Lagardere Sa · EURONEXT:MMB
Lagardere Sa — Lagardère SCA — Shareholder Meeting (April 2007)
24 slides from Lagardere Sa's shareholder meeting presentation, Apr 27, 2007
Slide 1: 2006 Annual Results
Annual General Meeting - April 27, 2007 2006 Annual Results
Slide 2: Warning
Warning 2 Annual General Meeting - April 27, 2007 Certain of the statements contained in this document are not historical facts but rather are statements of future expectations and other forward-looking statements that are based on management’s beliefs. These statements reflect such views and assump
Slide 3: Dominique D'Hinnin, Chief Financial Officer
3 Annual General Meeting - April 27, 2007 Dominique D’Hinnin Chief Financial Officer page 3
Slide 4: Consolidated financial statements: 2006
4 Annual General Meeting - April 27, 2007 Consolidated financial statements: 2006 page 4
Slide 5: Main changes in scope of consolidation
Main changes in scope of consolidation 5 Annual General Meeting - April 27, 2007 Books Full consolidation from April 1, 2006 of the newly-acquired Time Warner Book Group, comprising Time Warner Book Group Inc. in the USA and Time Life Entertainment Group Ltd in the UK. Full consolidation from March
Slide 6: Main changes in scope of consolidation
Main changes in scope of consolidation 6 Annual General Meeting - April 27, 2007 Lagardere Acquisition of 4 radio stations in Russia, fully consolidated from Active March 1, 2006. U.S. group Cellfish, Lagardere Active’s mobile telephony business, accounted for as an associate (equity method) from Oc
Slide 7: Net sales by division
Net sales by division 7 Annual General Meeting - April 27, 2007 €13,999m €13,013m €12,296m 5,907 5,112 4,795 7,501 7,901 8,092 2004 2005 2006 Lagardère Media EADS 7.6% growth on a consolidated basis 2.4% growth for Lagardère Media page 7
Slide 8: Net sales by business segment
Net sales by business segment 8 Annual General Meeting - April 27, 2007 €7,901m €8,092m €7,501m 621 590 558 1,644 1,975 1,420 1,848 1,863 1,848 3,675 3,773 3,679 2004 2005 2006 Distribution Services Press Books Lagardere Active - 0.9% growth on a like-for-like basis - 2006 impact of first-time conso
Slide 9: Lagardère Media - Net sales by geographical area
Lagardère Media - Net sales by geographical area 9 Annual General Meeting - April 27, 2007 4% 4% 5% 8% 8% 11% 43% 44% 43% 45% 44% 41% 2004 2005 2006 France Rest of Europe USA & Canada Rest of world page 9
Slide 10: Recurring EBIT before associates by division
Recurring EBIT before associates by division 10 Annual General Meeting - April 27, 2007 €896m €823m 1 3 392 €578m 350 39 503 539 470 2004 2005 2006 Lagardère Media EADS Other Activities - Recurring EBIT before associates down 35.4% - Lagardère Media recurring EBIT before associates up 7.0% page 10
Slide 11: Lagardère Media - Recurring EBIT before associates by business segment
Lagardère Media - Recurring EBIT before associates by business segment 11 Annual General Meeting - April 27, 2007 €539m €503m €470m 47 71 37 164 189 220 168 161 132 101 106 116 2004 2005 2006 Distribution Services Press Books Lagardere Active - 7.0% growth in recurring EBIT before associates - 4.8%
Slide 12: Non-recurring items
Non-recurring items 12 Annual General Meeting - April 27, 2007 €12m €(71)m 35 €(70)m 14 (18) (5) (54) (67) (31) (3) 2004 2005 2006 Lagardère Media EADS Other Activities page 12
Slide 13: Non-recurring items by type
