First-Quarter 2020 Revenue

Lagardère posts a resilient performance in the first quarter of 2020
Revenue at €1,361 million, down 12.5% like for like⁽¹⁾
in the wider context of the Covid-19 health crisis
Lagardère Publishing reports revenue growth in the United States
Lagardère Travel Retail down 18% like for like
The Group is taking firm corrective action to mitigate the impacts of the crisis

Revenue fell 12.5% in first-quarter 2020, mainly as a result of the impacts of the Covid-19 crisis on Lagardère Travel Retail’s operations from mid-February, and despite a good performance at Lagardère Publishing for the first two months of the quarter.

Target scope highlights⁽²⁾ (like-for-like basis):

• Lagardère Publishing: the drop in revenue (down 3.3%) is mainly attributable to France following the closure of most points of sale in the second half of March owing to the health crisis.
  However, the business delivered growth in the United States, buoyed by good momentum in digital formats and by the success of The Witcher series.
• Lagardère Travel Retail: the decrease in revenue (down 18.0%) for the first quarter was attributable to the impacts of the Covid-19 pandemic as from mid-February. These were initially felt in China, where the virus first emerged, and Asia-Pacific, before spreading to its operations around the world and leading to strict confinement measures and the gradual closure of many airports and railway stations, along with an unprecedented collapse in passenger traffic.

Group revenue totalled €1,361 million versus €1,520 million in first-half 2019, representing a decrease of 10.4% on a consolidated basis and of 12.5% like for like.
The difference between consolidated and like-for-like revenue is attributable to a €13 million favourable foreign exchange effect resulting chiefly from the appreciation of the US dollar and pound sterling. The €14 million positive scope effect is mainly due to the acquisition of International Duty Free in Belgium, partly countered by the disposal of TV channels and digital activities as part of the Lagardère group’s strategic refocusing.

⁽¹⁾ Alternative performance indicators. See the glossary at the end of this press release.
⁽²⁾ Lagardère Publishing, Lagardère Travel Retail, Lagardère News (Paris Match, Le Journal du Dimanche, Europe 1, Virgin Radio, RFM, the Elle brand licence), the Entertainment business, the Group Corporate function and the Lagardère Active Corporate function, whose costs are being wound down by end 2020.