|
|
|
|
|
|
|
|
|
Consolidated income statement |
|
|
|
|
In 2008, Eurazeo group’s consolidated revenues crossed
the 4 billion euros mark for the first time and came off at
4,054.0 million euros. This increase represents a 35.4%
surge as reported while underscoring the Group’s capacity
to successfully integrate external growth transactions, and
the remarkable resilience of the Group’s operations to the
economic climate. The revenues crept up 1.7% when
stated in pro forma terms and at a constant exchange rate.
Net income Group share stood at a loss of 61.0 million
euros. It is not directly comparable to the 2007 net income
Group share of 901.1 million euros considering that those
2007 figures had been boosted by the exceptional capital
gains recorded from the disposals of Eutelsat and Fraikin
(for 604.4 million euros after tax).
Restated to reflect impairments on intangible assets and
assets available for sale, as well as amortizations on
allocated goodwill, net income Group share totals 238.4
million euros in 2008.
|
| (In thousand euros) |
2008
|
2007
restated(1) |
2007
reported |
|
| Revenue from continuing operations |
4,053,960 |
2,993,382 |
2,993,382 |
| Other income |
157,672 |
1,267,162 |
1,267,334 |
| Cost of sales |
(1,339,917) |
(952,694) |
(415,572) |
| Taxes |
(70,516) |
(58,470) |
(58,470) |
| Employee benefits expenses |
(922,367) |
(573,580) |
(573,580) |
| Administrative expenses |
(1,011,164) |
(1,007,937) |
(1,545,059) |
Depreciation allowances
(excluding intangible assets related to acquisitions) |
(234,422) |
(155,771) |
(157,495) |
| Additions to, or reversal of provisions |
4,291 |
(29,272) |
(29,272) |
| Changes in work-in-progress and finished goods |
1,424 |
(2,814) |
(2,814) |
| Other operating revenue and expenses |
15,487 |
9,496 |
9,415 |
|
Operating income before other income and expenses
including savings on depreciation from the application of IFRS 5 |
654,448
- |
1,489,502
39,047 |
1,487,869
39,047 |
|
| Depreciation allowances of intangible assets related to acquisitions |
(70,423) |
(20,093) |
- |
| Impairments on goodwill |
(76,836) |
(51) |
- |
| Other revenue and expenses |
(11,832) |
(8,969) |
(8,969) |
|
| Operating income |
495,357 |
1,460,389 |
1,478,900 |
|
| Finance costs - net |
(495,825) |
(353,520) |
(353,520) |
| Other financial income and expenses |
(59,261) |
(7,567) |
(7,567) |
| Share of income in associates |
78,364 |
106,107 |
106,233 |
| Income tax |
(89,693) |
(66,988) |
(73,199) |
|
Net income other than from discontinued operations |
(71,058) |
1,138,421 |
1,150,847 |
|
| Net income from discontinued operations |
- |
54 |
54 |
|
| Net income |
(71,058) |
1,138,475 |
1,150,901 |
|
| Minority interests |
(10,041) |
237,392 |
239,451 |
| Income after minority interests |
(61,017) |
901,083 |
911,450 |
|
Income after minority interests and before impairments
and depreciation of affected goodwill(2) |
238,390 |
912,052 |
- |
|
(1) Effect of the definitive goodwill allocation and other restatements.
