Fourth quarter 2016 revenue Lagard re revises upwards its recurring EBIT(1) for 2016: growth expected around 13% compared to 2015(2) 2016 revenue: 7,391 million versus 7,193 million in 2015, up 2.5% like-for-like(3), up 2.7% on a consolidated basis Fourth-quarter 2016: 1,984 million, up 2.4% like-for-like, down 2.9% on a consolidated basis
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Fourth-quarter 2016:
The fourth quarter ended very positively, with business shaped by strong growth in Travel Retail and a busy sporting calendar for Lagard re Sports and Entertainment.
Revenue for the Group came in at 1,984 million, up 2.4% like-for-like (down 2.9% on a consolidated basis). The difference between like-for-like and consolidated figures is due to a 77 million negative scope effect, mainly resulting from disposals of Press Distribution activities, and to a 28 million negative foreign exchange impact, mainly attributable to the depreciation of the pound sterling.
By division (like-for-like basis):
- Lagard re Publishing: revenue was down 1.4%, as expected, owing to an unfavourable comparison effect linked to the success of Ast rix in fourth-quarter 2015, partly offset by a good performance from General Literature releases in the United Kingdom.
- Lagard re Travel Retail: revenue was up 7.2%, spurred by robust momentum in North America and a slight rally towards the end of the year with a favourable comparison effect in Europe.
- Lagard re Active: revenue was down 2.4%, with, as expected, Press activities following the market s downward trend, partly offset by growth at Lagard re Studios. Music radio in France performed well and e-health activities continued to expand.
- Lagard re Sports and Entertainment: revenue up 11.6%, primarily driven by a favourable calendar of football competitions in Asia and Africa.
Full-year 2016:
Organic growth in Travel Retail coupled with a very strong performance from Lagard re Publishing helped sustain our growth momentum.
Revenue totalled 7,391 million, up 2.5% like-for-like and up 2.7% on a consolidated basis. The difference between like-for-like and consolidated figures reflects a 95 million negative foreign exchange effect due mainly to the depreciation of the pound sterling, and a 124 million positive scope impact linked to external growth transactions, partly offset by the impact of disposals in the Press Distribution business.
I- REVENUE AND ACTIVITY BY DIVISION
Lagard re Publishing Revenue for 2016 came in at 2,264 million, up 2.5% like-for-like and up 2.6% on a consolidated basis.
The difference reflects a 70 million positive scope effect due mainly to the acquisition of Perseus in the United States, and a 68 million negative foreign exchange effect, relating chiefly to the depreciation of the pound sterling.
Business growth in 2016 was driven by the United Kingdom (up 11.0%), thanks to the success of Harry Potter and the Cursed Child in English worldwide (excluding the United States and Canada), and by the solid performance of Partworks (up 5.7%), especially in Japan, Spain and Argentina.
In France (up 1.5%), the good performance of Education driven by curricular reform was partly offset by an unfavourable comparison effect linked to the success of Ast rix in 2015, and by a less intensive release schedule in General Literature.
Fourth-quarter 2016:
At 619 million, business slowed slightly on a like-for-like basis, down 1.4% (down 2.0% on a consolidated basis). The difference between like-for-like and consolidated figures reflects chiefly a 22 million positive scope impact and a 26 million negative foreign exchange effect.
Figures below are presented on a like-for-like basis.
In France (down 6.4%), the decline in activity was mainly attributable to Illustrated Books, hit by an unfavourable comparison effect owing to the publication of Ast rix in fourth-quarter 2015 and to Distribution.
In the United States, business was down 12.4%, held back by a less intensive release schedule than in fourth-quarter 2015, despite further growth in audiobooks and Distribution.
In the United Kingdom, the business continued to enjoy strong 17.5% growth, spurred by the success of new titles such as Harry Potter and the Cursed Child and Fantastic Beasts, and by the youth segment, which saw the release of Pok mon.
The Spain/Latin America region was stable in the period (up 0.7%), despite the unfavourable comparison effect owing to the publication of Ast rix in fourth-quarter 2015, offset by a one-off export transaction in Latin America.
Partworks increased by 4.7%, driven by the success of Disney Tsum Tsum releases in Japan and to the good performance of the business in Spain and Argentina.
E-books accounted for 7.6% of total Lagard re Publishing revenue in fourth-quarter 2016, versus 7.5% in
fourth-quarter 2015.
Lagard re Travel Retail 2016 revenue for the division totalled 3,695 million, up 5.0% like-for-like and up 5.3% on a consolidated basis. The difference results from a 21 million negative foreign exchange effect linked mainly to the depreciation of the pound sterling, Polish zloty and Canadian dollar, and from a 50 million positive scope impact, breaking down as:
A 395 million negative impact of disposals and changes in the consolidation method relating mainly to the disposal of Press Distribution activities in Spain, Switzerland, Canada and Belgium.
A 445 million positive impact from acquisitions, primarily relating to the consolidation of Paradies
North American operations and fashion and confectionery stores at JFK airport (New York).
Fourth-quarter 2016:
Revenue for the division totalled 911 million, up 5.5% like-for-like (down 2.8% on a consolidated basis).
This difference chiefly results from a 71 million negative scope impact following disposals of Press Distr
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Fourth quarter 2016 revenue Lagard re revises upwards its recurring EBIT(1) for 2016: growth expected around 13% compared to 2015(2) 2016 revenue: 7,391 million versus 7,193 million in 2015, up 2.5% like-for-like(3), up 2.7% on a consolidated basis Fourth-quarter 2016: 1,984 million, up 2.4% like-for-like, down 2.9% on a consolidated basis
