FY 2010 RESULTS ACCELERATING CHANGE - Eurazeo · 2016. 11. 14. · EBITDA marginup 90bps...

1ST HALF 2011 RESULTS


September 1, 2011

Draft #2


Contents

Positive momentum in 1st Half 2011

1st Half 2011 Results

OFI Private Equity, Foncia and Moncler

Outlook

- 2 -

3

9

20

45

Appendicesincluding Group Companies’ detailed information 49


POSITIVE MOMENTUM IN 1ST HALF 2011

Patrick Sayer – Chief Executive Officer

- 3 -


Positive momentum in 1st Half 2011

Strong operational performance of portfolio companies

Solid financial position

- 4 -

3 promising investments with transformation potential


Investment company

SME segmentReal estate

servicesLuxury

outerwear

Sustained investment activity

- 5 -

3 acquisitions performed in H1 2011, all offering significant transformation and value creation potential

• Significant potential for return on investment and recurring capital gains with target investment of €50 to 100m annually (1 to 3 companies per year)

• Consolidation of Eurazeo’s position across France’s private equity market

Transformation and value creation potential:

• Recurring revenues and strong cash flow generation

• Untapped organic growth potential and opportunities for synergies between complementary activities

• Sustainable cash flow generation notably supported by solid growth prospects

• Numerous growth levers: new geographies, retail expansion, product offering

• Multiple: 11x LTM 06/11

EBITDA

• Multiple: 11.6x LTM 06/11

EBITDA

• Price: fully paid in Eurazeo shares • Acquired assets valued at €68/new

Eurazeo share


1st Half 2011 key figures

(in €m) H1 2011 H1 2010(1) Change*

CONSOLIDATED REVENUES 1,907.7 1,810.9 +5.3%

ADJUSTED EBIT(2) 200.5 186.2 +7.7%

NET INCOME GROUP SHARE - 106.3 92.9 n.a.

June 30, 2011 December 31, 2010 Change

NAV 4,398 4,281(3) +2.7%

NAV / share (in €) 70.1 70.3(3) -0.3%

CASH ASSETS 769 909 -15.4%

* excluding B&B Hotels for the 1st Half of 2010(1) 1st Half 2010 restated for the exit of B&B Hotels from the perimeter as of June 30 (2) Fully consolidated companies only(3) Restated for special distribution of ANF shares, number of shares restated for capital increase in remuneration for OFI shares

- 6 -


Economic performance

- 7 -

1,512 1,580

1,622 1,732

June 30, 2010 June 30, 2011

3,1343,312

Companies consolidatedunder equity method

Fully consolidated companies

+6.8%

+4.5%

Proportionate revenue (Group share)

Accor, Edenred, Rexel, Fonroche, Intercos, Fraikin

ANF, APCOA, Elis,Europcar, others

+5.7%(in €m)

35% of NAV before tax


Strong increase in companies’ results

- 8 -

Fully consolidated companies’ adjusted EBIT

Profit from equity affiliates

186.2 200.5

9.5

35.2

H1 2010 H1 2011

195.8

235.7

+20.4%

(1) 2010 pro forma adjusted for exit of B&B Hotels

(1)

(in €m)


1ST HALF 2011 RESULTSPhilippe Audouin – CFO and Executive Board member

- 9 -


1st Half 2011 consolidated results

Operational performance in H1 2011

- 10 -


Consolidated scope as of June 30, 2011

- 11 -

06/2011

Consolidated companies 188

Fully consolidated 181

Equity method 7


Key Figures

- 12 -

(in €m) H1 2011 H1 2010 %

Consolidated Revenues 1,907.7 1,810.9(2) +5.3%

Net income Group share before depreciation and amortization(1) -80.0 122.8(2) n.a.

Of which capital gains - 217.2 n.a.

Net income Group share -106.3 92.9(2) n.a.

(1) Before depreciation of intangibles, securities available for sale and equity affiliates as well as amortization of allocated goodwill(2) Pro forma reflecting exit of scope of B&B Hotels


Change in net income compared to Pro Forma* June 2010

- 13 -

85

14

26 9

29 -45 -99

-217

IFRSNet income

06/2011

IFRSNet income

06/2010*

Other items**

Increase in companies’results

consolidatedunder equity

method

Increase in companies’ operating income

Change inderivatives

(in €m)

(*) Pro forma reflecting exit of scope of B&B Hotels(**)Including increase in revenues of Holding activity (+€9m) and positive change of financing costs

and overheads of holding activity (+€14m).

Change in fair value of investment properties

Changein realized

capital gains

-217


A solid financial situation

- 14 -

(in €m) H1 2011 H1 2010 %

Eurazeo cash position (NAV) 769.4 722.4 6.5%

Consolidated net debt 5,953.1 6,269.1 -5.0%

Consolidated leverage* 2.6x 3.2x -19%

• New investments with moderate leverage

• Successful refinancing of the revolving credit line

• Cash position proforma of investments in Foncia and Moncler and sale of LT participations (Ipsos) ~€200m

(*) Consolidated leverage = (consolidated net debt – value of assets which do not contribute to adjusted consolidated EBITDA) / adjusted consolidated EBITDA

Subsequent events:


Transition from consolidated results to company results

- 15 -- 15 -

(in €m) H1 2011 H1 2010

Consolidated income Group share -106.3 88.5

Dividends and gains eliminated 47.0 -

Elimination of contributions from consolidated companies 43.5 -134.6

Reintegration of intercompany transactions 3.6 8.7

Consolidation entries and other (including deferred taxes) 85.2 114.5

Company result 72.9 77.1

1ST HALF 2011 RESULTS- 16 -

1st Half 2011 consolidated results

Operational performance in H1 2011


6,163

910

559

501

359

45

2,973

5,745

904

522

461

330

34

2,849

Rexel

Europcar

Elis

Edenred**

APCOA

ANF

Accor

Revenue growth across the board

- 17 -

REVENUES (€m)

Strong momentum in Latin America. Improvement in Europe, reflecting first signs of stabilization in Central Europe

Sustained growth of financial revenues: +16.0%

Strong growth led by steady rise in occupancy rates and a gradual recovery in average room rates

Continued volume recovery in the various segments, mainly airports, on-street and shopping centers, and solid commercial performance

Acceleration of Hotel and Health segments growth, recovery of Industry segment in France.International: growth in all geographies

Growth on a comparable basis in H1 2011 in all geographies (Europe +5.6%, North America +7.9%, Asia-Pacific +6.6%) supported by prices increases and accelerating growth in volume

H1 2010H1 2011

+7.8%

+5.8%

+2.3%

+0.1%

+9.8%

+6.1%

(*) Change ‘2011/2010’ at constant perimeter and exchange rates (**) Including Financial Revenues

Change lfl*

Market recovery limited to low-contributive segments and increased competition

Selective approach of business with sustained pricing strategy and exit from unprofitable contracts

+9.1%

+4.4%

+7.1%

+0.7%

+8.6%

+7.3%

Change

Like-for-like growth driven by the increase in city-center retail rents & residential vacancy reduction

