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: growth now between 1% and 3% (2)
Regulatory News:
The Group's strategic refocusing plan continues to be actively deployed, with the conclusion this semester of major transactions, such as the finalization of the sale of the radio assets in the Czech Republic, Poland, Slovakia and Romania, the conclusion of an agreement for the sale of the press titles in France, the sale of the e-Health division and the sale of its stake in Marie Claire
On the first half of 2018, the Lagardère Group (Paris: MMB) managed to maintain a solid growth momentum, in a context of a sluggish business calendar, illustrated by the notable performance of Travel Retail, and a good performance of the activity in the other branches.
* Supported Group activity
* Lagardère's 1 st half year 2018 sales amounted to € 3,366 million, up + 4.4% in comparable data. This increase is mainly due to the strong growth observed in Travel Retail (+ 9.9% like-for-like) and the continued growth of Lagardère Publishing and Lagardère Active in a context of unfavorable markets.
* Stability of Groupe Resop
* Resop Groupis stable compared to first half 2017 (3) and stands at 132 M € with a solid growth of Travel Retail and the good performance of Lagardère Sports and Entertainment in a context of effect unfavorable sport calendar
* The result before financial expenses and taxes is up sharply to € 243 million compared with € 95 million in the first half of 2017 (3).
* The net result – Group share is 119 € M, compared with € 27 M in the first half of 2017. Adjusted net income – Group share improved to € 60 million, compared with € 58 million in the first half of 2017 (3).
* Solid financial position
* Free cash flow is up sharply to € 149 million (compared with – € 67 million in the first half of 2017 (3)) mainly due to an improvement in the working capital requirement.
* Leverage leverage (Net debt (1) / Recurring EBITDA ( 1)) stood at 2.3 times, an improvement over the 1st half of 2017 (3) (2.6 times), illustrating both the control of the Group's debt and the favorable effects of cash generation. in the first half of 2018. I-TURNOVER AND RESOP
REVENUE
In the first half of 2018, Lagardère Group revenue amounted to € 3,366 million, or +4, 4% like-for-like (+ 1.8% on a consolidated basis)
The difference between consolidated and comparable data is mainly due to a negative currency effect of – € 110 million, mainly due to the depreciation of the dollar American. Changes in scope of consolidation had a positive impact of + € 25 million, mainly related to acquisitions at Lagardère Publishing and Lagardère Travel Retail, partly offset by the sale of Press Distribution in Hungary.
business of the 1st half of 2018:
Turnover (M €) Variation 1st semester 1st semester in data in data 2017 * 2018 consolidated comparable Lagardère 1,019 1,000 - 1,9% + 0,5% Publishing Lagardère 1,628 1,724 + 5.9% + 9.9% Travel Retail of which Travel 1,617 1,724 + 6.6% + 9.9% Retail of which 11 - - - Distribution Lagardère 427 429 + 0.5% - 1.5% active Lagardère 234 213 - 8.6% - 6.4% Sports and Entertainment LAGARDÈRE 3,308 3,366 + 1,8% + 4,4%
* Restated IFRS 15, see appendices at the end of this release
CURRENT OPERATING INCOME OF INTEGRATED COMPANIES (RESOP)
Revenues (€ m) Variation (M €) 1st semester 1st semester 2017 * 2018 Lagardère 41 40 - 1 Publishing Lagardère Travel 32 34 + 2 Retail Lagardère Active 32 33 + 1 Lagardère Sports 31 29 - 2 and Entertainment Other activities (4) (4) - LAGARDÈRE 132 132 -
* Restated IFRS 15, see appendices at the end of this press release
* Lagardère Publishing Turnover
Turnover amounts to € 1,000 million, ie + 0.5% in data comparable (- 1,9% in consolidated data). The difference between the consolidated and comparable data is explained, on the one hand, by a negative currency effect (- € 42m) mainly due to the depreciation of the US dollar and, on the other hand, by a perimeter effect. positive (+ € 18 million), including acquisitions made in 2017 of Bookouture, Jessica Kingsley, Summersdale and IsCool Entertainment.
In the first half of 2018, activity increased slightly, mainly driven by growth in literature in France and the good performance of the Fascicules. These positive elements made it possible to offset the unfavorable comparison effect related to the school year in Spain in 2017.
The figures below are on a like-for-like basis.
