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GROWTH MOMENTUM
FROM 2010 TO 2015: A THOROUGH TRANSFORMATION
EURAZEO FOCUSED ON GROWTH
3
14
22
2 FY 2015 RESULTS
FY 2015
GROWTH MOMENTUM
1
FY 2015 RESULTS 3
Solid revenue growth in 2015
FY 2015 RESULTS 4
1,686 1,985
2,049 2,198
FY 2014 FY 2015
+7.3%
+17.7%
Companies consolidated under equity method
Fully consolidated companies
3,735 4,183
+12.0%
ECONOMIC REVENUES in €m Growth at constant Eurazeo scope
864 968
Q4 2014 Q4 2015
Série 1 +12.0%
Growth momentum across the portfolio
FY 2015 RESULTS 5
1,149
539
1,969
595
364
1,185
563
1,936
565
489
1,225
600
1,903
595
581
124
828
1,331
656
1,979
641 69
4
175
964
1,266
1,415
755
2,142
696
880
270
933
1,517
+5.4%
+8.8%
+6.1%
+24.7%
+6.2%
+7.2%
+47.7%
x% SALES in €m
CAGR
2011
20
12
2013
20
14
2015
(*) Proforma: portfolio as of December 31, 2015
*
+19.8%
-1.7%
-5.0%
106
165
2014 Proforma 2015
+56%
Continued increase in companies’ contribution
FY 2015 RESULTS 6
_(1/2)
CONTRIBUTION OF COMPANIES NET OF FINANCE COSTS In €m
Continued increase in companies’ contribution
FY 2015 RESULTS 7
_(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
(*) Proforma: portfolio as of December 31, 2015 (**) Europcar: adjusted Corporate EBITDA
59
92
87
114
371
64
119
90
162
377
71
157
102
192
13
242
401
78
213
125
233
22
261
67
429
100
251
132
300
41
200
92
446
+4.7%
+10.9%
+27.4%
+78.5%
-9.2%
Increasing EBITDA in almost all portfolio companies
FY 2015 RESULTS 8
x% EBITDA in €m
CAGR
2011
20
12
2013
20
14
2015
*
+28.5%
+37.3% +14.3%
**
Profit & Loss details
FY 2015 RESULTS 9
(€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
Non-recurring items
FY 2015 RESULTS 10
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
Strong financial position
FY 2015 RESULTS 11
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
Reasonable leverage at portfolio level
FY 2015 RESULTS 12
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 2015 2012 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
We are steadily increasing our dividend distribution
FY 2015 RESULTS 13
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 dividendOrdinary 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
FY 2015
FROM 2010 TO 2015: A THOROUGH TRANSFORMATION
2
FY 2015 RESULTS 14
A thorough transformation
FY 2015 RESULTS 15
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
Eurazeo’s transformation into a global investment player
FY 2015 RESULTS 16
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 Brazil Corporate Team
Com. & IR Legal Internal audit
Accounting (IFRS) Cash mgt & hedging
Dec. 31, 2009 Dec. 31, 2015
Milestones achieved on a yearly basis
FY 2015 RESULTS 17
2012 2013 2014 2010 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
A well-balanced and diversified portfolio
FY 2015 RESULTS 18
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%
Eurazeo has stepped up the momentum of asset rotation
FY 2015 RESULTS 19
1%
13%
30%
11%
25% 16%
5%
3%
13%
14%
2011 2012 2013 2014 2015
InvestmentsExits
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
2015: A Record Year for both investments and exits
FY 2015 RESULTS 20
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
Our NAV is steadily growing
FY 2015 RESULTS 21
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
FY 2015
EURAZEO FOCUSED ON GROWTH
3
FY 2015 RESULTS 22
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
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 Q42013 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 RESULTS 24
-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
Structured business development processes
FY 2015 RESULTS 25
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
Build-ups
Digital / Innovation
Corporate governance and process
reinforcement
Management
International
Strategy
Organic growth
Accelerating transformation of our portfolio companies
FY 2015 RESULTS 26
— 2. ACCELERATING TRANSFORMATION OF OUR PORTFOLIO COMPANIES
China & Brazil
Corporate Teams
Active on build-up to lay the foundations for future organic growth
FY 2015 RESULTS 27
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
Strategic build-ups across the portfolio
FY 2015 RESULTS 28
— 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
Asmodee: in-depth transformation ahead of schedule
FY 2015 RESULTS 29
124 175
323
13 22
52
2015 PF 2013 2014
2015 PF 2013 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
Desigual: Actively preparing next phase of growth
FY 2015 RESULTS 30
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
New opportunities already captured in 2016
FY 2015 RESULTS 31
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
NorthAmerica
WesternEurope
RoW
THE U.S.: THE FIRST MARKET IN VALUE*
Investing in the U.S.
