2015 Full-Year Results - 9 March 2016 - Lagardère
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2015 Full-Year Results 9 March 2016
Certain statements contained in this document are forward-looking statements (including objectives and trends), which
address our vision of the financial condition, results of operations, strategy, expected future business and financial
performance of Lagardère SCA. These data do not represent forecasts within the meaning of European Regulation
No. 809/2004.
When used in this document, words such as “anticipate”, “believe”, “estimate”, “expect”, “may”, “intend”, “predict”, “hope”,
“can”, “will”, “should”, “is designed to”, “with the intent”, “potential”, “plan” and other words of similar import are intended to
identify forward-looking statements. Such statements include, without limitation, projections for improvements in process
Disclaimer and operations, revenues and operating margin growth, cash flow, performance, new products and services, current and
future markets for products and services and other trend projections as well as new business opportunities.
Although Lagardère SCA believes that the expectation reflected in such forward-looking statements are reasonable, such
statements are not guarantees of future performance. Actual results may differ materially from the forward-looking
statements as a result of a number of risks and uncertainties, many of which are outside our control, including without
limitations:
• general economic conditions, including in particular growth in Europe and North America;
• legal, regulatory, financial and governmental risks related to the businesses;
• certain risks related to the media industry (including, without limitation, technological risks);
• the cyclical nature of some of the businesses.
No representation or warranty, express or implied, is made as to, and no reliance should be placed upon, the fairness,
accuracy, completeness or correctness of such forward-looking statements and Lagardère SCA, as well as its affiliates,
directors, advisors, employees and representatives accept no responsibility in this respect.
Please refer to the most recent Reference Document (Document de référence) filed by Lagardère SCA with the French
Autorité des marchés financiers for additional information in relation to such factors, risks and uncertainties.
Accordingly, we caution you against relying on forward-looking statements. The forward-looking statements
2015 Full-Year Results abovementioned are made as of the date of this document and neither Lagardère SCA nor any of its subsidiaries
undertake any obligation to update or review such forward-looking statements whether as a result of new information,
9 March 2016 future events or otherwise. Consequently neither Lagardère SCA nor any of its subsidiaries are liable for any
consequences that could result from the use of any of the above statements.
2
Key Group figures pages 4 to 8
Contents Performance by division pages 9 to 19
Group financial results pages 20 to 27
Appendices to consolidated accounts pages 28 to 40
Significant events pages 41 to 64
2015 Full-Year Results
9 March 2016
3
Key Group figures
Reported Like-for-like
2014* 2015
(€m) change change**
Sales 7,170 7,193 +0.3% +3.0%
Recurring EBIT of fully
342 378 +10.5% /
consolidated companies***
Group operating margin 4.8% 5.3% +0.5 pt /
Key Group
Profit – Group share 41 74 +€33m /
figures
Adjusted profit – Group share 185 240 +€55m /
Free cash flow (23) 274 +€297m /
Net debt at end of the period (954) (1,551) -€597m /
Earnings per share (in €) 0.32 0.58 +81.3% /
Ordinary dividend per share (in €) 1.30 1.30**** = /
Sales: a negative perimeter of -€393m, and a positive currency effect of €222m.
2015 Full-Year Results *The retrospective application of IFRIC 21 “Levies” has no significant impact on 2014 P&L figures:
The new interpretation IFRIC 21 modifies the obligating event that gives rise to the recognition of a liability to pay a levy or
9 March 2016 contribution. The obligating event for the recognition of the liability is now the activity that triggers the payment of the levy, as
defined by the tax authorities.
**At constant perimeter and exchange rates. / ***See definition slide 40.
****Ordinary dividend that will be recommended at the General Shareholder’s Meeting on 3 May 2016. 5
+8.8%
+€342m +€327m +€356m +€378m
-€15m +€29m +€11m +€11m
2015 Recurring
EBIT, slightly
above
the full-year
guidance
2014 Reported LTR - 2014 Business 2015 Scope FX 2015 Reported
EBIT Distribution Comparable Performance Comparable** adjustment*** EBIT
adjusment*
2015 Full-Year Results
9 March 2016 *Effect of Swiss Distribution activity and Curtis disposals.
**Calculated using 2014 exchange rates.
***Effect of Paradies and Grupo Boomerang TV acquisitions.
6
Lagardère Publishing
• Acquisition of UK book publisher Rising Stars in December 2014.
Full consolidation starting 1 January 2015.
• Acquisition of UK book publisher Nicholas Brealey Publishing group.
Changes Full consolidation starting 1 July 2015.
of scope:
Lagardère Travel Retail
main items
• Disposal of Swiss Distribution activity (Press Distribution and Integrated
(1/2) Retail, 180 stores), deconsolidated since March 2015.
• Disposal of Curtis Circulation Company, a US national distributor of
magazines, deconsolidated since June 2015.
• Acquisition of 17 retail stores (fashion and confectionary) at JFK airport.
Full consolidation starting 1 May 2015.
• Acquisition of Paradies, an airport travel retail leader in North America
operating in more than 76 airports in the US and Canada. Full consolidation
2015 Full-Year Results
starting 1 November 2015.
9 March 2016
7
Lagardère Active
• Acquisition of the Spanish group of TV production Grupo Boomerang TV.
Full consolidation starting 1 June 2015.
Changes Lagardère Sports and Entertainment
of scope: • Acquisition of UFA Sports, a sports marketing agency in Germany.
Full consolidation starting 1 July 2015.
main items
• Acquisition of akzio! ajoint. group, the market leading sponsoring agency
(2/2) in Germany. Full consolidation starting 1 September 2015.
• Acquisition of the Bataclan concert hall. Full consolidation starting
1 October 2015.
• Acquisition of Event 360 and Sponsorship 360, consulting and activation
business agencies. Full consolidation starting 1 December 2015.
2015 Full-Year Results
9 March 2016
8
Performance by division
2015 sales by geographical area 2015 sales by activity
Other Other Education
17% 16% 16%
18%* France 17%* 16%*
29%
Spain 31%*
6% Partworks
6%* 11% Illustrated
12%* Books
17%
Lagardère US & UK & General
15%*
Canada Australia
Publishing: 25%
24%*
23%
Literature
40%
21%* 40%*
activity
2015 sales: €2,206m (+10.1% reported and +1.7% like-for-like).
• Activity growth was driven by the excellent performance in France in Illustrated Books
and General Literature, and to a lesser extent to the good momentum in Education in Spain
and in Partworks.
• A positive perimeter of +€28m, and a positive currency effect of €140m. All comments below
are based on like-for-like figures.
