fy 2014 results - eurazeo · 2016-11-14 · we have delivered a solid return to shareholders 13 fy...
TRANSCRIPT
FY 2014 RESULTS
March 17, 2015
ACCELERATING TRANSFORMATION
Contents
FY 2014 RESULTS2
Transformation drive
Business model geared to value creation
Growth momentum
• Well-balanced portfolio
• Strategy at the crossroads of megatrends & transformation levers
• Alpha generation
• Investment strategy
• Two major IPOs
• Transformation levers bearing fruit
• Active and diversified dealflow
• FY 2014 Results
• Strong financial position
• Change in NAV
• Steadily growing return to shareholders
GROWTH MOMENTUM
FY 2014 RESULTS3
Solid revenue growth in 2014
FY 2014 RESULTS4
3,788 4,086
1,2591,322
2013 2014
+5.0%
+7.9%
Companies consolidated
under equity method
Fully consolidated
companies
5,0475,408
ECONOMIC REVENUES
In €mGrowth at constant Eurazeo scope
+7.1%
Q4 2014
growth:
+9.6%
1,06
8
446
1,97
3
580
283
1,14
9
526
1,96
9
595
364
1,18
5
532
1,93
6
565
489
1,22
5
566
1,90
3
595
581
124
828
1,33
1
627
1,97
9
641
694
175
965
Growth momentum across the portfolio
FY 2014 RESULTS5
+6%
+9%
+4%
+0%
2010
2011
2012
2013
2014
+25%
+16%
+7%
+3%
+40%
x%
(*) Eurazeo PME: majority investments (portfolio as of December 31, 2014)
*
SALES
in €m CA
GR
Continued increase in companies’ contribution (1/2)
FY 2014 RESULTS6
154
231+50%
20142013Proforma
7
90
238
183
231
2010 2011 2012 2013 2014
CAGR 2010-2014
reported
+140%
CONTRIBUTION OF COMPANIES NET OF FINANCE COSTS
In €m
Continued increase in companies’ contribution (2/2)
FY 2014 RESULTS7
2014 2013 PF Change
Adjusted EBIT of Group consolidated companies
607 546 +11.3%
Cost of financial debt of Group consolidated companies (net)
(442) (434) -1.7%
Results for companies consolidated by the equity method, net cost of debt
65 43 +53.2%
Contribution of companies’ net cost of debt 231 154 +49.8%
CONTRIBUTION OF COMPANIES NET OF FINANCE COSTS
In €m
Increasing EBITDA on 96% of the asset value
FY 2014 RESULTS8
(*) Eurazeo PME: majority investments (portfolio as of December 31, 2014)
(**) Europcar: adjusted Corporate EBITDA
(***) Asmodee: comparable change excluding acquisitions
347
59
128
80
91
371
64
92 87
114
377
68
119
90
162
401
78
157
102
192
13
242
429
84
213
125
233
22
261
*
EBITDA
in €m
2010
2011
2012
2013
2014
x%
CA
GR
+5%
+9%
+12%
+26%
+14%
+32%
+62%
+8%
**
***
Profit & Loss details
FY 2014 RESULTS9
(€m) 2014 2013 PF
Contribution of companies’ net cost of debt 231 154
Change in value of real estate properties (29) 15
Capital gains (net) 75 915
Other(1) (67) (48)
Taxes (39) (51)
Non-recurring items (284) (216)
Net consolidated income (113) 769
Net consolidated income Group share (89) 645
(1) Revenue at the holding company, amortization of commercial contracts, net cost of financial debt of holding sector and operating costs
Non-recurring items
10 FY 2014 RESULTS
Total non-recurring items (€m) (284)
• Europcar (141)
• Elis (53)
• Eurazeo Croissance (45)
• Accor (16)
• Others (39)
Derivatives and taxes 10
Strong financial position
FY 2014 RESULTS11
x
1x
2x
3x
4x
5x
6x
48%
40%
33%
(1) Consolidated leverage = (consolidated net debt – value of assets which do not
contribute to adjusted consolidated EBITDA) / adjusted consolidated EBITDA;
Corporate debt and Corporate EBITDA for Europcar – Proforma of Elis IPO
(2) Europcar: corporate Net debt / Corporate EBITDA
(3) Foncia: proforma of acquisitions in 2014
(4) ANF: loan-to-value ratio
(2)
2014PF IPO
2012 2013 2014
REASONABLE LEVERAGE AT PORTFOLIO LEVEL
No debt at company level
Solid cash position: €597mas of Dec. 31, 2014
Portfolio companies’ debts are non recourse to Eurazeo
AT CONSOLIDATED LEVEL
Consolidated
leverage(1): 1.9x
AT EURAZEO LEVEL
SOUND FINANCIAL
STRUCTURE
<3x
(3) (4)
Change in NAV
4,6164,751
5,108
+36 -80
+580
+298 -698
+397 -41
Non Listed
+€878m
Listed
-€44mListed
+€397m
NAV
12/31/2013
NAV
12/31/2014
NAV
03/11/2015
FY 2014 RESULTS12
€69.2/share
€74.6/share
€67.3/share*
Change in value
Acquisitions Disposals, dividends,cash and others
(*) Adjusted for bonus share allocation
We have delivered a solid return to shareholders
13 FY 2014 RESULTS
1,925
4,615
2,690
708
357
745
1,810
June 30, 2002 March 11, 2015 Ordinary dividend Special dividend Share buyback Shareholder value,
March 11, 2015
Shareholders’ return
Increase in
market cap up
to March 11, 2015(1)
Market cap
1,925
6,425
TSR CAGR
Eurazeo +237% +10%
CAC 40 +93% +5%
Eurazeo outperformed the index over a long period of 12 years(2):
Active share buyback policy and regular dividend distribution:
Eurazeo has distributed ~94% of its market capitalization since June 30, 2002 (appointment of current management team)
(1) Including capital increases. Source: Bloomberg
(2) Between July 1st, 2002 and March 11, 2015
DIVIDEND DISTRIBUTION In €m
We are steadily increasing our dividend distribution
14 FY 2014 RESULTS
38 45 4557 63 63 64 67 74 76 75 79
29364
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013* 2014 2015
Special dividend
Ordinary dividend
Special dividend
(cash)Special dividend
(ANF Immobilier shares)
DIVIDEND DISTRIBUTION
In €m
FY 2014 Dividend
€1.20/share
Bonus share
1 for 20
Ordinary dividend CAGR:
+7% over 11 years
* Purchase and cancellation at 5.8% of total shares in 2013
TRANSFORMATION DRIVE
FY 2014 RESULTS15
Investment strategy implemented over our 4 divisions
FY 2014 RESULTS
Primarily growth investments while keeping a resilient investment base
Extended investment capacity through a dedicated co-investment fund
Smaller minorityinvestments
CIO appointedStrategy validated
by the Board
Mid to large companies
Smallmidcaps
Growthequity
Realestate
Strategy
Equity
investments >€75–100m €15–75m €15–20m -
16
International: central to our strategy
FY 2014 RESULTS17
SHANGHAI OFFICE
• Assistance to portfolio
companies to develop
their footprint in China
• Partnership IES / Wanma
• JV Colisée / China
Merchant
2014 achievements
• Desigual
2014 achievements
DIRECT INVESTMENTS
in global companies
PARTNERS
• Shareholders, investors, LPs,
advisors, etc.
