Lagardere Sa · EURONEXT:MMB
Lagardere Sa — Shareholder Meeting (May 2003)
27 slides from Lagardere Sa's shareholder meeting presentation, May 13, 2003
Slide 1: Annual Shareholders Meeting
Annual Shareholders Meeting May 13, 2003 1
Slide 2: Table of contents
Table of contents 9 2002 Consolidated statements p. 3 to 30 9 Data by business segment p. 31 to 46 9 Significant events p. 47 to 65 9 Lagardère stock performance p. 66 to 68 2
Slide 3: 2002 Consolidated statements
2002 Consolidated statements 3
Slide 4: Principal changes in consolidated companies
Principal changes in consolidated Companies Businesses Book publishing OCTOPUS Balance Sheet : full consolidation (100%) as of December 31, 2001 Income Statement : full consolidation (100%) as of January 1, 2002 BRUÑO Full consolidation (100%) as of January 01, 2002 4
Slide 5: Principal changes in consolidated companies
Principal changes in consolidated Companies Businesses Press Acquisitions Marie-Claire : Equity method (42%) as of April 1,2001 Zurban : Full consolidation as of January 1, 2002 EDIF* : Full consolidation as of January 1, 2002 (Proportional consolidation (50%) in 2001) * Elle and Elle Decor publishi
Slide 6: Principal changes in consolidated companies
Principal changes in consolidated Companies Businesses Distribution Services VIRGIN Full consolidation (100%) as of August 1, 2001 NEWSLINK Proportional consolidation (40%) as of January 1, 2002 6
Slide 7: Principal changes in consolidated companies
Principal changes in consolidated Companies Businesses Audiovisual Lagardere Active Lagardere Active Broadcast Broadcast 2002 includes January to December (12 months) 2001 included October 2000 to December 2001 (15 months) 7
Slide 8: Sales by business segment
Sales by business segment 13 295 M€ 13 216 M€ 11 875 M€ 4 486 4 339 3 489 1 183 1 141 782 7 203 7 668 8 095 2000 2001 2002 Lagardère Media Automobile High Technology / EADS - Stable total revenues (-0.6 %) 8 - Solid revenue growth for Lagardère Media (+5.6 %)
Slide 9: Lagardère Media: sales breakdown by division
Lagardère Media Sale breakdown by division 8 095 M€ 7 668 M€ 7 203 M€ 568 633 950 640 846 830 2 113 2 336 2 439 3 853 4 464 3 294 2000 2001 2002 Distribution Services Press Books Lagardere Active Growth on a like for like basis : +7.8 % 9
Slide 10: Lagardère Media: sales by geographical area
Lagardère Media Sale breakdown by geographical area 4% 4% 3% 23% 20% 21% 33% 32% 34% 40% 44% 42% 2000 2001 2002 France Rest of Europe USA & Canada Rest of the world 10
Slide 11: Operating income by business segment
Operating income by business segment 474 M€ 514 M€ 440 M€ 12 104 68 63 66 7 71 353 385 323 (9) (15) 2000 2001 2002 Lagardère Media Automobile High Technology / EADS Other Lagardère Media operating income up by 15.6% (when comparing similar periods) 11 despite a severe advertising market downturn, es
Slide 12: Lagardère Media: operating income by division
Lagardère Media 385 M€ Operating income by division 353 M€ 14 323 M€ 4 65 91 58 203 192 213 61 81 88 (9) 2000 2001 2002 Distribution Services Press Books Lagardere Active - Impressive growth of the “Books” division + 40% 12 - “Lagardere Active” continues to restore its profitability - “Press” improv
Slide 13: Financial (expense)/income by business segment
Financial (expense)/income* (331) M€ by business segment (15) M€ (95) M€ 24 8 228 6 8 37 (43) 66) (240) (11) (363) * Excluding preferred remuneration (29) 2000 2001 2002 Lagardère Media Automobile High Technology / EADS Other - Additional T-Online shares depreciation -278 M€ (-157 M€ en 2001) 13 - C
Slide 14: Current income by business segment
Current income* by business segment 499 M€ 379 M€ 20 219 2 77 93 109 M€ 280 74 9 34 113 44 22 2000 2001 2002 * Excluding preferred remuneration Lagardère Media Automobile High Technology / EADS Other - Additional T-Online shares depreciation -278 M€ (-157 M€ en 2001) 14 - Capital gain on EADS « Exce
