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Peugeot Invest Universal Registration Document 2020

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2020 UNIVERSAL REGISTRATION DOCUMENT and Annual Financial Report Sommaire 1. 4. Group presentation 2020 operations and earnings 1.1 Message from the Chairman 6 4.1 Investments and divestments during 2020 126 1.2 Peugeot Invest’s history 8 4.2 Earnings and financial position 129 1.3 Peugeot Invest’s strategy 10 4.3 Risk factors – Risk management and insurance AFR 131 1.4 Peugeot Invest’s governance structure at 31 March 2021 16 4.4 Post-balance sheet events 142 1.5 ESG strategy 18 4.5 Trends and outlook 143 1.6 Peugeot Invest in 2020 28 4.6 Other business information 143 1.7 Key figures 31 1.8 Shareholdings at 31 December 2020 32 5. 1.9 Net Asset Value 33 1.10 Peugeot Invest’s share price 35 Financial statements 1.11 Portfolio presentation 36 5.1 Consolidated financial statements AFR 148 5.2 Parent company financial statements AFR 204 2. 6. Corporate governance Ordinary and Extraordinary 2.1 Directorships and offices held by corporate officers 65 General Meeting of 12 May 2021 2.2 Composition of the Board of Directors 6.1 Statutory Auditors’ special reports 236 at 31 December 2020 74 6.2 Summary of the delegations of powers 2.3 Operating procedures of the Board currently in force granted by the General of Directors and Board Committees 76 Meeting to the Board of Directors to carry out capital increases 238 2.4 Roles of the Chairman and of the Chief Executive Officer 82 6.3 Arrangements for participating at General Meetings 240 2.5 Mandatory declarations concerning corporate officers 83 6.4 Resolutions to be proposed at the Ordinary and Extraordinary General Meeting 2.6 Disclosures concerning agreements covered of 12 May 2021 240 by Article L. 225-37-4(2) of the French Commercial Code 84 2.7 Application of the Afep-Medef Code’s “comply or explain” rule 84 7. 2.8 Corporate governance-related excerpts Information for shareholders from the Articles of Association 85 7.1 Information for shareholders 248 2.9 Peugeot Invest’s Rules of Procedure 7.2 Person responsible for the Universal and Stock Market Code of Ethics 86 Registration Document 248 2.10 Corporate officers’ remunerationAFR 95 7.3 Person responsible for the audit 2.11 Statutory Auditors’ report on the corporate of the financial statements 248 governance 115 7.4 Cross-reference table for the Universal Registration Document 249 7.5 Cross-reference table for the annual 3. financial report 251 Information about the Company and its share capital 3.1 Peugeot Invest and its shareholders 118 3.2 Information about the company 123 Annual Financial Report items are clearly identified in this summary with the aid of the AFR pictogram AFR UNIVERSAL REGISTRATION DOCUMENT 2020 The Universal Registration Document was filed on 8 April 2021 with the AMF being the competent authority under Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 thereof. It may be used for a public offering of financial securities or an IPO on a regulated market if supplemented by an investment circular and, as applicable, a summary of all adjustments to the Universal Registration Document, which the AMF has approved. In accordance with Regulation (EU) 2017/1129 Article 19, the following information is included by reference in said Universal Registration Document: • The consolidated financial statements and 2019 Audit Report on pages 131 to 187 of the Universal Registration Document as filed with the AMF on 9 April 2020 under number D.20-0274; • The consolidated financial statements and 2018 Audit Report on pages 127 to 185 of the Registration Document as filed with the AMF on 12 April 2019 under number D.19-0317. Copies of the Universal Registration Document may be obtained by submitting a request via the Peugeot Invest website (www.peugeot-invest.com) to Peugeot Invest, 66 avenue Charles de Gaulle, 92200 Neuilly-sur-Seine, or via the Autorité des Marchés Financiers website (www.amf-france.org). THIS UNIVERSAL REGISTRATION DOCUMENT IS A FREE TRANSLATION OF THE OFFICIAL FRENCH VERSION OF THE UNIVERSAL REGISTRATION DOCUMENT PREPARED IN XHTML FORMAT AND AVAILABLE ON THE AUTORITÉ DES MARCHÉS FINANCIERS WEBSITE. I 1 PROFILE Peugeot Invest is a listed long-term investment company that is majority-owned by Établissements Peugeot Frères. Via its Peugeot 1810 subsidiary, it is one of the core shareholders of Stellantis. It has also been actively pursuing a diversification policy for more than 20 years through minority equity stakes, commitments to private equity vehicles, co-investments and real-estate investments. Assets at 31 December 2020 2% Other assets• 8% 40% Private equity vehicules• • Peugeot 1810 9% 29% Real estate• • Shareholdings 12% Co-investments• €4.5 billion Net Asset Value €700 million Investment capacity 1.1 + 1.3% 2020 increase in NAV I 3 4 I Peugeot Invest 1 Group presentation 1.1 Message from the Chairman ...........................................6 1.2 Peugeot Invest’s history ...................................................8 1.3 Peugeot Invest’s strategy ................................................ 