Lagardere Sa · EURONEXT:MMB
Lagardere Sa — Investor Presentation (January 2014)
82 slides from Lagardere Sa's investor presentation, January 2014
Slide 1: Investor presentation January 2014
Investor presentation January 2014
Slide 2: Table of contents
Table of contents 1) Group presentation slide 3 2) Group strategy slide 7 3) Performance in H1 2013 slide 18 4) Outlook and guidance slide 29 5) Appendix slide 31 H1 2013 financials slide 32 Other business data slide 50 Focus on Publishing slide 54 Focus on Active slide 61 Focus on Travel
Slide 3: Group presentation
Group presentation 3
Slide 4: A diversified media Group with leading global brands
A diversified media Group with leading global brands World co #2 trade French #1 internet & A world leader in Leader in Sports book publisher mobile media Group Travel Retail rights in Asia #1 in France French #1 TV #2 in the UK and Spain Production Group More than 4,000 shops #5 in the US #1 market
Slide 5: A balanced business mix with a worldwide presence
A balanced business mix with a worldwide presence Breakdown of H1 2013 Breakdown of H1 2013 net sales by division recurring EBIT by division Unlimited Unlimited 6% 4% Services 21% Publishing 27% Services 53% Publishing 51% Active 24% Active 14% Breakdown of H1 2013 net sales by geographic area Weste
Slide 6: Group key figures and financials
Group key figures and financials 2012 key figures (€m) 7 370 Sound financial position Net debt significantly reduced 358 391 Successful issue in 2012 of a five-year maturity bond (€500 m). 207 Lengthened debt profile maturity; Maintained liquidity on the long run. Partial repurchase of the October 2
Slide 7: Group strategy
Group strategy A 3 pillars strategy, aiming at an improved growth profile 7
Slide 8: A 3 pillars strategy, for an improved growth profile
A 3 pillars strategy, for an improved growth profile Lagardère growth profile 3 pillars strategy Growth high Digital Adapt historic 1 activities Travel retail TV Production Unlimited Invest in high Book 2 growth activities publishing Radio Press Divest declining Magazines Distribution 3 activities l
Slide 9: Adapt historic activities (1/3)
1 Adapt historic activities (1/3) Successful transition to e-book format Position of the Publisher maintained on the value chain Prices have stabilized at a satisfactory level Positive impact on profitability and WCR First rate digital player in the US and the UK E-book share – as % of trade mar
Slide 10: Adapt historic activities (2/3)
1 Adapt historic activities (2/3) Improve Travel Retail product mix Development of Duty free and Fashion: Cosmetics, Alcohol, Tobacco, Fashion & leather goods Development of Foodservice: Partnerships (Brioche Dorée, Paul, Costa Coffee) and development of LS brands (Trib’s, Bread&Butter, The Flam
Slide 11: Adapt historic activities (3/3)
1 Adapt historic activities (3/3) Adapt historic media products Increased share of digital revenues 360° expansions of our media brands across all formats, screens and platforms Development of licensing revenues Product merchandising developed around the Elle brand Licensing for our magazine’s i
Slide 12: Invest in high growth activities (1/2)
2 Invest in high growth activities (1/2) Invest in Duty free and Travel Retail Acquisitions or gain of concessions in major international airports LS travel retail already present in 140 airports, including 30 airports ranked among the world's top 100 in number of passengers. Recent acquisitions: Ro
Slide 13: Invest in high growth activities (2/2)