In France, growth (+ 2.5% ) is driven mainly by the General Literature with the success of The Girl and the Night of Guillaume Musso and the very good dynamics of the Livre de Poche. Distribution is also growing and enjoying a bestselling effect.
The United Kingdom area is down slightly (-2.5%), the success of Michael Wolff's Fire and Fury at Little, Brown Book Group not allowing to mitigate the decline of the frontlist observed at Headline and Hodder.
In the United States, the activity is growing (+ 1.4%) with in particular the success of The President is Missing co-writes by James Patterson and Bill Clinton and a new program of innovations at Perseus, offsetting the downturn in Nashville which benefited from the success of The Shackde Paul Young in the first half of 2017.
The decline in activity in Spain / Latin America (- 5 , 1%) is explained by an unfavorable comparison effect compared to the first half of 2017, which benefited from an earlier and larger school campaign in Spain. Excluding this effect, the activity remains stable.
The Fascicles maintain a good momentum (+ 2.7%) thanks to the continued success of the fund collections, particularly in Latin America, and to a launch program in France and France. Italy.
In the first half of 2018, the weight of the Digital Book in Lagardère Publishing's total turnover stood at 8.4% compared to 8.8% at the end of June 2017.
Résop
Le Résop amounted to € 40 million, down € 1 million. The good momentum recorded by the General Literature in France and a better profitability in the United States only partially compensate for the withdrawal of activity in Spain (penalized by an early and larger school campaign in 2017), as well as the slight decline in activity in the United Kingdom
* Lagardère Travel Retail Turnover
Turnover amounted to € 1,724 million, or + 9.9% like-for-like (+ 5%). 9% on a consolidated basis). The difference between the consolidated and comparable data is explained by an unfavorable exchange rate effect of – € 60 million, mainly due to the decline of the US dollar, and a negative scope effect (- € 4 million). €) related to the disposal of the Press Distribution business in Hungary, partly offset by the integration of IFS Duty Free points of sale in Poland
The figures below are comparable.
In the first half of 2018, the Travel Retail's businesses posted sustained growth of + 9.9%, driven by good sales performance, network expansion and the opening of new sales outlets in the EMEA and Asia-Pacific zones.
France, activity remains slightly higher (+ 1.4%), benefiting in particular from a favorable network effect in Restoration which more than compensates for the negative impact of the transport strikes.
The solid progression (+13 , 4%) in the EMEA zone (excluding France) is mainly related to good sales performance in Eastern Europe and to the growth of networks in Switzerland (Geneva), Poland (Gdansk) and Senegal (Dakar).
North America shows a good momentum (+ 2.7%) driven by the growth of the Restoration as well as by sustained traffic, despite an adverse network effect in the short term.
Asia-Pacific is recording very strong growth (+3 2.1%). Asia continues to benefit from the opening of Hong Kong's new concession and the development of the Fashion and Restoration business in China. The Pacific, for its part, is driven by the good performance of Australia and the effect of renovations of Auckland's Duty Free outlets in New Zealand.
Resop
The Resop is established € 34 million, up + € 2 million, driven by organic business growth in EMEA (particularly in Italy and Poland) and North America, as well as one-off savings, offsetting unfavorable impact strikes in France and the start-up costs of new activities
* Lagardère Active Turnover
Turnover amounted to € 429 million, or -1.5% like-for-like (+ 0.5% in consolidated data). The difference between these two variations is explained by a positive scope effect (+ € 8m) mainly related to the acquisitions of Aito Media Group in October 2017 and Skyhigh TV in March 2018.
The figures below are on a comparable basis.
In the first half In 2018, activity continued thanks to the good performance of international radio, TV activities and the positive momentum of pure digital and B2B activities, which offset the limited contraction in Press revenues and the effects of declining audience ratings. Europe 1.
La Presse Magazine shows resistance with a slight decline (-3.3%) in a context of degraded advertising and diffusion markets. Advertising revenues are in contraction (-6.7%), while broadcasting revenues show a near stability (-1.2%).
Radiosfont state a withdrawal of -3.3%, the good performance of international radio stations attenuating the effects of European 1 audience declines over the period.
The TV business strengthens its positive momentum (+ 1.5%), driven in particular by an increase in TV and TV advertising revenues. the successful execution of international program deliveries for Lagardère Studios
Pure digital and B2B activities posted good growth (+ 3.1%), particularly related to e-Health activities (MonDocteur). [19659002] Lagardère Active's advertising revenue, excluding international radio, was down 6.1%.
