Eurazeo Se · EURONEXT:RF
Eurazeo — FY2011 Earnings Presentation
139 slides from Eurazeo's earnings presentation, June 2012
Slide 1: Accelerating change
June 2012 Accelerating change incl. FY2011 Results INVESTOR PRESENTATION
Slide 2: Disclaimer
Disclaimer This document has been prepared by Eurazeo SA (“Eurazeo”) solely for the use of presentations made to investors or analysts. Eurazeo makes no representations or warranties that the information contained herein is accurate, correct or complete. The information set out herein is provided as
Slide 3: Contents
Contents Eurazeo presentation 4 2011, an intense business year 11 Outlook 24 FY2011 results 28 Appendices 42 including Group Companies’ detailed information -3- INVESTOR PRESENTATION
Slide 4: Eurazeo at a glance
Eurazeo at a glance A long term French investor Diversified and balanced portfolio of market leaders (% NAV as of Dec. 31, 2011) 130 years existence, solid family shareholder base Mobility & leisure Accor, APCOA, Europcar, Deep network and strong track record Fraikin, Léon de Bruxelles BtoB dist
Slide 5: A long-term shareholder base and a strong corporate governance
A long-term shareholder base and a strong corporate governance Shareholding structure A strong corporate Governance as of December 31, 2011 Founding families(1) - Separation of the roles of Chairman and CEO 20.2% - Independence of the Supervisory Board: (20.0%*) 6 independent members out of 12 Free
Slide 6: An investment company with a long track record
An investment company with a long track record EURAFRANCE EURAZEO Investment company Merger of Eurafrance and Azeo Sofina Lazard APCOA Fraikin Elis Société Générale Chargeurs réunis de Belgique Eutelsat B&B Hotels Sirti Chaussures André Terreal Air Liquide Intercos Fonroche Generali Viniprix Rexel U
Slide 7: A strategy of investing in companies with significant transformation potential
A strategy of investing in companies with significant transformation potential • Investment criteria • High quality management team capable of accompanying the expected transformation • Profitability / sustainable cash flow profiles • Strong transformation potential • Socially and environmentally re
Slide 8: A solid track record: average multiple of c.3x (2005-2011)
A solid track record: average multiple of c.3x (2005-2011) Multiple (x) 4 3.4x 3.5x 3.5 3.0x 2.9x 3 2.5 2.4x 2.1x 2 1.5 1 0.5 0 Fraikin Eutelsat Terreal B&B Hotels Ipsos Average Holding period Feb 03 Apr 03 Oct 03 Sept 05 1999 multiple Feb 07 Feb 07 Feb 05 Sept 10 2011 -8- INVESTOR PRESENTATION
Slide 9: Current Portfolio: A group of market leaders (1/2)
Current Portfolio: A group of market leaders (1/2) Current % of interest held investments by Eurazeo (as of Dec. 31, 2011) Hotel manager: Accor operates in 90 countries #1 IN THE WORLD 8.9% 1 with 145,000 employees French real estate investment company with downtown trophy assets in major French cit
Slide 10: Current Portfolio: A group of market leaders (2/2)
Current Portfolio: A group of market leaders (2/2) Leading player in the creation, development #1 IN THE WORLD 33.6% and production of color cosmetic products European leader of industrial and commercial vehicle hire with a #1 IN EUROPE 13.2% fleet of more than 50,000 vehicles Major player in photov
Slide 11: 2011, an intense business year
2011, an intense business year - 11 - INVESTOR PRESENTATION
Slide 12: 2011 Highlights
2011 Highlights Strong growth in results for almost all companies: 4-fold increase in Group companies’ contribution Four acquisitions in 2011: new sources of value creation Further diversification towards less cyclical and fast-growing companies Europcar: new governance to accelerate transformation
Slide 13: FY 2011 key figures
FY 2011 key figures Proforma (in €m) 2011 Change 2010(1) Consolidated Revenues 4,183.2 4,010.8 +4.3% NET GROUP COMPANIES’ CONTRIBUTION(2) 89.6 21.5 x4 Net Income Group Share -97.5 134.6 - DIVIDEND / share (in €) 1.20 1.14(3) +5.3% (1) Fiscal Year 2010 restated for the exit of B&B Hotels from the per
Slide 14: A well balanced portfolio
A well balanced portfolio C Y C L I C A L R E S I L I E N T Eurazeo Eurazeo PME G R O W T H Eurazeo Croissance - 14 - INVESTOR PRESENTATION
Slide 15: Significant outperformance vs. Eurozone growth
Significant outperformance vs. Eurozone growth 2011 revenue growth, as reported x2 x3 Fonroche > +100% Banca Leonardo +22.1% >10% ANF Immobilier(1) +20.9% Moncler +19.5% Intercos +11.3% (2) Eurazeo PME +9.4% 3S Photonics(3) +8.6% (1) ELIS +7.6% Edenred +6.9% 2%-10% Rexel +6.3% (4) APCOA +6.2% Accor(
Slide 16: 2011 success stories
2011 “success stories” A true turnaround at APCOA – Solid like-for-like revenue growth thanks to traffic recovery and pricing initiatives: +6.2% excluding renegotiated contracts – Strong uplift in EBITDA as a result of the successful renegotiation of most underperforming contracts: at €60.7m, up 19.
