Résultats annuels mars 2013

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Présentation des résultats annuels Eurazeo

Présentation des résultats annuels Eurazeo

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  • 1. FY 2012 RESULTS Accelerating change March 20, 2013
  • 2. Contents FY 2012 RESULTS2 03 2012, a dynamic activity New momentum in asset rotation 11 FY 2012 Results Continued increase in Group companies’ contribution 36 Outlook Our ambition: value creation 22 Strategy Detecting, accelerating and providing value to our companies
  • 3. 2012, A DYNAMIC ACTIVITY New momentum in asset rotation FY 2012 RESULTS3
  • 4. Continued increase in companies’ contribution FY 2012 RESULTS4 238 -59 7 2011 PF*2009 20122010 138 CONTRIBUTION OF COMPANIES Net of finance costs (in €m) (*) Proforma : impact of acquisitions of Eurazeo PME, Foncia, Moncler, and 3SPGroup. €90m as reported
  • 5. NAV In € per share Strong NAV growth FY 2012 RESULTS5 2011 2012 March 11, 2013 (*) NAV with ANF Immobilier taken at its NAV: €57.6 as of December 31, 2012 and €60.1 as of March 11, 2013 +16% 59.2* 56.8* 48.9
  • 6. Smartly rotating our assets FY 2012 RESULTS AVERAGE WEIGHTED AGE in years DISPOSALS in % of NAV as of Jan.1 2009 2010 2011 2012 2008 2009 2010 2011 2012 YTD 2013 A progressively maturing portfolio Strong acceleration in the asset rotation 6 3.3 4.2 4.3 5.3 6.0% 4.0% 2.0% 13.0% 14.0%
  • 7. A strong track record over the long-term: weighted average multiple of 2.1x FY 2012 RESULTS7 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 Edenred 2005 2007 2010 2012 YTD 2013 Mors Smitt 0.0 3.5 3.4 0.2 Multiple <€50m €50m to €100m €100m to €150m >€150m Investment size: x Year of disposal Weighted average multiple of 2.1x 2.02.1 2.0 2.4 2.0 3.5
  • 8. Dedicated resources to source and develop attractive opportunities FY 2012 RESULTS8 • Sectors that benefit from long-term growth prospects • Companies with strong transformation potential • European companies with international exposure/potential Focus on growth – Alliances with Asian or American investors to get the most relevant expertise and make our offer more attractive – Additional network for our portfolio companies ▲Development of partnerships to reinforce our expertise in non-European geographies – Proactive approach of attractive targets (direct sourcing) – If needed, senior advisors relationships help originate and analyze investment opportunities ▲Strong European network to source deals ▲Opening of an office in China to raise the international business of our companies – A platform to accelerate the deployment of its investments – Extension of our network of strategic partners in Asia – New joint investment opportunities with Asian partners
  • 9. An organization dedicated to value creation FY 2012 RESULTS9 MAIN INVESTMENTS POSITIONING SIZE Mid-to-large companies > €150/200m EV > €75/100m equity Accor, APCOA, Elis, Europcar, Foncia, Moncler, Rexel, Small / midcap < €150/200m EV €15-75m equity Dessange, Léon de Bruxelles, The Flexitallic Group (FDS), Gault & Frémont Growth equity Equity tickets of €30-70m ANF Immobilier Colyzeo Real estate Fonroche, 3SPGroup, l-PuIse ▲One focus: accelerating change of our companies ▲One firm, 4 investment strategies, 21 portfolio companies ▲Proactive sourcing: investing in growth-potential companies
  • 10. Strong NAV growth FY 2012 RESULTS10 3,231 3,751 +85 +462 -143 +30 +35 -22 +51 +17 +3 +84 -271 +189 NAV 12/31/11 NAV 12/31/12 +€404m ANFRexel Mors Smitt +€43m +€68m -€184m Cash & others Investments Change in fair value Disposals
  • 11. FY 2012 RESULTS Continued increase in Group companies’ contribution FY 2012 RESULTS11
  • 12. Eurazeo keeps outperforming the Eurozone FY 2012 RESULTS12 4,372 4,421 3,722 3,906 2011(1) 2012 +4.9% +1.1% Companies consolidated under equity method Fully consolidated companies 8,094 8,327 +2.9% ECONOMIC REVENUES In €m (1) Restated for the sale of Mors Smitt at Eurazeo PME, Motel 6 / Studio 6 at Accor and a portion of ANF Immobilier’s assets and on a pro forma basis adjusted for the acquisitions of Moncler, Foncia, 3SP Group and Eurazeo PME (2) Source: Eurostat-ECB – Eurozone 17 countries: Belgium, Germany, Estonia, Irland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland EUROZONE GDP 2012(2) -0.6%
  • 13. Continued increase in companies’ contribution FY 2012 RESULTS13 (€m) 2009 2010 2011 PF(1) 2012 Change Adjusted EBIT of Group consolidated companies 485 512 570 608 +7% Cost of financial debt of Group consolidated companies (net) (463) (476) (521) (475) (9%) Results for companies consolidated by the equity method, net cost of debt (80) (30) 88 105 +19% Contribution of companies’ net cost of debt (59) 7 138 238 +73% CONTRIBUTION OF COMPANIES Net of finance costs (1) Proforma = impact from the acquisitions of Moncler, Eurazeo PME, Foncia, 3SP Group and from ANF Immobilier’s assets disposals
  • 14. Increasing EBITDA despite tough economic conditions FY 2012 RESULTS14 51 128 80 102 61 92 87 123 66 119 90 170 2010 2011 2012 CAGR 2010-2012 +4% +14% -4% +6% +29%347 371 377 x% (*) Companies EBITDA (portfolio as of 12/31/2012) (**) Adjusted Corporate EBITDA ** EBITDA in €m * +24% 72 5047
  • 15. Profit & Loss details FY 2012 RESULTS15 (€m) 2011 PF 2012 Contribution of companies’ net cost of debt 138 238 Change in value of real estate properties 41 (16) Losses and disposal of real estate properties - (54) Capital gains 36 10 Other(1) (93) (99) Taxes (2) (50) Non-recurring items (219) (298) Net consolidated income (100) (269) Net consolidated income Group share (112) (198) (1) Amortization of commercial contracts, net cost of financial debt of holding sector and operating costs
  • 16. 2 50 8 13 11 16 2011 tax Limitation of deductibility of financial costs Limitation on tax loss carried forward 3% tax on dividends on ANF Other 2012 tax RECURRING TAX in €m • €21m in costs and €1m in cash • Plus the one-off 3%-tax on dividends on the pay-out carried out by ANF Immobilier (€11m in cost and in cash) (*) French tax dedicated to encouraging the competitiveness of companies The main tax measures of the 2012/2013 Financial Law have a negative impact of: Positive CICE* impact • Positive impact of + €15m expected from 2013 at EBIT level FY 2012 RESULTS16 Change in tax
  • 17. One-off items FY 2012 RESULTS17 ASSET ROTATION EUROPCAR REFINANCING GOODWILLS OTHER 298 77% 23% Sale of part of ANF Immobiliers’ portfolio 20 Accor 91 Impact of Motel 6 sale 69 Other products and charges 22 Renegotiation of swaps 35 Depreciation on goodwills 84 Elis, Fraikin & other Other products & charges 68 Including restructuring costs 39 For Eurazeo: €271m cash impact For ANF: sale of mature assets, enabling further development. IRR of 15.2% on Lyon since 2004, and cap rate close to 4% For Accor: Net debt reduced to €780m Reduction in capital employed: 2011 ROCE proforma: 13.9% vs. 12.3% 2011 EBIT proforma: 9.2% vs 8.7% For Europcar: €34m savings in financial costs on a full year basis Corporate debt maturity postponed from 2013 to 2017 2 1 3 4 TOTAL BENEFITS:
