Note 6 - Revenue
Revenue decreased by 38% in 2020 on a consolidated basis and by 38% based on comparable Group structure and exchange rates (like-for-like).
The like-for-like change in revenue is calculated by comparing:
- 2020 revenue to exclude companies consolidated for the first time during the year, and 2019 revenue to exclude companies divested in 2020;
- revenue for 2019 and revenue for 2020 adjusted based on the exchange rates applicable in 2019.
The difference between consolidated and like-for-like revenue is essentially attributable to a €44 million negative foreign exchange effect resulting in part from the depreciation of the US dollar.
The €40 million negative scope effect was chiefly linked to the sale of TV channels in September 2019 and Lagardère Studios in October 2020. This effect was countered by the favourable impact of Lagardère Travel Retail’s acquisition of International Duty Free (IDF) in late September 2019, and by Lagardère Publishing’s acquisition of Le Livre Scolaire in January 2020 and of Laurence King in September 2020.
Revenue breaks down as follows:
| 2020 | 2019 | |
| Lagardère Publishing | 2,375 | 2,384 |
| Education | 323 | 347 |
| Illustrated Books | 332 | 312 |
| General Literature | 1,061 | 1,034 |
| Partworks | 265 | 294 |
| Other | 394 | 397 |
| Lagardère Travel Retail | 1,720 | 4,264 |
| Travel Essentials | 752 | 1,613 |
| Duty Free & Fashion | 598 | 1,692 |
| Foodservice | 370 | 960 |
| Other Activities | 229 | 288 |
| Press | 100 | 121 |
| French Radio | 100 | 110 |
| Other | 29 | 58 |
| Lagardère Active – non-retained assets | 115 | 275 |
| Audiovisual Production | 115 | 218 |
| TV channels | - | 49 |
| Other | - | 8 |
| Total | 4,439 | 7,211 |