2015 FIRST HALF RESULTS Target for 2015 recurring EBIT(1) growth raised from 5% to 7%.
Sales totalled 3,304 million, up 2.9% on a like-for-like basis(2).
Group operating margin up by 0.4 point at 3.7%.
Total recurring EBIT of 122 million, up 11%(3).
Adjusted net profit(4) - Group share significantly up at 75 million.
Download press release in pdf
Access the audiocast
In the first half of 2015, the solid performance of the Group was buoyed by Lagard re Unlimited, with a favourable calendar effect, and the continued growth of Travel Retail.
Lagard re sales for the first half of 2015 totalled 3,304 million, with sustained growth of 2.9% like-for-like. Change on a reported basis (-1.8%) is due to a negative scope effect of - 277 million, mainly related to miscellaneous revenue deconsolidation (notably the disposal of some Press Distribution activities). The currency effect was positive ( 130 million).
The Group s operating margin was 3.7%, up by 0.4 point due to the total recurring EBIT (operating activities and other activities) of 122 million, representing sustained growth of 11%.
Recurring EBIT from operating activities amounted to 131 million. Growth at Lagard re Unlimited, which confirmed its recovery, had a significant impact on this figure.
- Lagard re Publishing: Recurring EBIT of 36 million, down - 14 million, related to the decline in activity, particularly in the US.
- Lagard re Travel Retail(5): Recurring EBIT of 30 million, down - 5 million, due to disposals in Switzerland and in the US.
- Lagard re Active: nearly stable Recurring EBIT of 33 million (- 1 million).
- Lagard re Unlimited: Recurring EBIT of 32 million, up significantly ( 26 million) due to a very favourable sporting events schedule.
Net profit - Group share rose significantly to 9 million, versus - 35 million in H1 2014, thanks to growth in Recurring EBIT and a decline in interest and tax expenses.
Adjusted net profit - Group share increased considerably to 75 million, versus 31 million in H1 2014.
Operating cash flow amounted to 45 million ( 171 million compared to H1 2014).
Net debt was 1,436 million at 30 June 2015, up from 31 December 2014 ( 954 million). This trend is essentially attributable to seasonal effects, which are traditionally negative in the first half, and to the payment of ordinary dividends.
I- SALES AND RECURRING EBIT SALES
In the first half of 2015, Lagard re group sales totalled 3,304 million, up 2.9% on a like-for-like basis (-1.8% on a reported basis).
The difference between data on a reported basis and like-for-like is explained in part by a positive currency effect of 130 million, due primarily to appreciation of the US dollar and the pound sterling, and in part by a negative scope effect (- 277 million), broken down as follows:
Miscellaneous effects of revenue deconsolidation, amounting to 384 million with, essentially:
- at Lagard re Travel Retail: deconsolidation of Relay activities in train stations in France (now consolidated using the equity method through the creation of a joint venture with SNCF) as well as high-street Retail activities in Poland (now consolidated using the equity method after disposal of 51% of Inmedio capital); disposal in Switzerland of Press Distribution activities and book stores (Payot);
- at Lagard re Active: disposal of 10 magazines.
107 million in acquisitions at Lagard re Travel Retail (consolidation of Airest activities, primarily in Venice), Lagard re Active (acquisition of Grupo Boomerang TV and consolidation of Gulli revenue) and Lagard re Publishing (Quercus and Rising Stars in the United Kingdom).
H1 2015 sales:
Q2 2015 sales:
RECURRING EBIT OF FULLY CONSOLIDATED COMPANIES
Lagard re Publishing Sales
Sales of 968 million, up by 7.1% on a reported basis and down by -2.9% like-for-like. The difference can be explained by positive currency effects ( 70 million, primarily due to the appreciation of the US dollar and the pound sterling), as well as the scope effect ( 20 million).
In the first half of 2015, activity declined as expected, mainly due to the downturn in the US (unfavourable comparison base relative to the first half of 2014), which was not offset by the high level of activity in France.
Figures below are presented on a like-for-like basis.
In France, business grew sharply by 3%, due to the positive trend in General Literature, with the success of new releases on one hand (L'homme qui ment, by Marc Lavoine, Hippocrate aux enfers, by Michel Cymes, Vernon Subutex, by Virginie Despentes, etc.) and the performance of the Paperback segment (Fifty Shades saga) on the other. Meanwhile, Illustrated Books had a strong start of the year with the continued success of colouring books for adults.
