Annual results for Eurazeo, the listed French private equity house, have provided an indication of the extent of the profit decline at Lazard, the investment banking boutique in which it holds a 40% stake.

Overall Eurazeo reported €43m ($46.3m) in consolidated net income for 2002 after tax and goodwill amortisation of €73m. In 2001 Eurazeo's consolidated net income totalled €583m as a result of €1.2bn in capital gains relating to the disposal of its stake in Generali and Mediobanca. Eurazeo, which receives 16% of Lazard's global profits, made €33m in net income from the investment bank in 2002, a 49% fall on the €65m it received in 2001.