Résultats 1er semestre 2013

1st HALF 2013 RESULTS

August 28, 2013


Good results,as Eurazeo’s efforts bear fruit

2

Contents


03 H1 2013 highlightsGood results, as Eurazeo’s efforts bear fruit

08

15

21

29

Value creation

H1 2013 ResultsVery good results

Accelerating transformation

Appendices

3

H1 2013 HIGHLIGHTS

Good results, as Eurazeo’s efforts bear fruit


4

Consolidated net income group share

Strong disposals driving performance


Net proceedsfrom disposals

€853m*

(*) Of which €413m for Rexel (€225m in February, €85m in June and €103m in August 2013)(**) Between June 30, 2012 and June 30, 2013 proforma from the acquisition of Péters Surgical by Eurazeo PME and the sales of the Flexitallic Group and

Rexel(***)Between Dec. 31, 2012 and August 20, 2013

Net cash

€794m€329m

Average multiple on disposals

2.1x

NAV/share

€59.0+9%***

Decrease in conso-lidated net debt**

~-2.1bn

5

Accelerating our asset rotation


2008 2009 2010 2011 2012 YTD

6.0%4.0%

2.0%

13.0%

23.0%

DISPOSALSin % of NAV as of Jan. 1

2012 YTD 2013

+€853m23% of NAV

+€436m13% of NAV

(*) Rexel = 3 disposals (February, June & August 2013)

*

8 DISPOSALS IN 2012 & 2013In €m

▲ 23% of the NAV sold since January 2013

6

12

14

16

18

20

22

24

26

30/12/11 29/2/12 30/4/12 30/6/12 31/8/12 31/10/12 31/12/12 28/2/13 30/4/13 30/6/13

Accurate market timing


February 14, 2013Second partial sale

June 4, 2013Third partial sale

Aug 7, 2013Fourth partial sale

March 5, 2013Sale of the entire stake

Share price in €

March 01, 2012

First partial sale

12/30/11 02/29/12 04/30/12 06/30/12 08/31/12 10/31/12 12/31/12 02/28/13 04/30/13 06/30/13

7

Strengthening of the financial structure bothat Eurazeo level and within portfolio companies


Net cashx3 since December 31, 2012

Consolidated net debt 2.1bn* decrease €3,197m

Successful refinancing of Elis Debt maturitiesextended to 2017-18

No debt at company level

Debt

(*) Between June 30, 2012 and June 30, 2013 excluding Europcar fleet debt. Proforma of the sale of Flexitallic Group and the block of Rexel shares sold in August 2013 and the acquisition of Péters Surgical by Eurazeo PME

8

VALUE CREATION


9

A 3-step strategy towards value creation


Value creation

Detect qualitycompanies and

identifystrategic sectors

Realize capital gainswhen transformationobjective achieved

Activate alltransformation levers

Eurazeo: well structured and positioned to create value from growth megatrends

MONETIZATIONDETECTION ACCELERATION

10

Example: The Flexitallic Group


DETECTION MONETIZATIONACCELERATION

7 years holding

Revenue €18m11% international

EBITDA €6m

EV €37m

Headcount 46

Revenue €210m90% international

EBITDA €49m

EV€450

m

Headcount 1,250

Limited auction Sale to Bridgepoint

2006 2013Radical transformation of

a French distributor into a global manufacturing leader through:

• Strong corporate governance

• 5 international acquisitions

• Penetration of new markets

• Heavy investment in innovation and manufacturing

2.9x cash multiple*

performance:

€145m net proceeds28% IRR*

(*) 2.4x cash multiple and 70% IRR at Eurazeo level, based on the acquisition of OFIPEC in April 2011

11

Value creation: solid NAV growth

▲ June 30, 2013 NAV/share: +7% versus Dec. 31, 2012

▲ Non-listed companies valuation: +9% versus Dec. 31, 2012


NAVIn € per share

June 30, 2012 Dec. 31, 2012 June 30, 2013 August 20, 2013

49.2

54.1*

58.0*59.0*

(*) NAV with ANF Immobilier at its NAV: €54.8 as of December 31, 2012, €58.8 as of June 30, 2013, €59.8 as of August 20, 2013

(**) Restated for bonus share allocation

+20%

**

12

NAV change by division


3,751

3,972

+6

+284 -594

+21+33 -3 +20 -9 +1 -10

+472

NAV 12/31/1

2

NAV 06/30/1

3

Investments Change infair value

Disposals

Cash&

other

Rexel, Edenred

Idéal Résidences

BFR Groupe

IES and add-on

In €m

13

Conservative valuation of non-listed assets


121

15

115

184

22

145

▲ Net proceeds of disposals exceeded the latest valuation in our NAV

B&B HotelsSept 10

Mors SmittJune 2012

The Flexitallic GroupJuly 2013

NAVin €m

Last NAV Net proceeds from disposals

+52%

+47%

+26%

14

A strong track record over the long-term: weighted average cash on cash multiple of 2.1x


0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0xFraikin

Eutelsat

Terreal

Station Casinos

Sirti

B&BRexel

Rexel (February)Edenred

2005 2007 2010 2012 H1 2013

Mors Smitt*

0.0

3.53.4

0.2

Y E A R O F D I S P O S A L

Weighted averagemultiple of 2.1x

2.1

2.4

3.5

ANF Immobilie

r2.9

2.12.3

Aug 2013

Multiple

<€50m

€50–100m

€100–150m

>€150m

Investment size:

x

Rexel (June)

