EURAZEO_REGISTRATION_DOCUMENT_2017

PRESENTATION OF THE GROUP

Our 3 operating principles

RETURN THE VALUE CREATED 3

1

R DIVESTMENT DECISIONS BASED ON STRICT CRITERIA Divestment decisions take into account several factors: achievement of transformation objectives, long-term resilience of the transformed company’s business model, portfolio balance, etc. The choice is guided by an arbitration between the assessment of the remaining value creation potential in relation to the work already completed and the achievable performance to date, measured in terms of multiples or internal rates of return (IRR). The profitability targets for capital invested differ between divisions and the estimate of the related risk (over 25% for Eurazeo Croissance, between 15% and 20% for Eurazeo Capital and PME, and over 10% pour Eurazeo Patrimoine). R VALUE SHARING Eurazeo shareholders receivea fair and regular return in linewith thecompany’s long-termvision. The ideal performance indicator is theTSRor Total Shareholder Return, rather than the shareprice. This indicator takes intoaccount dividends paidout and the stockmarket enterprise value trend. In the last five years, the total shareholder returnoffered by theEurazeo sharehas largelyoutperformed that of theCAC 40or even that of theEuropean privateequity index. Theactive sharebuyback anddistributionpolicy rolledout by Eurazeo for its shareholders contributed to this outperformance p

“Mastering the timing of a divestment allows us to guide our companies over the long term and create sustainable value. The challenge: offer an attractive performance over time.”

8 total or partial divestments €1.4 billion (1) in disposal gains and dividends collected

(1) €1.1 billion for the Eurazeo share.

Eurazeo

2017 Registration document

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