Slide 17: Companies acquired in 2011 show transformation and value creation
The 4 companies acquired in 2011 already show transformation and demonstrate value creation potential - Strong performance in 2011 Eurazeo PME (1) +9.4% Revenue growth +5.7% EBITDA growth +2.5% Foncia +8.7% +19.5% Moncler +20.1% (2) +8.6% 3S Photonics +30.1% - Attractive multiples as of December 31,
Slide 18: Opportunistic timing of disposals and refinancings
Opportunistic timing of disposals and refinancings DISPOSALS REFINANCINGS Divestiture of LT Participations (Ipsos) Successful refinancing of the €1bn during summer revolving credit line in July 2011 - at €32.5 per Ipsos share vs. a €26.5 share - Attractive conditions: price as of March 8, 2012 80 bp
Slide 19: Operational dynamism visible across the portfolio
Operational dynamism visible across the portfolio • Dynamic growth strategy Accor Record expansion (39,000 rooms) Rexel 10 acquisitions (8 in emerging countries) Edenred Further exposure to emerging countries (52% to 58% of issue volume) ANF Acquisitions outside its historical perimeter (Bordeaux) E
Slide 20: NAV
NAV (In €M) March 31, 2012 December 31, 2011 June 30, 2011 Non listed Investments 1,770 1,733 1,650 Listed Investments 1,258 995 1,513 Real Estate 532 475 563 Other non listed assets 18 16 24 Cash & treasury shares 176 89 753 Tax (81) (70) (105) Total NAV 3,673 3,238 4,398 NAV/share 58.2 51.3 70.1 N
Slide 21: NAV bridge from June 30, 2011 to March 31, 2012
NAV bridge from June 30, 2011 to March 31, 2012 (In €m) NAV Additional NAV* €71.4* per share (537) 566 (630) €60.2* (560) per share €70.1 €54.0* 435 per share per share €58.2 4,398 per share €51.3 per share 3,673 3,238 June 30, 2011 Listed Non listed Investments & Cash & others Dec. 31, 2011 Change
Slide 22: Q1 2012 Revenues
Q1 2012 Revenues - 22 - INVESTOR PRESENTATION
Slide 23: Q1 2012 Revenues
Q1 2012 Revenues Q1 % intégration Change Change 2012 2011 2012/2011 2011 2012/2011 reported reported restated* restated* Holding 6,9 3,2 NS 3,2 NS Eurazeo 2,3 3,0 -22,3% 3,0 -22,3% 100,00% Autres 4,6 0,2 NS 0,2 NS 100,00% Real Estate 19,4 18,4 5,4% 18,4 5,4% ANF Immobilier 19,4 18,4 5,4% 18,4 5,4% 1
Slide 24: Outlook
Outlook - 24 - INVESTOR PRESENTATION
Slide 25: Since December 31, 2011
Since December 31, 2011 Significant rebound of the share prices of our listed investments Partial sale of Rexel shares by Ray Investment - Increase of Rexel free float - Proceeds for Eurazeo of ~€140m - Multiple of 2 times our initial investment 10 acquisitions by portfolio companies since January 1
Slide 26: Group companies outlook
Group companies outlook Listed companies announcements* Mid-term outlook 2012: EBITA margin at least at 5.7% Annual EBITDA growth of +5-10% Free cash-flow before interest Excess cash flow generation and tax of around €600m Mid-term: Strengthen market position More than 3% revenue growth
Slide 27: Eurazeo's outlook
Eurazeo’s outlook (NAV in €bn) 2010 2012 Mid-Term >€100 €71.7* per share** per share €60.2* per share 0.1 Additional NAV* 0.1 >6 NAV 4.3 3.7 Dec. 31, 2010 March 31, 2012 2015 (*) NAV with ANF Immobilier taken as its NAV on the basis of an independent valuation of its assets (€42.20) (**) Before bonu
Slide 28: FY2011 Results
FY2011 Results - 28 - INVESTOR PRESENTATION
Slide 29: Consolidated scope as of December 31, 2011
Consolidated scope as of December 31, 2011 New entries Dec. 2011 Dec. 2010 Dec. 2009 Consolidated companies 323 189 187 Of which fully consolidated 308 182 181 Of which equity method 15 7 6 - 29 - INVESTOR PRESENTATION
Slide 30: Revenue growth across the board
Revenue growth across the board 2010 REVENUES (€m) 2011 As reported Like-for-like* As reported Like-for-like* 5,948 329.6 Accor +2.5% +5.2% Eurazeo PME*** +9.4% n.a. 6,100 360.8 69.1 1,973.1 ANF +20.9% +11.9% Europcar -0.2% -0.3% 83.6 1,969.2 699.7 580.4 APCOA +4.5% +3.7% Foncia +2.5% -0.7% 731.0 59
Slide 31: Portfolio companies transformed and grew operating profit
Portfolio companies transformed and grew operating profit 2010 OPERATING PROFIT (€m) 2011 Change* Change* 446 (3) 54.5 Accor +18.8% Eurazeo PME +5.7% 530 57.6 (1) 56.6 (4) 242.7 ANF +9.1% Europcar -3.3% 61.7 234.6 51.0 80.1 APCOA +19.0% Foncia +8.7% 60.7 87.1 (2) 328 102.1 Edenred +8.5% Moncler +20.