Flexitallic

Group*

Rexel (Aug)

(*) At Eurazeo PME level

2.0

2.4

2.02.0

15

H1 2013 RESULTS

Very good results


16

Increase in revenue in Q2


2,093 2,083

1,286 1,285

H1 2012(1) H1 2013

-0.1%

-0.5%

Equity accounted companies

Fully consolidatedcompanies

3,379 3,368

-0.3%

ECONOMIC REVENUEIn €m

(1) Restated

▲ Improvement in Q2

Q1: -0.9%Q2: +1.2% excl. impact of Danone dividends

17

Profit & loss details


(in €m) H1 2012H1 2012

PF(2) H1 2013

Contribution of companies’ net of finance cost

40.8 4.6 4.0

Fair value gains (losses) on investment properties

(3.6) (4.8) 3.4

Capital gains 9.6 9.6 580.5

Taxes and other(1) (50.2) (49.4) (60.1)

Non-recurring items (144.2) (138.0) (165)

Net consolidated income (147.4) (177.9) 362.3

Net consolidated income group share (126.6) (146.7) 328.8

(1) Net finance costs of the holding company business(2) Proforma: impact of disposals of a part of ANF Immobilier, Mors Smitt, Edenred, Rexel and deconsolidation of Fraikin

18

Stable contribution of portfolio companies


H1 2012H1 2012

PF(1) H1 2013 Change

Adjusted EBIT of Group consolidated companies

239.1 214.8 215.5 +0.3%

Net finance costs of Group consolidated companies

(240.9) (238.7) (228.0) (4.5%)

Share of net income of associates after net finance costs

42.6 28.6 16.5 -42%

Contribution of companies net of finance costs

40.8 4.6 4.0

CONTRIBUTION OF COMPANIES NET OF FINANCE COSTS (at 100%)

(1) Proforma: impact of disposals of a part of ANF Immobilier, Mors Smitt, Edenred, Rexel and deconsolidation of Fraikin

+ 8% excl. Elis laundry impact

▲ Heavy seasonality of large Eurazeo companies (Moncler, Europcar)

In €m

19

Capital gains and non-recurring items


4.0

329

0.9

112 -23

381 -19-53

-74

Contributionof companies’ net of finance

costs*

Capitalgains

Danone EBearly

redemption

Deconso. andimpairmentof Fraikin

H1 2013net income*

Other recurring

itemsImpairments

(APCOA+Colyzeo+Banca

Leonardo) Other non-recurring

items

Recurring income €475m(*) Group share

MAIN ITEMS OF H1 2013 NET INCOME GROUP SHAREIn €m

Impact of group share on contribution net

cost of debt

20

A solid financial structure


CONSOLIDATED NET DEBTIn €m

NET CASH AND CASH EQUIVALENTSIn €m

H1 2012 PF H1 2013

5,277

3,197

1,508

1,446

Consolidated net debt (excl. Europcar fleet debt)

Europcar fleet debt(w/o leasing)

(*) Proforma of the acquisition of Péters Surgical by Eurazeo PMEand the sale of the Flexitallic Group and Rexel

*

▲ A fully available revolving credit line of €1bn▲ No debt at company level

-39%

138292

794

Dec. 31,2011

Dec. 31,2012

Aug. 20,2013

21

ACCELERATING TRANSFORMATION


22

Transformations under way & next ambitions (1/2)


To date: • Efficient roll-out of Fast Lane transformational Program driving profitability

Next ambitions: • New mobility services, further internal efficiency projects

To date:

• Management team reinforcement • Kick-off commercial strategy on core business • New strategy for brokerage business • Focus on strategic areas • Relaunch of M&A strategy

Next ambitions:

• Harmonize performance across the network • Accelerate organic growth in core business • Drive sector innovation • Increase accretive acquisitions in strategic areas

To date: • Active portfolio management• Enhanced group structure and operating model concepts

Next ambitions:• Roll out optimal operational model and local successful products• Enhanced new business• Refinancing

To date:

• Disposal of non core assets and focus on hospitality• Asset light strategy• Investment in distribution and digitalization• Organization by brand in Europe and appointment of the new Head of Property

Department

Next ambitions:• Distribution and digitalization• Opportunistic M&A

23

Transformations under way & next ambitions (2/2)


To date:• Globalization, development of the distribution network and expansion

of the product range

Next ambitions:• Further geographical rebalancing (North America, etc.)

• Further diversification towards accessories

To date:

• 50MW photovoltaic plants operational in France• First plant in India (22MW)• 200MW license obtained in Porto Rico• Development of biogas projects and license obtained in geothermia

Next ambitions:

• 200MW under development in Porto Rico• Opening of new countries in photovoltaic• First biogas facilities

To date: • Strong increase in rents and profitability

Next ambitions: • Increase new investments to rebalance the portfolio

To date:

• Launch of new pest control activity • Successful refinancing • Proven M&A and integration know-how • Continuous performance improvements

Next ambitions:

• Finalize New ERP roll-out • Accelerate international expansion • Accelerate products and services innovation • Increase penetration in strategic segments

24

Acquisitions in our strategic sectors


Identifying and selecting key sectors

2

Strategicmonitoring of social trends

1

Targeting and pro-actively approaching investment opportunities (proprietary deals)

3

Increasing purchasingpower in the emergingmarkets

Evolution of purchasingpatterns

Longevity

Health awareness

Environmental concern, natural resources scarcity, etc.