  • 18. Net income group share bridge FY 2012 RESULTS18 -127 -198 +197 -155 -43 -24 -20 -26 June 30, 2012 net income group share Dec. 31, 2012 net income group share Companies’ contribution Other recurring items Impairments (Elis, Fraikin, APCOA, add. Motel 6) Restruct. Various depreciations (Accor, Moncler) Other costs In €m
  • 19. Decrease in financial leverage FY 2012 RESULTS19 x 2x 4x 6x 8x 10x 12x 14x 2010 2011 2012 (1) Europcar: Corporate Net debt / Corporate EBITDA (1) Portfolio companies’ debts are non recourse to Eurazeo
  • 20. CONSOLIDATED NET DEBT In €m Decrease in consolidated net debt(1) FY 2012 RESULTS20 4,434 4,176 3,348 1,209 1,157 1,157 2011 2012 2012PF** Net debt excl. EC fleet debt* Europcar fleet debt* (*) Excluding debt equivalent of fleet operating leases (**) Proforma from the sale of Rexel and Edenred shares 5,643 5,333 4,506 Consolidated leverage as of Dec. 31, 2012(2): 2.1x and 1.9x proforma Decrease in IFRS consolidated net debt from €6.3 bn to €6.0 bn as of Dec. 31, 2012 and €4.5bn proforma (1) Excluding Danone exchangeable bonds (2) Consolidated leverage as of December 31, 2012= (Consolidated net debt – Value of assets which do not contribute to adjusted consolidated EBITDA) / Adjusted consolidated EBITDA
  • 21. Strengthened cash position FY 2012 RESULTS21 138 292 642 436 125 73 169 164 520 170 31-Dec-11 Disposals Dividends received Dividends paid Investments Other 31-Dec-12 Disposals 11-March-13 CASH POSITION In €m A fully available revolving credit line of €1bn Debt reimbursement and other
  • 22. STRATEGY Detecting, accelerating and providing value to our companies FY 2012 RESULTS22
  • 23. Detecting growth potential FY 2012 RESULTS23 Identifying and selecting key sectors 2Strategic monitoring of social trends 1 Targeting and pro-actively approaching investment opportunities Defining target company’s true potential 3 Possible support from partners and senior advisors • 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 • Health care • Energy-driven businesses • Financial services 4 DETECTING TRANSFORMATION01 GROWTH POTENTIAL DETECTION IN 4 STAGES
  • 24. Moncler: a true gem detected by Eurazeo FY 2012 RESULTS24 2010 Mid-term targets* 75% 25% Distribution Channel Wholesale Retail >50% <50% 2012 49% 51% 2012 retail sales growth: > 80% 83 stores vs. 55 as of June 2011 +50%) Geography 43% 57% Italy RoW >70% <30% 74% 26% Asia is now the 1st geography for retail sales Collection 77% Spring- Summer Fall-Winter 23% Seasonal rebalancing (*) Mid-term targets announced on acquisition date (June 2011) DETECTING TRANSFORMATION01 ~70% ~30% Co-Branding experiences and marketing initiatives (eyewear, trolleys, etc.)
  • 25. Moncler: outstanding figures FY 2012 RESULTS25 GROUP SALES In €m GROUP EBITDA In €m 2010 2011 2012 102 123 170 2010 2011 2012 (1) “Like-for-Like” definition: perimeter including only those stores already opened as of January 1 of previous year • 2012 Moncler brand: sales up +35% and +18% lfl(1) vs. 12% last year • More than x3 sales in Japan and China from 2010 Group sales up 22% compared to 2011 and EBITDA margin up 3pts at 27% of sales DETECTING TRANSFORMATION01 +20% +39% 432 513 624 Moncler brand +19% +28% +35% +22%
  • 26. New projects building the future of Moncler FY 2012 RESULTS26 2012 Mid-term targets Geography 10% 26% 32% 32% America and RoW ItalyAsia/Japan Rest of Europe Further geographical rebalancing Accelerate development in America and ROW, notably the US and Brazil Collection Accessories More creative and balanced line from F/W 2012 Co-Branding experiences and marketing initiatives (eyewear, trolleys, etc.) DETECTING TRANSFORMATION01 Further diversification Development of accessories consistent with brand’s image: a full accessory line from F/W 2013 bags (shoes, eyewear, knitwear, etc.)
  • 27. Performance of Eurazeo’s investment in Eurazeo PME FY 2012 RESULTS27 125.6 153.0 227.4 38.4 +27.4 Eurazeo cost price June 2011 Net additional investments Eurazeo cost price Cumulative amount as of Dec. 2012 Contribution to Eurazeo’s NAV Dec. 2012 18 months €164m March 2011 OFIPEC portfolio 23% discount (incl. cash 5m) IRR of 31% 1.5x DETECTING TRANSFORMATION01
  • 28. Eurazeo PME, a quality team detected by Eurazeo FY 2012 RESULTS28 ▲ Dynamic asset rotation both at Eurazeo PME and its portfolio’s levels: – 3 significant acquisitions carried out by The Flexitallic Group (FDS) and Dessange International in North America – Outstanding sale of Mors Smitt: multiple of 3.5x – 14% of Eurazeo’s PME NAV* sold in 2012 ▲ Proven ability to help SMEs expand – Financial support of Eurazeo – International ambitions ▲ Strong 2012 performance – Revenues +18% and +29% adjusted for the sale of Mors Smitt – Portfolio** EBITDA +29% and +45% adjusted DETECTING TRANSFORMATION01 (*) NAV as of Dec.31, 2011 (**) Majority investments as of December 31, 2012
  • 29. Strong acceleration in Eurazeo’s asset rotation 29 FY 2012 RESULTS DISPOSALS (in €m) 180 184 55 436 520 2008 2009 2010 2011 2012 YTD 2013 02 ACTIVATING VALUE ~€1bn €419m
  • 30. Exercising tight control of investment timing FY 2012 RESULTS30 02 ACTIVATING VALUE SIGNIFICANT DISPOSALS CARRIED OUT IN 2012 AND EARLY 2013 Full disposal carried out by Eurazo PME Sale of a significant part of the portfolio Partial sale x2 Proceeds of ~€140m x2 Proceeds of ~€225m x3.5 Proceeds of €22m x2.4 Proceeds of €271m March 2012 June 2012 October 2012 February 2013 Rexel ANF ImmobilierMors Smitt Edenred Full disposal March 2013 x2 Proceeds of €295m
  • 31. Activating all transformation levers FY 2012 RESULTS31 External growth Innovation Process reinforcement Implementation of a strong Corporate governance Evolution of business models International expansion, particularly in emerging markets Organic growth 02 ACTIVATING VALUE
  • 32. Focus on the sale of Edenred FY 2012 RESULTS32 March 2013 Change achieved end of 2012 At the time of the investment 2010 Sale of the entire stake at €26.13 per share 02 ACTIVATING VALUE F I N A N C I A L O P E R A T I O N A L • Investment: 2008 (as part of Accor Group) • 2008 Issue Volume: €12.7bn • 2008 FFO: €217m • Limited development of Prepaid Services within the Accor Group • 30% digital issue volume in 2009 • Exposure to emerging countries: 52% of issue volume • New management team • New strategy • Creation of the corporate brand • IPO and structuring of financing • Robust 2012 performance with financial targets met • Issue volume: €16.7bn • FFO: €282m • Stronger foundations to boost growth: new organizations, processes and tools • Acceleration of new solutions and new country development • Digital shift well on track: 51% digital issue volume • Increase of weight of emerging countries: 61% of issue volume • Transformation objective achieved • Stock market outperformance since the IPO: market valuation x2 Net proceeds: €295m* Multiple: x2 our initial investment (*) After taxes, costs relating to the transaction and reimbursement of the debt Capital gain: €360m
