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Eurazeo NAV up 34 per cent in second half of 2009

Eurazeo’s net asset value EUR64.2 per share at 31 December 2009, an increase of 34 per cent compared to 30 June 2009 and 20 per cent compared to 31 December 2008.

Consolidated revenues for 2009 were EUR3,785m, a decrease of 5.9 per cent from 2008 on a comparable basis.

Patrick Sayer, chairman of the executive board, says: “In an exceptionally difficult economic environment in 2009, the important work performed by group companies for over a year is beginning to produce results with an increase of more than 30 per cent in NAV since 30 June, to EUR64.2. The fourth quarter 2009 revenue performance also indicates that the improvement trend observed in the third quarter is continuing. The financing of group companies provides increased flexibility and Eurazeo’s financial structure remains strong."

Excluding Europcar, consolidated revenues of the private equity business increased 0.5 per cent for the fourth quarter and by 1.7 per cent for the full year 2009 on a comparable basis. In total, revenues for the private equity business were EUR3,707.3m, a decrease of 4.9 per cent on a comparable basis.

The real estate business increased 6.6 per cent in 2009, to EUR33.6m, reflecting continued increases in ANF rents, for which revenues increased 10.9 per cent in 2009.

Apcoa had revenues of EUR639.5m in 2009, a slight decline as reported (0.4 per cent) compared to 2008 but an increase of 3.8 per cent on a comparable basis. Apcoa’s business slowed in the fourth quarter with a decrease of 1.0 per cent in revenues on a comparable basis versus an increase of 5.7 per cent for the first nine months, the fourth quarter of 2008 having already reflected the contribution of the major contracts at Luton in the UK and Avinor in Norway.

For the full year, Apcoa was negatively affected by the sharp drop in passenger traffic at airports, while some segments such as hospitals resisted well. By geographic area, Germany, Denmark, Belgium, the Netherlands and Italy demonstrated resistance while the UK, Norway and Sweden were most affected by economic conditions.

Revenues for B&B Hotels amounted to EUR178.7m, up 10.6 per cent as reported, on a comparable basis compared to 2008. B&B’s performance accelerated significantly in the fourth quarter with a 14.7 per cent increase in revenues compared to 9.3 per cent for the first nine months of 2009. This increase is due to the sustained growth of the B&B network and the increase in Revpar in France and Germany.

Elis had revenues of EUR1,036.7m for 2009, up 0.5 per cent as reported, but down 0.7 per cent on a comparable basis. Performance for the fourth quarter, +1.0 per cent as reported and -0.2 per cent on a comparable basis, marked a slight improvement over previous quarters.

Europcar’s consolidated 2009 revenues were EUR1,851.4m, down 11.5 per cent as reported and 10.8 per cent on a comparable basis, reflecting lower overall demand that resulted in a 13.1 per cent decrease in rental days.

The improvement in average revenue-per-day continued during the fourth quarter, reaching 3.2 per cent, at constant exchange rates and 3.4 per cent for the full year. Net debt at year-end and average annual net debt were significantly reduced, by EUR455m and EUR444m respectively, at constant exchange rates. Excluding high yield bonds, Europcar has reduced its net debt 16 per cent on average and 18 per cent at year-end.

The continuation of the upgrading strategy resulted in growth in ANF rents during the fourth quarter of 2009. At the end of 2009, revenues were EUR65.1m, an increase of 10.0 per cent at constant scope. Rents rose 12.3 per cent for Haussmann properties at constant scope, reflecting strong rental demand, particularly in retail. In addition, 48 per cent of ANF rents are generated from leased B&B hotels ensuring strong recurring cash flow from 12-year leases and fixed, indexed rents.

In Accor, Revenue for Prepaid Services grew 1.4 per cent for the year, in line with the target set last August, with a decline of 3.8 per cent in the fourth quarter. Revenue for the Hotel business declined 10.1 per cent for the year and 8.3 per cent in the fourth quarter.

In 2009, revenues at Rexel amounted to EUR11,307.3m, down 12.1 per cent compared to last year as reported and 17.2 per cent on a comparable basis and the same number of working days. Ebitda on a comparable and adjusted basis amounted to EUR449.9m for 2009, a margin of 4.0 per cent. The cost reduction programme decreased 2009 operational costs by EUR285m, a reduction of 11 per cent compared to 2008.

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