2 Invest in high growth activities (2/2) Digital: new business models for better H1 2013 sales audience monetization => Performance-based market up by about 40% per year Digital: Le Guide.com, BilletReduc, etc. +63%* Develop TV production Business driven by an increased number of TV channels, in Fra
Slide 14: Divest declining activities and non-core assets
3 Divest declining activities and non-core assets Track record Adjust portfolio of activities exposed to paper decline 2008 Virgin stores 10 French magazine titles to be sold Look for strategic alternatives in press wholesale distribution 2011 International Magazine Publishing Divest non-core assets
Slide 15: Conclusion
Conclusion 15
Slide 16: Improved growth profile
Improved growth profile Decreased exposure to paper activities As % of Group net sales 80% 72% 70% 70% 67% 65% 63% 60% 61% 52% 54% 52% 50% Non paper 50% 46% 48% 50% Paper Paper activities share target : 40% 39% 48% 37% 30% 30% 33% 35% < 30% in 5 20% 28% 10% years 0% 2003 2006 2007 2008 2009 2010 201
Slide 17: Shareholder remuneration policy
Shareholder remuneration policy 17
Slide 18: Return to shareholders over 10 years
Return to shareholders over 10 years Cash flow: cumul. 2003-H1 2013 €4bn distributed to shareholders from 2003 to 2013 Exceptionnal Ordinary Cumulative Dividende exceptionnel Share Rachat buybackTotal d'actions Cumulative dividend dividend cash flows 1 313* generated use of cash 500 by operations 50
Slide 19: Group performance in 2013
Group performance in 2013 19
Slide 20: Group net sales – 9 months 2013
Group net sales – 9 months 2013 Net sales -1,3% €5,352m €5,282m reported -1,1% Like-for-like €5,267m €5,211m Like-for-like 9 M 2012 net sales* like-for-like 9 M 2013 net sales* 9 M 2012 9 M 2013 The good performance in General Literature, TV Production and Duty Free enabled to partially offset diffi
Slide 21: Key figures – Group
Key figures – Group (€m) H1 2012 H1 2013 Change Net sales 3,389 3,406 +0.5% Media Recurring EBIT before associates* 112 138 +€26m Net income – Group share 36 1,483 - Adjusted net income – Group share** 30 33 +€3m Cash from operating activities 2 (11)*** -€13m Net debt 1,700**** 900 -€800m *See defin
Slide 22: Lagardère Publishing: activity
Lagardère Publishing: activity H1 2013 net sales by geographical area H1 2013 net sales by activity Other 18% 19%* 15%* France 25%* 32% Spain 32%* 6% 6%* 15%* 4%* USA & Canada UK & 25% Australia 19% 23%* 20%* 41%* Due to seasonality, the weight of Education is weake r in H1 H1 2013 net sales: €917
Slide 23: Lagardère Publishing: profitability
Lagardère Publishing: profitability (€m) H1 2012 H1 2013 Change Net sales (a) 905 917 +1.4% Recurring EBIT before associates (b) 57 71 +€14m Operating margin (b)/(a) 6.3% 7.7% +1.4 pt Income from associates 1 1 - Non-recurring/non-operating items 0 (12) - EBIT 58 60 +€2m H1 2013 profitability • Pr
Slide 24: Lagardère Active: activity
Lagardère Active: activity H1 2013 net sales by geographical area H1 2013 net sales by activity 10%* 23%* 61%* 90%* 16%* H1 2013 net sales: €471m (+0.3% like-for-like). • Activity was driven in H1 by a high level of deliveries to date in TV Production, which is not to be extrapolated to the rest o
Slide 25: Lagardère Active: profitability
Lagardère Active: profitability (€m) H1 2012 H1 2013 Change Net sales (a) 450 471 +4.7% Recurring EBIT before associates (b) 31 33 +€2m Operating margin (b)/(a) 7% 7% +0 pt Income from associates (1) (5) - Non-recurring/non-operating items (22) (274) - EBIT 8 (246) -€254m H1 2013 profitability • P
Slide 26: Lagardère Services: activity
Lagardère Services: activity H1 2013 net sales by geographical area H1 2013 net sales by activity 12%* Wholesale 7%* Distribution 10%* 23% 26%* 5%* 6%* 41% 59% 44%* 56%* 28%* Integrated 19%* Retail 18% 18%* 13%* H1 2013 net sales: €1,814m (-0.8% like-for-like). • The good performance overall in Du