  • 33. Activating all transformation levers FY 2012 RESULTS33 ACCELERATING TRANSFORMATION03 External growth Innovation Process reinforcement Implementation of a strong Corporate governance Evolution of business models International expansion, particularly in emerging markets Organic growth
  • 34. Europcar’s performance: building on solid foundations FY 2012 RESULTS34 ACCELERATING TRANSFORMATION03 €50mFASTLANE 2014 PROGRAM – Launching of the Fastlane 2014 program to improve Adj. Corporate EBITDA by at least €50m by 2014Impact by end 2014 € 18m▲TOP LINE INITIATIVES €32m▲COST INITIATIVES – New group Revenue and Capacity Management group created, enhancing revenue quality and margins – Commercial optimization and focus on Corporate Key Accounts – New website launch and refining of e-commerce strategy – Restructuring costs both at headquarters level and in the network – Fleet costs renegociated and going down – Insurance claims processes redesign NEW ORGANIZATION IMPLEMENTED February 2012: – Jean-Charles Pauze, new President – Roland Keppler, CEO – Caroline Parot, CFO End 2012: – New organization completed with senior profiles with strong background at the Executive Board: • Marcus Bernhardt as Chief Commercial Officer from the Hotel and Airline industry • Jacques Brun as Chief Transformation Officer coming from car rental industry • Involvement of the Country Managers in specific transversal workshop PRODUCT OFFERING DEPLOYMENT – European launch of new InterRent concept on March 19 after good adoption in Spain and Portugal • Extension in France, UK and Germany – First international franchisee conference on March 4 in Berlin: • 67 countries represented • Appetite for reinforced cross-border strategy and InteRent launch
  • 35. Fonroche: from a local photovoltaic player to a global developer of renewable energies 2010 2011 2012 Mid-term France International Biogas 45 8 52 22 Assembly plant and project pipeline in France 3 main activities of the photovoltaic (“PV”) value chain: assembly of PV panels, development and production of elec- tricity from PV plants OPERATED CAPACITY In MWc 1st buildings in France 1st contracts abroad: • 77MW signed in Porto Rico and Master Agreement over an additional 100MW • 22MW awarded in India 1st buildings abroad: • 22MW build in India New contracts: • 63MW awarded in France • 24MW signed in Kazakhstan • First sales of developed farms validating new business model Development of new energies (biogas and geothermia) FY 2012 RESULTS ACCELERATING TRANSFORMATION03 74 35 Continued build-up of assets in France Solar farms abroad First biogas facilities
  • 36. OUTLOOK Our ambition: value creation FY 2012 RESULTS36
  • 37. Generous return to shareholders since 2002 FY 2012 RESULTS37 ▲ Overall TSR: +98% over 10 years* vs. +38% for the CAC40 ▲ Eurazeo has distributed ~80% of its market capitalization since June 30, 2002 • €557m through ordinary dividends and €357m through special dividends • €606m through share buyback 1,925 2,390 2,390 465 557 357 514 1,428 June 30, 2002 Market cap December 2012 Market cap Ordinary dividend Special dividend Share buyback December 2012 (*) Between June 30, 2002 and March 11, 2013 In €m ▲ Still, market cap has increased by 24% over the period Shareholders’ return Increase in market cap up to Dec. 2012 ▲ Overall TSR: +98% over 10 years* vs. +38% for the CAC40 ▲ Eurazeo has distributed ~75% of its market capitalization since June 30, 2002 • €557m through ordinary dividends and €357m through special dividends • €514m through share buyback
  • 38. Steadily growing return to shareholders FY 2012 RESULTS38 38 45 45 57 63 63 64 67 73 79 293 64 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Special dividend Ordinary dividend Special dividend (cash) Special dividend (ANF Immobilier shares) DIVIDEND DISTRIBUTION In €m FY 2012 Dividend €1.20/share to be paid on 14 May 2013 Bonus share 1 for 20 Ordinary dividend CAGR: 8.2% over 10 years
  • 39. 2012 figures confirm our mid-term targets FY 2012 RESULTS39  2012 EBITDA growth: +9%  Decrease in net debt Status as of Dec. 31, 2012Mid-term outlook* • Annual EBITDA growth of +5-10% • Excess cash flow generation  Revenues: +3.2% as reported and +1.3% lfl  EBITDA up +1.4%. EBITDA margin at 31.8% vs 32.3% in 2011 (dilutive impact of acquisitions) • More than 3% revenue growth per year on average • Continued year on year EBITDA margin improvement  Slight decrease in revenues: -1.7%  Slightly improved Adj. Corp. EBITDA margin  Corporate net debt reduced from €602m to €568m • Annual revenue growth above 3.0% • Improved operational margin • Total net debt stabilization • Annual EBITDA growth of +5-10% • Positive net organic client gains  Increase in the EBITDA by +3.6% (EBITDA Margin improved by +1.4% vs. 2011A)  “Cap 0” achieved in Lease management, imple- mentation of dematerialization and of myfoncia.fr • Outperforming Luxury market growth • Stable margins • Balance retail and wholesale channels (50/50)  Outperforming market growth  EBITDA margin at 27% up 3pts  Retail = now 51% of sales (*) Mid-term targets announced on March 16, 2012
  • 40. Transformation, value creation, asset rotation ▲ We have been accelerating the transformation of our companies, this enables us to: – Achieve higher contribution of companie’s net of financial costs – Now accelerate our asset rotation ▲ Over €1bn for further investments in growth companies as per our target business segments FY 2012 RESULTS40
  • 41. APPENDICES Including Group companies’ detailed information FY 2012 RESULTS41
  • 42. Contents FY 2012 RESULTS42 43 Financial appendices 49 Group companies’ detailed information 104 Other
  • 43. Net Asset Value as of December 31, 2012 FY 2012 RESULTS43 % held Nb shares Price NAV as of Dec. 31, 2012 with ANF at its NAV € €M ANF @ €31,0 Eurazeo Capital Listed 1,240.4 Rexel 17.94% 48,790,607 15.15 739.3 Accor 8.84% 20,101,821 26.12 525.1 Edenred 8.90% 20,101,821 23.43 470.9 Accor/Edenred net debt -495.0 Accor/Edenred net* (1) 20,101,821 501.1 Eurazeo Capital Non Listed 1,613.0 Eurazeo Croissance 161.2 Eurazeo PME 227.4 Eurazeo Patrimoine 291.4 355.7 ANF Immobilier 48.93% 8,675,095 23.63 205.0 269.2 Colyzeo and Colyzeo 2 (1) 86.4 Other listed assets - Danone (pledged EB) 2.56% 16,433,370 42.60 700.0 Danone debt (EB) -700.0 Danone net - Other assets 14.9 Cash 291.5 Non-affected debt -110.3 Tax on unrealized capital gains -54.0 -66.6 Treasury shares 3.48% 2,298,320 75.2 Total value of assets after tax 3,750.7 3,802.3 NAV per share 56.8 57.6 Number of shares 66,021,415 66,021,415 (1) Net allocated of debt (2) Accor shares held indirectly through Colyzeo funds are included on the line for these funds
  • 44. Net Asset Value as of March 11, 2013 FY 2012 RESULTS44 (1) Net allocated of debt (2) Accor shares held indirectly through Colyzeo funds are included on the line for these funds % held Nb shares Price NAV as of Mar 11, 2013 with ANF at its NAV € €M ANF @ €31,0 Eurazeo Capital Listed 916.7 Rexel 12.72% 34,590,607 17.41 602.3 Accor 8.84% 20,101,821 28.28 568.4 Accor net debt -254.0 Accor net* (1) 20,101,821 314.4 Eurazeo Capital Non Listed 1,613.0 Eurazeo Croissance 161.2 Eurazeo PME 227.4 Eurazeo Patrimoine 295.6 370.9 ANF Immobilier 48.93% 8,675,095 22.36 194.0 269.2 Colyzeo and Colyzeo 2 (1) 101.7 Other listed assets - Danone (pledged EB) 2.56% 16,433,370 42.60 700.0 Danone debt (EB) -700.0 Danone net - Other assets 16.7 Cash 641.8 Non-affected debt Tax on unrealized capital gains -51.8 -66.6 Treasury shares 3.47% 2,292,228 86.1 Total value of assets after tax 3,906.5 3,907.0 NAV per share 59.2 60.1 Number of shares 66,021,415 66,021,415
