Eurazeo / 2018 Registration document

CONSOLIDATED FINANCIAL STATEMENTS Statutory Auditors' report on the consolidated financial statements year ended December 31, 2018

Measurement of investments in associates – See Note 8.1 “Investments in associates”

Description of risk

How our audit addressed this risk

At December 31, 2018, investments in associates and in joint ventures amounted to €1,339 million, equivalent to 11% of total assets, including €392 million attributable to Europcar, €177 million attributable to Elis, €263 million attributable to Albingia, €208 million attributable to Rhône and €143 million attributable to Trader Interactive. At year-end, when management identifies indications of impairment, a test is conducted to determine whether or not an impairment loss should be recognized. A proven or expected fall in EBITDA, or a negative change in one or more market inputs that could have an impact on the value of the investment, are indications of impairment. At December 31, 2018, the Group identified an indication of impairment for its investment in Europcar, of which the net carrying amount of the shares was €516 million at December 31, 2017. The impairment test resulted in the recognition of a €146 million impairment in relation to Eurazeo’s investment in Europcar for the fiscal year in order to adjust the cost price to a value of €8 per share We deemed the measurement of Eurazeo’s investments in associates to be a key audit matter, given the sensitivity of the judgment required from management to identify indications of impairment and to determine the recoverable amount of its investments as part of the implementation of the impairment tests. At December 31, 2018, financial assets (excluding debt instruments measured at amortized cost) amounted to €1,287 million, equivalent to 10.7% of total assets, and are all recognized at fair value through profit or loss. Non-current financial assets included €419.5 million in investments quoted in an active market (investments in Moncler and Farfetch). Their fair value is therefore determined on the basis of the last share price on the closing date. Non-current financial assets relating to investments not quoted in an active market are measured at the acquisition cost for assets acquired during the year or at the fair value in accordance with the recommendations outlined in the International Private Equity Valuation (IPEV) guidelines for the other financial assets. This fair value is based on the measurement methods used as part of the determination of Net Asset Value (in particular the multiples method). Based on the degree of judgment required from management to measure these assets, we deemed the classification and measurement of financial assets to be a key audit matter. Description of risk

Our audit approach focused on assessing the appropriateness of the analyses performed by management to identify indications of impairment and of the methods used to calculate this impairment, particularly in comparison with Net Asset Value of those companies. For Europcar, we examined the analysis performed by management that resulted in the identification of an indicator of impairment and to recognize an impairment loss at December 31, 2018. We assessed the appropriateness of the disclosures provided in Notes 8.1 “Investments in Associates” to the consolidated financial statements.

Classification and measurement of financial assets – See Note 8.2 “Financial assets” and Note 16.8 “Financial assets and liabilities”

How our audit addressed this risk

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Our work primarily involved: For financial assets quoted in an active market, verifying the • consistency of the share prices used with observable market rules. For other non-current financial assets relating to investments not • quoted in an active market, assessing with the help of our experts the reasonableness of the key assumptions made for measurement purposes (multiples, risk or size premiums, etc.): For example, we analyzed the consistency of forecasts with past • performance and the market outlook. Where the fair value is determined in reference to similar recent transactions, we corroborated the analysis provided with available market data; Assessing the correct application of the choices made by • management, particularly the impact of the classification of all of those non-current financial assets at fair value through profit or loss; Assessing the appropriateness of the disclosures provided in Note • 8.2 “Financial Assets” to the consolidated financial statements.

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2018 Registration Document