Slide 32: Analysis of results
Analysis of results In M€ 2011 2010* 2010 2009 Europcar 234,6 242,7 242,7 213,0 Elis 192,7 180,0 180,0 170,9 APCOA 40,9 32,6 32,6 36,6 Eurazeo PME 21,7 19,0 - - B&B Hotels - - 12,5 27,4 ANF Immobilier 69,1 52,3 44,6 36,7 Adjusted EBIT (1) 559,0 526,7 512,4 484,6 Net cost of financial debt (2) -507,3
Slide 33: Strong increase in companies' results
Strong increase in companies’ results In €m 2011 2010* Change Adjusted EBIT of group consolidated companies 559.0 526.7 +6.1% Net cost of financial debt of group consolidated companies (507.3) (484.0) +4.8% Results for companies consolidated by the equity method, net cost of debt 38.0 (21.2) NS Cont
Slide 34: Capital gains realized
Capital gains realized (in €m) FY 2011 FY 2010 % Realized capital gains / losses 36.5 370.8 NS Incl.: LT Participations / Ipsos 35.9 Danone - 292.3 B&B Hotels - 75.2 - 34 - INVESTOR PRESENTATION
Slide 35: Depreciation and amortization
Depreciation and amortization (in €m) FY 2011 FY 2010 % Depreciation and amortization -142.9 -161.9 -11.7% Incl.: Amortization on APCOA commercial contracts -7.1 -37.5 Amortization on Elis commercial contracts -60.3 -58.1 Amortization on Eurazeo PME commercial contracts -1.8 -2.2 Depreciation on APC
Slide 36: Net debt as of December 31, 2011
Net debt as of December 31, 2011 2010 NET DEBT*1 (€m) LEVERAGE1,2 2011 730 20.1% Accor 226 -69.0% Accor 25.7% +5.6pts 459.8 29.2% ANF 482.3 +4.8% ANF 29.2% +0.0pts 608.2 11.9x APCOA 642.5 +5.6% APCOA 10.6x -1.4x 25 57% Edenred NS Edenred -74 93% +36pts 1,919.8 5.5x Elis 1,933.9 +0.7% Elis 5.2x -0.3x
Slide 37: A solid financial situation
A solid financial situation (In €m) 90 (67) (102) Dividends Dividends paid (89) received Reimbursement of Immobilière (581) Bingen’s debt Financial costs 909 140 (61) (22) Others Investment in Moncler, Foncia, Fonroche, 3S Partial sale 218 and Eurazeo PME, Others 138 of Rexel net of sale of LT (Ipso
Slide 38: Group companies' acquisition debt maturities
Group companies’ acquisition debt maturities* LH19 (Accor/Edenred) Europcar Corporate debt Elis APCOA Senior A Eurazeo € 533m Revolving €31m €560m Senior C HY €365m €644m €425m Mezz Mezz HY Senior B Senior €365m Junior €400m €259m €348m €110m** 2013 2014 2015 2016 2017 2018 (*) Excluding Eurazeo PME
Slide 39: Increased return to shareholders
Increased return to shareholders (in €m) FY 2011 FY 2010 Dividend for FY 2011 - FY 2011 dividend: €1.20 / share Company Shareholders’equity 3,529 3,494 Bonus share Company result 49.3 65.5 - 1 for 20 Ordinary dividend CAGR of 9% over 8 years (in €m) Special dividend (cash) Special dividend (ANF Immo
Slide 40: Net Asset Value as of December 31, 2011
Net Asset Value as of December 31, 2011 price NAV as of Dec 31, 2011 With ANF at its NAV @ % held Nb shares (€) (M€) 42.2 € Private Equity 1,733.1 Listed Private Equity 995.0 Rexel 21.5% 57,923,503 12.59 729 .2 Accor 8.9% 20,101,821 19.14 384.7 Edenred 8.9% 20,101,821 18.72 376.2 Accor/Edenred net d
Slide 41: Net Asset Value as of March 31, 2012 (unaudited)
Net Asset Value as of March 31, 2012 (unaudited) price NAV as of March 31, 2012 With ANF at its NAV @ % held Nb shares (€) (M€) 42.2 € Private Equity 1,770.2 Listed Private Equity 1,257.9 Rexel 18.1% 48,790,605 16.16 788.5 Accor 8.9% 20,101,821 26.39 530.4 Edenred 8.9% 20,101,821 21.59 434.0 Accor/E
Slide 42: Appendices
Appendices including Group Companies’ detailed information - 42 - INVESTOR PRESENTATION
Slide 43: Appendix contents
Appendix contents Page Group companies’ detailed information – Accor 44 – ANF Immobilier 47 – APCOA 52 – Edenred 60 – Elis 63 – Europcar 67 – Foncia 78 – Moncler 86 – Rexel 101 – Fraikin 108 – Intercos 111 – Gruppo Banca Leonardo 113 – Eurazeo Croissance 117 – Eurazeo PME 124 2012 Financial agenda 1
Slide 44: Accor
Record Expansion: 38,700 rooms opened (318 hotels) Record achievements: sales up 5.2% like-for-like to €6.1bn drop-through at 56%(1) sharp increase in EBIT up 32.6% like-for-like to €530m ECONOMIC INTEREST Very active asset management program in line 8.9% with target at the end of February 2012 a
Slide 45: Accor 2011 highlights
2011 highlights 2011 revenues up 5.2% like-for-like increase, including 3.7% growth in the 4th Quarter - Upscale and Midscale Hotels: up 5.0% like-for-like, with 3.1% growth in the 4th Quarter - Economy Hotels (excl. the US): up 6.3% like-for-like, with 4.8% growth in the 4th Quarter - Economy Hotel
Slide 46: Accor Financials
Financials IFRS Reported Comparable January – December (€m) 2011 2010 change change Revenue 6,100 5,948 +2.5% +5.2% EBITDAR 1,923 1,814 +6.0% +9.3% % margin 31.5% 30.5% EBIT 530 446 +18.8% +32.6% % margin 8.7% 7.5% Net debt 226 730 -69.0% - 46 - INVESTOR PRESENTATION
Slide 47: ANF Immobilier
Operating income up sharply New acquisitions in Lyons and Bordeaux and further divestments ECONOMIC INTEREST Solid financing capacity 2016-rents guidance raised to more than €120m 51.6%* FULLY CONSOLIDATED (*) 52.2% as of December 31, 2011, restated for treasury shares - 47 - INVESTOR PRESENTATION
Slide 48: ANF Immobilier 2011 highlights
2011 highlights 2011 Gross Rental Income = €83.6m, of which Recurring GRI= €75.7m - Printemps lease renewed: Rent x6 €2.4m (vs. €0.4m) ; €7.8m one-off retroactive rent - EBITDA= €69.6m, +23% (margin= 83%) ; Recurring EBITDA= €61.7m, +9% - Cash flow= €51.8m, +33% ; +12% recurring Appraisal= €1,650m ;