BUILD-UPS
• Atmosfera by Elis
• Days of Wonder and
FFG by Asmodee
abroad
2014 achievements
• Ongoing dealflow
2014 achievements
FY 2014 RESULTS18
Truly defining
IPOs
• Success
of Elis’ IPO
• Europcar is next
Transformation
levers bearing fruit
• Moncler and
Accor: significant
upside on both
companies
Active and
diversified dealflow
• InVivo NSA and
more to come
Elis: successful transformation and IPO, room for further upside
HISTORICAL NET SALES EVOLUTION (in €m)
1,068 1,149 1,185 1,2251,331
2010 2011 2012 2013 2014
+6%
A SUSTAINABLE PROFITABLE GROWTH (EBITDA, €m)
347
429
2010 2014
EBITDA margin 32.2%32.5%
+5%
CAGR
CAGR
• Room for further re-rating on good prospects not yet discounted in the share price
OVERVIEW OF THE OPERATION
Issue of new shares €700m
@€/share 13.00
Shares sold after exercise
of the over-allotment option 11.7m
Economic holding 35.1%
11-Feb-15 17-Feb-15 23-Feb-15 1-Mar-15 7-Mar-15
+13.6%
SHARE PRICE (in € as of March 11, 2015)
13.0
14.77
11-Mar-15
INVESTOR PRESENTATION19
Europcar: confirmation of an outstanding recovery
FY 2014 RESULTS20
92119
157
213
4.7%6.1%
8.2%
10.8%
Dec. 2011 Dec. 2012 Dec. 2013 Dec. 2014
>x2
Margin
TURNAROUND IN REVENUE
REGULAR INCREASE IN CORPORATE EBITDA
Adjusted Corporate EBITDA
in €m
STRONG HISTORY OF DELEVERAGING
Net corporate debt / Adj. Corp. LTM EBITDA
6.5x
4.8x
3.4x2.7x
2011 2012 2013 2014
• More upside to come:Europcar at the mid-point of its transformation
-1.2%
+2.4%
+4.3%
+7.1%
Q1 2014 Q2 2014 Q3 2014 Q4 2014
+3.4%(+4.0% as reported)
(Growth at constant exchange rates)
+3.4%(+4.0% as reported)
FY 2014 RESULTS21
Truly defining
IPOs
• Success
of Elis’ IPO
• Europcar is next
Transformation
levers bearing fruit
• Moncler and
Accor: significant
upside on both
companies
Active and
diversified dealflow
• InVivo NSA and
more to come
Potential upside from increased presence on the US market
Moncler: successful transformation, plenty of growth opportunities still to be tapped
FY 2014 RESULTS22
43%
57%
RoW
Italy
19%
33%34%
14%
Italy EMEA
Asia & ROW Americas
20142010
Wholesale
Retail
75%
25%38%
62%
38 DOS 134 DOS
CONTINUED INTERNATIONAL EXPANSION CONTROL OF OPERATIONS IN ALL MARKETS
283364
489581
694
2010 2011 2012 2013 2014
OUTSTANDING REVENUE GROWTH (in €m)SHARE PRICE (in € as of March 11, 2015)
+25%CAGR
March 11
2014
June 11
2014
Sept. 11
2014
Dec. 11
2014
March 11
2015
14.97
13.14
20142010
Potential upside from retail expansion
Accor: in-depth transformation paying off
FY 2014 RESULTS23
340 341394
488 475
235
450515 526 521
602
6.9% 6.9%7.5%
8.4% 8.6%
4.7%
8.4%
9.3% 9.3% 9.6%
11.0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
EBIT (in €m) Margin
Accor figures, restated from Edenred / Motel 6 / Red Roof Inn / GLB
RECORD PERFORMANCE
35
199
150
243
304
2010 2011 2012 2013 2014
CAGR
Recurring free cash flow
(in €m)
+72%
+25%
Entire reorganization of the
Group around the HotelServices
and HotelInvest businesses
Recruitment of talented
staff bringing new skills
to the organization
Strong team dedication
Partnership with Huazhu
to accelerate expansion
in China
Clear strategy defined
& fast implementation
Launch of
the Digital Plan
IN-DEPTH TRANSFORMATION
= ~x2cash on cash multiple
on total investment
Accor: value creation since the demerger
FY 2014 RESULTS24
POTENTIAL UPSIDE FROM:
• Asset restructuring
program at Hotelinvest
• Food & Beverage
optimization
• Significant upbeat
potential for the
European hotel cycle 5
15
25
35
45
55
65
75
April 29, 2014 October 29, 2014
SHARE PRICE
In € €76.7
March 6
2013
Sale of stake
in Edenred
Sale price of
stake in Edenred
@€26.1/share
50.45
March 12
2015
FY 2014 RESULTS25
Truly defining
IPOs
• Success
of Elis’ IPO
• Europcar is next
Transformation
levers bearing fruit
• Moncler and
Accor: significant
upside on both
companies
Active and
diversified dealflow
• InVivo NSA and
more to come
Active and diversified dealflow
FY 2014 RESULTS26
24%
16%
13%8%
8%
6%
6%
11%6%
Industrials
Other
Healthcare
Energy& environment
DEAL FLOW EURAZEO CAPITAL YTD 2015: Jan.–Feb. 2015
Brands
Business ServicesIT
FinancialServices
Food & Beverages
62Opportunities
High priorities 18
Offer submitted
Exclusive discussions
6
1
InVivo NSA capital increase will fuel its ambitious growth plan
FY 2014 RESULTS27
INVESTMENT CASE
• Well diversified business: multi-regions, multi-products and multi-species
• Strong exposure to emerging markets (>60% of revenues)
• Recognized expertise and know-how
• Ongoing transformation of the company
• Fragmented markets offering numerous build-up opportunities
• Conservative financial structure
KEY CONSIDERATIONS
• LTM EBITDA Dec. 2014: €83.4m
• To be invested by Eurazeo: €114m(out of €215m capital increase)
• Shareholding post-transaction:Union InVivo 67%Eurazeo 17%Other investors 15%
• Closing expected beginning Q2 2015
Multi-products
Multi-regionsA strong focuson innovation
Multi-species
A solidbusinessmodel
Feed (excl. aqua & pet food)
Premix &
additives37%
17%8%
34%
2% 1% 1%
Pet FoodAqua
Animal Health
Labs
Holding
• 140+ species specialists
• Strong R&D investments
• 15 research centers
• Construction of a global innovation center
• Numerous partnerships and JVs with research facilities and industry leaders
France
Mexico
BrazilAsia
EMEA
26%
22%21%
17%
14%
Revenue split*
Revenue split*
(*) 2014/2015e pro forma for Pancosma and Total Alimentos
BUSINESS MODEL GEARED
TO VALUE CREATION
FY 2014 RESULTS28
FY 2014 RESULTS29
