Target for 2015 recurring EBIT(1)
growth raised from +5% to +7%.
- Sales totalled €3,304 million,
up +2.9% on a like-for-like basis(2).
- Group operating margin up by +0.4
point at 3.7%.
- Total recurring EBIT of
€122 million, up +11%(3).
- Adjusted net
profit(4) - Group share significantly up at
€75 million.
Regulatory News:
Lagardère SCA (Paris:MMB):
In the first half of 2015, the solid performance of the Group
was buoyed by Lagardère Unlimited, with a favourable calendar
effect, and the continued growth of Travel Retail.
- Lagardère sales for the first half
of 2015 totalled €3,304 million, with sustained growth of +2.9%
like-for-like. Change on a reported basis (-1.8%) is due to a
negative scope effect of -€277 million, mainly related to
miscellaneous revenue deconsolidation (notably the disposal of some
Press Distribution activities). The currency effect was positive
(+€130 million).
- The Group's operating margin was
3.7%, up by +0.4 point due to the total recurring EBIT (operating
activities and other activities) of €122 million, representing
sustained growth of 11%.Recurring EBIT from operating
activities amounted to €131 million. Growth at Lagardère
Unlimited, which confirmed its recovery, had a significant impact
on this figure.- Lagardère Publishing: Recurring EBIT of €36
million, down -€14 million, related to the decline in
activity, particularly in the US.- Lagardère Travel
Retail(5): Recurring EBIT of €30 million, down -€5
million, due to disposals in Switzerland and in the US.-
Lagardère Active: nearly stable Recurring EBIT of €33 million
(-€1 million).- Lagardère Unlimited: Recurring EBIT of €32
million, up significantly (+€26 million) due to a very favourable
sporting events schedule.
- Net profit - Group share rose
significantly to €9 million, versus -€35 million in H1 2014,
thanks to growth in Recurring EBIT and a decline in interest and
tax expenses.Adjusted net profit - Group share increased
considerably to €75 million, versus €31 million in H1
2014.
- Operating cash flow amounted to €45
million (+€171 million compared to H1 2014).
- Net debt was €1,436 million at 30
June 2015, up from 31 December 2014 (€954 million). This
trend is essentially attributable to seasonal effects, which are
traditionally negative in the first half, and to the payment of
ordinary dividends.
I- SALES AND RECURRING EBIT
SALES
In the first half of 2015, Lagardère group sales totalled
€3,304 million, up +2.9% on a like-for-like basis (-1.8% on
a reported basis).
The difference between data on a reported basis and
like-for-like is explained in part by a positive currency effect of
€130 million, due primarily to appreciation of the US dollar
and the pound sterling, and in part by a negative scope effect
(-€277 million), broken down as follows:
- Miscellaneous effects of revenue
deconsolidation, amounting to €384 million with, essentially:
- at Lagardère Travel Retail:
deconsolidation of Relay activities in train stations in France
(now consolidated using the equity method through the creation of a
joint venture with SNCF) as well as high-street Retail activities
in Poland (now consolidated using the equity method after disposal
of 51% of Inmedio capital); disposal in Switzerland of Press
Distribution activities and book stores (Payot);
- at Lagardère Active: disposal of 10
magazines.
- €107 million in acquisitions at
Lagardère Travel Retail (consolidation of Airest activities,
primarily in Venice), Lagardère Active (acquisition of Grupo
Boomerang TV and consolidation of Gulli revenue) and Lagardère
Publishing (Quercus and Rising Stars in the United Kingdom).
