Résultats 1er semestre 2013
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Résultats 1er semestre 2013

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Résultats 1er semestre 2013

Résultats 1er semestre 2013
1st Half 2013 Results

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    Résultats 1er semestre 2013 Résultats 1er semestre 2013 Presentation Transcript

    • 1st HALF 2013 RESULTS 1 August 28, 2013 1st HALF 2013 RESULTS Good results, as Eurazeo’s efforts bear fruit
    • Contents 1st HALF 2013 RESULTS2 03 H1 2013 highlights Good results, as Eurazeo’s efforts bear fruit 08 15 21 29 Value creation H1 2013 Results Very good results Accelerating transformation Appendices
    • H1 2013 HIGHLIGHTS Good results, as Eurazeo’s efforts bear fruit 3 1st HALF 2013 RESULTS
    • Consolidated net income group share Strong disposals driving performance 1st HALF 2013 RESULTS4 Net proceeds from disposals €853m* (*) Of which €413m for Rexel (€225m in February, €85m in June and €103m in August 2013) (**) Between June 30, 2012 and June 30, 2013 proforma from the acquisition of Péters Surgical by Eurazeo PME and the sales of the Flexitallic Group and Rexel (***) Between Dec. 31, 2012 and August 20, 2013 Net cash €794m€329m Average multiple on disposals 2.1x NAV/share €59.0 +9%*** Decrease in conso- lidated net debt** ~-2.1bn
    • Accelerating our asset rotation 1st HALF 2013 RESULTS5 6.0% 4.0% 2.0% 13.0% 23.0% 2008 2009 2010 2011 2012 YTD DISPOSALS in % of NAV as of Jan. 1 2012 YTD 2013 +€853m 23% of NAV +€436m 13% of NAV (*) Rexel = 3 disposals (February, June & August 2013) * 8 DISPOSALS IN 2012 & 2013 In €m ▲ 23% of the NAV sold since January 2013
    • 12 14 16 18 20 22 24 26 30/12/11 29/2/12 30/4/12 30/6/12 31/8/12 31/10/12 31/12/12 28/2/13 30/4/13 30/6/13 Accurate market timing 1st HALF 2013 RESULTS6 February 14, 2013 Second partial sale June 4, 2013 Third partial sale Aug 7, 2013 Fourth partial sale March 5, 2013 Sale of the entire stake Share price in € March 01, 2012 First partial sale 12/30/11 02/29/12 04/30/12 06/30/12 08/31/12 10/31/12 12/31/12 02/28/13 04/30/13 06/30/13
    • Strengthening of the financial structure both at Eurazeo level and within portfolio companies 1st HALF 2013 RESULTS7 Net cash x3 since December 31, 2012 Consolidated net debt 2.1bn* decrease  €3,197m Successful refinancing of Elis  Debt maturities extended to 2017-18 No debt at company level Debt (*) Between June 30, 2012 and June 30, 2013 excluding Europcar fleet debt. Proforma of the sale of Flexitallic Group and the block of Rexel shares sold in August 2013 and the acquisition of Péters Surgical by Eurazeo PME
    • VALUE CREATION 1st HALF 2013 RESULTS8
    • A 3-step strategy towards value creation 1st HALF 2013 RESULTS9 Value creation Detect quality companies and identify strategic sectors Realize capital gains when transformation objective achieved Activate all transformation levers Eurazeo: well structured and positioned to create value from growth megatrends MONETIZATIONDETECTION ACCELERATION
    • Example: The Flexitallic Group 1st HALF 2013 RESULTS10 DETECTION MONETIZATIONACCELERATION 7 years holding Revenue €18m 11% international EBITDA €6m EV €37m Headcount 46 Revenue €210m 90% international EBITDA €49m EV €450m Headcount 1,250 Limited auction Sale to Bridgepoint 2006 2013 Radical transformation of a French distributor into a global manufacturing leader through: • Strong corporate governance • 5 international acquisitions • Penetration of new markets • Heavy investment in innovation and manufacturing 2.9x cash multiple* performance: €145m net proceeds28% IRR* (*) 2.4x cash multiple and 70% IRR at Eurazeo level, based on the acquisition of OFIPEC in April 2011
    • Value creation: solid NAV growth ▲ June 30, 2013 NAV/share: +7% versus Dec. 31, 2012 ▲ Non-listed companies valuation: +9% versus Dec. 31, 2012 1st HALF 2013 RESULTS11 NAV In € per share 49.2 54.1* 58.0* 59.0* June 30, 2012 Dec. 31, 2012 June 30, 2013 August 20, 2013 (*) NAV with ANF Immobilier at its NAV: €54.8 as of December 31, 2012, €58.8 as of June 30, 2013, €59.8 as of August 20, 2013 (**) Restated for bonus share allocation +20% **
    • NAV change by division 1st HALF 2013 RESULTS12 3,751 3,972 +6 +284 -594 +21 +33 -3 +20 -9 +1 -10 +472 NAV 12/31/12 NAV 06/30/13 Investments Change in fair value Disposals Cash & other Rexel, E denred Idéal Résidences BFR Groupe IES and add-on In €m
    • Conservative valuation of non-listed assets 1st HALF 2013 RESULTS13 121 15 115 184 22 145 ▲ Net proceeds of disposals exceeded the latest valuation in our NAV B&B Hotels Sept 10 Mors Smitt June 2012 The Flexitallic Group July 2013 NAV in €m Last NAV Net proceeds from disposals +52% +47% +26%
    • A strong track record over the long-term: weighted average cash on cash multiple of 2.1x 1st HALF 2013 RESULTS14 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x Fraikin Eutelsat Terreal Station Casinos Sirti B&B Rexel Rexel (February) Edenred 2005 2007 2010 2012 H1 2013 Mors Smitt* 0.0 3.5 3.4 0.2 Y E A R O F D I S P O S A L Weighted average multiple of 2.1x 2.1 2.4 3.5 ANF Immobilier 2.9 2.1 2.3 Aug 2013 Multiple <€50m €50–100m €100–150m >€150m Investment size: x Rexel (June) Flexitallic Group* Rexel (Aug) (*) At Eurazeo PME level 2.0 2.4 2.02.0