• In France, a significant growth (+5.5%) thanks to a solid activity in General Literature, with
successful best-sellers (Fifty Shades…), in addition to Illustrated Books, especially Asterix
and coloring books.
• In the US, activity was stable (-0,3%): the increase of printed books sales has offset the decline
of e-books sales.
• The decrease in the UK (-3.3%) is due to the contraction of e-books sales, in a market affected
2015 Full-Year Results by the VAT hike. Also, good performances in Education and Illustrated Books did partially offset
9 March 2016 a slower release schedule than 2014 in non-fiction.
• Activity is up in Spain/Latin America (+7.5%, thanks to Education and Asterix), and in Partworks
(+3%).
*% of sales in 2014. 10 As expected, the weight of e-books has decreased: e-books accounted for 9%
of total sales of the division in 2015 vs. 10.3% in 2014.
Digital for the time being remains essentially limited to the traditional fiction/non-fiction
segment, and only in the US and in the UK, where in 2015 market trends have been
reversed, with a rebound in volumes of printed books to the detriment of e-books:
• in the US, Lagardère Publishing digital sales accounted for 22% of Trade sales in 2015.
Lagardère It reflects market trend and the impact of the agreement with e-retailers;
Publishing: • in the UK, e-book sales decreased due to a less intensive new release schedule and to
focus on e-book a change in VAT rate. E-books accounted for 26% of Adult trade sales;
• French and Spanish markets still at an early stage.
E-book share – as percentage of trade sales Lagardère Publishing e-book sales
United States* United Kingdom** % of total sales
31% 10.4% 10.3%
9.0%
9,0%
27% 26%
26% 8.0%
30%
24% 26% 20% 6.0%
21% 22%
22%
10%
8% 2.0%
2015 Full-Year Results 1%
9 March 2016 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015
*Trade. / **Adult trade.
11(€m) 2014 2015 Change
Sales (a) 2,004 2,206 +10.1%
Recurring EBIT of fully consolidated companies (b) 197 198 +€1m
Operating margin (b)/(a) 9.8% 9.0% -0.8 pt
Lagardère Income (loss) from equity-accounted companies 2 1 -€1m
Non-recurring/non-operating items (30) (16) +€14m
Publishing:
EBIT 169 183 +€14m
profitability
2015 Recurring EBIT
• Profitability trend is mainly attributable to the decrease of e-book sales in the US
and in the UK, linked to the implementation of the new contractual terms with
e-retailers, and in the UK to the VAT hike (from 3% to 20%).
• Profit is up in France, thanks to activity growth, and in Partworks.
A lower amount of non-recurring and non-operating items, mostly due to
reduced restructuring charges.
2015 Full-Year Results
9 March 2016
122015 sales by geographical area 2015 sales by activity
US & Canada
9%
Eastern 6%* Asia-
Europe Pacific
17% Distribution
10% (Wholesale Distribution
17%* 8%* & Integrated Retail)
27%
37%*
Other Western
Travel Retail
Lagardère Europe
11% France 73%
16%* 23% 63%*
Travel Retail: Italy
8%
26%*
activity 6%*
Spain Belgium
10% 12%
9%* 12%*
2015 sales: €3,510m (-8.0% reported and +4.3% like-for-like).
• The market environment in 2015 was marked by the brisk pace of growth in air traffic, the
continued downturn in the press market, and an unsettled geopolitical and macroeconomic
situation.
• The repositioning and development strategy of Lagardère Travel Retail is well on track, with
the advanced disposal process of the Distribution activities, the accelerated organic growth
in Travel Retail and the completion of acquisitions in a growing North American market
(primarily Paradies).
• A negative perimeter of -€498m, and a positive currency effect of €57m. All comments below are
based on like-for-like figures.
2015 Full-Year Results • Strong momentum in Travel Retail, with a sustained growth of +8.2% despite the impact of Paris
9 March 2016 attacks in Q4. See details next page.
• Distribution is down -4.2%, with continued downturn of the press market, the suspension of export
operations in Hungary, not fully compensated by the successful diversification initiatives.
*% of sales in 2014. 13 The growth strategy of Lagardère Travel Retail is bearing fruits.
All comments below are based on like-for-like figures.
• A strong growth of Travel Retail activities (+8.2%) on all markets, driven by passenger traffic,
proper consolidation of acquisitions, network development and successful commercial initiatives.
- In France, a sharp growth (+5.8%) driven by the Travel Essentials and Foodservice segments
(network development), as well as Duty Free (buoyant traffic and concept development).
However, the end of the year was marked by the negative effect of the attacks in Paris.
- In the rest of Europe, activity is strongly up (+9.9%), especially in Poland (+17%, due to the gain
Lagardère of new concessions), Italy (+7.9%) with a good performance in particular in Rome, Iceland (new
Travel Retail: concession), Romania (+18.7%) and Spain (+8.1%).
- The robust activity in North America (+5.5%) is driven by network increase and sustained traffic.
focus on Travel - Asia-Pacific is also up (+10.4%) with strong sales in the Pacific area (opening of new duty free
stores in New Zealand) and in Asia (China, Singapore and Hong Kong).
Retail • Development activity was successful with numerous gains of tenders and successful
key renewals, such as: UK (London - Luton), France (Nice), Luxemburg, Poland (Krakow), Abu
Dhabi, New Zealand (Auckland), China (Kunming), Singapore, Hong Kong, Canada (Toronto and
Vancouver)…
Improving passenger traffic trends*:
Worldwide Europe North America Asia-Pacific
+8.0%
+6.0% +5.2% +5.4%**
2015 Full-Year Results +4.9%**
+5.2%**
+5.0%
+3.2%**
9 March 2016
*At the end of October 2015, year-on-year increase. Source: ACI. / **Full-Year 2014. 14(€m) 2014 2015 Change
Sales (a) 3,814 3,510 -8.0%
Recurring EBIT of fully consolidated companies (b) 105 102 -€3m
Operating margin (b)/(a) 2.7% 2.9% +0.2 pt
Income (loss) from equity-accounted companies 6 10 +€4m
Lagardère
Non-recurring/non-operating items (64) (74) -€10m
Travel Retail:
EBIT 47 38 -€9m
profitability
2015 Recurring EBIT
• Excluding the disposal of the Swiss and US Distribution activities (-€15m) and
the Paradies integration (+€4m), performance improved in both Travel Retail
and Distribution.
• Increase in Travel Retail of +€8m: rise in margin through both an improved product mix and
better purchasing conditions, growth of Duty Free in Italy, successful development of new
concepts, network expansion and successful new commercial initiatives.
• Negative impact (-€3m) of the consolidation of Airest (weaker profitability in the 1st quarter).