H1 2015 sales:
Sales (in €m)
Changeon a
reportedbasis
Changeon a
like-for-likebasis
H1 2014 H1 2015 Lagardère
Publishing 903 968 +7.1% -2.9% Lagardère Travel Retail 1,852
1,640 -11.4% +3.5% Lagardère Active 435 437 +0.7% +0.2% Lagardère
Unlimited 174 259 +48.5% +34.9%
TOTAL SALES
3,364 3,304 -1.8%
+2.9%
Q2 2015 sales:
Sales (in €m)
Changeon a
reportedbasis
Changeon a
like-for-likebasis
Q2 2014 Q2 2015 Lagardère
Publishing 510 547 +7.1% -3.4% Lagardère Travel Retail 994
846 -14.9% +3.7% Lagardère Active 233 233 +0.3% -2.1% Lagardère
Unlimited 101 106 +5.0% -1.8%
TOTAL SALES
1,838 1,732 -5.8%
+0.4%
RECURRING EBIT OF FULLY CONSOLIDATED
COMPANIES
Recurring EBIT of fully consolidated companies
(€m) Change
(€m)
H1 2014published
H1 2014 restatedIFRIC
21(6)
H1 2015 Lagardère Publishing 51 50
36 -14 Lagardère Travel Retail 36 35 30 -5 Lagardère Active
35 34 33 -1 Lagardère Unlimited 6 6 32 +26
Recurring EBIT from
operating activities 128 125
131 +6 Recurring EBIT from other activities
(15) (15) (9) +6
Total recurring
EBIT of fully consolidated companies 113
110 122 +12
Sales
Sales of €968 million, up by +7.1% on a reported basis and
down by -2.9% like-for-like. The difference can be explained by
positive currency effects (+€70 million, primarily due to the
appreciation of the US dollar and the pound sterling), as well as
the scope effect (+€20 million).In the first half of 2015,
activity declined as expected, mainly due to the downturn in the US
(unfavourable comparison base relative to the first half of 2014),
which was not offset by the high level of activity in
France.Figures below are presented on a like-for-like
basis.
In France, business grew sharply by
+3%, due to the positive trend in General Literature, with the
success of new releases on one hand (L’homme qui ment, by Marc
Lavoine, Hippocrate aux enfers, by Michel Cymes, Vernon Subutex, by
Virginie Despentes, etc.) and the performance of the Paperback
segment (Fifty Shades saga) on the other. Meanwhile, Illustrated
Books had a strong start of the year with the continued success of
colouring books for adults.In the United
Kingdom, the downturn in sales (-3.5%) can be explained by a
slate of new releases that was not as strong as the first half of
2014.In the United States, the decline
in activity, which had been expected (-7.8%), can be explained by
the high level of activity in the first half of 2014 (including The
Silkworm by Robert Galbraith and The Goldfinch by Donna Tartt) as
well as a decline in e-book sales.In the Spain/Latin America area, activity was down
(-3.8%), particularly due to a postponement in Education sales in
Spain.The trend for Partworks (-3.4%)
can be explained by a smaller volume of launches at the end of
2014.
Digital: in the 1st half of 2015,
the weighting of e-books in Lagardère Publishing total sales
declined to 10.7%, compared to 11.3% at the end of June 2014. This
transition remains limited to English-speaking countries and to the
General Literature segment:
- in the United States, in a declining
digital market (slowdown seen since the beginning of 2014), sales
ofe-books have dropped (24% of sales for Trade(7) vs. 29% at the
end of June 2014), given a less successful slate of new releases
and the implementation of the agreement with Amazon;- in the United
Kingdom, the market is stabilising and has been impacted by the
January 1, 2015 VAT increase. E-books represented 33% of
sales in Adult Trade(8) vs. 36% at the end of June 2014.
Recurring EBIT of fully consolidated
companies
Lagardère Publishing posted Recurring EBIT of €36
million, down -€14 million compared to H1 2014. This change is
mainly due to the decline of activity in the US, and to a lesser
extent in the UK, which was not offset by the solid performance in
France.
Note that the name of the Lagardère Services division has
been changed to Lagardère Travel Retail. Pending their
disposal, Distribution activities are still included in the
division figures.
