Lagardere Sa · EURONEXT:MMB
Lagardere Sa — Lagardère Active — Investor Day (June 2008)
83 slides from Lagardere Sa's investor day presentation, Jun 12, 2008
Slide 1: Investor Day Paris - June 12, 2008
Investor Day Paris - June 12, 2008
Slide 2: Warning
Warning Certain of the statements contained in this document are not historical facts but rather are statements of future expectations and other forward-looking statements that are based on management's beliefs. These statements reflect such views and assumptions as of the date of the statements and
Slide 3: Agenda
Agenda Opening remarks Didier Quillot Current market conditions “ Where we are in 2008 “ Focus on “Active 2009” Alain Lemarchand Focusing on growth: “Active 2009 Growth” Maximizing growth potential of core assets Didier Quillot Emerging countries “ Digital rollout Julien Billot 201
Slide 4: Opening remarks
Agenda Opening remarks Investor day, June 2008 • 4
Slide 5: Opening remarks
Opening remarks In the past 18 months In the next 3 years We have changed our culture: We will continue to transform Lagardère Active reactivity, focus, costs, digital Focused portfolio, targeting leadership We have improved our profitability segments in print / radio / TV / digital We are f
Slide 6: Current market conditions
Agenda Current market conditions Media consumption – Magazine – Radio – TV – Internet Advertising spend Investor day, June 2008 • 6
Slide 7: Mixed picture for magazine circulation in mature countries, solid growth in emerging countries
Mixed picture for magazine circulation in mature Media consumption Advertising spend countries, solid growth in emerging countries Magazine circulation growth 26.9% CAGR 2004-2007, % 21.5% Mature countries Emerging countries -4.7% - 3.1% -2.1% -1.1% -1.0% -0.5% -4,7% -3,1% -2,1% -1,1% -1,0% -0,5%* 2
Slide 8: Upscale Women & Celebrity dynamism confirmed
Upscale Women & Celebrity (main Lagardère Active magazine segments): Media Advertising consumption spend dynamism confirmed Gross advertising revenues & average circulation CAGR 2004-07, % 8.0% 8,0% 7.6% 7,6% 4.7% 4,7% Celebrity 12.7% 12,7% 12.7% 12,7% 15.3% 15,3% Upscale 1.7% 1,7% 0.8% 0,8% 0.1% 0,
Slide 9: Radio audience is still growing in emerging countries
Radio audience is still growing Media consumption Advertising spend in emerging countries Eastern Europe daily reach trends French radio listening* between 2005 and 2007 %** 100 93 94 93 94 Daily reach in % 2004 2007 79 79 90 84% 73 73 83.6% 62 62 58 58 80 50 2007 2005 70 60 8 0 90 94 98 02 06 1 0 1
Slide 10: Fast growing DTT and eroding analog TV audience
Fast growing DTT and eroding Media consumption Advertising spend analog TV audience Very fast growth in DTT penetration Other TV media under pressure ~9m households in 2008 Analog channel audience share: Ô Ô Cable / Satellite market share: Ô, DSL & DTT Ò 100% by switchover in 2011 Ad spend o
Slide 11: The internet consumption boom is not slowing down
The internet consumption boom Media Advertising is not slowing down and end-users consumption spend are multimedia and multitasking People using the Internet at least once a week, by country Increasing mobile internet usage million % of Internet users also using Internet Mobile +9%* 279 +8%* in Fran
Slide 12: …leading to high revenue growth
…leading to high revenue growth Media Advertising consumption spend Internet advertising spend, €m - CAGR 2003-2008 e-commerce forecast e-commerce spend, €bn CAGR 2007-2010 US UK 2, 0 0 0 2007 17,000 +20% +22% 2010* 1,5 0 0 +47% 119 10 ,000 1,0 0 0 500 3,000 0 2003 2008* 2003 2008* +17% 68 69 +21% F
Slide 13: Advertising spend growth is soft in mature countries and strong in emerging countries…
Advertising spend growth is soft in mature Media consumption Advertising spend countries and strong in emerging countries… Advertising spend growth 27% 27% CAGR 2004-2007, % 18% 18% Mature countries Emerging countries 9.1% 9,1% 2.2% 3.3% 3.4% 3.5% 3.5% 3,3% 3,4% 3,5% 3,5% 2,2% Note: local currency S
Slide 14: In mature countries, Internet is driving ad spend growth
In mature countries, Internet is driving ad spend growth; Media Advertising in emerging countries, all media are on an uptrend consumption spend Advertising spend by media, CAGR 2004-2007, % Western Europe Russia +4.7% +27% 0.6% 15.8% 2.0% 13.8% 3.4% 32.8% Magazines 4.2% 30.5% Newspapers + freesheet
Slide 15: The market is affected by the 2008 recession