Slide 27: Lagardère Services: profitability
Lagardère Services: profitability (€m) H1 2012 H1 2013 Change Net sales (a) 1,821 1,814 -0.4% Recurring EBIT before associates (b) 37 29 -€8m Operating margin (b)/(a) 2.0% 1.6% -0.4 pt Income from associates 2 2 - Non-recurring/non-operating items (9) (41) - EBIT 30 (10) -€40m H1 2013 profitabilit
Slide 28: Lagardère Unlimited: activity
Lagardère Unlimited: activity H1 2013 net sales by geographical area H1 2013 net sales by activity Rest of World Germany 13%* 22% 26% 23%* 21%* 46%* Asia 17% UK 24%* 10% 5%* Rest of France 12% 41%* Europe 13% 11%* 16%* H1 2013 net sales: €204m (-7.1% like-for-like). This trend in sales reflects: •
Slide 29: Lagardère Unlimited: profitability
Lagardère Unlimited: profitability (€m) H1 2012 H1 2013 Change Net sales (a) 213 204 -4.6% Recurring EBIT before associates (b) (13) 5 +€18m Operating margin (b)/(a) - 2.4% - Income from associates 1 - - Non-recurring/non-operating items* (8) (7) - EBIT (20) (2) +€18m H1 2013 operating profitabili
Slide 30: Outlook and guidance
Outlook and guidance 30
Slide 31: Guidance 2013
Guidance 2013 GUIDANCE MAINTAINED ON MEDIA RECURRING EBIT The strong performance at Lagardère Publishing and Lagardère Active (audiovisual production) cannot be extrapolated to the whole year. Over the 2nd half, Lagardère Publishing will face a difficult comparison effect (strong activity in the 2
Slide 32: Appendix
APPENDIX 32
Slide 33: Consolidated income statement (1/2)
Consolidated income statement (1/2) H1 2012 H1 2013 Other Lagardère Other Lagardèr activities (€m) Media activities* Total e Media * Total Net sales 3,389 - 3,389 3,406 - 3,406 Recurring EBIT before 112 (6) 106 138 (33) 105 associates** Income from associates*** 3 42**** 45 (2) - (2) Non-recurring i
Slide 34: Consolidated income statement (2/2)
Consolidated income statement (2/2) H1 2012 H1 2013 Lagardère Other Lagardère Other (€m) Media activities* Total Media activities* Total EBIT 76 36 112 (198) 1,790 1,592 Net interest expense (11) (29) (40) (15) (40) (55) Income before tax 65 7 72 (213) 1,750 1,537 Income tax expense (44) 20 (24) (22
Slide 35: Adjusted net income – Group share
Adjusted net income – Group share (€m) H1 2012 H1 2013 Net income attributable to the Group 36 1,483 Equity accounted contribution from EADS (42) - Amortisation of acquisition-related intangible assets and other acquisition-related expenses* 13 10 Impairment losses on goodwill, tangible and intangib
Slide 36: Consolidated statement of cash flows
Consolidated statement of cash flows (€m) H1 2012 H1 2013 Cash flow from operations before interest, taxes 237 178 Changes in working capital (191) (91) Cash flow from operations 46 87 Interest paid & received, income taxes paid* (44) (98) Cash generated by/(used in) operating activities 2 (11) Acqu
Slide 37: Change in net debt in H1 2013
Change in net debt in H1 2013 €1,700m -€2,175m €1,332m €43m €900m Net debt as of Net cash from Dividends paid FX, scope and other Net debt as of 31/12/2012 operating & items 30/06/2013 investing activities 37
Slide 38: Consolidated balance sheet
Consolidated balance sheet (€m) Dec. 31, 2012 June 30, 2013 Non-current assets (excl. investments in associates) 3,922 3,688 Investments in associates 1,451 1,303 Current assets (other than short-term investments and cash) 2,847 2,959 Short-term investments and cash 703 627 Held-for-sale assets 437
Slide 39: Analysis of non-recurring/non-operating items
Analysis of non-recurring/non-operating items Total Lagardère Lagardère Lagardère Lagardère Lagardère Other Total (€m) Publishing Active Services Unlimited Media activities Lagardère Restructuring costs (1) (8) (2) (3) (14) - (14) Gains/(losses) on disposals - (11) (2) - (13) 1,823 1,810 Impairment
