Lagardere Sa · EURONEXT:MMB
Lagardere Sa — FY2001 Earnings Presentation
42 slides from Lagardere Sa's earnings presentation, Mar 21, 2002
Slide 1: Lagardère 2001 Results
LAGARDERE – 2001 Results March 21, 2002 1
Slide 2: Consolidated financial statements
Consolidated financial statements 2
Slide 3: Principal changes in consolidated companies
Principal changes in consolidated Companies Businesses Books OCTOPUS - Balance Sheet : full consolidation (100%) as of December 31, 2001 - Income Statement : full consolidation (100%) as of January 1, 2002 3
Slide 4: Principal changes in consolidated companies
Principal changes in consolidated Companies Businesses Press HFM As of June 30, 2000 - Full consolidation (100%) Acquisitions Marie-Claire : Equity method (42%) as of April 1,2001 Bonnier Hachette Publications : Full consolidation as of January 1, 2001 Photos (Rapho, Keystone…) : Full consolidation
Slide 5: Principal changes in consolidated companies
Principal changes in consolidated Companies Businesses Distribution Services VIRGIN Full consolidation (100%) as of August 1, 2001 DFA Full consolidation (100%) as of August 1, 2000 5
Slide 6: Principal changes in consolidated companies
Principal changes in consolidated Companies Businesses Digital Lagardere Lagardere Active Broadcast : 15 months instead Active of 12 Broadcast (closing on December 31 instead of September 30 historically) multiThématiques Equity method (27.42%) as of August 1, 2000 Lagardere CanalSatellite Equity me
Slide 7: Principal changes in consolidated companies
Principal changes in consolidated Companies Businesses High EADS * Technology Proportional consolidation of the Income Statement (15.14%) and in the Balance Sheet (15.10%) Aerospatiale Matra Proportional consolidation (33%) from January 1, 1999 to June 30, 2000 *For the first half of 2000, 15.14% of
Slide 8: Sales by business segment
Sales by business segment 12 285 M€ 13 295 M€ 12 12 192 M€ 11 875 M€ 4 486 4 257 3 806 3 489 1 141 1 143 1 183 1 183 6 873 7 203 7 203 7 668 1999 2000 2000 2001 publish pro ed forma Lagardère Media Automobile High Technology Other Growth continued +12% vs. 2000 pro forma figures 8 (+9% vs. 2000 publ
Slide 9: Lagardère Media sales breakdown by division
Lagardère Media Sales breakdown by division 7 668 M€ 7 203 M€ 6 873 M€ 633 640 822 846 830 822 2 336 2 439 2 270 3 853 2 959 3 294 1999 2000 2001 Distribution Services Press Books Lagardere Active Growth accelerated +6.5% (excluding changes in the group structure and effects of exchange 9 rates +3.6
Slide 10: Lagardère Media sales by geographical area
Lagardère Media Sales breakdown by geographical area 4% 4% 4% 24% 23% 20% 33% 32% 32% 40% 40% 44% 1999 2000 2001 France Rest of Europe USA & Canada Rest of the world 10
Slide 11: Operating income by business segment
Operating income by business segment 572 M€ 520 M€ 12 514 M€ 10 474 M€ 12 166 104 158 68 66 71 71 70 323 323 353 282 (9) 1999 2000 2000 2001 published pro forma Lagardère Media Automobile High Technology Other Consolidated operating income up by 8.4% (vs. pro forma) 11 Lagardère Media operating inco
Slide 12: Lagardère Media operating income by division
Lagardère Media Operating income by division 353 M€ 323 M€ 4 282 M€ 58 65 52 213 203 186 61 81 48 (4) (9) 1999 2000 2001 Distribution Services Press Books Lagardere Active Lagardère Media’s operating income growth +9.3% Excluding the impact of the additional 3 months of Activity of Lagardere Act Bro
Slide 13: Financial (expense)/income by business segment
Financial (expense)/income* by business segment (15) M€ 228 (23) M€ (110) (95) M€ M€ 8 8 15 10 6 6 8 (18) (43) (43) (30) (240) (66) (81) (11) 1999 2000 published 2000 pro forma 2001 Lagardère Media Automobile High Technology Other Lagardère Media - T-Online shares depreciation -157 M€ Other - capita
Slide 14: Current Income (by division)
Current Income* (by division) 497 M€ 499 M€ 23 462 M€ 20 379 M€ 129 20 85 219 2 77 77 80 93 265 280 280 74 113 1999 2000 2000 pro 2001 Lagardère Media published Automobile forma High Technology Other Lagardère Media - T-Online shares depreciation -157 M€ Other – capital gain on EADS « Excess Shares
Slide 15: Exceptional items (by division)
Exceptional items ( by division) 651 M€ 653 M€ 3 3 353 M€ 4 690 690 16 M€ 463 69 (7) (32) (30) (16) (10) (10) (93) (30) (21) 1999 2000 published 2000 pro 2001 forma Lagardère Media Automobile High Technology Other High Technology : Extraordinary gain from Airbus SAS formation (441 M 15
Slide 16: Exceptional items by nature