(2) Including €197.9 million of impairments on Station Casinos and Colyzeo II, €76.8 million of impairments on APCOA and
€70.4 million of depreciation of affected goodwill. A detailed reconciliation table is available on page 13 of the Volume
2 of the annual report (Legal and financial information). |
|
|
|
|
Consolidated balance sheet December 31, 2008 |
|
|
|
|
Assets
|
| (In thousand euros) |
Dec. 31, 2008
net |
Dec. 31, 2007
restated(1), net |
Dec. 31, 2007
reported, net |
|
| Goodwill |
3,082,264 |
3,220,171 |
3,648,371 |
| Intangible assets |
1,695,726 |
1,797,013 |
1,179,901 |
| Property, plant and equipment |
1,038,047 |
940,954 |
894,717 |
| Investment properties |
1,031,749 |
930,396 |
930,396 |
| Investments in associates |
2,007,185 |
883,071 |
883,196 |
| Available-for-sale financial assets |
1,548,938 |
4,258,386 |
4,258,386 |
| Other non-current assets |
265,604 |
39,006 |
39,006 |
| Deferred tax assets |
155,223 |
130,679 |
127,680 |
|
| Total non-current assets |
10,824,736 |
12,199,676 |
11,961,653 |
|
| Inventories |
51,281 |
46,128 |
46,128 |
| Trade and other receivables |
1,271,244 |
1,356,402 |
1,356,784 |
| Current tax assets |
52,496 |
32,511 |
32,511 |
| Available-for-sale financial assets |
6,143 |
3,471 |
3,471 |
| Other financial assets |
454,424 |
47,233 |
- |
| Vehicle fleet |
1,982,215 |
2,525,559 |
2,530,243 |
| Other assets |
75,622 |
54,242 |
101,852 |
| Other short term deposits |
93,350 |
66,278 |
66,278 |
| Cash and cash equivalents |
707,811 |
665,805 |
666,288 |
| Total current assets |
4,694,586 |
4,797,629 |
4,803,555 |
| Assets held for sale |
42,347 |
42,581 |
60,182 |
|
| TOTAL ASSETS |
15,561,669 |
17,039,886 |
16,825,390 |
|
(1)Effect of the definitive goodwill allocation.
Liabilities and shareholders’ equity
|
| (In thousand euros) |
Dec. 31, 2008
|
Dec. 31, 2007
restated(1) |
Dec. 31, 2007
reported |
|
| Issued capital |
168,654 |
164,506 |
164,506 |
| Share premium |
- |
65,850 |
65,850 |
| Fair value reserves |
537 982 |
1,646,167 |
1,646,167 |
| Hedging reserves |
(217,539) |
18,653 |
18,653 |
| Share-based payment reserves |
39,672 |
27,775 |
27,775 |
| Foreign currency translation reserves |
(180,709) |
(31,629) |
(30,466) |
| Treasury shares |
(135,325) |
(164,352) |
(164,352) |
| Retained earnings |
3,713,842 |
3,690,676 |
3,701,728 |
| Equity attributable to equity holders of the parent |
3,926,577 |
5,417,646 |
5,429,861 |
| Minority interests |
455,330 |
546,933 |
549,026 |
| Shareholders’ equity |
4,381,907 |
5,964,579 |
5,978,887 |
| Interest on limited partnership funds |
338,132 |
225,950 |
225,950 |
| Provisions |
35,953 |
46,688 |
38,619 |
| Employees benefit liabilities |
95,316 |
91,257 |
91,257 |
| Interest-bearing loans and borrowings |
5,456,440 |
5,119,100 |
5,118,875 |
| Deferred income tax liabilities |
655,912 |
895,717 |
675,470 |
| Other non-current liabilities |
235,318 |
5,182 |
4,349 |
|
| Total non-current liabilities |
6,478,939 |
6,157,944 |
5,928,570 |
|
| Current portion of provisions for liabilities |
138,258 |
144,938 |
144,938 |
Employee benefits liabilities due
in less than one year |
1,392 |
2,852 |
2,852 |
| Current income tax payable |
126,745 |
148,811 |
148,811 |
| Trade and other payables |
971,756 |
971,098 |
971,695 |
| Other liabilities |
481,932 |
509,386 |
574,948 |
| Other financial liabilities |
464,732 |
65,548 |
- |
Bank overdrafts
and current portion of loans |
2,177,876 |
2,848,640 |
2,848,599 |
|
| Total current liabilities |
4,362,691 |
4,691,273 |
4,691,843 |
|
| Liabilities linked to assets held for sale |
- |
140 |
140 |
|
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
15,561,669 |
17,039,886 |
16,825,390 |
|
(1) Effect of the definitive goodwill allocation.