Slide 40: Main associates
Main associates Balance Sheet Income Statement 2012 2013 2012 2013 (as of (as of (as of (as of (€m) 31/12/2012) 30/06/2013) 30/06/2012) 30/06/2013) EADS (7.39%) - - 42 - Canal+ France (20%) 1,154 1,154 - - Marie Claire (42%) 125 90 2 (35) Amaury (25%) 98 - - - Other associates 74 59 1 (12) TOTAL 1,4
Slide 41: Group profile – H1 2013
Group profile – H1 2013 Net sales by division Recurring EBIT by division Net sales by geographic area H1 2012 Net sales by geographic area H1 2013 Emerging countries: 22% Emerging countries: 22% 41
Slide 42: Recap of Media performance by division
Recap of Media performance by division Net sales (€m) H1 2013 net sales €m change FY 2012 Reminder Lagardère Publishing 917 +€12m 2,077 Lagardère Active 471 +€21m 1,014 Lagardère Services 1,814 -€7m 3,809 Lagardère Unlimited 204 -€9m 470 Total Media 3,406 +€17m 7,370 Recurring Media EBIT before
Slide 43: EBITDA
EBITDA (€m) H1 2012 H1 2013 €m change FY 2012 Reminder Lagardère Publishing 68 83 +€15m 247 Lagardère Active 30 33 +€3m 52 Lagardère Services 72 63 -€9m 162 Lagardère Unlimited 41 41 - 75 Total Media 211 220 +€9m 536 Other activities 26 (28) -€54m 17 TOTAL 237 192 -€45m 553 43
Slide 44: Capital Employed
Capital Employed (€m) End 2012 Lagardère Publishing 1,059 Lagardère Active 931 Lagardère Services 484 Lagardère Unlimited 323 Total Media 2,797 Other and elimination 1,457 Group total 4,254* * does not include EADS stake (437 M€ booked as held for sales activities) 44
Slide 45: Cash flow statement data – Lagardère Publishing
Cash flow statement data – Lagardère Publishing (€m) H1 H1 FY 2012 2012 2013 Reminder Cash flow from operations before interest, taxes 60 77 217 Changes in working capital (134) (95) (21) Cash flow from operations (74) (18) 196 Interest paid & received, income taxes paid (17) (28) (50) Cash generate
Slide 46: Cash flow statement data – Lagardère Active
Cash flow statement data – Lagardère Active (€m) H1 H1 FY 2012 2012 2013 Reminder Cash flow from operations before interest, taxes 28 27 67 Changes in working capital 24 (20) 6 Cash flow from operations 52 7 73 Interest paid & received, income taxes paid (39) (27) (57) Cash generated by/(used in) op
Slide 47: Cash flow statement data – Lagardère Services
Cash flow statement data – Lagardère Services (€m) H1 H1 FY 2012 2012 2013 Reminder Cash flow from operations before interest, taxes 61 54 156 Changes in working capital (56) (42) (29) Cash flow from operations 5 12 127 Interest paid & received, income taxes paid (15) (13) (31) Cash generated by/(us
Slide 48: Cash flow statement data – Lagardère Unlimited
Cash flow statement data – Lagardère Unlimited (€m) H1 H1 FY 2012 2012 2013 Reminder Cash flow from operations before interest, taxes 64 44 101 Changes in working capital (15) 56 20 Cash flow from operations 49 100 121 Interest paid & received, income taxes paid (8) (3) (19) Cash generated by/(used
Slide 49: Lagardère Unlimited – Guaranteed minimum
Lagardère Unlimited – Guaranteed minimum At June 30, 2013 entities forming part of Lagardère Unlimited had guaranteed minimum future payments amounting to €828m under long-term contracts for the sale of TV and marketing rights. These payments break down as follows by maturity: Maturity 30/06/2013
Slide 50: Definitions of Recurring Media EBIT, EBITDA, Like-for-like net sales and Free cash flow
For the records: definitions of Recurring Media EBIT, EBITDA, Like-for-like net sales and Free cash flow Recurring Media EBIT before associates is defined as the difference between earnings before interest and tax and the following items of the profit and loss statement: • contribution of associat
