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Full-Year 2021 results


Corporate & other activities, Finance

Paris, February 17, 2022

Lagardère group restores profitability in 2021,
with a sharp increase in recurring EBIT to €249 million

Record year for Lagardère Publishing, with revenue up 8.1%1,
recurring EBIT at €351 million and an operating margin2 of 13.5%

Flow-through ratio3 of 11.8% for Lagardère Travel Retail,
reflecting operational excellence in a volatile environment

Corporate cost reduction target achieved

Positive operating margin and strong cash generation for the Group in 2021,
driving a €198 million reduction in net debt

Proposed ordinary dividend of €0.50 per share4

Following an exceptional performance in 2021 and amid a still-uncertain context in 2022,
continued efforts to control costs and cash
and focus on development opportunities


Key figures

The Group reported revenue of €5,130 million in 2021, up 18.6% versus 2020 on a like-for-like basis.

Group recurring EBIT was a positive €249 million in 2021 versus a negative amount of €155 million in 2020, a sharp €404 million improvement.
Lagardère Publishing posted record recurring EBIT of €351 million (versus €246 million in 2020) and Lagardère Travel Retail improved its recurring EBIT to a negative €81 million (from a negative €353 million in 2020).

The Group reported profit before finance costs and tax of €66 million in 2021 (loss of €549 million in 2020), including net non-recurring/non-operating expense of €184 million.

The loss – Group share came out at €101 million, versus a loss – Group share of €660 million in 2020.

At 31 December 2021, the Group’s free cash flow excluding changes in working capital improved sharply, amounting to an inflow of €176 million compared to an outflow of €239 million in 2020.

Changes in working capital amounted to a positive €280 million in 2021, versus a negative €17 million in 2020.

Net debt fell to €1,535 million at 31 December 2021, from €1,733 million one year earlier, representing a leverage ratio (net debt/recurring EBITDA5) of 3.6x. 

On 16 February 2022, the Board of Directors met to approve the 2021 parent company and consolidated financial statements. The Group’s consolidated financial statements have been audited. The audit report will be signed off once the specific verifications have been completed. 


1 Versus 2020 on a like-for-like basis.
2 Recurring EBIT as a percentage of revenue, see Glossary for definition.
3 Negative impact on recurring EBIT of the decrease in 2021 revenue versus 2019, see Glossary for definition.
4 Subject to shareholder approval at the Annual General Meeting to be held on 22 April 2022.
5 Alternative performance measure, see Glossary for definition. 


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 -

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 is structured around two priority divisions: Lagardère Publishing (Book and e-Publishing, Board Games and Mobile 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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