Eurazeo / 2019 Universal Registration Document

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

Net financialexpense 9.4.

Note

2019

2018

(In thousandsof euros) Interest on borrowings Totalfinancecosts,gross

(226,858) (226,858)

(185,120) (185,120)

Income andexpenseson changesin derivatives Hedging reserves reclassifiedto profitor loss

9.2

2,142

(1,007) (1,526)

(6,477) 3,032 (1,303)

Other financial income and expenses

1,141

Totalincomeandexpensesoncash,cashequivalentsandotherfinancialinstruments

(1,391)

Total financecosts,net Foreignexchangelosses Foreignexchangegains

(228,161)

(186,511) (26,597)

(14,376) 22,043

26,597 (1,833)

Interest expense relating to the employee benefits obligation Reclassification of the hedgingreserve – impact of share disposals Reclassification of the foreigncurrencytranslationreserve – impact of share disposals

5.2

1,053

0

-

(21,039) (4,754) (17,072)

1,762 (418) (489)

Other

Totalotherfinancialincomeandexpenses

NETFINANCIALEXPENSE

(245,233)

(187,000)

The increasein interest onborrowingsis mainly due to changes in consolidationscope. In 2019, thereclassificationof foreign currency translationsreserves isdue to the saleof Elis shares and Neovia.

the figures for interest payable reflect total interest payable until • the due date or planned repaymentdate of the relevant loan. They were estimated based on forward rates calculated from the yield curves as ofDecember 31, 2019; future cash flows are based on outstandings presented in the • balancesheet at the end of the fiscal year, and do not take account of any possible subsequent management decisions capable of significantlychangingthe Group'sborrowingsstructureor hedging policy.

Riskmanagement 9.5. Liquidity risk 9.5.1.

The Group relies mainly on the tailoreduse of credit facilitiesand bond issues to achieve its aim of maintaining the correct balance between continuity offunding and flexibility. As of December 31, 2019,forecast repayments on consolidated debt and related interest paymentswere calculatedbased on the following assumptions: 2020 repayment flows assume the non-renewal of credit facilities • and the repaymentof bankoverdrafts;

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2019 UNIVERSAL REGISTRATION DOCUMENT