The market is affected by the 2008 recession: 2008/2009 addressable advertising market outlook US: -5% to -10% in 2008 ~ 0% to -2% in 2009 Western Europe: -2% to +1% in 2008 ≤ 0 % in 2009 Emerging countries: > +20% Digital: – Mature countries 20% to 25% – Emerging countries > 50% Investor da
Slide 16: Conclusion on market trends
Conclusion on market trends Structural trends New trends The higher end of the market Magazine is performing well Economic slowdown is affecting Magazine circulation growing media advertising spend in most solidly in emerging countries countries Strong segments and leadership Eastern Europ
Slide 17: Where we are in 2008
Agenda Where we are in 2008 Investor day, June 2008 • 17
Slide 18: Sales by activity and geography
Sales by activity and geography Sales split per activity Sales split per country 2007 * 2007 * Lagardère Internet Entertainment Others - 7% 3% China - 2% 6% Japan - 3% TV channels 4% UK - 4% Spain - 6% Radio 14% Italy - 6% France - 47% Russia - 10% Magazines 73% USA - 15% Note : *excluding regional
Slide 19: Magazine footprint & Revenue split
Magazine footprint & Revenue split magazines (2008 footprint & 2007 revenue split excluding regional dailies) radio TV An international network in 44 countries WESTERN EUROPE 24% EASTERN EUROPE 11% NORTH AMERICA 21% ASIA & OTHERS 8% Controlled subsidiaries Joint venture License New license agreement
Slide 20: Negative growth profile magazine assets under review
Negative growth profile magazine assets under review magazines radio TV 2007 magazine portfolio growth vs. profitability (∼160 titles*) 2005 – 2007 growth In 2007, primary focus + on unprofitable titles Revenues: Revenues: Revenues: – From 10% of revenues down to 5% 2% 3% 47% – From 36% of t
Slide 21: Managing the portfolio is also about renewal
Managing the portfolio is also about renewal magazines radio TV More than 7 titles* launched successfully in the last 2 years… Title Segment Country Psychologies Women Russia, China Domoi Shelter Russia Quo Lifestyle China Riders Lifestyle Italy Star Hit Celeb Russia
Slide 22: Increasing focus on the Upscale women segment in mature countries…
Increasing focus on the Upscale women magazines radio segment in mature countries… TV Lagardère Active Press revenue split by segment* % of sales Women 40% 44% 65% Shelter 8.4% 8.5% Celebrities 13.1% 12.3% TV 11.8% 10.8% Auto 6.1% 5.8% Leisure 8.5% 7.4% News 8.0% 7.9% Lads 3.3% 2.5% Others 0.8% 0.8%
Slide 23: … where Lagardère Active is already a clear leader
… where Lagardère Active is already a clear leader magazines radio Gross advertising revenue market share for upscale women’s magazines (Elle, Psychologies and Marie Claire vs top 2 competitors) in mature/emerging countries TV 2007,% 100% 10 10 9 18 17% 9% 18 16 19 20 Elle 25 1 25% 25% 26% 26% 6* (R
Slide 24: We are constantly strengthening our portfolio (1/2)
magazines We are constantly strengthening our portfolio radio (1/2) TV While continuing to focus our portfolio, we are building market share in key segments via selective acquisitions France 2007 - Magazine ad revenue market share – Focus on weeklies, for which circulation increased on average by
Slide 25: We are constantly strengthening our portfolio (2/2)
magazines We are constantly strengthening our portfolio radio (2/2) TV Spain 2007 - Magazine ad revenue market share – Leadership position with a well diversified portfolio – Streamlined organization, with the highest profitability within Lagardère Active 4% 7% 8% 16% UK 21% 8% 19% 5% 19% – Focu
Slide 26: Radio in France: market leadership in advertising
Radio in France (52% of 2007 total Radio revenue): market leadership in advertising magazines radio TV Advertising Audience No.1 sales house Leading position for Europe1 Improving performance for Virgin Radio (formerly Europe2) Advertising market share, 2007 Cumulative daily reach % Others 10
Slide 27: Radio in Eastern Europe: strong increase in both revenue & profit
Radio in Eastern Europe (48% of 2007 total Radio revenue): magazines strong increase in both revenue & profit, radio TV with clear leadership position in all countries LARI operates 22 radio stations with a combined daily audience of 33 million people LARI Advertising Market Share LARI revenue 200
Slide 28: TV channels: leader in our segments on all platforms
TV channels: leader in our segments (kids and music) on all platforms (DTT, cab/sat) magazines radio TV National audience share (%) Successful launch of DTT channels for DTT channels (age 4+) 3.5% audience share 2,5 leader in 4-14 age group 2006 2007 2008 (March) 2 1.5% audience share leader i
