France's Eurazeo swings to loss, but well funded
PARIS, March 31 (Reuters) - French financial holding firm Eurazeo (EURA.PA) swung to a 2008 net loss of 61 million euros ($80.7 million) due to asset writedowns, but said it remained well funded to exploit new investment opportunities.
The firm - which has large stakes in wholesaler Rexel (RXL.PA), hotel company Accor (ACCP.PA) and food group Danone (DANO.PA), among others - proposed maintaining its full-year dividend at 1.20 euros per share.
It said none of its group companies, which include B&B Hotels and unlisted car rental firm Europcar, had breached their covenants last year or faced refinancing deadlines in the short term.
The firm reported full-year sales of 4.054 billion euros, up just over 35 percent from a year earlier and up 1.7 percent on a like-for-like basis.
Eurazeo added that its financial resources of 1.6 billion euros would enable it to continue to support its investments and "to seize new investment opportunities".
In 2007, it had a restated net profit of 901.1 million euros, boosted in part by the disposal of stakes in Eutelsat Communications (ETL.PA) and Fraikin.
Eurazeo shares closed down 3.6 percent on Monday at 18.95 euros for a market capitalisation of 1.09 billion euros.
The shares have lost 41 percent so far this year and fell 60 percent in 2007. ($1=.7560 Euro) (Reporting by Sophie Taylor)
