Sharp 38.6% growth in Lagardère group revenue and high level of recurring EBIT, at €107 million (versus €3 million in first-half 2021)
Good performance for Lagardère Publishing: revenue virtually stable (down 1.0%1) against a record-beating prior-year performance and in a fast-changing macroeconomic environment
Strong recovery at Lagardère Travel Retail (up 97.2%), driven by its EMEA and North America operations
Corporate cost reduction target maintained
Full-year 2022 guidance maintained
In the first half of 2022, Group revenue totalled €3,027 million, up 38.6% on a like-for-like basis.
Group recurring EBIT in the first half of the year totalled €107 million, up sharply by €104 million compared to recurring EBIT of €3 million in first-half 2021.
Lagardère Publishing recorded recurring EBIT of €81 million (€110 million in first-half 2021), and Lagardère Travel Retail reported recurring EBIT of €26 million (versus a negative €96 million in first-half 2021).
The Group reported profit before finance costs and tax of €32 million in first-half 2022 (loss before finance costs and tax of €91 million in first-half 2021), including non-recurring/non-operating items representing a net expense of €70 million.
Lagardère reported adjusted profit – Group share of €25 million, versus an adjusted loss – Group share of €86 million in first-half 2021.
For the six months to 30 June 2022, the Group’s free cash flow excluding changes in working capital improved sharply, amounting to an inflow of €54 million compared to an outflow of €12 million for the six months to end-June 2021.
Changes in working capital amounted to an outflow of €170 million for the six months to end-June 2022, with a strong seasonal effect for Lagardère Publishing, versus an inflow of €88 million in the first half of 2021.
Net debt stood at €1,961 million at 30 June 2022, compared to €1,535 million at 31 December 2021, and the 3.69x leverage ratio remains close to the 3.64x recorded at end-December 2021.
On 26 July 2022, the Board of Directors met to approve the 2022 interim consolidated financial statements. The Statutory Auditors issued their review report today.
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Created in 1992, Lagardère is an international group with operations in more than 40 countries worldwide. It employs some 27,000 people and generated revenue of €5,130 million in 2021.
The Group focuses on three divisions: Lagardère Publishing (Book and e-Publishing, Board Games and Mobile Games), Lagardère Travel Retail (Travel Essentials, Duty Free & Fashion and Foodservice) and Lagardère News (Paris Match, Le Journal du Dimanche, Europe 1, Virgin Radio, RFM, and the Elle brand licence).
The Group’s operating assets also include Lagardère Live Entertainment.
Lagardère shares are listed on Euronext Paris.
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.