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Full-Year 2020 Results


Corporate & other activities, Finance

Paris, 25 February 2021, 5:45 p.m.

Lagardère group restores profitability and cash generation
in second-half 2020, despite the health crisis
thanks to the adaption of its model focused on its two strategic activities

Lagardère Publishing: revenue stable (down 0.4% year on year)1
Strong increase in recurring EBIT, up 11.8% year on year to €246 million in 2020

Lagardère Travel Retail: revenue down 59.7%1 year on year, reflecting the fall in air traffic passengers2; best-in-class flow-through ratio of 19.9% (exceeding the 2020 target)3

Ongoing Group-wide cost-cutting plans,
thanks to the strong mobilisation of all of the teams

Positive Group recurring EBIT and free cash flow in second-half 2020
Net debt at €1.7 billion at end-2020 (down €315 million versus 30 June 2020)
Solid liquidity, at €1.6 billion


Key figures

The Lagardère group reported revenue of €4,439 million in 2020, down 38% like for like.

Group recurring EBIT was a negative €155 million versus a positive €378 million in 2019. In the second half, Group recurring EBIT was a positive €63 million, a steep €281 million improvement on the first-half figure. This reflects both the cost-cutting efforts undertaken since the outset of the health crisis along with profitability at Lagardère Publishing.

The Group reported a loss before finance costs and tax of €549 million in 2020 (profit of €411 million in 2019), including non-recurring/non-operating items for a net negative amount of €336 million.

Lagardère posted a loss – Group share of €660 million, versus a loss – Group share of €15 million in 2019. Adjusted loss – Group share came in at €330 million for the year.

The Group had negative free cash flow excluding changes in working capital, at €239 million in 2020. It broke even in the second half, up €245 million on the first half to a positive €3 million.

Changes in working capital represented an outflow of €17 million in the year, compared to an inflow of €34 million in 2019. The working capital position improved sharply in the second half, representing an inflow of €252 million versus an outflow of €269 million in the six months to 30 June 2020.

Net debt fell by €315 million in the second half, down to €1,733 million at 31 December 2020 from €2,048 million at 30 June 2020.

The Group’s consolidated financial statements have been audited. The audit report will be signed off once the specific verifications have been completed.
The Supervisory Board met on 25 February 2021 to review the financial statements. 


1 On a consolidated basis.
2 2020 Revenue Passenger Kilometres (“RPK”) down 65.9% (source: IATA)
3 Publication of 5 November 2020: “Adverse impact on full-year 2020 recurring EBIT in the region of 20% to 25% of the decrease in its 2020 revenue”. 


To read more:

Press Contacts

Thierry Funck-Brentano - Tel. +33 1 40 69 16 34 -

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 SCA with the 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.

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