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 ...

30/10/2026

The Approval Click: What Live-Production Review Really Catches

A highlight clip goes to air after a person says yes. What would it take to say how often that yes had to be earned? Andreas EhstandA common design for automat...

30/10/2026

Ratings Roundup: Brewers' Clincher, Record NBA Tip-Off, Chiefs-Seahawks Hits Primetime Season-High

SNF's Chiefs-Seahawks leads the week with 26.3 million, Prime Video's Pa...

30/10/2026

GRUP MEDIAPRO To Rebrand as Imagina in 2027

The company aims to be more horizontal and not vertical' in managing sports rights and producing events GRUP MEDIAPRO has begun charting a new course that...

30/10/2026

USA Sports To Crown WNBA Champion in Historic Game 7, Capping Inaugural Season With Expanded Production

Player mics, an in-arena drone, enhanced replay operations, and a full onsite pr...

30/10/2026

What to Watch: 9 Sundance Institute-Supported Documentaries About Farming the Land and Fighting for a Sustainable Future

By Ramona Flume Each harvest season brings a sense of renewal and possibility. ...

30/10/2026

Wicker Spins Social Norms and Marriage Tropes Into a Charming, Comedic Fable

(L-R) Peter Dinklage, Alexander Skarsg rd, and Olivia Colman attend the Q&A for Wicker by Eleanor Wilson and Alex Huston Fischer, an official selection of the...

30/10/2026

BangZilla release Wave Theory

Creates melodies from wavetables BangZilla is the new plug-in division of The Audio Programmer, and their debut offering comes in the form of Wave Theory, a...

30/10/2026

AES Show 2026: Nashville

30 October - 1 November 2026 This years AES Show is just around the corner, with this year's event marking the annual convention's first appearance ...

30/10/2026

Neve unveil the Elements range & 8424E console

Company launch new digitally controlled analogue hardware Neve have just entered the world of digitally controlled analogue in style with not one, but four ...

30/10/2026

RTL News Rebuilds Audio Control Room With 5.1 Surround, IP Stream Support

Share Copy link Facebook X Linkedin Bluesky Email...

30/10/2026

FCC to Auction 25 MHz of Midband Spectrum, Update Drone Rules

Share Copy link Facebook X Linkedin Bluesky Email...

30/10/2026

Sony Debuts RIALTO 65 Camera Extension System

Share Copy link Facebook X Linkedin Bluesky Email...

30/10/2026

NAB Urges FCC Flexibility on Software-Based EAS

Share Copy link Facebook X Linkedin Bluesky Email...

30/10/2026

GB Labs Wins Futures Best of Show Award for CoreONE Prese...

GB Labs Wins Future's Best of Show Award for Core.ONE, Presented by TVBEurope at IBC 2026 GB Labs, a leader in scalable, shared storage solutions, has rec...

30/10/2026

Lightware brings simple physical MTR BYOD switching to Mi...

Lightware is introducing GPIO Button control for its Microsoft Teams Rooms on Windows (MTRoW) integration, giving users a simple, one-touch way to switch betwee...

30/10/2026

Lightware Now Offers AVIXA Renewal Units for Dusseldorf...

Lightware has added AVIXA Renewal Units (RUs) to its D sseldorf in-person training program, allowing AV professionals to earn recognized professional developmen...

30/10/2026

FCC to Auction 25 MHz of Midband Spectrum, Changes Drone Rules

Share Copy link Facebook X Linkedin Bluesky Email...

30/10/2026

New AVIXA Online Training Course Tackles End-to-End Video Workflow

Share Copy link Facebook X Linkedin Bluesky Email...

30/10/2026

AES Dials In on Dialogue Intelligibility

Share Copy link Facebook X Linkedin Bluesky Email...

30/10/2026

Foundry makes virtual production more accessible with Nuk...

Creative software developer Foundry today announced Nuke Stage now supports macOS, making the end-to-end virtual production and in-camera visual effects (ICVFX)...

30/10/2026

Things That Go Beep in the Night: Agentic AI Joins the Search for Extraterrestrial Signals

While science fiction lore tells us that humans will meet extraterrestrial life ...

29/10/2026

Playmaker HQ Builds Out Player-Driven NFL Slate, Moves Bomani Jones Into New NYC Studio

Jameis Winston and Willie Colon are among current and former players hosting pro...

29/10/2026

SVG Students To Watch: Hope Durkee, University of Arkansas

After arriving in Fayetteville with dreams of calling games, the Arkansas native found her passion in the control room, building a promising future in replay an...

29/10/2026

NHL's Andre Carrington on Expanding Local Broadcast Operations, Evolving Cloud Workflows, and What's Next

The National Hockey League is taking on a larger role in local game production w...

29/10/2026

Media Links Appoints Mikhail Zavalin Market Development Technical Specialist, EMEA

Media Links has appointed Mikhail Zavalin Market Development Technical Specialis...

29/10/2026

Gravity Media Provides Broadcast and Media Infrastructure for 2026 IMF-World Bank Annual Meetings

Gravity Media delivered the live broadcast and media infrastructure for the 2026...

