Eurazeo / 2019 Universal Registration Document

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

BREAKDOWN OF CASH FLOWS NOTE 13

Cash assets 13.1. The cash flow statement analyzes changes in cash presented net of bank overdrafts andincludingrestrictedcash.

As of December 31, 2019,restricted cash consists of cash allocated to the Eurazeo liquidity contract and the restricted cash of the Eurazeo Capital investments.

Note

12/31/2019

12/31/2018

(In thousandsof euros)

Demand deposits

1,051,177

921,922 12,600 934,522 16,193 (15,603) (15,603) 935,112

Term deposits andmarketable securities

14,365

Cashandcashequivalentassets

9.1 9.1

1,065,542

Restricted cash Bank overdrafts

25,908 (15,064) (15,064)

Cashandcashequivalentliabilities NET CASH AND CASH EQUIVALENTS

1,076,386

Other short-termdeposits

9.1

887

15,220

TOTAL GROSSCASH ASSETS

1,092,337

965,934

WorkingCapital Requirement(WCR) components 13.2. The changein current assetsand liabilitiescontributingto working capitalrequirementsbreaks down asfollows:

Foreign currency translation and other 12/31/2019

Changein consol. scope

Changein WCR

Reclass- ifications

Note 12/31/2018

(In thousandsof euros)

Inventories

(360,949) (854,712)

(47,922)

(45,686)

402

(3,600) (2,276)

(457,755) (905,264) (66,000)

Tradeandother receivables

4.3.1

26,358 (43,845) 3,849 (18,904)

(30,788)

Other current assets

4.5.2 (52,544) 4.4 862,555

2,333 2,641

(734) 4,961

Tradeandother payables Other current liabilities TOTAL WCRCOMPONENTS

33,847

56,287 (13,814)

960,291

4.5.2 632,376 (16,482)

(16,157)

46,345 632,268 44,696 163,540

226,725

(350)

(65,962)

(41,569)

Net cash flowsfromoperating activities 13.3. Cash flows from operating activities totaled €479.6 million(compared with €242.2 million in 2018). Entries into the scope of consolidation had a material impact on net cash flows from operating activities (primarily DORC group). Net cash flowsfrom investingactivities 13.4. Purchases of investments and available-for-sale assets mainly reflect the acquisitionof the DORC group (€447.2 million),the Elemica group (€294.8 million),the Emerige group (€91.8 million),the Herschel group (€55.1 million), the Euston House group (€45.1 million), the Q Mixers group (€36.3 million)and the Bandier group (€27.5 million)by Eurazeo and the acquisition of EFESO (€70.2 million) by Eurazeo PME, as well various build-ups and acquisitions in the WorldStrides, Iberchem, Sommet Education,C2S and Eurazeo PMEgroups. Proceeds from sales of investmentsand financial assets mainly reflect the sale of Moncler (€445.3 million), Neovia (€223.6 million), Elis (€221.7 million), Capzanine (€51.1 million) and Smile and Léon de Bruxelles byEurazeo PME(€58.7 million).

Net cash flowsfrom financing activities 13.5. Net cash flows from financing activities mainly include the various acquisitionfinancing flows (particularlyDORC Elemica, the Belledonne Clinic in C2S and builds-up in Eurazeo PME)), as well as loan repaymentflows, mainly in the Eurazeo PME, Seqens and WorldStrides groups. Proceeds from syndication mainly take account of the syndication of Trader Interactive, Iberchem, WorldStrides, Albingia and DORC, following theclosingof the Eurazeo CapitalIV fund in July 2019. The €91.6 million dividend distribution by Eurazeo is also reflected in net cash flows from financing activities. Other dividends paid during the year primarily concern dividends paid by Grape Hospitality, iM GlobalPartner and Idinvest to minorityinterests.

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