Slide 51: 2012 Key figures
2012 Key figures (€m) 2011 2012 Change Net sales 7,657 7,370 -3.7% Media Recurring EBIT before associates 414* 358 -€56m Net income – Group share (707) 89 +€796m Adjusted net income – Group share 226** 207 -€19m Cash from operating activities 257 391 +€134m Net debt (end of year) 1,269 1,700 +€431m
Slide 52: Disposal of EADS stake (7.4% of the share capital)
Disposal of EADS stake (7.4% of the share capital) Disposal : • Lagardère completed on April, 9, 2013 a private placement for a total amount of €2,283 million. • EADS has participated to this placement for a total amount of circa €500m, at the price of the book. • The capital gain, net of tax and
Slide 53: Lagardère profile evolution 2003 - 2012
Lagardère profile evolution 2003 - 2012 High growth * 100% +18 80% pts Emerging 60% Non markets 40% advertising +6 pts 20% +8 pts 0% 2003 2012 Rights and Non paper As % of sales content ** +20 pts +11 pts Digital Digital(Excl. Services) For the first time, non paper products (Excl. Services) generat
Slide 54: Higher exposure to emerging markets
Higher exposure to emerging markets As % of sales 3% 13% 10% 3% 11% 19% Other (MEA) Latin America 18% 9% Oceania Pacific Emerging markets Asia +6pts Eastern Europe USA & Canada 87% 81% Mature markets Western Europe 69% 72% 2003 2012 54
Slide 55: Ordinary dividend policy
Ordinary dividend policy A policy aiming at maintaining a stable dividend payout, representing circa 70% of adjusted net earnings per share (excluding EADS and non recurring and non operating items). 1,4 80% 80% 1,30 € 1,30 € 1,30 € 1,30 € 1,30 € 1,30 € 1,20 € 1,2 70% 63% 73% 1,10 € 58% 57% 1,00 €
Slide 56: Lagardere Publishing is the n°3 in the world
Lagardere Publishing is the n°3 in the world Sales* of the top 15 Consumer book publishers worldwide (Trade / Education including Higher Education) in € M ** Pearson 6 511 ** Random House(1) 2 142 Lagardère Publishing 2 077 Planeta 1 772 McGraw Hill Education 1 648 (2) Holtzbrinck 1 501 Scholastic 1
Slide 57: e-Books: Answer to potential threat (1/5)
e-Books: Answer to potential threat (1/5) Risk # 1 : Self-publishing “Big ticket authors will publish themselves online” • But who will pay them their big advances up front ? • Who will help them improve their copy ? • Who will manage their promo tours and their web sites ? • Who will do their mar
Slide 58: e-Books: Answer to potential threat (2/5)
e-Books: Answer to potential threat (2/5) Risk # 2 : Disintermediation “Large e-tailers will become publishers” • The largest e-tailer (Amazon) only commands a 15% market share (print & ebook). Who wants to limit his audience to such a small fraction of the market ? • Who can be sure his/her e-pub
Slide 59: e-Books: Answer to potential threat (3/5)
e-Books: Answer to potential threat (3/5) Risk # 3 : Piracy “Why buy e-books when it’s so easy to download them illegally ?” • DRMs and piracy tracking agencies are a good deterrent. • The demographics of books buyers are not similar to those of music consumers (older, more affluent, more law-abid
Slide 60: e-Books: Answer to potential threat (4/5)
e-Books: Answer to potential threat (4/5) Risk # 4 : e-tailer market dominance “A high retail price policy is unsustainable when access to market is controlled by a few huge players” • The “agency contract”, upheld by DoJ and European Commission, is effective protection against deep discounting wh
Slide 61: e-Books: Answer to potential threat (5/5)
