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Lagardère Unlimited in 2012

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Lagardère Unlimited in 2012 Lagardère 2003-2012 Ten years of transformation Refocus on Media 2 Lagardère 2003-2012 / Ten years of transformation 2003 Organisation Lagardère SCA Bank Arjil & Cie High Tech Media & communication 100% 15.04% EADS Hachette Livre 100% Hachette Filipacchi Médias Lagardère Active Broadcast 99.3% 27.4% MultiThématiques Lagardère Active 100% Broadband 34% CanalSatellite 100% Hachette Distribution Services 3 Lagardère 2003-2012 / Ten years of transformation 2012: a Group organised around four major divisions, fully owned Lagardère SCA 100% 100% 100% 100% + two main minority stakes: : final exit (7.4%) expected in 2013. France: 20% stake. 4 Lagardère 2003-2012 / Ten years of transformation 2003-2012 evolution: breakdown of net sales 2003 2012 8% 6% Hachette 28% Livre 36% 16% Hachette * Filipacchi Médias 5% 52% Lagardère Active** 14% 35% Hachette Distribution Services *Proportional consolidation (15.04%). / **Lagardère Active Broadcast and Lagardère Active Broadband. 5 Lagardère 2003-2012 / Ten years of transformation 2003-2012 evolution: breakdown of recurring EBIT before associates 2003 2012 16% *** Hachette 35% Livre 27% * 31% Hachette Filipacchi Médias 16% 14% 57% Hachette 4% Distribution Lagardère Services Active** *Proportional consolidation (15.04%). / **Lagardère Active Broadcast and Lagardère Active Broadband. / ***Negative recurring EBIT for Lagardère Unlimited in 2012. 6 Consolidation of leadership positions and expansion in new business areas 7 Lagardère 2003-2012 / Ten years of transformation 2003-2012: a changing media value chain RIGHTS AND AGREGATION DISTRIBUTION CONTENT Digital Value Print challenged & audience fragmentation Our strategy: Invest Consolidate & Develop non Digital print 8 Lagardère 2003-2012 / Ten years of transformation The 2003-2012 strategy conducted by M&A activity… Acquisitions Disposals Invest in rights and content Exit from challenged activities & weak positions Sportfive Lagardère Unlimited US French newspapers World Sport Group International Magazine Publishing (PMI) Develop non print: Travel Retail Exit from print-related SDA (JV with ADP) Duty Free in Eastern Europe Virgin stores AdR Retail (Rome) Travel Retail in Czech Republic DFS Wellington Digital Divest non core activities Newsweb LeGuide.com Doctissimo BilletReduc EADS T-Online NMPP* Consolidation of leadership Vivendi Universal Publishing Hodder Headline Time Warner Book Group *Nouvelles Messageries de la Presse Parisienne. 9 Lagardère 2003-2012 / Ten years of transformation … delivered significant profile evolution… High growth* 100% +18 pts 80% Emerging 60% Non markets 40% advertising +6 pts 20% +8 pts 0% As % of net sales 2003 2012 Rights and Non paper content ** +11 pts +20 pts DigitalDigital (Excl. (Excl. Services)Lagardère Services) +8 pts *Duty Free, Digital, TV Production, Lagardère Unlimited, DTT channels, Emerging markets. **Partworks, Reference, Practical guides, Digital (Lagardère Active), TV Production, licensing, Lagardère Unlimited. 10 Lagardère 2003-2012 / Ten years of transformation … with proven results Despite economic crisis, the Lagardère group operating margin remained stable, while media peers endured a two points margin drop over the period. 220% Strong resilience in 170% 2009 100120% basis 70% 20% -30% 2003-2011 change: -80% Lagardère margin: flat Peers margin: -2 pts -130% GDP (global): +0.4 pt Adv. Market (global): -0.9 pt -180% -230% 2003 2004 2005 2006 2007 2008 2009 2010 2011 Annual GDP growth rate (global) Annual ad market growth (global) Peers margin evolution Lagardère margin evolution Source: brokers and peers financial information. 11 2003-2012: Success Stories sample 12 Lagardère 2003-2012 / Ten years of transformation Lagardère Publishing : from world #13 in 2003 to world #2 in trade publishing +2m 116m 5m +6m 111.6m m + +2m 2m+ 2m+ France Worldwide Worldwide France France UK 6m 153m 64m 19m +7m France USA USA Worldwide Spain Number of copies sold 13 Lagardère 2003-2012 / Ten years of transformation Lagardère Publishing: successful transition to digital 1st publisher in the world to sign an agreement with Google protecting authors’ and publishers’ rights. #1 supplier of e-books to the United Kingdom market. #1 US publisher to sell more than 10m e-books by the same author (James Patterson). A strategy aimed at maintaining the publisher’s position on the book value chain 14 Lagardère 2003-2012 / Ten years of transformation Elle, a leading and prestigious global brand (1/2) 2003 2012 Paid circulation Elle France: 321K 384K Nb of weekly copies Ad sales in France: €59m €63m International editions : 58 76 International editions €351m €465m sales : Worlwide in 2012: 54 200 ad pages: #1 worlwide, 30% market share(1) 21m readers 6.6m copies sold/month Worlwide in 2012: 10 900 ad pages: #1 worlwide 10m readers (1)High-end women’s magazine segment. 