Resop
Resop totaled € 33 million, up € 1 million. The improvement in margins and the pursuit of press savings plans, as well as the good performance of international radio stations, helped to offset the poor performance of Europe 1 and the impact of Lagardère's unfavorable business mix. Studios
* Lagardère Sports and Entertainment Turnover
Revenues amounted to € 213 million, or -6.4% on a comparable basis (-8.6% on a consolidated basis). The difference between the consolidated and comparable data is explained by a negative currency effect (- € 8 million) mainly due to the fall of the US dollar and a positive scope effect (+ € 3 million) related to the acquisition of Brave Marketing Ltd in 2017.
As expected, the contraction in sales is mainly due to an unfavorable calendar effect on football activity compared to the first half of 2017, during which the African Cup of Total Nations and qualifying matches in A The success of Phil Collins' tour of France in 2017 means lower comparative revenues for Lagardère Live Entertainment in 2018. This contraction is partially offset by the good performance of the Paris Games. Commonwealth Gold Coast 2018, the dynamics of sponsorship activities in Europe as well as the activity of the new theaters (Bordeaux Métropole Arena and Arena du Pays d'Aix)
Résop
Le Résop stands at 29 M € , a slight decrease of – € 2 million. This change reflects the negative impact of the calendar effect observed mainly in Africa and Asia, partially offset by the good performance of the 2018 Gold Coast Commonwealth Games and the performance of the sponsorship activities. in Europe.
* Other activities The Resop other activities amounted to – € 4 million, stable compared to the first half of 2017, as the continuation of the structural cost reduction plan made it possible to comp an adverse comparison effect compared to 2017, which had benefited from VAT recovery.
II-MAIN ELEMENTS OF THE INCOME STATEMENT
(€ million) 1st half 2017 * 1st half 2018 Turnover 3,308 3,366 Group 132 132 Resop Result of the companies put in 1 (4) equivalence** Non-recurring items / no (38) 115 operational Result before financial charges and 95,243 taxes Net financial expense (38) (25) Income before taxes 57,218 Taxes (16) (86) Total net result 41 132 Minority interests 14 13 Net income - Group share 27 119
* Restated IFRS 15, see appendices at the end of this release
** Before impairment losses
NON-RECURRING / NON-OPERATING ELEMENTS
Non-recurring / non-operating items amounted to + 115 € m, mainly comprising:
* restructuring costs of – € 45m, of which – € 37m at Lagardère Active, mainly from a provision intended, in connection with the Group's strategic refocusing, to be the costs of the ongoing structuring of the division into stand-alone divisions, and – € 6 million at Lagardère Publishing, mainly relating to the rationalization of distribution centers in the United Kingdom.
* gains and losses on disposal for a net amount of + € 205 million, of which + € 245 million capital gain realized following the sale in May 2018 of an office building in Paris 8e (France), housing the radio teams and television channels of Lagardère Active, and of share, – € 40 million capital loss realized on the sale of the 42% interest in the Marie Claire Group.
* impairment losses on property, plant and equipment and intangible assets for – € 13 million, of which – € 9 million € at Lagardère Active, relating to the partial impairment of goodwill mainly related to digital entities
* amortization of intangible assets and acquisition expenses of consolidated companies for – € 32 million, of which – € 26 million at Lagardère Travel Retail, – € 3 million at Lagardère Publishing, – € 2 million at Lagardère Active and – € 1 million at Lagardère Sports and Entertainment. NET FINANCIAL EXPENSES
Net financial expenses amounted to – € 25 million, an improvement of + € 13 million compared to the first half of 2017. This change is mainly due to the fall in the average interest rate. of the Group between the two periods, following the refinancing carried out in 2017.
TAXES
At June 30, 2018, the tax expense amounted to – € 86 million, including the tax on the sale by Lagardère Active of an office building in Paris 8e (France), up to – € 83 million. The change compared to the first half of 2017, which showed a tax charge of – € 16 million, is mainly due to the increase in the tax charge on property sales.
NET INCOME
Taking all these items into account, total net income amounted to € 132 million, of which € 119 million for the Group's share.
