Revenue up 4.1% like for like to €2,000
million(1), driven by growth of more than 6% at Lagardère
Publishing and Lagardère Travel Retail, demonstrating that the
Lagardère group’s decision to strategically refocus around Travel
Retail and Publishing is operationally effective
Lagardère confirms its 2019 recurring EBIT
growth target(1) based on the target scope(2) of between 4% and
6%(3)
Regulatory News:
The Lagardère group (Paris:MMB) posted a sustained 4.1%
increase in revenue in the third quarter of 2019, spurred by
continued organic growth momentum at Lagardère Travel Retail and by
a robust performance at Lagardère Publishing.
Target scope highlights (like-for-like basis):
- Lagardère Publishing: growth in revenue (up 6.6%) was
driven by solid performances in France on the back of the 2019 high
school curriculum reform, in Spain with primary school curriculum
reform, and in Partworks, as well as by robust momentum for Mobile
Games.
- Lagardère Travel Retail maintained its revenue growth
trajectory (up 6.3%) in all geographies, especially Europe and
China which were boosted by good sales performances and expansion
of the point-of-sale network.
Group revenue totalled €2,000 million versus €1,895 million
in third-quarter 2018, representing an increase of 5.5% on a
consolidated basis and of 4.1% like for like.
The difference between consolidated and like-for-like revenue
reflects a €20 million positive foreign exchange effect
attributable to the appreciation of the US dollar. The net €9
million positive scope effect is mainly due to the acquisition at
Lagardère Travel Retail of HBF in the United States, offset by the
disposal at Lagardère Active of most of the magazine publishing
titles in France as part of the Group’s strategic refocusing.
At 30 September 2019:
Over the first nine months of the year, the Lagardère group
maintained its revenue growth momentum, powered by the solid
performance of its target scope activities, notably the sharp
organic growth posted by Lagardère Travel Retail and a good showing
from Lagardère Publishing on the back of curriculum reform. The
Group’s performance was also boosted by growth at Lagardère Sports
and Entertainment driven by a favorable calendar effect.
Revenue for the nine months ended 30 September 2019 totalled
€5,612 million, up 6.7% on a consolidated basis and up 5.7% like
for like, including growth of 4.9% on the target scope.
The difference between consolidated and like-for-like revenue
reflects a €76 million positive foreign exchange effect
attributable to the appreciation of the US dollar. The net €13
million negative scope effect is mainly due to disposals at
Lagardère Active as part of the Group’s strategic refocusing,
offset by the acquisition by Lagardère Travel Retail of HBF in the
United States.
(1) Alternative performance indicators. See the glossary at the
end of this press release. (2) Lagardère Publishing and Lagardère
Travel Retail (core businesses), as well as Other Activities
including Lagardère News (Paris Match, Le Journal du Dimanche,
Europe 1, Virgin Radio, RFM and the Elle brand licence), the
Entertainment businesses, the Group Corporate function, and the
Lagardère Active Corporate function, whose costs will be wound down
by 2020. (3) At constant exchange rates and excluding the
acquisitions of HBF and IDF.
