1 bonusshare for 20
€4 bnin 2012
of more than Dividend of
The contribution of Eurazeo companies,
net of finance costs, continued to rise,
amounting to €238 million in 2012, compared
to €138 million on a 2011 proforma basis.
The published figure was €7 million in 2010
and -€59 million in 2009. Taking into account
non-recurring items, the 2012 net loss totaled
Contribution of Eurazeo companies,
net of finance costs* (In millions of euros)
* Operating income from fully consolidated companies
and the contribution from equity accounted companies
to earnings, less finance costs.
** Proforma: impact arising from the acquisitions of
Eurazeo PME, Foncia, Moncler and 3SP Group.
ear Shareholders, I am glad to speak to you directly
today in this half-yearly newsletter.
Eurazeo’s aim is to respond to the major equity
financing needs of French and European businesses
by supporting the development and transformation of
our holdings so as to create value for all its partners, and in particular,
you, its shareholders.
Eurazeo is a long-term investment company which has, in recent
months, proved itself to be fully capable of identifying the potential
of companies through the precious time that we invest in all our
Eurazeo now has an investment
capacity exceeding €1 billion,
together with a very clear
strategy and a team reorganized
according to investment logic.
We can rely on a solid history
and reputation, a worldwide
network of partners, and now
an office in China.
Finally, Eurazeo has a clear
vision of its economic role in a
volatile context. As a French
company, we have oriented our
strategy firmly towards growth
by detecting the transformation
potential in European companies; we accelerate their development
by accompanying them in changing their business models and
scopes or in setting up abroad.
A long-term investor, Eurazeo knows how to assess the loyalty of its
shareholders and has always paid out a dividend, even in periods
of crisis. Again this year, we paid out a dividend of €1.20 per share
and allocated one bonus share for 20 shares held. In total, over the
past ten years, the distribution rate has increased by 8% per year.
We thank you for your loyalty and are counting on your long-term
chairman of the executive board
Return (TSR) over
the past 10 years
. Over the
same period, the
TSR of the CAC 40
* TSR: return including dividends between June 30, 2002 and March 11, 2013.
* In French, "En Action" means both holding shares and creating momentum.
A success story
Edenred, inventor of the Ticket Restaurant®
is now an independent company that develops
solutions facilitating the lives of employees
and improving organizational efficiency. The last
three years have seen the creation of new solutions,
inroads into new countries, increased market
penetration, and the transition to digitalization,
which now represents 50% of its issue volume.
Edenred’s stock market performance since its listing
has been outstanding. This is attributable
to the group’s significant growth potential
and the excellence of its management, which
successfully orchestrated the Group’s transformation
and revealed Edenred’s unique profile.
Following a remarkable five-year period
of transformation and support, particularly in terms
of Edenred’s international development and its
innovation thrust, Eurazeo sold its entire stake in
the Group on March 6, 2013.
Eurazeo thus doubled its initial investment, for a
capital gain of approximately €360 million, reflecting
a solid performance.
Over its period of ownership, Eurazeo again
demonstrated the ability to identify and develop
its assets, while accelerating their transformation.
sale of €295 million
Acquiring an interest in Accor in May 2008,
Eurazeo contributed to the inception of Edenred
in 2010, by backing the separation of the Group’s hotel
and service activities.
In 2012, net contribution to earnings from
Eurazeo’s companies, less finance costs,
improved for the fourth year running.
This contribution, which amounted to €238 million,
up 73%, stemmed from our daily work as
an investment company and is a hallmark of
our success in transforming companies.
At the same time, our net asset value (NAV)
increased by 16%, to €3,751 million.
Since mid-2012, we have intensified our asset
rotation, selling 13% of our NAV under excellent
terms, a trend which has continued since the start
of the year with the sale of an additional 14%.
In the past 12 months, we have sold assets
(excluding The Flexitallic Group) amounting
to nearly €1 billion and strengthened our resources
to support the development of new high-potential
transformation or growth companies.
Eurazeo maintains a solid financial structure:
we now have cash exceeding €650 million and
an undrawn syndicated credit line of €1 billion,
thus enabling us to seize quality opportunities
when they arise.