Excluding one-off effect of litigation with PrintempsDepartment Store (+€7.8m): +12.3%

+36%+33%


334

61

174

167

24

31

199

257

62

167

155

21

27

156

Rexel

Europcar

Elis

Edenred

APCOA

ANF

Accor

Portfolio companies grew operating profit

- 18 -

Operating flow-through ratio before digital extra costsclose to 50%Operating EBIT (excl. Financial revenues): +10.8% lflFinancial EBIT: +16.0% lfl

Change lfl* Significant growth as a result of volume effect

and good drop-through ratio (49% at the group level, despite the impact of Ivory Coast and Egypt)

Profitability improvement driven by revenue growth combined with tight cost control, more selective commercial policy and successful contracts renegotiation in the UK

Negative mix effect due to lower profitability of international activities

2010 comparison basis is high due to non-recurring items. Excl. one-off effect: +5.7%

EBITDA margin up 90bps mainly thanks to increasein gross margin (+10bp) and good control over costs

+10.1%

+44.0%

+1.0%

-1.9%

+12.1%

+29.4%

(*) Change ‘2011/2010’ at constant perimeter and exchange rates(1) EBIT for Accor and Edenred, EBIT restated for interest expense included in fleet operating lease rents for Europcar,

EBITDA for Rexel, recurring EBITDA for ANF, EBITDA for all other companies(2) Including Financial Revenues

OPERATING PROFIT (1) (€m) H1 2010H1 2011

(2)

Reinvestment of productivity gains and pricing strategy into brand enhancement and new marketing initiatives

Stable operating margin on tight fleet management and cost control despite modest revenue growth

Profitability increase due to rise in rents+11.4%

Change

+10.8%

+27.6%

+4.0%

-1.3%

+8.0%

+29.7%

+11.4%


Rexel

Europcar

Elis

Edenred

APCOA

ANF

Accor

Net debt

- 19 -

NET DEBT*1 (€m) H1 2010H1 2011LEVERAGE1,2

Quasi debt-clearing at year end. Impact of the asset disposal program.

Limited use of debt

Debt increase driven by a weak performance in H2-2010 and contract renegotiation in the UK. Stable leverage

Impact of demerger costs (€ 42m), dividend (€ 127m) and change in exchange rates (€ 79m)

Impact of international acquisitions (Spain, Switzerland, Italy) and IT investment

Slight increase of cost of vehicle per unit and refinancing cost impact

Strong cash flow generation2,364

3,528

1,940

338

634

489

559

2,535

3,358

1,857

320

602

472

964

Rexel

Europcar

Elis

Edenred

APCOA

ANF

Accor

%/pt Change ‘H1 2011/H1 2010’

+6.4%

-0.0x

+0.2x

+9.0%

+0.0x

+0.0x

-0.9x

-42.0%

+3.7%

+5.3%

+5.6%

+4.5%

+5.1%

-6.7%

40%31%

16.7%23.1%

30%30%

11.7x11.9x

3.9x3.0x

5.3x5.3x

5.5x5.5x

(*) End of June debt(1) Accor: excluding discontinued operations (Edenred, demerged during the period, and Groupe Lucien Barrière and the Onboard Train Services

business, reclassified in discontinued operations in accordance with IFRS 5). Ratio S&P – FFO/Net debt including fixed leasing.(2) Edenred: Ratio S&P – FFO/Net debt ANF: LTV ratioEuropcar : leverage calculated as Net debt including leasings/EBITDAAPCOA, Elis, Rexel: net debt / EBITDA


OFI PRIVATE EQUITY, FONCIA AND MONCLER3 PROMISING INVESTMENTS

- 20 -


3 promising investments

+ Foncia + Moncler

- 21 -

Foncia: France’s leader in residential real estate services, recurring business and limited exposure to real estate cycle

Moncler: a unique luxury brand offering significant growth potential, notably in emerging markets

OFI Private Equity: a leading investment company targeting SME market


becomes

3 promising investments:


OFI Private Equity is a natural complement for Eurazeo

An investment philosophy close to Eurazeo’s- A committed shareholder: majority position, solid governance, CSR approach- Similar investment criteria: quality of management, strong profitability and high growth potential,

reliable and recurring cash flows, market leaders, portfolio diversification- Alignment of interests with portfolio company management teams

Recognized high quality management team - Experience and track record of Olivier Millet and his team - Six-person investment team: Olivier Millet, 2 associate directors, 2 investment directors and 1 investment

manager

Good track record since its creation in 2005- 14 investments- 4 divestitures with an overall multiple of 2.2x- 1.4x current portfolio on the basis of June 30, 2011 NAV

Quality portfolio built around market leading companies

- 23 -


Attractive price and success of the public offer

Success of the simplified exchange public offer, Eurazeo now holds:95,27%** of the capital and of the voting rights of OFI PEC

96,89% of the BSA 1 issued by OFI PEC

99,23% of the BSA 2 issued by OFI PEC

- 24 -

Eurazeo will proceed with a “squeeze out” procedureon the OFI PEC residual shares, BSA1 and BSA2 The squeeze out should be effective before year’s end

(*) Based on OFI PEC's June 2011 NAV and the announced valuation of the other acquired assets(**) Not including OFI PEC treasury shares

Quality assets bought at attractive price:- fully paid in Eurazeo shares

- acquired assets valued at 68€/new Eurazeo share*


Eurazeo pme

- Ambition:

• Invest in companies with significant transformation potential, on the small and medium entreprise market segment (investment size between €15m and €75m)

• Investment target of €50m to €100m per year (1 to 3 companies per year)

- In a dynamic market segment:• LBO small-mid cap segment (EV between €15m and €200m)• ~90 operations per year, 1 out of 3 being a secondary transaction

- 25 -


Diversified assets

- 26 -

8 investments, 6 majority(1)

Balanced between Services and Industry

No single investment more than 26% of Gross Asset Value

(1) Dessange, FDS, Léon de Bruxelles, Mors Smitt, Gault & Frémont and Fondis. Minority Investments : IMV and BFR Groupe

Cash

26%

26%24%

7%

7%2%3%

1%4%

€168.5mas at June 30, 2011


Solid growth across the portfolio

- 27 -

(*) Perimeter at June 30, 2011

Preliminary figures H1 2011 Actual H1 2010In €m Nb. of companies Revenue EBITDA EBITDA Margin Revenue EBITDA EBITDA Margin

Majority* 6 175 27 15,4% 161 26 16,2%

Minority* 2 38 6 17,2% 48 7 15,6%

21,7

7,4

17,4

26,8

45,8

55,6

21,1

5,8

16

26,5

41,8

50,1 Openings of 7 new restaurants during the year 2011, 5 have been realised on the first semester

+1%

+11%

+27%

+3%

+9%

Change

+10%

External growth, +1% on a same basis perimeter (2 external growth operations in 2010 and 2011, together contributing €1,4M€ sales in Q2 2011)

