Lagardère SCA Announces 2011 First-Half Results
(Press Release) Paris, 31 August 2011— Lagardère SCA released its 2011 first-half results today, announcing stable net sales of 3.724 million euros, up .2% on a reported basis (down 1.1% on a like-for-like basis, which excludes consolidation and exchange rate shifts).
2011 first-half results
- Stable consolidated net sales: €3,724m, up 0.2% on a reported basis (down 0.1% on a like-for-like basis) in a difficult global economic environment
- Recurring EBIT from Media activities (Recurring EBIT: before contribution of associates): €168m, down 7.9%, or -6.9% at constant exchange rates
- Adjusted net income attributable to the Group (Excluding contribution from EADS and non‐recurring/non‐operating items): €57m
- Significant reduction in net debt: €1,737m, down €462m compared to end of June 2010
- Adjusted guidance on full-year Media recurring EBIT in order to take into account the disposal of the International Magazine Publishing activities and the non-recurring events impacting the Lagardère Unlimited division in the first half of 2011Net sales stable at €3,724m, up 0.2% on a reported basis and down 0.1% on a like-for-like basis
- Net sales stable at €3,724m, up 0.2% on a reported basis and down 0.1% on a like-for-like basis.
- Lagardère Publishing: revenues of €900m (down 6% on a like-for-like basis). The first half of the year was impacted by the expected decline in sales of the last book in the Stephenie Meyer series, significant progress in e-books in English-speaking countries and solid performances in France by the General Literature and Education segments.
- Lagardère Active: slight increase (+1% on a like-for-like basis), thanks to international businesses. Excluding International Magazine Publishing (the majority of which was sold on 31 May, 2011), revenues amounted to €482m (down 3.1% on a like-for-like basis).
- Lagardère Services: solid pace in revenues, reaching €1,804m (up 2.1% on a like-for-like basis), driven by Retail activities (pick-up in growth in Q2 and increase in global air traffic).
- Lagardère Unlimited: return to growth in net sales (up 6.3% on a like-for-like basis), thanks mainly to Asia.
- Recurring EBIT from Media activities down 7.9% to €168m, due mainly:
- at Lagardère Publishing to the end of the Stephenie Meyer impact;
- at Lagardère Unlimited mainly to non-recurring events (litigation, particularly on the IPL (Indian Premier League) contract and loss-making contracts).
- Adjusted net income, Group share: down 41% to €57m, due mainly to higher taxes, which increased from €22m to €66m. Net income, Group share thus came to €28m (vs. €80m in the first half of 2010).
- Significant decline in net financial debt from one year previously: €1,737m as at 30 June 2011, hence 43.8% gearing, or a 15-point improvement vs. 30 June 2010.
I. GROUP NET SALES AND ACTIVITY
- Net sales stable: €3,724m as at 30 June 2011, or +0.2% on a reported basis and -0.1% on a like-forlike basis vs. 30 June 2010.
The difference between reported and like-for-like figures is due mainly to a positive exchange rate impact (+€21.5m), due to gains by the Swiss franc and the Australian dollar. The change in consolidation scope was not significant, with the disposal of International Magazine Publishing (PMI), which was mostly completed by the end of May, offsetting newly consolidated entities at Lagardère Services and Lagardère Unlimited.