Eurazeo / 2019 Universal Registration Document

Financial Statements Consolidated Financial Statements for the year ended December 31, 2019

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 purposesof allocatingresourcesto 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 strategy rather than investment.The income statementby business reflects the operating segments as monitored by Eurazeo’s Executive

Board. Net income is identical to IFRS consolidated net income. A reconciliationis presented inNote 3.1.2. Eurazeo also remains an investment company, as demonstrated by the allocation of its assets. Its asset management activity is mainly attributableto its subsidiary, Idinvest, and to a lesser extent, to its own third-partymangementactivity and the contributionof its investments in Rhône Group and MCH. 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.

ConsolidatedIncomeStatementby business

Note

2019

2018 PF

(In millionsof euros) AdjustedEBITDA

3.2 3.2

689.5 428.1 236.1

625.5 380.7 226.4 538.3 (177.1) (107.2) 253.9

AdjustedEBIT

Contributionof portfoliocompanies,netof financecosts Net capital gains and losses& Dividends andother investment revenue

410.7

Impairment

8.1/ 6.1

(195.6) (108.0) 107.0

Transaction costs, cost of calculatedfees andother

Contributionof theinvestmentactivity

3.2

Management fees Performance fees

214.8

186.0

65.1

31.8

Opex related to the assetmanagementactivity

(155.4) (0.3) 124.1 (173.8) (25.0) (135.6) 132.9 122.9 2019 59.0 214.8 (0.3) 114.2 65.1 49.0 173.1 (155.4) 9.9

(138.3)

Finance costsandother income

(0.4) 79.0

Contributionof theassetmanagementactivity

3.2 6.2 11.1

Amortizationof contractsandother assets relating to GWallocation

(204.8)

06

Income taxexpense Non-recurring items

16.9

(162.7) 208.7 272.8 (64.0)

Consolidatednetincome

Attributabletoownersof theCompany Attributable to non-controlling interests

Pro forma Income Statement of the asset management activity

2018 PF

Fee-RelatedEarnings(FRE)

47.3 186.0 (138.3)

Management fees

Opex related to the assetmanagementactivity

Finance costsandother income Performance-Related Earnings(PRE)

(0.4) 40.5

Realized performance fees

31.8

Performance fees: change in fair value

8.7

Performanceof theassetmanagementactivity

87.8

/ EURAZEO

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2019 UNIVERSAL REGISTRATION DOCUMENT