Redeployment of its business activity Development of the product portfolio with new suppliers

in order to accelerate the group development

Good performance for the Dessange and Camille Albane franchises

Further international development

Further international development (direct setting-up or external growth)

Revenue (€m)

External growth: acquisition of STS Rail Ltd (Turnover 2010 : € 3,2M) in the UK in April 2011

H1 2010H1 2011

Dessange

Gault & Frémont

Fondis

Mors Smitt

Siem/Flexitallic

Léon de Bruxelles




Transaction overview

Transaction Purchase of 98.11% of Foncia from BPCE for €711m

ConsortiumGovernance shared equally between Eurazeo and BridgepointEquity investment (before employees) of €197m for Eurazeo and €39m for Eurazeo Partners

BPCE

• €80m of equity instruments • €20m of junior equity with returns capped at 10%• €100m of redeemable bonds in shares protecting investors’ return on investment

(i.e. repayment profile triggers only after investors money multiple exceeds 2.7x)

FinancingPrudent all-senior bank financing of €395m (maturity: 2017/2018), including a bullet tranche of €300m and additional available financing facilities of €90m to finance the company’s development

Valuation €1,017m / €917m net of redeemable bonds, 11x LTM EBITDA June 11

- 29 -


A very attractive investment opportunity (1/2)

1. France’s leader in residential real estate services

– 1st in France in lease management/rentals (8%), joint property (13%) and 4th in transactions

– Very fragmented market: less than 27% of the market in joint property and 16% for lease management held by the top 3 players

– Strong Foncia brand

– Network of 577 branches in France with national coverage and homogenous work practices

2. Recurring revenues generated from a large and loyal client base

– 84% of revenues generated through recurring activities little affected by economic cycles

– Very large client base: 1 million joint-property dwellings, 252,000 lease management properties

– Very long-term client relationships: 95% retention rate

- 30 -


A very attractive investment opportunity (2/2)

3. Strong cash flow generation

– A 90% EBITDA to cash transformation rate

– Business generates working capital resources, not needs

– Limited maintenance investment

– Moderate acquisition debt

4. A primary LBO offering opportunities for significant transformation

– Untapped organic growth potential: improving quality of service, cross-selling complementary products to existing customer base

– Extended, standardized network enables absorption of new offices

– International expansion started in Germany, Switzerland and Belgium

A recurring activity offering significant value creation potential

- 31 -


36%

31%

16%

1%8%

8%

French leader in residential real estate services

- Leader in residential real estate services- 3 complementary activities:

– Lease management / rentals#1 in France (8% market share) with 252,000 dwellings under management

– Joint property management#1 in France (13% market share) with 1 million dwellings under management

– Property transactions#4 with 12,000 sales agreements signed in 2010

- A business with strong recurrent revenues (84% of revenues)

- A network of 609 branches, of which 577 in France

- 7,000 employees of which 6,500 in France

(1) Including renting business (95% captive)

Lease management(1)/

Rentals

Joint property

Transaction

Associated servicesInternational

Client accounts

2010 revenue by activity

Revenue by country

92%5%

2%1%

FranceSwitzerland

GermanyBelgium

Recurring revenue: 84%

- 32 -


A steadily growing property management market

Market size Business description Revenue sources Market

growth

Lease management/

Rentals€2.5 bn

• Management activities (accounting, administration and legal) and research for new tenants

• Long-term customer relationships (renewal rate 95 %)

• Recurring revenues linked to fees invoiced to owners and tenants

• Interest earned on client account placements

+ 3-4 % per year

Joint property management €1.4 bn

• Joint-property owners association administers property on behalf of all owners

• Long-term customer relations (renewal rate: 95 %)

• Recurring revenues linked to fees invoiced to joint-property owners

• Interest earned on client accounts

Associated services N/A

• Financial management (SCPI, etc.), technical diagnoses, insurance brokerage and financing

• Revenues linked essentially to recurring business

• Significant source of synergies

Transactions €4.0 bn• Property value estimation,

organization of visits, preparation of pre-contracts

• More cyclical business (dependent on property market)

• Revenue proportional to volume / price of transactions

Variable

~84% of Foncia’s business

~16% of Foncia’s business

- 33 -


Strong track record of growth over the last 10 years

A unique operating model

- Organization based on standard-sized offices

- Strict operating standards, deployed throughout the network

- Historic strategy of growth through regular acquisitions

- Capability to rapidly integrate and standardize independent offices

169199

239288

351

416461

499527

575

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Revenues evolution(excluding financial income)

169

575x3.4In €m

- 34 -


Strong transformation potential

Ambition: make Foncia the benchmark reference in residential real estate services

• Promote commercial synergies between the different disciplines

• Develop new product offering

• Reinforce organic growth culture and quality of joint-property management services

• Improve quality and perception of services

• Develop new product offering

• Develop operational efficiency sources reinforcing leadership competitive advantages

• Secure synergies from acquisitions

TransactionsLease

management/Rentals

Associated services

Joint-property management(1 million dwellings in France)

Administrative and support functions

- 35 -


Financials

- 36 -

January – June (€m) H1-2011 H1-2010 Reportedchange Full Year 2010

Revenue 297.7 285.2 +4.4% 580.4

Normalized EBITDA (1)

% margin

45.0

15.1%

42.4

14.9%+6.1%

80.1

13.8%

(1) EBITDA normalized for non recurring items accounting practices and other items as identifed in the due diligence process. Reported numbers might differ

LTM Normalized EBITDA(1)

As of June 2011 = €82.8m




Key elements of the transaction

- 38 -

Moncler Key figures€429m sales and €102m of EBITDA in 2010 50 operated stores* for the Moncler brand, as of today

Purchase Price Eurazeo is purchasing a 45%-stake in the Company for a price of €418m

Transaction value1.2bn€ Entreprise Value11.6x LTM June 2011 EBITDA

Shareholder structure

GovernanceMr. Remo Ruffini to remain Chairman of the BoardEurazeo will appoint 5 board members, including the Vice-Chairman, Mr. Remo Ruffini 3 board members, Carlyle and Mittel each 1 board member

CalendarExpected closing Q4 2011Financing and equity syndication in progress

45%

32%

17,8%

5%

Eurazeo

R. Ruffini

0,3% S. Buongiovani

Carlyle

Mittel

38%

48%

13,5%

R. Ruffini

Carlyle

Mittel0,5% S. Buongiovani

(*) Operated stores include urban stores, ski resorts stores, shops in shops and outlets – excluding franchises (2) and corners (9)


Investment case

The luxury market presents attractive fundamentals and is complementary to Eurazeo’s portfolio

- The luxury apparel & accessories market is estimated at €100bn and is forecasted to grow at 6-7% p.a. - Few companies with critical mass such as Moncler are available

Strong growth prospects supported notably by an increasing exposure to emerging markets- Moncler opened 4 stores in China, and expects to open 5 more in 2011- Strong potential in Korea and Russia- Roll-out geographical reach in the USA

High profitability levels and solid cash conversion rate

Seasoned and well regarded management team that has built Moncler’s success story