In the United Kingdom, the downturn in sales (-3.5%) can be explained by a slate of new releases that was not as strong as the first half of 2014.
In the United States, the decline in activity, which had been expected (-7.8%), can be explained by the high level of activity in the first half of 2014 (including The Silkworm by Robert Galbraith and The Goldfinch by Donna Tartt) as well as a decline in e-book sales.
In the Spain/Latin America area, activity was down (-3.8%), particularly due to a postponement in Education sales in Spain.
The trend for Partworks (-3.4%) can be explained by a smaller volume of launches at the end of 2014.
Digital: in the 1st half of 2015, the weighting of e-books in Lagard re Publishing total sales declined to 10.7%, compared to 11.3% at the end of June 2014. This transition remains limited to English-speaking countries and to the General Literature segment:
- in the United States, in a declining digital market (slowdown seen since the beginning of 2014), sales of e-books have dropped (24% of sales for Trade(7) vs. 29% at the end of June 2014), g
Most recent headlines
04/08/2024
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet, a leading technology and service provider for media-rich organizations, a...
04/05/2024
NEW YORK As the Asian Pacific American Heritage Month kicks off in May, Nielsen has released an extensive new report diving into their media habits with data sh...
04/05/2024
PHILADELPHIA As National Military Appreciation Month gets underway, Comcast has announced several new initiatives to help veterans, service members, and their f...
04/05/2024
WASHINGTON, D.C. Federal Communications Commission chairwoman Jessica Rosenworcel has announced a tentative agenda for the May Open Commission Meeting scheduled...
04/05/2024
The Broadband Forum has announced major enhancements to key 5G convergence standards that the group said will help advance next-generation applications, improve...
04/05/2024
Spotify Wrapped Campaign Spot Graded With DaVinci Resolve Studio
Brie Clayton May 3, 2024
0 Comments
Blackmagic Design today announced that Colorist M...
04/05/2024
Three Boston Conservatory at Berklee Alums Nominated for Tony Awards An additional eight alums and two current students performed in nominated productions.
...
03/05/2024
An innovative learning tool to help media and civil society better understand ho...
03/05/2024
PARK CITY, UTAH - JANUARY 21: (L-R) Actors K stutis Cic nas and Greta Grinevi i t , Director Marija Kavtaradze and Producer Marija Razgute attend the 2023 Sunda...
03/05/2024
If you aren't familiar with Danny Ocean's music, it's only a matter ...
03/05/2024
Spotify has an unwavering commitment to supporting emerging artists across all genres, to helping them launch and thrive in their careers, and to connecting the...
03/05/2024
Como uno de los sonidos de mayor expansi n en el mundo, la M sica Mexicana va m ...
03/05/2024
As one of the fastest-growing sounds worldwide, M sica Mexicana is more than jus...
03/05/2024
NEW YORK FuboTV reported that it lost 110,000 subs in Q1 2024 but it exceeded its guidance for the quarter with double digit year-over-year increases across key...
03/05/2024
Only 3 Weeks Left To Enter The Creative Industries Most Award
Brie Clayton May 3, 2024
0 Comments
Creativepool is giving a last call to the creative i...
03/05/2024
WePlay Studios Transforms the Future of Live Event Storytelling with AJA Gear
Brie Clayton May 3, 2024
0 Comments
By 2032, the esports market is expec...
03/05/2024
WASHINGTON Shannon Bream, Fox News Sunday anchor and chief legal correspondent, sat for a keynote chat at The Business of TV News, with Tom Umstead, senior co...
03/05/2024
WASHINGTON Asked how important is local news, Martha Raddatz, who has covered foreign conflicts for decades and moderated presidential debates for ABC News, s...
03/05/2024
Sony Pictures and Apollo Global Management have made a $26 billion cash offer fo...
03/05/2024
CBS announced its 2024-2025 primetime schedule, which features the new dramas NCIS: Origins, Matlock and Watson, and new comedies Poppa's House and Georgie ...
03/05/2024
Sports-focused streaming service Fubo said it reduced its red ink in the first quarter, despite losing 110,000 subscribers since the end of the year....
03/05/2024
Walmart is reportedly about to release a new 4K streaming box/smart speaker hybrid device for Google TV that could retail for as low as $50, according to a repo...
