Full-Year 2018 Results Rise in Group recurring EBIT(1): up 2.1%(2) to 401 million
Free cash flow generation up sharply, at 471 million
Proposed ordinary dividend stable at 1.30 per share
Roll-out of the strategic refocusing continues apace
2019 Group recurring EBIT growth target(1) based on the target scope(3) of between 4% and 6%(4)
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The Lagard re group recorded solid revenue growth in 2018 propelled by good momentum at Lagard re Travel Retail.
The Group also delivered a further increase in operating results during the year, fuelled by growth at Lagard re Travel Retail and a good performance from Lagard re Sports and Entertainment. In an environment shaped by the absence of curriculum reform, the contraction at Lagard re Publishing was however contained thanks to a dynamic performance in General Literature.
Free cash flow was significantly up to 471 million, lifted by the business performance and to a lesser extent by property disposals. Excluding property disposals, free cash flow amounted to 288 million (versus 158 million in 2017), up sharply at Lagard re Publishing and Lagard re Travel Retail.
The Group is actively pressing ahead with the roll-out of the strategy to refocus its operations around Lagard re Publishing and Lagard re Travel Retail, with the completion of disposals at Lagard re Active and acquisitions at Lagard re Publishing and Lagard re Travel Retail.
In that context, Lagard re has completed twelve disposals since mid-2018, of the non-French radio operations, the main digital assets (including e-Health), the interest in Marie Claire and most of the magazine publishing titles in France.
The Group also entered into exclusive negotiations for the sale of the TV Channels (excluding Mezzo) in January 2019.
As previously announced, the Group has also made a series of investments in Lagard re Publishing and Lagard re Travel Retail, including the acquisition of Hojeij Branded Foods, a leading Foodservice operator in North America (November 2018), and the Worthy Publishing Group (September 2018), as well as entering into exclusive negotiations for the purchase of Gigamic, a creator, publisher and distributor of board games (January 2019).
These acquisitions were wholly financed out of proceeds from the divestment of non-core assets (Lagard re Active businesses and property assets).
Continued growth momentum
The Lagard re group reported revenue of 7,258 million in 2018, up 3.3% like-for-like(1). This growth momentum was powered by a solid performance at Lagard re Travel Retail, which delivered 8.8% growth, partially offset by lacklustre business cycles at Lagard re Publishing and Lagard re Sports and Entertainment.
Continued rise in Group recurring EBIT
With Group recurring EBIT growth of 2.1%(2) versus 2017, Lagard re successfully delivered on its guidance as revised upwards on 26 July 2018 ( growth between 1% and 3% versus 2017, at constant exchange rates, excluding the impact of disposals at Lagard re Active and the acquisition of HBF by Lagard re Travel Retail ).
Group recurring EBIT came in at 401 million versus 399 million in 2017, powered by good performances from Lagard re Travel Retail and Lagard re Sports and Entertainment.
Profit before finance costs and tax was higher at 409 million in 2018 compared to 275 million in 2017 due chiefly to disposal gains.
Profit - Group share made good gains, up to 194 million from 176 million in 2017.
Solid financial position
At end-December 2018, net debt remained stable at 1,375 million. The leverage ratio (net debt(1)/recurring EBITDA(1)) at end-2018 was down slightly year on year at 2.1.
I- REVENUE AND RECURRING EBIT(5)
REVENUE
Revenue totalled 7,258 million, up 2.5% on a consolidated basis and up 3.3% like-for-like. The difference between consolidated and like-for-like revenue is essentially attributable to a negative foreign exchange effect resulting mainly from the depreciation of the US dollar. Changes in the scope of consolidation had a positive impact on revenue, due chiefly to acquisitions at Lagard re Publishing and Lagard re Travel Retail, partially offset by the divestment of LARI, Doctissimo and MonDocteur by Lagard re Active.
GROUP RECURRING EBIT
Group recurring EBIT came in at 401 million, an increase of 2 million on the 2017 figure as restated for IFRS 15 ( 399 million).
Lagard re Active's divestment of International Radio operations, MonDocteur and Doctissimo resulted in a 3 million negative scope effect, while Lagard re Travel Retail's acquisition of HBF had a positive scope impact of 1 million. Changes in exchange rates had a 5 million negative impact on recurring EBIT.
Stripping out these effects, Group recurring EBIT growth was 2.1%, in line with the target announced in fourth-quarter 2018 ( growth between 1% and 3% versus 2017, at constant exchange rates, excluding the impact of disposals at Lagard re Active and the acquisition of HBF by Lagard re Travel Retail ).
Lagard re Publishing
Revenue
2018 revenue totalled 2,252 million for the division, down 1.6% based on consolidated figures and down 1.2% like-for-like.
As expected, the slight decline in business in 2018 essentially reflects the 13.4% ( 49 million) contraction in Education amid the absence of curriculum reform in France, Spain and the United Kingdom, partly countered by the success of General Literature, up 2.2%, or 22 million.
France was down by 3.8% and Spain/Latin America by 5.1% on account of the aforementioned decline in Education, as well as an unfavourable comparison effect in Illustrated Books linked to the success of Ast rix et la Transitalique in 2017 in these regions.
The United States advanced by 3.7%, driven by the success of best-selling titles (including the Bill Clinton and James Patterson novel The President i
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Full-Year 2018 Results Rise in Group recurring EBIT(1): up 2.1%(2) to 401 million
