Lagardère SCA Announces 2011 First-Half Results
- cash flow rose by 16% to €282m as at 30 June 2011;
- the change in working capital requirement, which is traditionally negative in the first-half, widened
during the first-half of 2011 to -€278m, compared to -€142m in the first-half of 2010. This negative
variation is likely to lessen in the second-half;
- net tangible and intangible investments came to €101m, stables versus 30 June 2010.
The sum of operating and investment flows came to €265m vs. -€94m as at 30 June 2010, due mainly to
€524m in asset disposals (including €471m from the PMI sale).
As at 30 June 2011, net financial debt came to €1,737m, or €462m lower than at 30 June 2010, thanks to
proceeds from the PMI divestment. 15-point improvement of the gearing (43.8%).The dividend was stable, at
IV. GUIDANCE / OUTLOOK
The deconsolidation of International Magazine Publishing (PMI) during the year (which will have an estimated
negative impact of €35m on 2011 recurring EBIT), in addition to the non-recurring events that impacted the
Lagardère Unlimited division first-half results, lower than initial forecasts, have led the Group to adjust the
recurring EBIT guidance for Lagardère Media in 2011, which is now expected to decline by about 5% to 7%
on a constant exchange rate basis, vs. 2010. Without the PMI deconsolidation and given the revision of
expected results for Lagardère Unlimited, recurring EBIT for 2011 would have risen slightly.
The Lagardère group is reiterating its intention to sell its stake in Canal+ France as soon as market
conditions allow. The planned introductory public offering of Canal+ France does not appear to be
feasible on good terms in light of the current market environment.
Lagardère is a pure media group (books, press, broadcast, digital, travel retail and press distribution, sport industry and
entertainment), and is among the world leaders in the sector.
Lagardère shares are listed on Euronext Paris (Compartment A).