Peugeot Invest Sa · EURONEXT:PEUG
Peugeot Invest Sa — Investor Presentation (March 2021)
74 slides from Peugeot Invest Sa's investor presentation, March 2021
Slide 1: Peugeot Invest investor presentation
31 12 2020 Peugeot Invest investor presentation Investing at your side towards sustainable growth
Slide 2: Peugeot Invest at a glance
PEUGEOT INVEST AT A GLANCE A listed investment company A stable shareholding: 80% owned by 1929 Established in 1929 and listed since 1989 the Peugeot family group, ensuring continuity A long term investment horizon ESG ESG has always been at the heart of Peugeot Invest and its integration has been f
Slide 3: Agenda
1 Peugeot Invest strategic positionning 2 Governance & ESG policy 3 2020 NAV & performance 4 Recent events 5 Group financial profile 6 Conclusion 7 Appendices
Slide 4: A well defined business model
A WELL DEFINED BUSINESS MODEL A specific DNA: An active minority a professional investor with investor, family values, attached to its involved in governance industrial history structures A solid and long-term A responsible shareholder, shareholder able to support and finance the development of its
Slide 5: A strategy of diversification
A STRATEGY OF DIVERSIFICATION 76,5% 100% Peugeot 1810 Investments Stellantis Direct shareholdings Faurecia Private equity funds Co-investments Real estate 5
Slide 6: Peugeot 1810 is one of the main shareholders of Stellantis
PEUGEOT 1810 IS ONE OF THE MAIN SHAREHOLDERS OF STELLANTIS Peugeot 1810 Investments Peugeot 1810 (40%(1) of the GAV) A founding and core shareholder Fully engaged in the governance bpifrance ◆ Peugeot 1810 holds ~7.2% of the combined entity 6,2% (Double voting rights after 3 years) Dong Feng ◆ 1 boa
Slide 7: Peugeot 1810 is also a shareholder of Faurecia
PEUGEOT 1810 IS ALSO A SHAREHOLDER OF FAURECIA Peugeot 1810 Investments Peugeot 1810 (40%(1) of the GAV) Shareholding structure as of today A diversified automotive supplier ◆ Faurecia is a tier-1 global automotive supplier. ◆ Faurecia is organized around 4 business units: Clean Mobility, Seating, I
Slide 8: A long-term investment strategy
A LONG-TERM INVESTMENT STRATEGY Peugeot 1810 Investments Direct shareholdings (29%(1) of the GAV) Constructive approach Long-term view Active shareholder Partnership with management > 10 years average holding duration Well-defined strategy European companies with Geography and sector Minority stakes
Slide 9: A long term investment strategy: private equity, co-investments, real estate
A LONG TERM INVESTMENT STRATEGY Peugeot 1810 Investments Private equity funds, co-investments and real estate (29%(1) of the GAV) 8% 13% 9% Private equity funds Co-investments Real estate ◆ Regular commitments in LBO & ◆ Co-investments with private equity ◆ Direct real estate shareholdings growth fu
Slide 10: Agenda
1 Peugeot Invest strategic positionning 2 Governance & ESG policy 3 2020 NAV & performance 4 Recent events 5 Group financial profile 6 Conclusion 7 Appendices
Slide 11: A structured governance & a strong team of professionals
A STRUCTURED GOVERNANCE & A STRONG TEAM OF PROFESSIONALS Governance (1) Peugeot Invest’s leadership team Chairman Robert Peugeot Sébastien Coquard Bertrand Finet Frédéric Managing Director Banzet CEO CEO of Peugeot 9 5 1 Executive Committee Invest UK Family Independent observer members members Frédé
Slide 12: ESG is at the heart of what we do
