7. Continued increase in companies’ contribution
FY 2015 RESULTS7
_(2/2)
2015 2014 PF Change
Adjusted EBIT of
Group consolidated companies
245.7 200.6 +22%
Cost of financial debt of Group
consolidated companies (net)
(196.0) (171.6) +14%
Results for companies consolidated
by the equity method, net cost of debt
115.5 76.8 +50%
Contribution of companies’ net cost of debt 165.2 105.8 +56%
CONTRIBUTION OF COMPANIES NET OF FINANCE COSTS
In €m
9. Profit & Loss details
FY 2015 RESULTS9
(€m) 2015 2014 PF
Contribution of companies’ net cost of debt 165.2 105.8
Change in value of real estate properties 25.5 (29.2)
Capital gains (net) 1,741.4 75.2
Other(1) (39.9) (23.3)
Taxes (36.1) (16.2)
Non-recurring items (311.9) (149.5)
Net consolidated income 1,544.2 (37.2)
Net consolidated income Group share 1,276.0 (26.8)
(1) Revenue at the holding company, net cost of financial debt of holding sector, operating costs and amortization of commercial contracts
10. Non-recurring items
FY 2015 RESULTS10
Total non-recurring items (€m) (311.9)
• Desigual*
(150.6)
• Europcar (48.3)
• Acquisition costs & other items (41.0)
• Elis (25.1)
• Others (46.9)
(*) In a conservative approach, the accretion mecanism, which could represent an additional stake of up to 4%,
was not taken into account
11. Strong financial position
FY 2015 RESULTS11
AT EURAZEO LEVEL
No structural debt
at Eurazeo level
Solid cash position:
c.€1.0bn as of December 31, 2015
Portfolio companies’ debts
are non recourse to Eurazeo
AT CONSOLIDATED LEVEL
6,307 6,021
3,619
4,587
355
2011 2012 2013 2014 2015
Consolidated net debt in €m
12. Reasonable leverage at portfolio level
FY 2015 RESULTS12
5.2 5.0
4.7
3.1
4.8
3.4
2.7
0.9
3.9
4.2
3.3
4.4
4.0
3.1
0.8 0.9
33%
40%
48%
43%
x
1x
2x
3x
4x
5x
6x
20152012 2013 2014
Corporate Net debt /
Corporate EBITDA
Proforma of
acquisitions in 2014
Adjusted for the
March 31, 2015
refinancing related
to the repurchase
of BPCE’s stake
2014
loan-to-value
ratio
Proforma for the full
year impact of
acquisitions
13. We are steadily increasing
our dividend distribution
FY 2015 RESULTS13
38 45 45
57 63 63 64 67 74 76 75 79 80
293
64
80
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014* 2015 2016
Special dividend
Ordinary dividend
Cash
ANF Immobilier shares
FY 2015 Dividend
€1.20 /share
+ €1.20 special dividend
(*) Purchase and cancellation of 5.8% of total shares in 2013
Ordinary dividend CAGR: +6.4% over 12 years
DIVIDEND DISTRIBUTION in €m
Bonus share
1 for 20
Cash
14. FY 2015
FROM 2010 TO 2015:
A THOROUGH TRANSFORMATION
2
FY 2015 RESULTS14
15. A thorough transformation
FY 2015 RESULTS15
People
Portfolio
(#companies) NAV in €m People
Portfolio
(#companies) NAV in €m
(*) Colyzeo not included (**) Colyzeo and ANF Hôtels not included
Dec. 31, 2009 Dec. 31, 2015
51 12*
3,532 87 26**
5,074
16. Eurazeo’s transformation into
a global investment player
FY 2015 RESULTS16
Private Equity
French real estate
investment company
Mid to large companies Small & Medium-
sized companies
10
Platforms
Growth equity Real Assets
Corporate Team
Financial control
Com. & IR
Legal
Internal audit
Risk management
CSR
HR
Accounting (IFRS)
Cash mgt & hedging
Sourcing team
Eurazeo
International
Eurazeo China
& Eurazeo BrazilCorporate Team
Com. & IR
Legal
Internal audit
Accounting (IFRS)
Cash mgt & hedging
Dec. 31, 2009 Dec. 31, 2015
17. Milestones achieved on a yearly basis
FY 2015 RESULTS17
2012 2013 20142010 2011 2015 2016**
Number of companies
* Colyzeo & ANF Hôtels non counted
** as of March 16, 2016
10
2
6
Sourcing
10
3
5
#
Shanghai office
8
4
7
Sao Paulo office
10
6
NEW
6
2*
Platforms
2
New York office
11
6
7
3
2
8
3
8
1*
9
1
18. A well-balanced and diversified portfolio
FY 2015 RESULTS18
2015
E x i s t i n g s e c t o r s e n l a r g e d
%NAV excluding Cash & Others
2010
4 major traditional investment sectors
Business Services
45%
Financial Services
4%
Mobility & Leisure
35%
+ Others 1%
Real Estate
15%
Business Services
Financial Services
14%
9%
Mobility & Leisure
25%
Real Estate
16%
+ Others 2%
+ 4 additional sectors:
Digital Services
2%
Brands / Consumer goods
24%
Human Healthcare & Animal nutrition
6%
Renewable Energy
2%
19. Eurazeo has stepped up the momentum
of asset rotation
FY 2015 RESULTS19
1%
13%
30%
11%
25%
16%
5%
3%
13%
14%
2011 2012 2013 2014 2015
Investments
Exits
Net proceeds in 2015
€1,192m
Total investments in 2015
~€550m + €100m committed*
INVESTMENTS AND EXITS in % of NAVn-1, since 2011
(*) €100m committed in Capzanine
20. 2015: A Record Year
for both investments and exits
FY 2015 RESULTS20
55
3,281
436
1,112
486
1,192
1 3 6 6 6 22
Exits
in €m
# of deals
2011 2012 2013 2014 2015 Cumulative
143 114 490
650*
7 2 5 5 9 28
688
2,085
# of deals
Investments
in €m
(*) Including €100m committed in Capzanine
21. Our NAV is steadily growing
FY 2015 RESULTS21
42.3
49.1
64.1
65.9
2011 2012 2013 2014 2015
+14%
CAGR
72.3
NAV
as of Dec. 31*
In € per share
(*) Adjusted for bonus share allocation
NAV/ share as of March 14, 2016**
: €71.7
(**) With listed companies valued at their spot share prices
23. EURAZEO FOCUSED ON GROWTH
3
ORGANIZED TO ACCELERATE GROWTH
AND CAPTURE GROWTH OPPORTUNITIES
ACCELERATING TRANSFORMATION OF OUR PORTFOLIO COMPANIES
CONSTANTLY LOOKING FOR NEW INVESTMENTS
EXPANDING IN NEW GEOGRAPHIES
24
26
31
32
24. Sourcing
China & Brazil
-0.8%
1.0%
-0.3%
-1.2%
2.0%
7.7%
9.1% 9.6%
13.2%
11.1%
11.9%
12.0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2013 2014 2015E