• Increase in Distribution: +€3m, thanks to cost cutting measures and diversification
initiatives.
2015 Full-Year Results
Non-recurring and non-operating items comprise mainly amortisation of intangible
9 March 2016 assets (due to recent acquisitions), restructuring costs and impairment losses (in Distribution),
which are partly compensated by the net capital gains on the Distribution assets sold in 2015.
152015 sales by geographical area 2015 sales by activity
Other international
13% Radio
14%* 21%
Spain 22%*
6%
0%*
Press
France 41%
Lagardère 81%
86%*
45%*
TV
Active: 32%
26%*
activity Pure Digital
6%
7%*
2015 sales: €962m (+0.5% reported and -5.8% like-for-like).
• Lagardère Active has implemented its strategy of rebalancing its portfolio of activities
toward broadcasting, primarily thanks to the acquisition of Gulli in November 2014 and
Grupo Boomerang TV in May 2015.
• A positive perimeter of +€59m and a negative currency effect of -€1m. All comments below are
based on like-for-like figures.
• In all, advertising was down by -1.6%, thanks to an improved end of the year.
• Magazine activities are down by -3.9%, with a drop in advertising (-4.9 %) and in circulation (-5.3%),
partly offset by the strong development of digital activities (+25.1%).
• Radio demonstrated its defensiveness (-1.4%) with activity up internationally.
2015 Full-Year Results • TV activities (theme channels and TV Production) are down (-8.9%) mostly due to an unfavourable
9 March 2016 comparison effect for TV Production with fewer deliveries of international productions.
• The drop in Pure Digital sales (-19.5%) is mostly due to the dip in LeGuide.com sales. Excluding
the latter, Pure Digital activities have increased by +4.9% thanks to new sources of revenues.
*% of sales in 2014. 16(€m) 2014 2015 Change
Sales (a) 958 962 +0.5%
Recurring EBIT of fully consolidated companies (b) 73 79 +€6m
Operating margin (b)/(a) 7.6% 8.2% +0.6 pt
Lagardère Income (loss) from equity-accounted companies 4 2 -€2m
Non-recurring/non-operating items (21) (63) -€42m
Active:
EBIT 56 18 -€38m
profitability
2015 Recurring EBIT
• Profitability is increasing, despite negative trends in press (advertising and
circulation) and LeGuide.com difficulties, thanks to:
- the strong results in TV Production: successful integration of Grupo Boomerang TV
and good performance in program distribution;
- the implementation of the costs saving plan that enabled to improve press
magazine profitability and consolidate performance of our TV and radios activities.
2015 Full-Year Results
Non-recurring and non-operating items comprise mainly impairment losses on
9 March 2016
LeGuide.com (-€25m) and Version Femina (-€17m), as well as restructuring costs.
172015 sales by geographical area 2015 sales by activity
US &
Latin America France
13% Media
9%
14%* rights
14%* Other 26%
Africa & 32% 19%*
Middle East 33%*
16%
Germany
Lagardère 9%*
22%
27%*
Sports and Asia &
Australia
17%
Entertainment: 20%* UK
9%
Marketing
Rest of Europe rights
activity 14%
9%*
7%* 42%
48%*
2015 sales: €515m (+30.9% reported and +19.6% like-for-like).
• A positive perimeter of +€17m, and a positive currency effect of +€27m. All comments
below are based on like-for-like figures.
• The sharp increase in activity was attributable to the favourable calendar effect
in football, as expected, mainly because of continental competitions held in Africa
(Orange Africa Cup of Nations held in Equatorial Guinea) and Asia (AFC** Asian Cup
held in Australia), as well as the good start of stadium management operations.
2015 Full-Year Results
• Moreover, the good performance of marketing operations in Europe as well as services
9 March 2016 (ticketing, marketing rights and media) for the organisation of the 2015 African Games
in Brazzaville boosted growth.
*% of sales in 2014. / **Asian Football Confederation. 18(€m) 2014 2015 Change
Sales (a) 394 515 +30.9%
Recurring EBIT of fully consolidated companies (b) 4 20 +€16m
Operating margin (b)/(a) 1.0% 3.9% +2.9 pts
Lagardère Income (loss) from equity-accounted companies (3) (2) +€1m
Non-recurring/non-operating items (19) (62) -€43m
Sports and
EBIT (18) (44) -€26m
Entertainment:
profitability
2015 Recurring EBIT
• The recovery is well on track, thanks to two factors:
- strong positive seasonality impact due to the very positive calendar of continental
soccer competitions;
- underlying profit improving.
Non-recurring and non-operating items comprise mainly restructuring costs
and the reimbursement of past proceeds (decision of an Arbitration Court related
2015 Full-Year Results
to the commercial dispute linked to an Indian cricket competition in 2009) for €27m.
9 March 2016
19Group financial results
(€m) 2014* 2015
Sales 7,170 7,193
Total recurring EBIT of fully consolidated companies** 342 378
Operating activities 379 399
Consolidated Other activities (37) (21)
income Income (loss) from equity-accounted companies*** 9 11
statement Non-recurring/non-operating items (142) (215)
(1/2) Restructuring costs (66) (77)
Gains (losses) on disposals (5) 20
Fair value adjustment resulting from changes in control 25 -
Impairment losses (41) (62)
Amortisation of acquisition-related intangible assets
(55) (69)
and other acquisition-related expenses
Cricket litigation in India (WSG) - (27)
2015 Full-Year Results EBIT 209 174
9 March 2016
*The retrospective application of IFRIC 21 “Levies” has no significant impact on 2014 P&L figures:
The new interpretation IFRIC 21 modifies the obligating event that gives rise to the recognition of a liability to pay a levy or contribution.
The obligating event for the recognition of the liability is now the activity that triggers the payment of the levy, as defined by the tax authorities.
**See definition slide 40. / ***Before impairment losses. 21(€m) 2014 2015
EBIT 209 174
Net interest expense (73) (66)
Consolidated
Profit before tax 136 108
income
statement Income tax expense (87) (37)
(2/2) Total profit 49 71
Attributable to minority interests (8) 3
Profit – Group share 41 74
2015 Full-Year Results
9 March 2016
22(€m) 2014 2015
Profit – Group share 41 74
Restructuring costs* +53 +56
Adjusted profit Gains (losses) on disposals* +5 -24
–
Fair value adjustment resulting from changes in control* -25 -
Group share
Impairment losses on goodwill, tangible and intangible
+41 +62
fixed assets*
Amortisation of acquisition-related intangible assets
and other acquisition-related expenses* +42 +48
Cricket litigation in India (WSG)* - +19
Tax contribution on dividends paid to shareholders +28 +5
Adjusted profit - Group share 185 240
2015 Full-Year Results
9 March 2016
*Net of taxes.