Slide 49: ANF Immobilier Financials
Financials IFRS Comparable January – December (€m) 2011 2010 Reported change change Rents 83.58 69.13 20.9% 11.9% (1) City-center 42.65 36.40 17.2% 22.3% B&B 33.10 32.74 1.1% 0.8% Recurring EBITDA 61.73 56.55 9.1% % margin 81.5% 81.5% Current cash flow 43.94 39.91 12.9% Per share 1.60 1.43 NAV 42.2
Slide 50: Lyons
Lyons - 50 - INVESTOR PRESENTATION
Slide 51: Marseilles
Marseilles - 51 - INVESTOR PRESENTATION
Slide 52: APCOA
Solid like-for-like growth thanks to traffic recovery and pricing initiatives Strong uplift in EBITDA margin on the back of the successful renegotiation of most underperforming contracts ECONOMIC INTEREST Continued operational and functional improvements 81.4% FULLY CONSOLIDATED - 52 - INVESTOR PRES
Slide 53: APCOA 2011 highlights
2011 highlights 2011 revenues of €731.0m, up 4.5% vs. 2010 in spite of the renegotiation in the UK (+6.2% excluding renegotiated contracts) - Strong performance of the existing portfolio(1), with rebound in all key segments (+3.8%) - Solid commercial performance 2011 EBITDA of €60.7m, up 19.0% vs. 2
Slide 54: A solid like-for-like revenue growth
A solid like-for-like revenue growth Growth of existing portfolio(1) of 3.8% - Strong rebound in cyclical segments (e.g. airport, shopping-centre) - Stability in resilient segments (e.g. city parking, hospital) Revenue of existing portfolio(1) by segment 2011 vs. 2010 (in €m) 34 731 697 28 700 672 2
Slide 55: A strong uplift in EBITDA margin
A strong uplift in EBITDA margin EBITDA margin up by c.+100 bps thanks to: - The successful renegotiation in the UK (c.+60 bps) - A solid like-for-like and commercial performance, leveraging fixed costs (c.+40 bps) EBITDA (in €m) +18.2% 4,6 60,7 2,8 1,9 51,0 0,3 51,3 +9.0% +0.7% +5.6% +3.8% 2010 Exc
Slide 56: An improving cash-flow profile
An improving cash-flow profile 2012: a turning point in ability to generate cash flows while pursuing growth Net debt +2% (in €m) 643 19 630 End of the interest swap 3 611 contract from mid-2012: 608 Investment c. €15m annual cash and working savings capital one- off impact Increased ability to ge
Slide 57: APCOA Financials
Financials January – December Reported Change at constant 2011 2010 (€m) change exchange rates Revenue 731.0 699.7 +4.5% +3.7% EBITDA 60.7 51.0 +19.0% 18.2% % margin 8.3% 7.3% Net debt 643 (1) 608 (1) Vs. c. €630m as of December 31, 2010 at constant exchange rates and proforma renegotiation in the U
Slide 58: Our strong know-how in the airport segment
Our strong know-how in the airport segment APCOA is the clear #1 in the airport segment (28 airports in 7 countries) - The lead vs. competition was extended by winning the tender for Berlin-Brandenburg International APCOA offers individual contract approaches based on customers’ needs and embedded m
Slide 59: Strategic initiatives to accelerate EBITDA growth
Strategic initiatives to accelerate EBITDA growth Identification of 6 key levers: NEW Improvement of Existing and Generation of existing business additional business additional business 1 Restructure current contract 3 Define optimal operational 5 Improve quality of new portfolio service level
Slide 60: Edenred: strong 2011 results
Strong 2011 results - Issue volume up 9.7% like-for-like, with 20.1% growth in Latin America - EBIT up 11.2% like-for-like, operating flow-through ratio of 47% before short term digital extra costs - Funds from operations up 20.8% like-for-like EBIT of €355m, at the high-end of the target ECONOMIC I
Slide 61: Edenred 2011 highlights
2011 highlights Issue Volume: Issue Volume: +9.7% lfl sustained growth in 2011, continuing the trend Issue Rest of Latin Lfl Volume France Europe Europe America established in 2010, reflecting strong momentum in Latin America and modest growth in Europe. 2011 +9.7% +1.3% -0.4% +0.2% +20.1% Europe: e
Slide 62: Edenred Financials
Financials IFRS Comparable January – December (€m) 2011 2010 Reported change change Issue Volume 15,188 13,875 +9.5% +9.7% Operating Revenue 940 885 +6.2% +9.2% Financial Revenue 92 80 +14.7% +15.2% Total Revenue 1,032 965 +6.9% +9.7% Operating EBIT 263 248 +6.4% +9.9% % Op. EBIT/IV 1.7% 1.8% Total
Slide 63: Elis
+3.2% organic growth in 2011, record year since 2007 Growth acceleration in H2 2011 Strong growth in France, Belgium, Luxembourg, Germany and Italy, mainly driven by Hotels and Health segments Strong commercial activity in 2011 5 acquisitions in 2011 Representing an annual turnover of ca. €20m ECONO
Slide 64: Elis is a value-added service provider in 4 market segments
Elis is a value-added service provider of textile and hygiene services in 4 market segments - 64 - INVESTOR PRESENTATION
Slide 65: Elis 2011 highlights
2011 highlights Like- 2011 for-like Sales +7.6% +3.2% France +3.3% +3.2% Hotels & Restaurants +7.6% • Acceleration of growth (+5.1% in H1 2011) Industry, Trade and +1.6% • Slight recovery (+1.9% in H1 2011) Services Health market +4.8% • Continued growth (+3.4% in H1 2011) • Strong organic growth in
Slide 66: Elis Financials
Financials Reported Like-for-like January – December (€m) 2011 2010 change change Revenue 1,149 1,068 +7.6% +3.2% EBITDA 371 347 +7.1% +4.2% % margin 32.3% 32.5% Net debt 1,934 1,920 - 66 - INVESTOR PRESENTATION
Slide 67: Europcar