FY 2015 RESULTS 32
~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
NorthAmerica
WesternEurope
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)
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 RESULTS 33
— 4. EXPANDING IN NEW GEOGRAPHIES
• Evergreen model
• Solid institutional and family shareholder base
• Long-term investment horizon
Eurazeo U.S.within the Eurazeo group
FY 2015 RESULTS 34
— 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
FY 2015
CONCLUSION
FY 2015 RESULTS 35
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 RESULTS 36
We have delivered a solid return to shareholders
FY 2015 RESULTS 37
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.
FY 2015
APPENDICES
FY 2015 RESULTS 38
Including Group companies’ detailed information
FINANCIAL APPENDICES
GROUP COMPANIES’ DETAILED INFORMATION
OTHER
40
46
82
FY 2015 RESULTS 39
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
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
NAV growth
FY 2015 RESULTS 42
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
Strong cash position
FY 2015 RESULTS 43
CASH POSITION In €m
597
1,038
1,192 143
-79 -145
-552 -118
31/12/2014 Net disposals Dividendsreceived &
Other*
Dividends paid Sharesrepurchased
Investments Debtreimbursement
and other
31/12/2015
(*) Mostly related to Eurazeo PME syndication
Understanding of Eurazeo’s track record
FY 2015 RESULTS 44
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
Active share buyback program
FY 2015 RESULTS 45
€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
GROUP COMPANIES’ DETAILED INFORMATION
FY 2015 RESULTS 46
1
FY 2015 RESULTS 47
DETAILED INFORMATION ON
4.5%* ECONOMIC INTEREST
EQUITY METHOD
In €m FY 2015 FY 2014 PF Reported
change Comparable
change
Revenue 5,581 5,454 +2.3% +2.9%
EBITDAR
% margin
1,780
31.9%
1,772
32.5% +0.5% +0.2%
EBIT
% margin
665
11.9%
602
11.0% +10.6% +3.5%
Net debt -194 159
* 5.2% through LH19
FY 2015 RESULTS 48
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 RESULTS 49
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 RESULTS 50
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 RESULTS 51
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 RESULTS 52
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 RESULTS 53
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 RESULTS 54
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 RESULTS 55
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 RESULTS 56
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 RESULTS 57
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 RESULTS 58
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 RESULTS 59
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 RESULTS 60
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 RESULTS 61
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 RESULTS 62
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 RESULTS 63
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 RESULTS 64
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 RESULTS 65
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 RESULTS 66
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 2014 YoY 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 RESULTS 67
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 RESULTS 68
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 RESULTS 69
2
FY 2015 RESULTS 70
DETAILED INFORMATION ON
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 RESULTS 71
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 RESULTS 72
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 2015 REVENUE (€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 RESULTS 73
3
FY 2015 RESULTS 74
DETAILED INFORMATION ON
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 RESULTS 75
4
FY 2015 RESULTS 76
DETAILED INFORMATION ON
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 RESULTS 77
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 RESULTS 78
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 RESULTS 79
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 RESULTS 80
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 hotel 4 hotels
1 hotel
*Subject to a subsequent syndication
FY 2015 RESULTS 81
OTHER
82 FY 2015 RESULTS
A long-term shareholder base and a strong corporate governance
FY 2015 RESULTS 83
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%
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 RESULTS 84
May 12, 2016
About us
FY 2015 RESULTS 85
Investor Relations Caroline Cohen
• [email protected] + 33 (0)1 44 15 16 76
Corporate & Financial Communication Sandra Cadiou • [email protected] + 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
Breakdown of NAV
FY 2015 RESULTS 86
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
