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Financial performance


Lagardère group revenue came in at €4,324 million for the target scope in 2020, down 37.7% on a consolidated basis and 38.3% like for like, mainly due to the effect of restrictive measures relating to the health crisis concerning Lagardère Travel Retail and Lagardère News.

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 (allowing in particular for a favourable flow-through ratio1 of 19.9% at Lagardère Travel Retail) along with profitability at Lagardère Publishing. The total loss for the period was €688 million, including a loss - Group share of €660 million. Restated for non-recurring/non-operating items, adjusted profit - Group share was €330 million, compared with €200 million in 2019.

The Group's free cash flow was a negative €256 million in 2020, compared to a positive €294 million in 2019. The sharp decline in free cash flow is mainly a result of the impact of the health crisis on the Group's businesses, particularly in the first half of the year. The Group generated free cash flow of €255 million in second-half 2020, led by the various initiatives rolled out at Lagardère Travel Retail and a good performance from Lagardère Publishing.

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. Lastly, the Group's liquidity position is robust, with €1,637 million in available liquidity at end-2020, including €687 million in cash and short-term investments and €950 million relating to the undrawn amount on the syndicated credit line.

1Impact of the decrease in revenue on recurring EBIT.



Further to its strategic refocusing, the Group's balance is based on two main divisions - Lagardère Publishing and Lagardère Travel Retail - for which the effects of the health crisis diverge sharply. For 2021, the environment remains uncertain against the backdrop of a gradual easing of the intensity of the pandemic. Lagardère is pressing ahead with its Group-wide cost-cutting efforts.

In 2020, Lagardère Publishing benefited from the favourable impact of the health crisis on the consumer appeal of reading, the extent of curriculum reform in France, and the release of several publishing sensations selling over a million copies. The Group considers that the positive impacts on its sales will diminish in 2021 as leisure and cultural establishments such as restaurants, museums, cinemas and other venues reopen for business. The absence of any curriculum reform in 2021 will counter the positive impacts of the release of the new Asterix album in the fourth quarter of 2021. Furthermore, the favourable mix effect in 2020, led by digital media sales, is expected to diminish and slightly affect profitability in 2021.

Trading at Lagardère Travel Retail closely mirrors trends in air passenger traffic. As of 3 February 2021, forecasts published by various organisations including IATA indicate growth in air passenger traffic in 2021 at between 13% and 50% versus 2020. In 2021, Lagardère Travel Retail will press ahead with the earnings protection initiatives launched in 2020, which resulted in a very favourable flow-through ratio of 19.9% in 2020, a benchmark in its industry. These cost-cutting actions will allow Lagardère Travel Retail to minimise flow through in 2021 versus 2019, depending on the pace of the recovery. The division is also actively continuing efforts to control cash, especially as regards working capital and capital expenditure in 2021.

Financial performance Financial data (€m)

Press releases


Monthly information relating to the total number of voting rights and shares making up the share capital


World's largest Aelia Duty Free store opens in Rome

Arnaud Lagardère Editorial

"First and foremost, I hope that you and those you hold dear are holding up well and are in good health.
Faced with the unparalleled crisis brought about by the Covid-19 pandemic and which shaped 2020, our Group was able to react swiftly to mitigate its impacts as much as possible..."
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The group's activities


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.
Since 2018, under the impetus of the Group's Chairman and Chief Executive Officer, Arnaud Lagardère, the Group has undergone a strategic refocusing around two priority divisions.


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The group's key figures

Revenue, earnings before interest and tax, employees: access financial information about the group and each of its subsidiaries.