Change at Constant
Eurazeo Scope
Accelerating growth:
Sustained economic
revenue growth
Capturing growth
opportunities
Organized to accelerate growth
and capture growth opportunities
FY 2015 RESULTS24
-1.7% +1.4% +1.6%GDP growth of Euro Zone:
Corporate
Teams
Source: 2013,2014: World Bank & 2015E: European Commission
In 2015
— 1. ORGANIZED TO ACCELERATE GROWTH AND CAPTURE GROWTH OPPORTUNITIES
25. Structured business development processes
FY 2015 RESULTS25
Development
Investment themes:
• Hospitality and travel
• Growing middle class in emerging markets
• Health awareness
• Digitization of the economy & impact
of big data analytics
New geographies
Identifying and leveraging value creation
themes & geographies
IM Square
Capzanine
Acquisition and development
of investment platforms
514 investment opportunities screened
and qualified in 2015 across the four
direct investment strategies
• Approximately 47% outside France
Systematic coverage of potential targets, sellers,
management teams and M&A advisors
Direct investments deal sourcing
Eurazeo PME II (€520m) in 2015
Value-added third party investors alongside
Eurazeo on a case by case basis
Fundraising and
co-investment/syndication
— 1. ORGANIZED TO ACCELERATE GROWTH AND CAPTURE GROWTH OPPORTUNITIES
26. Build-ups
Digital / Innovation
Corporate governance
and process
reinforcement
Management
International
Strategy
Organic
growth
Accelerating transformation
of our portfolio companies
FY 2015 RESULTS26
— 2. ACCELERATING TRANSFORMATION OF OUR PORTFOLIO COMPANIES
China & Brazil
Corporate Teams
27. Active on build-up to lay the
foundations for future organic growth
FY 2015 RESULTS27
IMPACT
OF RECENT
BUILD-UPS
2015 # of Build-ups Revenues of Build-ups (in €m)
Eurazeo Capital 37 ~770
AccorHotels 2
Asmodee 3
Elis* 9
Europcar 2
Foncia* 18
InVivo NSA 3
Eurazeo PME 12 ~30
Colisée* 11
Péters Surgical 1
Total 49 ~800
Continue strong growth on current business
- Market share gains thanks to geographical expansion
- Strengthening existing business
- Synergies (benefits from local resources, networking and best
practices, running a more ambitious strategy in build-ups)
- Operational efficiency improvement
- Relutive investments
- Diversifying products
- Increasing capabilities through innovation
Create additional dimensions for value creation
BUILD-UP
STRATEGY
— 2. ACCELERATING TRANSFORMATION OF OUR PORTFOLIO COMPANIES
(*) Including small acquisitions
28. Strategic build-ups across the portfolio
FY 2015 RESULTS28
— 2. ACCELERATING TRANSFORMATION OF OUR PORTFOLIO COMPANIES
International
Global footprint
Strengthening
the business
Digital
transformation/innovation
InVivo NSA
Adgène
Btech
Colisée
Asmodee
Pearl Games
Asterion
Spot It / Dobble Game
AccorHotels
Fastbooking
FRHI
AccorHotels
Fastbooking
Europcar
Ubeeqo
Ecar
In 2015
InVivo NSA
Welgro
Btech
Foncia
MK Services
Elis
Albia
Accor
FRHI
Asmodee
Pearl Games
Asterion
Spot It / Dobble Game
Colisée
iSenior
Péters Surgical
Stericat
29. Asmodee: in-depth transformation
ahead of schedule
FY 2015 RESULTS29
124
175
323
13
22
52
2015 PF2013 2014 2015 PF2013 2014
Revenues EBITDA
x4.0
x 2.6
— 2. ACCELERATING TRANSFORMATION OF OUR PORTFOLIO COMPANIES
R A N K I N G S
#2 worldwide** n° 1
n° 2
n° 5
Source: NPD Games market ranking FY 2015
IMPRESSIVE RESULTS
(**) On its 6 main markets(*) IP and geographies
IN-DEPTH TRANSFORMATION
+19.3%
Appointment of a CDO, 2 digital experts
on the Board, partnership with FDJ
73% of revenues outside France
vs. 48% end of 2013
Recruitment of talented staff bringing
new skills to the organization
(450 people vs. 180 end of 2013)
Strategic build-up*:
3 in 2015, 7 since acquisition
Increased intellectual property
content: 67% of games sales
International
Digital
Team
Organic growth
External growth
Business model
30. Desigual:
Actively preparing next phase of growth
FY 2015 RESULTS30
Product
Channel
Merchandising
Organization
Before:
Product-centric
From now on:
Consumer-centric
1 collection
per season
Silo organization
Supply chain not well
involved in the design
of the collection
Flat organization
reporting to CEO
Re-dynamize the collection architecture:
- Segmentation of the collections
into several wear occasions
- Improve the client experience: increase
number of drops in stores
Omnichannel
Merchandising department now involved
from design to store assortment
Organization refocused on 3 main
areas: Product, Client and Corporate
Strengthening of management
with 2 experienced leaders
Transformation office set up
— 2. ACCELERATING TRANSFORMATION OF OUR PORTFOLIO COMPANIES
31. New opportunities already captured in 2016
FY 2015 RESULTS31
Platforms
— 3. CONSTANTLY LOOKING FOR NEW INVESTMENTS
(*) Through Financière Orolia, a company created for this purpose, whose share capital will be 50.1%
held by Eurazeo PME, 40% by one of the founders and 9.9% by management.
(**) Subject to a subsequent syndication
Les Petits Chaperons Rouges
Number 2 private player in the French nursery market
Exclusive discussions
Glion & Les Roches
Global leaders in the hospitality and
services management education sector
Grape
Hospitality
Grape Hospitality
Portfolio of 85 AccorHotels hotels
in Europe
Creation of a platform dedicated
to the hotel business
1st investment of
POLEN Capital
American growth equity
manager ($7.5 b AUM)
Orolia Group
World leader in critical
GPS applications
32. North
America
Western
Europe
RoW
THE U.S.:
THE FIRST
MARKET
IN VALUE*
Investing in the U.S.
