
Full-Year 2020 Results Lagard re group restores profitability and cash generation
in second-half 2020, despite the health crisis
thanks to the adaption of its model focused on its two strategic activities
Lagard re Publishing: revenue stable (down 0.4% year on year)1
Strong increase in recurring EBIT, up 11.8% year on year to 246 million in 2020
Lagard re Travel Retail: revenue down 59.7%1 year on year, reflecting the fall in air traffic passengers2; best-in-class flow-through ratio of 19.9% (exceeding the 2020 target)3
Ongoing Group-wide cost-cutting plans,
thanks to the strong mobilisation of all of the teams
Positive Group recurring EBIT and free cash flow in second-half 2020
Net debt at 1.7 billion at end-2020 (down 315 million versus 30 June 2020)
Solid liquidity, at 1.6 billion
Key figures
The Lagard re group reported revenue of 4,439 million in 2020, down 38% like for like.
Group recurring EBIT was a negative 155 million versus a positive 378 million in 2019. In the second half, Group recurring EBIT was a positive 63 million, a steep 281 million improvement on the first-half figure. This reflects both the cost-cutting efforts undertaken since the outset of the health crisis along with profitability at Lagard re Publishing.
The Group reported a loss before finance costs and tax of 549 million in 2020 (profit of 411 million in 2019), including non-recurring/non-operating items for a net negative amount of 336 million.
Lagard re posted a loss - Group share of 660 million, versus a loss - Group share of 15 million in 2019. Adjusted loss - Group share came in at 330 million for the year.
The Group had negative free cash flow excluding changes in working capital, at 239 million in 2020. It broke even in the second half, up 245 million on the first half to a positive 3 million.
Changes in working capital represented an outflow of 17 million in the year, compared to an inflow of 34 million in 2019. The working capital position improved sharply in the second half, representing an inflow of 252 million versus an outflow of 269 million in the six months to 30 June 2020.
Net debt fell by 315 million in the second half, down to 1,733 million at 31 December 2020 from 2,048 million at 30 June 2020.
The Group s consolidated financial statements have been audited. The audit report will be signed off once the specific verifications have been completed.
The Supervisory Board met on 25 February 2021 to review the financial statements.
1 On a consolidated basis.
2 2020 Revenue Passenger Kilometres ("RPK") down 65.9% (source: IATA)
3 Publication of 5 November 2020: "Adverse impact on full-year 2020 recurring EBIT in the region of 20% to 25% of the decrease in its 2020 revenue".
To read more:
Download the press release
Access the audiocast
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
Image 7 Contact
Anne M aux - Tel: 33 6 89 87 61 76
Investor Relations Contact
Emmanuel Rapin - Tel. 33 1 40 69 17 45 - erapin@lagardere.fr
Alima Lelarge Levy - Tel. 33 1 40 69 19 22 - alelargelevy@lagardere.fr
Created in 1992, Lagard re is an international group with operations in more than 40 countries worldwide. It employs some 28,000 people and generated revenue of 4,439 million in 2020.
In 2018, the Group launched its strategic refocusing around two priority divisions: Lagard re Publishing (Book and e-Publishing, Mobile and Board games) and Lagard re Travel Retail (Travel Essentials, Duty Free & Fashion, Foodservice).
The Group s operating assets also include Lagard re News and Lagard re Live 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 Universal Registration Document filed in French by Lagard re SCA with the 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.
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
02/05/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
13/04/2026
ToolsOnAir Composition Builder 2026 Boilerplate
More Details: The Composition Builder 2026 application for macOS enables TV stations and Live Event broadcast...
13/04/2026
ToolsOnAr just:live pro 2026 Boilerplate
More Details: just:live pro 2026 is a Multi-Channel Live Production Playout solution for video and static or real-ti...
13/04/2026
ToolsOnAr just:play pro 2026 Boilerplate
More Details: just:play pro 2026 is a Multi-Channel automated 24/7 Master Control playout solution with SD, HD and U...
13/04/2026
ToolsOnAr live:cut 2026 Boilerplate
More Details: live:cut is an option to just:in mac pro 2025 and enables multicamera production workflows for up to 16 cam...
13/04/2026
ToolsOnAir Just In Mac Lite NDI 2026 Boilerplate
More Details: The Just In Mac Lite NDI application is a streamlined media capture solution designed specific...
13/04/2026
ToolsOnAir Just In Mac Lite 2026 Boilerplate
More Details: The Just In Mac Lite application is a streamlined media capture solution designed specifically for...
13/04/2026
ToolsOnAir just:in mac pro 2026 Boilerplate
More Details: just:in mac pro is a macOS-based client-server multichannel capture solution to record SDI, HDMI, N...
13/04/2026
Telos Alliance has announced that J nger Audio has joined the EBU ADM Implementers Group (ADM-IG) as a founding member. The group is focused on advancing ADM an...
13/04/2026
Grass Valley will demonstrate its Alliance Partner ecosystem at NAB Show 2026 (Booth C2408, Central Hall, April 19-22), showing AMPP integrations across live pr...
