2014 full-year results

Transcription

2014 FULL-YEAR
RESULTS
ARNAUD LAGARDÈRE
General and Managing
Partner
MARCH 11, 2015
2014 FULL YEAR RESULTS
Ongoing implementation of our
strategy
2014 FULL-YEAR RESULTS / MARCH 11, 2015
MEGATRENDS ANALYSIS
Megatrends:
Impact:
Growth strategy:
1
Audience
fragmentation
Digitalisation
Mobility
Globalisation
Value shift to
customer
knowledge
(data
management)
Increase in
emerging
countries’
wealthy &
middle class
Increase in air
traffic
Reduce
exposure to
declining
activities
2
Adaptation of
existing
activities and
enhance
leadership
positions
3
Invest in
higher growth
activities
Reallocate
cash
generation
and
capital
from
assets
disposals
GROWTH:
- Mostly
organic
innovation,
entrepreneurship
- External
acquisitions
3
STRATEGIC ROADMAP REMINDER
3 pillars strategy
Lagardère businesses growth profile
Growth potential
12%
10%
1
Reduce exposure to
declining activities
6%
Lagardère
Unlimited
TV Production
4%
2
Enhance leadership
positions
Travel Retail
Digital
8%
2%
Broadcasting*
0%
3
Invest in higher growth
activities
Book Publishing
-2%
Distribution
-4%
Magazines
-6%
-8%
0
N.B:
*Radio + TV channels.
2
4
6
8
Size proportional to sales.
10
12
Market
position
4
1
REDUCE EXPOSURE TO DECLINING
ACTIVITIES
 Successful deals in 2014:
Lagardère Services
July
Disposal of Payot bookstores (Switzerland)
November
Announcement of the disposal of Swiss Distribution
businesses (sold in February 2015)
December
Sale of 51% of Inmedio (high-street retail in Poland)
Magazines
July
Disposal of 10 titles in France
 The disposal process of the remaining LS distribution
activities is a major priority.
5
2
ADAPTATION OF EXISTING ACTIVITIES AND
ENHANCEMENT OF LEADERSHIP POSITION
Lagardère Publishing
 Reinforcement through synergetic « boutique »
acquisitions in the UK (Constable & Robinson, Quercus).
 Validation of the agency model in the US e-book market.
 Significant success of Partworks, developed in house.
Lagardère Active
 Musical radios: developments in Africa (Senegal).
 Digital: initiatives in e-medical businesses:
• MonDocteur.fr: first online booking website of medical consultations;
• Doctripharma.fr: service company allowing French pharmacies to
create their own online dispensary.
 Digital TV / Gulli:
• now owned at 100% after the acquisition of the 34% minority
stake;
• still the No.1 kids French channel.
6
2
Travel Retail (1/3)
 The strategic transformation of the division is well on track:
Lagardere Services: business mix
26%
24%
22%
LS distribution
18%
16%
15%
56%
60%
63%
2012
2013
2014
LS travel retail
Wholesale Distribution
Integrated Retail
travel Retail
retail
LS Travel
7
2
Travel Retail (2/3)
 A significant improvement of the product-mix thanks to the
strategy aimed at strenghtening the footprint:
• in airports;
• in the faster growing segment of Duty Free & Luxury.
LS travel retail: mix segment
Sales change
2014 vs. 2013
Travel Essentials
62%
58%
50%
35%
Duty Free & Luxury
29%
33%
Food Services
9%
9%
15%
2013
2014
2012
*Mostly due to the deconsolidation of Relay stores. / **Thanks to the acquisition of Airest.
-6%*
+17%
+73%**
8
2
Travel Retail (3/3)
 The weight of print products has been
significantly reduced (22% of sales in
2014, -2 pts) in the Travel Essentials
segment with:
• the diversification of the product mix;
• the launch of new concepts (electronics,
travel accessories…);
• creation of a joint venture with SNCF for
the modernisation of 300 stores with
diversified concepts and offers.
 Main tender recently won:
• Duty Free
‒ Warsaw and Krakow in Poland.
‒ Auckland in New Zealand.
• Food concessions in French airports (Nice…).
 Successful contribution of acquisitions
• Rome airport: activity is ramping up as expected.
• Schiphol and Airest businesses: integration is well on track.
9
2
Lagardère Unlimited (1/2)
