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Amendment to the 2020 Universal Registration Document

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Amendment to the 2020 Universal Registration Document AMENDMENT TO THE 2020 UNIVERSAL REGISTRATION DOCUMENT including the 2021 Interim Financial Report The Amendment to the Universal Registration Document was filed on 26 July 2021 with the AMF as competent authority under Regulation (EU) 2017/1129 without prior approval pursuant to Article 9 of said Regulation. The Universal Registration Document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if approved by the AMF, together with any amendments, if applicable, and a securities note and summary, in accordance with Regulation (EU) 2017/1129. This Amendment updates, and should be read in conjunction with, the 2020 Universal Registration Document filed with the AMF on 29 April 2021 under number D.21-0385. The Amendment contains a cross-reference table allowing readers to easily locate information incorporated by reference and information that has been updated or amended. The 2020 Universal Registration Document together with this Amendment are available on the corporate website of Lagardère SA (www.lagardere.com) in the Shareholders and Investors/Regulatory Information section, as well as on the website of the AMF (www.amf-france.org). CONTENTS 1 2021 INTERIM MANAGEMENT REPORT ........................................................... 5 2 2021 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS ..... 18 3 STATUTORY AUDITORS’ REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION ........................................................................... 60 4 CORPORATE GOVERNANCE ........................................................................ 62 5 ADDITIONAL INFORMATION ....................................................................... 138 This English version of this document has been prepared for the convenience of English-speaking readers. It is a translation of the original French Amendment to the 2020 Universal Registration Document. It is intended for general information only and in case of discrepancies the French original shall prevail. Created in 1992, Lagardère is an international ► the fifth-largest travel retail operator (second- group with operations in more than 40 countries largest in airport travel retail); worldwide. It employs over 28,000 people and generated revenue of €4,439 million in 2020. ► the world’s largest international network of travel essentials stores; The Group is organised into two core businesses: ► the European leader in the travel retail Lagardère Publishing, which includes the Group’s fashion segment; Book Publishing and e-Publishing businesses, and areas such as Education, General Literature, ► the world’s fourth-largest Foodservice Illustrated Books, Partworks, Dictionaries, Youth provider in transit areas. Works, Mobile Games, Board Games and Distribution. The division operates predominantly in In addition to Lagardère Paris Racing, the Group the three main language groups: English, French also owns the following significant business units: and Spanish. Lagardère News, which comprises Paris Match, Le Journal du Dimanche, advertising sales Lagardère Publishing is the world’s third-largest brokerage, licencing management for the Elle trade book publisher for the general public and brand, Europe 1 and the French music radio educational markets (number one in France, networks (Virgin Radio and RFM). number two in the United Kingdom, number three Lagardère Live Entertainment, which is active in in Spain and number four in the United States). two segments: In the field of digital technology and the Internet, ► producing concerts (Florent Pagny, -M-, the division offers products resonant with Jean-Louis Aubert, etc.) and shows (Les emerging market trends and suited to multiple Souliers Rouges, Salut les copains, DISCO, distribution channels, media and formats (e- Love Circus, Les Choristes, etc.); books, audio books, digital marketing, adaptive learning platforms, etc.). ► managing entertainment venues, including The division continues to diversify into leisure the Folies Bergère, Casino de Paris, Bataclan, activities adjacent to the world of publishing, the Arkéa Arena concession and the public including consumer games in all their service concession for the Arena du Pays components. d’Aix. Lagardère Travel Retail consists of retail operations These business activities are presented in in transit areas and concessions in three business section 1.4 of the Universal Registration Document segments: Travel Essentials, Duty Free & Fashion, filed with the AMF on 29 April 2021 (the “Universal and Foodservice. Registration Document”). Lagardère Travel Retail is a pure player and global leader in the travel retail market: KEY FIGURES Condensed consolidated