Slide 29: Key messages on where we are
Key messages on where we are Value oriented Increased value of portfolio through – Selling / closing down some low added-value titles – Improving quality / revamping core titles – Concentrating on segments with clear leadership Focus on emerging countries – Consistent increase of footprint both
Slide 30: Focus on Active 2009
Agenda Focus on Active 2009 Investor day, June 2008 • 30
Slide 31: Active 2009 objectives reminder
Active 2009 objectives reminder Active 2009 objectives Implemented to date Change culture New management & organization Improve profitability Profitability levers activated – 12 titles closed, – Rationalize portfolio 11 countries shifted to license or activities sold – Cost reduction program
Slide 32: A new mindset...
A new mindset... Fresh look at portfolio: no assets off-limits Emphasis on digital culture, bringing in some entrepreneurial spirit Bringing down barriers: from a silo to a matrix organization => mutualization of back office functions across the board (business and country wise) Sales Press Ra
Slide 33: … that allows sharing of best practices
… that allows sharing of best practices ELLE synergies case UK Russia Japan Argentina South Africa Hungary Two-fold magazine content sharing – Coproductions between main editions – Syndication to all editions Share expertise and best practices Depending on the country, from 1% to 50% of magazine
Slide 34: Substantial portfolio reshuffle in 2007
Substantial portfolio reshuffle in 2007 Revenue growth split €m 2,334 -53 -320 82 2,079 -30 66 2006 Exch. Rate Divestiture Closure of Organic Acquisitions 2007 revenue (1) & other of non core unprofitable growth (2) made in revenue (3) or low assets 2006 & 2007 profitability assets (1) 2006 IFRS (pr
Slide 35: Active 2009 portfolio reshuffle
Active 2009 portfolio reshuffle Full year impact As forecast Achieved as of New estimate (based on 2006 in Jan. 2007 June 12th, 2008 figures, €m *) Revenue EBIT Revenue EBIT Revenue EBIT Divesting non core assets -260 +4 -270 -1 -270 -1 Country portfolio - shift to license model -40 +1 -28 +2 -28 +2
Slide 36: Cost reduction initiatives
Cost reduction initiatives Production costs Payroll & Other costs Paper Editorial costs reduction Printing Sales streamlining Distribution and circulation Overhead reduction Digital copyflow and pre-press Other procurement Broadcasting contracts Status : 100% 0% Investor day, June
Slide 37: Active 2009 Achievements by end of 2007 / beginning of 2008
“Active 2009” Achievements by end of 2007 / beginning of 2008 Active 2009 objectives Implemented to date Achievements Change culture New management Better sharing of best & organization practices underway Improve profitability Profitability levers activated Profitability improvements – 1
Slide 38: 2007: a turnaround in profitability profile
2007: a turnaround in profitability profile EBIT €m 250 200 7.8% 8.0% 15.2% 150 14.8% Audiovisual 9.7% Magazine 100 8.5% 7.7% 6.6% 50 0 2004 2005 2006 2007 Combined profitability improved from 8.3% in 2006 to 9.3% in 2007 2004 proforma Investor day, June 2008 • 38
Slide 39: Active 2009 target confirmed
Active 2009 target confirmed Lagardère Active will over deliver its €70m targeted net savings * €m 100 75 50 D 25 0 2007 net 2008 net 2009 net 2009 Initial net savings additional additional cumulative savings estimate savings savings savings target estimate Before possible impacts beyond Lagardère A
Slide 40: Risk factors
… Risk factors Economic environment has changed since January 2007 Factors Rationale Weak $ / € US is one of the main exchange rate contributing countries to Active 2009 Strong paper Energy and price inflation industrial overcapacity drastically reduced Print, Freight and Postal Energy…
Slide 41: P&L dynamics over the 2007-2009 period
P&L dynamics over the 2007-2009 period Portfolio reshuffle* to improve profitability -€432m impact on turnover +€21m impact on EBIT Active 2009 net full year savings (from 2009 on) €80m to €90m Growth profile and mix of assets improved (mature => emerging, traditional => digital) Increased i
Slide 42: Focusing on growth: Active 2009 growth
Agenda Focusing on growth “Active 2009 growth” Investor day, June 2008 • 42
Slide 43: Three main structural growth levers
