Eurazeo / 2019 Universal Registration Document

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

ASSOCIATES AND FINANCIAL ASSETS NOTE 8

8.1.

Investments in associates

Changein consol. scope/ Disposals

Foreign currency translation

Net income

Changein reserves

Write- down 12/31/2019

12/31/2018 Dividends Additions

(In thousandsof euros)

Europcar

391,686 (12,737)

(6,429)

9,361

(5,809)

2,319 (157,941)

220,450

Elis

177,255

(177,255)

-

Rhône

217,105 (4,150)

5,424 (2,093)

5,308 (4,866)

216,728 285,948 141,132 107,088 79,074

Albingia

262,802 142,678

(52)

23,198

Trader Interactive

926 (5,230)

2,758

Emerige

-

91,882

15,206

Reden Solar

70,409 86,762

4,685

5,151

(1,171)

Other

(450)

212,329 1,451

(9,071)

-

(1,487)

-

289,534

INVESTMENTS IN ASSOCIATES

1,348,697 (17,337) 304,211 (171,250)

36,522 (5,809)

7,727 (162,807) 1,339,954

The decreasein investments inassociates ismainly due to the changes in theconsolidation scope disclosed in Note 2. All Elis shareswere sold in July 2019 (seeNote 2.1).

Impairment tests on investments in associates 8.1.1. With the exceptionof its investmentsin Europcar,Eurazeodid not test any of its investmentsin associatesfor impairmentas it did not identify any indication of loss in value (for example, an actual or expected decline in EBITDA or an unfavorablechange in one or more market data potentially impacting thevalue of an investment). Europcar shares were adjusted as of December 31, 2019based on a value of €4.50 per share. After taking account of net income and other changes inreserves,an impairment of €158 million was recognized in2019. As of December 31, 2019,the stock marketprice of theequity-accountedassociate, Europcar,was as follows:

06

Numberof shares held

Stockmarketpriceas of 31/12/2019

Total

(In thousandsof euros)

Europcar (sharesheldby Eurazeo)

48,988,238

€4.33

212,119

Summary financial information onmaterial associates 8.1.2. Informationon the listedassociate(Europcar) is availablein the financial statementsof this company onits website. Key figures forassociatesin the amountof the percentageholding are as follows:

Contribution of portfolio companies Eurazeo Capital Eurazeo Patrimoine

Eurazeo Brands

Asset management activity

(In thousandsof euros) Proportionaterevenue ProportionateEBITDA

18,886

1,337,453

178,357

12,131

-

201,029

58,702

(3,747)

Economicdata (revenue and EBITDA) is the sum of consolidateddata and proportionatedata. Economic revenue is therefore €6,227.5 million( i.e. proportionaterevenue of €1,547.8 millionplus consolidatedrevenue of €4,680.6 million)and economicEBITDA is €945.5 million( i.e. proportionate EBIDTAof €256.0 million plus consolidated EBITDA of €689.5 million).

/ EURAZEO

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2019 UNIVERSAL REGISTRATION DOCUMENT