ESG IS AT THE HEART OF WHAT WE DO ◆ Long-term approach of shareholding ◆ Systematic ESG due diligence on our investments Invest responsibly ◆ Long-term incentive plan for employees includes ESG criteria ◆ Ethics & compliance benchmark of all our shareholdings ◆ Board member in all our direct shareho
Slide 13: Expanding our ESG footprint since 2016
EXPANDING OUR ESG FOOTPRINT SINCE 2016 2017 2019 ◆ Responsible ◆ Benchmark of ethics Investment Charter & compliance programmes of our ◆ Long term incentive ◆ Formalization of our ◆ CSR (Corporate ◆ ESG operational investees plan for employees strategic positioning Social steering committee Responsi
Slide 14: In 2020 we formalized our ESG strategic positioning and roadmap
IN 2020 WE FORMALIZED OUR ESG STRATEGIC POSITIONING AND ROADMAP BASED ON VALUES Peugeot Invest practices that meet very strict criteria - Exemplary gouvernance - Ethics WE ARE PROUD TO BE A - People-oriented HR - A controlled environmental footprint RESPONSIBLE INVESTOR WHO, - A positive contributio
Slide 15: Agenda
1 Peugeot Invest strategic positionning 2 Governance & ESG policy 3 2020 NAV & performance 4 Recent events 5 Group financial profile 6 Conclusion 7 Appendices
Slide 16: Our assets as of 31/12/2020
OUR ASSETS AS OF 31/12/2020 40% 60% Peugeot 1810 Investments Direct shareholdings Co-investments Listed Private equity funds Private Global US Europe Asia & RoW (1) Real estate (1) Investment in Tikehau Capital Advisors. 16
Slide 17: Net asset value as of 31/12/2020
NET ASSET VALUE AS OF 31/12/2020 % Gross Asset In €m % hold Valuation value PSA - shares 2 203 39,4% Faurecia 16 0,3% Peugeot 1810 (A) 76,5% 2 219 40% Lisi 5,1% 55 1% CID (Lisi) 25,4% 153 3% SEB S.A. 4,0% 301 5% Safran 0,8% 376 7% Orpéa 5,0% 351 6% CIEL group 6,9% 9 0% Tikehau Capital 2,3% 80 1% SPI
Slide 18: Portfolio gross asset value as of 31/12/2020
PORTFOLIO GROSS ASSET VALUE AS OF 31/12/2020 Gross Asset Value Investments(1) GAV by geography Real estate Others 2% 9% Others 3% LISI + CID 6% Real Estate 14% Safran 11% Co-investments 13% Peugeot 1810 40% SEB 8% Private equity funds Co- 8% investments 21% Orpéa 10% CIEL Group <1% Investments Tikeh
Slide 19: Investment gross asset value as of 31/12/2020
INVESTMENT GROSS ASSET VALUE AS OF 31/12/2020 A well-diversified portfolio in terms of sectors and geographies Investments (1) GAV by sector Investments (1) GAV by geography Automotive industry Other sectors 3% Aerospace Asia/Africa/Latam 18% 11,5% 17% 21% Consumers goods Real Estate 16% 25% 58% Nor
Slide 20: Net asset value development
NET ASSET VALUE DEVELOPMENT Peugeot 1810 (in M€) Investments 4,476 Gross debt 4,472 3,871 3,746 2,219 1,820 3,295 1,463 1,589 3,114 1,326 2,362 2,381 1,385 1,973 957 1,554 1,524 1,402 636 3,445 3,368 646 369 2,872 2,728 2,298 1,946 1,599 1,692 1,210 1,341 1,088 -250 -302 -308 -262 -268 -217 -329 -46
Slide 21: Peugeot Invest share price
PEUGEOT INVEST SHARE PRICE +16,1% -0,5% -3,3% Source: Factset Base 100 in January 2020 21
Slide 22: A discount at the highest level
A DISCOUNT AT THE HIGHEST LEVEL ◆ The discount has increased to 47% in December 2020, despite NAV’s resilience ◆ Peugeot Invest is much more diversified than it used to be with Peugeot 1810 accounting for 40% of assets (vs 75% in 2007) Peugeot Investments Peugeot 1810 Investments 1810 Great Double d
Slide 23: Why does Peugeot Invest have a high discount?
