Consolidated income statement Consolidated balance sheet

Consolidated cash flow statement

	Consolidated income statement

Analytical income statement Information related to 2007 is not available given the application of Revised IFRS 8 as of January 2008.
In millions of euros	2009	2008
Europcar	213.0	245.5
Elis	170.9	169.4
APCOA	36.6	50.6
B&B Hotels	27.4	23.7
ANF	36.7	33.7
Adjusted EBIT of companies listed above(1)	484.6	522.9
Cost of financial debt of companies listed above(2)	-463.3	-471.4
Subtotal	21.3	51.5
Income from investments in associates	39.4	69.1
Capital gains	217.6	310.9
Revenues from holding company segment	44.4	92.7
Cost of net financial debt of holding sector and Accor (LH19)(2)	-79.2	-73.6
Operating costs of holding company segment	-42.4	-46.8
Change in fair value of investment properties	-70.5	36.7
Change in fair value of derivatives (interest rate and equity)	-74.6	13.6
Other income and expenses(3)	-101.0	- 99.7
Income tax	107.8	-113.9
Income before impairment, depreciation and amortization(4)	-16.1	240.6
Attributable to equity holders of the parent	31.1	231.4
Minority interests	-47.2	9.1
Impairment of APCOA goodwill	-60.3	-76.8
Impairment of Europcar goodwill	-98.5	-
Adjustment to Bétacar acquisition price	7.9	-
Amortization of APCOA commercial contracts	-15.5	-12.9
Amortization of Elis commercial contracts	-57.9	-57.5
Impairment of Sirti	-63.9	-
Impairment of Intercos	-35.8	-
Impairment of Station Casinos	-1.4	-144.6
Impairment of Colyzeo II	-2.4	-53.3
Income tax on restatements	25.3	24.2
Impairment, depreciation and amortization	-302.6	-320.9
IFRS consolidated net income	-318.7	-80.3
Attributable to equity holders of the parent	-199.3	-68.0
Attributable to minority interests	-119.4	-12.3

(1) Adjusted EBIT excluding companies in the holding sector, before restructuring, change in fair value of derivatives, change in fair value of investment properties, amortization and impairment of intangible assets, available-for-sale securities and investments in associates and amortization of allocated goodwill.
(2) Excluding impact of derivatives.
(3) Including restructuring charges of E48.0 million in 2009 and €25.2 million in 2008.
(4) Before amortization and impairment of intangible assets, available-for-sale securities and investments in associates and amortization of allocated goodwill.

Income statement under IFRS
In thousands of euros	2009	2008
Revenue	3,785,366	4,053,960
Other income	144,811	157,672
Cost of sales	-1,247,930	-1,339,917
Taxes other than income tax	-72,969	-70,516
Employee benefits expense	-890,982	-922,367
Administrative expenses	-954,839	-1,011,164
Depreciation and amortization (excluding intangible assets relating to acquisitions)	-246,751	-234,422
Additions to/(reversals of) provisions	-4,526	4,291
Changes in work-in-process and finished goods	-430	1,424
Other operating income and expenses	-20,003	15,487
OPERATING INCOME BEFORE OTHER INCOME AND EXPENSES o.w. savings on depreciation and amortization from the application of IFRS5	491,747 -	654,448 -
Amortization of intangible assets relating to acquisitions	-73,353	-70,423
Impairment of goodwill/investments in associates	-258,598	-76,836
Other income and expenses	5,451	-11,832
OPERATING INCOME	165,247	495,357
Incomes and expenses on cash and cash equivalents and other financial instruments	-64,900	43,863
Finance costs, gross	-507,368	-539,688
Finance costs, net	-572,268	-495,825
Other financial income and expenses	-5,296	-59,261
Share of income of associates	-39,449	69,099
Income tax expense	133,020	-89,693
NET INCOME from continuing operations	-318,746	-80,323
Net income from discontinued operations	-	-
NET INCOME	-318,746	-80,323
Minority interests	-119,415	-12,360
NET INCOME attributable to equity holders of the parent	-199,331	-67,963
Net income after minority interests and before impairment and amortization of allocated goodwill (1)	31,083	231,444

⁽¹⁾ Before amortization and impairment of intangible assets, available-for-sale securities and investments in associates and amortization of allocated goodwill.