e-Books: Answer to potential threat (5/5) Risk # 5 : Profitability “Migrating from print to digital will negatively impact the profitability of the publishing industry” • Many high margin books (illustrated, coffee-table, how-to, boxes…) still don’t lend themselves to digitization. • School book d
Slide 62: Lagardère Publishing: track record
Lagardère Publishing: track record Resilient revenues and double-digit margins Net sales Operating margin €2,273m €2,130m €2,159m €2,165m €2,077m €2,038m 13.2% 11.2% 11.4% 11.6% 10.8% 10.7% 2007 2008 2009 2010 2011 2012 « Twilight » saga effect (116m copies sold) 62
Slide 63: Lagardère Active: a more resilient profile
Lagardère Active: a more resilient profile Reduced exposure to advertising Exposure to advertising (as % of Active division sales) 57% 57% 53% 54% 6% of 43%* 42% Group sales 2007 2008 2009 2010 2011 2012 * Excluding PMI and Russian radio, sold in 2011 63
Slide 64: Travel Retail: a fast growing market
Travel Retail: a fast growing market Travel retail market size and growth perspectives (€ bn, %, 2012) Estimates = €85bn Others1 €36bn, 42% Stations 40% €14bn, 16% + Airports 65% 60% €35bn, 42% = = Annual growth until 2020 (% p.a.) 60% 15% + = 0% - 2% + 2% - 4% + to + 35% + 4% - 8% + 25% + + > 8% Du
Slide 65: Lagardere Services TR: an international player
Lagardere Services TR: an international player operating across all territories and all channels LS Travel Retail sales@100% breakdown by geography and channel (€ bn, %, 2012) 100% = €2.5bn 17% Others1 €0.5bn, 15% 21% 35% Stations €0.6bn, 30% 24% 15% 80% Airports €1.4bn, 55% 50% 55% Western Europe E
Slide 66: A leading player worldwide in the race for consolidation
A leading player worldwide in the race for consolidation Largest travel retail operators by sales Estimates (€bn, 2012) 3.9 3.3 1.9 0.7 2.6 1.0 1.4 0.1 2.5 2.0 0.2 2.2 2.2 2.1 0.2 1.9 2.1 2 Duty Free & Luxury Retail 1.9 Travel essentials 1 1.6 Foodservice (1) News, gifts, convenience, souvenirs, ele
Slide 67: LS TR is truly global with operations in 26 countries
Beyond size, LS TR is truly global with operations in 26 countries and almost 140 airports worldwide Lagardère Services retail operations (As of December 2012) Airports classified among the world’s top 100 airports in terms of passenger volume Other airports Source: ACI Annual Worldwide Airport Traf
Slide 68: A rich portfolio of concepts to operate across the segments in travel retail
A rich portfolio of concepts to operate across the segments in travel retail Duty Free & Travel essentials Foodservice Luxury LS Travel Retail brands Franchised brands 68
Slide 69: A high ambition in travel retail
A high ambition in travel retail Consolidation Convergence Globalization Sophistication Become a leading Reach Reach player in Deliver, measure #2 worldwide in Top 5 worldwide 3 continents and communicate TR including large (with a special focus on in each segment on excellence acquisitions Europe,
Slide 70: Travel Retail: emerging countries heavily contribute to growth worldwide
Travel Retail: emerging countries heavily contribute to growth worldwide Increase1 in total air traffic Sales Per Pax for BRIC destinations between 2006 and 2011 (As a multiple of the SPP of the remaining pax, (€ bn, %, 2006-2011) 2011) Paris Duty Free 5,5x Prague 7,0x Duty Free Rest Of the World 63
Slide 71: LS Travel retail: organic growth as main past development
LS Travel retail: organic growth as main past development Sales@100% growth breakdown by nature (€ m, 2006-2011) 2,267 580 135 207 Tenders won +46% 373 Existing contracts 1,552 4/5 1/5 of total growth of total growth 2006 Organic growth Acquisitions 2011 Source: Lagardère Services 71
Slide 72: LS Travel Retail strategic objectives