FY 2015 RESULTS32
~50% of the world private equity market
The fastest growing market***
:
• +8% CAGR over 2010-215 vs. 5% in Europe
• +16% CAGR over 2014-2015 vs. -5% in Europe
— 4. EXPANDING IN NEW GEOGRAPHIES
A DEEP
U.S. MARKET
IN VOLUME
48
43
36
An attractive mid-market
Few generalist PE players
in the mid-market segment
North
America
Western
Europe
RoW
€114bn
€47bn
€60bn
(*) Source: Dealogic
(**) Enterprise Value
(***) Source: Bain Global Private Equity Report 2016,
CAGR applies to the entire market
+74 deals
<€500m EV
Deals ≥ €500m EV**
(in €bn, in 2015)
Deals ≥ €500m EV**
(nb. of deals in 2015)
33. OUR
ANGLE
• Focus on mid-market segment
• Strong track record in business services and consumer goods
• European roots and networks
• Paris, Shanghai and Sao Paulo offices offering a gateway
to Europe, Asia & Latin America
OUR ASSETS
Offering a differentiating value proposal
for American companies
FY 2015 RESULTS33
— 4. EXPANDING IN NEW GEOGRAPHIES
• Evergreen model
• Solid institutional and
family shareholder base
• Long-term investment horizon
34. Eurazeo U.S.within the Eurazeo group
FY 2015 RESULTS34
— 4. EXPANDING IN NEW GEOGRAPHIES
A Eurazeo Capital and Eurazeo
Development project
• Experienced Executive Directors
of Eurazeo Capital will create
the New York office
• Similar size of deals targeted
• Common weekly investment
committee between NY and Paris
teams
• Joint study of investment
opportunities if relevant
• Assistance for the European portfolio
companies
Opportunities for Eurazeo PME
and Eurazeo Croissance
Synergies between offices
(Paris, Shanghai, Sao Paulo)
Development
36. The transformation into a group
dedicated to value creation
A record year but not a one-off
A wider, more diversified group
BROADER INVESTMENT SCOPE
ENHANCED OFFER TO OUR COMPANIES, WHATEVER THEIR SIZE, AND ALLOWING
US GREATER FLEXIBILITY TO BETTER ADAPT TO THE ECONOMIC ENVIRONMENT
FY 2015 RESULTS36
37. We have delivered a solid return to shareholders
FY 2015 RESULTS37
TSR CAGR
Eurazeo +106% +13%
CAC 40 +47% +7%
(1) Between December 31, 2009 and December 31, 2015
Eurazeo
outperformed
the index over
a long period
of 6 years(1)
Active share
buyback policy
and regular dividend
distribution
Since December 31, 2009, Eurazeo has
returned €912 million to its shareholders.
40. Net Asset Value as of December 31, 2015
40
(*) Net allocated of debt
(1)Accor shares held indirectly through Colyzeo funds are included on the line for these funds.
(2)Eurazeo investments in Eurazeo Partners are included on the Eurazeo Partners line.
(3)The % interest is equal to Eurazeo’s direct interest, with any interest held through Eurazeo Partners now included on the Eurazeo Partners line.
% held (3)
Nb shares Share price
NAV as of Dec.
31, 2015
with ANF at its
NAV
€ €M ANF @ €28,1
Eurazeo Capital Listed (2) 1,938.2
Europcar 42.33% 60,545,838 11.67 706.7
Elis 35.13% 40,052,553 15.24 610.3
Elis debt -114.2
Elis net* 496.0
Moncler 12.95% 32,363,814 13.84 448.0
Accor 4.47% 10,510,003 39.78 418.1
Accor net debt -130.7
Accor net* (1) 287.4
Eurazeo Capital Unlisted (2) 1,188.6
Eurazeo Croissance 187.3
Eurazeo PME 283.5
Eurazeo Patrimoine 318.8 385.0
ANF Immobilier 50.48% 9,596,267 21.20 203.4 269.6
Other 115.4
Other securities 79.9
Eurazeo Partners(2) 39.4
Other (1) 40.4
Cash 1,038.4
Tax on unrealized capital gains -77.5 -90.5
Treasury shares 3.76% 2,640,579 117.1
Total value of assets after tax 5,074.1 5,127.3
NAV per share 72.3 73.1
Number of shares 70,157,408 70,157,408
FY 2015 RESULTS
41. Net Asset Value as of March 14, 2016
41
(*) Net allocated of debt
(1)Accor shares held indirectly through Colyzeo funds are included on the line for these funds.
(2)Eurazeo investments in Eurazeo Partners are included on the Eurazeo Partners line.
(3)The % interest is equal to Eurazeo’s direct interest, with any interest held through Eurazeo Partners now included on the Eurazeo Partners line.
FY 2015 RESULTS
% held (3) Nb shares Share price
NAV as of
March 14, 2016
with ANF at its NAV
€ En M€ ANF @ 28.1 €
Eurazeo Capital Listed (2) 1,901.9
Europcar 42.33% 60,545,838 9.83 595.0
Elis 35.13% 40,052,553 16.08 643.8
Elis debt -116.7
Elis net* 527.1
Moncler 12.95% 32,363,814 15.41 498.7
Accor 4.47% 10,510,003 39.17 411.7
Accor net debt -130.6
Accor net* (1) 281.1
Eurazeo Capital Unlisted (2) 1,188.6
Eurazeo Croissance 187.3
Eurazeo PME 283.5
Eurazeo Patrimoine 333.5 385.0
ANF Immobilier 50.48% 9,596,267 22.73 218.1 269.6
Other 115.4
Other securities 79.9
Eurazeo Partners(2) 39.4
Other (1) 40.4
Cash 972.1
Tax on unrealized capital gains -77.9 -88.0
Treasury shares 4.95% 3,475,482 163.6
Total value of assets after tax 5,032.4 5,073.8
NAV per share 71.7 72.3
Number of shares 70,157,408 70,157,408
42. NAV growth
FY 2015 RESULTS42
4,751
-1,143
+420
+546 -166
+35
+64 -3 +65 +12 -23 +31 +21
+464
Disposals
& dividends
Change
in value
Acquisitions
Cash
& other
+€29m+€74m-€67m-€177m
NAV
12/31/2014
NAV
12/31/2015
5,074
*
(*) o/w ~€100m counted in syndication of Eurazeo PME
43. Strong cash position
FY 2015 RESULTS43
CASH POSITION
In €m
597
1,038
1,192
143
-79
-145
-552
-118
31/12/2014 Net disposals Dividends
received &
Other*
Dividends paid Shares
repurchased
Investments Debt
reimbursement
and other
31/12/2015
(*) Mostly related to Eurazeo PME syndication
44. Understanding of Eurazeo’s track record
FY 2015 RESULTS44
9% 9%
9% 8%
4%
1%
3%
18%
13%
11%
33%
30%
13%
17%
5%
7%
6% 5%
4%
2% 1%
9%
7%
8%
14%
12%
7%
12%
2002*
2015
2002
2015
2003
2015
2004
2015
2005
2015
2006
2015
2007
2015
2008
2015
2009
2015
2010
2015
2011
2015
2012
2015
2013
2015
2014
2015
(*) As of July 1st, 2002
Source: Bloomberg
Eurazeo CAC 40
- =
+4.8 +2.6 +2.8 +2.8 +0.7 (0.8) +1.5 +8.2 +6.2 +3.1 +18.8 +17.5 +5.8 +4.8
2002-08 vs. 2009-15
Overview: Eurazeo TSR (CAGR) vs CAC 40 TSR (CAGR)
Since 2002 (yearly figures as of December 31)
Relative performance
of Eurazeo vs. CAC 40
1%
18%
0%
9%
June
2002
2008
2008
2015
+1.6 +8.2 BPS
Yearly figures as of December 31
45. Active share buyback program
FY 2015 RESULTS45
€146m
As of December 31, 2014
2,431,250 2,459,059
bought in 2015 cancelled in 2015
Shares
% of total shares*
3.5% 3.6%
As of December 31, 2015
(*) based on number of shares as of Dec. 31, 2014
49. 2015 results
Excellent 2015 results reflecting the benefits of the transformation plan
SUSTAINED REVENUE in 2015: €5,581m, up +2.9% L/L, resulting from healthy growth in most of the Group’s key
markets
• Mediterranean, Middle-East and Africa: +7.9%
• NCEE: +5.0%
• Asia-Pacific: +5.4%
Revenue in France decreased by -0.5%, reflecting a sharp decline in the fourth quarter (-6.6%) due to the events
of November.
