Lagardère SCA Announces 2011 First-Half Results
The main items regarding the PMI disposal are as follows:
- deconsolidation, effective 31 May 2011, of activities divested in the 13 following countries: US, Italy, Spain, Japan, Netherlands, Hong Kong, Mexico, Taiwan, Canada, Germany, Russia, Ukraine and the Czech Republic. These divestment represent an amount of €471m, €57m of which results from the
deconsolidation of the debt associated with the divested assets;
- UK-located businesses were sold on 29 July 2011;
- businesses in China are set to be sold by the end of 2011.
- Lagardère Services - Net sales of €1,804m, up 5.4% on a reported basis and 2.1% on a like-forlike basis.
- Growth was driven by Retail activities (72% of total net sales), which rose by 4.4%(5). Distribution (28% of total net sales) continued to decline (-3.4% (On a like‐for‐like basis.)).
Note the acceleration in second-quarter growth, due to both a favourable basis of comparison (impact of the Icelandic volcano in the second quarter of 2010) and to progress in the development policy (tenders won and acquisitions) and successful marketing initiatives (new concepts, product mix diversification).
In addition to the substantial increase in per-passenger sales, growth in retail activities was driven by an increase in global air traffic (+5.8% as of the end of May 2011; source: ACI), despite an unfavourable international context (bad weather in North America and Australia, the events in Arab countries and the
Ivory Coast, the Japanese nuclear accident, and the natural disasters in New Zealand and Australia). Growth was very strong in France.
There was also a positive impact from change in consolidation scope, with the consolidation of Retail activities in Singapore and Bulgaria, and acquisitions in New Zealand and the Czech Republic in the first half.
Lagardère Unlimited - Net sales of €213m, up 22.5% on a reported basis and 6.3% on a like-for-like basis.