Luxury & global brands

Technology & digital

Financial services

Healthcare:

Environment & energy-driven businesses:

• IES: pioneer in electric vehicle chargers

• Idéal Résidences: group of medical, social and health care facilities

• Péters Surgical: the world's 4th-largest surgical suture specialist

• Groupe Cap Vert Finance: European leader in electronics recycling

4 acquisitions in H1 2013,

amounting to ~€100m

25

CONCLUSION


26

Conclusion

▲ Accelerating new investments

▲ Pursuing value creation within portfolio companies

▲ Aiming at a lower discount rate


27

Active share buyback


865,700 sharesbought in 2013

902,747 sharescancelled at July 19, 2013

A C T I V E S H A R E B U Y B A C K P R O G R A M

€36m | €41/share i.e. 1.3% of total shares

28

As of August 20, 2013In €m

High discount on non-listed assets


NAV Market Cap.56 56

882 882

992 992

2,0171,370

4,036

3,299

▲ 19% discount on our NAV as of August 20, 2013 implies a 35% discount on non-listed assets

Implicit value of non-listed assets

Other

Non listed assets

Listed assets

Cash & treasury shares

35% discount on non-listed

assets

29

APPENDICES

Including Group company detailed information


30

Contents


31 Financial appendices

36 Group company detailed information

75 Other

31

43%

21%

4%

7%

7%

17%

NAVin €m

Breakdown of NAV as of June 30, 2013


EURAZEO CAPITAL (LISTED)

CASH & OTHER

EURAZEO PATRIMOINE

EURAZEO PME

EURAZEO CROISSANCE

EURAZEO CAPITALCAPITAL (NON LISTED)

32

Net Asset Value as of June 30, 2013


(1) Net of allocated debt

(2) Accor shares held indirectly through Colyzeo funds are included on the line for these funds

Interest Nb shares Price NAV as of June. 30, 2013

with ANF at its NAV

€ €M ANF @ €30.7

Eurazeo Capital Listed 824,6

Rexel 11.08% 31,368,739 17.32 543,2

Accor 8.83% 20,101,821 26.60 534,8

Accor net debt -250,2

Accor net (1) (2) 20,101,821 281,3

Eurazeo Capital Non Listed 1,725,0

Eurazeo Croissance 172,0

Eurazeo PME 278,8

Eurazeo Patrimoine 282,2 353.4

ANF Immobilier 48.93% 8,675,095 22.49 195.1 266.3

Colyzeo and Colyzeo 2 (2) 87.0

Other assets 20.9

Cash 637.2

Tax on unrealized capital gains -51,5 -65.5

Treasury shares 3.39% 2,346,578 82,7

Total value of assets after tax 3,971.9 4,029.1

NAV per share 58.0 58.8

Number of shares 68,502,238 68,502,238

33

Net Asset Value as of August 20, 2013


Interest Nb shares Price NAV as of August 20, 2013

with ANF at its NAV

€ €M ANF @ €30.7

Eurazeo Capital Listed 797.8

Rexel 9.07% 25,668,739 18.22 467.7

Accor 8.83% 20,101,821 28.98 582.6

Accor net debt -252.6

Accor net(1) (2) 20,101,821 330.1

Eurazeo Capital Non Listed 1,725.0

Eurazeo Croissance 172.0

Eurazeo PME 209.9

Eurazeo Patrimoine 281.0 353.4

ANF Immobilier 48.93% 8,675,095 22.36 194.0 266.3

Colyzeo and Colyzeo 2 (2) 87.0

Other assets 21.1

Cash 793.6

Non-affected debt

Tax on unrealized capital gains -51.8 -66.0

Treasury shares 3.43% 2,346,578 87.9

Total value of assets after tax 4,036.4 4,094.6

NAV per share 59.0 59.8

Number of shares 68,419,738 68,419,738

(1) Net of allocated debt

(2) Accor shares held indirectly through Colyzeo funds are included on the line for these funds

34

Strengthened cash position


CASH POSITIONIn €m

292

637794

-7636-32 -48

-142

248-15

Netdisposals

12/31/2012 06/30/2013 08/20/2013

Dividends received Dividends

paid

605

Sharesrepurchased

Investments*

Debt reimbursement

and other

Disposals

Other

(*) Mostly investments in Idéal Résidences and IES(**) Including investment in Cap Vert Finances (€36m), Péters Surgical (€30m) and reinvestment in Flexitallic (€10m)

Investments**

-76

35

Eurazeo share price performance


20

25

30

35

40

45

50Eurazeo

LPX

CAC 40

▲ YTD 2013 TSR: +45% vs. 17% for the CAC40

▲ TSR: +126% vs. +54% for the CAC40 between July 2002 and August 16, 2013

12/30/11 02/29/12 04/30/12 06/30/12 08/31/12 10/31/12 12/31/12 02/28/13 04/30/13 06/30/13 08/16/13

36

DETAILED INFORMATION ON EURAZEO CAPITAL


37

8.9%ECONOMIC INTEREST

EQUITY METHOD

▲ Solid revenues growth in first-half 2013, supported by a favorable calendar of events in the second quarter