ADJUSTED NET INCOME – GROUP SHARE
(€ million) 1st half 2017 * 1st semester 2018 Net income - Group share 27 119 Amortization of intangible assets and + 32 + 28 acquisition costs Impairment on differences + 31 + 12 acquisition, fixed assets tangible and intangible assets and equity method Restructuring charges + 10 + 45 Transfer Results - 39 - 204 Tax effects including taxes on - 3 + 60 dividends paid ** Adjusted net income - Group share 58 60
* Restated IFRS 15, see appendices at the end of this release
** H1 2017 has been restated to be comparable to H1 2018 with respect to the impact of tax losses recorded on H1 2017 and used in H2 2017.
III-OTHER FINANCIAL INFORMATION
SUM OF OPERATIONAL CASH FLOWS AND INVESTMENTS
(€ millions) 1st half 2017 * 1st half of 2018 Flows generated by the activity before 181 189 BFR variation (MBA) Change in WCR (Fund Requirements (222) (112) Rolling) Taxes paid (50) (11) Operational Flows (91) 66 Acquisitions of tangible assets & (125) (119) intangible Disposals of tangible assets & 149,202 intangible Free cash flow (67) 149 Financial investments (37) (18) Disposals of assets and investments 3 23 financial Sum of operational flows and (101) 154 investment
* Restated IFRS 15, see appendices at the end of the press release
* Operating cash flows
* Flows generated by business before changes in WCR (cash flow from operations) amounted to + € 189 million, up € 8 million compared to June 30, 2017. This trend results in particular from a decrease in restructuring disbursements in all the Group's divisions.
* The change in the Working Capital Requirement, traditionally negative at the end June, was up sharply in the first half of 2018, amounting to – € 112 million versus – € 222 million compared to June 30, 2017. This improvement can be attributed to optimization efforts at Lagardère Travel Retail, and to a decline in trade receivables at Lagardère Publishing, particularly in France and the United States, linked to strong inflows in early 2018 (due to dynamic activity in the fourth quarter of 2017).
* Taxes paidrepresent – € 11 million, compared with – € 50 million at the end of June 2017. This variation is mainly related to a decrease in the installments paid in the context of the French tax consolidation, and the basic effect of the payment of the dividend tax in the first half of 2017.
* Net cash and intangible assets
* Acquisitions of tangible and intangible assets amounted to – € 119 million (compared with – € 125 million in the first half of 2017) and relate for the most part to Lagardère Travel Retail (related to the development strategy), Lagardère Sports and Entertainment (acquisition of sports rights) and Lagardère Publishing (notably a logistics project in the United Kingdom)
* Disposals of tangible and intangible assets represent + 202 M € and are mainly related to the sale by Lagardère Active of an office building in Paris 8e (France).
* Free cash-flow
* The free cash-flows' amounted to + € 149 million (vs. – € 67 million in the 1st term re 2017), benefiting mainly from an improvement in the working capital requirement at the end of June, and includes an impact of the disposal of a real estate asset, net of taxes and expenses of fixtures of the new premises, for + 193 M €, compared with + € 143 million in the 1st half of 2017.
* Net financial investment flows
* Financial investments amounted to – € 18 million at June 30, 2018. They include, in particular, at Lagardère Active, the majority stake in Skyhigh TV (the leading independent production company in the Netherlands), and at Lagardère Travel Retail, the acquisition in Austria of station catering outlets. The balance corresponds to acquisitions of a modest size and, to a lesser extent, to the payment of security deposits and price supplements.
* Disposals of financial assets and investments, including interest received, amount to + € 23 million in the first half of 2018, of which + € 17 million at Lagardère Active, which mainly relates to the sale of the 42% stake in the Marie Claire Group. FINANCIAL POSITION
Net debt amounted to € 1,453 million at June 30, 2018, an increase of € 85 million compared to December 31, 2017, due to the traditionally unfavorable effect of the seasonality of the cash flow requirement. turnover, offset by the disposal of a real estate asset in Paris 8e (France).
The Group's liquidity situation remains solid, with € 1,879 million of available cash (cash and cash equivalents of € 629 million and authorized and undrawn credit line of € 1,250 million.]
IV-GUIDANCE
The good performances recorded in the first half of the year in each of the business lines, as well as the outlook for the second half, make it possible to raise the objective of Resop growth for 2018 reported last March
Resop Group 2018 is now expected to grow by 1% to 3% compared to 2017 (4), at constant exchange rates and excluding the impact of disposals. of Lagardère Active.