  • 45. Reconciliation of the income statement (new presentation vs. former presentation) FY 2012 RESULTS45 Adjusted EBIT of fully consolidated companies 559,0 - - - 3,3 562,3 570,4 Net finance costs (507,3) - (507,3) (521,1) EBIT adjusted for net finance costs 51,6 - - - 3,3 55,0 49,2 Share of income of associates 73,7 39,0 (0,5) 112,2 124,0 Net finance costs of Accor/Edenred (LH19) (35,7) - (35,7) (35,7) Share of income of associates after net finance costs (*) 38,0 - 39,0 - (0,5) 76,5 88,3 Contribution of companies net of finance costs 89,6 - 39,0 - 2,8 131,5 137,6 Fair value gains (losses) on investment properties 41,0 - - - - 41,0 41,0 Realized capital gains or losses 36,5 - - - - 36,5 36,5 Revenue of the Holding Company business 64,1 - - - - 64,1 72,6 Finance costs, net, of the Holding Company business (53,8) - - - - (53,8) (53,8) Operating costs of the Holding Company business (41,2) - - - - (41,2) (41,2) Changes in derivatives (interest rate and equity) (1,2) 1,2 - - - - - Other income and expenses (45,6) - 45,6 - - - - Amortization of Elis commercial contracts - - - (60,3) - (60,3) (60,3) Amortization of APCOA commercial contracts - - - (7,1) - (7,1) (7,1) Amortization of Eurazeo PME commercial contracts - 0 0 (1,8) - (1,8) (3,4) Income tax expense (29,8) 4,9 - 23,8 - (1,1) (2,3) Net income before impairment, depreciation and amortization 59,5 6,2 84,7 (45,3) 2,8 107,8 119,6 Changes in derivatives (interest rate and equity) - (1,2) - - - (1,2) (1,2) Income tax on changes in derivatives - (4,9) - - - (4,9) (4,9) Impairment of APCOA goodwill (6,2) - - - - (6,2) (6,2) Impairment of Europcar goodwill (40,6) - - - - (40,6) (40,6) Impairment of Elis goodwill (33,0) - - - - (33,0) (33,0) Impairment of Fraikin (5,5) - - - - (5,5) (5,5) Impairment of Colyzeo funds (12,3) - - - - (12,3) (12,3) Share of income from operations not retained (associates) - - (22,4) Other income and expenses - - (45,6) - (3,3) (49,0) (47,2) Non-recurring items of associates - - (39,0) - (18,6) (57,6) (46,0) Amortization of Elis commercial contracts (60,3) - - 60,3 - - - Amortization of APCOA commercial contracts (7,1) - - 7,1 - - - Amortization of Eurazeo PME commercial contracts (1,8) - - 1,8 - - - Income tax expense 23,8 - - (23,8) - - - Non-recurring items (**) (142,9) (6,2) (84,7) 45,3 (21,9) (210,3) (219,4) IFRS consolidated net income (83,5) - - - (19,1) (102,5) (99,8) Attributable to owners of the company (97,5) - - - (13,2) (110,7) (111,5) Attributable to non-controlling interests 14,1 - - - (5,8) 8,2 11,7 (*) Excluding non-recurring items (**) Impairment, depreciation and amortization for the 2011 reported financial statements 2011 Restated In millions of euros 2011 Reported Derivatives Non- recurring Commercial contracts Restatements 2011 Pro Forma
  • 46. Eurazeo share price performance FY 2012 RESULTS46 ▲ 2012 TSR: +43.5% vs. 20.4% for the CAC40 20 25 30 35 40 45 30/12/11 13/1/12 27/1/12 10/2/12 24/2/12 9/3/12 23/3/12 6/4/12 20/4/12 4/5/12 18/5/12 1/6/12 15/6/12 29/6/12 13/7/12 27/7/12 10/8/12 24/8/12 7/9/12 21/9/12 5/10/12 19/10/12 2/11/12 16/11/12 30/11/12 14/12/12 28/12/12 11/1/13 25/1/13 8/2/13 22/2/13 8/3/13 EURAZEO LPX Europe CAC
  • 47. A balanced and diversified portfolio (% of NAV) FY 2012 RESULTS47 42% 33% 4% 6% 8% 7% EURAZEO CAPITAL (LISTED) CASH & OTHER EURAZEO PATRIMOINE EURAZEO PME EURAZEO CROISSANCE EURAZEO CAPITAL CAPITAL (NON LISTED) BtoB DISTRIBUTION REAL ESTATE LUXURY & PERSONAL CARE INDUSTRY OTHERS CASH & TREASURY SHARES SERVICES MOBILITY & LEISURE SERVICES: Elis, Edenred, Foncia MOBILITY & LEISURE: Accor, APCOA, Europcar, Fraikin, Léon de Bruxelles BtoB DISTRIBUTION: Rexel, Fondis REAL ESTATE: ANF Immobilier, Colyzeo LUXURY & PERSONAL CARE: Moncler, Dessange, Intercos INDUSTRY: Fonroche, 3SP Group, The Flexitallic Group, I-Pulse, Gault & Frémont, IMV Technologies As of December 31, 2012
  • 48. Breakdown of NAV and contribution of companies FY 2012 RESULTS48 42% 33% 4% 6% 8% 7% EURAZEO CAPITAL (LISTED) CASH & OTHER EURAZEO PATRIMOINE EURAZEO PME EURAZEO CROISSANCE EURAZEO CAPITAL CAPITAL (NON LISTED) NAV In €m CONTRIBUTION OF COMPANIES Net of finance costs EURAZEO PATRIMOINE EURAZEO PME EURAZEO CROISSANCE EURAZEO CAPITAL 73% 1% 11% 15% As of December 31, 2012
  • 49. DETAILED INFORMATION ON EURAZEO CAPITAL FY 2012 RESULTS49
  • 50. FY 2012 RESULTS50 8.9% ECONOMIC INTEREST EQUITY METHOD ▲ A solid full-year 2012: Revenue = €5.6bn, +2.7% like-for-like EBIT = €526m, +3.0% like-for-like ▲ Record expansion with the opening of more than 38,000 rooms, 85% of which under management or franchise agreements ▲ Ordinary dividend of €0.76 per share, up 17% compared with 2011 (subject to shareholder approval)
  • 51. 2012 highlights ▲ Sustained revenue growth in every segment, driven by steadily rising room rates – Group’s gross revenue up 11% to more than €11 billion – Contribution from management and franchise fees, up16.5% organic – Q4 revenue up 2.5% like-for-like (5.0% reported): slight improvement in RevPAR led by the growth in average room rates and the strong increase in management and franchise fees – An improvement in EBIT, to €526m, upper end of the target range announced in August 2012 ▲ A sound financial position backed by €1.5bn in unused and confirmed credit lines – Net debt up to €421m from €226m, after €468m in “Acquisitions & Ibis megabrand” and €269m in dividends – The issue in June of €0,6bn in five-year, 2.875% bond, with a further €100m tranche successfully added in September – €1,4bn reduction in adjusted net debt thanks to Asset Management (€0,6m) and sale of Motel 6 (€0,8bn) ▲ Accor opened 38,085 rooms in 2012, 85% under management or franchise – 48% in APAC, 28% in Europe, 14% in LatAm and 10% in Africa/Middle East – As of end 2012, hotel base of more than 450kr, of which 37% in emerging markets and 57% operated under management or franchise contracts FY 2012 RESULTS51
  • 52. 2013-2016 new ambition ▲ Confirmed expansion plan of 30,000 rooms per year through organic growth, with an EBIT margin above 15% ▲ €30 million annual investment plan to consolidate the Group distribution systems ▲ Extended Asset Management plan – 800 hotels to be restructured: total negative impact of €2 billion on the Group’s revenue, and a €2 billion reduction in Adjusted Net Debt ▲ Achieving operational excellence and improving organizational efficiency – €100m cost savings plan for the 2013-2014 period – Reorganization of corporate functions around two departments: (i) the Operations Department; (ii) the Property Management Department (managed by newly hired Gilles Bonnier) ▲ A clear improvement in the Group’s economic performance by 2016-end implying a structurally strong cash-flow generation of 48% FY 2012 RESULTS52