13/04/2026
Media Links will exhibit at NAB Show 2026 (Booth W2033), demonstrating IP transport solutions for live production including hitless protection technology, Xscen...
13/04/2026
NBC Sports has announced a programming, distribution, and sales partnership with...
13/04/2026
FloSports has promoted Chief Operating Officer Jayar Donlan to President, effective immediately. In his new role, Donlan will lead the company's commercial,...
13/04/2026
PanCam Pictures, the documentary production company founded by Paul Camarata, us...
13/04/2026
Mimir will exhibit at NAB Show 2026 (North Hall, Booth N2850), demonstrating its cloud-native media production platform with new capabilities including Mimir Cu...
13/04/2026
BBright has announced that its IP Gateway now supports the Reliable Internet Stream Transport (RIST) protocol. The addition will be introduced at NAB Show 2026 ...
13/04/2026
Net Insight has been awarded a development project through the European Space Agency's Navigation Innovation and Support Program (NAVISP), with co-funding f...
13/04/2026
intoPIX will exhibit at NAB Show 2026, marking the company's 20th anniversary. The company will demonstrate its JPEG XS compression portfolio and IPMX-appro...
13/04/2026
Starting from scratch, the team built an in-house content platform comprising ga...
13/04/2026
Here's a look at some of the new products and updates, along with audio-centric conferences, that attendees will find next week at the show
When the 2026 N...
13/04/2026
Avid will launch new integrated newsroom capabilities for Avid for News at NAB Show 2026 (Booth N2226, April 18-22), demonstrating how Avid Content Core connect...
13/04/2026
Synamedia has announced a new version of Quortex PowerVu, an IP-native, software...
13/04/2026
Mediaproxy has developed a suite of AI-powered tools for brand and advertisement tracking, integrated into its LogServer compliance logging and analysis platfor...
13/04/2026
Disguise will demonstrate its media servers and software at NAB Show 2026, appearing across five partner booths in Central Hall: MRMC, B&H, Planar, CarbonBlack,...
13/04/2026
OpenDrives is introducing OpenDrives Edge at NAB Show 2026, a hybrid cloud-edge performance accelerator for distributed video and rich media workflows. The prod...
13/04/2026
The show will deploy 18 cameras across two sets and the draft floor, including a...
13/04/2026
Intuitive EQ plug-in gets an upgrade
Following its official launch back in February 2026, Musik Hack's intuitive EQ plug-in has been treated to its firs...
13/04/2026
Flagship soft synth collection expanded
The latest version of UVI's flagship vintage-inspired soft synth collection has just arrived, expanding the suit...
13/04/2026
Free version of innovative string library arrives
Released in October 2025, Lux Orchestral Strings was said to be Sonuscore's most ambitious library to ...
13/04/2026
The Girls' Research Camp is part of the Technology - Future in Bavaria edu...
13/04/2026
Rohde & Schwarz transforms submarine communications for real time underwater dom...
13/04/2026
Rohde & Schwarz enables Pulsar signal simulation to support next-generation navi...
13/04/2026
L3Harris is accelerating the development of infrared payloads for Space Development Agency's Tranche 2 Tracking Layer, to help meet urgent national defense ...
13/04/2026
By leveraging cutting-edge unfilmed Gen III image intensifier technology, NOVA delivers unmatched clarity, range, and reliability in low-light environments - en...
13/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
13/04/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
13/04/2026
Explore new Disguise plugins, including Sony's VP integration; Listen to panels across partner booths at Sony and B&H
Disguise, the company powering everyt...
13/04/2026
TAG Video Systems, the leading IP-native Realtime Media Platform, has announced its participation in the Media Exchange Layer (MXL) interop initiative. TAG has ...
13/04/2026
Today, Chaos launched V-Ray for Blender Community Edition at BCON Austin 2026, making its production-proven 3D renderer free for all Blender users. The same Aca...
13/04/2026
Additions strengthen LTN's leadership as broadcasters scale satellite-to-IP transition
LTN today announced the appointments of Mark Romano as Vice Presiden...
13/04/2026
LEEDS, UK, APRIL 13, 2026 NUGEN Audio releases Halo Vision v1.2, a significant update to its real time, customizable audio analysis suite for 3D, surround and...
13/04/2026
Atomos today announced the acquisition of Flanders Scientific (FSI), one of the most respected names in professional reference monitoring. This strategic move r...
13/04/2026
How Mei Semones Built Her Sound from J-Pop, Jazz, and Bilingual Songwriting The indie-pop artist combines agile guitar lines, rhythmic shifts, and lyrics that...
13/04/2026
Cue the Change: Jonathon Heyward Is Making Classical Music More Relatable Nicknamed the Converse Conductor, the Boston Conservatory alum holds top conductin...
13/04/2026
Heat Wave: Inside Miamis Sizzling, Boundary-Blurring Latin Music Scene In a city shaped by migration and exchange, Berklee alumni are helping drive a Latin mu...