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Financial performance


The Lagardère group recorded revenue of €7,211 million in 2019, up 5% on a like-for-like basis and 4.1% based on consolidated figures, propelled by good momentum at Lagardère Publishing and Lagardère Travel Retail.

Recurring EBIT was 5.6% higher than in 2018, meeting the recurring EBIT target for the target scope as confirmed on 7 November 2019 (“Restated for the impact of IFRS 16 on concession agreements at Lagardère Travel Retail, at constant exchange rates and excluding Lagardère Travel Retail's acquisitions of Hojeij Branded Foods (HBF) and International Duty Free (IDF)”). Recurring EBIT for the target scope came in at €361 million versus €310 million in 2018, buoyed by good performances from Lagardère Travel Retail and Lagardère Publishing, and by the consolidation of HBF.

Profit for the period was €11 million, down from €199 million in 2018 owing to the adverse impact of discontinued operations. Restated for nonrecurring/ non-operating items, adjusted profit - Group share was €200 million, stable year on year.

Against the backdrop of continuing brisk investment, net debt stabilised at €1,461 million at end-2019.

The leverage ratio (net debt2/recurring EBITDA3) was 2.1 at end-2019, stable relative to 2018.


At the time of the publication of the full-year 2019 results on 27 February 2020, the impacts of the Covid-19 epidemic were mainly being felt at Lagardère Travel Retail, and specifically in the Asia-Pacific zone and international travel hubs.
The effects of the epidemic have since extended to Lagardère Travel Retail's other operations and, to a lesser extent, to the rest of the Group's activities, given both the rapid spread of the virus and the government lockdowns and closures that have been ordered in many of the countries in which the Group has operations.

As stated in its initial response, the Group is continuing to implement significant measures to mitigate the financial impacts in the following four areas: adapting sales and prices where possible, reducing overheads, reviewing nvestments, and reducing working capital.

Against this backdrop, the Group has suspended the guidance announced on 27 February 2020.

Condensed consolidated income statement

1 Lagardère Publishing, Lagardère Travel Retail, Lagardère News (Paris Match, Le Journal du Dimanche, Europe 1, Virgin Radio, RFM and the Elle licence), the Entertainment businesses, the Group Corporate function, and the Lagardère Active Corporate function whose costs will be wound down by 2020.
2 Net debt corresponds to the sum of short-term investments and cash and cash equivalents, financial instruments designated as hedges of debt, non-current debt and current debt.
3 Recurring EBITDA is calculated as recurring operating profit of fully consolidated companies plus dividends received from equity-accounted companies, less amortisation and depreciation charged against intangible assets and property, plant and equipment.

Financial performance

Press releases


No appeal filed against the French financial markets authority's decision granted on the proposed conversion of Lagardère SCA into a joint-stock company


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

Arnaud Lagardère Editorial

"2019 was a year of transformation and refocusing for the Lagardère group.
Our strategy is now concentrated on two priority areas: Lagardère Publishing, our power engine, and Lagardère Travel Retail, our growth engine. ..."
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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 over 30,000 people and generated revenue of €7,211 million in 2019.

Under the impetus of the Group's General and Managing Partner, Arnaud Lagardère, in 2018, the Group launched a strategic refocusing around two priority divisions: Lagardère Publishing and Lagardère Travel Retail.

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The group's key figures

2019: furt her strong growth in revenue and in recurring ebit based on the target scope.