10 1.4 Peugeot Invest’s governance structure at 31 March 2021 ........................................................... 16 1.5 ESG strategy ................................................................ 18 1.6 Peugeot Invest in 2020 ...................................................28 1.7 Key figures .................................................................. 31 1.8 Shareholdings at 31 December 2020 ............................... 32 1.9 Net Asset Value ............................................................. 33 1.10 Peugeot Invest’s share price ........................................... 35 1.11 Portfolio presentation ...................................................36 I 5 1.1 GROUP PRESENTATION 6 I Peugeot Invest Message from the Chairman In early 2021, FFP was renamed Peugeot Invest after I am delighted with the resilience shown by our com- our shareholders approved the change on 31 March panies and our other investments in these testing 2020. The new name better reflects the link between our times. They have been able to reorganise, adapt and family history and our investment activities, and fur- face up to various challenges, involving the health of ther strengthens the credibility that FFP has acquired their employees, the closure of production sites, suc- ‘‘through its various investments over many years. cessive lockdowns and a drastic reduction in global Of course, 2020 was dominated by the Covid-19 crisis, trade. Peugeot Invest continued its geographical and and I am delighted that our people were able to get sector diversification strategy, making new invest- through it without any major consequences and ments outside France, in the real-estate sector and in remained fully operational by working remotely. Like high-growth industries. Despite the crisis and despite our investees, we sought to support charities and orga- holding significant investments in two companies nisations that joined the fight against Covid-19 and the exposed to the aerospace industry, the overall quality impact it has had, particularly in social terms. I would of our investments meant that our Net Asset Value at highlight the outstanding work done by the Immunov 31 December 2020 was stable compared with the end of fund, Les Restos du Cœur and Les Œuvres de Saint- 2019. Jean, which we enthusiastically supported last year. We adjusted Peugeot Invest’s corporate governance January 2021 was a historic moment for Peugeot Invest arrangements in 2020, while ensuring continuity. The 1.1 with the creation of Stellantis, the new automotive roles of Chairman and Chief Executive Officer were group resulting from the merger of the PSA Group and separated in June, in line with the recommendations of Fiat Chrysler Automobiles. Peugeot Invest and its the Afep-Medef Code. As a result, I am now Chairman majority shareholder Établissements Peugeot Frères of the Board of Directors and its Investment Com- supported the merger from the outset. I am confident mittee, while Bertrand Finet is Chief Executive Officer. that Peugeot Invest will be able to work effectively with Our Board of Directors welcomed three new directors, Stellantis for a long time to come alongside EXOR, its all members of the Peugeot family’s next generation, other long-term family investor. The merger has taken and a further two directors will join the Board in 2021, the company, in which we have been an investor for a one of whom will be independent. very long time, to the next level in terms of both geo- 2021 has got off to a good start with a minority invest- graphical exposure and scale, helping it to deal with ment in International SOS, the world leader in medical global competition and the rapid change taking place assistance and employee security. in its industry. Given our 2020 results, which stem from the solid and We prepared for the merger in two ways. Firstly, in resilient portfolio we have built in the last 20 years, the 2020, we pooled our Peugeot SA shares with those held Board of Directors will propose a dividend of €2.35 per by Établissements Peugeot Frères within a dedicated share at the 12 May 2021 Annual General Meeting, an entity that has recently been renamed Peugeot 1810. increase of 9% relative to 2019. Secondly, in March 2020 we carried out a well-timed transaction to increase our stake in Peugeot SA ahead of the merger, buying a further 2% of its shares. Robert PEUGEOT‘‘ I 7 1.2 GROUP PRESENTATION 1.2 Peugeot Invest’s history Peugeot Invest was established in 1929. It became PSA Group’s main shareholder in 1966 and floated on the stock exchange in 1989. Since 2003, it has pursued an active diversification strategy, while remaining one of the main shareholders in the automotive group Stellantis. 2007 1810 Peugeot Invest buys a stake in the ONET group and increases its holdings in A mechanical engineering business is set up Zodiac Aerospace 1997 and by the Peugeot brothers in the Doubs region Peugeot Invest invests in IDI.
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