15 Lagardère 2003-2012 / Ten years of transformation Elle, a leading and prestigious global brand (2/2) Successful diversification: Nb of product categories x3 in 10 years Elle products in 80 countries in 2012 (vs. 40 in 2003) 20 000 sales outlets (30% exclusive stores and dedicated corner stores) Elle shops, clothes, shoes, kitchen utensils, Elle coffee-shop (Vietnam), Elle cosmetics, Elle cars… 16 Lagardère 2003-2012 / Ten years of transformation Aelia: success story of a major player in Travel Retail (1/2) 2003 2012 Nb stores: 126 294 Countries: 1 15 Retail 13K sqm 54K sqm Space: Addressed 55m pax 200m pax Traffic: Net sales (€m) 1,021 10.2% CAGR* 427 *Compound Annual Growth rate. 17 Lagardère 2003-2012 / Ten years of transformation Aelia: success story of a major player in Travel Retail (2/2) “Best confectionery Best new Fashion & store worldwide Best Beauty new Leathergoods store 2011 (Dreamstore)” 2012 store 2007 The Fashion Gallery, So Chocolate, Roissy CDG Singapore Changi Airport Singapore Changi Airport 18 Lagardère 2003-2012 / Ten years of transformation Lagardère Unlimited: creation of a leading market position worldwide since 5 years (1/2) High exposure to emerging markets: Key positions: 2012 net sales breakdown #1 in football in Africa Emerging markets 38% Leader in sports rights in Asia #1 in comprehensive marketing for Western Europe Eastern Europe football clubs in Europe USA 56% 3% 6% Middle East Key partnerships: 5% Africa (1) (2) (3) (4) ASPAC AFC , CAF , IAAF , WTA 8% 20+ football clubs in Europe Latin America 21% 1% (1) Asian Football Confederation. (2) Confederation of African Football. (3) International Association of Athletics Federation. (4) Women’s Tennis Association. 19 Lagardère 2003-2012 / Ten years of transformation Lagardère Unlimited: creation of a leading market position worldwide since 5 years (2/2) Asia’s largest sports marketing, media and event management company. Over 150 employees in 8 offices across Asia. Global Network with 300+ partners. 20 2003-2012: a sound financial policy 21 Lagardère 2003-2012 / Ten years of transformation Balanced and long-term driven cash policy Cash flow : cumulative 2003-2012 €2.6bn returned to shareholders Cumulative cash generated by Cumulative operations and use of cash Exceptional dividend disposals Share buyback Dividend 7% Other 501 500 Disposals €4,447m 419 37% Acquisitions 276 Organic 26% growth CF from 179 173 167 169 166 €6,635m 130 operations 5% Deleveraging 24% Return to sharholders 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 22 Lagardère 2003-2012 / Ten years of transformation Sound financial situation A level of debt adjusted to the activity and to the economic environment Net debt excluding EADS (2002 to 2006) and ORAPA (2006 to 2008) 3 000 2,570 2,619 2 500 1,901 2,045 2 000 1,699 1,824 1,772 1,700 Average: €1,852m m 1 500 1,269 € 1,120 1 000 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Well diversified funding sources over the period Gross debt breakdown in 2003 Gross debt breakdown in 2012 9% 7% Bonds 27% Bank loan 28% 65% 64% Other 23 Sustainable Development and Corporate Governance 2003-2012 Achievements 24 Lagardère 2003-2012 / Ten years of transformation 2003-2012: Lagardère adapts to an increasingly demanding environment Keener awareness of environmental, ethical and social challenges More stringent Growing regulatory expectations of requirements (New employees, Economic shareholders, Regulations Act, Lagardère has moved etc.: transparency Grenelle into position to answer (governance), Environment risk management Forum) these challenges: (environmental risks, reputational risks, etc.), 1 Corporate governance: ethics, CSR* 1improve and observe good Environment practices. is changing deeply Sustainable development: 2setting up a CSR organisation and introducing pragmatic policies tailored to the Group's businesses. Observers Continual focus (media, social networks, etc.) *Corporate Social Responsibility. 25 Lagardère 2003-2012 / Ten years of transformation Corporate Governance: improve and observe 1good practices A renewed Supervisory Board with more women and increased independence New Chairman (independent) since 2010. Composition: diverse backgrounds and complementary expertise. 2003 2012 Independent members: 50% 87% 0% 33% Women: Smoother functioning: • creation of an Appointments and Remuneration Committee in 2010: – organisation of a procedure for selecting new members. • shorter terms of office; • introduction of a self-assessment policy confirmed by an external evaluation. Compliance with the AFEP-MEDEF corporate governance code 26 Lagardère 2003-2012 / Ten years of transformation Sustainable Development: setting up a CSR organisation and 2 introducing
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