WHY DOES PEUGEOT INVEST HAVE A HIGH DISCOUNT ? ◆ Tax on capital gain limited to 4% as Peugeot Invest benefits of the long term holding Tax on capital gains not regime (influence on business) included in the NAV ? ◆ Tax on dividend limited to 1.4% as Peugeot Invest benefits of the participation exe
Slide 24: Performance in 2020
PERFORMANCE (1) IN 2020 Main listed assets Groupe PSA + 5,0% +17% +13% Investments - 6,3% 5% -2% NAV performance + 1.3% -6% -16% Share price -7,0% -33% Stoxx Europe 600 - 2,0% SEB Tikehau Orpea SPIE Groupe Safran LISI PSA (1) Total return: dividends attached 24
Slide 25: Net asset value overall resilient in 2020: +1.3%
NET ASSET VALUE OVERALL RESILIENT IN 2020: +1,3% ◆ Positive performance of PSA with a large rebound in Q4 136 -167 -86 -67 ◆ Purchase of PSA new shares during the 21 market fall: +78% performance at year end 131 ◆ Valuation of listed asset impacted by 89 -53 aerospace companies’ under- 4 472 4 476 p
Slide 26: Double digit long term NAV performance
DOUBLE DIGIT LONG TERM NAV PERFORMANCE Strong overperformance of our Investments Good rebound from 2012 lows for PSA share 26
Slide 27: Gross asset value change in 2020
GROSS ASSET VALUE CHANGE IN 2020 ◆ Peugeot 1810 bought 2% of PSA: 5 587 €174m invested -242 ◆ €164m new co-investments of which 164 66 57 €40m in real estate ◆ €156m of co-investments disposal 136 -167 with large value creation: - Roompot: 3.4x ; Lineage: 3.4x -86 174 89 131 ◆ 1% stake disposal of S
Slide 28: Agenda
1 Peugeot Invest strategic positionning 2 Governance & ESG policy 3 2020 NAV & performance 4 Recent events 5 Group financial profile 6 Conclusion 7 Appendices
Slide 29: PSA-FCA merger into Stellantis
PSA-FCA MERGER INTO STELLANTIS Building a leader in sustainable mobility PSA and FCA merged on 16 January 2021 13 iconic brands ◆ One of the largest OEM worldwide with pro-forma revenues >€130bn ◆ Balanced geographical footprint with industry leading margins in Europe and North America Compelling ◆
Slide 30: PSA-FCA merger into Stellantis & spin-off of Faurecia
PSA-FCA MERGER INTO STELLANTIS & SPIN-OFF OF FAURECIA Implications for Peugeot Invest : a stronger asset ◆ Peugeot 1810 holds ~7.2% of the combined entity − Double voting rights after 3 years ◆ Peugeot 1810 represented by Robert Peugeot on the board of Stellantis as Vice-Chairman ◆ Reference shareho
Slide 31: 3 new co-investments in healthcare / Asia
3 NEW CO-INVESTMENTS IN HEALTHCARE / ASIA Livspace Jianke Polyplus $15m invested in $15m invested in Jianke, €25m committed to Livspace, the Indian a Chinese online B2C Polyplus, the world leading platform for pharmacy and leader in transfection turnkey interior design healthcare services reagents,
Slide 32: c.€80m capital invested with 3 of our existing partners
C.€80M CAPITAL INVESTED WITH 3 OF OUR EXISTING PARTNERS Lineage Pet Care ArchiMed New capital increase Capital called to invest Acquisition of 2 new of Lineage, the world’s in NVA & Compassion Healthcare platform: leading cold storage First, leading vetcare DHG and NAMSA logistics operator clinics 3
Slide 33: Pursuing our real estate strategy
PURSUING OUR REAL ESTATE STRATEGY ELV Arboretum Colonies $15m invested in 5 new €25m invested in a low €15m invested in Colonies, projects in the USA carbon campus project in the French leader of coliving, alongside ELV Associates La Défense, Paris area, alongside LBO France alongside Icawood 33
Slide 34: Major liquidity events
MAJOR LIQUIDITY EVENTS Roompot SEB Lineage KDP distribution Disposal of Roompot to Sale of 1% of SEB for Disposal of the 1st €55m in cash and KKR by PAI, for €30m, €69m in July, resulting tranche of our 2017 €106m in KDP shares resulting in a 3.4x CoC in a multiple of 5x over investment in Lineage d
Slide 35: €106m committed to 10 private equity funds
€106M COMMITTED TO 10 PRIVATE EQUITY FUNDS Committed Fund Geography Fund type amount SUMMIT PARTNERS EUROPE III €15m Europe Buy Out MONTEFIORE V €15m Europe Buy Out CONSONANCE II $15m USA Buy Out INCLINE PARTNERS V $15m USA Buy Out INSIGHT PARTNERS XI $12m USA Growth Technology IMPACT CROISSANCE IV