    • H1 2013 RESULTS Very good results 15 1st HALF 2013 RESULTS
    • Increase in revenue in Q2 1st HALF 2013 RESULTS16 2,093 2,083 1,286 1,285 H1 2012(1) H1 2013 -0.1% -0.5% Equity accounted companies Fully consolidated companies 3,379 3,368 -0.3% ECONOMIC REVENUE In €m (1) Restated ▲ Improvement in Q2 Q1: -0.9% Q2: +1.2% excl. impact of Danone dividends
    • Profit & loss details 1st HALF 2013 RESULTS17 (in €m) H1 2012 H1 2012 PF(2) H1 2013 Contribution of companies’ net of finance cost 40.8 4.6 4.0 Fair value gains (losses) on investment properties (3.6) (4.8) 3.4 Capital gains 9.6 9.6 580.5 Taxes and other(1) (50.2) (49.4) (60.1) Non-recurring items (144.2) (138.0) (165) Net consolidated income (147.4) (177.9) 362.3 Net consolidated income group share (126.6) (146.7) 328.8 (1) Net finance costs of the holding company business (2) Proforma: impact of disposals of a part of ANF Immobilier, Mors Smitt, Edenred, Rexel and deconsolidation of Fraikin
    • Stable contribution of portfolio companies 1st HALF 2013 RESULTS18 H1 2012 H1 2012 PF(1) H1 2013 Change Adjusted EBIT of Group consolidated companies 239.1 214.8 215.5 +0.3% Net finance costs of Group consolidated companies (240.9) (238.7) (228.0) (4.5%) Share of net income of associates after net finance costs 42.6 28.6 16.5 -42% Contribution of companies net of finance costs 40.8 4.6 4.0 CONTRIBUTION OF COMPANIES NET OF FINANCE COSTS (at 100%) (1) Proforma: impact of disposals of a part of ANF Immobilier, Mors Smitt, Edenred, Rexel and deconsolidation of Fraikin + 8% excl. Elis laundry impact ▲ Heavy seasonality of large Eurazeo companies (Moncler, Europcar) In €m
    • Capital gains and non-recurring items 1st HALF 2013 RESULTS19 4.0 329 0.9 112 -23 381 -19 -53 -74 Contribution of companies’ net of finance costs* Capital gains Danone EB early redemption Deconso. and impairment of Fraikin H1 2013 net income* Other recurring items Impairments (APCOA +Colyzeo +Banca Leonardo) Other non- recurring items Recurring income €475m(*) Group share MAIN ITEMS OF H1 2013 NET INCOME GROUP SHARE In €m Impact of group share on contribution net cost of debt
    • A solid financial structure 1st HALF 2013 RESULTS20 CONSOLIDATED NET DEBT In €m NET CASH AND CASH EQUIVALENTS In €m 5,277 3,197 1,508 1,446 H1 2012 PF H1 2013 Consolidated net debt (excl. Europcar fleet debt) Europcar fleet debt(w/o leasing) (*) Proforma of the acquisition of Péters Surgical by Eurazeo PME and the sale of the Flexitallic Group and Rexel * ▲ A fully available revolving credit line of €1bn ▲ No debt at company level -39% 138 292 794 Dec. 31, 2011 Dec. 31, 2012 Aug. 20, 2013
    • ACCELERATING TRANSFORMATION 21 1st HALF 2013 RESULTS
    • Transformations under way & next ambitions (1/2) 1st HALF 2013 RESULTS22 To date: • Efficient roll-out of Fast Lane transformational Program driving profitability Next ambitions: • New mobility services, further internal efficiency projects To date: • Management team reinforcement • Kick-off commercial strategy on core business • New strategy for brokerage business • Focus on strategic areas • Relaunch of M&A strategy Next ambitions: • Harmonize performance across the network • Accelerate organic growth in core business • Drive sector innovation • Increase accretive acquisitions in strategic areas To date: • Active portfolio management • Enhanced group structure and operating model concepts Next ambitions: • Roll out optimal operational model and local successful products • Enhanced new business • Refinancing To date: • Disposal of non core assets and focus on hospitality • Asset light strategy • Investment in distribution and digitalization • Organization by brand in Europe and appointment of the new Head of Property Department Next ambitions: • Distribution and digitalization • Opportunistic M&A
    • Transformations under way & next ambitions (2/2) 1st HALF 2013 RESULTS23 To date: • Globalization, development of the distribution network and expansion of the product range Next ambitions: • Further geographical rebalancing (North America, etc.) • Further diversification towards accessories To date: • 50MW photovoltaic plants operational in France • First plant in India (22MW) • 200MW license obtained in Porto Rico • Development of biogas projects and license obtained in geothermia Next ambitions: • 200MW under development in Porto Rico • Opening of new countries in photovoltaic • First biogas facilities To date: • Strong increase in rents and profitability Next ambitions: • Increase new investmentsto rebalancethe portfolio To date: • Launch of new pest control activity • Successful refinancing • Proven M&A and integration know-how • Continuous performance improvements Next ambitions: • Finalize New ERP roll-out • Accelerate international expansion • Accelerate products and services innovation • Increase penetration in strategic segments
