2013 Registration Document
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2013 REGISTRATION DOCUMENT Annual Financial Report 7 Contents INFORMATION ON THE COMPANY AND THE SHARE CAPITAL 263 MESSAGE OF THE CHAIRMAN OF THE SUPERVISORY BOARD 2 7.1 Information on the company 264 MESSAGE OF THE CHAIRMAN OF THE EXECUTIVE BOARD 3 7.2 Bylaws 264 7.3 Information on the share capital AFR 272 7.4 Shareholding structure 276 7.5 Shareholders’ agreements 280 1 4 7.6 Transactions in the Company’s shares AFR 284 PRESENTATION OF THE GROUP 5 OVERVIEW OF THE FISCAL 7.7 Factors affecting a potential takeover YEAR 125 bid AFR 287 1.1 Key figures 6 7.8 Stock market indicators 290 1.2 Brief history and review of corporate 4.1 Activity and highlights AFR 126 7.9 Relations with shareholders 292 developments 7 4.2 Activities and results of the main 1.3 Identity 9 subsidiaries and investments AFR 130 8 1.4 Organizational structure 11 4.3 Crossing of ownership thresholds 1.5 Eurazeo investments 12 (Article L. 233-6 of the French SHAREHOLDERS’ MEETINGS 295 Commercial Code) AFR 135 2 4.4 Events after December 31, 2013 136 8.1 Special report on share subscription and purchase options 296 4.5 Net asset value 138 8.2 Special report on the grant of free EURAZEO’S CORPORATE 4.6 Eurazeo consolidated earnings AFR 142 shares prepared 302 SOCIAL RESPONSIBILITY 19 4.7 Individual earnings AFR 148 8.3 Agenda 304 2.1 Eurazeo’s CSR approach 20 4.8 Dividends paid in respect of the last 8.4 Draft resolutions 322 2.2 Robust and exemplary governance 26 three fiscal years 149 8.5 Observations of the Supervisory Board 4.9 Outlook 150 2.3 Information relative to social, societal on the Executive Board’s report 337 and environmental performance 27 5 8.6 Statutory Auditors’ special report 2.4 Report of one of the Statutory Auditors on related-party agreements and designated as a third-party independent CONSOLIDATED FINANCIAL commitments 338 body to audit social, environmental AFR 8.7 Other special reports of the and societal information 53 STATEMENTS 153 Statutory Auditors 349 5.1 Consolidated statement of financial 3 position 154 9 5.2 Consolidated income statement 156 GOVERNANCE 57 5.3 Consolidated statement of o ther ADDITIONAL INFORMATION 357 3.1 Management and supervisory bodies 58 comprehensive income 157 9.1 Contacts and available financial 3.2 Compensation and other benefits 5.4 Consolidated statement of changes in information 358 received by corporate officers 85 equity 158 9.2 Annual financial information 359 3.3 Interests held by members of the 5.5 Consolidated statement of cash flows 160 9.3 Declaration by the person responsible Supervisory and Executive Boards in 5.6 Notes to the consolidated financial for the registration document AFR 361 the company’s share capital and statements 163 transactions in the company’s shares 9.4 Parties responsible for the audit 5.7 Statutory Auditors’ report on the of the financial statements 362 by members of the Supervisory consolidated financial statements 226 and Executive Boards 99 9.5 Related-party transactions 363 3.4 Risk management – Risk factors 6 9.6 Historical financial information 364 and insurance AFR 100 9.7 Registration Document cross- 3.5 Report by the Chairman of the INDIVIDUAL FINANCIAL reference table 366 Supervisory Board AFR 110 STATEMENTS 229 9.8 Annual financial report cross- reference table 368 3.6 Statutory Auditors’ report on the report 6.1 Balance sheet AFR 230 prepared by the Chairman of the 9.9 Executive Board’s report cross- 6.2 Income statement AFR 232 Supervisory Board AFR 122 reference table 369 6.3 Notes to the company financial 3.7 Commitments under co-investment 9.10 Corporate social responsibility and statements AFR 233 plans 123 environmental information cross- 6.4 Statutory Auditors’ report on the reference table 370 financial statements AFR 259 6.5 Five-year financial summary 261 The elements of the Annual Financial Report can be clearly identified in the table of contents using the AFR pictogram 2013 REGISTRATION DOCUMENT ANNUAL FINANCIAL REPORT With a diversifi ed portfolio of nearly €5 billion in assets, Eurazeo is one of the leading listed investment companies in Europe. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The Company covers most private equity segments through its four divisions: Eurazeo Capital, Eurazeo Croissance, Eurazeo accelerates Eurazeo PME and Eurazeo Patrimoine. Eurazeo is either a majority or key the transformation shareholder in Accor, ANF Immobilier, of companies Asmodee, Elis, Europcar, Foncia, Moncler, Rexel, and companies of a more modest size such as IES Synergy, Fonroche Énergie and Eurazeo PME’s investments. It currently holds a diversifi ed portfolio that is balanced in terms of growth and resilience. Eurazeo offers several advantages for its holdings and shareholders: sustainable resources, a solid shareholding structure, an absence of structural debt and a long-term investment horizon that allows it to