Slide 36: Post closing events
POST CLOSING EVENTS New investment Exits International SOS Safran IDI $306m invested in €132m distributed in H1 2021, €27.2m distributed in H1 2021, International SOS, the world's following the forward sale of 1/3 following the sale of our stake in leading health & security of our holding in Safran
Slide 37: FFP to change name in April 2021
FFP TO CHANGE NAME IN APRIL 2021 Anchored in Peugeot’s history and DNA Expressing our investment expertise 37
Slide 38: Agenda
1 Peugeot Invest strategic positionning 2 Governance & ESG policy 3 2020 NAV & performance 4 Recent events 5 Group financial profile 6 Conclusion 7 Appendices
Slide 39: A reasonable debt level
A REASONABLE DEBT LEVEL Low leverage far from covenants (1) Debt maturity (1) : no short term repayment Loan to value (net debt / gross asset value) (in €m) 4 years 50% Average duration of credit lines Regularly renewed 20% Liquidity insured; investment capacity (1) €413m €1,847m drawn bank loans as
Slide 40: Peugeot Invest cash flows
PEUGEOT INVEST CASH FLOWS Regular stream of dividends from Investments Active management of the portfolio (in €m) (in €m) Regular dividends Exceptionnal dividends PSA dividends Regular stream of dividends paid to shareholders Positive cash flows except in 2020 2,35 € * 2,15 € 2,15 € Cash-flow (€m) 2
Slide 41: Consolidated accounts: P&L
CONSOLIDATED ACCOUNTS: P&L Consolidated income statement 31/12/2020 31/12/2019 ◆ Decreased in in €M dividends received income from long term investments 226,6 185,5 of which Dividends 22,7 116,6 ◆ Positive impact of the of which Disposal gains/losses 62,2 6,6 PSA equity swap of which Remeasurement a
Slide 42: Agenda
1 Peugeot Invest strategic positionning 2 Governance & ESG policy 3 2020 NAV & performance 4 Recent events 5 Group financial profile 6 Conclusion 7 Appendices
Slide 43: Peugeot Invest: striving for growth
PEUGEOT INVEST: STRIVING FOR GROWTH ◆ Stellantis: one of the most profitable OEM and a global leader − Strong strategic rationale with geographical, brand and technology complementarities − > €5bn annual run-rate synergies − Strong balance sheet − Balanced governance ◆ Proven track record: strategy
Slide 44: Agenda
1 Peugeot Invest strategic positionning 2 Governance & ESG policy 3 2020 NAV & performance 4 Recent events 5 Group financial profile 6 Conclusion 7 Appendices
Slide 45: Peugeot 1810: a new company to hold the automotive assets of the Peugeot family group
PEUGEOT 1810: A NEW COMPANY TO HOLD THE AUTOMOTIVE ASSETS OF THE PEUGEOT FAMILY GROUP A centre of expertise With a dedicated governance ◆ Dedicated to the automotive and mobility sector ◆ 4-member Board ◆ Currently holding stakes in two companies, – Peugeot Invest, represented by Robert Peugeot hist
Slide 46: Peugeot Invest's portfolio history
PEUGEOT INVEST’S PORTFOLIO HISTORY Direct investments and co-investments ▪ Zodiac /Safran ▪ Spie (cash ▪ SIGNA Prime (€201m) received (€211m) ▪ Tikehau €141m + ▪ Acteon ▪ Zodiac (€26m) new invest. (€15m) ▪ Arboretum (5.9%) ▪ Sanef ▪ Total Eren €31m) ▪ Tikehau (€25m) (€102m) ▪ Im. Dassault (€14m) ▪ J
Slide 47: Stellantis
STELLANTIS OVERVIEW ◆ End 2019, Groupe PSA (founded more than 200 years ago by the Peugeot family) and FCA agreed on the terms of their merger ◆ Early 2021, the merger was executed to create Stellantis, one of the leading carmaker worldwide ◆ Compelling industrial and strategic rationale : • Balance
Slide 48: Safran
SAFRAN OVERVIEW OUR INVESTMENT ◆ Worldwide leader in Aerospace & Defense industry, ◆ Listed company organised around three main activities: ◆ Entry in 2018 (through the Zodiac Exchange offer) 1. Aerospace Propulsion: leader in narrowbody aircraft engines through the CFMI JV (producers of ◆ Peugeot I
Slide 49: LISI
LISI OVERVIEW OUR INVESTMENT ◆ Specialist of fasteners and assembly components in the ◆ Listed company aerospace, automotive and medical sectors ◆ Entry in 1996 (CID) and 2002 (Lisi) ◆ Complementary markets in terms of cyclicality: Aerospace, Automotive and Medical ◆ Peugeot Invest initial investmen