    • Acquisitions in our strategic sectors 1st HALF 2013 RESULTS24 Identifying and selecting key sectors 2 Strategic monitoring of social trends 1 Targeting and pro-actively approaching investment opportunities (proprietary deals) 3  Increasing purchasing power in the emerging markets  Evolution of purchasing patterns  Longevity  Health awareness  Environmental concern, natural resources scarcity, etc.  Luxury & global brands  Technology & digital  Financial services  Healthcare:  Environment & energy- driven businesses: • IES: pioneer in electric vehicle chargers • Idéal Résidences: group of medical, social and health care facilities • Péters Surgical: the world's 4th-largest surgical suture specialist • Groupe Cap Vert Finance: European leader in electronics recycling 4 acquisitions in H1 2013, amounting to ~€100m
    • CONCLUSION 25 1st HALF 2013 RESULTS
    • Conclusion ▲ Accelerating new investments ▲ Pursuing value creation within portfolio companies ▲ Aiming at a lower discount rate 1st HALF 2013 RESULTS26
    • Active share buyback 1st HALF 2013 RESULTS27 865,700 shares bought in 2013 902,747 shares cancelled at July 19, 2013 A C T I V E S H A R E B U Y B A C K P R O G R A M €36m | €41/share i.e. 1.3% of total shares
    • As of August 20, 2013 In €m High discount on non-listed assets 1st HALF 2013 RESULTS28 56 56 882 882 992 992 2,017 1,370 NAV Market Cap. 4,036 3,299 ▲ 19% discount on our NAV as of August 20, 2013 implies a 35% discount on non-listed assets Implicit value of non-listed assets Other Non listed assets Listed assets Cash & treasury shares 35% discount on non-listed assets
    • APPENDICES Including Group company detailed information 29 1st HALF 2013 RESULTS
    • Contents 1st HALF 2013 RESULTS30 31 Financial appendices 36 Group company detailed information 75 Other
    • 43% 21% 4% 7% 7% 17% NAV in €m Breakdown of NAV as of June 30, 2013 1st HALF 2013 RESULTS31 EURAZEO CAPITAL (LISTED) CASH & OTHER EURAZEO PATRIMOINE EURAZEO PME EURAZEO CROISSANCE EURAZEO CAPITAL CAPITAL (NON LISTED)
    • Net Asset Value as of June 30, 2013 1st HALF 2013 RESULTS32 (1) Net of allocated debt (2) Accor shares held indirectly through Colyzeo funds are included on the line for these funds Interest Nb shares Price NAV as of June. 30, 2013 with ANF at its NAV € €M ANF @ €30.7 Eurazeo Capital Listed 824,6 Rexel 11.08% 31,368,739 17.32 543,2 Accor 8.83% 20,101,821 26.60 534,8 Accor net debt -250,2 Accor net (1) (2) 20,101,821 281,3 Eurazeo Capital Non Listed 1,725,0 Eurazeo Croissance 172,0 Eurazeo PME 278,8 Eurazeo Patrimoine 282,2 353.4 ANF Immobilier 48.93% 8,675,095 22.49 195.1 266.3 Colyzeo and Colyzeo 2 (2) 87.0 Other assets 20.9 Cash 637.2 Tax on unrealized capital gains -51,5 -65.5 Treasury shares 3.39% 2,346,578 82,7 Total value of assets after tax 3,971.9 4,029.1 NAV per share 58.0 58.8 Number of shares 68,502,238 68,502,238
    • Net Asset Value as of August 20, 2013 1st HALF 2013 RESULTS33 Interest Nb shares Price NAV as of August 20, 2013 with ANF at its NAV € €M ANF @ €30.7 Eurazeo Capital Listed 797.8 Rexel 9.07% 25,668,739 18.22 467.7 Accor 8.83% 20,101,821 28.98 582.6 Accor net debt -252.6 Accor net(1) (2) 20,101,821 330.1 Eurazeo Capital Non Listed 1,725.0 Eurazeo Croissance 172.0 Eurazeo PME 209.9 Eurazeo Patrimoine 281.0 353.4 ANF Immobilier 48.93% 8,675,095 22.36 194.0 266.3 Colyzeo and Colyzeo 2 (2) 87.0 Other assets 21.1 Cash 793.6 Non-affected debt Tax on unrealized capital gains -51.8 -66.0 Treasury shares 3.43% 2,346,578 87.9 Total value of assets after tax 4,036.4 4,094.6 NAV per share 59.0 59.8 Number of shares 68,419,738 68,419,738 (1) Net of allocated debt (2) Accor shares held indirectly through Colyzeo funds are included on the line for these funds
    • Strengthened cash position 1st HALF 2013 RESULTS34 CASH POSITION In €m 292 637 794 -7636 -32 -48 -142 248 -15 Net disposals 12/31/2012 06/30/2013 08/20/2013 Dividends received Dividends paid 605 Shares repurchased Investments* Debt reimbursement and other Disposals Other (*) Mostly investments in Idéal Résidences and IES (**) Including investment in Cap Vert Finances (€36m), Péters Surgical (€30m) and reinvestment in Flexitallic (€10m) Investments** -76
    • Eurazeo share price performance 1st HALF 2013 RESULTS35 20 25 30 35 40 45 50 Eurazeo LPX CAC 40 ▲ YTD 2013 TSR: +45% vs. 17% for the CAC40 ▲ TSR: +126% vs. +54% for the CAC40 between July 2002 and August 16, 2013 12/30/11 02/29/12 04/30/12 06/30/12 08/31/12 10/31/12 12/31/12 02/28/13 04/30/13 06/30/13 08/16/13
    • DETAILED INFORMATION ON EURAZEO CAPITAL 1st HALF 2013 RESULTS36
    • 37 8.9% ECONOMIC INTEREST EQUITY METHOD ▲ Solid revenues growth in first-half 2013, supported by a favorable calendar of events in the second quarter • Up 1.8% increase like-for-like, including 3.3% in the second quarter ▲ Robust growth from management and franchise fees • Up15.9% in first-half revenue, confirming Group transformation ▲ Development in line with the transformation plan of the company: 9,940 rooms opened, of which 80% asset light ▲ Transforming actions in H1 to sustain future performance of the Group: • Investments in distribution (€120m over 4 years starting from H1 2013) • Savings plan (€100m in 2013–2014) with effects in H2 2013 • Reorganization by brand in Europe and appointment of the new Head of Property Department management 1st HALF 2013 RESULTS