Eurazeo reported consolidated revenues of €3,785.4 million in 2009. Revenues were down 6.6% on a reported basis and 5.9% on a comparable basis. The private equity business generated revenues of €3,707.3 million, down 4.9% on a comparable basis. The revenues generated by the real estate business increased 6.6% in 2009 to €33.6 million, reflecting continued growth in ANF’s lease income (10% increase in 2006).
Eurazeo reported a net loss after minority interests of €199.3 million for the year, versus a net loss of €68.0 million in 2008. This result included €484.6 million in adjusted EBIT contributed by the consolidated operating companies (ANF, APCOA, B&B, Elis and Europcar), versus €522.9 million in 2008: the limited size of the 7.3% decrease underlines the responsiveness of the Group’s holdings.

The main items with variances as compared to 2008 were (including minority interests):
> Share of income of associates amounted to a €39.4 million loss this year, as compared to a €69.1 million profit in 2008. This reflects primarily the decline in the results of Accor and Rexel, accentuated by the impairment losses recognized by both companies, and especially Accor;
> Eurazeo generated €217.6 million in capital gains in 2009, mainly on sales of Danone shares. The €310.9 million in capital gains reported in 2008 came mainly from the sale of Eurazeo’s holdings in Air Liquide and Veolia;
> The fair value adjustment on investment properties (ANF) generated a €70.5 million loss this year, compared with a €36.7 million gain in 2008;
> The change in the market value of derivatives (interest rate and equity) generated a €74.6 million loss in 2009, compared with a €13.6 million gain the previous year. This notably included the impact of a €37.4 million adverse change in the value of the Danone call option embedded in the exchangeable bonds issued in May 2009;
> The Group had an income tax credit of €107.8 million in 2009, compared with €113.9 million in tax expense the previous year.

In all, net income after minority interests and before impairment of intangible assets, securities available for sale and investments in associates and amortization of allocated goodwill amounted to €31.1 million in 2009, compared with €231.4 million the previous year. Impairment of intangible assets, securities available for sale and investments in associates and amortization of allocated goodwill accounted for total charges of €302.6 million and €320.9 million in 2009 and 2008, respectively. This notably included €60.3 million of additional impairment on the goodwill related to APCOA (Austria, Belgium, Norway, the Netherlands, Poland and the United Kingdom), €98.5 million of impairment on the goodwill allocated to Spain for Europcar, and €99.7 million of impairment on the assets in Italy (Sirti and Intercos).

	Consolidated balance sheet

Complete financial information is included in Volume 2 of the registration document.

ASSETS
In thousands of euros	2009	2008	2007
Goodwill	2,958,866	3,082,264	3,220,171
Intangible assets	1,635,786	1,695,726	1,797,013
Property, plant and equipment	1,084,314	1,038,047	940,954
Investment properties	1,021,223	1,031,749	930,396
Investment in associates	1,850,772	1,997,920	883,071
Available-for-sale financial assets	1,373,189	1,548,938	4,258,386
Other non-current assets	168,847	265,604	39,006
Deferred tax assets	295,779	155,223	130,679
TOTAL NON-CURRENT ASSETS	10,388,776	10,815,471	12,199,676
Inventories	52,251	51,281	46,128
Trade and other receivables	1,292,856	1,271,244	1,356,402
Current tax assets	19,870	52,496	32,511
Available-for-sale financial assets	1,874	6,143	3,471
Other financial assets	268,075	454,424	47,233
Vehicle fleet	1,517,946	1,982,215	2,525,559
Other assets	57,188	75,622	54,242
Other short-term deposits	42,987	93,350	66,278
Cash and cash equivalents	867,298	707,811	665,805
TOTAL CURRENT ASSETS	4,120,345	4,694,586	4,797,629
Assets classified as held for sale	155,098	42,347	42,581
TOTAL ASSETS	14,664,219	15,552,404	17,039,886

Total assets amounted to €14.7 billion as of December 31, 2009, as compared to €15.6 billion in the prior year.

The decline is attributable to the decreases in “Goodwill” and “Investments in associates”, reflecting the impact of write-offs for impairment recorded in 2009, and the reduction of the “Vehicle fleet”, which reflects the scaling down of Europcar’s fleet in response to the slowdown induced by the crisis, combined with an improved utilization of the fleet.

Eurazeo’s consolidated net cash increased to €848 million as of December 31, 2009 from €650 million the previous year, and its consolidated debt decreased to €7,216.3 million as of December 31, 2009 from €7,634.3 million the previous year due primarily to the reduction of financing lines for Europcar’s vehicle fleet.