Stable revenue in a competitive market environment thanks to good resilience of Europcar’s pricing policy Stable Adjusted EBIT margin thanks to disciplined cost management Strong cash flow generation, with €110 million INTEREST Corporate Free Cash-Flow, more than twice the amount generated in 2010 N
Slide 68: Europcar ID card
Europcar ID card - 68 - INVESTOR PRESENTATION
Slide 69: The European leader with global reach
The European leader with global reach - 69 - INVESTOR PRESENTATION
Slide 70: Europcar Financials
Financials At constant exchange rates Reported 2010 January - December (€m) 2011 At 2011 Change 2010 Change exch. rates Revenue 1,969.2 1,975.8 -0.3% 1,973.1 -0.2% Adjusted Corporate EBITDA 120.1(3) 128.2 -6.3% 128.2 -6.3% % margin 6.1% 6.5% 6.5% Adjusted Operating Income(1) 234.6 243.1 -3.5% 242.7
Slide 71: Improved debt profile over the year
Improved debt profile over the year Leverage reduced during the period - Consolidated Net debt including debt equivalent of leasings of €2,905m at end 2011 vs. €3,019m at end 2010 at constant exchange rate (i.e. -3.8% vs. 2010) - RCF drawings reduced from €220m in Dec. 2010 to €39m in Dec. 2011 - To
Slide 72: A new management team to accelerate Europcar's transformation
A new management team to accelerate Europcar’s transformation Roland Keppler, CEO of Europcar Group - Previously CEO of Europcar Germany since 2009 - 2007: CEO of TUIfly further to the merger of Hapag Lloyd with HLX - 2005: CEO of the airline Hapag Lloyd Express / HLX – after 3 years as CFO Jean-Cha
Slide 73: Europcar's Transformation
Europcar’s Transformation Today Looking forward Challenges in IT Opportunities in digital Focus on product Focus on experience Fleet centric Customer centric Car rental company Mobility player Punctual relationship Long-term, continued to customers relationship - 73 - INVESTOR PRESENTATION
Slide 74: Europcar's Transformation: Vision 2014 and 2012 priorities
Europcar’s Transformation Vision 2014 ENABLING FUTURE GROWTH • Redefined selling • Mobility partner proposition • Digital opportunities 2012 priorities • Customer focus • Value For Money • Stop margin drain • Review IT infrastructure • New front-end and optimized Online Marketing - 74 - INVESTOR PRE
Slide 75: Key Business Drivers – Cost initiatives
Key Business Drivers – Cost initiatives Expected Impact Continuing improvement over the next years Fleet Utilization thanks to operational excellence Fleet Costs per unit Mix of vehicles / OEM’s / At risk Operating Variable Costs Network optimization Operating Fixed Costs Enhancing synergies in su
Slide 76: Europcar's Guidance
Europcar’s Guidance Total Net Debt Stabilization Operational Margin Improvement Annual Sales Growth above 3% Today Vision 2014 - 76 - INVESTOR PRESENTATION
Slide 77: Europcar's Corporate EBITDA
Europcar’s Corporate EBITDA Introduction of the Corporate EBITDA aggregate in Europcar’s reporting - Better reflects Europcar’s cash generation - Comparable with US car rental peers Adjusted Operating Income – Fleet financing costs – Interest portion included in fleet leasing + Non-fleet depreciatio
Slide 78: Foncia
Solid 2011 performance with +8.7% EBITDA growth New management team ECONOMIC INTEREST Implementation of transformation plan started 33.8% EQUITY METHOD - 78 - INVESTOR PRESENTATION
Slide 79: French leader in residential real estate services
French leader in residential real estate services - Leader in residential real estate services 2010 revenue by activity - 3 complementary activities: International – Lease management / rentals Associated services 8% #1 in France (8% market share) with Client accounts 8% 252,000 dwellings under manag
Slide 80: New Management
New Management Jacques Lenormand François Davy Chairman CEO - Top management positions at Credit - Previously member of the executive board Agricole, MMA and La Poste of Adecco Group Worldwide since 2007 Successfully initiated important Contributed to improved operational modernization and brand
Slide 81: High Impact Decisions taken since closing
High Impact Decisions taken since closing New Appointment of François Davy as CEO 1 management Appointment of Jacques Lenormand as Chairman Complete review of all key aspects of the company with the objective 2 100 Day Plan to accelerate organic growth and improve operational efficiency throug
Slide 82: A 360° Transformation Project
A 360o Transformation Project IT Intense “100 Day Plan” kicked off 3 Holding costs in September 2011 Purchasing and structure 4 2 10 workstreams covering all key aspects of the Group Involvement of over 50 employees Network A 360o HR to attract full support optimisation Transformation 3 2 26 p
Slide 83: Top initiatives – illustration
Top initiatives – illustration Lever Initiative Objective • Design and implementation of a reporting tool Client retention Lower gross churn to identify and track dwellings at risk Improve operational • Identification of the 12 most time consuming IT tasks efficiency and free IT • Dedicated IT task
Slide 84: Our ambition: create a virtuous cycle
Our ambition: create a virtuous cycle to become the undisputed leader of the Real Estate Services market New Products and services Critical size Brand and sector awareness and “standards differentiation driver” From leader in size to clear leader in quality of service Client Staff pride satisfaction
Slide 85: 2011 key financials highlights