  • 53. Financials ▲ 2012 full-year results, in € millions FY 2012 RESULTS53 (€m) 2012 2011 adjusted(1) Adjusted Change Comparable change Revenue 5,649 5,568 +1.5% +2.7% EBITDAR % margin 1,788 31.7% 1,759 31.6% +1.7% +1.9% EBIT % margin 526 9.3% 515 9.3% +2.0% +3.0% Net debt 421 226 +86.2% (1) Following signature of the sales agreement with Blackstone, the consolidated income statements for the two periods presented have been adjusted for the reclassification of Motel 6’s income statement items in the loss from discontinued operations
  • 54. ▲ Solid growth: Revenue up 5.4% excluding renegotiated contracts ▲ Strong increase in profitability: EBITDA up 9.2% ▲ Continuing improvement in liquidity: decrease in net debt compared to 2011 FY 2012 RESULTS54 82.1% ECONOMIC INTEREST FULLY CONSOLIDATED
  • 55. 2012 highlights ▲ Solid performance with 2012 revenue up 5.4% vs. 2011, excluding renegotiated contracts(1) – Continued growth of the existing portfolio – Strong commercial performance ▲ 2012 EBITDA of €66.3m, up 9.2% vs. 2011 on a reported basis – Strong commercial performance (+29% vs. 2011) – Successful renegotiation of a few key additional contracts resulting in a strong uplift in margin – Continued control on costs ▲ Net debt of €641m as of December 31, 2012 vs. €648m as of December 31, 2011 at constant exchange rates (-1.2%) – Strict control on capex and net working capital – Reduced interests with the end of the swap contract from July 2012 FY 2012 RESULTS55 (1) Contracts terminated or changed into management contracts
  • 56. Financials FY 2012 RESULTS56 (€m) 2012 2011 Reported change Comparable change Revenue 701 731 -4.2% -6.6% EBITDA % margin 66 9.5% 61 8.3% +9.2% 7.4% Net debt 641 643 -0.2% -1.2%
  • 57. FY 2012 RESULTS57 82.5% ECONOMIC INTEREST FULLY CONSOLIDATED ▲ Robust business model supporting continuous growth: +3.2% in reported revenues and +1.3% in like-for-like – Very good performance of the French activities with about +2.6% in like-for-like sales – International activities suffering from macroeconomic environment ▲ Continued acquisition policy: 5 acquisitions in France and abroad (Spain, Switzerland, Portugal) representing about €15m additional sales in pro-forma
  • 58. 2012 highlights ▲ Good performance in France, leveraging on Elis strong leadership – Steady growth of Hotels & Restaurants activities (+3.5% like-for-like) despite challenging conditions in Restaurants – Stability of Industry, Trade & Services with +1.2% (like-for-like) – +5.7% like-for-like in Health market supported both by several large commercial successes and growing Dependency care activities (AD3) ▲ International activities suffering from current economic context – Decreasing sales in both Spain and Portugal, given very tough environment – Good performance of Switzerland and particularly Germany, with double-digit growth – Current downturn offering very attractive acquisition opportunities, and reinforcing Elis positioning versus weakening local players FY 2012 RESULTS58
  • 59. Financials ▲ Change in linen depreciation schedule – From 2 to 3 years, with a €40.2m impact on 2012 figures FY 2012 RESULTS59 (€m) 2012 2011 Reported change Comparable change Revenue 1,185 1,149 3.2% 1.3% EBITDA % margin 377 31.8% 371 32.3% 1.4% 0.1% EBIT % margin 225 19.0% 193 16.8% 16.7% Net debt 1,948 1,934 0.7%
  • 60. ▲ Resilience of Europcar’s volumes thanks to InterRent launch and commercial effort in tough competitive and economic environment resulting in limited decrease in revenues by -3.1% at constant exchange rates and perimeter ▲ Stable Adj. EBIT and Adj. Corp. EBITDA margins, protected from decrease in revenues by many actions including the deployment of FastLane 2014 and by effects of the refinancing operations ▲ New management team and reorganization of the group to enable future growth and profitability improvement FY 2012 RESULTS60 85.4% ECONOMIC INTEREST FULLY CONSOLIDATED
  • 61. 2012 highlights FY 2012 RESULTS61 ▲ Resilience of revenues in current tough market environment – Revenues down by 3.1% vs. 2011at constant exchange rate and perimeter • Decrease in volumes (rental days down by 1.2% vs. 2011) mainly due to the exit from non-profitable contracts in Italy and to B2B segment slow down but offset by resilient Leisure demand • RPD down by 2.6% impacted by the effect of the InterRent lower pricing and by strong pressure in the tough competitive environment ▲ Adj. EBIT margin remained stable with revenue decrease thanks to tight control of the operating costs – Improvement of the fleet utilization rate by +40bps (74.4% in 2012 vs. 74.0% in 2011) – Fleet holding cost per unit down by -3.4% over the period ▲ Adj. Corporate EBITDA margin stable despite lower revenues thanks to strong focus in costs structure and refinancing operations – Pro forma full-year impact of the refinancing, 2012A Adj. Corp. EBITDA stands at €122.6m i.e. 2012PF Adj. Corp. EBITDA at 6.3% ▲ Cash-Flow generation – Corporate Net Debt at €568m at December 2012 and Corporate leverage at 4.6x – Continuous optimization of non fleet working capital
  • 62. Europcar’s performance: building on solid foundations FY 2012 RESULTS62 €50mFASTLANE 2014 PROGRAM – Launching of the Fastlane 2014 program to improve Adj. Corporate EBITDA by at least €50m by 2014Impact by end 2014 €18m▲TOP LINE INITIATIVES €32m▲COST INITIATIVES – New group Revenue and Capacity Management group created, enhancing revenue quality and margins – Commercial optimization and focus on Corporate Key Accounts – New website launch and refining of e-commerce strategy – Restructuring costs both at headquarters level and in the network – Fleet costs renegociated and going down – Insurance claims processes redesign NEW ORGANIZATION IMPLEMENTED February 2012: – Jean-Charles Pauze, new President – Roland Keppler, CEO – Caroline Parot, CFO End 2012: – New organization completed with senior profiles with strong background at the Executive Board: PRODUCT OFFERING DEPLOYMENT – European launch of new InterRent concept on March 19 after good adoption in Spain and Portugal • Extension in France, UK and Germany – First international franchisee conference on March 4 in Berlin: • 67 countries represented • Appetite for reinforced cross-border strategy and InteRent launch • Marcus Bernhardt as Chief Commercial Officer from the Hotel and Airline industry • Jacques Brun as Chief Transformation Officer coming from car rental industry • Involvement of the Country Managers in specific transversal workshop
  • 63. Financials FY 2012 RESULTS63 (€m) 2012 2011 reported Reported change Comparable change Revenue 1,936 1,969 -1.7% -3.1% Adj. Corp. EBITDA % margin 119 6.1% 120(2) 6.1% -0.9% n/a Adj. EBIT % margin 227 11.7% 235 11.9% -3.1% -3.9% Corp. Net debt 568 602(1) -5.6% n/a (1) Restated from VAT refund received late 2011 from UK tax authorities paid early 2012 to final beneficiaries (2) Proforma of swap refinancing performed late 2011
