FRANCE - Eurazeo reports EUR 700m profit after tax

EUR 319.4m of this figure derives from transactions carried out in 2005 involving certain private equity assets such as Eutelsat and Terreal. EUR 170.6m came from disposals of holdings in the funds portfolio, EUR 134.5m from contributions by portfolio companies and a further EUR 76.1m from dividend payments and invoiced services, net of company expenses.

Michel David-Weill, chairman of the supervisory board declared: 'The management of the portfolio in 2005 by Eurazeo has been remarkable and has led to outstanding results. This success allows us to consider a substantial level of distribution whilst preserving the company’s capacity to invest in the future. Since 30 June 2002, no less than EUR 659m have been returned to investors through dividend payments and share buy-backs whilst enabling for an increase of the market capitalisation from EUR 1.9bn to EUR 4.5bn and a 142% improvement in the share price.' Patrick Sayer, chief executive & chairman of the management board, said: 'In a competitive environment, Eurazeo’s teams have acted with efficiency and good judgement to create and seize first rate investment and divestment opportunities, without being pulled into transactions they considered overly pricey. A lot of work also occurred on creating value with the portfolio companies, although this is less visible on the financial results. Eurazeo has confirmed its position as one of the leading European investment companies, which henceforth allows it to carefully and confidently consider its development outside France.'

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