    • 1st Half 2013 highlights 1st HALF 2013 RESULTS38 In €m H1 2013 H1 2012 Reported change Comparable change Revenue 2,694 2,717 -0.9% +1.8% EBITDAR % margin 817 30.3% 835 30.7% -2.2% -0.4% EBIT % margin 198 7.4% 212 7.8% -6.6% -6.4% Net debt 581 804 -27.7% -
    • 1st Half 2013 highlights 1st HALF 2013 RESULTS39 (€m) H1 2013 H1 2012 Var. Var. L-f-L(1) Hotels 2,628 2,662 -1.3% +1.7% Upscale & Midscale Economy 1,680 948 1,710 952 -1.7% -0.5% +2.3% +0.5% Other businesses 66 55 +19.6%(2) +6.1% Total 2,694 2,717 -0.9% +1.8% (1) At comparable scope of consolidation and exchange rates (2) Strata acquisition (Mirvac) ▲ Highlights: – First-half 2013 performance driven by a very dynamic second quarter ▲ Financial situation: – Revenue in the Upscale and Midscale segment rose by 3.7% like-for-like in Q2 (+2.3% in H1), led by emerging markets, with double-digit growth in Latin America (up 13.9% in Q2) and Africa-Middle East (up 15.3% in Q2) – Revenue from Economy hotels increased by 2.4% like-for-like in Q2 (+0.5% in H1), driven by Germany and the UK, benefited from a few signs of improvement in Italy and Portugal. France’s performance improved, compared with the early part of the year – Asset management on track: €248m Adjusted Net Debt Impact to date from binding agreements ▲ Mid-term targets and outlook: – First-half 2013 trends confirmed in July and expected to continue in H2, especially in Up & Midscale segment – The €100m savings plan between 2013 and 2014 has been launched in H1 and will generate effects starting from H2 – 2013 EBIT guidance: €510–530m vs. €526m in 2012
    • 40 82.2% ECONOMIC INTEREST FULLY CONSOLIDATED ▲ Stable sales +1.6% excluding impact of renegotiation from 2 airports from lease to management contracts ▲ Slight decrease in EBITDA Difficult weather conditions early 2013 and slightly disappointing performance of Park and Guard in Scandinavia ▲ Stabilized net debt Unfavorable swap rates ended end of H1 2012 In €m H1 2013 H1 2012 Reported change Comparable change Revenue 334.0 340.1 -1.8% -1.6% EBITDA % margin 25.5 7.6% 26.8 7.9% -4.8% -4.6% Net debt 641.6 659.3 -2.7% -1.2% 1st HALF 2013 RESULTS
    • 1st Half 2013 highlights 41 ▲ Highlights: • Germany: reorganization & implementation of optimal operational model ▲ Financial situation: • Next debt maturity in April 2014: currently being addressed ▲ Mid-term targets: • Continuous active portfolio management • Roll-out of international best-practices • Focus on new business acquisition 1st HALF 2013 RESULTS
    • 1st HALF 2013 RESULTS42 (1) FY impact in 2012 and 2013: €40m and €12m respectively 82.6% ECONOMIC INTEREST FULLY CONSOLIDATED ▲ Steady topline performance • French activities posting a 1.9% organic growth • International activities suffering from current turmoil, particularly in southern Europe ▲ Improving margins • +1.5pt increase thanks to tight cost control, accretive acquisitions and CICE impact (+€4m in H1 2013) • Temporary impact on EBIT due to change in linen amortization(1) ▲ Successful refinancing • Amend & Extend of senior facility to October 2017 • Issuance of a €450m High-yield bond as well as a €553m private mezzanine tranche In €m H1 2013 H1 2012 Reported change Comparable change Revenue 600.0 580.7 +3.3% +1.0% EBITDA % margin 190.3 31.7% 175.9 30.3% +8.2% EBIT % margin 100.5 16.8% 105.8 18.2% -4.9% Net debt 2,003 1,969 +1.7%
    • 1st HALF 2013 RESULTS43 1st Half 2013 highlights ▲ Highlights: • Successful refinancing of Elis in June, leveraging on the attractive profile of the company and the appetite of the market • Continued M&A strategy with several acquisitions in Europe, o/w Inotex in January, and the disposal of non-core subsidiary Molinel in May ▲ Financial situation: • Continuous growth supported by strong positions in France and increasingly in other European countries (e.g. Switzerland) ▲ Mid-term targets: • Sustained attention on cash generation and deleveraging initiatives • Clear focus on international expansion both through further acquisitions and organic growth
    • 1st HALF 2013 RESULTS44 ▲ Amend & Extend of Senior Facility: pushing first maturity from 2014 to 2017 • 3 year extension of senior tranches with next maturity in October 2017 • Uplift in margin to 425bp ▲ Issuance of new debt tranches • €450m issuance of senior bond (B+) at 6%, due 2018 • Private placement of €553m of mezzanine debt, split between cash (380) and PIK (173) instruments at an average margin of 8% over euribor, due 2018 ▲ Swap renegotiation • Sharp reduction of average swap rate at 1,4%, hedging around 80% of current Senior facilities ▲ Controlled financial cash costs • Estimated normative cash cost around €115m, in line with average historical figures(1) • 5 times PF LTM EBITDA of cash-pay debt as of June ▲ Increasing room to focus on Elis’ development BEFORE (12/31/2012) AFTER (06/30/2013) Senior facilities 1,258 Senior facilities 895 General facility 86 General facility 110 Other debts 18 Other debts 21 Senior Sec. Bonds 450 Senior debt 1,362 Senior debt 1,476 Junior Mezz. 350 Senior Sub. Bonds 380 Senior Mezz. 270 Senior PIK Notes 173 Accrued interests 20 Accrued interests 15 Cash (54) Cash (41) Net financial debt 1,948 Net financial debt 2,003 1st Half 2013 highlights (1) Based on current Euribor forecasts In €m R E F I N A N C I N G