LS Travel Retail strategic objectives (exc. Roma airport) LS Travel Retail sales and Ebitda margin evolution – Proportional view* (2011-2016) Sales growth** Ebitda margin improvement** +10% +0.5 pt to +1.0 pt per annum over the period 2/3 by organic growth Favorable mix evolution 1/3 through s
Slide 73: A solid portfolio of contracts
A solid portfolio of contracts Sales@100% breakdown by contract maturity (€ bn, %, 2011) Below 1 year 8% Above 48% €2.3bn 6 years 2 to 5 44% years LS Travel Retail renewed 99% of its contracts in Duty Free, renewal rate exceeds 90% overall Source: Lagardère Services
Slide 74: Acquisition of Roma airport duty free concession
Acquisition of Roma airport duty free concession Acquisition in September 2012 of the Duty Free activity of Aeroporti di Roma, operator of the duty free/paid concessions in Roma airports (Fiumicino and Ciampino) Contract profile : • 14 years contract • Exclusivity for core categories (duty free) • 2
Slide 75: Lagardere Services ROCE
Lagardere Services ROCE ROCEs (€ m, %, 2012) Capital ROCE employed 1 after tax 2 388 12% 3 -53 ∞ 335 23% 4 (1) Average during the year (2) Recurring EBIT post tax and associates / Capital Employed including Goodwill (3) 18% in 2011, before the Rome airport investment (4) 48% in 2011, before the Rome
Slide 76: Sports 2011-2015 calendar
Sports 2011-2015 calendar Historical cycle Future cycle 2008 2009 2010 2011 2012 2013 2014 2015 Euro Final Phase Euro Qualifiers World Cup Qualifiers Asian Cup Olympic Tournament Qualifiers World Cup Qualifiers 1 1 Africa Cup IAAF World Championships Calendar effect Year on Year Positive Impact on L
Slide 77: ESG: an increasingly demanding environment
ESG: an increasingly demanding environment Keener awareness of environmental, ethical and social challenges More stringent Growing regulatory expectations of requirements (New employees, Economic shareholders, Regulations Act, Lagardère has moved etc.: transparency Grenelle (governance), into positi
Slide 78: Corporate Governance: improve and observe good practices
Corporate Governance: improve and observe 1 good practices A renewed Supervisory Board with more women and increased independence New Chairman (independent) since 2010. Composition: diverse backgrounds and complementary expertise. 2003 2012 Independent members: 50% 87% Women: 0% 33% Smoother functio
Slide 79: Sustainable Development: Four priorities
2 Sustainable Development: setting up a CSR organisation and introducing pragmatic policies Regulatory Expectations of employees requirements & stakeholders Increasing use of certified paper from The first publisher to display carbon and sustainably managed forests: origin of paper labels on its boo
Slide 80: Shareholding structure
Shareholding structure Capital at end June 2013 Number of shares 131 133 286 Number of voting rights 169 320 300 Share capital at end June 2013 Voting rights at end June 2013 Lagardère Capital & Treasury stock Lagardère Management 2,48% Capital & 9,30% Management Employees 14,40% 1,92% Employees 2,3
Slide 81: Lagardère IR Team and calendar
Lagardère IR Team and calendar IR team details Calendar Anthony MELLOR Head of Investor Relations 2013 Full year sales Tel: 33 1 40 69 18 02 Press release on February, 11, 2014 at 8 a.m. CET [email protected] 2013 Full year results Sophie BARBOSA Press release on March, 12, 2014 at 5:54 p.m. CET
Slide 82: Disclaimer
Disclaimer Certain statements contained in this document are forward-looking statements which address our vision of expected future business and financial performance. Undue reliance should not be placed on such statements which are subject to risks and uncertainties. When used in this document, wor