I. REVENUE AND ACTIVITY BY
DIVISION
Revenue (€m)
Change
Q3 2018
Q3 2019
on a consolidated
basis
on a like-for-like
basis
Lagardère Publishing
607
663
+9.1%
+6.6%
Lagardère Travel Retail
1,002
1,152
+15.0%
+6.3%
Lagardère Sports and Entertainment
90
82
-8.6%
-8.7%
Lagardère Active
196
103
-47.7%
-16.4%
LAGARDÈRE
1,895
2,000
+5.5%
+4.1%
Revenue (€m)
Change
30 September 2018 (9
months)
30 September 2019 (9
months)
on a consolidated
basis
on a like-for-like
basis
Lagardère Publishing
1,607
1,707
+6.2%
+3.3%
Lagardère Travel Retail
2,725
3,147
+15.5%
+6.4%
Lagardère Sports and Entertainment
304
402
+32.3%
+30.7%
Lagardère Active
625
356
-43.0%
-8.3%
LAGARDÈRE
5,261
5,612
+6.7%
+5.7%
As part of the Group’s strategic refocusing around two priority
areas, Lagardère Publishing and Lagardère Travel Retail, the
following scopes have been defined:
- a target scope, comprising Lagardère Publishing and
Lagardère Travel Retail (core businesses), as well as Other
Activities(4)
- a non-retained scope, including businesses disposed to date
and businesses not yet disposed(5)
Revenue (€m)
Change
Q3 2018
Q3 2019
on a consolidated
basis
on a like-for-like
basis
Lagardère Publishing
607
663
+9.1%
+6.6%
Lagardère Travel Retail
1,002
1,152
+15.0%
+6.3%
Other Activities(4)
65
63
-2.6%
-3.9%
Target scope
1,674
1,878
+12.2%
+6.0%
Non-retained scope – disposed to date
86
8
-91.2%
-37.8%
Non-retained scope – not yet
disposed(6)
135
114
-15.2%
-15.4%
LAGARDÈRE
1,895
2,000
+5.5%
+4.1%
(4) Lagardère News ( Paris Match, Le Journal du Dimanche, Europe
1, Virgin Radio, RFM and the Elle brand licence), the Entertainment
businesses, the Group Corporate function, and the Lagardère Active
Corporate function, whose costs will be wound down by 2020. (5)
Mainly comprising Lagardère Sports and Entertainment (excluding the
Entertainment businesses), Lagardère Studios, the TV channels, the
digital assets and Disney Hachette Presse. (6) Mainly comprising
Lagardère Sports and Entertainment (excluding the Entertainment
businesses) and Lagardère Studios.
Revenue (€m)
Change
30 September 2018
(9 months)
30 September 2019
(9 months)
on a consolidated
basis
on a like-for-like
basis
Lagardère Publishing
1,607
1,707
+6.2%
+3.3%
Lagardère Travel Retail
2,725
3,147
+15.5%
+6.4%
Other Activities(4)
210
208
-1.0%
-1.7%
Target scope
4,542
5,062
+11.4%
+4.9%
Non-retained scope – disposed to date
303
54
-82.1%
-13.6%
Non-retained scope – not yet
disposed(6)
416
496
+19.2%
+17.5%
LAGARDÈRE
5,261
5,612
+6.7%
+5.7%
Revenue for the nine months ended 30 September 2019 totalled
€1,707 million, up 6.2% on a consolidated basis and up 3.3% like
for like. The difference between consolidated and like-for-like
revenue is attributable to a €32 million positive foreign exchange
effect resulting primarily from the appreciation of the US dollar
and, to a lesser extent, a €16 million positive scope effect linked
to the acquisitions of Gigamic, Worthy Publishing and Short
Books.
Revenue growth in the first nine months of the year was
powered by a sharp increase in France, mainly in Education and in
General Literature, as well as by a good performance in Partworks
and momentum in Mobile Games.
Third-quarter 2019:
Revenue for the division totalled €663 million, up 9.1% on a
consolidated basis (up 6.6% like for like). The difference
between consolidated and like-for-like revenue is attributable to a
€9 million positive foreign exchange effect resulting primarily
from the appreciation of the US dollar and, to a lesser extent, a
€7 million positive scope effect linked to the acquisitions of
Gigamic and Short Books.
The figures below are presented on a like-for-like basis.
Revenue growth in France (up 12.2%)
was driven by a sharp uptick in Education, which was lifted by high
school curriculum reform, and by good performances at Larousse,
Illustrated Books and Distribution along with robust momentum for
Mobile Games.
Business in the United States
remained stable (down 0.3%), reflecting a good showing at Little,
Brown and Company (publication of Malcolm Gladwell’s Talking to
Strangers in September), at Young Readers and at Grand Central
Publishing. However, these solid performances failed to counter the
unfavourable comparison effect at Perseus (declining sales of Jen
Sincero’s You are a Badass) and Nashville.
Revenue in the United Kingdom
contracted by 0.6%, owing mainly to a quieter release schedule for
Adult Trade, and slower sales in Education.
Spain/Latin America delivered
strong 19.4% revenue growth, spurred by curriculum reform in Spain
and Mexico.
Partworks delivered growth of 5.6%,
chiefly reflecting the success of the Voitures de Tintin and Disney
Golden Books collections in France, and good momentum in Japan and
Germany.