23(€m) 2014 2015
Cash flow from operations before interest, taxes 403 447
Changes in working capital (49) 180
Cash flow from operations 354 627
Consolidated
statement of Interest paid & received, income taxes paid (144) (103)
cash flows Cash generated by/(used in) operating activities 210 524
Acquisition/Disposal of property, plant & equipment and intangible assets (233) (250)
Free cash flow (23) 274
Acquisition of financial assets (282) (568)
Disposal of financial assets 34 (59)
Net cash from operating & investing activities (271) (353)
2015 Full-Year Results
9 March 2016
2431 Dec. 2014 31 Dec.
(€m) restated* 2015
Non-current assets (excl. investments in associates and
joint ventures) 3,948 4,672
Investments in associates and joint ventures 159 155
Consolidated
Current assets (other than short-term investments and cash) 2,834 2,846
balance sheet
Short-term investments and cash 566 634
TOTAL ASSETS 7,507 8,307
Stockholders’ equity 2,084 2,135
Non-current liabilities (excl. debt) 714 800
Non-current debt 1,030 1,526
Current liabilities (excl. debt) 3,189 3,187
Current debt 490 659
TOTAL LIABILITIES AND EQUITY 7,507 8,307
2015 Full-Year Results
9 March 2016
*Includes impact of IFRIC 21: -€1m on non-current assets, -€4m on current liabilities and +€3m on stockholders’ equity.
25(€954m) +€274m -€627m -€186m -€58m (€1,551m)
Change in net
debt in 2015
Net debt Acquisition / Foreign Net debt
2015 Full-Year Results Free cash disposal of Dividends exchange,
as of as of
9 March 2016 flow financial paid scope and
31/12/2014 31/12/2015
assets other items
26 2015 Gross debt breakdown:
• Revolving Credit Facility refinanced in May 2015 for well-balanced funding sources
€1.25bn, 5 years + up to 2 years extension options.
• Strong liquidity, with €1,884m covering up to end 18% Bonds
of 2018. Bridge Loan
• Gross debt centered on bond market & commercial 14% 46% Bank loans & other
Commercial paper
Sound financial paper.
22%
• Paradies funded through €487m usd bridge loan
position available until October 2017.
Leverage ratio Preservation of liquidity and
Net debt/Recurring EBITDA* €1,551m balanced debt repayment schedule
Authorised
credit lines**:
€1,250m
€954m 2.4x €995m
2.1x 1.8x **
1.8x €659m
€502m
Cash*:
€634m
€3m €18m €8m
2015 Full-Year Results 31/12/2014 31/12/2015 Cash 2016 2017 2018 2019 2020 2021 &
available beyond
9 March 2016
*See definition slide 40. *Short-term investments and cash.
**On a proforma basis (as per credit facility covenant), including **Group credit facility excluding authorised credit lines at divisions level.
12 months of Paradies recurring EBITDA. On a reported basis,
ratio is 2.6x. 27Appendices to consolidated accounts
Sales by division Recurring EBIT of fully consolidated
companies by division
Lagardère Sports and Entertainment Lagardère Sports and Entertainment
7% 5%
Lagardère
Active Lagardère
13% Lagardère Active Lagardère
Publishing 20% Publishing
31% 49%
Group profile
2015
Lagardère Lagardère
Travel Travel
Retail Retail
49% 26%
Sales by geographic area 2014 Sales by geographic area 2015
US & US &
Canada Canada
10% 13%
Eastern Eastern
Europe France Europe France
12% 35% 10% 32%
Asia- Asia-
Pacific Pacific
7% 8%
2015 Full-Year Results Other Other
2% 3%
9 March 2016
Western Western
Europe Europe
Emerging countries: 21% 34% Emerging countries: 21% 34% 29 Sales
2015 Reported Reported
Like-for-like change*
(€m) sales €m change change
Lagardère Publishing 2,206 +€202m +10.1% +1.7%
Lagardère Travel Retail 3,510 -€304m -8.0% +4.3%
Lagardère Active 962 +€4m +0.5% -5.8%
Recap of Lagardère Sports and Entertainment 515 +€121m +30.9% +19.6%
performance Total 7,193 +€23m +0.3% +3.0%
by division
Recurring EBIT of fully consolidated companies
2015 Reported Reported Change at constant
(€m) EBIT €m change change exchange rates**
Lagardère Publishing 198 +€1m +0.5% -4.0%
Lagardère Travel Retail 102 -€3m -2.9% +6.3%
Lagardère Active 79 +€6m +8.2% +2.1%
Lagardère Sports and Entertainment 20 +€16m NM NM
Total operating activities 399 +€20m +5.3% +3.7%
Other activities (21) +€16m NM NM
2015 Full-Year Results
Total 378 +€36m +10.5% +8.8%
9 March 2016
*At constant perimeter and exchange rates.
**And, for Lagardère Travel Retail, including LSD Suisse & Curtis adjustment, disposed of in 2015 and Paradies acquisition (2 months);
for Lagardère Active, including Grupo Boomerang TV acquisition (7 months) see slide 6. 30Lagardère Lagardère Lagardère Lagardère Total Other Total
Publishing Travel Active Sports and operating activities Lagardère
(€m) Retail Entertainment activities
Restructuring costs (8) (19) (20) (30) (77) / (77)
Gains (losses) on
(1) 17 3 1 20 / 20
Analysis of non- disposals
recurring/non- Impairment losses (2) (16) (44) / (62) / (62)
operating items
Amortisation of
in 2015 acquisition-related
intangible assets
(5) (56) (2) (6) (69) / (69)
and acquisition-
related expenses
Cricket litigation in
/ / / (27) (27) / (27)
India (WSG)
TOTAL (16) (74) (63) (62) (215) / (215)
2015 Full-Year Results
9 March 2016
31Balance sheet Income statement*
(€m) 2014 2015 2014 2015
Marie Claire (42%) 90 90 4 -
Édition J’ai Lu (35%) 17 17 1 0
Main associates Société de Distribution Aéroportuaire
15 16 6 7
(45%)
and
Société d’Édition de Télévision par
joint ventures Câble (49%)
10 8 - -
Inmedio Poland (49%) 9 11 - 2
Société des Commerces en Gares (50%) 4 3 (1) (1)
Gulli (66%) - - (1) -
Other associates 14 10 (2) 1
TOTAL 159 155 7 9
2015 Full-Year Results
9 March 2016
*Including impairment losses: €2m in 2015 (other associates), €2m in 2014 (other associates).
