EURAZEO_REGISTRATION_DOCUMENT_2017

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CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements

Working Capital Requirement (WCR) components 13.2 The change in current assets and liabilities contributing to working capital requirements breaks down as follows:

Foreign currency translation and other

Change in consolidation

Change in WCR

Note 12/31/2016

scope Reclassifications

12/31/2017

(In thousands of euros)

Inventories

(223,174) (597,160) (41,106) 455,647 488,924

(7,894)

(125,576) (188,600) 88,247 357,558 75,007 206,636

1,857

5,140 (349,647) 15,530 (932,846)

Trade and other receivables

4.3.1 4.5.2

(192,708) (80,549) 58,348 195,044 (27,759)

30,092

Other current assets

5,318

(31,931) (39,179)

(60,021) 853,438 616,428 127,351

Trade and other payables

4.4

21,064 (1,987)

Other liabilities

4.5.2

(140,560)

TOTAL WCR COMPONENTS

83,131

56,344 (191,000)

Net cash flows from operating activities 13.3 Cash flows from operating activities totaled €186.8 million (compared with €137.7 million in 2016). The entry into the scope of consolidation of CPK, Iberchem, WorldStrides, AssurCopro, In’tech Group and Smile had a material impact on net cash flows from operating activities. Net cash flows from investing activities 13.4 Purchases of investment properties by Eurazeo Patrimoine totaled €40.1 million. The majority of purchases were performed by ANF Immobilier in the first nine months of 2017 (period during which it was consolidated in the Eurazeo group). Purchases of investments and available-for-sale assets mainly reflect the acquisition of CPK by Eurazeo (€222.7 million); the acquisition of Trader Interactive (formerly Dominion Web Solutions) by Eurazeo (US$225.7 million); the acquisition of PCAS by Novacap (€195.8 million); the subscription of the Elis share capital increase by LH 27, Eurazeo and Ecip Elis (€55.4 million); the subscription of the Europcar share capital increase by Eurazeo (€30.0 million); the acquisition of the Iberchem group by Eurazeo (€327.3 million); the acquisition of the WorldStrides group by Eurazeo (€468.4 million); the acquisition of Planet Payment by Fintrax (€219.0 million); the acquisition of NEST group by Eurazeo (€34.3 million) and build-ups

and investments by Eurazeo PME group companies totaling €338.7 million. Proceeds from sales of investments mainly reflect partial sales of Elis, Europcar and Moncler shares (€220 million, €205 million and €246 million, respectively), the sale of ANF Immobilier (€212 million) and the sale of Colisée by Eurazeo PME (€123 million). Changes in consolidated scope mainly concern the entry into the consolidation scope of the CPK, Iberchem, WorldStrides and PCAS (Novacap) groups and, in Eurazeo PME, of the AssurCopro, In’tech and Smile groups, as well as the sale of the ANF Immobilier group and Colisée group (Eurazeo PME). Finally, dividends received from associates were primarily distributed by the Europcar (€28.4 million) and Elis (€8.8 million) groups. Net cash flows from financing activities 13.5 Net cash flows from financing activities mainly include the various acquisition financing flows (particularly in the Eurazeo PME, Fintrax, Iberchem and Novacap groups), as well as LH 19 repayment flows on the loan allocated to the AccorHotels shares. The €78.7 million dividend distribution by Eurazeo is also reflected in net cash flows from financing activities. Other dividends paid primarily concern amounts paid by ANF Immobilier to minority interests and contribution repayments to Eurazeo Partners co-investors.

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2017 Registration document

Eurazeo