29/10/2026

Rise AV Names 23 Women to 2026 Elevate Leadership Program

Rise AV has announced the 23 women selected for the second year of its Elevate program, a six-week management and leadership development course. The cohort incl...

29/10/2026

FIA Names AWS Official AI and Cloud Computing Partner

The F d ration Internationale de l'Automobile (FIA) and Amazon Web Services (AWS) have announced a global partnership under which AWS becomes the Official A...

29/10/2026

Bob Daniel Joins ASG as Storage and Workflow Solutions Architect

Advanced Systems Group (ASG) has appointed Bob Daniel Storage and Workflow Solutions Architect within its Enterprise Storage team. Daniel has more than 30 years...

29/10/2026

FloSports and Pac-12 Reach Media Partnership Making FloWrestling Exclusive Home of Pac-12 Wrestling

FloSports and the Pac-12 Conference have entered a media partnership that will b...

29/10/2026

TSN Announces Film Never Lies Grey Cup Playoffs Watchalong With Luke Willson

TSN will launch Film Never Lies Grey Cup Playoffs Watchalong, an altcast hosted by TSN football analyst Luke Willson, for two CFL Grey Cup Playoffs games. Wills...

29/10/2026

Calrec White Paper: Freedom of Choice: How Calrecs Argo Ecosystem Is Redefining Production Economics

For decades, broadcasters have designed production around one rule: build for th...

29/10/2026

FOH Productions Builds Portable Video Flypack Around Riedel MediorNet, Artist and Bolero

Live event production company FOH Productions has built a portable camera switch...

29/10/2026

Gravity Media Marks 25 Years of Melbourne Cup Carnival Host Broadcast, Adds JockeyCam and Orbit Fusion

Gravity Media is marking its 25th year facilitating the host broadcast for the M...

29/10/2026

SVG GameDay, Ep. 37: Toronto Blue Jays Stefanie Wright - Representing Club & Country

In-venue and creative video staffers at the professional and collegiate level ha...

29/10/2026

LA28 Names Kathleen Kennedy Head of Ceremonies and Content

LA28 has named film producer Kathleen Kennedy Head of Ceremonies and Content for the LA28 Olympic and Paralympic Games. Kennedy, an eight-time Academy Award nom...

29/10/2026

NHL Productions' Centralized Broadcast Operation Hits Its Stride Across Six Clubs

In-house local telecasts have added new camera angles, graphics package, and dee...

29/10/2026

SVG New Sponsor Spotlight: ICAT Logistics' Jake Blount on Expanding Global Sports and Broadcast Logistics

In this SVG New Sponsor Spotlight, Jake Blount, EVP, Sales, ICAT Logistics, disc...

29/10/2026

Musik Hack introduce Master Plan 2

Mastering plug-in treated to ground-up rebuild With a few plug-in releases now under their belt, Musik Hack have revisited their debut offering and kitted i...

29/10/2026

HEDD Audio unveil the Type 40 System

New modular full-range monitoring system arrives Following a few weeks of teasers, HEDD Audio have just revealed the latest addition to their high-end monit...

29/10/2026

SGL Carbon and X-energy sign further supply contract

SGL Carbon LLC ( SGL Carbon ) has received an additional order for the supply of nuclear graphite from X-energy Reactor Company, LLC ( X-energy ) in accordance ...

29/10/2026

Rohde & Schwarz introduces MXO AI Connect for AI-assisted oscilloscope workflows

Rohde & Schwarz introduces MXO AI Connect for AI-assisted oscilloscope workflows Rohde & Schwarz connects AI assistants to its MXO oscilloscopes through MXO A...

29/10/2026

Gray's WDRB, WAVE Launch Multiplatform' Newsroom

Share Copy link Facebook X Linkedin Bluesky Email...

29/10/2026

SmallHD Unveils Focus 504 Monitor

Share Copy link Facebook X Linkedin Bluesky Email...

29/10/2026

Taurus UCX Delivers Reliable BYOD Connectivity to LinkedI...

When LinkedIn set out to upgrade meeting spaces across nine APAC cities, the goal was clear: employees needed to walk into rooms in Bangalore, Beijing, Hong Kon...

29/10/2026

Lightware Expands LARA Room Control With Stream Deck Int...

Lightware has expanded its LARA (Lightware Advanced Room Automation) Wizard platform with a new Elgato Stream Deck integration, allowing supported Stream Deck d...

29/10/2026

Boston Conservatory Center Stage Presents Opera Masterpiece La Bohme

Boston Conservatory Center Stage Presents Opera Masterpiece La Boh me The Conservatory's production of the timeless opera will conclude the fall Center St...

29/10/2026

Netflix, Disney+ See Potential For More International Growth

Share Copy link Facebook X Linkedin Bluesky Email...

29/10/2026

FCC Fines Nexstar $80.5K to Settle Disputes

Share Copy link Facebook X Linkedin Bluesky Email...