Exceptionnal items by nature *HT –High Technology **Excl. HT – Excl. High Technology 653 M€ Excl. HT** 880 353 M€ 16 M€ HT* Excl HT** 46 132 3 Excl. HT** HT* HT* 15 (18) (18) 32 (30) (42) (17) (107) (63) (66) (5) (17) (85) 1999 2000 pro 2001 forma High Technology (including Airbus 441 M€ in 2001) Ga
Slide 17: Goodwill Amortization
Goodwill Amortization (33) M€ (60) M€ (61) M€ (121) M€ (28) (52) (52) (5) (75) (8) (9) (46) 1999 2000 published 2000 pro forma 2001 Lagardère excl. High Technology High Technology Goodwill associated with the HFM minority interest buy out 17 depreciated over the full year 2001 (vs. 2d half of 2000 o
Slide 18: Income tax
Income tax (128) M€ (457) M€ (168) M€ (424) M€ (74) (102) (54) (66) (388) (388) (36) (69) 1999 2000 published 2000 pro forma 2001 Lagardère excl. High Technology High Technology In 2000- Provision for Income Tax related to T-Online capital 18 gain
Slide 19: Net income from companies accounted for by the equity method
Net income from Companies 77 M€ accounted for by the equity method 18 36 M€ 30 M€ 59 13 M€ 34 28 2 11 2 2 1999 2000 published 2000 pro forma 2001 Lagardère excl. High Technology High Technology Contribution from CanalSatellite improved significantly 19 Contribution from Marie-Claire from April 1, 20
Slide 20: Minority interests
Minority interests (104) M€ (11) M€ (34) M€ (32) M€ 7 (18) (29) (29) (5) (3) (96) (8) 1999 2000 published 2000 pro forma 2001 Lagardère excl. High Technology High Technology 20 HFM minority interests buy out (as of July 1, 2000)
Slide 21: Consolidated Income Statement
Consolidated Income Statement (M€) 2000 published 2000 pro forma* 2001 Excl. HT Total Excl. HT* Total Excl. HT Total HT HT HT Sales 8 386 3 806 12 192 8 386 3 489 11 8 810 4 13 875 486 295 Oper. Income 406 166 572 406 68 474 410 104 514 Interest Income (29) (81) (110) (29) (66) (95) (4) (11) (15) Cu
Slide 22: Net income – excl. non recurring items
Net income – excl. non recurring items Excl. High Technology (M€) 2000 2001 Net income 577 146 T-Online (536) 130 Excess Shares - (172) Grolier (4) - Impairment of Goodwill and 107 42 other intangibles Net income excl. recurring 144 146 items 22
Slide 23: Operating Cash Flow
Operating Cash Flow Cash flow from Change in working capital operations 696 M€ 571 M€ 171 M€ 500 224 25 135 M€ 70 146 347 196 65 2000 2001 2000 2001 23 Lagardère excl. High Technology High Technology
Slide 24: Statement of Cash Flows
Statement of Cash Flows (M€) 2000 2001 Excl. HT ** Total Excl. HT ** Total HT * HT * Cash flow from oper. 500 196 696 224 347 571 Change in work. capital 25 146 171 70 65 135 Total operating cash flow 525 342 867 294 412 706 Investments (1 (269 (1 (760 (501 (1 520) ) 789) ) ) 261) Tangible & intangi
Slide 25: Balance Sheet
Balance Sheet (M€) 12/31/2000 12/31/2001 Excl. HT HT ** Total Excl. HT ** Total * HT * Fixed assets 5 776 1 7 599 6 105 2 756 8 861 823 Current assets 4 595 4 8 711 4 339 4 813 9 152 116 of which cash & equiv. 2 032 1 3 229 1 790 1 213 3 003 197 TOTAL ASSETS 10 371 5 16 10 7 569 18 939 310 444 013 S
Slide 26: Stockholder's Equity & Net Cash (Indebtedness)
Stockholder’s Equity* & Net Cash (Indebtness) * 4 328 M€ 3 889 M€ 2 818 M€ 717 M€ 322 M€ 219 M€ 1999 2000 2001 Stockholder's Equity Net Cash (Indebtness) 26 * Excl «perpetual subordinated notes»
Slide 27: Net Cash Position
Net Cash Position* (M€) 12.31.2000 Changes 12.31.2001 2001 High Technology 322 (90) 232 T-Online 836 (157) 679 Excl. HT & T-Online (440) (251) (692) Net Cash Position 717 (498) 219 27 * Excl. «perpetual subordinated notes»
Slide 28: Appendix
Appendix LAGARDERE 28
Slide 29: Sales by business segment
Sales by business segment (M€) 1999 2000 2001 Books 822 830 846 Press 2 270 2 439 2 336 Distribution 2 959 3 294 3 853 Services Lagardere Active 822 640 633 Lagardère Media 6 873 7 203 7 668 High Technology 4 257 3 806* 4 486 Automobile 1 143 1 183 1 141 Other 12 - - TOTAL 12 285 12 192 13 295 * pub
Slide 30: Operating income by business segment
Operating income by business segment (M€) 1999 2000 2001 Books 52 58 65 Press 186 213 203 Distribution Services 48 61 81 Lagardere Active (4) (9) 4 Lagardère Media 282 323 353 High Technology 158 166* 104 Automobile 70 71 66 Other 10 12 (9) Operating Income 520 572 514 * published 30
Slide 31: Selected data by business
Selected data by business LAGARDERE 31
Slide 32: Lagardère Media – Income Statement
Lagardère Media – Income Statement (M€) 1999 2000 2001 Sales 6 873 7 203 7 668 Operating income 283 323 353 Interest income (exp.) (18) (43) (240)(**) Current income 265 280 113 Non-operating income 78 798(*) (46) Inc. from equity method 7 2 59 Net income before 350 1 080 126 taxes, goodwill amort.
