Lettre actionnaire n°1VGB


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Lettre actionnaire n°1VGB

  1. 1. eurazeo.com €1.20per share 1 bonusshare for 20 existing shares €4 bnin 2012 Assets under management of more than Dividend of Shareholders’ letter eN ACTION* june 2013 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 -€198 million. 2009 -59 7 138 238 2010 Proforma 2011** 2012 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. D 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 investments. 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 support. Patrick sayer editorial chairman of the executive board Total Shareholder Return (TSR) over the past 10 years is 98%* . Over the same period, the TSR of the CAC 40 totaled 38%.” * TSR: return including dividends between June 30, 2002 and March 11, 2013. * In French, En Action means both holding shares and creating momentum.
  2. 2. Event Edenred: 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 in 2013 MULTIPLE x  2 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. decoding Philippe audouin Eurazeo chief financial officer, Member of the Executive Board The year 2012 has enabled us to intensify our asset rotation.”
  3. 3. company news 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 on growth. 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 1,250. 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. iN short 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: knitwear, footwear, handbags, glasses, etc. Europcar launches InterRent In March 2013, Europcar, the European car rental leader, launched InterRent, a low-cost car rental offering aimed at the general public. Eurazeo PME has become the majority shareholder of Idéal Résidences 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 515 beds. 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 € Practice responsible human resources management REXEL 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 CB ORAS “International Social Responsibility” trophy in 2010, covers more than 5,000 employees in 11 countries. CSR Charter Challenge No.2:
  4. 4. August 28, 2013 1st half 2013 results AGENDA CONTACTS Stock market price trend as May 20, 2013 (Performance since January 1, 2013)  Float (1) 49.43%   Founding families (2) 20.29%   Crédit Agricole 18.01%  Orpheo 6.54%  Sofina 5.73% Share ownership 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) Eurazeo has distributed approximately 75% of its market value since June 30, 2002 Shareholders can send their requests: • by letter: Eurazeo - Shareholder Services 32, rue de Monceau 75008 Paris • by e-mail: eurazeo_investor_relations @eurazeo.com • by telephone: + 33(0)1 44 15 16 68 Financial indicators   Eurazeo   LPX Europe   CAC 40 November 12, 2013 Shareholders’ meeting in Lille October 2013 Shareholders’ Letter no. 2 October 14, 2013 Shareholders’ meeting in Nantes (to be confirmed) Photos:StéphanieLacombe,FabriceMalzieu