Three main structural growth levers 1 Top line 2 growth Emerging in all core countries businesses 3 Digital media Investor day, June 2008 • 43
Slide 44: Three main structural growth levers
Three main structural growth levers 2008 revenue breakdown (estimate) Beyond Portfolio management Digital Cost reduction initiatives 7% Emerging Topline growth management will contribute to profitability countries improvement plan: 19% Other n Systematic review of all topline levers for core 68%
Slide 45: Top line management of core assets
Agenda Focusing on growth: 1 Top line management of core assets Core assets: top line optimization Lagardère Entertainment New opportunities (Digital Radio, Personal Mobile TV) Investor day, June 2008 • 45
Slide 46: Maximizing growth potential of core assets
core Maximizing growth potential of core assets assets Lagardère Entertainment new opportunities Systematic review of top line levers: Advertising 1 Optimizing ad-offer / pricing revenue 2 Improving ad-sales stimulation & organization 3 Improving account management Circulation 4 Optimizing cover pri
Slide 47: Increasing advertising revenue in a stable or downward oriented market
core Increasing advertising revenue in a stable assets Lagardère or downward oriented market Entertainment new opportunities 1 Develop creative & 2 Improve account 3 Improve ad-sales proactive ad offer/ pricing management stimulation & organization Plurimedia, crossmedia Specific marketing strat
Slide 48: Increasing circulation revenue through cover pricing …
core Increasing circulation revenue through assets Lagardère cover pricing … Entertainment new opportunities 4 Optimize cover pricing E.g. France: increased cover prices - no negative effect on circulation Average LTM paid circulation in France Key criteria to be checked: March 2007 to April 2008, n
Slide 49: … and subscription
core … and subscription assets Lagardère Entertainment new opportunities Japan US 5 Improve subscription marketing Online subscription growth Subscription growth rate number of new subscribers Partnership development +11% Online subscription fostering 18% 22,599 18,432 9% Automatic renewal inc
Slide 50: Increasing circulation revenue through new distribution channels and marketing spend
core Increasing circulation revenue by focusing assets Lagardère on new distribution channels and better Entertainment new marketing spend allocation opportunities 6 Optimize distribution Specialized distribution channels to reach qualified targets Luel mailed to male VIP customers => Revenue fr
Slide 51: Increasing revenue through revamping / repositioning our magazines
core Increasing revenue through revamping / assets Lagardère repositioning our magazines Entertainment new Italy opportunities Average circulation 8 Revamp/ reposition magazine increased by 22% From a technical …to a lifestyle magazine… companion around Improve circulation the motorcycle univers
Slide 52: Developing additional revenue through brand expansion…
core Developing additional revenue assets Lagardère through brand expansion… Entertainment new opportunities 9 Expand brand in other media and non-media Systematic spin-off policy Media extensions or partnerships Licensing – Already 6% of ELLE revenue Music multimedia event management Elle d
Slide 53: … and add-on products
core … and add-on products assets Lagardère Entertainment new opportunities 10 Create add-on products and diversify revenue Italy, May 2007 France, May 2008 Add-on products Product selection is key (tops and flops) Interactive revenue: e.g., in Poland interactive revenue (SMS, etc…) accounts f
Slide 54: Our ambition: to become a European Entertainment business
core Our ambition: to become a assets Lagardère European Entertainment business Entertainment new opportunities Audiovisual Production Music & Live Leadership position in multi-format Integrated business model with audiovisual contents (Scripted, global artist management Unscripted, Animation) i
Slide 55: Lagardère Entertainment: Development opportunities in TV production…
core Lagardère Entertainment assets Lagardère Development opportunities in TV production… Entertainment new opportunities Lagardère Active positions Development strategy No.1 in scripted production Finalize portfolio rationalization Lagardère 102 Consolidate leadership in scripted production A
Slide 56: … and Live Events: a 360° strategy