32(€m) 2014 2015
Cash flow from operations before interest, taxes 193 202
Changes in working capital (44) 3
Cash flow from operations 149 205
Cash flow
Interest paid & received, income taxes paid (47) (32)
statement data
Cash generated by/(used in) operating activities 102 173
Lagardère
Acquisition/Disposal of property, plant & equipment and intangible assets (81) (48)
Publishing
Free cash flow 21 125
Acquisition of financial assets (52) (9)
Disposal of financial assets 1 2
Net cash from operating & investing activities (30) 118
2015 Full-Year Results
9 March 2016
33(€m) 2014 2015
Cash flow from operations before interest, taxes 161 161
Changes in working capital (33) 50
Cash flow from operations 128 211
Cash flow
Interest paid & received, income taxes paid (32) (42)
statement data
Cash generated by/(used in) operating activities 96 169
Lagardère
Acquisition/Disposal of property, plant & equipment and intangible assets (103) (115)
Travel Retail
Free cash flow (7) 54
Acquisition of financial assets (130) (485)
Disposal of financial assets 33 (95)
Net cash from operating & investing activities (104) (526)
2015 Full-Year Results
9 March 2016
34(€m) 2014 2015
Cash flow from operations before interest, taxes 59 68
Changes in working capital (28) 107
Cash flow from operations 31 175
Cash flow
Interest paid & received, income taxes paid (24) (44)
statement data
Cash generated by/(used in) operating activities 7 131
Lagardère
Acquisition/Disposal of property, plant & equipment and intangible assets (6) (14)
Active
Free cash flow 1 117
Acquisition of financial assets (30) (50)
Disposal of financial assets (19) 3
Net cash from operating & investing activities (48) 70
2015 Full-Year Results
9 March 2016
35(€m) 2014 2015
Cash flow from operations before interest, taxes 24 32
Changes in working capital 32 28
Cash flow from operations 56 60
Cash flow
Interest paid & received, income taxes paid (13) (15)
statement data
Cash generated by/(used in) operating activities 43 45
Lagardère
Acquisition/Disposal of property, plant & equipment and intangible assets (40) (72)
Sports and
Free cash flow 3 (27)
Entertainment
Acquisition of financial assets (69) (22)
Disposal of financial assets - 31
Net cash from operating & investing activities (66) (18)
2015 Full-Year Results
9 March 2016
36(€m) 2014 2015
Commitments to purchase shares from third parties
- 1
(other than minority interests)
Commitments given in connection with ordinary activities:
Off balance - contract guarantees and performance bonds 207 288
sheet - guarantees in favour of third parties or
commitments 14 115
non-consolidated companies
- other commitments given 16 21
Commitments received:
- counter-guarantees of commitments given 14 7
- other commitments received 22 20
Mortgages and pledges 1 1
2015 Full-Year Results
9 March 2016
37 At 31 December 2015 entities forming part of Lagardère Sports and Entertainment
had guaranteed minimum future payments amounting to €1,456m under long-term
contracts for the sale of TV and marketing rights. These payments break down as
follows by maturity:
Maturity 2021
2016 2017 2018 2019 2020 Total 2014
Lagardère (€m) & beyond
Sports and Guaranteed
minimum payments
Entertainment under sports rights
183 165 154 141 156 657 1,456 559
– marketing contracts
Guaranteed
minimum At 31 December 2015 the amounts due under marketing contracts signed by these
payments same entities with broadcasters and partners amounted to €1,679m, breaking down
as follows by maturity:
Maturity 2021
2016 2017 2018 2019 2020 Total 2014
(€m) & beyond
Sports rights
marketing contracts
2015 Full-Year Results signed with 547 345 244 180 109 254 1,679 1,167
9 March 2016 broadcasters and
partners
38(€m) 2014 2015
Total recurring EBIT of fully consolidated companies* 342 378
Recurring
Depreciation & amortisation of intangible assets and property,
EBITDA +174 +207
plant and equipment
Dividends received from equity-accounted companies +17 +13
Total recurring EBITDA 533 598
2015 Full-Year Results
9 March 2016
*See definition slide 40.
39 Recurring EBIT of fully consolidated companies is defined as the difference
between profit before finance costs and tax and the following items of the profit
and loss statement:
• income (loss) from equity-accounted companies;
• gains (losses) on disposals of assets;
For the records: • impairment losses on goodwill, property, plant and equipment and intangible assets;
• restructuring costs;
definitions of • items related to business combinations:
Recurring EBIT - expenses on acquisitions;
of fully - gains and losses resulting from acquisition price adjustments and fair value adjustment
resulting from changes in control;
consolidated
- amortisation of acquisition-related intangible assets.
companies,
Like-for-like Like-for-like sales were calculated by adjusting:
• 2015 sales to exclude companies consolidated for the first time during the year,
sales and Free and 2014 sales to exclude companies divested in 2015;
cash flow • 2015 and 2014 sales based on 2014 exchange rates.
Free cash flow is defined as: net cash generated by operating and investing activities,
excluding acquisitions/disposals of financial assets and short-term investments.
2015 Full-Year Results
9 March 2016
40Significant events
Sales up 1.7% (like for like), thanks to a strong 2nd half:
• strong sales in Trade in France;
• curriculum reforms in UK and Spain;
• positive impact of acquisitions in UK.
Background
and overall
performance
2015 Full-Year Results
9 March 2016
42 Book market up by 2%.
Outstanding year in Fiction and Illustrated Books:
• Hachette Livre garnered five of France’s six top literary awards in fiction;
France • cook books and art therapy highly successful;
• Asterix album a huge bestseller;
• yet another record year for Partworks.
Education still soft but massive curriculum reform planned in 2016-2017.
2015 Full-Year Results
9 March 2016
43 UK successful in Education, Illustrated Books, integration of acquisitions, and
buoyed by strong fall list in Fiction.
Spain above expectations, thanks to an effective response to local curriculum
reforms.
International
markets US sales flat and operating income disappointing, due to lower e-book sales
vs. 2014.
2015 Full-Year Results
9 March 2016
44 E-book sales down 15% in the US, due to market slowdown and new e-retailers
contract, as expected.
E-book sales down in the UK in both volume and value, due to absorption of
massive VAT increase and new e-retailers contract.
Digital
All other markets growing very slowly.
2015 Full-Year Results
9 March 2016
45Significant events
Lagardère Services changed its name to Lagardère Travel Retail on 8 July 2015.
The sale of the Distribution division is progressing well.
The growth (+6.0%*) in passenger traffic remains strong in all regions with Europe at
+5.2%, North America at +5.0% and Asia-Pacific at +8.0%.