2011 key financials highlights Sales up 2.5% to €595m 2011 Revenue Breakdown - Solid core Real Estate Services performance with +2.6% revenue growth (€m) 2011A 2010A % var. - Slight decrease in Sales business (-2.3% vs. 2010) Core RRES France(1) 399.1 389.1 +2.6% due to weaker trading environment in
Slide 86: 2011 Financial performance
2011 Financial performance Reported Like-for-like January – December (€m) 2011 2010 change change Revenue 595.1 580.4 +2.5% -0.7% EBITDA 87.1 80.1 +8.7% +5.6% % margin 14.6% 13.8% Net debt 377.8 387.9* -2.6% n.a. (*) Net debt at closing (July 26, 2011) - 86 - INVESTOR PRESENTATION
Slide 87: Moncler
INTEREST 32.3% EQUITY METHOD +20% sales growth for the Group Moncler, +28% for the Moncler brand Continued retail development CONTROL with 22 openings, total network of 60 stores at the end of 2011 More than doubled sales in Japan and China 45.0% - 87 - INVESTOR PRESENTATION
Slide 88: The Leader in Luxury Outerwear
The Leader in Luxury Outerwear Strong heritage Iconic products … attractive products Multi Channel Unique positioning for all as well as… in new categories Expertise in Luxury Outerwear - 88 - INVESTOR PRESENTATION
Slide 89: Strong Heritage
Strong Heritage • A brand steeped in history and heritage • Founded in 1952 • Rooted in the iconic « Down Jacket » - 89 - INVESTOR PRESENTATION
Slide 90: Products for all and for all occasions
Products for all and for all occasions F Y 2 0 11 S A L E S Men 38% €364m 52% Women 10% Children • Balanced between men and women • Potential to further increase the children segment - 90 - INVESTOR PRESENTATION
Slide 91: Selective Distribution
Selective Distribution Shanghai St. Moritz New York - 91 - INVESTOR PRESENTATION
Slide 92: Innovation and New Categories
Innovation and New Categories F Y 2 0 11 S A L E S Accesories Apparel* 3% • Further growth 12% from accessories and apparel €364m • Strong licensing potential (glasses, 85% watches….) Outerwear Summer- Spring 22% • Develop spring €364m and summer collections 78% Fall- Winter (*) Apparel: Pants&Skirt
Slide 93: A Luxury Brand
A Luxury Brand Absolute relevance of the brand High design content Superior quality Top-end market price Product scarcity High end locations - 93 - INVESTOR PRESENTATION
Slide 94: 2011 Group Moncler Financials
2011 Group Moncler Financials VERY STRONG FINANCIAL PERFORMANCE Reported SALES GROWTH OF 19.5% January – December (€m) 2011 2010 change +28% for the Moncler Brand Revenue 516 432 +19.5% EBITDA GROWTH OF 20%, WITH A SLIGHT IMPROVEMENT IN MARGIN EBITDA 123 102 +20.1% Acquisition multiple % margin 23.8
Slide 95: Strong International Growth
Strong International Growth G E O G R A P H I C S A L E S M I X E V O L U T I O N 2 0 1 0 - 2 0 11 FY 2010 SALES FY 2011 SALES America and RoW America and RoW 6% 8% Asia/Japan 17% Asia/Japan 25% 34% Italy €284m 43% Italy €364m 34% Rest of Europe Rest of Europe 33% +28% sales growth for Moncler, with
Slide 96: Asia and Europe Key to Retail
Asia and Europe Key to Retail G E O G R A P H I C S A L E S M I X E V O L U T I O N 2 0 1 0 - 2 0 11 O F T H E R E TA I L C H A N N E L FY 2011 RETAIL SALES America and RoW 9% 19% Italy €138m Asia/Japan 41% 31% Rest of Europe • Reinforcing retail structure: new regional CEOs in Asia, Japan and hunti
Slide 97: Fast Development of Retail Network
Fast Development of Retail Network S A L E S M I X E V O L U T I O N 2 0 1 0 - 2 0 11 B Y C H A N N E L FY 2010 SALES FY 2011 SALES Retail 25% Retail 38% €284m €364m 75% Wholesale 62% Wholesale 22 stores openings in 2011, total network of 60 stores around the world Further expansion in 2012 with new
Slide 98: Strong Traction in Asia
Strong Traction in Asia CHINA JAPAN 8 stores 14 stores 6 openings in 2011 4 openings in 2011 Significant untapped Very strong position potential in China in Japan • Moncler 8 stores • Historical market in China for Moncler • Top leading luxury brands • Close to 40% like-for-like with 20-40 stores gr
Slide 99: Unique positioning in Luxury Outerwear
Unique positioning in Luxury Outerwear MONCLER MAIN COLLECTION MONCLER GRENOBLE MONCLER GAMME ROUGE AND GAMME BLEU • Trend-setter in outerwear thanks to legitimacy and continuous innovation • Technical ski-wear • High-end collections • Specific capsules: capitalising on the history with famous desig
Slide 100: The Sportswear Brands of the Moncler Group
The Sportwear Brands of the Moncler Group COLLECTION KEY MARKETS COLLECTION KEY MARKETS British sportswear Focus on Italy, Sport chic Italian Focus on Italy line inspired by Japan and Korea brand of marine Sir Henry Cotton’s wear inspiration KEY STRENGTHS KEY STRENGTHS Clear brand Brand heritage pos
Slide 101: Rexel
Solid sales growth throughout the year Increased profitability ECONOMIC INTEREST Strengthened financial structure 18.1%* EQUITY METHOD (*) 21.5% as of December 31, 2011 - 101 - INVESTOR PRESENTATION
Slide 102: Rexel 2011 highlights
2011 highlights Constant and same-day sales growth FY 2011 Solid sales growth throughout the year Europe +5.5% - +5.3% in Q4 (on a constant and same-day basis) North America +8.3% Asia-Pacific +5.5% - +6.2% in the FY (on a constant and same-day basis) Latin America +16.0% GROUP +6.2% Constant and ad
Slide 103: Rexel Financials
Financials Reported Like-for-like and January – December (€m) 2011 2010 change same-day change Revenue 12,717 11,960 +6.3% +6.2% EBITA 720 616 +16.8% +20.1% % margin 5.7% 5.1% Net debt 2,078 2,273 - 103 - INVESTOR PRESENTATION
Slide 104: Sustained sales growth in Q4
