Eurazeo Paris Ord

Take your seats. I'll leave a few more minutes. A tout le monde pour s'installer. Et si on est prêt, nous allons démarrer. Bonjour à toutes et à tous. Merci pour votre présence ce matin pour la présentation des résultats du groupe Eurasio pour 2019. Je suis accompagnée de Philippe Audouin, directeur général finance du groupe, pour commenter ces résultats. Dans le contexte particulier, incertain et volatile que nous connaissons, 2019 confirme la très grande solidité du groupe Eurasio. A group that we have risked for many years by diversifying it in business, in sector, in resources, in income and in geography. A group that is ready to face uncertainties and also to seize the opportunities that would emerge. A healthy and resilient group capable of supporting and playing its role of stabilizer. Je vais m'attacher ce matin à vous présenter les résultats du groupe dans le contexte de la situation d'aujourd'hui au plus juste de notre connaissance. Dans ce contexte où les entreprises n'ont jamais eu autant besoin de stabilité et de valeur ajoutée, le modèle d'Eurasio est plus que jamais pertinent. Nous sommes dans les meilleures conditions possibles pour faire face à l'année 2020. Two main messages on the performance of the Eurasia Group for 2019. First, the performance. The performance of our companies. The portfolio created 800 million euros of value, which is 14.5% growth over the year, even close to 20% growth of our portfolio if we exclude the listed companies. Over the period, the group's net asset value has increased by 10%, including dividends. It is also the performance of asset management that marks the year 2019, a record year of fundraising to reach 2.4 billion euros, with a growth of 53% over the year. This also results in a growth in our management fees, which on the period of 2019 are growing by 16%, but which do not yet reflect the benefit and the positive impact of raising funds in 2019, which will increase our management fees in 2020. Le groupe est donc en croissance. Nos actifs sous gestion, nos AUM, atteignent près de 19 milliards d'euros à la fin de l'année 2019. Ils ont triplé en trois ans pour atteindre ce montant. Et sur l'année, c'est une croissance de 16%. The second message is that of solidity. Eurasio has been endowed over the past years with all the means to face an uncertain context. First, a cash position in increase compared to the previous year, without structural debt at the level of society. Then the renewal, in anticipation and in increase, of nearly 50% of our union credit, which is 1.5 billion euros, and this for several years. And finally, an available investment capacity, what we call in English the dry powder, of 4 billion euros, on all of our investment divisions. Performance et solidité durable, voilà ce qui nous rend confiants. Nous avons souhaité matérialiser cette confiance en proposant à la prochaine Assemblée Générale une augmentation du dividende par action à 1,50€, soit une hausse de 20% sur l'année. So let's go back to the 2019 performance. Our objectives have been achieved. First, to invest well and to help each other to ensure a good rotation of our assets, to obtain tangible results on the management activity for two-thirds accounts and to continue our development internationally. I will illustrate each of these points in the course of my presentation. These strategic axes are at the service of a single and unique ambition, which is to be the reference actor in Europe supported by a global network. We have now built a platform in complete order of steps. First, a diversified platform with expert teams that are deployed in four classes of assets. Then an integrated platform with, for each of our investment divisions, the benefit of the financial support, of course, but above all human, of the entire group. And then a global platform with the relay of 10 offices abroad to help our portfolio companies to develop. You see here our multispecialist model and the relative weight of each of our four classes of assets. Two things that I would like you to remember this morning. First, 65% of our assets under management, including the vast majority of the Raseo balance sheet, are now directly invested in private equity and real assets. Ce sont des métiers à très forte valeur ajoutée qui génèrent le plus de rendement et des commissions de gestion de l'ordre de 2% sur longue période. Notre modèle s'appuie sur un socle qui est à la fois le plus rentable, le plus rémunérateur et le plus prévisible sur longue période. At the same time, we believe in the strong potential of the development of our asset management activity, especially towards private debt and private fund businesses, which are growing rapidly, especially in Europe. We are not mistaken. We are not mistaken because we have been showing for decades the performance and a solid reputation that the partner investors trust us and entrust us their resources to deploy them in the rich deal flow which is that of Raseo. This model is at the same time very differentiating on the market. It is also the guarantor of the solidity of the group. It allows us d'être moins risqué avec des sources de revenus diversifiées et moins de volatilité des résultats. Il nous permet de conserver grâce au bilan la maîtrise du temps long, de garantir au groupe des revenus récurrents et prévisibles. C'est bien ce modèle qui nous a permis de bâtir une offre d'investissement très diversifiée, en métier, en secteur et en géographie. Et c'est bien cette offre qui, elle aussi, nous dérisque. In the course of 2019, we have continued the internationalization of the Group. The three major objectives of a more global presence are the following. First, a capacity to accompany all of our portfolio companies. Take the example of the partnership with CIC, a magnificent recognition of the space that we have managed to build in China for 8 years and an acceleration lever for our portfolio companies in one of the first world markets. Second reason for international development, the ability to generate a better deal flow. Thanks to the constitution of local business networks. Take the example of the American office which exceeded the billion dollars invested in the United States in only 3 years. and finally a capacity to be as close as possible to our clients, as close as possible to our private investors. The opening of the office in Seoul was decided in order to be in direct contact with the great investors of this market, which are increasingly turning towards Europe. So I said it, the heart of our job is first of all to invest well, de bien transformer et de bien céder. Et 2019 a été une année riche sur ce plan. Elle a trois caractéristiques principales. D'abord, une dynamique d'investissement très soutenue. C'est 3,8 milliards d'euros qui ont été déployés sur l'ensemble du périmètre. Le private equity représente plus de la moitié de nos acquisitions, avec plus de 2 milliards investis en 2019. Second characteristic, this wallet is at the same time more diversified. In the activity sector, it is more international. You will notice that most of our acquisitions