At constant rate and perimeter, the favourable traffic evolution combined with a
Background dynamic management of the network, generated a sustained growth of Travel Retail
sales (+8.2%) despite an unsettled geopolitical and macroeconomic situation.
(1/2)
Total like-for-like sales increased by +4.3%, the strong performance of Travel Retail
being partly absorbed by the decline of Distribution (-4.2%).
Total sales on a reported basis reached €3,510m (-8.0% vs. December 2014) with a
favourable exchange rate +1.5 pt (rise of the US dollar, Swiss franc and GBP) and, as
expected, a negative effect of the scope impacts (-€498m or -13.0 pts):
• deconsolidation impact (-€325m): deconsolidation of Relay activities in train stations in France
(creation of a joint venture with SNCF in September 2014), as well as of high-street Retail activities
in Poland (consolidated using the equity method after disposal of 51% of Inmedio's shares in
December 2014);
• the disposal of the Distribution activities in Switzerland (Naville in February 2015, with an impact
of -€266 million, and Payot in July 2014 with an impact of -€28 million) and Curtis at the end of
2015 Full-Year Results May 2015, with an impact of -€10 million;
9 March 2016 • acquisitions for €146 million, essentially Paradies in November 2015 and Airest Group's activities
in April 2014.
*Source: ACI data / Europe: +5.2% stable, Asia-Pacific: +8.0% vs. +5.4%, and North America: +5.0 % vs. +3.2% (at 30 Oct. 2015 vs. 31 Dec. 2014). 47 Main perimeter evolution since the beginning of the year (Travel Retail):
• Acquisition of Paradies on 22 October 2015 (more than 550 shops among 75 airports in North
America). Combining the legacy activities of Lagardère Travel Retail in North America and Paradies
creates the third largest player in Travel Retail in North America, a large and sustainable market.
Sales of the newly-combined company would be over USD 800 million.
• Acquisition of 17 fashion and confectionery stores at JFK airport (New York – USA) on 21 April 2015
($25m turnover projected for the first full year).
Background
Distribution divestment process is on-going:
(2/2)
• disposal of the Swiss activities completed on 27 February 2015;
• disposal of Curtis Circulation Company on 26 June 2015;
• disposal of the Spain activities completed on 25 February 2016;
• signing for the disposal of the Belgian activities on 5 February 2016; the closing will be completed
in 2016 following the Competition Authorities approval;
• the process to sell the remaining Distribution businesses (Hungary and Canada) is on track.
In a complex geopolitical and macroeconomic environment, Travel Retail growth
remained strong and 2015 was marked by:
• the good performances of the new activities;
• the gains or renewals of major contracts, such as: Warsaw T1 (Retail and Foodservice) opened
at the end of May 2015, Auckland (New Zealand) duty free concession taken over on 26 June 2015,
Krakow (Poland) duty free concession opened at the end of September 2015, Luton (renewal of
2015 Full-Year Results
the duty free concession),Toronto Pearson (renewal of the travel essentials concession), Kunming
9 March 2016 (China) master concession opened in August 2015;
• new and more aggressive marketing and commercial initiatives as well as the development
of the concepts portfolio and the roll-out of the new Relay and Aelia concepts. 482014 Investor Day guidance achieved, one year in advance
Lagardère Travel Retail1 guidance - €m
2014 Guidance announced in
2013 May 2014 2015
Investor Day (From 2013 to 2016)
guidance
Proportional
2,598 +5% to +10% +8.2% vs. 2014
sales2 per annum +9% 2014 vs. 2013
Proportional +1.0 pt +1.2 pt
EBITDA margin2/3
4.9%
vs. 2013 vs. 2013
2015 Full-Year Results
9 March 2016
1LagardèreTravel Retail pro-forma perimeter i.e. including Retail in Spain and Duty Free in Switzerland.
view includes Lagardère Travel Retail share in JVs (Relay@ADP, SDA…).
2Proportional
3Before HQ central costs.
49 Duty Free & Fashion
• 100% managed sales up by +7.6% attributable to:
- an increase of +8.3% at Paris airports fueled by the strong improvement of the Fashion
activities (+18.4%), the growth of the electronics & travel accessories network (+14.7%) and
favorable trends on the core duty free segment (+5.5%), positively impacted by the increased
spending of Chinese passengers, successful commercial initiatives, favorable exchange rate
Travel Retail impacts and a positive traffic trend (+3%);
- sales in regional airports outside Paris are showing an increase of +3.8% driven by the dynamic
in France growth at Beauvais, Bordeaux and Lyon airports. Performance is however negatively impacted
by the decrease in Russian and Maghreb passengers along with some works effects in Nice.
Travel Essentials and Foodservice
• 100% managed sales increase by +3.7%:
- limited print sales decrease (-2.6%): higher press sales in January/February following Charlie
Hebdo terrorist attack and growth in book sales following dynamic book releases (ie: Asterix);
- successful commercial initiatives, concept modernization and development of the network:
renovation of La Tour Eiffel stores; modernization of the SNCF stores following the gain of the
tender in 2013;
- strong performance of the Foodservice activities: +14.3% following the openings of
Marks & Spencer Chatelet, Nice airport and numerous hospitals (Générale de Santé…).
2015 Full-Year Results
The 13 November terror attacks has negatively impacted sales across all
9 March 2016
businesses (est. -0.5 pt on 2015 total sales).
50 Italy
• Rome airports continue to grow strongly despite the fire that occurs at Fiumicino airport.
- A major fire occurred on 7 May at Fiumicino airport, destroying part of the commercial spaces
of the Terminal 3 (closing of 2 stores). Insurances have compensated the losses.
- Despite this event, sales increased by +12.9% following the transfers of the passengers to
the remaining stores and the success of the commercial and training initiatives. Traffic grew
Travel Retail at +5.0%.
• Rest of Italy (Airest)
in Europe
- Acquisition of Airest Group on 16 April 2014.
(1/3) - On a comparable basis, sales increased by +2.6%. As expected, Foodservice operations were
flat following the closing of few locations, but Duty Free with +11.6% and Travel Essentials with
+5.6% more than compensated this impact.
• At the end of 2015, Italian network comprises 116 stores.
Netherlands
• Despite the closing of the largest store in Lounge 2 (planned to re-open on Q1 2016) due to major
renovations at Schiphol airport, sales are up by +2.2%.
United Kingdom
• Growth of +8.5% attributable to both the opening of 6 fashion stores in Birmingham in Q3 2014
2015 Full-Year Results and the performance of the Luton platform (which has been successfully renewed in Q1 2015).
9 March 2016 20 stores at the end of December 2015 vs. 21 stores in December 2014, after the closing of the
last two travel essentials stores in July and the opening of a fashion store in Glasgow.