Non-recurring items by type 13 Annual General Meeting - April 27, 2007 Media & Other Media & Other Media & Other Activities Activities Activities €30m 104 (3) (3) €(40)m €(67)m EADS EADS EADS 31 7 17 (9) (18) (3) (25) (31) (45) (72) (59) (26) 2004 2005 2006 EADS Restructuring costs Net gain on dispo
Slide 14: Income from associates by division
Income from associates by division 14 Annual General Meeting - April 27, 2007 €94m €91m 31 23 €54m 13 63 68 41 2004 2005 2006 Lagardère Media EADS - CanalSat contribution: 2004 €39m, 2005 €45m, 2006 €52m page 14
Slide 15: Earnings before interest & tax (EBIT) by division
Earnings before interest & tax (EBIT) by division 15 Annual General Meeting - April 27, 2007 €920m €889m 1 €598m 345 420 14 31 546 499 553 (2) 2004 2005 2006 Lagardère Media EADS Other Activities 10.8% growth in Lagardère Media EBIT page 15
Slide 16: Net interest income/(expense) by division
Net interest income/(expense) by division 16 Annual General Meeting - April 27, 2007 €(97)m 7 €(76)m €(192)m (59) (52) (84) (23) (45) (1) (18) (90) 2004 2005 2006 Lagardère Media EADS Other Activities 2006 impact of EADS Mandatory Exchangeable Bond in “Other Activities”: -€80m page 16
Slide 17: Income taxes
Income taxes 17 Annual General Meeting - April 27, 2007 €(240)m €(142)m €(85)m 12 (16) (97) (132) (126) (108) 2004 2005 2006 Media & Other Activities EADS - Positive impact of non-recurring items for Media & Other Activities in 2005: +€99m page 17
Slide 18: Consolidated income statement
Consolidated income statement 18 Annual General Meeting - April 27, 2007 (€m) 2004 2005 2006 Media & Media & Media & Total Total Total Other EADS Other EADS Other EADS Activities Activities Activities Net sales 7,501 4,795 12,296 7,901 5,112 13,013 8,092 5,907 13,999 EBIT 544 345 889 500 420 920 567
Slide 19: Adjusted net income (excluding EADS)
Adjusted net income (excluding EADS) 19 Annual General Meeting - April 27, 2007 (€m) 2005 2006 Net income (excluding EADS) 404 268 Impact of Mandatory Exchangeable Bond issue on - 80 interest expense Impairment losses on property, plant & equipment 55 15 and intangibles Loss on T-Online/Deutsche Tel
Slide 20: Cash flow from operations
Cash flow from operations 20 Annual General Meeting - April 27, 2007 Cash flow from operations Changes in before interest, taxes and working capital changes in working capital €1,307m €1,312m €1,187m €223m 663 770 €146m 636 €10m 264 155 12 551 644 542 (9) (2) (41) 2004 2005 2006 2004 2005 2006 Media
Slide 21: Cash flow statement
Cash flow statement 21 Annual General Meeting - April 27, 2007 (€m) 2004 2005 2006 Media & Media & Media & Total Total Total Other EADS Other EADS Other EADS Activities Activities Activities Cash flow from operations before interest, taxes & changes in working 636 551 1,187 663 644 1,307 770 542 1,3
Slide 22: Consolidated balance sheet
Consolidated balance sheet 22 Annual General Meeting - April 27, 2007 (€m) 2005 2006 Media & EADS Total Media & EADS Total Other Other Activities Activities Non-current assets 5,802 4,654 10,456 6,461 4,661 11,122 Current assets 3,463 5,070 8,533 4,967 5,291 10,258 of which short-term investments &
Slide 23: Stockholders' equity and net cash/(debt)
Stockholders’ equity and net cash/(debt) 23 Annual General Meeting - April 27, 2007 €4,848m €4,461m €(863)m €(1,532)m 2005 2006 Stockholders' equity Net cash/(debt) page 23
Slide 24: Net cash/(debt)
Net cash/(debt) 24 Annual General Meeting - April 27, 2007 (€m) 2005 Change 2006 Net debt 863 669 1,532 EADS net cash 212 279 491 Net debt excluding EADS 1,075 948 2,023 page 24