have been made outside of France. I take the example of Dork or Delemica. While many of our significant exits concerned French companies like Neovia, Smile, Elis or Léon de Bruxelles. Finally, following the release of Montclair and Délice, Eurasio has a portfolio that is composed of almost all non-quoted assets. This supported investment activity goes hand in hand with a very large discipline. We are more active because we are more diversified, but we are also much more selective. We have a team specifically dedicated to originating to cover and identify the best opportunities both in the United States and in Europe. And you see the benefit of this team with a very sensitive increase over the last two years, especially in 2019, of the investment opportunities that we have looked at, what we call the deal flow, which was an increase of 30% over the year 2019. But at the same time, the rate of transformation has decreased. The teaching that you must learn is that we are very disciplined, not only on the valuations or on the levels of leverage, but also on the multiples that we want to value the companies. So we are showing increased selectivity. We also invest in carrier sectors, as evidenced by our recent acquisitions, health with DORC, or software with Elemica, which are two of the latest investments made by Eurasio Capital. We mainly target extremely precise profiles, solid, experienced and resilient business models. underlying markets in sustained growth, a capacity for Eurasio to provide an additional acceleration and transformation lever, and you will also note that the technological companies in which we have invested through Eurasio Growth, I am thinking for example of Doctolib or ManoMano, also respond to these characteristics of solidity and resilience. This discipline, we also activate it at the time of the materialization of the value created during our exits. Discipline to anticipate the best moments of market, to yield our assets, but also discipline and caution on the valuation of assets in our net asset re-evaluated until the moment of exit. We always prefer to overperform than to overpromise. The second pillar of the activity of Raseo and of our performance in 2019, the activity of management for third-party accounts with a strong momentum and a very beautiful year 2019. First, record in terms of fundraising, plus 50% compared to the year 2018. These are two big engines that have been at the maneuver in 2019. First, private debt. which has more than doubled its rise to more than 1 billion 100 million euros and the private equity with 1 billion of collection thanks in particular to the closing of Raseo Capital 4 for 700 million euros and Didinvest Venture Beyond these figures, I would like to underline the quality of these fundraising Our managed assets benefit from subscriptions in closed funds, as you know, stable, with firm commitments over a long period, and therefore the assurance of long-term foreseeable income that we estimate, especially on the private equity, around 6 to 7 years. These are also management fees negotiated by our teams at the best market conditions, which on average, on the whole of our perimeter, goes up to 1.5%. This dynamic is explained by many factors, but two that I want to highlight this morning in particular, performance, of course, and the quality of our sales team. On this last point, we now have a fundraising team of about 25 people, organized by geography in a logic of transversality on our asset classes, which allows us to address the demand of all of our customers. This team, as you can see, has built a very large and diverse base of investors in time. Insurance companies, pension funds, sovereign funds, but also individual and family investors. And none of these classes or these profiles of investors have yet reached the optimum in terms of allocation of their own heritage. to the activity of private equity or alternative asset management. So we see a huge potential. The second important potential to keep in mind, we are today on our base of assets, mainly French. On the 12.5 billion that were entrusted to us by external partners, The two-thirds of these 12.5 billion are French investors. We still see a strong potential for development, but of course the international represents a significant transformation lever for Eurasio. Already in 2019, the results show it, on the 2.4 billion euros that have been raised, 55% of these fund raises come from foreign investors. The second big factor of success, obviously, is performance. Second big factor, long-term track record is obviously proven. The great homogeneity of performance over the very long term. More than 60% of our releases were made with a cash-on-cash that was understood between 1.5 and 3 times the initial investment. And stable and experienced investment teams with an average age of more than 12 years. This dynamic of fundraising, you see, is also the growth of our balance sheet, but it has progressed very sensitively by investments for the account of third-party investors. It is plus 20% increase on the part of asset management for third-party accounts. Eurasio is a larger group, larger in capacity, in resource capacity, in capacity to attract talent and of course to seize the opportunities that are presented. Among the big objectives of the year 2020, there is obviously the continuation of this dynamic. No less than a dozen funds will be on the road during the next 18 months. It is obvious that in the health situation and the great uncertainty of the moment, this leads us to anticipate a temporary slowdown in the activity of fundraising in the year 2020. Temporary only. Among these perspectives to raise, I want to talk to you about one in particular, which is very well started, which is that of Eurasio Growth. You know, our ambition is to give birth to the European actor of reference in the support of technology companies. The moment is absolutely key for the growth equity market in Europe. First, a number of unicorns multiplied by 8 in 5 years in Europe, so a greater need for support, record tables, more and more large in size, and then the need to inject, this is what you see on the right here of the transparent, the need to inject in this market European capitals, Face aux grands acteurs américains, il y a en effet de très grands entrepreneurs tech en Europe. Il doit y avoir de grands investisseurs tech européens. To capture this market in full boom, we have the best assets. We are a reference brand in digital in Europe with 20 years of experience. And we have a unique track record. We have 17 companies of the Next 40 and more than a third of the French Tech 120, which are companies of the Eurasio group. Voilà pour les grandes réalisations de l'année, une belle performance en 2019, une grande solidité du groupe pour aborder la période à venir, en particulier dans un environnement lié à la crise sanitaire que nous connaissons et à la situation économique incertaine pour les prochains mois. J'y reviendrai dans ma conclusion. Je passe la parole à Philippe pour vous présenter les résultats financiers de l'année.