51 Spain and Portugal
• Sales increase by +8.1% mainly due to the Duty Free activities which have strongly increased
vs. 2014 with the opening of 8 fashion stores in Madrid, Barcelona, Malaga and Valencia.
The network comprises 157 stores (down 7 vs. December 2014).
Germany
Travel Retail • Sales increase by +2.6 %: Travel Essentials +1.9 %; Foodservice +13.8% thanks to the
development of the Frankfurt train station food court (+6.8%) and of the Coffee Fellows network
in Europe (impact of +7.0 pts).
(2/3) • The network consists of 124 sales outlets at end of 2015 (32 in Foodservice).
Austria and Slovenia (acquisition of Airest Group on 16 April 2014)
• Growth of +6.9% for Austria (only Foodservice business) with good performance at Vienna airport.
• The network consists of 36 sales outlets at end of 2015.
Poland
• Poland’s total sales is growing by +17.0% (excluding the impact of Inmedio activities
deconsolidation on December 2014), with +13% from both Duty Free activities and Travel
Essentials and +4% from Foodservice. This positive trend is mainly explained by the strong
traffic trend (Warsaw: +7.5%), the opening of Terminal 1 stores at Warsaw airport in May 2015
2015 Full-Year Results and the take-over of the duty free concession at Krakow airport at the end of September 2015.
9 March 2016 • Total managed network is +68 stores (811 sales outlets, including 451 Inmedio stores).
52 Czech Republic
• Sales increased by +3.8% in 2015, mainly due to the continuing development of the network,
leading to a increase in Foodservice of +11.2% along with dynamic Travel Essentials performance
(+5.3%). Duty Free showed a -2.8% decrease as sales were impacted by the Russian passengers
decrease in volume and spending due to the rubble devaluation and political crisis.
Romania and Bulgaria
Travel Retail
• Romania: sales up by +18.7% with a network of 229 sales outlets (+15 additional stores in 2015).
in Europe • Bulgaria: business grew by +15.8% thanks to the opening of 7 new stores in 2014/2015 and
(3/3) the good performance of the Food & Beverage and Tobacco categories.
2015 Full-Year Results
9 March 2016
53 Retail activities in Canada and in the United States show a strong +47.6% growth
driven both by the like for like network and the network development (including Paradies acquisition).
• +1.2% sales increase from the comparable network: +8% in Food & Beverage, +5% in Souvenirs
and Travel Accessories compensating the -6% decline for Press.
• Revenues from non-comparable network have an impact of +46.4 pts on total sales with the
following perimeter effects:
Travel Retail - Paradies acquisition on 22 October 2015 (550 stores): +40.1 pts;
in North America - JFK T4 acquisition in April 2015 (14 stores opened at the end of June): +4.6 pts;
- Airest integration from April 2014 (9 stores): +0.9 pt;
- disposal of urban retail stores in Canada (29 stores disposed at the end of June 2014): -3.3 pts;
- other network effect (mainly Dallas and LAX Food & Beverage new stores): +4.1 pts.
2015 Full-Year Results
9 March 2016
54 Pacific
• In 2015 sales grew by +11.1% with the on-going rationalization of the news & book network being
more than compensated by the developments of the Duty Free & Fashion activities (Auckland Duty
Free concession opened in late June, Victoria’s Secret, MAC and Amuse concepts in different
locations) as well as the Travel Essentials activities (Tech2go, Souvenirs and Convenience).
• Like-for-like sales are up +0.3% for Travel Essentials, driven by books and food categories in
Travel Retail Australia and the good performance in New Zealand that compensated the strong decline of press.
• The network comprises 160 sales outlets at end of December 2015 (+25 stores).
in Asia-Pacific
Asia
• Strong turnover growth (+9.0%), despite a rather challenging environment:
- slowdown of traffic growth in Singapore and Malaysia due to continuous adverse effects of
political events in Thailand and the 2 airplane crashes from Malaysia Airlines;
- lower average spend growth, due to the effect of the new Chinese regulations aiming at limiting
sumptuary spending and to the devaluation of the Indonesian rupiah.
• In this context, the turnover growth was essentially driven by the ramp-up of Fashion activities in
China (Shenzhen, Xi’an, Kunming) and the continuous development of Singapore sales (openings
of new fashion stores and new products/range development).
• Network: 151 stores in Asia at end of December 2015, which is an increase of +24 stores.
2015 Full-Year Results
9 March 2016
55Significant events
Audiences One Global: the audience of our main weeklies on all devices (print, fixed-line
Internet, mobile and tabs) are all growing: Elle (+6.9%*); Paris Match (+5.0%*) and Télé 7 Jours
(+5.4%*).
Print Advertising
• In a particularly depressed print advertising market, Lagardère Active’s sales decrease has been
curbed to -4.9%.
Magazine
• Elle, Elle à Table,Télé 7 Jours, and Version Femina remain leaders on their competitive segments.
Publishing
Print Circulation
• In a declining market, the circulation revenue went down by -5.3%. The subscription revenue trend
partially offset the newsstand decline.
Digital
• Digital turnover on apps and websites has registered a double digit growth, driven by the
remarkable performances of Elle, Paris Match, Public and Télé 7 Jours.
Public and Télé 7 Jours’s applications are among the leaders on their segments.
Licensing
• The licensing activity has benefited from the launch by our licensees of Elle Kazakhstan
(February 2015), Elle Décoration in Lebanon and Middle East (March 2015) and 3 new websites
2015 Full-Year Results (Elle Mexico, Elle Indonesia and Elle Singapore).
9 March 2016
*Evolution T4 2015 vs. T4 2014 (source One Global).
57 Europe 1: number 2 news and entertainment private radio station in France, reaching daily over 4 million
people.
• The latest radio audience measurement wave published by Médiamétrie* has confirmed the success of the
new programmes:
- 9.1% of cumulative audience, +0.4 point in a year (239 000 listeners);
- 7.4% audience share on the 13 years old, +0.2 point in a year;
- 5.9% audience share on the 25-59 years old commercial target, + 0.6 point in a year.
• The digital strategy of Europe 1 is to develop turnover on mobile, video and through social networks.
On mobile, Europe1.fr is the first radio website.
Radio RFM: number 2 private music radio station in France on the 35-59 years old’s, reaching 2,363,000 listeners
and achieving 3.1% audience share.
• RFM’s success is due to the diversity of its music and the quality of its hosts.