Slide 50: Groupe SEB
GROUPE SEB OVERVIEW OUR INVESTMENT ◆ World leader in Small Household Equipment and ◆ Listed company professional coffee machines, with ~32,000 employees ◆ Entry in 2004; + 0.7% in 2008; - 0.8% sold in June ◆ Strong market shares in niche markets 2010; - 1.0% sold in July 2020 at c.5x ◆ Three sectors
Slide 51: Orpea
ORPEA OVERVIEW OUR INVESTMENT ◆ European leader in dependency, long and medium-term ◆ Listed company physical and psychiatric care (including nursing homes, post-acute & rehabilitation, psychiatric care clinics and ◆ Entry in 2011; 0.9% sold in July 2018 at 3.8x home care) ◆ Peugeot Invest initial i
Slide 52: SPIE
SPIE OVERVIEW OUR INVESTMENT ◆ SPIE was founded in 1900 and is now the independent ◆ Listed company European leader in multi-technical services in the areas of energy and telecommunications ◆ Entry in 2017 ◆ SPIE has around 45,500 employees and a strong local ◆ Peugeot Invest initial investment = €2
Slide 53: Tikehau Capital
TIKEHAU CAPITAL OVERVIEW OUR INVESTMENT ◆ European alternative asset manager and investor, ◆ Entry in 2016, reinvestments in TC and TCA 2017, and founded in 2004. Tikehau is active in various asset in 2019 in TCA classes: private debt, capital markets strategies, real estate, private equity ◆ Invest
Slide 54: International SOS (new investment signed)
INTERNATIONAL SOS (NEW INVESTMENT SIGNED) OVERVIEW OUR INVESTMENT ◆ Founded in 1985 in Singapore by Arnaud Vaissié and Dr. ◆ Non-listed company Pascal Rey-Herme, International SOS is a worldwide leader in health and security risk management services. ◆ Investment closed in February 2021 The company
Slide 55: CIEL Group
CIEL GROUP OVERVIEW OUR INVESTMENT ◆ Investment organization in Mauritius, operating also in ◆ Listed company (Stock Exchange of Mauritius) Africa and Asia ◆ Entry in 2014 ◆ Activities in Sugar, Textile, Finance, Healthcare, Hotels & Resorts and Properties ◆ Peugeot Invest initial investment = €16m
Slide 56: Total Eren
TOTAL EREN OVERVIEW OUR INVESTMENT ◆ Total Eren was founded in 2012 by David Corchia and ◆ Non-listed company Pâris Mouratoglou ◆ Entry in 2015, extra €14m invested as part of a second ◆ Diversified renewable energy generating portfolio with capital increase of nearly €100m in June 2017 wind, solar
Slide 57: Acteon
ACTEON OVERVIEW OUR INVESTMENT ◆ French MedTech founded in 1946 and specialized in ◆ Non-listed company high technology dental devices ◆ Entry in 2019 ◆ Acteon is strongly committed to develop tools that reduce trauma and pain for the client ◆ Peugeot Invest intial investment = €15m ◆ 4 main sectors
Slide 58: Other unlisted investments
OTHER UNLISTED INVESTMENTS Château Guiraud (2006) LDAP (2013) OVERVIEW OVERVIEW ◆ Sauternes wine estate ◆ In 2013, Peugeot Invest formed a partnership with the family-owned Louis Dreyfus Armateurs (LDA) group and Bank Pâris Bertrand to found LDAP ◆ Premier Grand Cru de Sauternes since 1855 ◆ LDA is
Slide 59: Private equity funds
PRIVATE EQUITY FUNDS OVERVIEW (1) ◆ We are looking for GPs with the same DNA as the Peugeot family, oriented on operational value creation and long term growth ◆ We select few GPs since we want to develop a long term partnership with them in order to share our industrial experience, expertise and ne
Slide 60: Private equity funds: our main GPs
PRIVATE EQUITY FUNDS Our main GPs as of 31/12/2020 US EUROPE Buyout Growth / Tech Buyout Growth / Tech Impact GLOBAL ASIA & ROW 60
Slide 61: Co-investments (1/8)
CO-INVESTMENTS (1/8) IHS (2013) OVERVIEW TOWER PORTFOLIO (1) & REVENUES ◆ IHS is one of the largest independent owners, managers and operators of (Number of towers in thousands and revenues in USD millions) telecommunications towers in the world. It is also a leader in the EMEA zone in 21,1 22,4 22,
Slide 62: Co-investments (2/8)
CO-INVESTMENTS (2/8) JAB Holding (2016) OVERVIEW JAB’S INVESTMENTS STRUCTURE ◆ JAB Holding (“JAB”) is a private conglomerate controlled by the Reimann family, JAB philosophy is based on strong operational implication from its partners in its who developed the Group Reckitt Benckiser investments and
