                                                         

 

                        

Loans and advances

    32,758                                  -                             2,225                                 (415)

-

                             34,568

Convertible bonds

    20,900                                  -                                      -                                          -

-

                             20,900

Derivatives

            -                                  -                                     -                                         -

-

                                         -

Miscellaneous

     1,774                                   -                             3,819                              (3,652)

14

                               1,955

TOTAL                                                  

 

    55,432                                  -                             6,044                             (4,067)

14

                             57,423

OVERALL TOTAL

 

6,551,626                                  -                        249,313                         (327,316)

27,781

                       6,501,404

Peugeot Invest                                                                                                                                   

Note 16

                        TAX RECEIVABLES AND PAYABLES                                                                            

                                                                                                                                                         Liabilities     Exchange

 (in thousands of euros)                                                Opening      Income       Equity    Payments     held for sale differences       Closing

Current tax payable

(3,467)

(7,381)

3,467

(1,988)

-

(4)

(9,373)

Current tax receivable

15,067

(14,075)

(3,467)

12,015

-

428

9,968

Sub-total

11,600

(21,456)

-

10,027

-

424

595

Deferred tax – Assets

31,686

5,957

(2,441)

-

-

1,014

36,216

  Employee Benefits

53

-

-

-

-

-

53

  Unrealised gains or losses on securities

29,779

7,469

(2,441)

-

-

1,013

35,820

  Share allocation plan

-

-

-

-

-

-

-

  Interest rate hedge (swap)

-

-

-

-

-

-

-

  Acquisition costs

297

(98)

-

-

-

-

199

  Deficit

1,414

(1,414)

-

-

  

-

-

  Other

image

-

-

-

-

1

Deferred tax – liabilities

4,043

18,588

-

-

(336)

image

  Unrealised gains or losses on securities

(113,750)

3,493

18,433

-

-

(336)

(92,160)

  Share allocation plan

(1,373)

627

(532)

-

-

-

(1,278)

  Investment property

-

-

-

-

-

-

-

  Interest rate hedge (swap)

(1,620)

-

687

-

-

-

(933)

  Acquisition costs

-

(77)

-

-

  

-

(77)

  Companies consolidated under the equity method

-

-

-

-

-

-

-

Sub-total

image

(73,457)

10,000

16,147

         -                    -

678

(58,232)

Total               

(11,456)

16,147

10,027                     -

1,102

(57,637)

Note 17

                           OTHER RECEIVABLES AND CURRENT FINANCIAL ASSETS                                                                     

 (in thousands of euros) 

30/06/2024

 

31/12/2023

Gross value

Provision

Net value  

Gross value

Provision

Net value

Tax receivables (excluding income tax)

3,026

(1,699)

1,327  

2,792

(1,646)

1,146

Other receivables

23,088

(15,289)

7,799  

22,756

(14,813)

7,943

Total other receivables

26,114

(16,988)

9,126  

25,548

(16,459)

9,089

                                                                                          

 (in thousands of euros) 

30/06/2024

 

31/12/2023

Gross value          Provision

Net value  

Gross value            Provision

Net value

Short-term derivatives (*)

           3,612                    -

3,612  

           6,272                       -

6,272

 Total current financial assets

           3,612                    -

3,612  

           6,272                       -

6,272

                                                                                          

(*) Peugeot Invest is exposed to the financial risk of interest rate fluctuations on its loans and uses derivatives to hedge this risk.

Peugeot Invest                                                                                                       

Note 18

                     CASH AND CASH EQUIVALENTS                                                                      

18.1 Breakdown of cash and cash equivalents                                                                                    

 (in thousands of euros)                                                                                              

30/06/2024

31/12/2023

Cash                                                                                                                                   

330,500

122,376

Total cash and cash equivalents                                                                             

330,500

122,376

                                                  

18.2 Changes in cash and cash equivalents                                                                                           

(in thousands of euros)                                                                                                     30/06/2024      31/12/2023

Cash and cash equivalents at end of period                                                        

330,500

122,376

Cash and cash equivalents at beginning of period                                            

122,376

69,899

Change in cash and cash equivalents                                                                   

208,124

52,477

             

Peugeot Invest                                                                                                             

                                                                          

Note 19

                                 EQUITY                                                                                                      

19.1 Equity management policy                                                                                         

Equity management concerns equity, as defined by IFRS standards.