E-books (including textbooks) accounted for 7.8% of total
Lagardère Publishing revenue in the third quarter of 2019, compared
to 7.7% in third-quarter 2018, while digital audio books
represented 2.9% of revenue versus 2.8% in the same period one year
earlier.
Revenue for the nine months ended 30 September 2019 totalled
€3,147 million, up 15.5% on a consolidated basis (up 6.4% like for
like). The difference between consolidated and like-for-like
data is attributable to a €210 million positive scope effect linked mainly to the
acquisition of HBF and the consolidation of Netherlands-based
Smullers, and a €37 million positive foreign exchange effect
chiefly resulting from the appreciation of the US
dollar.
The division’s sustained like-for-like revenue growth
was driven by France, up 9.7% on
the back of good sales performances together with store openings,
the EMEA region excluding France (up 6.0%), North America (up 3.1%)
and the Asia-Pacific region (up 7.3%).
Third-quarter 2019:
Revenue for the division totalled €1,152 million, up 15.0% on
a consolidated basis (up 6.3% like for like). The difference between consolidated and
like-for-like data is attributable to a €76 million positive scope
effect linked mainly to the acquisitions mentioned above, and to a
€11 million positive foreign exchange effect chiefly resulting from
the appreciation of the US dollar.
The figures below are
presented on a like-for-like basis.
France continued to post robust
growth, at 7.6%, propelled by
good performances from the Duty Free segment, especially at the
regional platforms, and by growth in the Foodservice and Travel
Essentials networks, along with the success of broader product
offerings and sales initiatives.
Solid 7.4% revenue growth in
the EMEA
region (excluding France)
was buoyed by (i) a good sales dynamic in Italy and network growth
in Central Europe (Romania) and the Iberian peninsula (Valencia,
Malaga, Canary Islands), and by (ii) growth in the Middle East
(opening of the Dubai Foodcourt in September 2018) and Africa
(opening of a concession in Gabon and continued strong business
growth in Senegal).
Business remained stable
in North America (up 0.9%), as
bullish growth in Foodservice (new sales outlets in Dallas and
Denver) offset the negative impact of Hurricane Dorian and the
closure of points of sale at Pittsburgh airport. International airports were affected by the
China-US trade war.
Revenue growth of 8.8% in the Asia-Pacific
region was spurred by
organic expansion in China, which benefited from favourable network
effects and strong market momentum. Hong Kong operations were
affected by the protests, but partly countered by network growth at
Hong Kong airport. Business was down 2.2% in the Pacific region due
to the economic slowdown and an unfavourable network effect in
Australia, partly offset by new openings in New Zealand.
- Lagardère Sports and Entertainment
Revenue for the nine months ended 30 September 2019 totalled
€402 million, up 32.3% on a consolidated basis (up 30.7% like for
like). The difference between consolidated and like-for-like
figures is primarily attributable to a €7 million positive foreign
exchange effect due to the appreciation of the US dollar.
As expected, the sharp increase in revenue is essentially due to
a favourable calendar effect in Asia and Africa (AFC Asian Cup and
Total Africa Cup of Nations football tournaments, respectively) and
in Europe (World Men’s Handball Championship).
Third-quarter 2019:
Third-quarter revenue totalled €82 million, down 8.6% on a
consolidated basis (down 8.7% like for like).
Revenue for the division declined, with the favourable calendar
effect related to the Total Africa Cup of Nations football
tournament failing to offset the scheduled end of the Citi Open
tennis tournament in the United States and the Nordea Masters golf
tournament in Scandinavia.
Revenue for the nine months ended 30 September 2019 totalled
€356 million, down 43% on a consolidated basis (down 8.3% like for
like). The difference between consolidated and like-for-like
figures is due to a €237 million negative scope effect, mainly
resulting from disposals carried out as part of the Group’s
strategic refocusing, including most of the magazine publishing
titles in France to Czech Media Invest (CMI), international radio
operations, digital activities (including e-Health), the TV
channels to M6 group, and Mezzo to the Les Échos-Le Parisien and
Canal+ consortium.
The downturn in business in first nine months of 2019 is
attributable to a drop in audience figures for the Europe 1 radio
station and a decline in circulation revenues for press titles, as
well as to the high comparison basis for Lagardère Studios.
