Eurazeo / 2019 Universal Registration Document

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

Sensitivityof impairmenttests 6.5.3. The sensitivity ofimpairmenttests was testedwith respect tochanges in thetwo main assumptions:WACC and the perpetualgrowth rate. For the main subsidiaries tested, test margins (difference between the recoverable amount and the carrying amount) subject to the sensitivity of assumptionsare presented below:

WorldStrides

EurazeoPME

Perpetual growth rate

Perpetual growth rate

2.5% 3.0% 3.5%

1.3% 1.8% 2.3%

(In millionsof euros)

(In millionsof euros)

WACC

WACC

7.73% 840 1,014

1,229

8.54% 356 9.04% 254 9.54% 166

450 334 234

560 426

8.23% 682 8.73% 550

824 668

997 808

312

Planet

Seqens

Perpetual growth rate

Perpetual growth rate

1.0% 1.5% 2.0%

1.3% 1.8% 2.3%

(In millionsof euros)

(In millionsof euros)

WACC

WACC

9.40%

317

358 293 236

404 333

8.47% 528 8.97% 421 9.47% 328

616

719

9.90% 258 10.40% 206

496 392

582 464

271

SommetEducation

Iberchem

Perpetual growth rate

Perpetual growth rate

1.0% 1.5% 2.0%

1.0% 1.5% 2.0%

(In millionsof euros)

(In millionsof euros)

WACC

WACC

6.40% 189 6.90% 141 7.40% 107

243 232

310 237

7.07% 220 7.57% 172

263 208

315

250

138

183

8.07%

131

161

196

The sensitivity analyses presented at investment level demonstrate that the recoverable amount of Eurazeo’s investments remains higher than the carrying amount. For each CGU, no reasonably likely change in assumption ( i.e. within the sensitivity range presented) would lead to the recognition of additional impairment.

INVESTMENT PROPERTIES NOTE 7

Group investment properties solely consist of Eurazeo Patrimoine real estate holdings, measured at fair value (level 3 – non-observable data) as of December 31, 2019.

Foreign currency translation 12/31/2019

Changesin consol.scope Additions

Changein value

12/31/2018

Reclass.

(In thousandsof euros)

CIFA Fashion Business Center

230,000

-

- -

(229,073)

(927)

-

-

Euston House

-

107,263

- -

-

4,397

111,660 80,234

Highlight

21,485

-

57,865

884

-

TOTALINVESTMENTPROPERTIES

251,485

107,263 57,865 (229,073)

(43)

4,397

191,894

The CIFAbuildingswere transferred toAssets classifiedas held for sale in 2019.

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