Sales
Sales for the division totalled €1,640 million (-11.4%
on a reported basis and +3.5% like-for-like), with a favourable
exchange rate effect this quarter of +€42 million (rise of the
Swiss franc and the US, Australian, Canadian and Singaporean
dollars). As expected, the scope effect was negative by -€306
million, broken down as follows:
- Miscellaneous effects of sales
deconsolidation, amounting to €360 million, with, essentially:
- deconsolidation of Relay activities in
train stations in France (now consolidated using the equity method
through the creation of a joint venture with SNCF in September
2014) for -€159m, as well as high-street Retail activities in
Poland (now consolidated using the equity method after disposal of
51% of Inmedio capital in December 2014) for -€55m;
- the disposal in Switzerland of
Distribution activities in February 2015, with an impact of -€107m,
and of Payot book stores in July 2014 with an impact of -€25m.
- Acquisitions for €54m, essentially the
Airest Group activities (notably at the Venice Airport) starting in
April 2014.
The division is continuing the strategic transition of its
activity mix with Travel Retail now accounting for 70% of the
total (7 points higher than H1 2014), vs. 30% for Distribution
(Press Distribution and Integrated Retail).Figures below are
presented on a like-for-like basis.Growth in activity
accelerated in the second quarter (+3.7%, after first quarter
growth of +3.2%).
In the 1st half of 2015, Travel
Retail activities were up by +7.3%. Performance was
driven by growth in passenger traffic, the strong performance of
acquisitions, expansion of networks and rollout of new concepts.
Growth in the second quarter (+7.8%) was higher than in the first
quarter (+6.7%).In France, activity
grew considerably over the first half (+8.7%), due to the Duty Free
segment (increase in traffic and average spending per passenger),
in addition to the solid performance of Travel Essentials and
Foodservice segments.Europe (excluding
France), posted excellent performance (+7.9%): increased traffic
and development of networks led to significant growth in Poland
(+11.8%), Italy (+7.3%), where the ramping-up of activities in Rome
airport continued (+13.9% despite the fire in May), as well as
Romania (+15.5%) and Spain (+10.6%).Activity was also up in
North America (+5.7%) due to the
network expansion in airport and a solid level of underlying
activity.The Asia-Pacific region is
also growing (+3.2%), due to the sustained development of fashion
activities in China and Singapore.
In the 1st half of 2015, Distribution activities declined by -4.0%,
with market diversification efforts not completely offsetting the
decline in the print press market.
Recurring EBIT of fully consolidated
companies
Recurring EBIT of fully consolidated companies was at €30m, down
by -€5m, due to disposals in Switzerland and the US, which had a
negative impact of €4m.Recurring EBIT of fully consolidated
companies for Travel Retail grew by +€3m, due to the continued
improvement of the product mix, to winning new contracts and to the
successful launch of new concepts.Meanwhile the integration of
Airest activities had a €3m negative impact (unfavourable seasonal
effect in the 1st quarter).Recurring EBIT of fully
consolidated companies for Distribution was down -€1m, in line with
the activity, taking into account the efforts in savings
implemented.
Sales
Sales totalled €437m, up +0.7% on a reported basis and up
+0.2% like-for-like. The difference between the two trends is
essentially explained by a slightly positive scope effect (+€3m):
the acquisition of Grupo Boomerang TV on May 31, 2015 and
the consolidation of Gulli revenue (resulting from the purchase of
France TV's 34% stake in November 2014), offsetting the disposal of
10 magazines in July 2014.Sales for advertising fell 3.5% for the
division as a whole.Figures below are presented on a like-for-like
basis.
The negative trend in Magazine
Publishing, which posted a -4.7% decline, is due to the drop
in advertising revenue (-6.5%) and circulation (-7.1%), and is
partly offset by growth in other activities, particularly in
digital (+19%).Radio posted mixed
performances (-3.9%) with a downturn at Europe 1, while music radio
in France and internationally was up.Television activities (theme channels and TV
Production) recorded solid growth (+28.1%) thanks to TV Production
(+44.9%) due to both to H1 2014 at a low level and positive effects
in 2015 related to rights selling and a favourable delivery
schedule, particularly in fiction programmes.In pure digital activities, the decline (-20%) is
explained by the LeGuide group, which continues to face challenges
with algorithm changes by Google. Excluding the LeGuide group,
these activities recorded +5.4% growth.
