Lagardère cancels the proposed dividend at its Annual General Meeting of 5 May 2020 and announces the creation of a “Covid solidarity fund” for its employees
Corporate & other activities, Finance
Paris, 7 April 2020
In view of the solidarity and corporate responsibility required by the unprecedented context of the Covid-19 pandemic crisis, and having taken note of government announcements calling for the cancellation of dividend payments, the Managing Partners, in agreement with the Supervisory Board, have decided to modify the proposed allocation of the Company’s results for the year submitted to the General Meeting of 5 May 2020, and not to pay a dividend.
Lagardère has also decided to set up a “Covid solidarity fund” to which it is contributing €5 million, deducted from the amounts initially set aside to pay this dividend. The purpose of this fund is to provide backing for the Group’s initiatives in support of its employees worldwide and, where possible, its partners, all of whom are suffering the severe effects of this exceptional crisis.
These measures are in addition to the major action plans implemented by the Group from the outset of the crisis to mitigate its financial impacts and to enable operations to resume as soon as conditions allow, with the primary and constant concern of protecting its employees as well as all of its stakeholders.
Created in 1992, Lagardère is an international group with operations in more than 40 countries worldwide. It employs over 30,000 people and generated revenue of €7,211 million in 2019.
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.
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