Slide 63: Co-investments (3/8)
CO-INVESTMENTS (3/8) AmaWaterways (2017) Lineage Logistics (2017) OVERVIEW OVERVIEW ◆ Created in 2002, AmaWaterways is a family-owned company which offers river ◆ Lineage is the world’s leading specialist cold chain logistics operator, serving the cruises predominantly in Europe and to English speak
Slide 64: Co-investments (4/8)
CO-INVESTMENTS (4/8) Capsa Healthcare (2017) Entoria (ex-Ciprés, 2017) OVERVIEW OVERVIEW ◆ Capsa Healthcare is the North American leader in the US in several niche medical ◆ Founded in 2000, Entoria (formerly Ciprés Assurances) is a French wholesale broker equipment in the areas of medication manage
Slide 65: Co-investments (5/8)
CO-INVESTMENTS (5/8) The Big Bottling Co. (2018) Asmodee (2018) OVERVIEW OVERVIEW ◆ The Big Bottling Company (“BBC”) is dedicated to the manufacture, distribution and ◆ Founded in 1995, Asmodee is a publisher and distributor of games and trading card sale of non-alcoholic beverages in Nigeria. Its m
Slide 66: Co-investments (6/8)
CO-INVESTMENTS (6/8) ArchiMed (2018) Transact (2019) OVERVIEW OVERVIEW ◆ Launched in 2014 and based in Lyon and New-York, ArchiMed is a strategic and ◆ Transact is a leading US campus technology company, providing integrated financial partner to healthcare companies, which manages nearly €2bn in ass
Slide 67: Co-investments (7/8)
CO-INVESTMENTS (7/8) TheLian (2019) LivSpace (2020) OVERVIEW OVERVIEW ◆ Headquartered in Shanghai, TheLian is a leading Chinese “TP” (“Tmall Partner”) ◆ LivSpace is the leading platform for turnkey interior design in India and Singapore dedicated to mid-sized cosmetics and skincare brands ◆ LivSpace
Slide 68: Co-investments (8/8)
CO-INVESTMENTS (8/8) Jianke (2020) Polyplus (2020) OVERVIEW OVERVIEW ◆ Jianke is a leading online healthcare platform in China, offering both online B2C ◆ Founded in 2001 in Strasbourg, Polyplus is the world's leading supplier of pharmacy and telemedicine services transfection reagents, i.e. critica
Slide 69: Immobilière Dassault
IMMOBILIÈRE DASSAULT OVERVIEW OUR INVESTMENT ◆ Real estate investment company ◆ Listed company with SIIC status ◆ Focus on prime real estate in Paris with 91% occupation ◆ Entry: asset contribution + shares purchase rate (due to ongoing restructuration and renovation work on of some of the assets) a
Slide 70: SIGNA Prime Selection
SIGNA PRIME SELECTION OVERVIEW OUR INVESTMENT ◆ Privately held Austrian real estate group founded in ◆ Private company 2010 by entrepreneur René Benko. Prime Selection AG ◆ Entry in 2019 ◆ SIGNA Prime is one of the largest commercial real estate companies in the German-speaking countries (mostly ◆ P
Slide 71: Other real estate investments
OTHER REAL ESTATE INVESTMENTS Value-add investment Property development ◆ Peugeot Invest committed €10m in LBO France’s White Stone VI ◆ Peugeot Invest committed €25m in Icawood, a fund focused on fund in 2015 and €15m in White Stone VII in 2018. The fund has the development of next-generation, low-
Slide 72: Our ESG roadmap to 2023 (1)
OUR ESG ROADMAP TO 2023 1. Peugeot Invest practices aligned with high standards of requirements An exemplary gouvernance An ethical behaviour People-oriented HR ◆ Strengthening the power of the Board ◆ Formalizing an Ethics Charter ◆ Structuring a training and career of Directors regarding ESG manag
Slide 73: Our ESG roadmap to 2023 (2)
OUR ESG ROADMAP TO 2023 2. An active and responsible investment philosophy An approach anchored in our Supporting the responsible Systematic integration of ESG DNA transformation of our assets ◆ Adapt our ESG governance and ◆ Develop an ESG evaluation grid of our ◆ Empowering the directors of our ad
Slide 74: More information on our website
More information on our website: www.groupe-FFP.fr → www.Peugeot-invest.com Investor relations Sébastien Coquard: +33 1 84 13 87 20 sebastien.coquard@groupe-FFP.fr → sebastien.coquard@peugeot-invest.com