It is intended to secure the Group’s permanent resources to promote its development and to implement an appropriate dividend policy.

Equity is broken down into the share attributable to non-controlling interests and that attributable to equity holders of the parent.

Equity attributable to equity holders of the parent comprises Peugeot Invest’s share capital plus reserves and retained earnings resulting from the Group’s business activities. 

The distribution policy implemented by Peugeot Invest has for many years, and as far as possible, aimed to ensure a consistent and increasing dividend. 

19.2 Composition of the share capital                                                                     

Peugeot Invest’s share capital consists of 24,922,589 shares with par value of €1 each. It is fully paid up.

19.3 Equity                                                                                                                                                                  

 (in thousands of euros)                                                                          30/06/2024              31/12/2023

Peugeot Invest share capital                                                       

24,923

24,923

Peugeot Invest share premium account                                                  

147,577

149,841

Reserves                                                                                             

5,203,174

5,564,326

Consolidated retained earnings                                                  

227,970

136,635

Non-controlling interests(1)                                                          

              973,311

1,063,700

Total                                                                                               

6,576,955

6,947,994

                                                  

(1) The portion attributable to non-controlling interests consists of Établissements Peugeot Frères’ stake in the Peugeot 1810 joint subsidiary that holds the shares in Stellantis. 

Peugeot Invest                                                                                                   

Note 19

                        EQUITY                                                                                                               

19.4 Treasury shares                                                                                                                      

Treasury shares are carried at acquisition cost and reported as shareholder equity. At 30 June 2024, the company held 97,342 of its own shares.

Hedging of the 2022 free share allocation plan                                          

Hedging of the 2023 free share allocation plan                                          

Liquidity agreement                                                                                              

Total                                                                                                                           

44,993

51,963

7,037 103,993

34,493

10,886

97,342

(in number of shares)                                                                                              image              31/12/2023

                                     

19.5 Free shares                                                                                                                               

A. Details of the 2022, 2023 and 2024 free share allocation plans                                   

In accordance with the authorisation granted by the Annual General Meetings of 12 May 2021, 12 May 2022 and 12 May 2023, the Board of Directors of Peugeot Invest, in its meetings on 21 March 2022, 21 March 2023 and 19 March 2024, decided to set up a free share allocation plan subject to performance conditions for certain employees and corporate officers of Peugeot Invest and related companies. The free performance shares will be vested after a three-year period, with no subsequent lock-up period. The grants require beneficiaries to be continually employed within the Group or related companies during the vesting period.

Vesting is subject to performance conditions, more specifically growth in Peugeot Invest’s net asset value and ESG (Environmental, Social and Governance) criteria:

-  between 31 December 2021 and 31 December 2024 for the 2022 financial year plan

-  between 31 December 2022 and 31 December 2025 for the 2023 financial year plan

-  between 31 December 2023 and 31 December 2026 for the 2024 financial year plan

B. Status of plans as at 30 June 2024                                                                                      

Staff expenses associated with each plan are measured in accordance with IFRS 2 and recognised in equity.

Plan details are as follows:

                                                                  30/06/2024                                            31/12/2023

Maximum IFRS 2 expense Maximum IFRS 2 expense for number of for the financial number of the financial year

       

awardable year (in thousands          awardable          (in thousands of shares                 of euros)          shares   euros)

2020  share allocation plan

2021  share allocation plan(1)

2022  share allocation plan(2)

2023  share allocation plan(2)

2024  share allocation plan(2)

Total              

-

-

-

44,993

51,963

62,983

-

159,939

383

718 1,602

1,228

-

3,931

-

178

51,693

726

62,983

819

56,020

337

170,696

2,060

                                               

(1)  Based on assumptions for performance conditions at closing, 55% of the free shares under the 2021 financial year plan were awarded. 