actively and responsibly support companies over the long term. LABEL TRANSPARENCE labeltransparence.com This label recognizes the most transparent Registration Documents according to the criteria of the Annual Transparency Ranking. The English language version of this report is a free translation from the original, which was prepared in French. All possible care has been taken to ensure that the translation is an accurate presentation of the original. However, as in all matters of interpretation, views or opinions expressed in the original language version of the document in French take precedence over the translation. This Document is a free translation of the Registration Document that was filed with the French Financial Markets Authority (AMF) on April 11, 2014 pursuant to Article 212-13 of its General Regulations. It may be used in support of a financial transaction if supplemented by a prospectus approved by the AMF. This document contains all information relating to the Annual Financial Report. It was drawn up by the issuer and is binding upon the persons who signed it. Message OF THE CHAIRMAN OF THE SUPERVISORY BOARD CONTRIBUTING TO A POSITIVE ECONOMY Dear Shareholder, back 5.10% of its share capital, a transaction which had an accretive impact on the net asset value per share. Following these movements, In 2013, Eurazeo fulfilled its role as a long-term investor promoting the our shareholding structure remains solid, with a strong family and growth of businesses and demonstrated its momentum. institutional base, and the Eurazeo share offers higher liquidity. This was an important year for the portfolio rotation of our six It was also an important year for governance. In November, the disposals and five acquisitions resulted in 30% portfolio turnover in Supervisory Board renewed its confidence in the Executive Board by one year, with impeccable timing. Eurazeo recorded several major renewing the terms of office of its five members for four years. The successes, including the sale of its investment in Edenred, just prior Board also decided to appoint a second Deputy Chief Executive to a downturn in the emerging markets served by the Company, the Officer, namely Virginie Morgon, who has exceled in her duties as Chief IPO of Moncler between Thanksgiving and Christmas, traditionally a Investment Officer. calm period on the markets and the sale of three Rexel share blocks. In 2013, the accelerated transformation of some of our investments was In a French and European climate that is slowly economic regaining also confirmed, particularly Europcar, whose profitability increased strength Eurazeo has demonstrated that its role as an investor nurturing significantly and Elis, which boosted its international development with business growth is an important one. We can be proud of Eurazeo’s the acquisition of the Brazilian group, Atmosfera. work to develop businesses in France and abroad. The Board hereby puts its entire trust in the future of your Company and its investments, There were also several changes to our shareholding structure. and will propose at the Shareholders’ Meeting the payment of a €1.20 Crédit Agricole, whose loyalty and support over the years we deeply dividend, payable in shares or cash, in addition to bonus shares. appreciate , partially withdrew due to regulatory constraints relating to the banking and insurance sector. The bank, however, retains most of Michel DAVID-WEILL its investment in Eurazeo. Furthermore, following the exit of a member of the shareholder concert, Eurazeo seized the opportunity to buy 2. EURAZEO 2013 REGISTRATION DOCUMENT Message OF THE CHAIRMAN OF THE EXECUTIVE BOARD 2013 was and will remain an excellent year for Eurazeo. With net income broad, indisputable societal trends that include the rise of emerging of €561 million, Eurazeo enjoys a return to the earnings level of its best countries, the ageing of the population and the importance of societal years. With a net asset value of €4.7 billion as of March 10, 2014, and environmental issues. Our entire investment strategy is now Eurazeo has returned to the level it enjoyed prior to the financial crisis exclusively built on companies responding to such cyclical invariants, and the bankruptcy of Lehman Brothers in the summer of 2008. with the goal of guaranteeing the long-term growth of our investments regardless of the state of our economies. With such positive results, the real question is whether Eurazeo can sustain this growth momentum after a period of six years of focusing EXPERTISE represents a vital component of our business: the all its efforts on containing the devastating impacts of the subprime thorough understanding of our markets and the particularities of our mortgage and sovereign debt crises. subsidiaries within their sectors. When our need for expertise goes beyond our in-house capacities, we call on renowned specialists from I am entirely confident that Eurazeo can achieve this.