Recurring EBIT of fully consolidated
companies
Recurring EBIT of fully consolidated companies is
virtually stable at €33m (-€1m), as the solid performance in TV
Production (which benefited from a favourable calendar impact) and
the effects of cost-cutting plans implemented in 2014 almost
entirely offset the negative trends in advertising and circulation,
and the decline in the LeGuide group activity.
Sales
Sales rose considerably to €259m: up 48.5% on a reported
basis and up 34.9% like-for-like. The difference between these
two figures can be explained by positive currency (+€18m) and scope
effects (+€6m), notably related to the Casino de Paris acquisition
in March 2014.The very sharp increase in activity can be explained
by a very favourable calendar effect related to the good completion
of contracts for two continental football competitions, the Africa
Cup of Nations held in Equatorial Guinea and the AFC Asian Cup held
in Australia.
Recurring EBIT of fully consolidated
companies
Recurring EBIT of fully consolidated companies
amounted to €32m versus €6m in H1 2014. As expected, 2015
has been marked by a very positive seasonal effect, given a very
active sport calendar in the first half of the year.The underlying
profitability of other activities is improving in line with the
recovery plan implemented by the division.
The recurring EBIT from other activities amounted to -€9m, a
+€6m improvement compared to H1 2014, which still included
losses from Matra Manufacturing & Services, whose light
electrical vehicle manufacturing and marketing business was sold in
December 2014.
II- MAIN INCOME STATEMENT DATA
€m H1 2014 published
H1 2014 restatedIFRIC
21**
H1 2015 Sales 3,364 3,364 3,304
Total recurring EBIT of fully consolidated companies
113 110 122 Income (loss) from
associates* 1 1 1 Non-recurring/non-operating
items (47) (47) (72)
EBIT
67 64 51 Interest expense
(38) (38) (26)
Profit before tax
29 26 25 Income tax expense
(58) (57) (6)
Total profit
(29) (31) 19 Minority interests
(4) (4) (10)
Profit – Group share (33)
(35) 9
*Before impairment losses.**H1 2014 figures have been restated
to reflect the retroactive application of the IFRIC 21
interpretation "Levies charged by Public Authorities":• -€3 million
for the recurring EBIT of fully consolidated companies;• -€2
million for net profit - Group share and adjusted net profit -
Group share.The new IFRIC 21 interpretation changes the obligating
event used to record a liability related to paying a tax or a
contribution. The obligating event that gives rise to a liability
is now the date upon which the fiscal liability comes due.
CONTRIBUTION FROM
ASSOCIATES
Income from associates (excluding impairment losses) amounted to
€1 million and was stable compared to H1 2014.
NON-RECURRING/NON-OPERATING
ITEMS
Non-recurring/non-operating items totalled -€72 million, and
mainly comprised:
- restructuring costs at -€35m, including
-€13m at Lagardère Active which relates mainly to its advertising
brokerage activities in regions (Lagardère Métropoles) and -€12m at
Lagardère Unlimited, due to the reorganisation of the division in
Europe. The remainder is broken down between Lagardère Publishing
(-€6m) and Lagardère Travel Retail (-€4m) and is essentially
related to the implementation of cost-cutting plans.
- Impairments on tangible and intangible
assets at -€30m, including -€27m at Lagardère Active, mainly in
relation to the partial impairment of goodwill for the LeGuide
group for -€25 million.
- -€26m in amortisation of intangible
assets and other acquisition-related expenses, including -€20
million at Lagardère Travel Retail;
- capital gains on disposals of €19m,
including €17m at Lagardère Travel Retail, essentially from a
capital gain on the disposal of Distribution activities in
Switzerland (€32m), as well as a capital loss related to the sale
of the US Distribution subsidiary Curtis Circulation Company
(-€12m).
