Eurazeo NAV down by 12% in H1

The firm's portfolio reported a net revenue loss of €390m in H1, with travel and leisure suffering the most. The highest impact, with a 57% drop in revenue, was seen in category 4, which the GP defines as “companies directly impacted by the widespread lockdown, where business recovery is expected to be more gradual, encompassing companies exposed to the travel & leisure sector.”

However, it said that excluding the struggling travel and leisure sector, revenue fell by 4% in H1 2020, and regained its pre-crisis level in June.

The GP’s most resilient activities come under categories 1 and 2, defined as “resilient activities, little impacted in the short term due to a high level of recurring income or limited exposure to the consequences of the epidemic” and “companies indirectly impacted by the lockdown as a result of the economic environment.” Change in revenue in these was 1% and -1% respectively.

Eurazeo pointed out that its exposure to the technology sector was high and increasing steadily, and that excluding travel and leisure, it was seeing “encouraging signs of business recovery, back to pre-crisis levels in June.”

The group also highlighted that despite the lockdown, it raised €1.1bn in new capital from third-party investors, close to its record H1 2019 performance.

The GP retained cash and cash equivalents of €587m as of 30 June, including €400m drawn on its €1.5bn syndicated credit facility. The group still has €4bn in dry powder for investments.

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