Thank you Virginie, hello everyone, thank you for being here. I will present you our financial results for the year 2019, but before going into the details of the figures, I would like to extract the most striking points. First, as Virginie told you, we have achieved this year a strong increase in our assets under management and our net assets re-evaluated. Ensuite, nos produits rigurants sont également en progression importante, mais le résultat de notre activité d'investissement est en baisse car nous avons comptabilisé moins de sessions cette année. Et bien sûr, nous conservons un bilan très solide. Regardons d'abord le compte de résultat. As you know, there are three major components in our results account. First, the contribution of our group's companies. This is a consolidated results account. Then, the result of our investment activity. And then, finally, the contribution of our asset management activity. I will come back in detail to these three parts in a moment. The contribution of our investment companies, with the help of our financial costs, progresses, as you can see, from 4.3% to 236 million euros, in spite of financial costs that progress from 39 million euros per year, reflecting on the one hand the new investments, on the other hand the build-ups carried out in our different companies, And then finally, the refinances that have been made and that have allowed, throughout the year 2019, to raise the treasury at the level of Raseo. Second part, the contribution of our investment activity goes up to 107 million euros, I have already talked about it. Finally, third part, the contribution of our asset management activity is in strong progress at 124 million euros against 79 million euros last year. Dans le bas du compte de résultat, les charges calculées résultant des écritures de consolidation sont en baisse à 174 millions d'euros. Les impôts se montent à 25 millions d'euros et les éléments non récurrents sont également en baisse à 136 millions d'euros. Il se compose principalement des coûts de restructuration et de coûts liés aux opérations de croissance externe dans l'ensemble des sociétés du portefeuille. Overall, our net profit from the Group is 123 million euros, against 273 last year. Let's now look more in detail at the contribution of the Group's companies. This page presents the economic turnover and EBITDA at the level of the portfolio on the left and in each of our main business units on the right. The economic turnover of the portfolio progresses by 8.8% over the year and the economic EBITDA by 8.4%, both of which are at a constant ratio perimeter. I remind you that the economic turnover and EBITDA are constituted of consolidated EBITDA and turnover, plus our proportional share of EBITDA and turnover of consolidated companies, among them in equivalence. On the entire portfolio, we see an acceleration on the second half, with an economic turnover increase of 10.3% in the second half against 7.4% in the first half. And it is even more marked for EBITDA, which progresses from 13% in the second half against 3.8% in the first half. All our business units contribute positively to the growth of the turnover and to the growth of EBITDA, with a particular mention for Eurasio Patrimoine, which progresses from 13.8% in turnover and 23.6% in EBITDA, due to the good performance on the entire portfolio, and in particular on Emmerich, the last investment of Eurasio Patrimoine, and for Eden Solar. Let's now look at the results of our investment activity. As I have indicated, this contribution is in decline at 107 million euros. This decline is explained by three elements. The first is a basic effect related to an important volume of sessions carried out in 2018. You remember that in 2018, we had in particular CD Asmoday, which had performed very well. The second is an accounting but non-economic effect. Parmi les sessions réalisées cette année, nous avons effectivement cédé le solde de notre investissement dans Montclair. Montclair qui avait été déconsolidé les années précédentes à l'occasion d'une autre session. Et de ce fait, Montclair était comptabilisé dans nos comptes en juste valeur par résultat. All the added value accumulated from the beginning until December 31, 2018, for this section, was in the 2018 accounts. And for 2019, we only counted the value variation from January 1, 2019 to the date of the session on March 20, 2019. Finally, the third element that explains this decrease in the result, we have taken into account a global impermanence of 196 million euros, of which the main one is the adjustment of the value of Robcar, which largely reflects the decrease in the course over the year. The costs of the investment activity are globally stable at 108 million euros. They include the operational part of the fees imposed on this investment activity through internal refunds, transaction fees and strategic billing and piloting fees. Let's now move on to the contribution of the asset management activity. This contribution progresses strongly at 124 million euros It comes from the increase in management fees, mainly the management fees invoiced to our third-party investors, which progress from 19% to 140 million euros. These management fees, which are recurrent and predictable, come to complement the higher values, less regular by nature. This is one of the benefits of our model. The performance fees also contribute to this increase in the result, the essential coming from the sessions carried out this year on the Raseo report for 62 million euros and the part coming from the exit investments for 3 million euros. I will come back to this in a moment. the operational costs of the Group go up to 155 million euros. They include the total operational costs of Euraseo, Edid Invest, plus our share of costs of Rhône and MCH. On this amount, 75 million euros are imposed on investment activity through internal refunds, as we have seen on the previous page. Overall, the fee-related earnings rose to 59 million euros, a 25% increase, and the margin on these fee-related earnings compared to the management fee coming from our external investments rose to 42%, a 2-point increase compared to last year. A few words now on the interest rate perceived by Eurasio. We have seen that the interest rate from third parties rose to 3 million euros. This figure is still low because during our investments in e-d'Invest and Rhône, we acquired the e-d'Invest rates only from funds raised later at our entry and at Rhône from fund 5. Regardons un instant le modèle et comment se décomposent les revenus générés par un fonds d'investissement typique géré par le groupe. Vous avez à l'écran l'exemple d'un fonds de private equity d'un milliard d'euros qui générerait un retour cash on cash de deux fois en quatre à six ans. As you can see on the screen, this is the purple part. First of all, the revenues are constituted by the management fees, which are calculated on the basis of the commitment during the so-called investment period, that is to say in general during 4 to 6 years, then on the return price of the assets invested beyond this period of investment. Then, when the active sessions will start, from 4 years in our hypothesis, the performance fees will take over. And overall, in this example, the products generated for Eurasio, by this fund of 1 billion euros, amount to a total of 224 million euros in management fees and performance fees. As you may have noticed in the accounts that I have just presented to you, the management fees are already in strong increase this year. The performance fees are still low, but are called to increase over the next few years as sessions are held. Let's now look at our assets under management. As we have seen, and as Virginie has reminded us, this goes up to 18.8 billion euros by the end of 2019. This important progress comes at the same time from the success of the fund raising carried out in 2019, in strong progress compared to 2018, 2.4 billion euros against 1.6 billion euros, a growth of 53%. et de la création de valeur globale dans les investissements pour un total de 1,3 milliard. On peut par ailleurs noter qu'avec 2,4 milliards, les levées de fonds sont très nettement supérieures aux distributions qui se montent à 1,2 milliard d'euros cette année. Moreover, the average rate of management fees on raised funds in 2019 rose to 1.5% against an average rate on the portfolio of 1.4% previously. The next page details the creation of raw value on the portfolio. Sur l'année, celle-ci se monte à 14,5% sur l'ensemble du portefeuille, hors impact des titres cotés, et notamment d'Europecar, la création de valeur sur l'ensemble du portefeuille non coté est solide à 19%. Toutes nos business units contribuent à ce bon résultat. Elles sont toutes au-delà de 15% de création de valeur sur leur portefeuille non coté. La création de valeur de Raseo Grosse, 29%, mérite d'être saluée. La volatilité des titres cotés, vous le savez, est importante, les marchés financiers ayant tendance à amplifier les mouvements. Malheureusement, on le constate en ce moment. A cet égard, on pourra noter que les titres cotés ne représentent plus que moins de 4% de notre ANR à fin 2019 et le non coté, par différence, plus de 96%. The impact of a ROCCAR mark-to-market today, rather than on December 31, would thus be limited to about 1.5% of our re-evaluated net assets. On the other hand, Eurasio Development, which mainly gathers our general partner positions, whose valuation is essentially based on recurring and predictable fee management, already represents 16% of our re-evaluated net assets. As for the other non-quoted assets, given the recent news, it is obviously too early to know what impact the current epidemic could have. We can only recall that our net asset re-evaluated is generally calculated on prudent bases and that our portfolio is very diversified. These good results allow us to show a progression of the net asset per share, retired from the dividend of 10.5% to 80.3 euros. As you can see on the screen, the net asset revalued per share has progressed each year since 2011. La trésorerie d'un niveau moyen de 695 millions sur l'année 2019 pèse évidemment sur la croissance de l'ANR, mais cette situation de trésorerie solide constitue aujourd'hui plus que jamais une vraie force pour Eurasio. As you know, Eurasio has always wanted to maintain a solid financial structure, and this is of course the case today. Our treasury situation rose to 533 million euros on December 31, 2019, and Eurasio SE has no structural debt. Moreover, we have anticipated the expiry date of our trade union credit, which was in the spring of 2021, and we renewed it last December for five years with two options for an extension of one year, potentially seven years. Moreover, we have increased the amount from 1 billion to 1.5 billion and have made it the first green financing of private equity in Europe. All this gives Eurasio the means to support the companies in its portfolio, if necessary, and to seize the right investment opportunities. To finish, a word on the dividend. As you can see on the screen, our dividend has progressed on average by 6.7% per year since 2003. It has never dropped and has never been stopped, even during the crisis. This year, we want to substantially increase the dividend. For this, we propose to the General Assembly a unit dividend of 1.50 euros, or a 20% increase, and even an increase in global distribution of 24% if we take into account the impact of the free share distributed in 2019. In addition to this strong increase in the dividend, we will set up a major dividend for our loyal shareholders. As such, the shareholders registered for the nominative for more than two years on December 31, 2022 will benefit from a major dividend of 10% within the limit of legal provisions and in particular a detention of 0.5% of the capital per shareholder. Conjugué à la hausse importante du dividende, ce système remplacera avantageusement la distribution d'actions gratuites qui sera donc arrêtée cette année. Je vous remercie et je rends la parole à Virginie.