Sustained sales growth in Q4 Constant and same-day sales growth Constant and same-day growth: +5.3% incl. and excl. copper impact (o/w copper: +0.1% vs. +1.9% in Q3 2011) 2011 vs. 2010 (%) Q1 Q2 Q3 Q4 2011 Solid performance in Europe: +4.5 % - Strong growth outside Southern Europe: +6.7% Org. same-d
Slide 105: Continued improvement in profitability in Q4
Continued improvement in profitability in Q4 Gross margin up 60bps in Q4 Constant and adjusted EBITA1 margin and up 20bps in the FY, to 24.6% +50bps Adj. EBITA margin up 40bps in Q4 +20bps and up 70bps in the FY to 5.7% 5.7% - Historic high in Europe at 7.6% 5.0% (vs. 7.0% in Q4 2010) FY 2010 Gross
Slide 106: Strong cash-flow generation and debt reduction in Q4
Strong cash-flow generation and debt reduction in Q4 Free cash-flow before interest & tax Strong FCF before I&T of €364m in Q4 and €601m +5.5% in the FY - Strict management of WCR: 10.3% at Dec. 31, 2011 €601m (vs. 10.6% at Dec. 31, 2010) €570m - Limited capex: 0.8% of sales - FCF before I&T represe
Slide 107: Increase of Rexel free float
Increase of Rexel free float Placement by Ray Investment of a 11.2% stake in Rexel on March 1, 2012 - Ray Investment sold 30 million Rexel shares, representing 11.2% of Rexel’s share capital, at a price of 15.75 euros per share (for a total amount of 472 million euros) by way of an accelerated book
Slide 108: Fraikin
Long Term rental activity still low but strong rebound in short term rental Strong increase in profitability thanks to the continuing costs and organizational ECONOMIC INTEREST streamlining policy 13.2% EQUITY METHOD - 108 - INVESTOR PRESENTATION
Slide 109: Fraikin 2011 highlights
2011 highlights Sales decrease limited to 1.4%, thanks to a balanced effect: - Long term contract hire sales decrease by 3.7% versus 2010 - However, the commercial activity suggests an improvement in activity in the coming months - Short term rental sales, still very strong, increase by 11.0% versus
Slide 110: Fraikin Financials
Financials January – December (€m) 2011 2010 Revenue 684 694 EBITA Rental 111 111 % of sales 16.2% 16.0% Capital Gains 5 2 EBITA 116 113 % of sales 16.9% 16.3% Net debt 1,137 1,100 - 110 - INVESTOR PRESENTATION
Slide 111: Intercos
Strong product innovation and customer gains Good performance in 2011 both for sales and EBITDA and a record amount of orders ECONOMIC INTEREST No evidence of 2012 slowdown Group management strengthened with a new CFO and additional second-line managers 33.6% EQUITY METHOD - 111 - INVESTOR PRESENTAT
Slide 112: Intercos 2011 highlights
2011 highlights Strong performance in 2011 - Order entry in 2011 is 8.8% above prior year - Highest revenue growth rates are in Asia (+22%)(1), Skin Care (+22%)(1) and USA (+16%)(1) Net debt substantially in line with December 2010 pro-forma of the preferred equity injection - Increased operating ca
Slide 113: Intercos Financials
Financials IFRS January – December (€m) 2011(1) 2010 Change Revenue 270.8 243.3 11.3% EBITDA 38.5 33.3 15.6% % margin 14.2% 13.7% Net debt (2) 212.0 230.8 -8.1% Average €/USD 1.39 1.33 5.0% Year end €/USD 1.30 1.34 -3.2% (1) Preliminary results (2) (i) Dafe (majority shareholder) subscribed and paid
Slide 114: Gruppo Banca Leonardo
Successful disposal of DNCA: €74m net profit Strong operational improvement with net revenues up 22% (like-for-like consolidation area) ECONOMIC INTEREST Continued strategic focus on core businesses 19.3% - 114 - INVESTOR PRESENTATION
Slide 115: Banca Leonardo 2011 highlights
2011 highlights Strong growth in net revenues to reach €157 million Creation of a pan-European network in Advisory business: impressive growth and almost doubling revenues in 2011, to reach €87m Private Banking division is stable due to the market turmoil in H2: less client activity and slight decre
Slide 116: Banca Leonardo Financials
Financials IFRS January – December (€m) 2011(1) 2010 (2) Change Total net revenue 156.7 128.3 +22.1% Group net profit 72.9 18.3 +398% % margin 46.5% 14.3% Total customer financial assets 5,030 5,105 -1.5% Total equity (3) 520.7 575.7 -9.6% Total balance sheet 2,050 n.a. n.a. (1) Preliminary results
Slide 117: FOCUS
FOCUS - 117 - INVESTOR PRESENTATION
Slide 118: Fonroche
Exceptional growth in 2011 thanks to projects secured in France in 2010 Very promising prospects for international expansion in PV ECONOMIC INTEREST 28.4% EQUITY METHOD - 118 - INVESTOR PRESENTATION
Slide 119: Fonroche 2011 highlights
2011 highlights Strong operational know-how as a PV developer in France • 74MW developed or sold in 2011, all in time to secure the feed-in tariff • 45MW to be operated by Fonroche at end 2011 Exceptional results: Sales multiplied by >2 and EBITDA multiplied by >4 Ability to finance solar proj
Slide 120: Fonroche Financials
Financials Development Activity Consolidated 2011 2010 2011 2010 (€m) (€m) (12 months) (12 months) (12 months) (12 months) Revenue 250 103 Revenue 131 49 EBITDA 57 20 EBITDA 22 5 % margin 23% 20% % margin 17% 9% Net debt* 104 36 Note: Non audited figures. Non statutory perimeter. (*) Net debt 2011 i
Slide 121: 3S Photonics
Solid performance in H2 2011: +9% in revenue and +30% in EBIT Flooding situation in Thailand under control Re-start of the production in March ECONOMIC INTEREST Re-insourcing of part of the production in France (Nozay) Continued initiatives to modernize 86.0% FULLY CONSOLIDATED the group and enhance
