
2014 ANNUAL RESULTS Growth of recurring Media EBIT(1): 2.9%(2) to 379m Group operating margin : 4.8% vs 4.5% in 2013
Recurring Group EBIT 4.7% to 342m
Adjusted net profit(3) 7.6% to 185m
Proposed ordinary dividend unchanged at 1.3 per share
A solid financial position
2015 guidance on recurring Group EBIT: about 5% compared to 2014(4)
Download press release
Access the webcast
In 2014, the Lagard re group s operating performance featured improved profitability (with a margin of 4.8% in 2014 vs. 4.5% in 2013).
Growth in recurring Media EBIT ( 2.9% on a like-for-like basis(2)) is above the guidance(5), thanks to the recovery at Lagard re Unlimited, tight cost control in other units and a significant improvement in Travel Retail.
> Sales came to 7,170m, -0.6% in reported figures and -1.8% on a like-for-like basis( ), with an improvement at the end of the year.
> Recurring Media EBIT amounted to 379m, up 7m compared to 2013:
- Lagard re Publishing: the operating margin remained high (9.8%) but receded slightly by 1 point; Recurring EBIT amounted to 197m, down by - 26m with an unfavourable basis of comparison in General Literature in France and English-speaking countries, after a very strong year in 2013 for best-sellers. Cost-cutting measures helped to reduce this effect.
- Lagard re Services: Recurring EBIT rose by 9m to 105m, thanks to the sharp increase in Travel Retail activities.
- Lagard re Active: Recurring EBIT rose by 9m to 73m. The operating margin improved, driven by ongoing cost-cutting.
- Lagard re Unlimited: the recovery is on track, with positive recurring EBIT of 4m, up by 15m.
> Net profit - Group share amounted to 41m, vs. 1,307m in 2013, which included the 1,823m capital gain on the disposal of the EADS stake. Adjusted net profit - Group share came to 185m, a 7.6% increase compared to 2013, reflecting mainly the increase in recurring Group EBIT and the improvement in net financial income.
> The Group s financial situation was solid with net debt of 954m at end-2014, vs. net cash of 361m at end-2013. This change is mainly due to dividend payments (an exceptional distribution and the ordinary dividend). The cash situation remains healthy and gearing (net debt / equity) of 46% and leverage ratios (net debt / recurring EBITDA(7)), at 1.8x, are in line with Group objectives.
I- SALES AND RECURRING EBIT Sales came to 7,170m, or -1.8% on a like-for-like basis and -0.6% in reported figures.
The difference between the like-for-like and reported figures was caused mainly to a positive 108m perimeter, due, in turn, mainly to acquisitions in 2014 at Lagard re Services - Gerzon Holding (Amsterdam Schiphol airport) and Airest Group (including the Venice airport) - and, to a lesser extent, Lagard re Active (Groupe R servoir and France T l visions 34% stake in Gulli) and Lagard re Publishing (in the United Kingdom). Exchange-rate shifts had a negative impact of - 27m (mainly at Lagard re Services, due to the depreciation of the Australian dollar, the Hungarian forint, and the Canadian dollar vs. the euro).
Recurring Media EBIT amounted to 379m, 1.9%.
When excluding the impact of the July 2014 disposal of the Payot bookshops in Switzerland, whose contribution amounted to 3m between July and December 2013, recurring Media EBIT rose by 2.9%, slightly more than guidance range (i.e., growth about in the middle of a range of 0% to 5% at constant forex). The forex impact was not significant in 2014.
Recurring Group EBIT (i.e., recurring Media EBIT and other activities) amounted to 342m, 4.7% compared to 2013.
> Lagard re Publishing: the operating margin remains high
Sales
Sales 2014 came to 2,004m, -3% in reported figures and -4.5% on a like-for-like basis.
2014 was a transition year for Lagard re Publishing, whose top-line figure, as expected, was marked an unfavourable comparison driven by the large number of best-sellers in 2013. Note also the significant decline in Education, due to the lack of renewal of Textbook programmes, particularly in France.
Profitability
The operating margin remains high, at 9.8% but nonetheless receded by one point. Recurring EBIT at Lagard re Publishing amounted to 197m, - 26m compared to 2013. This shift was due mainly to the contraction of activity in General Literature in France and in English-speaking countries. The implementation of cost-cutting nonetheless helped limit its effects.
