Sony Pixel Power calrec Sony

Full-Year 2020 Results

25/02/2021

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.
LINK: http://www.lagardere.com/index.php?coe_i_id=363&idpress=7945...
See more stories from lagard

Most recent headlines

05/01/2027

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be demoed at CES 2026

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...

04/08/2026

Dalet Announces Commercial Availability of Dalia, Bringing Media-Aware Agentic AI to Enterprise Productions

Dalet, a leading technology and service provider for media-rich organizations, t...

04/07/2026

Detective Conan: Fallen Angel of the Highway Opens in Dolby Cinemas Across Japan, Presented in Dolby Atmos and Dolby ...

April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...

01/06/2026

Dolby Sets the New Standard for Premium Entertainment at CES 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...

05/05/2026

NBC Sports' NBA Playoff Viewership Up 58%

Share Copy link Facebook X Linkedin Bluesky Email...

05/05/2026

U.S. Court Upholds Some Patents in LG ATSC 3.0 Infringement Case

Share Copy link Facebook X Linkedin Bluesky Email...

05/05/2026

Gray Media and Allen Media Group Close Station Transactions

Share Copy link Facebook X Linkedin Bluesky Email...

05/05/2026

Digital Domain Welcomes Award-Nominated VFX Supervisor Jelmer Boskma

Digital Domain Welcomes Award-Nominated VFX Supervisor Jelmer Boskma Brie Clayton May 4, 2026 0 Comments Digital Domain, a global leader in visual eff...

04/05/2026

just:play pro 2026 and just:live pro 2026 are available to download!

just:play pro 2026 and just:live pro 2026 are available to download! More Details:At NAB 2026, ToolsOnAir showcased just:play pro 2026 and just:live pro 2026, ...

04/05/2026

just:in mac pro 2026 - The Next Level of Professional Recording on macOS

just:in mac pro 2026 - The Next Level of Professional Recording on macOS More Details:The headline innovation in just:in mac pro 2026 is the new Auto format si...

04/05/2026

SVG Sit-Down: NEP Americas Mike Werteen on How Great Tech, Better People Drive Success

Hardware is still an emphasis - Supershooter 11 is new, and REMI-based 65 is in ...

04/05/2026

Beyond 90 Minutes: How K League's Soccer Blueprint for Growth Has Lessons for Everyone

Head of International Business Development Min Joo Kim explores the league's...

04/05/2026

Audio-Technica ATND1061 and ATUC Discussion Systems Certified for Crestron Automate VX

Audio-Technica has announced that its ATND1061 ceiling array microphone and ATUC...

04/05/2026

Triple B Media Launches Bowling TV, a 24/7 FAST Channel Dedicated to Bowling

Triple B Media has launched Bowling TV, a free ad-supported television (FAST) channel dedicated to bowling. The channel is available on Prime Video, LG Channels...

04/05/2026

PlayMetrics Acquires SportsEngine from Versant

PlayMetrics, a provider of operations management software for youth sports organizations, has announced the completion of its acquisition of substantially all t...

04/05/2026

IHSE GmbH Appoints Dr. Thomas Niessen as CEO

IHSE GmbH has announced that Dr. Thomas Niessen has joined as CEO and Managing Director, effective May 1, 2026. He joins Frank Breitenfelder, who has served as ...

04/05/2026

PMY Group Deploys Optic Crowd Intelligence Platform at Australian Formula 1 Grand Prix

PMY Group deployed its AI-powered crowd intelligence platform, Optic, at the For...

04/05/2026

Behind The Mic: Stephen A. Smith and Skip Bayless to Reunite for First Take Episode; Donna Brothers Worked Final Kentucky Derby

Behind The Mic provides a roundup of recent news regarding on-air talent, includ...

04/05/2026

Spotify Brings Fashion and Podcasting Together With Mina Le and Mia Calabrese

Last week, guests gathered in New York City for On Air, In Style: An Evening with Spotify-a night of conversation, culture, and connection celebrating the inter...

04/05/2026

Avid introduce Pro Tools 2026.4

New music & post-production features added Avid's latest DAW update delivers an array of helpful features aimed at both music and post-production users,...

04/05/2026

SAG-AFTRA, Studios Reach Tentative Agreement

Share Copy link Facebook X Linkedin Bluesky Email...

04/05/2026

Study: Paramount-WBD Deal Signals New Era of Streaming Scale

Share Copy link Facebook X Linkedin Bluesky Email...

04/05/2026

Student Spotlight: Joshua Griffin

Student Spotlight: Joshua Griffin The New Orleans native, who was named the 2026 student commencement speaker for Boston Conservatory at Berklee, talks about ...

04/05/2026

It's Andrew! stomps onto screens this June

It's Andrew! stomps onto screens this June 4 May 2026 The ABC and Screen Australia are delighted to announce that brand new preschool series, It's Andr...

