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.
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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
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2015 FIRST HALF RESULTS Target for 2015 recurring EBIT(1) growth raised from 5% to 7%. 