• Up 1.8% increase like-for-like, including 3.3% in the second quarter

▲ Robust growth from management and franchise fees

• Up15.9% in first-half revenue, confirming Group transformation

▲ Development in line with the transformation plan of the company: 9,940 rooms opened, of which 80% asset light

▲ Transforming actions in H1 to sustain future performance of the Group:

• Investments in distribution (€120m over 4 years starting from H1 2013)

• Savings plan (€100m in 2013–2014) with effects in H2 2013

• Reorganization by brand in Europe and appointment of the new Head of Property Department management


38

1st Half 2013 highlights


In €m H1 2013 H1 2012Reportedchange

Comparablechange

Revenue 2,694 2,717 -0.9% +1.8%

EBITDAR

% margin

817

30.3%

835

30.7%

-2.2%

-0.4%

EBIT

% margin

198

7.4%

212

7.8%-6.6% -6.4%

Net debt 581 804 -27.7% -

39



(€m) H1 2013 H1 2012 Var. Var. L-f-L(1)

Hotels 2,628 2,662 -1.3% +1.7%

Upscale & Midscale

Economy

1,680

948

1,710

952

-1.7%

-0.5%

+2.3%

+0.5%

Other businesses 66 55 +19.6%(2) +6.1%

Total 2,694 2,717 -0.9% +1.8%

(1) At comparable scope of consolidation and exchange rates(2) Strata acquisition (Mirvac)

▲ Highlights: – First-half 2013 performance driven by a very dynamic second quarter

▲ Financial situation:

– Revenue in the Upscale and Midscale segment rose by 3.7% like-for-like in Q2 (+2.3% in H1),led by emerging markets, with double-digit growth in Latin America (up 13.9% in Q2)and Africa-Middle East (up 15.3% in Q2)

– Revenue from Economy hotels increased by 2.4% like-for-like in Q2 (+0.5% in H1), driven by Germany and the UK, benefited from a few signs of improvement in Italy and Portugal. France’s performance improved, compared with the early part of the year

– Asset management on track: €248m Adjusted Net Debt Impact to date from binding agreements

▲ Mid-term targets and outlook:

– First-half 2013 trends confirmed in July and expected to continue in H2, especially in Up & Midscale segment

– The €100m savings plan between 2013 and 2014 has been launched in H1 and will generate effects starting from H2

– 2013 EBIT guidance: €510–530m vs. €526m in 2012

40


FULLY CONSOLIDATED

▲ Stable sales+1.6% excluding impact of renegotiation from 2 airports from lease to management contracts

▲ Slight decrease in EBITDADifficult weather conditions early 2013 and slightly disappointing performance of Park and Guard in Scandinavia

▲ Stabilized net debtUnfavorable swap rates ended end of H1 2012


Comparablechange

Revenue 334.0 340.1 -1.8% -1.6%

EBITDA

% margin

25.5

7.6%

26.8

7.9%

-4.8%

-4.6%

Net debt 641.6 659.3 -2.7% -1.2%



41

▲ Highlights:

• Germany: reorganization & implementation of optimal operational model


• Next debt maturity in April 2014: currently being addressed

▲ Mid-term targets:

• Continuous active portfolio management

• Roll-out of international best-practices

• Focus on new business acquisition


42 1st HALF 2013 RESULTS

(1) FY impact in 2012 and 2013: €40m and €12m respectively


FULLY CONSOLIDATED

▲ Steady topline performance• French activities posting a 1.9% organic growth• International activities suffering from current turmoil, particularly in southern Europe

▲ Improving margins• +1.5pt increase thanks to tight cost control, accretive acquisitions

and CICE impact (+€4m in H1 2013)• Temporary impact on EBIT due to change in linen amortization(1)

▲ Successful refinancing• Amend & Extend of senior facility to October 2017• Issuance of a €450m High-yield bond as well as a €553m private mezzanine tranche


Comparablechange

Revenue 600.0 580.7 +3.3% +1.0%

EBITDA

% margin

190.3

31.7%

175.9

30.3%

+8.2%

EBIT

% margin

100.5

16.8%

105.8

18.2% -4.9%

Net debt 2,003 1,969 +1.7%



▲ Highlights:

• Successful refinancing of Elis in June, leveraging on the attractive profile of the company and the appetite of the market

• Continued M&A strategy with several acquisitions in Europe, o/w Inotex in January, and the disposal of non-core subsidiary Molinel in May


• Continuous growth supported by strong positions in France and increasingly in other European countries (e.g. Switzerland)


• Sustained attention on cash generation and deleveraging initiatives

• Clear focus on international expansion both through further acquisitions and organic growth


▲ Amend & Extend of Senior Facility: pushing first maturity from 2014 to 2017

• 3 year extension of senior tranches with next maturity in October 2017

• Uplift in margin to 425bp

▲ Issuance of new debt tranches

• €450m issuance of senior bond (B+) at 6%, due 2018

• Private placement of €553m of mezzanine debt, split between cash (380) and PIK (173) instruments at an average margin of 8% over euribor, due 2018

▲ Swap renegotiation

• Sharp reduction of average swap rate at 1,4%, hedging around 80% of current Senior facilities

▲ Controlled financial cash costs

• Estimated normative cash cost around €115m, in line with average historical figures(1)

• 5 times PF LTM EBITDA of cash-pay debt as of June

▲ Increasing room to focus on Elis’ development

BEFORE (12/31/2012) AFTER (06/30/2013)