Eurazeo is able to deliver
an average annual NAV growth close to15%
8
6
6
We have balanced our portfolio
FY 2014 RESULTS30
COMPANY BREAKDOWN BY HOLDING PERIODas of December 31, 2014
In nb of companies
17%
25%58%
In %of NAV
< 2 years > 5 years2-5 years
Average
holding
period
6 years
23%
36%7%
9%
We’ve been exploring new growth sectors
FY 2014 RESULTS31
43%
35%
15%
7%
December 31, 2010
Services
Mobility & leisure
Real estate
Other
Services
Real estate
Luxury &
Global brands
Other
Health
December 31, 2014
22%
3%
Mobility & leisure
NAV BREAKDOWN BY SECTORIn % - excl. cash
We have stepped up the momentum of asset rotation
FY 2014 RESULTS32
4%2%
13%
30%
11%1%
16%
16%
3%
13%
2010 2011 2012 2013 2014
In % of NAV
as of Jan. 1Investments
€610m incl. build-ups
Net proceeds
€500m
Acquisitions Disposals
We have been activating new transformation levers at all stages of maturity
FY 2014 RESULTS33
Stage III
Stage I
Stage II
Stage IV
NAV BREAKDOWN BY STAGE OF MATURITY
In %
Specific and structuring
transformation process
Integration
Beginning transformation
process
Activation of Eurazeo’s
transformation levers
End of Eurazeo’s
transformation process ;
ready for a new stage
of development
End oftransformation
process
Recentinvestments
DEAL FLOWEXIT
Transformation process
III
II
IIV
We’ve built a sourcing strategy based on megatrends and our ability to activate transformation levers
FY 2014 RESULTS34
MEGATRENDS:
TRANSFORMATION LEVERS:
Longevity/
Health
awareness
Growing
Middle Class
in emerging
markets
Natural
resources
scarcity
Change in
consumer
patterns
Others
Colisée Patrimoine Group
Péters Surgical
Accor
Desigual
Moncler
Cap Vert Finance
IES
Fonroche
Asmodée
Elis
Europcar
Foncia
Vignal Systems
Build-up International Digital
As a result we are recording outstanding growth in many portfolio companies
FY 2014 RESULTS35
1%
4%
16%
64%
1% 4% 16% 64%
2014 EBITDA growth
2014 Revenue growth
Minimum = 7%
Minimum = 4%
Our NAV is steadily growing
FY 2014 RESULTS36
NAV as of Dec. 31*
In € per share
44.4
51.5
67.369.2
74.6
2011 2012 2013 2014 March 11, 2015
+18%
CAGR
(*) Adjusted for bonus share allocation
(**) €76.5: NAV as of March 11, 2015 with listed assets valued at their spot price (VWAP valuation in our methodology)
76.5**
APPENDICES
Including Group companies’ detailed information
FY 2014 RESULTS37
Contents
38
39 Financial appendices
42 Group companies’ detailed information
84 Other
FY 2014 RESULTS
Net Asset Value as of December 31, 2014
39 FY 2014 RESULTS
% held(1) Nb shares Price NAV as of Dec. 31, 2014 with ANF at its NAV
€ €M ANF @ €31.6
Eurazeo Capital Listed (2) 1,022.6
Moncler 19.45% 48,613,814 11.02 535.8
Accor 8.58% 19,890,702 36.72 730.5
Accor net debt -243.6
Accor net* (3) 486.8
Eurazeo Capital Non Listed (2) 2,280.3
Eurazeo Croissance 113.0
Eurazeo PME 350.1
Eurazeo Patrimoine 290.3 357.2
ANF Immobilier 49.67% 9,114,923 20.69 188.6 255.5
Colyzeo and Colyzeo 2 (3) 101.7
Other assets 68.7
Eurazeo Partners (2) 43.3
Others 25.3
Cash 596.8
Tax on unrealized capital gains -72.4 -85.5
Treasury shares 3.54% 2,446,914 101.8
Total value of assets after tax 4,751.2 4,805.0
NAV per share 69.2 70.0
Number of shares 68,615,490 68,615,490
(*) Net allocated of debt
(1) The % interest is equal to Eurazeo’s direct interest, with any interest held through Eurazeo Partners now included in the Eurazeo Partners line
(2) Eurazeo’s investments in Eurazeo Partners are included in the line Eurazeo Partners
(3) Accor shares held indirectly through Colyzeo funds are included on the line for these funds
Strong NAV growth
FY 2014 RESULTS40
4,616
4,751
+469
+225 -437
+130+33 -31 +13 -52
+14 +6 -29 -206
Disposals & dividends
Change in value
Acquisitions
Cash
& other
-€9m-€39m+€132m+€257m
NAV
12/31/2013
NAV
12/31/2014
Strong cash position
FY 2014 RESULTS41
CASH POSITION
In €m
795
597
502 30 (43)(29) (627)
(31)
12/31/2013 12/31/2014
Netdisposals
Dividends received
Dividends paid
Shares
repurchased
InvestmentsDebt
reimbursement
and other
GROUP COMPANIES’
DETAILED INFORMATION
FY 2014 RESULTS42
FY 2014 RESULTS43
DETAILED INFORMATION
ON EURAZEO CAPITAL
FY 2014 RESULTS44
8.7%ECONOMIC INTEREST
EQUITY METHOD
▲ Record results in 2014 reflecting strong momentum in key markets and the pertinence of the new strategy
• Growth in 2014 revenue(1): +3.8% like-for-like (“L/L”)(2) at €5,454m
• HotelInvest: 3.0% increase in L/L revenue at €4,794m
• HotelServices: 5.5% increase in comparable(3) revenue at €1,248m
• Improved EBIT, up 11.7% like-for-like to €602m
▲ In 2014, highest ever consolidated recurring cash flow at €304 million
▲ Operating profit before tax and non-recurring item up 22.1% like-for-like at €578m
▲ Dividend of €0.95 per share(4): +19%
▲ Recently announced the sale and management-back of the Zurich MGalleryto a private investor for a total of €55m
(1) 2013 Figures are restated from the IFRS 11 impacts
(2) At comparable scope of consolidation and exchange rates
(3) Comparable (comp.) revenue growth – includes fees linked to expansion, at constant exchange rates
(4) Dividend payable entirely cash, or half in cash and half in stock at a 5% discount, subject to shareholder approval at the Annual Meeting
FY 2014 RESULTS45
2014 Key Financials
In €m 2014
2013
Pro-forma (1)Reported
change(1)Comparable
change(2)
Revenue 5,454 5,425 +0.5% +3.8%
EBITDAR
% margin
1,772
32.5%
1,731
31.9%
+2.4% +3.8%
EBIT
% margin
602
11.0%
521
9.6%+15.6% +11.7%
Net debt 159 226 -29.6% n.a.