    • 1st HALF 2013 RESULTS45 87.4% ECONOMIC INTEREST FULLY CONSOLIDATED In €m H1 2013 H1 2012 reported Reported change Comparable change Revenue 864 888 -2.7% -1.9% Adj. Corp. EBITDA % margin 18.2 2.1% 7.8 0.9% +133.3% +137.7% Adj. EBIT % margin 68.0 7.9% 58.4 6.6% +16.4% +17.4% Corp. Net debt 567 567 +0.1% n/a ▲ Resilience of Europcar’s volumes and better quality of business in still tough but slightly recovering leisure market resulting in slight decrease in revenues by -1.9%* ▲ Improved EBIT and Corporate EBITDA thanks to successful execution of new revenue capacity management and continuous deployment of FastLane program measures more than offsetting decrease in revenues ▲ Continuous focus on Cash management (*) at constant exchange rates and perimeter
    • 1st Half 2013 highlights 1st HALF 2013 RESULTS46 ▲ Resilient volumes in tough market environment – Revenues down by -1.9% vs. H1 2012 at constant exchange rate and perimeter • Limited decrease in volumes (rental days down by -0.3%) despite exit from non profitable business in Italy thanks to improved market conditions at Q2 2013 in the B2B segment, still resilient Leisure demand and a strong refocus on Commercial initiatives • RPD down by -1.6% in a still tough competitive environment but already reflecting better trend thanks to Revenue and Capacity Management initiatives – InterRent launch since April / May 2013 in France, UK and Germany ▲ FastLane costs reduction initiatives already resulting in significant margins improvement – Continuous improvement of the fleet utilization rate by +1.1pt (74.8% vs. 73.7% as of H1 2012) – Average Fleet holding cost per unit down by –6.4% over the period – Network and Headquarters optimization – Decrease in other overhead costs (incl. insurance) – Significant Corporate EBITDA margin improvement by +1.2pt vs. H1 2012 ▲ Improved Cash-flow generation – Strong improvement of non fleet and fleet working capital – Corporate Net Debt of €567m as of June 30, 2013, with Corporate leverage at 4.4x
    • 1st HALF 2013 RESULTS47 33.8% ECONOMIC INTEREST EQUITY METHOD ▲ Resilience of the Residential Real Estate Services Business in tough Brokerage market environment ▲ Stable EBITDA despite continuous marketing investment linked to the “Foncia’s 40th Birthday” Commercial Action Plan thanks to tight cost management ▲ Re-launch of the acquisition strategy with 7 acquisitions closed since the beginning of the year In €m H1 2013 H1 2012 reported Reported change Comparable change Revenue 287.6 286.7 +0.3% -0.8% EBITDA % margin 44.2 15.4% 44.6 15.6% -1.0% -2.3% Net debt 339 359 -5.7% n.a.
    • 72% 12% 7% 9% 1st Half 2013 highlights 1st HALF 2013 RESULTS48 ▲ Slightly increase in revenues by +0,3% – Resilience of the RRES activities – Decrease in the Brokerage business but better trend observed for the Q2 2013 benefitting from recent investments ▲ Stable EBITDA standing at €44.1m – Good resilience of the EBITDA margin (15.4% vs. 15.6% in H1 2012) despite lower revenues and sales force investment in Brokerage business and lower interest rates on Client Accounts ▲ Strong deleveraging, in particular thanks to good management of the Working Capital – Net debt stands at €339m at June 2013 vs €359m last year despite €14m of acquisitions outflows as of H1 2013 – Net Debt / EBITDA at 3.8x vs. 4.3x as of H1 2012 ▲ Re-launch of the acquisition strategy – 7 acquisitions closed since Jan-13 with a full-year revenue contribution of €12.4m In €m H1 2013A H1 2012A % var. RRES France(1) 207.2 204.0 +1.6% Brokerage 33.3 37.1 -10,2% Total France 240.6 241.1 -0.2% International 25.3 24.4 +3.7% Other and Interco 21.7 21.3 +1.9% Total 287.6 286.7 +0,3% Real Estate Services France Recurring revenue: 88% Brokerage Other and interco International H1 2013A revenue (1) RRES France: Residential Real Estate Services France including Joint-Property Management and Lease Management businesses
    • 49 (1) Unaudited management reporting 33.6% ECONOMIC INTEREST EQUITY METHOD ▲ Solid top line growth mainly driven by pencil business, with sound growth in the color business and lower growth in Skin Care ▲ EBITDA is down by 21.9% compared to H1 2012 mainly due to higher production costs and overheads, and €1.1m one-off costs in the US ▲ €15.4m deleverage compared to June last year, some improvements in working capital management In €m (1) H1 2013 H1 2012 Reported change Net sales 153.1 138.2 +10.8% EBITDA % margin 14.9 9.7% 19.1 13.8% -21.9% Net debt 195.5 210.9 -7.3% 1st HALF 2013 RESULTS
    • 1st Half 2013 highlights 50 ▲ Highlights: • Sales up 10.8% in the first semester 2013 • EBITDA margin down by 4.1 pt due to c. €1.1m one-off in the US (0.7% of sales) and higher operational cost: management is working to recover the profitability in the second semester of the year ▲ Financial situation: • Net debt reduction by €15.4m compared to June last year and in line with last December (-0.2%) • Working capital improvements especially in the payables and receivables management, with a strong focus on collection and tangible results in overdue reduction ▲ Mid-term targets: • Order intake has been showing positive trend across all the regions since beginning of the year • Focus on cash flows and margins to translate the topline growth into cash 1st HALF 2013 RESULTS