Senior facilities1,25

8Senior facilities 895

General facility 86 General facility 110

Other debts 18 Other debts 21

Senior Sec. Bonds 450

Senior debt1,36

2Senior debt

1,476

Junior Mezz. 350 Senior Sub. Bonds 380

Senior Mezz. 270 Senior PIK Notes 173

Accrued interests 20 Accrued interests 15

Cash (54) Cash (41)

Net financial debt

1,948

Net financial debt

2,003


(1) Based on current Euribor forecasts

In €m

R E F I N A N C I N G

1st HALF 2013 RESULTS45


FULLY CONSOLIDATED

In €m H1 2013H1 2012 reported

Reportedchange

Comparablechange

Revenue 864 888 -2.7% -1.9%

Adj. Corp. EBITDA

% margin

18.2

2.1%

7.8

0.9%

+133.3% +137.7%

Adj. EBIT

% margin

68.0

7.9%

58.4

6.6%+16.4% +17.4%

Corp. Net debt 567 567 +0.1% n/a

▲ Resilience of Europcar’s volumes and better quality of business in still tough but slightly recovering leisure market resulting in slight decrease in revenues by -1.9%*

▲ Improved EBIT and Corporate EBITDA thanks to successful execution of new revenue capacity management and continuous deployment of FastLane program measures more than offsetting decrease in revenues

▲ Continuous focus on Cash management

(*) at constant exchange rates and perimeter

46



▲ Resilient volumes in tough market environment

– Revenues down by -1.9% vs. H1 2012 at constant exchange rate and perimeter

• Limited decrease in volumes (rental days down by -0.3%) despite exit from non profitable business in Italy thanks to improved market conditions at Q2 2013 in the B2B segment, still resilient Leisure demand and a strong refocus on Commercial initiatives

• RPD down by -1.6% in a still tough competitive environment but already reflecting better trend thanks to Revenue and Capacity Management initiatives

– InterRent launch since April / May 2013 in France, UK and Germany

▲ FastLane costs reduction initiatives already resulting in significant margins improvement– Continuous improvement of the fleet utilization rate by +1.1pt (74.8% vs. 73.7% as of H1 2012)

– Average Fleet holding cost per unit down by –6.4% over the period

– Network and Headquarters optimization

– Decrease in other overhead costs (incl. insurance)

– Significant Corporate EBITDA margin improvement by +1.2pt vs. H1 2012

▲ Improved Cash-flow generation – Strong improvement of non fleet and fleet working capital

– Corporate Net Debt of €567m as of June 30, 2013, with Corporate leverage at 4.4x



EQUITY METHOD

▲ Resilience of the Residential Real Estate Services Business in tough Brokerage market environment

▲ Stable EBITDA despite continuous marketing investment linked to the “Foncia’s 40th Birthday” Commercial Action Plan thanks to tight cost management

▲ Re-launch of the acquisition strategy with 7 acquisitions closed since the beginning of the year

In €m H1 2013H1 2012 reported

Reportedchange

Comparablechange

Revenue 287.6 286.7 +0.3% -0.8%

EBITDA

% margin

44.2

15.4%

44.6

15.6%

-1.0% -2.3%

Net debt 339 359 -5.7% n.a.

48

72%

12%

7%9%



▲ Slightly increase in revenues by +0,3%– Resilience of the RRES activities– Decrease in the Brokerage business but

better trend observed for the Q2 2013 benefitting from recent investments

▲ Stable EBITDA standing at €44.1m– Good resilience of the EBITDA margin

(15.4% vs. 15.6% in H1 2012) despite lower revenues and sales force investment in Brokerage business and lower interest rates on Client Accounts

▲ Strong deleveraging, in particular thanks to good management of the Working Capital– Net debt stands at €339m at June 2013

vs €359m last year despite €14m of acquisitions outflows as of H1 2013

– Net Debt / EBITDA at 3.8x vs. 4.3xas of H1 2012

▲ Re-launch of the acquisition strategy– 7 acquisitions closed since Jan-13 with

a full-year revenue contribution of €12.4m

In €m H1 2013AH1

2012A % var.

RRES France(1) 207.2 204.0 +1.6%

Brokerage 33.3 37.1 -10,2%

Total France 240.6 241.1 -0.2%

International 25.3 24.4 +3.7%

Other and Interco 21.7 21.3 +1.9%

Total 287.6 286.7 +0,3%

Real Estate Services France

Recurring revenue: 88%

Brokerage

Other and interco

International

H1 2013Arevenue

(1) RRES France: Residential Real Estate Services France including Joint-Property Management and Lease Management businesses

49

(1) Unaudited management reporting


EQUITY METHOD

▲ Solid top line growth mainly driven by pencil business, with sound growth in the color business and lower growth in Skin Care

▲ EBITDA is down by 21.9% compared to H1 2012 mainly due to higher production costs and overheads, and €1.1m one-off costs in the US

▲ €15.4m deleverage compared to June last year, some improvements in working capital management

In €m (1) H1 2013 H1 2012Reportedchange

Net sales 153.1 138.2 +10.8%

EBITDA

% margin

14.9

9.7%

19.1

13.8%

-21.9%

Net debt 195.5 210.9 -7.3%


50


▲ Highlights:

