EURAZEO_REGISTRATION_DOCUMENT_2017

CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements

non-derivative floating-rate financial instruments (not hedged): • impact on total finance costs, gross; interest rate derivatives not qualifying for hedge accounting • (interest rate swaps, caps, etc.): impact on fair value with gains and losses recognized in profit or loss. The following table presents the impact on Eurazeo group net finance costs and equity (before tax) of a 100 basis point increase or decrease in interest rates and assuming an instant impact, parallel across the full length of the curve, occurring from Day 1 of the fiscal year and remaining constant thereafter:

Interest rate risk 9.5.2 The Eurazeo group is exposed to interest rate risk (the impact of interest rate movements on the net financial expense and equity). Management actively manages this exposure to risk through the use of a number of derivative instruments. The purpose is to reduce fluctuations in cash flow resulting from changes in interest rates, where the Company deems it appropriate. Account is not taken of fixed-rate financial instruments measured at amortized cost when calculating sensitivity to interest rate risk. Changes in the yield curve impact financial instruments as follows: financial instruments designated as cash flow hedges: impact on • the fair value of the instrument recognized in hedging reserves in equity;

+100 bp

-100 bp

Hedging reserves

Net financial expense

Hedging reserves

Net financial expense

Nature (In thousands of euros)

Financial instruments designated as hedging instruments Non-derivative floating-rate financial instruments (not hedged) Interest-rate derivatives (not qualifying for hedge accounting)

10,647

(1,456)

(1,725)

(16) 137

(10,380)

786

(3,084) (2,963)

TOTAL IMPACT (BEFORE TAX)

10,647 +100 bp +100 bp

(11,050)

(1,725) -100 bp -100 bp

0.0% -6.5%

-0.1% -1.8%

Sensitivity of equity to changes in interest rates

Sensitivity of net finance costs to changes in interest rates

4

239

Eurazeo

2017 Registration document