Note 8 - Restructuring costs
2019
In 2019, restructuring costs amounted to €42 million and chiefly related to the implementation of streamlining programmes and cost reduction plans in the operating divisions, as follows:
- €15 million at Other Activities in connection with the implementation of a redundancy plan within the Group’s Corporate function as from end-2019;
- €14 million at Lagardère Travel Retail including integration costs related to the acquisition of the Hojeij Branded Foods (HBF) group at the end of 2018 as well as concept store closure costs;
- €12 million at Lagardère Publishing primarily relating to the streamlining of distribution centres in the United Kingdom.
2018
In 2018, restructuring costs amounted to €71 million and chiefly related to the implementation of streamlining programmes and cost reduction plans in the operating divisions, as follows:
- €44 million at Lagardère Active, mainly stemming from the reorganisation of the division into standalone units and winding down its Corporate function;
- €21 million at Lagardère Publishing, relating mainly to the streamlining of distribution centres in the United Kingdom;
- €6 million at Lagardère Travel Retail, essentially in Australia, New Zealand and Germany.