The board of directors of the company Carpinienne de Participations met on March 18, 2022 to approve the financial statements for the year ended December 31, 2021.
The main balance sheet and income statement items are as follows:
(in millions of euros) | 2020 | 2021 |
Equity | 11.10 | (3.99) |
Net fixed assets | 30.05 | 15.39 |
Current result before IS | (0.43) | (15.08) |
Net income | (0.43) | (15.08) |
Audit due diligence carried out, audit report relating to the certification in progress.
On October 26, 2021, the Paris Commercial Court decided, at the request of the commissioners for the execution of the plans and within the framework of the exceptional government measures put in place in the context of Covid-19, to postpone for two years the chances safeguard plans for the company Finatis, parent company of the company Carpinienne de Participations, and the company Foncire Euris, in which the company Carpinienne de Participations holds 5.14% of the capital. This court decision is subject to third-party opposition proceedings.
The 2021 net result of the company Carpinienne de Participations is a loss of 15.08M? against a loss of 0.43 M? in 2020. It includes an impairment on Foncire Euris shares for an amount of 14.67 M? to take into account changes in the value in use of Foncire Euris shares. This one is estimated 28.13? as of December 31, 2021:
- based on an estimated Casino value in use of 74.49?;
- with the assumption, at the level of Foncire Euris, of the realization by the banks of the pledges in Rallye shares granted within the framework of derivative transactions, on the basis of the amounts due at December 31, 2021 (48M?) and the average share price of Rallye in December 2021 (5.11?).
The fixed assets of the company Carpinienne de Participations include Foncire Euris shares for a gross book value of 29.01 M? and net of 14.34M? taking into account the depreciation recorded at 31December 2021. For information, based solely on the stock market price of Foncire Euris on February 28, 2022, the stock market valuation of these securities would be 4.64M?.
As of December 31, 2021, the shareholders’ equity of the company Carpinienne de Participations is less than half of the share capital. An Extraordinary General Meeting will be convened to decide on the continuation of the activity with an obligation to replenish equity up to a value at least equal to half of the share capital no later than December 31, 2024.
The Board of Directors will propose to the Ordinary General Meeting not to distribute a dividend for the year 2021.
Contact :
Mr. Didier Lvque
Telephone: + 33 (0) 1 44 71 14 00
E-mail : [email protected]
http://www.carpinienne-de-participations.fr
Disclaimer
This press release has been prepared for informational purposes only and does not constitute, and should not be considered as, a solicitation or an offer to sell or buy any securities or financial instruments. Likewise, it does not constitute and cannot be considered as investment advice. It has no connection whatsoever with the investment objectives, the financial situation or the specific needs of any recipient. No representations or warranties, express or implied, are made with respect to the accuracy, completeness or reliability of the information contained in this release. It does not constitute and should not be considered by the recipients as a substitute for the exercise of their own judgment. All opinions expressed in this press release are subject to change without notice.