French media group Lagardere SCA (LGDDF.PK), Thursday reported a swing to profit for the full year 2012, helped mainly by lower impairment charges compared to a year ago. Nevertheless, excluding special items, adjusted earnings for the year declined from last year, as revenues dropped reflecting sale of its International Magazine Publishing and radio businesses in Russia.
Lagardere's sales for the full year fell 3.7 percent to 7.37 billion euros from 7.66 billion euros last year. On a like-for-like basis, net sales edged down 0.2 percent from a year ago. The revenue decrease reflects the disposals of Lagardere's PMI and Russian Radio activities and, to a lesser extent, the switch in the accounting of Relay's activities at Aeroports de Paris to the equity method.
Lagardere Publishing revenues improved to 2.08 billion euros from 2.04 billion euros last year. Lagardere Active revenues plunged 29.6 percent to 1.01 billion euros, following the sale of PMI and Russian radio business.
Lagardere Services business revenues grew 2.3 percent to $3.81 billion euros, while Lagardere Unlimited rose 3.5 percent to 470 million euros.
Lagardere's net income for the full year was 89 million euros or 0.70 euro per share, compared to a net loss of 707 million euros or 5.56 euro per share last year.
The company recorded one-time charges of 216 million euros for 2012 compared to 1,003 million euros last year, which included impairment losses 895 million euros.
Excluding special items, adjusted net income for full year was 207 million euros or 1.62 euro per share, compared to 226 million euros or 1.78 euro per share in 2011.
The company has proposed to maintain its dividend for the fiscal year 2012 at 1.30 euro per share.
In Paris, Lagardere's shares closed at 27.48 euros, down 0.17 euros or 0.60%, on a volume of 0.5 million shares.
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