(2)  The 2022 plan is expected to be 100% completed based on information available as at 30 June 2024.

Free shares under the 2023 and 2024 plans are expected to be fully awarded.


                             

Note 20

CURRENT AND NON-CURRENT FINANCIAL LIABILITIES

20.1 Position as at 30/06/2024                                                                                                            

 (in thousands of euros)                                                                                                      30/06/2024 31/12/2023

Bonds                                                                                                                                   

692,500

692,500

Bank loans                                                                                                                           

 - Peugeot Invest loans                                                                                                    

-

274,420

 - Peugeot 1810 loans                                                                                                     

-

53,580

Subscription commitments and unpaid securities                                               

772,948

760,499

Derivatives                                                                                                                          

-

-

Lease liabilities(1)                                                                                                               

1,533

2,075

Other                                                                                                                                       

                   -

-

Total non-current financial liabilities                                                                       

1,466,981

1,783,074

Advance                                                                                                                               

-

6,646

Lease liabilities(1)                                                                                                               

1,126

1,097

Accrued interest on loans                                                                                              

10,667

8,547

Other                                                                                                                                     

-

-

Total current financial liabilities                                                                                 

11,793

16,290

Total financial liabilities                                                                                                  

1,478,774

1,799,364

                                        

(1) Liabilities resulting from the obligation to pay rent on Peugeot Invest’s head office and its offices in London.

Subscription commitments and shares not paid-up include commitments in US dollars for €228,019 thousand as at 30 June 2024 and €220,081 thousand as at 31 December 2023. 

All other commitments are stated in euros.                                                                                     

                                         

Note 20

CURRENT AND NON-CURRENT FINANCIAL LIABILITIES

20.2 Payment schedule as at 30/06/2024                                                                                        

                                                                                      less than 1     between 1 and more than

                                                                                                         (2)                  5 years        5 years           Total

Amounts due (in thousands of euros)                      year

Bonds                                                                   

 - 

542,500 

150,000

      692,500

Bank loans

 

 - Peugeot Invest loans

-

-

-

-

 - Peugeot 1810 loans  

-

-

-

-

Advance                                                              

-

-

-

-

Lease liabilities                                                 

1,126

1,533

-

2,659

Subscription commitments and shares not paid-up(1)

-

772,948

-

772,948

Accrued interest on loans and other

10,667

-

-

10,667

Total(2)                                    

11,793

1,316,981

150,000

1,478,774

                                                                 

(1)                                     Since calls are made by funds depending on their respective investments, and generally within five years from the subscription of units, their timing cannot be determined accurately, and so they have been included in the “between one and five years” category.

These calls correspond to commitments at their par value, without any discounting effect. 

(2)                                     The portion due in Less than 1 year is broken down as follows: €11,973 thousand due in less than three months. 

                 

Note 20

CURRENT AND NON-CURRENT FINANCIAL LIABILITIES

20.3 Subscription commitments and shares not paid-up                                                        

 (in thousands of euros)                                                                                                       30/06/2024 31/12/2023

Investments in non-consolidated companies measured at fair value through other comprehensive income

Non-consolidated investments                                                                             

2,062

11,587

Securities measured at fair value through the income statement            

Buyout funds                                                                                                                

300,884

290,267

Growth funds                                                                                                               

18,620

19,177

Technology growth funds                                                                                        

231,809

221,807

Real estate funds                                                                                                         

43,913

44,375

Other funds                                                                                                                   

6,870

7,454

Co-investments                                                                                                            

168,748

165,785

Total                                                                                                                                   

772,906

760,452

             

                                                                    

Note 21

                          PROVISIONS                                                                                                      

21.1 Movements in the 2024 financial year

image                                                                                                                                          Reversals                              

                                                                    1 January                 M&A                      Amounts         Amounts

                                                                           2024         provisions  Additions           used            unused         30 June 2024

(in thousands of euros)                                                                                                                                                                    

Employee benefits

205

-

-

-

205

Other non-current provisions

-

-

-

-

-

-

Total                    

205

-

-

-

-

205

                                                                      