    • 51 (1) Italian Fiduciary business (2) Unaudited management reporting (3) Distribution of 0.12 €/share dividend in H1 2013, corresponding to a total amount of €34m and a dividend of €6.1m for Eurazeo 19.3% ECONOMIC INTEREST ▲ Stable Group net revenues in a difficult financial environment Sales negatively impacted from lower Proprietary Trading revenues ▲ The macro-economic environment is mainly affecting the M&A advisory business, slow growth of sales (+3.7%) although the strengthening of the pan-European team ▲ Strong progression of Customer Financial Assest Growth supported by both: (i) Net New Money (including +€0.2bn via COFIB(1) acquisition), and (ii) Market Performance ▲ €34m dividend distribution in 2013 €6.1m paid to Eurazeo In €m (2) H1 2013 H1 2012 Reported change Total net revenue 67.4 68.2 -1.2% Net profit % margin 7.7 11.4% 7.6 11.2% +0.7% Total customer financial assets 6,212 5,355 +16.0% Total equity(3) 342 338 +0.9% 1st HALF 2013 RESULTS
    • 1st Half 2013 highlights 52 ▲ 6 months net revenues at €67.4m, almost stable compared to last last year same period (€68.2m) • Advisory fees up 3.7% to €27.4m, leveraging on pan-European team which now includes Swiss and Scandinavian offices, along with teams based in Italy, France, Benelux, Germany and Spain ▲ Private banking showing sound growth • Revenues up 22.9% to €27.3m • Leveraging on: (i) main Italian business, which is growing organically and through small acquisition such as COFIB (independent fiduciary business) (ii) French division, (iii) newly built Swiss activity ▲ Net result in line with H1 2012 • GBL is working in two directions: strengthening business teams and leaning corporate and support functions ▲ Mid-term targets: • Creating: (i) strong independent European plateform for M&A advisory on one side, (ii) strong Private Banking activities on the other side, leveraging on the current leadership position among Italian independent Private Banking networks • Recurring dividend distribution (double digit yield) 1st HALF 2013 RESULTS
    • 53 (1) Excluding other revenues (€1.9m in H1 2013 and €4.8m in H1 2012) 31.2% ECONOMIC INTEREST EQUITY METHOD ▲ Moncler is pursuing its rapid development +10% growth in sales for the group +18% growth in sales for the Moncler brand ▲ The Moncler brand continues to develop its retail channel and to diversify geographically its sales The Moncler brand opened 4 new stores in the first half 2013 In €m H1 2013 H1 2012 Change Net sales(1) 247 225 +10% Moncler 183 155 +18% Sportswear 64 70 -9% Net Debt 239 295 -19.0% 1st HALF 2013 RESULTS
    • 1st Half 2013 highlights 54 M O N C L E R R E T A I L N E T W O R K A S O F J U N E 2 0 1 2 87 stores | + 4 in H1 2013 Retail stores: 31 ASIA 50 EUROPE 6 NORTH AMERICA • Retail sales represent in H1 2013 more than half of the brand’s sales versus 44% in H1 2012 • The retail channel continues to enjoy a sustained like for like growth at +16% (at comparable foreign exchange rates) which compares to +13% in the full year 2012 • Continued geographic expansion, Italy representing around a quarter of the sales in H1 2013 1st HALF 2013 RESULTS
    • 1st HALF 2013 RESULTS55 9.1% ECONOMIC INTEREST EQUITY METHOD ▲ Another resilient performance in Q2, despite a challenging environment in Europe and the Pacific • Q2 sales broadly stable year-on-year on a reported basis ; strong contribution from Platt and Munro, acquired in H2 2012 • Sequential improvement on a constant and same-day basis (-3.3% in Q2 after -3.7% in Q1), mainly driven by the United States, but also by China and Brazil ▲ Resilient profitability in H1 with Adjusted EBITA margin of 5.1% thanks to margin discipline and cost control • Calendar impact in H1 represented half of the 40bp drop in Adj. EBITA margin • Distribution and administrative expenses (excl. depreciation) reduced by 2.9% in H1, close to the 3.5% drop in sales on a constant and same-day basis In €m H1 2013 H1 2012 Change Reported revenue 6,468.8 6,568.1 -1.5% Adjusted EBITA % margin 331.9 5.1% 370.7 5.5% -10.5% Reported net debt 2,628.9 2,458.4 6.9%
    • DETAILED INFORMATION ON EURAZEO PME 1st HALF 2013 RESULTS56
    • Financials 1st HALF 2013 RESULTS57 (€m) H1 2013 H1 2012 Reported change Like-for-like change Revenue 220.3 218.4 + 1% + 7% EBITDA* % margin 34.8 15.8% 37.5 17.2% - 7% - 2% Net debt Portfolio leverage 163,2** 2.7x 266.7 3.4x (*) Majority Investments as of June 30, 2013 (**) Net debt out of Flexitallic recorded as Assets for Sale
    • 3 acquisitions in H1 2013 ▲Idéal Résidences: group of medical, social and health care facilities ▲Péters Surgical: the world's 4th-largest surgical suture specialist ▲Groupe Cap Vert Finance: European leader in electronics recycling 1st HALF 2013 RESULTS58