Slide 122: A niche player in the high-end optoelectronic components market
A niche player in the high-end optoelectronic & fiber- based components market 3S Photonics Group business overview 3S Photonics Group key strengths – 3S Photonics Group designs high-end optical and opto- – Dominant market share in the undersea telecom electronic components: market (historical core
Slide 123: International footprint of 3S Photonics
International footprint of 3S Photonics Avensys Tech - HQ ITF Labs - Manufacturing - HQ - Sales office - Manufacturing - Sales office Londres Sales office Korea OEM Bangkok, Thaïland OEM Boston Sales office 3S PHOTONICS - HQ Avensys Solutions - Development and - 5 Sales offices manufacturing chips B
Slide 124: 3S Photonics 2011 highlights
2011 highlights Solid performance in H2 2011, in spite of the flood in Thailand - +9% in revenue and +30% in EBIT – Excellent performance in Q3 with a strong increase on the terrestrial and submarine long distance transmissions segments – Slow-down in Q4 due to the flood Strong effort to re-start co
Slide 125: 3S Photonics Financials
Financials July – December 2011 2010 Reported 2011 (€m) (1) 6 months 6 months change 12 months(1) Revenue 24.6 22.7 +8.6% 53.8 EBIT 1.5 1.1 4.2 +30.1% % margin 6.0% 5.0% 7.8% Net debt 17 17 (1) Estimates - 125 - INVESTOR PRESENTATION
Slide 126: FOCUS
FOCUS - 126 - INVESTOR PRESENTATION
Slide 127: Eurazeo PME 2011 highlights
2011 highlights Accelerating change: sales growth outside Europe - Strong development of Groupe Dessange in the US market (50% of the worldwide market) - Buy-back of the US master franchise in Q1 2011 and acquisition of Fantastic Sams, one of the US franchised hair salon leaders. - Doubling the size
Slide 128: Portfolio
Portfolio As of Jan 31, 2012 As of Dec. 31, 2011 (2 acquisitions closed in Jan. 2012: FDS/AGS and Dessange/Fantastic Sams) €217.8m €184.7m as at Jan. 31, as at Dec. 31, 2012 2011 - 128 - INVESTOR PRESENTATION
Slide 129: Portfolio strengths
Portfolio strengths Strong recurring revenues on a resilient market: FDS: regular replacement of gaskets ( 80% of turnover derived from maintenance) Mors Smitt: regular replacement of relays for the international railway market and for the industry and maritime industry Dessange: guaranteed minim
Slide 130: Solid growth across the portfolio
Solid growth across the portfolio Revenues (€m) Change Léon de Bruxelles 104.7 +12% Opening of 7 new restaurants in 2011. + 3% on a comparable basis 117.7 2 UK based acquisitions. + 9% on a comparable range. Mainly Siem/Flexitallic 84.4 +11% driven by the strong activity in maintenance programs
Slide 131: Léon de Bruxelles
Léon de Bruxelles The French specialist in Belgian bistro (mussels/french fries) ECONOMIC INTEREST 2011 Highlights • Openings of 7 new owned restaurants, 59.4% for a total of 66 at the end of 2011 • Sales of the real estate of 6 restaurants • Launch of a new restaurant in Franchise in London, opened
Slide 132: Dessange International
Dessange International Franchise beauty salons ECONOMIC INTEREST 2011 Highlights • Divestiture of Frédéric Moreno brand 67.6% • Network of 715 franchisees at end of 2011. New organization of franchise development. Good performance of in house products. • In January 2012, acquisition of Fantastic Sam
Slide 133: FDS Group
FDS GROUP World leader of industrial sealing solutions ECONOMIC INTEREST 2011 Highlights • Acquisition of two distribution networks in the UK in August 69.2% • Eurazeo PME increases its stake in the FDS Group's capital from 54% to c.75% in November • Refinancing of the FDS Group's balance sheet (€11
Slide 134: Mors Smitt
Mors Smitt World leader of electromechanical relays ECONOMIC INTEREST for the international railway market 2011 Highlights 46.7% • Acquisition of a UK company STS Rail to expand on UK markets. The BR390 relay produced by STS Rail is the widest used electromechanical relay in the world (most of the C
Slide 135: Gault & Frémont
Gault & Frémont French leader of specialty packaging for the bakery and pastry ECONOMIC INTEREST shop industry, for agro-food and large-scale distribution networks 2011 Highlights 74.2% • March 3: acquisition of Montgolfier, a French company specialised in packaging for milling customers • New contr
Slide 136: Eurazeo PME Financials
Financials Reported Like-for-like January – December (€m) 2011 2010 change change Revenue 361.3 339.2 +6.5% +12.9% EBITDA 54.1 55.9 -3.2% +1.3% % margin 15.0% 16.5% Net debt 239.1 237.5 +0.6% +0.6% - 136 - INVESTOR PRESENTATION
Slide 137: A pluridisciplinary team of investment professionals
A pluridisciplinary team of investment professionals Executive Board: investment and management skills - Patrick SAYER, CEO, 54. Joined Eurazeo in May 2002 after a 20-year experience in investment banking and private equity - Bruno KELLER, COO, 57. Joined Eurafrance and Gaz et Eaux in 1990 after a 1
Slide 138: Financial Agenda
Financial Agenda - 1st Half 2012 Revenues and Results August 29, 2012 - Q3 2012 Revenues November 9, 2012 - 138 - INVESTOR PRESENTATION
Slide 139: About us
About us Investor Relations contact Research on Eurazeo Caroline cohen • Alpha Value Catherine Radiguer • ccohen@eurazeo.com + 33 (0)1 44 15 16 76 • Deutsche Bank Frédéric Caumon • Exane BNP-Paribas Charles-Henri de Mortemart www.eurazeo.com • Goldman Sachs Markus Iwar • HSBC Pierre Bosset • JP Morg