Eurazeo / 2018 Registration document
CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements
SEGMENT REPORTING NOTE 3
Pursuant to IFRS 8, Operating Segments, segment reporting is presented in line with internal reporting and information presented to the chief operating decision maker (Eurazeo's Executive Board) for the purposes of allocating resources to the segment and assessing its performance. Eurazeo’s business model has significantly changed in recent years, with the development of third-party management (asset management) and the growing importance of monitoring by activity or division rather than investment. The income statement by business reflects the operating segments as monitored by Eurazeo’s Executive
Board. Net income is identical to IFRS consolidated net income. A reconciliation is presented in Note 3.1.2. Eurazeo remains fundamentally an investment company, as demonstrated by the asset allocation. Its asset management activity is mainly attributable to its subsidiary, Idinvest, and to a lesser extent, to the contribution of its investment in Rhône Capital. The Income Statement by business presented below seeks to provide a transversal perspective and enable our analysts and investors to more precisely value the Eurazeo group.
3.1
Consolidated Income Statement by business
2018 PF Idinv. & Rhône FY
2017 PF Idinv. & Rhône FY
Note
2018 575.4 396.0 250.6 547.7 (177.1) (108.7) 261.9
2017 PF
(In millions of euros) Adjusted EBITDA
3.2 3.2
575.4 396.0 250.6 547.7 (177.1) (108.7) 261.9
555.5 410.0 271.7 585.6 (26.8) (137.0) 421.9
555.5 410.0 271.7 585.6 (26.8) (137.0) 421.9
Adjusted EBIT
Contribution of portfolio companies, net of finance costs
Net capital gains and losses & Dividends and other investment revenue
Impairment
8.1/6.1
Operating expenses
Contribution of the investment activity
3.2
Management fees Performance fees Operating expenses
164.9
138.2
132.3 20.0
110.4
22.7
12.9
12.3
(125.6)
(108.4)
(105.3)
(90.5)
4
Other
7.6
6.2
5.4
3.2
Contribution of the asset management activity
3.2 6.2 11.1
69.7
48.9
52.4
35.4
Amortization of contracts and other assets relating to GW allocation
(178.1)
(179.5)
(178.1)
(179.5)
Income tax expense Non-recurring items
3.8
52.6
8.5
56.8
(184.3) 223.6 260.5 (36.9)
(156.9) 458.8 425.9
(184.3) 211.0 251.0 (40.1)
(156.9) 449.4 418.4
Consolidated net income
Attributable to owners of the Company Attributable to non-controlling interests
33.0
31.0
2018 PF Idinv. & Rhône FY
2017 PF Idinv. & Rhône FY
Pro forma Income Statement of the asset management activity
2018 32.4 132.3
2017 PF
Fee-Related Earnings (FRE)
47.0 164.9
36.0 138.2
23.1
Management fees Operating expenses
110.4 (90.5)
(125.6)
(108.4)
(105.3)
Other
7.6
6.2
5.4
3.2
Performance-Related Earnings (PRE)
40.5 22.7 17.8 87.5
43.3 12.9 30.4 79.3
37.8 20.0
42.7 12.3 30.4 65.8
Realized performance fees Accrued performance fees
17.8
Performance of the asset management activity
70.2
Eurazeo
225
2018 Registration Document
Made with FlippingBook flipbook maker