Eurazeo / 2019 Universal Registration Document

Activity during the year and outlook

Other Income Statementitems Non-recurringitemsand depreciation andamortization Non-recurring items, which relate almost exclusively to the portfolio companies, totaled €136 million in 2019, down on 2018 (€163 million). They primarily comprise restructuring, and transformation project costs inthe portfoliocompaniesfor €111 million. Eurazeo recognized consolidated amortization on assets relating to goodwill allocation of €173.8 million in 2019, down on 2018 (€204.8 million). Net incomeattributableto owners of theCompany Net income attributableto owners of the Company is €122.9 millionin 2019.

The Group’s operating expenses totaled €155.4 million in 2019, up +12.4%. They comprise all Eurazeo Group recurring costs (excluding Group strategic management and listing costs), including Idinvest, iM Global Partner and the share of operating expenses of Rhône Group and MCH Private Equity. This increase in costs is mainly attributableto recruitment in the various investment functions through the Group's various strategies, tosupport the developmentof all the businesses. Fee-RelatedEarnings (FRE) , which measure the activity’s net recurring income,rose by +24.8%in 2019 to €59.0 million. The FREmarginrate totaled42% (compared to 40%in 2018). Performance Fee Related Earnings (PRE) were multiplied by 2.8x to €114.2 million , primarily due to the increase in PRE calculated on the balance sheet. They include realized fees and “accrued” performance fees.

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2019 UNIVERSAL REGISTRATION DOCUMENT