V-HIGHLIGHTS SINCE MAY 17, 2018
As part of the strategic refocusing, and as announced by Arnaud Lagardère:
* Finalization of the sale of radio assets in the Czech Republic, Poland, Slovakia and Romania July 26, 2018 , the Group finalized the sale of its radio assets to the Czech Media Invest Group in the Czech Republic, Poland, Slovakia and Romania. As a reminder, the amount of the transaction amounts to 73 million euros for a consolidated turnover achieved of about 56 million euros in 2017.
* Conclusion of an agreement for the sale of its press titles in France On July 26, 2018, the Group entered into an agreement with Czech Media Invest for the sale of its press titles in France namely Elle and its declensions, including the website Elle en France, Version Femina, Art & Decoration, TV 7 Days and its declensions, France Sunday, Here Paris and Public. This agreement is subject to a prior reorganization of the branch, to a consultation of the representative bodies of personnel concerned, as well as to a possible authorization of the regulatory authorities or competition.
* Sale of the e-Health division. On July 12, 2018, the Group was preparing to sell its e-Health business on the basis of an enterprise value of a total amount of € 60 million at 100%. MyDoctor is assigned to Doctolib and Doctissimo is the subject of exclusive negotiations with the TF1 Group with a view to finalizing an agreement – subject to review by the employee representative bodies concerned – before 30 September 2018.
* Sale of the stake in Marie Claire. The Lagardère group sold its 42% stake in Evelyne Prouvost Holding, the holding company of the Marie Claire Group, by buying back its own shares. Acquisition of La Plage publishing house. On July 16, 2018, Hachette Livre acquired 100% of the capital of the publishing house La Plage, which publishes illustrated books in various fields (vegetarian, vegan, organic or gluten-free cooking, organic cosmetics, natural therapies.) And on themes committed to ethical and sustainable practices
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VI-NEXT MEETINGS
* Publication of third-quarter sales for 2018 Third-quarter sales will be published November 8, 2018 at 8am. A conference call will be held on the same day at 10 am
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VII-APPENDICES
REVENUE OF 2ND QUARTER 2018:
Turnover (€ million) Variation Variation in data in data comparable consolidated 2term quarter 2017 * 2018 Lagardère 579,558 - 3.7% - 1.4% Publishing Lagardère 865 922 + 6.5% + 9.0% Travel Retail Lagardère 221 221 + 0.2% - 2.0% active Lagardère 110 110 + 0.8% + 2.5% Sports and Entertainment FIGURE 1,775 1,811 + 2.0% + 3.8% BUSINESS TOTAL
* Restated IFRS 15, see below.
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CHANGE IN PERIMETER AND EXCHANGE RATES
1st half of 2018:
The difference between the consolidated and comparable data is explained by negative currency effect of – € 110 million, mainly due to the depreciation of the US dollar, and a + € 25 million positive scope effect, which breaks down as follows:
* external growth operations, ie + € 40 million, particularly at Lagardère Publishing with Bookouture acquisitions of + € 5 million, + € 4 million from Jessica Kingsley, + € 3 million from Summersdale and + € 3 million from IsCool Entertainment at Lagardère Active with the acquisition of Aito Media Group for + € 4 million and Skyhigh TV for + € 3 million, at Lagardère Sports and Entertainment with the acquisition of Brave Marketing Ltd for + € 3 million and at Lagardère Travel Retail with integration of IFS outlets in Poland and Citi Tabak in Repu Czech Republic for + € 4 million each;
* impact of disposals, ie – € 15 million, mainly related to the divestment operations of the Press Distribution activities in Hungary for – € 11 million. IFRS 15 RETIREMENT
The application of IFRS 15 has the effect of increasing Lagardère Active's first-half 2017 revenue by € 25 million and Lagardère Sports and Entertainment by € 23 million. . The impact on the Group's sales for the first half of 2017 is + € 2 million.
Turnover (€ million) 1st semester 2017 1st semester 2017 Effects published restated IFRS 15 IFRS 15 Lagardère Publishing 1 019 1 019 0 Lagardère Travel 1 628 1 628 0 Retail Lagardère Active 402 427 + 25 Lagardère Sports and 257 234 - 23 Entertainment LAGARDÈRE 3 306 3 308 + 2
The difference between the turnover for the first half of 2017 restated IFRS 15 and that published on July 27, 2017, breaks down as follows:
* restatements made at Lagardère Active, ie + € 25 million, relating to :
* commissions for the distribution of magazines and the collection of subscriptions, previously accounted for as a deduction from sales, and henceforth recognized as an expense for + € 16 million;
* as a share of revenue attributable to the co-producers in the audiovisual production and distribution activities, previously accounted for as a deduction from external expenses, and henceforth recognized in turnover for + € 9m.
