Lagardere Adjusts 2011 Guidance; Postpones Canal Plus IPO
01 September 2011 - 2:36AM
Dow Jones News
French media group Lagardere SCA (MMB.FR) Thursday adjusted its
full-year guidance to account for the recent sale of the group's
international magazines business and lower-than-expected earnings
at its sports marketing business Lagardere Unlimited.
MAIN FACTS:
- For 2011, the group now expects recurring EBIT from media
activities guidance to decline by about 5% to 7% on a constant
exchange rate basis. Without the PMI deconsolidation and given the
revision of expected results for Lagardere Unlimited, recurring
EBIT for 2011 would have risen slightly, the group said.
- Lagardere had previsouly targeted recurring EBIT from media
activities to grow around 10% at constant exchange rates. This
guidance was based on the group's structure as of Jan. 1, so
included the international magazine assets it is in the process of
finalizing the sale of to U.S. media giant Hearst Corporation.
- Lagardere also said that the planned initial public offering
of its stake in Canal Plus France "does not appear to be feasible
on good terms in light of the current market environment." The
group said that it remains committed to selling the stake in the
pay-TV, the rest of which is owned by Vivendi SA (VIV.FR), once
market conditions allow.
- Lagardere said net profit for the first half dropped to EUR28
million from EUR80 million last year.
- Recurring EBIT from media activities, which is the main focus
for analysts, fell 7.9% to EUR168 million in the first six months.
This figure was below the EUR183 million forecast by analysts.
- Revenue in the first half rose 0.2% to EUR3.72 billion,
meeting analyst views.
- By Paris Bureau, Dow Jones Newswires; +331-4017-1740;
ruth.bender@dowjones.com
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