Eurazeo / 2018 Registration document
CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements
12/31/2018
(In thousands of euros)
Note
Gross debt
Cash assets
Net debt
Comments/Type of main covenants Maturities: 2020 (finance leases), 2023 • (acquisition debt and Capex) Covenants: • LTV (4) • Debt service coverage ratio • Net debt/EBITDAR (2) •
Grape Hospitality
352,688
(62,819)
289,869
Capex (3) • Hedging •
153,055 Maturity: 2027/2029 (finance leases) •
CIFA Assets/CIFA 4 Assets
157,721
(4,666)
Maturities: 2025 (finance leases), 2025 (other loans) • Covenants: • Net debt/EBITDA (1) •
C2S
156,601
(17,272)
139,329
Maturities: 2023 • Covenants: • LTV (4) • Maturities: 2051 • Covenants: •
Highlight
17,447
(444)
17,003
Dazeo
7,123
(1,185)
5,938
Minimum pre-commercialization level •
Other companies Eurazeo Patrimoine
3,608
(16,184)
(12,576) 592,618
695,188 (102,570) 3,407,580 (488,977) 3,407,580 (965,934)
2,918,603 2,441,646
Contribution of portfolio companies
TOTAL NET DEBT
o/w borrowings maturing in less than one year
282,216
o/w borrowings maturing in more than one year
3,125,364
Cash and cash equivalent assets 13.1
(934,522)
Restricted cash
13.1 13.1
(16,193)
Other short-term deposits (15,220) EBITDA: Earnings before interest, taxes, depreciation and amortization, adjusted where applicable in accordance with bank documents. (1) EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent, adjusted where applicable in accordance with bank documents. (2) Capex: capital expenditure. (3) LTV: Loan To Value. (4) ICR: Interest Coverage Ratio. (5)
The debt repayment schedule was drawn up based on current scheduled maturity dates. Borrowings maturing in less than one year primarily consist of credit facilities repayable in 2019 and short-term debt maturities. In addition to cash flows relating to new borrowings secured and principal payments on borrowings (see Note 13.5), the change in total borrowings is mainly due to changes in scope (-€342.4 million) and foreign exchange impacts (+€35.6 million). The net debt position of the Group's investments is presented above. As of December 31, 2018, out of total consolidated borrowings of €3,407.6 million, over 78% of the nominal amount is at fixed rates or
hedged by interest rate hedging derivatives (59% at fixed rates or hedged by derivatives qualifying for hedge accounting). Loans extended to Group companies may be subject to requests for early repayment, particularly in the event of payment default or failure to fulfill contractual obligations. All portfolio companies comply with applicable covenants, except MK Direct group (Eurazeo PME), which was in the process of renegotiating its bank financing at the reporting date. This group’s borrowings are therefore classified as short-term.
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Eurazeo
2018 Registration Document
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