The Americas (down by -3.7%) were down due to the continued deterioration in economic activity in Brazil.
RECORD EBIT AND EBIT MARGIN: €665m, up +3.5% L/L (i.e. 11.9% margin), due to the positive
effects from the transformation plan and operating momentum. Adjusted for operating
expenses related to the digital plan, the operating margin was 12.6%
RECORD RECURRING FCF of €341m (vs €304m in 2014), mainly thanks to strong revenue levels.
ROBUST BALANCE SHEET with €194m net cash position (improvement of €354 million over the year), reflecting €816
million funds from operations excluding non-recurring transactions and asset disposals in the amount of €356 million
Increased dividend at €1.00 per share1 (vs €0.95 in 2014)
BBB-/Stable by S&P and Fitch
(1) Dividend payable entirely cash, or half in cash and half in stock at a 5% discount, subject to shareholder approval at the Annual Meeting
FY 2015 RESULTS49
50. 2015 highlights
2015 achievements
DIGITAL PLAN: significant progress across the 8 programs
HOTELSERVICES: strong expansion to half a million rooms
HOTELINVEST: fast transformation and sound improvement thanks to restructuring of assets
which has doubled in 2015
Strategic transactions in 2015-2016
ACQUISITION OF FASTBOOKING, an accelerator for the Marketplace
ACQUISITION OF FAIRMONT RAFFLES HOTELS INTERNATIONAL: creating a worldwide leader
in the luxury segment
AGREEMENT WITH HUAZHU: enhancing synergies in the largest inbound market
and soon-to-be the largest outbond market
Agreement for the sale of a portfolio of 85 hotels to a new franchisee
Priorities in 2016
Complete HotelInvest's 3 years transformation plan
Successfully continue to implement all of the digital plan programs and speed up
the development of the accorhotels.com marketplace
Successful integration of FRHI and consolidate the Group's development pipeline to carry on
with fast and profitable expansion
Key global projects to lift performance & profits: particularly through Food & Beverage
and Purchasing
Continue to revamp the Group's managerial culture: implementation of the “Shadow Comex”
and increased focus on guest satisfaction as a key KPI at all Company levels
FY 2015 RESULTS50
51. 79.4%
ECONOMIC INTEREST
FULLY CONSOLIDATED
Extremely robust growth at +55%
Supported both by organic (+19%) and M&A (+36%)
Pro-forma sales at €324 millions (versus €270m reported)
Organic sales driven by all categories and geographies
Gradually increasing margins through increasing share of publishing
Reported margin posting a 300bp increase at 15.3%
Pro-forma EBITDA at €52 million or 16% margin, posting a further 70bp increase
Majority of margin now generated in the US, driven by strong studios contribution
In €m FY 2015 FY 2014
Reported
change
Comparable
change
Revenue 270 175 +55% +19%
EBITDA
% margin
41
15.3%
22
12.3%
+92% +17%
Net debt 125 91 +37% n.m.
FY 2015 RESULTS51
52. 2015 highlights
Well ahead of initial targets
PF SALES multiplied by 2.6x between 2013 and 2015, and PF EBITDA multiplied by 3.9x over the
same period;
INTERNATIONAL representing over 3/4 of 2015PF sales versus an initial long-term target of 2/3,
thanks to both organic and M&A growth, driven towards the United States
PUBLISHING increasing fast with incorporation of studios and new IP, representing now 2/3 of
games sales (versus target at 60%)
TRADING CARD GAMES now below 25%, (of which Pokémon around 15% in 2015PF)
Further developments ongoing
M&A: 7 major acquisitions since end-2013, giving access to IP catalog, retailers, authors & skills.