Limited acquisition debt resulting in significant operating and financial flexibility (<2.5x leverage)

Exit options: sale to a strategic

- 39 -

Moncler is an attractive investment for Eurazeo


Moncler is pursuing its growth and diversification strategy (1/2)

- 40 -

51%49%

Rest of the worldItaly

H1 2010Sales

Moncler brand: continued geographical diversification

41%

59%

Strong growth for the group and for the Moncler brand in H1 2011

H1 2011Sales

Sales growth Vs H1 2010

Group +19%

Moncler brand +35%


Moncler is pursuing its growth and diversification strategy (2/2)

- 41 -

23%

77%

WholesaleOperated stores

H1 2010Sales

Moncler brand: Continued shift to retail

29%

71%

H1 2011Sales

Moncler brand: seasonal rebalancing

Spring-Summer 2011 collection sales in retail and wholesale showing strong results

• H1 2011 like-for-like growth in Moncler stores at 12%

• 2012 Spring-Summer collection orders show a good trend


Pursuing expansion of retail network

- 42 -

2010 To date End 2011

Europe 24 29 34Asia 13 17 24North America 3 4 4Total 40 50 62

Number of Operated Stores

Evolution of retail network

• 22 openings expected in 2011, versus 15 openingsin 2010 and 11 in 2009

• Balanced focus on Europe and Asia in 2011

Expand focus

Increase penetration

Strongly develop operated stores in top end locations

Intensify efforts on underpenetrated markets with strong potential


1st Half 2011 highlights

- 43 -

• Strong performance of Moncler Division (+35%), both in wholesale and retail and across key geographies

• Other Brands: +1.9%, mainly due to retail development which offsetsa lower performance in wholesale

January – June(€m) H1 2011 H1 2010 Reported

change

Revenue 189.3 158.7 +19.3%

EBITDA

% margin

30.4

16.0%

26.0

16.4%+16.6%


Investment perspectives

Growth remains very strong in H1 and is expected to continue

• All openings for 2011 are well advanced and most of them secured

• Orders in the wholesale channel are above previous year

Preparation of the transaction’s closing

• Antitrust

• Debt financing (limited leverage)

• Equity syndication

- 44 -

Expected closing in Q4 2011


OUTLOOKPatrick Sayer – Chief Executive Officer

- 45 -


Still seizing opportunities

Sale of stake in LT Participations (Ipsos) to Sofina SA

Increased stake in Intercos: - from 25.1% to 33.6% following purchase of 50% of Euraleo

from Gruppo Banca Leonardo

Reinvestment of €10m in Fonroche to finance its growth

Banca Leonardo: successful disposal of DNCA

- 46 -


A well-balanced and diversified portfolio

- 47 -

(1) With ANF taken at its NAV on the basis of an independent valuation of its assets (€39.6)(2) Cash and treasury shares net of tax(3) Restated for FY2010 distribution (bonus share and special distribution of ANF Immobilier shares)(4) Proforma NAV includes investment in Moncler

NAV/share in €

1.31.4 1.3

Additional NAV with ANF taken

at its NAV(1)

NAV/share

62.0 70.3 70.1

+ €8

Non listed

Listed

Cash(2)

ServicesElis, Edenred, Fraikin, Foncia

Mobility& leisureAccor, APCOA, Europcar

Real estateANF, Colyzeo

Otherincluding OFI

21%

28%20%

14%

9%8%

LuxuryMoncler

BtoB distributionRexel

Pro forma(4) NAV as of August 29, 2011

A further balanced portfolio

€4.0bn €63.3/share

June 30, 2010(3)

44%

42%

14%

34%

47%

19%

38%

47%

15%

December 31, 2010(3) June 30, 2011


To conclude

3 promising acquisitions

Strong operational performance of portfolio companies

- 48 -

Resilience of Eurazeo’s model and confirmed value creation potential


APPENDICESincluding Group Companies’ detailed information

- 49 -


Appendices

- 50 -

Financial appendices

Group companies’ detailed information

Financial agenda


Eurazeo’s NAV as of June 30, 2011

- 51 -

% held No. sharesShare price

in €NAV as of

June 30, 2011 (in €m)With ANF at NAV(1)

ANF @ €39.6

Private investments 1,521.3Groupe OFI(1) 128.7Public investments 1,512.9

Rexel 21.55% 57,923,503 16.60 961.6LT (Ipsos) 24.98% 32.46 55.2Accor 8.85% 20,101,821 29.17 586.3Edenred 8.90% 20,101,821 20.13 404.7Net debt Accor/Edenred -494.9Accor/Edenred net*(2) 20,101,821 496.1

Real Estate 563.2 661,5ANF net 51.72% 14,337,178 32.70 468.8 567,0Colyzeo and Colyzeo 2(2) 94.4

Other public shares 0.0Danone (pledged EB) 2.53% 16,433,370 42.60 700.0Debt Danone (EB) -700.0Danone net 0.0

Other assets 23.8Eurazeo Partners 8.3Other (SFGI, ...) 15.4

Cash 769.4Non-affected debt -110.3Tax on latent capital gainsand other tax assets -104.9 -124.2

Treasury shares 3.42% 2,145,140 94.0TOTAL VALUE OF ASSETS AFTER TAX 4,398.0 4 ,477.0NAV PER SHARE 70.1 71.4NUMBER OF SHARES 62,743,286 62,743,286

(*) Net of allocated debt(1) OFI PEC shares are valued on the basis of the NAV communicated by OFI PEC. OFI PE Commandite shares and Eurazeo-PME shares

are valued at their acquisition price. The NAV presented here includes OFI PEC’s holdings of 76.4%.(2) Accor/Edenred shares held indirectly through Colyzeo funds are included on the line for these funds.

Methodology: compliantwith IPEV guidelines- Private investments:

valuation primarily based on multiples of comparables or of transactions. Values retained were the subjectof a detailed review by an independent professional appraiser

- Public companies: average over a 20-day period of the volume-weighted share price


Eurazeo’s NAV as of August 29, 2011

Methodology: compliantwith IPEV guidelines- Private investments:

valuation primarily based on multiples of comparables or of transactions. Values retained were the subjectof a detailed review by an independent professional appraiser

- Public companies: average over a 20-day period of the volume-weighted share price

(*) Net of allocated debt (1) OFI PEC shares are valued on the basis of the NAV communicated by OFI PEC. OFI PE Commandite shares and Eurazeo-PME shares

are valued at their acquisition price. The NAV presented here includes OFI PEC’s holdings of 95.3%.(2) Accor/Edenred shares held indirectly through Colyzeo funds are included on the line for these funds.