Third-quarter 2019:
Revenue for the division totalled €103 million, down 47.7% on
a consolidated basis (down 16.4% like for like). The difference
between consolidated and like-for-like figures is attributable to a
€74 million negative scope effect due mainly to the aforementioned
disposals carried out as part of the Group’s strategic
refocusing.
The figures below are presented on a like-for-like basis.
The 5.2% decline in revenue at Lagardère
News(7) reflects the 12.5% fall in Radio revenue primarily
owing to the slide in audience figures for the Europe 1 radio
station that continued into the quarter. Revenue for Lagardère News
press titles edged up 2.1%, thanks in particular to higher
advertising revenues.
Lagardère Studios retreated (down
23.9%), owing to an unfavourable comparison basis resulting from a
good third‑quarter 2018 performance for international audiovisual
production operations and for fiction in France.
TV Channels also contracted (down
32.0%) as a result of lower advertising revenues and the closure of
the Elle Girl and MCM channels at 30 June.
II. Key events since 25 July
2019
- Sale of the Television business to the M6 group
On 2 September 2019, the Lagardère group completed the sale of
the Television business (excluding Mezzo) to the M6 group, for a
transaction price of €215 million (enterprise value). For the year
to 31 August 2019, the Television business’ recurring EBIT amounted
to €1 million.
- Sale of the stake in Disney Hachette Presse
The Lagardère group completed the sale of its 49% stake in
Disney Hachette Presse to the Unique Héritage Média group.
- Acquisition of International Duty Free (IDF), Belgium’s
leading Travel Retail operator
On 19 September 2019, Lagardère Travel Retail completed the
acquisition of International Duty Free (IDF), Belgium’s leading
Travel Retail operator also present in Luxembourg and Kenya.
Announced on 25 July 2019, this acquisition cements Lagardère
Travel Retail’s position as the world’s third‑largest operator of
Duty Free airport points of sale and as the European leader in
Travel Retail, raising its annual revenue to €5.3 billion(8). It
also enables Lagardère Travel Retail to extend its presence to an
additional leading European hub, Brussels, with high-quality
operations, while consolidating its positions in Luxembourg and in
Africa with entry into Kenya. IDF’s revenue for 2019 is expected to
be between €185 million and €190 million. The company will be
consolidated in Lagardère’s financial statements with effect from 1
October 2019. The acquisition was valued at €250 million(9), or
around 8x IDF’s pro forma EBITDA(10) for 2020, factoring in €7
million in recurring synergies expected to be unlocked through to
2022.
- Lagardère SCA redeems €500 million September 2014 bond
issue
On 19 September 2019, Lagardère SCA redeemed the €500 million
worth of bonds issued in 2014 and paying an annual coupon of
2%.
- Lagardère SCA places a seven-year bond issue for €500
million
On 9 October 2019, Lagardère placed a €500 million, seven-year
bond due in October 2026 and paying an annual coupon of 2.125%.
This new bond issue will enable Lagardère to extend the average
maturity of its debt profile and to maintain its liquidity.
- Lagardère Studios acquires Barcelona-based production
company Veranda in Spain
Already a shareholder in Veranda, Lagardère Studios announced on
15 October 2019 that it had acquired all of the outstanding shares
that it did not already own from Grupo Godo.
- Hachette Livre enters into exclusive negotiations to acquire
a majority stake in Blackrock Games
On 23 October 2019, Hachette Livre announced that it had entered
into exclusive negotiations with Blackrock Games shareholders with
a view to acquiring a majority interest in the share capital of
France’s third-largest board game distributor.
- Lagardère contests the Confederation of African Football’s
(CAF) unilateral decision to cancel its agency agreement with
Lagardère Sports
Further to the press release of 5 November 2019, the Lagardère
group wishes to clarify that the average annual estimated recurring
EBIT derived under the agency agreement with the Confederation of
African Football (CAF) is around €10 million for the 2020-2028
period.
(7) Paris Match, Le Journal du Dimanche, Europe 1, Virgin Radio,
RFM and the Elle brand licence. (8) Based on 100% of 2018 revenue,
including the pro forma contribution of HBF on a full-year basis,
which would translate into consolidated pro forma revenue of €4.1
billion. (9) Enterprise value based on zero cash and debt. (10) Pro
forma EBITDA corresponds to estimated budgeted EBITDA for 2020
(first year of operation), plus recurring run-rate synergies of €7
million.
