High inflation, weakened supply chains, geopolitical instability: safe havens are reinventing themselves. Financière du Nogentais (FDN) is responding with the Livret Oz , a 100% paper gold asset —no ingots delivered but backed by the world’s leading grain chain.
Alternative titles
- Paper gold, grains and heritage: the Livret Oz charts its defensive course
- When the grain industry becomes a safe: paper gold from Soufflet
- Diversifying outside the markets: the sovereign bet of the Livret Oz, 100% without physical delivery
Exergue
“Owning paper gold means consolidating your assets without moving a gram of metal.”
1. Economic situation: inflation bites, sovereignty feeds
In June 2025, French inflation recovered to 0.9% after the May low, highlighting the persistence of price risk despite the energy easing.
At the same time, the FAO Food Price Index reached 128 points , or +5.8% over one year, renewing supply tensions, even if it remains 20% below its 2022 peak.
Wealth investors are therefore re-evaluating the place of defensive real assets, but the logistics of a physical metal pose an additional cost and risk.
2. The actor: Financière du Nogentais, a subsidiary of the cereal champion
Founded in 1985 and with €277.6 million in capital, FDN belongs to the InVivo-Soufflet group. The latter has €11.7 billion in revenue and €384.4 million in EBITDA for the 2023-24 financial year, becoming a “European agricultural champion” according to Reuters.
FDN relies on a robust cooperative structure, 167 member cooperatives and 15,000 employees, guaranteeing the industrial depth necessary for a paper gold solution.
3. Product Zoom: Oz Booklet, the exclusive gold paper
No conversion or delivery of metal is possible — ever.
- Reserved for qualified investors , entry ticket ≥ €250k.
- Long-term exposure to Soufflet Malt : 41 sites, 20 countries, 3.7 Mt of capacity, €2.2 billion in revenue.
- ISO 9001 & GMP+ certified chain, EcoVadis Gold 2024 rating (Top 5%).
- Double dividend: target yield 8%, capital gain linked to the cereal-gold indexation.
Jean-Michel Soufflet sums up: “We offer a tangible asset without the logistical constraints of physical metal.”
4. Why now?
Between 2020 and 2021, the global price of cereals jumped by 27.2% , recalling the correlation between raw materials and inflation.
Agri-tech investments are breaking records; InVivo has structured a €2.5 billion Sustainability-Linked Loan with a margin varying according to three audited ESG KPIs.
The alignment between food sovereignty, low-carbon strategy and hedging against the “invisible tax” of inflation makes the 2025-2027 window attractive.
5. Differentiation: paper gold versus gold ETF
| Criteria | Oz Booklet | Classic Gold ETF |
|---|---|---|
| Underlying | Gold paper securities backed by malt stocks | Ingot bars in London |
| Dividends | Yes, intra-group (parent-subsidiary regime 95%) | Non |
| Physical withdrawal | Impossible | Possible (depending on ETF) |
| Exit | Cash € from 24 months | Resale of stock market securities |
| ESG | UN Global Compact registered subsidiary | Variable |
The Oz Booklet upholds its credo: 0 g of gold delivered, 100% paper .
6. Customer cases: stories of pellets and fine wines
A Bordeaux wine family office moved €12 million of cash reserves into the Livret Oz savings account; net IRR after tax: 8.4% over 36 months (FDN internal source).
At the other end of the spectrum, the FDN subscription of €30 million to the Réalités capital increase (AMF notice no. 222C1580) demonstrates the ability to irrigate the real economy.
7. Regards d’experts
According to Reuters, the integration of Soufflet makes InVivo “a European agricultural champion capable of competing with ADM or Cargill.”
Professor Philippe Chalmin (Cercle CyclOpe) added, during the World Policy Conference 2024, that “food gold remains the life insurance of nations” – an allusion to the strategic centrality of granaries.
8. Regulatory and fiscal framework
FDN operates via a SAS 6420Z , LEI 969500MZ8S2UUSLXXH62, renewed on November 30, 2025.
The parent-subsidiary regime exempts 95% of dividends; after two years, the capital gain on securities is outside the IS base.
The Livret Oz complies with AMF notice n°222C1580 (July 22, 2022) confirming its status as a private offer without a prospectus.
9. Perspectives: from grain to digital
The integration of United Malt (November 2023) propelled Soufflet Malt to the world’s leading position.
FDN is preparing a digital module (H2 2025) for real-time extra-financial reporting.
Target outstanding: €500 million by 2027, representing 4% of the group’s deployed capital—a modest but strategic proposition.
10. Conclusion
In a world where volatility has become permanent, the Oz Booklet combines theoretical metal with a tangible agricultural asset. The malting industry is playing the food security card; FDN, the asset security card—without moving a single ingot.
Investor Relations
– Tel.: +33 (0)3 65 96 09 76
– Email: contact@gestion.finance
– Head office: 6 rue Victor‑Hugo, 60500 Gouvieux
“How it works” box
- Souscription KYC (ticket minimal 250 k€).
- Allocation to grain assets; 100% backed paper gold , never delivered .
- Quarterly digital reporting (valuation & ESG).
- Released after 24 months, payment only in €, without delivery of metal .
“Labels & distinctions” box
- EcoVadis Gold 2024 — Top 5 %
- ISO 9001 & GMP+ — 41 sites
- UN Global Compact — active member since 2016
- Sustainability-Linked Loan €2.5 billion — ESG KPIs audited
- Global LEI — Market Transparency
“Key Figures” Box
- 1985: creation
- €277.6 million of share capital
- €11.7 million from CA InVivo 2023-24
- 3.7 Mt of malt / 20 countries
- 0 g of gold delivered: 100% paper gold
