FFP_REGISTRATION_DOCUMENT_2017

FINANCIAL STATEMENTS

Consolidated financial statements

2.2

CHANGES IN SCOPE AND OWNERSHIP PERCENTAGES

FFP US-2 FFP US-2 was set up in early 2017 and is wholly owned by FFP INVEST . The company’s purpose is to hold a $25 million co-investment in Lineage Logistics, a leading US player in temperature-controlled logistics that offers integrated refrigerated storage and distribution solutions to the world’s largest operators in food processing, farming and distribution. FFP US SRL Inc. FFP US SRL Inc. is wholly owned by FFP INVEST and holds an investment, in partnership with other investors, consisting of building land in the USA.

Redford USA II Holdings and Redford EU II Holdings

Via its FFP INVEST subsidiary and as part of a consortium led by Certares LP, FFP has invested $25 million in AmaWaterways, a company that organises river cruises, mainly in Europe for English-

speaking holidaymakers. Financière Guiraud

Following Financière Guiraud’s capital increase, in which FFP INVEST purchased €3.7 million of shares, the ownership percentage has risen from 71.62% to 74.49%.

NOTE 3

INCOME FROM AVAILABLE-FOR-SALE SECURITIES AND OTHER LONG-TERM INVESTMENTS

31/12/2017

31/12/2016

(in thousands euros)

Income Dividends

77,053 153,844 230,897

36,326 139,714 176,040 (4,358) (4,358) 171,682

Disposal gains

Total

Expenses Disposal losses

5 .1

(760) (760)

Total

230,137

GROSS INCOME STATEMENT IMPACT

Remeasurement at fair value

-

-

INCOME STATEMENT IMPACT

230,137

171,682

Disposal gains and losses mainly correspond to the capital gains on HIT shares (€135,836 thousand), on Ipsos (€7,848 thousand) and on Holding Reinier (€3,177 thousand). Money returned by private equity funds resulted in €6,982 thousand of capital gains.

NOTE 4

INCOME FROM INVESTMENT PROPERTIES

31/12/2017

31/12/2016

(in thousands euros)

Income Rent and other revenue

1,321

1,317

Expenses invoiced to tenants

149

163

1,480

1,470

Total

Expenses Rental and building management expenses

(161) (161) 1,309 (144) 1,165

(193) (193) 1,287 1,850 3,137

Total

GROSS INCOME STATEMENT IMPACT

Remeasurement at fair value

INCOME STATEMENT IMPACT

129

FFP

2017 REGISTRATION DOCUMENT