Still opportunities to be considered worldwide
DIGITAL: Offering Asmodee’s players communities more opportunities to play, in addition to
physical experience. Several new senior positions at Group level to accelerate
NORTH AMERICAN INTEGRATION: Several studios, IP, teams to coordinate in the US, post recent
acquisitions with further growth potential in this n°1 games market
FY 2015 RESULTS52
53. 9.8%
ECONOMIC INTEREST
EQUITY METHOD
In €m FY 2015 FY 2014 Reported change
Revenue 933 964 -3.1%
EBITDA
% margin
200
21.4%
261
27.1%
-23.6%
Cash position 298 223 +33.5%
Revenue is down -3.1% y-o-y, as a consequence of the slow-down in the main European
countries such as France and Spain, and a limited contribution of new opened stores
EBITDA margin stood at 21.4%, down -5.7pt mainly due to the sales reduction and the cost base
increase driven by the significant number of stores opened in Q4 2014
Sound financial position: cash net at €298m, up +€75m yoy
An in-depth business review has been undertaken to lay the foundation for the next stage of growth
FY 2015 RESULTS53
54. Revenue down 3.1% compared to prior year mainly due to mature countries:
FRANCE AND SPAIN recorded the poorest performance
Countries OUTSIDE EUROPE showed positive sales growth
EBITDA stood at €200m (-23.6% vs LY)
The decrease is due to the combined effect of SALES DECREASE AND HIGHER COSTS of owned stores mainly
resulting from 2014 new openings, notwithstanding the efforts to control overheads
STORE FOOTPRINT OPTIMIZATION started in 2015 through 27 closings. Additional net closings are expected this year
as part of rationalization effort
Efficiency costs program
AN EFFICIENCY COST PROGRAM has been launched with the goal of reassessing channels, categories
and geographies in order to improve profitability in the medium term
Adoption of a new transformation strategy with the support of the Board of Directors and shareholders
The goal is to create a MORE CONSUMER-FOCUSED BUSINESS with product innovation as a key priority
THE NEW DESIGN STRATEGY has already started to be implemented for the 2017 Spring-Summer collection
Strenghtening of the team with experienced leaders in the retail sector:
PIERRE CUILLERET (Chief Client Officer) AND ALBERTO OJINAGA (Chief Corporate Officer) join Desigual in the first
quarter of 2016
2015 highlights
FY 2015 RESULTS54
55. 35.2%
ECONOMIC INTEREST
EQUITY METHOD
In €m FY 2015 FY 2014 Reported change
Revenue 1,415 1,331 +6.3%
EBITDA
% margin
446
31.5%
429
32.2%
+4.0%
Adj. EBIT
% margin
208
14.7%
210
15.8%
-0.9%
Net debt 1,441 2,019
Strong revenue growth of +6.3% to €1,415 million (organic growth of +2.9%)
FRANCE: +2.5% organic growth despite the negative impact of Paris attacks, driven by the roll-out of large
contracts, notably for the Hospitality and Healthcare segments
SOLID SALES INCREASE IN NORTHERN EUROPE (+24.5%) driven by acquisitions in Germany and Switzerland,
as well as in Southern Europe (+13.5%) thanks to a very good sales momentum and acquisitions in Spain
LATIN AMERICA (+8.0%): +3.2% organic growth in Brazil thanks to commercial dynamism despite difficult
macro environment
EBITDA up +4.0% to €446 million, in line with expectations
Recovery in French margin in second half of 2015
Margin improvements both in Europe and Latin America
FY 2015 RESULTS55
56. 2015 highlights
* Trailing 12 months EBITDA, proforma acquisitions completed during the year
Achievements in 2015
SUCCESSFUL IPO AND FULL REFINANCING OF DEBT
• Net debt as of 31 december 2015 : €1,441m and Adjusted Net Debt/EBITDA* ratio of 3.1x
• Average cost of debt below 3%
STRONG M&A MOMENTUM
• 9 acquisitions completed in 2015
• Further development in Latin America and acquisition of the number one player in Chile
PURSUED COMMERCIAL DYNAMISM
• Roll-over of large contracts
2016 outlook
REVENUE
• €1.5bn (+6%)
• +3% organic growth
• +4% external growth
EBITDA MARGIN
• -30bps in France
• Further margin improvement in Europe and Latin America
FY 2015 RESULTS56
57. 42.3%
ECONOMIC INTEREST
EQUITY METHOD
In €m FY 2015 FY 2014
Reported
change
Comparable
change
Revenue 2,142 1,979 +8.2% +4.9%
Adj. Corp. EBITDA
% margin
251
11.7%
213
10.8%
+17.8% +15.6%
Corp. Net debt 235 581
Strong revenues amounted to €2.142 million, up +4.9% at constant perimeter and exchange rate
VOLUME INCREASE IN RENTAL DAYS UP BY +8.1% in 2015 vs 2014, evenly spread between
the corporate and leisure segment and among all corporate countries
NOMINAL REVENUE PER RENTAL DAY EDGED DOWN reflecting a change in the mix.
However this nominal reduction had no impact on Group earnings
Strong improvement of Adjusted Corporate EBITDA margin at 11.7%
2015 ADJUSTED CORPORATE EBITDA SURGED TO €250.6m(up +15.6% at constant exchange rate) compared
to €212.8 million in 2014
MARGIN IMPROVEMENT BY +0.9PS vs 2014
FY 2015 RESULTS57
58. 2015 highlights
Successful Initial Public Offering for a total size of c. €898m
TRADING STARTED ON EURONEXT PARIS on June 26, 2015 set at €12.25/share
€475m OF NEWLY-ISSUED SHARES to reduce the Group’s indebtedness, strengthen its financial structure and
increase its financial flexibility in order to accelerate its development and continue the deployment of its “Fast
Lane” program
EURAZEO REMAINING REFERENCE SHAREHOLDER OF EUROPCAR with a 42.3% stake in the listed company (48.6%
including ECIP Europcar)
Continuous deleveraging post IPO with Corporate net debt decreases at €235m (vs. €581m
as of December 31, 2014), representing a level of Adj. Corp. Net Debt / Corp. EBITDA of 0.9x
Strong FY 2015 results in line with upgraded guidance
Fast Lane will continue to deliver profitable growth
Commercial strategy: Increase differentiation
Shared Service Center Logic: Efficiency benefits on track
Network optimization
Customers journey / experience
IT / Digitalization
2016 guidance fully in line with the IPO commitments
REVENUES ORGANIC GROWTH between +3% to +5%
ADJUSTED CORPORATE EBITDA above €275m
FROM 2016*
, DIVIDEND PAY OUT ratio at least 30% of Net Income
* To be paid from 2017, based on prior year net income
FY 2015 RESULTS58
59. 90.2%
ECONOMIC INTEREST
FULLY CONSOLIDATED*
December 2015: Eurazeo announces the completion of its investment in Fintrax, with €303 million
equity investment
Our ambitions for Fintrax in the future
BEING AN ACTIVE PARTNER to the company, supporting investments in IT, infrastructure
and new services for merchants and consumers
SUPPORTING FINTRAX MANAGEMENT in the company’s growth strategy focused on the expansion
of TFS geographically and further development of DCC, especially outside Europe and into adjacent markets
Providing an INTERNATIONAL PRESENCE, notably in China and Brazil, an extensive network
and an expertise in the luxury retail and travel & leisure industries
Strong growth in 2015 revenue (+19% vs 2014), driven by positive trends in TFS
(increase in international travelers and spend levels) and outstanding topline growth in DCC
2015 EBITDA of €41 million (+20% vs 2014), representing a 19.4% margin
* Consolidated as of January 1st, 2016
In €m FY 2015 FY 2014
Reported
change
Comparable
change
Revenue 212 178 +19% +16%
EBITDA
% margin
41
19.4%
34
19.1%
+20%
Net debt 185 173
FY 2015 RESULTS59
60. 2015 highlights
Strong revenue growth up 19% in 2015
Underpinned by favourable macro trends, including increase in global tourism,
growth in emerging market wealth and growing demand for luxury goods
Driven by product innovation in line with merchant needs and increased automation
to improve customer experience
A well balanced and long-standing customer base as well as new wins
Successful roll-out of merchants and acquirers recently won
Commercial dynamism with several accounts signed in 2015, both in TFS and DCC,
paving the way to future growth
Digitization and process optimization remain key to Fintrax growth plan
Focus on providing high service level availability that is customized for merchants and tourists
Priorities for 2016
Further strengthen Fintrax client base
• Strong international pipeline established for 2016, both in TFS and DCC
Pursue the launch of initiatives: increasing digitization, enhancing card recognition technology, easing
and improving customer experience, delivering customized services to merchants
Plan specific investments to reinforce key competencies and geographical presence
FY 2015 RESULTS60
61. 41.5%
ECONOMIC INTEREST
EQUITY METHOD
In €m FY 2015 FY 2014
Reported
change
Comparable
change(1)
Revenue 696 641 +8.5% +5.5%
EBITDA
% margin
132
18.9%
125
19.5%
+5.4% +3.8%
Net debt 611 420 n.s.
