2014 FIRST HALF RESULTS 1st half in line with forecasts, which allows to confirm the guidance
on Recurring Media EBIT(1) for 2014
2nd quarter 2014 net sales at 1,838 million, up 3.3%(2).
H1 2014 net sales at 3,364 million (-1.2%(2)).
Total recurring EBIT(3) at 113 million, up 8%.
Adjusted net profit(4) Group share: stable, at 33 million.
A solid financial position
Net debt: 1,091 million, with very good liquidity ( 2.2 billion in available liquidity(5)).
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The second quarter is showing a return to activity growth, with net sales up 3.3% reported and 0.1% like-for-like(6) ( 1.4% excluding the effect of the end of tobacco sales in Hungary), which compares to the activity drop in the first quarter (-5.6% like-for-like).
Overall, in the first half of 2014, net sales evolution (-2.6% like-for-like) is due essentially to an unfavourable comparison effect with an especially strong first half of 2013 at Lagard re Publishing (publication of several best-sellers) and in Audiovisual Production (atypical delivery schedule in 2013), as well as a negative calendar effect at Lagard re Unlimited.
The good momentum in Travel Retail activities ( 8.1% on a reported basis, 4.3% like-for-like), driven by the favourable trend in passenger traffic, development of Duty Free and Food Services, as well as the deployment of new concepts, allowed to partially offset the decline in printed press and the difficult advertising environment.
Excluding the impact of the end of tobacco sales in Hungary, already known, the Groups activity declined just -1.3% like-for-like in the 1st half.
Total recurring EBIT (Media and other activities) was 113 million, up 8% from end-June 2013.
Total recurring EBIT from Media activities was 128 million. It shows a progression at Lagard re Services, Lagard re Active and Lagard re Unlimited, and includes the expected drop at Lagard re Publishing.
- Lagard re Publishing: Recurring EBIT down 20 million from an especially strong H1 2013.
- Lagard re Services: Recurring EBIT up 7 million, thanks to Travel Retail.
- Lagard re Active: Recurring EBIT up 2 million, with continued cost-savings plans.
- Lagard re Unlimited: Recurring EBIT positive, up slightly ( 1 million). The closure of loss-making activities, as well as cost-savings programmes, more than offset the negative calendar effect.
Net profit Group share was - 33 million due to high taxes (dividend tax).
Adjusted net profit stood at 33 million, stable compared to the first half of 2013.
Net debt was 1,091 million at 30 June 2014, virtually stable compared to 30 June 2013 ( 900 million) and up from 31 December 2013 (net cash position: 361 million surplus). This is due essentially to the distribution of ordinary and exceptional dividends ( 959 million), the change (traditionally negative in the 1st half) in Working Capital Requirement (WCR), and acquisitions made in the 1st half 2014.
I- NET SALES AND RECURRING EBIT NET SALES
Lagard res net sales for the first half of 2014 came out to 3,364 million, down slightly on a reported basis (-1.2%) and on a like-for-like basis (-2.6%).
The difference between reported and like-for-like data is primarily explained by a positive scope effect of 93 million (essentially due to acquisitions made in Travel Retail, TV Production and by Lagard re Publishing), partially offset by a negative exchange effect of - 45 million due to depreciation of the US, Australian and Canadian dollars.
Net sales (in m)
Change
on a reported basis
Change
on a like-for-like basis
First Half 2013
First Half 2014
LAGARD RE
3,406
3,364
-1.2%
-2.6%*
Lagard re Publishing
917 903
-1.5%
-1.0%
Lagard re Services
1,814
1,852
2.1%
-0.1%**
Lagard re Active
471
435
-7.7%
-10.0%
Lagard re Unlimited 204
174
-14.6%
-14.8%
*-1.3%, excluding the end of tobacco sales in Hungary.
** 2.4%, excluding the end of tobacco sales in Hungary.
Note a sharp improvement in trends over the 2nd quarter of 2014 for all divisions:
Net sales (in m) Change
on a reported basis Change
on a like-for-like basis
Second quarter
2013 Second quarter 2014
LAGARD RE
1,779
1,838
3.3%
0.1%*
Lagard re Publishing
498
510
2.7%
2.5%
Lagard re Services
938
994
6.0%
0.6%**
Lagard re Active
249
233
-6.7%
-9.4%
Lagard re Unlimited
94
101
6.8%
6.4%
* 1.4%, excluding the end of tobacco sales in Hungary.
** 3.3%, excluding the end of tobacco sales in Hungary.
RECURRING EBIT BEFORE ASSOCIATES FROM INTEGRATED ACTIVITIES
Recurring EBIT from Media activities stood at 128 million. It is up at Lagard re Services, Lagard re Active and Lagard re Unlimited, and includes the expected drop at Lagard re Publishing, which had been exceptionally rich in best-sellers in the 1st half 2013.
Recurring EBIT ( millions)
Change ( millions)
First Half 2013
First Half 2014
Lagard re Publishing
71
51
-20
Lagard re Services
29
36
7
Lagard re Active
33
35
2
Lagard re Unlimited
5
6
1
MEDIA recurring EBIT 138
128
-10
Other activities (33)
(15)
18
TOTAL recurring EBIT 105
113
8
Lagard re Publishing Net sales
Net sales of 903 million, down 1.5% on a reported basis and 1% like-for-like, with the difference explained by a negative exchange effect (- 12 million), partially offset by a positive scope effect.
In the first half of 2014, as expected, activity was marked by an unfavourable comparison effect, related to the very good performance posted in the first half of 2013, in France in particular.
Nevertheless, the second quarter showed better figures, at 2.5% on a like-for-like basis.
In France in the 1st half 2014, activity was down 9% compared to the first half of 2013, which benefited from the publication
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2014 FIRST HALF RESULTS 1st half in line with forecasts, which allows to confirm the guidance 