The results that Philippe has just presented confirm the two great messages that we are addressing to you this morning. A good performance in 2019 and at the same time a great solidity of the group to address the period to come, in particular in an environment linked not only to the health crisis that we know but also to the very uncertain economic situation for the coming months. So I would like to share today our vision, our short-term vision and our long-term vision in the environment that is today. First, in the short term, what does your company do? First, a daily mobilization of the executive committee and all investment teams who are in permanent contact with the leaders of our portfolio societies. Continuous follow-up procedures, information recovery and risk analysis on the consequences of the COVID-19 epidemic have obviously been implemented. Our analyses lead us to think that some companies will see their turnover, their profitability or their treasury situation affected, in particular those exposed to travel or tourism, or those with a strong Asian dependency notamment du point de vue de leurs approvisionnements. Mais à ce jour, les effets restent limités sur le portefeuille d'Eurasio pris dans sa globalité. C'est d'ailleurs tout l'intérêt de notre modèle diversifié mis en place depuis plusieurs années. S'agissant du groupe Eurasio, The first impact, that of the economic impact and the activity slowed down in the first semester, obviously leads us to not anticipate an active program of sessions or investments in the coming months. As for the fundraising, A temporary slowdown is not to be excluded. However, there should not be an important impact on the fee-related earnings of asset management activity, which is characterized by long-term commitments. Finally, all measures have been taken and we are endowed with continuity of activity plans, both for the Eurasio Group and for our participants. All measures that should have been taken have been taken. Voilà pour la gestion du court terme que nous abordons avec détermination, expérience et vigilance. In the long term, it is the discipline and diversification that have been implemented for years that will play a role. I told you, we are deeply disciplined in our investment choices, in our business plans for the Group, for our companies, in the valuations in our Evaluated Net Active and in the financing or levers that have been put in place in our acquisitions. We have also built a diversified group, in class of assets, in sector, in geography, which is a rare asset to face market risks. Note that no portfolio company represents more than 10% of our net assets re-evaluated. This discipline has led us to preserve a solid balance at the level of Eurasio with a treasury position of more than 500 million euros. This discipline has also led us to increase and anticipate the renewal of our credit line at the end of December 2019. This discipline has led us to preserve a very important investment capacity. We are also, of course, disciplined with ourselves in the management of the investment company. Eurasio therefore has healthy foundations and solid fundamentals. Eurasio is both performing and solid. This is the result of the model that we have built and strengthened for many years. A structurally healthy model with a stable balance and diversified revenue sources. a predictable model with recurring revenues, a long-term model that allows us to support our companies in the long run. Eurasio is a stabilizing actor, endowed with clean and sustainable resources that are significant. The long time, the maintenance of the cap and the financial solidity are our main assets. Le modèle de Razéo n'a jamais été aussi pertinent que dans ces temps difficiles qui s'annoncent. Je vous remercie pour votre attention et je suis prête avec l'ensemble du comité exécutif du groupe à répondre à l'ensemble de vos questions. Merci beaucoup.