(1) Excluding MK, Initia and GIEP acquisitions and at constant FX rate
Steady growth by +5.5% on a comparable basis(1) supported by organic growth in the Joint-Property
Management business and return on commercial investments in the Brokerage activity
Increase in EBITDA by +3.8% on a comparable basis driven by revenue growth and operational
efficiency
Continuous dynamic acquisition strategy over 2015 with 3 reference transactions: GIEP, Initia and MK
Services
FY 2015 RESULTS61
62. 2015 highlights
Robust growth in 2015 by +5.5% on a comparable(1)
basis and by +8.5% on a reported one
SATISFYING RRES(2) PERFORMANCE fueled by JPM organic
growth resulting from dedicated client satisfaction
initiatives and despite a first year of ALUR law
implementation
SOLID GROWTH IN BROKERAGE driven by market growth,
investments in sales force and reshuffle
of the brokerage incentive plan
INTERNATIONAL GROWTH supported by external growth in
Switzerland to reach critical mass size
EBITDA improved by +3.8% on a comparable(1) basis
and by +5.4% on a reported basis
SLIGHT MARGIN EROSION driven by external growth, ALUR
law impact and business reinvestments
Deleveraging by -0.5x EBITDA since Mar-15 refinancing
and continuous dynamic acquisition strategy
18 Acquisitions Signed In 2015 with an full year revenue
contribution of €43m
SWISS BUSINESS STRENGTHENED with the acquisition
of MK Group in Lausanne
(1)Excluding MK, Initia and GIEP acquisitions and at constant FX rate
(2) RRES France: Residential Real Estate Services France including Joint-Property Management and Lease Management businesses
68%
12%
9%
10%
In €m 2015A 2014A % var.
% var.
Comp(1)
RRES France(2) 476 460 3.4% 2.6%
Brokerage 86 71 22.2% 17.4%
Total France 562 530 5.9% 4.7%
International 71 58 22.0% 0.4%
Other and Interco 63 53 20.0% 20.0%
Total 696 641 8.5% 5.5%
Real Estate
Services France
Recurring
revenue: 88%
Brokerage
Other and interco
International
2015A
revenue
FY 2015 RESULTS62
63. 17.2%
ECONOMIC INTEREST
EQUITY METHOD
In €m FY 2015* FY 2014*
Reported
change
Comparable
change
Revenue 1,517 1,266 +19.8% +8.2%
EBITDA
% margin
92
6.1%
67
5.3%
+37.2% +1.9%
Net debt 91 278 -67.4%
EBITDA pro forma for 2015 acquisitions: €98m
Solid organic revenue and EBITDA growth in 2015
STRONG PERFORMANCE IN MEXICO, in particular on livestock segment
STABILITY IN BRAZIL, despite devaluation of Brazilian Real and strong economic slow-down, thanks to good
performance in pet food and aqua business
STRONG GROWTH IN ADDITIVES BUSINESS (activity and unit margin)
RECOVERY OF VOLUMES IN VIETNAM
IMPORTANT INVESTMENTS IN TEAMS as well as industrial and technological tools
BEGINNING 2016: continued difficult market environments in France and Brazil
Three acquisition further balancing InVivo NSA’s product, geography and species mix
ADGÈNE: French analysis laboratories, specialized in molecular biology (c. €2m revenue)
WELGRO: Leading nutrition player in Indonesia, focused on poultry (c. €40m revenue)
BTECH: Leading player in the Brazilian feed additives market (c. €20m revenue)
* Calendar year
FY 2015 RESULTS63
64. Disclaimer
This presentation is being furnished to you solely for your information and may not be reproduced or
redistributed to any other person.
This presentation might contain certain forward-looking statements that reflect the Company’s
management’s current views with respect to future events and financial and operational performance
of the Company and its subsidiaries. These forward-looking statements are based on Moncler S.p.A.’s
current expectations and projections about future events. Because these forward looking statements
are subject to risks and uncertainties, actual future results or performance may differ materially from
those expressed in or implied by these statements due to any number of different factors, many of
which are beyond the ability of Moncler S.p.A. to control or estimate. You are cautioned not to place
undue reliance on the forward-looking statements contained herein, which are made only as of the
date of this presentation. Moncler S.p.A. does not undertake any obligation to publicly release any
updates or revisions to any forward-looking statements to reflect events or circumstances after the
date of this presentation.
Any reference to past performance or trends or activities of the Moncler Group shall not be taken as a
representation or indication that such performance, trends or activities will continue in the future.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy Moncler’s
securities, nor shall the document form the basis of or be relied on in connection with any contract or
investment decision relating thereto, or constitute a recommendation regarding the securities of
Moncler.
Moncler’s securities referred to in this document have not been and will not be registered under the
U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
Luciano Santel, the Manager in charge of preparing the corporate accounting documents, declares
that, pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no. 58 of February 24, 1998, the
accounting information contained herein correspond to document results, books and accounting
records.
FY 2015 RESULTS64
65. 13.0%
ECONOMIC INTEREST
EQUITY METHOD
(€m) FY 2015 FY 2014 Change
Net sales 880 694 +27%
EBITDA Adjusted* 300 233 +29%
Margin 34.1% 33.5% +0.6pt
Net debt 50 111 -55%
* Before non-recurring items: non-cash costs related to the stock options plans and other costs
associated with the “Other Brands Division” sale
FY 2015 RESULTS65
66. 2015 key highlights
Consolidated Revenues: €880.4m, +27% YoY growth reported (+19% at constant exchange rates)
International markets: €743.4m, 84% of total revenues (81% in FY 2014)
Retail Revenues: €619.7m, 70% of total revenues (62% in FY 2014)
Comparable Store Sales Growth: +6%
EBITDA Adjusted*: €300.0m with a margin on sales of 34.1% (33.5% in FY 2014)
EBIT Adjusted*: €264.1m, with a margin on sales of 30.0% (29.8% in FY 2014)
Net Income: €167.9m with a margin on sales of 19.1% (18.8% in FY 2014)
Net Debt: €49.6m vs. €111.2m as of December 2014
* Before non-recurring items
FY 2015 RESULTS66
67. Revenues by Region
131 137
233 269
235
334
96
141
FY 2014 FY 2015
Italy
EMEA
Asia & RoW
Americas
Asia & RoW
Italy EMEA
Americas
FY 2015
FY 2014YoY growth
Reported Const. curr.
