Key
figures

Dernière mise à jour : 06 / 09 / 2018

Assets Under Management

 

In addition to the Net Asset Value (NAV), Eurazeo will also report on the total volume of assets under management. As of December 31, 2017, assets under management break down and are defined as follows:

NAV:

  • Direct investments of Eurazeo Capital, Eurazeo PME, Eurazeo Patrimoine, Eurazeo Croissance and Eurazeo Brands;
  • Eurazeo Development: enhancement of Eurazeo’s third-party management and investments in Rhône, Idinvest and other platforms;

These assets are valued in accordance with the IPEV methodology, which calls for a revaluation after a period of one year.

  • Net cash and other items (treasury shares, tax on unrealized capital gains, other assets/liabilities).

 

As of June 30, 2018, Eurazeo’s Net Asset Value stood at €78.3 per share (€6,050 million), up +5.3% compared to December 31, 2017 and +6.9% adjusted for the dividend paid in 2018.

 

The valuation of assets managed for third parties comprises:

  • The fair value of investments managed for third parties by Eurazeo or companies that Eurazeo controls;
  • The uncalled capital of funds managed for third parties;
  • The share of assets under management managed by strategic partnerships in which Eurazeo holds a minority interest.

 

Idinvest is integrated for 100% of its assets in line with the company’s full consolidation. The valuation methodology for these assets is identical to that used for the funds managed directly by Eurazeo.

The Rhône assets are taken into account for 30% and the valuation method is also the same as that of the funds managed directly by Eurazeo.

 

AUM  EURAZEO 
  31/12/2017  31/12/2017 PF Idinvest & Rhône 30/06/2018 

Portfolio NAV

5,057 5,057 5 ,138

Eurazeo Capital 

4,058 4,058 3,806

Eurazeo Capital unlisted

2,505 2,505 2,620

Eurazeo Capital listed

1,553 1,553 1,186

Eurazeo PME

382 382 456

Eurazeo Patrimoine

320 320 466

Eurazeo Croissance 

237 237 298

Eurazeo Brands

60 60 112

NAV- Eurazeo Development

240 704 769

Net cash & others items

300 -15 144
Cash and cash equivalents
379 63 292
 Other securities and assets/liabilities
-93 -93 -129
Tax on unrealized capital gains
-58 -58 -59
Treasury shares
72 72 38
TOTAL NAV  5,597  5,746  6,050
Number  of shares**
75,156,640 77,256,640 77,256,640
NAV per share (€)
74.5 74.4 78.3

Eurazeo Capital *

730 730 661

Eurazeo PME *

396 396 424

Eurazeo Patrimoine

45 45 56

Idinvest * (100%)

  6,924 7,935

Rhône * (30%)

  1,389 1,401
Total AUM for investment partners  1,171 9,484  10,476 
Total assets under management 6,768 15,230  16,527 

 

 

* Including uncalled commitments

** For 2017, the number of shares is adjusted for the 2018 bonus share grant and the shares issued as part of the Eurazeo's investment in Rhône

History

Méthodology

The valuation methodology complies with the recommendations of the International Private Equity Valuation Board (IPEV). The valuation of unlisted investments is mainly based on comparable or transaction multiples. The value adopted for listed companies is the 20-day average of share prices weighted for trading volumes. Unlisted investments are not revalued on a quarterly basis but only as of June 30 and December 31.

The values adopted for unlisted investments are subject to a detailed review by an independent professional appraiser, Sorgem Evaluation. This review supports the values adopted and certifies that the valuation methodology complies with IPEV recommendations.

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