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First-Half 2021 Results


Corporate & other activities, Finance

Paris, 26 July 2021, 5:35 p.m.

Lagardère group continues on the path to recovery despite an uncertain Covid context
and improves profitability and cash generation.
This demonstrates the pertinence of its strategic model based on
complementary businesses and operational efficiency.

Record performance by Lagardère Publishing:
revenue up 18.7%1 and decade-high recurring EBIT of €110 million.

Exceptional flow-through ratio2 of 12.2% for Lagardère Travel Retail
on the back of considerable cost-cutting efforts
and tailwinds in the United States and China.

Stable net debt3 thanks to disciplined cash management at Group level.


Key figures

In the first half of 2021, Group revenue totalled €2,076 million, up 5% on a like-for-like basis.

Group recurring EBIT in the first half of the year totalled €3 million, up sharply by €221 million compared to a negative €218 million in first-half 2020.
Lagardère Publishing recorded decade-high recurring EBIT of €110 million (€27 million in first-half 2020), with Lagardère Travel Retail reporting recurring EBIT of -€96 million, versus -€209 million in first-half 2020.

The Group reported a loss before finance costs and tax of €117 million in first-half 2021 (loss of €397 million in first-half 2020), including non-recurring/non-operating items for a net negative amount of €61 million.

The loss – Group share was €171 million, versus a loss – Group share of €422 million in first-half 2020.

For the six months to 30 June 2021, the Group’s free cash flow excluding changes in working capital improved sharply, amounting to an outflow of €12 million compared to an outflow of €242 million for the six months to end-June 2020.

Changes in working capital were favourable at €88 million for the six months to end-June 2021, versus a negative €269 million in the first half of 2020.

Net debt was stable at €1,716 million at 30 June 2021, compared to €1,733 million at 31 December 2020. 

On 26 July 2021, the Board of Directors met to approve the interim consolidated financial statements. The Statutory Auditors issued their limited review report today. 


1 Versus the first half of 2020 on a like-for-like basis.
2 Negative impact on recurring EBIT of the decrease in H1 2021 revenue versus H1 2019 – see Glossary.
3 Versus 31 December 2020.


To read more:

Press Contact

Ramzi Khiroun - Tel. +33 1 40 69 16 33 -

Image 7 Contact

Anne Méaux - Tel: +33 6 89 87 61 76

Investor Relations Contact

Emmanuel Rapin - Tel. +33 1 40 69 17 45 -

Alima Lelarge Levy - Tel. +33 1 40 69 19 22 -  

Created in 1992, Lagardère is an international group with operations in more than 40 countries worldwide. It employs some 28,000 people and generated revenue of €4,439 million in 2020.
In 2018, the Group launched its strategic refocusing around two priority divisions: Lagardère Publishing (Book and e-Publishing, Mobile and Board games) and Lagardère Travel Retail (Travel Essentials, Duty Free & Fashion, Foodservice).
The Group's operating assets also include Lagardère News and Lagardère Live Entertainment.
Lagardère shares are listed on Euronext Paris.

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 Universal Registration Document filed in French by Lagardère SA with the Autorité des marchés financiers for additional information in relation to such factors, risks and uncertainties.
Lagardère SA has no intention and is under no obligation to update or review the forward-looking statements referred to above. Consequently, Lagardère SA accepts no liability for any consequences arising from the use of any of the above statements.

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