21.2 Movements in the 2023 financial year

image                                                                                                                                          Reversals                              

                                                                    1 January                 M&A                      Amounts         Amounts        31 December

                                                                           2023         provisions  Additions           used            unused                      2023

 (in thousands of euros)                                                                                                                                                                    

Employee benefits

180

-

25

-

-

205

Other non-current provisions

-

-

-

-

-

-

Total                    

180

-

25

-

-

205

Note 22

                          OTHER CURRENT LIABILITIES                                                                      

 (in thousands of euros)                                                                                                              30 June 2024           31/12/2023

Tax and social security liabilities (excluding corporation tax)                                             

2,915

5,289

Other liabilities                                                                                                                     

                     7,283

9,188

Total other current liabilities                                                                                               

10,198

14,477

Note 23

                          CHANGES IN WORKING CAPITAL                                                                 

 (in thousands of euros)                                                                                                              30 June 2024           31/12/2023

(Increase) Decrease in receivables                                                                                      

(566)

(112)

Change in tax                                                                                                                    

11,005

(14,947)

Increase (Decrease) in debt                                                                                        

                  (4,279)

1,340

 Total changes in working capital                                                                            

6,160

(13,719)

Note 24

                          MARKET RISK MANAGEMENT                                                                     

There have been no significant changes in the methods used to manage market risks as described in the consolidated financial statements of 31 December 2023. 

                                           

Note 25

                                SEGMENT REPORTING                                                                                

Peugeot Invest is one of Stellantis’s three largest shareholders, and is a long-term shareholder in other companies. Its business activities also involve financial investments and cash management, as well as real estate activities, which that remains marginal in terms of contribution to revenue, earnings and risks. The information presented below is based on figures for each of Peugeot Invest’s business areas, with “Other segments” mainly covering the real estate business. The “Reconciliation” column shows the unallocated amounts in each segment, enabling segment figures to be reconciled with the financial statements.

25.1 Segment reporting as at 30/06/2024                                                                                    

                                                          Stellantis         Invest-   Net cash       Other     Reconci-                        

(in thousands of euros)                                        group           ments          Debt     Sectors         liation             Total

Dividends

Net disposal gains

Unrealised gains and losses

Business revenue

Revenue

350,609

-

-

-

350,609

17,948                        -

13,370                        -

(54,041)                      -

               -                     -

(22,723)                     -

-                              -

-                              -

-                              -

-                              -

-                              -

368,557

13,370

(54,041)

-

327,886

General administrative expenses

Income from cash equivalents

Cost of debt 

Pre-tax income from consolidated companies

-

-

(1,237) 349,372

(2,141)                - - 9,993

- (10,299) (24,864)                 (306)

(2,051)          (16,692)

-                              -

-                              -

(2,051)         (16,692)

(20,884)

9,993

(11,536)

305,459

Share in the profit or loss of associates

-

12,542                        -

              -                      -

12,542

Consolidated pre-tax income

349,372

imageimage(306)

-

(12,322)             (306)

image

              -        (11,456)

(2,051)         (28,148)

318,001

Income tax

Consolidated net income

-

349,372

(11,456)

306,545

Segment assets

                                 

 

Intangible assets and property, plant and equipment

-

               -                  -

-             3,405

3,405

Non-current financial assets

image

-

-                862

Investments in associates 

image                -

-                      -

image

Deferred tax assets Current assets

199

image 

35,820

-                197

36,216

image

3,671,213    334,112

- 19,094 - 23,558

353,206

Total assets

8,169,953

Segment equity and liabilities

 

 

Non-current financial liabilities

                   -         772,948 692,500

-           1,533 image

Current financial liabilities

                   -                     -       10,667

-           1,126 image

Equity including non-controlling interests

                   -                     -                  -

- 6,576,955

6,576,955

Other liabilities

Total equity and liabilities

image72,800 21,846 image72,800 794,794

- -

image

Net investments                                                                -  (315,142)                   -              71                    -     (315,071)

image

                                         

Note 26

                       RELATED PARTY TRANSACTIONS                                                                              

26.1 Associates                                                                                                                                         

At 30 June 2024, current-account advances granted by Peugeot Invest to associates were as follows:

-                    Financière Guiraud at €8,572 thousand. This advance is paid based on the 3-month Euribor + 1.5%;  - OPCI lapillus II for €2,704 thousand. This advance bears interest at an annual rate of 1%.