% held No. sharesShare price

in €NAV as of August 29,

2011 (in €m)With ANF at NAV(1)

ANF @ €39.6

Private investments 1,732.7Groupe OFI(1) 157.6Public investments 1,101.7

Rexel 21.55% 57,923,503 13.74 735.9Accor 8.85% 20,101,821 24.81 498.7Edenred 8.90% 20,101,821 17.88 359.4Net debt Accor/Edenred -492.2Accor/Edenred net*(2) 20,101,821 365.8

Real Estate 541.8 669.9ANF net 51.63% 14,337,178 30.61 439.9 567.0Colyzeo and Colyzeo 2(2) 102.9

Other public shares 0Danone (pledged EB) 2.53% 16,433,370 42.60 700.0Debt Danone (EB) -700.0Danone net 0

Other assets 21.4Eurazeo Partners 7.0Other (SFGI, ...) 14.4

Cash 557.1Non-affected debt -110.3Tax on latent capital gainsand other tax assets -85.0 -110.2

Treasury shares 3.58% 2,259,617 81.0TOTAL VALUE OF ASSETS AFTER TAX 3,997.9 4,100.9NAV PER SHARE 63.3 64.9NUMBER OF SHARES 63,141,655 63,141,655

- 52 -


Strong increase in companies’ results

- 53 -

(1) 2010 pro forma adjusted for exit of B&B Hotels.

(in €m) H1 2011 H1 2010(1) %

Consolidated revenues 1,907.7 1,810.9 +5.3%

Europcar 61.4 62.2 -1.3%

Elis 87.2 84.2 +3.5%

APCOA 13.8 12.6 +9.6%

ANF 38.1 27.2 +40.1%

Adjusted EBIT 200.5 186.2 +7.7%

Profit from equity affiliates 35.2 9.5 +269.1%

Total 235.7 195.8 +20.4%


Use of cash

- 54 -

909

557

December 31,2010

in €m

• Cash proforma of investment of Moncler ~€200m• Successful refinancing of Eurazeo’s syndicated credit line during summer 2011

(102)

(64)

(67)75

(154)

(40)

Dividendsreceived

Dividendspaid

Reimbursementof Immobilière Bingen’s debt

Financial costs

Fonroche & Fonciainvest. & sale of LT (Ipsos)

Other

August 29, 2011

Amount: €1bn Maturity: July 2016


Appendices

- 55 -



Financial agenda


Strong 1st Half 2011 revenue performance,up 5.8% like-for-like to €2,973m, led by steady rise in occupancy rates and a gradual recovery in average room rates

Successful disposal of Le Nôtresold to Sodexo at an enterprise value of €75m; Closing expected by the end of September

Successful refinancing of existing facility, with 1.5 billion euro Syndicated Line of Credit

ECONOMIC INTEREST

8.85%EQUITY METHOD

- 56 -



- 57 -

H1 like-for-like Q2 2011Hotels +5.9% +6.1%

Upscale and Midscale Hotels +6.0% +6.2%

Economy Hotels excluding the U.S. +6.4% +6.7%

Economy Hotels in the U.S. +3.7% +3.4%

Acceleration of the performance in the 2nd Quarter

France: strong performance in the 2nd

Quarter. Revenues up 7.4% like-for-like in Up & Midscale and 5.7% in the Economy also thanks to the Paris Airshow in June

H1 like-for-like TotalEBITDAR +9.7% €897m

EBIT +44% €199m

Robust growth of EBITDAR and EBIT

Good flow-through ratio standing at 49% at the group level, despite the impact of Ivory Coast and Egypt

Accor is on track to meet its full year target of 30,000 new rooms and the two-year target of €1.2bn impact on the net debt from asset disposal- 13,700 rooms were opened in the period, 78% of which under management and franchise contracts, in line with the asset

right strategy- Two Sale & Management-Back agreements signed in July: Pullman Bercy (€105m - 6.5% yield) and Sofitel Paris Arc

de Triomphe (€69m)

On May, Accor closed a €1.5bn syndicated line of credit with a group of leading banks- Replacing the €2bn syndicated credit facility signed in June 2007, subsequently reduced to €1.7bn, expiring in June 2012- This new five-year facility will lengthen the average maturity of Accor’s financing at favorable conditions


Financials

Note: PF = Pro Forma = Excluding discontinued operations (Edenred, demerged during the period, and Groupe Lucien Barrièreand the Onboard Train Services business, reclassified in discontinued operations in accordance with IFRS 5).

January – June (€m) H1-2011 H1-2010 Reportedchange

Comparablechange

Revenue 2,973 2,849 +4.4% +5.8%

EBITDAR

% margin

897

30.2%

835

29.3%

+7.5%

+0.9pt

+9.7%

+1.1pt

EBIT

% margin

199

6.7%

156

5.5%

+27.6%

+1.2pt

+44.0%

+2.0pt

Net debt 559 964 -42.0%

IFRS

- 58 -

Intense business activitywith strong financial results

Guidance reiterated INTEREST

51.7%FULLY CONSOLIDATED

- 59 -



Strong financial results- 2011 H1 Rents +36% ; like-for-like growth by 12% ; 23% on city-center portfolio- 15% increase in recurring cash-flow- Printemps (Lyon) renewal rent fixed by Court at €2.1m (vs. €0.4m)

One-off impact on revenues for €7.8m (June 2006- Dec 2010)

Appraisal = €1,607m- NAV= €40.5 per share - Low gearing, LTV= 30%

In market liquidity- Integration of EPRA Index still an objective for March 2012

- 60 -


Financials

January – June (€m) H1-2011 H1-2010 Reported change Comparablechange

Rents 45.2 34.0 33.0% 35.8%*

City-center 28.8 17.7

B&B 16.5 16.2

EBITDARecurring EBITDA% margin

38.330.5

81.6%

27.427.4

80.6%

40.0%11.4%1pts

Current cash flowRecurring cash flowPer share

29.621.70.80

18.918.90.69

56.8%15.3%15.1%

15.2%

NAV 40.5 38.5 5.2%

LTV 30% 30% -

IFRS

- 61 -

* Including one-off impact from Printemps; recurring rents: +12.3%


Sustained growth in revenueon the back of continued traffic recovery in existing contracts

Recovery in EBITDA margin thanks to the successful renegotiation of UK contracts, a more selective approach on new business and a tight control on costs

Net debt under control,with continued improvement in liquidity management and working capital

INTEREST


- 62 -



H1 2011 revenues of €359.5m, up 9.1% vs. H1 2010 on a reported basis and +7.8% on a comparable basis

- Strong performance in the existing business, with rebound in all key segments

- Sustained commercial performance

H1 2011 EBITDA of €23.6m, up 10.8% vs. H1 2010 on a reported basis and +10.1% on a comparable basis

Clean-up of the legacy issues, which have affected the company in the past, and initiatives to enhance the quality of the business, which should both continue to benefit the company in H2 2011

- Successful renegotiation of main loss-making contracts in the UK, which should fully benefit the company in H2 2011

- More selective approach on new business, to enhance the margin and the cash generation of the portfolio

- Continued control on costs

- 63 -


Financials


Change at constant exchange rates

Revenue 359.5 329.6 +9.1% 7.8%

EBITDA

% margin

23.6

6.6%

21.3

6.5%+10.8% 10.1%

Net debt 634 602

- 64 -

Robust growth in H1 2011, with an acceleration in Q2:

Issue volume up 10% like-for-like,with 21% growth in Latin America

Funds from operations up 20% like-for-like,in line with the Group’s guidance of normalized growth over 10% per year like-for-like

EBIT up 12.1% like-for-like, operating flow-through ratio of 49% before digital extra costs

FY 2011 EBIT target: €340m to €360m

INTEREST

8.90%EQUITY METHOD

- 65 - 1ST HALF 2011 RESULTS



- 66 -

LflIssue Volume France

Rest of Europe Europe

Latin America

H1 2011 +10.0% +2.3% -0.3% +0.6% +21.0%

o/w Q1 +9.0% +2.9% -2.0% -0.3% +20.5%

o/w Q2 +10.9% +1.7% +1.3% +1.4% +21.5%

Issue Volume: faster growth in Q2, reflecting robust business in Latin America and first signs of stabilization in Central Europe

Robust business in Employee Benefits (+10% lfl in H1), Expense Management (+19% lfl in H1) and Public Social Programs (+17% lfl in H1)

Incentive & Reward negatively impacted by the B2C Kadéosgift activity (-3% lfl in H1)

Europe: excluding CONSIP contract loss in Italy, Q2 lfl growth would be up +3.7% (vs. +2.2% in Q1), reflecting first signs of stabilization in Central Europe

Latin America: Strong momentum in Q2, thanks to job creation and higher penetration rates and face value

Issue Volume:

Operating revenue (excluding financial revenue):

Operating EBIT (excluding financial revenue): • Up +10.8% like-for-like, operating flow-through ratio of 49% before digital extra costs• +1.8 pts lfl improvement before digital extra costs of operating EBIT as a % of operating revenue

LflOperating revenue France

Rest of Europe

Latin America

H1 2011 +9.2% -0.3% +3.0% +18.5%

o/w Q1 +6.6% -1.1% -1.1% +17.4%

o/w Q2 +11.7% +0.6% +7.5% +19.5%

France: Positive trends in meal vouchers: up +4.2% lfl in Q2 (vs. +2.9% lfl in Q1)

Still a difficult situation in the B2C gift segment, due to business disruption with the largest distributor FNAC (down -36.0% lfl in Q2)

Rest of Europe: Better trends in core business mainly driven by first signs of stabilization in Central Europe


Financials

January – June (€m) H1-2011 H1-2010 Reported change Comparablechange

Issue Volume 7,264 6,615 +9.8% +10.0%

Operating Revenue 456 422 +8.1% +9.2%

Financial Revenue 44 39 +14.8% +16.0%

Total Revenue 501 461 +8.6% +9.8%

Operating EBIT

% Op. EBIT/IV

123

1.7%

116

1.8%

+5.7% +10.8%

Total EBIT 167 155 +8.0% +12.1%Net debt 338 320

IFRS

- 67 -


Growth driven by acceleration of hotel andhealth segments growth, recovery of industry segment in France and international development

Sales +7.1% and EBITDA +4.0%

INTEREST


- 68 -



- 69 -

H1 2011 Like-for-like

Sales +7.1% +2.3%

France +2.1% +2.0%

Hotels & Restaurants +5.1% • Acceleration of the growth

Industry, Trade and Services +1.9% • Slight recovery

Health market +3.4% • Continued growth

International +38.2% +3.2%

Production +5.0% +5.1%

Sales

H1 2011 Like-for-like

EBITDA +4.0% +1.0%

EBITDA Slight decrease in margin due to:

• Greater weight of international (margin slightly lower than in France) in growth

• Excluding one-off effect, H1 2011 EBITDA: +5.7%


Financials

- 70 -


Like-for-like change

Revenue 559.0 522.0 +7.1% +2.3%

EBITDA

% margin

173.6

31.0%

166.9

32.0%

+4.0% +1.0%

Net debt 1,940 1,857


Launch of new productsProduct innovation

- 71 -

Extremely promising start of Duo ‘duvet+bedding’ launched in February 2011

More than 50 customers have signed for a monthly revenue of €70k (or €840k on an annual basis)

Ramp-up of Range Exclusiv’ launched in 2010

(1) Rebased to 100

100129 130

166

287

396

469500

532

100

150

200

250

300

350

400

450

500

550

600

nov.-10 déc.-10 janv.-11 févr.-11 mars-11 avr.-11 mai-11 juin-11 juil.-11

Range Exclusiv'Turnover Evolution (1) - Europe


Market opening:First University Hospital (CHU) in France

- 72 -

• Elis continues to open the market (defined as service of rental and maintenance of textile)

• The conversion to outsourcing of textile maintenance in public hospitals represents a significant market and may contribute to the reduction of costs in the hospitals

This is a key achievementElis has just been selected to outsource the laundry of Caen University Hospital. Beyond the contract size, it is essential to notice that this is the first university hospital of France outsourcing this activity.

This Hospital becomes the largest Healthcare institution of Elis.


60

70

80

90

100

ID’Elis continuous improvement

- 73 -

2010

2011

DecemberOctoberAugustJuneAprilFebruary

The ID’Elis program continues to deliver

(*) Rebased to 100

An effort has been undertakento reduce the number of Service reps who don’t develop their customers

60

70

80

90

100


Continued reduction of detergents per Kg Continued reduction of energy per Kg

20%

30%

40%

50%

60%


Rate of service reps who haven’t signed new contracts qualified as rate of non-signature


European policy for Human Resources development

• Development of partnerships with Engineering Schools (ex: ENSAM) and Business Schools (ex: EUROMED) to attract strong candidates with solid potential

• Start of a European recruitment policy• Exchange program of middle managers

within the European countries• Creation of new tools to improve visibility

of Elis brand Vs potential candidates all over Europe

- 74 -


Acquisitions / strategic agreements

Status on integration of September 2010 acquired businesses in Spain• 2 factories have been closed and production has been reallocated to reduce logistic costs• Integration of acquired businesses (customer relationship, invoicing and accounting)

within Elis IT systems• Reorganization of deliveries to optimize logistic costs under process (several routes already

saved but remaining potential identified)• Overall reorganization costs slightly above expectations

Elis continues to expand in Spain and Switzerland:• As a result of the acquisition of Blanchatel in H1 2011:

- More than 350 collaborators in Switzerland spread over 7 industrial sites

- Consolidated annual revenues exceeding 34 million Euros in Switzerland

- Reinforcement of leadership in Swiss Romandy in rental and cleaning of textiles for the hospitality and healthcare sectors

• Exclusive agreement with LHA laundry (Andalucia): - An Elis service center will be created in the premises of the laundry. LHA will concentrate on the production

- With Seville and Archidona, improved coverage of Andalucia (area of more than 10 million inhabitants)

- 75 -


Stable profit and new investments despite adverse market conditions

3Y Plan initiatives underwayINTEREST


- 76 -



Revenue and adjusted operating income stable vs H1 2010- Market: recovery limited to low-contributive segments and increased competition

- Europcar: selective approach of business with sustained pricing strategy (RPD improvement of 1.5% at constant exchange rates) and exit from unprofitable contracts

