Eurazeo / 2018 Registration document

CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements

INVESTMENT PROPERTIES NOTE 7

Group investment properties solely consist of Eurazeo Patrimoine real estate holdings, measured at fair value (level 3) as of December 31, 2018.

12/31/2017

Additions Change in value

12/31/2018

(In thousands of euros)

CIFA Fashion Business Center

234,349

-

(4,349)

230,000

Highlight

-

21,485 21,485

-

21,485

TOTAL INVESTMENT PROPERTIES

234,349

(4,349)

251,485

As of December 31, 2018, CIFA Business Center buildings were valued based on expert appraisals. The Highlight buildings are valued at historical cost as they were purchased during the fiscal year.

ASSOCIATES AND FINANCIAL ASSETS NOTE 8

8.1

Investments in associates

Change in consol. scope/ Disposals (3,284) (19,941) (47,369) (124,983) (117,842)

Foreign currency translation Impairment

Net income

Change in reserves

12/31/2017 Dividends Additions

Other 12/31/2018

(In thousands of euros)

Europcar

515,695 (7,432) 202,489 (5,115)

- - - - -

43,606 (8,491)

(2,198)

(145,956)

(254)

391,686

Elis

3,569

245 (5,655)

- - - - - - -

1,663 177,255

Trader Interactive

185,972

-

(2,964)

- -

7,064

(25)

142,678

Neovia

124,082 (1,873)

2,774 (458) 4,805

-

- -

- -

Desigual

117,600

- - - -

680

20

Rhône

- -

202,945 262,802

- -

- - -

153

(34)

207,869 262,802

Albingia

-

-

-

Other

153,187

-

1,472

175

2,059

278 157,171

INVESTMENTS IN ASSOCIATES

51,507 (7,566)

1,443 (145,956)

1,628 1,339,461

1,299,025 (14,420) 465,747 (311,947)

The decrease in investments in associates is mainly due to the changes in the consolidation scope disclosed in Note 2.

Impairment tests on investments in associates 8.1.1 With the exception of its investment in Europcar, Eurazeo did not test any of its investments in associates for impairment as it did not identify any indication of loss in value (for example, an actual or expected decline in EBITDA or an unfavorable change in one or more market data potentially impacting the value of an investment). Europcar shares were adjusted as of December 31, 2016 based on a value of €10 per share. After taking account of net income and other changes in reserves, an additional impairment of €146.0 million was recognized in the fiscal year, based on a value of €8 per share. As of December 31, 2018, the stock market price of listed associates was as follows:

Stock market price as of 12/31/2018

Number of shares held

Total

(In thousands of euros)

Elis (shares held by Legendre Holding 27)

12,525,382 48,988,240

€14.55

182,244 385,293

Europcar (shares held by Eurazeo)

€7.87

Summary financial information on material associates 8.1.2 Information on the listed associates (Elis and Europcar) is available in the financial statements of these companies on their websites.

Related-party disclosures 8.1.3 Eurazeo has no financial commitments on behalf of related companies other than those disclosed in this Note.

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Eurazeo

2018 Registration Document