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Eurazeo sees Q1 revenue fall 6.4 per cent

European private equity firm Eurazeo, whose holdings include car rental group Europcar and car park management specialist APCOA, has seen combined

European private equity firm Eurazeo, whose holdings include car rental group Europcar and car park management specialist APCOA, has seen combined revenue from its portfolio companies fall by 6.4 per cent in the first quarter of the year.

Eurazeo’s Q1 revenues totalled EUR830.3 million, down from EUR886.7 million in 2008, a fall largely attributable to the widely anticipated weakness of Europcar’s business. Take the car hire group out of the equation and the Eurazeo’s consolidated Q1 revenues show a 2.5 per cent pro rata increase. Highlights include B&B Hotels (up 8.3 per cent) and French real estate company ANF (up 12.3 per cent).

Q1 revenues for B&B Hotels increased from EUR35.1m to EUR38m partly on the back of an expansion in the hotel chain’s network including the opening of a new hotel in Baden-Baden in Germany in March. B&B also saw increased occupancy levels at the hotels it opened in 2008 in France and Germany.

ANF’s revenues for Q1 amounted to EUR15.8m versus EUR14.1 million euros for the same period in 2008. This growth is principally due to revenues from retail premises in Marseilles (+46 per cent) and Lyons (+10 per cent). Rental income from offices also increased by 16 per cent in Marseilles and by 8% in Lyons.

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