Hello, Geoffrey Michelet, O2PHF. First of all, bravo for these good results. Two questions for me. The first is, why do you keep so much prudence in the valuations of Raseo Development? I was thinking, the AUMs, by and large, have progressed by 20%. and the valuation of Raseo Development is about the same, which would mean that we have the impression that we are not getting any closer than that to the interest rate. So I have the feeling that it is a little undervalued, so unless you don't think about not doing any interest rate, As we are getting closer, I imagine that mechanically, we should have had a slightly higher revaluation. And the second question is more on the economic turnover, particularly of the T4. We had a very good T3. What happened at the level of the T4 ?

So I will answer first on the first question. We are indeed careful in a general way in our valuations and certainly in particular for the Eurasia development part. And this caution is expressed in particular in the multiples that we apply to our management fees and our performance fees, which are very far from the multiples that we can see in some of our competitors, not to mention the stars of the sector, which are people like EQT or Partners Group. So we remain very careful about these criteria. It is not excluded, however, that the evolution of the economic situation that we see leads to a small increase in the multiple and I think that there we have a real margin of security for what concerns us. Moreover, it is an activity that is quite recent with us, this activity of management for accounts of third parties, so it also justifies having this position a little cautious. And then finally, I mentioned it in my presentation, but the performance fees are generated at the time of the sessions. It is not excluded that if there are fewer sessions in the future period, as Virginie said, the performance fees may be shifted a little bit in time. So all this seems quite consistent with the fact of maintaining good safety in our asset management activities. And for the T4, I would say nothing in particular, there were no notable accidents or problems on the T4. Overall, you saw it on the year, we had made a very strong T3. with overall a T2 that was in strong progression, as I said, compared to the H1, so nothing particular on the T4.

Hello, Pierre Rosset from HSBC. I have three questions. The first on the net asset value, I understand there is 13% that is still at cost. Can we have an idea of the percentage of the net asset value that is composed of companies that have been acquired for less than two years? That's the first question. The second question is about your shareholder, the family office of the Decaux family. They came back almost three years ago now. The performance of the course, I'm not talking about the performance of the assets, but the performance of the course has been disappointing. What kind of discussions do you have with them? And is there a need to see a link with the increase in the dividend that comes out of the ordinary? And a subsidiary question to that, how will your dividend policy be expressed in the future, over the years to come? A very last question, while I have the microphone, then I stop. If I remember correctly, Planète will be your biggest investment, even if it is 10%, less than 10% of your GDP. What are the first echoes of the current crisis on Planète? Thank you.

Do you start with NAV, Philippe?

Yes, so today we have 32% of NAV which has been for less than two years. You are the dividend policy, the expression... And on the dividend policy, then, but I would let Virginie maybe answer on the shareholder relationship, I can tell you that they are very good and we are very lucky to have an shareholder who is an entrepreneur or entrepreneurs, which is obviously the state of mind also of a company like Raseo. And this objective of increasing the dividend was in reflection for a while at home, we had already had a lot of dialogue. and this is not at all a request of the Decaux family. I think it allows us to come to a level of distribution that seems more coherent to us. I would like to add that this important increase in the dividend, Pierre, is also permitted, of course, by the unity of the group, but also by the development of recurring revenues, which is still a fairly new element that we did not have in previous years and which justifies that we do it now and that we did not do it before. So it is completely consistent with the financial structure of Raseo. For the future, it is difficult to answer this question because it will obviously depend on the economic situation, but it is not excluded that the dividend can continue to evolve in the future.