EARNINGS BEFORE INTEREST AND
TAX
At 30 June 2015, EBIT totalled €51 million versus €64 million at
30 June 2014.
NET INTEREST EXPENSE
Net interest expense amounted to -€26 million in H1 2015, a €12
million decline compared to H1 2014. This change is mainly due to
the decline in the average cost of debt for the Group between the
two periods.
INCOME TAX EXPENSE
At 30 June 2015, income tax expense came to €6 million versus
€57 million at 30 June 2014. This change is due to the 3%
additional contribution enforced in France on dividends paid (€5
million in H1 2015 versus €28 million in H1 2014, taking into
account the exceptional dividend), as well as a favourable change
in the geographic mix related to the tax rate for foreign
companies.
PROFIT
Including all these items, profit came out to
€19 million, of which €9 million is attributable to the
Group share. The share of profit attributed to minority
interests amounted to €10 million at June 30, 2015,
versus €4 million at the end of June 2014. This change in income is
mainly the result of the growth in profit for the World Sport
Group.
ADJUSTED PROFIT – GROUP
SHARE
(€m)
H1 2014 restatedIFRIC 21
H1 2015 Profit – Group share
(35) 9 Amortisation of acquisition-related
intangible assets* +17 +20 Impairment losses on
goodwill, tangible and intangible fixed assets* +2 +29
Restructuring costs* +17 +32 Gains/losses on disposals* +2 -20
Taxes on dividends paid to shareholders +28 +5
Adjusted profit – Group share 31
75
*Net of tax.
III- OTHER FINANCIAL INFORMATION
TOTAL CASH FLOWS FROM OPERATING AND
INVESTING ACTIVITIES
(€m)
H1 2014 restatedIFRIC 21
H1 2015 Cash flow from operations before interest
and tax 133 168 Changes in working
capital (198) (97)
Cash flow from operations (65)
71 Interest paid & received, and income taxes paid
(61) (26)
Cash generated by operating
activities (126) 45 Acquisition of
property, plant & equipment and intangible assets (98) (133)
Disposal of property, plant & equipment and intangible assets
7 4
Free cash flow (217)
(84) Acquisition of financial assets (201) (86) Disposal of
financial assets 27 (108)
Net cash from operating
& investing activities (391)
(278)
Cash flow from operations amounted to €45 million in the
first half of 2015, versus -€126 million at 30 June 2014, up +€171
million.
- Cash flow amounted to €168
million, versus €133 million at 30 June 2014. This trend
reflects the growth in operating income (+€12 million) as well as
the impact of lower provisions for amortisation and depreciation
(+€17 million). The two effects are partially offset by the
increase in the disbursement of restructuring expenses (amounting
to €4 million).
- The change in working capital
requirement (WCR), which is normally negative at the end of
June, improved considerably in the first half of 2015, coming to
-€97 million, compared to -€198 million over the same period last
year. This progress is attributable to a significant improvement at
Lagardère Travel Retail, in light of a 2014 comparison base
undermined by several non-recurring factors, as well as at
Lagardère Publishing after a particularly high year in 2014 in
terms of author advances in the US and the payment of debts to
authors in France (royalties for success in 2013). In contrast,
there was a negative trend at Lagardère Unlimited thanks to
receivables during 2014 for major events occurring at the beginning
of 2015 (AFC Asian Cup and Africa Cup of Nations).
- Interests paid (net of received
interest) came to -€5 million, vs. -€4 million at 30 June 2014.
Last year, this interest included financial income generated by a
favourable average cash situation for the first half of 2014.
- Tax paid amounted to -€21
million, vs. -€57 million at the end of June 2014, with these
amounts including the additional contribution on dividends paid in
the amount of -€5 million this year, vs. -€28 million last
year.
Investment flows fell to -€219 million, versus -€299 million
at 30 June 2014.