    • Investment in Idéal Résidences 1st HALF 2013 RESULTS59 Attractive industry with strong resilience brought by longevity, health awareness, numerus clausus and lack of capacities Quality platform in leading locations for building-up a larger, homogenous and consistent group Highly skilled management team with demonstrated ability to integrate and transform new acquisitions Build a group of about 20 facilities 1. Numerous French build-ups opportunities 2. Focus on underperforming healthcare facilities, pricing power 3. Rerating of a cohesive group • Idéal Résidences manages five senior assisted living facilities and a post-acute care and rehabilitation center, all located in the greater Paris region and representing a total of 515 beds. • The group generated €27 million in revenue in 2012. Direct sourcing March 2013 Investment €21 million Equity interest 54% Group of 5 nursing homes and post-acute facilities
    • Investment in Idéal Résidences 1st HALF 2013 RESULTS60 AGING POPULATION IN FRANCE In million people over 60 years old NURSING HOME MARKET In France 23.6 18.9 15.6 2060*2025*2013 New opportunities: • New consumer expectations • Investment needs +21% +25% (*) Insee expectation in 2010 13.9 12.0 9.2 9.0 55.9 • 225,000 new dependent people every year in France • Expenses for dependency will rise up to €22bn in 2012 (1.1% of the GDP) • Government's position toward dependency is expected to change and therefore bring opportunities Orpéa Domus Vi Korian Médica Others In %
    • Investment in Péters Surgical 1st HALF 2013 RESULTS61 • Founded in 1926, Péters Surgical has three operating locations all maintaining a high standard of service. Its products are recognized worldwide and distributed in over 75 countries. • The group generated €37 million in revenue in 2012 (50% outside France). 4th largest surgical suture specialist Auction July 2013 Investment €30 million Equity interest 90% French specialist in sutures, wall reinforcement and drains Resilient and duplicable business model internationally Strong network abroad, 75 countries covered at export, base for further international expansion Build an international leader 1. Room to accelerate organic growth in France 2. Consolidate business position through the strengthening of R&D 3. Numerous identified international build-ups
    • The surgical suture market 1st HALF 2013 RESULTS62 WORLDWIDE SUTURE MARKET In €bn FRENCH SUTURE MARKET 3.2 2.4 2018e2011 +4.4% CAGR • US, Brazilian and Chinese markets: the most attractive markets in terms of size and growth perspective • Eastern European and Asian countries: important development potential remaining • The French sutures market (7% of the worldwide sutures market) is mature and stable, concentrated among 4 players making the arrival of a new challenger very unlikely • High entry barriers mainly due to regulatory requirements (EC-marking, etc.) • Sutures have proved to be more resilient to public spending’s higher monitoring than medical equipment • #4 player worldwide • #3 in France Péters Surgical benefits from a strong position:
    • Investment in Cap Vert Finance 1st HALF 2013 RESULTS63 • CVF is specialized in leasing, recycling and maintaining IT systems through its brands AS Lease and IB Remarketing. • The group generated €59 million in revenue in 2012. Direct sourcing July 2013 Investment €36 million Equity interest 57% European leader in electronics recycling through PLC management Sustainable strong growth in maintaining activities High recurring revenues Strong profitability notably related to the recycling activity Efficient operational reporting Build an international leader 1. International business development in emerging countries and the USA 2. Numerous build-ups opportunities in light of effective economies of scale 3. Business developments beyond telecom industry
    • Electronics recycling market 1st HALF 2013 RESULTS64 FLEET OF SERVERS (WORLDWIDE) In million units WORLDWIDE STORAGE MARKET 4138 3532 2013201220112010 TCAM: +9% 21 19 17 201120102009 In Mds$ TCAM: +11% • Increase in demand for IT equipment • Need for spare parts for maintenance and power increase • New maintenance needs to increase the IT equipment lifespan • Exponential increase in power needs and medium-term storage • Continuous increase worldwide in the volume of data to process (servers), to deliver (network equipment) or to store • Fleets of servers grow worldwide Many opportunities:
    • Portfolio 1st HALF 2013 RESULTS65 As of June 30, 2013 €279m As of July 17, 2013 €210m
    • Highlights 1st HALF 2013 RESULTS66 34.8 24.7 6.5 30.4 55.7 103.0 220.3 37.5 45.0 30.1 58.4 84.8 218.4 Other (Gault & Frémont, Mors Smitt, Fondis) Portfolio EBITDA** +1% +21% -5% +1% na -7% • Strong activity in maintenance programs in France & USA • Decrease on the Canadian activity • New projects in Asia and Germany • Opening of 3 restaurants in H1 2013 and one on the new concept “Leon de B” • On a comparable basis, sales decreased by 5.6% (like the market) • Launch of the Camille Albane activity in the US • Acquisition of Idéal Résidences the 26th of March 2013 • New build up projects • Sale of Mors Smitt to Wabtec mid-June 2012 • Average margin: 15.8% • Decrease mainly due to Léon de Bruxelles market conditions +7% -2% Change Change in l.f.l. basis* H1 2012 H1 2013 R E V E N U E (€m) (*) Adjusted for Mors Smitt sale and Idéal Résidences acquisition (**) Majority Investments as of june 30,2013