III. Outlook
2019 RECURRING EBIT GROWTH TARGET BASED
ON TARGET SCOPE
The Lagardère group expects 2019 recurring EBIT(11) growth based
on the target scope(12) to be between 4% and 6% at constant
exchange rates and excluding the acquisitions of HBF and IDF.
NON-RETAINED BUSINESS
SCOPE
Based on constant exchange rates, the contribution to recurring
EBIT in 2019 for businesses not yet disposed as of 13 March 2019
(which represented €78 million in 2018), is expected to be between
€64 million and €74 million on a full year basis, taking into
account the impact of the disposal of the TV channels as of 2
September 2019.
IV. Investor
calendar(13)
Full-year results 2019
The full-year 2019 results
will be released on 27 February 2020 at 5:35 p.m.
***
V. APPENDICES
CHANGES IN SCOPE OF CONSOLIDATION AND
EXCHANGE RATES
Third-quarter 2019:
The difference between consolidated and like-for-like data is
mainly attributable to a €20 million positive foreign exchange
effect resulting chiefly from the appreciation of the US dollar,
and to a €9 million positive scope effect breaking down as:
- a €76 million negative impact from disposals, essentially
linked to the disposal of magazine publishing titles in France and,
to a lesser extent, to the sale of TV channels as part of the
Group’s strategic refocusing;
- a €85 million positive impact from acquisitions, carried out
mainly at Lagardère Travel Retail (acquisition of HBF representing
a positive €67 million and of Smullers representing a positive €6
million) and at Lagardère Publishing (acquisition of Gigamic
representing a positive €5 million and of Short Books representing
a positive €1 million).
At 30 September 2019:
The difference between consolidated and like-for-like data is
mainly attributable to a €76 million positive foreign exchange
effect resulting chiefly from the appreciation of the US dollar,
and to a €13 million negative scope effect breaking down as:
- a €243 million negative impact from disposals, carried out
mainly at Lagardère Active within the scope of the Group’s
strategic refocusing;
- a €230 million positive impact from acquisitions, carried out
mainly at Lagardère Travel Retail (acquisition of HBF representing
a positive €189 million and of Smullers representing a positive €17
million) and at Lagardère Publishing (acquisition of Gigamic
representing a positive €10 million).
(11) See definition at the end of the press release (restated
for the impact of IFRS 16 on concession agreements at Lagardère
Travel Retail). (12) Lagardère Publishing and Lagardère Travel
Retail (core businesses), as well as Other Activities including
Lagardère News (Paris Match, Le Journal du Dimanche, Europe 1,
Virgin Radio, RFM and the Elle brand licence), the Entertainment
businesses, the Group Corporate function, and the Lagardère Active
Corporate function, whose costs will be wound down by 2020. (13)
These dates may be susceptible to change.
SUMMARY OF RECURRING EBIT OF BUSINESSES
DISPOSED TO DATE
Disposals to date
FY 2018 recurring
EBIT*
H1 2018 recurring
EBIT*
H1 2019 recurring EBIT
Date
LARI – Eastern Europe
7
7
-
July 2018
Marie Claire
-
-
-
June 2018
MonDocteur
(4)
(4)
-
July 2018
Doctissimo
October 2018
Boursier
3
1
-
January 2019
BilletReduc
February 2019
Plurimedia
February 2019
Doctipharma
February 2019
LARI - Africa (Jacaranda, Mediamark, Vibe
Radio [Senegal and Côte d'Ivoire])
1
1
-
Jacaranda and Vibe Radio:
transactions closed in February 2019
Mediamark: closing subject to
regulatory clearance
Magazine Publishing titles (excluding
Paris Match, Le Journal du Dimanche and the Elle brand
licence).
22
14
-
February 2019
Sub-total – assets disposed as of 13
March 2019
29
20
-
Mezzo
3
2
1
July 2019
DHP, Other
1
-
-
July 2019
TV channels, excluding Mezzo
23
3
3
September 2019
Total assets disposed to date
56
25
4
* Data restated for the retrospective application of IFRS 16.
See slides 44 to 46 of the 2019 interim results presentation.
VI. GLOSSARY
Lagardère uses alternative performance measures which serve as
key indicators of the Group’s operating and financial performance.
