5.5 Lagardère SCA parent company financial statements at 31 December 2020
Parent company balance sheet
Assets (in millions of euros) |
31 Dec. 2020 | 31 Dec. 2020 | 31 Dec. 2020 | 31 Dec. 2019 |
| Gross | Depreciation, amortisation and impairment | Net | Net | |
| Tangible assets | - | - | - | - |
| Long-term investments: | ||||
| - Investments in subsidiaries and affiliates | 4,647 | 196 | 4,451 | 4,555 |
| - Loans and advances to subsidiaries and affiliates | 705 | - | 705 | 772 |
| - Other investment securities | 42 | - | 42 | 55 |
| - Loans | - | - | - | - |
| - Other long-term investments | 5 | - | 5 | 5 |
| Fixed assets | 5,399 | 196 | 5,203 | 5,387 |
| Trade receivables | 9 | - | 9 | 18 |
| Other receivables | 51 | - | 51 | 39 |
| Marketable securities | 10 | - | 10 | 3 |
| Cash and cash equivalents | 307 | - | 307 | 301 |
| Prepaid expenses | - | - | - | - |
| Current assets | 377 | - | 377 | 361 |
| Deferred charges | 3 | - | 3 | 4 |
| Translation adjustment | 57 | - | 57 | 2 |
| Total assets | 5,836 | 196 | 5,640 | 5,754 |
| Shareholders’ equity and liabilities(in millions of euros) | 31 Dec. 2020 | 31 Dec. 2019 |
| Amount | Amount | |
| Share capital | 800 | 800 |
| Share and other premiums | 179 | 184 |
| Reserves: | ||
| - Legal reserve | 87 | 87 |
| - Reserves | - | - |
| - Other reserves | 1,531 | 1,532 |
| Retained earnings | 284 | 206 |
| Profit (loss) for the year | (30) | 78 |
| Interim dividend to be allocated | - | - |
| Shareholders’ equity | 2,851 | 2,887 |
| Provisions for risks and liabilities | 54 | 32 |
| Borrowings subject to specific conditions | - | - |
| Borrowings: | ||
| - Bonds | 1,315 | 1,315 |
| - Bank loans | 977 | 453 |
| - Miscellaneous loans and borrowings including loans from subsidiaries and affiliates | 373 | 1,006 |
| Trade payables | 16 | 9 |
| Other payables | 21 | 41 |
| Deferred income | - | - |
| Translation adjustment | 33 | 11 |
| Total liabilities and shareholders' equity | 5,640 | 5,754 |
Parent company income statement
| (in millions of euros) | 2020 | 2019 |
| Operating revenues(*) | 50 | 71 |
| Operating expenses | (90) | (81) |
| Operating loss | (40) | (10) |
| Financial income | 56 | 95 |
| Financial expenses | (59) | (54) |
| Net (additions to) reversals from provisions | (27) | (4) |
| Net financial income | (30) | 37 |
| Earnings before tax and exceptional items | (70) | 27 |
| Net exceptional income | 4 | - |
| Income tax | 36 | 51 |
| Profit (loss) for the year | (30) | 78 |
(*) Including services provided to French subsidiaries for €34 million in 2020.
Parent company statement of cash flows
| (in millions of euros) | 2020 | 2019 |
| Profit (loss) for the year | (30) | 78 |
| Depreciation, amortisation and provision expense (reversal) | 17 | 5 |
| Net loss on sale of fixed assets | 8 | - |
| Changes in working capital | 17 | 61 |
| Cash flow from operating activities | 12 | 144 |
| Acquisitions of long-term investments | (25) | (54) |
| Proceeds from disposals of long-term investments | 134 | 25 |
| Decrease in loans and receivables | 2 | - |
| Cash used in investing activities | 111 | (29) |
| Cash from (used in) operations and investing activities | 123 | 115 |
| Dividends paid | - | (172) |
| Decrease in borrowings and financial liabilities | (291) | (500) |
| Proceeds from new borrowings | 300 | 766 |
| Change in Group current accounts | (119) | 33 |
| Cash from financing activities | (110) | 127 |
| Change in cash and cash equivalents | 13 | 242 |
| Cash and cash equivalents at beginning of year | 304 | 62 |
| Cash and cash equivalents at end of year | 317 | 304 |
5.5.1 OTHER DISCLOSURE: LAGARDÈRE SCA – FIVE-YEAR FINANCIAL SUMMARY
(Articles R. 225-83 and R. 225-102 of the French Commercial Code)
| Type of indications | 2017 | 2018 | 2019 | 2020 | ||
| I | Share capital at 31 December(in euros) | |||||
| a) | Share capital | 799,913,045 | 799,913,045 | 799,913,045 | 799,913,045 | 799,913,045 |
| b) | Number of ordinary shares outstanding | 131,133,286 | 131,133,286 | 131,133,286 | 131,133,286 | 131,133,286 |
| c) | Maximum number of shares to be issued upon exercise of share subscription options | - | - | - | - | - |
| d) | Maximum number of shares to be issued upon conversion of bonds | - | - | - | - | - |
| e) | Number of shares to be issued upon exercise of subscription warrants | - | - | - | - | - |
| II | Results of operations(in thousands of euros) | |||||
| a) | Revenue | 59,453 | 59,546 | 60,202 | 71,202 | 49,754 |
| b) | Earnings (loss) before tax, depreciation, amortisation and provisions | (40,470) | 82,873 | 188,116 | 31,627 | (48,550) |
| c) | Income tax(*) | 63,132 | 87,805 | 94,576 | 51,161 | 35,780 |
| d) | Earnings after tax, depreciation, amortisation and provisions | 31,440 | 162,282 | 277,979 | 77,512 | (30,167) |
| e) | Dividends paid | 170,025 | 170,604 | 171,673 | 0 | - |
| III | Earnings per share (in euros) | |||||
| a) | Earnings (loss) per share after tax, but before depreciation, amortisation and provisions | 0.17 | 1.30 | 2.16 | 0.63 | (0.10) |
| b) | Earnings per share after tax, depreciation, amortisation and provisions | 0.24 | 1.24 | 2.12 | 0.59 | (0.23) |
| c) | Dividend per share | 1.30 | 1.30 | 1.30 | 0.00 | - |
| IV | Personnel (in euros, excluding headcount) | |||||
| a) | Average headcount | 9 | 8 | 8 | 8 | 8 |
| b) | Total wages and salaries | 2,944,590 | 2,607,183 | 1,739,429 | 2,160,348 | 2,281,740 |
| c) | Total employee benefit expense | 1,025,805 | 1,275,889 | 896,224 | 735,669 | 608,512 |
(*) Mainly the tax benefit resulting from tax consolidation.