Slide 33: Lagardère Media – Statement of Cash Flows
Lagardère Media – Statement of Cash Flows (M€) 1999 2000 2001 Cash flow from 319 359 269 operations Change in working 82 94 27 capital Investments (803) (1 424) (721) Tangible & int. Inv. (220) (197) (268) Financial Inv. (583) (1 227) (453) Divestitures 328 1 263 117 Cash equivalents - (836) - Inves
Slide 34: Automobile – Income Statement
Automobile – Income Statement (M€) 1999 2000 2001 Sales 1 143 1 183 1 141 Operating income 70 71 66 Interest income (exp.) 10 6 8 Current income 80 77 74 Non-operating income (7) 3 (21) Net income before 73 80 53 taxes, goodwill amort. … Operating margin - 6,1% 6.0% 5,8% Total 34
Slide 35: Automobile – Statement of Cash Flows
Automobile – Statement of Cash Flows (M€) 1999 2000 2001 Cash flow from 115 111 61 operations Change in working 22 (29) (14) capital Investments (55) (65) (26) Tangible & int. Inv. (55) (60) (24) Financial Inv. - (5) (2) Divestitures 1 5 1 Investing activities (54) (60) (25) Net cash flow from 83 22
Slide 36: High Technology - Income Statement
High Technology - Income Statement from EADS as reported to Lagardère format (M€) EADS Extraordinary Capital Restructurin Goodwill Equitize EADS 100% Gain from Gains g Charges s d 100% as Airbus SAS and - Amortiz. Cies Lagardèr reported formation Losses Reclass. - - e - Reclass. format Reclass. recl
Slide 37: High Technology – Income Statement restated
High Technology – Income Statement restated (M€) EADS Forex Goodwill Dilution EADS EADS 100% restatt Amortizatio Gains restated share Lagardèr s n 100% 15.14% e Format restatts Sales 30 798 (1 - - 29 626 4 486 172) Operating income 1 304 (829) 213 - 688 104 Interest income (exp.) (610) 223 315 - (72
Slide 38: High Technology – Balance sheet restated
High Technology – Balance sheet restated (M€) EADS Restateme EADS restated EADS restated 100% nt 100% 15.14% Lagardère Fixed assets 25 306 (7 059) 18 247 2 757 Current assets 32 889 (1 030) 31 859 4 812 of which cash & equiv. 7 815 218 8 033 1 213 TOTAL ASSETS 58 195 (8 089) 50 106 7 569 Stockholder
Slide 39: High Technology – Income Statement
High Technology – Income Statement (M€) 1999 2000 2001 published pro forma (1) (2) Sales 4 257 3 806 3 489 4 486 Operating income 159 166 68 104 Interest income (30) (81) (66) (11) Current income 129 85 2 93 Non-operating income (17) (32) (30) 463 Inc. from equity 1 34 29 18 method Net income before
Slide 40: High Technology – Statement of Cash Flows
High Technology – Statement of Cash Flows (M€) 1999 2000 2001 Cash flow from 207 196 347 operations Change in working 202 146 65 capital Investments (350) (269) (501) Tangible & int. Inv. (172) (157) (332) Financial Inv. (178) (112) (169) Divestitures 62 59 214 Cash equivalents - (86) (59) Investing
Slide 41: Lagardère – Headquarters & non-operating branch results
Lagardère – «Headquarters & non-operating branch» results (M€) 1999 2000 2001 Operating income 10 12 (9) Net interest income (4) (9) 214(*) (exp.)incl. Preferred remunerations Non-operating income (20) (10) (1) Inc. from equity 3 - - method TOTAL (11) (7) 204 (*) including net capital gain on the sa
Slide 42: Lagardère – Results summary
Lagardère – Results summary (M€) 1999 2000 2001 Lagardère Media 350 1 080 126 High Technology (published) 113 86 574 Automobile 73 80 53 Other (11) (7) 204 Income before taxes, goodwill 525 1 239 957 amort. … Tax (128) (457) (168) Depreciation, amortization of (52) (167) (162) intangibles and goodwi