* adjustments made at Lagardère Sports and Entertainment, ie – 23 € million, mainly relating to:
* the costs of obtaining certain contracts, formerly capitalized as sports rights and amortized, and henceforth recognized in advances paid into the balance sheet and reported in profit or loss as a deduction from turnover over the term of the contract for – € 11 million;
* related to ticketing in theaters, previously accounted for in gross, and now constituted solely the commission invoiced by the Group acting as an agent for – € 9m;
* the revenue from marketing rights marketing contracts without associated additional services, formerly spread over the term of the agreement, and henceforth recognized in full. from the actual marketing of these rights for – € 3 million. The current operating income of the integrated companies was reduced by – € 4 million at June 30, 2017, due to the change in revenue recognition at Lagardère Sports and Entertainment, of which – € 3 million for the first half of the year. 'arrêt de l'étalement des revenus des contrats de commercialisation des droits marketing sans services associés.
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VIII-GLOSSAIRE
Lagardère utilise des indicateurs alternatifs de performance qui constituent les indicateurs clés de la mesure de la performance opérationnelle et financière du Groupe. Ils sont suivis par le Comité Exécutif pour évaluer la performance et conduire les activités, ainsi que par les investisseurs pour suivre la performance opérationnelle, en complément des agrégats financiers définis par l'IASB. Ces indicateurs sont calculés à partir d'éléments issus des états financiers consolidés en IFRS.
* Chiffre d'affaires à données comparables Le chiffre d'affaires à données comparables est utilisé par le Groupe pour analyser la variation du chiffre d'affaires hors effets périmètre et change.
La variation du chiffre d'affaires à périmètre et change comparables est calculée par comparaison entre :
* le chiffre d'affaires de la période retraité des entrées du périmètre de consolidation et le chiffre d'affaires de la période précédente retraité des sorties du périmètre de consolidation intervenues pendant la période ;
* le chiffre d'affaires de la période précédente et le chiffre d'affaires de la période, retraités sur la base des taux de change applicables la période précédente. Le périmètre de consolidation s'entend comme étant l'ensemble des sociétés consolidées par intégration globale. Les entrées de périmètre correspondent aux regroupements d'entreprises (titres de participation ou activités acquises), et les sorties de périmètre correspondent aux pertes de contrôle (cessions de titres de participation ou d'activités entraînant l'arrêt de la consolidation par intégration globale).
L'écart entre les données consolidées et les données comparables est expliqué en partie VII – Annexes du présent communiqué.
* Résop Le Groupe utilise comme indicateur de performance le résultat opérationnel courant des sociétés intégrées
(Résop Groupe) qui se calcule de la façon suivante à partir du résultat avant charges financières et impôts :
Résultat avant charges financières et impôts
Éléments à exclure :
* Plus ou moins-values de cession d'actifs
* Pertes de valeur sur écarts d'acquisition, immobilisations corporelles, incorporelles et titres mis en équivalence
* Charges ne ttes de restructuration
* Éléments liés aux regroupements d'entreprises :
* Frais liés aux acquisitions
* Profits et pertes découlant des ajustements de prix d'acquisition et des ajustements de valeur liés aux changements de contrôle
* Amortissement des actifs incorporels liés aux acquisitions
* Litiges majeurs spécifiques non liés à la performance opérationnelle = Résultat opérationnel courant
Moins :
* Contribution des sociétés mises en équivalence avant pertes de valeur = Résultat opérationnel courant des sociétés intégrées (Résop Groupe)
Le rapprochement entre le résultat opérationnel courant des sociétés intégrées et le résultat avant charges financières et impôts est présenté en note 3 de l'annexe aux comptes consolidés au 30 juin 2018.
* Marge opérationnelle La marge opérationnelle est calculée en divisant le résultat opérationnel courant des sociétés int grées (Résop Groupe) par le chiffre d'affaires.
* EBITDA récurrent sur 12 mois glissants L'EBITDA récurrent se calcule en ajoutant au Résultat opérationnel courant des sociétés intégrées (Résop Groupe)les dividendes reçus des sociétés consolidées par mise en équivalence et, en déduisant les amortissements des immobilisations incorporelles et corporelles.