-                    High Street Retail Valorisation for €1,702 thousand. This advance bears interest at the maximum rate provided for by paragraphs 1–3 of Article 39 of the French General Tax Code, namely 5.46%.

26.2 Related parties with significant influence over the group                                             

There are no related-party agreements that are significant and concluded outside normal conditions other than those falling under the procedure for regulated agreements.

Note 27

                       OFF-BALANCE SHEET ACTIVITIES                                                                               

(in thousands of euros)                                                                                                   30/06/2024 31/12/2023

Commitments received                                                                                            

Undrawn credit facilities                                                                                           

935,000

850,000

Commitments issued                                                                                                 

Guarantees given for loans                                                                                      

-

-

Other commitments                                                                                                                              

None

                       

Note 28

                     POST-BALANCE SHEET EVENTS                                                                       

In accordance with the authorisation granted by the Annual General Meeting of 19 March 2024, Peugeot Invest bought back 14,707 of its own shares from the market for a total of €1.4 million.

Jean-Charles Douin has been appointed CEO of Peugeot Invest and will take office no later than 28 October 2024.

             


STATUTORY AUDITORS’ REPORT ON THE HALFYEARLY INFORMATION

PEUGEOT INVEST

Period from January 1st 2024 to June 30th 2024

This is a free translation into English of the statutory auditors’ review report on the half-yearly financial information issued in French and is provided solely for the convenience of English-speaking users. This report includes information relating to the specific verification of information given in the Group’s half-yearly management report. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.

To the Shareholders,

In compliance with the assignment entrusted to us by the General Assembly and in accordance with the requirements of article L. 451-1-2 III of the French Monetary and Financial Code ("Code monétaire et financier"), we hereby report to you on:

• the review of the accompanying condensed half-yearly consolidated financial statements of PEUGEOT INVEST, for the period from January 1st 2024 to June 30th 2024, • the verification of the information presented in the half-yearly management report.

These condensed half-yearly consolidated financial statements are the responsibility of the Board of Directors. 

Our role is to express a conclusion on these financial statements based on our review.

CONCLUSION ON THE FINANCIAL STATEMENTS

image

We conducted our review in accordance with professional standards applicable in France.

A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-yearly consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 - standard of the IFRSs as adopted by the European Union applicable to interim financial information.

SPECIFIC VERIFICATION

image

We have also verified the information presented in the half-yearly management report on the condensed half-yearly consolidated financial statements subject to our review. We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated financial statements.

Neuilly-sur-Seine and Vincennes, September 23th 2024

     The Statutory auditors

French original signed by :

image

STATEMENT BY THE COMPANY OFFICER RESPONSIBLE FOR THE INTERIM FINANTIAL REPORT

image

Company officer responsible for the interim financial report

Nicolas Huet, Acting CEO

Statement by the company officer responsible for the interim financial report

I hereby state that, to my knowledge, the condensed interim financial statements have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets and liabilities, financial position and results of the company and all the companies included in the consolidation, and that the interim management report presents a true and fair view of the significant events that occurred during the first six months of the financial year, their impact on the financial statements, the main related party transactions and a description of the main risks and uncertainties for the remaining six months of the financial year.

Neuilly-sur-Seine, September 23, 2024

image

Nicolas Huet

Acting CEO



[1] On 9 July 2024, the Board of Directors co-opted Cartusia, Xavier Barbaro’s personal holding company, as director, replacing Mr Barbaro for the remainder of his term, i.e. until the 2028 Annual General Meeting. The co-optation of Cartusia will be subject to shareholder approval at the next Ordinary Annual General Meeting in May 2025.

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