(1) 2013 figures restated from the IFRS 11 impacts
(2) Comparable: at constant scope of consolidation and exchange rates
FY 2014 RESULTS46
2014 highlights
▲ Financial performance:
– Robust growth thanks to a good level of demand in most of the Group’s key markets:• Mediterranean, Middle-East and Africaup 9.8%
• Americas up 7.2%
• NCEE up 4.7%
• Asia-Pacific up 1.9%
• France up 0.4% France saw its performance improve in the second half thanks to the Paris Motor Show and various trade fairs
– EBITDAR: €1,772m in 2014, up 3.8% L-f-L, and 2.4% as reported. Margin was stable on a L-f-L basis, at 32.5%
– Record EBIT (€602m) and EBIT margin (11.0%) in 2014 due to the positive effects of the transformation of Accor and operating momentum
• Strong EBIT margin for HotelInvest, 6.1%, up 200bps compared to 2013
– In 2014, consolidated recurring free cash flow was a record €304 million (up 25% vs. 2013): • Funds from operations rose to €769m (from €703m in 2013)
• Recurring development expenditure amounted to €203m, while maintenance and renovation expenditure totaled €262m
– Net Profit: €227m in 2014, up 77% vs. 2013
– Consolidated net debt reduced by €67m to €159m
FY 2014 RESULTS47
2014 highlights
▲ 2014 achievements
– Entire reorganization of the company completed by Q1 2014 and launch of the Digital Plan of €225m in October
– Orbis deal for Central and Eastern Europe and Partnership with Huazhu to accelerate the expansion in China
– €1bn invested in Real Estate Portfolios
– 36.6% stake in Mama Shelter
▲ Priorities for 2015
– Execute the Asset Restructuring Program at HotelInvest, accelerating the pace
– Succeed in implementing key Digital plan initiatives
– Prioritize expansion and further strengthen the brands
– Key global projects to lift performance & profits: food & beverage procurement
– Revamp Accor managerial culture
FY 2014 RESULTS48
79.4%ECONOMIC INTEREST
FULLY CONSOLIDATED
In €m 2014 2013Reportedchange
Comparablechange
Revenue 175 125 +40.0% +34.3%*
EBITDA
% margin
22
12.3%
13
10.7%
+62.0% +35.0%*
Net debt 91.2 n.m. n.m. n.m.
* Like for like change excluding acquisitions (Days of Wonder and Fantasy Flight Games)** Business sales before end of year rebates
▲ Outstanding organic topline growth at +40.0%, supported by all product lines
• Games segment (Party, Family, Action, Core) – representing 55% of sales** – posting a +32% growth y-o-y
• Pokémon at a record high level at 43.4 million euros in 2014, after a 22.7% increase. More cautious
approach for 2015
• 15 million euros contributed by newly launched Kanaï Kids, with highly popular Cra-Z-loom
▲ Strong contribution to topline and margin expected from Days of Wonder and Fantasy Flight Games
• Pro-forma of these two acquisitions, sales and EBITDA respectively at 212.0 and 31.5 million euros,
meaning Group EBITDA multiplied by 2.4x over 2014
• High-margin businesses (publishing only) with accretive impact on the Group (14.9% pro-forma)
FY 2014 RESULTS49
2014 highlights
▲ Growing international, with approx. 1/3 of sales still realized in France
– International representing 63% of sales, pro-forma of Days of Wonder (DOW) and Fantasy Flight Games (FFG)
– Steady growth from international subsidiaries, United Kingdom, Benelux and the United States in particular
– Entry into a new European country with the acquisition of Asmodee’s Italian distribution partner: Asterion (closing in Feb-15)
▲ More and more publishing, with around 2/3 of sales in the Game segment
– Higher value, better control and additional optionality in Games published
– Strong dynamism of in-house publishing studios like Space Cowboys, Ystariand Pearl Games
– Integration of DOW and FFG’s publishing teams. Strong commercial synergies with Asmodee’s catalogue
▲ Increasingly diversified, thanks to M&A and innovation
– Several new games in all categories launched both in publishing and distribution
– New opportunistic product lines with Kanaï Kids (Cra-Z-loom in 2014, Little Live Pets
in 2015)
– Opportunistic entry into the Arts & Crafts segment through a partnership with Canal Toys
– Pokémon now representing less than 30% of sales, pro-forma of DOW and FFG
FY 2014 RESULTS50
9.84%ECONOMIC INTEREST
EQUITY METHOD
In €m (1) FY 2014 FY 2013Reportedchange
Revenue 963.5 828.4 +16.2%
EBITDA
% margin
261.5
27.1%
242.2
29.2%+8.0%
Net Profit
% margin
134.8
14%
130.6
15.8%+3.2%
▲ Solid growth in 2014 revenue : +16.2% at €964m
▲ Geographically, Western Europe five main markets (Spain, France, Italy, Germany and Belgium) drive the growth
▲ EBITDA margin for 2014 at 27.1%, best in class despite investment in retail openings and marketing
▲ New focus on supply chain: go-live of the new Distribution Center in H2 2015 and increased level of partnership with suppliers to increase cash flows and optimize the support of retail
(1) Preliminary unaudited figures
FY 2014 RESULTS51
2014 highlights
▲ Strong sales growth up 16,2% notwithstanding difficult retail environment in major European countries
– Second semester showing lower sales growth compared to the first one as a result of high comps
in H2 2013 difficult weather (warm Q4) and small exchange rate impacts in Asia
– Acceleration of retail openings, beyond 100 stores compared to December last year, mainly
concentrated in H2 and especially in Q4. In 2015, the opening pace will be back to historical
lower levels, coupled with a dynamic review of the network
– Wholesale and digital confirming strong growth driven by Dshops and dynamic on-line channels
– New categories growing fast, but still small in size (2.7% of total)
– Higher growth in geographies outside Europe with future potential: Asia +24% and Latam +30%.
▲ Sound margins, slightly down compared to last year in line with the anticipated re-investment of the significant 2013 profits for brand and promotional support in the 4th quarter:
− Marketing spend increased to sustain the brand (ie. TV in new countries, trade marketing, etc.)
− Investments in the retail channel: impact of new openings, concentrated in the last quarter
− Increase of promotional activity in AW 14 season to activate consumption due to warm weather
(ie. First time Black Friday promotion).