  • 64. FY 2012 RESULTS64 12.7%* ECONOMIC INTEREST EQUITY METHOD ▲ Full-year results in line with targets ▲ Sustained M&A activity ▲ Launch of Energy in Motion plan ▲ A dividend of €0.75 per share, payable in cash or shares, subject to approval at the Annual Meeting on May, 22 (*) 18.1% as of December 31, 2012
  • 65. 2012: a significant step forward for Rexel ▲ Full-year results in line with targets – Improved profitability – Strong free cash-flow generation ▲ Sustained M&A activity – Strengthened market share in the US through 2 strategic acquisitions – Tactical acquisitions in Europe and broader footprint in Latin America ▲ Launch of Energy in Motion plan – Focus on promising segments: Energy efficiency, International customers and projects, Vertical markets – Enhanced operational excellence and active resources management FY 2012 RESULTS65
  • 66. Solid performance in 2012, in line with targets FY 2012 RESULTS66 Reported sales up 5.8% to €13.4bn Full-year results in line with targets Driven by sustained M&A activity • 12 acquisitions in 2012, representing c. €830m of sales on an annualized basis • Contribution to reported sales in 2012 amounted to €544m, representing 4.3 percentage points out of the 5.8% growth In a challenging environment Sales % of Group Sales Europe -3,3% 56% Asia-Pacific -5.5% 10% North America +1.8% 32% Latin America +3.7% 2% • Sales on a constant and same-day basis: -1.8% Improved profitability • Reported EBITA up 6.2% to €767m • Adj. EBITA1 margin up 10bps to 5.7% ­ increased gross margin (+20bps) ­ tight cost control (-10 bps) Strong free cash-flow generation • FCF before int. & tax of €627m, up 4.4% vs. FY 2011 • Temporary rise in Net-debt-to-EBITDA ratio to 2.95x at Dec. 31, 2012 due to M&A outflow of c. €620m
  • 67. Financials FY 2012 RESULTS67 (€m) 2012 2011 Reported change Comparable change Revenue 13,449 12,717 +5.8% -1.8% EBITDA % margin 767 5.7% 720 5.7% +6.2% -0.3% Net debt 2,599 2,078 +25.1%
  • 68. FY 2012 RESULTS68 33.8% ECONOMIC INTEREST EQUITY METHOD ▲ Good resilience of the Joint-Property Management and Lease Management but declining Renting and Brokerage markets environment: Revenue down by 4.7% at constant exchange rate and perimeter mainly due to lower volumes in both Renting and Brokerage businesses ▲ EBITDA up 3.6% and margin improvement of 140bps thanks to tight cost management at both Headquarter and Network levels ▲ Strong deleverage over the year from 4.3x to 3.8x Net Debt / EBITDA ▲ Reinforcement of the top management team with the hiring of François Davy as CEO and Line Vissot-Weill as Chief Marketing and Operations officer
  • 69. 2012 highlights FY 2012 RESULTS69 (€m) 2012A 2011A % var. RRES France(1) 401.7 407.8 -1.5% Brokerage 68.0 88.9 -23.5% Total France 469.8 496.6 -5.4% International 48.6 49.8 -2.4% Other and Interco 47,0 48.7 -3.5% Total 565.4 595.1 -5.0% Real Estate Services France Recurring revenue: 88% Brokerage Other and interco 71% 12% 87% 9% International ▲ Decrease of revenues by -5.0% – Resilience of the RRES France(1) thanks to Lease Management and Joint-Property Management activities and slight decrease of Renting business due to lower mobility rate – Decrease in the Brokerage business reflecting a strong market decline ▲ Increase in EBITDA by +3.6% – EBITDA Margin improved by +140bps vs. 2011A – Strong focus on costs both at headquarter and at network levels ▲ Strong deleveraging with net debt at €347m at December 2012 – Net Debt / EBITDA at 3.8x vs. 4.3x as of December 2011 (1) RRES France: Residential Real Estate Services France including Joint-Property Management and Lease Management businesses
  • 70. Financials FY 2012 RESULTS70 (€m) 2012 2011 Reported Reported change Comparable change Revenue 565 595 -5.0% -4.7% EBITDA % margin 90 16.0% 87 14.6% +3.6% +2.8% Net debt 347 378 -8.3% -8.3%
  • 71. FY 2012 RESULTS71 31.2% ECONOMIC INTEREST EQUITY METHOD ▲ Full-year 2012 Net sales = €630m(1) at Group level ▲ Moncler brand sales reached €489m, up 35% compared to 2011 ▲ Exceptional growth in Japan (+44%), China (+136%), and the US (65%) ▲ EBITDA margin up 3pts at 27% of sales ▲ Italian exposure much reduced already beyond mid term target (< 1/3) (1) Including other revenues
  • 72. Strong International Growth FY 2012 RESULTS72 GEOGRAPHIC SALES MIX EVOLUTION 6% 43% 34% 17% Rest of Europe America and RoW Italy€284m Asia/Japan 2010 8% 34% 33% 25% €364m 2011 10% 26% 32% 32% Rest of Europe Italy €489m Asia/Japan 2012 America and RoW +35% sales growth for Moncler (vs +28% last year) exceptional growth in Japan (+44%), China (+136%) and the US (+65%) =  More than x3 sales in Japan and China from 2010  Italian exposure much reduced: already beyond mid term target (i.e. less than one third ) FY SALES:
  • 73. Retail already represents 51% of sales FY 2012 RESULTS73 75% 25% Retail €284m 62% 38% €364m 49% 51% Retail €489m 2010 2011 2012FY SALES: SALES MIX EVOLUTION BY CHANNEL 2012: 22 stores openings 82% growth of retail business Wholesale Wholesale  Rebalancing already beyond mid term target
  • 74. Focus on retail: Asia is now the first geography FY 2012 RESULTS74 GEOGRAPHIC SALES MIX EVOLUTION OF THE RETAIL CHANNEL 9% 19% 31% 41% Rest of Europe America and RoW Italy €138m Asia/Japan 2011 10% 15% 29% 47% Rest of Europe America and RoW Italy Asia/Japan 2012 €251m FY RETAIL SALES + 82% in retail sales in 2012 (same growth rate as in 2011)  Strong L-f-L(1) growth : +18%(2) vs 12% last year  Strong performance of Asia (from 28% of retail sales in 2010 to 47%) & in the US (1) “Like-for-Like” definition: perimeter including only those stores already opened as of January 1 of previous year (2) Reported L-f-L growth
  • 75. Pursuing expansion of retail network FY 2012 RESULTS75 RETAIL NETWORK AS OF DECEMBER 2012: 83 STORES (vs 55 at June 2011) 31 9 ASIA 46 11 EUROPE 6 NORTH AMERICA 2 RETAIL STORES  22 openings both in 2011 & 2012 To date: 2012 openings:
  • 76. New product exploration: co-branding experiences marketing initiatives FY 2012 RESULTS76 The multi-wheel cabin trolley RIMOWA & MONCLER Limited collection backpack SEIL MARSCHAL & MONCLER Eyeglasses MYKITA & MONCLER
  • 77. New projects building the future of Moncler FY 2012 RESULTS77 Eyewear  Further diversification upsides • Launch of a limited edition cobranded with Mykita • Presentation at Milan’s Mido (eyewear fair) of the new collaboration with the italian producer and distributor Allison • JV controlled by Moncler (51/49) 20132012
  • 78. Financials ▲ 2012 full-year results, in € millions FY 2012 RESULTS78 (€m) 2012 2011 Change Net sales 630 516 +22% Moncler 489 364 +35% Sportswear 135 150 -10% Other 6 3 +100% EBITDA 170 123 +38.6% Marge 24% 27%
  • 79. FY 2012 RESULTS79
  • 80. FY 2012 RESULTS80 13.2% ECONOMIC INTEREST EQUITY METHOD ▲ Long Term rental activity slight decrease versus 2011 ▲ Profitability margin maintained ▲ Refinancing of the French, UK and Spanish fleets