03/05/2024
Enhancements to its Delivery Workspace solution provide increased content delivery robustness and security
By Matthew Corrigan
Published: May 3, 2024
Enha...
03/05/2024
According to reports, if the bid is successful, Sony would be the significant majority shareholder of the new private company
By Jenny Priestley
Published: M...
03/05/2024
Located in Manchesters Spinningfields district, the course aims to equip students with the skills, knowledge and industry insight for a career in the creative s...
03/05/2024
Lightbridge has created a new Cine Reflect Lighting System kit, dedicated to enabling artistic lighting with consideration of today's productivity practical...
03/05/2024
Broadcast media systems integrator BeckTV and Lawo worked together on a large-scale AES67 build of radio control rooms at KPBS, San Diego's NPR and PBS memb...
03/05/2024
Raleigh, NC, April 12, 2024 SmallHD announces PageOS 6, a powerful software update free for owners of SmallHD monitors, featuring increased functionality, exp...
03/05/2024
SmallHD announces the Quantum 32 a new 31.5 OLED monitor designed to provide reference HDR/SDR images for post-production final color grading, as well as cri...
03/05/2024
By 2032, the esports market is expected to grow to $9.29 billion, bolstered by a global player count and fan following that both continue to climb. The 2023 Lea...
03/05/2024
Amagi, the global leader in cloud-based SaaS technology for broadcast and connected TV (CTV), today announced that the 11th edition of the Amagi Global FAST Rep...
03/05/2024
Riedel Communications today announced that Westdeutscher Rundfunk (WDR) is relying on a media and intercom network based on Riedel technology for the renewal of...
03/05/2024
Broadpeak , a leading provider of content delivery network (CDN) and video streaming solutions for content providers and pay-TV operators worldwide, announced t...
03/05/2024
Media technology innovator Limecraft will exhibit the latest updates to its online platform on stand G79 at the 15-16 May 2024 Media Production & Technology Sho...
03/05/2024
Audio interface specialist Prism Sound is partnering with console manufacturer Solid State Logic, professional monitor manufacturer PMC and acoustic panel and d...
03/05/2024
Intinor, Sweden's leading developer of products and solutions for high-quality video over the internet, is set to join forces with its UK partner Zest Techn...
03/05/2024
NAKIVO Inc., a fast-growing software company dedicated to protecting physical, virtual, cloud, and SaaS environments, announced its Q1 2024 financial results to...
03/05/2024
Hiltron Communications announces an addition to its range of satellite communication products and systems: a field-upgradable motorisation kit specifically desi...
03/05/2024
Visit LiveU at Stand D30
With this year an exceptional one for major sporting events alongside multiple, key elections, the power and flexibility of LiveU'...
03/05/2024
Agile Content, the leader in the development of technology and solutions for the provision of television services over the Internet, announces Koldo Unanue as i...
03/05/2024
Eight co-signers representing streaming services, pay TV operators and public interest groups have sent a letter to Congressional leaders urging their Committee...
03/05/2024
BOSTON Brightcove has announced that it has implemented Amazon Q Business, a new generative AI assistant on Amazon Web Services (AWS)....
03/05/2024
NEW YORK CBS has declared that it will finish the 2023-24 season as Americas Most-Watched Network in primetime for the 16th consecutive season....
03/05/2024
A new survey indicates that U.S. businesses and consumers had an overall positive attitude towards their technology spending plans in the first quarter of 2024,...
03/05/2024
Sony and Apollo Global Management have sent an offer letter to Paramount Global's board of directors making an $26 billion all cash offer for Paramount Glob...
03/05/2024
EMG / Gravity Media has appointed Charlie Cubbon chief operating officer (COO) and Jamie Hindhaugh regional CEO for the U.K., U.S., Australia and the Middle Eas...
03/05/2024
Final 2024 Season Games to Air Saturdays on WRAL at 10:30am in May, Championship on June 1
Taping for the final episodes of the 2024 season of WRAL-TV's Br...
03/05/2024
Estrella MediaCo said it is expanding its connected TV portfolio by launching three new channels with Curiosity that will first appear on Samsung TV Plus....
2015 FIRST HALF RESULTS Target for 2015 recurring EBIT(1) growth raised from 5% to 7%. 