+27% +19%
+48% +27%
+42% +28%
+15% +13%
+5% +5%
694
19%
33%
34%
14%
880
16%
30%
38%
16%
REVENUES ANALYSIS (in €m)
Strong sales performance (+19% at constant currencies)
Double-digit growth in all international markets, accounting for 84% of total sales
(vs 81% in FY 2014)
Europe confirmed its robust trend, driven by France, the UK and Germany.
Solid growth achieved also in Italy
Asia showed double-digit growth in all markets
Americas recorded a sound +27% growth at constant currencies
FY 2015 RESULTS67
68. Revenues by Distribution Channel
Retail Wholesale
FY 2014
FY 2015
264 261
431
620
FY 2014 FY 2015
694
Wholesale
Retail
YoY growth
Reported Const. curr.
+27% +19%
+44% +33%
-1% -5%
Revenue growth driven by the retail channel (+33% at constant currencies),
accounting for 70% of consolidated revenues (vs 62% in FY 2014)
Sales of comparable DOS (Comp-Store Sales) rose by +6% in 2015
Wholesale negatively impacted by the Korean business conversion
from wholesale into retail. Net of Korean conversion impact, wholesale increased
+5% at reported rates (flat at constant rates)
38%
62%
880
30%
70%
REVENUES ANALYSIS (in €m)
FY 2015 RESULTS68
69. 18.3%
ECONOMIC INTEREST
In €m FY 2015 FY 2014 Change
Total net revenue*
69 74 -6.9%
Operating result*
% margin
8
12.1%
16
22.0%
-49.0%
Group net profit
% margin
11
15.3%
-41
n.m.
N.M.
Total customer financial assets**
7,790 8,132 -4.2%
Total equity***
252 286 -11.9%
(*) Normalized to take into account the extraordinary items and the impact of the organisational measures
(**) Including « double counting » (€450m in 2015)
(***) Before the proposed distribution to the shareholders
In 2015 Banca Leonardo has accelerated the strategic path to become a pure player in the Wealth Management
market through several actions:
THE DISPOSAL OF THE FINANCIAL ADVISORY
SALE OF THE RESIDUAL 10% STAKE HELD IN DNCA
THE DOWNSIZING OF THE FINANCE & TREASURY ACTIVITIES to reduce the risk profile and to increase the focus on the core business
The commercial network counts around 100 relationship manager, of whom 80 in Italy
Leonardo Swiss accomplished the start up phase and launched a growth strategy to be accomplish also through
a strengthened commercial structure
The proposed distribution to the shareholders of approximately €55m (vs €31m in 2014)
FY 2015 RESULTS69
71. Financials
(€m) FY 2015 FY 2014 PF
Like-for-like
change FY 2014
Reported
change
Revenue 652.9 537.1 +22% 482.1 +35%
EBITDA(1)
% margin
94.1
14.4%
73.5
13.6%
+28%
67.9
14.1%
+39%
Net debt
Portfolio leverage(2)
313.5
2.9x
266.7
2.6x
(1) Majority investments as of December 31, 2015 excluding Flash Europe as entity consolidated
(2) Excluding Capital lease debt
FY 2015 RESULTS71
72. Portfolio
€284m*€350m
(*) As of December 31, 2015, the value of Eurazeo PME I and II was €414 million (of which €130 million from third parties in Eurazeo PME II),
compared with €350 million as of December 31, 2014.
As of December 31, 2014 As of December 31, 2015
FY 2015 RESULTS72
73. 2015 highlights
0.7
166.2
82.7
63.3
114.4
64.7
264.1
652.9
1.3
152.8
68.4
46.7
116.3
62.7
209.1
537.1
Change in l.f.l. basis(*)
+26%
+3%
-2%
+36%
+22%
+21%
+9%
• Acquisition of 18 facilities, since the acquisition in September 2014 (including
6 of Idéal Résidences) giving a total of 74 facilities and 5,585 beds
• Ramp up of the existing facilities.
2014 PF 2015REVENUE (€m)
Other
(*) Adjusted for Gault & Frémont and Cap Vert Finance sale and Vignal Lighting Group
and Colisée acquisition
(**) Flash Europe is not consolidated in the total revenue
• Acquisition in January 2016 of Coiff’Idis, French leader in professional care
products (revenue of €35 million)
• International brand enhancement : signature of the Master Franchise in
China
• On a like for like basis, sales decrease by 2,6%, market segment decrease
by 3.1%, including the terrosrists attacks impacts
• Acquisition of 77.5% of Stericat (Indian build-up) closed in June.
