Full Year 2020 Eurazeo SE Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Christoph Greulich - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Yes. Thank you very much for your presentation. And two questions from my side, please. The first one with regard to the Idinvest transaction, where you bought the remaining shares. So could you give us an idea how much this has added to your NAV and asset management? And how this compares to the price you paid for the transaction? And then the second question with regard to your Eurazeo capital. So when we look at the -- yes, the most impacted assets from the crisis WorldStrides and Planet, you have taken there very significant markdowns for these assets in the first half of the year. So how do the valuations of these assets in December compared to the value in June? Have you already implemented some recovery there in the valuation? Or do they still remain at the end of June value?

Question: Mourad Lahmidi - Exane BNP Paribas, Research Division - Analyst : Congratulations for these good results. I have one question on your asset management business. We've seen a sharp re-rating of alternative asset management in the past 6 months. Multiples have expanded significantly. So I was wondering whether you are using the same multiples as last year when you are valuing the asset management business. So this is the first part of the question. And the second part is, do you integrate the performance fees in the valuation? Or do you neutralize them? It seems they are mostly coming from the balance sheet.