> Lagard re Services: acceleration of growth at Travel Retail and increase in recurring EBIT
Sales
Sales in 2014 came to 3,814m, 1.8% in reported figures and 1.3% in like-for-like figures. When excluding the impact of the end of tobacco sales in Hungary, like-for-like growth would have been 2.6%. The strategic transformation continues at Lagard re Services, and Travel Retail now accounts for 63% of total consolidated net sales, vs. 60% in 2013.
The market environment in 2014 featured growth in air traffic at a brisker pace than in 2013, and the continued decline in the press market. Lagard re Services development strategy paid off with an acceleration in organic growth in Travel Retail in the second half.
Profitability
The operating margin amounted to 2.7%, a very slight improvement, with a recurring EBIT up 9m to 105m.
This improvement was due to the solid performance at Travel Retail ( 15m) which, apart from the impact of growth in air traffic, was driven by a more favourable product mix, the successful development of new concepts and the contribution of acquisitions. The results of Distribution (down by - 6m) reflect weaker activity, which was nonetheless mitigated by the diversification strategy and tight cost control.
> Lagard re Active: improvement in profitability thanks to cost-cutting plans
Sales
Sales of 958m in 2014, or -3.8% in reported figures and -5.4%
Most recent headlines
13/03/2025
WASHINGTON FCC Chairman Brendan Carr announced that the agency has launched a massive, new deregulatory initiative that could potentially subject virtually all ...
13/03/2025
SUNNYVALE, Calif. SDVI has announced that it has integrated its Rally media supply chain management platform with the Spectra Vail multi-cloud data management s...
13/03/2025
ATLANTA Gray Media has announced that the Federal Communications Commission (FCC) has granted a waiver of its local ownership rules to permit Gray Media to acqu...
13/03/2025
TV Tech: What do you anticipate will be the most significant technology trends at the 2025 NAB Show?...
13/03/2025
Watch Student Naomi Soleils Folk Pop Performance on The Voice The songwriting major sang Stars by Grace Potter and the Nocturnals during the blind auditions.
...
12/03/2025
O Spotify acaba de lan ar o relat rio Loud & Clear deste ano, uma vis o transpar...
12/03/2025
Spotify acaba de presentar el informe Loud & Clear de este a o, una mirada trans...
12/03/2025
Ramadan, a period of profound spiritual significance for Muslims worldwide, is a time for fasting, prayer, reflection, and community. Enrich your experience thi...
12/03/2025
Spotify has just unveiled this year's Loud & Clear report, a transparent loo...
12/03/2025
More than 70% of FAST programming has been produced since 2010, according to new Gracenote report
NEW YORK March 12, 2025 Gracenote, the content data busin...
12/03/2025
GEONA, Nev. Independent digital and linear advertising rep firm Viamedia will adopt cloud-based ShowSeeker Pilot as its primary ad campaign and order management...
12/03/2025
BRUSSELS Mediagenix has announced that Wael Yasin has joined the company as sales director Central Europe....
12/03/2025
LONDON A new study highlights opportunities for shoppable TV and the massive impact online consumer spending is having on the economy, with Omdia predicting tha...
12/03/2025
CUPERTINO, Calif. Interra Systems has announced that Comcast Technology Solutions has integrated recent updates to BATON Version 9 into its operations....
12/03/2025
Nevion announces new 400G addition to its eMerge SDN media fabric offering
Brie Clayton March 12, 2025
0 Comments
High-capacity switch enhances existi...
12/03/2025
DaVinci Resolve Studio Delivers Cinematic Sound for Adam Bol
Brie Clayton March 12, 2025
0 Comments
Feature film relies on DaVinci Resolve Studio for ...
12/03/2025
SVT Leverages Ateliere Live to Pioneer 100% Software-Defined Production at Rally...
12/03/2025
Berklee Awards Fenway Neighborhood Improvement Grant to Four Organizations A total of $17,000 will be distributed among the Boston-based nonprofits.
By
Madd...
12/03/2025
TVBEuropes Jenny Priestley sits down with new SMPTE president Richard Welsh to discuss his aims for the organisation going forward, its efforts to attract a you...
12/03/2025
The new process has significantly enhanced operational efficiencies, with automation freeing up creators to concentrate on higher value tasks
By Matthew Corrig...