Slide 15: Exceptional items (by division)
Exceptional items ( by division) 653 M€ 3 353 M€ 4 690 463 (371) M€ (30) (93) (69) (10) (21) (273) (21) (8) 2000 2001 2002 Lagardère Media Automobile High Technology / EADS Other Exit related costs for Automobile activities -266 M€ 15
Slide 16: Exceptional items (by type)
Exceptionnal items (by type) HT* Excl HT** EADS Excl. EADS EADS Excl. EADS 683 M€ 880 463 (350) M€ (110) M€ 15 7 (30) (42) (21) (16) (107) (66) (5) (85) 32 (17) (304) * HT : High Technology (37) ** Excl. HT : Excluding High Technology 2000 2001 2002 High Technology / EADS (including Airbus 441 M€ in
Slide 17: Goodwill Amortization
Goodwill Amortization (61) M€ (121) M€ (125) M€ (52) (75) (79) (9) (46) (46) 2000 2001 2002 Lagardère excl. High Technology / EADS High Technology / EADS Acquisitions of Virgin and Octopus 17
Slide 18: Income tax
Income tax 143 M€ (424) M€ (168) M€ 163 (20) (102) (66) (388) (36) 2000 2001 2002 Lagardère excl. High Technology / EADS High Technology / EADS T-Online capital gain related tax adjustement +195 M€ 18
Slide 19: Net income from companies accounted for by the equity method
Net income from Companies accounted for by the equity method 77 M€ 18 30 M€ (33) M€ 59 28 20 2 (53) 2000 2001 2002 Lagardère excl. High Technology / EADS High Technology / EADS - multiThématiques equity stake depreciation -68 M€ in 2002 19 - Lagardère’s share of exceptional items recorded by CanalSa
Slide 20: Minority interest
Minority interest (11) M€ (4) M€ (32) M€ 7 4 (8) (18) (29) (3) 2000 2001 2002 Lagardère excl. High Technology / EADS High Technology / EADS 20
Slide 21: Consolidated Income Statement
Consolidated Income Statement (In M€) 2000 * 2001 2002 Excl. HT** Total Excl. EADS Total Excl. EADS Total HT ** EADS EADS Sales 8 386 3 489 11 875 8 809 4 486 13 295 8 877 4 339 13 216 Operating Income 406 68 474 410 104 514 377 63 440 Interest Income (29) (66) (95) (4) (11) (15) (302) (29) (331) Cu
Slide 22: Net income – excl. non recurring items
Net income – excl. non recurring items Excl. EADS (In M€) 2001 2002 Net income 146 (262) T-Online 130 83 - financial 157 278 - tax (27) (195) ’’Excess Shares’’ (172) - financial (210) - tax 38 Matra Automobile (34) 246 - net income Net income excl. non-recurring items (before Restatt Intangible Asse
Slide 23: Operating Cash Flows & Investing Activities
Operating Cash Flows & Investing Activities Cash flow from operations Change in working capital 696 M€ 595 M€ 571 M€ 224 M€ 500 224 171 M€ 335 78 135 M€ 25 70 347 146 146 260 196 65 2000 2001 2002 2000 2001 2002 Lagardère excl. High Technology / EADS High Technology / EADS 23
Slide 24: Statement of Cash Flows
Statement of Cash Flows (In M€) 2001 2002 Excl. EADS EADS Total Excl. EADS EADS Total Cash flow from oper. 224 347 571 335 260 595 Change in work. capital 70 65 135 78 146 224 Total operating cash flow 294 412 706 413 406 819 Investments (760) (501) (1 261) (1 692) (632) (2 324) Tangible & intangibl
Slide 25: Balance Sheet
Balance Sheet (In M€) 2001 2002 Excl. EADS EADS Total Excl. EADS EADS Total Fixed assets 6 105 2 756 8 861 7 101 2 830 9 931 Current assets 4 339 4 813 9 152 3 794 4 445 8 239 of which cash & equiv. 1 790 1 213 3 003 1 500 943 2 443 TOTAL ASSETS 10 444 7 569 18 013 10 895 7 275 18 170 Stockholders’
Slide 26: Stockholder's Equity & Net Cash (Indebtedness)
Stockholder’s Equity* & Net Cash (Indebtness) * 4 328 M€ 3 889 M€ 3 914 M€ 717 M€ 219 M€ (1 394) M€ 2000 2001 2002 Stockholders' Equity Net Cash (Indebtness) 26 * Excl. «perpetual subordinated notes»
Slide 27: Net Debt Position
Net Debt Position* (In M€) 12.31.2001 2002 12.31.2002 Changes EADS 232 (39) 193 T-Online 679 (278) 401 Excl. EADS and T-Online (692) (1 296) (1 988) Net Debt Position 219 (1 613) (1 394) 27 * Excl. «perpetual subordinated notes»