Despite 3% fewer business days than in 2012,
and a difficult economic environment, Eurazeo’s
activity proved resilient in the 1st
quarter of 2013
across the entire portfolio, with a -0.9% decline
in economic revenue. Considering the measures
undertaken in the portfolio companies, we are
confident about the Group’s full-year outlook.
Member of the
The year 2012 has enabled us
to intensify our asset rotation.”
The Flexitallic Group, the global
manufacturing leader in sealing
solutions and products for the energy
production sector, and the oil and gas,
chemical and petrochemical industries,
is the most significant company in the
Eurazeo PME portfolio.
Having purchased a stake in the French
company Siem in 2006, Eurazeo PME
has provided financial and strategic
support over the last six years for
six acquisitions in the United Kingdom
and North America and with the group’s
global organization alongside
management. Eurazeo PME carried out
four capital reinvestments over
the period, thus increasing the
company’s balance sheet value based
Since Eurazeo PME became its key
shareholder in 2006, The Flexitallic
Group has multiplied its revenue by 11,
from €18 to €210 million, of which 90%
at the international level. The number of
employees has increased from 46 to
Eurazeo PME has thus demonstrated its
ability to accelerate the transformation
of the companies in its portfolio and
enhance its assets since it has multiplied
its initial investment by 2.9 and
generated an annual return of 28%,
over a period of more than 6 years.
Eurazeo PME sells
The Flexitallic Group
Eurazeo PME successfully
completed a major
transaction with the
May 6, 2013 signature
of the sale of The Flexitallic
Group to Bridgepoint.
Moncler: Even more
stores and products
Moncler has continued to
invest in its own distribution
network with the opening of
22 stores in 2012 (83 at the
end of 2012), of which five in
hot climate cities. The Group
has also continued to
enhance its product range:
handbags, glasses, etc.
In March 2013, Europcar,
the European car rental
InterRent, a low-cost car
rental offering aimed at
the general public.
Eurazeo PME has
become the majority
shareholder of Idéal
On March 26, 2013, Eurazeo
PME acquired 54% of the Idéal
Résidences Group, which
comprises five nursing homes
and a follow-up care clinic
in the Greater Paris region,
representing a total of
ACCOR ANF APCOA ENDERED ELIS EUROPCAR
FONCIA MONCLER REXEL FRAIKIN GRUPPO B. LEONARDO INTERCOS
FONROCHE 3S PHOTONICS
MORS SMITT IPSOS COLYZEO
I-PULSE DESSANGE LÉON FDS GROUP
Rexel has extended the guarantees
of its comprehensive insurance
program “Rexel Plus Protection for
All” to all newly acquired
companies, whose standards are
below those defined by the Group.
This program, which was awarded
the C&B ORAS “International Social
Responsibility” trophy in 2010,
covers more than 5,000 employees
in 11 countries.
August 28, 2013
Stock market price trend as May 20, 2013
(Performance since January 1, 2013)
Founding families (2)
Crédit Agricole 18.01%
as of December 31, 2012
(1) Of which 3.48% in treasury shares.
(2) Concert as of December 31, 2012.
The “Concert” is the shareholders’ agreement between Michel David-Weill, Quatre
Soeurs LLC, the undivided estate of Michel David-Weill’s children, Montreux LLC,
Constance Broz de Solages, Jean-Manuel de Solages, Amaury de Solages, Martine
Bernheim-Orsini, Cynthia Bernheim (assuming the rights of Pierre-Antoine
Bernheim), Alain Guyot and Hervé Guyot.
A generous shareholder return since 2002
(In € millions)
of its market value
since June 30, 2002
Shareholders can send
• by letter:
Eurazeo - Shareholder Services
32, rue de Monceau 75008 Paris
• by e-mail:
• by telephone: + 33(0)1 44 15 16 68
Eurazeo LPX Europe CAC 40
November 12, 2013
Shareholders’ Letter no. 2
October 14, 2013
Shareholders’ meeting in
Nantes (to be confirmed)