Third-quarter 2014 net sales Third-quarter 2014 net sales: 1,903 million, up 1.4%
2014 Recurring Media EBIT(1) target confirmed
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Third-quarter 2014
Net sales totalled 1,903 million, up 1.4% on a reported basis (vs. -1.2% at end June 2014) and down 1.2% on a like-for-like basis(2) (vs. -2.6% at end June 2014). The difference between reported and like-for-like sales is mainly due to a positive scope effect ( 46 million), while the foreign exchange effect was negligible.
This quarter was marked by an accelerated growth of Travel Retail ( 13.2% on a reported basis, 5.8% on a
like-for-like basis) and by the improvement in trends for Lagard re Active that offset the unfavourable comparison effect with 2013 for the other activities.
By division:
- Lagard re Publishing: Performance (-1.2%) was affected by an unfavourable comparison effect in General Literature in France and the United States, as well as the significant impact of the lack of renewals for Textbook programmes in France. Momentum for Partworks was insufficient to offset these trends.
- Lagard re Services: Accelerated growth in Travel Retail compared to the first half, carried by Duty Free and Food Services.
- Lagard re Active: Significant improvement in trends (-1.6% like-for-like) thanks to good performances by Radio internationally ( 12.2%), the catching-up on deliveries in TV Production ( 6.6 %) and the lesser decline in Magazine Publishing (-3.5%).
- Lagard re Unlimited: Activity (-5.8% like-for-like) is affected by the gradual termination of media rights contracts with European soccer federations, due to rights centralisation decided by the UEFA.
At 30 September 2014
At 30 September 2014, net sales totalled 5,267 million, down 0.3% on a reported basis and 2.1% on a like-for-like basis. The difference between data on a comparable basis and like-for-like is explained by a positive scope effect of 139 million (primarily due to acquisitions made in Travel Retail and, to a lesser extent, by Lagard re Publishing and in TV Production), partially offset by a negative exchange effect of - 44 million (due to depreciation of the US, Australian and Canadian dollars, partially compensated by the appreciation of the Pound Sterling).
In the first nine months of the year, the trend in sales was due essentially to an unfavourable comparison effect, with an especially strong first half of 2013 at Lagard re Publishing (the publication of several best-sellers) and in Audiovisual Production (an atypical delivery schedule in 2013), as well as a negative calendar effect at Lagard re Unlimited.
In addition, the good momentum in Travel Retail activities ( 9.9% on a reported basis, 4.8% like-for-like), driven by the favourable trend in passenger traffic, development of Duty Free and Food Services, as well as the roll-out of new concepts, offset the decline in press and the difficult advertising environment.
Excluding the impact of the end of tobacco sales in Hungary, already known, the Groups activity declined just -1.2% on a like-for-like basis over the first nine months of the year.
I. GROUP CONSOLIDATED NET SALES AND ACTIVITY Net sales at 30 September (in m)
Change
At 30 September
2013
At 30 September
2014 Change (reported) Change (like-for-like)
LAGARD RE 5,282 5,267
-0.3 %
-2.1%*
Lagard re Publishing
1,497 1,467 -2.0%
-2.9%
Lagard re Services
2,796 2,888 3.3%
0.7%**
Lagard re Active
687 643 -6.5%
-7.5%
Lagard re Unlimited
302 269 -10.8%
-11.9%
*-1.2%, excluding the end of tobacco sales in Hungary.
** 2.4%, excluding the end of tobacco sales in Hungary.
Net sales in Q3 (in m)
Change
Q3 2013
Q3 2014 Change (reported) Change (like-for-like)
LAGARD RE 1,877 1,903 1,4% -1,2%*
Lagard re Publishing
580 564 -2.9%
-5.9%
Lagard re Services
983 1,036 5.5% 2.3%**
Lagard re Active
216 208 -3.7% -1.6%
Lagard re Unlimited
98 95 -2.9% -5.8%
*-1.1%, excluding the end of tobacco sales in Hungary.
** 2.5%, excluding the end of tobacco sales in Hungary.
Lagard re Publishing
Net sales at 30 September 2014 stood at 1,467 million, down 2% on a reported basis and down 2.9%
like-for-like, with the difference explained by a positive scope effect ( 19 million) offset by a negative exchange effect (- 6 million).
As expected, activity was marked by an unfavourable comparison effect due to the very good performances recorded in 2013, with many best-sellers in General Literature, especially in France. Also note the significant decline in activity in Education, due to the lack of renewal for Textbook programmes in particular in France. English-speaking countries were down slightly (-2% in the UK, -3.5% in the US), due to an unfavourable comparison effect with 2013, and the situation in e-books in the United States. Partworks continued their strong incline ( 5.7%), thanks to successful launches of collections in late 2013.
Third-quarter 2014:
Activity totalled 564 million, down 2.9% on a reported basis and down 5.9% on a like-for-like basis. The scope ( 12 million) and exchange ( 6 million) effects were positive.
In France (-6.6%), activity was down from the third quarter of 2013, which benefited from the continued success of volumes 2 and 3 of the Fifty Shades series, and the summer sales of Dan Browns Inferno. Education activity was down significantly due to the lack of renewal for Textbook programmes.
In the United States, the change in sales (-18.5%) was strongly influenced by an unfavourable comparison effect with the third quarter of 2013 (with 11% growth) - which had an unusually high number of best-sellers (specifically The Longest Ride, by Nicholas Sparks). In addition, the difficult situatio
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Third-quarter 2014 net sales Third-quarter 2014 net sales: 1,903 million, up 1.4%