• Sales up 10.8% in the first semester 2013

• EBITDA margin down by 4.1 pt due to c. €1.1m one-off in the US (0.7% of sales) and higher operational cost: management is working to recover the profitability in the second semester of the year


• Net debt reduction by €15.4m compared to June last year and in line with last December (-0.2%)

• Working capital improvements especially in the payables and receivables management, with a strong focus on collection and tangible results in overdue reduction


• Order intake has been showing positive trend across all the regions since beginning of the year

• Focus on cash flows and margins to translate the topline growth into cash


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(1) Italian Fiduciary business (2) Unaudited management reporting(3) Distribution of 0.12 €/share dividend in H1 2013, corresponding to a total amount of €34m and a dividend of €6.1m for Eurazeo


▲ Stable Group net revenues in a difficult financial environmentSales negatively impacted from lower Proprietary Trading revenues

▲ The macro-economic environment is mainly affecting the M&A advisory business, slow growth of sales (+3.7%) although the strengthening of the pan-European team

▲ Strong progression of Customer Financial AssestGrowth supported by both:(i) Net New Money (including +€0.2bn via COFIB(1) acquisition), and (ii) Market Performance

▲ €34m dividend distribution in 2013 €6.1m paid to Eurazeo

In €m (2) H1 2013 H1 2012Reportedchange

Total net revenue 67.4 68.2 -1.2%

Net profit

% margin

7.7

11.4%

7.6

11.2%

+0.7%

Total customer financial assets

6,212 5,355 +16.0%

Total equity(3) 342 338 +0.9%


52


▲ 6 months net revenues at €67.4m, almost stable compared to last last year same period (€68.2m)

• Advisory fees up 3.7% to €27.4m, leveraging on pan-European team which now includes Swiss and Scandinavian offices, along with teams based in Italy, France, Benelux, Germany and Spain

▲ Private banking showing sound growth• Revenues up 22.9% to €27.3m

• Leveraging on: (i) main Italian business, which is growing organically and through small acquisition such as COFIB (independent fiduciary business)(ii) French division, (iii) newly built Swiss activity

▲ Net result in line with H1 2012

• GBL is working in two directions: strengthening business teams and leaning corporate and support functions

▲ Mid-term targets:• Creating:

(i) strong independent European plateform for M&A advisory on one side, (ii) strong Private Banking activities on the other side, leveraging on the current leadership position among Italian independent Private Banking networks

• Recurring dividend distribution (double digit yield)


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(1) Excluding other revenues (€1.9m in H1 2013 and €4.8m in H1 2012)


EQUITY METHOD

▲ Moncler is pursuing its rapid development

+10% growth in sales for the group

+18% growth in sales for the Moncler brand

▲ The Moncler brand continues to develop its retail channel and to diversify geographically its sales

The Moncler brand opened 4 new stores in the first half 2013

In €m H1 2013 H1 2012 Change

Net sales(1) 247 225 +10%

Moncler 183 155 +18%

Sportswear 64 70 -9%

Net Debt 239 295 -19.0%


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M O N C L E R R E T A I L N E T W O R K A S O F J U N E 2 0 1 2 87 stores | + 4 in H1 2013

Retail stores: 31

ASIA

50

EUROPE

6

NORTH AMERICA

• Retail sales represent in H1 2013 more than half of the brand’s sales versus 44% in H1 2012

• The retail channel continues to enjoy a sustained like for like growth at +16% (at comparable foreign exchange rates) which compares to +13% in the full year 2012

• Continued geographic expansion, Italy representing around a quarter of the sales in H1 2013




EQUITY METHOD

▲ Another resilient performance in Q2, despite a challenging environment in Europe and the Pacific

• Q2 sales broadly stable year-on-year on a reported basis ; strong contribution from Platt and Munro, acquired in H2 2012

• Sequential improvement on a constant and same-day basis (-3.3% in Q2 after -3.7% in Q1), mainly driven by the United States, but also by China and Brazil

▲ Resilient profitability in H1 with Adjusted EBITA margin of 5.1% thanks to margin discipline and cost control

• Calendar impact in H1 represented half of the 40bp drop in Adj. EBITA margin

• Distribution and administrative expenses (excl. depreciation) reduced by 2.9% in H1, close to the 3.5% drop in sales on a constant and same-day basis

In €m H1 2013 H1 2012 Change

Reported revenue 6,468.8 6,568.1 -1.5%

Adjusted EBITA

% margin

331.9

5.1%

370.7

5.5%

-10.5%

Reported net debt 2,628.9 2,458.4 6.9%

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DETAILED INFORMATION ON EURAZEO PME


57

Financials


(€m) H1 2013 H1 2012Reportedchange

Like-for-like change

Revenue 220.3 218.4 + 1% + 7%

EBITDA*

% margin

34.8

15.8%

37.5

17.2%

- 7% - 2%

Net debt

Portfolio leverage

163,2**

2.7x

266.7

3.4x

(*) Majority Investments as of June 30, 2013(**) Net debt out of Flexitallic recorded as Assets for Sale

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3 acquisitions in H1 2013

▲ Idéal Résidences: group of medical, social and health care facilities

▲ Péters Surgical: the world's 4th-largest surgical suture specialist

▲ Groupe Cap Vert Finance: European leader in electronics recycling


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Investment in Idéal Résidences


Attractive industry with strong resilience brought by longevity, health awareness, numerus clausus and lack of capacities

Quality platform in leading locations for building-up a larger, homogenous and consistent group

Highly skilled management team with demonstrated ability to integrate and transform new acquisitions

Build a groupof about

20 facilities

1. Numerous French build-ups opportunities

2. Focus on underperforming healthcare facilities, pricing power

3. Rerating of a cohesive group

• Idéal Résidences manages five senior assisted living facilities and a post-acute care and rehabilitation center, all located in the greater Paris region and representing a total of 515 beds.