 The recovery plan is well on track, with a positive recurring EBIT,
despite the negative calendar of events.
 Ongoing strategic transition: a new Executive Committee, a more
integrated organisation and the turnaround of the business in Europe.
 Expansion of the business footprint
• Signing of four long term stadium operations agreements in Brazil, Sweden
and Hungary.
• Organisation of major events such as the BNP Paribas WTA Finals
Singapore presented by SC Global, held for the first time at the Singapore
Sports Hub.
• Development of new businesses (brand consulting…).
10
2
Lagardère Unlimited (2/2)
 A significant change of the business mix, aimed at
delivering a more regular performance.
Lagardere Unlimited: business mix
43%
42%
48%
Marketing Rights
17%
20%
33%
40%
Other businesses **
Media Rights
38%
19%
2012
2013
*Stadium management, brand consulting, entertainment.
2014
11
3
INVEST IN HIGH GROWTH ACTIVITIES
Travel Retail
January
April
Acquisition of Fashion activities at Schiphol Airport
12 sales outlets spread over 2,400 m²
Acquisition of Airest
Food & Beverage and Travel Retail activities in
200 sales outlets, mostly in Italy (Venice airport)
TV Production
February
Acquisition of 70% of Groupe Réservoir
Specialised in non-scripted programmes
Live entertainment
April
Acquisition of Casino de Paris
A famous Parisian concert hall
12
STRATEGY ACHIEVEMENTS:
PAPER / NON PAPER EXPOSURE
As % of consolidated sales
100%
80%
Paper activities represented less than 50% of
total sales for the first time in 2013
72%
70%
67%
65%
63%
61%
60%
40%
20%
51%
51%
49%
49%
46%
28%
33%
30%
35%
≈1/3
46%
39%
37%
≈2/3
54%
54%
Paper
Non paper
0%
2003
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
(e)
Paper
Lagardère Publishing
Lagardère Services
Lagardère Active
Lagardère Unlimited
(e)
2017
(e)
Non paper
Paper books, partworks, etc.
E-books, audiobooks
Books, press
Other (tobacco, fashion & cosmetics, etc.)
Magazines
Broadcasting, TV production, licensing,
digital
-
100% non paper
13
A STRONG PROFILE
 Divisions owned at 100%
Enables capital reallocation, for full strategy implementation
 Diversity is a strength
Benefit from several underlying
trends and business cycles
GDP, school curricula renewals,
demographics, air traffic, sports events, etc.
Diversified business models
Complementarity
B to B, B to C, etc.
Mitigates risk
Diversified business profiles
Growth, cash generation/allocation,
profitability, etc.
14
2014 FULL YEAR RESULTS
Outlook and dividend
GUIDANCE AND DIVIDEND
 2015 guidance
In 2015, the recurring EBIT of fully consolidated companies*
is expected to increase by about 5% compared to 2014:
‒ at constant exchange rates;
‒ excluding the effect of the potential disposal of Distribution
activities.
 Dividend
• Ordinary dividend maintained: €1.30 per share**.
• Calendar:
‒ the ordinary dividend will be paid as of 12 May 2015;
‒ the ex-dividend date is 8 May 2015.
*Recurring EBIT of fully consolidated companies of the four operating divisions (previously called the “Media”
Recurring EBIT) + other activities.
**To be approved by the General Shareholders’ Meeting on May 5, 2015.
16
LONG TERM OBJECTIVES (2013-2018)
These long term objectives, announced in May 2014, are unchanged.
Top-line growth objective
To achieve an organic growth >3% per year by 2018
Recurring EBIT* objective
Group recurring EBIT growth of circa 5% per year
in average between 2013 and 2018**
*Recurring Media EBIT of fully consolidated companies of the four divisions + other activities (i.e. €327m in 2013).
**This target, based on 2013 figures, is to be adjusted once the Distribution and Integrated Retail businesses are sold.
17
2014 FULL-YEAR
RESULTS
ARNAUD LAGARDÈRE
General and Managing
Partner
MARCH 11, 2015

2014 full-year results

Transcription

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