▲ €223m Net Cash as of December 2014
− Despite €93m capex effort in 2014 (+€33m vs LY) linked to retail new openings and building
of the new Distribution Center in Barcelona
− €35m dividend in December, 10% paid to Eurazeo investment vehicle
FY 2014 RESULTS52
84.07%*ECONOMIC INTEREST
FULLY CONSOLIDATED
In €m 2014 2013Reportedchange
Revenue 1,331 1,225 +8.6%
EBITDA
% margin
429
32.2%
401
32.7%
+7.0%
Adj. EBIT(1)
% margin
210
15.8%
203
16.5%+3.5%
Net debt 2,019 1,992 +2.2%
▲ Robust growth posted in 2014
• Perimeter impact in Brazil through integration of Atmosfera (11 months) : +€85m
• +5,5% growth in Europe (outside France), with significant rebound in Southern Europe
• +1,3% in France with strong contribution from Healthcare and Hospitality and despite weaker
business lines in Industry and Trade & Services
▲ Continuous margin improvement
• Margin improvements both in Europe and France despite Sale & Lease impact
• Dilutive effect of Atmosfera (at 20.4%) in 2014
(*) As of December 31, 2014(1) Adjusted for change in linen amortization (-9,7m€). Additional adjustment for Sale & Lease (-6,3m€), would result in a +6,9% growth in 2014
FY 2014 RESULTS53
2014 highlights
▲ Strong M&A dynamism in 2014 and going forward
– Over €100 millions of revenues acquired through 7 acquisitions (of which Atmosfera)
– Successful integration of Atmosfera, and further consolidation of the market through small
accretive bolt-ons
– 2015: already 3 acquisitions in Europe, either closed or signed as of end February
▲ Commercial dynamism paving the way to future growth
– Roll-over of pest control in France with attractive growth rates and prospects
– Reinforcement of French salesforce to further boost organic performance
– Several large accounts signed in 2014 with expected revenues in 2015
▲ Successful IPO of Elis in February 2015 and positive aftermarket
– Positive interest from investors during pre-marketing and roadshow
– €152 million euros of shares sold by Eurazeo, mostly through the exercise of the over-allotment option
– LH27, Eurazeo and ECIP at 42% of the share capital (and voting rights). EZ economic interest
at 35.1%
– Concomitant refinancing of Elis’ financial structure (see next slide)
FY 2014 RESULTS54
A sound financial structure post IPO
In €mBefore
(12/31/2014)
After
(12/31/2014 PF)
Senior facility & RCF 1,013 650
Other debts 15 15
Senior Sec. bonds 450 450
Senior debt 1,478 1,115
Senior Sub. Bonds 380 228
PIK Proceed Notes 193 -
Accrued interests 28 n.s.
Gross financial debt 2,078 1,343
New & cheaper Senior Credit Facility
• Reduced margin from 425bp to 225bp
• Due 2020
• €200m RCF available for general purposes
Claw-back on existing Senior Sub. Notes
• 40% of Sub Notes reimbursed at IPO
• Senior Sub Notes at 7% margin, due 2018
No PIK Proceed Notes anymore
• 60% of PIK Proceed Notes capitalized
by Parent Company LH27 prior to IPO
• 40% reimbursed at IPO
Reduced run-rate financial expenses
• Average interest rate expected at 5%
in 2016 and 4% from 2017 onwards
FY 2014 RESULTS55
87.4%ECONOMIC INTEREST
FULLY CONSOLIDATED
In €m 2014 2013Reportedchange
Comparablechange
Revenue 1,979 1,903 +4,0% +3,4%
Adj. Corp. EBITDA
% margin
213
10,8%
157
8.2%
+36,0% +35,3%
Adj. EBIT
% margin
308
15,5%
260
13.6%+18,3% +17,6%
Corp. Net debt 581 525 +10,7% n/a
▲ Back to growth trend confirmed in the second half of 2014• Revenues increased by +3,4% at constant exchange rate
• Growth observed in all countries and both in Leisure and Corporate segments
▲ Fast Lane results exceeded initial objectives with a Corporate EBITDA at €213m improved by +35,3% at constant exchange rate• Corp. EBITDA margin improved by +2,5% thanks to continuous focus on operational excellence
▲ Strong deleveraging below 3,0x Corporate EBITDA as of December 31, 2014
▲ Strong Management team strengthened to support Europcar revenue growth
FY 2014 RESULTS56
2014 highlights▲ Back to growth trend confirmed in the second half of 2014
– Revenues increased by +3,4% in 2014 at constant exchange rate• Increase in volumes, in all countries, by +4,1% not only in the Leisure segment but also in the Corporate segment• Lower RPD by -0,8% at constant exchange rate as a result of strong growth in the Southern countries
– Strong growth by +5.2% in H2 2014 rental revenue with +4.4% in Q3 2014 and 6.5% in Q4 2014
– Good performance of the Corporate Segment reflecting recent efforts to strengthen sales force organization
▲ Fast Lane results exceeded initial objectives with a Corporate EBITDA at €213m in 2014 improved by +35,3% at constant exchange rate, more costs savings to come in 2015
– Corp. EBITDA margin increased by +260bps thanks to continuous focus on operational excellence and strong revenue performance
– Continuous reduction of variable costs:
• Fleet cost / unit / month reduced by -5.5% in 2014
• Utilization rate improved by +0,8% vs 2013 at 76,4%
• Operational variable costs and back office processes under control
• Fixed costs ongoing optimization with the implementation of the Finance Shared Sevices Center located in Portugal
▲ Strong deleveraging at 2,7x as of 31st, December 2014 vs 3,4x as of 31st, December 2013
– Corporate Net Debt impacted by one-off items including refinancing, acquisitions and other transformation costs
– Successful refinancing of the €350m fleet bond in July 2014 due 2021 with a 5,125% coupon (vs 9,75% previously) and of the £425m UK fleet financing in October 2014 due 2017
▲ Pursued Fast Lane development going forward including both revenue and costs initiatives
▲ Strong track record of current management team strengthened with Philippe Germond, CEO to support future growth
– 2 acquisitions finalized:
• Europ Hall, French franchisee acquisition in November 2014, creating strong synergies in logistics
• Ubeeqo, B2B car sharing platform, first investment in the new mobility ventures
– Cyrille Giraudat, Europcar’s Marketing and Clients Director, will focus specifically on Europcar’s offer and customer experience supported by the implementation of CRM tool
FY 2014 RESULTS57
49.9%ECONOMIC INTEREST
EQUITY METHOD
In €m 2014 2013
Reportedchange
Comparablechange(1)
Revenue 641 595 +7.7% +1.2%
EBITDA
% margin
125
19.5%
102
17.2%
+22.0% +10.9%
Net debt 420 432 -2.7%
▲ “Cap zero” objective fulfilled, supporting a +7.7% revenue growth vs 2013 on a reported basis and a +1.2% growth at constant perimeter
• 2014 revenues at €641m increasing by +7.7% vs 2013 and by +1.2% at constant perimeter(1)
• Cap zero objective fulfilled for the first year: organic growth in the number of dwelling under
management both in the Joint-Property Management and in the Lease Management activities
▲ EBITDA margin improvement by +230bps thanks to tight cost management
▲ Continuous deleveraging at 3.4x as of December 31, 2014 vs 3.8x in 2013
(1) Excl. Tagerim and Trevi (Belgium) acquisitions impact
FY 2014 RESULTS58
72%
11%
8%
9%
2014 highlights
▲ Strong revenue growth by +7.7% in 2014 despite difficult market conditions– Tagerim acquisition fully integrated in 2014 supporting
2014 growth. At constant perimeter, revenue growing at +1.2% vs 2013
– Good RRES(1) performance both in Joint-Property and in Lease Management businesses fulfilling the initial objective of organic growth in the number of dwelling managed
– Resilient Brokerage activity impacted by the ALUR law implementation
▲ Continuous improvement of EBITDA by +10.9% at constant perimeter vs 2013– Margin increased by 230bps at 19.5%
– Tight cost management and network optimization to improve both operational performance and customer experience
▲ Still strong deleveraging by -0.5x over the year despite active external growth strategy– As of 31 December 2014, net debt at €420m
vs €432m in 2013 despite several acquisitions finalized over the period and the repurchase of BPCE’s 1.89% stake in Foncia Groupe
– 17 acquisitions signed in 2014 with an annual revenue contribution of €16m
In €m 2014A 2013A % var.