• Good results especially in foreign countries
• Good performance on OEM activity and growth on the LED products
• Exploring greenfield opportunities in China
• Acquisition in September Wins of significant contracts
• Solid growth in Spain and Eastern Europe
• Opening of a Barcelona office
(**)
FY 2015 RESULTS73
75. Portfolio
• 23% revenue growth, mainly driven
by high power charging stations
• Strong development potential in
China through newly established
JV with Wanma
• Solid growth in 2015, mainly
in manufacturing
• O&G activities affected by the fall
in crude prices
• Numerous growth-generating
opportunities in the mining sector
• Revenue more than doubled in 2015
• Opening of Italy and Spain in 2016
• Focus on differentiation and product
innovation
• Acceleration in 2015, with revenue
up by almost 80% vs. 2014
• Successful ramp-up of new
geographies
• Key top level recruitments
underway to accelerate in 2016
• Strong growth in 2015
• Increase in the sales team,
especially in the US, to accelerate
in 2016
• Opening of UK and Germany
• Profitability improvement driven
by increase in electricity production
and strong activity in construction
of solar power plants
• Connection of first biogas facility
in France
• Beginning of construction of first
solar power plant in Puerto Rico
FY 2015 RESULTS75
77. 2015 highlights
Rents exceeded target
2015 rents increased +23% compared to 2014 (+8% for ANF Share)
FY 2016 Recurring Net Income, ANF Share target +8% - +10% announced
Improved profitability, recurring EBITDA and Cash Flow
EBITDA margin of 72% at end of 2015, recurring EBITDA of €36 million, a +32% increase compared to 2014
Recurring Cash Flow of €21 million, a +39% increase compared to 2014
Asset rotation casting a light on a +400 bps yield spread
€131 million fully let investments delivered and €133 million low yield assets sold: rental yield of deliveries
+400 bps higher than yields of assets sold
Investment program amounting to €183 million (ANF Share €130 million)
Stable asset value of €1.1 billion at end of 2015
Finance, operations and communication enhancements
Financial instruments restructured lowering normalized cost of debt to 2.8%
Property management outsourced to specialized national players
New identity, logo and internet website
FY 2015 RESULTS77
78. Financials
IFRS (in €m) 2015 Reported Change 2014 Reported 2013 Reported
Gross Rental Income 49.2 +23% 40.1 34.9
EBITDA 32.2 24.4 21.6
% margin 66% 61% 62%
Recurring EBITDA 35.6 +32% 27.0 21.2
% margin 72% +500bps 67% 61%
Recurring cash flow 20.6 +39% 14.8 14.1
RCF per share 0.84* 0.80* 0.82
(In €m) 2015 Reported 2014 Reported 2013 Reported
Real Estate portfolio 1,101 1,107 970
Net Debt 474 526 392
NAV per share 29.6 30.1 32.5
Triple Net NAV 28.5 28.4 31.9
LTV 43.00% 47.50% 40.40%
*After minority interests
FY 2015 RESULTS78
79. 2015 highlights
ANF Immobilier
Strong growth of rental income (+23%) and Recurring Net Income group share (+8%)
Performance driven by intense activity in Lyon: new leases, deliveries, disposals, new development projects
CIFA
First investment for Eurazeo Patrimoine as of June 30th 2015
Asset value of €214m, equity investment for Eurazeo Patrimoine of €26.5m for 78% of the capital
Strong cash flow generation and financial performance over the first six months of operations
Grape Hospitality
Eurazeo Patrimoine in exclusive negotiations to acquire a portfolio of 85 hotels and create
a dedicated hotel platform
Asset value of €504m, equity investment for Eurazeo Patrimoine of c. €150m for 70%
of the capital
Eurazeo Patrimoine team
A team of 3 professionals has been built, combining a solid corporate finance and real assets experience
FY 2015 RESULTS79
80. CIFA
Perspectives / Valuation Banks
Real estate leasing
Wholesalers
Rents
100%
Seller
€214m asset value
7.2% net acquisition yield (ie NOI / EV)
85% leverage with a 12 year loan
Eurazeo Patrimoine: €26.5m investment,
for a 78% ownership
RoE before debt amortization of 30%
Revenues 2015: €15.3m
Key financial data
Stable, defensive and resilient cash flow stream, allowing
for an efficient financial operation
Strategic location in the heart of the wholesale district of Aubervilliers
High quality, modern building compared to the surrounding
wholesale centres
Leading and internationally recognized site, with a unique
and differentiated positioning
CIFA* key advantages
Solid rental income is warranted by:
– prime asset situation within its sector
– high tenant captivity
– low deficiency rate (unpaid rents)
Yet low rental growth is forecast due to the almost full occupancy
rate of the building and projected low indexation rate
End of year valuation (performed by CBRE) is higher than acquisition
value (+8.9%), change is driven by yield compression across markets
(*) CIFA: Centre International France Asie
FY 2015 RESULTS80
81. Grape Hospitality
Acquisition of a significant pan European portfolio of 85 budget and
mid-range hotels, most of which located in France (69 % of revenues)
and in major European cities
– Proprietary transaction negotiated off market with Accor,
which shall hold a 30% stake of the capital*
Hotels grouped within a newly created platform, dedicated to the
hotel business, and headed by a team of experienced professionals
Main axes for significant value creation:
– Strategic repositioning and performance improvement
– Switch from a model where misalignment of interests between
owners of freeholds and leaseholds has led to significant under-
investment, to an integrated model
– Massive capex plan and productivity enhancement
– Dynamic asset and hotel management led by a light non-
AccorHotels structure
– Hotels under various AccorHotels brands (franchise contracts)
The hotel investment company just created would acquire 57 hotels
freehold from Foncière des Murs, Axa and Invesco, alongside
with all the leaseholds and 28 of the freeholds from AccorHotels
Opportunity to further develop the portfolio, through other hotel
acquisitions
Mapping of the hotels
Hotels 85
Rooms
upscale
midscale
budget
9,125
1.1%
45.9%
53.0%
Total revenues (€m) 215.6
PF EBITDA (€m)
% margin
43.5 *
20.2%
Financial data for 2015
61 hotels
9 hotels
2 hotels
3 hotels
4 hotels
1 hotel4 hotels
1 hotel
*Subject to a subsequent syndication
FY 2015 RESULTS81
83. A long-term shareholder base and a strong
corporate governance
FY 2015 RESULTS83
Crédit Agricole(2)
15%
Sofina
5%
Concert(1)
17%
Joliette Matériel
2%
(1) Concert as of December 31, 2015
(2) Including 8% of capital related to exchangeable bonds
(3) 3.8% of treasury shares
• Separation of the roles of Chairman
and CEO
• Independence of the Supervisory Board:
8 independent members out of 13
• Audit Committee, Finance Committee,
Compensation and Appointments
Committee, CSR Committee
• Existence of a shareholder agreement
between founding families (“Concert”,
former SCHP)
SHAREHOLDING STRUCTURE
as of December 31, 2015(1)
A STRONG CORPORATE GOVERNANCE
Free float(3)
61%
84. November 18, 2016 Eurazeo Investor Day
Annual Shareholders’ Meeting
& 1st Quarter 2016 revenues
July 27, 2016 1st Half 2016 Revenues & Results
November 10, 2016 3rd Quarter 2016 Revenues
Financial Agenda
FY 2015 RESULTS84
May 12, 2016
85. About us
FY 2015 RESULTS85
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
• 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
• 70,157,408 shares in circulation
• Statutory threshold declarations 1%
• Exane BNP-Paribas Charles-Henri de Mortemart
• HSBC Pierre Bosset
• JP Morgan Cazenove Christopher Brown
• Kepler Cheuvreux David Cerdan
• Natixis Céline Chérubin
• Oddo Christophe Chaput
• SG Patrick Jousseaume
• UBS Denis Moreau
www.eurazeo.com
EURAZEO CONTACTS RESEARCH ON EURAZEO
EURAZEO SHARES
86. Breakdown of NAV
FY 2015 RESULTS86
As of Dec. 31, 2015*
NAV
% of total
As of March 14, 2016**
(*) Split after tax
23%
39%
4%
6%
6%
20%
2%
Unlisted
Autres
Trésorerie
EZ PATRIMOINE
EZ PME
EZ CROISSANCE
Listed
Total ANR =
5 074 M€
EZ CAPITAL
24%
36%
4%
6%
6%
20%
4% Unlisted
Autres
Trésorerie
EZ PATRIMOINE
EZ PME
EZ CROISSANCE
Listed
Total ANR =
5 032 M€
EZ CAPITAL
(**) Adjusted for bonus share allocation. With listed companies
valued at their spot share prices