L'évolution du dividende est assez cohérente avec celle de l'augmentation de l'année 2019 des management fees qu'on présentait à plus de 16% et la récurrence très nouvelle dans le compte de résultats de management fees pérennes et de long terme. which makes us comfortable, the management team, the directorate of Raseo, to propose this important increase, but also a year where we end, you understand, the free action. So we also have balances that have been taken into account to make this proposal, which had been discussed and maintained with the Raseo supervisory council, discussed at the end of last year, the end-of-year supervisory council, is maintained according to the Oraseo supervisory council that was held yesterday. If Emmanuel Rossel, who represents JC2 Holding, would like to speak, you are absolutely welcome. You can talk about it later. but I'm not going to give him the floor right away. I'm going to answer. We have very good relations, very close with the JC Decaux Holding Group, with Jean-Charles Decaux in particular and his two brothers, who are in great support not only of the strategy as you know it, of group transformation and acceleration in the path of asset management development, Philippe Boula dit qu'il n'y a pas de lien direct entre la performance qui peut être qualifiée de décevante du cours de bourse depuis deux ans et demi, avec une situation plus intrinsèque Eurasio, et surtout le placement compliqué, difficile du bloc de ticéo chez Eurasio en octobre 2019, qui a cassé beaucoup la dynamique de croissance. And the decision on the increase in dividends, which, as I told you, was prior. And as far as Planet is concerned, Planet is a society that we have diversified a lot over the years. You are, I believe, aware that it was a society essentially... of detaxes, of the treatment of detaxes in particular, and that we have largely brought for more than 50% of its activity towards this payment activity that we call the Dynamic Currency Conversion, the DCC, which are volumes of very significant global activities and much less exposed to brutal stops of tourist or professional travel. So a company that we obviously look closely at its performance and its developments, also geographical, but which does not make any particular comments at this stage. Do you want to add, Marc?

Yes, please. which made 26% of growth last year, which has EBITDA margins of more than 40%. If we look at the performance on January and February, we are still in very strong growth despite the decrease in Chinese traffic. So it's the fruit of the diversification work that Virginie mentioned. We are present in 64 countries today and the company has a very healthy balance sheet. It is very little leveraged. It generates a lot of cash flow. So we are looking with a lot of attention indeed the next few weeks. But we have in front of us enough liquidity to absorb a shock of several weeks, even several months.

Look at it.

We have a question coming from the web from David Sardin from Kepler-Chevreux who would like to know about the fundraising, what are the effects of the current crisis and do you see more attention from the subscribers?

So, David, as mentioned in the presentation, what we can tell you today, several things. And Christophe, if you want to complete, of course. The first thing is that it is not to be excluded. a certain shift in fund raising programs compared to the calendar that was our ex-ante. Already for quite pragmatic reasons, it is that from the moment you face a travel ban, which is in addition to expanding, especially in transatlantic, often the new investors, it is much less the case of the old ones who already know the investment teams, need to do what we call due diligence on-site and come to meet the investment teams where they are, where they operate. This is the case for the whole Eurasio group, it can be the case for Rhône, Robert Agostinelli is here in the front row. There will be shifts already in the first time, at least, I want to tell you, several months for the new investors who need to do this due diligence on-site and who, by construction at the moment, cannot do it. Of course, we are trying to replace it with a whole range of video and FaceTime systems, but when you are a new investor, The physical contact of D&J is important. It is much less the case for investors who have been with us for a long time, who know the teams, but who could, on the other hand, for those who know us, lift the curtain for a few months. The uncertainty in which we are today, which obviously creates difficulties and little predictability, And then maybe some reflections on asset reallocation, even if you know that private equity or alternative asset management represents a very small proportion, for example, of the resources of insurance companies. However, a significant stock market correction as well as the one we have known for a few days must still push investors to ask themselves the question of their asset allocations. Now, the first thing to the question of David Cerdan, it is surely a shift that we consider temporary, not necessarily on the fundraising that has been launched. We mentioned Razeo Croissance earlier in my presentation, which has been launched for several months already. very strong support from the French government, we have been labelled by TIBI, we are quite few to have been, insurance companies have been strongly mobilized, you know, to strengthen the striking power of European investors behind European technology companies. We will see, but I think that some development programs will be less restrained than others. This is for the fundraising, the program of the year 2020 of the different actors in the private equity. We can therefore congratulate ourselves. to have made the closings that were made in 2019, the venture fund, Mathieu Barret is there in the second row, the Oraseo Capital 4 fund which is operated by Marc and his teams, the private debt funds, IPD5, more than 1.5 billion, so everything that is acquired is acquired. Now, second comment, what is permanent? It is the fees. We also mentioned it earlier, but it is important, it is also acquired. The management fees, specifically on private equity activity or real assets or ventures, are fees that are paid in remuneration of our added value as soon as the funds have been raised. for the past years. And so the management fees of the year 2019, globally, 215 million, externally, 140 million euros. We are planning an increase on the year 2020 of these management fees, since I have embarked de 2019 plus l'effet additionnel des levées de fonds 2019 qui n'ont pas encore joué positivement ou impacté positivement les management fees du groupe Eurasio de l'année 2019. Voilà ce que je peux dire sur le fundraising et les management fees. Il y a sûrement un autre angle caméra peut-être à ajouter. Je vais passer le micro à Christophe Bavière pour ceux qui sont en ligne.

No, but without wanting to paraphrase what Virginie just said, indeed, in the short term, undoubtedly, perhaps a greater prudence of institutional investors in particular. On the other hand, in the long term, undoubtedly, a reinforcement of the need for investors today to have more diversified asset allocations, as Virginie said. Today, very few institutional investors, very few private investors are over-allocated. on asset classes called private equity or private debt. And to give you today, in the short term, again, Virginia's message of caution is quite true, but for example, on the development in private management with individuals, diversification on private equity and private debt, is that the Pact law has allowed French life insurers to be more flexible today. You can imagine that in the current circumstances of market volatility, many life insurers are looking at long-term possibilities to diversify more the assets of their insurers. and to diversify them on classes of assets that have less volatile behaviors. And at this time, for example, it will not have an effect in the coming weeks, but in the coming months, we are discussing with a certain number of life insurers on the benefits of the softening of the Pact Law.

Another question from the webcast, this time from Patrick Joussaume from Societe Generale. Other analysts also ask this question. Can you tell us where the process of your participation in Europecar Mobility Group is?