  • 81. 2012 highlights ▲ Sales decrease versus 2011 limited to 2% – Of which long term contract hire sales decrease by -1.4% versus 2011 – The Company has launched several commercial initiatives to support growth in the short and medium term ▲ Profitability margin maintained – Decrease in EBITA Rental margin rate mainly from maintenance and repair costs given the aging of the fleet – Counterbalanced by a further increase in capital gains on re-sale of trucks ▲ Successful Refinancing – New pan-European Securitization program secured for a maximum of € 1,011m with a 5-year maturity for the French, UK and Spanish fleets – Overall reduction of the yearly interest cost of the Group FY 2012 RESULTS81
  • 82. Financials FY 2012 RESULTS82 (€m) 2012 2011 Reported Revenue 671 684 -2.0% EBITDA % margin 113 16.9% 116 16.9% -2.2% Capital Gains 7 5 +49.3% EBITA Rental % margin 106 15.8% 111 16.2% -4.3%
  • 83. FY 2012 RESULTS83 33.6% ECONOMIC INTEREST EQUITY METHOD ▲ Sales up 13.4% to €307.1m mainly thanks to Europe and Asia ▲ EBITDA up to €45m, historical highest level ▲ Roll-out of SAP in the US and strengthening of finance and controlling team
  • 84. 2012 highlights ▲ American business slow-down in 2012 (-2% yoy) – Affected by a couple of extraordinary events: • shut down of operations caused by storm Sandy at the end of October, followed by a slow restart in November • Roll-out os SAP in H1 ▲ EBITDA margin increased by 0.5pt up to 14.7% – Such improvement compared to last year due to a better fixed costs ▲ Net debt reduction by €16.6m compared to December last year – Improved credit collection, especially in Europe (current South-European crisis shows no negative effects) and Asia – Capex under control: €16.5m, compared to €19.2m last year – Strengthened finance team launched a new project aiming to increase the cash flow generation and further better working management ▲ Some administrative delays postponed the opening of the new Brazilian plant, now expected for mid 2013 FY 2012 RESULTS84
  • 85. Financials ▲ 2012 full-year results, in € millions (1) FY 2012 RESULTS85 (€m) 2012 2011 Change Net sales 307 272 +13.4% EBITDA 45 39 +16.8% Net debt 196 213 -7.8% (1) Pre-Closing numbers
  • 86. FY 2012 RESULTS86 19.3% ECONOMIC INTEREST ▲ Full-year 2012: Operating results = €29m, +20% compared with 2011 – Strong performance explained by Finance & Treasury division (trading) and Private Banking – At the end of 2012, assets under management reached about €6 billion (+21%) ▲ Dividend policy €0.12/share (historically between €0.08 and €0.1/share, excluding exceptional dividends and capital reimbursements)
  • 87. 2012 highlights ▲ Solid performance driven by Private Banking and Proprietary Trading – Net revenues of about €147m, in line with 2011 figures, based on a like-for-like consolidation area – Consolidated operating income of about €29m (about +20%) – Consolidated net profit, including extraordinary items, amounted approximately to €32m ▲ The Wealth Management Division showed sharp growth – Increase in assets under management of over €1bn. At the end of 2012, AuM reached about €6bn (+21%), of which 87% in Italy – Banca Leonardo is the first independent bank in Italy ▲ The Financial Advisory Division continued to reinforce its competitive positioning at European level – Opening of a new office in Stockholm – Positive performance of the mid-cap sector and growth of the restructuring business did not offset the decline of the M&A market in Continental Europe ▲ Consolidated equity, net of the €34m planned distribution, was €326m (€336m in 2011, net of distribution) – Core Tier 1 Ratio was approximately 25%, in line with the previous year FY 2012 RESULTS87
  • 88. Financials FY 2012 RESULTS88 (€m) 2012 2011 Change Total net revenue 147 155 -5% Group net profit 32 71 -55% Total customer financial assets 5,987 4,951 +21% Equity, net of distribution 326 336 -3%
  • 89. DETAILED INFORMATION ON EURAZEO PME FY 2012 RESULTS89
  • 90. Portfolio FY 2012 RESULTS90 H I G H L I G H T S ▲ Sale of Mors Smitt for an amount of €22 million, i.e. 41% higher than the NAV applied in the last valuation of portfolio at 31 Dec. 2011. Multiple of 3.5 times the initial investment for an IRR of 27% over a period of 6 years. ▲ Acquisition of Fantastic Sams by the Group Dessange ­ A leading hair salon franchise network in the United States with 1,215 salons in Jan. 2012. ­ Present in 45 countries under the DESSANGE Paris and Camille Albane brands, the acquisition of Fantastic Sams doubles DESSANGE International’s franchise network.  DESSANGE International now has over 2,000 salons, of which 1,500 are located outside of France. ▲ Acquisitions by The Flexitallic Group (ex FDS Group): ­ In Jan. 2012 of AGS Group, Inc., a leading supplier of gaskets, fasteners, pipe supports and instrumentation to the Canadian market. ­ In Dec. 2012 of Custom Rubber Products in Houston, Texas  The group has become a global leader in static sealing technology across all segments of the energy industry As of December 31, 2012
  • 91. Solid growth across the portfolio FY 2012 RESULTS91 73.8 61.1 119.0 172.9 426.8 96.5 53.5 117.7 93.6 361.3 − Opening of 7 restaurants in 2011 and 2 in 2012 (incl. 1 in London in franchise). On a comparable basis, sales incl VAT decreased by 2,3% (like the market). +14% +1% -23% Change +85% − Sale of Mors Smitt mid-June 2012 − Acquisition of Fantastic Sams in January, one of the leading hair franchisors in the USA (1,215 franchises). Decrease of 4% in a l.f.l. basis. New #2 appointed in June. − Acquisition of AGS (leading supplier of gaskets, fasteners, pipe supports and instrumentation on the Canadian market). On a l.f.l. basis, increase of 21% driven by the strong activity in maintenance programs in France and in USA and additional market shares notably in USA. No impact of Custom Rubber (acquisition end of Dec) Revenues* (€m) 2011 2012 Other Group revenues +18% +5% +1% +3% +21% +27% Change in l.f.l. basis ** 72.0 50.0 Portfolio* EBITDA (€m) +29% +45% (Gault & Frémont, Mors Smitt, Fondis) − Portfolio EBITDA average margin: 17.6% − Increase on a l.f.l. basis due to sales performance, positive evolution of product mix, synergies on acquisitions/creations (*) Majority Investments as of Dec. 31, 2012 (**)Adjusted for Mors Smitt sale at the Group level, with build ups at the Investments level
  • 92. Financials* FY 2012 RESULTS92 (€m) 2012 2011 Reported change Like-for-like change Revenue 407 317 + 18% + 29% EBITDA % margin 72 17.6% 50 15.8% + 29% + 45% Net debt Portfolio leverage 284 3.0x 231 3.4x (*) Majority Investments as of Dec. 31, 2012
  • 93. Solid growth across the portfolio FY 2012 RESULTS93 73.8 61.1 119.0 172.9 426.8 96.5 53.5 117.7 93.6 361.3 − Opening of 7 restaurants in 2011 and 2 in 2012 (incl. 1 in London in franchise). On a comparable basis, sales incl VAT decreased by 2,3% (like the market). +14% +1% -23% Change +85% − Sale of Mors Smitt mid-June 2012 − Acquisition of Fantastic Sams in January, one of the leading hair franchisors in the USA (1,215 franchises). Decrease of 4% in a l.f.l. basis. New #2 appointed in June. − Acquisition of AGS (leading supplier of gaskets, fasteners, pipe supports and instrumentation on the Canadian market). On a l.f.l. basis, increase of 21% driven by the strong activity in maintenance programs in France and in USA and additional market shares notably in USA. No impact of Custom Rubber (acquisition end of Dec) Revenues* (€m) 2011 2012 Other Group revenues +18% +5% +1% +3% +21% +27% Change in l.f.l. basis ** 74.8 57.5 Portfolio* EBITDA (€m) +30% +42% (Gault & Frémont, Mors Smitt, Fondis) − Portfolio EBITDA average margin: 17.6% − Increase on a l.f.l. basis due to sales performance, positive evolution of product mix, synergies on acquisitions/creations (*) Majority Investments only (**)Adjusted for Mors Smitt sale at the Group level, with build ups at the Investments level