    • DETAILED INFORMATION ON EURAZEO CROISSANCE 1st HALF 2013 RESULTS67
    • Financials* 1st HALF 2013 RESULTS68 (*) Economic financials: 100% of 3SP Group’s consolidated financials and 39.3% of Fonroche’s consolidated financials (€m) H1 2013 H1 2012 Reported change Revenue 29.3 33.7 -13% EBITDA % margin -0.7 NM 6.1 18.1% nm
    • Investment in IES 1st HALF 2013 RESULTS69 O N B O A R D C H A R G E R S E X T E R N A L C H A R G E R S Car manufacturers Tier 1 Electric vehicles manufacturers Industrial electric vehicles External chargers for private and professional use Public charging stations • IES is specialized in the design and manufacturing of charging solutions, being among the few companies globally to manage both of the existing standards in electric vehicle chargers, CHAdeMO and Combo • IES managed to grow its revenue from €5m in 2006 to €14m in 2012 Direct sourcing June 2013 EV €22 million Equity interest 93% Pioneer in electric vehicle chargers Diversified product offering Strong R&D and technological knowhow Demonstrated capability to supply the world’s major OEMs Build a global leader in electric vehicle chargers 1. International business development in Europe, North America and Asia 2. Boost R&D activities 3. External growth opportunities Wall-box
    • The electric vehicle market 1st HALF 2013 RESULTS70 0 100 200 300 2011 2012 2013 2014 2015 2016 2017 2018 (*) Excluding conventional hybrids (no recharge) Source: market surveys THE EUROPEAN ELECTRIC VEHICLE MARKET* In k units Low expansion scenario: Steady growth but limited to a niche market Significant expansion scenario: Strong consumer adoption ▲ The electric vehicle addresses several critical challenges of which: • Decreasing CO2 emissions • Reducing dependence on fossil fuels • Cutting urban air pollution ▲ The electric vehicle market presents a high growth potential with all major car manufacturers launching an electric model 2 1
    • NAV as of June 30, 2013 €179m Portfolio 1st HALF 2013 RESULTS71 Invested amount as of June 30, 2013
    • DETAILED INFORMATION ON EURAZEO PATRIMOINE 72 1st HALF 2013 RESULTS
    • 1st Half 2013 highlights 73 ▲ H1 Rents in line with budget – +8% like-for-like growth – FY 2013 rents target +14% confirmed ▲ Appraisal and NAV stable – +€3.4m change in fair value – Triple Net NAV stable at 30.7 €/share (despite dividend paid of 1€/share) ▲ Follow on projects in Marseille – Ilot 34 project to be delivered this summer in Marseille fully commercialized – Desbief site in Marseille available for restructuring ▲ Acquisition in progress – Bordeaux: two investments secured out of one fully rent to Casino – Lyon “Carré de Soie”: new investment for 36,000 m² offices building rent to Alstom Transport – Bid placed for an asset in Lyon – Rue de la République 1st HALF 2013 RESULTS
    • Financials 74 IFRS (in €m) H1 2013 H1 2012 ProForma Change H1 2012 H1 2011 Gross Rental Income 17.1 14.5 17.9% 38.5 45.2 EBITDA 11.4 8.4 40.5% 30.6 38.3 % margin 66.7% 57.9% 11.1 79.5% 84.7% Recurring EBITDA 11.4 8.4 40.5% 30.6 30.5 % margin 66.7% 57.9% 11.1 79,5% 81.5% Cash Flow 8.3 5.1 70.6% 21.8 29.6 Recurring cash flow 8.3 5.1 70.6% 21.8 21.7 RCF per share 0.5 0.8 0.8 In €m H1 2013 Reported H1 2012 Reported H1 2011 Reported Real Estate portfolio 927 1,685 1,607 Net Debt 357 542 489 NAV per share 31.4 41.2 40.5 Triple Net NAV 30.7 39.7 39.6 LTV 38.7% 32.2% 30.4% 1st HALF 2013 RESULTS
    • OTHER 75 1st HALF 2013 RESULTS
    • A long-term shareholder base and strong corporate governance 1st HALF 2013 RESULTS76 SHAREHOLDING STRUCTURE as of June 30, 2013 - Separation of the roles of Chairman and CEO - Independence of the Supervisory Board: 7 independent members out of 12 - Audit Committee, Finance Committee, Compensation and Appointments Committee - Existence of a shareholder agreement between founding families (former SCHP) (1) Including 3.39% of treasury shares (2) Concert as of June 13, 2013 Crédit Agricole 18.01% Sofina 5.73% 8.74% 22.23% Founding Families(2) 20.29% x.x% = voting rights 23.46% Strong corporate Governance Free float(1) 55.97%
    • Financial Agenda 1st HALF 2013 RESULTS77 3rd Quarter Revenue November 7, 2013 FY 2013 Revenue & Results March 19, 2014 1st Quarter 2014 Revenue (after market close) May 6, 2014 Shareholders' Meeting May 7, 2014
    • About us 1st HALF 2013 RESULTS78 Eurazeo contacts Investor Relations Caroline Cohen • ccohen@eurazeo.com + 33 (0)1 44 15 16 76 Corporate & Financial Communication Sandra Cadiou • scadiou@eurazeo.com + 33 (0)1 44 15 80 26 Eurazeo shares • ISIN code : FR0000121121 • Bloomberg/Reuters : RF FP, Eura.pa • Indices : SBF120, DJ EURO STOXX, DJ STOXX EUROPE 600, MSCI, NEXT 150, LPX Europe, CAC MID&SMALL, CAC FINANCIALS • 68,419,738 shares in circulation • Statutory threshold declarations 1% Research on Eurazeo • Alpha Value Catherine Radiguer • Exane BNP-Paribas Charles-Henri de Mortemart • Goldman Sachs Markus Iwar • HSBC Pierre Bosset • JP Morgan Cazenove Christopher Brown • Kepler Cheuvreux Pierre Boucheny & David Cerdan • Natixis Céline Chérubin • Oddo Christophe Chaput • SG Patrick Jousseaume • UBS Denis Moreau www.eurazeo.com