Virgin Radio
• The latest audience wave* has outlined the outstanding success of Virgin Radio, who achieved the highest
increase in cumulative audience compared to the other French musical radio stations.
• Virgin Radio increased its average audience by 14%, thanks to its successful prime talk show.
• It now reaches 2,623,000 listeners and a cumulative audience of 4.9%.
International radios
• 2015 was, again, a year of strong growth in terms of advertising activity, driven by remarkable performances
in Poland, Romania and Germany.
• Lagardère Active Radio International (LARI) remains a major player in all the countries where it operates:
- number one in the Czech Republic with Evropa 2 and Frekvence 1, the country’s second and third most
popular stations respectively. LARI also strengthened its positions in the market by creating a joint venture
for advertising brokerage operations with Media Bohemia Group, a media group editing national and
regional radios;
- number two in Poland with Radio Zet, reaching daily more than 6 million listeners;
2015 Full-Year Results - number one private radio station in audience share in the Romanian urban market, with Europa FM.
• LARI’s digital products reach each month around 6 million unique visitors and represent 30 million viewed
9 March 2016 pages in 2015.
• LARI’s development on the African continent continues: after the launch of Vibe Radio in Senegal in
September 2014, broadcasting in Ivory Coast under the same trademark started in September 2015.
*November-December 2015. 58 With Gulli, TiJi and Canal J, Lagardère Active remains the first TV offer for
children in France, with a 34% market share.
• Gulli remains the leader of kids channels in the French television market, ahead of TF1 and
France 4 (the state-owned kids channel).
• Lagardère Active kept its leadership over the kids advertising TV market with a 34% market share.
• Advertising sales of Gulli increased this year by 7.4%.
Television
International developments
• Mezzo continues to expand internationally in Asia and has been launched in Canada.
• Gulli has been launched in Africa’s French speaking countries on the A+ platform (Group Canal+).
Digital
• TV Replay consumption continued to increase in 2015 and Gulli.fr is the leader website for children
in France.
2015 Full-Year Results
9 March 2016
59 First step of Lagardère Studios’ international development through the acquisition
of Grupo Boomerang TV, a leading independent TV producer in Spain.
Strong growth of distribution revenues in 2015 vs. 2014 confirming the
rebroadcasting value of scripted contents.
International development
TV Production
• Acquisition as of 26 May 2015 of Grupo Boomerang TV, a major producer in Spain producing
and Distribution scripted and non-scripted contents.
• Development in Africa through the acquisition of 75% of Keewu, a producer of scripted programmes
in Senegal and the creation of Diffa, a distribution company specialised in African contents.
• Development in Latin America through Grupo Boomerang TV which already owns a subsidiary in
Chile.
Lagardère Studios’ performance
• Revenues increased by 19% in 2015 vs. 2014, thanks to acquisitions.
• Distribution revenues (including distribution fees and catalogue revenues) increased by 47%
in 2015 vs. 2014 on a like-for-like basis.
• Lagardère Studios remains the no.1 producer of scripted contents and the no.2 producer of
non-scripted programs in France.
2015 Full-Year Results • In 2015, 8 programmes of Lagardère Studios were among the 100 best TV ratings in France
vs.4 in 2014.
9 March 2016
60 Lagardère Active is operating on the digital with websites and applications of its own offline
brands (including Elle, Europe 1, Gulli, Public and Télé 7 Jours) as well as of its pure player
brands (Doctissimo.fr, Boursier.com, LeGuide.com, BilletReduc.com).
Lagardère Active is one of the leading media group in audience, with more than 16 million
unique visitors (UVs) in France on the fixed-line Internet, and 9 million of UVs on mobile.
Doctissimo.fr is the leading website on e-health and wellbeing with nearly 6 million of UVs. It has
Digital Pure strengthened its position by creating a unique ecosystem within the e-health sector. Mon Docteur.fr,
first French online booking website for medical consultations manages monthly more than 1 million
Players appointments, operates in 250 French cities with more than 2,500 professionals (doctors, health centres,
clinics). Doctipharma.fr, a service company allowing French pharmacies to create their own online
dispensary continues its development.
BilletReduc.com, leader in France for online booking at cut prices, has continued its growth with more
than 3 million tickets sold in 2015.
Newsweb, Boursier.com’s editor and first French editorial agency on financial information, has expanded
its portfolio by developing a monetisation activity for third-party websites.
LeGuide
• Severely affected by Panda update in Q4 2014, the group continued to develop new sources of
alternative traffic, especially through its publishers network.
• LeGuide closed its Ciao office in Munich in H1 2015 and continues its activities from Paris.
• Mid April, the European Commission sent a statement of objections to Google, expressing its
2015 Full-Year Results preliminary view that Google should treat its own comparison shopping service in the same way as it
does its competitors.
9 March 2016
• LeGuide.com is launching a new product for its merchants, "price intelligence", which gives them
a competitive intelligence tool on pricing by using LeGuide.com's extensive data technology.
*Source: Médiamétrie, NetRatings; connection from all places; January-December 2015. 61Significant events
Football Europe
• Acquisition of UFA Sports in Germany.
• Expansion in Sweden (signing of 3 clubs), Poland (Legia Gdańsk), and the Netherlands (Roda JC).
Football Asia
• Successful delivery the 2015 Asian Cup in Australia.
Business units • Continued growth of the AFC Champions League.
(1/2) Football Africa
• Successful delivery of the 2015 Orange Africa Cup of Nations in Equatorial Guinea.
• Renewal of partnership agreement with CAF* until 2028.
Golf
• Five-year agreement to operate the Safeway Open (PGA Tour event).
Olympics and Major Events
• Acquisition of specialised bid consultancy agency (EKS).
• Extension of Commonwealth Games representation agreement for 2018.
2015 Full-Year Results
9 March 2016
*CAF: Confédération Africaine de Football.
63 Endurance
• Agreement to sell the activity in January 2016.
Consulting and Digital
• Expansion of our brand consulting and activation activities in Europe:
- acquisition of akzio! ajoint. in Germany;
Business units - acquisition of Sponsorship 360 in France.
(2/2)
Live Entertainment
• Acquisition of the Bataclan in September 2015.
• Success of Florent Pagny’s tour and production and launching of “Enzo l’Insaisissable”.
Sports Club
• Lagardère Paris Racing (LPR): reopened fully mid 2015 after 2 years of works.
Corporate and other
• Launching of the new unified brands Lagardère Sports and Lagardère Live Entertainment.
• France appointed to manage the Euro 2016 fan zone in Paris.
• Successful delivery of the African Games in Congo-Brazzaville.
2015 Full-Year Results • Creation of a strategic partnership in China with Le Sports.
9 March 2016
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