  • 94. Financials FY 2012 RESULTS94 (€m) 2012 2011 Reported change Like-for-like change Revenue 426.8 361.3 + 18% + 27% EBITDA % margin 70,0 16.4% 54.1 14.9% + 30% + 42% Net debt Portfolio leverage 283.5 3.0x 230,6 3.4x
  • 95. DETAILED INFORMATION ON EURAZEO CROISSANCE FY 2012 RESULTS95
  • 96. Portfolio FY 2012 RESULTS96 H I G H L I G H T S ▲ Investment in l-PuIse, a high tech company developing and commercializing high power electronics solutions that have multi-sector and cross-industry applicability ▲ Promising results, notably in the Oil&Gas (Blue Spark) and manufacturing (B-Max) segments ▲ Acceleration of Fonroche’s international expansion ­ Construction of a photovoltaic power plant in India for 22 MWc ­ Ongoing development for more than 150 MWc in Puerto Rico and 24 MWc in Kazakhstan ▲ First step towards a multi-energy model ­ Developments initiated in the biogas and geothermal energy sectors ▲ Strong growth of 3SP Group’s terrestrial activities ­ Manlight (design of sub-systems) doubled its revenue compared to 2011 ­ Discussions initialed with several partners to increase production capacities for terrestrial components ▲ Submarine production capacity restored ­ Relocation of the production line in France following the flood in Thailand Invested amount as of December 31, 2012 NAV as of December 31, 2012: €161.2m Fonroche l-PuIse 3SP Group
  • 97. Sustained development visible in Q4 FY 2012 RESULTS97 84.6 Revenues (€m) 2011 (*) Economic revenues: 100% of 3SP Group’s consolidated revenues and 39.3% of Fonroche’s consolidated revenues 98.0 46.1 54.2 2012 * ▲ Accelerating development in France and abroad. Sale of several plants in Q4 ▲ Decrease in full year revenues due to the progressive switch towards a proprietary development model (intra-group flows cancelled) ▲ Full year revenues affected by the temporary stoppage of the submarine production line of a subcontractor following the flood in Thailand ▲ Strong rally at the end of the year mainly due to the terrestrial telecom and industrial segments 37.1 18.8 55.7 23.7 15.2 9.5 Full Year Q4 104.1 127.1
  • 98. Financials* FY 2012 RESULTS98 (€m) 2012 2011 Reported change Revenue 84.6 104.1 (19%) EBITDA % margin 9.5 11.2% 13.5 13.0% (30%) * Economic financials: 100% of 3SP Group’s consolidated financials and 39.3% of Fonroche’s consolidated financials
  • 99. DETAILED INFORMATION ON EURAZEO PATRIMOINE FY 2012 RESULTS99
  • 100. 2012 Significant Return to Shareholders FY 2012 RESULTS100 Includes 85% on fiscal result & 50% on capital gain ANF’ SIIC Requirements = €96.0m Exceptional Distribution Disposals Regular Distribution ▲ €495m paid in late 2012 = €17.9/share – €6.64 /share in cash - includes €3.58/share (€98.3m) as interim dividend – €312 m with a buyback public offer ▲ Buyback offers at NAV – 36% of shares cancelled ▲ Proposed Dividend per share= €1.0 – Yield 4.6%* €17.9/share paid in Nov-Dec 2012 €1.0/share to be paid in May 2013 Total return to shareholder (*) Based on average share price at 19/03/2013
  • 101. 2012 Key Figures FY 2012 RESULTS101 40% 24% 22% 9% 5% Retail Residential Offices Hotels Others 2012 Pro Forma Rent Beakdown m€ 2012 actual 2012 Pro Forma Rents 71.5 30.6 EBITDA 56.3 18.3 Cash Flow 40.4 12.4 ▲ 2012 Rents = €71.5m – 2012 Pro Forma Rents = €30.6m – EBITDA= €56.3m (79% margin) – Recurring cash-flow = €40.4m ▲ Half of portfolio disposed – Mature assets sold for €788.2m – Debt reimbursed for €253m – €496.8m distributed to shareholders ▲ EPRA Triple Net NAV = €30.5/share – 2012 PF Cash Flow= €12.4m ▲ Significant progress into Marseille retail re-letting – Success with Rue de la République – Seg 3: McDonalds, Monoprix, Casino, Picard
  • 102. 2017 strategy FY 2012 RESULTS102 2017 Rents Guidance Portfolio rebalancing 2013–2017 flows Follow-on assets rotation Marseille €238m disposals Follow-on identified developments Marseille Lyon €170m investments Acquisitions in top France cities outside Paris Bordeaux Lyon Marseille Possible investments up to €240m 30.6 66.8 14.9 21.3 2012PF Existing Haussmann Developments Acquisitions 2017 0 ▲ ANF among the less indebted French listed real estate companies – LTV Ratio= 33% - Cost of Debt= 4.09% – Large room for more debt and balanced position to negotiate ▲ Possible leverage increase: LTV target at 40-45% – Growth financing – Limited use of debt ▲ Initial debt maturing in June 2014 = €250m – €25m already reimbursed in January 2012 – Negotiations launched with banks – Study for source of debt diversification 80% 15% 5% Marseille Lyon 58%26% 16% Marseille Lyon Bordeaux 19% 26% 31% 9% 3% 12% Offices RetailResidential Hotels properties Car parks Projects 51% 32% 17% Offices Retail & hotels properties Residential As of 12/31/12 In 2017 In 2017 As of 12/31/12 B&B Financing
  • 103. Financials FY 2012 RESULTS103 IFRS (€m) FY 2012 2011 ProForma Change FY 2011 FY 2010 Gross Rental Income 71.47 69.98 2.1% 83.58 69.13 EBITDA 56.26 56.08 0.3% 69.56 56.55 % margin 78.7% 80.1% 0.2 83% 82% Recurring EBITDA 56.26 56.08 0.3% 61.73 56.55 % margin 78.7% 80.1% 0.0 81.5% 81.8% Cash Flow 40.43 39.29 2.9% 51.77 38.91 Recurring cash flow 40.43 39.29 2.9% 43.94 38.91 RCF per share 1.47 1.60 1.43 In €m 31/12/2012 Reported 31/12/2011 Reported 31/12/2010 Reported Real Estate portfolio 884 1,650 1,573 Net Debt 292 482 460 NAV per share(1) 31.7 42.2 40.3 Triple Net NAV(1) 30.7 40.8 39.0 LTV 33.0% 29.2% 29.2%
  • 104. OTHER FY 2012 RESULTS104
  • 105. SHAREHOLDING STRUCTURE as of December 31, 2012 A long-term shareholder base and a strong corporate governance FY 2012 RESULTS105 - 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 3.48% of treasury shares (2) Concert as of December 31, 2012 Crédit Agricole 18.01% Sofina 5.73% 8.82% 22.60% Founding Families(2) 20.29% x.x% = voting rights 23.68% Orpheo 6.54% 5.09% A strong corporate Governance Free float(1) 49.43%
  • 106. Financial Agenda FY 2012 RESULTS106 - ANF Investor Day (Marseille) April 18 - 1st Quarter Revenues May 6 - Annual Shareholders’ Meeting May 7 - 1st Half Revenues & Results August 28 - 3 rd Quarter Revenues November 7
  • 107. About us FY 2012 RESULTS107 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 • 66,021,415 shares in circulation • Statutory threshold declarations 1% Research on Eurazeo • Alpha Value Catherine Radiguer • Cheuvreux David Cerdan • Exane BNP-Paribas Charles-Henri de Mortemart • Goldman Sachs Markus Iwar • HSBC Pierre Bosset • JP Morgan Cazenove Christopher Brown • Kepler Pierre Boucheny • Oddo Christophe Chaput • SG Patrick Jousseaume • UBS Denis Moreau www.eurazeo.com