These indicators are tracked by the Executive Committee in order to
assess performance and manage the business, as well as by investors
in order to monitor the Group’s operating performance, along with
the financial metrics defined by the IASB. In the context of the
first-time application of IFRS 16 – Leases, effective 1 January
2019, the Group has elected to retain its existing alternative
performance measures with certain modifications, in particular the
neutralisation of pure accounting effects and distortions created
by the new standard on the concessions businesses. Since 1 January
2019, these indicators are monitored by the Executive Committee to
assess operating performance and manage the business, along with
the financial metrics defined by the IASB. These indicators are
calculated based on accounting items taken from the consolidated
financial statements prepared under IFRS and a reconciliation with
those items is provided in this press release or in the Q3 2019
revenue presentation.
Like-for-like revenue is used by the Group to analyse revenue
trends excluding the impact of changes in the scope of
consolidation and in exchange rates.
The like-for-like change in revenue is calculated by
comparing:
- revenue for the period adjusted for companies consolidated for
the first time during the period and revenue for the prior-year
period adjusted for consolidated companies divested during the
period;
- revenue for the prior-year period and revenue for the current
period adjusted based on the exchange rates applicable in the
prior-year period.
The scope of consolidation comprises all fully-consolidated
entities. Additions to the scope of consolidation correspond to
business combinations (acquired investments and businesses), and
deconsolidations correspond to entities over which the Group has
relinquished control (full or partial disposals of investments and
businesses, such that the entities concerned are no longer included
in the Group’s financial statements using the full consolidation
method).
The difference between consolidated and like-for-like figures is
explained in section V – Appendices of this press release.
The Group’s main performance indicator is recurring operating
profit of fully consolidated companies (recurring EBIT),
which is calculated as follows:
Profit before finance costs and tax
Excluding:
- Income from equity-accounted companies before impairment
losses
- Gains (losses) on disposals of assets
- Impairment losses on goodwill, property, plant and equipment,
intangible assets and investments in equity-accounted
companies
- Net restructuring costs
- Items related to business combinations:
- Acquisition-related expenses
- Gains and losses resulting from purchase price adjustments and
fair value adjustments due to changes in control
- Amortisation of acquisition-related intangible assets
- Specific major disputes unrelated to the Group’s operating
performance
- Items related to leases:
- Cancellation of fixed rental expense* on concessions
- Depreciation of right-of-use assets on concessions
- Gains and losses on concession agreements
* Cancellation of fixed rental expense is equal to the repayment
of the lease liability, the associated change in working capital
and interest paid in the statement of cash flows.
***
A live webcast of the third-quarter 2019
revenue presentation will be available today at 10:00 a.m. (CET),
on the Group’s website (www.lagardere.com).
The presentation slides will be made
available at the start of the webcast.
A replay of the webcast will be available
online later in the afternoon.
***
Until recently, the Lagardère group was structured into four
business divisions: Lagardère Publishing, Lagardère Travel Retail,
Lagardère Sports and Entertainment and Lagardère Active. In 2018,
the Group launched its strategic refocusing around two priority
divisions: Lagardère Publishing and Lagardère Travel Retail.
Lagardère shares are listed on Euronext Paris.
www.lagardere.com
Important Notice:
Some of the statements contained in this document are not
historical facts but rather are statements of future expectations
and other forward-looking statements that are based on management’s
beliefs. These statements reflect such views and assumptions
prevailing as of the date of the statements and involve known and
unknown risks and uncertainties that could cause future results,
performance or future events to differ materially from those
expressed or implied in such statements. Please refer to the most
recent Reference Document (Document de référence) filed by
Lagardère SCA with the French Autorité des marchés financiers for
additional information in relation to such factors, risks and
uncertainties. Lagardère SCA has no intention and is under no
obligation to update or review the forward-looking statements
referred to above. Consequently Lagardère SCA accepts no liability
for any consequences arising from the use of any of the above
statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191106006133/en/
Lagardère
Press Contacts Thierry
Funck-Brentano Tel. +33 1 40 69 16 34 tfb@lagardere.fr Ramzi
Khiroun Tel. +33 1 40 69 16 33 rk@lagardere.fr
Investor Relations Contact
Florence Lonis Tel. +33 1 40 69 18 02 flonis@lagardere.fr
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