Le calcul et le rapprochement avec le résultat opérationnel courant des sociétés intégrées est présenté dans le document de présentation des résultats semestriels 2018.
* Résultat net ajusté – part du Groupe Le résultat net ajusté – part du Groupe est calculé à partir du résultat net – part du Groupe en excluant les éléments non récurrents et non opérationnels, nets d'impôts et d'intérêts minoritaires, de la façon suivante :
Résultat net – part du Groupe
Éléments à exclure :
* Plus ou moins-values de cession d'actifs
* Pertes d e valeur sur écarts d'acquisition, immobilisations corporelles, incorporelles et titres mis en équivalence
* Charges nettes de restructuration
* Éléments liés aux regroupements d'entreprises
* Frais liés aux acquisitions
* Profits et pertes découlant des ajustements de prix d'acquisition et des ajustements de valeur liés aux changements de contrôle
* Amortissement des actifs incorporels liés aux acquisitions
* Litiges majeurs spécifiques non liés à la performance opérationnelle
* Impact fiscal des éléments ci-dessus y compris la taxe sur les dividendes versés en France
* Mouvements non récurrents des impôts différés = Résultat net ajusté – part du Groupe
Le rapprochement entre le résultat net – part du Groupe et le résultat net ajusté – part du Groupe est présenté partie II – Principaux éléments du compte de résultat.
* Free cash-flow Le Free cash-flow est calculé e n ajoutant aux flux de trésorerie opérationnels les flux nets de trésorerie liés aux acquisitions et cessions d'immobilisations incorporelles et corporelles.
Le rapprochement entre les flux de trésorerie opérationnels et le Free cash-flow est présenté en note 3 de l'annexe aux comptes consolidés au 30 juin 2018.
* Endettement net (Dette nette) L'endettement net est calculé en additionnant les éléments suivants :
* Placements financiers et trésorerie
* Instruments de couverture affectés à la dette
* Dettes financières non courantes
* Dettes financières courantes = Endettement net
Le rapprochement entre les positions au bilan et l'endettement net est présenté en note 15 de l'annexe aux comptes consolidés au 30 juin 2018.
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La présentation des résultats du 1ersemestre 2018 du groupe Lagardère sera retransmise en direct, ce jour à 18h (heure de Paris), sur le site Lagardère (www.laga rdere.com).
Les slides de présentation seront disponibles dès le début du webcast.
Une version différée de ce webcast sera ensuite mise en ligne dans la soirée.
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Le groupe Lagardère est un des leaders mondiaux de l'édition, la production, la diffusion et la distribution de contenus dont les marques fortes génèrent et rencontrent des audiences qualifiées grâce à ses réseaux virtuels et physiques.
Il se structure autour de quatre métiers : Livre et Livre numérique ; Travel Retail ; Presse, Audiovisuel, Digital et Régie publicitaire ; Sports et Entertainment.
Le marché de référence du titre Lagardère est Euronext Paris.
www.lagardere.com
Avertissement :
Certaines déclarations figurant dans ce document ne se rapportent pas à des faits historiquement avérés, mais constituent des projections, estimations et autres données à caractère prévisionnel basées sur l'opinion des dirigeants. Ces déclarations traduisent les opinions et hypothèses qui ont été retenues à la date à laquelle elles ont été faites. Elles sont sujettes à des risques et incertitudes connus et inconnus à raison desquels les résultats futurs, la performance ou les événements à venir peuvent significativement différer de ceux qui sont indiqués ou induits dans ces déclarations.
Nous vous invitons à vous référer au Document de référence de Lagardère SCA le plus récent déposé auprès de l'Autorité des marchés financiers pour obtenir des informations complémentaires concernant ces facteurs, risques et incertitudes.
Lagardère SCA n'a aucunement l'intention ni l'obligation de mettre à jour ou de modifier les déclarations à caractère prévisionnel susvisées. Lagardère SCA ne peut donc être tenue pour responsable des conséquences pouvant résulter de l'utilisation qui serait faite de ces déclarations.
(1) Indicateur alternatif de performance, voir définitions en fin de communiqué.
(2)Par rapport à 2017, retraité IFRS 15, à change constant et excluant l'impact des cessions de Lagardère Active.
(3)Retraité IFRS 15, voir annexes en fin de communiqué.
(4)Retraité IFRS 15, voir annexes en fin de communiqué.
Consultez la version source sur businesswire.com : https://www.businesswire.com/news/home/20180726005675/fr/
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