% comp. var.(2)
RRES France(1) 460 423 +8.9% +1.4%
Brokerage 71 69 +1.6% -0.3%
Total France 530 492 +7.8% +1.1%
International 58 53 +8.4% +1.8%
Other and Interco 53 50 +5.4% +1.5%
Total 641 595 +7.7% +1.2%
Real Estate
Services France
Recurring
revenue: 89%
Brokerage
Other and interco
International
2014Arevenue
(1) RRES France: Residential Real Estate Services France including
Joint-Property Management and Lease Management businesses
(2) Excl. Tagerim and Trevi (Belgium) acquisitions impact
FY 2014 RESULTS59
A well-diversified business positioned
on growing markets
A solidbusinessmodel
Feed
(excl. aqua
& pet food)
Premix &
additives
Multi-products (revenue split*)
37%
17%8%
34%
2% 1% 1%
Pet FoodAqua
Animal Health
Labs
Holding
France
Mexico
BrazilAsia
EMEA
Multi-countries(revenue split*)
26%
22%21%
17%
14%
A strong focuson innovation
• 140+ species specialists
• Strong R&D investments
• 15 research centers
• Construction of a global innovation center
• Numerous partnerships and JVs with
research facilities and industry leaders
• Based in Vannes (France)
• Present in 28 countries
• 6,830 employees
• CEO: Hubert de Roquefeuil
• >€1.4bn revenues
Multi-species
(*) 2014/2015e pro forma for Pancosma and Total Alimentos
FY 2014 RESULTS60
Transaction overview
Context
InVivo NSA (Nutrition et Santé Animales), a subsidiary of Union Invivo
(the #1 French agricultural cooperative group), performed two large
acquisitions in 2014 (Total Alimentos and Pancosma) and sought capital
to further fuel its growth
Description€215m capital increase by Invivo NSA to fund growth, of which €114m
invested by Eurazeo and €101m invested by three other investors
Valuation €729m enterprise value (8,7x LTM EBITDA)
Amount to be invested
by Eurazeo€114m
Shareholding
post transaction
Union InVivo 67.5%
Eurazeo 17.3%
Other investors 15.2%
Pro forma leveragec. €65m net debt as of 31 Dec. 2014 proforma for the capital increase
(<1x LTM EBITDA)
Closing Expected beginning of Q2 2015
FY 2014 RESULTS61
Investment case
▲ A strong exposure to emerging regions with growing underlying markets
– c. 2/3 of revenues to come from emerging markets (Brazil, Mexico, Asia) within 18 months
– A growing consumption of animal protein in emerging regions
▲ A diversified species portfolio to capture growth on all segments and provide resilience
▲ A recognized expertise in the higher valued-added premix and additives activities, for increasingly professional clients
▲ An ongoing transformation of the company with important optimization levers
– InVivo NSA is a recent company created in 2010 through the merger of Evialis and Union InVivo’s
nutrition and health business
– Under the leadership of Hubert de Roquefeuil, since 2010 InVivo NSA was repositioned to take
advantage of its know-how and capture growth on the most promising markets (by regions,
products and species) e.g. in France progressive exit of the complete feed market and focus
on premix and additives
– Strong reinforcement of the management team over the last years
▲ Potential to accelerate the development of the company on growth activities following the acquisition of the 3rd player in the Brazilian petfood market (Total Alimentos) and of Pancosma in the additives space
– Petfood and premix/additives offer attractive prospects
▲ Highly fragmented markets offering numerous build-up opportunities by product and country
▲ A conservative financial structure (<1x opening leverage)
A diversified investment opportunity, exposed to the growth of emerging marketsand offering multiple value creation options as well as build-ups
FY 2014 RESULTS62
InVivo NSA is to follow a three-pronged
strategy in the years to come
Business
Means and
organization
BALANCE OUT
1 2
DEVELOP
3
OPTIMIZE
• Revenues by geography
• Revenues by products
• Revenues by species
• Invest in countercyclical businesses/species and/or with strong potential e.g. petfood and aquaculture
• Invest in businesses/ activities which will drive future growth such as premix and additives
• Continuously invest in talent and skills
• Strategic alliances
• Continue to adapt the organization to the strategy at a global level
• Accelerate the optimization of key positions (e.g. purchasing, IT)
• Put innovation at the heart of the products,
services, and solutions development
Resilience
and growth
Operational excellence
and performance
FY 2014 RESULTS63
A complementary product range
COMPOUND FEEDPREMIX LABS
ADDITIVES ANIMAL HEALTH
Type of product • Compound Feed:
- Agricultural raw material (e.g. corn, wheat)
- Foodstuff industry residue (e.g. soybean meal)
- Premix: vitamins, mineral nutrients…
• Pet food (cats & dogs)
• Aquaculture (fish & shrimps)
• Niche markets (e.g. horses)
• Premix:
- Vitamins
- Mineral nutrients
- Amino acids
- Zootechnical additives
• Usage:
- Included in Animal Feed
up to 0.5-1%
• Animal health products:
- Animal and facilities
hygiene products
- Animal diet specialties
- Veterinary drugs
Associated
services
• Technical advice
to breeders and distributors
• Decision-support tools and
high value added consulting:
nutritional, zootechnical…
• Trading: micro-ingredients
• Quality control and food safety
analyses
• Consulting related to hygiene
conditions of livestock enterprises
Clients • Breeders, feed producers
and distributors
• Breeders, animal feed producers
and distributors
• Breeders
• Feed and food industry
• Petfood industry
• Consumer goods
• Distributors
FY 2014 RESULTS64
Historical performance
Fiscal Year End June
In €mYear to June
2013/14Year to June
2012/13Reportedchange
LTM Dec-2014 Pro Forma for
Total Alimentosand Pancosma
Revenue 1,264 1,384 -8.7% 1,443
EBITDA
% margin
59.7
4.7%
42.2
3.0%
+41.5% 83.4
5.8%
• Ongoing exit of complete feed activity in France (focus on premix/additives)
• Acquisition of Total Alimentos and Pancosma late 2014:– Total Alimentos: #3 player of
the Brazilian pet food market
– Pancosma: a worldwide leading player
in flavoring and sweetening palatants,
bioactives and organic trace minerals
FY 2014 RESULTS65
Disclaimer
This presentation is being furnished to you solely for your information and may not be reproduced or redistributedto any other person.
This presentation might contain certain forward-looking statements that reflect the Company’s management’scurrent views with respect to future events and financial and operational performance of the Company and itssubsidiaries. These forward-looking statements are based on Moncler S.p.A.’s current expectations andprojections about future events. Because these forward looking statements are subject to risks and uncertainties,actual future results or performance may differ materially from those expressed in or implied by these statementsdue to any number of different factors, many of which are beyond the ability of Moncler S.p.A. to control or
estimate. You are cautioned not to place undue reliance on the forward-looking statements contained herein,which are made only as of the date of this presentation. Moncler S.p.A. does not undertake any obligation topublicly release any updates or revisions to any forward-looking statements to reflect events or circumstancesafter the date of this presentation.