core … and Live Events: a 360° strategy assets Lagardère Entertainment new opportunities Development strategy From Production/Distribution only to… Production Distribution Publishing Publishing – High profitability and stability Intellectual property – Development opportunities in Rights a digital
Slide 57: Our strategy to capture digital radio opportunities
core Our strategy to capture digital radio assets Lagardère opportunities Entertainment new opportunities Increased Radio attractiveness VS plurimedia expectations Oct.1st, End of 08 / Q2/Q3 End of 2008 Q1 09 2009 2010 French population equipped to receive digital radio (estimate, m) Coverage exte
Slide 58: Personal Mobile TV: mobile TV license for Virgin 17
core Personal Mobile TV: assets Lagardère LA has been awarded a mobile TV license Entertainment new for Virgin 17 opportunities Advertising Mobile TV - France (€m) Growth opportunity 166 142 Virgin17 mobile TV showing 106 significant potential 58 24 2 9 2009 2010 2011 2012 2013 2014 2015 Investo
Slide 59: Focusing on growth: Emerging countries
Agenda Focusing on growth: 2 Emerging countries Investor day, June 2008 • 59
Slide 60: A buoyant economy is driving advertising growth in emerging countries
A buoyant economy is driving advertising growth in emerging countries Emerging middle class Booming advertising spend 2007, Percent of total population and (US$m) size of middle class (million people) CAGR 2006-10 Russia India China Taiw an Czech Rep. Ukraine Percent Mexico Poland 25 000 +18% 32% 20
Slide 61: We are strengthening our portfolio in emerging countries
We are strengthening our portfolio in emerging countries Press main launches Russia and Ukraine China 2006 Psychologies 2006 Psychologies 2007 Domoi 2007 Quo 2007 Star Hit 2008 Femina 2007 Elle Deluxe 2008 Lads title => 16% of revenues from recent titles* => 18 % of revenues from recent titles* Radi
Slide 62: Keep on extending our footprint in emerging countries
Keep on extending our footprint in emerging countries LA current press footprint: Action plan: Enter radio and magazine markets in new geographies Step up digital operations in key emerging countries LA current radio footprint: Pursue license extension policy in riskiest Russia or smallest
Slide 63: Rollout of Digital strategy
Agenda Focusing on growth 3 Rollout of Digital strategy Publishing approach A three-fold strategy Development plan Investor day, June 2008 • 63
Slide 64: Significant audience growth achieved over the last 18 months
Significant audience growth achieved by Publishing Lagardère Active over the last 18 months Audience growth Strong audience growth 2007-08: Q4 06-Q1 08 - examples kUV Only 1 website >1m UV in Sept.06 sept-06 3000 April 08 2500 2462 2002 2000 1695 13 websites / networks >1m UV in April 08 1500 11
Slide 65: Organic rollout: strong focus on key segments
Organic rollout: strong focus on 5 key Publishing priority segments France + International January 07 June 07 January 08 June 08 Women re-launch ELLE France launch PARENTS re-launch ELLE UK re-launch FEMINA launch LES COPINES S’EN MAIL France launch CHARLIESCHOICE NL re-launch ELLE China re-launch
Slide 66: …bearing fruit in terms of audience and revenue
…bearing fruit in terms of audience Publishing and revenue Organic audience build-up* in France and in 3 main regional areas (Europe, US, Asia): +36% UV Q1 08 vs 07 Revenue growth even faster than audience growth +53% revenue* Q1 08 vs 07 Audience Revenue Q1 2008 vs Q1 2007 Growth Q1 2008 vs Q
Slide 67: Partnerships to accelerate uptake of innovative products: the MusiLine case
Partnerships as a way to accelerate the uptake Publishing of innovative products: the MusiLine case Product innovation, leveraging Lagardère Active experience in music programming Music programming web service – Edited program – personalized – streaming – free Exclusive partnership with Key fi
Slide 68: Complementary acquisitions in publishing…
Complementary acquisitions in publishing… Publishing Acquisition Date Segment Key figures at acquisition Dec. 06 Sports, news, 3m UVs in March 08 automotive France €8.7m revenues and €1.8m EBIT in 2007 Feb. 08 Women Market leader in segment with 7m UV in April 08 €11.5m revenues in 2
Slide 69: … to accelerate leadership build-up
… to accelerate leadership build-up Publishing Immediate positive contribution France Strong competitive positions Group mUV Rank built in France and UK Apr. 08 Google 23.0 1 – no.1 media group with 11m UV in 04/08 France Microsoft 21.5 2 France Telecom 17.0 3 – no.1 in women’s websites with Doc