• The group generated €27 million in revenue in 2012.

Direct sourcingMarch 2013

Investment €21

million

Equity interest 54%

Group of 5 nursing homesand post-acute facilities

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Investment in Idéal Résidences


AGING POPULATION IN FRANCEIn million people over 60 years old

NURSING HOME MARKETIn France

2060*2025*2013

23.6

18.915.6

New opportunities:• New consumer expectations

• Investment needs

+21%

+25%

(*) Insee expectation in 2010

13.9

12.0

9.2

9.0

55.9

• 225,000 new dependent people every year in France

• Expenses for dependency will rise up to €22bn in 2012 (1.1% of the GDP)

• Government's position toward dependency is expected to change and therefore bring opportunities

Orpéa

Domus Vi

Korian

Médica

Others In %

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Investment in Péters Surgical


• Founded in 1926, Péters Surgical has three operating locations all maintaining a high standard of service. Its products are recognized worldwide and distributed in over 75 countries.

• The group generated €37 million in revenue in 2012 (50% outside France).

4th largest surgicalsuture specialist

Auction July 2013

Investment €30

million

Equity interest 90% French specialist in sutures, wall reinforcement and drains

Resilient and duplicable business model internationally

Strong network abroad, 75 countries covered at export, base for further international expansion

Build an international

leader

1. Room to accelerate organic growth in France

2. Consolidate business position through the strengthening of R&D

3. Numerous identifiedinternational build-ups

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The surgical suture market


WORLDWIDE SUTURE MARKETIn €bn

FRENCH SUTURE MARKET

2018e2011

3.22.4

+4.4% CAGR

• US, Brazilian and Chinese markets: the most attractive markets in terms of size and growth perspective

• Eastern European and Asian countries: important development potential remaining

• The French sutures market (7% of the worldwide sutures market) is mature and stable, concentrated among 4 players making the arrival of a new challenger very unlikely

• High entry barriers mainly due to regulatory requirements (EC-marking, etc.)

• Sutures have proved to be more resilient to public spending’s higher monitoring than medical equipment

• #4 player worldwide

• #3 in France Péters Surgical benefits from a strong position:

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Investment in Cap Vert Finance


• CVF is specialized in leasing, recycling and maintaining IT systems through its brands AS Lease and IB Remarketing.

• The group generated €59 million in revenue

in 2012.

Direct sourcing July 2013

Investment €36

million

Equity interest 57%

European leader inelectronics recycling through PLC management Sustainable strong growth in maintaining activities

High recurring revenues

Strong profitability notably related to the recycling activity

Efficient operational reporting

Build an international

leader

1. International business development in emerging countries and the USA

2. Numerous build-ups opportunities in light of effective economies of scale

3. Business developments beyond telecom industry

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Electronics recycling market


FLEET OF SERVERS (WORLDWIDE)In million units

WORLDWIDE STORAGE MARKET

2013201220112010

41383532

TCAM: +9%

201120102009

211917

In Mds$

TCAM: +11%

• Increase in demand for IT equipment

• Need for spare parts for maintenance and power increase

• New maintenance needs to increase the IT equipment lifespan

• Exponential increase in power needs and medium-term storage• Continuous increase worldwide in the volume of data to process

(servers), to deliver (network equipment) or to store• Fleets of servers grow worldwide

Many opportunitie

s:

65

Portfolio


As of June 30, 2013€279m

As of July 17, 2013€210m

66

Highlights


34.8

24.7

6.5

30.4

55.7

103.0

220.3

37.5

45.0

30.1

58.4

84.8

218.4

Other (Gault & Frémont,

Mors Smitt, Fondis)

Portfolio EBITDA**

+1%

+21%

-5%

+1%

na

-7%

• Strong activity in maintenance programs in France & USA

• Decrease on the Canadian activity• New projects in Asia and Germany

• Opening of 3 restaurants in H1 2013 and one on the new concept “Leon de B”

• On a comparable basis, sales decreased by 5.6%(like the market)

• Launch of the Camille Albane activity in the US

• Acquisition of Idéal Résidences the 26th of March 2013

• New build up projects

• Sale of Mors Smitt to Wabtec mid-June 2012

• Average margin: 15.8%

• Decrease mainly due to Léon de Bruxelles market conditions

+7%

-2%

ChangeChange inl.f.l. basis*

H1 2012H1 2013

R E V E N U E (€m)

(*) Adjusted for Mors Smitt sale and Idéal Résidences acquisition (**) Majority Investments as of june 30,2013

67

DETAILED INFORMATION ON EURAZEO CROISSANCE


68

Financials*


(*) Economic financials: 100% of 3SP Group’s consolidated financials and 39.3% of Fonroche’s consolidated financials