Any reference to past performance or trends or activities of the Moncler Group shall not be taken as arepresentation or indication that such performance, trends or activities will continue in the future.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy Moncler’s securities, norshall the document form the basis of or be relied on in connection with any contract or investment decisionrelating thereto, or constitute a recommendation regarding the securities of Moncler.
Moncler’s securities referred to in this document have not been and will not be registered under the U.S.Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicableexemption from registration requirements.
Luciano Santel, the Manager in charge of preparing the corporate accounting documents, declares that,pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no. 58 of February 24, 1998, the accountinginformation contained herein correspond to document results, books and accounting records..
FY 2014 RESULTS66
Financials
(€m) 2014 2013 Change
Net sales 694 581 +20%
EBITDA* 233 192 +21%
Margin 34% 33% +1pt
Net debt 111 171
19.7%ECONOMIC INTEREST
EQUITY METHOD
(*) Before €5.0m of non-cash costs mainly related to stock option plans in FY 2014, €6.1m of IPO costs in FY 2013
FY 2014 RESULTS67
2014 Results’ Key Highlights
▲ Consolidated Revenues: €694m, +20% YoY growth reported (+21% constant currencies)
▲ International markets: €564m, 81% of total revenues (77% in FY 2013)
▲ Retail Revenues: €431m (+29% YoY growth), 62% of total revenues (57% in FY 2013)
▲ FY2014 Like-for-Like growth: +8%
▲ EBITDA*: €232.9m with a margin on sales of 33.5% (33.0% in FY 2013)
▲ EBIT*: €206.6m, with a margin on sales of 29.8% (29.7% in FY 2013)
▲ Net Income: €130.3m with a margin on sales of 18.8% (15.9% in FY 2013**)
▲ Net Debt: €111.2m vs. €171.1m as of December 2013
(*) Before €5.0m of non-cash costs mainly related to stock option plans in FY 2014, €6.1m of IPO costs in FY 2013
(**) FY 2013 carve-out net income margin. FY 2013 reported net income margin equal to 13.1%
FY 2014 RESULTS68
Revenues by Region
131 131
200 233
182
235
68
96
FY 2013 FY 2014
694
581
REVENUES ANALYSIS
(in €m)
▲ Strong sales performance continued,
21% YoY growth at constant currencies
▲ All International markets showed solid double-digit performances
▲ Q4 growth acceleration driven by North America, Japan and China
▲ Domestic market revenues in line with FY 2013 notwithstanding
wholesale doors reduction
23%
34%
31%
12%
Italy
EMEA
Asia & RoW
Americas
Asia & RoW
Italy EMEA
Americas
FY 2013
FY 2014
19%
33%34%
14%
YoY growth
Reported Const. curr.
+20% +21%
+42% +42%
+29% +35%
+16% +16%
+0% +0%
FY 2014 RESULTS69
Revenues by Distribution Channel
43%
57%
Retail Wholesale
FY 2013
FY 2014
38%
62%
▲Revenues growth driven by the retail channel (+31% YoY growth at constant currencies), accounting for 62% of FY 2014 revenues (57% in 2013)
▲Sales of comparable DOS (Comp-Store Sales) rose by 8% in FY 2014, in acceleration in Q4, with solid performances in all regions
▲Wholesale revenues increased by 7% at constant currencies, driven by North America and Korea
247 264
334
431
FY 2013 FY 2014
694
581
REVENUES ANALYSIS
(in €m)
Wholesale
Retail
YoY growth
Reported Const. curr.
+20% +21%
+29% +31%
+7% +7%
FY 2014 RESULTS70
(1) Unaudited preliminary consolidated figures
19.3%ECONOMIC INTEREST
▲ Net revenues down 13%, in a difficult financial environment, due to the Financial Advisory Division
▲ Customer financial assets grew by 12% to reach €7,665m
▲ Expected distribution almost in line with last year (ie. €32m distribution occurred in 2013). Net profit impacted by certain extraordinary items
In €m (1) 2014 2013Reportedchange
Total net revenue 131 151 -13%
Operating result
% margin
22
16.5%
34
22.5%
-36%
Group net profit
% margin
-48
n.m.
10
6.6%
n.m.
Total customer financial assets 7,665 6,854 +12%
Total equity 290 344 -16%
FY 2014 RESULTS71
2014 highlights
▲ Solid performance of Wealth Management Division,
which increased sales by 6% to €57m
– Both Italian (+4%) and French (+15%) businesses showed sustained growth in 2014
– Financial assets increased to €7.7bn (+12%), thanks to both Net New Money
and Market Performance.
▲ Financial Advisory Division focused on the reorganization and rationalization
of its activities, to concentrate its efforts on more profitable areas
– Advisory fees down 28% to €52m, partly due to the discontinued operations in Switzerland and Sweden
– These areas will be covered by the network of existing offices in Italy, France, Germany, Netherlands, Belgium and Spain
– Starting from the beginning of 2015, the Financial Advisory Area will be led by Matteo Manfredi, previously in charge of the Italian business, replacing Mark Pensaert
▲ 2014 net profit was impacted by certain extraordinary items
– Adjusted for those, it would be €9.4m
DETAILED INFORMATION
ON EURAZEO PME
FY 2014 RESULTS72
Financials
FY 2014 RESULTS73
(€m) 2014 2013 PF(1)
Like-for-like change 2013
Reportedchange
Revenue 482 432 +11.7% 404 +19.5%
EBITDA(2)
% margin
68
14.1%
62
14.5%+8.8%
66
16.5%
+2.6%
Net debt
Portfolio leverage
267
2.4x
110
1.7x
(1) Constant Eurazeo Scope
(2) Majority investment as of December 31
Portfolio
FY 2014 RESULTS74
As of December 31, 2014
€350mAs of December 31, 2013
€218m
2014 highlights
FY 2014 RESULTS75
1.3
43.6
27.4
79.8
60.1
46.7
116.3
62.7
44.3
482.1
1.5
41.2
26.8
63.2
41.9
37.0
116.0
61.4
42.7
431.7
Change in l.f.l. basis*
+3.6%
+2.0%
+0.3%
+26.3%
+11.7%
+43.6%
+26.2%
+5.8%
+2.1%
• Opening of 7 restaurants in 2014 , to reach a total of 77 restaurants
• On a comparable basis, sales decreased by 2.6 % (market – 3.4 %)
• Refinancing of the senior and mezzanine debt by 7 y. unitranche
• Acquisition of 4 master franchises in the US and first opening of the Camille Albane activity in the US
• Launch abroad of the Dessange mass market product licenced to l’Oréal
• Acquisition in February 2014, 1 build up in April (ABL Lights)• Implementation of industrial and commercial synergies • New developments on foreign markets.