12/03/2025
Jellyfish Pictures, which has offices in London and Sheffield, said it has been battling hard in the face of strong headwinds over the last 12 months
By Jenny ...
12/03/2025
Visit Booth #W2213 to Experience the Latest in AI-Driven Content Discovery and Workflow Automation
Bitcentral, a leader in media workflow solutions, is set to ...
12/03/2025
CHICAGO Jeff Lilly has been named WGN-TV director of technology effective March 17, 2025, according to Ric Harris, WGN-TV vice president and general manager....
12/03/2025
MOUNTAIN VIEW, Calif. A new study from LG Ad Solutions indicates that consumers want more features that would allow them to shop for products on the connected T...
12/03/2025
BOTHELL, Wash. The Alliance for IP Media Solutions (AIMS), Advanced Media Workflow Association (AMWA) and the Video Services Forum (VSF) will once again present...
12/03/2025
PHILADELPHIA Comcast announced that it has upgraded Xfinity Internet speeds for more than 20 million customers for no additional cost....
12/03/2025
Create with Maxon: Cinema 4D Fundamentals Workshop - March 12-14
Brie Clayton March 11, 2025
0 Comments
Makin' Waffles with Elly Wade
During Marc...
12/03/2025
Ottawa, Canada - March 12, 2025 - Ross Video is pleased to announce the appointment of Aaron Tunnell as Business Development Director, Cloud Solutions, reinforc...
12/03/2025
12 Mar 2025
VEON to release 4Q 2024 trading update on 20 March 2025 Dubai, 12 March 2025 - VEON Ltd. (NASDAQ: VEON), a global digital operator, today confirms ...
12/03/2025
Getting set for the Winter Olympics: Inside SVT's ongoing software-based pro...
12/03/2025
THE PLAYERS Championship 2025: AI Commentary, Shared-Reality Viewing at COSM, La...
12/03/2025
Seamless SMPTE 2110: A Discussion on Making the Move to IP Less Painful Leaders from Netflix, Monumental Sports & Entertainment, LinkedI, and Megapixel address ...
12/03/2025
Opening Doors of Perception: Meta's Ajit Ninan on Rethinking AR/MR Perceptua...
12/03/2025
With the 2025 Formula 1 season set to begin in Melbourne on March 16, Sky Sports is gearing up to deliver its most comprehensive F1 coverage yet. Following a th...
12/03/2025
Unicanal and Trece TV revolutionize Digital TV in Paraguay with Rohde & Schwarz ...
12/03/2025
Honoring Service, Celebrating Sport: Rohde & Schwarz UK Sponsors NavyFit Rugby D...
12/03/2025
New HVS-Q12 Represents a Quantum Leap in Switcher Design...
12/03/2025
Telespazio and ABS Expand Partnership to Deliver Tailored C-Band Connectivity So...
12/03/2025
ABC conducts independent audits across the TAG programs. In the March 2025 TAG s...
12/03/2025
Facebook
Twitter
LinkedIn
Moonlight: ESA program to create a satellite con...
12/03/2025
Facebook
Twitter
LinkedIn
In 2025, Thales ranks among the top 0.01% of the...
12/03/2025
Consumer show back following hugely successful first series
10 March 2025 Following a hugely successful first series, The Complaints Bureau returns to RT ...
11/03/2025
By Lucy Spicer
One of the most exciting things about the Sundance Film Festival...
11/03/2025
Salsa is making a comeback, captivating new listeners with its infectious energy...
11/03/2025
For many people, music can serve as a reflection of their roots and upbringing. ...
11/03/2025
The solution delivers reliable, scalable and secure connectivity for critical pu...
11/03/2025
SAN JOSE, Calif. Harmonic has announced that Weigel Broadcasting has deployed Harmonics VOS Media Software, which offers playout-to-delivery capabilities, inclu...
11/03/2025
NEW BERN, N.C. Wheatstone will introduce a Linux audio driver for its WheatNet IP audio network during the 2025 NAB Show, April 5-9, at the Las Vegas Convention...
11/03/2025
NEW YORK A new study finds that as TV viewership for women's sports surged by 131% in 2024, the programming also saw a 56% year-over-year increase in ad im...
11/03/2025
Powerful switcher for news studio
FOR-A, a cutting-edge video broadcast technology company backed by more than 50 years experience, has installed its HVS-1200 ...