Eurazeo / 2018 Registration document

CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements

3.2 The main performance indicators for portfolio companies are as follows: adjusted EBITDA (earnings before interest, taxes, depreciation and • amortization); adjusted EBIT (earnings before interest and taxes); • IFRS net debt •

Segment aggregates for the contribution of portfolio companies

Adjustments between operating income before other income and expenses and the income statement performance indicators mainly concern non-recurring items. These adjustments were calculated directly based on the IFRS contributions of each operating segment and can be reconciled directly with the published consolidated financial statements.

Segment income statement for the year ended December 31, 2018

Contribution of portfolio companies

Asset management activity

Investment activity

Eurazeo Capital

Eurazeo PME

Eurazeo Brands

Eurazeo Patrimoine

2018

(In millions of euros)

Revenue

4,366.4

13.4

63.6 2,611.7

1,257.7

36.5

383.4

Contribution of investment and asset management activities *

504.5

456.9

47.6 (0.2)

Other items

4.8

5.0

Operating income before other income & expenses Restructuring and transition costs Acquisition costs and earn-out

846.2

461.9

47.4

166.6

117.8

0.7

51.9

19.1 2.7 8.2 21.7

- - -

- -

- -

Non-recurring employee benefits expense

0.3

0.8 0.5

Other non-recurring items

3.6

2.1

Adjusted EBIT

396.0

218.4

121.4

3.0

53.2

Charges to/reversals of deprec., amort. & provisions

179.4 575.4

116.6

32.5

1.6 4.7

28.6 81.8

Adjusted EBITDA

335.0

153.9

Impairment

(177.1)

-

Net income of associates

-

4.8 0.1

Transaction costs and financial items Contribution of investment and asset management activities

(22.9)

261.9 52.4 Before impairment, transaction costs and financial items (for the investment activity) – before financial items and net income of associates (for the asset * management activity).

Segment net debt as of December 31, 2018

Contribution of portfolio companies

Asset management activity

Investment activity

Eurazeo Capital

Eurazeo PME

Eurazeo Brands

Eurazeo Patrimoine

12/31/2018

(In millions of euros)

6.6

695.2 (102.6) 592.6

Borrowings Cash assets

3,407.6 (965.9)

1,933.4 (272.3) 1,661.1

772.4 (113.7) 658.7

(445.1)

(31.9) (31.9)

(0.3)

IFRS NET DEBT

2,441.6 (445.1)

6.2

Detailed information on debt maturities and the type of covenants is presented in Note 9.1.

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Eurazeo

2018 Registration Document