Slide 70: Strategy is threefold: publishing, sales and on-line marketing
Strategy is threefold: publishing, sales and on-line marketing Our key beliefs 1 Audience driven by content, brands & applications/services Digital Value captured by leaders publishing Scale effect for global players 2 Close sales & publisher integration Online advertising Expertise in sop
Slide 71: Significant moves in Sales and Online Agencies
Significant moves in Sales and Online Agencies Organic growth (France + International) + Acquisitions: key figures 2 Additional inventory French ad sales leader in e-commerce and high-tech Online advertising Offer restructuring €1.1m gross profit in 2006 Aug. 07 sales houses New advertisin
Slide 72: Acquisitions are bringing significant synergy opportunities
Acquisitions are bringing significant synergy opportunities Acquisition Synergies created or to be created 1 Publishers News European rollout for automotive Potential to monetize UK traffic Entertainment digital content database Cross site traffic management in France European rollout 2
Slide 73: The plan is to grow our brands' territories…
The plan is to grow our brands’ territories… 1 Publishing The ELLE example 4 3 Additional 2 A tri-media business 1 An interactive brand extensions An extended brand Database brand marketing / CRM Community functionalities E-community and Enlarge Tools / applications (hair services/content
Slide 74: …and to roll them out in key segments and geographies
…and to roll them out in key segments 1 Publishing and geographies 5 key segments: women health/well-being shelter automotive entertainment 4 geographies: Europe, US, Russia, Asia Rollout of key assets, leveraging digital acquisitions e. g. + 2008 in Europe + 2008/2009 in Europe Additional p
Slide 75: The Digital Factory will impact our overall editorial approach and business model
The Digital Factory will impact our overall editorial approach and business model Key benefits Cross-media, seamlessly LA content & LA Digital LA distribution re-usable content production Factory channels Press Magazines TV Production TV LASER LASER Aggregate Enrich Radio stations Search Radio C
Slide 76: Conclusion for Digital
Conclusion for Digital Key priority for Lagardère Active 2009 objectives – Financials 10% of total revenues overall breakeven – Positions Strong women’s positions secured in strategic territories (Europe, US, Asia) Presence in relevant women adjacencies (health, well-being,…) Leading p
Slide 77: 2012 vision for Lagardère Active
Agenda 2012 vision for Lagardère Active Investor day, June 2008 • 77
Slide 78: Active 2009 transformation under way
Active 2009 transformation under way In the past 18 months, we have: – Focused our portfolio on strategic segments / media / geographies – Improved our profitability – Launched our digital transformation (organic & acquisitions) A streamlined and more profitable business: – Target is >1% per annum
Slide 79: Continued transformation beyond Active 2009
Continued transformation beyond Active 2009 Our key market assumptions: Cautious advertising trend estimate in mature countries Continuous shift of advertising towards digital and cross media We will pursue and accelerate our transformation: Cost streamlining action plan to be deepened in all
Slide 80: Our current model vs. our ambition for 2012
Our current model vs. our ambition for 2012 From a traditional media company to a fully integrated traditional / digital plurimedia company Digital breakeven in 2009 Example - Automobile US: Mix print/ digital media (organic + acquisitions) Digital revenues 2006 2012 Digital Ad Digital Ad 8% 25%
Slide 81: A fully integrated plurimedia company serving advertisers
A fully integrated plurimedia company serving advertisers by aggregating fragmented audiences The global consumer Radio Print Familiar daily Segmented programs Time for Mobility thought Push Web TV platforms Family Personal programs Interactivity Home Instantaneous Push Mobile Eve
Slide 82: Where we want to be in 2012
Where we want to be in 2012 Leadership position & diversified portfolio in France, Spain, Russia Magazine Portfolio focused on strategic segments (women, celeb, shelter, automotive) in other countries Consolidated leadership position in France Radio Increased footprint in emerging countries
Slide 83: Investor Day Paris - June 12, 2008
Investor Day Paris - June 12, 2008 Investor day, June 2008 • 83