LIABILITIES AND EQUITY
In thousands of euros	2009	2008	2007
Issued capital	168,290	168,654	164,506
Share premium	518	-	65,850
Fair value reserves	333,427	537,982	1 646,167
Hedging reserves	-273,048	-217,539	18,653
Share-based payment reserves	49,206	39,672	27,775
Foreign currency translation reserves	-117,937	-180,709	-31,629
Treasury shares	-73,168	-135,325	-164,352
Retained earnings	3,415,624	3,706,896	3,690,676
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT	3,502,912	3,919,631	5,417,646
MINORITY INTERESTS	369,038	453,011	546,933
TOTAL EQUITY	3,871,950	4,372,642	5,964,579
INTERESTS HELD BY LIMITED PARTNERSHIP FUNDS	334,944	338,132	225,950
Provisions	40,423	35,953	46,688
Employee benefit liabilities	101,609	95,316	91,257
Long-term borrowings	4,975,641	5,456,440	5,119,100
Deferred tax liabilities	614,175	655,912	895,717
Other non-current liabilities	306,926	235,318	5,182
TOTAL NON-CURRENT LIABILITIES	6,038,774	6,478,939	6,157,944
Provisions	186,220	138,258	144,938
Current portion of employee benefit liabilities	1,800	1,392	2,852
Current income tax payable	34,990	126,745	148,811
Trade and other payables	1,040,404	971,756	971,098
Other liabilities	474,851	481,932	509,386
Other financial liabilities	439,579	464,732	65,548
Bank overdrafts and current portion of long-term borrowings	2,144,378	2,177,876	2,848,640
TOTAL CURRENT LIABILITIES	4,322,222	4,362,691	4,691,273
Liabilities directly associated with assets classified as held for sale	96,329	-	140
TOTAL EQUITY AND LIABILITIES	14,664,219	5,552,404	117,039,886

Consolidated equity attributable to equity holders of the parent came to €65.6 per share as of December 31, 2009 (i.e. €3,502.9 million in total), as compared to €73.4 per share the previous year (€3,919.6 million). The €7.8 per share decrease is attributable primarily to a decrease in the fair value reserve on the portfolio of securities available for sale, subsequent to the disposal of Danone shares, and to losses for the 2009 period.

	Consolidated cash flow statement

In thousands of euros	2009	2008	2007
Cash at beginning of period	650,075	634,817	462,252
Cash flows before net finance costs and income tax expense	592,354	759,994	548,794
Changes in operating WCR (including employee benefit liabilities)	595,484	491,907	181,321
Income taxes paid	-96,731	-157,494	-55,989
Net cash flows from operating activities	1,091,107	1,094,407	674,126
Acquisitions of intangible and tangible assets	-370,944	-410,651	-236,543
Acquisitions of non-current financial assets	-243,560	-1,534,893	-3,705,581
Disposals of intangible and tangible assets	69,055	9,824	28,347
Disposals of non-current financial assets	479,743	1,811,423	1,438,218
Changes in scope of consolidation	-	-104	5,038
Other (short-term deposits)	52,564	-41,907	77,178
Net cash flows from investing activities	-13,142	-166,308	-2,393,343
Dividends paid by Eurazeo	-39,237	-62,601	-56,828
Share repurchases	-10,995	-103,500	-209,728
Borrowings and liabilities	-831,149	-854,717	1,802,176
Other (dividends paid to minority interests)	-5,037	105,896	366,774
Net cash flows from financing activities	-886,418	-914,922	1,902,394
Net increase (decrease) in cash and cash equivalents	191,547	13,177	183,177
Effect of foreign exchange rate changes	6,482	2,081	-10,612
Cash and cash equivalents at the end of the year (net of bank overdrafts)	848,104	650,075	634,817

Net cash flows from operating activities amounted to €1,091 million, including a €595 million favorable change in working capital.
The net cash flows from investing activities primarily concerned transactions on Danone shares.
Net cash flows from financing activities included €686.7 million in proceeds (net of issuance costs) on the issue of bonds exchangeable into Danone shares, €422.2 million on the repayment of the debt put in place by LH22 related to the investment in Danone in 2008, as well as a sharp decrease of €584.8 in Europcar’s debt under IFRS. Net of the impact of leases set in place to replace bank debt, Europcar’s debt was reduced by €437.3 million as of December 31, 2009. The other flows from financing activities mainly concerned the dividend paid by Eurazeo and the share repurchases carried out in 2009.