Lagardère Media revenues remain strong
Paris, February 11, 2002
Lagardère Media revenues for the year 2001 rose 6.5% (3.6% on a comparable basis) to 7,668 M€, up from 7,203 M€ in 2000.
Despite a sharp deterioration in the advertising market that began in Spring 2001, Lagardère Media revenue growth demonstrates again the strength of its diversified media activities.
LAGARDERE SCA revenues attained 13,295 M€ (compared to the pro forma 2000 sales of 11,875 M€), an increase of 12.0%.
|Revenues (M€)|| Variance
on a comparable basis
| Sub-Total Lagardère
w/o High Technology
| High Technology
ns : not siginficant
na : not available
Within the Lagardère Media segment, the Lagardere Active Broadcast division modified its accounting period from a September 30th close to a December 31st close. The consolidated 2001 revenues include, for this division, the period from October 1 st, 2000 to December 31st, 2001. The growth percentages stated above on a comparable basis have neutralised the impact of the fourth quarter 2001.
For the “Lagardère Media” segment, the growth excluding changes in the group structure was 4.1%. Excluding the effects of exchange rates, the revenue grew by 3.6%. Consolidated revenues on an unadjusted basis grew by 6.5%.
This increase comes from the solid performance realised by Hachette Distribution Services and the Book divisions.
In addition, despite a severely depressed advertising market during most of 2001 following a record year in 2000, Lagardere Active sales increased slightly on a comparable basis. The Television activities (Production and Theme Channels) continued their rapid development .
Hachette Filipacchi Médias experienced an unfavourable advertising market in the United States, which deteriorated significantly in Spring 2001. However, the performance of the French and Japanese markets, along with the Continental European market in general, permitted Hachette Filipacchi Médias to register only a small erosion in its revenues.
Sales of the “Automobile” segment declined by 3.6% (4.4% on a comparable basis). This decline reflects the delayed release to December 2001 of the recently launched Avantime, and in addition, a significant reduction in the number of Espace orders in the latter part of the year. However Matra Automobile maintained its leadership in the French and European markets for the high-end mini-van segment.
Revenues of the “High Technology” segment for 2001 represent 15.14% of EADS revenues while the corresponding period of 2000 reflected 33% of Aerospatiale Matra sales in the first half and 15.14% of EADS sales in the second half.
On a pro forma basis, the first half 2000 sales of Aerospatiale Matra have been replaced by 15.14% of EADS sales for this same period.
In accordance with the French accounting standards used by Lagardère SCA, when hedging against exchange rate fluctuations, sales generated in foreign currencies are converted at a rate determined by the hedging Instrument (rather than at the current exchange rate). EADS sales were restated to conform to these standards.
Under these conditions, and taking into account the extent of the changes mentioned above, the variances between 2000 and 2001 is not meaningful for the published revenues. The strong increase in EADS revenues comes from all the activities (with the exception of the Space division) and especially the Airbus division which includes the consolidation of 100 % of the Airbus activities in 2001.
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