income statement (in millions of euros) First-half 2021 First-half 2020* Revenue 2,076 2,088 Group recurring operating profit (loss) of fully 3 (218) consolidated companies Income (loss) from equity-accounted companies** (22) (23) Non-recurring/non-operating items (98) (156) Finance costs, net (25) (41) Interest expense on lease liabilities (32) (39) Income tax (expense) benefit (3) 48 Profit (loss) from discontinued operations 5 (8) Profit (loss) for the period (172) (437) Profit (loss) attributable to owners of the Parent (171) (422) Adjusted profit (loss) attributable to owners of the (86) (276) Parent*** * Data for first-half 2020 restated for the retrospective application of the first amendment to IFRS 16 – Covid-19- Related Rent Concessions (see note 1 to the condensed interim consolidated financial statements). ** Before impairment losses. *** Excluding non-recurring/non-operational items. Key figures by division Revenue Group recurring Free cash flow operating profit (loss) of fully consolidated companies First-half First-half First-half First-half First-half First-half (in millions of euros) 2021 2020 2021 2020 2021 2020 23 (117) Lagardère Publishing 1,130 971 110 27 55 (410) Lagardère Travel Retail 831 947 (96) (209) (1) (16) Other Activities* 115 107 (11) (35) - 32 Non-retained scope** - 63 - (1) * Lagardère News, Lagardère Live Entertainment, Lagardère Paris Racing and the Group Corporate function. ** Primarily Lagardère Studios. 1 - 2021 Interim Management Report 1 1 2021 INTERIM MANAGEMENT REPORT 1.1 FIRST-HALF 2021 RESULTS 6 1.1.1 Consolidated income statement 6 1.1.2 Consolidated statement of cash flows 10 1.1.3 Net debt 12 1.2 SIGNIFICANT EVENTS OF THE FIRST HALF OF 2021 13 1.2.1 State-backed loan for €465 million and signature of an agreement to amend and extend the maturity of the revolving credit facility to March 2023 13 1.2.2 Appointment of Pierre Leroy as Chairman and Chief Executive Officer and Fabrice Bakhouche as Deputy Chief Executive Officer of Hachette Livre 13 1.2.3 Conversion of the Company into a joint-stock company 13 1.3 RELATED PARTIES 14 1.4 EVENTS AFTER THE REPORTING PERIOD 15 1.4.1 Sale of the 24.9% stake in Sportfive 15 1.5 MAIN RISKS AND UNCERTAINTIES FOR THE REMAINING SIX MONTHS OF THE YEAR 15 1.6 OUTLOOK AND LIQUIDITY 15 Amendment to the 2020 Universal Registration Document 5 1 - 2021 Interim Management Report 1.1 FIRST-HALF 2021 RESULTS The condensed interim consolidated financial The main changes in the scope of consolidation statements have been prepared in accordance during the first half of 2021 are described in note 2 with International Financial Reporting Standards to the consolidated financial statements. (IFRS), as described in note 1 to the consolidated financial statements, "Accounting principles". 1.1.1 CONSOLIDATED INCOME STATEMENT (in millions of euros) First-half 2021 First-half 2020(*) Full-year 2020 Revenue 2,076 2,088 4,439 Recurring operating profit (loss) of fully consolidated companies(**) 3 (218) (155) Income (loss) from equity-accounted companies(***) (22) (23) (58) Non-recurring/non-operating items (98) (156) (336) of which impact of IFRS 16 on concession agreements(****) (37) (17) (17) Profit (loss) before finance costs and tax (117) (397) (549) Finance costs, net (25) (41) (76) Interest expense on lease liabilities (32) (39) (74) Income tax benefit (expense) (3) 48 31 Profit (loss) from discontinued operations 5 (8) (20) Profit (loss) for the period (172) (437) (688) Attributable to: - Owners of the Parent (171) (422) (660) - Minority interests (1) (15) (28) (*) Data at 30 June 2020 restated for the retrospective application of the first amendment to IFRS 16 – Covid-19-Related Rent Concessions (see note 1 to the condensed interim consolidated financial statements). (**) Recurring operating profit (loss) of fully consolidated companies is an alternative performance measure taken from the segment information section of the consolidated financial statements (see reconciliation in note 3 to the condensed interim consolidated financial statements), and is defined as the difference between profit (loss) before finance costs and tax and the following income statement items: • income (loss) from equity-accounted companies; • gains (losses) on disposals of assets; • impairment losses on goodwill, property, plant and equipment, intangible assets and investments in equity-accounted companies; • net restructuring costs; • items related to business combinations: - acquisition-related expenses, - gains and losses resulting from purchase price adjustments and fair value adjustments due to changes in control, - amortisation of acquisition-related intangible assets. • specific major disputes unrelated to the Group's operating performance; • items related to leases and to finance sub-leases: - excluding
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