I'll pass the floor to Philippe.

We had actually communicated in November about the fact that we had initiated a strategic reflection, which can take different forms. We can also continue to accompany Europecar in the future. However, we have initiated discussions with a certain number of investors. These discussions continue today. I think we can add nothing more than that.

This has already been confirmed Monday morning.

Another question from the webcast this time from Mourad Lamidi from Exxon, who would like to know what are the multiples applied to asset management?

There are still questions in the room. There are still questions on the web.

Don't hesitate in the room. I feel like there are fewer questions on the web.

Pierre Vossé again. First of all, thank you for stopping the free action of 1 for 20. It's the basic list that speaks, but it makes the calculations easier. I had two other questions. The first one is about Rhône. The fiancées have been there for a while. Are there any developments to be expected? And the second question is, you talked about your role in supporting the companies of your portfolio. If the current situation deteriorates, are you ready to use your treasury either in advance of current accounts or possibly to put equity in the companies that would be the most impacted? I imagine that it depends on the cases, but up to you.

We are ready in the sense that we have the financial capacity to do it and we have always, you know us for a very long time, the resources, we preserve the resources necessary either to face situations such as the ones we are experiencing today, of instability and uncertainty, to support, in case of emergency and in need, the companies that would need it, to continue, along the way, the so-called build-up operations, which are our trademark and which have historically been and continue to be very creative of value. which could be brought to speed up with companies that will face liquidity problems, especially on smaller companies, whether in the United States or in Europe. So the answer is we have the means to do it. We are a long-term actor. I concluded earlier by saying that the Raseo model had never been as relevant as it is in today's environment. C'est une conviction profonde, mais on est aussi un acteur dit stabilisateur, qui ne va pas impacter dans un très court terme ni les entreprises que nous soutenons, ni les valorisations qui sont les autres dans nos actifs nettes et réévaluées, qui eux-mêmes sont et très conservateurs. Donc on veille en permanence dans les phases ascendantes de cycles ou dans les phases d'incertitudes which is obviously the one of today, to try to maintain the cap, the cap of the developments of our companies, the cap of the developments of Eurasio, the value of the net asset evaluated by the group, that it is not corrected with blows forward or backward. So we will make the decisions, you said it, of course, case by case, depending on the companies that will need it in the months or in the year to come.

In this regard, maybe you want to add something? No, I think you've said everything.

I think it's still a real strength because in periods of turbulence, unfortunately, some companies will not have the chance to have a solid shareholder like Eurasio. And so it is likely that at the end of the crisis, those who have been able to stay and perhaps strengthen themselves will have also been able to considerably increase their potential market share.

Wait, I'm coming right away. So, as far as Rhône is concerned, if Robert wants to add, I don't know if we should talk about Fiançay, because Fiançay announces a wedding, it's a bit of the 80s. But we are in partnership. There is Christophe who says, Robert understands French perfectly, but he still does the translation. So we have a partnership. 30% of the capital of the management company Rhône has a very nice performance on its investments, especially in its fund which is the fund in which we are invested. Philippe reminded him earlier, we bought our share of the CARID in the Fonds V. There has already been a very nice release called Garda World, which was sold a few months ago to BC Partners. This is partly what brought us back from the CARID. And Rhône is raising its fund VI with an ambition of a certain growth on the previous Fonds V. This is the priority at the moment and the partnership is solid. It is solid in deal flow, it is solid in local partnerships in the United States but also in Europe. We have recently looked at a file together on which there is not yet much visibility. to know if we are moving forward or if the seller is moving forward. So a lot of partnerships, networks, deal flow, like what we announced to you at the start. I pass the floor to Robert if he wants to add on the situation for Rhône, regardless of the one or even completely regardless of the partnership.

S'agissant de la relation entre Eurasio et l'évolution qui, à mon sens, monte à presque de 40 ans, donc 6 mois, 1 an, 2 ans, enfin, c'est presque rien par rapport à la longueur de notre relation, comme le dit Virginie ? Nous sommes bien placés. Nous levons notre sixième fonds. Nous avons clôturé sur 1,1 milliard. On a pas mal encore dans les tuyaux. Comme l'a dit Philippe, je pense qu'il y aura peut-être un retard puisque les gens ne voyagent pas, annulent des réunions, réagissent face au virus, etc. Mais tout se passe très bien et le portefeuille est solide. On a des sociétés qui seront soumises à ce virus puisque les gens ne voyagent pas. On a une société d'aviation, donc ça s'est effectivement impacté. Mais bon, je voudrais souligner ce qu'a dit Virginie. Notre situation d'activité, notre portefeuille opérationnel est assez solide de part en part.

Alors, il y a une personne qui voulait...

. .

Thank you very much for this question. If he agrees, I will pass the floor to Mr. Renaud Abercorne, who is the boss of Razé au Patrimoine. We have some thoughts in progress. Do you need a microphone?

Hello, we are already doing a bit of it, since we have a company called Reden Solar in the portfolio, which is a renewable and solar company in particular, and which is a company of a certain size, in fact it must have a little more than a billion assets. And indeed, it is a subject that we are looking at, which would fit into the framework uh... de de de raseo patrimoine donc dans le tout ce qu'on appelle real assets donc c'est des sujets en cours de discussion et on essaye de de trouver les bonnes formules de structuration de cette activité dans le cadre de la croissance du groupe Eurasio We looked at these transactions, the towers, etc. We were not convinced enough to go and get the multiples that were asked and paid for these transactions.

Another example of the discipline of the Eurasia Group. We have been very largely outbidded on this issue.

Very, very, very largely.