The balance sheet total stood at 15.6 billion euros in 2008
versus 17.0 billion euros in 2007. On the assets side of the
balance sheet, this drop can be primarily explained by the
“Available-for-sale assets” line item which plunged from 4.2
billion euros in 2007 to 1.5 billion euros in 2008 following
the disposal of Veolia and Air Liquide shares. The balance
sheet total was further driven down by the loss in value of
Danone shares in 2008.
On the liabilities side, shareholders’ equity totaled 3.9 billion
euros in 2008 versus 5.4 billion euros in 2007, reflecting the
drop in the revaluation reserve of the portfolio of availablefor-
sale shares following the contraction of stock market
prices in 2008. In all, consolidated shareholders’ equity per
share stood at 73.8 euros per share as of December 31,
2008.
Eurazeo Group’s consolidated net cash climbed from 635
million euros at December 31, 2007 to 650 million euros at
December 31, 2008 and consolidated financial debt
dropped from 7,968 million euros to 7,634 million euros.
The entirety of consolidated financial debts are non
recourse on Eurazeo except for a 100 million euros balance
drawn from Eurazeo’s syndicated loan (repaid on January
15, 2009) and a 107 million euros guarantee granted to
secure a US dollar financing.
|
|
|
|
Consolidated cash flow statement |
|
|
|
|
Eurazeo’s consolidated net cash rose from €635 million on
December 31, 2007 to 650 million euros on December 31,
2008 and boasted a sustained level of cash flow from
investment and financing activities.
|
| (In million euros) |
2008 |
2007 |
|
| Cash at beginning of period |
635 |
462 |
| Cash flows before net financial cost and tax |
760 |
549 |
| Change in WCR |
492 |
181 |
| Taxes |
(157) |
(56) |
|
| Net cash flows from operating activities |
1,094 |
674 |
|
| Purchases of intangible and tangible assets |
(411) |
(237) |
| Purchases of non-current financial assets |
(1,535) |
(3,706) |
| Proceeds from sales of intangible and tangible assets |
10 |
28 |
| Proceeds from sales of non-current financial assets |
1,811 |
1,438 |
| Changes in the consolidation scope |
(1) |
5 |
| Others (short-term deposits) |
(42) |
77 |
|
| Net cash flows from investing activities |
(166) |
(2,393) |
|
| Dividends paid by Eurazeo |
(63) |
(57) |
| Share repurchases |
(104) |
(210) |
| Borrowings and liabilities |
(855) |
1 802 |
| Others |
106 |
367 |
| Net cash flows from financing activities |
(915) |
1 902 |
| Net change in cash and cash equivalent |
13 |
183 |
| Net foreign exchange difference |
2 |
(10) |
|
| Cash at the end of the period |
650 |
635 |
|
Net cash flows generated by the operating activity showed
1,094 million euros of cash against 674 million euros in
2007 boosted primarily by changes in group structure. The
change in working capital requirements of 491.9 million
euros can be mainly explained by the significant adjustment
of the size of Europcar’s vehicle fleet at December 31, 2008.
Cash flow from investment and divestment activities
concerned the increase in stake in Accor of 1,097.9 million
euros and the disposals of Veolia Environnement shares
and Air Liquide shares for 463.0 million euros and 1,258.7
million euros respectively.
Cash flow from financing activities mainly concerned the
537 million euros debt contracted for the investment in
Accor, the 708.2 million euros debt contracted for the
share transfer made before the sale of the Group’s stake in
Danone to the wholly-owned subsidiary Legendre Holding
22. Correlatively, Eurazeo refunded a significant portion of
the drawdown from the syndicated loan. Other cash flows
from financing activities mainly concerned the payment of
Eurazeo’s 2007 dividend and equity purchases carried out
in 2008.
|
|
|
|
|
|
|