- Reinvestment of productivity gains and pricing strategy into brand enhancement and new marketing initiatives

- Stable operating margin on tight fleet management and cost control despite modest revenue growth

3Y Plan initiatives underway- Systematic customer satisfaction assessment

- Advertising campaigns

- Sponsoring initiatives (Team Europcar)

- Innovation into new urban mobility solutions (car2go)

- 77 -


Financials

(1) Excluding acquisition-related and reorganization expenses, as well as non-recurring items, and after add-back of interest expense included in fleet operating lease rents(2) Net debt at constant exchange rates including notional debt related to fleet operating lease agreements for €1,329m at end June 2011 (€1,104m at end June 2010)

At constant exchange rates Reported

January - June (€m) H1-2011 H1-2010

At 2011exch. rates

Change H1-2011 H1-2010 Change

Revenue 909.6 908.4 +0.1% 909.6 903.5 +0.7%

Adjusted Operating Income(1)

% margin61.46.7%

62.56.9%

-1.9% 61.46.7%

62.26.9%

-1.3%

Average net debt(2) 3,110 3,024 +2.8% 3,110 3,019 +3.0%

Average operating net debt(excluding corporate High Yield Notes)

2,285 2,224 +2.7% 2,285 2,219 +2.9%

- 78 -

Solid organic sales growth

Improved profitability

Strengthened financial structure

INTEREST

21.6%EQUITY METHOD

- 79 -


Q2 and 1st Half 2011 and highlights

- 80 -

+6.1%

+18.0%

+6.6%

+7.9%

+5.6%

Group

Latin America

Asia Pacific

North America

Europe

Group

(1)

Solid organic sales growth (+6.1%) in H1 2011

• 3rd consecutive quarter in growth in volumes• Tougher comparable base: Q2 2010

marked the return of the growth

4.9%5.7%

Q2 2010 Gross margin improvement

Opex reduction

Q2 2011

+10bps

+70bps

(2)

+80bps

• +10bps increase in gross margin in Q2

• EBITA(2) margin up 80bps to 5.7% in Q2

(2)

Improved profitability

Strengthened financial structure

• Free cash flow before interest & tax of €123m• Indebtedness ratio at 3.0x EBITDA at June 30 (vs 3.19x at Dec 31, 2010)• Enhanced financial flexibility and extended debt maturity through a €500m bond issue in May 2011

(1) Q2 2011 over Q2 2010 Growth(2) At comparable scope of consolidation and exchange rates, excluding the non-recurring effect related

to changes in copper-based cables price and before amortization of purchase price allocation


Financials


Like-for-like and same-day change

Revenue 6,163 5,745 +7.3% +6.1%

EBITA% margin

3345.4%

2574.5%

+29.7% +29.4%

Net debt 2,364 2,535

- 81 -

Strong growth and good profitability

Promising international development

€10m additional investment to support international activities and development in other renewable energies

INTEREST

28.4%EQUITY METHOD




Strong financial performance

- EBITDA: up to €16.1m (6 months 2011) vs. €1.0m (6 months 2010)

- Consolidated sales: €66.4m (6 months 2011) vs. €13.0m sales (6 months 2010)

Very promising development in Puerto Rico

- Advanced discussions on a 40 MW contract in Puerto Rico

- Continued efforts to start activities in Africa, India and Brazil

- 83 -

Eurazeo has re-invested €10m in June 2011 to support Fonroche’sdevelopments outside France and in other renewable energies


Financials

(€m) Jan-June 2011(6 months)

Jan-June 2010(6 months)

Revenue 66.4 13.0

EBITDA

% margin

16.1

24.3%

1.0

7.6%

Net debt 53.9 (6.2)

- 84 -

Long term rental activity still low but strong rebound in short term rental

Strong increase in profitability thanks to the continuing costs and organizational streamlining policy

INTEREST

13.2%EQUITY METHOD




Sales decrease limited to 2.0%, thanks to a balanced effect:

- Long term contract hire sales decrease by 4.6% versus H1 2010

- However, the commercial activity suggests an improvement in activity in the coming months

- Short term rental sales, still very strong, increase by 12.9% versus H1 2011

Profitability

- Strict control over operations costs and overheads enables the company to further improve its operational margin

- Further improvement expected in 2011 thanks to initiatives launched on purchases and to the merger of the two French networks

- As during all the crisis, capital gains on resale of used trucks remain positive

- 86 -


Financials

January – June (€m) H1-2011 H1-2010

Revenue 338.1 345.1

EBITA Rental

% of sales

54.5

16.1%

54.3

15.8%

Capital Gains 2.7 1.9

EBITA

% of sales

57.4

17.0%

56.5

16.4%

- 87 -

Net revenues up 17% to €73.6m, net profit down 32% to €6.1m due to approximately €8m exceptional items affecting the yoy comparison

Wealth Management is stable after the 2010 impressive growth, while the Advisory business shows significant growth

Successful disposal of DNCA to TA Associates and brokerage activities to Kepler focusing on the core businesses

INTEREST

19.4%




Advisory recovers from the crisis especially in the second quarter- Although the M&A market especially in Italy is still suffering the effects of the crisis, Banca Leonardo

performed well in the first semester- Among others, Leonardo advised Eurazeo and Bridgepoint to acquire Foncia, and on the sale

of Italian Network from Gaz de France to the F2i – AXA consortium

Wealth management performance is in line with prior year- Assets under management increased to €5.2bn, from €5.1m as of December 2010 and from €4.9m

as of June 2010- French structure of Banque Leonardo is being strengthened

€272m proceeds from the sale of DNCA to TA Associates occurred in July- Banca Leonardo keeps 10% interests in Newco and will distribute products in Italy- Thanks to this sale, a significant dividend could be distributed in 2012

5% stake in Kepler thanks to the sale of “Brokerage and Research”Strengthening core businesses, M&A advisory and Private Banking- New MDs to be hired to develop the advisory business as well as additional private bankers- Streamlining of other activities and staff reduction consistently with the disposal of non core activities

such as those sold to Kepler

- 89 -


Financials

(1) Pro-forma to exclude DNCA (2) H1 2011 after - €1.6m extraordinary losses following an asset sales, H1 2010 including €6.5m non recurring profits(3) €5,105m as of December 2010 (4) €37m dividends distributed on May 2011 (o/w €6m for Eurazeo)

January – June (€m) H1-2011 H1-2010 (1) Change

Total net revenue 73.6 62.7 +17.3%

Group profit (2)

% margin

6.1

8.3%

9.014.3%

-31.9%

Total customer financial assets(3) 5,247 4,856 +8.1%

Total equity(4) 547.9 553.0 -0.9%

- 90 -

INTEREST

25.1%(1)

EQUITY METHOD

- 91 -

1. On July 2011, Eurazeo bought 50% of Euraleo from Gruppo Banca Leonardo: Eurazeo now fully owns Euraleoand the economic interest in Intercos passed from 25.1% to 33.6%. Percentage of control does not change