So there is a request, I ask the question because there is a need for online translation. So a request here on an update on our investment in Houston, in London.

Not in Houston, Texas, but in Houston, London. So, in front of the Houston station, the building is entirely rented. We, it is a medium-term bet on the improvement of this area with the HS2, on the one hand, which has been approved by the Boris Johnson government, and on the other hand, on the renovation of the station and all the improvement of this area, which is already in place around Saint-Pancras. So we are quite confident in our business plan, in our ability to advance on this transaction.

We have not mentioned it, because we can not mention everything, but you have noted it for those who know us well and who follow us closely, a beautiful realization and the first release made by Oraseo Patrimoine, which was signed at the end of last year and which was closed only a few weeks ago, which is the sale of the first investment made by the Renault teams, which is called SIFA. And it was very well sold with a good multiple and a good return, a little more than twice and almost 18% in terms of return. My first investment and first release of Razeo Patrimoine. And we are delighted.

We have several questions on the webcast, so I will try to ask the maximum. David Serdant asks about the ANR, if we can give an evolution of the value of the ANR calculated since the end of 2019. We also have a question from Alexandre Gérard, who would like to know the modalities of the 30% remaining in e-Invest.

Since December 31, 2019, Philippe has already given, in his presentation on his financial results, certainly the easiest impact that you can calculate, which is that of the impact of the stock market correction of Europe Car subsequent to 31-12, which was therefore 1.5% of the net asset evaluated. That is to say, the difference between 4.50 euros, which was the average VWAP that was retained in the ANR of 31.12, if I am not mistaken.

It is the course that we retained, which was following the year.

It is the course that we retained and the course of today, which I did not watch this morning at 10.30, maybe not that I watch it, tell me the teams. David's next question is... which is what you can tell us about a loss of value, maybe conjunctural, of your other companies in the portfolio. And there, David, you will not be surprised if we tell you that it is still a little early to make forecasts with news that is in motion every day. But I remind you that no asset represents more than 10% of the group's net value. Many of the biggest assets are even below 5%. So the diversification that has been put into effect for so many years by the Eurasio Group is full in terms of effects today. And not only do I have a diversification of assets, Certains assets or some investment teams are more pro-cycle and others more counter-cycle than others. But in each of the investment teams, if you take Eurasio Capital or Eurasio PME, we have made sure that in the investments that have been realized, I have a good mix of investment profiles between the companies, their geographical exposures or their jobs, so that I play to the full the effect of the performance, not only at the level of the Eurasio group, dans son ensemble, mais aussi au niveau de chacune de la performance et du profil de Portfolio Companies, de chacune des équipes d'investissement. On ne va pas s'aventurer aujourd'hui, 12 mars, à vous donner des éléments de réévaluation de notre actif net, réévalué sur l'essentiel de notre portefeuille qui est non coté. The next point of passage in quite a short time, actually, at the time of the publication... 30th of June. 30th of June. We will have more news by then. You can also do your own sensitivity on... the portfolio in bulk, if you have a more precise vision of what could be the conjunctural impact of loss of value on some of our assets in a more global approach, if you wish, by activity or by portfolio companies.

I think I have to add something.

I think it is strictly impossible today to answer this question. Either the crisis leads to a loss of activity, a loss of sustainable profitability of our investments. And in this case, indeed, we will have an impact on the valuation of our assets. But if, when this epidemic is over, and we know that it will be over one day, one day we will have, we already see the example in China, we see the example in Korea, the curve of evolution of new cases versus healings. A certain number of actors, I know that a certain number of large companies have integrated this type of scenario into their forecasts, but this is also the case of a certain number of analysts today, so a temporary crisis. If we are actually in this hypothesis, the impact on the value will probably be quite limited because it will have to be analyzed as a temporary accident and not as a correction of the value of the portfolio companies. And so we need to have these few weeks or months of additional hindsight to be able to actually answer this question. Any other answer at this stage would be pure hypotheses.

We did not respond to Idinvest. At the time of the operation, we had indicated that there were additional acquisition mechanisms extended over time. with systems of put and call crossed over several years. So here we are very far beyond the fiancées with Ininvest since we have 70% of the capital. And Christophe Bavière is there, the whole Ininvest team is there, a large part. I will pass the floor to Olivier, and Christophe you will be able to complete, to give you a tonality of the whole, not specifically on the terms of the contractual agreement of the rise to the capital that we had communicated two years ago. Olivier.

The contractual agreement is a three-part purchase of the remaining 30% on the basis of the 2019 figures, then the 2020 figures, then the 2021 figures. So this agreement will obviously be executed. You felt it, the developments of e-Invest are extremely good. c'est le fruit du travail de toutes les équipes, c'est les 20 ans d'histoire d'Ininvest, c'est la collaboration renforcée depuis maintenant deux ans, le temps passe quand même relativement vite, et pour être un peu plus, et vous donner un peu plus de matière, on réfléchit peut-être même à accélérer cette, non pas intégration, puisque l'aspect intégration et collaboration est And he is completely on the move to give you a little bit of color. Unfortunately, we were not able to gather the teams in a single building on date, but it is part of the projects in the few years to come. We would have to find a nice building for us to put the 250 people of the group as a whole, and on the capitalistic aspect, we will be either in the execution of the 30%, in three sections, or in an acceleration of this operation. In any case, it is obviously beneficial, and I think that in the complicated context that we are living in, to gather these forces, to work in coherence, and more than ever, to be up-to-date.

Voilà, écoutez, je crois, on me fait signe qu'il n'y a a priori plus de questions. Je vous remercie de votre présence, du temps passé et de votre écoute. Merci beaucoup.