(€m) H1 2013 H1 2012Reportedchange

Revenue 29.3 33.7 -13%

EBITDA

% margin

-0.7

NM

6.1

18.1%

nm

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Investment in IES


O N B O A R D C H A R G E R S E X T E R N A L C H A R G E R S

Carmanufacturers

Tier 1

Electric vehicles manufacturers

Industrialelectric vehicles

External chargers for private and

professional use

Publicchargingstations

• IES is specialized in the design and manufacturing of charging solutions, being among the few companies globally to manage both of the existing standards in electric vehicle chargers, CHAdeMO and Combo

• IES managed to grow its revenue from €5m in 2006 to €14m in 2012

Direct sourcing June 2013

EV€22

million

Equity interest 93%

Pioneer in electric vehicle chargers

Diversified product offering

Strong R&D and technological knowhow

Demonstrated capability to supply the world’s major OEMs

Build a global leader in electric vehicle chargers

1. International business development in Europe, North America and Asia

2. Boost R&D activities

3. External growth opportunities

Wall-box

70

The electric vehicle market


2011 2012 2013 2014 2015 2016 2017 20180

100

200

300

(*) Excluding conventional hybrids (no recharge)

Source: market surveys

THE EUROPEAN ELECTRIC VEHICLE MARKET*In k units

Low expansion scenario:Steady growth but limited to a niche market

Significant expansion scenario:Strong consumer adoption

▲ The electric vehicle addresses several critical challenges of which:• Decreasing CO2 emissions• Reducing dependence on fossil fuels • Cutting urban air pollution

▲ The electric vehicle market presents a high growth potential with all major car manufacturers launching an electric model

2

1

71

NAV as of June 30, 2013€179m

Portfolio


Invested amount as of June 30, 2013

72

DETAILED INFORMATION ON EURAZEO PATRIMOINE


73


▲ H1 Rents in line with budget– +8% like-for-like growth

– FY 2013 rents target +14% confirmed

▲ Appraisal and NAV stable– +€3.4m change in fair value

– Triple Net NAV stable at 30.7 €/share (despite dividend paid of 1€/share)

▲ Follow on projects in Marseille– Ilot 34 project to be delivered this summer in Marseille fully

commercialized

– Desbief site in Marseille available for restructuring

▲ Acquisition in progress– Bordeaux: two investments secured out of one fully rent to Casino

– Lyon “Carré de Soie”: new investment for 36,000 m² offices building rent to Alstom Transport

– Bid placed for an asset in Lyon – Rue de la République


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Financials

IFRS (in €m) H1 2013H1 2012 ProForma

Change H1 2012 H1 2011

Gross Rental Income 17.1 14.5 17.9% 38.5 45.2

EBITDA 11.4 8.4 40.5% 30.6 38.3

% margin 66.7% 57.9% 11.1 79.5% 84.7%

Recurring EBITDA 11.4 8.4 40.5% 30.6 30.5

% margin 66.7% 57.9% 11.1 79,5% 81.5%

Cash Flow 8.3 5.1 70.6% 21.8 29.6

Recurring cash flow 8.3 5.1 70.6% 21.8 21.7

RCF per share 0.5 0.8 0.8

In €m H1 2013

ReportedH1 2012

ReportedH1 2011

Reported

Real Estate portfolio 927 1,685 1,607

Net Debt 357 542 489

NAV per share 31.4 41.2 40.5

Triple Net NAV 30.7 39.7 39.6

LTV 38.7% 32.2% 30.4%


75

OTHER


76

A long-term shareholder base and strong corporate governance


SHAREHOLDING STRUCTURE as of June 30, 2013

Separation of the roles of Chairman and CEO

Independence of the Supervisory Board: 7 independent members out of 12

Audit Committee, Finance Committee, Compensation and Appointments Committee

Existence of a shareholder agreement between founding families (former SCHP)

(1) Including 3.39% of treasury shares(2) Concert as of June 13, 2013

Crédit Agricole18.01%

Sofina5.73%8.74%

22.23%

FoundingFamilies(2)

20.29%

x.x% = voting rights

23.46%

Strong corporate Governance

Free float(1)

55.97%

77

Financial Agenda


3rd Quarter Revenue November 7, 2013

FY 2013 Revenue & Results March 19, 2014

1st Quarter 2014 Revenue (after market close) May 6, 2014

Shareholders' Meeting May 7, 2014

78

About us


Eurazeo contactsInvestor Relations

Caroline Cohen• [email protected]

+ 33 (0)1 44 15 16 76Corporate & Financial

CommunicationSandra Cadiou

• [email protected]+ 33 (0)1 44 15 80 26

Eurazeo shares• ISIN code : FR0000121121

• Bloomberg/Reuters : RF FP, Eura.pa

• Indices : SBF120, DJ EURO STOXX, DJ STOXX EUROPE 600, MSCI, NEXT 150, LPX Europe, CAC MID&SMALL, CAC FINANCIALS

• 68,419,738 shares in circulation

• Statutory threshold declarations 1%

Research on Eurazeo

• Alpha Value Catherine Radiguer

• Exane BNP-Paribas Charles-Henri de Mortemart

• Goldman Sachs Markus Iwar

• HSBC Pierre Bosset

• JP Morgan Cazenove Christopher Brown

• Kepler Cheuvreux Pierre Boucheny& David Cerdan

• Natixis Céline Chérubin

• Oddo Christophe Chaput

• SG Patrick Jousseaume

• UBS Denis Moreau

www.eurazeo.com

Résultats 1er semestre 2013

Economy & Finance

Transcript of Résultats 1er semestre 2013