03/05/2026

Melbourne Instruments' Nina gains Braids engine

Polysynth now features Mutable Instruments' macro oscillators Melbourne Instruments have just released a free firmware update that brings the engine beh...

03/05/2026

Introducing the new Mistika Workflows Suite: transformative and cost-effective for every user

Introducing the new Mistika Workflows Suite: transformative and cost-effective f...

03/05/2026

Introducing the new Mistake Workflows Suite: transformative and cost-effective for every user

Introducing the new Mistake Workflows Suite: transformative and cost-effective f...

03/05/2026

Filming begins on the third and final season of Breathless

Back to All News Filming begins on the third and final season of Breathless Entertainment 03 May 2026 GlobalSpain Link copied to clipboard Discover the vi...

02/05/2026

Release Rundown: What to Watch in May, From Saccharine to Tuner

(L-R) Dustin Hoffman and Leo Woodall appear in Tuner by Daniel Roher, an official selection of the 2026 Sundance Film Festival. (Photo courtesy of Sundance In...

02/05/2026

Warm Audio launch the Reamper

Versatile re-amping tool announced Warm Audio are best known for their recreations of sought-after vintage studio gear, but their latest release brings a ne...

02/05/2026

FCC Releases Tentative Agenda for May Open Meeting

Share Copy link Facebook X Linkedin Bluesky Email...

02/05/2026

Sinclair Remains Bullish on Station M&A

Share Copy link Facebook X Linkedin Bluesky Email...

02/05/2026

NABLF Announces 2026 Broadcast Leadership Training Award Winners

Share Copy link Facebook X Linkedin Bluesky Email...

02/05/2026

Gravity Media Taps Custom Consoles for Work on Production Center

Share Copy link Facebook X Linkedin Bluesky Email...

02/05/2026

May 01, 2026

Scripps Research immunologist Dennis Burton elected to American Academy of Arts and Sciences A leader in broadly neutralizing antibodies, Burton has helped driv...

02/05/2026

Dalet Flex LTS Delivers Smarter Search, Faster Editing, and an AI-Ready Foundation for Modern Media

Dalet, a leading technology and service provider for media-rich organizations, t...

01/05/2026

Ratings Roundup: NBA Playoffs Return to NBC Sports up 38%; NFL Draft Down 12% Overall From 2025

Ratings Roundup is a rundown of recent rating news and is derived from press rel...

01/05/2026

BKB Bare Knuckle Boxing Appoints Will Wright as Chief Operating Officer to Drive Global Growth and Operational Excellence

BKB Bare Knuckle Boxing ( BKB ), today announced the appointment of Will Wright ...

01/05/2026

NAB Rewind: Lawo's Andreas Hilmer on the Power of the Edge One AV Stagebox

Lawo has been at the center of the industry's transition to IP and other next-generation technologies. At NAB 2026, its story was the Edge One AV stagebox, ...

01/05/2026

Kentucky Derby 152 to Air Across 19 Networks in 170-Plus Territories

HBA Media, acting on behalf of NBC Sports and Churchill Downs Incorporated, has announced broadcast and streaming distribution for Kentucky Derby 152, taking pl...

01/05/2026

Give Me the Backstory: Get to Know Barbara Kopple, the Director of American Dream

By Bailey Pennick One of the most exciting things about the Sundance Film Festi...

01/05/2026

Find Out Which The Devil Wears Prada 2' Character You Are With Our New Playlist

Florals for spring? Groundbreaking. But a playlist that tells you which The Devi...

01/05/2026

Olivia Rodrigo Takes Over FC Barcelona Jersey for El Clsico Match at Spotify Camp Nou

One of the world's biggest popstars is headed to El Cl sico. Later this mont...

01/05/2026

Heritage Audio announce the Baby RAM Black Edition

Limited-edition model celebrates 15th anniversary Heritage Audio's range of monitor controllers has just gained a new member, the Baby RAM Black Edition...

01/05/2026

Universal Audio release UAD Enigmatic '82 Overdrive Special Amp

Dumble recreation now available as UAD plug-in Along with their renowned processing plug-ins, Universal Audio have been steadily introducing emulations of c...

01/05/2026

UPDATED: Republican AGs Join Nexstar-Tegna Antitrust Suit

Share Copy link Facebook X Linkedin Bluesky Email...

01/05/2026

Broadcaster Draper Media Names Bill Vernon President

Share Copy link Facebook X Linkedin Bluesky Email...

01/05/2026

Analysts: 'Hollywood's Vertical Video Strategy Is Dead Wrong'

Share Copy link Facebook X Linkedin Bluesky Email...

01/05/2026

Lightware UK celebrates new London showroom with launch e...

To celebrate the opening of its new showroom and office, Lightware UK hosted a dedicated launch event at the new London location. The event welcomed partners, c...

01/05/2026

Calrec Puts Broadcaster Choice Centre Stage at MPTS 2026

Choice without compromise The broadcast industrys transformation is accelerating, and traditional broadcasters are having to fundamentally reinvent how they o...