First-Half 2018 Results Lagard re revises upwards its Group recurring EBIT(1) target for 2018: growth now expected between 1% and 3%(2) Sustained revenue growth, up 4.4% like-for-like(1)
Revenue of 3,366 million, up 4.4% like-for-like(1)
Group recurring EBIT(2) stable, lifted by strong business momentum despite an unfavourable sporting calendar
Profit before finance costs and tax up sharply to 243 million from 95 million in first-half 2017(3)
Solid financial position with free cash flow improving substantially to a positive 149 million from a negative 67 million in first-half 2017(3)
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The Group is actively pressing ahead with its strategic refocusing plan, with the closing this half of several significant transactions, including the completion of the sale of the Radio assets in the Czech Republic, Poland, Slovakia and Romania, the agreement reached for the sale of magazine titles in France, the sale of the e-Health unit and the disposal of the stake in Marie Claire.
The Lagard re group maintained solid growth momentum in the first half, despite a subdued calendar, illustrated by the good performance of Lagard re Travel Retail, and sustained business levels across the other divisions.
Robust Group business
The Group s revenue came in at 3,366 million in first-half 2018, up 4.4% like-for-like. The increase mainly reflects strong growth at Lagard re Travel Retail (up 9.9% like-for-like), as well as a solid contribution from Lagard re Publishing and Lagard re Active despite the unfavourable market environments.
Group recurring EBIT stable
Group recurring EBIT remained stable year on year(3), at 132 million, driven by solid growth at Lagard re Travel Retail, as well as by a good performance from Lagard re Sports and Entertainment despite an unfavourable sporting calendar effect.
Profit before finance costs and tax advanced sharply to 243 million from 95 million in first-half 2017(3).
Profit - Group share came out at 119 million versus 27 million in the prior-year period. Adjusted net profit - Group share rose to 60 million from 58 million in the six months to 30 June 2017(3).
Solid financial position
Free cash flow improved substantially to a positive 149 million from a negative 67 million in first-half 2017, owing essentially to the improvement in working capital.
(1)Alternative performance indicator, see definition at the end of the press release.
(2)Versus 2017 Group Recurring EBIT, restated for IFRS 15, at constant exchange rates and excluding the impact of disposals at Lagard re Active.
(3)Restated for IFRS 15, see appendices at the end of the press release.
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Press Contacts
Thierry Funck-Brentano - Tel: +33 1 40 69 16 34 - tfb@lagardere.fr
Ramzi Khiroun - Tel: +33 1 40 69 16 33 - rk@lagardere.fr
Investor Relations Contact
Florence Lonis - Tel. +33 1 40 69 18 02 - flonis@lagardere.fr
The Lagard re group is a global leader in content publishing, production, broadcasting and distribution, whose powerful brands leverage its virtual and physical networks to attract and enjoy qualified audiences.
It is structured around four business lines: Books and e-Books; Travel Retail; Press, Audiovisual, Digital and Advertising Sales Brokerage; Sports and Entertainment.
Lagard re shares are listed on Euronext Paris.
www.lagardere.com Important Notice:
Some of the statements contained in this document are not historical facts but rather are statements of future expectations and other forward-looking statements that are based on management s beliefs. These statements reflect such views and assumptions prevailing as of the date of the statements and involve known and unknown risks and uncertainties that could cause future results, performance or future events to differ materially from those expressed or implied in such statements.
Please refer to the most recent Reference Document (Document de r f rence) filed by Lagard re SCA with the French Autorit des march s financiers for additional information in relation to such factors, risks and uncertainties.
Lagard re SCA has no intention and is under no obligation to update or review the forward-looking statements referred to above. Consequently Lagard re SCA accepts no liability for any consequences arising from the use of any of the above statements.
To receive the latest Lagard re group press releases, sign up for the E-mail Alert.
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First-Half 2018 Results Lagard re revises upwards its Group recurring EBIT(1) target for 2018: growth now expected between 1% and 3%(2) Sustained revenue growth, up 4.4% like-for-like(1) 