• Acquisition of 2 build ups in March 2014 (Vitalitec, Fimed): integration well underway
• 1 build up signing in November 2014 with an Indian manufacturer of sutures (Stericat)
• Sale in February 2015
• Acquisition in September 2014
• 1 build up (Asclepios) in October 2014
• 1Joint Venture signed with China Merchants Group
• Acquisition of 3 build ups (DCS, Additia and Phoenix)
• Sharp increase in international development. High level of maintenance activity
2013 PF 2014REVENUE (€m)
Other
(*) Adjusted for Flexitallic sale and Vignal, Péters Surgical, Cap Vert Finance and Idéal Résidences acquisition
DETAILED INFORMATION
ON EURAZEO CROISSANCE
FY 2014 RESULTS76
Financials
FY 2014 RESULTS77
(€m)
Pro forma*
2014Pro forma*
2013Publié
2013Reported
change
Revenue 43 30 65 +46%
EBITDA
% margin
13
30%
11
36%
2
3%
+19%
(*) Pro forma: 39.3% Fonroche, 100% IES
NAV as of December 31, 2014
€113m
Portfolio
FY 2014 RESULTS78
NAV as of December 31, 2014
Portfolio
FY 2014 RESULTS79
H I G H L I G H T S
▲ An intense activity in the solar segment
- 36MWc of solar power plants awarded through the 2014 national competitive auctions and construction and connection of 22MWc photovoltaic greenhouses in France
- Development of photovoltaic projects in Puerto Rico, Mexico, Eastern Europe, India and Latin America
▲ Continued development in biogas and geothermy
- Beginning of construction of first biogas facility
- Industrial partnership with Air Liquide who takes an equity stake in Fonroche Biogas
▲ A strong international ambition
- Successful opening of international presence in Germany, the United States, Canada and China
▲ Significant R&D and commercial contracts
with major clients
- Supplier of fast chargers for Formula E championship
- Supplier of fast charging stations for VW and also BMW together with Bosch
- Partnership agreement with Wanma, a major infrastructure player in China
▲ Acceleration of development in 2014
- A large contract in the packaging industry
- Increasing number of prospects
- Promising new mining projects
▲ Partnership between Kaizen and the Japanese
group Itochu in the mining activity
- Investment by Itochu to finance mining projects
DETAILED INFORMATION
ON EURAZEO PATRIMOINE
FY 2014 RESULTS80
Eurazeo Patrimoine’s Strategy
E u r a z e o P a t r i m o i n e D i r e c t
Commercial
properties in Paris
region
• Value added and
Cash-Flows strategies
• Paris and Ile de
France excl. CBD
French operating
real estate platforms
(OpCo – PropCo)
• Private equity asset
heavy strategies
• Combine operations
and real estate
• Various sectors
including hospitality,
senior housing, etc
Selected Eurozone
niche markets
• Markets recovering
following correction
• Products undergoing
significant
transformation
• Combine local staff
and / or local
partnerships with
niche investment
programs
Commercial
properties in French
regions (excl. Paris)
• Value added
strategy
• Listed on the NYSE
Euronext and 50%
owned by Eurazeo
Three pillars of Eurazeo Patrimoine’s strategy are run separately and without conflict with ANF Immobilier
FY 2014 RESULTS81
2014 highlights
▲ Rents exceeding target
– 2014 rents +15% increase compared with 2013, and a +18% increase on the scope adjusted for disposals
– FY 2015 rents target +12% confirmed
▲ Improved profitability and a resilient recurring cash flow
– Recurring EBITDA margin of 67% at end-2014, vs. 61% at end-2013
– 2014 recurring EBITDA +25% increase compared with 2013
– Recurring cash flow of €14.8 million at end-2014
▲ Sharp increase in volume of investments
– c.€460 million investment program committed (ANF Group Share c.€280 million)
– 80% of pipeline pre let at end-December 2014
– Asset value of €1.1 billion at end-June 2014
▲ Debt maturity of 7 years
– Refinancing of €400 million completed with a maturity of 7 years
FY 2014 RESULTS82
Financials
IFRS (in €m) 2014 Reported Change 2013 Reported 2012 Reported*
Gross Rental Income 40.1 15% 34.9 30.6
EBITDA 24.4 21.6 18.3
% margin 61% 62% 60%
Recurring EBITDA 27.0 25% 21.2 18.3
% margin 67% 600 bps 61% 60%
Recurring cash flow 14.8 4% 14.1 12.4
RCF per share 0.82 0.80
(In €m) 2014 Reported 2013 Reported 2012 Reported
Real Estate portfolio 1,107 970 884
Net Debt 526 392 292
NAV per share 29.7 32.5 31.7
Triple Net NAV 28.0 31.6 30.5
LTV 47.50% 40.40% 33.00%
(*) Pro Forma
FY 2014 RESULTS83
FY 2014 RESULTS84
OTHER
A long-term shareholder base and a strong corporate governance
FY 2014 RESULTS85
SHAREHOLDING STRUCTURE
as of December 31, 2014(1)
• Separation of the roles of Chairman and CEO
• Independence of the Supervisory Board: 7 independent members out of 11
• Audit Committee, Finance Committee, Compensation and Appointments Committee, CSR Committee
• Existence of a shareholder agreement between founding families (former SCHP)
(1) Concert as of December 31, 2014
(2) Including 4,421,376 shares related to exchangeable bonds
(3) 3.5% of treasury shares
Crédit Agricole(2)
14%
Sofina
6%
Concert(1)
16%
Joliette Matériel
2% Free float(3)
62%
A STRONG CORPORATE GOVERNANCE
Financial Agenda
FY 2014 RESULTS86
- Annual Shareholders’ Meeting May 6
- 1st Quarter 2015 Revenues May 13
- 1st Half 2015 Revenues & Results July 30
- 3rd Quarter 2015 Revenues November 12
About us
FY 2014 RESULTS87
Eurazeo contactsInvestor Relations
Caroline Cohen
+ 33 (0)1 44 15 16 76
Corporate & Financial Communication
Sandra Cadiou
+ 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
• 68,615,490 shares in circulation
• Statutory threshold declarations 1%
Research on Eurazeo
• Exane BNP-Paribas Charles-Henri de Mortemart
• Goldman Sachs Markus Iwar
• HSBC Pierre Bosset
• JP Morgan Cazenove Christopher Brown
• Kepler David Cerdan
• Natixis Céline Chérubin
• Oddo Christophe Chaput
• SG Patrick Jousseaume
• UBS Denis Moreau
www.eurazeo.com
Breakdown of NAV
FY 2014 RESULTS88
NAV*
% of total
MONCLER
CASH & OTHER
EURAZEO PATRIMOINE
EURAZEO PME
EURAZEO CROISSANCE
48%
10%
11%
3%
7%
6%
13%2%
OTHERS
Total NAV =
€4,751m
(*) Split after tax
34%
14%
9%
13%
2%
7%
6%
14%1%
Total NAV =
€5,108m
As of Dec. 31, 2014 As of March 11, 2015
Invested
in 2014
Divested
in 2014
€ 610m
€ 500m
ACCOR
EURAZEO CAPITAL(NON LISTED)
ELIS
Share price and performance
89 FY 2014 RESULTS
Return TSR
Eurazeo +24.2% +26.6%
CAC 40 +16.3% +20.0%
LPX Europe +27.0% +29.4%
Performance
60
70
80
90
100
110
120
130
140
01/01/2014 01/03/2014 01/05/2014 01/07/2014 01/09/2014 01/11/2014 01/01/2015 01/03/2015
Eurazeo Base 100
CAC 40 Base 100
LPX Europe Base 100
Jan. 1, 2014 – March 11, 2015