Eurazeo / 2019 Universal Registration Document
Activity during the year and outlook
A STEADILY IMPROVED FINANCIAL STRUCTURE 2.1.4 Eurazeo’s financial robustness,a major asset, was further strengthenedin 2019. Group equity remained high at €5 billion at the year-end. Despite the entry into the scope of new companies, consolidated net debt only increased slightly on a constant standard basis. This debt is without recourse to Eurazeo SE. In addition, the Group renewed its confirmed syndicated credit facility in December 2019, increasing it from €1.0 billion previouslyto €1.5 billion. This line is undrawn atDecember31, 2019.
A STEADILY IMPROVED FINANCIAL STRUCTURE (IN MILLIONS OF EUROS)
1,432
27
533
-1,131
428
-92
-131
Dec. 31, 2018 Disposal gains and dividends
Investments and Reinvestments
Dividends paid
Share buybacks
Other
Dec. 31, 2019
CONSOLIDATED NET DEBT UNDER TIGHT CONTROL 6,307 6,021
4,587
o/w IFRS16 296 81 99 1 25
o/w: Eurazeo Capital Eurazeo PME Eurazeo Patrimoine Eurazeo Brands Eurazeo Development & Holdings
Total 2 252 759 676 5 (561)
3,619
3,131
2,391 2,442 2,628
1,501
3,131
503
355
2011 2012 2013 2014 2015 2016 2017 2018 2019* 2019
(*) Excluding IFRS 16
As of December 31, 2019,Group consolidated net debt stood at €3,131 million, taking into account the net debt of all consolidated investments (mainly acquisitiondebt) and the EurazeoSE cash. It includes lease liabilities of €503 millionfollowingthe applicationof IFRS 16. ExcludingIFRS 16, net debtremainedrelativelystable comparedto December 31, 2018,with divestmentgains almost offsetting theimpact of newinvestments. The portfoliocompanies' debtare without recourse againstEurazeo SE, which itselfhas no structuraldebt.
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