Sales and EBITDA continue significant year-on-year increases, confirming 2010 positive trend after 2009 poor results

Order intake and order book even higher than in 2008

Eurazeo increased its stake in Intercosand the economic interest is now 33.6% (1)




Very strong performance in the first semester - YTD business volume (Order volume & Sales) is ca. 15% above previous year; order book well ahead

of previous year and currently at same level as in June 2008

- EBITDA is ca. 23% above previous year (+€2.8m), EBITDA margin increased by 0.8 pp

- Business growth is still driven by US (+27% or +€8.3m sales yoy(1)) and Skin Care (+43% or +€4.4m(1)). Europe, flat in 2010, is increasing at a faster pace this year (+8.7% or +€6.1m (1))

Net debt decrease to €210.8m (- €50m vs June 2010) as a result of:- €50m preferred equity injection from majority shareholder Mr. Ferrari

- Several extraordinary and non cash items (refinancing fees and fair value adjustments) and the debt service off-set the positive operating cash flows (ca. €13m on a LTM basis)

- Operating cash flows are slightly negative in H1 2011 (-€1m) because of typical seasonality and to sustain business growth : YTD sales have been only partly cashed-in to date and inventory increased in preparation of higher sales in second part of the year

Willingness to exploit valuable growth opportunities and be closer to the customers- Serving customer globally improving cost position, optimizing industrial footprint

- New project to open a factory in Brazil, leveraging on existing customers to better serve the 3rd cosmetic market worldwide (1st in terms of volumes) and enabling the entrance into other Latin American countries

- 92 -

1. Changes at current exchange rates and before intercompany eliminations


Financials

- 93 -

January – June(€m) H1-2011 H1-2010 Change

Revenue 129.5 112.8 +14.7%

EBITDA

% margin

15.1

11.7%

12.3

10.9%

+22.8%

+0.8 pp

Net debt (1) 210.8 261.0 -19.2%

Average €/USD 1.40 1.33 +5.3%

End of the period €/USD 1.45 1.23 +17.9%

1. (i) M. Ferrari subscribed and paid up for €25m preferred equity in December 2010 and €25m in March 2011; (ii) IRS fair value as of June 2011 : €3.9m


FOCUS

managed by


Léon de Bruxelles

- 95 -

• The French specialist in Belgian bistro (mussels/french fries)

• Leader of the diversified themed restaurant market

• 64 restaurants at the end of June 2011

• Able to handle 5 to 7 restaurant openings a year

Activity

Key events• Turnover increase by +10.9% and by + 4.6 % on a comparable range

• Openings of 7 new restaurants during the year 2011, 5 have been realized on the first semester

• Sale of 6 restaurant buildings finalized on the second semester

• A franchise contract has been signed for the opening of a restaurant in London during the second semester

Turnover (in €m)

At 30/06/2011 55.6

At 30/06/2010 50.1

Var. +11%


Dessange International

- 96 -

Key events

• Good performance for the Dessange and Camille Albane franchises

• Completion of the acquisition of the Dessange master franchise in the U.S.

• Further international development

Turnover (in €m)

At 30/06/2011 26.8

At 30/06/2010 26.5

Var. +1%

• 1,000 franchised hair salons under three highly renowned trade names:DESSANGE Paris, Camille Albane and Frédéric Moréno

• Franchise: securing of franchise revenues with guaranteed minimum• Distribution in the three cosmetics networks of products conceived and made

by Dessange• Dessange Paris Brand licenses (esp. L’Oréal) for a product sale

in department stores• 40% of the salons outside France• Around 20 owned and operated “showcase” salons and ownership

of the plant that produces the products sold by the network

Activity


• World leader of industrial sealing solutions made for refineries, chemical and petrochemical plants, nuclear power stations and gas pipelines

• Integration of 3 companies: - Siem (oct 2006), leader in France- Flexitallic (oct 2007), with production sites in the US, the UK and China,

and a distribution network covering 46 countries- Novus (april 2008), operating in the UK and Middle-East

Financière de Siam

- 97 -

Activity

Key events • Realization of operational synergies, integration of Flexitallic UK and Novus, implementing centralized corporate functions

• Ongoing finalization of acquisition of 2 UK-based companies(£2.5m turnover each)

• Further international development (direct setting-up or external growth)

Turnover (in €m)

At 30/06/2011 45.8

At 30/06/2010 41.8

Var. +10%


Mors Smitt

- 98 -

• World leader of electromecanical relays:for the international railway market (rolling stock and infrastructures)

• Established in more than 25 countries

• 79% of the turnover realised outside France

Activity

Key events • Good visibility on the activity

• Refinancing of the mezzanine the 31st of March 2011

• Great prospects for the new energy measurement systems (MSAV) with the main world manufacturers

• Potential slow-down on the Chinese railway market due to political issues

• External growth: acquisition of STS Rail Ltd (turnover 2010: €3.2m) in the UK in April 2011, company located near Birmingham and manufacturing electromechanical relays according to British specifications

Turnover (in €m)

At 30/06/2011 21.7

At 30/06/2010 21.1

Var. +3%


Gault & Frémont

- 99 -

• French leader of specialty packaging for the bakery and pastry shop industry, for agro-food and large-scale distribution networks

• Specialized in medium-sized and large series

• Reactivity and performance of the industrial tool

• A resilient market

Activity

Key events

• Two external growth operations in 2010 and 2011, together contributing €1.4m sales in Q2 2011

• Diversification of clients / products

Turnover (in €m)

At 30/06/2011 17.4

At 30/06/2010 16.0

Var. +9%


Appendices

- 100 -



Financial agenda


Financial agenda

November 10, 20113rd Quarter 2011 Revenues

March 16, 2012FY2011 Revenues & Results

May 10, 20121st Quarter Revenues

August 29, 20121st Half Revenues & results

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About us

www.eurazeo.com

Research on Eurazeo• Alpha Value Catherine Radiguer

• Cheuvreux Amandine Latour

• Deutsche Bank David Cerdan

• Exane BNP-Paribas Charles-Henri de Mortemart

• Goldman Sachs Markus Iwar

• HSBC Pierre Bosset

• JP Morgan Cazenove Christopher Brown

• Kepler Pierre Boucheny

• Oddo Quentin Philippe

• SG Patrick Jousseaume

• UBS Denis Moreau

Investor Relations contactsCarole Imbert

• [email protected]+ 33 (0)1 44 15 16 76

Sandra Cadiou• [email protected]

+ 33 (0)1 44 15 80 26

Eurazeo shares• ISIN code: FR0000121121 • Bloomberg/Reuters: RF FP, Eura.pa• Indices: SBF120, DJ EURO STOXX, DJ STOXX

EUROPE 600, MSCI, NEXT 150, LPX Europe, CAC MID&SMALL, CAC FINANCIALS

• 63,141,655 shares in circulation• Statutory threshold declarations 1%

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FY 2010 RESULTS ACCELERATING CHANGE - Eurazeo · 2016. 11. 14. · EBITDA marginup 90bps...

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