- Investments in intangible assets
totalled -€133 million. They primarily occurred at Lagardère
Travel Retail (development of networks), Lagardère Unlimited
(acquisition of sport rights) and Lagardère Publishing
(particularly the new headquarters in France and the United
Kingdom). At 30 June 2014, they represented -€98 million, and were
mainly related to Lagardère Travel Retail.
- Financial investments amounted to
-€86 million at 30 June 2015. They are mainly related, at
Lagardère Active, to the acquisition of Grupo Boomerang TV, and to
a lesser extent, at Lagardère Travel Retail, to the acquisition of
17 points of sale at JFK airport in New York. They also include the
payment by Lagardère Unlimited of a guarantee deposit related to
the AFC (World Sport Group) contract.
Financial asset disposals totalled -€108 million for the
first half of 2015. They resulted from the sale by Lagardère Travel
Retail of its Press Distribution and Integrated Retail activities
in Switzerland, and of Curtis Circulation Company (national
Distribution of magazines in the US), the latter transaction
leading to the deconsolidation of a structurally favourable working
capital resource in this activity.
All in all, the sum of operating and investment flows came to
a negative €278 million, vs. a negative €391 million at 30 June
2014, an improvement mainly attributable to the growth in cash flow
as well as the change in working capital requirements.
FINANCIAL POSITION
Net debt was €1,436 million at 30 June 2015, up €482 million
from 31 December 2014. This is due essentially to the payment
of ordinary dividends (€184 million), the negative change in WCR in
H1 2015, and acquisitions made.
The Group's liquidity position is still solid, with
€1,701 million in available liquidity (available cash and
short-term investments reported on the balance sheet totalling
€451 million and authorised but undrawn credit lines of credit
of €1,250 million). The debt repayment schedule remains
balanced.
IV- HIGHLIGHTS SINCE THE PUBLICATION OF SALES FOR THE
FIRST QUARTER OF 2015
Acquisition of the TV production group Grupo Boomerang
TVOn 28 May 2015, in line with its European development
strategy, Lagardère Active announced that it had purchased a
majority stake of 82% in Grupo Boomerang TV (Grupo BTV), one of
Spain's leading independent TV production groups (fiction and
unscripted) with developments in Latin America. The company had a
turnover of €42 million in 2014.
Acquisition of the German group akzio! ajoint.On 8 June
2015, Lagardère Unlimited acquired the group akzio! ajoint., the
leading sponsorship consulting agency in Germany. With this
acquisition, Lagardère Unlimited expands its service portfolio in
Europe, in line with its global growth strategy in consulting and
brand activation services.
Renewal of partnership agreement between CAF and
SportfiveOn 12 June 2015, the Confédération Africaine de
Football (CAF) and Sportfive signed a landmark agreement to extend
their partnership until 2028. Sportfive, an agency of Lagardère
Unlimited, will continue to sell the marketing and media rights of
CAF's main regional competitions in Africa, including the Africa
Cup of Nations, African Nations Championship and African Champions
League.
Disposal by Lagardère Travel Retail of its US magazine
distribution subsidiaryAs part of its strategy aimed at
focusing on growth businesses, Lagardère Travel Retail continued
the divestiture of its press Distribution business, and announced
on 6 July 2015 the disposal of its subsidiary Curtis Circulation
Company to its management team.Curtis Circulation Company is one of
the largest US magazine distributors with approximately 25% market
share of the single copy marketplace across the USA and Canada.
Curtis' unique business model differs from the other European
Distribution companies within Lagardère Travel Retail.
Public buyout offer for shares in Lagardère Active
BroadcastOn 7 July 2015, Lagardère Active, a subsidiary of
Lagardère SCA, announced it had filed a draft public buyout offer
for all of the shares of Lagardère Active Broadcast not held by
Lagardère Active.It would simplify Lagardère Active Broadcast's
legal processes, as well as providing cost savings (especially on
listing fees).Lagardère Active owns 99.50% of the share capital and
99.59% of voting rights of Lagardère Active Broadcast, which is a
public limited company incorporated under Monegasque law. The
company is Lagardère Active's audiovisual division and has radio
stations in France (Europe 1, music stations) and abroad (Eastern
Europe, French-speaking Africa), TV production and distribution
(Lagardère Entertainment) and theme TV channels (particularly
Gulli).
