In This Article:
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Revenue: Nearly EUR9 billion, up 11% as reported and 8.5% on a like-for-like basis.
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Recurring EBIT: EUR593 million, up by EUR73 million from the previous year.
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Adjusted EBIT/EBITDA: Up 23% to just below EUR500 million.
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Free Cash Flow: EUR523 million, an increase of EUR162 million compared to 2023.
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Net Debt: Decreased by EUR188 million, with a leverage ratio of 2.4 compared to 3 last year.
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Lagardere Publishing Revenue: Up 1.9% on a like-for-like basis, nearly EUR4 billion.
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Lagardere Travel Retail Revenue: EUR5.8 billion, with a 12.5% increase on a like-for-like basis.
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Publishing EBIT Margin: Maintained at almost 11%.
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Travel Retail EBIT: EUR305 million, up 25% from the previous year.
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Dividend Proposal: EUR0.67 per share for 2024, a 3% increase from last year.
Release Date: February 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Lagardere SA (LGDDF) achieved record-breaking sales and results, marking the highest historical revenue level at nearly EUR9 billion, up 11% as reported.
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The company's recurring EBIT reached an all-time high of EUR593 million, supported equally by Publishing and Travel Retail divisions.
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Free cash flow improved significantly to EUR523 million, enabling a strong deleveraging with net debt decreasing by EUR188 million.
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Lagardere Travel Retail experienced robust growth, with revenue increasing by 12.5% on a like-for-like basis, driven by continued traffic recovery.
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The integration of Vivendi has brought business synergies and a more peaceful shareholder environment, enhancing strategic focus and cash management.
Negative Points
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Despite strong performance, Lagardere SA (LGDDF) faces significant debt levels, which have been a consequence of past investments and acquisitions.
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The company is cautious about cash investment, indicating a need to balance growth opportunities with debt reduction.
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Lagardere Publishing's revenue in France slightly declined due to a softer performance in general literature and educational segments.
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Prisma Media's EBITDA decreased, impacted by the sale of Gala and restructuring costs, highlighting challenges in the media segment.
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The cost of gross debt remains high, with interest expenses increasing by EUR40 million compared to the previous year, necessitating refinancing efforts.
Q & A Highlights
Q: What are the trends for early 2025 in Travel Retail, Book Publishing, and Prisma? A: Jean-Christophe Thiery, Deputy CEO of Hachette Livre SA, noted a rich publication program in France and the UK, with significant releases expected. Dag Rasmussen, CEO of Lagardere Travel Retail, reported a strong start to the year with sales up over 9% at constant rates. Claire Leost, Chairman of Prisma Media SAS, highlighted developments in luxury and lifestyle segments and digital expansion.