Draft Public buyout offer with squeeze-out on LeGuide.com
sharesLagardère Active, a subsidiary of Lagardère SCA,
announces a draft public buyout offer for all of the shares of
LeGuide.com not held by Lagardère Active.These shares representing
less than 5% of the capital and voting rights of LeGuide.com, the
offer will be immediately followed by a mandatory squeeze-out
process. For the record, these shares are listed on Alternext of
Euronext Paris.The price proposed by Lagardère Active is €32.50 per
share, representing a maximum aggregate acquisition cost (excluding
fees and commission) of about €4.8 million for all the shares
covered by the offer and the mandatory squeeze-out.The operation
aims to proceed with the delisting of the company LeGuide.com, this
listing appearing no longer justified considering the purposes
initially pursued, given the discrepancy that emerged between the
stock price and the real financial situation of the company.The
offer will also provide minority shareholders of LeGuide.com with
an immediate liquidity on their shares in a market with very low
liquidity.Lagardère Active and LeGuide.com joint draft offer
document will be filed with the French financial markets authority
(Autorité des marchés financiers – AMF) on 31 July 2015 and made
publicly available. This draft offer document and the operation
remain subject to approval by the AMF.
V- OUTLOOK - GUIDANCE
TARGET FOR 2015 RECURRING EBIT GROWTH
RAISED
The first half results, as well as the outlook for the second
half, enable to raise the target on 2015 recurring EBIT announced
last March.From now on, Group Recurring EBIT of fully
consolidated companies (from operating activities and other
activities) should increase in 2015 by about +7%, compared to 2014
(versus +5% previously), at constant exchange rates and
excluding the effect of potential disposal of LS distribution
activities.
***
INVESTOR CALENDAR
- Announcement of Q3 2015
salesThird-quarter results will be released on November 10,
2015 at 8:00 a.m. A conference call will be held at
10:00 a.m. on the same day.
***
DEFINITION OF RECURRING
EBIT
Recurring EBIT of fully consolidated companies is defined as the
difference between income before interest and tax and the following
items of the income statement:
- contribution of associates;
- gains or losses on disposals of
assets;
- impairment losses on goodwill,
property, plant and equipment and intangible assets;
- restructuring costs;
- items related to business combinations:
- expenses on acquisitions;
- gains and losses resulting from
acquisition price adjustments and valuation adjustments related to
changes in controlling interests;
- amortisation of acquisition-related
intangible assets.
The Lagardère group is a global leader in content production and
distribution whose powerful brands leverage its virtual and
physical networks to attract and enjoy qualified audiences.It is
structured around four business lines: Books and e-Books; Travel
Retail; Press, Audiovisual, Digital and Advertising Sales
Brokerage; Sports and Entertainment.Lagardère shares are listed on
Euronext Paris.www.lagardere.com
(1)Recurring operating profit of fully consolidated companies
(four operating divisions and other activities). See details at the
end of the press release.(2)At constant exchange rates and
consolidation scope.(3)H1 2014 figures have been restated to
reflect the retroactive application of the IFRIC 21 interpretation
"Levies Charged by Public Authorities":• -€3 million for the
recurring EBIT of fully consolidated companies;• -€2 million for
net profit - Group share and adjusted net profit - Group
share.(4)Excluding non-recurring/non-operational items.(5)New name
for the Lagardère Services division.(6)See note on page 5.(7)Trade
works.(8)Adult trade works.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150730006098/en/
LagardèrePress ContactsThierry
FUNCK-BRENTANO, tel. +33 1 40 69 16 34tfb@lagardere.frorRamzi
KHIROUN, tel. +33 1 40 69 16 33rk@lagardere.frorInvestor
Relations ContactAnthony MELLOR, tel. +33 1 40 69 18
02amellor@lagardere.fr
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